Metal Management's Profits down on Lower Iron Prices

Date: July 28, 2005

Source: News Room

Reduced demand for iron forced Metal Management Inc.'s profits down $57 million in the fiscal first quarter. Metal Management earned $5.4 million, or 22 cents per share, in the quarter, down from $12.4 million, or 52 cents per share, in the same quarter last year. Company officials said the earnings were hurt by lower prices for prime grades of iron scrap, which fell from $250 per ton in the beginning of the quarter to $140 per ton in June. The company's revenue nonetheless grew 4 percent to $381.6 million, from $367.2 million; Metal Management exported 330,000 tons of iron scrap to international destinations.
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