PSC 3Q profit flat amid higher scrap prices, volumes

Ohio-based recycler PSC Metals posted a $1mn profit in the third quarter, flat with the prior year despite higher average selling prices and ferrous scrap shipments.

Revenue for PSC, a subsidiary of Icahn Enterprises, grew by $10mn to $120mn in the third quarter from a year earlier, driven by domestic steel production boosted by trade cases and the tariff on imported steel.

Capital expenditures in the quarter increased to $8mn from $2mn in the same prior-year period.

PSC in the quarter purchased a shredder in Alton, Illinois, adding to its operations in the St Louis area. PSC primarily ships ferrous scrap in the Ohio Valley and southern US.

With profit flat in the quarter, PSC said it is "committed to improving buying practices" to boost margins.

PSC's profit over the first nine months of 2018 doubled to $8mn from a year earlier.