Shredder restart boosts ISA in 2017

Kentucky-based recycler Industrial Services of America (ISA) narrowed its loss in 2017 from a year earlier following the restart of its Louisville metal shredder.

The company reported a loss of $1.1mn in 2017, up from a $3.2mn loss in the prior year.

ISA attributed the uptick to the successful restart of its Louisville shredder, which was idled in 2015 in response to a downturn in ferrous pricing. The shredder restart led to a more favorable sales mix and improved margins that were partially offset by higher costs related to the start-up, ISA said.

An increase in selling prices and volumes also boosted revenue to $54.9mn from $36.5mn a year earlier.

ISA today also announced the promotion of company president and chief financial officer Todd Phillips to chief executive.

Phillips will retain his current roles as he replaces interim chief executive and board chair Orson Oliver, who will keep a seat on the board.

The company also promoted board member and Vince Tyra to company chairman. Tyra is the athletic director at the University of Louisville.

ISA operates four recycling yards in Kentucky and Indiana, including the shredder in Louisville. The company also operates an automobile recycling facility adjacent to its Louisville shredder.