Sign In  |  Register  |  About San Anselmo  |  Contact Us

San Anselmo, CA
September 01, 2020 1:33pm
7-Day Forecast | Traffic
  • Search Hotels in San Anselmo

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Rise in Construction Activities Worldwide Generating Demand and Growth Opportunities for Metal Recycling Companies

Palm Beach, FL – June 18, 2024 – The Metal Recycling industry is a strong market across the globe. A report from Market Research Future projected that the Metal Recycling Market Size, which was valued at USD 54200.2 million in 2023, is projected to grow from USD 58800.4 million in 2024 to USD 105100.8 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 7.50% during the forecast period (2024 – 2032). Increasing awareness regarding the depletion of metal reserves and the stringent regulations imposed by the government regarding metal mining are the key market drivers enhancing market for global metal recycling.  The report said: “The rise in construction activities across various regions, such as Europe and Asia-Pacific, is expected to fuel the  metal recycling market growth. The rapid economic growth brought on by increased urbanization and industrialization increases demand for the market for metal recycling. Therefore, rapid urbanization leads to higher government and consumer spending on infrastructure and housing, which positively impacts market growth. In addition, recycling metals help the industry create jobs and contribute to the country’s economy. For instance, an industry that generates $236 billion in revenue annually in the US employs over a million people.”  Active companies in the markets this week include Greenwave Technology Solutions, Inc. (NASDAQ: GWAV), Enviri Corporation (NYSE: NVRI), PureCycle Technologies, Inc. (NASDAQ: PCT), Steel Dynamics, Inc. (NASDAQ: STLD), Stericycle, Inc. (NASDAQ: SRCL).

 

Market Research Future added: “The recycling sector in the United States generates $116.8 billion in economic output while the increase in the construction of buildings owing to the increase in the disposal of building waste into landfills is another factor driving the growth of the metal recycling market revenue. For instance, 30% of all building materials brought to a normal construction site may be wasted. Also, nearly 145 million tonnes of waste were dumped in U.S. landfills in 2018 due to construction and demolition projects.”

 

Greenwave Technology Solutions Completes Recapitalization –

 

  • Company Strengthens Balance Sheet by $80.5 Million since February
  • Greenwave Attracts $45.3 Million in New Capital Infusions since March
  • Company’s Business Plan Fully Funded with No Current Need for Additional Capital

 

Greenwave Technology Solutions, Inc. (NASDAQ: GWAV) (“Greenwave” or the “Company”), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio, announced today the completion of its recapitalization, significantly strengthening its balance sheet.

 

Greenwave’s Recent Highlights:

  • On track to generate record revenues exceeding $40 million driven by volume of steel and copper processed in 2024
  • Strengthened balance sheet by approximately $80.5 million since February
  • Attracts $45.3 million in new capital infusions since March
  • Current cash balance of over $26 million
  • Strongest cash position in Company history
  • Business plan is now fully funded
  • No current need to raise additional capital
  • Company is now in full compliance with all Nasdaq listing requirements
  • Intends to utilize additional cash flow from operations to aggressively grow and increase processing volume
  • Anticipates starting operations of its second shredder this summer
  • Plans to expand its wholly-owned technology platform, ScrapApp.com, nationwide and continue AI development
  • Plans to enhance margins of its downstream processing system with implementation of new copper extraction technology
  • Evaluating accretive acquisitions and strategic partnerships
  • Chairman and CEO exchanged approximately $17.2 million of debt into equity

 

Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc.  (“Empire”), is an operator of 13 metal recycling facilities in Virginia, North Carolina, and Ohio. The Company’s recycling facilities collect, classify, and process raw scrap metal (ferrous and nonferrous).  Steel is one of the world’s most recycled products with the ability to be re-melted and re-cast numerous times. For more information, please visit www.GWAV.com.   CONTINUED Read this full press release and more news for Greenwave Technology at:  https://www.gwav.com/press-releases     

 

Other recent developments in the recycling industry of note include:

 

Enviri Corporation (NYSE: NVRI) recently reported first quarter 2024 results. Revenues in the first quarter of 2024 totaled $600 million, an increase of 7 percent compared with the comparable quarter in 2023. GAAP operating income from continuing operations for the first quarter of 2024 was $26 million and Adjusted EBITDA was $78 million in the quarter, an increase of 19 percent over the prior-year quarter.

 

On a U.S. GAAP (“GAAP”) basis, the first quarter of 2024 diluted loss per share from continuing operations was $0.21, after strategic expenses and a long-lived asset adjustment in Harsco Rail. The adjusted diluted loss per share from continuing operations in the first quarter of 2024 was $0.03. These figures compare with first quarter of 2023 GAAP diluted loss per share from continuing operations of $0.11, including a net gain on a lease to relocate a site, and adjusted diluted loss per share from continuing operations of $0.10.

 

“Enviri delivered another quarter of strong performance, as we continue to benefit from firm demand for our environmental solutions and solid execution by our team,” said Enviri Chairman and CEO Nick Grasberger. “Our results were supported by healthy underlying volumes in key end-markets and favorable cost performance relative to our earlier expectations, supported by internal efficiency initiatives. We expect that business performance will remain strong in the coming quarters and our 2024 outlook for Clean Earth and Harsco Environmental (cash earnings and cash flow) remains largely consistent with the guidance provided in February.”

 

PureCycle Technologies, Inc. (NASDAQ: PCT), recently announced that the Company’s flagship purification facility in Ironton, Ohio is demonstrating improved reliability and product quality since resuming operations.  The Ironton Facility initially resumed operations the week of May 20. On May 22, severe storms across the Midwest, caused an area-wide power outage that impacted the Ironton Facility. Prior to the power outage, the Company began with feed rates of 2,500 pounds per hour and reached rates of 5,500 pounds per hour right before the storm.

 

Operations again resumed on May 30 after needed equipment repairs were completed. The Company restarted with feed rates at 2,500 pounds per hour and has subsequently reached rates of up to 6,000 pounds per hour. The Ironton Facility has produced approximately 265,000 pounds of pellets since operations resumed on May 30.  During the restarts there have been operational interruptions to address minor maintenance items, calibration of digital upgrades, and utility rebalancing for continuous operations.

 

Steel Dynamics, Inc. (NASDAQ: STLD) recently provided second quarter 2024 earnings guidance in the range of $2.64 to $2.68 per diluted share. Comparatively, the company’s sequential first quarter 2024 earnings were $3.67 per diluted share, and prior year second quarter earnings were $4.81 per diluted share.  Second quarter 2024 profitability from the company’s steel operations are expected to be meaningfully lower than sequential first quarter results, based on lower realized pricing offsetting steady shipments. Underlying domestic steel demand remains intact although steel buying hesitancy has resulted from a weakening scrap price environment.  The automotive, non-residential construction, energy, and industrial sectors continue to lead demand.  Second quarter 2024 earnings from the company’s metals recycling operations are expected to be higher than sequential first quarter results, based on stronger volumes in both ferrous and nonferrous materials.

 

Stericycle, Inc. (NASDAQ: SRCL) recently reported results for the first quarter ended March 31, 2024.  Revenues for the first quarter were $664.9 million, a decrease of 2.8% compared to $684.3 million in the first quarter of 2023. Income from operations was $38.9 million compared to $40.0 million in the first quarter of 2023. Net income was $13.1 million, or $0.14 diluted earnings per share, compared to $11.2 million, or $0.12 in the first quarter of 2023. Adjusted income from operations was $90.5 million, compared to $84.7 million in the first quarter of 2023. Adjusted diluted earnings per share was $0.57 compared to $0.49 in the first quarter of 2023. Cash from operations for the three months ended March 31, 2024 was an outflow of $54.5 million compared to an inflow of $49.5 million in the same period of 2023. Free cash flow was an outflow of $97.6 million for the three months ended March 31, 2024, compared to an inflow of $13.1 million in the same period of 2023.

 

KEY BUSINESS HIGHLIGHTS WERE: Achieved adjusted diluted EPS of $0.57, an improvement of $0.08 compared to the first quarter of 2023; Expanded adjusted EBITDA to $116.2 million, an improvement of $4.9 million compared to the first quarter of 2023; Grew Regulated Waste and Compliance Services (“RWCS”) organic revenues 2.1% compared to the first quarter of 2023.; and Completed our previously disclosed workforce reduction in the first quarter of 2024 and are on track to realize an estimated $40-$45 million of in-year cost savings.

 

“We are pleased with our first quarter results, which reflect improvement in adjusted EBITDA and adjusted EPS, driven by disciplined execution across our key priorities,” said Cindy J. Miller, President and Chief Executive Officer. “We remain on track to achieve our full-year 2024 guidance and long-term outlook.”

 

About FN Media Group:

At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #pressreleases #tickertagpressreleases

 

Follow us on Facebook to receive emerging news updates: https://www.facebook.com/financialnewsmedia

Follow us on Twitter for real time Breaking News: https://twitter.com/FNMgroup

Follow and us on Linkedin: https://www.linkedin.com/in/financialnewsmedia/

 

DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM was compensated thirty five hundred dollars for news coverage of the current press releases issued by Greenwave Technology Solutions, Inc. by a non-affiliated third party.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

 

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

 

Contact Information:

Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

 

SOURCE: FN Media Group

The post Rise in Construction Activities Worldwide Generating Demand and Growth Opportunities for Metal Recycling Companies appeared first on Financial News Media.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SanAnselmo.com & California Media Partners, LLC. All rights reserved.