Metalico revealed on Friday (8th May) that its pgm sales in the first quarter of 2009 fell by 17 per cent on a year-on-year basis to $53.3 million.

The company also confirmed that its scrap metal shipment volumes decreased by 21 per cent for ferrous metals, 38 per cent for non-ferrous metals and 70 per cent for pgms.

Although pgm substrate shipments declined by 34 per cent, the results also showed that the lead fabrication segment enjoyed a quarterly increased volume of two per cent.

In terms of the recycler's average selling prices, drops were recorded for ferrous metals (33 per cent), non-ferrous metals (51 per cent), pgms (61 per cent) and lead fabricated products (47 per cent).

Commenting on the figures, President and Chief Executive Officer Carlos E Aguero said: "We continue to be disappointed with the performance of the platinum group metals which, despite some recovery in metals prices, has not translated into sufficient volume recovery to achieve a positive contribution."

Metalico also claimed that the current pgm price range and the slow uptake of aging car scrapping incentives could see it continue to fall below expectations in terms of unit volumes.

However, the company noted that if auto sales begin to pick up in the US during the second half of 2009, pgm scrap prices and the number of units processed should follow suit.

Mr Aguero was named the Forbes 2008 Entrepreneur of the Year, while Metalico was placed 40th in the magazine's America's 200 Best Small Companies award.

Source:

Metalico Reports First Quarter Results (08/05/09)

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