Author: Paul Ploumis
25 Mar 2015 Last updated at 03:39:06 GMT
ALBANY (Scrap Monster): According to latest statistics released by the Institute of Scrap Recycling Industries (ISRI), the US scrap recycling sector earnings hit $43 billion during the entire year 2014. The ISRI annual report stated that non-ferrous scrap recycling accounted for almost 50% of the earnings. The report states that 2014 was an extremely busy and productive year for the US scrap recycling industry.
The total value of scrap exports by the US during 2014 amounted to $23.7 billion. The quantity of ferrous scrap exports totaled 17.3 million tonnes, followed by aluminum scrap (1.9 million tonnes) and copper scrap (1.2 million tonnes). The US also exported 1.2 million tonnes of Nickel, stainless steel and alloy scrap during 2014.
The ISRI report also focuses on the achievements made by Sims Metal Management during the year. The company’s earnings surged higher significantly during the second half of the year upon implementing new sourcing techniques to buy raw materials after booking an order. The profits of the company soared nearly 35% during the six-month period despite recording 6% drop in sales. In fact, ferrous and nonferrous scrap sales volumes during the six-month period dropped 10.2% from 6.1 million tonnes in July to December in 2013 to 5.5 million tonnes during the same period last year. Ferrous scrap sales volumes saw a dip of 10.6% during the period.
Meantime, the US scrap imports in 2014 hit highest levels in eight years. The country imported 3.4 million tonnes of scrap during the year, 4% higher when compared with a year ago.