Metal Management Sees Sales Jump for Quarter, First Three Quarters

Metal Management, Inc. announced third quarter sales of $447.6 million, a 73.7 percent increase from the previous year.

The company also reported earnings of $29.5 million, compared to net income of $12.6 million during the prior year’s quarter.

The company also reported net income of $76.1 million for the nine months, compared to net income of $27.1 million for the nine months ended December 31, 2003.

With the numbers for the quarter Metal Management stated that it is the 12^th consecutive quarter of profit for the company.

The company noted that demand for scrap metal continued to be generally strong in both the company’s ferrous and non-ferrous markets. Third quarter ferrous yard shipments were more than 1.1 million tons, and its non-ferrous yard shipments were 115.4 million pounds for the quarter, both up about 6 percent from the volumes shipped in the third quarter of our last fiscal year.