06:06 PM EDT, 03/14/2024 (MT Newswires) -- Radius Recycling ( RDUS ) said late Thursday it expects a fiscal Q2 adjusted loss from continuing operations of $1.05 to $1.10 per share.

Two analysts polled by Capital IQ expect a loss of $0.38.

The company said its sales volumes and metal spreads for both recycled metals and finished steel were affected by tight supply flows for recycled metals and unusually wet winter weather during the period.

Radius Recycling ( RDUS ) said it implemented a plan in the quarter to lower selling, general and administrative expense by 10% and raise production cost efficiencies to deliver $40 million in annual benefits. The new measures include reductions in headcount and other employee-related expenses, the company said.

The company said it will report its Q2 results on April 4.

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