Palm Beach, FL – August 18, 2021 – FinancialNewsMedia.com News Commentary – The rapid industrial development, high population growth, and rapid urbanization of a growing number of regions globally have led to increased pollution and waste levels. Every day, solid waste disposal for governments and local authorities becomes a significant challenge. The population upsurge, economic progress that has rapidly accelerated urbanization and changed public living standards have resulted in an increase in municipal solid waste production and a growing need to recycle solid waste into eco-friendly byproducts. Recycled product certification (RPC) which provides verified information on recycled products’ quality, performance, environmental friendliness, and safety have become vitally important in recent time. An RPC that is awarded following material testing, plus quality control, can increase the adoption of recycled materials for a growing number of developmental uses and applications. For example, the main chemical constituents of iron tailings are aluminum, silicon, calcium and magnesium oxides. The content of aluminum and silicon is high, and most of them are non-metallic minerals, which are very similar to building materials and this can also provide the precondition for the application of iron tailings in building materials industry. At present, China’s iron tailings have achieved remarkable results in the application of building materials, mainly in making bricks, as road building materials, preparing cement and concrete. Active stocks in the markets this week include ReTo Eco-Solutions, Inc. (NASDAQ: RETO), Covanta Holding Corporation (NYSE: CVA), Commercial Metals Company (NYSE: CMC), Schnitzer Steel Industries, Inc. (NASDAQ: SCHN), Stericycle, Inc. (NASDAQ: SRCL).
Iron ore tailings (IOTs) are a form of solid waste produced during the beneficiation process of iron ore concentrate. Among all kinds of mining solid waste, IOTs are one of the most common solid wastes in the world due to their high output and low utilization ratio. The volume of this type of waste has accelerated in areas such as China recently due to its rapid economical growth and expansion in iron and steel industries. The high volume of waste generated creates a significant environmental and economic cost due to its massive land occupation and ecological damage, which result in safety hazard. Therefore, there is a greater need than ever for effective waste management systems and recycling solutions.
ReTo Eco-Solutions, Inc. (NASDAQ: RETO) BREAKING NEWS: ReTo Eco-Solutions Completes Basic Engineering Design and Construction of Three-Million-Ton Iron Tailings Project – ReTo Eco-Solutions, Inc. (“ReTo” or the “Company”), a provider of technology solutions for the improvement of ecological environments, today announced that the Company, through its wholly owned subsidiary ReTo Mingsheng (Changjiang) Environmental Building Materials Co., Ltd., has entered comprehensive construction stage of a new iron tailings project (the “Project”) in the Hainan Province. In an effort to recycle reusable solid waste, the Project carries a three-million-ton treatment capacity, in which the resulting product is expected to yield approximately RMB 280 million (approximately US$43.7 million) annual sales when production completes.
The design team, supervision team and construction team are currently stationing at the construction site and part of the Project has already been successfully completed. Specifically, as of the end of June 2021, the basic engineering design and construction of the factory building has been completed, including the leveling of the workshop area, the excavation of the workshop foundation, and the pouring of the foundation beams. The next stage will be to start the construction of the factory building and ground equipment foundation. The construction is expected to be completed by the end of September or early October this year.
As previously disclosed in press release on June 23, 2021, ReTo will design, build and manage a facility in the Hainan Province and this latest project will carry out the largest volume of iron tailings in Hainan. ReTo was selected by the local government because of its patented technology that enables the implementation and management of iron tailings secondary sorting, selection and use of iron ore, as well as its expertise in recycling the remaining ore and processing it into environmentally friendly building materials. The Company expects to generate RMB131 million (approximately US$20.4 million) of gross profit from the Project.
Mr. Hengfang Li, ReTo’s Chairman and Chief Executive Officer, commented, “We have been in the leader in the eco-environmental protection industry in the past decade, and the establishment and implementation of the Project has further improved our reputation in the industry tremendously. We will provide comprehensive recycling and reuse solutions to reduce destruction caused by waste to nature and eco-environment surrounding people’s lives. This project will also demonstrate our concept of ‘Ecology Improved by Technology,’ which entails one-stop integrated solid waste utilization and ecological management strategy. We expect to create a better living environment for the Hainan residents.” Read this and more news for RETO at: http://en.retoeco.com/news/2/ FOR MORE INFO ON RETO ALSO PLEASE VISIT: http://en.retoeco.com/
Other recent developments in the markets include:
Commercial Metals Company (NYSE: CMC) recently announced financial results for its fiscal third quarter ended May 31, 2021. Earnings from continuing operations were $130.4 million, or $1.07 per diluted share, on net sales of $1.8 billion, compared to prior year earnings from continuing operations of $64.2 million, or $0.53 per diluted share, on net sales of $1.3 billion.
During the third quarter of fiscal 2021, the Company recorded a net after-tax benefit of $3.3 million, chiefly related to the sale of a small railway track reclamation business. Excluding this item, third quarter adjusted earnings from continuing operations were $127.1 million, or $1.04 per diluted share, compared to adjusted earnings from continuing operations of $70.4 million, or $0.59 per diluted share, in the prior year period. “Adjusted EBITDA from continuing operations”, “core EBITDA from continuing operations”, “adjusted earnings from continuing operations” and “adjusted earnings from continuing operations per diluted share” are non-GAAP financial measures. Details, including a reconciliation of each such non-GAAP financial measure, to the most directly comparable measure, prepared and presented in accordance with GAAP can be found in the financial tables that follow.
Key Highlights Were: Adjusted EBITDA up $14 million (15%) year-over-year; 8% year-over-year waste-to-energy tip fee price growth; Metals markets remain strong and energy markets improving; and UK construction and commissioning activities on track.
“We are seeing broad-based momentum in the business, as waste markets have recovered strongly and commodity prices continue to firm,” said Michael Ranger, President and CEO. “Operationally, we are executing on plan, with the fleet running at high levels of availability and production following a successful spring outage season. With the announced transaction with EQT, we remain focused on our mission to provide sustainable waste and energy solutions for our customers and communities, and are excited about the opportunities for growth in the company’s next chapter.”
Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) recently announced the successful restart of production at its Cascade Steel Rolling Mills in McMinnville, OR. The Company also announced that it has entered into an agreement to purchase the assets of Columbus Recycling in the Southeast region of the United States.
Cascade restarted production following the substantial completion of replacement and repairs of property and equipment at the mill’s melt shop that had been lost or damaged by a fire on May 22, 2021. Cascade has resumed operations with a full workforce several weeks ahead of schedule and is accepting orders for its full range of finished steel products based on the rolling schedule. Due to the timing of the restart and the ramp up in operations, Cascade is expected to complete a limited number of sales prior to the end of August, the close of Schnitzer’s fiscal year.
Stericycle, Inc. (NASDAQ: SRCL) recently reported results for the second quarter ended June 30, 2021. Revenues for the second quarter were $672.7 million, an increase of 12.5% compared to $598.2 million in the second quarter of 2020, primarily due to more significant COVID-19 pandemic impacts in the second quarter of 2020. The impact of the ongoing economic recovery from COVID-19 and quality of revenue initiatives have been partially offset by the impact of divestitures. Organic revenues increased 14.4% when excluding the impact of divestitures and foreign exchange rates. Income from operations was $55.6 million, compared to $24.9 million in the second quarter of 2020. Net income was $29.3 million, or $0.32 diluted earnings per share, compared to a net loss of $4.5 million, or $0.05 diluted loss per share, in the second quarter of 2020. Adjusted income from operations was $105.7 million, compared to $85.3 million in the second quarter of 2020. Adjusted diluted earnings per share was $0.67, compared to $0.46 in the second quarter of last year. Cash flow from operations for the first half of 2021 was $149.8 million, compared to $207.3 million for the first half of 2020. Free cash flow for the first half of 2021 was $90.1 million, compared to $132.7 million for the first half of 2020.
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