European Metal Recycling (EMR) slipped into the red last year in the midst of challenging market conditions. The impact of inflation, particularly on energy costs, had affected not just the British recycler, but also its customers in in the automotive, EU steel, aluminium and copper producing industries. The market turned midway through 2022 and conditions remained difficult throughout all of 2023 and into the current year. Weakness in the Chinese construction sector was a further exacerbating factor, the company said in its annual filing of accounts with Companies House.
At the same time demand for steel was under pressure, while the economic slowdown meant that scrap metal arisings had fallen. The result, also noted by EMR's competitor Sims in recent financial reports, was increased competition for available volumes and pressure on margins....
