European Metal Recycling (EMR) posted "very strong performance in 2021" after what the company described as the "unprecedented challenge all business faced during 2020". Throughout 2021, the company had benefitted from high price levels for recycled metals, the company said in its filing of accounts with Companies House. Turnover jumped by over 69 per cent compared to the restated prior-year figure to reach £4.68bn (ca. €5.42bn). . .
High metals prices drive increases in turnover and incoming volumes
At the end of 2020 and early 2021, market sentiment had been driven by strong demand for metals required for construction and physical goods in an environment where recycled steel supply had been negatively impacted by lockdowns and logistical and operational disruption, the global metals recycler explained. Sustained high prices had resulted in incoming volumes recovering much faster than expected and close to pre-Covid levels.
The second half of the year was more mixed. On the one hand a significant devaluation of the Turkish Lira and increasing energy prices cut into demand. On the other, however, the lifting of Covid restrictions, increased consumer demand and the growing focus on decarbonisation all increased demand for "green metals"....