Q2 operating income surges 83% to $700.5M on expanded steel and metals-recycling spreads

Filed July 28, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 11, 2025 · ~2 min read

Key Changes

• high

  Consolidated operating income jumped 83% YoY to $700.5M in Q2 2026 (vs. $382.9M in Q2 2025), driven by a 22% expansion in steel metal spreads as selling prices rose 14% while scrap costs increased only 1%. Revenue rose 33.4% to $6.1B.

  MD&A: Consolidated Results verify on EDGAR →
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  Metals recycling operating income surged 125% to $47.8M on a 20% rise in ferrous spreads and 52% expansion in nonferrous spreads, particularly on higher copper prices, reversing the prior-year 7% decline.

  MD&A: Metals Recycling verify on EDGAR →
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  Aluminum mill shipped 53k metric tons in Q2 2026 (up 135% sequentially), marking meaningful production ramp after first coils shipped in late Q2 2025. Segment recorded a $16M non-cash impairment for satellite-center relocation; operating loss was $(49.9)M.

  MD&A: Aluminum Operations verify on EDGAR →