IperionX Partners With Vegas Fastener; Universal Stainless Hits Record Margins; Century Aluminum's Sales Downturn And More: Wednesday's Top Mining Stories

Top Stories for May 1, 2024:

1. IperionX IPX and Vegas Fastener Manufacturing have partnered to develop and manufacture titanium alloy fasteners and precision components for critical sectors, including the U.S. Army Ground Vehicle Systems Center. 

This collaboration aims to create products with exceptional strength-to-weight ratios and corrosion resistance for aerospace, naval, oil and gas and other high-performance industries.

2. Q1 sales for Universal Stainless USAP reached $77.6 million, nearly matching the previous record and showing an 18% increase from Q1 2023. 

Gross margin hit a 12-year high at 18.9%, despite a $1.3 million cost from raw materials, and net income rose 59% to $4.1 million

Operations cash flow was $10.3 million, up 39%, with a $325 million backlog due to strong orders, particularly in the aerospace sector.

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3. Century Aluminum CENX reported Q1 2024 net sales of $489.5 million and net income of $246.8 million, with adjusted EBITDA at $25 million. 

The company experienced a $22.8 million sales drop due to lower premiums, despite an aluminum price increase to $2,190 per ton, and cash and liquidity totaled $302 million. 

Adjusted net loss for the quarter was $3 million, influenced by exceptional items, including a large gain from an acquisition.

Notably, Century was chosen for a $500 million investment by the U.S. Department of Energy for a new green aluminum smelter and announced a joint venture to develop a low carbon billet casthouse. 

4. Ryerson Holding RYI reported Q1 earnings with revenue of $1.24 billion from 497,000 tons shipped at an average price of $2,493 per ton. 

The company faced a net loss of $7.6 million and adjusted EBITDA of $40.2 million amid challenging conditions and costs from capital investments and system upgrades. 

Debt increased to $497 million, with net debt at $455 million, but Ryerson started operations at a new service center, completed a major enterprise resource planning integration and announced $40 million in expected annual cost savings. 

The company plans to spend $110 million on capital expenditures in 2024, reducing to $50 million in 2025.

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