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ISA shrinks full-year loss despite lower sales

PITTSBURGH — Industrial Services of America Inc. (ISA) dramatically narrowed its loss by 75.7 percent last year and lowered its debt following the sale of non-core assets and the warm idling of its auto shredder. 

“Although 2015 was a challenging year, I’m proud of the progress that the company made during this unprecedented time. During 2015, we paid down substantially all of the company’s debt, improved liquidity and focused our team on the core business,” ISA president Sean Garber said in a statement March 25.

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ISA sells second noncore asset

PITTSBURGH — Industrial Services of America Inc. (ISA) has sold its second noncore asset as it works to restore the company to profitability.

The Louisville, Ky.-based metals recycler has sold a one-acre parcel of land for $350,000 to SG&D Ventures LLC, which is owned by shareholders of Algar Inc.

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ISA idles shredder, targets alternative grades

PITTSBURGH — Industrial Services of America Inc. (ISA) has temporarily warm-idled its auto shredding facility due to market conditions and will focus on generating alternative grades of scrap.

Constrained ferrous volumes coupled with pricing volatility led to the immediate move to power down the equipment, the Louisville, Ky.-based metals recycler said. However, the shredder could run intermittently, it added.

The shredder was not profitable in 2014, and ISA is reviewing long-term options for the shredder and its downstream, the company said, citing an even more challenging ferrous scrap market this year than that seen in 2014.

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Recycling vet Daniel Rifkin strengthens ISA ties

PITTSBURGH — Metal recycling veteran Daniel Rifkin has strengthened his ties to Industrial Services of America Inc. (ISA) by buying part of its property.

LK Property Investments LLC, owned by Rifkin, chief executive officer of Waterloo, Ind.-based MetalX LLC, has purchased a 4.4-acre parcel from ISA Real Estate LLC for $1 million, according to a regulatory filing.

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ISA gets new CFO, money for growth

During the last few weeks, Louisville-based Industrial Services of America Inc. (NASDAQ: IDSA) has hired a new CFO and opened a new credit line.

ISA buys, processes and markets metals and other recyclable commodities. It also offers waste management services and equipment to commercial customers.

Todd Phillips, formerly with Louisville-based CRS Reprocessing LLC, was announced as CFO early in January. He has 17 years of financial experience, including four years in public accounting, according to a news release.

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