Aluminum dross processing systems maker, PyroGenesis anticipates better-than-expected growth in its Q3 2020 and FY 2020 revenue after it signed a contract worth CA$22mn ($1.64mn) earlier this year.
The Canadian manufacturer of atomized metal powders, metal recycling systems, and plasma torches for the mining industry, said it had received more than CA$7mn under the year-long CA$22mn contract signed with Drosrite International, which along with other contracts signed by the company totaled CA$28mn in total orders in the first six months of the year.
The company’s revenue increased by 133pc in Q2 2020 on the back of this contract, to CA$2.12mn from CA$913,769 in the same quarter last year. During the quarter, the company also strengthened its torches business with orders from the iron ore pelletization industry. However, the volumes or value of the orders received for the business were undisclosed.
PyroGenesis provides aluminum dross systems through its brand DROSRITE that helps in treating and recycling aluminum dross, which is a by-product of aluminum smelting. The company currently provides these systems to companies in Saudi Arabia and the Middle East, with the biggest order for it signed recently with Drosrite International.