A global scrap metal recycling firm with headquarters in the North West returned to making a pre-tax profit in 2020 after making the "unavoidable" decision to cut about 250 jobs.
European Metal Recycling (EMR), which has sites around the country including in Liverpool and at its Warrington HQ, has reported profits of £21m for the 12 months to December 31, 2020, up from a loss of £1m during 2019.
Its turnover dipped from £2.7bn to £2.4bn over the same period.
The new figures come after the company said in January that it had been forced to axe hundreds of jobs during the coronavirus pandemic due to persistent reduced volumes.
At the time the business added that due to the "significant material impact" of Covid, it predicted a "bumpy recovery" through next year.
A statement signed off by the board said: "The group, during the first lockdown, made use of the furlough schemes provided by governments, in the UK.
"This enabled the group to retain all employees in a period of significant uncertainty.
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"However, when the situation stabilised at the end of Q2 2020 and the structural impact of the Covid crisis became clearer, the group was forced to reduce the operating cost base of the business in line with reduced incoming volumes.
"A reduction of our workforce in the UK and the USA was unavoidable.
"In general our people reacted to the crisis in an incredible way.
"Strong Covid measures were implemented and the business operations were maintained in a safe manner for both our people and our customers."
The statement added: "With a number of recent strategic initiatives starting to contribute to the business, and further initiatives underway, the board are confident that the right long-term decisions have and will continue to be made and are optimistic for the future."
