European Metal Recycling (EMR), which has sites across the country including its headquarters in Liverpool and Warrington, reported a profit of £21 million for the 12 months to 31 December 2020, down from a £1 million loss in 2019.
Turnover fell from £2.7bn to £2.4bn in the same period.
The new figures come after the company revealed in January that it had been forced to cut hundreds of jobs due to ever-declining volumes during the coronavirus pandemic.
At the time, the company added that it anticipated a "bumpy recovery" over the next year due to Covid's "significant material impact".
A statement signed by the board of directors said: "During the initial lockdown, the group took advantage of furlough programmes provided by governments in the UK.
This enabled the group to retain all its employees during a period of significant uncertainty," it said.
"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 declining inbound volumes.
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