David Steiner, CEO of Waste Management
In the past our recycling business had a "revenue share" model. Customers gave us cardboard, we'd sell it for, say, $100. They'd get $75, we'd get $25. But if cardboard prices plunged, we'd lose money with every transaction.
As we go to customers now, we're instead doing a processing fee of $20 plus 10%. We get a physical hedge on commodity prices, and we ensure we can never lose money on the deals.
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