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                                                                    EXHIBIT 11.1
 
                                METAL MANAGEMENT
 
                   COMPUTATION OF NET INCOME (LOSS) PER SHARE
                    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
 
<TABLE>
<CAPTION>
                                             THREE MONTHS    THREE MONTHS     SIX MONTHS      SIX MONTHS
                                                 ENDED           ENDED           ENDED           ENDED
                                             SEPTEMBER 30,   SEPTEMBER 30,   SEPTEMBER 30,   SEPTEMBER 30,
                                                 1997            1996            1997            1996
                                             -------------   -------------   -------------   -------------
<S>                                          <C>             <C>             <C>             <C>
Earnings:
  Net income (loss) from continuing
     operations applicable to common
     stock.................................     $   (67)        $ (915)         $   154         $ (911)
  Gain on sale of discontinued
operations.................................         107            138              208            138
  Net income from discontinued
     operations............................           0              9                0            156
                                                -------         ------          -------         ------
       Net income (loss) applicable to
          common stock.....................     $    40         $ (768)         $   362         $ (617)
                                                =======         ======          =======         ======
Primary earnings per share:
Weighted average common shares
  outstanding..............................      15,466          8,925           13,703          8,925
Common stock equivalents(1)................       3,688              0            2,850              0
                                                -------         ------          -------         ------
       Total primary shares................      19,154          8,925           16,553          8,925
                                                =======         ======          =======         ======
Per share amounts:
  Net income (loss) from continuing
     operations applicable to common
     stock.................................     $  0.00         $(0.10)         $  0.01         $(0.10)
  Gain on sale of discontinued
     operations............................        0.01           0.02             0.01           0.01
  Net income from discontinued
     operations............................        0.00           0.00             0.00           0.02
                                                -------         ------          -------         ------
       Net income (loss) applicable to
          common stock.....................     $  0.00         $(0.08)         $  0.02         $(0.07)
                                                =======         ======          =======         ======
Fully diluted earnings per share:
  Weighted average common shares
     outstanding...........................      15,466          8,925           13,703          8,925
  Common stock equivalents(1)..............       4,095              0            4,357              0
                                                -------         ------          -------         ------
       Total...............................      19,561          8,925           18,060          8,925
                                                =======         ======          =======         ======
Per share amounts:
  Net income (loss) from continuing
     operations applicable to common
     stock.................................     $  0.00         $(0.10)         $  0.01         $(0.10)
  Gain on sale of discontinued
     operations............................        0.01           0.02             0.01           0.01
  Net income from discontinued
     operations............................        0.00           0.00             0.00           0.02
                                                -------         ------          -------         ------
       Net income (loss) applicable to
          common stock.....................     $  0.00         $(0.08)         $  0.02         $(0.07)
                                                =======         ======          =======         ======
</TABLE>
 
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(1) For the three months and six months ended September 30, 1996, common stock
    equivalents were less than 3% of the weighted average shares outstanding and
    therefore, were not added to weighted average shares outstanding.
 
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