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    Schnitzer Steel Reports Drop in Scrap Shipments

    Written by Sandy Williams


    Written by: Sandy Williams

    Schnitzer Steel, one of the largest U.S. manufacturer and exporter of recycled ferrous materials, reported adjusted operating income of $3 million for the first quarter of 2013, a drop of 81 percent from $15 million reported in first quarter 2011. The adjustment reflected a $2 million pre-tax restructuring charge associated with cost reduction initiatives.

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