Service Centers
September 30, 2014
Schnitzer Steel Reports Higher Volumes for Q4
Written by Sandy Williams
Schnitzer Steel Industries, Inc. expects significantly improved results for fourth quarter FY 2014, ending August 31, 2014.
The company’s steel manufacturing business benefited from growing West Coast construction demand and productivity initiatives that resulted in operating income in the range of $13 to $14 per ton, the highest quarterly profit since FY 2008. Metals recycling volumes and less market volatility drove operating income to the range of $13 to $14 per ton, the best since FY 2012. In the auto parts business, higher car purchase volumes were offset by seasonally low retail sales for operating income in the range of $4 to $5 million. Current productivity initiatives are expected to drive favorable impact by the beginning of the second half of 2015.
