Steel Mills
June 27, 2017
Schnitzer Steel Expects Increased Scrap Demand from EAF Trend
Written by Sandy Williams
Schnitzer Steel, a metals recycler and steel bar producer, reported its best third quarter since FY 2012. Total revenue increased 36 percent sequentially and 25 percent year-over-year to $477 million. Net income was up 50 percent from second quarter and 51 percent from Q3 2016 to $17 million.
The improvement was primarily in the company’s Auto and Metals Recycling segment. Operating income in the segment increased 13 percent quarter-over-quarter to $30 million, driven by higher sales volumes and pricing, increased supply flows and better market conditions.
