Service Centers
January 7, 2021
Schnitzer Steel Reports Strong Scrap Demand and Pricing
Written by Sandy Williams
Schnitzer Steel completed the transition to a consolidated earnings report, posting a net income of $15 million for the first quarter of FY 2021 ending Nov. 30, 2020. Results were a significant increase from net income of $5 million in Q4 FY 2020 and a loss of $7 million a year ago.
“We were very pleased with our first-quarter results, which reflect our second highest first-quarter operating income in the last 10 years,” said Chairman and CEO Tamara Lundgren. Lundgren noted that the transition to a “One Schnitzer” model improved efficiency during the quarter and was reflected in earnings results.
