Steel Mills
April 8, 2021
Schnitzer Earnings Soar on High Scrap Prices
Written by Sandy Williams
Schnitzer Steel tripled its net income from first to second quarter FY 2021 to $46 million, supported by robust revenues of $600 million. Strong demand for recycled metals, higher finished steel prices and elevated scrap pricing resulted in expanded metal spreads and operating margins. Net income per ferrous ton increased to $47 from $14 per ton in Q1 and $5 per ton in Q2 2020.
Schnitzer reported its second highest finished steel volumes since Q2 2008. Volumes increased 1% sequentially and 5% from Q2 FY 2020
