Schnitzer Posts Best Fiscal First Quarter Results Ever

Schnitzer Steel Industries Inc. posted its best first quarter earnings on record thanks to high prices and strong demand for both ferrous and nonferrous scrap.

The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $47 million in the first quarter of fiscal 2022 ended Nov. 30, 2021, more than triple the $15 million posted in the same quarter last year.

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

David Schollaert

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