Schnitzer: High Prices, Strong Demand Drives Best Q3 on Record

Schnitzer Steel Industries Inc. posted its best third-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 $76 million in the third quarter of its fiscal 2022 ended May 31, 2022, doubling earnings of $38 million sequentially, and a 17% gain over earnings of $65 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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