Economy
June 27, 2023
Schnitzer Q3 Earnings Lifted Sequentially by Scrap Demand
Schnitzer Steel Industries reported lower earnings in its fiscal third quarter ended May 31 vs. a year earlier, but sequential performance was higher, driven by stronger demand for recycled metals.
The Portland, Ore.-based scrap recycler and long steel producer reported net income attributable to shareholders of $13.5 million in its fiscal Q3, down 82% from $74.6 million in the same period last year on revenues that slid 20% to $809.6 million. However, this is up from net income of $4.4 million on revenues of $756 million in the same comparison with Q2.
