Schnitzer net soars on higher scrap tags, shipments

Oct 28, 2008 | 11:27 AM | Frank Haflich

Schnitzer Steel Industries Inc.'s net income more than tripled in its fiscal fourth quarter compared with a year earlier on higher scrap prices and shipments. But the outlook for an improvement in current scrap market conditions remains "uncertain."

John Carter, president and chief executive officer, said that while Schnitzer remains optimistic about long-term growth in global steel consumption and scrap demand, "the markets in the early part of fiscal 2009 have significantly weakened and it is uncertain when we might see improvements."

The Portland, Ore.-based scrap processer and trader posted net income of $126.4 million ($4.38 per share) for the three months ended Aug. 31 vs. nearly $38 million ($1.28 per share) in the same period last year on revenue that jumped 74 percent to $1.3 billion from $748.5 million.....

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