Schnitzer warns write-down, loss loom for fiscal 1st qtr.

Dec 17, 2008 | 12:27 PM | Frank Haflich

Renegotiations, deferrals and cancellations of customer contracts will push Schnitzer Steel Industries Inc. into the red during its fiscal first quarter.

The Portland, Ore.-based scrap processor, exporter and steel producer is facing "unprecedented market conditions" and will book a non-cash write-down of around $60 million in its metals recycling and steel manufacturing inventories for the three months ended Nov. 30, resulting in a net loss for the period.....

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