Schnitzer sees strong offshore marts; higher costs sink net

Oct 29, 2007 | 11:46 AM | Michael Marley

Higher costs trimmed Schnitzer Steel Industries Inc.'s fiscal fourth-quarter net income to $38 million, down 24.4 percent from $50.2 million in the same period last year despite a 23.8-percent increase in sales to $748.5 million.

The Portland, Ore.-based company's net income for the full year totaled $131.3 million, down 8.2 percent from $143.1 million the previous year, on sales that jumped 38.7 percent to $2.57 billion.....

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