Higher prices, sales buoy Schnitzer’s earnings

Nov 07, 2006 | 09:36 AM |

Schnitzer Steel Industries Inc. posted a 45.8-percent increase in net income to $50.2 million in its fiscal fourth quarter ended Aug. 31 despite a $15-million charge to pay a federal fine linked to past Asian payment practices.

Schnitzer said in July that it would set aside $15 million to meet potential penalties related to allegations that a South Korean subsidiary made improper payments to Korean and Chinese scrap buyers. Last month, it agreed to pay $7.73 million to the U.S. Securities and Exchange Commission to settle the SEC charges.....





Latest Pricing Trends

Poll

Are you stocking more inventory today than 18 months ago?

Yes
No


View previous results