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.....

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