Schnitzer braces for quarterly loss amid volatility

Dec 19, 2011 | 03:59 PM | Jo Isenberg-O’Loughlin

Tags  Schnitzer Steel Industries, European debt crisis, ferrous scrap, steel, Jo Isenberg-O'Loughlin

NEW YORK — Schnitzer Steel Industries Inc. expects its fiscal first-quarter financial results to be lower than previously projected due to weaker-than-anticipated global market conditions for recycled metals, the company said Monday, citing heightened worldwide recessionary concerns related to the European debt crisis.

Schnitzer’s fully diluted earnings per share are expected to be in the range of 18 cents to 25 cents for the quarter, down significantly from the $1.33 figure posted during the preceding three months and well below the 64-cent-per-share figure reported in the year-ago period.....

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