Schnitzer warns its qtr. results will miss mark

Mar 19, 2012 | 12:58 PM | Frank Haflich

Tags  ferrous scrap, nonferrous scrap, Schnitzer Steel Industries, Cascade Steel Rolling Mills, Frank Haflich

LOS ANGELES — Schnitzer Steel Industries Inc. has warned investors that its fiscal second-quarter earnings will fall sharply below Wall Street estimates as business unexpectedly softened in the final half of the period.

Diluted earnings for the three months ended Feb. 29 are expected to land between 28 and 35 cents per share when its results are released April 5, the Portland, Ore.-based recycler and scrap exporter said, 42.7 percent below the 55-cent-per-share average estimate by securities analysts.....

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