Cascade Steel logs loss on 'tepid' demand

Apr 05, 2012 | 04:31 PM | Frank Haflich

Tags  Schnitzer Steel, Cascade Steel Rolling Mills, red ink, Frank Haflich

LOS ANGELES — Schnitzer Steel Industries Inc.’s steel manufacturing business slid deeper into the red in its fiscal second quarter due to a weak Western construction market, despite an increase in shipments of finished products and higher average selling prices.

The business, essentially Cascade Steel Rolling Mills in McMinnville, Ore., posted an operating loss of $868,000 for the three months ended Feb. 29 compared with a $711,000 loss in the same period a year earlier even as revenue increased 20.6 percent to $84.5 million from $70 million.....

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