Schnitzer logs weaker profits as margins squeezed
Jun 28, 2012 | 01:37 PM
| Michael Cowden
Tags
Schnitzer Steel Industries,
quarterly results,
Tamara Lundgren,
steel,
scrap,
auto parts,
Michael Cowden
TORONTO — Schnitzer Steel Industries Inc. saw fiscal third-quarter profits squeezed as economic woes in the United States and globally bit into profits.
The Portland, Ore.-based recycler, scrap exporter and steelmaker also offered a cautious outlook, noting that prices for recycled metals had "declined significantly" since the end of the quarter, a trend that could hurt fiscal fourth-quarter results.
Schnitzer posted net income of $11.2 million for its fiscal third quarter, down 66 percent from $33 million in the same period last year, on revenue that slid 10.3 percent to $879.9 million. For the nine months ended May 31, the company’s net income plunged 65.8 percent to $27.9 million from $81.6 million a year earlier despite an 8.4-percent increase in revenue to $2.58 billion.....
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