OmniSource eyes scrap price rebound

Jul 24, 2012 | 01:51 PM | Lisa Gordon

Tags  Omnisource, Steel Dynamics, Inc., ferrous scrap, Mark Millet, Russ Rinn, financial results, Lisa Gordon

Pittsburgh — Scrap prices are expected to rebound as a resurgence of export interest and a heftier appetite for ferrous scrap on the part of domestic mills have led once again to demand outweighing supply, OmniSource Corp.’s top executive said.

"The scrap market in general has firmed up after taking a big hit over the past quarter to the point where the flows have stopped fairly dramatically. ... We are seeing upward pricing pressure on the domestic side," Russ Rinn, president and chief operating officer of OmniSource, said on parent company Steel Dynamics Inc.’s earnings call Tuesday. ....

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