Schnitzer Steel Industries swings to loss
Oct 25, 2012 | 05:36 PM
| Lisa Gordon
Tags
scrap metal,
scrap export,
Schnitzer Steel Industries,
recycling segment,
steel manufacturing,
Lisa Gordon
PITTSBURGH — Schnitzer Steel Industries Inc. swung to a net loss in the fiscal fourth quarter on lower metals recycling volumes and a restructuring charge, but was profitable for the full year with operating cash flow of $245 million.
The Portland, Ore.-based steelmaker, recycler and scrap exporter posted a $485,000 net loss for the three months ended Aug. 31 vs. year-earlier net income of $36.7 million on sales that fell 29.5 percent to $762.2 million from $1.08 billion in the same comparison.....
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