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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