Schnitzer’s ferrous scrap outlook dims for qtr.
Nov 27, 2012 | 02:51 PM
| Sean Davidson
NEW YORK Schnitzer Steel Industries Inc. expects operating earnings from its ferrous scrap division to plunge some 60 percent to about $4 per ton during its fiscal first quarter ending Nov. 30 compared with the preceding three months, the company said in a market outlook Tuesday.
The anticipated drop is "due to the declining trend in selling prices, the impact of constrained supply volumes on production costs and the timing of shipments," the Portland, Ore.-based steel producer and scrap recycler said.
Schnitzer expects average net selling prices for ferrous scrap to drop about 5 percent during the period compared with the previous quarter, and "ferrous sales volumes are expected to decline approximately 20 percent due to softer demand resulting from the economic uncertainty, reduced flows of raw materials and timing of shipments."....
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