Europe, Asia key to scrap export market's rise

Jan 09, 2013 | 05:15 PM | Sean Davidson

Tags  scrap, Schnitzer Steel Industries, Tamara Lundgren, Sean Davidson

NEW YORK — The U.S. ferrous scrap export market is likely to perform better this year as confidence in the economies of China, Europe and the United States improves, according to Schnitzer Steel Industries Inc.’s top executive.

Tamara Lundgren, president and chief executive officer of the Portland, Ore.-based company, said Schnitzer sees potential for a better export market in 2013 based on key macroeconomic trends.

"You see China coming up stronger. You see their new administration having made positive comments regarding the source of their growth, driving from urbanization and infrastructure investment. You see iron ore prices improving," she told analysts during an earnings conference call, noting that China played a significant role in driving the arbitrage between iron ore and scrap prices.....

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