Poor export sales hit Schnitzer results

Apr 03, 2013 | 04:35 PM | Sean Davidson

Tags  scrap, Schnitzer, Tamara Lundgren, ferrous, nonferrous, exports, shipments, recycling Sean Davidson

NEW YORK — Schnitzer Steel Industries Inc. saw net income for its fiscal second quarter fall more than 10 percent year over year as a result of weak ferrous and nonferrous scrap sales, as well as restructuring charges.
The Portland, Ore.-based company reported net income of $8.6 million for its second quarter ended Feb. 28, down 10.2 percent from $9.6 million during the same quarter of fiscal 2012. Total revenues for the quarter dropped 25.3 percent to $662.2 million vs. $886.6 million in the same comparison. ....

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