Cascade's rebar sales up in 2d qtr. but total revenues down

Apr 04, 2013 | 04:50 PM | Samuel Frizell

Tags  Schnitzer Steel Industries, Tamara Lundgren, rebar, merchant products, construction, ABI, steel sector, earnings steel

NEW YORK — Schnitzer Steel Industries Inc.’s steel manufacturing unit, which operates as Cascade Steel Rolling Mills Inc., logged a profitable fiscal second quarter on the back of improved rebar sales, even as it saw total steel sales drop 16 percent year over year as a result of easing coiled product demand and import competition.

Although Portland, Ore.-based Schnitzer’s steel sales fell to $71 million in the second quarter ended Feb. 28 from $85 million in the same period last year, the company expressed optimism about the burgeoning West Coast construction market during an earnings call with investors April 3. ....

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