OmniSource mum on May scrap trend

Apr 18, 2013 | 03:17 PM | Lisa Gordon

Tags  scrap prices, OmniSource, Steel Dynamics, SDI, Russ Rinn, Mark Millett, ferrous scrap, nonferrous scrap Lisa Gordon

PITTSBURGH — OmniSource Corp.’s top executives are keeping the expected direction of May ferrous scrap prices close to the vest.

"I can make a case it is going to go down in May and I can make a case it is going to go up in May," Russ Rinn, president and chief operating officer of the Steel Dynamics Inc. recycling subsidiary, told investors during a conference call to discuss SDI’s first-quarter financial results.

OmniSource’s top brass also declined to comment on whether the Fort Wayne, Ind.-based company has been able to procure scrap at prices below April scrap market settlement levels.....

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