Schnitzer expects weaker profits in quarter
May 29, 2013 | 05:10 PM
| Lisa Gordon
PITTSBURGH Schnitzer Steel Industries Inc. is warning investors that it will realize lower earnings in its fiscal third quarter due to declining selling prices, constrained supply trends and lower tax benefits.
The Portland, Ore.-based companys metal recycling business expects revenue to be down by $5 per ton in the three months ending May 31 as weak global demand has driven down ferrous export selling prices by $50 per ton compared with the fiscal second quarter.....
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