Schnitzer expects weaker profits in quarter

May 29, 2013 | 05:10 PM | Lisa Gordon

Tags  Schnitzer Steel Industries, scrap prices, ferrous scrap, nonferrous scrap, metals recycling, steel manufacturing, 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 company’s 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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