Lackluster ferrous exports vex Schnitzer

Jun 27, 2013 | 06:28 PM | Sean Davidson

Tags  Schnitzer Steel Industries, quarterly results, third fiscal quarter, ferrous scrap, nonferrous scrap, scrap expeorts, revenues, income auto parts business

NEW YORK — Weak ferrous scrap export sales continued to slam Schnitzer Steel Industries Inc. in its fiscal third quarter as export volumes dropped nearly 19 percent from the year-ago period.

Increased year-on-year revenues in the company’s auto parts and steel manufacturing business did little to soften the blow from plummeting ferrous export and overall nonferrous sales volumes. Even a slight uptick in domestic ferrous scrap sales failed to boost revenue, as a significant sales price decline negated the volume increase.

For the overall company, net income dropped around 90.5 percent to $820,000 in the third quarter, down from $11.24 million in the same quarter a year ago. Meanwhile, revenues fell 19.3 percent to $710 million in the same comparison.....

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