Lackluster ferrous exports vex Schnitzer
Jun 27, 2013 | 06:28 PM
| Sean Davidson
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 companys 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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