Schnitzer warns of loss in fiscal 4th qtr.

Aug 27, 2013 | 03:21 PM | Sean Davidson

Tags  scrap, Schnitzer Steel Industries, fiscal fourth quarter, earnings outlook, scrap exports, scrap sales, scrap prices, Sean Davidson

NEW YORK — Schnitzer Steel Industries Inc. expects weaker sequential scrap exports to drive it to post a net loss for its fiscal fourth quarter ending Aug. 31.

Sales prices during the quarter fell faster than average purchase prices for material shipped, resulting in lower margins vs. its already weak fiscal third-quarter performance, when export volumes dropped 19 percent from the year-ago period, the Portland, Ore.-based company said in an outlook released Aug. 27.....

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