Schnitzer in the red despite steel sector gains

Oct 29, 2013 | 12:38 PM | Renate F. Mas

Tags  Schnitzer Steel Industries, steel manufacturing, earnings report, Tamara Lundgren, Renate Foster Mas

NEW YORK — Schnitzer Steel Industries Inc. sank deeper into the red in its fiscal fourth quarter despite its steel manufacturing business logging its best fourth-quarter and full-year performance since fiscal 2008, the company said Oct. 29.

The steel manufacturing business generated operating earnings of $2.17 million in the three months ended Aug. 31, driven largely by slowly improving demand that led to increased sales volumes and productivity improvements. Steel manufacturing revenue rose 6.7 percent to $96.24 million during the quarter from $90.17 million a year earlier as shipments increased to....

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