Weaker prices, demand land Schnitzer in red

Jan 08, 2014 | 04:48 PM | Rey Mashayekhi

Tags  Schnitzer Steel Industries, scrap, export market, earnings report, Tamara Lundgren, Richard Peach, Rey Mashayekhi

NEW YORK — Schnitzer Steel Industries Inc. expects improving sales prices and export volumes within its metals recycling division to contribute to positive results in the 2014 fiscal year following a fiscal first-quarter net loss.

Portland, Ore.-based Schnitzer posted a net loss of $6.2 million for the three months ended Nov. 30, nearly four times the $1.7-million net loss recorded in the same year-ago period, which it attributed to weak pricing and demand at the start of the quarter.....

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