Schnitzer Steel in the black in quarter

Apr 03, 2014 | 06:50 PM | Frank Haflich

Tags  Schnitzer Steel Industries, earnings results, scrap, ferrous scrap, nonferrous scrap, steel, recycling, Tamara Lundgren Frank Haflich

LOS ANGELES — Schnitzer Steel Industries Inc.’s net income plummeted 79.3 percent in its fiscal second quarter vs. the same period a year earlier, but rebounded strongly from a loss in the preceding three-month period with increases in the average selling price and sales volumes for its ferrous scrap.

The Portland, Ore.-based recycler and steel producer said average ferrous scrap net selling prices for the three months ended Feb. 28 fell 1.9 percent to $365 per long ton from $372 per long ton a year earlier, but rose 4.9 percent from $348 per ton in the preceding quarter ended Nov. 30.....

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