Schnitzer Steel in the black in quarter
Apr 03, 2014 | 06:50 PM
| 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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