Schnitzer warns scrap prices will hit results

May 23, 2014 | 01:24 PM | Lisa Gordon

Tags  ferrous scrap, nonferrous scrap, steel, Schnitzer Steel Industries, earnings results, Lisa Gordon

PITTSBURGH — Schnitzer Steel Industries Inc. is warning investors that its upcoming quarterly financial results will feel the sting of downward pressure on scrap metal selling prices.

The Portland, Ore.-based steelmaker and metal recycler said it will remain profitable in its fiscal third quarter ending May 31, but earnings won’t be as robust as earlier expected.....

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