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    January 5, 2023

    Schnitzer Reports Fiscal Q1 Loss, Expects Q2 Improvements

    Written by David Schollaert

    Schnitzer Steel Industries Inc. posted a net loss in its first quarter of fiscal 2023 on lower demand and lower average selling prices for recycled metals and finished steel products.

    The Portland, Ore.-based scrap recycler and long steel producer recorded a net loss of $18 million in its fiscal Q1 ended Nov. 30, 2022. That’s down from a net profit of $11 million in its fiscal fourth quarter and down from earnings of $47 million in the year-ago fiscal Q1.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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