Schnitzer Steel Industries, a metals recycler and long products producer, posted revenue of $439 million for the second quarter of FY 2020. Net income was $4.5 million for the quarter, improving from a $7 million loss in Q1 but down significantly from income of $13 million in Q2 2019. Autos and Metals Recycling achieved operating […]
Nearly 1,000 executives are registered with just two weeks to go before the start of the 2019 SMU Steel Summit Conference. We continue to see strong interest in this year’s event, which will be held in Atlanta on Aug. 26-28. Once again, the Georgia International Convention Center will be the home of this, our 9th […]
For the past three days, I have been studying the nominations of 21 young individuals who were nominated by their companies for the 2019 SMU NexGen Leadership Award, which this year is being sponsored by the Steel Manufacturers Association. The process has been exhilarating to say the least. I decided many years ago that as […]
Schnitzer Steel Industries is expecting good results for its fourth quarter FY 2017, ending Aug. 31. Earnings per share are expected in the range of $0.60-$0.63, up from $0.59 in Q4 2016. Autos and Metals Recycling ferrous net selling prices are expected to jump 25 percent year-over-year and ferrous sales volumes 7.0 percent. Although operating […]
Schnitzer Steel, a metals recycler and steel bar producer, reported its best third quarter since FY 2012. Total revenue increased 36 percent sequentially and 25 percent year-over-year to $477 million. Net income was up 50 percent from second quarter and 51 percent from Q3 2016 to $17 million. The improvement was primarily in the company’s […]
US Steel CEO Mario Longhi took a 35 percent pay cut last year after the company failed to meet financial targets. Longhi’s pay cut was due mostly to the elimination of a cash incentive award that in 2014 totaled $4 million dollars. A recent Securities and Exchange Commission filing shows the CEO’s compensation at $8.6 […]
Schnitzer Steel Industries plans a “cost reduction, capacity reduction and productivity initiative” to improve its financial performance by $60 million annually by the end of 2016. In addition, the Auto Parts and Metals Recycling Business will be consolidated into a single division by the end of FY 2015. “In the face of steep declines in […]
Low scrap prices and declining exports took a toll on earnings results for Schnitzer Steel Industries. Export selling prices for ferrous scrap declined by $80 per ton, or 20 percent, while domestic prices dropped $60 per ton, or 15 percent. The declines were the steepest seen by Schnitzer since 2012. The company reported a net […]
Schnitzer Steel Industries, Inc. expects significantly improved results for fourth quarter FY 2014, ending August 31, 2014. The company’s steel manufacturing business benefited from growing West Coast construction demand and productivity initiatives that resulted in operating income in the range of $13 to $14 per ton, the highest quarterly profit since FY 2008. Metals recycling […]
Schnitzer Steel Industries, a metals recycling business, reported an adjusted net loss of $5 million during the first quarter 2014, ending Nov. 30, 2013, compared to adjusted net losses of $14 million the previous quarter and $1 million a year ago. Losses reflected soft ferrous scrap prices early in the quarter and restructuring costs. “All […]
Written by: Sandy Williams Schnitzer Steel, one of the largest U.S. manufacturer and exporter of recycled ferrous materials, reported adjusted operating income of $3 million for the first quarter of 2013, a drop of 81 percent from $15 million reported in first quarter 2011. The adjustment reflected a $2 million pre-tax restructuring charge associated with […]