Shares of Schnitzer Steel were sinking Monday after the company said it expected lower 2012 fiscal first-quarter earnings on weaker global market conditions for recycled metals.

Shares of the Portland based company were at USD 42.88, down by USD 2.85 or 6.2%, after it said it expected earnings in the first quarter of 18 cents to 25 cents a share.

As such, stocks in the steel sector were trading lower Monday. Shares of Nucor were at USD 38.46 down by 53 cents or 1.4%, US Steel shares were falling to USD 24.30 down by USD 1.57 or 6.1%. ArcelorMittal was sliding to USD 16.89 down by 27 cents or 1.6%, shares of Steel Dynamics were at USD 12.24 down by 26 cents or 2.1% and AK Steel was slightly lower at USD 7.51 down by 1 cent or 0.1%.

(Sourced from thestreet.com)