US’s leading steel recycler Schnitzer Steel Industries has reported adjusted EBITDA in the range of USD 6-8 million and adjusted EBITDA per ferrous ton in the range of USD 8-10 for 2023 first quarter ended 30 November 2022. Schnitzer Steel said “Demand weakened throughout the quarter, influenced by macro concerns globally, including slower growth, the impact of China’s COVID lockdowns, inflationary pressures, the strength of the US Dollar, and steel inventory destocking.” Schnitzer Steel Chairman & Chief Executive Officer Ms Tamara Lundgren said “Our first quarter results were impacted by an extended shredder outage at our Everett facility and a regulatory issue limiting operations at our shredder facility in California, both of which were resolved by mid-November. These disruptions, together with tight supply flows from the lower price environment and weaker economic activity, resulted in significantly lower sequential ferrous sales volumes. Since the end of the quarter, however, we have seen a strengthening in sales prices and demand for recycled metals in both the export and domestic markets. With the operational disruptions now behind us, we are expecting significant improvement in our second quarter results.” Ms Lundgren continued “Looking beyond current market conditions, we believe the structural demand for recycled metals remains positive, supported by the transition to low carbon technologies, the increased focus on decarbonization, and the expected funding related to the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, including Buy Clean provisions.”
US’s leading steel recycler Schnitzer Steel Industries has reported adjusted EBITDA in the range of USD 6-8 million and adjusted EBITDA per ferrous ton in the range of USD 8-10 for 2023 first quarter ended 30 November 2022. Schnitzer Steel said “Demand weakened throughout the quarter, influenced by macro concerns globally, including slower growth, the impact of China’s COVID lockdowns, inflationary pressures, the strength of the US Dollar, and steel inventory destocking.” Schnitzer Steel Chairman & Chief Executive Officer Ms Tamara Lundgren said “Our first quarter results were impacted by an extended shredder outage at our Everett facility and a regulatory issue limiting operations at our shredder facility in California, both of which were resolved by mid-November. These disruptions, together with tight supply flows from the lower price environment and weaker economic activity, resulted in significantly lower sequential ferrous sales volumes. Since the end of the quarter, however, we have seen a strengthening in sales prices and demand for recycled metals in both the export and domestic markets. With the operational disruptions now behind us, we are expecting significant improvement in our second quarter results.” Ms Lundgren continued “Looking beyond current market conditions, we believe the structural demand for recycled metals remains positive, supported by the transition to low carbon technologies, the increased focus on decarbonization, and the expected funding related to the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, including Buy Clean provisions.”
