Portland Oregon headquartered US’s leading scrap recycler Schnitzer Steel Industries has reported results for its first quarter of fiscal 2023 ended 30 November 2022.Diluted loss per share from continuing operations USD 0.64Net loss of USD 18 millionNet loss per ferrous ton of USD 21Adjusted EBITDA of USD 8 millionAdjusted EBITDA per ferrous ton of USD 10 Schnitzer Steel Industries said “The Company's performance in the quarter reflected lower demand and lower average selling prices for recycled metals and finished steel products. Demand softened throughout the quarter, influenced by macro concerns, including slower growth, inflationary pressures, and steel inventory destocking. Lower prices led to tighter supply flows and compression of metal spreads. Ferrous and nonferrous sales volumes declined sequentially reflecting the impact of the disruptions in Everett and Oakland, the tighter supply flows and several ferrous shipments slipping into December. Results also reflect an adverse impact from extended operational disruptions at the Everett and Oakland metals recycling facilities that were resolved in November.” During the quarter, the Company made progress on its strategic growth investments in advanced metal recovery technologies and began the commissioning of two primary nonferrous recovery systems in Massachusetts and California. In addition, on 18 November 2022, the Company purchased the operating assets of ScrapSource, a recycling services business based in Dallas in Texas. ScrapSource provides metals recycling management services and solutions to over five hundred customers, representing manufacturers, fabrication facilities and service centers across North America. Combined with the Company's existing national accounts team, this acquisition is expected to significantly expand the Company's recycled services volumes and extend this business into additional regional markets across the US. Schnitzer Steel Industries operates at the intersection of metals recovery, reuse, recycling, and manufacturing. Schnitzer is one of the largest manufacturers and exporters of recycled metal products in North America with operating facilities located in 25 states, Puerto Rico, and Western Canada. Schnitzer has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s integrated operating platform also includes 51 stores which sell serviceable used auto parts from salvaged vehicles and receive over 4.1 million annual retail visits. The Company’s steel manufacturing operations produce finished steel products, including rebar, wire rod, and other specialty products. The Company began operations in 1906 in Portland in Oregon.
Portland Oregon headquartered US’s leading scrap recycler Schnitzer Steel Industries has reported results for its first quarter of fiscal 2023 ended 30 November 2022.Diluted loss per share from continuing operations USD 0.64Net loss of USD 18 millionNet loss per ferrous ton of USD 21Adjusted EBITDA of USD 8 millionAdjusted EBITDA per ferrous ton of USD 10 Schnitzer Steel Industries said “The Company's performance in the quarter reflected lower demand and lower average selling prices for recycled metals and finished steel products. Demand softened throughout the quarter, influenced by macro concerns, including slower growth, inflationary pressures, and steel inventory destocking. Lower prices led to tighter supply flows and compression of metal spreads. Ferrous and nonferrous sales volumes declined sequentially reflecting the impact of the disruptions in Everett and Oakland, the tighter supply flows and several ferrous shipments slipping into December. Results also reflect an adverse impact from extended operational disruptions at the Everett and Oakland metals recycling facilities that were resolved in November.” During the quarter, the Company made progress on its strategic growth investments in advanced metal recovery technologies and began the commissioning of two primary nonferrous recovery systems in Massachusetts and California. In addition, on 18 November 2022, the Company purchased the operating assets of ScrapSource, a recycling services business based in Dallas in Texas. ScrapSource provides metals recycling management services and solutions to over five hundred customers, representing manufacturers, fabrication facilities and service centers across North America. Combined with the Company's existing national accounts team, this acquisition is expected to significantly expand the Company's recycled services volumes and extend this business into additional regional markets across the US. Schnitzer Steel Industries operates at the intersection of metals recovery, reuse, recycling, and manufacturing. Schnitzer is one of the largest manufacturers and exporters of recycled metal products in North America with operating facilities located in 25 states, Puerto Rico, and Western Canada. Schnitzer has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s integrated operating platform also includes 51 stores which sell serviceable used auto parts from salvaged vehicles and receive over 4.1 million annual retail visits. The Company’s steel manufacturing operations produce finished steel products, including rebar, wire rod, and other specialty products. The Company began operations in 1906 in Portland in Oregon.
