Schnitzer Steel Industries Inc reported that net income of USD 44 million in the fourth quarter of fiscal 2021, compared to USD 5 million in the fourth quarter of fiscal 2020 and net income of USD 170 million in fiscal 2021, compared to a net loss of USD 2 million in fiscal 2020. Adjusted EBITDA of USD 80 million in the fourth quarter of fiscal 2021, compared to USD 28 million in the fourth quarter of fiscal 2020. Adjusted EBITDA of USD 289 million in fiscal 2021, compared to USD 85 million in fiscal 2020. The Company’s performance during the fourth quarter of fiscal 2021 benefited from strong global market conditions for recycled metals, with average selling prices reaching multi-year highs and sales volumes for its ferrous and nonferrous products increasing year over year. Average selling prices for finished steel products also continued to increase during the quarter to their highest level in more than a decade, benefiting from the continued strength in West Coast demand. The Company began ramping up production at its steel mill ahead of schedule in mid-August following substantial completion of the replacement and repair of property and equipment lost and damaged due to a fire in May 2021. Finished steel sales volumes decreased significantly year over year as a result of the production outage.For the full fiscal year, the Company’s improved performance was primarily driven by higher average selling prices for ferrous, nonferrous and finished steel products, benefits of operating leverage from significantly higher ferrous and nonferrous volumes year over year and execution of productivity improvements and commercial initiatives supported by the implementation of the One Schnitzer operating platform.Schnitzer Steel Industries Inc 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 Steel Industries Inc reported that net income of USD 44 million in the fourth quarter of fiscal 2021, compared to USD 5 million in the fourth quarter of fiscal 2020 and net income of USD 170 million in fiscal 2021, compared to a net loss of USD 2 million in fiscal 2020. Adjusted EBITDA of USD 80 million in the fourth quarter of fiscal 2021, compared to USD 28 million in the fourth quarter of fiscal 2020. Adjusted EBITDA of USD 289 million in fiscal 2021, compared to USD 85 million in fiscal 2020. The Company’s performance during the fourth quarter of fiscal 2021 benefited from strong global market conditions for recycled metals, with average selling prices reaching multi-year highs and sales volumes for its ferrous and nonferrous products increasing year over year. Average selling prices for finished steel products also continued to increase during the quarter to their highest level in more than a decade, benefiting from the continued strength in West Coast demand. The Company began ramping up production at its steel mill ahead of schedule in mid-August following substantial completion of the replacement and repair of property and equipment lost and damaged due to a fire in May 2021. Finished steel sales volumes decreased significantly year over year as a result of the production outage.For the full fiscal year, the Company’s improved performance was primarily driven by higher average selling prices for ferrous, nonferrous and finished steel products, benefits of operating leverage from significantly higher ferrous and nonferrous volumes year over year and execution of productivity improvements and commercial initiatives supported by the implementation of the One Schnitzer operating platform.Schnitzer Steel Industries Inc 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.
