Portland Oregon US headquartered steel recycler Schnitzer Steel Industries Inc has reported a strong quarterly financial performance due to strong global demand for recycled materials and a robust west coast market for finished steel products with average selling prices for ferrous and nonferrous recycled metals at multiyear highs in the quarter, while average finished steel prices reached all-time highs & ferrous and nonferrous sales volumes increasing by 10 percent and 8 percent, respectively. For the second quarter, the company has reported a net income of USD 38 million compared with USD 46 million in the second quarter of fiscal 2021. It also reported adjusted EBITDA of USD 75 million compared with USD 71 million in the second quarter of fiscal 2021.Schnitzer Steel Chairman & CEO Tamara Lundgren said “Our second-quarter performance continued the trend of strong financial and operating performance leading to first-half results that were the highest in our Company’s 116-year history. Global demand for our products and services remains very high, our outlook is strong, and our team is committed to supporting all our stakeholders safely and responsibly as we navigate through these challenging times and advance our strategic priorities.”Moving forward, the company expects ferrous volume growth with a fiscal 2023 target of 5.3 million tons. It also plans to expand its products and services to meet the evolving demand for recycled metals such as the company’s GRN Steel launch and the reverse logistic services it provides to manufacturers and retailers.
Portland Oregon US headquartered steel recycler Schnitzer Steel Industries Inc has reported a strong quarterly financial performance due to strong global demand for recycled materials and a robust west coast market for finished steel products with average selling prices for ferrous and nonferrous recycled metals at multiyear highs in the quarter, while average finished steel prices reached all-time highs & ferrous and nonferrous sales volumes increasing by 10 percent and 8 percent, respectively. For the second quarter, the company has reported a net income of USD 38 million compared with USD 46 million in the second quarter of fiscal 2021. It also reported adjusted EBITDA of USD 75 million compared with USD 71 million in the second quarter of fiscal 2021.Schnitzer Steel Chairman & CEO Tamara Lundgren said “Our second-quarter performance continued the trend of strong financial and operating performance leading to first-half results that were the highest in our Company’s 116-year history. Global demand for our products and services remains very high, our outlook is strong, and our team is committed to supporting all our stakeholders safely and responsibly as we navigate through these challenging times and advance our strategic priorities.”Moving forward, the company expects ferrous volume growth with a fiscal 2023 target of 5.3 million tons. It also plans to expand its products and services to meet the evolving demand for recycled metals such as the company’s GRN Steel launch and the reverse logistic services it provides to manufacturers and retailers.
