KeyBanc Lowers Estimates on Schnitzer Steel (SCHN); Several Headwinds Persist

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KeyBanc maintains a 'Hold' on Schnitzer Steel (NASDAQ: SCHN).

Analyst, Philip Gibbs, currently sees a number of headwinds in the near and intermediate term including: 1) renewed scrap export from Japan into SCHN's most important Asian markets; 2) slowing manufacturing activity (except Turkey); 3) weak Euro now favors European scrap exporters; and 4) Drop in global scrap prices

Gibbs said, "Following the 3Q12 earnings report, we are lowering our FY12 (August) and FY13 EPS estimates for Schnitzer Steel to $1.20 (from $1.30) and $2.00 (from $2.40), respectively."

For an analyst ratings summary and ratings history on Schnitzer Steel click here. For more ratings news on Schnitzer Steel click here.

Shares of Schnitzer Steel closed at $28.34 yesterday, with a 52 week range of $22.78-$59.06.

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