Schnitzer Steel (SCHN) Posts Q2 Loss of 33c/Share; Plans Cost Cuts

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Go back to Schnitzer Steel (SCHN) Posts Q2 Loss of 33c/Share; Plans Cost Cuts

Schnitzer Reports Second Quarter 2015 Financial Results

April 7, 2015 8:30 AM EDT

Strategic Actions Expected to Benefit Operating Performance by $60 Million

PORTLAND, Ore.--(BUSINESS WIRE)-- Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) today reported financial results for its fiscal 2015 second quarter ended February 28, 2015.

Market Conditions

During the second quarter, market selling prices for recycled metals experienced the steepest drop since 2008 with ferrous sales prices falling as much as $100 per ton, or approximately 30%, from first quarter levels. This drop in market selling prices continued the decline that began in the Companys first fiscal quarter when ferrous sales... More