CLSA Downgrades Schnitzer Steel (SCHN) to Sell
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Schnitzer Steel (SCHN) Cuts Q4 Outlook; Cites Weaker Metal, Commodity Prices
August 28, 2012 8:02 AM EDTSchnitzer Steel Industries, Inc. (Nasdaq: SCHN) announced its market outlook for its fourth quarter of fiscal 2012.
In early June, export sales prices for ferrous metals, net of freight, dropped approximately $70-80 per ton from May levels, largely driven by slower global growth rates, economic uncertainty, and the stronger US dollar. Export sales prices remained relatively flat for the remainder of June and July before increasing slightly in August for September shipments. During the quarter, the supply of scrap continued to be constrained by low US GDP growth, and was further impacted... More
