Schnitzer Steel Declared Q3 Fiscal 2020 Financial Results

SEATTLE (Scrap Monster):  Portland, Oregon-based Schnitzer Steel Industries, Inc. reported results for third quarter this fiscal ended May 31^st, 2020.

The company reported loss per share from continuing operations of $0.18 and adjusted earnings per share of $0.05. This compares with the reported and adjusted earnings per share from continuing operations of $0.56 and $0.65 respectively during the prior year third quarter.

The Auto and Metals Recycling (AMR) division posted operating income of $3 million and adjusted operating income of $5 million. The supply flows were impacted by economic slowdown following restrictive measures introduced by local and national governments. This caused sharp decline in scrap prices as well. Despite weaker global markets, the AMR division recorded sales to as many as 21 countries.

The Cascade Steel and Scrap (CSS) division almost doubled its operating income over the prior quarter to $7 million in Q2 fiscal 2020. The improved performance was mainly driven by expanded margins and continued strong construction demand in the West Coast markets, the company press release said.

Tamara L. Lundgren, Chairman and Chief Executive Officer stated that the company is encouraged by the gradual restart of economic activity in the U.S. and globally. However, near-term environment remains subject to uncertainty, Lungdren added.

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