Schnitzer Steel First Quarter Fiscal 2023 Results to be Hurt by Weak Demand and Operational Disruptions

SEATTLE (Scrap Monster): Schnitzer Steel Industries, Inc. announced preliminary results for first quarter fiscal 2023 ended 30th November, 2022. The company foresees subdued results, hurt by weak demand and operational disruptions.

The company expects loss from continuing operations to range between $(0.64) to $(0.69) per diluted share. The net loss is projected between $(18) million and $(20) million, whereas the net loss per ferrous ton is projected at around $(21) and $(23), said the company press release.

The adjusted diluted loss from continuing operations are expected to range between $(0.44) and $(0.49) per share. Schnitzer Steel expects adjusted EBITDA to range between $6 million and $8 million, while it foresees adjusted EBITDA per ferrous ton to be in the range of $8 - $10.

The quarterly results are likely to reflect the weak demand situation. The net selling prices for ferrous and nonferrous are likely to witness sequential decline by 12% and 14% respectively. The ferrous and nonferrous volumes are expected to drop by 33% and 12% respectively over the prior quarter. Meantime, the finished steel prices may see a decline by 9% over the sequential quarter.

Schnitzer Steel will announce Q1 FY23 results on Thursday, January 5, 2023.

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