Schnitzer Steel Foresees Buoyant Results for Q4 Fiscal 2021

SEATTLE (Scrap Monster): Portland, Oregon-headquartered Schnitzer Steel Industries, Inc. announced preliminary results for fourth quarter of fiscal 2021 ended 31^st August, 2021. The company expects the operating performance for the quarter to be the best since 2011. The financial results for the fourth quarter and full fiscal year 2021 will be declared on October 21^st.

The company expects diluted earnings per share from continuing operations to range between $1.40 and $1.48. The net income for the quarter is expected to be in the range of $43 million to $45 million. Also, it expects the adjusted earnings from continuing operations to range between $1.75 and $1.83 per share.

ALSO READ:

Schnitzer Steel Restarted Production at Cascade Steel Mills

Schnitzer Steel Foresees Inflated Scrap and Finished Steel Volumes

The recycled metal market conditions remained strong. The average ferrous selling prices touched their highest level since 2008, whereas the nonferrous market selling prices too touched multi-year highs during the quarter. Also, market selling prices for finished steel witnessed significant improvement.

The ferrous sales volume in Q4 is expected to surge higher by 9% over the previous year, while the nonferrous sales volumes are likely to increase by 3%. The steel mill fire in May this year is likely to result in 53% decline in finished steel sales volume during the quarter, said the company press release.