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Steel News October 22, 2021 02:05:06 PM

Schnitzer Steel Posted Best-Ever Fourth Quarter Results in a Decade

Paul Ploumis
ScrapMonster Author
For the full fiscal year, the company reported adjusted EBITDA of $289 million, compared to $85 million in fiscal 2020.

Schnitzer Steel Posted Best-Ever Fourth Quarter Results in a Decade

SEATTLE (Scrap Monster): Portland, Oregon-based Schnitzer Steel Industries, Inc. reported its best fourth quarter operating results in a decade in Q4 this year. The company also reported results for the fiscal year ended August 31, 2021.

The adjusted EBITDA for the quarter stood at $80 million, compared with $28 million in the corresponding quarter last fiscal. The net income was $44 million in Q4 2021. The company posted adjusted diluted earnings per share from continuing operations of $1.81, compared with $0.23 in Q4 fiscal 2020. The diluted earnings per share from continuing operations were $1.43.

ALSO READ: Schnitzer Steel Restarted Production at Cascade Steel Mills

The strong quarterly performance by the company was mainly on account of increased average selling prices for finished steel products and strong global market conditions for recycled metals.

For the full fiscal year, the company reported adjusted EBITDA of $289 million, compared to $85 million in fiscal 2020. Net income totalled $170 million, which compares with net loss of $2 million a year before. Also, the adjusted diluted earnings surged higher significantly from $0.43 per share in fiscal 2020 to $6.13 per share this fiscal.

Tamara Lundgren, Chairman and Chief Executive Officer, Schnitzer Steel noted that the company is proud that it has achieved outstanding results amidst challenges from pandemic, logistics constraints and labor shortages.

 

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