Schnitzer Steel Reported Second Best Fiscal Year Earnings in History

SEATTLE (Scrap Monster): Portland, Oregon-headquartered Schnitzer Steel Industries, Inc. reported financial results for the fourth quarter and fiscal year ended 31^st August, 2022. The company reported second best fiscal year earnings in the company’s history.

Schnitzer Steel reported net income of $11 million in the fourth quarter. The diluted earnings from share from continuing operations totalled $0.36, whereas the adjusted diluted earnings per share from continuing operations was $0.50. The company reported adjusted EBITDA of $40 million and strong operating cash flow of $180 million in the fourth quarter.

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For the full fiscal 2022, the company reported diluted earnings per share from continuing operations of $5.72 and adjusted diluted earnings per share of $6.07. The net income and adjusted EBITDA in fiscal 2022 totalled $172 million and $313 million respectively. The total debt at the end of the fiscal year stood at $249 million.

The results were mainly driven by boosted demand for finished steel and recycled metals, elevated ferrous and nonferrous sales volumes, recent acquisitions and positive outcomes from enhanced productivity initiatives.

Tamara Lundgren, Chairman and Chief Executive Officer noted that the company delivered its strongest annual operating cash flow since fiscal 2012. The long-term structural trends for recycled metal demand is expected to remain positive, despite current headwinds, she added.