Schnitzer Steel Q1 Fiscal 2021 Results Announced

SEATTLE (Scrap Monster): Portland, Oregon-based Schnitzer Steel Industries, Inc. reported financial results for first quarter fiscal 2021 ended November 30, 2020. The company reported strong improvement in financial performance, driven by strategic actions and rising demand.

Schnitzer Steel reported diluted earnings per share from continuing operations of $0.50, compared to a diluted loss per share from continuing operations of $0.26 in the first quarter of fiscal 2020. The adjusted diluted earnings per share from continuing operations of $0.57 compares with an adjusted diluted loss per share of $0.17 a year ago.

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The net income increased to $15 million, significantly higher when compared with the net loss of $7 million during the year-ago quarter. The adjusted EBITDA increased from $10 million in the first quarter of fiscal 2020 to $40 million. The strong market demand for recycled metals and finished steel products benefited the company during the quarter, said the company press release.

Tamara Lundgren, Chairman and Chief Executive Officer noted that the results reflect its second highest first quarter operating income in the last ten years. This demonstrates the resiliency of its operations and the agility of its workers in leveraging positive market conditions. The recent strategic investments in advanced metal recovery technologies will further enhance the company’s operational efficiencies, he said.