Weaker scrap prices hit Schnitzer in fiscal qtr.
Jan 08, 2013 | 05:53 PM
| Sean Davidson
NEW YORK Schnitzer Steel Industries Inc.s operating earnings fell 91.9 percent year on year to $1.2 million during its fiscal first quarter, with the company citing lower scrap prices and compressed margins, among other factors.
Declining sales prices, constrained supply and unfavorable timing of shipments lowered selling volumes and compressed margins in the companys ferrous scrap business during the three months ended Nov. 30, Schnitzer said.
"As anticipated, during the first quarter of fiscal 2013 we continued to face difficult market conditions for recycled metals, including a sharp drop in both ferrous sales prices and volumes, due to soft demand resulting from slowing global growth and the weak domestic economic environment which continues to impact scrap generation," president and chief executive officer Tamara Lundgren said in an earnings report Tuesday.....
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