Service Centers

Schnitzer Steel Reports Higher Volumes for Q4

September 30, 2014

Schnitzer Steel Industries, Inc. expects significantly improved results for fourth quarter FY 2014, ending August 31, 2014.

The company’s steel manufacturing business benefited from growing West Coast construction demand and productivity initiatives that resulted in operating income in the range of $13 to $14 per ton, the highest quarterly profit since FY 2008. Metals recycling volumes and less market volatility drove operating income to the range of $13 to $14 per ton, the best since FY 2012. In the auto parts business, higher car purchase volumes were offset by seasonally low retail sales for operating income in the range of $4 to $5 million. Current productivity initiatives are expected to drive favorable impact by the beginning of the second half of 2015.

Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with operating facilities located in 14 states, Puerto Rico and Western Canada. The Company’s integrated operating platform also includes its auto parts and steel manufacturing businesses. With an effective annual production capacity of approximately 800,000 tons, the Company’s steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products.