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Schnitzer Steel Upgrades Guidance for Q3

June 1, 2021

Schnitzer Steel said it expects ferrous volumes to be better than expected in its fiscal third quarter which ends this month. The company previously reported guidance of 977,000 long tons for Q3. According to an SEC filing on June 1, a 25% increase over that amount is now anticipated.

Finished steel sales volumes for the quarter are expected to be approximately 10% higher than the 136,000 short tons in guidance from the second-quarter earnings call.

For the third quarter, net income per ferrous ton is expected to be in a range from the $47 achieved in the second quarter of fiscal 2021 and up to 5% higher.

A fire at Schnitzer’s Cascade Steel Rolling Mill on May 22 is not expected to have a significant impact on third-quarter earnings. The fire and resulting damage were limited to the melt shop, and the company is still assessing the time-line for repairs.

Schnitzer will report its fiscal third-quarter earnings on June 30, 2021.

Schnitzer is a metals recyler and steel manufacturer based in Portland, Ore.