• Skip to main content

    Prices

    June 29, 2022

    Schnitzer: High Prices, Strong Demand Drives Best Q3 on Record

    Written by David Schollaert

    Schnitzer Steel Industries Inc. posted its best third-quarter earnings on record thanks to high prices and strong demand for both ferrous and nonferrous scrap.

    The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $76 million in the third quarter of its fiscal 2022 ended May 31, 2022, doubling earnings of $38 million sequentially, and a 17% gain over earnings of $65 million posted in the same quarter last year.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

    Read more from David Schollaert

    Latest in Prices

    Mills seek more scrap after lower prices fail to attract tons

    Several mills that bought October scrap early last week are still asking for additional supplies, scrap market participants said. The reason: the mills' initial prices did not attract enough of the raw material, they said. A trading source based in northern Ohio said three mills have contacted his firm seeking offers for additional tons. He said the mills asked for offers even if prices were higher than their original buys last week.