Schnitzer's Q2 Earnings Slip, But Bullish on Q3

Despite reporting a steep drop in year-over-year (YoY) earnings in its fiscal second quarter, Schnitzer Steel Industries’ sequential results improved on higher sales volumes and average net selling prices for recycled metals.

The Portland, Ore.-based scrap recycler and long steel producer posted net income of $4 million in its Q2 2023 ended Feb. 28, down 89% from $38 million a year earlier on revenues that slipped 3.4% to $756 million.