Schnitzer Steel Announced Robust Results in Q1 Fiscal 2022

SEATTLE (Scrap Monster): Schnitzer Steel Industries, Inc. announced results for its first quarter of fiscal 2022 ended 30^th November, 2021. The company’s quarterly earnings was the best ever Q1 earnings in the company’s history.

The company press release said that the diluted earnings per share from continuing operations stood at $1.55 during the quarter, which is more than three times the earnings per share of $0.50 in the corresponding quarter of fiscal 2021. The adjusted diluted earnings too were up significantly from $0.57 per share to $1.58 per share.

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The net income more than tripled from $15 million to $47 million over the year. Also, the adjusted EBITDA of $78 million during the quarter surged, when compared with $40 million during the first quarter of fiscal 2021. Schnitzer Steel reported highest first quarter net income and adjusted EBITDA, despite supply chain disruptions.

The strong global demand for recycled metals and the robust West Coast market for finished steel boosted the results. The company also benefited from multi-year high average selling prices for ferrous, non-ferrous and finished steel products.

Commenting on the results, Tamara Lundgren, Chairman and Chief Executive Officer noted that the company’s strategic initiatives related to volume growth and productivity coupled with positive market conditions contributed to its expanded profitability.