Schnitzer Steel Foresees Inflated Scrap and Finished Steel Volumes

SEATTLE (Scrap Monster): The ferrous scrap and finished steel volumes are expected to see notable surge during the 2021 fiscal third quarter from March 1^st to May 31^st, said the filing with the Securities and Exchange Commission (SEC) by Portland, Oregon-based Schnitzer Steel industries, Inc.

According to the company, the ferrous and finished steel sales volumes for the third quarter are expected to be significantly higher than the outlook provided by the company during the announcement of fiscal 2021 Q2 results. When compared with the second quarter of fiscal 2021, the Q3 ferrous volumes are expected to surge higher by approximately 25%, whereas the finished steel volumes are likely to see 10% surge.

Also, the net income per ferrous ton is expected to surge higher by up to 5%, compared with $47 reported during the prior quarter. The adjusted EBITDA in the third quarter is projected to end higher by up to 5%, upon comparison with $73 per ferrous ton achieved during the second quarter.

Schnitzer Steel does not expect the fire incident at its Cascade Steel Rolling Mill in McMinnville, Oregon to have significant impact on its Q3 results. The damage was limited to the melt shop, with no impact to other buildings or machinery and no injuries.

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The fiscal 2021 third quarter earnings will be declared on June 30^th, the company press release said.