Schnitzer Steel Posted Strong Profitability in Q2 Fiscal 2022

SEATTLE (Scrap Monster): Portland, Oregon-headquartered Schnitzer Steel Industries, Inc. announced results for the second quarter of fiscal 2022 ended 28^th February, 2022. The company reported strong profitability on higher recycled metals volumes over the previous year.

According to company press release, the diluted earnings per share from continuing operations stood at $1.27. This compares with $1.54 per share during the second quarter of fiscal 2021. The adjusted diluted earnings per share from continuing operations dropped from $1.51 to $1.38 over the year. The net income too dropped from $46 million a year before to $38 million in Q2 fiscal 2022. The adjusted EBITA totalled $75 million, as compared with $71 million a year before.

The strong quarterly performance was mainly driven by strong global demand for recycled metals and robust West Coast market conditions for finished steel products. The ferrous and nonferrous sales volumes surged higher by 10% and 8% respectively.

Tamara Lundgren, Chairman and Chief Executive Officer, Schnitzer Steel noted that the Q2 performance continued the trend of strong financial and operating performance. This, coupled with record first quarter results, has led to the best first half results in the company’s 116-year history, Lundgren added.

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