Schnitzer Steel Results Driven by Strong Global Demand for Recycled Metals

SEATTLE (Scrap Monster): Schnitzer Steel Industries, Inc. reported results for its third quarter of FY22 ended 31^st May, 2021. The company reported its best quarterly operating performance since FY2008.

The company reported diluted earnings from continuing operations of $2.16 per share, compared to loss of $0.18 per share during the corresponding quarter a year before. The adjusted diluted earnings from continuing operations of $2.20 per share were significantly higher when compared to $0.05 per share during Q3 FY20. The net income of $65 million compares with net loss of $5 million a year before. The adjusted EBITDA spiked from $19 million a year before to $97 million during third quarter fiscal 2021.

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The boost in quarterly performance was aided by strong global demand for recycled metals and demand for finished steel products on the West Coast. Higher ferrous, nonferrous and finished steel volumes and prices too contributed. Incidentally, the prices for recycled ferrous and nonferrous metals had touched multi-year highs during the quarter.

The ferrous and nonferrous sales volumes surged higher by 24% and 15% respectively, on a sequential basis. Also, finished steel sales volumes were up by 12%.

The Board of Directors declared a cash dividend of $0.1875 per common share, to shareholders of record on July 12, 2021, and will be payable on July 26^th, 2021.