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US recycled metal exporter sees profit, sales in coming Q3
SCHNITZER Steel Industries Inc, an American exporter of scrap metal, reported earnings per share of US$0.41 for its third fiscal quarter, ending May 31, compared to losses of $0.31 in Q3 2015 and $1.48 in Q2 2016.
The marked improvement over the second quarter was attributed to stronger market conditions, cost savings and improved productivity. Last year, the company announced a reorganization of two of its divisions and the idling of some of its recycling capacity, reported American Journal of Transportation.
The company's ferrous sales volumes in the third quarter rose by 13 per cent from the second quarter, "due to stronger seasonal demand and the impact of the higher price environment on supply flows of scrap metal, " said chief executive officer, Tamara Lundgren. But volumes were down 17 per cent from the prior third quarter due to weaker global demand.
Overall, average ferrous selling prices during the third quarter were up $46 per ton, or 27 per cent from second quarter levels. That represented a decline of nine per cent, or $20 per ton, from the 2015 third quarter, primarily as a result of weaker export demand.
The company exports ferrous and nonferrous products to 14 countries with Turkey, India and South Korea the top export destinations for ferrous shipments.
The marked improvement over the second quarter was attributed to stronger market conditions, cost savings and improved productivity. Last year, the company announced a reorganization of two of its divisions and the idling of some of its recycling capacity, reported American Journal of Transportation.
The company's ferrous sales volumes in the third quarter rose by 13 per cent from the second quarter, "due to stronger seasonal demand and the impact of the higher price environment on supply flows of scrap metal, " said chief executive officer, Tamara Lundgren. But volumes were down 17 per cent from the prior third quarter due to weaker global demand.
Overall, average ferrous selling prices during the third quarter were up $46 per ton, or 27 per cent from second quarter levels. That represented a decline of nine per cent, or $20 per ton, from the 2015 third quarter, primarily as a result of weaker export demand.
The company exports ferrous and nonferrous products to 14 countries with Turkey, India and South Korea the top export destinations for ferrous shipments.
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