•Schnitzer Steel Falls Most in Three Months as Price Decline Leads to Loss

Discussion in 'Economics' started by ByLoSellHi, Jun 30, 2009.

  1. China and others not so hungry now?


    Green sh*t?


    •Schnitzer Steel Falls Most in Three Months as Price Decline Leads to Loss

    Schnitzer Falls Most in Three Months After Posting Net Loss
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    By Allison Bennett

    June 30 (Bloomberg) -- Schnitzer Steel Industries Inc., the century-old scrap-metal recycler, fell the most in three months after reporting a third-quarter loss as metal prices declined.

    Schnitzer dropped $6.10, or 10 percent, to $54.11 at 10:59 a.m. in Nasdaq Stock Market composite trading. Earlier shares fell 11 percent, the biggest intraday decline since March 30. The Portland, Oregon-based company’s shares have declined 53 percent in the past 12 months.

    Schnitzer posted a net loss of $1.53 million, or 5 cents a share, for the quarter ended May 31, which compared with net income of $61.7 million, or $2.14, a year earlier. Sales declined 58 percent to $411.8 million. The average of four analysts’ estimates compiled by Bloomberg was for profit of 16 cents a share.

    Schnitzer sales fell in all three divisions amid a global recession that has sapped demand for cars and appliances. Revenue at the metals-recycling division, Schnitzer’s largest unit, declined 61 percent on lower prices and volumes.

    To contact the reporter on this story: Allison Bennett at abennett21@bloomberg.net
    Last Updated: June 30, 2009 11:06 EDT
  2. Illum


    AA up soon. They really bid that one up. We shall see.