Schnitzer Steel Industries Inc. said that strong demand and high prices helped boost its first-quarter revenue.
"The company's first quarter performance benefited from the strong global demand for recycled metals and a robust West Coast market for finished steel products."
"The results reflected average selling prices at or near multi-year highs for ferrous, nonferrous, and finished steel products."
"These benefits were partially offset by the effect of supply chain disruptions, which contributed to delays in certain planned November shipments of ferrous bulk cargos and containers of nonferrous products, as well as a decline in the price of platinum group metals, and higher SG&A expense."
"Average net selling prices for finished steel products were up 58% year-over-year, the highest prices on record."