Schnitzer Steel Ferrous Sales Volume Plunged 7%

Portland, Oregon-headquartered Schnitzer Steel Industries, Inc. reported financial and operating results for its second quarter of fiscal 2021 ended February 28, 2021. The company reported strong global demand for recycled metals and finished steel products.

It reported diluted earnings per share from continuing operations of $1.54, compared to $0.31 in the second quarter of fiscal 2020. The adjusted diluted earnings per share from continuing operations of $1.51 improved significantly from $0.31 in the second quarter of fiscal 2020. Net income surged considerably from $5 million to $46 million over the previous year. The adjusted EBITDA for the quarter stood at $71 million in the quarter.

The ferrous sales volumes plunged by 7%, mainly on account of severe weather conditions. Meantime, nonferrous sales volumes were down by 2%. The average ferrous and nonferrous net selling prices were up 44% and 30%, respectively. The finished steel sales volumes and net selling prices for finished steel products were up by 1% and 11% respectively.

Schnitzer Steel Board of Directors declared a cash dividend of $0.1875 per common share, payable to shareholders on 3rd May, 2021.

The company reported exceptional performance, registering the best operating income per ton since 2008, said Tamara Lundgren, Chairman and Chief Executive Officer.