Schnitzer Steel Industries, Inc. reported strong results for Q4 and the fiscal year ended August 31, 2020. The company reduced debt to lowest level in almost a decade. The board also declared quarterly dividend.
The earnings per share from continuing operations were $0.14 in the last quarter of the current fiscal. The adjusted earnings per share were $0.23. This compares with the reported and adjusted earnings per share from continuing operations of $0.41 and $0.42 respectively in the prior year fourth quarter.
The Auto and Metals Recycling (AMR) segment reported operating income of $15 million, as compared with $3 million in the prior quarter. The segment adjusted operating income of $18 per ferrous ton tripled over the sequential quarter.
The operating income in the fourth quarter by the Cascade Steel and Scrap (CSS) segment was $8 million, higher from $7 million in the prior quarter. The improvement in performance was mainly supported by the surge in finished steel sales volumes.
