Commenting on Portland, Oregon-based Schnitzer Steel Industries' fiscal Q2 results, President and CEO Tamara Lundren said that demand for US-produced scrap, both domestically and abroad, helped boost the company's metal recycling business operating income of $42 million in Q2 2011 from $16 million in the previous quarter.
"During the second quarter, we achieved operating income per ferrous ton of $38, nearly double the prior quarter, largely driven by improved market conditions, steady intake of scrap and increasing contributions from our nonferrous operations," said Lundgren. "Demand in the export market continued its upward trend from the first quarter and the domestic ferrous markets rebounded, reflecting improving utilization at domestic mills."
Ferrous sales volumes of 1.1 million tons declined 6 percent as compared to the prior year, primarily due to the timing of shipments. Schnitzer also reported that export customers accounted for 78 percent of total ferrous sales volumes.
Schnitzer Steel Industries announced Monday net income of 32.1 million for fiscal Q2 2011 compared to a net income of 18.9 million in Q1 2011 and 18.5 million in Q2 2010.