On April 2, Portland, Oregon-based steel manufacturer and metals recycler Schnitzer Steel Industries, Inc. reported revenues of $434 million and a net loss of $7 million for Q2 FY 2008, ended on February 28, 2009. Despite the quarterly net loss, the company generated $91 million in cash from its operations.
Schnitzer Steel reported that its net income fell to $7 million in Q2 of the current year, compared to $36 million in the year-ago period
Fiscal year-to-date net income was $41 million, on revenues of $932 million. Comparatively, net income for the same period in 2007 was $61 million, on revenues of $1,355 million.
Commenting on the financial results, Schnitzer Steel CEO Tamara Lundgren said, "The markets in the second quarter remained extremely challenging. The global economic downturn continued, and the demand for finished steel products and the raw materials used in making steel remained weak. However, our export platform, which allows us to sell to the regions of the world where demand is greatest, continued to provide a benefit as we were able to take advantage of overseas markets which offered better net pricing than the domestic markets."