Schnitzer Reports $8 million net income in fiscal Q2

Friday, 03 April 2020 20:42:10 (GMT+3)   |   San Diego
       

Schnitzer Steel Industries, Inc. today reported results for its fiscal second quarter ended February 29, 2020. The company reported net earnings of $8 million on revenues of $439 million, compared to a net loss of $8 million on revenues of $406 million in fiscal Q1, and net income of $19 million on revenues of $474 million in fiscal Q2 2019.

Auto and Metals Recycling (AMR) achieved operating income in the second quarter of $19 million, or $23 per ferrous ton, a significant improvement from an operating loss of $2 million in the first quarter. Cascade Steel and Scrap (CSS) achieved operating income in the second quarter of $4 million, in-line sequentially.

Tamara Lundgren, Chairman and Chief Executive Officer, commented: “During the COVID-19 national emergency, our facilities have continued operating, reflecting our inclusion in the critical infrastructure sector, as defined by the US Department of Homeland Security. We have implemented additional steps to protect our employees and visitors to our sites and, where possible, our employees are working remotely. While near-term market conditions, including commodity prices and customer demand, remain subject to significant uncertainty and volatility, we have a strong balance sheet with low net leverage and significant cash on hand to weather declines in demand,” she added.

In a separate announcement, the Company today also announced Board leadership changes, including the appointment of Lundgren to the additional position of Board Chairman, succeeding John Carter, who continues as a member of the Board and Chairman Emeritus, with Wayland R. Hicks continuing as Lead Independent Director.


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