On April 8, US-based scrap recycler Schnitzer Steel Industries, Inc. issued its financial results for the second quarter ended February 28 of the fiscal year 2009-10, stating that the results mark the company's highest level of earnings since the downturn began in the first quarter of FY 2008-09.
According to the financial results, in the second quarter of the current fiscal year, the company's net profit was $18 million, compared to a net loss of $5 million in the same period of the last fiscal year and a net profit of $6 million in the first quarter of this fiscal year. Sales revenues of $564 million in the period in question saw a 43 percent increase from $397 million the second quarter of the previous fiscal year and a 38 percent increase from $407 million in the first quarter of the current fiscal year.
"Our second quarter results reflect strong operational performance, as well as continued broad-based demand for recycled metals," said Tamara Lundgren, president and CEO of the company.