On June 30, US-based scrap recycler Schnitzer Steel Industries, Inc. issued its financial results for the third quarter ended on May 31 of the fiscal year 2009-10, stating that the company delivered its best earnings performance since the downturn began.
According to the financial results, in the third quarter of the current fiscal year the company's net profit was $40 million, compared to a breakeven result in the same period of the last fiscal year and a net profit of $18 million in the second quarter of this fiscal year. Sales revenues of $704 million in the period in question saw an 84 percent increase from $382 million in the third quarter of the previous fiscal year and a 42 percent increase from $564 million in the second quarter of the current fiscal year.
Tamara Lundgren, president and CEO of the company, said, "Our sales volumes of ferrous metals in the first three quarters of fiscal 2010 have remained near the levels of the boom year of fiscal 2008 and we achieved record third quarter ferrous processing sales volumes, underscoring the long-term strength of the global demand for recycled metals."