US-based steel manufacturing and scrap metal recycling company Schnitzer Steel Industries, Inc. has announced its financial results for the third quarter ended March 31 of the financial year 2022-23.
In the third quarter, the company has posted a net income of $14 million, compared to a net income of $4 million in the second quarter and a net income of $76 million in the corresponding period of last year. The company’s revenues in the given quarter were at $810 million, up by 7.1 percent quarter on quarter and down by 19.8 percent year on year.
The company stated that stronger demand for recycled metals from improved global steel demand and inventory restocking led to higher net average selling prices in the quarter.
The company’s finished steel product sales volumes increased by 30 percent, benefiting from seasonally stronger demand.
“While the near-term economic environment is showing some signs of slowdown, the long-term structural demand for recycled metals remains positive, supported by the increased focus on decarbonization and the transition to low-carbon technologies,” Tamara Lundgren, the CEO of Schnitzer Steel.