US-based steel manufacturing and scrap metal recycling company Schnitzer Steel Industries, Inc. has announced its financial results for the second quarter and first half ended February 28 of the financial year 2022-23.
In the second quarter, the company has posted a net income of $4 million, compared to a net loss of $18 million in the first quarter and a net income of $38 million in the corresponding period of last year. The company’s revenues in the given quarter were at $756 million, up by 26.2 percent quarter on quarter and down by 3.4 percent year on year.
In the first half, Schnitzer Steel reported a net loss of $13 million, compared to a net income of $85 million in the same period last year, while its revenues totaled $1.35 billion, down by 14.5 percent year on year.
The company stated that recycled metals demand and selling prices strengthened throughout the second quarter in both the export and domestic markets amid stronger global steel demand, tight availability of scrap, strong rebar demand in Turkey, and inventory restocking.
Schnitzer Steel expects that higher steel demand in Turkey led by the plans for rebuilding the country’s infrastructure, will impact the company’s long steel product and scrap pricing in the third quarter.