Schnitzer Steel reports poor earnings in third quarter
Schnitzer Steel Industries, Inc., a steel products manufacturer and metals recycler, blamed lower iron prices and narrow margins on its joint ventures for its 21 percent decline in profits for its third quarter. The company reported that its net income fell to $33.5 million, or $1.08 per diluted share, in third quarter 2005 compared to $42.5 million, or $1.37 per diluted share, for the third quarter 2004. Fiscal year-to-date net income was $112.4 million, or $3.61 per diluted share, on revenues of $641.5 million. Comparatively, net income for the same period in 2004 was $73.2 million, or $2.36 million per diluted share, on revenues of $483.7 million. However, Schnitzers President and CEO, John D. Carter remained upbeat. "Although the quarter's earnings were down from the near record levels reported in the 2004 fiscal third quarter, the results for our business remained strong, Carter said. Our business continues to benefit from the strength of our growing asset base and the excellent management team of this Company." Schnitzer, based in Portland, Oregon, is one of the nation's largest recyclers of ferrous metals, a leading self-service used auto parts retailer with 30 locations in the U.S. and Canada, and manufacturer of finished steel products.