Portland, Oregon-based steelmaker and metals recycling company, Schnitzer Steel Industries, announced Monday that it expects fiscal Q1 2012 earnings to be lower than the outlook provided in its fiscal Q4 2011 earnings release "due to weaker than anticipated global market conditions for recycled metals." Diluted earnings per share are anticipated to be in the range of $0.18 to $0.25 for fiscal Q1 2012.
In a press release, Schnitzer said that operating income per ferrous ton in its Metals Recycling Business is expected to be about 50 percent lower than the $21 per ton recorded in fiscal Q1 2011. Operating income is also expected to be approximately 30 percent lower in Schnitzer's Auto Parts Business.
Heightened global recessionary concerns, stemming primarily from the European debt crisis, which escalated during the quarter, resulted in a significant slowdown in buying patterns and a sharp decline in sales prices, according to Schnitzer.