Schnitzer Steel Sees Q3 Ferrous And Finished Steel Sales Volumes Higher Than Guidance

Schnitzer Steel Industries, Inc. (SCHN) expects its third-quarter Ferrous volumes to be about 25% higher than 977000 Long Tons reported in the second quarter of 2021, the company said in an SEC filing dated June 1, 2021.

This preliminary result is higher than the outlook it provided in its second quarter earnings call on April 7, 2021.

Schnitzer said it will be participating at certain upcoming investor conferences, including the KeyBanc Industrials & Basic Materials Virtual Conference on June 1, 2021 and the Goldman Sachs Steel and Aluminum Field Trip Virtual Conference on June 7, 2021, during which, the company said, it may discuss the preliminary results.

Schnitzer also expects its finished steel sales volumes for the third quarter to be greataer than the earlier outlook and about 10% higher than 136000 Short Ton reported in the last quarter.

For the third quarter, net income per ferrous ton is expected to be in a range between the $47 achieved in the second quarter of fiscal 2021 and up to 5% higher.

Adjusted EBITDA per ferrous ton for the third quarter is expected to be in a range between the $73 achieved for the second quarter of fiscal 2021 and up to 5% higher.

The company also revealed that the fire at its Cascade Steel Rolling Mill in McMinnville, Oregon, occurred on May 22, 2021 does not expect to have impact on its third-quarter results, as the incident happened near the end of the quarter.

The company is scheduled to report its third quarter earnings on June 30.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration said it now intends to review only a small subset of new emergency use authorization or EUA requests for diagnostic tests. As per an updated COVID-19 test policy with a view to ensure continued access to tests, the regulator further urged developers of all test types seeking marketing authorization to pursue traditional premarket review for most test types. Netflix, Inc. said it is adding a new feature to offer a more personalized mobile games experience on the platform. In a statement, Sophia Yang, Product Manager, Mobile Games, said the company is rolling out the ability to create game handles, with which members will be able to create a unique public username. This can be used across all Netflix games. General Motors Co. has delayed its plan to require employees to return to office many days a week until next year, reports said citing an internal memo signed by CEO Mary Barra. Last week, the company had announced that corporate workers would be required to return to respective offices at least three days a week, beginning later this year, as the COVID-19 pandemic eases.
Follow RTT