logo
  

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
American Honda Motor Co, Inc. has recalled about 2,900 units of 2022 model year Honda TRX90X All-Terrain Vehicles (ATVs) sold in the United States for possible crash and injury hazard, according to a statement issued by the U.S. Consumer Product Safety Commission or CPSC. The Laundress, a unit of Conopco Inc. d/b/a Unilever, is recalling around 8 million laundry and household cleaning products citing risk of exposure to bacteria, U.S. Consumer Product Safety Commission. The recall involves Laundress laundry detergent, fabric conditioner and other cleaning products. Tesla Inc. has delivered its first Semi, a heavy-duty electric truck, to its customer PepsiCo Inc. during an event at its Nevada Gigafactory. The delivery of 500-mile fully electric Semi truck comes five years after the launch of the truck's prototype in 2017. During Thursday night's Semi Delivery Event at Tesla's Sparks, Nevada factory, CEO Elon Musk, with Dan Priestly, ...
RELATED NEWS
Follow RTT