Schnitzer Steel's profits fall

| Print |  Email
Must Reads
Tuesday, January 10, 2012

Demand for Portland-based Schnitzer Steel's recycled metals fells sharply in October due to fears of a global recession.

Tamara Lundgren said exports resumed the next month but at much lower prices, hurting results for Schnitzer’s fiscal 2012 first quarter. Net income for the quarter that ended Nov. 30 fell from $17.8 million, or 64 cents a share, to $7 million, or 25 cents a share, compared with the same period a year before.
Overall, Schnitzer's first-quarter sales rose 20 percent, from $675 million to $812 million. Analysts polled by Thomson Reuters most recently forecast revenue of $790 million.
Lundgren told stock analysts the October suspension in buying was highly unusual, reminiscent of customer uncertainties in the fall of 2008. But this time, she said, Schnitzer didn’t see the contract cancellations and credit contraction that occurred during the recession. She dismissed the latest downturn as temporary.

Read more at OregonLive.com.

{biztweet}schnitzer{/biztweet}

 

More Articles

Closing the Gap: The two Oregons and the way forward

February 2015
Monday, January 26, 2015
BY JOE CORTRIGHT

"Nostalgia is not an economic strategy."


Read more...

That's Not a Watch (This Is a Watch)

February 2015
Tuesday, January 27, 2015

Smartwatches are all the rage. But old-fashioned timepieces keep on ticking.


Read more...

Crowdfunding 2.0

News
Tuesday, December 02, 2014
120214-crowdfund-thumbBY LINDA BAKER

A conversation with attorney Erich Merrill about the latest way to raise money from large groups of people.


Read more...

Playoffs pay off for the Ducks

The Latest
Friday, January 02, 2015
oregon-ducks-logo-helmet-thumbBY JACOB PALMER | OB DIGITAL NEWS EDITOR

The University of Oregon football team looked unstoppable on the field Jan. 1 — and the university is reaping the benefits of the new postseason format.


Read more...

Transportation Fairness Alliance holds demonstration in Pioneer Square

The Latest
Wednesday, January 14, 2015
IMG 3367BY JACOB PALMER | OB DIGITAL NEWS EDITOR

Portland's cab companies urged city hall for consideration as officials weigh new rules for Uber and other ridesharing companies.


Read more...

MBA Perspective

February 2015
Tuesday, January 27, 2015
BY KIM MOORE

Robin Anderson, dean of the Pamplin School of Business, University of Portland: "You need people who are comfortable leading in ambiguity."


Read more...

Ski traffic

News
Tuesday, January 20, 2015
0121-skiway-thumbBY LINDA BAKER | OB EDITOR

A place-based multimodal transportation plan for Mt. Hood is long overdue.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS