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

Corner Office: Timothy Mitchell

January-Powerbook 2015
Saturday, December 13, 2014

A look-in on the life of Norris & Stevens' president.


Read more...

The short list: 5 hot coffee shops for entrepreneurs

Contributed Blogs
Friday, November 14, 2014

CupojoeBY JESSICA RIDGWAY

Oregon entrepreneurs reveal their favorite caffeine hangouts.


Read more...

Shifting Ground

November/December 2014
Wednesday, October 22, 2014
BY JOE ROJAS-BURKE

Bans on genetically modified crops create uncertainty for farmers.


Read more...

Three problems with Obama's immigration order

News
Wednesday, November 26, 2014

BY NISHANT BHAJARIA | OP-ED CONTRIBUTOR112614-immigration-thumb

By now, anyone who knows about it has a position on President Obama’s executive order on immigration. The executive order is the outcome of failed attempts at getting a bill through the normal legislative process. Both Obama and his predecessor came close, but not close enough since the process broke down multiple times.


Read more...

Kill the Meeting

November/December 2014
Wednesday, October 22, 2014
BY AMY MILSHTEIN

Meetings get a bad rap. A few local companies make them count.


Read more...

Political Clout

November/December 2014
Wednesday, October 22, 2014
BY KIM MOORE

Businesses spend billions of dollars each year trying to influence political decision makers by piling money into campaigns.


Read more...

See How They Run

January-Powerbook 2015
Friday, December 12, 2014
BY LINDA BAKER

Studying ground-running birds, a group that ranks among nature's speediest and most agile bipedal runners, to build a faster robot.


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