Home Must Reads Schnitzer laying off 300 workers

Schnitzer laying off 300 workers

| Print |  Email
Must Reads
Wednesday, August 29, 2012

Schnitzer Steel Industries will lay off 7% of its workforce company-wide due to higher scrap prices and reduced demand.

Portland-based Schnitzer buys scrap from automobile shredders and other sources and sells it to steel mills. Scrap sales prices tumbled in June, reducing the company's revenue, while purchase prices increased in part because fewer cars were shredded in the slow economy.

The bind left Schnitzer holding high-cost inventory that managers said Tuesday would cut its consolidated operating income by $25 million during the fourth quarter ending Friday. Managers expect restructuring to cost about $12 million, including termination expenses and spending to consolidate certain administrative offices.

Read more at OregonLive.com.

{biztweet}schnitzer steel{/biztweet}

 

More Articles

Measure 91: What Oregon Businesses Need to Know

Contributed Blogs
Wednesday, October 15, 2014
91 thumbBY DIANE BUISMAN

Some common misconceptions employers have about marijuana.


Read more...

Shuffling the Deck

November/December 2014
Wednesday, October 22, 2014
BY JON BELL

Oregon tribes still bet on casinos.


Read more...

Fly Zone

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

The black soldier fly’s larvae are among the most ravenous and least picky eaters on earth.


Read more...

October surprise

News
Sunday, October 12, 2014
roundup-logo-thumb-14BY LINDA BAKER

Cylvia Hayes, tabloid vs. watchdog journalism and the looming threat of a Cascadia earthquake.


Read more...

Downtime

November/December 2014
Wednesday, October 22, 2014
BY JESSICA RIDGWAY

Bob Dethlefs, CEO of Evanta, balances work and play.


Read more...

The 100 Best Nonprofits to Work for in Oregon 2014

October 2014
Thursday, September 25, 2014
14BY KIM MOORE

Proud, diverse and underpaid.

Pride in their organizations’ mission, fairness in the treatment of women and ethnic minorities, flexible work schedules — these are just a handful of workplace characteristics that employees of this year’s 100 Best Nonprofits appreciate about their organizations.


Read more...

Constant Contact

October 2014
Thursday, September 25, 2014
BY AMY MILSHTEIN

To prevent burnout, companies are banning email and after-hours communications. But is the 24-hour workday here to stay?


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