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

OB Poll: Wineries and groceries

News
Friday, October 24, 2014

24-winethumbA majority of respondents agreed: Local vineyards should remain Oregon-owned and quality is the most important factor when determining where to eat or buy groceries.


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...

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...

The Bookseller

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

Everyone knows college is expensive, but a look at the numbers brings that into sharp — and painful — focus.


Read more...

Streetfight

News
Sunday, December 07, 2014
BY LINDA BAKER

On Friday, Uber switched on an app — and with one push of the button torpedoed Portland’s famed public process.


Read more...

Behind the curtain: What students should know about accreditation and rankings

Contributed Blogs
Thursday, December 04, 2014
120414-edurating-thumbBY DEBRA RINGOLD | OP-ED CONTRIBUTOR

How important are institutional and/or program evaluations provided by third parties in selecting a college or university program?


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