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

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...

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...

Healthcare Perspective

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

A conversation with Majd El-Azma, president and CEO of LifeWise Health Plan of Oregon, followed by the Healthcare Powerlist.


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...

What I'm Reading

November/December 2014
Wednesday, October 22, 2014

Peter Lizotte at ACME Business Solutions and Roger Busse at Pacific Continental Bank share their favorite reads.


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...

A Complex Portrait: Immigration, Jobs and the Economy

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

Oregon Business reports on the visa squeeze, the skills gap and foreign-born residents who are revitalizing rural Oregon.


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