Schnitzer Steel Industries said that its net income fell 77% between 2011 and 2012 amid falling scrap metal prices.
A weakening global market is taking an increasingly larger toll on its operations as scrap prices fall and inventory costs remain high, according to a company statement. It lost $485,000 in the fourth quarter ended Aug. 31, compared with profits of $11.2 million in fourth quarter 2011.
Revenues dropped 29.5 percent in the same time frame, from $1.08 billion to $762 million.
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