Schnitzer Steel Industries announced Wednesday it lost $41 million during the quarter due to a drop in export demands.
“The combination of weak export demand, constrained supply conditions, seasonal slowdowns and the higher level of steel imports contributed to a challenging second quarter,” said Schnitzer President and CEO Tamara Lundgren, in a release.
“Our focus on productivity and cost reduction initiatives enabled us to improve our results compared to last year’s second quarter in an environment in which our average ferrous sales prices were down over 40 percent and near ten-year lows. As market conditions strengthen, we anticipate these productivity and cost reduction initiatives will contribute to expanded margins and improved financial performance.”
(READ MORE: Portland Business Journal)
