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Schnitzer Steel releases fourth quarter financial results
Oct. 27 -- Schnitzer Steel has released its fourth quarter income for the fiscal year ending Aug. 31.
Oct. 27 -- Schnitzer Steel has released its fourth quarter income for the fiscal year ending Aug. 31.
In FY 2009, Schnitzer Steel Industries reported revenues of $556 million, and net income of $10 million, or $0.36 per diluted share, for the fourth quarter. The company generated $46 million in cash from operations, bringing the total cash from operations for the fiscal year to $288 million.
All three of the company’s operating businesses -- metals recycling, auto parts and steel manufacturing -- reported positive operating income, the company stated.
CEO Tamara Lundgren said the company is encouraged overseas markets will offset the weak domestic market expected in the coming year.
Contact Waste & Recycling News reporter Amanda Smith-Teutsch at 330-865-6166 or asmith-teutsch@crain.com
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