Schnitzer Steel Industries, Inc. - SCHN STOCK NEWS

Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) has appointed Gregory R. Friedman as an independent director, effective immediately. Mr. Friedman, with over 30 years of experience, will also serve on the Audit Committee and the Compensation and Human Resources Committee. He brings significant expertise from his role as CFO at Mura Technology and previously at Corteva Agriscience (NYSE: CTVA) and DuPont (NYSE: DD). This appointment enhances Schnitzer's board, now composed of nine members, and supports the company's strategic initiatives to meet growing demand for recycled products in a low-carbon economy.

Schnitzer Steel Industries reported solid financial results for the fourth quarter and fiscal year ended August 31, 2022, marking the second-best fiscal year in the company's history. The fourth quarter showed diluted earnings per share of $0.36 and net income of $11 million. Adjusted EBITDA reached $40 million in Q4, while fiscal 2022 EBITDA totaled $313 million. The company generated $180 million in operating cash flow in the fourth quarter and $238 million for the year. Despite challenges in demand and prices, Schnitzer remained focused on sustainability and strategic investments.

Schnitzer Steel Industries (NASDAQ: SCHN) has been certified as a Great Place to Work for the second consecutive year. This recognition underscores the company's commitment to fostering an inclusive workplace culture, prioritizing employee engagement and innovation. The Great Place to Work certification is based on comprehensive employee feedback, with only 3% of the U.S. workforce employed by certified organizations. Schnitzer's leadership emphasizes the importance of a positive environment for both employees and stakeholders, aiming for continued growth in sustainability and operational excellence.

Schnitzer Steel Industries (NASDAQ: SCHN) anticipates its fiscal 2022 performance to be the second-best in its history, with diluted earnings per share expected between $5.67 and $5.72, and net income projected at $170 million to $172 million. Despite strong operating cash flow of approximately $238 million, fourth quarter results are forecasted to decline due to lower ferrous and nonferrous sales prices. The company expects fourth quarter adjusted EBITDA between $38 million and $40 million. Strong long-term demand for recycled metals persists, driven by decarbonization initiatives and government investments.

Schnitzer Steel Industries (NASDAQ: SCHN) announced significant changes in its executive leadership team effective September 1, 2022. Richard Peach, previously Chief Financial Officer, will take on the expanded role of Chief Strategy Officer, with an emphasis on the company’s focus on decarbonization and recycled metals. Stefano Gaggini has been appointed Chief Financial Officer, while Mark Schuessler will become Chief Accounting Officer. These appointments reflect the company’s commitment to a strategic direction aimed at growth and sustainability, leveraging experienced leadership.

Schnitzer Steel Industries reported its third quarter fiscal 2022 results, achieving record earnings. Net income was $76 million ($2.52 EPS), up from $65 million ($2.16 EPS) in Q3 2021. Adjusted EBITDA rose to $119 million from $97 million. Strong global demand for recycled metals and high steel product prices drove performance, with average ferrous prices up 35% and nonferrous prices up 15% year-over-year. The acquisition of Encore Recycling expanded their Southeast operations, supporting future growth. A dividend of $0.1875 per share was announced for July 25, 2022.

Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) will report its third quarter fiscal 2022 financial results on June 29, 2022. A conference call will follow at 11:30 a.m. Eastern Time. Investors can access the call and presentation on the company’s website. Schnitzer, a leader in recycled metal products in North America, operates 25 states, Puerto Rico, and Western Canada, with a network of export facilities and retail used auto parts stores.

Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) announced its acquisition of Encore Recycling LLC assets in Atlanta, closing on April 29. This includes two recycling facilities: a metal shredding operation and a recycled auto-parts center. The acquisition enhances Schnitzer's southeastern footprint to 24 facilities across five states, increasing processing capacity, including approximately 90,000 ferrous tons and 14 million nonferrous pounds in 2021. Schnitzer aims to invest in environmental upgrades and systems at these locations, focusing on sustainable operations and expanding its recycling capabilities in response to rising demand for recycled metals.

Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) has appointed Dr. Leslie L. Shoemaker as an independent director, effective immediately. Dr. Shoemaker, President of Tetra Tech (NASDAQ: TTEK), brings extensive experience in sustainability and environmental projects. She will serve on the Nominating and Corporate Governance Committee, enhancing Schnitzer's board with her expertise. This appointment increases the board to eight members, which supports Schnitzer's strategic initiatives and focus on sustainable growth.