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Schnitzer Steel Industries, Inc. - SCHN STOCK NEWS

Welcome to our dedicated page for Schnitzer Steel Industries news (Ticker: SCHN), a resource for investors and traders seeking the latest updates and insights on Schnitzer Steel Industries stock.

Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) is a leading company in the metals recycling and steel manufacturing sector. Founded in 1906, the company has a rich history and has grown to become one of North America's largest recyclers of ferrous and nonferrous scrap metal. Schnitzer Steel operates through two primary segments: Auto and Metals Recycling and Steel Manufacturing.

Auto and Metals Recycling involves the collection, processing, and sale of recycled metals. The company operates more than 100 facilities, including more than 50 auto parts stores. Schnitzer Steel is committed to sustainability, converting end-of-life vehicles and other scrap into valuable raw materials that are used in manufacturing and infrastructure projects.

Steel Manufacturing focuses on producing finished steel products. The company's steel manufacturing segment operates a mini-mill that produces rebar and wire rod. These products are primarily used in construction and infrastructure projects.

In recent years, Schnitzer Steel has focused on expanding its footprint and enhancing its operational efficiencies through strategic acquisitions and technology upgrades. The company has also embraced sustainability as a core principle, continually improving its processes to minimize environmental impact. Notably, in its latest achievements, Schnitzer Steel has reported significant advancements in using recycled materials, helping reduce the carbon footprint associated with steel production.

Financially, Schnitzer Steel remains robust with a strong balance sheet and consistent revenue growth. The company has also formed multiple partnerships to bolster its market position and drive innovation in recycling technology.

Schnitzer Steel, operating under the trade name Radius Recycling, continues to play a vital role in the circular economy, transforming waste into resources and supporting sustainable development. For the latest updates, news, and developments, visit their official website.

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Schnitzer Steel Industries reported a net income of $38 million for Q2 FY2022, down from $46 million in Q2 FY2021. Diluted EPS from continuing operations decreased to $1.27 from $1.54 year-over-year. Despite this, sales volumes for ferrous and nonferrous metals increased by 10% and 8%, respectively, driven by strong global demand and high selling prices. Adjusted EBITDA rose to $75 million from $71 million in the prior year. The company also declared a quarterly dividend of $0.1875, marking its 112th consecutive payout.

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Schnitzer Steel Industries announced preliminary results for its fiscal 2022 second quarter, expecting diluted earnings per share between $1.22 and $1.27, with net income projected at $36 million to $38 million. Adjusted earnings per share are anticipated to reach $1.33 to $1.38, excluding charges related to legacy environmental matters. Average selling prices are at multi-year highs, with expected year-over-year increases of 15% for ferrous and 33% for nonferrous metals. Operating cash flow is estimated at $45 million. A conference call is scheduled for April 6, 2022, for detailed results discussion.

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Schnitzer Steel Industries (NASDAQ: SCHN) has launched GRN Steel, a line of net zero carbon products from its Cascade Steel operations in McMinnville, Oregon. This initiative supports Schnitzer's sustainability goal of achieving Net Zero Emissions by 2050. GRN Steel utilizes electric arc furnace technology powered by carbon-free hydroelectricity, further reducing carbon emissions through a carbon offset and renewable energy credit program. This launch positions Schnitzer as a leader in providing sustainable steel solutions in alignment with the Paris Climate Agreement.

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Schnitzer Steel Industries has restarted shredding operations at its Everett, Massachusetts facility on January 28, 2022, after repairs to damaged equipment caused by an incident on December 8, 2021. This resumption occurred as planned during the Company's second fiscal quarter. Schnitzer Steel is a leading manufacturer and exporter of recycled metal products in North America, operating over 50 recycling facilities and seven deep water export facilities across the U.S., Puerto Rico, and Western Canada.

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Schnitzer Steel Industries reported a record first quarter for fiscal 2022, ending November 30, 2021, with a net income of $47 million, compared to $15 million in Q1 2021. The company achieved diluted earnings per share of $1.55 and adjusted EBITDA of $78 million, up from $40 million year-over-year. Supply chain disruptions affected shipment timelines, yet average selling prices for ferrous and nonferrous metals remained near multi-year highs. The Board declared a dividend of $0.1875 per share, marking the 111th consecutive quarterly dividend.

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Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) will release its financial results for Q1 fiscal 2022, ending November 30, 2021, on January 6, 2022, followed by a conference call at 11:30 a.m. ET. The call will be hosted by CEO Tamara Lundgren and CFO Richard Peach.

Schnitzer operates across 25 states, Puerto Rico, and Western Canada, with a strong presence in recycled metal production. The company boasts seven export facilities and 50 stores that cater to over 4.3 million annual retail visits.

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Schnitzer Steel Industries reported its best fourth quarter and annual performance in a decade, with diluted earnings per share rising to $1.43 for Q4 2021, up from $0.14 in Q4 2020. For the full year, earnings per share increased to $5.66, compared to a loss of $(0.15) in 2020. The company also achieved a net income of $44 million in Q4 2021, driven by higher average selling prices for ferrous and nonferrous metals. Additionally, Schnitzer completed the acquisition of eight Columbus Recycling facilities, expanding its Southeast operations.

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Schnitzer Steel Industries (SCHN) anticipates its strongest fourth quarter operating performance since 2011, with diluted earnings per share projected at $1.40 - $1.48 and net income between $43 million - $45 million. Adjusted EBITDA is expected to range from $78 million to $81 million, despite challenges from a recent steel mill fire that has constrained finished steel sales volumes. The company expects strong operating cash flow of approximately $139 million and a significant debt reduction to $75 million.

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FAQ

What is the market cap of Schnitzer Steel Industries (SCHN)?

The market cap of Schnitzer Steel Industries (SCHN) is approximately 913.4M.

What does Schnitzer Steel Industries, Inc. do?

Schnitzer Steel Industries, Inc. specializes in metals recycling and steel manufacturing, converting scrap into valuable raw materials and producing finished steel products.

What are the main business segments of Schnitzer Steel?

The company's main segments are Auto and Metals Recycling and Steel Manufacturing.

Where does Schnitzer Steel operate?

Schnitzer Steel operates over 100 facilities across North America, including more than 50 auto parts stores.

How does Schnitzer Steel contribute to sustainability?

The company focuses on recycling end-of-life vehicles and scrap metal into valuable raw materials, reducing environmental impact and supporting the circular economy.

What products does Schnitzer Steel manufacture?

The company produces rebar and wire rod, which are primarily used in construction and infrastructure projects.

What recent achievements has Schnitzer Steel made?

Recent achievements include significant advancements in using recycled materials and improvements in sustainability practices.

How is Schnitzer Steel financially performing?

Schnitzer Steel maintains a strong financial position with consistent revenue growth and a robust balance sheet.

What partnerships has Schnitzer Steel formed?

The company has formed multiple partnerships to enhance its market position and drive innovation in recycling technologies.

What is the trade name of Schnitzer Steel?

Schnitzer Steel operates under the trade name Radius Recycling.

Where can I find the latest news and updates about Schnitzer Steel?

For the latest updates, you can visit their official website at https://www.schnitzersteel.com/.

Schnitzer Steel Industries, Inc.

Nasdaq:SCHN

SCHN Rankings

SCHN Stock Data

913.37M
25.73M
6.15%
84.39%
2.73%
Steel
Basic Materials
Link
United States
Portland