July 1, 2008
July 1, 2008
Portland based Schnitzer Steel Industries, Inc. announced third quarter revenue up by 37% (year to year), this is an increase by $62 million. Revenues of $972 million was a quarterly record. Schnitzer Steel’s Executive Officer commented in their press release: “We are pleased to report the strongest quarterly financial results in the Company’s history, as each of our three operating divisions posted record revenues and operating income,” said John D. Carter, President and Chief Executive Officer. “Global demand for recycled metals remained robust, driven by economic growth in developing countries. In the Metals Recycling Business, our worldwide market visibility and flexibility to sell both domestically and internationally allowed us to take advantage of strong markets and significantly expand margins and operating income.”
“In the Steel Manufacturing Business, tight domestic supply conditions resulting from a low level of imports affecting our product lines contributed to record quarterly sales volumes and record selling prices for finished steel products,” added Carter. “The Auto Parts Business continued its focus on increasing vehicle purchases which led to its sixth consecutive quarter of year over year operating income growth.”
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