Schnitzer Steel reports first quarter revenues up 71 percent

Schnitzer Steel Industries, Inc. reported diluted earnings per share from continuing operations of $0.64 for its fiscal 2011 first quarter ended November 30, 2010. This compares with diluted earnings per share from continuing operations of $0.23 during the first quarter of fiscal 2010.

For the first quarter of fiscal year 2011, Schnitzer reported record first quarter revenues of $675 million, compared to $394 million in the first quarter of fiscal year 2010.

“We generated significant momentum during the first quarter of our fiscal year due to the strong global demand for recycled metals,” said Tamara Lundgren, president and chief executive officer. “As our record first quarter revenues demonstrate, global demand continues to drive prices and volumes higher,” said Lundgren. “Asian economies have maintained steady demand due to strong infrastructure spending, and China’s recent announcement of its new five year plan suggests increased purchases of recycled metals due to the environmental and economic benefits. We also anticipate stronger demand in the domestic markets in the new year due to inventory replenishment and a slowly improving domestic economy. We believe all these favorable dynamics signal strong long-term demand for our products.”