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.”