Lower Scrap Prices Will Pressure Schnitzer's Margins in the Coming Years
U.S. steelmaker shares traded lower on May 17, as reports indicated that U.S. government-imposed Turkish steel import tariffs would be reduced while those for Canada and Mexico would be lifted. Our outlook for the U.S. steel industry already assumed a gradual softening of trade protection over our explicit five-year forecast period, resulting in a decreasing premium for U.S. steel prices above world export prices. Therefore, our steel price deck and U.S. steelmaker fair values are unchanged. We ...Schnitzer Steel Industries is engaged as a recycler of ferrous and nonferrous scrap metal, including end-of-life vehicles, and a manufacturer of finished steel products. The company has two segments: Auto and Metals Recycling, which acquires and recycles ferrous and nonferrous scrap metal for sale to foreign and domestic metal producers, processors and brokers, and procures salvaged vehicles and sells serviceable used auto parts from these vehicles through a network of self-service auto parts stores; and Cascade Steel and Scrap, which produces a range of finished steel long products using ferrous recycled scrap metal and other raw materials.
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