Schnitzer Steel Delivers Healthy Sequential Profit Increase in 3Q, but We Remain Cautious
We anticipated that Schnitzer Steel Industries would suffer sharply lower profits in fiscal 2019 after enjoying cyclical peak market conditions in 2018. Accordingly, we forecast $88 million of adjusted operating income for 2019, a 40% decline from $147 million last year. Regardless, even though profits have declined year to date, the company continues to perform fairly well versus historical standards, and third-quarter results were solid. Having updated our valuation model, we are not changing ...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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