Schnitzer Steel Industries Carries Strong Momentum Through Its Fiscal 3Q; FVE Unchanged at $22
We forecast that Schnitzer Steel Industries' adjusted EBITDA for fiscal 2018 will roughly double from the prior year, as the company's profits have increased each quarter this year. With the fiscal third quarter now in the books, we forecast $222 million of adjusted EBITDA for 2018, a 9.3% margin on sales just shy of $2.4 billion. However, we expect this year to represent a cyclical peak for Schnitzer's profitability, as we forecast midcycle adjusted EBITDA of only $120 million (a 6.5% margin) b...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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