Schnitzer Steel Reports Net Loss for First Half of Fiscal Year 2022-23

US: Schnitzer Steel Industries, Inc., a Steel manufacturing and scrap metal recycling company based in the US, has released its financial results for the first half and second quarter of the fiscal year 2022-23.

According to the second quarter earnings report, the company recorded a net income of $4 million, marking a significant improvement from the net loss of $18 million in Q1 and a drop from the net income of $38 million during the same period last year. The company's revenue for the quarter was at $756 million, indicating a quarter-on-quarter growth of 26.2%, but a year-on-year decline by 3.4%.

Schnitzer Steel has released its financial results for the first half of the year, reporting a net loss of $13 million. This marks a significant decrease from the company's net income of $85 million during the same period last year. Additionally, the company's revenues for the first half of this year totaled $1.35 billion, representing a 14.5 percent year-on-year decrease.

The second quarter saw a rise in demand for recycled metals and an increase in selling prices. This was observed in both the domestic and export markets due to a surge in global Steel demand, restricted availability of scrap metal, a high demand for rebar in Turkey, and inventory restocking.

Schnitzer Steel anticipates a positive impact on their long Steel product and scrap pricing in Q3, due to the increased demand for Steel in Turkey, driven by the country's plans to reconstruct its infrastructure.