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COPYRIGHT 2003 Adams Business Media
April 3, 2003
Rated: BUY
INDUSTRY: IRON & STEEL
Company Description
Schnitzer Steel Industries, Inc., based in Portland, Oregon, is among the largest scrap steel processors in the U.S. The company collects, shreds and sells to steel makers approximately 1.5 million tons of steel scrap annually through its wholly-owned Western scrap yards. The company also is a 50% joint venture partner in an operation that collects, processes and sells 2.5 million tons of scrap annually, principally in the Northeast. Additionally, the company owns a modern steel mini mill in Oregon, which produces rod, bar and other steel products.
Reports Exceptionally Strong Results, Further Gains Expected Sharply Boosting Estimates and Price Target, Maintaining BUY Rating
Schnitzer Steel reported substantially improved earnings for the company's second fiscal quarter, ended February 28th, 2003 of $0.89 per share, up substantially from a loss of $0.12 last year and well above our earnings estimate of $0.63 per share.
The company's export steel scrap business continues to be the primary driver for the recent earnings improvement. As shown in our model, the company shipped 555,000 tons of scrap in the quarter, up from 402,000 tons last year and 295,000 in the previous quarter.
We have raised...
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