Schnitzer Steel falls as Q2 profit misses estimates

Radius Recycling

05/04/2023 16:52

** Shares of Schnitzer Steel Industries Inc  SCHN.O  down
6.5% at $28.36, after falling as much as 11% to a near
five-month low of $27.02 earlier in the session
    ** The steel manufacturer's Q2 profit per share of 14 cents
misses analysts' avg. est. of 22 cents - Refinitiv
    ** Company faces the impact of inflationary pressure on its
operating costs
    ** Finished steel net selling prices and sales volumes are
each lower sequentially by 7% due to seasonality and softer
demand for wire rod products - SCHN
    ** Stock down over 8% so far in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))