Schnitzer Steel Industries gains as Q3 profit, revenue jump

Radius Recycling

29/06/2022 16:15

** Shares of steel products maker Schnitzer Steel Industries
 SCHN.O  up ~1.3% at $34.52 
    ** Co posts Q3 profit of $2.52/share vs $2.16/share a year
ago  urn:newsml:reuters.com:*:nBw1KVxxCa
    ** Revenue jumps to $1.01 bln from $783 mln 
    ** SCHN says it benefited in the quarter from strong global
demand 
    ** Adds robust West Coast market conditions for finished
steel products was reflected in higher average selling prices
for ferrous, nonferrous and finished steel products    
    ** Of the three brokerages covering the stock two rate it
"buy", one "hold"; their median PT is $62 - Refinitiv 
    ** Shares down ~33.5% YTD

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))