Portland based steel manufacturer Schnitzer Steel announced that its ferrous sales volume in the first three quarters of FY2021 rose to 3.24mn mt compared to 2.8mn mt in the same period in 2020.
The company’s ferrous sales in Q3 FY2021 (ending May 31) increased to 1.2mn mt compared to 927,000mt in the same quarter last year and was up from 977,000mt in the prior quarter this year. Schnitzer’s non-ferrous metal sales increased to 195,044mt in the nine month period from 177,355mt during the same period in FY2020. The sales volume of non-ferrous metal in Q3 FY2021 rose to 70,760mt compared to 55,791m in Q3 FY2020 and was up from 61,688mt in Q2 FY2021.
Schnitzer reported that the sales volume of its finished steel products in the first nine months of FY2021 rose to 383,739mt against 332,030mt in the same nine-month period in FY2020. Its sales volume in Q3 FY2021 rose to 138,799mt compared to 112,491mt in Q3 FY2020 and was up from 123,377mt in Q2 FY2021.
Revenue in the first three quarters of FY2021 was $1.9bn compared to $1.2bn in the same period in FY2020. Revenue in Q3 FY2021 increased to $821mn from $403mn in Q3 FY2020. Schnitzer’s adjusted EBITDA in the first nine months of FY2021 grew to $209mn compared to $57mn in the prior year period. For Q3 FY2021, EBITDA increased to $97mn compared to $19mn in Q3 FY2020.