Schnitzer ferrous volumes fell by 1.1pc to 977,000gt (992,958mt) in Q2 2021 compared to the same year-ago quarter. Non-ferrous volumes increased by 9.3pc to 135,899lb. Ferrous domestic prices increased by 43pc in Q2 2021 to $349/gt compared to the same year-ago quarter as export prices rose by 54.7pc to $399/gt. Ferrous average prices rose by 51.8pc to $387/gt in Q2 2021 compared to the year-ago quarter. The best operating income per ton since 2008.
Schnitzer’s ferrous domestic sales volumes rose by 3.2pc to 391,000gt as ferrous export sales volumes fell by 3.8pc to 586,000gt in Q2 2021 compared to the same quarter a year ago. The company benefited from strong global demand for raw materials and finished steel products along with strong selling prices for both ferrous and non-ferrous.
Non -ferrous average price leaped by 50.9pc to 83¢/lb in the second quarter of 2021 compared to the year-ago quarter with sales volume rising by 9.3pc to 135,899lb in the same period.
Finished steel average sales price increased by 10pc to $690/nt in Q2 2021 compared to $627/nt in the same quarter a year ago. Finished steel volumes increased by 5.4pc to 136,000nt in Q2 2021 compared to the same quarter a year ago. Rebar sales volumes rose by 19.8pc to 103,000nt but coiled steel dropped by 23.8pc to 32,000nt in Q2 2021. Rolling mill utilization of 88pc in Q2 2021 climbed 16pc points compared to the same quarter a year ago but decreased by 9pc against Q1 2021 when capacity utilization reached 97pc.
Cars purchased declined by 5.9pc to 80,000 units in Q2 2021 compared to the year-ago quarter but increased by 2.6pc compared to the preceding quarter.
Schnitzer ferrous volumes processed decreased by 7.2pc in Q2 2021 against the preceding quarter as non-ferrous volumes only decreased by 1.7pc in the same period comparison. Ferrous domestic and foreign price per ton increased by 44pc in Q2 2021 compared to the preceding quarter. Finished steel sales volumes grew by 1.5pc in Q2 2021 against the preceding quarter with rebar gaining 9.6pc as coiled volumes fell by 17.9pc.
Revenue rose by 36.7pc to $600mn in Q2 2021 against the same year-ago quarter with gross margin almost doubling at an increase of 91.5pc to $113mn. Net income grew by nine-fold to $46mn in Q2 2021 compared to only $5mn a year ago. Adjusted EBITDA rose by 153pc to $73mn in Q2 2021 in tandem with adjusted EBITDA per ferrous ton which rose from $29/gt in Q2 2020 to $73/gt in Q2 2021. Adjusted earning per share almost grew 5 times to $1.51/share in the second quarter.