Schnitzer Steel projects its ferrous sales volumes to increase roughly 25pc to approximately 1.22mn gt (1.24mn mt) for fiscal Q3 2021 ended May 31, compared to 977,000gt as previously reported in Q2 2021.
The steel manufacturer is expecting its finished steel sales volumes to rise about 10pc to reach nearly 150,000nt in Q3 2021 against 136,000nt as reported in Q2 2021. The company’s Cascade Steel rolling mill in McMinnville, Oregon, suffered a fire on May 22; however, the event is not expected to influence Q3 results, Schnitzer noted.
This preliminary outlook exceeds results presented on Apr 7 and the metal recycler said in an SEC filing Tuesday, it may further discuss initial results on June 7 during an investor conference. The company is slated to report Q3 earnings on June 30.
The company’s net income is expected to be between $47 per ferrous ton as reported in Q2 2021 and $49.35 per ferrous ton or 5pc higher for Q3. Adjusted EBITDA is expected to be between the Q2 2021 level of $73 per ferrous ton and 5pc more, or $76.65 per ferrous ton for Q3.