Schnitzer Reports Second Quarter 2014 Financial Results

Significant Improvement in Metals Recycling Business Performance Sequentially

Productivity Initiatives Tracking Ahead of Schedule – Overall Savings Target Increased to $40 Million

PORTLAND, Ore.--()--Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) today reported adjusted earnings per share of $0.13 and earnings per share of $0.07 for its fiscal 2014 second quarter ended February 28, 2014. Adjusted results for the second quarter exclude $3 million, or $0.06 per share, of restructuring, other exit-related and asset impairment charges. In the second quarter of fiscal 2013, the Company reported adjusted earnings per share of $0.36 and earnings per share of $0.32 which included a release of deferred tax valuation allowances and other discrete tax benefits.

Our Metals Recycling Business delivered a substantial increase in adjusted operating income per ferrous ton of $11 compared to $1 in the previous quarter. Stronger ferrous selling prices early in the second quarter, and benefits from our productivity improvement and cost reduction programs more than offset the adverse impacts of weaker export demand and severe winter weather. Our Auto Parts Business experienced seasonally weaker retail sales which were further impacted by extreme weather conditions in the Midwest and on the East Coast. Our Steel Manufacturing Business achieved a sequential increase in profitability as it continued to benefit from steady demand for construction products on the West Coast and from production efficiencies.

The Company previously announced a target of $30 million of savings, 70% of which were to be achieved by the end of fiscal 2014. These savings are tracking ahead of schedule with $6 million achieved in the second quarter. The Company has identified an additional $10 million of annualized savings, primarily within selling, general and administrative activities, which increases our overall savings target to $40 million, of which we expect to achieve 70% by the end of fiscal 2014.

 
Summary Results
($ in millions, except per share amounts)
    Quarter
2Q14   1Q14   2Q13
Revenues $ 626 $ 588 $ 662
 
Operating Income (Loss) $ 7 $ (4 ) $ 11
Other Asset Impairment Charges 1
Restructuring Charges 2   2   2
Adjusted Operating Income (Loss)(1) $ 10 $ (2 ) $ 13
 
Net Income (Loss) attributable to SSI $ 2 $ (6 ) $ 9
 
Adjusted Net Income (Loss) attributable to SSI(1) $ 3 $ (5 ) $ 10
 
Net Income (Loss) per share attributable to SSI $ 0.07 $ (0.23 ) $ 0.32
 
Adjusted diluted EPS attributable to SSI(1) $ 0.13 $ (0.18 ) $ 0.36
 

(1) See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.

 

“We are pleased to see the benefits of our productivity improvement and cost reduction programs reflected in our second quarter results," said Tamara Lundgren, President and Chief Executive Officer. "Despite volatile market conditions and severe winter weather, strong operational performance in our Metals Recycling Business enabled us to increase sales volumes sequentially. In our Auto Parts Business, second quarter performance reflected a seasonal decline in retail sales, particularly in regions which were impacted by the harsh winter weather conditions. In our Steel Manufacturing Business, solid demand and stable pricing for our finished steel products reflected continued improvement in the West Coast construction markets. Through our overall business performance and our disciplined focus on working capital management, we delivered another quarter of positive operating cash flow."

Key business drivers during the second quarter of fiscal 2014:

  • Metals Recycling Business (MRB) generated $12 million of adjusted operating income, or $11 of adjusted operating income per ton. The sequential improvement reflects higher average ferrous selling prices, increased volumes, productivity savings and benefits from average inventory accounting.
  • Auto Parts Business (APB) delivered operating income of $5 million and margin of 7%, excluding new sites operating for twelve months or less. Performance was primarily impacted by lower seasonal retail sales on a sequential basis. New sites added in the last twelve months incurred operating losses of $1 million.
  • Steel Manufacturing Business (SMB) operating income of $4 million reflected steady demand in the West Coast markets and solid execution on productivity initiatives.

Metals Recycling Business

Summary of Metals Recycling Business Results
($ in millions, except selling prices; Fe volumes 000s long tons; NFe volumes Ms lbs)
 
Quarter
2Q14   1Q14   Change   2Q13   Change
Total Revenues $ 536 $ 490 9 % $ 576 (7 )%
 
Ferrous Revenues $ 409 $ 370 11 % $ 443 (8 )%
Ferrous Volumes 1,029 978 5 % 1,103 (7 )%
Avg. Net Ferrous Sales Prices ($/LT)(1) $ 365 $ 348 5 % $ 372 (2 )%
 
Nonferrous Revenues $ 121 $ 113 7 % $ 125 (4 )%
Nonferrous Volumes 136 124 10 % 126 8

%

Avg. Net Nonferrous Sales Prices ($/lb)(1) $ 0.86 $ 0.89 (3 )% $ 0.97 (11 )%
 
Operating Income(2) $ 11 $ 1 1,697 % $ 14 (25 )%
Other Asset Impairment Charges 1

NM

NM
 
Adjusted Operating Income(3) $ 12 $ 1 1,855 % $ 14 (19 )%
Adjusted Operating Income per Fe ton $ 11 $ 1 1,757 % $ 13 (13 )%
 

(1) Sales prices are shown net of freight.

(2) Operating income excludes the impact of restructuring charges and other exit-related costs.

(3) See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.

NM = Not meaningful
 

Sales Volumes: Ferrous sales volumes of 1 million tons in the second quarter increased 5% sequentially and nonferrous volumes of 136 million pounds increased 10%.

Export customers accounted for 68% of total ferrous sales volumes in the second quarter. Our ferrous and nonferrous products were shipped to 14 countries, with South Korea, Turkey and Indonesia being the top ferrous export destinations.

Pricing: Export selling prices were strong at the beginning of the second quarter, but decreased approximately $30 per ton during the second half of the quarter. The strong domestic market and higher export prices for shipments in December and early January led to higher average net ferrous selling prices as compared to the previous quarter. Nonferrous prices began to decline in January, resulting in slightly lower average prices sequentially.

Margins: Adjusted operating income of $11 per ferrous ton improved from $1 per ton reported in the first quarter, reflecting benefits from stronger market conditions early in the quarter, productivity improvements and cost reductions, and a favorable impact from average inventory accounting.

Auto Parts Business

Summary of Auto Parts Business Results  
($ in millions)
  Quarter
2Q14   1Q14   Change   2Q13 Change
Revenues $ 76 $ 80 (4 )% $ 78 (2 )%
Operating Income(1) $ 5 $ 6 (18 )% $ 7 (32 )%
 
Car Purchase Volumes (000s) 85 91 (7 )% 88 (3 )%
Locations (end of quarter) 61 62 (2 )% 59 3 %
 
(1) Operating income does not include the impact of restructuring charges and other exit-related costs.

Revenues: Revenues in the second quarter declined slightly sequentially, reflecting lower commodity prices in the second half of the quarter and the seasonally weaker retail sales.

Margins: Operating margins of 7%, excluding the impact of new sites added in the last twelve months, reflected seasonally weaker retail sales compared to the first quarter. During the second quarter, APB incurred $1 million of operating losses related to these new sites which lowered the reported operating margin to 6%. (See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.)

Steel Manufacturing Business

Summary of Steel Manufacturing Business Results  
($ in millions, except selling prices; volume 000s of short tons)
  Quarter
2Q14   1Q14   Change   2Q13 Change
Revenues $ 81 $ 88 (8 )% $ 71 14 %
Operating Income $ 4 $ 2 105 % $ 1 243 %
 
Avg. Net Sales Prices ($/ST) $ 676 $ 657 3 % $ 690 (2 )%
Finished Goods Sales Volumes 115 128 (10 )% 96 20 %

Sales Volumes: Finished steel sales volumes of 115 thousand tons were lower compared to the first quarter due to seasonally slower construction activity.

Pricing: Average net sales prices for finished steel products of $676 per short ton increased on a sequential basis.

Margins: Operating income of $4 million reflects higher average prices and benefits from ongoing production efficiencies which offset lower shipped volumes on a sequential basis.

Productivity Initiatives and Other Cost Reductions

We have increased targeted savings from our productivity improvement and cost reduction programs announced at the beginning of fiscal 2014. Our new savings target is $40 million, of which 70% is expected to be achieved by the end of fiscal 2014 and the remainder in fiscal 2015. Of the total, approximately $30 million represents expected benefits from productivity improvement initiatives with the remaining $10 million primarily benefiting selling, general and administration expenses. The productivity initiatives are primarily occurring in our Metals Recycling Business through a combination of headcount reductions, implementation of operational efficiencies, reduced lease costs, and other productivity improvements. The savings in selling, general and administration expenses will be achieved across Metals Recycling and Auto Parts Businesses and Corporate. Through the first half of fiscal 2014, we achieved an aggregate $10 million of benefits, which include $6 million in the second quarter. During the second quarter, we incurred $2 million of restructuring charges and other exit-related costs, or $0.04 per share, in connection with our productivity improvement and cost reduction programs.

Corporate Items

The Company's full year tax rate for fiscal 2014 is anticipated to be approximately 39%. The tax rate in the second quarter was 27.2%. This compares to a tax rate of 2.7% in the second quarter of fiscal 2013 which included a release of deferred tax valuation allowances of $2 million as well as $1 million in other discrete tax benefits.

The Company generated $46 million in operating cash flow during the first half of fiscal 2014, including $20 million in the second quarter. Net debt of $359 million at the end of the second quarter approximated the end of the first quarter in fiscal 2014. (See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.)

Analysts' Conference Call: Second Quarter of Fiscal 2014

A conference call and slide presentation to discuss results will be held today, April 3, 2014, at 11:30 a.m. EDT hosted by Tamara Lundgren, President and Chief Executive Officer, and Richard Peach, Chief Financial Officer. The call and the slides will be webcast and accessible on the Company's website at www.schnitzersteel.com.

Summary financial data is provided in the following pages. The slides and related materials will be available prior to the call on the website.

 
SCHNITZER STEEL INDUSTRIES, INC.
FINANCIAL HIGHLIGHTS
(in thousands)
(Unaudited)
           
  For the Three Months Ended For the Six Months Ended
  February 28, 2014 November 30, 2013 February 28, 2013 February 28, 2014 February 28, 2013
 
REVENUES:
 
Metal Recycling Business:
Ferrous sales $ 409,106 $ 369,555 $ 443,418 $ 778,661 $ 813,894
Nonferrous sales 120,833 113,154 125,255 233,987 241,856
Other sales   5,751   7,600   7,518   13,351   14,902  
TOTAL MRB SALES 535,690 490,309 576,191 1,025,999 1,070,652
 
Auto Parts Business 76,360 79,635 78,082 155,995 147,637
Steel Manufacturing Business 81,456 88,123 71,247 169,580 163,276
Intercompany sales and eliminations (67,359 ) (70,322 ) (63,310 ) (137,683 ) (126,535 )
Total Revenues $ 626,147 $ 587,745 $ 662,210 $ 1,213,891 $ 1,255,030
 
 
OPERATING INCOME (LOSS):
Adjusted Metal Recycling Business(1) $ 11,533 $ 590 $ 14,158 $ 12,123 $ 19,812
Auto Parts Business 4,575 5,609 6,711 10,184 13,075
Steel Manufacturing Business 3,573   1,744   1,041   5,318   4,445  
Adjusted Segment operating income(1)(2) 19,681 7,943 21,910 27,625 37,332
 
Corporate expense (9,976 ) (8,725 ) (8,942 ) (18,700 ) (19,935 )
Intercompany eliminations (187 ) (1,031 ) (38 ) (1,221 ) (1,660 )
Adjusted operating income (loss) 9,518   (1,813 ) 12,930   7,704   15,737  
 
Other asset impairment charges (928 ) (928 )
Restructuring charges (2,006 ) (1,812 ) (1,540 ) (3,819 ) (3,133 )
Total operating income (loss) $ 6,584   $ (3,625 ) $ 11,390   $ 2,957   $ 12,604  
 

(1) Adjusted for other asset impairment charges. See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.

(2) Segment operating income excludes the impact of restructuring charges and other exit-related costs.
 

 
SCHNITZER STEEL INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
(Unaudited)
     
  For the Three Months Ended For the Six Months Ended
February 28, 2014   November 30, 2013   February 28, 2013 February 28, 2014 February 28, 2013
Revenues $ 626,147   $ 587,745   $ 662,210   $ 1,213,891   $ 1,255,030  
Cost of goods sold 571,140 542,417 600,786 1,113,558 1,142,670
Selling, general and administrative 45,856 47,550 48,760 93,406 96,754
Income from joint ventures (367 ) (409 ) (266 ) (777 ) (131 )
Other asset impairment charges 928 928
Restructuring charges and other exit-related costs 2,006   1,812   1,540   3,819   3,133  
Operating income (loss) 6,584 (3,625 ) 11,390 2,957 12,604
Interest expense (2,816 ) (2,702 ) (2,354 ) (5,517 ) (4,371 )
Other income (expense), net (142 ) 176   (49 ) 33   271  
Income (loss) before income taxes 3,626 (6,151 ) 8,987 (2,527 ) 8,504
Income tax benefit (expense) (986 ) 784   (244 ) (201 ) (1,205 )
Net income (loss) 2,640 (5,367 ) 8,743 (2,728 ) 7,299
Net income attributable to noncontrolling interests (851 ) (861 ) (100 ) (1,712 ) (329 )
Net income (loss) attributable to SSI $ 1,789   $ (6,228 ) $ 8,643   $ (4,440 ) $ 6,970  
 
Net income (loss) per share attributable to SSI - basic $ 0.07 $ (0.23 ) $ 0.32 $ (0.17 ) $ 0.26
Net income (loss) per share attributable to SSI - diluted $ 0.07 $ (0.23 ) $ 0.32 $ (0.17 ) $ 0.26
 
Weighted average number of common shares:
Basic 26,825 26,755 26,640 26,790 26,597
Diluted 26,947 26,755 26,781 26,790 26,751
Dividends declared per common share $ 0.188 $ 0.188 $ 0.188 $ 0.376 $ 0.376
 

 
SCHNITZER STEEL INDUSTRIES, INC.
SELECTED OPERATING STATISTICS
(Unaudited)
                Fiscal
2Q14   1Q14   1H14 1Q13   2Q13   3Q13   4Q13   2013
Metals Recycling Business
Ferrous Selling Prices ($/LT) (1)
Domestic $ 374 $ 356 $ 365 $ 354 $ 363 $ 367 $ 346 $ 358
Exports 361   344   353 360   374   367     332   359
Average $ 365 $ 348 $ 357 $ 358 $ 372 $ 367 $ 336 $ 358
 
Ferrous Sales Volume (LT)
Domestic 328,005 322,531 650,536 279,450 260,509 314,240 288,112 1,142,311
Export 701,259   655,072   1,356,331 675,212   842,509   849,991     799,644   3,167,356
Total 1,029,264 977,603 2,006,867 954,662 1,103,018 1,164,231 1,087,756 4,309,667
 
Nonferrous Average Price ($/LB) (1) $ 0.86 $ 0.89 $ 0.87 $ 0.95 $ 0.97 $ 0.94 $ 0.89 $ 0.93
 
Nonferrous Sales Volume (LB, in 000s) 135,935 123,941 259,876 118,931 125,500 135,256 140,755 520,442
 
Steel Manufacturing Business
Sales Prices ($/ST) (1) (2)
Average $ 676 $ 657 $ 666 $ 680 $ 690 $ 687 $ 667 $ 680
 
Sales Volume (ST) (2)
Rebar 83,838 83,618 167,456 78,159 58,132 71,561 83,911 291,763
Coiled Products 25,656 38,322 63,978 45,533 32,130 46,088 46,334 170,085
Merchant Bar and Other 5,305   6,222   11,527 5,926   5,355   7,358     7,298   25,937

Total

114,799 128,162 242,961 129,618 95,617 125,007 137,543 487,785
 
Auto Parts Business
Car purchase volumes (000) 85 91 176 79 88 95 94 356
Number of self-service locations at end of quarter 61 62 61 51 59 61 61 61
 
(1) Price information is shown after a reduction for the cost of freight incurred to deliver the product to the customer
(2) Excludes billet sales
 

 
SCHNITZER STEEL INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
  February 28, 2014   August 31, 2013

Assets

Current Assets:
Cash and cash equivalents $ 20,403 $ 13,481
Accounts receivable, net 173,876 188,270
Inventories, net 252,849 236,049
Other current assets 31,470   29,430
Total current assets 478,598 467,230
 
Property, plant and equipment, net 537,187 564,426
 
Goodwill and other assets 367,984 373,856
   
Total assets $ 1,383,769   $ 1,405,512
 

Liabilities and Equity

Current liabilities:
Short-term borrowings $ 696 $ 9,174
Other current liabilities 152,125   156,960
Total current liabilities 152,821 166,134
 
Long-term debt 378,217 372,663
 
Other long-term liabilities 85,954 85,516
 
Equity:
Total Schnitzer Steel Industries, Inc. ("SSI") shareholders' equity 761,496 776,558
Noncontrolling interests 5,281   4,641
Total equity 766,777   781,199
Total liabilities and equity $ 1,383,769   $ 1,405,512
 

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures as defined under SEC rules such as adjusted operating income (loss), adjusted operating income for MRB, adjusted net income (loss) attributable to SSI, adjusted diluted earnings per share attributable to SSI, operating income margin for APB stores owned more than a year and debt, net of cash. As required by SEC rules, the Company has provided reconciliations of these measures to the most directly comparable U.S. GAAP measures. Management believes that each of the foregoing adjusted non-GAAP financial measures provides a meaningful presentation of the Company's results from its core business operations excluding adjustments for restructuring and other exit-related costs and other impairment charges that are not related to the Company's ongoing core business operations and improves the period-to-period comparability of the Company's results from its core business operations. In addition, management believes that the non-GAAP financial measure relating to the Auto Parts Business new stores impact provides a meaningful presentation of the operating segment's results by excluding operating results relating to newly added stores and thus improves period-to-period comparability of the results of the segment's core business. Management believes that debt, net of cash is a useful measure for investors because, as cash and cash equivalents can be used, among other things, to repay indebtedness, netting this against total debt is a useful measure of our leverage. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the most directly comparable U.S. GAAP measures.

 
Operating Income (Loss)
($ in millions) Quarter
2Q14   1Q14   2Q13
Consolidated Operating Income (Loss):
Operating Income (Loss) $ 7 $ (4 ) $ 11
Other Asset Impairment Charges 1
Restructuring Charges and Other Exit-Related Costs 2   2   2
Adjusted Operating Income (Loss) $ 10 $ (2 ) $ 13
 
MRB Operating Income:
Operating Income $ 11 $ 1 $ 14
Other Asset Impairment Charges 1    
Adjusted Operating Income $ 12 $ 1 $ 14
 
Net Income (Loss) attributable to SSI
($ in millions) Quarter
2Q14 1Q14 2Q13
Net Income (Loss) attributable to SSI $ 2 $ (6 ) $ 9
Other Asset Impairment Charges, net of tax 1
Restructuring Charges and Other Exit-related Costs, net of tax 1   1   1
Adjusted Net Income (Loss) attributable to SSI(1) $ 3 $ (5 ) $ 10
 
Diluted Earnings per share attributable to SSI
($ per share) Quarter
2Q14 1Q14 2Q13
Net Income (Loss) per share attributable to SSI $ 0.07 $ (0.23 ) $ 0.32
Other Asset Impairment Charges, net of tax, per share 0.02
Restructuring Charges and Other Exit-related Costs, net of tax, per share 0.04   0.05   0.04
Adjusted Diluted EPS attributable to SSI $ 0.13 $ (0.18 ) $ 0.36

(1) Does not foot due to rounding

Debt, Net of Cash    
February 28, 2014 August 31, 2013
Short-term borrowings $ 696 $ 9,174
Long-term debt, net of current maturities 378,217   372,663
Total debt 378,913 381,837
Less: cash and cash equivalents 20,403   13,481
Total debt, net of cash $ 358,510 $ 368,356
Auto Parts Business New Stores Impact
($ in millions)   2Q14
Existing Stores(1)   New Stores(2)   Reported
Revenues(3) $ 72 $ 5 $ 76
Operating Income (Loss)(3) $ 5 $ (1 ) $ 5
Operating Income Margin 7 % NM 6 %
Car Purchase Volumes (000) 74 11 85
 
1Q14
Existing Stores(1) New Stores(2) Reported
Revenues $ 71 $ 9 $ 80
Operating Income (Loss)(3) $ 6 $ (1 ) $ 6
Operating Income Margin 9 % NM 7 %
Car Purchase Volumes (000) 80 11 91
 
(1) Existing Stores represents APB operations for stores owned for more than one year.
(2) New Stores represent new acquisitions, or greenfield development, operating for one year or less.
(3) Does not foot due to rounding
NM = Not meaningful
 

About Schnitzer Steel Industries, Inc.

Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with operating facilities located in 14 states, Puerto Rico and Western Canada. The business has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company's integrated operating platform also includes its auto parts and steel manufacturing businesses. The Company's auto parts business sells used auto parts through its self-service facilities located in 16 states and Western Canada. With an effective annual production capacity of approximately 800,000 tons, the Company's steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products. The Company commenced its 108th year of operations in 2014.

Safe Harbor for Forward Looking Statements

Statements and information included in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Except as noted herein or as the context may otherwise require, all references to “we,” “our,” “us” and “SSI” refer to the Company and its consolidated subsidiaries.

Forward-looking statements in this press release include statements regarding our expectations, intentions, beliefs and strategies regarding the future, which may include statements regarding trends, cyclicality and changes in the markets we sell into; strategic direction; changes to manufacturing and production processes; the cost of and the status of any agreements or actions related to our compliance with environmental and other laws; expected tax rates, deductions and credits; the realization of deferred tax assets; planned capital expenditures; liquidity positions; ability to generate cash from continuing operations; the potential impact of adopting new accounting pronouncements; expected results, including pricing, sales volumes and profitability; obligations under our retirement plans; benefits, savings or additional costs from business realignment and cost containment programs; and the adequacy of accruals.

When used in this report, the words “believes,” “expects,” “anticipates,” “intends,” “assumes,” “estimates,” “evaluates,” “may,” “could,” “opinions,” “forecasts,” “future,” “forward,” “potential,” “probable,” and similar expressions are intended to identify forward-looking statements.

We may make other forward-looking statements from time to time, including in reports filed with the Securities and Exchange Commission, press releases and public conference calls. All forward-looking statements we make are based on information available to us at the time the statements are made, and we assume no obligation to update any forward-looking statements, except as may be required by law. Our business is subject to the effects of changes in domestic and global economic conditions and a number of other risks and uncertainties that could cause actual results to differ materially from those included in, or implied by, such forward-looking statements. Some of these risks and uncertainties are discussed in “Item 1A. Risk Factors” of our most recent annual report on Form 10-K and quarterly report on Form 10-Q. Examples of these risks include: potential environmental cleanup costs related to the Portland Harbor Superfund site; the impact of general economic conditions; volatile supply and demand conditions affecting prices and volumes in the markets for both our products and raw materials we purchase; difficulties associated with acquisitions and integration of acquired businesses; the impact of goodwill impairment charges; the impact of long-lived asset impairment charges; the realization of expected cost reductions related to restructuring initiatives; the inability of customers to fulfill their contractual obligations; the impact of foreign currency fluctuations; potential limitations on our ability to access capital resources and existing credit facilities; restrictions on our business and financial covenants under our bank credit agreement; the impact of the consolidation in the steel industry; the impact of imports of foreign steel into the U.S.; inability to realize expected benefits from investments in technology; freight rates and availability of transportation; impact of equipment upgrades and failures on production; product liability claims; the impact of impairment of our deferred tax assets; costs associated with compliance with environmental regulations; the adverse impact of climate change; inability to obtain or renew business licenses and permits; compliance with greenhouse gas emission regulations; reliance on employees subject to collective bargaining agreements; and the impact of the underfunded status of multiemployer plans in which we participate.

Contacts

Schnitzer Steel Industries, Inc.
Investor Relations:
Alexandra Deignan, 646-278-9711
adeignan@schn.com
or
Company Info:
www.schnitzersteel.com
ir@schn.com
or
Media Relations:
Tom Zelenka, 503-323-2821
tzelenka@schn.com

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Contacts

Schnitzer Steel Industries, Inc.
Investor Relations:
Alexandra Deignan, 646-278-9711
adeignan@schn.com
or
Company Info:
www.schnitzersteel.com
ir@schn.com
or
Media Relations:
Tom Zelenka, 503-323-2821
tzelenka@schn.com