News Releases
Schnitzer Steel Reports Third Quarter Results
PORTLAND, Ore.--(BUSINESS WIRE)--Jun. 30, 2009--
Schnitzer Steel Industries, Inc. (Nasdaq:SCHN) today reported revenues
of $412 million and a net loss of $1.5 million, or $0.05 per diluted
share, for the fiscal 2009 third quarter ended May 31, 2009. For the
quarter, the Company generated additional cash from operations of $80
million, bringing the year-to-date cash from operations to $241 million.
|
(in millions, except per-share data)
|
|
Third Quarter
2009
|
|
Third Quarter
2008
|
|
Second Quarter
2009
|
|
Year to
Date
2009
|
|
Year to
Date
2008
|
|
Revenues
|
|
$ 412
|
|
$ 972
|
|
$ 434
|
|
$ 1,344
|
|
$2,328
|
|
Operating Income (Loss)
|
|
($ 6)
|
|
$ 102
|
|
($ 18)
|
|
($ 74)
|
|
$ 202
|
|
Net Income (Loss)
|
|
($ 2)
|
|
$ 62
|
|
($ 7)
|
|
($ 42)
|
|
$ 122
|
|
Diluted EPS
|
|
($0.05)
|
|
$2.14
|
|
($0.25)
|
|
($ 1.51)
|
|
$ 4.23
|
“During the third quarter all of our businesses showed sequential
improvements in operating income, reflecting a strengthening of demand
for recycled metal in the export markets and the benefit of a full
quarter of previously implemented cost containment actions,” said Tamara
Lundgren, President and Chief Executive Officer. “As a result of our
focus on managing working capital, the benefits from our cost
containment program and the flexibility of our platform which enables us
to sell our products to the markets where demand and profitability are
the greatest, we continued to generate strong cash flow and further
reduce our debt levels,” she continued.
“Our Metals Recycling Business was able to increase its purchases of raw
materials to support stronger overseas demand. Operating income in our
Metals Recycling Business improved despite tighter conditions in the
supply markets which pressured margins. Our Auto Parts Business returned
to positive operating income performance through higher volumes of
purchased vehicles, increased sales of recycled parts and the benefits
of improved commodity prices. In the Steel Manufacturing Business, the
operating loss narrowed, primarily due to higher sales volumes and
higher production volumes. During the quarter, we were able to continue
to reduce finished steel inventories and, as a result, we are now able
to increase production at the mill to levels which should help future
operating results,” added Lundgren.
“As we look forward, our strong balance sheet, positive cash flow and
low leverage allow us to continue to undertake acquisitions and
investments in technology as we have done throughout the year, enabling
us to expand our access to supply and to improve our operating
efficiencies,” Lundgren concluded.
Metals Recycling Business
|
($ in millions, except selling prices; ferrous volume in
thousands of long tons, non-ferrous volumes in millions of pounds)
|
|
Third Quarter
2009
|
|
Third Quarter
2008
|
|
Second Quarter
2009
|
|
Year to
Date
2009
|
|
Year to
Date
2008
|
|
Total Revenues
|
|
$ 318
|
|
$ 810
|
|
$ 337
|
|
$ 1,056
|
|
|
$1,888
|
|
Ferrous Revenues
|
|
$ 268
|
|
$ 668
|
|
$ 298
|
|
$ 878
|
|
|
$1,553
|
|
Ferrous Volumes (Processing/Trading)
|
|
1,037/0
|
|
1,137/151
|
|
1,083/0
|
|
2,899/0
|
|
|
3,265/435
|
|
Avg. Net Ferrous Sales Prices ($/LT)(1)
(Processing)
|
|
$ 223
|
|
$ 463
|
|
$ 253
|
|
$ 271
|
|
|
$ 360
|
|
Nonferrous Volumes
|
|
90
|
|
129
|
|
77
|
|
274
|
|
|
314
|
|
Avg. Net Nonferrous Sales Prices ($/LB)(1)
|
|
$0.51
|
|
$ 1.07
|
|
$0.45
|
|
$0.60
|
|
|
$ 1.02
|
|
Operating Income (Loss)(2)
|
|
$ 6
|
|
$ 94
|
|
$ 5
|
|
($ 8
|
)
|
|
$ 175
|
(1) Sales prices are shown net of freight
(2) Includes operating income from joint ventures
Third quarter revenues for the Metals Recycling Business were 6% lower
than the second quarter of fiscal 2009, primarily due to a 12% decline
in ferrous average net selling prices and a 4% decline in ferrous
volumes. During the third quarter, ferrous export net sales prices
remained higher than domestic ferrous net sales prices.
Revenues declined 61% from the record third quarter revenues of 2008,
primarily as a result of declines of 52% and 9% in average ferrous net
selling prices and ferrous processing sales volumes, respectively.
Operating income for the quarter increased 15% compared to the second
quarter of 2009, despite a narrowing of cash metal spreads due to the
tight market for raw materials. Operating income was 94% lower than the
third quarter of 2008 as significantly weaker year-over-year demand,
lower commodity prices and restricted flows of raw materials resulted in
compressed margins and lower sales volumes.
Auto Parts Business
|
($ in millions, except locations)
|
|
Third Quarter
2009
|
|
Third Quarter
2008
|
|
Second Quarter
2009
|
|
Year to
Date
2009
|
|
Year to
Date
2008
|
|
Revenues
|
|
$ 66
|
|
$ 101
|
|
$ 58
|
|
$ 191
|
|
$ 250
|
|
Operating Income (Loss)
|
|
$ 3
|
|
$ 17
|
|
($ 5)
|
|
($ 11)
|
|
$ 30
|
|
Locations (end of quarter)
|
|
57
|
|
52
|
|
58
|
|
57
|
|
52
|
Third quarter revenues for the Auto Parts Business increased 13%
compared to the second quarter of fiscal 2009 due to normal seasonal
improvements in parts sales, higher car volumes and improved pricing for
cores. Revenues decreased 35% over the same period last year, primarily
as a result of a 26% decrease in self-service car volumes and lower per
car sales of cores and scrap, which more than offset higher full-service
parts sales.
Compared to the second quarter of 2009, operating income improved $8
million due to higher car volumes, improved margins on scrap and core
sales and higher parts sales. Operating income decreased 82% from the
third quarter of 2008, primarily due to the lower car volumes and
significantly reduced margins on scrap and core sales.
Steel Manufacturing Business
|
($ in millions, except selling prices; volume in thousands of
tons)
|
|
Third Quarter
2009
|
|
Third Quarter
2008
|
|
Second Quarter
2009
|
|
Year to
Date
2009
|
|
Year to
Date
2008
|
|
Revenues
|
|
$ 47
|
|
$ 168
|
|
$ 52
|
|
$ 197
|
|
$ 421
|
|
Avg. Net Sales Prices ($/T)
|
|
$ 524
|
|
$ 744
|
|
$ 570
|
|
$ 664
|
|
$ 658
|
|
Sales Volume
|
|
85
|
|
218
|
|
82
|
|
266
|
|
594
|
|
Operating Income (Loss)
|
|
($ 5)
|
|
$ 23
|
|
($ 6)
|
|
($ 43)
|
|
$ 50
|
Revenues for the Steel Manufacturing Business decreased 10% compared to
the second quarter of 2009, primarily due to continued weakening of
market conditions during the quarter. However, market prices appeared to
bottom in May. On a year-over-year basis, revenues fell 72% as weak
demand led to a 61% decline from the record sales volumes achieved in
the third quarter of 2008, coupled with a 30% decline in average net
sales prices.
Compared to the second quarter of 2009, operating income improved 22%,
due primarily to slightly higher sales volumes and a reduction in the
impact of low production volumes, which offset lower average sales
prices. During the third quarter, $3 million in production costs could
not be charged to inventory, compared to $6 million in the second
quarter.
Compared to the record operating income in the third quarter of 2008,
operating income declined $28 million due to significantly lower sales
volumes and sales prices.
Outlook
The Company said the factors, which are forward-looking statements and
subject to uncertainty as discussed below, that will affect its results
in the fiscal fourth quarter of 2009 include:
Metals Recycling Business:
Pricing. Near-term demand for ferrous scrap appears to have
improved compared to the third fiscal quarter. As a result, based on
orders received to date, average ferrous selling prices, net of freight,
are expected to increase during the fourth quarter. Nonferrous prices
are also expected to improve.
Sales volumes. Fourth quarter ferrous processing sales volumes
are expected to increase 100 thousand to 200 thousand tons over the
volumes shipped in the third quarter, depending on the timing of
shipments. Quarter-over-quarter nonferrous sales volumes are expected to
increase 10-15% over volumes shipped in the third quarter.
Margins. Margins in the fourth quarter are expected to improve
from the third quarter, although the supply of raw materials is expected
to continue to put pressure on metal spreads.
Auto Parts Business:
Revenue. Higher prices for cores and scrap, improved parts sales
and higher car volumes are expected to result in increased revenues
compared to the recently completed third quarter.
Margins. Improved parts sales and higher prices for cores are
expected to result in margins which are improved compared to the third
quarter, although higher prices for scrap are expected to be offset by
higher purchase costs for scrapped vehicles.
Steel Manufacturing Business:
Pricing. Weak demand in the non-residential and infrastructure
construction markets is expected to continue through the fourth quarter.
As a result, although prices are expected to increase from the low point
in the markets at the end of May, average prices are expected to be
slightly lower than the average prices in the recently completed third
quarter.
Volumes. Fourth quarter sales volumes are expected to increase
slightly compared to the third quarter.
Margins. Higher production volumes are expected to result in
margins which are improved compared to the third quarter.
Third Quarter 2009 Conference Call
A conference call to discuss results will be held today, June 30, 2009,
at 11:30 a.m. EDT, hosted by Tamara Lundgren, Chief Executive Officer,
and Richard Peach, Chief Financial Officer. The call will be webcast and
is accessible on Schnitzer Steel's web site at www.schnitzersteel.com.
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and
exporters of recycled ferrous metal products in the United States with
42 operating facilities located in 13 states and Puerto Rico, including
seven export facilities located on both the East and West Coasts and in
Hawaii and Puerto Rico. The Company’s vertically integrated operating
platform also includes its auto parts and steel manufacturing
businesses. The Company’s auto parts business sells used auto parts
through its 39 self-service facilities and 18 full-service facilities
located in 14 states and in western Canada. With an annual production
capacity of nearly 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 103rd year of
operations in fiscal 2009.
This news release, particularly the Outlook section, contains
forward-looking statements, within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, (the “Exchange Act”) which
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, without limitation, statements regarding the
Company’s outlook for the business and statements as to expected
pricing, sales volume, operating margins and operating income. Such
statements can generally be identified because they contain “expect,”
“believe,” “anticipate,” “estimate” and other words that convey a
similar meaning. One can also identify these statements as statements
that do not relate strictly to historical or current facts. Examples of
factors affecting the Company that could cause actual results to differ
materially from current expectations are the following: volatile supply
and demand conditions affecting prices and volumes in the markets for
both the Company’s products and the raw materials it purchases; world
economic conditions; world political conditions; changes in federal and
state income tax laws; government regulations and environmental matters;
impact of pending or new laws and regulations regarding imports and
exports into the United States and other foreign countries; foreign
currency fluctuations; competition; seasonality, including weather;
energy supplies; freight rates and availability of transportation; loss
of key personnel; expectations regarding the Company’s compliance
program; the inability to obtain sufficient quantities of scrap metal to
support current orders; purchase price estimates made during
acquisitions; business integration issues relating to acquisitions of
businesses; new accounting pronouncements; availability of capital
resources; creditworthiness of suppliers and customers; and business
disruptions resulting from installation or replacement of major capital
assets, as discussed in more detail in “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in the
Company’s most recent Annual Report on Form 10-K or Quarterly Report on
Form 10-Q. One should understand that it is not possible to predict or
identify all factors that could cause actual results to differ from the
Company’s forward-looking statements.
Consequently, the reader should not consider any such list to be a
complete statement of all potential risks or uncertainties. The Company
does not assume any obligation to update any forward-looking statement.
For more information about Schnitzer Steel Industries, Inc., go to www.schnitzersteel.com.
|
SCHNITZER STEEL INDUSTRIES, INC.
|
|
FINANCIAL HIGHLIGHTS
|
|
(in thousands, except per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
|
|
May 31,
|
|
May 31,
|
|
May 31,
|
|
May 31,
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals Recycling Business:
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrous sales
|
|
267,548
|
|
|
|
667,897
|
|
|
|
878,061
|
|
|
|
1,553,266
|
|
|
Nonferrous sales
|
|
48,541
|
|
|
|
140,033
|
|
|
|
172,056
|
|
|
|
325,797
|
|
|
Other sales
|
|
1,435
|
|
|
|
2,490
|
|
|
|
5,422
|
|
|
|
9,386
|
|
|
Total sales
|
|
317,524
|
|
|
|
810,420
|
|
|
|
1,055,539
|
|
|
|
1,888,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto Parts Business
|
|
65,851
|
|
|
|
100,641
|
|
|
|
191,432
|
|
|
|
250,137
|
|
|
Steel Manufacturing Business
|
|
46,822
|
|
|
|
167,668
|
|
|
|
197,378
|
|
|
|
420,856
|
|
|
Intercompany sales eliminations
|
|
(18,367
|
)
|
|
|
(106,588
|
)
|
|
|
(100,352
|
)
|
|
|
(231,931
|
)
|
|
Total
|
$
|
411,830
|
|
|
$
|
972,141
|
|
|
$
|
1,343,997
|
|
|
$
|
2,327,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals Recycling Business:
|
|
6,034
|
|
|
|
93,516
|
|
|
|
(7,954
|
)
|
|
|
175,093
|
|
|
Auto Parts Business
|
|
2,981
|
|
|
|
16,720
|
|
|
|
(11,410
|
)
|
|
|
30,474
|
|
|
Steel Manufacturing Business
|
|
(4,961
|
)
|
|
|
22,767
|
|
|
|
(42,642
|
)
|
|
|
50,276
|
|
|
Corporate expense
|
|
(10,593
|
)
|
|
|
(25,365
|
)
|
|
|
(25,845
|
)
|
|
|
(46,871
|
)
|
|
Intercompany eliminations
|
|
669
|
|
|
|
(5,347
|
)
|
|
|
14,018
|
|
|
|
(6,516
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
|
(5,870
|
)
|
|
$
|
102,291
|
|
|
$
|
(73,833
|
)
|
|
$
|
202,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
$
|
(1,527
|
)
|
|
$
|
61,719
|
|
|
$
|
(42,494
|
)
|
|
$
|
122,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS (LOSS) PER SHARE
|
$
|
(0.05
|
)
|
|
$
|
2.19
|
|
|
$
|
(1.51
|
)
|
|
$
|
4.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS (LOSS) PER SHARE
|
$
|
(0.05
|
)
|
|
$
|
2.14
|
|
|
$
|
(1.51
|
)
|
|
$
|
4.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARE INFORMATION (THOUSANDS):
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares outstanding
|
|
28,280
|
|
|
|
28,177
|
|
|
|
28,173
|
|
|
|
28,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares outstanding
|
|
28,280
|
|
|
|
28,847
|
|
|
|
28,173
|
|
|
|
28,894
|
|
|
SCHNITZER STEEL INDUSTRIES, INC.
|
|
CONDENSED CONSOLIDATED STATEMENT OF INCOME
|
|
(in thousands, except per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
|
|
May 31,
|
|
May 31,
|
|
|
May 31,
|
|
May 31,
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
411,830
|
|
|
$
|
972,141
|
|
|
$
|
1,343,997
|
|
|
$
|
2,327,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
374,048
|
|
|
|
798,531
|
|
|
|
1,291,525
|
|
|
|
1,960,460
|
|
|
Selling, general and administrative
|
|
43,536
|
|
|
|
73,822
|
|
|
|
134,581
|
|
|
|
170,632
|
|
|
Environmental matters
|
|
-
|
|
|
|
350
|
|
|
|
(6,080
|
)
|
|
|
193
|
|
|
(Income) loss from joint ventures
|
|
116
|
|
|
|
(2,853
|
)
|
|
|
(2,196
|
)
|
|
|
(6,230
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
(5,870
|
)
|
|
|
102,291
|
|
|
|
(73,833
|
)
|
|
|
202,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(629
|
)
|
|
|
(1,707
|
)
|
|
|
(2,823
|
)
|
|
|
(6,703
|
)
|
|
Other income
|
|
5,634
|
|
|
|
879
|
|
|
|
6,785
|
|
|
|
1,589
|
|
|
Other income (expense)
|
|
5,005
|
|
|
|
(828
|
)
|
|
|
3,962
|
|
|
|
(5,114
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes and minority interests
|
|
(865
|
)
|
|
|
101,463
|
|
|
|
(69,871
|
)
|
|
|
197,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense)
|
|
(114
|
)
|
|
|
(38,620
|
)
|
|
|
27,724
|
|
|
|
(72,726
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before minority interests and pre-acquisition
interests
|
|
(979
|
)
|
|
|
62,843
|
|
|
|
(42,147
|
)
|
|
|
124,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests, net of tax
|
|
(548
|
)
|
|
|
(1,124
|
)
|
|
|
(347
|
)
|
|
|
(2,315
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$
|
(1,527
|
)
|
|
$
|
61,719
|
|
|
$
|
(42,494
|
)
|
|
$
|
122,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share
|
$
|
(0.05
|
)
|
|
$
|
2.19
|
|
|
$
|
(1.51
|
)
|
|
$
|
4.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share
|
$
|
(0.05
|
)
|
|
$
|
2.14
|
|
|
$
|
(1.51
|
)
|
|
$
|
4.23
|
|
|
Schnitzer Steel Industries, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
Q1 FY09
|
|
Q2 FY09
|
|
Q3 FY09
|
|
FY09
|
|
Q1 FY08
|
|
Q2 FY08
|
|
Q3 FY08
|
|
Q4 FY08
|
|
FY08
|
|
Metals Recycling Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrous Processing Selling Prices ($/LT)(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic(2)
|
$
|
371
|
|
$
|
209
|
|
$
|
186
|
|
$
|
285
|
|
$
|
279
|
|
$
|
321
|
|
$
|
464
|
|
$
|
583
|
|
$
|
416
|
|
Exports
|
|
353
|
|
|
259
|
|
|
228
|
|
|
267
|
|
|
280
|
|
|
329
|
|
|
463
|
|
|
637
|
|
|
455
|
|
Average
|
|
359
|
|
|
253
|
|
|
223
|
|
|
271
|
|
|
280
|
|
|
327
|
|
|
463
|
|
|
623
|
|
|
442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrous Processing Sales Volume (LT)(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cascade
|
|
145,493
|
|
|
29,761
|
|
|
55,162
|
|
|
230,416
|
|
|
179,686
|
|
|
170,221
|
|
|
186,696
|
|
|
200,523
|
|
|
737,126
|
|
Domestic
|
|
129,620
|
|
|
99,275
|
|
|
86,555
|
|
|
315,450
|
|
|
178,833
|
|
|
210,824
|
|
|
226,961
|
|
|
188,801
|
|
|
805,419
|
|
Export
|
|
503,635
|
|
|
954,003
|
|
|
895,167
|
|
|
2,352,805
|
|
|
642,142
|
|
|
746,736
|
|
|
722,973
|
|
|
1,099,203
|
|
|
3,211,054
|
|
Total Processed
|
|
778,748
|
|
|
1,083,039
|
|
|
1,036,884
|
|
|
2,898,671
|
|
|
1,000,661
|
|
|
1,127,781
|
|
|
1,136,630
|
|
|
1,488,527
|
|
|
4,753,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrous Trading Sales Volume (LT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
134,957
|
|
|
148,899
|
|
|
151,324
|
|
|
8,407
|
|
|
443,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Ferrous Sales Volume (LT)(2)
|
|
778,748
|
|
|
1,083,039
|
|
|
1,036,884
|
|
|
2,898,671
|
|
|
1,135,618
|
|
|
1,276,680
|
|
|
1,287,954
|
|
|
1,496,934
|
|
|
5,197,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonferrous Average Price ($/pound)(1)
|
$
|
0.784
|
|
$
|
0.45
|
|
$
|
0.51
|
|
$
|
0.60
|
|
$
|
1.000
|
|
$
|
0.980
|
|
$
|
1.069
|
|
$
|
1.053
|
|
$
|
1.030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonferrous Sales Volume (pounds, in thousands)
|
|
107,359
|
|
|
76,822
|
|
|
90,226
|
|
|
274,407
|
|
|
88,808
|
|
|
96,278
|
|
|
128,858
|
|
|
125,525
|
|
|
439,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Manufacturing Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Prices ($/NT)(1)(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
$
|
864
|
|
$
|
570
|
|
$
|
524
|
|
$
|
664
|
|
$
|
601
|
|
$
|
616
|
|
$
|
744
|
|
$
|
958
|
|
$
|
728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Volume (NT)(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rebar
|
|
46,917
|
|
|
56,588
|
|
|
52,749
|
|
|
156,254
|
|
|
108,856
|
|
|
127,732
|
|
|
128,597
|
|
|
104,926
|
|
|
470,111
|
|
Coiled Products
|
|
45,051
|
|
|
19,332
|
|
|
25,798
|
|
|
90,181
|
|
|
49,343
|
|
|
57,096
|
|
|
74,270
|
|
|
65,397
|
|
|
246,106
|
|
Merchant Bar and Other
|
|
6,235
|
|
|
6,783
|
|
|
6,820
|
|
|
19,838
|
|
|
16,031
|
|
|
17,332
|
|
|
15,033
|
|
|
11,576
|
|
|
59,972
|
|
Total
|
|
98,203
|
|
|
82,703
|
|
|
85,367
|
|
|
266,273
|
|
|
174,230
|
|
|
202,160
|
|
|
217,900
|
|
|
181,899
|
|
|
776,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto Parts Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of self-service locations at end of quarter
|
|
38
|
|
|
40
|
|
|
39
|
|
|
39
|
|
|
35
|
|
|
35
|
|
|
35
|
|
|
38
|
|
|
38
|
|
Number of full-service sites at end of quarter
|
|
18
|
|
|
18
|
|
|
18
|
|
|
18
|
|
|
17
|
|
|
17
|
|
|
17
|
|
|
18
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Price information is shown after a reduction for the cost of
freight incurred to deliver the product to the customer.
|
|
|
|
|
|
(2) Includes sales to the Steel Manufacturing Business for all
quarters.
|
|
|
|
|
|
(3) Excludes billet sales.
|
|
|
|
|
|
SCHNITZER STEEL INDUSTRIES, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited, in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31, 2009
|
|
|
August 31, 2008
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
48,721
|
|
$
|
15,039
|
|
Accounts receivable, net
|
|
|
85,740
|
|
|
314,993
|
|
Inventories, net
|
|
|
211,097
|
|
|
429,061
|
|
Other current assets
|
|
|
68,358
|
|
|
20,433
|
|
Total current assets
|
|
|
413,916
|
|
|
779,526
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
454,303
|
|
|
431,898
|
|
|
|
|
|
|
|
|
|
Goodwill and other assets
|
|
|
412,468
|
|
|
343,429
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,280,687
|
|
$
|
1,554,853
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
$
|
1,370
|
|
$
|
25,490
|
|
Other current liabilities
|
|
|
134,408
|
|
|
319,432
|
|
Total current liabilities
|
|
|
135,778
|
|
|
344,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
124,624
|
|
|
158,933
|
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
79,249
|
|
|
68,447
|
|
|
|
|
|
|
|
|
|
Minority interests
|
|
|
3,000
|
|
|
4,399
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
938,036
|
|
|
978,152
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity
|
|
$
|
1,280,687
|
|
$
|
1,554,853
|
Source: Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc.
Investor Relations:
Rob
Stone, 503-224-9900
or
Press Relations:
Tom
Zelenka, 503-323-2821
Website: www.schnitzersteel.com
Email:
ir@schn.com