Schnitzer Reports Second Quarter 2017 Financial Results
Significantly Increased Earnings Per Share
Auto and Metals Recycling Division Reports Strongest Second Quarter
Performance Since Fiscal 2012
PORTLAND, Ore.--(BUSINESS WIRE)--Apr. 6, 2017--
Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) today reported results
for its second quarter ended February 28, 2017. The Company reported
earnings per share from continuing operations of $0.40 and adjusted
earnings per share of $0.37. These results are significantly improved
from prior year second quarter results of a loss per share from
continuing operations of $1.48 and an adjusted loss per share of $0.25,
as well as first quarter of fiscal 2017 results of a loss per share from
continuing operations of $0.05 and an adjusted loss per share of $0.03.
For a reconciliation of the adjusted results to U.S. GAAP, see the
Non-GAAP Financial Measures provided after the financial statements in
this document.
Auto and Metals Recycling (AMR) delivered its best second quarter and
first half fiscal year performance in five years. AMR's operating income
of $26 million for the second quarter, or operating income per ferrous
ton of $31, was more than double compared to the first quarter and
substantially higher than the prior year quarter, driven by a
combination of higher selling prices, metal spread expansion, and
sustained benefits from our cost savings and productivity initiatives.
Stronger demand for recycled ferrous metals in both the export and
domestic markets in the second quarter resulted in a sequential 27%
increase in average ferrous net selling prices and 2% increase in sales
volumes. For the first half of fiscal 2017 compared to the prior year
first half, ferrous sales volumes increased 9% and nonferrous volumes
increased 10%, reflecting improved global demand for recycled metals and
supply conditions and our focus on growth.
In the Steel Manufacturing Business (SMB), operating performance for the
second quarter was impacted by higher beginning inventory costs
following the major equipment upgrade in the first quarter, increased
raw material costs which rose faster than selling prices, and continued
high levels of imports. These factors contributed to an operating loss
of $2 million for the second quarter, an improvement of $1 million
sequentially. Finished steel average selling prices increased 5%
sequentially and 3% from the prior year quarter. Sales volumes were 5%
higher sequentially and 4% lower from the prior year quarter.
"Our second quarter results benefited from improved export and domestic
markets and from the operating leverage created within AMR as a result
of our productivity initiatives, cost reductions, and internally
generated operating synergies. These factors contributed to AMR’s
strongest second quarter and half-year results in the last five years,"
commented Tamara Lundgren, President and Chief Executive Officer. "While
SMB continued to face challenging market conditions due to a combination
of pressure from lower priced imports and seasonally slower demand, we
expect SMB to see benefits from recent productivity initiatives and the
onset of seasonally stronger construction activity."
|
Summary Results
|
|
($ in millions, except per share amounts)
|
|
|
|
Quarter
|
|
|
|
2Q17
|
|
2Q16
|
|
Change
|
|
1Q17
|
|
Change
|
|
Revenues
|
|
$
|
382
|
|
|
$
|
289
|
|
|
32
|
%
|
|
$
|
334
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$
|
14
|
|
|
$
|
(37
|
)
|
|
NM
|
|
|
$
|
1
|
|
|
NM
|
|
|
Goodwill impairment charge
|
|
—
|
|
|
9
|
|
|
NM
|
|
|
—
|
|
|
NM
|
|
|
Other asset impairment charges
|
|
—
|
|
|
18
|
|
|
NM
|
|
|
—
|
|
|
NM
|
|
|
Restructuring charges and other exit-related activities
|
|
—
|
|
|
5
|
|
|
NM
|
|
|
—
|
|
|
NM
|
|
|
Recoveries related to the resale or modification of previously
contracted shipments
|
|
—
|
|
|
—
|
|
|
NM
|
|
|
—
|
|
|
NM
|
|
|
Adjusted operating income (loss)(1)(2)
|
|
$
|
13
|
|
|
$
|
(4
|
)
|
|
NM
|
|
|
$
|
1
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to SSI
|
|
$
|
11
|
|
|
$
|
(41
|
)
|
|
NM
|
|
|
$
|
(1
|
)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to SSI
|
|
$
|
11
|
|
|
$
|
(40
|
)
|
|
NM
|
|
|
$
|
(1
|
)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income (loss) from continuing operations attributable to SSI(1)
|
|
$
|
10
|
|
|
$
|
(7
|
)
|
|
NM
|
|
|
$
|
(1
|
)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to SSI
|
|
$
|
0.40
|
|
|
$
|
(1.52
|
)
|
|
NM
|
|
|
$
|
(0.05
|
)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share from continuing operations attributable to
SSI
|
|
$
|
0.40
|
|
|
$
|
(1.48
|
)
|
|
NM
|
|
|
$
|
(0.05
|
)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings (loss) per share from continuing
operations attributable to SSI(1)
|
|
$
|
0.37
|
|
|
$
|
(0.25
|
)
|
|
NM
|
|
|
$
|
(0.03
|
)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.
|
|
(2) May not foot due to rounding.
|
|
NM = Not Meaningful
|
|
|
|
|
Auto and Metals Recycling
|
Summary of Auto and Metals Recycling Results
|
|
($ in millions, except selling prices and data per ton; Fe
volumes 000s long tons; NFe volumes Ms lbs)
|
|
|
|
Quarter
|
|
|
|
2Q17
|
|
2Q16
|
|
Change
|
|
1Q17
|
|
Change
|
|
Total revenues
|
|
$
|
349
|
|
|
$
|
250
|
|
|
40
|
%
|
|
$
|
305
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrous revenues
|
|
$
|
230
|
|
|
$
|
140
|
|
|
64
|
%
|
|
$
|
184
|
|
|
25
|
%
|
|
Ferrous volumes
|
|
852
|
|
|
737
|
|
|
16
|
%
|
|
834
|
|
|
2
|
%
|
|
Avg. net ferrous sales prices ($/LT)(1)
|
|
$
|
248
|
|
|
$
|
169
|
|
|
47
|
%
|
|
$
|
196
|
|
|
27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonferrous revenues(2)
|
|
$
|
92
|
|
|
$
|
80
|
|
|
14
|
%
|
|
$
|
91
|
|
|
1
|
%
|
|
Nonferrous volumes(3)
|
|
123
|
|
|
124
|
|
|
(1
|
)%
|
|
136
|
|
|
(10
|
)%
|
|
Avg. net nonferrous sales prices ($/lb)(1)(3)
|
|
$
|
0.65
|
|
|
$
|
0.59
|
|
|
10
|
%
|
|
$
|
0.58
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cars purchased for retail (000s)
|
|
96
|
|
|
70
|
|
37
|
%
|
|
94
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)(4)
|
|
$
|
26
|
|
|
$
|
(26
|
)
|
|
NM
|
|
|
$
|
12
|
|
|
112
|
%
|
|
Operating income (loss) per Fe ton
|
|
$
|
31
|
|
|
$
|
(36
|
)
|
|
NM
|
|
|
$
|
15
|
|
|
108
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income(4)(5)
|
|
$
|
26
|
|
|
$
|
1
|
|
|
2,868
|
%
|
|
$
|
12
|
|
|
111
|
%
|
|
Adjusted operating income per Fe ton
|
|
$
|
30
|
|
|
$
|
1
|
|
|
2,468
|
%
|
|
$
|
15
|
|
|
107
|
%
|
|
|
|
|
(1)
|
|
Sales prices are shown net of freight.
|
|
(2)
|
|
An adjustment of certain intrasegment items was made between
nonferrous revenues and retail and other revenues for the quarter
ended February 29, 2016 to conform to the presentation for the
quarter ended February 28, 2017 and November 30, 2016. The
adjustment had no impact on previously reported total revenues or
earnings.
|
|
(3)
|
|
Average sales price and volume information excludes platinum group
metals (“PGMs”) in catalytic converters.
|
|
(4)
|
|
Segment operating income (loss) does not include the impact of
restructuring charges and other exit-related activities.
|
|
(5)
|
|
See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.
|
|
NM
|
|
= Not Meaningful
|
|
|
|
|
Volumes: Ferrous sales volumes in the second quarter were
16% higher versus the prior year quarter, primarily due to stronger
export and domestic demand, improved supply conditions and increased
selling activity. Compared to the first quarter, volumes were 2% higher.
Nonferrous sales volumes decreased 1% versus the prior year second
quarter and 10% sequentially primarily due to the timing of shipments.
Export customers accounted for 64% of total ferrous sales volumes.
Ferrous and nonferrous products were exported to 16 countries with
Turkey, South Korea and Bangladesh the top export destinations for
ferrous shipments.
Pricing: Average ferrous net selling prices increased 47%
compared to the prior year second quarter and 27% sequentially
reflecting improved global demand for recycled metals. Nonferrous prices
increased 10% from the prior year quarter and 12% sequentially
reflecting higher commodity prices globally.
Margins: Operating income of $26 million and $39 million
represents the best second quarter and half-year performance,
respectively, since fiscal 2012. Operating income per ferrous ton of $31
for the second quarter more than doubled compared to the first quarter
due to a combination of strengthening market conditions in both the
export and domestic markets, which resulted in higher selling prices and
metal spread expansion, and sustained benefits from our cost savings and
productivity initiatives. Compared to the prior year second quarter,
substantially improved operating results reflected a combination of
stronger market conditions, improved supply flows and the benefits of
our cost savings and productivity initiatives which contributed $4
million, or $5 per ton, of the improvement. Second quarter operating
results included an estimated favorable impact of $4 million, or $5 per
ton, from average inventory accounting, which compares to an adverse
impact of $2 million, or $2 per ton, in the first quarter and an adverse
impact of $1 million, or $2 per ton, in the prior year second quarter.
Prior year second quarter results were also adversely impacted by $27
million in non-cash goodwill and other asset impairment charges.
Steel Manufacturing Business
|
Summary of Steel Manufacturing Business Results
|
|
|
|
($ in millions, except selling prices; volume 000s of short tons)
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
|
2Q17
|
|
2Q16
|
|
Change
|
|
1Q17
|
|
Change
|
|
Revenues
|
|
$
|
58
|
|
|
$
|
58
|
|
|
—
|
%
|
|
$
|
53
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss(2)
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
|
(45
|
)%
|
|
$
|
(3
|
)
|
|
43
|
%
|
|
Adjusted operating loss(1)(2)
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
|
(45
|
)%
|
|
$
|
(3
|
)
|
|
35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avg. net sales prices ($/ST)
|
|
$
|
517
|
|
|
$
|
504
|
|
|
3
|
%
|
|
$
|
492
|
|
|
5
|
%
|
|
Finished steel sales volumes
|
|
106
|
|
|
110
|
|
|
(4
|
)%
|
|
101
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling mill utilization(3)
|
|
89
|
%
|
|
61
|
%
|
|
|
|
65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.
|
|
(2)
|
|
Segment operating loss does not include the impact of restructuring
charges and other exit-related activities.
|
|
(3)
|
|
Rolling mill utilization for fiscal 2017 is based on effective
annual production capacity under current conditions of 580 thousand
tons of finished steel products, reflecting a decrease in the
effective finished steel production capacity resulting from the
decommissioning of the older rolling mill during the first quarter
of fiscal 2017.
|
|
|
|
|
Sales Volumes: Finished steel sales volumes in the second
quarter decreased 4% from the prior year quarter, primarily reflecting
continued competition from low-priced imports. Sequentially, volumes
increased 5% primarily due to customer re-stocking and a rising price
environment.
Pricing: Average net sales prices for finished steel
products increased 3% from the prior year quarter and 5% sequentially,
primarily reflecting the impact of higher raw material prices.
Margins: Operating performance for the second quarter was
a loss of $2 million, an improvement of $1 million sequentially.
Benefits from sequentially higher sales volumes and selling prices were
partially offset by higher beginning inventory costs following the
equipment upgrade in the first quarter, higher raw material costs which
increased more rapidly than average selling prices and the continued
impact from a high level of imports. Compared to the prior year second
quarter, the decrease in operating results was primarily due to the
combination of lower sales volumes and raw material costs rising faster
than finished steel selling prices.
Corporate Items
Corporate selling, general and administrative expense in the second
quarter of $10 million was higher compared to the prior year second
quarter and sequentially, primarily due to increased incentive
compensation accruals resulting from improved financial performance and,
to a lesser extent, increased professional services expense.
The Company continues to deliver on its targeted $30 million of annual
cost savings and productivity measures announced in the second quarter
of fiscal 2016. In the second quarter of fiscal 2017, the Company
achieved approximately $6 million in consolidated incremental benefits
compared to the prior year quarter, primarily in AMR with the balance in
SMB and reduced corporate shared services costs. In total, the Company
has delivered $27 million in program benefits and expects to deliver the
remaining $3 million of annual benefits by the end of fiscal 2017.
In the second quarter, the rising price environment led to higher
working capital which offset the benefits to cash flow of improved
profitability, resulting in positive operating cash flow of under $1
million. Total debt at the end of the second quarter was $209 million
and debt, net of cash was $200 million (see Non-GAAP Financial Measures
for reconciliation to U.S. GAAP). The Company returned capital to
shareholders through its 92nd consecutive quarterly dividend.
The Company's effective tax rate was an expense of 5% in the second
quarter which was lower than the federal statutory rate primarily due to
the Company’s full valuation allowance positions partially offset by
increases in deferred tax liabilities.
Analysts' Conference Call: Second Quarter of Fiscal 2017
A conference call and slide presentation to discuss results will be held
today, April 6, 2017, at 11:30 a.m. EDT hosted by Tamara Lundgren,
President and Chief Executive Officer, and Richard Peach, Senior Vice
President, Chief Financial Officer, and Chief of Corporate Operations.
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,
2017
|
|
November 30,
2016
|
|
February 29,
2016
|
|
February 28,
2017
|
|
February 29,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto and Metals Recycling:
|
|
|
|
|
|
|
|
|
|
|
|
Ferrous revenues
|
|
$
|
230,177
|
|
|
$
|
183,754
|
|
|
$
|
140,126
|
|
|
$
|
413,931
|
|
|
$
|
303,539
|
|
|
Nonferrous revenues(2)
|
|
91,512
|
|
|
90,936
|
|
|
80,068
|
|
|
182,448
|
|
|
157,658
|
|
|
Retail and other revenues(2)
|
|
27,680
|
|
|
30,248
|
|
|
29,618
|
|
|
57,928
|
|
|
61,580
|
|
|
Total Auto and Metals Recycling revenues
|
|
349,369
|
|
|
304,938
|
|
|
249,812
|
|
|
654,307
|
|
|
522,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Manufacturing Business
|
|
58,291
|
|
|
52,596
|
|
|
58,391
|
|
|
110,887
|
|
|
130,292
|
|
|
Intercompany sales eliminations
|
|
(25,576
|
)
|
|
(23,373
|
)
|
|
(19,126
|
)
|
|
(48,949
|
)
|
|
(42,794
|
)
|
|
Total revenues
|
|
$
|
382,084
|
|
|
$
|
334,161
|
|
|
$
|
289,077
|
|
|
$
|
716,245
|
|
|
$
|
610,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME (LOSS):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMR operating income (loss)(3)
|
|
$
|
26,359
|
|
|
$
|
12,419
|
|
|
$
|
(26,350
|
)
|
|
$
|
38,778
|
|
|
$
|
(24,314
|
)
|
|
SMB operating income (loss)(3)
|
|
$
|
(1,746
|
)
|
|
$
|
(3,081
|
)
|
|
$
|
(1,202
|
)
|
|
$
|
(4,827
|
)
|
|
$
|
1,552
|
|
|
Consolidated operating income (loss)
|
|
$
|
14,171
|
|
|
$
|
587
|
|
|
$
|
(37,076
|
)
|
|
$
|
14,758
|
|
|
$
|
(41,104
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted AMR operating income(1)(3)
|
|
$
|
25,942
|
|
|
$
|
12,280
|
|
|
$
|
874
|
|
|
$
|
38,222
|
|
|
$
|
2,910
|
|
|
Adjusted SMB operating income (loss)(1)(3)
|
|
(1,746
|
)
|
|
(2,680
|
)
|
|
(1,202
|
)
|
|
(4,426
|
)
|
|
1,552
|
|
|
Adjusted segment operating income (loss)(1)(3)
|
|
24,196
|
|
|
9,600
|
|
|
(328
|
)
|
|
33,796
|
|
|
4,462
|
|
|
Corporate expense(4)
|
|
(10,430
|
)
|
|
(8,982
|
)
|
|
(6,315
|
)
|
|
(19,412
|
)
|
|
(14,616
|
)
|
|
Intercompany eliminations
|
|
(506
|
)
|
|
432
|
|
|
2,161
|
|
|
(74
|
)
|
|
3,569
|
|
|
Adjusted operating income (loss)(1)
|
|
13,260
|
|
|
1,050
|
|
|
(4,482
|
)
|
|
14,310
|
|
|
(6,585
|
)
|
|
Goodwill impairment charge
|
|
—
|
|
|
—
|
|
|
(8,845
|
)
|
|
—
|
|
|
(8,845
|
)
|
|
Other asset impairment charges
|
|
—
|
|
|
(401
|
)
|
|
(18,458
|
)
|
|
(401
|
)
|
|
(18,458
|
)
|
|
Restructuring charges and other exit-related activities
|
|
494
|
|
|
(201
|
)
|
|
(5,291
|
)
|
|
293
|
|
|
(7,216
|
)
|
|
Recoveries related to the resale or modification of previously
contracted shipments
|
|
417
|
|
|
139
|
|
|
—
|
|
|
556
|
|
|
—
|
|
|
Total operating income (loss)
|
|
$
|
14,171
|
|
|
$
|
587
|
|
|
$
|
(37,076
|
)
|
|
$
|
14,758
|
|
|
$
|
(41,104
|
)
|
|
|
|
(1)
|
|
See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.
|
|
(2)
|
|
An adjustment of certain intrasegment items was made between
nonferrous revenues and retail and other revenues for the three and
six months ended February 29, 2016 to conform to the presentation
for the periods in fiscal 2017. The adjustment had no impact on
previously reported total revenues or earnings.
|
|
(3)
|
|
Segment operating income (loss) does not include the impact of
restructuring charges and other exit-related activities.
|
|
(4)
|
|
Excludes a $79 thousand impairment charge related to Corporate for
the three and six months ended February 29, 2016, which is also
excluded from adjusted operating income (loss) for those periods.
|
|
|
|
|
|
SCHNITZER STEEL INDUSTRIES, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
|
|
|
February 28,
2017
|
|
November 30,
2016
|
|
February 29,
2016
|
|
February 28,
2017
|
|
February 29,
2016
|
|
Revenues
|
|
$
|
382,084
|
|
|
$
|
334,161
|
|
|
$
|
289,077
|
|
|
$
|
716,245
|
|
|
$
|
610,275
|
|
|
Cost of goods sold
|
|
326,804
|
|
|
295,892
|
|
|
259,670
|
|
|
622,696
|
|
|
544,524
|
|
|
Selling, general and administrative
|
|
43,823
|
|
|
37,492
|
|
|
33,599
|
|
|
81,315
|
|
|
72,017
|
|
|
(Income) loss from joint ventures
|
|
(2,220
|
)
|
|
(412
|
)
|
|
290
|
|
|
(2,632
|
)
|
|
319
|
|
|
Goodwill impairment charge
|
|
—
|
|
|
—
|
|
|
8,845
|
|
|
—
|
|
|
8,845
|
|
|
Other asset impairment charges
|
|
—
|
|
|
401
|
|
|
18,458
|
|
|
401
|
|
|
18,458
|
|
|
Restructuring charges and other exit-related activities
|
|
(494
|
)
|
|
201
|
|
|
5,291
|
|
|
(293
|
)
|
|
7,216
|
|
|
Operating income (loss)
|
|
14,171
|
|
|
587
|
|
|
(37,076
|
)
|
|
14,758
|
|
|
(41,104
|
)
|
|
Interest expense
|
|
(2,097
|
)
|
|
(1,741
|
)
|
|
(2,015
|
)
|
|
(3,838
|
)
|
|
(3,874
|
)
|
|
Other income, net
|
|
357
|
|
|
437
|
|
|
438
|
|
|
794
|
|
|
845
|
|
|
Income (loss) from continuing operations before income taxes
|
|
12,431
|
|
|
(717
|
)
|
|
(38,653
|
)
|
|
11,714
|
|
|
(44,133
|
)
|
|
Income tax (expense) benefit
|
|
(637
|
)
|
|
62
|
|
|
(1,293
|
)
|
|
(575
|
)
|
|
(715
|
)
|
|
Income (loss) from continuing operations
|
|
11,794
|
|
|
(655
|
)
|
|
(39,946
|
)
|
|
11,139
|
|
|
(44,848
|
)
|
|
Loss from discontinued operations, net of tax
|
|
(95
|
)
|
|
(53
|
)
|
|
(1,024
|
)
|
|
(148
|
)
|
|
(1,089
|
)
|
|
Net income (loss)
|
|
11,699
|
|
|
(708
|
)
|
|
(40,970
|
)
|
|
10,991
|
|
|
(45,937
|
)
|
|
Net income attributable to noncontrolling interests
|
|
(662
|
)
|
|
(618
|
)
|
|
(275
|
)
|
|
(1,280
|
)
|
|
(604
|
)
|
|
Net income (loss) attributable to SSI
|
|
$
|
11,037
|
|
|
$
|
(1,326
|
)
|
|
$
|
(41,245
|
)
|
|
$
|
9,711
|
|
|
$
|
(46,541
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to SSI:
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share from continuing operations attributable to
SSI
|
|
$
|
0.40
|
|
|
$
|
(0.05
|
)
|
|
$
|
(1.48
|
)
|
|
$
|
0.36
|
|
|
$
|
(1.67
|
)
|
|
Loss per share from discontinued operations attributable to SSI
|
|
—
|
|
|
—
|
|
|
(0.04
|
)
|
|
(0.01
|
)
|
|
(0.04
|
)
|
|
Net income (loss) per share attributable to SSI
|
|
$
|
0.40
|
|
|
$
|
(0.05
|
)
|
|
$
|
(1.52
|
)
|
|
$
|
0.35
|
|
|
$
|
(1.71
|
)
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share from continuing operations attributable to
SSI
|
|
$
|
0.40
|
|
|
$
|
(0.05
|
)
|
|
$
|
(1.48
|
)
|
|
$
|
0.35
|
|
|
$
|
(1.67
|
)
|
|
Loss per share from discontinued operations attributable to SSI
|
|
—
|
|
|
—
|
|
|
(0.04
|
)
|
|
(0.01
|
)
|
|
(0.04
|
)
|
|
Net income (loss) per share attributable to SSI(1)
|
|
$
|
0.40
|
|
|
$
|
(0.05
|
)
|
|
$
|
(1.52
|
)
|
|
$
|
0.35
|
|
|
$
|
(1.71
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
27,524
|
|
|
27,372
|
|
|
27,201
|
|
|
27,447
|
|
|
27,178
|
|
|
Diluted
|
|
27,864
|
|
|
27,372
|
|
|
27,201
|
|
|
27,814
|
|
|
27,178
|
|
|
Dividends declared per common share
|
|
$
|
0.1875
|
|
|
$
|
0.1875
|
|
|
$
|
0.1875
|
|
|
$
|
0.3750
|
|
|
$
|
0.3750
|
|
|
(1) May not foot due to rounding.
|
|
|
|
SCHNITZER STEEL INDUSTRIES, INC.
|
|
SELECTED OPERATING STATISTICS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
YTD
|
|
|
|
|
|
|
|
|
|
Fiscal
|
|
|
|
1Q17
|
|
2Q17
|
|
2017
|
|
1Q16
|
|
2Q16
|
|
3Q16
|
|
4Q16
|
|
2016
|
|
Auto and Metals Recycling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrous selling prices ($/LT)(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$
|
184
|
|
|
$
|
241
|
|
|
$
|
213
|
|
|
$
|
180
|
|
|
$
|
161
|
|
|
$
|
210
|
|
|
$
|
216
|
|
|
$
|
193
|
|
|
Export
|
|
$
|
202
|
|
|
$
|
252
|
|
|
$
|
227
|
|
|
$
|
179
|
|
|
$
|
174
|
|
|
$
|
218
|
|
|
$
|
205
|
|
|
$
|
195
|
|
|
Average
|
|
$
|
196
|
|
|
$
|
248
|
|
|
$
|
222
|
|
|
$
|
179
|
|
|
$
|
169
|
|
|
$
|
215
|
|
|
$
|
209
|
|
|
$
|
194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrous sales volume (LT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
287,942
|
|
|
310,320
|
|
|
598,262
|
|
|
290,170
|
|
|
282,200
|
|
|
322,315
|
|
|
329,911
|
|
|
1,224,596
|
|
|
Export
|
|
545,947
|
|
|
541,716
|
|
|
1,087,663
|
|
|
515,109
|
|
|
454,924
|
|
|
509,686
|
|
|
584,373
|
|
|
2,064,092
|
|
|
Total
|
|
833,889
|
|
|
852,036
|
|
|
1,685,925
|
|
|
805,279
|
|
|
737,124
|
|
|
832,001
|
|
|
914,284
|
|
|
3,288,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonferrous average price ($/LB)(1)(2)
|
|
$
|
0.58
|
|
|
$
|
0.65
|
|
|
$
|
0.61
|
|
|
$
|
0.63
|
|
|
$
|
0.59
|
|
|
$
|
0.59
|
|
|
$
|
0.59
|
|
|
$
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonferrous sales volume (000s LB)(2)
|
|
136,057
|
|
|
122,554
|
|
|
258,611
|
|
|
111,077
|
|
|
123,675
|
|
|
122,244
|
|
|
153,287
|
|
|
510,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Car purchase volume (000s)(4)
|
|
94
|
|
|
96
|
|
|
190
|
|
|
77
|
|
|
70
|
|
|
79
|
|
|
92
|
|
|
319
|
|
|
Auto stores at end of quarter
|
|
52
|
|
|
52
|
|
|
52
|
|
|
55
|
|
|
55
|
|
|
53
|
|
|
52
|
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Manufacturing Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales prices ($/ST)(1)(3)
|
|
$
|
492
|
|
|
$
|
517
|
|
|
$
|
505
|
|
|
$
|
554
|
|
|
$
|
504
|
|
|
$
|
501
|
|
|
$
|
528
|
|
|
$
|
522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales volume (ST)(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rebar
|
|
73,903
|
|
|
69,136
|
|
|
143,039
|
|
|
85,899
|
|
|
71,935
|
|
|
84,193
|
|
|
88,591
|
|
|
330,618
|
|
|
Coiled products
|
|
23,934
|
|
|
34,371
|
|
|
58,305
|
|
|
32,482
|
|
|
33,742
|
|
|
42,168
|
|
|
29,891
|
|
|
138,283
|
|
|
Merchant bar and other
|
|
3,038
|
|
|
2,482
|
|
|
5,520
|
|
|
4,757
|
|
|
3,974
|
|
|
6,490
|
|
|
4,080
|
|
|
19,301
|
|
|
Total
|
|
100,875
|
|
|
105,989
|
|
|
206,864
|
|
|
123,138
|
|
|
109,651
|
|
|
132,851
|
|
|
122,562
|
|
|
488,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling mill utilization(5)
|
|
65
|
%
|
|
89
|
%
|
|
77
|
%
|
|
68
|
%
|
|
61
|
%
|
|
53
|
%
|
|
71
|
%
|
|
63
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Price information is shown after netting the cost of freight
incurred to deliver the product to the customer.
|
|
(2)
|
|
Excludes PGM metals in catalytic converters.
|
|
(3)
|
|
Excludes billet sales.
|
|
(4)
|
|
Cars purchased by auto stores only.
|
|
(5)
|
|
Rolling mill utilization for fiscal 2017 is based on effective
annual production capacity under current conditions of 580 thousand
tons of finished steel products, reflecting a decrease in the
effective finished steel production capacity resulting from the
decommissioning of the older rolling mill during the first quarter
of fiscal 2017.
|
|
|
|
|
|
SCHNITZER STEEL INDUSTRIES, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
February 28, 2017
|
|
August 31, 2016
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
9,830
|
|
|
$
|
26,819
|
|
Accounts receivable, net
|
|
132,790
|
|
|
113,952
|
|
Inventories
|
|
168,889
|
|
|
132,972
|
|
Other current assets
|
|
19,989
|
|
|
26,063
|
|
Total current assets
|
|
331,498
|
|
|
299,806
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
384,883
|
|
|
392,820
|
|
|
|
|
|
|
|
Goodwill and other assets
|
|
204,069
|
|
|
198,803
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
920,450
|
|
|
$
|
891,429
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Short-term borrowings
|
|
$
|
676
|
|
|
$
|
8,374
|
|
Other current liabilities
|
|
134,347
|
|
|
125,280
|
|
Total current liabilities
|
|
135,023
|
|
|
133,654
|
|
|
|
|
|
|
|
Long-term debt
|
|
208,801
|
|
|
184,144
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
73,942
|
|
|
72,199
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Total Schnitzer Steel Industries, Inc. ("SSI") shareholders' equity
|
|
498,545
|
|
|
497,721
|
|
Noncontrolling interests
|
|
4,139
|
|
|
3,711
|
|
Total equity
|
|
502,684
|
|
|
501,432
|
|
Total liabilities and equity
|
|
$
|
920,450
|
|
|
$
|
891,429
|
Non-GAAP Financial Measures
This press release contains performance based on adjusted income (loss)
and adjusted diluted earnings (loss) per share from continuing
operations attributable to SSI and adjusted consolidated, AMR and SMB
operating income (loss), which are non-GAAP financial measures as
defined under SEC rules. As required by SEC rules, the Company has
provided reconciliations of these measures for each period discussed to
the most directly comparable U.S. GAAP measure. Management believes that
presenting adjusted non-GAAP financial measures provides a meaningful
presentation of our results from business operations excluding
adjustments for a goodwill impairment charge, other asset impairment
charges, restructuring charges and other exit-related activities,
recoveries related to the resale or modification of previously
contracted shipments, and income tax expense (benefits) associated with
these adjustments, items which are not related to underlying business
operational performance, and improves the period-to-period comparability
of our results from business operations. Adjusted operating results in
fiscal 2015 excluded the impact from the resale or modification of the
terms, each at significantly lower prices due to sharp declines in
selling prices, of certain previously-contracted bulk shipments for
delivery during fiscal 2015. Recoveries resulting from settlements with
the original contract parties, which began in the third quarter of
fiscal 2016, are reported within SG&A expense in the quarterly
statements of operations and are also excluded, with associated income
tax expense (benefits), from the non-GAAP financial measures. Further,
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.
|
($ in millions)
|
|
Quarter
|
|
YTD
|
|
|
|
2Q17
|
|
2Q16
|
|
1Q17
|
|
2Q17
|
|
2Q16
|
|
Consolidated operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$
|
14
|
|
|
$
|
(37
|
)
|
|
$
|
1
|
|
|
$
|
15
|
|
|
$
|
(41
|
)
|
|
Goodwill impairment charge
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
Other asset impairment charges
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
Restructuring charges and other exit-related activities
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
Recoveries related to the resale or modification of certain
previously contracted shipments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
Adjusted consolidated operating income (loss)(1)
|
|
$
|
13
|
|
|
$
|
(4
|
)
|
|
$
|
1
|
|
|
$
|
14
|
|
|
$
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMR operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$
|
26
|
|
|
$
|
(26
|
)
|
|
$
|
12
|
|
|
$
|
39
|
|
|
$
|
(24
|
)
|
|
Goodwill impairment charge
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
Other asset impairment charges
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
Recoveries related to the resale or modification of certain
previously contracted shipments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
Adjusted AMR operating income
|
|
$
|
26
|
|
|
$
|
1
|
|
|
$
|
12
|
|
|
$
|
38
|
|
|
$
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SMB operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
|
$
|
2
|
|
|
Other asset impairment charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Adjusted SMB operating income (loss)
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
|
$
|
(3
|
)
|
|
$
|
(4
|
)
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) May not foot due to rounding.
|
|
|
|
Income (loss) from continuing operations attributable to SSI
|
|
|
|
($ in millions)
|
|
Quarter
|
|
YTD
|
|
|
|
2Q17
|
|
2Q16
|
|
1Q17
|
|
2Q17
|
|
2Q16
|
|
Income (loss) from continuing operations attributable to SSI
|
|
$
|
11
|
|
|
$
|
(40
|
)
|
|
$
|
(1
|
)
|
|
10
|
|
|
(45
|
)
|
|
Goodwill impairment charge
|
|
—
|
|
|
9
|
|
|
—
|
|
|
|
|
9
|
|
|
Other asset impairment charges
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
Restructuring charges and other exit-related activities
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
Recoveries related to the resale or modification of certain
previously contracted shipments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
Income tax expense (benefit) allocated to adjustments(2)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
Adjusted income (loss) from continuing operations attributable to SSI(1)
|
|
$
|
10
|
|
|
$
|
(7
|
)
|
|
$
|
(1
|
)
|
|
$
|
9
|
|
|
$
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
May not foot due to rounding.
|
|
(2)
|
|
Income tax allocated to the aggregate adjustments reconciling
Reported and Adjusted income (loss) from continuing operations
attributable to SSI is determined based on a tax provision
calculated with and without the adjustments.
|
|
|
|
|
|
Diluted earnings (loss) per share from continuing operations
attributable to SSI
|
|
($ per share)
|
|
Quarter
|
|
YTD
|
|
|
|
2Q17
|
|
2Q16
|
|
1Q17
|
|
2Q17
|
|
2Q16
|
|
Net income (loss) per share attributable to SSI
|
|
$
|
0.40
|
|
|
$
|
(1.52
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
0.35
|
|
|
$
|
(1.71
|
)
|
|
Less: Loss per share from discontinued operations attributable to SSI
|
|
—
|
|
|
(0.04
|
)
|
|
—
|
|
|
(0.01
|
)
|
|
(0.04
|
)
|
|
Income (loss) per share from continuing operations attributable to
SSI(1)
|
|
0.40
|
|
|
(1.48
|
)
|
|
(0.05
|
)
|
|
0.35
|
|
|
(1.67
|
)
|
|
Goodwill impairment charge, per share
|
|
—
|
|
|
0.33
|
|
|
—
|
|
|
—
|
|
|
0.33
|
|
|
Other asset impairment charges, per share
|
|
—
|
|
|
0.68
|
|
|
0.01
|
|
|
0.01
|
|
|
0.68
|
|
|
Restructuring charges and other exit-related activities, per share
|
|
(0.02
|
)
|
|
0.19
|
|
|
0.01
|
|
|
(0.01
|
)
|
|
0.27
|
|
|
Recoveries related to the resale or modification of previously
contracted shipments, per share
|
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
|
(0.02
|
)
|
|
—
|
|
|
Income tax expense (benefit) allocated to adjustments, per share(2)
|
|
—
|
|
|
0.03
|
|
|
—
|
|
|
—
|
|
|
0.02
|
|
|
Adjusted diluted EPS from continuing operations attributable to SSI(1)
|
|
$
|
0.37
|
|
|
$
|
(0.25
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.34
|
|
|
$
|
(0.38
|
)
|
|
|
|
(1)
|
|
May not foot due to rounding.
|
|
(2)
|
|
Income tax allocated to the aggregate adjustments reconciling
Reported and Adjusted diluted earnings (loss) per share from
continuing operations attributable to SSI is determined based on a
tax provision calculated with and without the adjustments.
|
|
|
|
|
|
Debt, net of cash
|
|
|
|
|
|
($ in thousands)
|
|
|
|
|
|
|
|
February 28, 2017
|
|
August 31, 2016
|
|
Short-term borrowings
|
|
$
|
676
|
|
|
$
|
8,374
|
|
Long-term debt, net of current maturities
|
|
208,801
|
|
|
184,144
|
|
Total debt
|
|
209,477
|
|
|
192,518
|
|
Less: cash and cash equivalents
|
|
9,830
|
|
|
26,819
|
|
Total debt, net of cash
|
|
$
|
199,647
|
|
|
$
|
165,699
|
About Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and
exporters of recycled metal products in the United States with operating
facilities located in 23 states, Puerto Rico and Western Canada.
Schnitzer 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 auto parts stores with
approximately 5 million annual retail visits. The Company's steel
manufacturing business produces finished steel products, including
rebar, wire rod and other specialty products. The Company began
operations in 1906 in Portland, Oregon.
Safe Harbor for Forward-Looking Statements
Statements and information included in this press release by Schnitzer
Steel Industries, Inc. (the "Company") 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 future events or our expectations, intentions, beliefs and
strategies regarding the future, which may include statements regarding
trends, cyclicality and changes in the markets we sell into; the
Company's outlook or expected results, including pricing, margins, sales
volumes and profitability; strategic direction or goals; targets;
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; obligations under our retirement plans; benefits,
savings or additional costs from business realignment, cost containment
and productivity improvement programs; and the adequacy of accruals.
Forward-looking statements by their nature address matters that are, to
different degrees, uncertain, and often contain words such as “outlook,”
“target,” “aim,” “believes,” “expects,” “anticipates,” “intends,”
“assumes,” “estimates,” “evaluates,” “may,” “will,” “should,” “could,”
“opinions,” “forecasts,” “projects,” “plans,” “future,” “forward,”
“potential,” “probable,” and similar expressions. However, the absence
of these words or similar expressions does not mean that a statement is
not forward-looking. We may make other forward-looking statements from
time to time, including in reports filed with the Securities and
Exchange Commission, press releases, presentations and on 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” in Part I of our most recent Annual Report on Form
10-K and in Part II of our Quarterly Report on Form 10-Q. Examples of
these risks include: potential environmental cleanup costs related to
the Portland Harbor Superfund site; the cyclicality and impact of
general economic conditions; instability in international markets;
volatile supply and demand conditions affecting prices and volumes in
the markets for both our products and raw materials we purchase;
imbalances in supply and demand conditions in the global steel industry;
the impact of goodwill impairment charges; the impact of long-lived
asset and joint venture investment impairment charges; the realization
of expected benefits or cost reductions associated with productivity
improvement and restructuring initiatives; difficulties associated with
acquisitions and integration of acquired businesses; customer
fulfillment of their contractual obligations; changes in the relative
value of the U.S. dollar; 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; inability to realize expected
benefits from investments in technology; freight rates and the
availability of transportation; the impact of equipment upgrades,
equipment failures and facility damage on production; product liability
claims; the impact of legal proceedings and legal compliance; the
adverse impact of climate change; the impact of not realizing deferred
tax assets; the impact of tax increases and changes in tax rules; the
impact of a cybersecurity incident; costs associated with compliance
with environmental regulations; 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170406005316/en/
Source: Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc.
Investor Relations:
Alexandra
Deignan, 646-278-9711
[email protected]
or
Company
Info:
www.schnitzersteel.com
[email protected]