Schnitzer Steel Industries Inc. said strong demand and higher prices boosted first-quarter revenue.
"The company's first-quarter performance benefited from strong global demand for recycled metals and a strong West Coast market for finished steel products."
“The results reflected average selling prices for ferrous, non-ferrous and finished steel products at or near several-year highs.”
“These benefits were partially offset by the impact of supply chain disruptions that contributed to delays in scheduled November shipments of ferrous bulk and non-ferrous goods containers, as well as lower prices for platinum group metals and higher selling, general and administrative expenses.”
"Average net selling prices for finished steel products were the highest on record, up 58% compared to the same period last year."
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