Schnitzer Steel Cuts Q4 Forecast amid Restructuring Plan; Will Lay off 300 Workers (SCHN)

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Metals recycler Schnitzer Steel Industries, Inc. ( SCHN ) on Tuesday unveiled a new cost-cutting plan and slashed its fiscal fourth quarter outlook.

The Portland, OR-based company said it now expects to break even on an adjusted basis for the fourth quarter. When including restructuring charges, SCHN said it expects a net loss of about 12 cents per share.

On average, Wall Street analysts expect a profit of 24 cents per share for the fiscal fourth quarter.

SCHN noted that part of the restructuring plan will include the elimination of 300 jobs, or about 7% of its current workforce.

Schnitzer Steel shares fell 80 cents, or -2.7%, in premarket trading Tuesday.

The Bottom Line
Shares of Schnitzer Steel ( SCHN ) have a 2.57% dividend yield, based on last night's closing stock price of $29.15. The stock has technical support in the $25-$26 price area. If the shares can firm up, we see overhead resistance around the $33-$34 price levels.

Schnitzer Steel Industries, Inc. ( SCHN ) is not recommended at this time, holding a DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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