Schnitzer Steel Sees Sequential Growth In Q2 Financial Performance - Quick Facts

(RTTNews.com) - Schnitzer Steel Industries, Inc. ( SCHN ) provided its market outlook for the second quarter of fiscal 2013.

The company anticipates a sequential improvement in its consolidated financial performance in the second quarter of fiscal 2013. Looking ahead to the second quarter, earnings per share are likely to range from $0.20 to $0.26, excluding restructuring charges. Also, the company expects to incur a pre-tax restructuring charge in the second quarter relating to its announcement in August of about $2 million, equating to $0.04 earnings per share.

The effective tax rate for the second quarter is believed to include tax credits and other benefits in the range of $1 million - $2 million.

In the Metals Recycling Business, ferrous export selling prices strengthened throughout the quarter, with prices for February shipments around $40 per ton higher than shipments at the first quarter end, while domestic selling prices weakened slightly toward the end of the quarter.

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