Metals recycler Schnitzer Steel Industries, Inc. ( SCHN ) on Monday lowered its first quarter earnings outlook, citing weaker global demand for its metals.
The Portland, OR-based company said it now Schnitzer expects first quarter earnings to range from 18 to 25 cents per share - much lower than the average Wall Street estimate of 55 cents. SCHN said that the European debt crisis coupled with weaker global demand led to sharply lower selling prices.
The company is slated to deliver its first quarter earnings results on Monday, Jan. 9, 2012.
Schnitzer Steel shares were unchanged in premarket trading Monday.
The Bottom Line
Shares of Schnitzer Steel ( SCHN ) have a .15% dividend yield, based on Friday's closing stock price of $45.73. The stock has technical support in the $38-$40 price area. If the shares can firm up, we see overhead resistance around the $50 price level.
Schnitzer Steel Industries, Inc. ( SCHN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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