Shnitzer Steel's Investors are Forced to Fly Blind

| About: Schnitzer Steel (SCHN)

A comfortable out for Schnitzer Steel Industries (NASDAQ:SCHN) who announced they have determined the need to file an amended 10-K/A for the fiscal year ended August 31, 2005.

This after almost one year has passed. The amended 10-K/A is required to restate the Consolidated Statement of Cash Flows to reclassify cash received from joint ventures from the "net cash provided by investments" section of the statement to "net cash provided by operations." The filing of the Company's quarterly report on Form 10-Q for the third quarter of fiscal year 2006 will be delayed until such time as the amended 10-K/A form and amended forms 10-Q/A for the first and second quarters of fiscal 2006 are filed with the SEC.

In the mean time, investors are left without current info that is reliable. What else needs to be restated? Where is auditor responsibility?

SCHN 1-yr chart:

SCHN 1-yr chart

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Tagged: , Steel & Iron, Steel
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