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Schnitzer Steel issues downside Q4 earnings guidance

Sep. 26, 2019 8:35 AM ETRadius Recycling, Inc. (RDUS) StockBy: Carl Surran, SA News Editor
  • Schnitzer Steel (NASDAQ:SCHN) says it estimates FQ4 adjusted EPS of $0.38-$0.43, well below Wall Street's $0.57 consensus estimate, citing a weaker market for recycled metals.
  • SCHN reported adjusted EPS of $2.11 in the year-ago quarter, which included a discrete tax benefit of $1.06/share.
  • In auto and metals recycling, SCHN says weak domestic and export demand for scrap metal has led to a significant decrease in selling prices for ferrous products to levels last seen in 2017, contributing to a compression in metal spreads.
  • SCHN says market prices for nonferrous products also continued to decline during Q4, hur by the ongoing effects of trade actions including Chinese tariffs on imports from the U.S.

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