Exhibit 99.1
Schnitzer Steel Reports Second Quarter Results
PORTLAND, Ore.--(BUSINESS WIRE)--April 2, 2009--Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) today reported revenues of $434 million and a net loss of $7 million, or $0.25 per diluted share, for the fiscal 2008 second quarter ended February 28, 2009. Despite the quarterly net loss, the Company generated $91 million in cash from operations.
(in millions, except per-share data) | Second | Second Quarter 2008 | First | Year to | Year to Date 2008 | |||||||||||||
Revenues | $ | 434 | $ | 751 | $ | 499 | $ | 932 | $ | 1,355 | ||||||||
Operating Income (Loss) | ($ | 18 | ) | $ | 59 | ($ | 50 | ) | ($ | 68 | ) | $ | 100 | |||||
Net Income (Loss) | ($ | 7 | ) | $ | 36 | ($ | 34 | ) | ($ | 41 | ) | $ | 61 | |||||
Diluted Earnings (Loss) per Share | ($ | 0.25 | ) | $ | 1.25 | ($ | 1.21 | ) | ($ | 1.46 | ) | $ | 2.10 | |||||
“The markets in the second quarter remained extremely challenging,” said Tamara Lundgren, President and Chief Executive Officer. “The global economic downturn continued, and the demand for finished steel products and the raw materials used in making steel remained weak. However, our export platform, which allows us to sell to the regions of the world where demand is greatest, continued to provide a benefit as we were able to take advantage of overseas markets which offered better net pricing than the domestic markets.
“We reduced our production output to match lower demand and, through our cost containment program, we have adjusted our cost structure accordingly. Controllable production and SG&A costs have been significantly reduced, including headcount reductions of nearly 500 employees, or 13% of the full-time workforce, and approximately 350 contractors. By controlling costs, reducing inventory levels and actively managing the cash spreads between our selling prices for recycled metal and steel products and the cost of purchasing raw materials, we were able to generate positive operating cash flows during the quarter of $91 million, a $21 million increase over the first quarter. These initiatives have strengthened our ability to weather the current market environment.
“During the second quarter, we completed four acquisitions which expanded our Metals Recycling operations into Puerto Rico and further enhanced our position on the West Coast and our Auto Parts Business presence in Northern California. We were able to make these acquisitions and additional capital improvements while increasing our debt, net of cash, by only $19 million compared to the end of the first quarter of fiscal 2009. Our strong cash flows and low leverage have enabled us to continue our growth strategy of investing in technology and infrastructure improvements and making value-enhancing acquisitions,” added Lundgren.
Metals Recycling Business
($ in millions, except selling prices; ferrous volume in thousand long tons, nonferrous volumes in million pounds) | Second Quarter 2009 | Second Quarter 2008 | First | Year to Date 2009 | Year to Date 2008 | ||||||||||||
Total Revenues | $ | 337 | $ | 597 | $ | 401 | $ | 738 | $ | 1,078 | |||||||
Ferrous Revenues | $ | 298 | $ | 497 | $ | 313 | $ | 611 | $ | 885 | |||||||
Ferrous Volumes (Processing/Trading) | 1,083/0 | 1,128/149 | 779/0 | 1,862/0 | 2,129/284 | ||||||||||||
Avg. Net Ferrous Sales Price ($/LT)(1) | $ | 253 | $ | 326 | $ | 359 | $ | 297 | $ | 305 | |||||||
Nonferrous Volumes | 77 | 96 | 107 | 184 | 185 | ||||||||||||
Avg. Net Nonferrous Sales Prices ($/LB)(1) | $ | 0.45 | $ | 0.98 | $ | 0.78 | $ | 0.65 | $ | 0.99 | |||||||
Operating Income (Loss) (2) | $ | 5 | $ | 52 | ($ | 19 | ) | ($ | 14 | ) | $ | 82 | |||||
(1) Price information is shown after netting the cost of freight incurred to deliver the product to the customer | |||||||||||||||||
(2) Includes operating income from joint ventures | |||||||||||||||||
Revenues for the Metals Recycling Business declined 44% over the second quarter of 2008. The decrease was primarily the result of a 23% decline in average net ferrous selling prices and a 15% decline in ferrous processing and trading sales volumes. Lower nonferrous sales volumes and sales prices also contributed to the decline in revenues. The lower year over year sales volumes and sales prices were the result of weaker demand and reduced inflows due to the continued impact of the worldwide economic downturn.
Compared to the first quarter of 2009, revenues declined 16% as higher ferrous sales volumes were more than offset by lower ferrous and nonferrous sales prices and lower nonferrous sales volumes. During the quarter the markets for ferrous scrap improved from the low point experienced toward the end of the first quarter, although average net prices were lower than the average prices for the first quarter as a whole. Second quarter sales volumes increased compared to the first quarter due to the timing of shipments deferred from the first quarter and an improved flow of raw materials as the quarter progressed.
Operating income for the quarter declined $47 million from the second quarter of 2008, primarily due to the weaker demand and the impact of low margin sales resulting from the selling of inventory written down to market sales prices at the end of the first quarter of 2009. Operating income improved $24 million from an operating loss of $19 million in the first quarter of 2009.
Auto Parts Business
($ in millions, except locations) | Second Quarter 2009 | Second | First Quarter 2009 | Year to Date 2009 | Year to Date 2008 | |||||||||||||
Revenues | $ | 58 | $ | 77 | $ | 67 | $ | 126 | $ | 149 | ||||||||
Operating Income (Loss) | ($ | 5 | ) | $ | 7 | ($ | 9 | ) | ($ | 14 | ) | $ | 14 | |||||
Locations (end of quarter) | 58 | 53 | 56 | 58 | 53 | |||||||||||||
Revenues for the Auto Parts Business decreased 25% over the same period last year, primarily as a result of a 21% decrease in purchases of scrapped vehicles, which led to lower sales volumes of cores and scrap, lower market prices for cores and scrap and lower full-service parts revenues. Compared to the first quarter of 2009, revenues declined 14% due to lower scrapped vehicle purchases and lower market prices for cores and scrap.
Operating income declined $12 million to an operating loss of $5 million from the second quarter of 2008, primarily due to lower self-service volumes and significantly lower margins from sales of cores and scrap. Year over year, the Auto Parts Business continued to be impacted by inventory values which fell less quickly than sales prices. Compared to the first quarter of 2009, the operating loss improved $4 million, or 44%, due to the Company’s cost containment program and reduced average inventory costs, which together more than offset lower scrapped vehicle purchases and lower average prices for cores and scrap.
Steel Manufacturing Business
($ in millions, except selling prices; volume in thousand tons, excluding billets) | Second Quarter 2009 | Second Quarter 2008 | First Quarter 2009 | Year to Date 2009 | Year to Date 2008 | |||||||||||||
Revenues | $ | 52 | $ | 143 | $ | 99 | $ | 151 | $ | 253 | ||||||||
Avg. Net Sales Prices ($/T) | $ | 570 | $ | 616 | $ | 864 | $ | 730 | $ | 609 | ||||||||
Sales Volume | 82 | 202 | 98 | 181 | 376 | |||||||||||||
Operating Income (Loss) | ($ | 6 | ) | $ | 13 | ($ | 31 | ) | ($ | 38 | ) | $ | 28 | |||||
Revenues for the Steel Manufacturing Business fell 64% on a year over year basis, primarily due to a 120 thousand ton, or 59%, drop in finished goods sales volumes, and a $46/ton, or 7%, drop in finished goods net sales prices.
Compared to the first quarter of 2009, revenues declined 47% on a 34% drop in net sales prices and a 16% drop in sales volume. During the quarter, demand in the West Coast steel markets remained weak.
The second quarter operating loss of $6 million represented a $19 million decline in year over year operating income. Compared to the first quarter, the operating loss improved $25 million from the first quarter loss of $31 million. The second quarter loss included $6 million in expenses pursuant to FAS 151 which could not be capitalized into inventory as the Company curtailed production volumes to levels lower than sales volumes in order to reduce billet and finished goods inventories.
Outlook
The Company said the factors, which are forward-looking statements and subject to uncertainty as discussed below, that will affect its results in the third quarter of 2009 include:
Metals Recycling Business:
Pricing. Pricing for ferrous scrap metal began to decline slightly toward the end of the second fiscal quarter. Based on current market conditions, third quarter average net prices are expected to be slightly lower than prices achieved during the second quarter. The overseas markets for ferrous scrap are expected to remain stronger than domestic markets.
Sales volumes. Demand for ferrous and nonferrous materials appears to have stabilized and both ferrous and nonferrous sales volumes will be highly dependent upon the timing of shipments. Third quarter ferrous processing sales volumes are expected to decline slightly from volumes shipped during the recently completed second quarter. Nonferrous sales volumes are expected to increase slightly on a sequential basis.
Margins. Lower inventory costs, which are more reflective of the current market for raw materials, are expected to result in an operating margin per ton which is improved from the recently completed second quarter. However, lower sales prices for the nonferrous metals extracted from the shredding process are expected to result in an operating margin per ton slightly below the bottom end of the quarterly range of $22/ton to $62/ton experienced during fiscal years 2006 and 2007.
Auto Parts Business:
Revenue. Normal seasonal improvements in parts sales and the availability of scrapped vehicles are expected to result in revenues which are improved from the recently completed second quarter.
Margins. Operating margins are expected to be positive and improved from the second quarter due to improved margins from scrap and cores and seasonal improvements in parts sales.
Steel Manufacturing Business:
Pricing. Demand for finished steel products in West Coast markets is expected to remain weak, and average sales prices are expected to decline from the levels in the recently completed second quarter.
Volumes. Sales volumes are expected to approximate the volumes in the recently completed second quarter.
Margins. The impact of low production volumes and falling sales prices, both due to continued weak demand for finished steel products, are expected to result in margins in the Steel Manufacturing Business which will remain negative, although improved from the recently completed second quarter.
Non-GAAP Financial Measures:
Debt, net of cash.
Debt, net of cash, is the difference between (i) the sum of long-term debt and short-term debt (i.e. total debt) and (ii) cash and cash equivalents. Management believes debt, net of cash is a useful measure for investors, because cash and cash equivalents can be used, among other things, to repay indebtedness, and netting this against total debt is a useful measure of the Company’s leverage.
Management believes that this non-GAAP financial measure allows for a better understanding of the Company’s operating and financial performance. This non-GAAP financial measure should be considered in addition to, but not as a substitute for, the most directly comparable U.S. GAAP measure. The following is a reconciliation of debt, net of cash (in thousands):
February 28, 2009 | November 30, 2008 | |||||
Short-term borrowings and capital lease obligations, current | $ | 19,155 | $ | 25,537 | ||
Long-term debt and capital lease obligations, net of current maturities | 130,636 | 106,107 | ||||
Total debt | 149,791 | 131,644 | ||||
Less: cash and cash equivalents | 8,736 | 10,039 | ||||
Total debt, net of cash | $ | 141,055 | $ | 121,605 | ||
Second Quarter 2009 Conference Call
A conference call to discuss results will be held today, April 2, 2009, at 11:30 a.m. EDT, hosted by Tamara Lundgren, Chief Executive Officer, and Richard Peach, Chief Financial Officer. The call will be webcast and is accessible on Schnitzer Steel's web site at www.schnitzersteel.com.
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 42 operating facilities located in 13 states and Puerto Rico, including seven export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s vertically integrated operating platform also includes its auto parts and steel manufacturing businesses. The Company’s auto parts business sells used auto parts through its 40 self-service facilities and 18 full-service facilities located in 14 states and in western Canada. With an annual production capacity of nearly 800,000 tons, the Company’s steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products. The Company commenced its 103rd year of operations in fiscal 2009.
This news release, particularly the Outlook section, contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s outlook for the business and statements as to expected pricing, sales volume, operating margins, costs and operating results. Such statements can generally be identified because they contain “expect,” “believe,” “anticipate,” “estimate” and other words that convey a similar meaning. One can also identify these statements as statements that do not relate strictly to historical or current facts. Examples of factors affecting the Company that could cause actual results to differ materially from current expectations are the following: volatile supply and demand conditions affecting prices and volumes in the markets for both the Company’s products and the raw materials it purchases; world economic conditions; world political conditions; unsettled credit markets; the Company’s ability to match output with demand; changes in federal and state income tax laws; government regulations and environmental matters; impact of pending or new laws and regulations regarding imports and exports into the United States and other foreign countries; foreign currency fluctuations; competition; seasonality, including weather; energy supplies; freight rates and availability of transportation; loss of key personnel; expectations regarding the Company’s compliance program; the inability to obtain sufficient quantities of scrap metal to support current orders; purchase price estimates made during acquisitions; business integration issues relating to acquisitions of businesses; new accounting pronouncements; availability of capital resources; creditworthiness of and availability of credit to suppliers and customers; business disruptions resulting from installation or replacement of major capital assets; and the adverse impact of climate changes, as discussed in more detail in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. One should understand that it is not possible to predict or identify all factors that could cause actual results to differ from the Company’s forward-looking statements. Consequently, the reader should not consider any such list to be a complete statement of all potential risks or uncertainties. The Company does not assume any obligation to update any forward-looking statement.
For more information about Schnitzer Steel Industries, Inc. go to www.schnitzersteel.com.
SCHNITZER STEEL INDUSTRIES, INC. | ||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
February 28, | February 29, | February 28, | February 29, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
REVENUES: | ||||||||||||||||
Metals Recycling Business: | ||||||||||||||||
Ferrous sales | 297,757 | 497,088 | 610,512 | 885,369 | ||||||||||||
Nonferrous sales | 36,999 | 96,158 | 123,515 | 185,764 | ||||||||||||
Other sales | 2,076 | 3,311 | 3,988 | 6,896 | ||||||||||||
Total sales | 336,832 | 596,557 | 738,015 | 1,078,029 | ||||||||||||
Auto Parts Business | 58,277 | 77,333 | 125,581 | 149,496 | ||||||||||||
Steel Manufacturing Business | 51,925 | 143,498 | 150,557 | 253,187 | ||||||||||||
Intercompany sales eliminations | (13,432 | ) | (65,916 | ) | (81,986 | ) | (125,342 | ) | ||||||||
Total | $ | 433,602 | $ | 751,472 | $ | 932,167 | $ | 1,355,370 | ||||||||
INCOME (LOSS) FROM OPERATIONS: | ||||||||||||||||
Metals Recycling Business: | 5,264 | 51,940 | (13,988 | ) | 81,576 | |||||||||||
Auto Parts Business | (5,443 | ) | 6,540 | (14,391 | ) | 13,754 | ||||||||||
Steel Manufacturing Business | (6,395 | ) | 13,165 | (37,680 | ) | 27,509 | ||||||||||
Corporate expense | (9,670 | ) | (11,993 | ) | (15,252 | ) | (21,505 | ) | ||||||||
Intercompany eliminations | (1,312 | ) | (855 | ) | 13,347 | (1,169 | ) | |||||||||
Total | $ | (17,556 | ) | $ | 58,797 | $ | (67,964 | ) | $ | 100,165 | ||||||
NET INCOME (LOSS) | $ | (6,965 | ) | $ | 35,871 | $ | (40,968 | ) | $ | 60,582 | ||||||
BASIC EARNINGS (LOSS) PER SHARE | $ | (0.25 | ) | $ | 1.27 | $ | (1.46 | ) | $ | 2.13 | ||||||
DILUTED EARNINGS (LOSS) PER SHARE | $ | (0.25 | ) | $ | 1.25 | $ | (1.46 | ) | $ | 2.10 | ||||||
SHARE INFORMATION (THOUSANDS): | ||||||||||||||||
Basic shares outstanding | 28,194 | 28,242 | 28,118 | 28,386 | ||||||||||||
Diluted shares outstanding | 28,194 | 28,791 | 28,118 | 28,916 | ||||||||||||
SCHNITZER STEEL INDUSTRIES, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
February 28, 2009 | February 29, 2008 | February 28, 2009 | February 29, 2008 | |||||||||||||
Revenues | $ | 433,602 | $ | 751,472 | $ | 932,167 | $ | 1,355,370 | ||||||||
Cost of goods sold | 403,717 | 642,552 | 917,477 | 1,161,929 | ||||||||||||
Selling, general and administrative | 47,964 | 51,917 | 91,046 | 96,810 | ||||||||||||
Environmental matters | (467 | ) | (157 | ) | (6,080 | ) | (157 | ) | ||||||||
(Income) from joint ventures | (56 | ) | (1,637 | ) | (2,312 | ) | (3,377 | ) | ||||||||
Operating income (loss) | (17,556 | ) | 58,797 | (67,964 | ) | 100,165 | ||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (840 | ) | (2,648 | ) | (2,194 | ) | (4,996 | ) | ||||||||
Other income (expense), net | 873 | 97 | 1,151 | 710 | ||||||||||||
33 | (2,551 | ) | (1,043 | ) | (4,286 | ) | ||||||||||
Income (loss) before income taxes and minority interests | (17,523 | ) | 56,246 | (69,007 | ) | 95,879 | ||||||||||
Income tax benefit (expense) | 10,604 | (19,881 | ) | 27,838 | (34,106 | ) | ||||||||||
Income (loss) before minority interests and pre-acquisition interests | (6,919 | ) | 36,365 | (41,169 | ) | 61,773 | ||||||||||
Minority interests, net of tax | (46 | ) | (494 | ) | 201 | (1,191 | ) | |||||||||
Net income (loss) | $ | (6,965 | ) | $ | 35,871 | $ | (40,968 | ) | $ | 60,582 | ||||||
Basic earnings (loss) per share | $ | (0.25 | ) | $ | 1.27 | $ | (1.46 | ) | $ | 2.13 | ||||||
Diluted earnings (loss) per share | $ | (0.25 | ) | $ | 1.25 | $ | (1.46 | ) | $ | 2.10 | ||||||
Schnitzer Steel Industries, Inc. | ||||||||||||||||||||||||||
Selected Operating Statistics | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||
Q1 FY09 | Q2 FY09 | FY09 | Q1 FY08 | Q2 FY08 | Q3 FY08 | Q4 FY08 | FY08 | |||||||||||||||||||
Metals Recycling Business | ||||||||||||||||||||||||||
Ferrous Recycled Metal Selling Prices ($/LT)(1) | ||||||||||||||||||||||||||
Domestic | $ | 371 | $ | 209 | $ | 319 | $ | 279 | $ | 321 | $ | 464 | $ | 583 | $ | 416 | ||||||||||
Exports | 353 | 259 | 291 | 286 | 331 | 459 | 636 | 444 | ||||||||||||||||||
Average | 359 | 253 | 297 | 284 | 328 | 460 | 622 | 436 | ||||||||||||||||||
Ferrous Processing Sales Volume (LT)(2) | ||||||||||||||||||||||||||
Cascade | 145,493 | 29,761 | 175,254 | 179,686 | 170,221 | 186,696 | 200,523 | 737,126 | ||||||||||||||||||
Domestic | 129,620 | 99,275 | 228,895 | 178,833 | 210,824 | 226,961 | 188,801 | 805,419 | ||||||||||||||||||
Export | 503,635 | 954,003 | 1,457,638 | 642,142 | 746,736 | 722,973 | 1,099,203 | 3,211,054 | ||||||||||||||||||
Total Processed | 778,748 | 1,083,039 | 1,861,787 | 1,000,661 | 1,127,781 | 1,136,630 | 1,488,527 | 4,753,599 | ||||||||||||||||||
Ferrous Trading Sales Volume (LT) | ||||||||||||||||||||||||||
Trading | - | - | - | 134,957 | 148,899 | 151,324 | 8,407 | 443,587 | ||||||||||||||||||
Total Ferrous Sales Volume (LT)(2) | 778,748 | 1,083,039 | 1,861,787 | 1,135,618 | 1,276,680 | 1,287,954 | 1,496,934 | 5,197,186 | ||||||||||||||||||
Nonferrous Average Price ($/pound)(1) | $ | 0.784 | $ | 0.45 | $ | 0.65 | $ | 1.000 | $ | 0.980 | $ | 1.069 | $ | 1.053 | $ | 1.030 | ||||||||||
Nonferrous Sales Volume (pounds, in thousands) | 107,359 | 76,822 | 184,181 | 88,808 | 96,278 | 128,858 | 125,525 | 439,469 | ||||||||||||||||||
Steel Manufacturing Business | ||||||||||||||||||||||||||
Sales Prices ($/NT)(1)(2)(3) | ||||||||||||||||||||||||||
Average | $ | 864 | $ | 570 | $ | 730 | $ | 601 | $ | 616 | $ | 744 | $ | 958 | $ | 728 | ||||||||||
Sales Volume (NT)(3) | ||||||||||||||||||||||||||
Rebar | 46,917 | 56,588 | 103,505 | 108,856 | 127,732 | 128,597 | 104,926 | 470,111 | ||||||||||||||||||
Coiled Products | 45,051 | 19,332 | 64,383 | 49,343 | 57,096 | 74,270 | 65,397 | 246,106 | ||||||||||||||||||
Merchant Bar and Other | 6,235 | 6,783 | 13,018 | 16,031 | 17,332 | 15,033 | 11,576 | 59,972 | ||||||||||||||||||
Total | 98,203 | 82,703 | 180,906 | 174,230 | 202,160 | 217,900 | 181,899 | 776,189 | ||||||||||||||||||
Auto Parts Business | ||||||||||||||||||||||||||
Number of self-service locations at end of quarter | 38 | 40 | 40 | 35 | 35 | 35 | 38 | 38 | ||||||||||||||||||
Number of full-service sites at end of quarter | 18 | 18 | 18 | 17 | 17 | 17 | 18 | 18 | ||||||||||||||||||
(1) Price information is shown after a reduction for the cost of freight incurred to deliver the product to the customer. | ||||||||||||||||||||||||||
(2) Includes sales to the Steel Manufacturing Business for all quarters. | ||||||||||||||||||||||||||
(3) Excludes billet sales. | ||||||||||||||||||||||||||
SCHNITZER STEEL INDUSTRIES, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited, in thousands, except per share amounts) | |||||||
February 29, 2009 | August 31, 2008 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 8,736 | $ | 15,039 | |||
Accounts receivable, net | 127,213 | 314,993 | |||||
Inventories | 238,112 | 429,061 | |||||
Other current assets | 57,281 | 20,433 | |||||
Total current assets | 431,342 | 779,526 | |||||
Property, plant and equipment, net | 463,375 | 431,898 | |||||
Goodwill and other assets | 405,234 | 343,429 | |||||
Total assets | $ | 1,299,951 | $ | 1,554,853 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Short-term borrowings | $ | 19,155 | $ | 25,490 | |||
Other current liabilities | 144,110 | 319,432 | |||||
Total current liabilities | 163,265 | 344,922 | |||||
Long-term debt | 130,636 | 158,933 | |||||
Other long-term liabilities | 68,388 | 68,447 | |||||
Minority interests | 2,840 | 4,399 | |||||
Shareholders’ equity | 934,822 | 978,152 | |||||
Total liabilities and shareholders’ equity | $ | 1,299,951 | $ | 1,554,853 | |||
CONTACT:
Schnitzer Steel Industries, Inc.
Investor Relations Contact
Rob Stone, 503-224-9900
or
Press Relations Contact
Tom Zelenka, 503-323-2821
ir@schn.com
www.schnitzersteel.com