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Schnitzer Steel Industries post 66% dip in Q1 profits
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Oregon-based steelmaker and steel recycling company Schnitzer Steel Industries posted sales profits of US$11.2 million for the first quarter of the current fiscal year ended May 31st, 2011, slumping by 66% year on year, caused by lower sales revenues, especially in metals recycling business.
Also, its revenues for the first quarter were at US$879.9 million, falling by 10% year on year.
It’s analyzed that the operating margins at company’s key metal recycling business was squeezed by the lower prices caused by weak market condition.
News Date
6/29/2012 1:44:47 PM
reported by
Nann Cheng
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