Best Quarterly Operating Performance Since
FY2008
Strong Sequential Improvement in Sales
Volumes, with Ferrous Up 24%, Nonferrous Up 15% and Finished Steel
Up 12%
Schnitzer Board Declares Quarterly
Dividend
Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) today reported
results for its third quarter of fiscal 2021 ended May 31,
2021.
Third Quarter Fiscal 2021 Highlights
- Diluted earnings per share from continuing operations of $2.16,
compared to earnings per share of $1.54 in the second quarter of
fiscal 2021 and a loss of ($0.18) per share in the third quarter of
fiscal 2020
- Adjusted diluted earnings per share from continuing operations
of $2.20, compared to adjusted diluted earnings per share of $1.51
in the second quarter of fiscal 2021 and $0.05 in the third quarter
of fiscal 2020
- Net income of $65 million, compared to net income of $46
million in the second quarter of fiscal 2021 and a net loss of ($5)
million in the third quarter of fiscal 2020
- Adjusted EBITDA of $97 million in the quarter, compared to
adjusted EBITDA of $71 million in the second quarter of fiscal 2021
and $19 million in the third quarter of fiscal 2020
The Company’s performance during the third quarter of fiscal
2021 benefited from strong demand for recycled metals globally and
for finished steel products on the West Coast, with ferrous,
nonferrous and finished steel selling prices reaching multi-year
highs during the quarter. In addition, results for the quarter
reflected the operating leverage benefits from significantly higher
ferrous, nonferrous and finished steel sales volumes
sequentially.
Tamara Lundgren, Chairman and Chief Executive Officer, stated,
“Our third quarter financial and operational results are
Schnitzer’s best in over a decade. Our performance this quarter
continued to benefit from both operating efficiencies gained from
the implementation of our One Schnitzer organizational model and
volume growth achieved from the execution of our strategic plan.
Prices for recycled ferrous and nonferrous metals during the
quarter rose to multi-year highs, with peaks and troughs in prices
at respectively higher levels than we’ve seen in the past decade.
The post-pandemic economic recovery and positive structural
commodity trends are contributing to the higher price levels.”
Ms. Lundgren continued, “During the quarter, we began ramping up
production on two of our new major advanced metal recovery
technology systems, with additional systems on track for
commissioning by the end of this calendar year. Extracting more
nonferrous metals from our shredding activities is a significant
value-added process and is directly aligned with global
decarbonization and demand trends. Increasing the use of ferrous
and nonferrous scrap in industrial production is a great example of
how ‘old economy’ tools will lead the way to decarbonization of the
new economy.”
Summary Results
($ in millions, except per share
amounts)
Three Months Ended
Nine Months Ended
3Q21
2Q21
3Q20
2021
2020
Revenues
$
821
$
600
$
403
$
1,913
$
1,248
Gross margin (total revenues less cost of
goods sold)
$
142
$
113
$
46
$
328
$
146
Gross margin (%)
17.4
%
18.8
%
11.5
%
17.1
%
11.7
%
Selling, general and administrative
expense
$
62
$
54
$
46
$
166
$
139
Net income (loss)
$
65
$
46
$
(5
)
$
126
$
(7
)
Net income (loss) per ferrous ton
$
54
$
47
$
(5
)
$
39
$
(2
)
Diluted earnings (loss) per share from
continuing
operations attributable to SSI
shareholders
Reported
$
2.16
$
1.54
$
(0.18
)
$
4.23
$
(0.29
)
Adjusted(1)
$
2.20
$
1.51
$
0.05
$
4.31
$
0.19
Adjusted EBITDA(1)
$
97
$
71
$
19
$
209
$
57
Adjusted EBITDA per ferrous ton(1)
$
80
$
73
$
20
$
64
$
20
Ferrous sales volumes (LT, in
thousands)
1,215
977
927
3,245
2,891
Avg. net ferrous sales prices
($/LT)(2)
$
400
$
387
$
233
$
354
$
237
Nonferrous sales volumes (pounds, in
millions)(3)
156
136
123
430
391
Avg. nonferrous sales prices
($/pound)(2)(3)
$
0.97
$
0.83
$
0.54
$
0.82
$
0.54
Finished steel average net sales price
($/ST)(2)
$
802
$
690
$
633
$
709
$
633
Finished steel sales volumes (ST, in
thousands)
153
136
124
423
366
Rolling mill utilization (%)
98
%
88
%
91
%
94
%
83
%
LT = Long Ton, which is equivalent to
2,240 pounds
ST = Short Ton, which is equivalent to
2,000 pounds
(1)
See Non-GAAP Financial Measures for reconciliation to U.S.
GAAP.
(2)
Price information is shown after netting the cost of freight
incurred to deliver the product to the customer.
(3)
Nonferrous sales volumes and average nonferrous prices excludes
platinum group metals (PGMs) in catalytic converters.
Third Quarter Fiscal 2021 Financial Review and
Analysis
The benefits from higher sales volumes and increased average
selling prices for ferrous and nonferrous recycled metals and
finished steel products led to an expansion in operating margins,
reflected in net income per ferrous ton of $54 and adjusted EBITDA
per ferrous ton of $80, a sequential increase from $47 and $73,
respectively. The Company’s sequential performance also reflected
seasonally higher revenues from retail sales and benefits from the
execution of commercial initiatives and productivity improvements
supported by the One Schnitzer operating platform. Third quarter
operating results also included benefits from average inventory
accounting of approximately $7 per ferrous ton compared to $10 per
ferrous ton in the second quarter of fiscal 2021.
On a sequential basis, ferrous sales volumes were up 24% and
nonferrous sales volumes were up 15%, both driven by strong global
demand. Average ferrous and nonferrous net selling prices were up
3% and 17%, respectively. Finished steel sales volumes were up 12%
and rolling mill utilization in the quarter was 98%. Average net
selling prices for finished steel products were up 16%.
On May 22, 2021, the Company experienced a fire at its Cascade
Steel Rolling Mill in McMinnville, Oregon. There were no injuries
to personnel, and property loss or damage from the incident was
limited to the mill’s melt shop. Given that the incident occurred
near the end of the fiscal third quarter, there was no significant
impact on the results of operations in the quarter.
Operating cash flow in the third quarter of fiscal 2021 was $53
million, as cash flows associated with increased profitability more
than offset the increase in working capital requirements associated
with higher volumes and prices. Capital expenditures were $22
million in the quarter, including investments in maintaining the
business, environmental projects, advanced metal recovery
technologies and other growth projects. Total debt at the end of
the quarter was $154 million and debt, net of cash, was $136
million (for a reconciliation of adjusted results and debt, net of
cash, to U.S. GAAP, see the table provided in the Non-GAAP
Financial Measures section). The Company has a revolving credit
facility of $700 million and CAD$15 million that matures in 2023.
The Company’s effective tax rate for the third quarter of fiscal
2021 was an expense of 18%, lower sequentially due to benefits from
higher Company financial performance and certain discrete tax
items.
During the third quarter, the Company returned capital to
shareholders through its 109th consecutive quarterly dividend.
Declaration of Quarterly Dividend
The Board of Directors declared a cash dividend of $0.1875 per
common share, payable July 26, 2021 to shareholders of record on
July 12, 2021. Schnitzer has paid a dividend every quarter since
going public in November 1993.
Analysts’ Conference Call: Third Quarter of Fiscal
2021
A conference call and slide presentation to discuss results will
be held today, June 30, 2021, at 11:30 a.m. Eastern and will be
hosted by Tamara L. Lundgren, Chairman and Chief Executive Officer,
and Richard Peach, Executive Vice President, Chief Financial
Officer and Chief Strategy Officer. The call and the slide
presentation will be webcast and accessible on the Company’s
website under Company > Investors > Event Calendar at
www.schnitzersteel.com/company/investors/event-calendar.
Summary financial data is provided in the following pages. The
slide presentation and related materials will be available prior to
the call on the above website.
About Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc. is one of the largest
manufacturers and exporters of recycled metal products in North
America with operating facilities located in 23 states, Puerto Rico
and Western Canada. Schnitzer has seven deep water export
facilities located on both the East and West Coasts and in Hawaii
and Puerto Rico. The Company’s integrated operating platform also
includes 50 stores which sell serviceable used auto parts from
salvaged vehicles and receive approximately 5 million annual retail
visits. The Company’s steel manufacturing operations produce
finished steel products, including rebar, wire rod and other
specialty products. The Company began operations in 1906 in
Portland, Oregon.
SCHNITZER STEEL INDUSTRIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
($ in thousands, except per share
amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
May 31, 2021
February 28, 2021
May 31, 2020
May 31, 2021
May 31, 2020
Revenues
$
820,718
$
600,111
$
402,683
$
1,912,936
$
1,247,749
Cost of goods sold
678,297
487,025
356,217
1,585,416
1,101,497
Selling, general and administrative
expense
61,887
54,142
45,544
165,935
138,744
(Income) from joint ventures
(950
)
(454
)
(309
)
(2,131
)
(698
)
Asset impairment charges
—
—
2,227
—
4,321
Restructuring charges and other
exit-related activities
104
814
2,710
982
7,810
Operating income (loss)
81,380
58,584
(3,706
)
162,734
(3,925
)
Interest expense
(1,383
)
(1,224
)
(2,656
)
(4,387
)
(5,399
)
Other (loss) income, net
(114
)
(242
)
(90
)
(521
)
18
Income (loss) from continuing operations
before
income taxes
79,883
57,118
(6,452
)
157,826
(9,306
)
Income tax (expense) benefit
(14,401
)
(11,469
)
1,804
(31,589
)
2,568
Income (loss) from continuing
operations
65,482
45,649
(4,648
)
126,237
(6,738
)
(Loss) income from discontinued
operations, net of tax
(46
)
30
(69
)
(58
)
(40
)
Net income (loss)
65,436
45,679
(4,717
)
126,179
(6,778
)
Net income attributable to noncontrolling
interests
(1,801
)
(1,091
)
(278
)
(3,852
)
(1,329
)
Net income (loss) attributable to SSI
shareholders
$
63,635
$
44,588
$
(4,995
)
$
122,327
$
(8,107
)
Net income (loss) per share attributable
to SSI
shareholders:
Basic:
Income (loss) per share from continuing
operations
$
2.27
$
1.59
$
(0.18
)
$
4.38
$
(0.29
)
Net income (loss) per share
$
2.27
$
1.59
$
(0.18
)
$
4.38
$
(0.29
)
Diluted:
Income (loss) per share from continuing
operations
$
2.16
$
1.54
$
(0.18
)
$
4.23
$
(0.29
)
Net income (loss) per share
$
2.15
$
1.54
$
(0.18
)
$
4.22
$
(0.29
)
Weighted average number of common
shares:
Basic
28,047
27,991
27,724
27,948
27,653
Diluted
29,543
28,862
27,724
28,963
27,653
Dividends declared per common share
$
0.1875
$
0.1875
$
0.1875
$
0.5625
$
0.5625
SCHNITZER STEEL INDUSTRIES,
INC.
SELECTED OPERATING
STATISTICS
(Unaudited)
YTD
1Q21
2Q21
3Q21
2021
Total ferrous volumes (LT, in
thousands)(1)
1,053
977
1,215
3,245
Total nonferrous volumes (pounds, in
thousands)(1)(2)
138,236
135,899
155,657
429,792
Ferrous selling prices ($/LT)(3)
Domestic
$
242
$
349
$
395
$
332
Foreign
$
276
$
399
$
401
$
360
Average
$
269
$
387
$
400
$
354
Ferrous sales volume (LT, in
thousands)
Domestic
388
391
412
1,191
Foreign
665
586
803
2,054
Total
1,053
977
1,215
3,245
Nonferrous average price
($/pound)(2)(3)
$
0.64
$
0.83
$
0.97
$
0.82
Nonferrous sales volume (pounds, in
thousands)(2)
138,236
135,899
155,657
429,792
Cars purchased (in thousands)(4)
78
80
91
249
Auto stores at period end
50
50
50
50
Finished steel average sales price
($/ST)(3)
$
621
$
690
$
802
$
709
Sales volume (ST, in thousands)
Rebar
94
103
106
303
Coiled products
39
32
47
118
Merchant bar and other
1
1
—
2
Finished steel products sold
134
136
153
423
Rolling mill utilization(5)
97
%
88
%
98
%
94
%
(1)
Ferrous and nonferrous volumes sold
externally and delivered to our steel mill for finished steel
production.
(2)
Excludes platinum group metals (“PGMs”) in
catalytic converters.
(3)
Price information is shown after netting
the cost of freight incurred to deliver the product to the
customer.
(4)
Cars purchased by auto parts
stores only.
(5)
Rolling mill utilization is based
on effective annual production capacity under current conditions of
580 thousand tons of finished steel products.
SCHNITZER STEEL INDUSTRIES,
INC.
SELECTED OPERATING
STATISTICS
(Unaudited)
Fiscal Year
1Q20
2Q20
3Q20
4Q20
2020(1)
Total ferrous volumes (LT, in
thousands)(2)
976
988
927
1,063
3,954
Total nonferrous volumes (pounds, in
thousands)(2)(3)
144,176
124,342
122,913
159,135
550,566
Ferrous selling prices ($/LT)(4)
Domestic
$
196
$
244
$
222
$
214
$
220
Foreign
$
229
$
258
$
236
$
242
$
241
Average
$
222
$
255
$
233
$
236
$
237
Ferrous sales volume (LT, in
thousands)
Domestic
363
379
312
375
1,429
Foreign
613
609
616
688
2,525
Total(5)
976
988
927
1,063
3,954
Nonferrous average price
($/pound)(3)(4)
$
0.54
$
0.55
$
0.54
$
0.56
$
0.55
Nonferrous sales volume (pounds, in
thousands)(3)
144,176
124,342
122,913
159,135
550,566
Cars purchased (in thousands)(6)
83
85
74
74
316
Auto stores at period end
51
51
49
50
50
Finished steel average sales price
($/ST)(4)
$
643
$
627
$
633
$
618
$
630
Sales volume (ST, in thousands)
Rebar
83
86
85
105
358
Coiled products
29
42
39
34
144
Merchant bar and other
1
1
1
—
3
Finished steel products sold(5)
114
129
124
139
505
Rolling mill utilization(7)
85
%
72
%
91
%
96
%
86
%
LT = Long Ton, which is equivalent to
2,240 pounds
ST = Short Ton, which is equivalent to
2,000 pounds
(1)
The sum of quarterly amounts may
not agree to full year equivalent due to rounding.
(2)
Ferrous and nonferrous volumes
sold externally and delivered to our steel mill for finished steel
production.
(3)
Excludes platinum group metals
(“PGMs”) in catalytic converters.
(4)
Price information is shown after netting
the cost of freight incurred to deliver the product to the
customer.
(5)
May not foot due to rounding.
(6)
Cars purchased by auto parts stores
only.
(7)
Rolling mill utilization is based on
effective annual production capacity under current conditions of
580 thousand tons of finished steel products.
SCHNITZER STEEL INDUSTRIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
($ in thousands)
(Unaudited)
May 31, 2021
August 31, 2020
Assets
Current assets:
Cash and cash equivalents
$
17,927
$
17,887
Accounts receivable, net
266,007
139,147
Inventories
257,229
157,269
Other current assets
44,026
48,328
Total current assets
585,189
362,631
Property, plant and equipment, net
510,762
487,004
Operating lease right-of-use assets
132,987
140,584
Goodwill and other assets
256,800
239,708
Total assets
$
1,485,738
$
1,229,927
Liabilities
and Equity
Current liabilities:
Short-term borrowings
$
2,834
$
2,184
Operating lease liabilities
20,462
19,760
Other current liabilities
273,408
201,720
Total current liabilities
296,704
223,664
Long-term debt, net of current
maturities
150,939
102,235
Operating lease liabilities, net of
current maturities
116,017
125,001
Other long-term liabilities
119,495
98,591
Total liabilities
683,155
549,491
Total Schnitzer Steel Industries, Inc.
("SSI") shareholders' equity
798,031
676,707
Noncontrolling interests
4,552
3,729
Total equity
802,583
680,436
Total liabilities and equity
$
1,485,738
$
1,229,927
Non-GAAP Financial Measures
This press release contains performance based on adjusted
diluted earnings (loss) per share from continuing operations
attributable to SSI shareholders, adjusted EBITDA and adjusted
EBITDA per ferrous ton which are non-GAAP financial measures as
defined under SEC rules. As required by SEC rules, the Company has
provided a reconciliation of these measures for each period
discussed to the most directly comparable U.S. GAAP measure.
Management believes that providing these non-GAAP financial
measures adds a meaningful presentation of our results from
business operations excluding adjustments for business development
costs not related to ongoing operations, charges related to
non-ordinary course legal settlements, legacy environmental matters
(net of recoveries), restructuring charges and other exit-related
activities, asset impairment charges (recoveries), net, and the
income tax (benefit) expense allocated to these adjustments, items
which are not related to underlying business operational
performance, and improves the period-to-period comparability of our
results from business operations. We believe that presenting debt,
net of cash is useful to investors as a measure of our leverage, as
cash and cash equivalents can be used, among other things, to repay
indebtedness. These non-GAAP financial measures should be
considered in addition to, but not as a substitute for, the most
directly comparable U.S. GAAP measures.
Reconciliation of adjusted diluted
earnings (loss) per share from continuing operations attributable
to SSI shareholders
($ per share)
Three Months Ended
Nine Months Ended
3Q21
2Q21
3Q20
2021
2020
As reported
$
2.16
$
1.54
$
(0.18
)
$
4.23
$
(0.29
)
Business development costs, per share
0.03
—
0.03
0.03
0.06
Charges related to legal settlements, per
share(1)
0.01
—
—
0.01
—
Charges (recoveries) for legacy
environmental matters, net, per share(2)
0.01
(0.08
)
0.07
0.03
0.14
Restructuring charges and other
exit-related activities,
per share
—
0.03
0.10
0.03
0.28
Asset impairment charges (recoveries),
net, per share
—
—
0.08
—
0.16
Income tax (benefit) expense allocated to
adjustments,
per share(3)
(0.01
)
0.01
(0.06
)
(0.02
)
(0.15
)
Adjusted(4)
$
2.20
$
1.51
$
0.05
$
4.31
$
0.19
Reconciliation of adjusted EBITDA and
adjusted EBITDA per ferrous ton
($ in millions)
Three Months Ended
Nine Months Ended
3Q21
2Q21
3Q20
2021
2020
Net income (loss)
$
65
$
46
$
(5
)
$
126
$
(7
)
Plus interest expense
1
1
3
4
5
Plus tax expense (benefit)
14
11
(2
)
32
(3
)
Plus depreciation and amortization
14
14
15
44
43
Plus business development costs
1
—
1
1
2
Plus restructuring charges and other
exit-related activities
—
1
3
1
8
Plus (recoveries) charges for legacy
environmental matters, net(1)
—
(2
)
2
1
4
Plus asset impairment charges
(recoveries), net
—
—
2
—
4
Adjusted EBITDA(3)
$
97
$
71
$
19
$
209
$
57
Ferrous sales volume (LT, in
thousands)
1,215
977
927
3,245
2,891
Adjusted EBITDA per ferrous ton sold
($/LT)
$
80
$
73
$
20
$
64
$
20
LT = Long Ton, which is equivalent to
2,240 pounds
(1)
Charges related to legal
settlements in the three and nine months ended May 31, 2021 relate
to a claim with a utility provider for past charges, and in the
three and nine months ended May 31, 2020 relate to the settlement
of a wage and hour class action lawsuit.
(2)
Legal and environmental
(recoveries) charges for legacy environmental matters, net of
recoveries. Legacy environmental matters include (recoveries)
charges related to the Portland Harbor Superfund site and to other
legacy environmental loss contingencies.
(3)
Income tax allocated to the
aggregate adjustments reconciling reported and adjusted diluted
earnings (loss) per share from continuing operations attributable
to SSI shareholders is determined based on a tax provision
calculated with and without the adjustments.
(4)
May not foot due to rounding.
Reconciliation of debt, net of cash
($ in thousands)
May 31, 2021
February 28, 2021
August 31, 2020
Short-term borrowings
$
2,834
$
2,372
$
2,184
Long-term debt, net of current
maturities
150,939
168,441
102,235
Total debt
153,773
170,813
104,419
Less: cash and cash equivalents
17,927
11,326
17,887
Total debt, net of cash
$
135,846
$
159,487
$
86,532
Forward Looking Statements
Statements and information included in this press release that
are not purely historical are forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934 and
are made pursuant to the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Except as noted herein or
as the context may otherwise require, all references in this press
release to “we,” “our,” “us,” “the Company” and “SSI” refer to
Schnitzer Steel Industries, Inc. and its consolidated
subsidiaries.
Forward-looking statements in this press release include
statements regarding future events or our expectations, intentions,
beliefs and strategies regarding the future, which may include
statements regarding the impact of pandemics, epidemics or other
public health emergencies, such as the coronavirus disease 2019
(“COVID-19”) pandemic; the impact of equipment upgrades, equipment
failures and facility damage on production, including timing of
repairs and resumption of operations; the Company’s outlook, growth
initiatives or expected results or objectives, including pricing,
margins, sales volumes and profitability; liquidity positions; our
ability to generate cash from continuing operations; trends,
cyclicality and changes in the markets we sell into; strategic
direction or goals; targets; changes to manufacturing and
production processes; the realization of insurance recoveries; the
realization of deferred tax assets; planned capital expenditures;
the cost of and the status of any agreements or actions related to
our compliance with environmental and other laws; expected tax
rates, deductions and credits; the impact of sanctions and tariffs,
quotas and other trade actions and import restrictions; the
potential impact of adopting new accounting pronouncements; the
impact of labor shortages or increased labor costs; obligations
under our retirement plans; benefits, savings or additional costs
from business realignment, cost containment and productivity
improvement programs; and the adequacy of accruals.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain, and often contain words such
as “outlook,” “target,” “aim,” “believes,” “expects,”
“anticipates,” “intends,” “assumes,” “estimates,” “evaluates,”
“may,” “will,” “should,” “could,” “opinions,” “forecasts,”
“projects,” “plans,” “future,” “forward,” “potential,” “probable,”
and similar expressions. However, the absence of these words or
similar expressions does not mean that a statement is not
forward-looking.
We may make other forward-looking statements from time to time,
including in reports filed with the Securities and Exchange
Commission, press releases, presentations and on public conference
calls. All forward-looking statements we make are based on
information available to us at the time the statements are made,
and we assume no obligation to update any forward-looking
statements, except as may be required by law. Our business is
subject to the effects of changes in domestic and global economic
conditions and a number of other risks and uncertainties that could
cause actual results to differ materially from those included in,
or implied by, such forward-looking statements. Some of these risks
and uncertainties are discussed in “Item 1A. Risk Factors” of Part
I of our most recent Annual Report on Form 10-K, as supplemented by
our subsequently filed Quarterly Reports on Form 10-Q. Examples of
these risks include: the impact of pandemics, epidemics or other
public health emergencies, such as the COVID-19 pandemic; the
impact of equipment upgrades, equipment failures and facility
damage on production; potential environmental cleanup costs related
to the Portland Harbor Superfund site or other locations; the
cyclicality and impact of general economic conditions; changing
conditions in global markets including the impact of sanctions and
tariffs, quotas and other trade actions and import restrictions;
volatile supply and demand conditions affecting prices and volumes
in the markets for raw materials and other inputs we purchase;
significant decreases in scrap metal prices; imbalances in supply
and demand conditions in the global steel industry; reliance on
third party shipping companies, including with respect to freight
rates and the availability of transportation; inability to obtain
or renew business licenses and permits; the impact of goodwill
impairment charges; the impact of long-lived asset and equity
investment impairment charges; failure to realize or delays in
realizing expected benefits from investments in processing and
manufacturing technology improvements; inability to achieve or
sustain the benefits from productivity, cost savings and
restructuring initiatives; inability to renew facility leases;
difficulties associated with acquisitions and integration of
acquired businesses; customer fulfillment of their contractual
obligations; increases in the relative value of the U.S. dollar;
the impact of foreign currency fluctuations; potential limitations
on our ability to access capital resources and existing credit
facilities; restrictions on our business and financial covenants
under the agreement governing our bank credit facilities; the
impact of consolidation in the steel industry; product liability
claims; the impact of legal proceedings and legal compliance; the
adverse impact of climate change; the impact of not realizing
deferred tax assets; the impact of tax increases and changes in tax
rules; the impact of property tax increases or property tax rate
changes; the impact of one or more cybersecurity incidents;
environmental compliance costs and potential environmental
liabilities; compliance with climate change and greenhouse gas
emission laws and regulations; the impact of labor shortages or
increased labor costs; reliance on employees subject to collective
bargaining agreements; and the impact of the underfunded status of
multiemployer plans in which we participate.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210630005304/en/
Investor Relations: Michael Bennett (503) 323-2811
mcbennett@schn.com
Company Info: www.schnitzersteel.com ir@schn.com
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