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Schnitzer Steel posts fiscal 3Q loss

AP ONLINE

Posted: 2009-06-30 08:20:00

PORTLAND, Ore. (AP) — Schnitzer Steel Industries Inc. posted a fiscal third-quarter loss Tuesday, missing Wall Street estimates as revenue dropped in its metals recycling, auto parts and steel manufacturing businesses.

Shares fell $2.47, or 4 percent, to $57.74 in premarket trading.

The Portland, Ore.-based company posted a loss of $1.5 million, or 5 cents per share, compared with a gain of $61.7 million gain, or $2.14 per share, for the same quarter in 2008.

Revenue slid 58 percent to $411.8 million from $972.1 million.

Analysts surveyed by Thomson Reuters expected earnings of 16 cents per share on revenue of $382 million.

Tamara Lundgren, president and CEO, said each of Schnitzer Steel's businesses showed improvements in operating income, reflecting stronger demand for recycled metal in export markets and benefits of cost cutting.

However, revenue of $318 million in the metals recycling business was down from $810 million in the third quarter of 2008. In the auto parts business, revenue of $66 million fell from $101 million in the same period last year. Schnitzer's steel manufacturing business posted revenue of $47 million in the third quarter, down from $168 million in the same quarter last year.