The Miami Entrepreneur

Schnitzer Steel shares advance on earnings

Schnitzer Steel Industries Inc. rose 3.4% on Wednesday despite losses in other steel stocks after the company beat its earnings and revenue targets. Schnitzer Steel’s third-quarter earnings of $2.59 a share beat the estimate of $2.30 a share and its revenue of $1.01 billion came in ahead of the forecast of $919.1 million, according to FactSet data. “The company’s third quarter performance benefited from strong global demand for recycled metals and robust West Coast market conditions for finished steel products,” Schnitzer said. Meanwhile, Nucor fell 0.9% and US Steel dropped 1.2%. Schnitzer shares have fallen 32.2% in 2022, compared to a loss of 28.5% by the Nasdaq and a drop of 19.7% by the S&P 500 .

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