Schnitzer Steel reports Q1 adjusted EPS (64c), consensus (70c)

Reports Q1 revenue $673M, consensus $643.35M. Tamara Lundgren, chairman and CEO, said, “While the current market environment is challenging, we have demonstrated our ability to navigate effectively through periods of volatility and tight scrap availability by focusing on what we can control. This includes higher nonferrous volumes from our strategic investments and delivering on our $30 million productivity improvement program that we announced last October. We are well-positioned to benefit from near-term market improvements and the expected longer-term increased demand for recycled metals associated with decarbonization and low-carbon technologies.”