US Recycler Schnitzer Steel records strong growth

Schnitzer Steel Industries increased its revenues by 50 per cent and almost doubled its net income in the financial year 2010/11 ended 31 August, the American scrap processor and steel products manufacturer announced on Thursday. The company generated annual revenues of $3.459bn, while its profits climbed to $118m. CEO Tamara Lundgren is confident that demand for scrap in the company's main markets, the developing economies, will continue to grow in 2012.