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Falling prices push US ferrous scrap metals group Schnitzer Steel to fourth-quarter loss

Company working to implement annual cost savings of $25m

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USA) – Tumbling scrap prices and a $5m reorganisation charge resulted in a fourth quarter loss of $847,000 for the American scrap metals and steel products group Schnitzer Steel. Since August, Schnitzer has been implementing a reorganisation plan that will see it lay off 300 workers in a bid to cut spending by $25m ...

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