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Schnitzer Steel profits down sharply on sagging economy in financial third quarter

Low economic growth environment slows flow of old scrap to market

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(USA) – Lower than normal spring scrap flows and the poor macro-economic climate brought on by the European debt crisis hurt Schnitzer Steel‘s performance in its financial third quarter, the company announced at the end of June. Consolidated revenues fell 10 per cent to $880m (ca. €716m), while operating income ...

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