Schnitzer Steel Badly Misses Targets, Again

In total, Schnitzer said it lost $1.5 million, or 5 cents a share, down from earnings in the year-earlier period of $102 million, or $2.14 a share. Total revenue for the quarter plunged 58% to $412 million from $972 million a year ago.

Unsurprisingly, the company in its press release chose to dwell not on the reasons behind the severe miss but, instead, on the "sequential growth in operating income," "the benefits from our cost containment program," "the flexibility of our platform," and the fact that it "continued to generate strong cash flow and further reduce our debt levels." (The company, to be fair, did cut its total debt load by more than 60% to $136 million as of May 31 from $344 million as of August 31, 2008.)

Other steel-related stocks were under some pressure Tuesday as well. US Steel(X Quote) slipped 2.6% to $36.04; Nucor(NUE Quote) lost 1.6% to $44.55; Steel Dynamics(STLD Quote) was down 3% to $14.69; Worthington Industries(WOR Quote) lost 4% to $12.74; and Commercial Metals(CMC Quote) declined 3.4% to $16.01.