This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Schnitzer Steel Sinks on Weak Forecast

NEW YORK ( TheStreet) -- Shares of Schnitzer Steel (SCHN - Get Report) were sinking Monday after the company said it expected lower 2012 fiscal first-quarter earnings on weaker global market conditions for recycled metals.

Shares of the the Portland, Ore.- based company were at $42.88, down $2.85, or 6.2%, after it said it expected earnings in the first quarter of 18 cents to 25 cents a share. Analysts surveyed by Thomson Reuters forecast first-quarter profit of 55 cents.

"Heightened global recessionary concerns, stemming primarily from the European debt crisis which escalated during the quarter, resulted in a significant slowdown in buying patterns and a sharp decline in sales prices," the company said in a statement.

Schnitzer said it expects its first-quarter operating income at its auto parts business to be 30% lower than the 2011 fiscal first quarter. The company added that sales prices began to strengthen at the end of the quarter, but that it did not expect to see the benefits until later in the second quarter.

Stocks in the steel sector were trading lower Monday. Shares of Nucor (NUE - Get Report) were at $38.46, down 53 cents, or 1.4%; U.S. Steel (X - Get Report) shares were falling to $24.30, down $1.57, or 6.1%; ArcelorMittal (MT) was sliding to $16.89, down 27 cents, or 1.6%; shares of Steel Dynamics (STLD) were at $12.24, down 26 cents, or 2.1%; AK Steel (AKS - Get Report) was slightly lower at $7.51, down 1 cent, or 0.1%.

-- Written by Joe Deaux in New York.

>Contact by Email.

>Follow Joe Deaux on Twitter. Subscribe on Facebook.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AKS $4.14 -4.39%
NUE $48.46 -0.08%
SCHN $18.43 -1.93%
X $18.95 0.26%
AAPL $93.24 -0.41%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs