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Updated from 3:45 p.m. ET
Shares of several steel companies fell Friday after an analyst slashed her fiscal second-quarter earnings-per-share estimate for Schnitzer Steel Industries (SCHN Quote) and AK Steel Holding (AKS Quote) announced job cuts.
Schnitzer Steel, based in Portland, Ore., said Thursday that falling prices in metals recycling and finished steel products and lower volume in scrapped vehicles will hurt results for the quarter ending in February.
Analyst Timna Tanners of UBS said Friday she now expects Schnitzer to earn 12 cents per share for the period, down from a previous estimate of 56 cents.
Her estimate is well below Wall Street's average forecast of 49 cents per share, according to a Thomson Reuters poll....
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