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NEW YORK ( TheStreet) -- Schnitzer Steel Industries (Nasdaq: SCHN) hit a new 52-week low Wednesday as it is currently trading at $32.76, below its previous 52-week low of $32.82 with 241,550 shares traded as of 3:30 p.m. ET. Average volume has been 324,300 shares over the past 30 days. Schnitzer has a market cap of $880.9 million and is part of the basic materials sector and metals & mining industry. Shares are down 21.1% year to date as of the close of trading on Tuesday. Schnitzer Steel Industries, Inc. engages in recycling ferrous and nonferrous scrap metals, and used and salvaged vehicles; and manufacturing finished steel products. The company has a P/E ratio of 349.1, above the average metals & mining industry P/E ratio of 11.3 and above the S&P 500 P/E ratio of 17.7.