NEW YORK ( TheStreet) -- Schnitzer Steel Industries (Nasdaq: SCHN) is trading at unusually high volume Friday with 1.3 million shares changing hands. It is currently at four times its average daily volume and trading down $4.70 (-14.5%) at $27.64 as of 1:10 p.m. ET. Schnitzer has a market cap of $824.9 million and is part of the basic materials sector and metals & mining industry. Shares are down 23.5% year to date as of the close of trading on Thursday. 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 10.5, equal to the average metals & mining industry P/E ratio and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Schnitzer as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity. You can view the full Schnitzer Ratings Report. See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center.