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NEW YORK ( TheStreet) -- Schnitzer Steel Industries (Nasdaq: SCHN) hit a new 52-week low Monday as it is currently trading at $24.18, below its previous 52-week low of $24.31 with 96,457 shares traded as of 10:15 a.m. ET. Average volume has been 412,100 shares over the past 30 days. Schnitzer has a market cap of $641.2 million and is part of the basic materials sector and metals & mining industry. Shares are down 41.2% year to date as of the close of trading on Friday. 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 8.2, equal to the average metals & mining industry P/E ratio and below the S&P 500 P/E ratio of 17.7.