Schnitzer Steel says finished steel net selling prices, volumes lower from Q1

On a sequential basis, average net selling prices for ferrous and nonferrous metals increased by 8% and 10%, respectively. Ferrous sales volumes increased sequentially by 48%, benefiting from a drawdown of inventories, including several ferrous shipments that slipped from the previous quarter into December, and the resumption of full operations at the Everett and Oakland facilities in mid-November. Nonferrous sales volumes were up by 1% sequentially. Finished steel net selling prices and sales volumes were each lower sequentially by 7% due to seasonality and softer demand for wire rod products, while rolling mill utilization averaged 75% in the quarter.