Fourth Quarter and Fiscal 2022 Preliminary Results and Announcement of Earnings Date

PORTLAND, Ore.--(BUSINESS WIRE)--Oct 4, 2022--

Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) today announced preliminary results for its fourth quarter and fiscal year ended August 31, 2022.

Fiscal 2022 Expected Performance

The Company expects fiscal 2022 results to be the second best year in its history. Diluted earnings per share from continuing operations are expected to be in the range of $5.67 - $5.72, net income is expected to be in the range of $170 million - $172 million, adjusted diluted earnings per share are expected to be in the range of $6.00 - $6.05, and adjusted EBITDA is expected to be in the range of $311 million - $313 million. The Company also expects strong operating cash flow of approximately $238 million for the full fiscal year. The Company delivered record performance in the first nine months of fiscal 2022 but fourth quarter results were adversely impacted by declining ferrous and nonferrous sales prices and demand, tighter supply flows, and disruptions due to an extended shredding operation outage at the Company's Everett, MA facility to replace equipment damaged by the December 2021 fire, offset in part by benefits of strong prices for the Company's finished steel products.