|From: nolan (Rep: 1490)||Date: 12/17/2008 07:48|
|Forum: Schnitzer Steel Industries - Msg #57||Thread #672453326 (Rec: 0) |
|Schnitzer Steel Industries Inc Cuts guidance, sees Q1 loss v $0.30e; Implements immediate cost savings program|
- Reducing headcount and operational hours
- As of Nov net debt stood at $121M
- CEO: In the final month of the 2009 fiscal first quarter, market conditions weakened in all three of the Company''s businesses. Combined with a number of renegotiations, deferrals and cancellations of customer contracts, this led to lower sales volumes and reduced sales prices. This is anticipated to result in a non-cash write down of the value of the Company''s Metals Recycling and Steel Manufacturing inventories by an amount currently estimated to be in the range of $60M. As a result, the Company expects to report a net loss for the first quarter.
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