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April 3, 2014
11:31 EDTSCHNSchnitzer Steel expects demand for steel in emerging markets to continue
Says Asia to remain key driver of infrastructure spending, with China the highest contributor. Says productivity initiatives tracking well, and has increased targeted savings to $40M from $30M. Says to date, has achieved $10M in 1H14 savings and expects 70% of overall savings to be met in FY14, with the balance achieved in FY15. Says FY14 CapEx should be about 50% lower than FY13 levels. Comments from slides presentation on Q2 results.
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September 30, 2014
08:36 EDTSCHNSchnitzer says Metals Recycling unit expected to generate $13-$14 per ton in Q4
Due to the successful execution of our productivity and cost reduction initiatives, combined with higher sales volumes sequentially and less market price volatility, our Metals Recycling Business is expected to generate operating income in the range of $13 to $14 per ton. Accelerating demand from West Coast construction markets and the benefits of productivity initiatives are expected to drive significant operating leverage in our Steel Manufacturing Business, resulting in operating income in the range of $8M-$9M. In the Auto Parts Business, higher car purchase volumes in Q4 were largely offset by seasonally lower retail sales, leading to operating income in the range of $4M-$5M. Significant productivity initiatives currently in process within APB are expected to drive favorable impacts beginning in 2H15.
08:34 EDTSCHNSchnitzer Steel sees Q4 adjusted EPS from cont. ops. 28c-32c, consensus 20c
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