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Stock Market & Financial Investment News

News Breaks
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.
News For SCHN From The Last 14 Days
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April 15, 2015
10:46 EDTSCHNBofA/Merrill metals/mining/steel analysts hold analyst/industry conference call
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April 7, 2015
11:03 EDTSCHNSchnitzer Steel advances after earnings, levels to watch
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10:49 EDTSCHNSchnitzer Steel sees strategic actions delivering $60M by year-end FY16
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08:38 EDTSCHNSchnitzer Steel sees restructuring charges of approximately $10M
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08:37 EDTSCHNSchnitzer Steel commence scost reduction, capacity reduction
The company has commenced two strategic initiatives: (i) A cost reduction, capacity reduction and productivity improvement initiative which, in the aggregate, is intended to improve financial performance by $60M annually by the end of 2016; and (ii) The integration of the Auto Parts and Metals Recycling Businesses into a single division by the end of fiscal 2015 which is intended to further optimize the efficiencies in our operating platform, enable additional synergies to be captured throughout our supply chain and global sales channel, and more effectively leverage our shared services platform. "In the face of steep declines in commodity prices, we are taking deliberate and substantial steps to continue to lower our operating costs and generate positive cash flow,” said Tamara Lundgren, President and CEO. “The strategic cost reduction actions currently underway are expected to deliver additional annual benefits of approximately $60M. This comes in addition to approximately $65M in cost savings and productivity benefits we have delivered since fiscal 2013. The new strategic actions form part of a longer term plan which we expect will lead to improved financial performance and will position us to emerge from this trough in the cycle with greater operating leverage,” Lundgren said.The company says, "About half of the approximately $60M in targeted savings is expected to come from our Metals Recycling Business, through a combination of equipment idling, including reduced depreciation, and SG&A reductions. Another approximately 40% is expected to come from our Auto Parts Business through the closing of stores, SG&A reductions and productivity improvement initiatives, including $14 million announced earlier this fiscal year. The balance is expected to come from our Corporate Shared Services Division through the reduction of organizational layers and leveraging support functions across the Company’s operating platform. The Company expects approximately a quarter of the savings to be achieved in the fourth quarter of fiscal 2015, with the remainder to be delivered by the end of fiscal 2016. In connection with our strategic cost reduction initiatives, we expect to incur restructuring charges of approximately $10M."
08:35 EDTSCHNSchnitzer Steel reports Q2 adjusted EPS (33c), consensus (6c)
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April 6, 2015
15:16 EDTSCHNNotable companies reporting before tomorrow's open
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