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Schnitzer Steel Industries Inc (SCHN) SEC Filing 10-K Annual report for the fiscal year ending Friday, August 31, 2018

Schnitzer Steel Industries Inc

CIK: 912603 Ticker: SCHN

Exhibit 99.1

Schnitzer Reports Fourth Quarter and Fiscal 2018 Financial Results

Best Fourth Quarter and Fiscal Year Operating Income Since Fiscal 2011

Fourth Quarter Total SSI Volumes Up 22% for Ferrous and Up 15% for Nonferrous Year-Over-Year

Strong Fourth Quarter Operating Cash Flow of $106 million

PORTLAND, Ore.--(BUSINESS WIRE)--October 24, 2018--Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) today reported financial results for its fourth quarter and fiscal year ended August 31, 2018. The Company reported earnings per share from continuing operations for the quarter of $2.08 and adjusted earnings per share of $2.06, both of which include a discrete tax benefit of $30 million, or $1.06 per share, associated with the release of valuation allowances on certain deferred tax assets. These results are significantly higher than fourth quarter fiscal 2017 reported earnings per share from continuing operations of $0.65 and adjusted earnings per share of $0.63. The Company’s fiscal 2018 full year reported earnings per share of $5.46 and adjusted earnings per share of $5.39, both of which include discrete tax benefits of $1.58 per share, also represent significant increases compared to fiscal 2017 reported earnings per share of $1.60 and adjusted earnings per share of $1.53. For a reconciliation of the adjusted results to U.S. GAAP, see the Non-GAAP Financial Measures provided after the financial statements in this document.

In the fourth quarter of fiscal 2018, Auto and Metals Recycling (AMR) generated operating income of $34 million, or $33 per ferrous ton, which is a 41% increase in operating income from the prior year fourth quarter. AMR’s improved operating income year-over-year was driven by expanded metal spreads, higher ferrous and nonferrous sales volumes of 19% and 11%, respectively, higher average ferrous and nonferrous selling prices of 23% and 8%, respectively, and a continued focus on productivity and commercial initiatives, including measures to increase supply flows. Compared to the prior year fourth quarter, AMR experienced an adverse impact from average inventory accounting and higher selling, general and administrative (SG&A) expense.

Cascade Steel and Scrap (CSS) generated fourth quarter operating income of $14 million, a 70% increase compared to the prior year fourth quarter operating income of $8 million. The strong year-over-year improvement in operating income was driven primarily by an increase in finished steel average net selling prices of 31% which significantly outpaced the increase in the cost of steel-making raw materials and higher export sales volumes, partially offset by a 14% reduction in finished steel sales volumes primarily due to lower production as a result of planned maintenance, including rolling mill upgrades aimed at improving productivity.

“We delivered our best fourth quarter performance since fiscal 2011, capping a year which reflected our strongest full year financial and operating performance in seven years. Our consolidated operating income of $38 million reflects an increase of more than 70% versus last year’s fourth quarter. For the full year, AMR achieved operating income per ferrous ton of $46, underpinned by volume increases and the resulting operating leverage generated from ongoing productivity initiatives. CSS also delivered excellent results, driven by higher prices and demand, metal spread expansion, low levels of imports, and benefits from productivity and efficiency investments,” said Tamara Lundgren, President and CEO. “The combination of our strong profitability and effective working capital management enabled us to generate operating cash flow of $160 million in fiscal 2018, which allowed us to increase our investments in growth capex and return capital to our shareholders through both our dividend and share repurchases, while reducing our debt to its lowest level in the past eight years. Looking forward, our strong balance sheet provides us with the ability to continue our investments in advanced processing technologies, environmental stewardship, and transactional market opportunities, while continuing to return capital to our shareholders,” added Lundgren.


The following information was filed by Schnitzer Steel Industries Inc (SCHN) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Schnitzer Steel Industries Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Commitments And Contingencies (Details)
Commitments And Contingencies - Future Minimum Obligations Non-Cancelable Operating Leases (Details)
Commitments And Contingencies - Schedule Of Environmental Liabilities (Details)
Debt
Debt (Tables)
Debt -Long Term Debt (Details)
Debt -Principal Payments On Long-Term Debt And Capital Lease Obligations (Details)
Employee Benefits
Employee Benefits - Defined Benefit Plan Disclosures (Details)
Employee Benefits - Defined Contribution Pension Plan Disclosures (Details)
Employee Benefits - Multiemployer Pension Plan Disclosure (Details)
Goodwill And Other Intangible Assets, Net
Goodwill And Other Intangible Assets, Net (Tables)
Goodwill And Other Intangible Assets, Net Intangible Assets (Details)
Goodwill And Other Intangible Assets, Net Narrative (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Nature Of Operations
Nature Of Operations (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Details)
Net Income (Loss) Per Share (Tables)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (Details)
Property, Plant And Equipment, Net (Tables)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Recent Accounting Pronouncements
Related Party Transactions
Related Party Transactions (Details)
Restructuring Charges And Other Exit-Related Activities
Restructuring Charges And Other Exit-Related Activities (Tables)
Restructuring Charges And Other Exit-Related Activities - Restructuring And Related Activities (Details)
Restructuring Charges And Other Exit-Related Activities - Restructuring Costs And Other Exit-Related Activities By Segment (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Segment Information
Segment Information (Tables)
Segment Information - Segment Assets (Details)
Segment Information - Segment Concentration (Details)
Segment Information - Segment Destination And Product (Details)
Segment Information - Segment Reporting (Details)
Segment Information - Segment Revenue And Segment Reconciliation (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Deferred Stock Units (Details)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Performance Share Awards (Details)
Share-Based Compensation - Restricted Stock Units (Details)
Share-Based Compensation - Stock Options (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies Narrative (Details)
Summary Of Significant Accounting Policies Schedule Of Asset Impairment Charges (Details)
Ticker: SCHN
CIK: 912603
Form Type: 10-K Annual Report
Accession Number: 0000912603-18-000078
Submitted to the SEC: Wed Oct 24 2018 5:32:21 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Friday, August 31, 2018
Industry: Wholesale Misc Durable Goods

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