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.

View differences made from one year to another to evaluate Schnitzer Steel Industries Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Schnitzer Steel Industries Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account