Exhibit 99.1

Schnitzer Reports Fourth Quarter and Fiscal 2019 Financial Results

Solid Performance in Challenging Market Conditions

Fourth Quarter Sales Volumes Up Sequentially

Strong Operating Cash Flow

PORTLAND, Ore.--(BUSINESS WIRE)--October 24, 2019--Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) today reported results for its fourth quarter and fiscal year ended August 31, 2019.

The Company reported earnings per share from continuing operations for the quarter of $0.41 and adjusted earnings per share of $0.42, a sequential decrease from the third quarter results of $0.56 and $0.65, respectively. Comparatively, prior year fourth quarter reported and adjusted earnings per share from continuing operations were $2.08 and $2.11, respectively, which included a discrete tax benefit of $1.06 per share. The Company reported fiscal 2019 full year earnings per share of $2.01 and adjusted earnings per share of $2.16, compared to fiscal 2018 results of $5.46 and $5.64, respectively, which included discrete tax benefits of $1.58 per share.

“In challenging market conditions marked by sharp declines in both ferrous and nonferrous prices, our team delivered solid financial and operational results. Both businesses were successful in expanding sales volumes during the quarter and benefited from the productivity initiatives we implemented earlier this year,” commented Tamara Lundgren, President and Chief Executive Officer. “These results together with our focus on effective working capital management led to strong operating cash flow which allowed us to continue to invest in our strategic initiatives, reduce debt and return capital to shareholders through our dividend and share repurchases.”

Divisional Operating Performance

Auto and Metals Recycling (AMR) achieved operating income in the fourth quarter of $22 million, or $22 per ferrous ton. AMR’s ferrous and nonferrous sales volumes increased 9% and 4% sequentially, but operating income was impacted by metal spread compression resulting from a significant decrease in ferrous and nonferrous scrap prices during the latter two months of the quarter which outpaced the reduction in purchase costs for raw materials.

Cascade Steel and Scrap (CSS) achieved operating income in the fourth quarter of $6 million. CSS increased finished steel sales volumes sequentially, but operating income was impacted by margin compression as the decrease in net selling prices for finished steel products, particularly wire rod, outpaced the decrease in the purchase cost of steel-making raw materials. CSS’s fiscal 2019 performance of $32 million was its second-best since 2008, supported by finished steel prices that reached a multi-year peak in the fall of 2018, before declining by over 10% through the fourth quarter primarily as a result of lower raw material prices and extended customer destocking.

The Company continued to benefit from the $35 million productivity improvement program announced earlier in fiscal 2019. Consolidated results in the fourth quarter of fiscal 2019 reflected approximately $9 million of benefits from these measures, of which $7 million were achieved by AMR and the remainder by CSS and Corporate. In fiscal 2019, the Company achieved approximately $30 million of benefits from these initiatives and expects to achieve the full annual amount in fiscal 2020.

In the fourth quarter, the Company generated operating cash flow of $82 million resulting in a reduction in debt to $105 million, the lowest level since fiscal 2010. The Company repurchased 115 thousand shares of Class A common stock in open market transactions during the quarter and returned capital to shareholders through its 102nd consecutive quarterly dividend.


The following information was filed by Schnitzer Steel Industries Inc (SCHN) on Thursday, October 24, 2019 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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