June 2007 -- Schnitzer Steel Industries Inc. reported net income of $143 million, or $4.65 per diluted share, on revenue of $1.86 billion for fiscal year 2006, which ended Aug. 31, 2006. Revenue in the previous year was $853 million, with net income reported at $147 million.
The fiscal year ended strongly as Schnitzer Steel reported record quarterly net income for the fiscal 2006 fourth quarter of $50 million, or $1.62 per diluted share.
"2006 was a transformational year for Schnitzer Steel as we closed and substantially completed the integration of several acquisitions which significantly increased the company's size and geographic presence," said President and CEO John Carter. "We also made good progress on several major capital improvement projects designed to improve our long-term competitiveness. We continued our focus on managing the operating factors within our control in order to take maximum advantage of the positive long-term markets in which we operate.
Midway through its 2007 fiscal year, the company reported year-to-date net income of $50 million on revenue of $1.11 billion, compared with net income of $63 million on revenue of $745 million for the first six months of fiscal 2006.
