June 2009 -- Schnitzer Steel Industries reported revenues of $434 million and a net loss of $7 million, or $0.25 per share, for the second quarter. This compared with $751 million in revenue, $36 million in net income and earnings per share of $1.25 in the same period for 2008. The company generated $91 million in cash from operations.
"The markets in the second quarter remained extremely challenging," said Tamara Lundgren, president and CEO, who noted that the "demand for finished steel products and the raw materials used in making steel remained weak."
To help control costs, the company cut 500 employees, or 13% of the full-time workforce, and eliminated some 350 contractors. The company also lowered its production output to meet reduced demand.
