Schnitzer Steel Industries, Inc. SCHN warned Thursday that the markets for recycled metals have weakened in the fourth quarter, including a marked deterioration in August and a continued decline expected in September.
Schnitzer guided to adjusted fourth-quarter earnings of 38-43 cents per share, missing a 55-cent Street estimate.
Chinese tariffs on imports from the U.S. have also had an impact on manufacturing production, the company said in a statement.
“Market prices for nonferrous products, and zorba in particular, also continued to decline throughout the fourth quarter as they were impacted by the ongoing effects of trade actions, including Chinese tariffs on imports from the U.S. and a global slowdown in manufacturing production, as well as new Chinese import regulations, effective July 1, 2019, which imposed restrictive import quotas, and license and other requirements on imports of scrap products by Chinese companies.”
The company's fourth-quarter conference call is scheduled for Oct. 24.
Schnitzer Steel Industries shares were trading down 11.88% at $19.43 at the time of publication Thursday. The stock has a 52-week high of $28.90 and a 52-week low of $20.94.
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