Schnitzer will lay off 300 as demand, prices plummet
Thursday, August 30, 2012
Portland — Portland-based Schnitzer Steel Industries Inc. plans to lay off 300 people, about 7 percent of its workforce, as prices for metal fall worldwide.
Managers said Tuesday they expect the company to break even in the fourth quarter on an adjusted basis, excluding restructuring charges of about 12 cents a share.
Schnitzer said export prices for ferrous metals dropped as much as $80 a ton in June because of slower global growth, uncertainty and a stronger dollar. The scrap metal supply was constrained by slow U.S. economic growth.
The layoffs will be companywide, according to a manager who spoke on the condition of anonymity. Schnitzer shares were down 0.5 percent to $29.01 per share on the Nasdaq exchange.