Schnitzer Steel reports Q1 adjusted EPS (44c) vs. $1.58 last year

Reports Q1 revenue $598.73M vs. $798.12M last year. Tamara Lundgren, chairman and CEO, stated, "Although the past several months have been challenging as we faced weakening market conditions and short-term operational disruptions that are now resolved, we are continuing to progress our strategic initiatives centered on advanced metal recovery technologies, volume growth, and productivity improvements. Since the end of the quarter, we have seen a strengthening in selling prices and demand for recycled metals in both the export and domestic markets and we are expecting significant sequential improvements in our second quarter results."