Schnitzer Steel sees Q1 adjusted EPS (49c)-(44c), two estimates (17c)

Sees Q1 adjusted EBITDA $6M-$8M. Tamara Lundgren, Chairman and Chief Executive Officer, said, "Our first quarter results were impacted by an extended shredder outage at our Everett facility and a regulatory issue limiting operations at our shredder facility in California, both of which were resolved by mid-November. These disruptions, together with tight supply flows from the lower price environment and weaker economic activity, resulted in significantly lower sequential ferrous sales volumes. Since the end of the quarter, however, we have seen a strengthening in sales prices and demand for recycled metals in both the export and domestic markets. With the operational disruptions now behind us, we are expecting significant improvement in our second quarter results."