0001157523-23-001536.txt : 20231025 0001157523-23-001536.hdr.sgml : 20231025 20231025080036 ACCESSION NUMBER: 0001157523-23-001536 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20231025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231025 DATE AS OF CHANGE: 20231025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCHNITZER STEEL INDUSTRIES, INC. CENTRAL INDEX KEY: 0000912603 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MISC DURABLE GOODS [5090] IRS NUMBER: 930341923 STATE OF INCORPORATION: OR FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22496 FILM NUMBER: 231344013 BUSINESS ADDRESS: STREET 1: 299 SW CLAY ST. CITY: PORTLAND STATE: OR ZIP: 97201 BUSINESS PHONE: 5032249900 MAIL ADDRESS: STREET 1: P O BOX 10047 CITY: PORTLAND STATE: OR ZIP: 97296 FORMER COMPANY: FORMER CONFORMED NAME: RADIUS RECYCLING DATE OF NAME CHANGE: 20230727 FORMER COMPANY: FORMER CONFORMED NAME: SCHNITZER STEEL INDUSTRIES, INC. DATE OF NAME CHANGE: 20190214 FORMER COMPANY: FORMER CONFORMED NAME: SCHNITZER STEEL INDUSTRIES INC DATE OF NAME CHANGE: 19930927 8-K 1 a53679455.htm SCHNITZER STEEL INDUSTRIES, INC. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported):  October 25, 2023
 
Commission File Number 000-22496

SCHNITZER STEEL INDUSTRIES, INC.
 (Exact name of registrant as specified in its charter)
 
Oregon
 93-0341923
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
   
299 SW Clay Street, Suite 400, Portland, Oregon
97201
(Address of principal executive offices)
(Zip Code)

(503) 224-9900
(Registrant’s telephone number, including area code)

299 SW Clay Street, Suite 350, Portland Oregon
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
 
 Trading Symbol(s)
 
 Name of each exchange on which registered
Class A Common Stock, $1.00 par value
 
 RDUS
 
 The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the  registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.  ☐


Item 2.02
Results of Operations and Financial Condition
On October 25, 2023, Schnitzer Steel Industries, Inc. issued a press release announcing its financial results for fourth quarter and fiscal 2023.  A copy of the press release is being furnished as Exhibit 99.1 to this report on Form 8-K.


Item 9.01
Financial Statements and Exhibits
(d)
Exhibits
99.1
104
The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 Schnitzer Steel Industries, Inc.  
 
 (Registrant)  
 
 
 
  
 
 
 
  
Dated:  October 25, 2023 By:
 /s/ Stefano R. Gaggini  
 
 Title:
 Senior Vice President and Chief Financial Officer 

EX-99.1 2 a53679455ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Radius Recycling Reports Fourth Quarter and Fiscal 2023 Financial Results

Strong Operating Cash Flow of $135 Million in the Fourth Quarter

Radius Board Declares Quarterly Dividend

PORTLAND, Ore.--(BUSINESS WIRE)--October 25, 2023--Schnitzer Steel Industries, Inc. dba Radius Recycling (NASDAQ: RDUS) today reported results for the fourth quarter of fiscal 2023 ended August 31, 2023.

The Company reported a net loss of $(26) million, or $(23) per ferrous ton, and a loss per share from continuing operations in the fourth quarter of $(0.92), all of which include non-cash goodwill and other asset impairment charges of $45 million, or $1.61 per share. Adjusted earnings per share from continuing operations were $0.47 in the fourth quarter and adjusted EBITDA was $49 million, or $44 per ferrous ton. The Company generated strong operating cash flow of $135 million in the fourth quarter.

Market conditions for recycled metals in the fourth quarter weakened on lower global steel demand. Sequentially, average net selling prices for recycled metals decreased, which, in combination with a further tightening of supply flows over the summer, led to significant metal spread compression, lower sales volumes, and an adverse impact from average inventory accounting. These effects were substantially offset by the recognition of certain insurance recoveries during the quarter.

Commenting on the Company's fourth quarter results, Tamara Lundgren, Chairman and Chief Executive Officer, said, "While market conditions for recycled metals in the fourth quarter reflected the impact of weaker demand fundamentals, driven by higher interest rates, a slower recovery in China, and destocking in the domestic markets, accompanied by tighter supply flows, our performance benefited from strong operating cash flow and a continued focus on productivity initiatives. The long-term structural demand for recycled metals remains positive, supported by the increased focus on decarbonization, the transition to low-carbon technologies, and the anticipated demand associated with the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, including Buy Clean provisions."

"During the quarter, we also unveiled our new corporate identity, Radius Recycling, which better reflects the Company's role as one of North America's largest metal recyclers, our position in the circular economy, and our commitment to advance the recovery, reuse, and recycling of the essential metals required to support global carbon reduction." Ms. Lundgren continued, "Our work and our purpose have never been more relevant than they are today. Radius Recycling is a name that represents our over 3,300 employees and a future in which recycled metals sit at the center of progress, seamlessly connecting all points within the circular economy."

Summary Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter

 

 

Year

 

 

 

4Q23

 

 

3Q23

 

 

4Q22

 

 

2023

 

 

2022

 

Revenues

 

$

718

 

 

$

810

 

 

$

894

 

 

$

2,882

 

 

$

3,486

 

Gross margin (total revenues less cost of goods sold)

 

$

90

 

 

$

96

 

 

$

85

 

 

$

308

 

 

$

488

 

Selling, general and administrative expense

 

$

69

 

 

$

69

 

 

$

69

 

 

$

266

 

 

$

263

 

Net (loss) income

 

$

(26

)

 

$

14

 

 

$

11

 

 

$

(25

)

 

$

172

 

Net (loss) income per ferrous ton

 

$

(23

)

 

$

12

 

 

$

9

 

 

$

(6

)

 

$

37

 

Diluted earnings per share from continuing operations attributable to Radius shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported

 

$

(0.92

)

 

$

0.48

 

 

$

0.36

 

 

$

(0.92

)

 

$

5.72

 

Adjusted(1)

 

$

0.47

 

 

$

0.67

 

 

$

0.50

 

 

$

0.85

 

 

$

6.07

 

Adjusted EBITDA(1)

 

$

49

 

 

$

56

 

 

$

40

 

 

$

144

 

 

$

313

 

Adjusted EBITDA per ferrous ton(1)(5)

 

$

44

 

 

$

48

 

 

$

32

 

 

$

33

 

 

$

68

 

Cash flows from operating activities

 

$

135

 

 

$

(21

)

 

$

180

 

 

$

139

 

 

$

238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ferrous sales volumes (LT, in thousands)

 

 

1,105

 

 

 

1,157

 

 

 

1,268

 

 

 

4,376

 

 

 

4,616

 

Avg. net ferrous sales prices ($/LT)(2)

 

$

357

 

 

$

413

 

 

$

387

 

 

$

371

 

 

$

452

 

Nonferrous sales volumes (pounds, in millions)(3)

 

 

204

 

 

 

208

 

 

 

186

 

 

 

739

 

 

 

687

 

Avg. nonferrous sales prices ($/pound)(2)(3)

 

$

0.94

 

 

$

1.01

 

 

$

1.05

 

 

$

0.96

 

 

$

1.08

 

Finished steel average net sales price ($/ST)(2)

 

$

861

 

 

$

924

 

 

$

1,118

 

 

$

930

 

 

$

1,075

 

Finished steel sales volumes (ST, in thousands)

 

 

152

 

 

 

142

 

 

 

125

 

 

 

521

 

 

 

465

 

Rolling mill utilization (%)(4)

 

 

102

%

 

 

97

%

 

 

93

%

 

 

89

%

 

 

88

%

LT = Long Ton, which is equivalent to 2,240 pounds

ST = Short Ton, which is equivalent to 2,000 pounds


 

(1)

See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.

(2)

Price information is shown after netting the cost of freight incurred to deliver the product to the customer.

(3)

Nonferrous sales volumes and average nonferrous prices excludes platinum group metals (“PGMs”) in catalytic converters.

(4)

Rolling mill utilization is based on effective annual production capacity under current conditions of 580 thousand tons of finished steel products.

(5)

May not foot due to rounding.

Fourth Quarter Fiscal 2023 Financial Review and Analysis

Operating performance in the fourth quarter reflected sequentially tighter supply flows for recycled metals, which, together with lower average net selling prices for our products, resulted in a compression of metal spreads. Results for the fourth quarter included an adverse impact from average inventory accounting of approximately $5 per ferrous ton, compared to a benefit of $2 per ferrous ton in the third quarter of fiscal 2023.

Average net selling prices for ferrous and nonferrous products decreased sequentially by 14% and 7%, respectively, and average net selling prices for finished steel products were lower 7%. Ferrous and nonferrous sales volumes decreased sequentially by 4% and 2%, respectively, while finished steel sales volumes increased 7%.

Fourth quarter performance reflected the full achievement of the $10 million quarterly run rate of productivity initiatives announced in October 2022 and the quarterly run rate of $5 million of SG&A savings initiatives announced in January 2023. The benefits from these initiatives mitigated the impact of lower recycled metal volumes and inflationary pressure on operating costs. In the fourth quarter, the Company recognized insurance recoveries of $41 million, of which $27 million was received in cash, in connection with previously submitted claims related to certain property damage and business interruption matters that had occurred in prior periods.

The fourth quarter had operating cash flow of $135 million, including a benefit from working capital management. Total debt decreased by over $100 million sequentially and was $249 million at the end of the quarter, and debt, net of cash, was $243 million (for a reconciliation of adjusted results and debt, net of cash, to U.S. GAAP, see the table provided in the Non-GAAP Financial Measures section). Capital expenditures were $28 million in the quarter, including investments in advanced metal recovery technologies, maintaining the business and environmental-related projects.

The effective tax rate for the fourth quarter of fiscal 2023 was a benefit of approximately 12% on GAAP results and an expense of approximately 32% on adjusted non-GAAP results. During the fourth quarter, the Company returned capital to shareholders through its 118th consecutive quarterly dividend.

Declaration of Quarterly Dividend

The Board of Directors declared a cash dividend of $0.1875 per common share, payable November 27, 2023 to shareholders of record on November 13, 2023. The Company has paid a dividend every quarter since going public in November 1993.

Analysts’ Conference Call: Fourth Quarter Fiscal 2023 Results

A conference call and slide presentation to discuss results will be held today, October 25, 2023, at 11:30 a.m. Eastern and will be hosted by Tamara Lundgren, Chairman and Chief Executive Officer, and Stefano Gaggini, Senior Vice President and Chief Financial Officer. The call and accompanying slide presentation will be webcast and accessible under the Events Calendar on the Company’s website at: www.radiusrecycling.com/company/investors. Summary financial data is provided in the following pages. The slide presentation and related materials will be available prior to the call on the Company's website.

About Schnitzer Steel Industries, Inc. dba Radius Recycling

Schnitzer Steel Industries, Inc. dba Radius Recycling is one of the largest manufacturers and exporters of recycled metal products in North America with operating facilities located in 25 states, Puerto Rico, and Western Canada. Radius has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s integrated operating platform also includes 50 stores which sell serviceable used auto parts from salvaged vehicles and receive over 4 million annual retail visits. The Company’s steel manufacturing operations produce finished steel products, including rebar, wire rod, and other specialty products. The Company began operations in 1906 in Portland, Oregon.

SCHNITZER STEEL INDUSTRIES, INC. dba RADIUS RECYCLING

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

 

 

Quarter

 

Year

 

 

4Q23

 

3Q23

 

4Q22

 

2023

 

2022

Revenues

 

$

717,931

 

 

$

809,610

 

 

$

894,412

 

 

$

2,882,224

 

 

$

3,485,815

 

Cost of goods sold

 

 

627,880

 

 

 

713,685

 

 

 

809,587

 

 

 

2,574,513

 

 

 

2,997,745

 

Selling, general and administrative expense

 

 

69,217

 

 

 

68,527

 

 

 

69,237

 

 

 

265,929

 

 

 

263,257

 

Income from joint ventures

 

 

(704

)

 

 

(285

)

 

 

(1,151

)

 

 

(2,090

)

 

 

(2,740

)

Goodwill impairment charges

 

 

39,270

 

 

 

—

 

 

 

—

 

 

 

39,270

 

 

 

—

 

Other asset impairment charges

 

 

5,797

 

 

 

—

 

 

 

638

 

 

 

5,797

 

 

 

1,570

 

Restructuring charges and other exit-related activities

 

 

141

 

 

 

169

 

 

 

25

 

 

 

2,730

 

 

 

77

 

Operating (loss) income

 

 

(23,670

)

 

 

27,514

 

 

 

16,076

 

 

 

(3,925

)

 

 

225,906

 

Interest expense

 

 

(5,211

)

 

 

(5,146

)

 

 

(3,042

)

 

 

(18,589

)

 

 

(8,538

)

Other loss, net

 

 

(273

)

 

 

(1,306

)

 

 

(556

)

 

 

(5,562

)

 

 

(692

)

(Loss) income from continuing operations before income taxes

 

 

(29,154

)

 

 

21,062

 

 

 

12,478

 

 

 

(28,076

)

 

 

216,676

 

Income tax expense (benefit)

 

 

3,423

 

 

 

(7,221

)

 

 

(1,390

)

 

 

2,747

 

 

 

(44,597

)

(Loss) income from continuing operations

 

 

(25,731

)

 

 

13,841

 

 

 

11,088

 

 

 

(25,329

)

 

 

172,079

 

Loss from discontinued operations, net of tax

 

 

(31

)

 

 

(233

)

 

 

(37

)

 

 

(109

)

 

 

(83

)

Net (loss) income

 

 

(25,762

)

 

 

13,608

 

 

 

11,051

 

 

 

(25,438

)

 

 

171,996

 

Net income attributable to noncontrolling interests

 

 

(54

)

 

 

(148

)

 

 

(699

)

 

 

(353

)

 

 

(3,196

)

Net (loss) income attributable to Radius shareholders

 

$

(25,816

)

 

$

13,460

 

 

$

10,352

 

 

$

(25,791

)

 

$

168,800

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share attributable to Radius shareholders:

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

(Loss) income per share from continuing operations

 

$

(0.92

)

 

$

0.49

 

 

$

0.37

 

 

$

(0.92

)

 

$

6.01

 

Net (loss) income per share

 

$

(0.92

)

 

$

0.48

 

 

$

0.37

 

 

$

(0.92

)

 

$

6.01

 

Diluted:

 

 

 

 

 

 

 

 

 

 

(Loss) income per share from continuing operations

 

$

(0.92

)

 

$

0.48

 

 

$

0.36

 

 

$

(0.92

)

 

$

5.72

 

Net (loss) income per share

 

$

(0.92

)

 

$

0.47

 

 

$

0.36

 

 

$

(0.92

)

 

$

5.72

 

Weighted average number of common shares:

 

 

 

 

 

 

 

 

 

 

Basic

 

 

28,108

 

 

 

28,114

 

 

 

27,803

 

 

 

28,008

 

 

 

28,084

 

Diluted

 

 

28,108

 

 

 

28,659

 

 

 

28,892

 

 

 

28,008

 

 

 

29,529

 

Dividends declared per common share

 

$

0.1875

 

 

$

0.1875

 

 

$

0.1875

 

 

$

0.7500

 

 

$

0.7500

 

SCHNITZER STEEL INDUSTRIES, INC. dba RADIUS RECYCLING

SELECTED OPERATING STATISTICS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Q23

 

 

2Q23

 

 

3Q23

 

 

4Q23

 

 

YTD
2023

 

Total ferrous volumes (LT, in thousands)(1)

 

 

851

 

 

 

1,263

 

 

 

1,157

 

 

 

1,105

 

 

 

4,376

 

Total nonferrous volumes (pounds, in thousands)(1)(2)

 

 

162,720

 

 

 

164,796

 

 

 

207,714

 

 

 

203,707

 

 

 

738,937

 

Ferrous selling prices ($/LT)(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

313

 

 

$

359

 

 

$

414

 

 

$

346

 

 

$

360

 

Foreign

 

$

356

 

 

$

368

 

 

$

414

 

 

$

363

 

 

$

376

 

Average

 

$

340

 

 

$

367

 

 

$

413

 

 

$

357

 

 

$

371

 

Ferrous sales volume (LT, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

432

 

 

 

444

 

 

 

548

 

 

 

528

 

 

 

1,952

 

Foreign

 

 

418

 

 

 

819

 

 

 

609

 

 

 

577

 

 

 

2,424

 

Total

 

 

851

 

 

 

1,263

 

 

 

1,157

 

 

 

1,105

 

 

 

4,376

 

Nonferrous average price ($/pound)(2)(3)

 

$

0.90

 

 

$

0.99

 

 

$

1.01

 

 

$

0.94

 

 

$

0.96

 

Cars purchased (in thousands)(4)

 

 

69

 

 

 

72

 

 

 

78

 

 

 

67

 

 

 

286

 

Auto stores at period end

 

 

51

 

 

 

50

 

 

 

50

 

 

 

50

 

 

 

50

 

Finished steel average sales price ($/ST)(3)

 

$

1,015

 

 

$

943

 

 

$

924

 

 

$

861

 

 

$

930

 

Sales volume (ST, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rebar

 

 

101

 

 

 

84

 

 

 

97

 

 

 

108

 

 

 

390

 

Coiled products

 

 

16

 

 

 

24

 

 

 

43

 

 

 

43

 

 

 

126

 

Merchant bar and other

 

 

1

 

 

 

1

 

 

 

2

 

 

 

1

 

 

 

5

 

Finished steel products sold

 

 

118

 

 

 

109

 

 

 

142

 

 

 

152

 

 

 

521

 

Rolling mill utilization(5)

 

 

81

%

 

 

75

%

 

 

97

%

 

 

102

%

 

 

89

%

(1)

Ferrous and nonferrous volumes sold externally and delivered to our steel mill for finished steel production.

(2)

Excludes PGMs in catalytic converters.

(3)

Price information is shown after netting the cost of freight incurred to deliver the product to the customer.

(4)

Cars purchased by auto parts stores only.

(5)

Rolling mill utilization is based on effective annual production capacity under current conditions of 580 thousand tons of finished steel products.

SCHNITZER STEEL INDUSTRIES, INC. dba RADIUS RECYCLING

SELECTED OPERATING STATISTICS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Q22

 

 

2Q22

 

 

3Q22

 

 

4Q22

 

 

YTD
2022(6)

 

Total ferrous volumes (LT, in thousands)(1)

 

 

1,148

 

 

 

1,071

 

 

 

1,129

 

 

 

1,268

 

 

 

4,616

 

Total nonferrous volumes (pounds, in thousands)(1)(2)

 

 

153,227

 

 

 

147,145

 

 

 

201,413

 

 

 

185,634

 

 

 

687,419

 

Ferrous selling prices ($/LT)(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

431

 

 

$

418

 

 

$

516

 

 

$

389

 

 

$

438

 

Foreign

 

$

450

 

 

$

455

 

 

$

552

 

 

$

387

 

 

$

457

 

Average

 

$

446

 

 

$

445

 

 

$

541

 

 

$

387

 

 

$

452

 

Ferrous sales volume (LT, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

430

 

 

 

408

 

 

 

490

 

 

 

477

 

 

 

1,806

 

Foreign

 

 

718

 

 

 

663

 

 

 

639

 

 

 

791

 

 

 

2,810

 

Total

 

 

1,148

 

 

 

1,071

 

 

 

1,129

 

 

 

1,268

 

 

 

4,616

 

Nonferrous average price ($/pound)(2)(3)

 

$

1.05

 

 

$

1.10

 

 

$

1.12

 

 

$

1.05

 

 

$

1.08

 

Cars purchased (in thousands)(4)

 

 

80

 

 

 

73

 

 

 

84

 

 

 

76

 

 

 

312

 

Auto stores at period end

 

 

50

 

 

 

50

 

 

 

50

 

 

 

51

 

 

 

51

 

Finished steel average sales price ($/ST)(3)

 

$

979

 

 

$

1,045

 

 

$

1,129

 

 

$

1,118

 

 

$

1,075

 

Sales volume (ST, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rebar

 

 

74

 

 

 

73

 

 

 

99

 

 

 

96

 

 

 

343

 

Coiled products

 

 

25

 

 

 

32

 

 

 

35

 

 

 

28

 

 

 

119

 

Merchant bar and other

 

 

—

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

3

 

Finished steel products sold

 

 

99

 

 

 

106

 

 

 

135

 

 

 

125

 

 

 

465

 

Rolling mill utilization(5)

 

 

78

%

 

 

86

%

 

 

96

%

 

 

93

%

 

 

88

%

LT = Long Ton, which is equivalent to 2,240 pounds

ST = Short Ton, which is equivalent to 2,000 pounds


 

(1)

Ferrous and nonferrous volumes sold externally and delivered to our steel mill for finished steel production.

(2)

Excludes PGMs in catalytic converters.

(3)

Price information is shown after netting the cost of freight incurred to deliver the product to the customer.

(4)

Cars purchased by auto parts stores only.

(5)

Rolling mill utilization is based on effective annual production capacity under current conditions of 580 thousand tons of finished steel products.

(6)

May not foot due to rounding.

SCHNITZER STEEL INDUSTRIES, INC. dba RADIUS RECYCLING

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in thousands)

(Unaudited)







 

 

 

August 31, 2023

 

 

August 31, 2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,032

 

 

$

43,803

 

Accounts receivable, net

 

 

210,442

 

 

 

237,654

 

Inventories

 

 

278,642

 

 

 

315,189

 

Other current assets

 

 

55,224

 

 

 

74,740

 

Total current assets

 

 

550,340

 

 

 

671,386

 

Property, plant and equipment, net

 

 

706,805

 

 

 

664,120

 

Operating lease right-of-use assets

 

 

115,686

 

 

 

122,413

 

Goodwill and other assets

 

 

343,118

 

 

 

368,678

 

Total assets

 

$

1,715,949

 

 

$

1,826,597

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Short-term borrowings

 

$

5,813

 

 

$

6,041

 

Operating lease liabilities

 

 

19,835

 

 

 

21,660

 

Environmental liabilities

 

 

13,743

 

 

 

13,031

 

Other current liabilities

 

 

284,539

 

 

 

340,841

 

Total current liabilities

 

 

323,930

 

 

 

381,573

 

Long-term debt, net of current maturities

 

 

243,579

 

 

 

242,521

 

Environmental liabilities, net of current portion

 

 

53,034

 

 

 

55,469

 

Operating lease liabilities, net of current maturities

 

 

96,086

 

 

 

101,651

 

Other long-term liabilities

 

 

87,661

 

 

 

86,909

 

Total liabilities

 

 

804,290

 

 

 

868,123

 

 

 

 

 

 

 

 

Total Radius Recycling ("Radius") shareholders' equity

 

 

908,180

 

 

 

953,979

 

Noncontrolling interests

 

 

3,479

 

 

 

4,495

 

Total equity

 

 

911,659

 

 

 

958,474

 

Total liabilities and equity

 

$

1,715,949

 

 

$

1,826,597

 

Non-GAAP Financial Measures

This press release contains performance based on adjusted diluted earnings per share from continuing operations attributable to Radius shareholders, adjusted EBITDA, adjusted EBITDA per ferrous ton, and adjusted selling, general, and administrative expense which are non-GAAP financial measures as defined under SEC rules. As required by SEC rules, the Company has provided a reconciliation of these measures for each period discussed to the most directly comparable U.S. GAAP measure. Management believes that providing these non-GAAP financial measures adds a meaningful presentation of our results from business operations excluding adjustments for goodwill impairment charges, other asset impairment charges, charges for legacy environmental matters (net of recoveries), restructuring charges and other exit-related activities, business development costs not related to ongoing operations including pre-acquisition expenses, charges related to non-ordinary course legal settlements, and the income tax benefit allocated to these adjustments, items which are not related to underlying business operational performance, and improves the period-to-period comparability of our results from business operations. We believe that presenting debt, net of cash is useful to investors as a measure of our leverage, as cash and cash equivalents can be used, among other things, to repay indebtedness. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the most directly comparable U.S. GAAP measures.

Reconciliation of adjusted diluted earnings per share from continuing operations attributable to Radius shareholders

($ per share)

 

Quarter

 

Year

 

 

4Q23

 

3Q23

 

4Q22

 

2023

 

2022

As reported

 

$

(0.92

)

 

$

0.48

 

 

$

0.36

 

 

$

(0.92

)

 

$

5.72

 

Goodwill impairment charges, per share

 

 

1.40

 

 

 

—

 

 

 

—

 

 

 

1.40

 

 

 

—

 

Other asset impairment charges, per share(1)

 

 

0.21

 

 

 

0.05

 

 

 

0.02

 

 

 

0.40

 

 

 

0.05

 

Charges for legacy environmental matters, net, per share(2)

 

 

0.14

 

 

 

0.18

 

 

 

0.10

 

 

 

0.37

 

 

 

0.25

 

Restructuring charges and other exit-related activities, per share

 

 

—

 

 

 

0.01

 

 

 

—

 

 

 

0.10

 

 

 

—

 

Business development costs, per share

 

 

—

 

 

 

—

 

 

 

0.02


 

 

0.02

 

 

 

0.09

 

Charges related to legal settlements, per share(3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.02

 

Income tax benefit allocated to adjustments, per share(4)

 

 

(0.35

)

 

 

(0.05

)

 

 

—

 

 

 

(0.50

)

 

 

(0.07

)

Effect of dilutive shares, per share(5)

 

 

(0.01

)

 

 

—

 

 

 

—

 

 

 

(0.02

)

 

 

—

 

Adjusted(6)

 

$

0.47

 

 

$

0.67

 

 

$

0.50

 

 

$

0.85

 

 

$

6.07

 

Reconciliation of adjusted EBITDA and adjusted EBITDA per ferrous ton

($ in millions)

 

Quarter

 

Year

 

 

4Q23

 

3Q23

 

4Q22

 

2023

 

2022

Net (loss) income

 

$

(26

)

 

$

14

 

 

$

11

 

 

$

(25

)

 

$

172

 

Plus interest expense

 

 

5

 

 

 

5

 

 

 

3

 

 

 

19

 

 

 

9

 

Plus income tax (benefit) expense

 

 

(3

)

 

 

7

 

 

 

1

 

 

 

(3

)

 

 

45

 

Plus depreciation and amortization

 

 

23

 

 

 

23

 

 

 

20

 

 

 

90

 

 

 

75

 

Plus goodwill impairment charge

 

 

39

 

 

 

—

 

 

 

—

 

 

 

39

 

 

 

—

 

Plus other asset impairment charges, net(1)

 

 

6

 

 

 

1

 

 

 

1

 

 

 

11

 

 

 

2

 

Plus charges for legacy environmental matters, net(2)

 

 

4

 

 

 

5

 

 

 

3

 

 

 

10

 

 

 

8

 

Plus restructuring charges and other exit-related activities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

 

 

—

 

Plus business development costs

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

3

 

Plus charges related to legal settlements(3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

Adjusted EBITDA(6)

 

$

49

 

 

$

56

 

 

$

40

 

 

$

144

 

 

$

313

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ferrous sales volume (LT, in thousands)

 

 

1,105

 

 

 

1,157

 

 

 

1,268

 

 

 

4,376

 

 

 

4,616

 

Adjusted EBITDA per ferrous ton sold ($/LT)

 

$

44

 

 

$

48

 

 

$

32

 

 

$

33

 

 

$

68

 

Reconciliation of adjusted selling, general and administrative expense:

($ in millions)

 

Quarter

 

Year

 

 

4Q23

 

3Q23

 

4Q22

 

2023

 

2022

As reported

 

$

69

 

 

$

69

 

 

$

69

 

 

$

266

 

 

$

263

 

Charges for legacy environmental matters, net(2)

 

 

(4

)

 

 

(5

)

 

 

(3

)

 

 

(10

)

 

 

(8

)

Business development costs

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(3

)

Adjusted(6)

 

$

65

 

 

$

63

 

 

$

66

 

 

$

255

 

 

$

253

 

Reconciliation of debt, net of cash

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

August 31, 2023

 

 

May 31, 2023

 

 

August 31, 2022

 

Short-term borrowings

 

$

5,813

 

 

$

6,724

 

 

$

6,041

 

Long-term debt, net of current maturities

 

 

243,579

 

 

 

344,084

 

 

 

242,521

 

Total debt

 

 

249,392

 

 

 

350,808

 

 

 

248,562

 

Less: cash and cash equivalents

 

 

6,032

 

 

 

4,511

 

 

 

43,803

 

Total debt, net of cash

 

$

243,360

 

 

$

346,297

 

 

$

204,759

 

LT = Long Ton, which is equivalent to 2,240 pounds


 

(1)

For the third quarter and the year ended August 31, 2023, asset impairment charges included $1 million ($0.05 per share before taxes) and $5 million ($0.19 per share before taxes), respectively, of impairment and other adjustments of an equity investment to fair value reported within “Other loss, net” on the Consolidated Statement of Operations.

(2)

Legal and environmental charges, net of recoveries, for legacy environmental matters including those related to the Portland Harbor Superfund site and to other legacy environmental loss contingencies.

(3)

Charges related to legal settlements in fiscal 2022 relate to a claim by a utility provider for past charges.

(4)

Income tax allocated to the aggregate adjustments reconciling reported and adjusted diluted earnings per share from continuing operations attributable to Radius shareholders is determined based on a tax provision calculated with and without the adjustments.

(5)

For the quarter and year ended August 31, 2023, adjusted diluted earnings (loss) per share from continuing operations attributable to Radius shareholders reflects the inclusion of an incremental 608 thousand and 652 thousand common stock equivalent shares, respectively, attributable to dilutive share-based compensation awards that were antidilutive for the purpose of calculating the comparable GAAP loss per share measure.

(6)

May not foot due to rounding.

Forward-Looking Statements

Statements and information included in this press release by Schnitzer Steel Industries, Inc. dba Radius Recycling ("Radius") that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Except as noted herein or as the context may otherwise require, all references in this press release to “we,” “our,” “us,” “the Company,” “SSI,” "Schnitzer Steel," and "Radius" refer to Radius and its consolidated subsidiaries.

Forward-looking statements in this press release include statements regarding future events or our expectations, intentions, beliefs, and strategies regarding the future, which may include statements regarding the impact of equipment upgrades, equipment failures, and facility damage on production, including timing of repairs and resumption of operations; the realization of insurance recoveries; the Company’s outlook, growth initiatives, or expected results or objectives, including pricing, margins, volumes, and profitability; completion of acquisitions and integration of acquired businesses; the progression and impact of investments in processing and manufacturing technology improvements and information technology systems; the impacts of supply chain disruptions, inflation, and rising interest rates; liquidity positions; our ability to generate cash from continuing operations; trends, cyclicality, and changes in the markets we sell into; strategic direction or goals; targets; changes to manufacturing and production processes; the realization of deferred tax assets; planned capital expenditures; the cost of and the status of any agreements or actions related to our compliance with environmental and other laws; expected tax rates, deductions, and credits; the impact of sanctions and tariffs, quotas, and other trade actions and import restrictions; the impact of pandemics, epidemics, or other public health emergencies, such as the coronavirus disease 2019 (“COVID-19”) pandemic; the impact of labor shortages or increased labor costs; obligations under our retirement plans; benefits, savings, or additional costs from business realignment, cost containment, and productivity improvement programs; the potential impact of adopting new accounting pronouncements; and the adequacy of accruals.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “outlook,” “target,” “aim,” “believes,” “expects,” “anticipates,” “intends,” “assumes,” “estimates,” “evaluates,” “may,” “will,” “should,” “could,” “opinions,” “forecasts,” “projects,” “plans,” “future,” “forward,” “potential,” “probable,” and similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking.

We may make other forward-looking statements from time to time, including in reports filed with the Securities and Exchange Commission, press releases, presentations, and on public conference calls. All forward-looking statements we make are based on information available to us at the time the statements are made, and we assume no obligation to update any forward-looking statements, except as may be required by law. Our business is subject to the effects of changes in domestic and global economic conditions and a number of other risks and uncertainties that could cause actual results to differ materially from those included in, or implied by, such forward-looking statements. Some of these risks and uncertainties are discussed in “Item 1A. Risk Factors” of Part I of our most recent Annual Report on Form 10-K. Examples of these risks include: potential environmental cleanup costs related to the Portland Harbor Superfund site or other locations; the impact of goodwill impairment charges; the impact of equipment upgrades, equipment failures, and facility damage on production; failure to realize or delays in realizing expected benefits from capital and other projects, including investments in processing and manufacturing technology improvements and information technology systems; the cyclicality and impact of general economic conditions; the impact of inflation, rising interest rates, and foreign currency fluctuations; changing conditions in global markets including the impact of sanctions and tariffs, quotas, and other trade actions and import restrictions; increases in the relative value of the U.S. dollar; economic and geopolitical instability including as a result of military conflict; volatile supply and demand conditions affecting prices and volumes in the markets for raw materials and other inputs we purchase; significant decreases in recycled metal prices; imbalances in supply and demand conditions in the global steel industry; difficulties associated with acquisitions and integration of acquired businesses; supply chain disruptions; reliance on third-party shipping companies, including with respect to freight rates and the availability of transportation; the impact of impairment of assets other than goodwill; the impact of pandemics, epidemics, or other public health emergencies, such as the COVID-19 pandemic; inability to achieve or sustain the benefits from productivity, cost savings, and restructuring initiatives; inability to renew facility leases; customer fulfillment of their contractual obligations; potential limitations on our ability to access capital resources and existing credit facilities; restrictions on our business and financial covenants under the agreement governing our bank credit facilities; the impact of consolidation in the steel industry; product liability claims; the impact of legal proceedings and legal compliance; the impact of climate change; the impact of not realizing deferred tax assets; the impact of tax increases and changes in tax rules; the impact of one or more cybersecurity incidents; the impact of increasing attention to environmental, social, and governance matters; translation risks associated with fluctuation in foreign exchange rates; the impact of hedging transactions; inability to obtain or renew business licenses and permits; environmental compliance costs and potential environmental liabilities; increased environmental regulations and enforcement; compliance with climate change and greenhouse gas emission laws and regulations; the impact of labor shortages or increased labor costs; reliance on employees subject to collective bargaining agreements; and the impact of the underfunded status of multiemployer plans in which we participate.

Contacts

Investor Relations:
Michael Bennett
(503) 323-2811
mcbennett@rdus.com

Company Info:
www.radiusrecycling.com
ir@rdus.com

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