Dive summary:

• The Portland, Ore. based company announced this week that after huge loss resulting from a $70 to $80 per ton reduction in export sales in ferrous metals this quarter, they are forced to reduce their staff by 7%.
• Schnitzer expects the lay offs to lower operating costs by $25 million annually, the same amount of the expected increase in inventory costs for next quarter.
• The company reconstruction will further integrate the metals recycling and auto parts industries, which also expect a 15% to 20% decline in revenue next year.

From the article:

Metal recycling firm Schnitzer Steel Industries Inc. is laying off 300 workers, or 7 percent of its workforce, in a restructuring move as the result of declining markets.

The Portland, Ore.-based company said in a news release on its outlook for the fiscal fourth quarter that export sale prices for ferrous metals have fallen $70 to $80 a ton from May levels, and scarp sales also slowed. Higher inventory costs as a result are expected to result in a $25 million negative impact to operating income compared with the third quarter, the company said, with two-thirds of the impact affecting its metal recycling business. ...