Schnitzer has profitable 2010

Portland Business Journal:

Schnitzer Steel Industries Inc. closed out a profitable fiscal year Wednesday, reporting a more than 60 percent jump in fourth-quarter earnings.

The Portland-based manufacturer and exporter of recycled steel products (NYSE: SCHN) reported fourth-quarter earnings of $18.1 million, or 62 cents per share, on a 21 percent increase in revenue to $639 million.

For the same quarter last year, the company reported earnings of just $10.9 million, or 36 cents per share, on $527 million in sales.

The company’s quarterly earnings easily beat the 38 cents per share projections of analysts polled by the Thomson Financial Network.

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