08
Apr
19:43
Schnitzer reduces capex due to Covid-19
US metals recycler and longs producer Schnitzer Steel Industries has changed its current and future capex as a result of the uncertainties caused by the Covid-19 pandemic, Kallanish reports.
On the company's second-quarter conference call, cfo Richard Peach states that the company has taken actions to reduce annual capex by "...almost 30% or $35 million." This updated estimate includes $50m to be spent on growth projects for the year, as well as…
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Very good overview of the weekly steel market.
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