Schnitzer Steel Industries, Inc. reported unaudited consolidated earnings results for the first quarter ended November 30, 2012. For the quarter, the company reported revenues of $592,820,000 against $812,176,000 for the same period last year. Operating income was $1,213,000 against $14,970,000 for the same period last year. Loss before income taxes was $483,000 against income before income taxes of $11,306,000 for the same period last year. Net loss attributable to the company was $1,671,000 or $0.06 per diluted share against net income attributable to the company of $7,018,000 or $0.25 per diluted share for the same period last year. Adjusted operating income was $3 million against $15 million for the same period last year. Adjusted net loss attributable to the company was $1 million or $0.02 per diluted share against adjusted net income attributable to the company of $7 million or $0.25 per diluted share for the same period last year. Adjusted results for the quarter exclude a $2 million pre-tax restructuring charge associated with cost reduction initiatives announced in August 2012. Reported results were negative due to the aggregate $0.10 impact of a noncash tax item and a restructuring charge associated with cost reduction initiatives that announced in August 2012. Capital expenditures were $27 million.

For fiscal 2013 as a whole, the company anticipate a capital spend of up to $90 million.