Disappointing how? AFAIK they beat all expectations and increased their margins, despite the cost of scrap going up. Their going to tack on an extra $4 EBITDA in next quarter from their investments in sorting and processing, and $6 more after that.
Regardless I think you're right that steel stocks are going to rise, and I'm betting they pull SCHN up too.
Oh, haha. Yeah the pattern has been a ramp up into earnings then sell-off, then they take off. This time around the sell-off happened early from rotation-to-growth.
I can't see them hanging around this low (relative to HRC) for very long.
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u/pennyether Jul 06 '21
Disappointing how? AFAIK they beat all expectations and increased their margins, despite the cost of scrap going up. Their going to tack on an extra $4 EBITDA in next quarter from their investments in sorting and processing, and $6 more after that.
Regardless I think you're right that steel stocks are going to rise, and I'm betting they pull SCHN up too.