Schnitzer Steel Industries Inc. (NASDAQ:SCHN) is signaling that it is time to step back into traditional American stocks. Its hares closed Tuesday at 17.64 and have a consensus price target of just 16.00.
SCHN is a 115 anni, American scrap metal recycler who’s stock broke out on 18 May and confirmed on 29 June, bring on a Strong Buy signal
There is Strong Support at 17.08 and Key resistance at 18.10, a clear break above that mark augurs for a run back it its 52 wk highs at 27+ and higher into Y 2021. Our technical outlook is Bullish with a Very Bullish bias.
Schnitzer Steel Industries, Inc. recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. The company operates in two segments, Auto and Metals Recycling (AMR), and Cascade Steel and Scrap (CSS).
The AMR segment acquires, processes, and recycles scrap metals, as well as processes mixed and large pieces of scrap metal into smaller pieces by crushing, torching, shearing, shredding, and sorting.
This segment offers ferrous recycled scrap metal, a feedstock used in the production of finished steel products; and nonferrous products, including aluminum, copper, stainless steel, nickel, brass, titanium, lead, high temperature alloys, and joint products.
It sells ferrous and nonferrous recycled metal products to steel mills, foundries, refineries, smelters, wholesalers, and recycled metal processors.
This segment also procures salvaged vehicles and sells serviceable used auto parts from these vehicles through its 51 self-service auto parts stores in the United States and Western Canada, as well as sells auto bodies and component parts, such as engines, transmissions, and alternators to wholesalers.
The CSS segment produces various finished steel products using ferrous recycled scrap metal and other raw materials. It provides semi-finished goods, which include billets; and finished goods consisting of rebar, coiled rebar, wire rods, merchant bars, and other specialty products.
This segment serves steel service centers, construction industry subcontractors, steel fabricators, wire drawers, and farm and wood products suppliers.
Schnitzer Steel Industries, Inc. was founded in Y 1906 and is HQ’d in Portland, Oregon.