Schnitzer Steel Expects To Report Results In Single Operating Segment In Q1 2021

(RTTNews) - While reporting its third-quarter financial results on Wednesday, Schnitzer Steel Industries, Inc. (SCHN) it is transitioning from its multi-divisional organizational structure to a functionally-based, integrated operating model, as it announced last quarter. The company noted that the transition will reflect the culmination of a multi-phase organizational development strategy over the last several years.

Schnitzer Steel will consolidate its operations, sales, services and other functional capabilities at the enterprise level.

This new structure will result in a more agile organization and solidify the productivity improvement and cost reduction initiatives announced at the start of this fiscal year that have been substantially implemented, Schnitzer Steel noted.

The company expects to complete this transition and report its financial results in a single operating segment in the first quarter of fiscal 2021.