Schnitzer Steel (NASDAQ:SCHN) Looks Strong on Ferrous, Global Demand

Canaccord Genuity says they're bullish on Schnitzer Steel (NASDAQ:SCHN), citing strong overseas demand and increasing prices for ferrous scrap.

"We remain bullish on SCHN given improving industry fundamentals, including rising ferrous scrap prices and continued strong overseas demand. Recent acquisitions expand the company’s geographic footprint, enabling SCHN to improve its access to scrap supplies," said Canaccord.

They made three acquisitions lately, the major one being Waco U-Pull-It Inc., which will expand the auto parts business of the company.

Schnitzer Steel was trading at $59.34, falling $0.08, or 0.13 percent as of 11:58 AM EST.