Schnitzer Steel (NASDAQ:SCHN) Maintains Strong Export Position

Schnitzer Steel (NASDAQ:SCHN) is more than the recent surge in scrap prices, as they have a strong export position of over 60 percent.

UBS (NYSE:UBS) noted, "We continue to like Schnitzer’s 60%+ export position and Asia exposure from its West Coast scrap yards. Valuation still looks compelling into further profit improvement, and we think the balance sheet still has dry powder after recent acquisitions. Scrap can continue to rise into Jan/Feb, as China inventory restocking and seasonal demand fuel strength."

UBS maintains a "Buy" rating on Schnitzer Steel, which closed Tuesday at $63.12, up $1.49, or 2.42 percent. UBS raised their price target on them from $60.50 to $72.