Short Interest Update on Schnitzer Steel Industries (SCHN)

Schnitzer Steel Industries (SCHN) has 3,154,415 shares of shorts outstanding as on August 15, 2016, with 12 days left to cover or roll them over. On Jul 29, 2016, the open interest of short positions was 3,206,307 shares. The stock has a decent trading volume of 257,494 shares daily. The marginal decrease in the short positions is by -1.6%, which amounts to -51,892 shares. Short positions are 12.4% of the available float. The short interest information was released on Wednesday Aug 24th after the market close.

Schnitzer Steel Industries (NASDAQ:SCHN): The stock opened at $18.83 on Wednesday but the bulls could not build on the opening and the stock topped out at $18.83 for the day. The stock traded down to $18.22 during the day, due to lack of any buying support eventually closed down at $18.53 with a loss of -2.22% for the day. The stock had closed at $18.95 on the previous day. The total traded volume was 253,200 shares.


In a related news, Dyck Jeffery, officer (Pres. Steel Manufacturing Bus.) of Schnitzer Steel Industries Inc, unloaded 9,205 shares at an average price of $17.61 on July 5, 2016. The total amount of the transaction was worth $162,100, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing.

Schnitzer Steel Industries, Inc. (SSI) is a recycler of ferrous and nonferrous scrap metal. The Company is recycler of used and salvaged vehicles and a manufacturer of finished steel products. The Company operates in three business segments: the Metals Recycling Business (MRB), the Auto Parts Business (APB) and the Steel Manufacturing Business (SMB). MRB buys, collects, processes, recycles, sells and brokers ferrous scrap metal (containing iron) to foreign and domestic steel producers, including SMB, and nonferrous scrap metal (not containing iron) to both foreign and domestic markets. APB procures used and salvaged vehicles and sells serviceable used auto parts from these vehicles through its 62 self-service auto parts stores located across the United States and Western Canada. SMB operates a steel mini-mill in McMinnville, Oregon that produces a range of finished steel products using recycled metal and other raw materials.

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