Schnitzer Steel Industries Inc. said that it expects spending on its capital projects to total about $24.3 million for the rest of fiscal 2004 ending Aug. 31. In an SEC filing Jan. 14th, the company provided an outlook for its various divisions, as well as some of the financial numbers for both the recently reported quarter as well as full year.
Capital expenditures for the first quarter ended Nov. 30, 2003, amounted to $6.2 million, up from $4.2 million during the first three months of fiscal 2003, the company said in its quarterly report.
The increase was primarily due to improvement projects at the Schnitzer Steel's Oakland, Calif., recycling facility and its steel mill, according to the filing.
In addition, the company said it expects to require significant future cash outlays as it incurs actual costs related to the remediation of some environmental liabilities.
Schnitzer Steel had $21 million of accrued environmental liabilities as of Nov. 30, 2003 from acquisitions completed in previous years, the filing said.