PORTLAND, Ore. (AP) _ Schnitzer Steel Industries Inc. (SCHN) on Thursday reported net income of $46.2 million in its fiscal first quarter.

On a per-share basis, the Portland, Oregon-based company said it had profit of $1.55. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were $1.58 per share.

The recycler of ferrous and nonferrous scrap metal posted revenue of $798.1 million in the period.

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