Schnitzer Steel sees emerging market infrastructure spending doubling by 2017.
The company expects emerging market infrastructure spending to double from 2012 levels by 2017, which should be a driver for improving long-term demand for scrap and finished steel products. Says beginning to see recovery of West Coast construction market. Says has three major strategic initiatives underway: productivity improvements, accelerating returns on 2013 investments, and expanding the synergies between the metals recycling and auto parts businesses. Comments from company's Q2 earnings conference call.
Schnitzer is a much better play. I switched out of mea and into schn. There will be a big comeback at some point in this market, but Weitsman is clobbering MEA on all fronts, and keeping their prices in the gutter. Even as things pick up, mea will have a tough time competing. Weitsman is a private company with tons of money and much more competitive, stealing many of mea's customers away.