Schnitzer Steel Industries, Inc. (NASDAQ:RDUS) reported a 12.4% Y/Y increase in Q1 FY24 revenue to $672.89 million, surpassing the $643.35 million consensus. The adjusted loss per share widened to 64 cents, beating the 70 cents consensus. Gross margin fell to $39 million, and operating loss grew to $22.98 million. The company cited challenges such as tighter recycled metal supplies, lower selling prices, and reduced demand from U.S. manufacturing and Asia. Adjusted EBITDA was $1 million, down from $8 million. Ferrous sales volumes rose by 35.4%, but EBITDA per ferrous ton sold dropped to $1. Nonferrous sales increased by 12% due to advanced technologies and an acquisition, while steel sales grew by 10% driven by strong demand in the western U.S. RDUS shares fell by 2.86% to $29.50.