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PORTLAND, Ore.--(Business analyzes Wire)--Schnitzer Steel 2008 dunk contest conclude Industries, Inc. (Nasdaq:SCHN) today reported a net loss of $34million, or $1.21 per diluted share, for the fiscal 2009 first quarter endedNovember 30, 2008. The pre-tax operating loss of $50 million included non-cashinventory write downs of $52 million for the quarter. During the quarter theCompany used cash from operations to reduce debt, net of cash, by $48 million,further strengthening its balance sheet. (in millions, except per-share data)First QuarterFirst Fourth2009 Quarter Quarter20082008Revenues$ 499$604 $1,314 Operating Income (Loss) ($50)$41$200 Net Income (Loss) ($34)$25$126 Diluted Earnings (Loss) Per Share ($1.21)$0.85$4.38 "During the first quarter we faced difficult market conditions, including anunprecedented drop in demand for recycled metals and finished steel products,"said Tamara Lundgren, President and Chief Executive Officer. "The weak economicenvironment and the worldwide financial crisis resulted in a rapid andprecipitous drop in both sales volumes and sales prices from those experiencedin the previous quarter in all of our businesses. "In the face of this environment, we undertook a series of actions to adjust ourcosts and production levels to meet the lower demand.

We have implemented a costcontainment program which includes reducing full time headcount by more than10%, reducing production output, on average, by approximately 40%, and loweringour SG&A costs, all compared to levels at the end of the last fiscal year . Theseinitiatives were put in place mid-quarter, and we expect to realize the fullbenefit going forward 2009 allstar NBA All Star Jam Session tickets - nba . We also reacted quickly to reduce our purchase costs forraw materials, allowing us to maintain positive cash metal spreads 2010 all star game tickets . Our lowerproduction output will allow us to match our inventory with levels appropriatefor the current market conditions 2010 all star tickets NBA All Star Jam Session - stubhub . "As a result of these actions, we believe we have appropriately adjusted theCompany`s cost base to reflect the current market environment, while preservingour ability to take advantage of stronger and sustainable future demand. Inaddition, through our continuous improvement program and other initiatives, weexpect to achieve further cost reductions and efficiencies.

During the quarter,we generated $70 million in cash from operations and further reduced ourleverage . We continue to believe our strong balance sheet will allow us topursue future opportunities which may arise," added Lundgren action all stars . Metals Recycling Business ($ in millions, except selling prices; ferrous volume in thousand long tons,First Quarter First QuarterFourth nonferrous volumes in million pounds)20092008 Quarter2008Total Revenues$ 401 $481$1,174 Ferrous Revenues$ 313 $388$1,038 Ferrous Volumes (Processing/Trading)779/01,001/135 1,489/8 Avg all star dunk contest . Net Ferrous Sales Price ($/LT) (1) $ 359 $284$623 Nonferrous Volumes10789126 Avg NBA All Star Jam Session .

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