Schnitzer Steel Ups Outlook, Shares Jump

Shares of Schnitzer Steel

are trading higher following a better than expected outlook this morning. The company now sees fourth quarter EPS in the $0.28-0.32 range vs a previous expectation of $0.20. The company points to higher profitability in recycling and manufacturing, as well as cost reduction initiatives, as the catalysts behind the better outlook. The company reports earnings on October 28. SCHN is up 5.5 percent at 24.04. Shares of other steel makers aren't faring as well this morning, with US Steel

down 2 percent at 39.80. Nucor

is also lower, down 0.13 percent at 54.48.