Schnitzer Steel (NASDAQ: SCHN) announced restructuring plans this week that will result in the elimination of about 300 positions (representing 7% of the company's workforce). Facing a further 10% to 15% decline in ferrous-metal scrap prices in its current fiscal fourth quarter, Schnitzer's bread-and-butter business unit is expected to place less bread on the table as per-ton ferrous operating margin contracted by about 35% from the fiscal third quarter to between $8 and $9 per ferrous ton.