SCHN 2017 Annual Report

SCHNITZER STEEL INDUSTRIES, INC. 31 / Schnitzer Steel Industries, Inc. Form 10-K 2017 Net income from continuing operations attributable to SSI in fiscal 2017 was $45 million, or $1.60 per diluted share, compared to net loss from continuing operations attributable to SSI of $18 million, or $(0.66) per diluted share, in the prior year. Adjusted net income from continuing operations attributable to SSI in fiscal 2017 was $43 million, or $1.53 per diluted share, compared to $19 million, or $0.69 per diluted share, in the prior year. See the reconciliation of adjusted net income (loss) from continuing operations attributable to SSI in Non-GAAP Financial Measures at the end of this Item 7. The following items further highlight selected liquidity and capital structure metrics: • Net cash provided by operating activities of $100 million in fiscal 2017, compared to $99 million in the prior year; • Debt of $145 million as of August 31, 2017, compared to $193 million as of the prior year-end; and • Debt, net of cash, of $138 million as of August 31, 2017, compared to $166 million as of the prior year-end (see the reconciliation of debt, net of cash, in Non-GAAP Financial Measures at the end of this Item 7).