Schnitzer Steel (SCHN) buyers late on 3/24 for 1250 August $65 calls for $3.20 after a big move higher and setting up for a massive weekly flag breakout above $58.25. SCHN saw buyers in the August $50 calls on 3/10. The $1.59B company trades 8.3X earnings, 0.55X sales, and 80X cash with a 1.35% yield. The company is a leading metals recycler from cars, home appliances, industrial machinery, manufacturing scrap, and construction and demolition. They also sell serviceable used auto parts from salvaged cars through its 50 self-service auto parts stores. SCHN did over 4M tons of ferrous metals and 600M pounds of non-ferrous metals last year which they distributed to customers throughout the world. They’ve been benefitting from better pricing trends within the market for both ferrous metals, rebar and wire, and PGM. SCHN is also seeing long-term tailwinds from higher metal content in low-carbon tech in new vehicles as well as growth in renewable energy and ‘smart grids.’ Northland positive on the name with an $80 PT as they think demand for scrap metal is likely to be robust for the foreseeable future and the firm expects the stock’s multiple to expand as investors recognize Schnitzer’s ESG credentials. Goldman has a Buy rating for the stock noting that SCHN should benefit from volume growth at its core ferrous recycling business and margin improvement at the nonferrous recycling arm. Short interest is 2.5%