we quarter and Michael. Good company conference XXXX fiscal call. with third forward joining for in you We our our our results you, Thank your morning. on morning, everyone. all to Thank us this appreciate interest sharing you look
initiatives. program, structure. take performance, influencing progress your capital we'll quarterly market today, our provide highlights our the performance, up then macroeconomic on Richard our I'll segment review investment details then and trends and initiatives, the on businesses, call capital our will questions. productivity the and wrap I'll our strategic On and of
and performance. underpins sharpen raise safety. and Before we training, comments a am I pleased awareness, continued we our results have to I'd do have Safety started, like however, Schnitzer make we improved increase that everything these safety about to few get focus. at yielded
first injury rate is of For a 'XX, trend This through versus quarters reflects our the multi-year fiscal improvement. example, three of lower XX% year. continuing last by total recordable
women leadership employees are to who men company work achieve and to and who these of necessary the demonstrated we our are committed paramount. the the results, have all throughout safety even and The sites remain improvements. We our of and proud and visit all health further
This to since this morning solid quarter. per few now Both achievements So I'd turn start Slide earnings announced started. 'XX of and we our mentioning the by share let's of get is morning, $X.XX. fiscal adjusted second results in to divisions our like our key this best to Earlier third operating quarter delivered performance 'XX. a X fiscal
almost ferrous income approximately higher from higher second ton AMR non-ferrous per than delivered up First $XX, each ferrous which the operating benefits AMRs quarter. the AMR. sales XX% both was which of were volumes, performance X%. and reflected
AMR's stronger and improved productivity to retail announced earlier results. addition, all year the In this continuing we initiatives sales benefits flows seasonally supply and contributed from
up higher QX higher seasonally CSS benefits of steel income prices. lower their utilization. was volumes, results finished Second, increased which achieved sales operating the from performance Their also XX% million, which $X reflected despite XX% net selling average were and significantly than approximately
strong quarterly return another our us and debt management dividend. further reduce This cash inventory XXXst profitability, on focus to our and to quarter our flow. containment operating of third, enabled strong consecutive cost shareholders And led capital to through our
X Slide QX to market turn conditions. current trends now to review and Let's
seen to month prices the trading domestic prices significantly quarter, Domestic a the hadn't low. hitting more at export since with both and were prices During export fell declined than we the end XXXX. quarter export domestic domestic by premium XX and prices of prices, prices which an
the scrap at QX ports right pricing. currently ratio chart at strong on market at/or versus times almost The low QX top demand to as supply is two X to years. the about the in ore levels. below continued iron versus X ore contributed concerns times domestic to current strengthen and steel slightly levels throughout attractive ore very times this last over Looking ratio Chinese higher inventory scrap makes X.X This iron during slide, at Chinese of prices the and iron
continued at and also non-ferrous weaker including Chinese with demand tariff Looking to Zorba to primarily product non China's around and regulations hitting Zorba continues multi-year tariff and of China quarter scrap to weaken prices the licensing weigh on scrap for nonferrous and and and of barriers during due import prices, end demand copper Asia. lows, including prices. and auto in import rest for sales softer the demand by quality The uncertainty restrictions the
steel market move trend steel finished next Before their exports XX% since by we dropped right. to it's XXXX. lower in the imposition section changes before This to the irrespective the the peak downward were of trends, to XXX finished on the XXX review the due tariffs. other slide have in things, the China's of which filed focusing almost to chart worth and the tariffs is of importantly any cases, impact among effective trade are
lower potential continues trended Average primarily infrastructure support Coast X projects. scrap the pricing now conversation. driven longer and from to turn has West continue by increased spending So Slide private to to level construction customer domestic benefit destocking state during from for to term and down demand prices. quarter, rebar let's benefit the our robust
the metal sustained to continue by an in shown during driven of this scrap lower high bottom the prices. As quarter the levels rates imports, and to scrap utilization domestic which reached low left on benefit rebar X-year in graph slide, spreads domestic
Slide We higher usage. energy the several see Long these trends, environmental the steelmaking, been discuss to into reducing and for gas emissions, to trends impact to objective long-term how benefits consumption. drivers X by from can let's Now wide-ranging the scrap environmental demand. and these scrap have scrap economic focus turn demand of of is on include greenhouse increased and underpinned lower the term the translated
chart By electric in looking corner significantly some at steel chart as production countries. manufacturing important, China. crude usage furnaces continues steel upper the steel only slide the arc growth but Equally global shows, in the of scrap production steel U.S. the grow, the the in the from has the also of as in in left-hand outpaced share largest of to not
China By XXXX, steelmaking scrap consumption increase Chinese of and input steel by aiming double XX% to estimates and XXXX. to XX% ratio compared from XXXX production in scrap of from is expected EAFs to its is average
Slide as a focus successful of has benefited in increased from AMR's for financial sales been multi-year volumes review So performance ferrous flexibility now for our AMR. Profitable growth a and domestic the the expanding East, strategic by turn X, expand our to and our Asia, let's Central focus ferrous our has our investments Middle provided sales. Europe. additional export to in on well to our by ability America, customers as to South markets sales access market, and
And we domestic The benefits results are domestic the our shifted, throughout prices to our relationship focused export premium as prices. performance. of export pivot able we the evident on sales versus year-to-date were export and market as capturing the the between to
third for our XXXX, non-ferrous we than an quarter of Sequentially, other X% were Through than update X/X first on to more of Now sales. the year-over-year. China. let's X, our shipped than up and to turn fiscal our products X%, increased non-ferrous more approximately three countries Slide sales volumes non-ferrous quarters
to demonstrates We Zorba the India, sales have products results dynamics. in to Similar related market, Taiwan replaced our and with from countries strong China's market ferrous as drop Korea, South self-diversification the to and imports Malaysia, of this changing such strategy adapt our the to Thailand. Japan, ability and
certain term and to may the Assessing to Chinese Recent officially an furnace raw it's issuing importers also have as copper ready establish use timing purity quotas government for by copper still future scrap of reflect ahead the recyclable a of indicated of examining of beginning the materials, industry reports scrap the licenses, bit that feedstock. import to is Chinese the products be China's import high of demand, scrap discard renaming a challenge. proposal
for government with These are that import solid clean Chinese its both balance the waste. to scrap good of desire grades of the the is eliminate to need trying indications
has our continued and non-ferrous the access around world. the remains alternative products our markets increase customers has fluid, While to team situation to sales for our
focused we enhancing includes forward, continuing platform. non-ferrous have our well-developed grow strategy that to and Looking a and
turn growth and This operating Let's by volume more than XX $XX margins adversely to investments Zorba we've technology XXXX, ferrous per in demand drop has Slide approximately to Zorba in income more our our prices. discuss improvements, ton. Productivity detail. experienced fiscal underpin weakness prices from to compression in the strategy in impacted the extended and in this offset
in So order. let's review initiative each
one-half approximately of beginning initiatives our of announced year, initiatives. should compression. enable $XX of margin the productivity to First, productivity us offset we The the fiscal this million at
remainder from to results amount, financial X/X fiscal of benefited this the be Our in achieved XXXX. approximately have already with
Second, our initiatives. ferrous volume growth
volume ferrous to initiative continue We grow have to underway a our volumes. multi-year
As many know, a year we early. of you completed
Our X.X three-year by to increase the XXXX. XX%, tons organic plan reaching volumes million XX% to of ferrous end our fiscal at
additional initiative on the retained to growth million tons XXX,XXX capacity of of targets our current X volume fiscal based end Our reach by tons XXXX.
in all growth per to XXX,XXX approximately ton tons create operating tons. We expect equal income to each operating on $X leverage for this incremental
initiative. investment technology our Third,
fully $X these operational. rolling advanced at recovery operating We investments believe per that out major implement at to capital a We facilities. are once deliver from they investment benefits ton technologies our least are program metal the will
The three sources. from come benefits
Improving requirements to a us the content enable our on processes cost-effective quality First; meet to metal efficiency of basis. and global
from third, globally our optionality throughput marketed ready extracting and increasing Second, relationships. our more furnace both And broaden and process. creating can shredding and product materials deepen be that customer and our materials
include support investments we these the which our to goals, sustainability next fall. multi-year in also sustainability in Importantly, report the will plan
we million detail, months. the of Richard will the expect in to $XX over investment explain aggregate in million range $XX As be the next more to XX
productivity, and we levels our should and and initiatives short well generating capital, QX. our and our shareholders. to additional to our implemented, us to average returns expand technology margins similar and excess operating flow, in a of assuming to period price more return cost grow payback continue volume Once opportunities us providing growth with Together, investment demand capital expect cash enable to strong significantly to of
rate fiscal initiatives these in benefit to with expect half XXXX, of the the run 'XX. by We per in year full the to ton, margins end the $XX range approximately of of fiscal expand and achieved our $XX
who segment investments our Now Richard, CapEx I'll over our and to generation flow turn performance, presentation will details Richard? productivity cash provide including initiatives. more our the technology and on
