SCHN - Earnings call transcript Q1 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Schnitzer Steel's first quarter 2020 earnings release call and webcast. At this time, all participants' lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. Instructions]. [Operator

like Michael conference you Bennett, now speaker to may hand Mr. today, Investor to would over the your begin. I Relations. Sir,

Michael Bennett

the quarter Investor Crystal. Senior Schnitzer to Steel's you Good for I XXXX. to Michael Thank the presentation first morning. welcome you Director fiscal I Relations. Bennett, of earnings am of happy am company's

access at slides, have and posted release or addition In both which our of issued to website today's audio press on you www.schn.com. can set www.schnitzersteel.com comments, of our we a

Before we call be our will company's me also two, let detailed the Safe your which in the start, which filed attention later Harbor press included slide in XX-Q, to release today. and statement on Form is

statements our call statements As as our target, such outlook, on our future we slide make note on margin about today, growth two, volume and we expansion. forward-looking may

those may results materially differ actual statements. Our in from our forward-looking projected

cause those two statement to factors our concerning results materially actual Form information as XX-Q. well as contained from differ of is press our that today Additional release and forward-looking the in could in slide

be we during Please our discussing will some non-GAAP note presentation that today. measures

slide those have to a appendix GAAP our We in included the to metrics of reconciliation presentation.

Tamara turn Richard the Lundgren, me over Corporate will Financial of Operations. our Chief the let Officer She call Chief call Executive Officer. Now Peach, our with to host today and Chief

Tamara Lundgren

morning. and everyone our quarter with you look Thank in this Year. Good to we all us New your Michael. conference XXXX our fiscal first forward Happy call. on and results joining you our morning We you Thank company sharing interest for appreciate

our update will I CapEx underway. Richard and we quarterly capital and strategic our financial up and your on our I investments will macroeconomic capital detail questions. projects performance, and we will will review then then also call our wrap take our structure. more trends and segment on provide have result our an On the I the initiatives provide will market businesses. affecting today,

on this like to started two get we comments. review. would make before But I

over First, XX as several were Rico the last know, in Puerto you many hours. of there significant earthquakes

been very shredder we have functioning. our are of parts power any that the and plant yards the our island have are While are all seriously safe, damage and and equipment not employees impacted, had grateful

thoughts people of the are Our with Rico. Puerto

would pleased safety team. highlight has safest I to to Second, across company, continued. of company's of fiscal concerted the to XXXX our our this that like efforts year Due our report trend performance I recorded the am the history. was in the employees

Much to company. than our can injury Our first total progress proud quarter. preventing better this anticipating in I was and year's am XX% very potential recordable of be success teammates throughout hazards. of rate over last in attributed QX our significant better the

our on a work commitments create environment to safety delivering are and a You culture. sustainable safe

more the just to sixth Sustainable entitled, sustainability slide founding relevant our a to we been now that the model has few Sustainability XXXX we is and more ago. been sustainable In what has core mid-December, we never a discuss business do than in we of report how Tomorrow. four Recycling for released operate turn our since and Let's weeks reports related important issued and our Today it today. at

report. our the website place us to where and will at continue to waste, conserve energy inclusive and how multiyear report forefront communities a our industry workplace ethical, we sustainability and We and safe, change generate water how visit we the give engaging of operate. highlights XXXX our in create less that first resources, use our sustainability we how sustainability set we latest and to to positive of encourage our goals contains to believe it view fiscal innovate help to Our you and back less goals I we how

XX fiscal slide inventory accounting to turn loss and to average an our results. environmental We from matter. quarter $X.XX per impact first share resolution charge elated of we this announced $X.XX included $X.XX, an let's adverse of of an Now which financial five. approximately reported adjusted Earlier a morning, of

Our year. offset were for by CSS productivity and challenging QX we both very implemented initiatives from market environment benefits that was by a AMR which improvement impacted results our partially last

The In AMR, surprisingly, Both prices most in ferrous in earlier were in volumes an the and decline to lows. prices Not for to for a easing certain ferrous impacted sales margin the by prices volumes supply nonferrous sharp tightened November the reduced compression and sales. led flows contributed the selling as of in dropped to rise quarter. and quarter. multiyear to leading margins contracted supply during result, in flows nonferrous ferrous but

for CSS' $XX million negative also delivered $XX due million cash last finished prices sales operating operations. flow in a to and products, quarter impacted steel a volumes from contribution were from we results lower consolidated by first positive customer recycling year. declining this to reduced of by cash QX perspective, And flow compared destocking of operating driven quarter of

also We through our XXXrd quarterly dividend. to our capital returned shareholders consecutive

steel manufacturing weakness the the most conditions. This reflected sectors. demand were XXXX, response and in of weak in year calendar inevitable was undertook inventory slower to by For growth in destocking exacerbated the scrap global manufacturing the that lower companies and demand

of are improvement. we seeing As we an enter however, XXXX, signs

for a So of market these more detailed trends. turn to six let's now slide review

in approximately pricing of left-hand November regarding in still reports during see pricing domestic basically sharply scrap December. and historical and ferrous their and placing below strengthening, export the reflects to XX-year average. chart, quarter declined can parity the you recover January domestic levels prices XX% but two Current As at markets first began further the upper at months

a prices risen in Turkey Looking low point the into have import October. considerably scrap market, since export at reaching

steel in Since XXXX, XX have slowdown largely part also demand in prices the Asia Export and of January industry first Coast December flows demand steel Turkish driven by year-over-year, by the infrastructure improved the construction domestic slumped and and into demand. quarter off by and driven During by domestic latter primarily inventories prices projects. mills months consumption first to West Turkish XX% constrained conditions. the supply from of at over Turkey scrap the then, towards weak rebounded driven lower a and higher strengthened

Now turning nonferrous prices. to

can lower QX sharply quotas you have been the see in by key and during higher metal As actions Prices in requirements and prices Zorba well levels fell auto impacted XXXX. regulatory reaching including seen markets. global import trade left-hand in as declining during last tariffs, sales China content as by chart,

period similar reduction However, low extended of led prices scrap significant to market, flows. ferrous in the historically a to the

seeing begun some positive now has and pricing strengthen. nonferrous are to We as momentum Zorba

right-hand next look chart. move on we let's slide, to Before the the at upper

wire prices, both down during rebar and As quarter. the trended first see, rod you can

support scrap infrastructure Coast customer continues Although wire the projects, including cost of and benefit in resiliency materials, in lower prices of rebar has impact West increased QX to on the for potential the market raw to from demand consumables during reflected decline steelmaking the show and and construction and term rod destocking. state level the extended other longer spending demand

now widely growth trends are support seven some tailwinds of for continue longer underlying economy turn carbon-based slide positive is acknowledged for global recycled activities. discuss demand the A trends to the low industries intensive. of and term lower metals as scrap. more Let's to metal to as carbon The structural

dozens wide spectrum power batteries solar wind, across is of industries. and for use rising of the demand generation, a for metals of expected With increase to

in demand. are nickel steel, copper In among highest and to aluminum, metals the to expected addition be

manufacturing, recycled how is Looking increase. we metal at scrap continuing the steel see can use to of

production. intensity, U.S. As of XX% steel the the to recognized estimated corner the by in of production the steel to all around and in XXXX trend chart left-hand a EAF shows, by carbon upper steel metal can materials Using in U.S. reduce increase slide makers this is dramatically globe. increasingly production recycled

up to the the of the In shows by this share production scrap commission scrap China's in XX also XXXX, EAF consumption, capacity. the China's ferrous bottom and furnaces For nine has reaching first now capacity. Along of scrap also was million months China's accounts crude from both continue chart tons additional electric XX%, example, of use more capacity million of steel XX% and China's that new XXXX, XXX the China's grow. usage on to arc China steel for an of total slide risen steelmaking In EAF of is projected almost tons. with

All to expand and and the environment the demand high recycled of metals, to to for platform. underway point indicators importance underpinning term enhance these have our a long strategic of actions we

have now to actions turn the our slide let's review trends metal investments growth, leverage strategic So long that term and industry's to volume advanced in offset our underway structural initiatives eight to business. changes affecting these and and Productivity to cyclical recovery we underpin the improvements, actions. positive these technologies

on first focus headwinds. doing cyclical what we the to Let's offset are

and management of additional initiatives we of production to in fiscal centered on announced is Our be functional improved productivity we delivering XXXX improvement initiatives the In cost and in $XX from asset efficiencies, top XXXX. implemented on benefits fiscal an October, million productivity realized that program logistics.

structural we to the us wider that are compression part by these as fully the operational, discuss Zorba produce decline previously in from of and a metal will investments detail, believe $X enable margin offsetting deliver the in that highlighted Second, least at we benefits in investing We products. caused will more per technologies Richard once recovery will have ton, in prices. that range furnace-ready advanced

from sources. benefits come The three

process. our from extracting our increasing throughput shredding and First, more materials

cost-effective global marketed and additional Second, third, and And be can us quality improving globally. creating optionality that furnace-ready metal basis. meet on the efficiency of enable our requirements a processes to to content product materials

sustainability will also objectives of reducing these and recycling our investments waste. support Importantly, increasing

leg our on Profitable strategic our base. initiative has been broadening third of volumes growth company. ferrous our the customer our for our multiyear focused successful is a growth volumes ferrous sales focus And and strategic increasing in

annually, reach XXX,XXX volume assuming retained supportive targets five additional our based growth tons market million on conditions. Our initiative tons and capacity of to

by timing of goal operating economic regulatory this uncertainties. approximately leverage to growth be trajectory expect ton to We margins. of course The $X and and could create on equal political, impacted overall per this

volume to environment, through trending range a strong and expect these benefit our ton. the cycle. improve Once of market $XX technology the our in initiatives investment our to margins operating $XX stable and generating flow continue to cash Together to significantly per we assuming initiatives and should enable growth margins complete productivity, positively to us

Richard me for a of Now over detailed segment CapEx our our strategic it turn and to review more performance investments. let

Richard Peach

volumes. ferrous review our I will Thank you Tamara good and a with begin of morning.

a put the environment to In barge, ferrous and to the on XX% ship variety continue including optimizing first to led year-over-year. products customers volumes flows our reach result, quarter, as lower and global conveyances delivering we challenging of supply of sales these focus a our markets, a rail. and lower In using truck strong total were tightening price our

in and We diversify customers quarter, America sales in markets. In the the also advantageous across market. sales use between domestic economically our to made flexible to Asia, Turkey, first platform we South

to turn slide on an let's Now update nonferrous. XX for

have for Over and changing past products. patterns year, the seen we demand flows our nonferrous

also importers. In tariffs quotas government restrictive increasingly the place Chinese addition on retaliatory scrap, recycled Chinese put to in for has scrap the

We to changing adapted following in have these patterns ways. the

First, XX% of reduced shipped and market. have our the first our our than nonferrous countries And the in significantly other we China. we Chinese diversified to exposure quarter, sales to products

we our and customer nonferrous have Japan, Taiwan expanded XX products to first South Thailand. sold our base we quarter the and India, Second, in Korea, including Malaysia, countries

to we Third, copper, Of of mix with consisting and products metals. Zorba furnace-ready value products. total a volumes, of continue one-third nonferrous including our balanced purer, the represents higher other aluminum sell remainder around nonferrous

between definitions this new or which and are our China in product for solid during imported regulations The classified has quality could as understanding nonferrous we standards be been raw distinction material waste. a new is new year. still they calendar scrap but implemented will draft, understand create a developing include

material into meet may raw Thereafter, with of our the for understanding new China products that without limits. the eligible quality is and import new quota nonferrous definition standards comply be

detail will to products solid expect these presentation. investments complete be technology, will our could later diversification do metal major more as waste in regulations, new changes discuss Chinese sales reinforce may be eventually recovery under subject standards ban restricted In contrast, on meet import. the a we which in not structural and that the I continue classified this and of to quality advanced our which importance metal These in be

AMR's average to Now included XX ton of accounting adjusted an matter. of $X was the The quarter, first per outlook $X our fiscal let's than compared from improvement inventory per income fourth on per better slightly to factors. ton impact related in was following ton at purchase primarily sequential of three due trends slide effect adverse of quarter the decrease operating from the discuss impact environmental the November. due prices operating in AMR. market to to inventory the and in reached resolution expectation an loss The per XXXX scrap $XX turn $X to In average the operating ton to the

AMR's price half selling prices decline also our XX% Net sharp by decreased multiyear prices ferrous the was the for Zorba low. and around our in First, of our performance. drop sequentially fell a responsible shipments for to realized

contributed in decrease year-over-year. impact volumes decreased portion by ferrous the approximately lower AMR's a respectively, sequential And Second, of operating third, sales primarily tighter scrap inventory AMR's ton. volumes and XX%, accounting $X per remaining Driven nonferrous from XX% and sequential income. profit the decline came quarter the of of AMR's flows, average adverse from by

ferrous we back has pre-August the market to to month levels. and expected to the last sales changed sequentially. trend benefit conditions to second have market line be to ahead quarter, positively line sales in rebounded be through quarter improved are and of looking the to volumes year-over-year. in However, lead Prices in And Nonferrous the flows anticipate sequentially and continued increase January. volumes supply will AMR's

in is to prices improvement impact productivity to The expected a and is sequential expected to expansion performance. of inventory lead ferrous together significant in with reversal average improvement spreads, and new the metal QX accounting an the which lead improvements to

is Our second per expected ton. be quarter $XX ton operating per the in range of income to

decrease in impacted which due a move metal was income to lower operating million CSS. recycled the steel sales compression though and partially in prices steel the to Sequential trends finished and by environment in even slide decrease for first operating also offset average from products. outpaced let's margin quarter contribution contributed Now, the price initiatives. was adversely discuss selling materials. performance by XX CSS' in productivity lower $X recycling these cost raw Lower volumes of and the the a finished reduced sequential were purchase to results net operations

Finished lower X% scrap were primarily volumes year-over-year and prices steel and was and in by X% lower utilization were net input quarter. the for steel first XX% finished by other Average lower selling down year-over-year, reflecting sequentially consumables. for including costs, mill rolling sales XX%

approximate fiscal the expect remain volumes markets West to Coast second demand finished steady and sales ahead for to Looking the steel fiscal quarter we in to first CSS of XXXX, XXXX. steel our of quarter

maintenance operating the to expect million CSS due costs. lower sequentially be quarter downtime by We income for $X second planned including to

was Operating the our year's in turn and to last corporate compared XX outflow. capital $XX favorably slide review which million, let's Now first quarter with structure flow to items. cash first quarter

Our net $XXX end the quarter debt first at of was the million.

XX% adjusted Our balance to sheet our remains strong with debt net leverage net ratio of Xx. of and EBITDA only of

facility existing which growth. as financial a an have pursue We we $XXX million strategies credit with flexibility of for us provides with XXXX our maturity,

In on growth the on $XX projects improvement capital $XX million environmental we up spend for on which to business. including Capital million a million, first balance million the quarter on the $XX expenditures the of $XX maintaining of maintaining investments dollars, total and $XXX of business, million million including the projects. growth in totaled in was remainder spent $X to fiscal and expect XXXX,

the quarter on adjusted were by less $X and Corporate down million an the quarter prior costs than million first of year. the $X $X sequentially basis, million same in

Looking fiscal be ahead the to second we cost the XXXX, corporate higher compared slightly first quarter expect to quarter. of to

tax rate effective was XX%. a benefit the quarter Our first of in

which is the performance to of Note adjusted rate relevant fiscal results also tax XX% an of be factors. to and line expectation expense with expect rate remainder on in that our other for subject level quarter the the for be We will our our second tax financial our actual year. more of

charges incur million. costs and productivity In connection we of exit-related other of initiatives, with expect our restructuring $X new to round

our restructuring this within with amount EPS. practice, quarter results. in GAAP Consistent to exit-related adjusted costs fiscal second record our and expect the these our charges be from of We previous majority will excluded

to the turning Now about like recovery talk more to next detail product would technology and slide, metal our in advanced enhancement I strategy.

and program replace, to earlier, mentioned I major add undertaking a nonferrous capital our we investment metal to recovery upgrade As are technologies. currently

and of are recovery copper, wet new our copper implemented, a clean advanced is more new technologies rollout these and installed Zorba enhanced both comprehensive The to further the other convert and our program. sorting East major processing Coast plan includes furnace-ready new will separation us to on be expected facilities capabilities, to metals. products and brass, the equipment zinc, and to dry equipment in of Our Twitch, more West to us allow States. produce Once Zorba enable stainless and steel United technologies, saleable

place There permits, second three fiscal recovery phases both will and on clean copper fiscal applicable installations half of as of over our take XXXX the be installations XXXX. the first follows: receiving and Coast. East will to half First, West Subject

of facilities. the separation heavy media equipment in U.S. four And recovery a West and of in Zorba third, plant both export metal Second, major East advanced of rollout our the new

expect total $XX We million million in be XXXX, already first $XX and fiscal the and of in $XX the the capital the of aggregate spent be investment fiscal our to balance to range million approximately of half to XXXX in million spent with fiscal XXXX. $XX

Once of the of full to quarter a to benefit and income the run ton. half expect end rate to the be new we the expect of that of amount $X rate least fourth is fully first fiscal per by the run fiscal at our In technology around the implemented, by half achieve XXXX, XXXX. nonferrous the we end operating ferrous

once years operations and to our capital the commence significantly average expected installed with we equipment, achieve in of of an fully tons new XXXX. excess The three target of than million contributions we benefit our million of cost of an approximately operating $XX new is of investment volumes on with fiscal less by expect to is service. in installed, return terms ferrous the payback income, we be once equipment In full assuming annual five

over Tamara. turn back to I the presentation will now

Tamara Lundgren

The Thank for trends business positive you the our is outlook is and multiple metals underpinned Richard. demand for strong. by recycled

near in growth. initiatives we to deliver term have While strategic place challenging, market been conditions have

expect cycle employees, through of to our deliver fiscal XXXX. productivity and shareholders additional improving in savings in to flow, providing by create we us for opportunities the beginning second grow, advanced half and recovery These value our and expanded return the communities our the second in beginning benefits advance which We improvement and quarter to to suppliers metal initiatives competitiveness capital program cash margins investments customers, our deliver with sustainable should operate. our the our

to remaining closing, this whom steadfast our employees, of in focus as our know I we Each in you of to continue demonstrated with thank would recycling the many to each are commitment industry. In continues I and our our thanks sustainability and communities listening you of challenges to dedication My like while call you morning. truly and opportunities be your integrity. a have and on safety, leader go why to meet

let's operator, the Now questions. call up open for

Operator

comes Sachs. question first from our And Korn Matthew Instructions]. from [Operator you. Thank Goldman

line Your is open.

Matthew Korn

Good and Happy Hi. and taking Year thanks my New morning, Richard. Tamara for questions.

Tamara Lundgren

Year. Good morning. Happy New

Matthew Korn

And also pricing finally improved supply pulling domestic this the view we view? that kick prices enough ferrous charts and in? pricing So on guidance to the tailwind for scrap how quarter, saw in much there. improvement export then the pointed reach you fall low then markets the a markets, the your in price from factor your emerging a your in in Effectively, in past and your the out that's second up the scrap been elasticity have did your has

Tamara Lundgren

dry been have supply Well, a There materially has of up. And we reversal driven There that of that right. has the have by are flows a destocking level seen couple factors. Prices we saw reversal we you are seen. where factors. been several did a reach

come a are We mill to close. seeing outages the

of the tensions. stronger easing reducing that demand, is And the decline trade this of resulted overhang scrap We from significant prices. are all seeing in export of

Matthew Korn

it. Got

it is have more you the to feel opposed we fairly we in normalized So of levels enthusiastic like as a something this depressed level scrap where been where market sounds returning are seeing? the to

Tamara Lundgren

earnings And a XX% that's about way. are I where last and noted, as that our improvement October. we historical prices hovering we were averages trending held in certainly from current call below are significant XX-year when the We

Matthew Korn

Right.

Okay.

a steel times projection, the one new buildout I markets you years the in been second here, The you action. has cited many your Schnitzer. for EAF that the be on to makers in last integrated couple have presentations. heard going last of domestic over steel be good main the the of stronger course that is is The theme is have some months, this, thought this seem this of kind would capacity, want of of It the which be get these over draw couple scrap to have these does though on

of this supply new at business, have be coming, pig you could a your all? plant think scrap iron do into this How prospects the got marketing core chain. for the others HBI much raised of You challenge if

Tamara Lundgren

will But And more Well, consumers obviously processing. But what much and think aspect a a it versus I that see raw is of cost I that the materials. where materials, cost value is other see the and scrap mined think see this that a is intrinsic level. that unique it's is for we collection you always variable product scrap value. find is about than competitive

if it's product think that find level. I a historically, a So will look you competitive

Matthew Korn

Got you very it. Thank much.

Tamara Lundgren

you. Thank

Operator

[Operator our from Instructions]. you. Gibbs KeyBanc from Capital Phil question comes Thank Markets. next And

line open. is Your

Phil Gibbs

morning. Good Hi.

Tamara Lundgren

Year. morning New Good Phil. Happy

Phil Gibbs

to I same. the New Happy going Year. say was

the quarter describe And think in that just the pointed was first what environmental was side you you So be presser? on sure to just here, I that AMR? because the out results results, can here, was of early in the something, for headwind that

Richard Peach

headwind AMR. Yes. $X at adjusted environmental air was per That the emissions And our one $X.XX matter in Richard. to or was it California Hi related of It's impacted of facilities. It an the results. in by resolution Phil. ton

Phil Gibbs

Okay.

provided? out the pricing have helping in the going Are XX to the at in have, thought So Is quarter, the guidance presumably results. accounting that's in you run going inventory not the benefits? here about to in numbers second are to last that you going given recur you the partly all days

Richard Peach

that And for Yes. the that's AMR built second quarter. quarter. expected effect ton the for first quarter. our We per $XX ton see operating the into income adverse of We the guidance in per second impacted see reversing that

Phil Gibbs

it, mean, does move you not Reversing? I positive, mean, I have a it I gain? expecting you guess, to are are a going but to

Richard Peach

Yes. A small small gain, gain.

Phil Gibbs

Okay. more that then are took in fiscal know consciously great you to many bit and what things these what's starting putting actually reward and really I terms a investments from because pretty of be getting end by us to come Can and a the ton? detail give are are nonferrous And this that in of get stages. to where don't are context and went exhaustive as away this this you little you full starting reap $X you what some And very you year? concrete then you of of maybe how the which around they was it in Just benefit little the in do? more bit just then us year to the you are

Richard Peach

Yes. It's different three it is has plan aspects. a comprehensive and

really get taking it be East systems converting the where West advanced a the and value. second aluminum lower is recovery a system. it. clean on the can phase is about the that's in recovery putting first will we and higher get And phase material and product and and And a for that's more metal how we copper into Coast The the price we furnace-ready copper grade

process ways. is, the One our our our capacity of to will are get that. increase the recovery productivity and existing more metals. of metals we of thirdly, because out of is we so three technology of different amount shredding in the in back a will for recovery there facilities major get and with these separation we export And that coming upgrades nonferrous improvement benefit nonferrous Then we there nonferrous replacements processing in then of out metals pure increase automation that more a separation addition, associated process. So

to media So third and products. in Zorba heavy U.S. all the really and our And a that's West East purer such -- and Coast. about into products East facilities which conversion. the phase the to aluminum ability and we more plants the then West that's our the as That's of the and putting major it's is export and about are Twitch in in our furnace-ready all conveyor other copper And a

why these have that's - you it’s comprehensive. So got

these plays clean the recovery got the a the product structural of the have that The we and very furnace-ready is position additional materials. of here placed because are process it essential a plan the nonferrous from sales this with of of We our additional all into You Zorba then talking from copper, competitive comprehensive industry these separation ability And lower three our reach in being the shredding and and our technology, to conversion grade been convert aspects. into of thirdly changes together have global we well improvement the volume about. our nature think because our network. all

least return overall million and think three $XX $XX expect between to significantly as which I provide our existing are an rate tons I million, which payback XX my that now, once we mean million calculated excess calculated XXXX of income on have was a We in run ton our we a And fiscal target we we that than fully of ton. per we have of at know in fiscal million investments, million X.X from of cost achieve tons, technology it, tons. initially achieve said of the expect is do that X would And in year. remarks, as are when installed, these XXXX and per a benefit you operating to at less incremental least But will years. $X of expect an in or benefit capital that payback

Phil Gibbs

Got it.

that benefit, a are to clean up mixing product And the and you that's a that copper recovery price. of so of outlining better $X one this year predominantly in the then effectively to ton get terms

you in metal the this baking that's year is the heavy are what media. the recovery So and next and year advanced really

Richard Peach

in recovery will clean already also systems. metal but this are year, of fiscal copper the will recovery rollout be So we half the second year, advanced of this The correct. technologies you implemented have begun a

year. us fourth lead and per under our or And addition, fiscal half in new we the to will the the that end have the sides of of facilities both first systems fiscal next factors of ton on the benefit then country. more the the combination metal one a get of remaining the the to our recovery get advanced of over And So believe we other can heavy technology media the the the two facilities. fiscal around $X plants in quarter rollout year, that when of by we plan end into have export to year, export these

year into the over then this the rollout next. last, that So the it's a first fiscal and during half half second of of

Phil Gibbs

Thanks Very very much. Best luck. good. of

Richard Peach

Thank you.

Tamara Lundgren

you. Thank

Operator

Thank And you. phone questions over would am turn for any Tamara no from I showing remarks. like to Lundgren back further our and to conference the lines closing I

Tamara Lundgren

operator you our our on our joining second quarter today call We in report speaking company. to XXXX you thank April again and your results. look interest forward fiscal you. all Thank when Thank for with for you in us we and

Operator

participating wonderful Ladies the today's all you conference. and you Everyone program for have disconnect. gentlemen, This in a may thank does day. conclude and

Radius Recycling (RDUS) 8 Jan 202020 Q1 Earnings call transcript