particular, all have your during call. forward past appreciate all results employees you call look fiscal on thanking Thank been our you seven months. We quarter months in efforts and These Thank for extraordinary XXXX to challenging over like morning. last start Good for our joining the by us. with us for the you, I'd conference XXXX everyone. sharing of morning, and in Michael. our seven their fourth our today to fiscal this we interest company,
resiliency during proud the employees kept I the quickly On to and a volatile a and operating pivoted in accommodate safely global for a necessary continue disasters can natural The changes strategic priorities to that we of announced the all on effectively confronted wildfires, we that market We massive succeed hurricanes that strengthen and of take the XXX-year today, have including market. very have your also call crises history. reflect time, operating business. well we cascading floods. in historically financial and underway investments. were our including the on years results and through capital structure to been company pandemic, most this crisis in agility our macroeconomic to underway dynamics. then update an our have including results of platform. the year questions. detail our provide segment our COVID-XX am we our response capital quarterly our culture and and more up, our full review on Richard what accomplished I'll we'll and market one our address our financial significant results order with to and I'll and industry At We team, wrap of and recession then trends so provide the as cycles. the projects will our same us I'll full our initiatives had as affecting the operational morning our performance, our very strength of our we year capital evolving challenging the focus
get Slide started. So now let's X to turn to
temperature to our our Early of working where safety wearing social and checks; and our distancing; applicable. remote we protocols, operated the on, actions steady communications our deployed people, customers, and who arrangements ensure and sites. continuously our cleaning coverings; suppliers frequently hands; washing visit These and sites; across pre-entry work out pandemic. all platform training, our face include have engaged our safety the throughout in wellness rolled We health,
our which a While rate practices, steadily new and testament This previous share is work rate year, fiscal our recordable safety. even to and safety you focus focus that best. disruptions continuous our year. company's in the I'm face proud implementing that their commitment not dedicated follows recorded to incident the in incidents on fiscal history. to with lowest operational was team our their 'XX all the It of improvement, these best was the did members recordable our on team's lose our and declined this protocols throughout in 'XX
excellent dedication and become injury, injuries. to injury made Schnitzer organization XX% Our better our safe hazards their than sustainable creating to Thanks recordable facilities we for in a lost year. rate work did environment of and and potential was identifying go safety the a addressing XX% culture. a last time total progress have experience they not before entire
were goals So our sixth goals Slide and multiyear around the included transparency recognized organizations sustainability several now let's Last of turn X. to centered we sustainability issued December, and We which our report, our framework for of by planet annual people, report. for profit. our
we While for pleased still our these us there more recognition the is progress, do. and to of receive to were much honors
Our initiatives to the volunteer our and we time people our employee positively and and our strategy operate strengthening paid in diversity improve culture engagement; through through like has performance program. three communities expanding across our organization; impacting inclusion main focus safety increasing off areas: continuing which
built three products deployment our processing three the our to leverage is 'XX. in And services volumes strategy auto gas we material fiscal areas also notable and at or and XX% from centered use; capacity; our recovery absolute reducing technologies to all parts to diversion from strategic in technologies; upon developing core carbon-free, higher is that by margins profit investments We recycling our in metal business. enable emissions through existing growing of maintaining new on operations XX% through three pillars: more least Our greenhouse a landfill increasing that critical process. and recyclables electricity recycling areas: the our us our XXXX; our strategy advanced complement made expanding and by progress extract planet successful
America's and throughout sustainability of at is to metals of what our As sustainable foundational been we operations of the success. largest have do integrating continue North we how sustainability and further be recyclers, business and elements our one will operate. Advancing core practices
We expect report next to in December. sustainability publish our
Now this we to to increase sequential our QX. X turn adjusted Earlier announced fiscal share Slide results. morning, a fourth 'XX quarter our $X.XX, significant let's financial review quarterly per of earnings versus
sequential sequentially. volumes were and up the operating flow, implemented be from AMR earlier operating to net and sales, quarterly XX%, XX% led the continued CSS better Ferrous supply combination flows of lower impacted strong a sequentially tripled adjusted to and initiatives. sequential to CSS XXXX, production higher ton COVID-XX effects, levels dividend. increased the our strong operating market operating economic Commercial cost debt investments this strategic initiatives inventory by we not AMR reduced and by increased and and continued reached to Although income and successful sales increased benefited levels in productivity its sales ferrous and financial XXX focus generated respectively. income together quarter a driven costs productivity and with improvements we improvement. year. from issued its were expanding by income, conditions, initiatives Both XX% cash strong nonferrous since by consecutive on increase productivity and significantly volumes reduction, our benefits per operating sequentially our and
profitability operating strong and Our cash driven was flow discipline. million $XX positive by capital working of
full at X Even scrap perspective. Let's fiscal global volatile. 'XX to turn COVID-XX look markets to in hit, Slide the year in before were
we company, the a platform majority as operating costs are However, an benefit variable. from where of our
agility experience us, available levers most to multiple through and manage to order the environments. and have to shifting importantly, them in We adjust rapidly
nonferrous reflected fiscal sales decline the was in global It of second with This China. case demand scrap, the key our in and prices and demand Ferrous of quarter. very in a The and first and driven began this markets. nonferrous And auto half by actions trade strengthened nonferrous year export volatility. regulatory weaker ferrous prices. declining by in significant and
Importantly, the year. a our third positive of of fiscal earnings begun global the benefits we first were quarter, recovery contributors after and to pandemic the productivity COVID-XX half our the our days our experience. interrupted for XX declared commercial was adjusted to had and significant initiatives from market start
ferrous, in in while by strong through stronger and ability, you COVID-XX; fourth, the sales through in fifth, align progress to keep costs; actions our customers; working our people as to underpinned to customer continued while AMR to cash through returning results demonstrated safe we production due first, as second, our steel capital commercial well the changes we our our our to call to CSS; cycle; in performance optimize second the continuing the year volumes, as of and at by our of manage strategic This continued see can capital rapid as flow. fiscal finished diversification even to sequential focus the costs sales and flow the strong third, initiatives took volumes; crisis and to with what this growth generate supply on response our and priorities base debt solid shareholders performance; our improvement safety cash However, reducing and and financial effectively our improve operating dividend. focus in to the operating our we delivered nonferrous X half Cs:
Our ahead delivered schedule last we announced targeted full focus of on productivity the rate run we initiatives of as falter productivity October. did not the
benefits develop And efficient a as result, to Schnitzer continued more strategy achieved also early to model. We a structure. from the transition our to we execute One our operating on leaner organizational and
Let's pricing of a trends. turn X market to Slide now review for
in chart steadily can than slide, strengthened export plunged pre-pandemic. prices in you and saw the March of September, ferrous reaching corner see left-hand scrap April levels and on higher this then As we through the upper
a the Demand post also the support the China in September export in what continued Chinese was broader Coast, driven in rose activity Asia price quarter billet needed. growth as Turkish all during but recovery, and U.S. than including restarted trends COVID-XX of by fiscal and during its demand were shorter from with and production, auto be quicker shutdowns. The activity rebound China the pace government during the strong ferrous stimulus quarter September. economy; the government in trends: domestic sharply demand challenges demand also off the iron The and driven prices supply by pricing scrap stimulus. from occurred two at grades scrap. to Turkish export import well Coast stronger steel due increase manufacturing, the weaker East West Looking their in from trends economic logistical than to were economic domestic increased, to across ore demand And higher the as of off region as quarter,
domestic an rate utilization XX% improvement, that XX% when to XX% the utilization capacity quarter began, quarter, the pre-pandemic. below but saw steel when steadily the quarter far the During rose ended from still
Now turning to the nonferrous markets.
lower the left-hand prices strengthening of higher have We see this in as the slide. corner in demand seen can and you chart
the during by Asia economies fact scrap zorba levels. reopened, aluminum In and and and more their rising recently, driven China's was steadily close expectations strong demand increased, pre-pandemic from by to This new import regulations. prices Southeast quarter, copper, of implementation primarily the surrounding India as
But supply improving. both pre-pandemic recovered nonferrous For have ferrous have and markets, steadily not flows yet the been however, levels. to
intact now market the conditions due of the the underpinned longer-term Let's greenhouse and increased consumption. Slide lowering services. on turn impact reducing environmental scrap products demand recycled to uncertainty importance of discuss several energy and reducing remain by some that These to emissions trends the COVID-XX, drivers X near-term Despite to and the long-term and and demand by are steelmaking include metal for increasing in are relevance. from gas trends gaining focus
carbon solar is to very of electric primary is copper see Combined deployment has with economy. power a steel could economy growing and for of including are a few and rising driven with we steel comes produce convenience of as efficiency and metal-intensive. energy an metal-intensive Whether the use one scrap hydroelectricity. or important the material, compared recycled market which steel, source the green the acknowledged renewables is Equally impact smart from demand use a its the batteries low-carbon mill economy primary raw low more dozens industry the average. as whose is as aluminum, nickel widely exceptionally generation. means that There of the wind, it by grids, for Our of cars, a metals the of
in some into We translated at disruption materials these footprint, strong see We slide. produced we strategic this 'XX, ahead. and trends the global been the accelerate been have result, our metal a already initiatives. role. chart demand their usage strategic how industry have with expect play scrap has an metal benefits. right-hand expanding to corner increase. by by expected EAF our proportion is carbon COVID kept ferrous lower experiencing recycled important already for upper due The of recycled and steelmaking we to increasingly can higher for these trends years is ex projected as in of priorities, looking China the Notwithstanding trends to of metal-based the And to products significantly caused on focus to These and underpin increase a the are
One and Let's announced model. enable which culmination simplified of more functionally Schnitzer the to review drivers our the evolution focus a efficiency we to XX strategic based platform the on we have integrated call we to now April, was Slide operating our of transition the underway. This operating business. greater improve to our a critical In our turn to model, plan to actions
and level, results January a our and sales, we 'XX. capabilities services functional fiscal in segment at report financial QX will operations, have Our single been enterprise in consolidated 'XX an other
already model. new to early have the We during operating benefits our reaped transition
towards efficient enabled has us including COVID-XX to rapidly organizationally more changing and more market disruption. the one working environments, integrated respond to be unit First,
volumes And our by our to low-cost and to has including higher fiscal quickly supply benefits Second, benefits savings ability growth, to already with operating 'XX. volumes. our in ensure standardizing production adjust costs delivered and third, productivity we operating deliver to services, more and focus been have solidify our position, able increase begun cost the and we new operations and from our products on
will As well our advanced in metal detail, more technologies describe recovery are also Richard in underway. investments
support operational objectives fully fiscal our of expand operating this our product They and year. specifically, costs offerings margins, benefits the from increase lower base, improve should as become increasing our We projects and volumes be and they during recycling our our to substantial, expect and revenues, and these reducing sustainability our customer waste.
me review projects over let of Richard now to these a it more our for financial performance. So turn and detailed
