and Tamara, Thank morning. you, good
start ferrous doubled was third quarter And million. a sequentially. in nearly results $XX on provide of sales market and update and the our with ton EBITDA review ferrous dynamics. $XX, was the per our EBITDA adjusted I'll consolidated an Adjusted
selling Our was supply metals from for normal net resulting flows expansion scrap seasonality, coming in higher the flows. increase in tightness the performance environment in of metals average continued recycled from for the prices higher Despite recycled into benefited limited by price spreads the spring quarter. metal the
smaller quarter shipments benefit half the ton accounting in the of margins The ton, than contracted the from benefit the second $X in movement prices in of a benefited inventory we began second led from approximately also before per per ferrous soften significantly to the to prices $X quarter. in Metal quarter. modest ferrous average third market saw
a Our consolidated non-tariff seasonally products higher results significant ramp-up benefiting activities. was finished the technology The from of volumes program steel increase also meaningfully These XX% utilization. in contribution more performance to and contributed reflected we recovery a and advanced contribution sales our higher non-tariff significant as of continue from sequentially. driver systems volumes our our construction from demand
retail pull sales pick our platform. at higher and seasonally part captured also We
efficiencies a of During focused the annual we improvements yield and an benefits production lower the the of as reduction third as fiscal and in costs, from targeting rate we run year, implemented benefit initiatives quarterly achieved SG&A operating earlier quarter, full of million, productivity announced a well on aggregate expense. $XX
of appears While a operating have priority. mitigating to to increases diminished costs operating the compared cost inflationary on in magnitude quarters, the pressure remains recent
the in dynamics ferrous the to Turning quarter.
were a ferrous XX% XX% sale shipments up spring. Our quarter. bulk contracted against higher benefited prices comparison prices at tough XX% net when as earlier ferrous Average the they up in down X% sequentially, several ferrous The of quarter domestic was of were timing from previously shipments. delayed share selling volumes shipments sequentially second the in of sales were reflecting volumes nearly
were and sales Bangladesh, top Italy. destinations exports for Turkey Our ferrous
production purchases associated equipment. increased nonferrous up to up other yields recovery let's nonferrous X% sold with XX sequentially. We and by and major driven net the move on selling destinations countries nonferrous Malaysia, sales and and market with XX advanced our sequentially, were were Nonferrous technology aluminum copper, products India Slide Average to for an sales our China. dynamics. the update being nonferrous and products prices export Now higher for XX% volumes
shredding from nonferrous sales total Our recovered operations with products reaching product of mix highly volumes. of half around is diversified
let's on to provide Now update Slide our an investments. technology move XX to
products. increasing recovery of expect of continue material generating focused advance our to program increase contribute We higher-value metal technologies an and more technology to on furnace-ready, we of to Once material demand operational, and conditions into fully for Product nonferrous optionality ability to at recovered volumes to the least whether products. on higher the nonferrous decide shredding market us depending gives XX% from process operations. our grade,
as Zorba in such processing We also have materials and facilities. flex purchases upgrading for option the to third-party of our
shown one six which XX the systems slide, operational comprises our in Of in in As are separation mostly commissioning. total. systems, initiative advanced with these, are already
are primary main recovering the in seven and have recovery the aluminum nonferrous also We copper, projected systems drivers increase which volumes. of
primary systems we number program the began various five construct to investment our commissioning completion. one one commissioning of of copper This recovery June, of to or complete either targeted West leaves on to those summer. two In the the of recovery stages end commissioning operational of systems is in of by bringing major the the West which and start Coast to are on Coast its that
one approval. by to that targeted other permitting commissioning The construction step, the XXXX. and currently we Subject still of end is calendar awaiting
EBITDA estimated half the and technologies benefited particularly rate performance full of run of of and third of permitting, in supportive The on contribution for the higher achievement these to nonferrous the run more XXXX rate of primary generated. systems. substantial all achieved target we also $XX the upon the final to completion per yields year by benefits from end ramp-up as increased recovery ferrous commissioning than construction, systems, to for our quarter products calendar continue ton from to pricing nonferrous we targeted We
left $XXX overall with the the investment be to these for projects. $X approximately of range the million We million expect complete in capital projects to
sales steel benefited to from move our construction discuss were as West. Finished we demand mill let's strong XX tons Now of XX% steel up XXX,XXX volumes seasonal sequentially in by the to Slide performance.
approximately XX% Our mill of utilization period. average the was which average was than XX%, higher for the U.S.
from benefit remained Average prices 'XX. longer spreads by expected created term, build. finished mill the In believe and record steel mill demand slightly Metal medium calendar the although decreased to U.S. our for experienced net the highs infrastructure down to sequentially. our stands we during at robust, selling be from
Through profitability EBITDA third detriment capital XX generated In the Now the for of from was CapEx several primarily is flow, move discuss three capital quarter, let's sale more cash quarter the operating for and third shipments our end from $XX quarters fourth slightly quarter. our the our Slide to by structure at and fiscal a the was cash flow with first in flow of quarter. of cumulative ferrous bulk associated year, collection timing cash positive. working offset the spend and million. outlook the than
For to fiscal less as range a to million whole, $XXX is than fiscal continue one-third CapEx 'XX of to project of CapEx $XXX initiatives. 'XX including projects, growth slightly we the be technology the in our for our million
to Excluded We during business and is this the enclosure shredder approximately fiscal 'XX, CapEx with annual replacement are spend of environmental-related remaining range the associated maintaining our the has which $XX building from million facility Everett for been capital date. projects. and repair at
of insurance over to this We net the to $X CapEx in million the just in project. spend received insurance the Lowering expected below expenditures third through from these time. As to proceeds quarter recovered substantially million. related $XX approximately be quarter are
Net end of and XX% with our at million credit August maturity was XXXX. a ratio sizable under of debt was the a adjusted to of end, borrowing leverage was net million $XXX capacity the quarter. EBITDA quarter $XXX and X.Xx. remains Net of the at debt third facility Availability
returned quarterly our shareholders dividend. through We also capital to
third certain due was XX.X%, tax effect higher Our rate than quarter. in of adjusted the effective expected results quarter to items on tax slightly the
company the performance would rate fiscal tax well, fiscal which items. as to tax in XX%, anticipate other 'XX, Year-to-date subject for rate adjusted and our year approximated we full
Although there today. the quarter have our fiscal two turn outlook we are for quarter, now to the on market is which of months more in and left I'll information fourth than 'XX, based conditions
the per fourth the Looking the $X at environment, in method in quarter. inventory accounting ferrous dynamics of in our price average the detriment sequential an current we of from some lower costing range ton expect
ferrous average around consolidated our be adjusted the inventory EBITDA Excluding per ton ferrous $X impact of $XX. of per accounting expect we ton, to
We ferrous, levels. quarter and expect the third be steel range finished nonferrous in their our volumes sales of to
by the for lower to of spreads, latter also the The flows benefited is together tightness contraction quarter, selling lead quarter. price metal to while ahead a in we compounded with the recycled of prices ferrous environment continued from expected in part fact sequential in metals third supply and declined nonferrous the that
due from including but maintenance contribution our to the We mill summer. remain planned during expect the robust, sequentially, steel outage declined to a
top the As positive positive shows, We the operating full for quarter left in the on the fiscal have fourth we and and record flow trend multiyear this operating a track cycle. to chart of annual generating cash XXXX. generate cash through continue flow the aim
with the back I'll And over turn to Tamara. that, call
