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Schnitzer Reports Third Quarter Fiscal 2012 Financial Results

"Our ability to generate strong operating cash flow has enabled us to return capital to shareholders through share repurchases during the quarter and a substantial increase in our quarterly dividend which we announced last quarter. At the same time, we have been able to continue investing in growth projects while steadily reducing total debt outstanding," Lundgren said.

Metals Recycling Business

Summary of Metals Recycling Business Results
($ in millions, except selling prices; Fe volumes 000s long tons; NFe volumes M LB)
3Q12   2Q12   % Change   3Q11
Total Revenues $ 787   $ 782   1 %   $ 879
Ferrous Revenues $ 622 $ 613 2 % $ 703
Ferrous Volumes 1,353 1,353 % 1,464
Avg. Net Ferrous Sales Prices ($/LT) (1) $ 424 $ 421 1 % $ 440
Nonferrous Revenues $ 155 $ 159 (2 )% $ 168
Nonferrous Volumes 154 169 (9 )% 145
Avg. Net Nonferrous Sales Prices ($/LB) (1) $ 0.97 $ 0.91 7 % $ 1.12
Operating Income $ 18 $ 20 (11 )% $ 46
(1) Sales prices are shown net of freight

Sales Volumes: Ferrous sales volumes were 1.4 million tons, approximating the second quarter. Nonferrous sales volumes were 154 million pounds, a decline of 9% compared to the higher than normal second quarter level which included benefits of processing backlog material. On a year-to-date basis, ferrous volumes increased 4% and nonferrous volumes increased 22% compared to the prior year.

Export customers accounted for 77% of total ferrous sales volumes. Our ferrous and nonferrous products were shipped to 19 countries in the third quarter. The top ferrous export destinations were Turkey, South Korea and China. The top nonferrous markets were China, the United States and South Korea.

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