"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)|
|Avg. Net Ferrous Sales Prices ($/LT) (1)||$||424||$||421||1||%||$||440|
|Avg. Net Nonferrous Sales Prices ($/LB) (1)||$||0.97||$||0.91||7||%||$||1.12|
|(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.