Pricing: Average ferrous prices were flat, compared to prices in the second quarter of fiscal 2012. Average nonferrous prices increased 7%, compared to prices in the second quarter of fiscal 2012.
Margins: Operating income was $18 million in the third quarter of fiscal 2012, which equates to operating income per ferrous ton of $13, a decrease of $2 compared to the second quarter fiscal 2012. Operating margins increased from our market outlook due to higher production and to lower than forecasted cost of goods sold, including purchase prices and freight costs, among other items. However, operating margins remain compressed as a result of the weak economic environment in the U.S.
Auto Parts Business
Our Auto Parts Business delivered increased volumes, revenues and operating income in the third quarter of fiscal 2012 as compared to the prior quarter.
|Summary of Auto Parts Business Results|
|($ in millions, except locations)|
|Car Purchase Volumes (000)||89||84||6||%||93|
|Locations (end of quarter)||51||51||—||%||50|
|* Excludes results from discontinued operations|
|Summary of Steel Manufacturing Business Results|
|($ in millions, except selling prices; volume in thousands of tons)|
|Operating Income (Loss)||$||—||$||(1||)||
|Avg. Net Sales Prices ($/NT)||$||734||$||725||1||%||$||734|
|Finished Goods Sales Volumes||103||112||(8||)%||118|
|NM = Not Meaningful|