Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) Q1 2020 Earnings Conference Call - Final Transcript

Jan 08, 2020 • 11:30 am ET


Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Schnitzer Steel's First Quarter 2020 Earnings Release Call and Webcast. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Mr. Michael Bennett from Investor Relations. Sir, you may begin.

Michael Bennett

Thank you, Crystal. Good morning. I'm Michael Bennett, the Company's Senior Director of Investor Relations. I'm happy to welcome you to Schnitzer Steel's earnings presentation for the first quarter of fiscal 2020.

In addition to today's audio comments, we have issued our press release and posted a set of slides, both of which you can access on our website at or

Before we start, let me call your attention to the detailed Safe Harbor statement on slide 2, which is also included in our press release and in the Company's Form 10-Q, which will be filed later today. As we note on slide 2, we may make forward-looking statements on our call today such as our statements about our outlook, targets, volume growth and future margin expansion. Our actual results may differ materially from those projected in our forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in slide 2 as well as our press release of today and our Form 10-Q.

Please note that we will be discussing some non-GAAP measures during our presentation today. We have included a reconciliation of those metrics to GAAP in the appendix to our slide presentation.

Now let me turn the call over to Tamara Lundgren, our Chief Executive Officer. She will host the call today with Richard Peach, our Chief Financial Officer and Chief of Corporate Operations.

Tamara Lundgren

Thank you, Michael. Good morning, everyone, and happy New Year. Thank you, all, for joining us on our first quarter fiscal 2020 conference call. We appreciate your interest in our Company and we look forward to sharing our results with you this morning.

On our call today, I'll review our quarterly financial results and the market and macroeconomic trends affecting our businesses. I'll also provide an update on the strategic initiatives and capital projects we have underway. Richard will then provide more detail on our segment performance, our capex investments and our capital structure. I'll wrap up, and then we'll take your questions.

But before we get started on this review, I'd like to make two comments. First, as many of you know, there were several significant earthquakes in Puerto Rico over the last 48 hours. While parts of the island have been seriously impacted, we are very grateful that all our employees are safe, our yards and equipment have not had any damage and the shredder and power plant are functioning. Our thoughts are with the people of Puerto Rico.

Second, I'd like to highlight the safety performance of our team. Due to the concerted efforts of our employees across the Company, fiscal 2019 was the safest year recorded in our Company's history.