Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) Q2 2020 Earnings Conference Call - Final Transcript

Apr 02, 2020 • 11:30 am ET


Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Schnitzer Steel Second Quarter of Fiscal 2020 Earnings Conference Call. [Operator Instructions] After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

It is now my pleasure to introduce Michael Bennett, Investor Relations.

Michael Bennett

Thank you, Andrew and 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 second 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 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 statement 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've 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 Chairman and 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. Thank you all for joining us on our second quarter fiscal 2020 conference call. While I'd normally start the call today by focusing on the strong second quarter performance we just delivered. I'm going to start instead by discussing the actions that we've taken in connection with the COVID-19 outbreak. I'll then review our second quarter results and brief you on the strategic initiatives we have underway. Richard will follow with more detail on our segment performance, our capex investments and our capital structure. I'll wrap up, and then we'll take your questions. And given the heightened pull of uncertainty caused by the COVID-19 outbreak, we will not be providing any forward-looking guidance.

Let's turn now to Slide 4. In a shockingly short amount of time, COVID-19 has created a global health and economic crisis. We are committed to doing whatever we can to provide support to our employees and our customers, suppliers and communities during this time. We are included in the critical infrastructure sector and related supply chain as defined by the US Department of Homeland Security, and we are considered an essential business by state and local government authorities in the US, including Puerto Rico and Canada.

As a result, our facilities have continued