Commercial Metals Co (CMC) 2015 Q4 法說會逐字稿

Hello and welcome, everyone, to today's Commercial Metals Company's full year and fourth quarter fiscal 2015 earnings call.

大家好，歡迎參加今天的商業金屬公司 2015 財年全年和第四季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

After the Company's remarks, we will have a question and answer session and we'll have a few instructions at that time.

在公司發言之後，我們將舉行問答環節，屆時我們將得到一些指示。

I would like to remind all participants that during the course of this conference call, the Company will make statements that provide information other than historical information and will include expectations regarding economic conditions, US steel import levels, US construction activity, scrap metal pricing, the Company's future operations, the Company's future results of operations, the commissioning of the Company's planned new steel micro mill in Oklahoma and capital spending.

我想提醒所有與會者，在本次電話會議期間，公司將發表聲明，提供歷史信息以外的信息，並將包括對經濟狀況、美國鋼鐵進口水平、美國建築活動、廢金屬定價、公司未來的運營、公司未來的經營業績、公司計劃在俄克拉荷馬州新建的微型鋼鐵廠的投產以及資本支出。

These statements are considered forward looking and may involve speculation, and are subject to risks and uncertainties that could cause actual results to differ materially from these expectations.

這些陳述被認為是前瞻性的，可能涉及猜測，並受到風險和不確定性的影響，可能導致實際結果與這些預期有重大差異。

These statements reflect the Company's beliefs based on current conditions but are subject to certain risks and uncertainties including those that are described in the risk factors section of the Company's latest 10K.

這些陳述反映了公司基於當前狀況的信念，但受到某些風險和不確定性的影響，包括公司最新 10K 風險因素部分中描述的風險和不確定性。

Although these statements are based on management's current expectations and assumptions, CMC offer no assurance that events or fact will happen as expected.

儘管這些陳述是基於管理層當前的預期和假設，但 CMC 不保證事件或事實會如預期發生。

All statements are made only this date.

所有聲明均僅在該日期作出。

Except as required by law, CMC does not assume any obligation to update these statements in connection with future events, new information or otherwise.

除法律要求外，CMC 不承擔因未來事件、新資訊或其他原因更新這些聲明的任何義務。

Some numbers presented will be non-GAAP financial measures and reconciliations for such numbers can be found in the Company's earnings release or on the Company's website.

提供的一些數據將是非公認會計原則財務指標，這些數據的調節可以在公司的收益報告或公司網站上找到。

And now for opening remarks and introductions, I will turn the turn the call over to the Chairman of the Board, President and Chief Executive Officer of Commercial Metals Company, Mr. Joe Alvarado.

現在，我將向商業金屬公司董事會主席、總裁兼執行長 Joe Alvarado 先生致開幕詞和介紹。

Thank you.

謝謝。

Good morning.

早安.

And welcome to all that are joining us to review CMC's results for the full year and fourth quarter of fiscal 2015.

歡迎大家與我們一起回顧 CMC 2015 財年全年及第四季的業績。

First, I will cover highlights for the fiscal year.

首先，我將介紹本財年的亮點。

Barbara will then present further financial details and I will conclude our prepared comments with a discussion of our outlook for the first quarter of fiscal 2016.

然後，芭芭拉將提供進一步的財務細節，我將透過討論 2016 財年第一季的前景來結束我們準備好的評論。

After which, we will open the call to questions.

之後，我們將開始提問。

As expressed in our earnings release this morning, we reported full year 2015 net sales of $6 billion compared to $6.8 billion for the full year fiscal 2014.

正如我們今天早上發布的財報中所表述的，我們報告 2015 年全年淨銷售額為 60 億美元，而 2014 財年全年淨銷售額為 68 億美元。

For the full fiscal year 2015 earnings from continuing operations were $161.3 million or $1.37 per diluted share, an increase of $0.45 per diluted share when compared to the prior fiscal year.

2015 財年持續經營業務收益為 1.613 億美元，即稀釋後每股收益 1.37 美元，與上一財年相比每股稀釋後收益增加 0.45 美元。

Furthermore, for the 2015 fiscal year, our adjusted EBITDA from continuing operations was $464.6 million, our best annual performance in the last seven years.

此外，2015 財年，我們來自持續經營業務的調整後 EBITDA 為 4.646 億美元，這是我們過去七年來最好的年度業績。

Further details for the current fiscal quarter will be described by Barbara during the financial update.

芭芭拉將在財務更新期間描述當前財政季度的更多細節。

Also noted in our earnings release this morning, I'm pleased to report that the Board of Directors declared a dividend of $0.12 per share of CMC common stock for stock holders of record on November 11, 2015.

今天早上的收益報告中也提到，我很高興地報告，董事會宣佈於 2015 年 11 月 11 日向登記在冊的股東派發每股 0.12 美元的 CMC 普通股股息。

The dividend will be paid on November 25, 2015.

股利將於2015年11月25日支付。

Next I'll cover trends and conditions in the markets in which we operate.

接下來我將介紹我們經營所在市場的趨勢和狀況。

The US non-residential and non-building construction markets continue to improve with spending increasing year-over-year in the month of August by 24% and 3% respectively.

美國非住宅和非建築建築市場持續改善，8 月支出較去年同期分別成長 24% 和 3%。

While we continue to anticipate a permanent federal highway bill, several states have passed legislation or have bills in their state legislatures to raise funds to improve transportation infrastructure within their borders.

雖然我們繼續期待永久性的聯邦高速公路法案，但一些州已經通過立法或在州立法機構中提出法案，以籌集資金以改善其境內的交通基礎設施。

As we discussed in prior calls, certain foreign producers continue to dump steel in the US primarily as a result of the strong US dollar and relatively good US construction demand.

正如我們在之前的電話會議中討論的那樣，某些外國生產商繼續向美國傾銷鋼鐵，主要是由於美元走強和美國建築需求相對良好。

We continue to work with the US government to use its trade authority to create a level playing field for domestic producers against the flood of foreign steel.

我們繼續與美國政府合作，利用其貿易權力為國內生產商創造公平的競爭環境，抵禦外國鋼鐵的大量湧入。

The trade issue is amplified by China's economic slow-down.

中國經濟放緩加劇了貿易問題。

Its failure to adjust its output to meet current demand and its inability to rationalize in an efficient capacity.

它未能調整產量以滿足當前需求，也無法有效地進行合理化。

These factors alone were a significant contributor to the pricing pressure for a number of major commodities worldwide which in turn placed significant pressure on both the volume and margins in our international marketing and distribution segment during fiscal 2015.

光是這些因素就對全球許多主要商品的定價壓力造成了重大影響，進而對我們 2015 財年國際行銷和分銷部門的銷售和利潤率造成了巨大壓力。

Furthermore, scrap prices continue to decline in concert with other commodity prices which negatively impacted our results in our Americas recycling segment.

此外，廢鋼價格與其他商品價格一起持續下跌，這對我們在美洲回收業務的表現產生了負面影響。

In response we have made adjustments at many of our locations in order to reduce our cost structure and return to profitability.

為此，我們對許多地點進行了調整，以降低成本結構並恢復獲利能力。

Poland also continued to attract imported steel as surrounding economies remained weaker.

由於週邊經濟體依然疲軟，波蘭也持續吸引進口鋼鐵。

Nonetheless, our polish operations produced a solid fourth quarter of fiscal 2015 by focusing on lowering costs and improving efficiency.

儘管如此，我們的波蘭業務透過專注於降低成本和提高效率，在 2015 財年第四季取得了穩健的業績。

As a follow-up to our July 27, 2015 announcement regarding our plan to construct a new steel micro mill in Durant, Oklahoma, the project timeline remains on track as we expect commissioning of this new facility in the fall of 2017.

繼我們於 2015 年 7 月 27 日宣布計劃在俄克拉荷馬州杜蘭特建造一座新的微型鋼鐵廠之後，項目時間表仍按計劃進行，我們預計該新設施將於 2017 年秋季投入使用。

During the fourth quarter of fiscal 2015 we largely completed the sale of our Australian distribution business.

2015 財年第四季度，我們基本上完成了澳洲分銷業務的出售。

While one location remains for sale, the substantial conclusion of this matter marks another step in our strategic direction to focus on the core operations of CMC.

雖然仍有一個地點待售，但該事項的實質結束標誌著我們在專注於 CMC 核心業務的策略方向上又邁出了一步。

Regardless of market pressures, we're committed to focusing on the matters that are within our control.

無論市場壓力如何，我們都致力於專注於我們控制範圍內的事務。

Namely, we have several initiatives underway related to our supply chain spending and optimization.

也就是說，我們正在進行多項與供應鏈支出和優化相關的措施。

Furthermore, we continuously review controllable SG&A, manage working capital and take a prudent approach to capital allocation.

此外，我們持續檢視可控制的SG&A、管理營運資金並採取審慎的資本配置方式。

With that as an overview, I'll now turn the discussion over to Barbara Smith, Senior Vice President and Chief Financial Officer.

以此作為概述，我現在將討論轉給資深副總裁兼財務長芭芭拉史密斯 (Barbara Smith)。

Thank you, Joe and good morning, everyone.

謝謝你，喬，大家早安。

As Joe mentioned for the full year of fiscal 2015, we reported earnings from continuing operations of $161.3 million or $1.37 per diluted share which compares to earnings from continuing operations of $109.1 million or $0.92 per diluted share for fiscal 2014.

正如喬提到的2015 財年全年，我們報告的持續經營收益為1.613 億美元，即稀釋後每股收益1.37 美元，而2014 財年持續經營收益為1.091 億美元，即稀釋後每股收益0.92美元。

Results from continuing operations for fiscal 2015 included after tax LIFO income of $51.5 million or $0.44 per diluted share.

2015 財政年度持續經營業績包括稅後 LIFO 收入 5,150 萬美元或稀釋後每股 0.44 美元。

The increased LIFO income during fiscal 2015 is primarily due to the dramatic decline in scrap pricing during our fiscal 2015.

2015 財年後進先出收入的增加主要是由於 2015 財年廢鋼價格的大幅下降。

This compares with after tax LIFO expense from continuing operations of $8.8 million or $0.07 per diluted share for fiscal 2014.

相較之下，2014 財年持續經營業務的稅後後進先出費用為 880 萬美元，或攤薄後每股 0.07 美元。

For the fourth quarter of fiscal 2015, we reported a net loss from continuing operations of $5.9 million or $0.05 per share.

2015 財年第四季度，我們報告持續經營業務淨虧損 590 萬美元，即每股 0.05 美元。

Included in continuing operations was an after tax LIFO expense of $23.7 million or $0.20 per share.

持續經營業務中包括 2,370 萬美元的稅後 LIFO 費用，即每股 0.20 美元。

In the first quarter of fiscal 2015, we changed our method of determining interim LIFO inventory reserves from the complete quarterly LIFO evaluation method to the expected annual LIFO evaluation method.

2015財年第一季度，我們將確定中期後進先出庫存儲備的方法從完全季度後進先出評估法改為預期年度後進先出評估法。

The actual full year LIFO results differed from our estimates of inventory costs and quantities during the interim periods and resulted in an after tax LIFO expense true up for the fourth quarter of fiscal 2015.

實際的全年後進先出結果與我們對中期期間庫存成本和數量的估計不同，導致 2015 財年第四季的稅後後進先出費用與實際情況相符。

Due to the variability in earnings caused by changes in LIFO and the fact that we reduced our reserve during 2015, we are considering changing the inventory costing method for all of our LIFO inventories in fiscal 2016.

由於後進先出法的變化導致收益出現波動，並且我們在 2015 年減少了準備金，因此我們正在考慮更改 2016 財年所有後進先出庫存的庫存成本計算方法。

In addition, as detailed in our press release this morning, we made several decisions during the fourth quarter of fiscal 2015 that we expect will improve our results going forward which resulted in a number of one-time charges.

此外，正如我們今天上午的新聞稿中所詳述的，我們在 2015 財年第四季度做出了幾項決定，我們預計這些決定將改善我們未來的業績，從而產生了一些一次性費用。

We also recorded asset impairment charges in the fourth quarter of fiscal 2015.

我們也在 2015 財年第四季記錄了資產減損費用。

In summary, these actions resulted in charges totaling approximately $0.10 per share.

總之，這些行動導致每股費用總計約 0.10 美元。

Looking at our results by segment for the fourth quarter of fiscal 2015, our Americas recycling segment recorded an adjusted operating loss of $15.4 million for the fourth quarter of fiscal 2015 compared to an adjusted operating loss of $2.1 million for the fourth quarter of fiscal 2014.

從2015 財年第四季調整後營運虧損為1,540 萬美元，而2014 財年第四季調整後營運虧損為210 萬美元。

The loss was primarily due to the reduced shipments of both ferrous and non-ferrous scrap, coupled with lower metal margins for non-ferrous shipments compared to the fourth quarter of fiscal 2014.

虧損主要是由於黑色金屬和有色金屬廢料的出貨量減少，以及有色金屬出貨量的金屬利潤率與 2014 財年第四季相比有所下降。

Ferrous metal margins were largely flat compared to the same quarter in the prior year.

黑色金屬利潤率與去年同期基本持平。

In addiction, the segment recorded a goodwill impairment of $7.3 million.

在成癮方面，該部門的商譽減值為 730 萬美元。

Our Americas mill segment recorded an adjusted operating profit of $46.2 million for the fourth quarter of fiscal 2015 compared to an adjusted operating profit of $63.8 million for the fourth quarter of fiscal 2014.

我們的美洲工廠部門 2015 財年第四季調整後營業利潤為 4,620 萬美元，而 2014 財年第四季調整後營業利潤為 6,380 萬美元。

This decrease was driven by a 6% decrease in total shipments partially offset by a 2% increase in average metal margin compared to the fourth quarter of fiscal 2014.

與 2014 財年第四季相比，總出貨量下降了 6%，但平均金屬利潤率增加了 2%，部分抵消了這一下降。

Another significant driver of the decline in profitability was a pre tax LIFO expense of $13.9 million for the fourth quarter of fiscal 2015 compared to a pre tax LIFO expense of $6.1 million for the fourth quarter of the prior fiscal year.

獲利能力下降的另一個重要驅動因素是 2015 財年第四季的稅前 LIFO 費用為 1,390 萬美元，而上一財年第四季的稅前 LIFO 費用為 610 萬美元。

Our Americas fabrication segment recorded an adjusted operating profit of $7.5 million for the fourth quarter of fiscal 2015, compared to an adjusted operating profit of $8.1 million in the prior year quarter.

2015 財年第四季度，我們的美洲製造部門調整後營業利潤為 750 萬美元，而去年同期調整後營業利潤為 810 萬美元。

For the fourth quarter of fiscal 2015, total shipments increased 1% while the average composite metal margin expanded 23% compared to the fourth quarter of fiscal 2014.

與 2014 財年第四季相比，2015 財年第四季的總出貨量成長了 1%，而平均綜合金屬利潤率則成長了 23%。

Offsetting these improvement for the fourth quarter of fiscal 2015, this segment recorded pre tax LIFO expense of $11 million compared to pre tax LIFO expense of $3.8 million for the fourth quarter of fiscal 2014.

該部門的稅前 LIFO 費用為 1,100 萬美元，抵銷了 2015 財年第四季的這些改善，而 2014 財年第四季的稅前 LIFO 費用為 380 萬美元。

Our International Mill segment recorded an adjusted operating profit of $6.4 million for the fourth quarter of fiscal 2015, an improvement of $1.4 million compared to the prior year's fourth quarter.

我們的國際工廠部門 2015 財年第四季的調整後營業利潤為 640 萬美元，比去年第四季增加了 140 萬美元。

While average metal margins were squeezed 21%, these shipments declined 1% compared to the fourth quarter of fiscal 2014.

雖然平均金屬利潤率被擠壓 21%，但與 2014 財年第四季相比，出貨量下降了 1%。

These declines were more than offset by a $8.3 million decline in utilities and repair and maintenance expense partially due to the efficiencies gained from the commissioning of a new state-of-the-art electric arc furnace in the third quarter of fiscal 2014.

這些下降被公用事業及維修和維護費用減少 830 萬美元所抵消，部分原因是 2014 財年第三季新的最先進的電弧爐的調試提高了效率。

For the fourth quarter of fiscal 2015, adjusted operating profit reflected an unfavorable foreign currency impact of approximately $2.2 million.

2015 財年第四季度，調整後營業利潤反映出約 220 萬美元的不利外匯影響。

Our international marketing and distribution segment recorded an adjusted operating loss of $13.7 million for the fourth quarter of fiscal 2015, compared to an adjusted operating profit of $15.5 million in the prior year's fourth quarter.

2015 財年第四季度，我們的國際行銷和分銷部門調整後營運虧損為 1,370 萬美元，而上年第四季調整後營運利潤為 1,550 萬美元。

A decline in adjusted operating profit is due to a combination of lower shipments and margin compression and many other products we trade in the fourth quarter of 2015 compared to the fourth quarter of fiscal 2014.

調整後營業利潤的下降是由於與 2014 財年第四季相比，2015 年第四季出貨量下降、利潤壓縮以及我們交易的許多其他產品的綜合影響。

This segment's results continue to be pressured by strong US dollar, global steel over capacity and weak oil and gas tubular demand.

該部門的業績持續受到美元走強、全球鋼鐵產能過剩以及石油和天然氣管材需求疲軟的壓力。

In addition, during the fourth quarter of fiscal 2015, we made the decision for an orderly exit of our steel distribution operation in the UK and as a result, we recorded an expense of approximately $4.5 million.

此外，在 2015 財年第四季度，我們決定有秩序地退出在英國的鋼鐵分銷業務，因此，我們記錄了約 450 萬美元的費用。

Furthermore, for the fourth quarter of fiscal 2015, this segment had a $13.6 million unfavorable change in pre tax LIFO expense compared to the fourth quarter of the prior fiscal year.

此外，與上一財年第四季相比，2015 財年第四季度，該部門的稅前 LIFO 費用發生了 1,360 萬美元的不利變化。

Turning to our balance sheet and liquidity, as of August 31, 2015, cash in short-term investments totalled $485.3 million and total liquidity was more than $1.1 billion.

至於我們的資產負債表和流動性，截至 2015 年 8 月 31 日，短期投資現金總額為 4.853 億美元，總流動性超過 11 億美元。

For the fiscal year 2015 we had cash flows from operating activities of $313.5 million.

2015 財年，我們的營運活動現金流量為 3.135 億美元。

For fiscal 2015 capital expenditures, were $119.6 million.

2015 財年資本支出為 1.196 億美元。

We estimate that our capital spending for fiscal 2016 will be in the range of $220 to $230 million, which includes an estimated cost related to the construction of the new Oklahoma micro mill.

我們預計 2016 財年的資本支出將在 2.2 至 2.3 億美元之間，其中包括與俄克拉荷馬州新微型工廠建設相關的預期成本。

That concludes my remarks.

我的發言到此結束。

Thank you very much.

非常感謝。

I'll now turn it back over to Joe for the outlook.

我現在將其轉回給喬以了解前景。

Thank you, Barbara.

謝謝你，芭芭拉。

We expect September and October to be a continuation of solid construction demand.

我們預計 9 月和 10 月將延續強勁的建築需求。

In November, we will begin to see things slowed down due to holidays in the US as well as the onset of more inclement weather in the US and Poland.

11 月，由於美國假期以及美國和波蘭開始出現更惡劣的天氣，我們將開始看到事情放緩。

In September and October of this year, ferrous scrap prices continued to fall but we believe prices are near a bottoming point.

今年9月和10月，黑色金屬廢鋼價格持續下跌，但我們認為價格已接近底部。

In the short term we expect a decline in ferrous scrap prices to open up metal markets in our downstream and fabrication operations.

短期內，我們預期黑色金屬廢料價格的下跌將打開我們下游和製造業務的金屬市場。

While indicators do not suggest material and near term improvements in ferrous scrap pricing, we do not anticipate significant future downside.

雖然指標並未顯示黑色金屬廢料定價在短期內出現實質改善，但我們預期未來不會出現重大下行。

We believe that non-US residential construction will continue to show modest gains in the near term resulting in steady demand for fabricated steel products, and we continue to monitor the impact of steel imports into both the US and Poland.

我們認為，短期內非美國住宅建設將繼續呈現小幅成長，從而導致對鋼鐵產品的穩定需求，並且我們將繼續監測美國和波蘭鋼鐵進口的影響。

To briefly look back on fiscal 2015 as a whole, we achieved record adjusted EBITDA since the onset of the global financial crisis.

簡單回顧一下整個 2015 財年，我們實現了自全球金融危機爆發以來創紀錄的調整後 EBITDA。

We also celebrated a century of CMC as a commercial enterprise.

我們也慶祝了 CMC 作為商業企業的百年歷史。

We're proud of our accomplishments and of the commitments we made as a Company and as individuals to our customers, suppliers, shareholders, community and each other and we look forward to the future with optimism.

我們為我們的成就以及我們作為公司和個人對客戶、供應商、股東、社區和彼此的承諾感到自豪，我們樂觀地展望未來。

Thank you, and at this time we'll now open the time to questions.

謝謝，現在我們將開放提問時間。

We will now begin the question and answer session.

我們現在開始問答環節。

We request that you ask one initial question and one follow-up question.

我們要求您提出一個初始問題和一個後續問題。

If you have additional questions, please re-enter the question queue.

如果您還有其他問題，請重新進入問題佇列。

Follow-up questions will be addressed if time permits.

如果時間允許，將解決後續問題。

(Operator Instructions).

（操作員說明）。

The first question comes from Evan Kurtz, with Morgan Stanley.

第一個問題來自摩根士丹利的埃文·庫爾茨。

Please, go ahead.

請繼續。

Hey, good morning, guys.

嘿，早上好，夥計們。

I just wanted to nail down the LIFO true-up in the quarter.

我只是想確定本季的後進先出調整。

I kind of calculate it as coming out somewhere in the high 40s or so.

我估計大概在 40 多歲左右。

Do you have that broken out anywhere?

你有沒有在任何地方發生過這種事？

Broken out by segment?

按細分細分？

Just overall.

就整體而言。

How much was earnings impacted by just the pure true-up portion of LIFO rather than just the underlying LIFO expense from the quarter?

本季僅後進先出的純調整部分而不是基本後進先出費用對收益的影響有多大？

I guess, Evan, our method is to do an estimate for the full year and then each quarter we book based upon that estimate for the full year.

我想，埃文，我們的方法是對全年進行估算，然後每個季度我們都會根據全年的估算進行預訂。

And the true-up in the fourth quarter really reflected the scrap price estimate for the end of the year and the quantity estimate for the end of the year did not materialize as anticipated and so we then had to adjust.

第四季的調整確實反映了年底的廢鋼價格預估，而年底的數量預估並沒有如預期實現，因此我們不得不進行調整。

So, I guess there's not really a way to break it down into separate pieces between what would have been booked in the fourth quarter versus -- because we do an estimate for the full year.

因此，我想實際上沒有辦法將第四季度預訂的金額與第四季度預訂的金額分解為單獨的部分，因為我們對全年進行了估算。

It's like an estimated tax calculation and there are a lot of different factors that go into it.

這就像估算的稅務計算一樣，其中涉及許多不同的因素。

You know, we've always seen a lot of variability in LIFO charges or others who are on the LIFO method tend to see a lot of variability in their earnings as well.

您知道，我們總是看到後進先出費用存在很大的變化，或者採用後進先出方法的其他人往往會看到他們的收入也存在很大的變化。

Maybe I could just walk through a little bit of math because the way I was kind of thinking about it and maybe I'm off base here.

也許我可以簡單地講一點數學，因為我思考它的方式，也許我在這裡偏離了基地。

For your full year LIFO expense, or income, rather, I believe it was somewhere around the $92 million mark so if you looked at that on a quarterly basis, it kind of runs at about $23 million or so a quarter, but obviously you booked $24 million expense this quarter.

對於你全年的後進先出費用，或者說收入，我相信它大約在 9200 萬美元左右，所以如果你按季度查看，它大約每季度 2300 萬美元左右，但顯然你預訂了本季度支出2400 萬美元。

So, I kind of looked at that delta of negative 22 versus positive 24 as kind of a true-up for your year end assumption changes.

因此，我將負 22 與正 24 的增量視為年終假設變化的真實情況。

Is it fair to say that if we excluded that, that that would give a better representation of kind of the underlying normalized earnings power?

可以公平地說，如果我們排除這一點，這將更好地代表潛在的標準化盈利能力嗎？

Okay.

好的。

Let me try it another way.

讓我嘗試另一種方式。

So for the full year.

所以對於全年來說。

Maybe this is too detailed.

也許這太詳細了。

No, it's okay.

不，沒關係。

For the full year we recorded $79 million of LIFO income pre tax.

全年我們錄得 7,900 萬美元的 LIFO 稅前收入。

And so that would be roughly $20 million a quarter.

所以每季大約是 2000 萬美元。

As compared to what was actually booked each quarter and if you recall first quarter it was a really modest amount.

與每季實際預訂的數量相比，如果你還記得第一季的話，這個數量確實很小。

There was then a big true-up in second and third quarter.

然後在第二節和第三節出現了一次大的調整。

We expected scrap prices to continue to fall.

我們預計廢鋼價格將持續下跌。

They were sort of flat, within the quarter, up in June and down again in August.

在本季度內，它們基本上持平，六月上升，八月再次下降。

And then, you know, the downturn in scrap prices has come subsequent to our year end.

然後，你知道，廢鋼價格的下跌是在年底之後發生的。

Okay.

好的。

Yes.

是的。

The 20 is helpful.

20 很有幫助。

It feels like that maybe is kind of like the right LIFO number to use per quarter this year, would you say?

感覺這可能有點像今年每個季度使用的正確的後進先出法數字，你會說嗎？

Yes.

是的。

On a quarterly basis, that's what would have been spread if we had a perfect lens and could have estimated it perfectly.

按季度計算，如果我們有完美的鏡頭並且可以完美地估計的話，這就是應該傳播的結果。

Great.

偉大的。

And then my other question is on next quarter.

我的另一個問題是關於下個季度的。

Just looking at averages on the spot market from rebar versus scrap, you saw a little bit of metal margin compression in the fourth fiscal quarter here.

只要看看現貨市場上螺紋鋼與廢鋼的平均值，您就會發現第四財季的金屬利潤率略有壓縮。

But it looks like scrap has fallen quite a bit or will fall a bit quite a bit for the November quarter.

但看起來 11 月季度廢鋼已經大幅下降或將大幅下降。

And metal margins could once again expand.

金屬利潤率可能再次擴大。

I would expect you would see some improved metal margins going into the next quarter, I guess that will be somewhat impacted by weaker seasonality but is there potential here for an uplift in at least American mills profitability on a sequential basis?

我預計下一季金屬利潤率會有所改善，我想這將在一定程度上受到季節性疲軟的影響，但至少美國鋼廠的盈利能力是否有可能環比提升？

Evan, it's still early in the quarter but clearly if prices don't adjust to get back all of the scrap decline, that potential does exist.

埃文，現在還處於本季初期，但顯然，如果價格不調整以恢復所有廢鋼下降，那麼這種潛力確實存在。

Okay.

好的。

And sorry, maybe just one final one.

抱歉，也許只是最後一件事。

What are you seeing for November scrap?

您對 11 月報廢有何看法？

Well, as I said in my comments, Evan, we feel like we're near bottom.

嗯，正如我在評論中所說，埃文，我們感覺我們已經接近底部了。

That doesn't mean we are at the bottom.

這並不意味著我們處於底部。

But we don't see any significant change one way or the other.

但我們沒有看到任何顯著的變化。

Guessing where scrap is, has been not a very profitable business for anyone these days.

如今，猜測廢品在哪裡對任何人來說都不是一項非常有利可圖的生意。

Obviously the price has moved dramatically and in some pretty big swoops.

顯然，價格已經發生了巨大的變化，而且幅度相當大。

The last one being a $50 a ton decline.

最後一個是每噸下降 50 美元。

So, in terms of ratios compared to iron ore, I've heard ratios anywhere from 2.5 to 4.5 and we're sitting at about 3.5 right now and with oil prices at about $50 a ton, so I don't expect dramatic movement but we could be wrong.

因此，就與鐵礦石的比率而言，我聽說比率從 2.5 到 4.5 不等，我們現在的比率約為 3.5，油價約為每噸 50 美元，所以我預計不會出現劇烈波動，但我們可能是錯的。

The one thing that's certainly happening is that flows are being impacted and the more the flows are impacted, the more likely there will be some up-ward pressure.

肯定會發生的一件事是流量受到影響，流量受到的影響越大，就越有可能出現上升壓力。

Got it.

知道了。

Thanks for that.

感謝那。

Take care, guys.

保重，夥計們。

Thank you, Evan.

謝謝你，埃文。

The next question comes from Brian Yu with Citi.

下一個問題來自花旗銀行的 Brian Yu。

Please, go ahead.

請繼續。

Hey, good morning, Joe and Barbara.

嘿，早安，喬和芭芭拉。

Good morning, Brian.

早安，布萊恩。

Back to Evan's comments.

回到艾文的評論。

I feel a little disappointed that the LIFO charges are taken away from what is a pretty good quarter.

我對這個相當不錯的季度取消了後進先出費用感到有點失望。

I'm getting pre cash flow generation before working capital changes of $0.70 per share in the fourth quarter and almost $1.60 for the full year which would actually put you guys pretty high amongst your peers in terms of free cash generation.

我在第四季度的營運資本變化之前獲得了每股 0.70 美元的預現金流生成，全年幾乎為 1.60 美元，這實際上會讓你們在自由現金生成方面在同行中處於相當高的水平。

You mentioned, Barbara, that you're looking to change the way you're going to count or try to account for a LIFO in 2016.

芭芭拉，您提到您希望在 2016 年改變計算或嘗試計算後進先出的方式。

Can you expand on that comment?

能詳細闡述一下這個評論嗎？

Yes.

是的。

You know, as I indicated earlier, LIFO creates a lot of variability and volatility in our earnings.

您知道，正如我之前指出的，後進先出法為我們的收益帶來了很大的可變性和波動性。

It's very difficult to estimate and it's really historically been a tax strategy and given the depletion of our LIFO reserve in 2015, and anticipated depletion potentially in 2016, the reserve is at a level where, you know, it made sense for us to consider moving off the LIFO method to another method of inventory valuation.

這是非常難以估計的，而且從歷史上看，這確實是一種稅收策略，考慮到2015 年我們的LIFO 儲備金將耗盡，並且預計2016 年可能會耗盡，儲備金處於這樣一個水平，你知道，我們考慮轉移儲備金是有意義的。從後進先出法轉向另一種庫存計價方法。

So we're doing the work on that.

所以我們正在做這方面的工作。

There's a lot of work to be done and things to be analyzed.

有很多工作要做，有很多事情需要分析。

But it just might be an opportunistic time to evaluate that and I think it would eliminate a lot of volatility in our earnings and would be a better matching of revenue and expense.

但這可能是評估這一點的機會主義時機，我認為這將消除我們收益的大量波動，並且將更好地匹配收入和支出。

Okay.

好的。

And related to that, are there going to be any cash tax implications from moving off or potentially moving off of LIFO?

與此相關的是，取消或可能取消後進先出法是否會對現金稅產生影響？

We actually think it could be a positive because as I indicated earlier, we booked $79 million of LIFO income this year and we had to pay the corresponding tax of roughly $30 million on that income and if you change methods, you actually have the opportunity to spread that tax liability over four years.

我們實際上認為這可能是積極的，因為正如我之前指出的，我們今年預訂了7900 萬美元的LIFO 收入，我們必須為該收入支付大約3000 萬美元的相應稅款，如果你改變方法，你實際上有機會將納稅義務分攤到四年內。

And so it would reduce the cash tax impact by our current estimates in fiscal 2016 and it would be spread, the balance, would be spread over the coming four years.

因此，根據我們目前對 2016 財年的估計，這將減少現金稅的影響，並且餘額將在未來四年內分攤。

Okay.

好的。

Thanks.

謝謝。

I'll drop back in the queue.

我會回到隊列中。

Thanks, Brian.

謝謝，布萊恩。

The next question comes from Brent Thielman, with D.A. Davidson.

下一個問題來自 Brent Thielman 和 D.A.戴維森。

Please go ahead.

請繼續。

Hey, good morning.

嗨，早安。

Good morning, Brent.

早上好，布倫特。

You know, Joe, when you take a step back and take a look at the volume trends at the US mills and fabrication businesses the last few quarters, you're sort of roughly flat down year-on-year depending on the quarter.

你知道，喬，當你退後一步，看看過去幾個季度美國工廠和製造業務的銷售趨勢時，你會發現，根據季度的不同，你會發現同比大致持平。

Can we kind of look at that lack of momentum and attribute that strictly to the import situation, or does it sort of reflect the general momentum and domestic construction markets you're seeing?

我們是否可以看看缺乏動力並將其嚴格歸因於進口情況，或者它是否反映了您所看到的總體動力和國內建築市場？

Yes.

是的。

So, there are combination of things.

所以，事情是有組合的。

Obviously there are no simple answers to any of this, Brent.

顯然，布倫特，這一切都沒有簡單的答案。

But the most significant impact in our shipping environment really hasn't been on the rebar side, it's been more on merchant and billet.

但對我們的運輸環境最重大的影響實際上並不是在螺紋鋼方面，更多的是在商業和方坯方面。

But you're right, the rebar shipments have been fairly flat.

但你是對的，螺紋鋼出貨量相當平穩。

And fabrication shipments have been strong but over the course of the year that will normalize itself, especially as we go into next quarter.

製造出貨量一直很強勁，但在今年的過程中，這種情況將會自行正常化，特別是當我們進入下個季度時。

But where we've seen the most adjustment or impact on volume has been not in rebar but in billet and merchant product.

但我們看到對產量影響最大的不是螺紋鋼，而是方坯和商業產品。

And merchant inventories are still high on a relative basis, I think for products 2.8 months inventory as compared to a year ago of 2.4.

相對而言，商家庫存仍然很高，我認為產品庫存為 2.8 個月，而一年前為 2.4 個月。

And certainly the distributors are very cautious about inventory and inventory positions really owing to demand I think more than anything else and availability of alternatives.

當然，分銷商對庫存和庫存狀況非常謹慎，這實際上是因為我認為最重要的是需求和替代品的可用性。

We're still pretty optimistic about construction markets and rebar strength and demand but there's no doubt that imports have gained the lion's share of increased demand in the United States.

我們對建築市場以及螺紋鋼的強度和需求仍然相當樂觀，但毫無疑問，進口在美國需求成長中佔據了最大份額。

Okay, great.

好的，太好了。

Thanks for that.

感謝那。

And then on the fabrication backlog, appreciate the comments around it being good.

然後在製造積壓方面，欣賞周遭的好評。

I'm wondering if you could just give any more granularity about regional trends?

我想知道您能否更詳細地介紹一下區域趨勢？

Is there significant work in the backlog that you have to be released or delivered?

積壓的工作中是否有需要釋放或交付的重要工作？

That would be helpful.

那會有幫助的。

Yeah, we have a really strong backlog.

是的，我們的積壓非常多。

Our backlog is as strong as it's been and that's been consistent as well throughout the year.

我們的積壓訂單一如既往地強勁，而且全年都保持穩定。

We have seen pickups in some regions where we hadn't seen strength.

我們在一些之前沒有看到強勁勢頭的地區看到了回升。

More specifically I'll use the Atlanta, Georgia market as an area where only recently in some of our discussions it's become more apparent that there's good activity there.

更具體地說，我將使用喬治亞州亞特蘭大市場作為一個區域，直到最近在我們的一些討論中才變得更加明顯，那裡有良好的活動。

The others remain strong.

其他人依然堅強。

The Texas market has remained strong.

德州市場依然強勁。

California has remained strong.

加州依然強勁。

South Florida, which doesn't impact us as much but certainly is a factor in rebar consumption, is strong and Beltway is strong and we've recorded good solid activity in the New England area, specifically in New York.

南佛羅裡達州對我們的影響不大，但肯定是螺紋鋼消費的一個因素，它很強勁，環城公路也很強勁，我們在新英格蘭地區（特別是紐約）記錄了良好的穩定活動。

So all those markets remain attractive and good.

因此，所有這些市場仍然有吸引力且良好。

The architectural billing index jumped up well above 50 again this past month after a bit of a bump back.

建築帳單指數在經歷了小幅回落後，上個月再次躍升至 50 以上。

So there's still really good activity on the bidding and booking front and we still maintain a strong backlog.

因此，投標和預訂方面的活動仍然非常活躍，而且我們仍然保持著大量的積壓。

And as we work through that backlog and realize the benefit of what is changing raw material prices, we'll hope to see slightly better spreads than maybe when those tons were booked.

當我們處理積壓訂單並意識到原材料價格變化的好處時，我們希望看到比預訂這些噸數時稍微更好的價差。

Thank you.

謝謝。

The next question comes from Phil Gibbs, with KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Phil Gibbs。

Please go ahead.

請繼續。

Good morning.

早安.

Good morning, Phil.

早上好，菲爾。

As far as the capital spending, are we likely to see any carry over in 2017 from spending on the new mill, or is it the majority of that spending taking place if fiscal 2016?

就資本支出而言，我們是否可能會在 2017 年看到新工廠支出的結轉，或者大部分支出是否發生在 2016 財年？

A good portion will occur in fiscal 2016, but, yes.

很大一部分將發生在 2016 財年，但是，是的。

There will be some carryover, Phil, into 2017.

Phil，會有一些結轉到 2017 年。

Okay.

好的。

Any color on the magnitude just for our modeling for this year and next?

對於我們今年和明年的模型，震級有什麼顏色嗎？

Of the 220 that I guided, about 90 of that is the new mill.

在我指導的 220 家工廠中，大約有 90 家是新工廠。

And so I put another equivalent amount in the following year.

因此，我在第二年又投入了同等金額。

Okay.

好的。

That's helpful.

這很有幫助。

And then in terms of the severance inventory write-downs and (inaudible) asset impairments that you bucketed as a $4 million after tax hit, I think by my math that's probably 6% to 6.5% pre tax.

然後，就遣散費庫存減記和（聽不清楚）資產減損而言，您將其視為稅後 400 萬美元，我認為根據我的計算，稅前可能為 6% 至 6.5%。

Any help on where that came through in the segments, or corporate or just any sort of help there?

對於在細分市場、公司或任何形式的幫助方面有何幫助？

I think you had bucketed the other charges pretty well to the segments.

我認為您已經將其他費用很好地歸入了各個細分市場。

Yes.

是的。

And I think, well, the goodwill was in the recycling segment.

我認為，善意在於回收領域。

And I think actually on the face of the financial statements, we break it out separately but some people will roll that into their SG&A line.

我認為實際上從財務報表的角度來看，我們將其單獨列出，但有些人會將其納入他們的銷售、管理和行政費用 (SG&A) 項目中。

I don't know how the models, everyone keeps their models.

我不知道模型如何，每個人都保留模型。

Then, I mentioned in my remarks that we took an impairment in the M&D segment for the exit of the distribution portion of our activity there, and that was like 4.5% pre tax.

然後，我在發言中提到，由於我們活動的分銷部分退出，我們在 M&D 部門進行了減值，稅前約為 4.5%。

And then the balance, the severance is really spread throughout the business.

然後餘額，遣散費實際上分佈在整個企業中。

We made some comments on recycling as that continues to be under a lot of pressure but it's really a Company wide effort to continue to reduce overhead and SG&A.

我們對回收提出了一些評論，因為回收仍然面臨很大的壓力，但這確實是公司範圍內繼續減少管理費用和銷售管理費用的努力。

So it was spread throughout the segment.

因此它被傳播到整個細分市場。

Okay.

好的。

That's helpful.

這很有幫助。

And just lastly before I jump off.

最後，在我跳下去之前。

Anything from a big picture or strategic standpoint, Joe, that you can talk about as far as what you you're focused on maybe in terms of goals for the next year or two, and then what the goals are for the Company here for growth in the next three to five?

喬，從大局或策略角度來看，你可以談論你所關注的事情，也許是未來一兩年的目標，然後是公司的成長目標在接下來的三到五年內？

I think that would be helpful.

我認為這會有幫助。

Thank you.

謝謝。

Yes, Phil.

是的，菲爾。

We're committed to growing the business.

我們致力於發展業務。

That's always in our objective and improving the balance sheet had been a priority and, as was pointed out, our balance sheet is in good order and there's good strong free cash flow from the business.

這始終是我們的目標，改善資產負債表一直是我們的首要任務，正如所指出的，我們的資產負債表狀況良好，並且業務擁有強勁的自由現金流。

And as we think about growing the business, we always think too about doing it (inaudible) and doing it for the right reasons.

當我們考慮發展業務時，我們總是會考慮這樣做（聽不清楚）並出於正確的理由這樣做。

The micro mill in Oklahoma is an example of that where we're adding capacity but known capacity into a market that can absorb that capacity as opposed to capacity for the sake of capacity.

俄克拉荷馬州的微型工廠就是一個例子，我們正在增加產能，但已知產能進入一個可以吸收該產能的市場，而不是為了產能而產能。

So while growth is our priority, we want to be reasonable about it and it needs to be measured.

因此，雖然成長是我們的首要任務，但我們希望合理地對待它，並且需要對其進行衡量。

The fact of the economy and where we are, you know, we happen to sit in a pretty good economic situation for growth purposes.

事實上，就經濟成長而言，我們的經濟狀況非常好。

And so anything that allows us to improve our cash flow in our balance sheet is good for us and anything that allows us to improve the revenue and profitability stream is where we focus our energy and our time.

因此，任何能讓我們改善資產負債表現金流的事情都對我們有利，任何能讓我們改善收入和獲利能力的事情都是我們集中精力和時間的地方。

The last thing I wanted to point out is that, we're in the recycling business, recycling business is important to us.

我想指出的最後一件事是，我們從事回收業務，回收業務對我們很重要。

I know there's a lot of attention paid to that.

我知道對此有很多關注。

It's also a critical input and in times like this is when it's really essential to the operation of our mill that we have good access to recycled ferrous material and the non-ferrous obviously gets marketed off.

這也是一項關鍵投入，在這樣的時期，我們能夠很好地獲得回收的黑色金屬材料，而有色金屬顯然會被市場淘汰，這對我們工廠的運作確實至關重要。

And I know that we'll get a lot of attention on that.

我知道我們會在這方面得到很多關注。

For us it's a critical component of our overall go to market strategy and we continue to work it very hard, recognizing that we have to address our cost side.

對我們來說，這是我們整體進入市場策略的重要組成部分，我們將繼續努力工作，並認識到我們必須解決成本方面的問題。

But it will be an essential element to any recovery that we see in the market because the demand from metallic's will grow from where they are today.

但這將是我們在市場上看到的任何復甦的一個重要因素，因為金屬的需求將從目前的水平開始增長。

In a longer term while it's important to us, it's also a vital resource for other EAF producers.

從長遠來看，雖然它對我們很重要，但對其他電弧爐生產商來說也是重要資源。

Those are kind of general comments, Phil about where we spend our time but last but not least it's focusing on the things that are important that we can control.

菲爾，這些都是一般性的評論，關於我們把時間花在哪裡，但最後但並非最不重要的是，它關注的是我們可以控制的重要事情。

And that's where a lot of our energy is.

這就是我們大量精力所在。

That's why supply chain, our supply chain initiative is important.

這就是為什麼供應鏈、我們的供應鏈計畫很重要。

We've been a disaggregated buyer from the old business model that we employed at commercial metals where everything was decentralized.

我們一直是一個分散的買家，擺脫了我們在商業金屬領域採用的舊商業模式，在這種模式下，一切都是分散的。

We went to a regional model with more central control and this is continuation of that effort.

我們採用了更集中控制的區域模式，這是這項努力的延續。

And it's important, it's essential and it's vital because as it stands now, we lack the controls that we would like to have and believe that there's some real savings potential associated with those things that we can and supply change is one of them.

這很重要，很重要，很重要，因為就目前情況而言，我們缺乏我們想要的控制，並且相信我們可以做到的那些事情確實存在一些節省潛力，而供應變化就是其中之一。

Supply change and logistics.

供應變化和物流。

Thanks, Joe.

謝謝，喬。

The next question-up is from Brian Yu, with Citi.

下一個問題來自花旗銀行的 Brian Yu。

Please, go ahead.

請繼續。

Thanks for the follow-up.

感謝您的跟進。

So on CapEx, if I'm reading this correctly, it looks like for the new Oklahoma mill, it's going to be somewhere around $180 million across the next couple years, is that right?

那麼，在資本支出方面，如果我沒看錯的話，俄克拉荷馬州新工廠的資本支出在未來幾年內將達到 1.8 億美元左右，對嗎？

Yes, for planning purposes I think in that $180 million, $190 million is a good projection to use.

是的，出於規劃目的，我認為 1.8 億美元、1.9 億美元是一個很好的預測。

Okay.

好的。

Are there any updates on the permitting for that project or any other necessary permits that need to be achieved?

該項目的許可或任何其他需要獲得的必要許可是否有任何更新？

The air permit is the most essential and there are hearings and a little bit of public comment and that needs to be addressed.

航空許可證是最重要的，需要舉行聽證會和一些公眾意見，這些都需要解決。

So we feel like we're on track, as I mentioned in my comments, on track from what we had anticipated.

因此，正如我在評論中提到的，我們感覺我們正在步入正軌，符合我們的預期。

So that's the most essential permit that we still have to fulfill.

所以這是我們仍然需要履行的最重要的許可。

We're still shooting for completing that as quickly as possible.

我們仍在努力盡快完成這項任務。

Got it.

知道了。

And then last one just on the scrap side and more for your purchasing costs in the fiscal quarter.

最後一項是廢品方面的，更多的是您在財政季度的採購成本。

It looked like it was mostly stable quarter-on-quarter and obviously we've seen scrap prices drop quite a bit.

看起來季度環比基本穩定，顯然我們已經看到廢鋼價格下降了很多。

Is there a bit of a lag effect that's causing your scrap input costs to basically not change?

是否存在一些滯後效應導致您的廢品投入成本基本不變？

So we should expect that to drop in the fiscal first quarter?

那我們應該預期第一財季這數字會下降嗎？

There's some regional differences, Brian, that are going to be a little bit not reflective, per se, of what exactly happens in Chicago.

布萊恩，存在一些地區差異，這本身並不能反映芝加哥到底發生了什麼事。

Texas markets are different than the West Coast markets or East Coast markets.

德州市場與西岸市場或東岸市場不同。

There's a degree of variability.

存在一定程度的可變性。

I'm not sure exact number you're looking at.

我不確定您正在查看的確切數字。

Quarter to quarter it was flat.

每季都持平。

But it would vary significantly by region.

但不同地區的情況會有很大差異。

Okay.

好的。

And Brian, remember I mentioned earlier, in June scrap prices went up and then they fell back in August.

布萊恩，記得我之前提到過，六月廢鋼價格上漲，然後八月回落。

So we really did see sort of flat net/net for the quarter.

因此，我們確實看到本季的淨值/淨值持平。

And, again, that was one of the factors that drove the true-up on the LIFO.

這又是推動後進先出法正確的因素之一。

Got it.

知道了。

Okay.

好的。

Thank you.

謝謝。

(Operator Instructions).

（操作員說明）。

The next question comes from Aldo Mazzaferro with Macquarrie.

下一個問題來自麥格理的阿爾多·馬扎費羅。

Hi, good morning.

早安.

A couple quick ones.

幾個快速的。

Barbara, I was happy to hear you will say on the LIFO swing there that was such a big impact to the earnings.

芭芭拉，我很高興聽到你會說後進先出的波動對收益產生了很大的影響。

You know, following my due diligence math on LIFO, I was estimating about a $0.20 income in the quarter so $0.40 swing there is a big number.

你知道，根據我對 LIFO 的盡職調查計算，我估計本季的收入約為 0.20 美元，因此 0.40 美元的波動是一個很大的數字。

And I would whole heartedly support the move FIFO.

我將全心全意支持先進先出的舉措。

We agree, thank you.

我們同意，謝謝。

The other thing, why didn't the scrap consume decline in the mills in the quarter sequentially?I see it was about flat.

另一方面，為什麼本季鋼廠的廢鋼消耗沒有連續下降？我看到它大約持平。

Are you talking pricing or volume?

你說的是價格還是數量？

No, no, the usage cost on the Americas mills.

不，不，美洲工廠的使用成本。

It looks like it went sequentially on a flat and I'm just wondering, you know, there was a lot of movement in the market I think around then.

看起來它是按順序出現在公寓上的，我只是想知道，你知道，我認為當時市場上有很多變化。

But I understand that's August, you know, quarter but don't you think you should have gotten more reduction in the scrap side?

但我知道那是八月，你知道，季度，但你不認為你應該在廢品方面得到更多的減少嗎？

I think going into the fourth quarter of course everyone anticipated a continuation of falling scrap prices.

我認為進入第四季度，當然每個人都預期廢鋼價格將繼續下跌。

And, maybe it's because we all know a scrap has since our fiscal year end fallen, you know, $50 a ton.

而且，也許是因為我們都知道自從我們的財政年度結束以來，廢鋼已經下降了，你知道，每噸下降了 50 美元。

But if you recall, our May quarter end ended our third quarter, in June, scrap prices went up $30 a ton unexpectedly.

但如果你還記得，我們​​ 5 月份的季度末結束了我們的第三季度，6 月份，廢鋼價格意外上漲了 30 美元/噸。

And then they went on to fall back down $30 a ton by the end of the quarter.

然後到季度末價格又回落了每噸 30 美元。

So within the quarter, it was pretty flat in terms of as Joe said, there's lots of gives and takes regionally but for our fiscal fourth quarter, scrap was flat, up 30, down 30.

因此，正如喬所說，在本季度內，情況相當平穩，各地區有很多給予和索取，但在我們的第四財季，廢品率持平，上升 30，下降 30。

Right.

正確的。

And then only to fall again here more recently.

然後最近又再跌倒在這裡。

And that's part of why it wreaks havoc on LIFO calculations because we've had such significant changes in scrap prices month-to-month.

這就是為什麼它對後進先出計算造成嚴重破壞的部分原因，因為我們每個月的廢鋼價格都有如此重大的變化。

Great.

偉大的。

And so in terms of the upcoming quarter then, you should probably definitely see a decline in scrap costs I would think?

因此，就接下來的季度而言，我認為您肯定會看到廢品成本下降？

Absolutely.

絕對地。

Would you agree with that?

你同意嗎？

Yes.

是的。

Absolutely.

絕對地。

And could I go further and say against the rebar and merchant bar price, would you expect a wider metal spread?

我能否進一步說，相對於螺紋鋼和商業金條價格，您是否預期金屬價差會擴大？

I believe we've got the question earlier and certainly if the market doesn't require, you know, for end product prices to adjust and give back all that reduction in scrap price, then certainly that creates an opportunity for margin expansion.

我相信我們很早就提出了這個問題，當然，如果市場不需要，你知道，最終產品價格調整併回饋廢品價格的所有下降，那麼這肯定會創造利潤擴張的機會。

Great.

偉大的。

And then if I could just follow one more on the new mill in Oklahoma.

如果我能再關註一下俄克拉荷馬州的新工廠。

If I remember correctly, you have a very large swath of land there relative to the size that the mill would require and I'm thinking, is there some reason why, is that wetlands or the fact that it's a reservation?

如果我沒記錯的話，相對於工廠所需的面積來說，那裡有一大片土地，我在想，是否有某種原因，是濕地還是保留地？

Is there some reason why you had to purchase so much land?

您必須購買這麼多土地有什麼原因嗎？

Or do you have grander scale plans for that site?

或者您對該網站有更宏偉的計劃嗎？

I'm chuckling a little bit, Aldo because when we purchased the land, someone pointed out here that there was a proposed integrated mill somewhere in Vietnam being built for six million tons on the same site.

我有點笑了，奧爾多，因為當我們購買這塊土地時，有人指出，越南某處擬在同一地點建造一座年產 600 萬噸的綜合工廠。

We have no such plans.

我們沒有這樣的計劃。

However, the land that was available gives us the nice buffer from neighbors and good access to the highway.

然而，可用的土地為我們提供了與鄰居的良好緩衝和通往高速公路的良好通道。

And, you know, all of us in this business have neighbors who don't really like what they see after it's been built.

而且，你知道，我們這個行業的所有人都有鄰居不太喜歡建成後看到的東西。

It's fun to think about the jobs but once it's built there's noise coming out of there and smells coming out and smoke coming out.

考慮這些工作很有趣，但一旦建成，就會有噪音、氣味和煙霧冒出。

As much as we do to behave responsibly and in concert with the regulations, and environmental laws, it's still always a bit of an eye sore when someone sees manufacturing.

儘管我們盡一切努力以負責任的方式行事，並遵守法規和環境法，但當有人看到製造業時，仍然總是有點眼花撩亂。

One of my old bosses said there's no such thing as pretty manufacturing.

我的一位前老闆說，沒有漂亮的製造這回事。

We've got a nice piece of parcel of land and it made good sense for us and give us ample room with which to operate and with which to buffer or neighbors.

我們擁有一塊不錯的土地，這對我們來說很有意義，並為我們提供了足夠的空間來操作、緩衝或鄰居。

Great.

偉大的。

Thanks, Joe.

謝謝，喬。

And Barbara, thank you.

還有芭芭拉，謝謝你。

Thank you, Aldo.

謝謝你，阿爾多。

The next question comes from David Lipschitz, with CLSA.

下一個問題來自里昂證券的大衛‧利普希茨 (David Lipschitz)。

Please go ahead.

請繼續。

Good morning.

早安.

I'm not that bright.

我沒那麼聰明。

Please go back.

請回去吧。

Is there LIFO going forward or no?

是否存在後進先出（LIFO）的情況？

(Laughter).

（笑聲）。

I'm confused.

我很困惑。

So in the first quarter what do we expect?

那麼第一季我們的預期是什麼？

So you sensed a little hedging there, David?

所以你感覺到了一些對沖，大衛？

Yes.

是的。

If I'm modeling forward, do I expect a LIFO credit because prices have fallen or there will be nothing because you are going to FIFO?

如果我正在向前建模，我是否會因為價格下跌而期望獲得 LIFO 信用，或者因為您將採用先進先出原則而什麼都沒有？

I can David for the time being, you know, one should assume we're still on the LIFO method until otherwise stated.

我可以暫時大衛，你知道，人們應該假設我們仍然採用後進先出法，除非另有說明。

But I would say in addition to that, that we will make that determination within this first quarter.

但除此之外，我還要說，我們將在第一季內做出決定。

There's a lot of work that goes into that.

這方面有很多工作要做。

It's a big accounting change.

這是一個重大的會計變更。

It requires a preferability letter from our auditors.

它需要我們審計師的優先推薦信。

We've got to, you know, restate prior years and quarters to reflect the change.

你知道，我們必須重述前幾年和前幾季的情況以反映這一變化。

So it's a massive amount of work.

所以這是一個巨大的工作量。

We have looked at it in some amount of depth and we feel like it makes a lot of sense for us but we have to complete all that work.

我們已經深入研究了它，我們覺得這對我們來說很有意義，但我們必須完成所有這些工作。

And we expect to do that within this quarter and give you further input on that when we announce our results for the first quarter.

我們希望在本季度內做到這一點，並在我們宣布第一季業績時向您提供進一步的意見。

So let's say you don't do it.

所以假設你不這樣做。

Would you expect a pretty big LIFO credit because prices have dropped so much?

由於價格下跌如此之多，您是否會期望獲得相當大的後進先出信用？

Would that be a correct assumption?

這是一個正確的假設嗎？

We would do an estimate for the full year and book a fourth of that estimate based on the outlook would be the way it would occur if we were.

我們將對全年進行估計，並根據前景確定該估計的四分之一，如果我們這樣做的話，將會發生這種情況。

Right.

正確的。

So do we have an estimate for the year as of this point?

那麼截至目前我們對今年有一個估計嗎？

Well, as you know, we don't give specific guidance, so at this point I would say we're not prepared to give you a specific estimate for LIFO for the full year.

嗯，如您所知，我們沒有提供具體的指導，所以在這一點上，我想說我們不准備為您提供全年後進先出的具體估計。

Okay.

好的。

Perfect.

完美的。

Thank you.

謝謝。

Thank you, David.

謝謝你，大衛。

The next question comes from Charles Bradford, with Bradford research.

下一個問題來自查爾斯·布拉德福德（Charles Bradford）和布拉德福德的研究。

Please go ahead.

請繼續。

Good morning.

早安.

The land in Oklahoma, there are reports in some of the press that you actually got the land for free.

俄克拉荷馬州的土地，一些媒體報導稱，您實際上是免費獲得了這塊土地。

Can you comment?

你能發表評論嗎？

There are lots of different incentives offered to us by the state.

國家為我們提供了許多不同的激勵措施。

That's one of the reasons why we located in Oklahoma.

這就是我們位於俄克拉荷馬州的原因之一。

Rather than getting into all of the details, I'll let them keep reporting on it.

我不會深入了解所有細節，而是讓他們繼續報告。

They can work through the paperwork.

他們可以完成文書工作。

To me that's not useful good use of time for us.

對我來說，這對我們來說沒有很好的利用時間。

There's been a report out of I guess Japan that the Chinese exported 23.6 million tons, or are in the process of exporting this year.

我猜日本有一份報告說中國今年出口了2360萬噸，或者正在出口。

That would be a gigantic amount of billets which the comment being made is, "Well maybe there really were reported as alloyed bars." Yet, the US data we got from the Department of Commerce and AISI doesn't show billets separately.

這將是大量的鋼坯，人們的評論是，“好吧，也許確實有報導稱是合金棒。”然而，我們從商務部和 AISI 獲得的美國數據並未單獨顯示鋼坯。

Do you have any idea what the number could be on the US side?

您知道美國方面的電話號碼是多少嗎？

On the billets?

在鋼坯上？

Yes, on billets imports.

是的，關於鋼坯進口。

To my knowledge, we haven't seen much in the way of billet imports here in North America but certainly it's had a huge impact on southeast Asia.

據我所知，我們在北美還沒有看到太多方坯進口的情況，但它肯定對東南亞產生了巨大影響。

Really throughout the region, most electric arc furnace producers are relying on billets from China because they're priced so attractively.

事實上，在整個地區，大多數電弧爐生產商都依賴來自中國的方坯，因為它們的價格非常有吸引力。

Electric arc furnace production in southeast Asia has been severely impacted by the availability of cheap imported Chinese billets.

東南亞的電弧爐生產受到廉價進口中國鋼坯的嚴重影響。

If you look to your numbers, you might want to look that way, Chuck, and nearby regions have been particularly impacted by billet exports from China.

如果你看看你的數據，你可能會想那樣看，查克，附近地區尤其受到中國方坯出口的影響。

Does it make sense for you to import these cheap billets?

進口這些廉價鋼坯對您來說有意義嗎？

At this point, Chuck, we haven't seen any offers.

Chuck，目前我們還沒有看到任何報價。

I'm not aware of any of that.

我對此一無所知。

It really has been more isolated.

確實更加孤立了。

It's hard to me to rationalize how that makes sense against our overall cost structure.

我很難合理地解釋這對我們的整體成本結構有何意義。

We have a lot of mouths to feed.

我們有很多張嘴要養活。

I think we're very competitive with the metallic price that we have.

我認為我們的金屬價格非常有競爭力。

I think we're very competitive in our conversion costs on each of our melt shops and I would suspect that it would quickly be found that there's dumping associated with that kind of activity.

我認為我們每個熔煉車間的轉換成本都非常有競爭力，我懷疑很快就會發現與此類活動相關的傾銷行為。

And you know as well as us the overall cost structure in China is highly subsidized.

你和我們都知道，中國的整體成本結構是高度補貼的。

So to try to make a living off of a subsidized source, while it might have short-term benefit and impact, long term really isn't a viable strategy.

因此，試圖靠補貼來源謀生，雖然可能會產生短期效益和影響，但長遠來看確實不是一個可行的策略。

Thank you.

謝謝。

Okay.

好的。

Thanks, Chuck.

謝謝，查克。

At this time there appear to be no further questions.

此時似乎沒有其他問題了。

Mr. Alvarado, I'll now turn the call back over to you.

阿爾瓦拉多先生，我現在將電話轉回給您。

Well, thank you, I appreciate that.

嗯，謝謝你，我很感激。

Thank you all for joining us on today's conference call.

感謝大家參加今天的電話會議。

We appreciate it very much and we look forward to speaking with many of you during our investor visits in the coming days and weeks.

我們非常感謝，並期待在未來幾天和幾週的投資者訪問期間與你們中的許多人交談。

Thanks, all, and have a good day.

謝謝大家，祝你有美好的一天。

This concludes today's Commercial Metals Company conference call.

今天的商業金屬公司電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。