Over the years, Schnitzer has grown from a one-man scrap metal operation to a global leader in the metals recycling industry with over 3,600 employees and $3.3 billion in revenues in fiscal year 2012. Over the last decade, we have become one of the world’s largest processors and exporters of recycled metals. We have expanded our business footprint and geographic reach by acquiring new operations and investing in strategic capital improvements to enhance our existing operations. Growth is a large part of our success and a large part of our strategy for the future.

On the acquisition front, we have gained additional metals recycling facilities, deep water ports and auto parts locations that have provided us access to new sources of scrap metal, additional processing capabilities and new customers in new regions. Our management team has developed expertise in identifying, acquiring and integrating new businesses and we continue to explore new opportunities that complement our existing operations.

At the same time, we are constantly investing in strategic improvements to our existing operations. Examples include state-of-the-art mega-shredders and nonferrous recovery systems at our metals recycling facilities that are increasing the processing throughput and end product quality while improving energy and labor efficiencies. As a result of this application of technology, we have grown our revenues and increased the profitability of our operations while helping the environment by diverting more materials from landfills and using less energy. Similarly, other process improvements have increased production and efficiencies in our auto parts and steel manufacturing businesses.

Going forward, we intend to follow our successful strategy of growing our company through value-creating acquisitions and additional investments in processing and manufacturing technology improvements.