Net earnings attributable to CMC for the three months ended 28 February 2015 wereUS$54.5 million (US$0.46 per diluted share) on net sales of US$1.4 billion. This compares to net earnings attributable to CMC of US$11.1 million (US$0.09 per diluted share) on net sales of US$1.6 billion for the second quarter ended 28 February 2014.  Results for the second quarter of fiscal 2014 included an after-tax charge of approximately US$3.0 million (US$0.03 per diluted share) incurred in connection with the company's final settlement of the Standard Iron Works v. Arcelor Mittal, et al. lawsuit.
 
Earnings from continuing operations for the second quarter of fiscal 2015 were US$61.7 million(US$0.52 per diluted share), compared with earnings from continuing operations of US$13.3 million (US$0.11 per diluted share) for the second quarter of fiscal 2014.
 
Results for the three months ended 28 February 2015 included after-tax LIFO income from continuing operations of US$47.1 million (US$0.40 per diluted share), compared with after-tax LIFO expense from continuing operations of US$12.3 million (US$0.10 per diluted share) for the second quarter of fiscal 2014. Adjusted operating profit from continuing operations wasUS$112.2 million for the second quarter of fiscal 2015, compared with adjusted operating profit from continuing operations of US$37.0 million for the second quarter of fiscal 2014. Adjusted EBITDA from continuing operations was US$145.1 million for the second quarter of fiscal 2015, compared with adjusted EBITDA from continuing operations of US$69.3 million for the second quarter of fiscal 2014.
 
The Company's financial position at 28 February 2015 remained strong with cash and cash equivalents of US$313.0 million and nearly US$1.0 billion in total liquidity. Pursuant to our share repurchase program that was approved in October 2014, we purchased approximately 2.2 million shares of our common stock for US$30.2 million during the second quarter of fiscal 2015.
 
Joe Alvarado, chairman of the Board, president, and CEO, commented, "Second quarter financial results represented one of our best second fiscal quarters on record in the Company's history. Our domestic mills benefited from lower raw material prices as metal margins expanded significantly when compared to one year ago. We experienced normal seasonal effects with holidays and weather affecting a number of our locations' ability to ship as well as some higher operating cost mainly associated with higher energy cost and curtailments. Conversely, in Poland competitive pressures forced margin compression despite reasonably good market conditions for construction markets in Poland."
 
Business Segments
Our Americas Recycling segment recorded adjusted operating loss of US$0.2 million for the second quarter of fiscal 2015 compared to adjusted operating loss of US$0.9 million for the second quarter of fiscal 2014. During the second quarter of fiscal 2015, declines in both average ferrous and nonferrous selling prices of US$90 per short ton and US$458 per short ton, respectively, outweighed declines in the respective average material cost, which compressed average ferrous and nonferrous metal margins by 20% and 2%, respectively, compared to the same period in the prior fiscal year. However, a US$1.7 million gain on sale of assets and a US$7.7 million favorable change in pre-tax LIFO during the second quarter of fiscal 2015 partially offset the average metal margin pressure caused by the declines in average ferrous and nonferrous selling prices compared to the same period in fiscal 2014.
 
Our Americas Mills segment recorded adjusted operating profit of US$98.5 million for the second quarter of fiscal 2015 compared to adjusted operating profit of US$44.1 million for the same period in the prior fiscal year. During the second quarter of fiscal 2015, the average cost of ferrous scrap consumed declined US$66 per short ton, while average selling prices declined US$13 per short ton, which resulted in a 17% increase in average metal margins compared to the same period in the prior fiscal year. Additionally, this segment recorded aUS$50.7 million favorable change in pre-tax LIFO compared to the second quarter of fiscal 2014.
 
Our Americas Fabrication segment recorded adjusted operating profit of US$11.8 million for the second quarter of fiscal 2015 compared to adjusted operating loss of US$5.3 million for the second quarter of fiscal 2014. The increase in adjusted operating profit for the second quarter of fiscal 2015 was primarily due to average rebar selling prices increasing at a faster rate than rising average material cost, which resulted in a 5% increase in average rebar metal margin compared to the same period in the prior fiscal year. Additionally, for the second quarter of fiscal 2015, this segment recorded a favorable change in pre-tax LIFO ofUS$22.0 million compared to the same period in fiscal 2014.
 
Our International Mill segment recorded adjusted operating profit of US$0.8 million for the second quarter of fiscal 2015 compared to adjusted operating profit of US$8.3 million for the same period in the prior fiscal year. The decrease in adjusted operating profit for the second quarter of fiscal 2015 was due to a 19% decrease in average metal margins on flat volumes compared to the same period in the prior fiscal year. Average metal margin compression for the three months ended 28 February 2015 was the result of a US$147 per short ton decrease in average selling prices, which outpaced a US$99 per short ton decrease in average cost of ferrous scrap consumed compared to the same period in fiscal 2014.
 
Our International Marketing and Distribution segment recorded adjusted operating profit ofUS$15.7 million for the second quarter of fiscal 2015 compared to adjusted operating profit ofUS$4.5 million for the same period in the prior fiscal year. The improvement in adjusted operating profit for the second quarter of fiscal 2015 was attributed to an increase in volumes for one of our trading divisions headquartered in the U.S., which more than offset average margin compression at this same division. In addition, for the second quarter of fiscal 2015, one of our trading divisions headquartered in the U.S. recorded a favorable change in pre-tax LIFO of US$11.1 million compared to the same period in fiscal 2014.
 
Year to Date Results
Net earnings attributable to CMC for the six months ended 28 February 2015 were US$90.7 million (US$0.77 per diluted share) on net sales of US$3.1 billion, compared with net earnings attributable to CMC of US$57.1 million (US$0.48 per diluted share) on net sales of US$3.2 billion for the six months ended 28 February 2014. The Company recorded after-tax LIFO income ofUS$51.1 million (US$0.43 per diluted share) for the six months ended 28 February 2015, compared with after-tax LIFO expense of US$15.1 million (US$0.13 per diluted share) for the six months ended 28 February 2014. Additionally, results for the six months ended 28 February 2014 included an after-tax gain of US$15.5 million (US$0.13 per diluted share) associated with the sale of the Company's wholly owned copper tube manufacturing operation, Howell Metal Company. For the six months ended 28 February 2015, adjusted operating profit was US$176.9 million, compared with US$125.2 million for the six months ended 28 February 2014. Adjusted EBITDA was US$242.6 million for the six months ended 28 February 2015, compared with US$192.2 million for the six months ended 28 February 2014.
 
Outlook
Alvarado concluded, "Our third fiscal quarter is the start of the spring construction season, and we are carrying healthy backlogs entering the busy time of the year for construction markets. Elevated levels of imports supported by a strong dollar and excess global supply remain our top challenges. The effects of lower oil prices are starting to translate into slower demand for certain raw materials and steel related products that flow through our International Marketing and Distribution segment. Demand remains quite good in Poland while competitive pressures will continue to constrain margins."