Compared to the fourth quarter, the lower results were due to the average inventory accounting effects, lower commodity prices, and a drop in parts sales. As we noted in the fourth quarter of fiscal 2014, we launched a major new productivity initiative in APB of $7 million focused on increasing our operating efficiency and improving our car yields. Since then, we have identified additional savings of $7 million focused on reducing SG&A, where we are aiming to achieve part-year savings of more than half in the remainder of this fiscal year. Of the SG&A savings amount, around two-thirds will come from headcount reductions, with the balance from non-car procurement areas including transportation, fuel, supplies, and marketing.
Now moving to Slide 12, I will discuss our capital expenditures and net debt. Capital expenditures in our first quarter were $10 million covering mainly maintenance, environmental, and safety-related projects. For fiscal 2015 as a whole, we expect CapEx to be no higher than fiscal 2014, which was $40 million. As of the first quarter, net debt leverage of 50 percent was approximately 200 basis points lower than the prior year first quarter due to strong working capital management and cash flow generation during fiscal 2014. In the first quarter of fiscal 2015, operating cash flow was a modest use of funds of $60 million due to timing of working capital movements. Now, I’d like to turn the presentation back over to Tamara for her summary remarks.
Tamara Lundgren, President, CEO
Thank you, Richard. While challenging market conditions prevailed during our first quarter, we continued to deliver on our goals. We completed our targeted savings initiatives ahead of schedule. We generated improved results year-over-year through productivity improvements. We maintained a strong balance sheet, and we returned capital to our shareholders through our quarterly dividend.
Our metals recycling business adjusted rapidly to changing market demand whether export or domestic, while offsetting price and volume headwinds with productivity initiatives and a restructured cost base. Our steel manufacturing business generated substantially higher year-over-year quarterly performance due to higher selling prices, increased rolling mill utilization, and contributions from productivity improvements.
As we look ahead, we are continuing to take steps to improve business efficiency and restructure our cost base across our organization. In our auto parts business, we have identified further savings initiatives and these actions are expected to yield improved performance. In our metals recycling business, we are taking steps to further reduce variable production costs in order to mitigate the current impact on volumes from the lower price environment.
In our steel manufacturing business, we expect to further optimize our performance with higher utilization levels from improving U.S. non-residential construction activity. Market conditions are expected to remain challenging in fiscal 2015. Our diligent focus on capital spending and maintaining a strong balance sheet will continue to provide a strong foundation for our shareholders, generating greater returns from our business, and consistent capital returns to our shareholders through our quarterly dividend.
Once again, thank you to everyone on the Schnitzer team for your continued focus on operational excellence and for making our Company a safe and productive place to work each and every day. Operator, let’s open up the call for questions.
