Commercial Metals Co (CMC) 2024 Q2 法說會逐字稿

Hello, and welcome, everyone to the Second Quarter Fiscal 2020 fourth earnings call for CMC.

大家好，歡迎大家參加 CMC 2020 財年第二季第四次財報電話會議。

Joining me today, Peter Matt, CMC's President and Chief Executive Officer, and Paul Lawrence, Senior Vice President and Chief Financial Officer.

今天加入我的還有 CMC 總裁兼執行長彼得馬特 (Peter Matt) 和高級副總裁兼財務長保羅勞倫斯 (Paul Lawrence)。

Today's materials, including press release and supplemental slides that accompany this call can be found on CMC's Investor Relations website.

今天的資料，包括本次電話會議附帶的新聞稿和補充幻燈片，可以在 CMC 的投資者關係網站上找到。

Today's call is being recorded.

今天的通話正在錄音。

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

公司發言後，我們將進行問答環節，屆時我們將有一些指示。

I would like to remind all participants that during the course of this conference call,

我想提醒所有與會者，在本次電話會議過程中，

The company will make statements that provide information other than historical information and will include expectations regarding economic conditions effects of legislation, US. steel import levels, construction activity, demand for finished steel products, the expected capabilities, benefits and timeline for construction of new facilities, the company's future operations, the timeline for execution of the company's growth plan, the company's future results of operation, financial measures and capital spending.

該公司將發表聲明，提供歷史資訊以外的信息，並將包括有關美國立法對經濟狀況影響的預期。鋼材進口水準、建築活動、成品鋼材需求、新設施建設的預期能力、效益和時間表、公司未來的營運、公司成長計畫的執行時間表、公司未來的營運績效、財務措施和資本支出。

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

這些和其他類似的陳述被認為是前瞻性的，可能涉及某些假設和猜測，並受到可能導致實際結果與這些預期有重大差異的風險和不確定性的影響。

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 and Forward-Looking Statements section of the company's latest filings with the US Securities and Exchange Commission.

這些陳述反映了公司基於當前情況的信念，但受到某些風險和不確定性的影響，包括公司向美國證券交易委員會提交的最新文件的風險因素和前瞻性陳述部分中描述的風險和不確定性。

Including the Company's latest annual report on Form 10 K. Although these statements are based on management's current expectations and beliefs, CMC offers no assurance that these expectations or beliefs will prove to be correct and actual results may vary materially.

包括公司最新的 10 K 表格年度報告。儘管這些陳述是基於管理層當前的期望和信念，但 CMC 不保證這些期望或信念將被證明是正確的，並且實際結果可能會存在重大差異。

All statements are made only as of this date, except as required by law, CMC does not assume any obligation to update amend or clarify these statements in connection with future events, changes in assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or otherwise.

所有聲明僅截至本日期作出，除非法律要求，CMC 不承擔任何義務更新、修改或澄清與未來事件、假設變化、預期或意外事件發生、新資訊或情況或其他情況。

Some numbers presented,

提供了一些數字，

We'll be non-GAAP financial measures and reconciliations for such numbers can be found in the Company's earnings release, supplemental slides presentation or on the Company's website.

我們將採用非公認會計原則財務衡量標準，這些數字的調節可以在公司的收益發布、補充幻燈片演示或公司網站上找到。

Unless stated otherwise, all references made to year or quarter end are references to the Company's fiscal year or fiscal quarter.

除非另有說明，否則所有提及年末或季末的內容均指本公司的財政年度或財務季度。

And now for opening remarks and introductions, I would like to turn the conference over to Peter Matt, President and Chief Executive Officer.

現在，我想將會議交給總裁兼執行長彼得馬特 (Peter Matt) 致開幕辭和介紹。

Good morning, everyone, and thank you for joining CMC's Second Quarter Earnings Conference Call.

大家早安，感謝您參加 CMC 第二季財報電話會議。

I would like to begin this morning's discussion by congratulating the CMC team for setting a new standard in safety performance for our company as they brought our total recordable incident incident rate to less than one significantly better than the US steel industry as a whole at CMC.

在今天早上的討論開始時，我想祝賀 CMC 團隊為我們公司製定了安全績效的新標準，因為他們使我們的總可記錄事故發生率低於 1，明顯優於 CMC 的美國鋼鐵行業整體水平。

It all begins with safety, and our goal is to ensure everyone leaves their shift in the same condition they arrived.

一切都從安全開始，我們的目標是確保每個人下班時都保持與到達時相同的狀態。

I am particularly proud of of the improvements made at recently acquired locations within our engineering business, engineered emerging businesses Group, an important part of our integration processes, instilling CMC's industry-leading safety culture and practices, which employees at acquired businesses had been eager to adopt compared to a year ago.

我對最近收購的工程業務地點所取得的改進感到特別自豪，工程新興業務集團是我們整合流程的重要組成部分，灌輸了CMC 行業領先的安全文化和實踐，而這些是被收購業務的員工一直渴望的與一年前相比採用。

The recordable incident rate for EBG. has been cut in half, which equates to several injuries avoided and better outcomes for all stakeholders, the data for EBG. and for all our operations can be seen on Slide 4 of our earnings presentation, and we are committed to further improving on this strong record this morning.

EBG 的可記錄事故率。 EBG 的數據已減少一半，這相當於避免了一些傷害，並為所有利害關係人帶來了更好的結果。我們所有的業務都可以在我們收益報告的幻燈片 4 中看到，我們致力於在今天早上的這一強勁記錄的基礎上進一步改進。

I will provide an overview of CMC's second quarter financial and operating performance,

我將概述 CMC 第二季度的財務和營運業績，

After which I will share an update on the company's strategic outlook and growth projects and then discuss our view of current and future market environment.

之後，我將分享公司策略展望和成長專案的最新情況，然後討論我們對當前和未來市場環境的看法。

Paul will cover the quarter's financial results in greater detail, and I will conclude with our outlook for the third fiscal quarter and beyond.

保羅將更詳細地介紹本季的財務業績，最後我將介紹我們對第三財季及以後的展望。

We will then open the call to questions.

然後我們將開始提問。

Additional information regarding the quarter is provided in the supplemental slides that accompany this call, which can be found on CMC's Investor Relations website.

有關本季度的更多資訊在本次電話會議隨附的補充幻燈片中提供，這些幻燈片可以在 CMC 的投資者關係網站上找到。

Before reviewing our financial results, I want to call your attention to yesterday's announcement of a 13% increase in CMC's quarterly dividend dividend.

在回顧我們的財務表現之前，我想提請您注意昨天宣布的 CMC 季度股息增加 13%。

The $0.18 per share quarterly payout represents growth of 50% since the end of 2021.

每股 0.18 美元的季度派息意味著自 2021 年底以來增長了 50%。

The dividend increase, together with January's 500 million increase in CMC's share repurchase authorization shows the cash generative power of CMC's business and demonstrates our commitment to returning that cash to our shareholders.

股利的增加，加上一月份 CMC 股票回購授權增加了 5 億美元，顯示了 CMC 業務的現金產生能力，並表明了我們將現金返還給股東的承諾。

CMC's strong financial position and balanced capital allocation strategy allows us to prioritize returning cash to investors while simultaneously executing our growth plans.

CMC 強大的財務狀況和均衡的資本配置策略使我們能夠優先向投資者返還現金，同時執行我們的成長計劃。

As we reported in our press release issued this morning, the second quarter of fiscal 2024 was another strong period of financial performance, CMC generated core EBITDA and core EBITDA margin well above historic averages.

正如我們在今天早上發布的新聞稿中所報導的那樣，2024 財年第二季度是財務業績的另一個強勁時期，CMC 的核心 EBITDA 和核心 EBITDA 利潤率遠高於歷史平均水平。

Despite seasonal slowness and weather disruptions across much of our operational footprint.

儘管我們的大部分營運業務都受到季節性放緩和天氣幹擾。

We continue to demonstrate the enhanced earnings and cash flow capabilities that were enabled by our recent strategic transformation and ongoing execution.

我們繼續展示我們最近的策略轉型和持續執行所帶來的增強的獲利和現金流能力。

CMC's produced net earnings for the second quarter of $85.8 million or $0.73 per diluted share on net sales of 1.8 billion.

CMC 第二季淨利為 8,580 萬美元，即每股攤薄收益 0.73 美元，淨銷售額為 18 億美元。

Excluding the impact of nonoperational items, which Paul will cover in more detail, adjusted earnings were $103.1 million or $0.88 per diluted share.

不包括保羅將更詳細介紹的非經營性項目的影響，調整後收益為 1.031 億美元，即稀釋後每股收益 0.88 美元。

Cmc generated consolidated core EBITDA for the quarter of $224.4 million, producing a core EBITDA margin of 12.1% and a trailing 12 month return on invested capital of 14.5%.

Cmc 本季的綜合核心 EBITDA 為 2.244 億美元，核心 EBITDA 利潤率為 12.1%，過去 12 個月的投資資本回報率為 14.5%。

Results in our North American Steel Group were impacted by challenging weather conditions and some metal margin compression on steel products.

我們北美鋼鐵集團的表現受到惡劣天氣條件和鋼鐵產品金屬利潤率壓縮的影響。

Taking beneath the reported metal margin figure, we actually experienced sequential monthly increases from December onwards and exited the quarter at a high point financial performance in our Europe Steel Group segment improved from recent quarters.

根據報告的金屬利潤率數據，我們實際上從 12 月開始經歷了逐月增長，並在歐洲鋼鐵集團部門財務業績較最近幾個季度有所改善的高點退出本季度。

Excluding energy rebates, the market for long steel products has come into better balance, which has allowed selling price and metal margin to increase modestly.

剔除能源回扣後，長材市場已趨於平衡，銷售價格和金屬利潤率小幅上升。

This combined with excellent cost performance has set us on a path toward breakeven results in the near-term activity levels on our emerging or in our emerging businesses group were hampered by weather disruptions that delayed geo grid and GOP or project starts and hit our Texas focus.

這與出色的成本效益相結合，使我們走上了一條實現盈虧平衡的道路，我們的新興業務或新興業務集團的近期活動水平受到天氣幹擾的阻礙，天氣幹擾延遲了地理電網和共和黨或項目的啟動，並影響了我們德克薩斯州的重點。

CMC construction services, particularly hard outside the US.

CMC 建築服務，尤其是在美國以外的地區。

Subrah projects were also delayed during the quarter.

Subrah 計畫在本季也被延後。

We believe these issues are temporary and we expect a strong rebound in sales and profitability heading into the spring and summer construction season.

我們認為這些問題是暫時的，我們預計銷售和獲利能力將在春季和夏季建築季節強勁反彈。

I would like to I would next like to discuss CMC's strategic outlook.

接下來我想談談CMC的戰略展望。

As we plot CMC's future path, we are starting from a position of great strength with leading presence in each of our major products and solutions, a strong company culture, a healthy balance sheet and excellent customer relationships.

當我們規劃 CMC 的未來道路時，我們的起點非常強大，在每項主要產品和解決方案中都處於領先地位，擁有強大的公司文化、健康的資產負債表和良好的客戶關係。

From this starting point, our primary strategic focus will be twofold to maximize value creation in our current businesses and to accelerate growth across multiple platforms.

從這個起點開始，我們的主要策略重點將是雙重的，即最大限度地創造我們當前業務的價值並加速跨多個平台的成長。

Our ultimate goal is to create an organization that has higher and less volatile through the cycle margins and that fully leverages the enhanced margin profile by organically and inorganically expanding revenues.

我們的最終目標是創建一個在整個週期利潤率更高且波動更小的組織，並透過有機和無機擴大收入來充分利用增強的利潤狀況。

We laid the groundwork for these efforts with our recent reporting structure changes, which greatly enhanced visibility into our key value drivers and helped us better focus our decision in this decision making in our planning, we are looking at how CMC can push our existing businesses to their full potential.

我們透過最近的報告結構變化為這些努力奠定了基礎，這極大地提高了我們關鍵價值驅動因素的可見性，並幫助我們更好地在規劃中的決策中集中精力，我們正在研究CMC 如何推動我們現有的業務他們的全部潛力。

It all begins with our most critical resource, our people, keeping them safe and providing ample opportunities for development.

一切都始於我們最重要的資源——我們的員工，確保他們的安全並提供充足的發展機會。

As I noted earlier, CMC has built a tremendous safety track record, but there's more that can be done to reach world-class, and we are working diligently on this.

正如我之前指出的，CMC 已經建立了巨大的安全記錄，但要達到世界一流水平，還有更多工作要做，我們正在為此努力工作。

We are also expanding our talent development programs across a range of critical skills to ensure we have a deep bench to power CMC's future.

我們也正在擴大我們的人才發展計劃，涵蓋一系列關鍵技能，以確保我們擁有強大的後備力量來推動 CMC 的未來。

A key driver of the company is a company-wide margin enhancement efforts.

該公司的一個關鍵驅動力是全公司範圍內提高利潤率的努力。

Our efforts in operational and commercial optimization, which span the entire organization and build on a core part of our company's DNA.

我們在營運和商業優化方面所做的努力涵蓋了整個組織，並建立在我們公司 DNA 的核心部分之上。

To that end, we have created a commercial and operational excellence group tasked with working closely with CMC's business units to identify, benchmark, quantify and realize margin enhancement opportunities.

為此，我們創建了一個商業和營運卓越團隊，負責與 CMC 的業務部門密切合作，以確定、基準、量化和實現利潤提高機會。

Our optimization efforts are still in early stages, but already many concrete opportunities have been found both at individual businesses and across the enterprise, I can offer a few examples.

我們的優化工作仍處於早期階段，但已經在個人企業和整個企業中發現了許多具體的機會，我可以舉幾個例子。

First, there is significant opportunity to optimize logistics and shorten freight lanes between our mills and final shipping points, which will lower costs and improve customer service.

首先，我們有很大機會優化物流並縮短工廠和最終裝運點之間的貨運通道，這將降低成本並改善客戶服務。

We also see achievable operational improvements through enhanced internal benchmarking and best practice sharing, which can lead to increased productivity and reduce costs and unplanned downtime on the commercial side, we are creating a unified platform that we believe will enable information sharing across sales group, unlocking opportunities for customer cross-selling, lead sharing and bundling of solutions.

我們還看到透過加強內部基準測試和最佳實踐共享可以實現營運改進，這可以提高生產力並降低成本和商業方面的計劃外停機，我們正在創建一個統一的平台，我們相信該平台將實現跨銷售團隊的資訊共享，解鎖客戶交叉銷售、潛在客戶共享和解決方案捆綁的機會。

These efforts are targeted towards increasing CMC's share of wallet and service capabilities, representing a low capital cost avenue to grow revenues in concert with our initiatives to maximize margins and create value in CMC's existing businesses, we are focused on prudently accelerating our growth trajectory through both organic and inorganic investments.

這些努力的目標是提高CMC 的錢包份額和服務能力，這是一種增加收入的低資本成本途徑，與我們在CMC 現有業務中實現利潤最大化和創造價值的舉措相一致，我們致力於透過以下方式審慎地加速我們的成長軌跡：有機和無機投資。

As you know, there are large organic projects already underway, including Arizona, two in Steel West Virginia that will meaningfully add to CMC's earnings and cash flow capabilities.

如您所知，一些大型有機項目已經在進行中，包括亞利桑那州和西維吉尼亞州鋼鐵公司的兩個項目，這些項目將有意義地增加 CMC 的利潤和現金流能力。

Beyond these, we see several opportunities for some of our organic expansion in existing product lines that entail only modest capital outlays.

除此之外，我們也看到了一些對現有產品線進行有機擴張的機會，而這些機會只需要適度的資本支出。

Moreover, as we have indicated previously, CMC has a strong platform and a signature and significant financial dry powder to achieve value accretive growth through acquisitions.

此外，正如我們先前指出的，CMC 擁有強大的平台和標誌性的重要財務乾粉，可透過收購實現價值增值成長。

We will seek to build out CMC's portfolio of early-stage construction materials and solutions in a way that strengthens our core improves customer.

我們將尋求建立 CMC 的早期建築材料和解決方案組合，以加強我們的核心和改善客戶。

Our customer value proposition leverages our end market expertise and enhances our margins as we execute our strategic plan, we are extremely excited about the benefits these initiatives will bring to CMC and our shareholders.

我們的客戶價值主張利用了我們的終端市場專業知識，並在我們執行策略計畫時提高了我們的利潤，我們對這些舉措將為 CMC 和我們的股東帶來的好處感到非常興奮。

We run a great business today but believe there's tremendous additional value to be unlocked by pursuing the next level of excellence and leveraging that excellence as we grow plan development is ongoing, and we look forward to sharing more details regarding CMC's strategic vision later this year.

我們今天經營著一家偉大的企業，但相信透過追求更高水平的卓越並在我們不斷發展的計劃制定過程中利用這種卓越，可以釋放巨大的附加價值，我們期待在今年晚些時候分享有關CMC戰略願景的更多細節。

Now I would like to provide a brief update on the progress we've made during the quarter on CMC's key strategic projects.

現在我想簡單介紹一下本季CMC重點策略專案的進度。

As we noted in our press release, CMC's Arizona to plant set a new milestone by becoming the first Micromill in the world to produce merchant product, merchant bar quality products or MBQ.

正如我們在新聞稿中指出的那樣，CMC 位於亞利桑那州的工廠成為世界上第一家生產商業產品、商業酒吧優質產品或 MBQ 的 Micromill，樹立了新的里程碑。

We began commissioning MBQ in January and have successfully produced and sold a variety of profiles and grades.

我們在一月開始調試 MBQ，並成功生產和銷售了各種型材和牌號。

I would like to congratulate the operations team on this exciting achievements during the quarter.

我謹祝賀營運團隊在本季取得的令人興奮的成就。

California, an important end market for ag to experienced an historic amount of rainfall that led to a large number of lost days at construction sites across the state.

加州是農業的重要終端市場，該州經歷了歷史性的降雨量，導致全州建築工地大量損失工作日。

The outcome has been a temporary excess of rebar inventory on the West Coast.

結果是西海岸螺紋鋼庫存暫時過剩。

We can address this condition and help balance the market by altering our planned ramp-up schedule over the next several months.

我們可以透過改變未來幾個月計畫的產能提升時間表來解決這種情況並幫助平衡市場。

Given the realities on the ground.

鑑於當地的實際情況。

We believe the prudent approach is to continue to focus on commissioning efforts on our MBQ production capabilities and return to rebar when the market is in better balance despite the deviation from our original schedule, we don't expect any pushout in the total timeframe to complete the final commissioning of all products that Arizona two is capable of producing this change does, however, impact our ability to provide a volume forecast for fiscal 2024, given the fluid nature of how the West Coast rebar market will evolve over the next several months.

我們認為，謹慎的做法是繼續專注於我們的MBQ生產能力的調試工作，並在市場處於更好平衡時返回螺紋鋼，儘管與我們最初的計劃有偏差，我們預計總時間範圍內不會完成任何推出然而，考慮到西海岸螺紋鋼市場在未來幾個月內將如何發展，亞利桑那二號能夠產生這種變化的所有產品的最終調試確實會影響我們提供 2024 財年產量預測的能力。

That said, we do not.

也就是說，我們不這麼做。

We do anticipate reaching our monthly EBITDA breakeven during the fourth fiscal quarter.

我們確實預計在第四財季達到每月 EBITDA 損益兩平。

Work at CMC's future Steel West Virginia site is progressing well and we are on plan for startup in late calendar 2025.

CMC 未來的鋼鐵西維吉尼亞工廠的工作進展順利，我們計劃於 2025 年末啟動。

Site improvements are nearly complete, and we have scheduled initial equipment deliveries for the spring and early summer.

現場改進已接近完成，我們已安排在春季和初夏交付初始設備。

Turning now to CMC's markets in North America, construction activity remains healthy as we exit the slowest period of the year and heading into the busy spring and summer seasons.

現在轉向 CMC 在北美的市場，隨著我們走出一年中最緩慢的時期並進入繁忙的春季和夏季，建築活動仍然保持健康。

We continue to hear encouraging signs from our customers who indicate their backlogs are in good shape and that they see a strong pipeline ahead.

我們不斷從客戶那裡聽到令人鼓舞的跡象，表明他們的積壓訂單狀況良好，並且他們看到了強大的管道。

This matches our own internal view, particularly following CMC's best quarter for downstream contract awards since mid '22 and its second and its best second quarter on record.

這符合我們自己的內部觀點，特別是在 CMC 自 22 年中期以來下游合約授予的最佳季度以及第二個和有記錄以來最好的第二季度之後。

The sharp rebound in new bookings drove an 11% sequential increase in construction backlog volumes and was broad-based across a number of project types.

新訂單的大幅反彈推動建築積壓量環比增長 11%，並且在多種項目類型中都有廣泛的基礎。

We saw particular strength in new awards for manufacturing facilities, institutional buildings, wind, energy and residential structures.

我們在製造設施、機構建築、風能、能源和住宅結構方面的新獎項中看到了特別的優勢。

Additionally, CMC. added to its backlog, the highest value contract in its history, a Department of Defense project in Hawaii.

此外，CMC。其積壓訂單中又增加了史上價值最高的合約——夏威夷國防部計畫。

Looking ahead, we anticipate our construction pipeline will remain healthy with several key areas driving activity both in the near term and over a multiyear period.

展望未來，我們預計我們的建設管道將保持健康，幾個關鍵領域將在短期內和多年內推動活動。

The first theme is infrastructure.

第一個主題是基礎設施。

We expect steel consumption consumption for highways, bridges and other public works to increase in the second half of fiscal 2024 and onward as projects awarded in previous years begin to mature new projects are also coming to the market at a healthy rate as states execute against their expanded transportation and infrastructure budgets.

我們預計，隨著前幾年授予的項目開始成熟，高速公路、橋樑和其他公共工程的鋼材消耗量將在 2024 財年下半年及以後增加，隨著各州執行其擴大交通和基礎設施預算。

Several of our key states are expected to release significant projects for bidding over the next few months.

預計我們的幾個關鍵州將在未來幾個月內發布重要項目進行招標。

Leading the pack will be Texas, which to date has only awarded about a quarter of its transportation budget for 2024.

德州處於領先地位，該州迄今只撥款了 2024 年交通預算的約四分之一。

We are also seeing infrastructure the infrastructure investment and Jobs Act impact on the ground activity across many of the geographical markets that CMC serves.

我們也看到基礎設施投資和就業法案對 CMC 服務的許多地理市場的地面活動產生影響。

We continue and continue to estimate that once at full run rate, the program will generate incremental rebar consumption of roughly 1.5 million tons annually as well as provide a tailwind to CMC's broad portfolio of reinforcement solutions.

我們繼續並繼續估計，一旦滿載運行，該計劃每年將產生約 150 萬噸的增量螺紋鋼消耗，並為 CMC 廣泛的加固解決方案組合提供動力。

As we have discussed previously.

正如我們之前討論過的。

Beyond infrastructure, notable sources of structural demand growth include manufacturing and renewable energy.

除了基礎設施之外，結構性需求成長的重要來源還包括製造業和再生能源。

The project pipeline in these areas remains robust with the last few months, seeing particular strength for new wind energy awards.

過去幾個月，這些地區的專案儲備依然強勁，尤其是新風能獎的獲得尤其強勁。

More recently, we are seeing the emergence of data centers as a driver of activity.

最近，我們看到資料中心的出現成為活動的驅動力。

The number of projects in the bid stage has grown substantially over the last few quarters, and we expect several dozen additional opportunities will reach the market in the months ahead.

過去幾個季度，處於投標階段的項目數量大幅增加，我們預計未來幾個月將有數十個額外機會進入市場。

The investment pouring into data center development is very significant and the facilities can't be built fast enough to meet demand.

資料中心開發的投資非常巨大，但設施的建造速度卻無法滿足需求。

We currently estimate that the projects in the planning phase or under construction represent 250,000 to 350,000 tons of total rebar consumption.

我們目前估計處於規劃階段或在建工程的螺紋鋼總消耗量為25萬噸至35萬噸。

We believe that these structural trends form a once-in-a-generation investment cycle that aims to reinvigorate our nation's infrastructure, harden supply chains, drive transition to cleaner energy sources and harness the possibilities of big data and artificial intelligence.

我們相信，這些結構性趨勢形成了一個千載難逢的投資週期，旨在重振我們國家的基礎設施，強化供應鏈，推動向清潔能源轉型，並利用大數據和人工智慧的可能性。

We remain confident that this long-duration investment cycle will power construction activity for years to come, and its benefits will reach beyond rebar into CMC's other key product offerings like GO grid GOP or anchoring systems high- and high-performance reinforcing steel.

我們仍然相信，這個長期投資週期將為未來幾年的建築活動提供動力，其好處將超越螺紋鋼，延伸到 CMC 的其他關鍵產品，如 GO grid GOP 或錨固系統高性能和高性能鋼筋。

Turning to steel product margins in North America, the environment improved throughout the second quarter.

談到北美的鋼鐵產品利潤率，第二季環境有所改善。

And as I mentioned, monthly LEVELS increased from December onwards.

正如我所提到的，從 12 月開始，每月的水平有所增加。

Import pressures that influenced the domestic market in late or late in fiscal 2023 and early fiscal 2024 have largely abated and current import offers in volume terms remain fairly limited.

2023財年末或2024財年初影響國內市場的進口壓力已大幅減弱，目前的進口報價仍相當有限。

This should set the stage for metal margins to be driven by domestic market fundamentals.

這將為金屬利潤率受國內市場基本面驅動奠定基礎。

Heading into the third quarter, we see a combination of seasonal volume recovery, good underlying demand and limited import participation, providing a favorable backdrop for some margin expansion during the spring and summer construction season.

進入第三季度，我們看到季節性銷售復甦、良好的潛在需求和有限的進口參與，為春季和夏季建築季節的利潤率擴張提供了有利的背景。

The market environment for our Europe Steel Group improved during the second quarter, largely due to better supply and demand balance.

我們歐洲鋼鐵集團的市場環境在第二季有所改善，這主要得益於供需平衡的改善。

Consumption levels remain subdued, but in recent months, producers have responded with significant supply rationalizations while inventories and intermediaries have sharply reduced, driving some pricing and margin recovery.

消費水準仍然低迷，但近幾個月來，生產商採取了重大供應合理化措施，同時庫存和中間商大幅減少，推動了定價和利潤率的一定程度回升。

Looking ahead, we expect demand in most of our markets to remain fairly stable with the exception of residential construction, which appears poised for a return to growth.

展望未來，我們預計大多數市場的需求將保持相當穩定，但住宅建築除外，住宅建築似乎有望恢復成長。

The response to the Polish government's program to support first-time homebuyers has been significant, leading to record levels of new mortgage originations and a sizable increase in new building permits as we head into the spring, our team in Poland is seeing higher order rates related to residential projects in the near term, an improved market backdrop combined with strong cost management efforts should drive our operations to break it to toward breakeven profitability.

波蘭政府支持首次購屋者計畫的反應非常顯著，導致新抵押貸款發放量達到創紀錄水平，隨著春季的到來，新建築許可數量大幅增加，我們在波蘭的團隊看到了相關訂單率的上升。對於短期內的住宅項目來說，改善的市場背景加上強有力的成本管理努力應該會推動我們的業務實現盈虧平衡盈利。

Longer term, we see the potential for strong market fundamentals to emerge as central European industrial production recovers two up from entered from the energy crisis and COVID relief funds from $65 billion are injected into the Polish economy.

從長遠來看，隨著中歐工業生產從能源危機中復甦兩倍，以及 650 億美元的新冠疫情救助資金注入波蘭經濟，我們認為強勁的市場基本面有可能出現。

With that, I will now turn the discussion over to Paul to provide more detail on our financial results.

現在，我將把討論轉交給保羅，以提供有關我們財務表現的更多詳細資訊。

Thank you, Peter, and good morning to everyone on the call.

謝謝你，彼得，祝所有參加電話會議的人早安。

As noted earlier, we reported fiscal second quarter 2024 net earnings of $85.8 million or $0.73 per diluted share compared compared to prior year levels of $179.8 million and $1.51 per share, respectively.

如前所述，我們報告的 2024 財年第二季淨利為 8,580 萬美元或每股攤薄收益 0.73 美元，而去年同期分別為 1.798 億美元和每股 1.51 美元。

Results this quarter included net after-tax charges of $17.2 million related to the ongoing commissioning efforts of Arizona two.

本季業績包括與亞利桑那二號正在進行的調試工作相關的稅後淨費用 1,720 萬美元。

Excluding these items, adjusted earnings were $103.1 million or $0.88 per diluted share in comparison to adjusted earnings of $171.3 million or $1.44 per diluted share during the prior year period.

排除這些項目，調整後收益為 1.031 億美元，即稀釋後每股收益 0.88 美元，而去年同期調整後收益為 1.713 億美元，即稀釋後每股收益 1.44 美元。

Core EBITDA was $224.4 million for the second quarter of 2024, representing a 26% decline from the $302.8 million generated during the prior year period, but is still an historically strong results slide 10 of the supplemental presentation illustrates the year-to-year changes in CMC's quarterly financial performance.

2024 年第二季度的核心 EBITDA 為 2.244 億美元，比上年同期的 3.028 億美元下降了 26%，但仍然是歷史上強勁的業績。補充簡報的幻燈片 10 說明了CMC 的季度財務業績。

Profitability at our North American and Europe steel groups were impacted by lower margins over scrap, while benefiting from strong controllable cost performance.

我們北美和歐洲鋼鐵集團的獲利能力受到廢鋼利潤率較低的影響，同時受益於強大的可控成本績效。

Adjusted EBITDA also declined in CMC's Emerging Business Group due primarily to difficult weather conditions in the US and project delays outside of the US consolidated core EBITDA margin of 12.1% remained above average historical levels and compares to approximately 15% a year ago.

CMC 新興業務集團的調整後EBITDA 也有所下降，主要是由於美國惡劣的天氣條件以及美國以外地區的項目延誤。12.1% 的綜合核心EBITDA 利潤率仍高於平均歷史水平，而一年前約為15 %。

I will now review the results of our segments for the second quarter of 2020 for CMC's North American Steel Group generated adjusted EBITDA of $222.3 million for the quarter, equal to $220 per ton of finished steel shipped.

我現在將回顧 2020 年第二季度各部門的業績，CMC 的北美鋼鐵集團本季調整後 EBITDA 為 2.223 億美元，相當於每噸成品鋼材運輸 220 美元。

Segment adjusted EBITDA decreased 19% on a year-over-year basis, driven primarily by lower margin over scrap cost on steel and downstream products.

部門調整後 EBITDA 年比下降 19%，主要是因為鋼鐵和下游產品廢鋼成本利潤率下降。

This pressure was partially offset by the improved controllable cost levels per ton.

這種壓力被每噸可控成本水準的提高部分抵消。

The adjusted EBITDA margin for the North American steel group of 15% compares to 18.2% in the prior year period.

北美鋼鐵集團調整後的 EBITDA 利潤率為 15%，去年同期為 18.2%。

As you have no doubt, read, scrap markets have softened over the last few weeks.

毫無疑問，廢鋼市場在過去幾週已經走軟。

Within this environment, we expect to achieve modest metal margin expansion on steel products during the third quarter as scrap costs decreased.

在此環境下，隨著廢鋼成本下降，我們預期第三季鋼鐵產品的金屬利潤率將實現小幅擴張。

It should be noted that although metal margins, as reported in our press release, are expected to improve sequentially in the third quarter.

應該指出的是，儘管正如我們新聞稿中所報導的，金屬利潤率預計將在第三季連續改善。

The positive earnings impact will likely not hit until late in the period or early in the fourth quarter.

正面的獲利影響可能要到本期末或第四季初才會顯現。

This is due to the normal flow of inventory costs through our mill operation.

這是由於我們工廠運作中庫存成本的正常流動。

Much of the scrap costs on CMC's P&L during the third quarter will reflect the second quarter scrap cost levels that we have in inventory today.

第三季 CMC 損益表上的大部分廢品成本將反映我們目前庫存中的第二季廢品成本水準。

This factor lies beneath our third quarter guidance for stable adjusted EBITDA margin within our North American Steel Group.

這一因素是我們對北美鋼鐵集團第三季​​穩定調整後 EBITDA 利潤率的指導。

Turning to slide 12 of the supplemental deck, our year Steel Group reported an adjusted EBITDA loss of $8.6 million for the second quarter of 2024.

轉向補充幻燈片的第 12 張幻燈片，我們當年的鋼鐵集團報告稱，2024 年第二季調整後的 EBITDA 虧損為 860 萬美元。

This marks a more than $20 million improvement from the average losses of $30 million included in each of the prior two quarters when the impact of the energy rebates is excluded, the sequential improvement was driven by higher margin over scrap costs and lower controllable costs per ton which more than offset a 20% quarter over quarter decline in shipments.

這標誌著排除能源回扣影響後，前兩季平均虧損 3,000 萬美元減少了超過 2,000 萬美元，連續改善的原因是廢鋼成本利潤率提高和每噸可控成本降低這足以抵消出貨量環比下降20% 的影響。

Controllable cost performance improved both sequentially and, on a year,-over-year basis as a result of lower energy pricing and operational measures taken across this footprint.

由於較低的能源價格和在整個足跡中採取的營運措施，可控成本績效連續和同比都有所改善。

As Peter mentioned, there have been some encouraging signs that the Polish market is at least that's passed the bottom and that supply and demand are moving into better balance Emerging Business Group, second quarter net sales of $156 million increased 1.6% from the prior year period, driven largely by the addition of CMC anchoring systems.

正如 Peter 所提到的，有一些令人鼓舞的跡象表明波蘭市場至少已經觸底，供需正在趨向更好的平衡新興業務集團第二季度淨銷售額為 1.56 億美元，比去年同期增長 1.6% ，主要是由CMC 錨固系統的添加所推動的。

Underlying demand conditions were generally positive during the quarter, but activity levels within several units were impacted by weather related to shipment delays in the United States and project delays in 10 fires, Europe and Middle East markets.

本季的基本需求狀況大致良好，但多個單位的活動水準受到與美國出貨延誤相關的天氣以及歐洲和中東市場 10 個火災工程延誤的影響。

Despite weather issues, customer order rates and inquiries were strong across North American footprint, pointing toward good market momentum and a robust upcoming construction season.

儘管受到天氣問題的影響，整個北美地區的客戶訂單率和詢價仍然強勁，這表明市場勢頭良好，即將到來的施工季節也將強勁。

We also expect the delayed tents, our projects in the global markets to begin in Q3.

我們也預計我們在全球市場的帳篷項目將在第三季開始推遲。

Adjusted EBITDA for the emerging business group of $17.9 million were down from $26.6 million in the prior year period.

新興業務集團的調整後 EBITDA 為 1,790 萬美元，低於去年同期的 2,660 萬美元。

The adjusted EBITDA margin of 11.5% represented a decline from a year ago as the positive impacts of the addition of CMC anchoring systems and a strong profitability from our Heat Treating operations.

調整後的 EBITDA 利潤率為 11.5%，較上年同期有所下降，這是由於 CMC 錨固系統的增加以及熱處理業務的強勁盈利能力帶來的積極影響。

We're more than offset by the market factors already mentioned.

我們被已經提到的市場因素所抵銷。

As Peter noted, we expect profitability in this business to recover meaningfully in the third quarter.

正如彼得指出的那樣，我們預計該業務的盈利能力將在第三季度顯著恢復。

Turning to the balance sheet, liquidity and capital allocation.

轉向資產負債表、流動性和資本配置。

As of February 29th, cash and cash equivalents totaled $638.3 million.

截至2月29日，現金及現金等價物總計6.383億美元。

In addition, we had approximately $820 million of availability under our credit and accounts receivable facilities, bringing total liquidity to just under $1.5 billion.

此外，我們的信貸和應收帳款設施下還有約 8.2 億美元的可用資金，使流動性總額接近 15 億美元。

During the quarter, we generated $89 million of cash from operating activities despite a $62 million use of cash for working capital.

本季度，儘管我們使用了 6,200 萬美元的現金作為營運資金，但我們仍從經營活動中產生了 8,900 萬美元的現金。

Capital expenditure of $93.8 million was driven by equipment purchases, principally from our investments in steel, West Virginia.

9,380 萬美元的資本支出是由設備採購推動的，主要來自我們對西維吉尼亞州鋼鐵的投資。

CMC's leverage metrics remained attractive and have improved significantly over the last several fiscal years.

CMC 的槓桿指標仍然具有吸引力，並且在過去幾個財政年度中顯著改善。

As can be seen on slide 17, our net debt to EBITDA ratio now sits at just 0.4 times, while net debt to capitalization is only 10% we believe our robust balance sheet and overall financial strength provide us the flexibility to finance our strategic organic growth projects and pursue M&A while continuing to return cash to shareholders.

如投影片17 所示，我們的淨債務與EBITDA 之比目前僅為0.4 倍，而淨債務與資本總額之比僅為10%，我們相信我們穩健的資產負債表和整體財務實力為我們提供了為策略性有機成長融資的彈性項目並進行併購，同時持續向股東返還現金。

CMC's effective tax rate was 26.6% in the second quarter, which was slightly above our expected full year rate due to the lower earnings levels.

CMC 第二季的有效稅率為 26.6%，由於獲利水準較低，略高於我們預期的全年稅率。

Our effective tax rate through two quarter stands at 23.3%.

我們兩季的有效稅率為 23.3%。

Looking ahead for fiscal '24, we currently anticipate the and in fact at an effective tax rate of between 24% and 25%.

展望 24 財年，我們目前預期有效稅率在 24% 至 25% 之間。

Turning to CMC's fiscal 2024 capital spending outlook, we reiterate our previous guidance of between $550 million and $600 million in total outside of normal sustaining investments.

談到 CMC 2024 財年資本支出前景，我們重申先前的指導，即正常持續投資之外的資本支出總額為 5.5 億至 6 億美元。

Anticipated expenditure in fiscal 24 includes substantial capital dollars for the construction of Steel West Virginia of approximately $250 million. CMC's

24 財年的預期支出包括用於建設西維吉尼亞鋼鐵公司的大量資本金，約 2.5 億美元。 CMC 的

has taken two meaningful steps since the prior earnings call to further our commitment of providing competitive cash returns to shareholders.

自從上次財報電話會議以來，我們採取了兩項有意義的步驟，以進一步履行我們為股東提供有競爭力的現金回報的承諾。

As Peter mentioned, returning cash to our investors as a core tenant of CMC's approach to capital allocation.

正如 Peter 所提到的，將現金回饋給我們的投資者是 CMC 資本配置方法的核心租戶。

To that end, our Board of Directors approved a 13% increase to the quarterly dividend payout.

為此，我們的董事會批准將季度股息支付增加 13%。

This follows the announcement in early January of a $500 million increase to CMC's share repurchase authorization.

此前，CMC 於 1 月初宣布將股票回購授權增加 5 億美元。

We seek to utilize both avenues to distribute an attractive portion of our free cash flow to shareholders.

我們尋求利用這兩種途徑將自由現金流中有吸引力的部分分配給股東。

The execution of our buyback program accelerated during the second quarter with the repurchase of approximately 945,000 shares at an average price of $50.73 per share transactions during the quarter totaled $47.9 million.

我們的回購計畫在第二季加速執行，以每股 50.73 美元的平均價格回購了約 94.5 萬股股票，該季度交易總額達 4,790 萬美元。

And as of February 29th, we had approximately$ 510.4 million available for repurchases under our current authorization, which concludes my remarks, and I'll turn it back to Peter for additional comments on our outlook.

截至 2 月 29 日，根據我們目前的授權，我們有大約 5.104 億美元可用於回購，我的發言到此結束，我將把它轉回給彼得，以徵求對我們前景的更多評論。

Thank you, Paul.

謝謝你，保羅。

We expect shipment volumes within our North America Steel Group to follow a typical seasonal pattern during the third quarter, while our EBITDA margin for the segment should be largely stable on a sequential basis, conditions in Europe are expected to remain challenging, but adjusted EBITDA is anticipated to approach breakeven levels during the third quarter, financial results for our emerging businesses group should improve meaningfully, driven by the normal seasonal uptick in demand.

我們預計北美鋼鐵集團第三季​​的出貨量將遵循典型的季節性模式，而我們該部門的 EBITDA 利潤率環比應基本穩定，歐洲的情況預計仍將充滿挑戰，但調整後的 EBITDA預計第三季度將接近盈虧平衡水平，在正常的季節性需求上升的推動下，我們新興業務集團的財務業績應該會顯著改善。

Strong underlying market fundamentals and a healthy order book.

強勁的市場基本面和健康的訂單簿。

We continue to expect robust spring and summer construction activity driven by increased infrastructure investments, which we anticipate will support an already strong demand backdrop in both the North America Steel Group and the emerging businesses group business conditions for our Europe Steel Group are slowly improving and should further benefit from increased residential construction activity as a government program aimed at first-time buyers and other government-sponsored investment programs begin to impact steel demand.

我們繼續預計，在基礎設施投資增加的推動下，春季和夏季建築活動將會強勁，我們預計這將支持北美鋼鐵集團和新興業務集團本已強勁的需求背景，歐洲鋼鐵集團的業務狀況正在緩慢改善，並且應該隨著針對首次購房者的政府計劃和其他政府資助的投資計劃開始影響鋼鐵需求，住宅建設活動的增加進一步受益。

We are proud of CMC's financial results and the transformation that made them possible.

我們對 CMC 的財務表現以及促成這些業績的轉型感到自豪。

We are even more excited about our potential to reach new heights in the future as we execute our key strategic priorities and deliver significant value for our shareholders.

當我們執行關鍵策略重點並為股東創造巨大價值時，我們對未來達到新高度的潛力感到更加興奮。

Powerful structural trends in North America should drive construction activity for years to come, and CMC has positioned itself as a key beneficiary.

北美強大的結構性趨勢應該會推動未來幾年的建築活動，而 CMC 已將自己定位為主要受益者。

I would like to thank our customers for their trust and confidence in CMC and all of our employees, we're delivering yet another quarter of very solid performance.

我要感謝我們的客戶對 CMC 和我們所有員工的信任和信心，我們又一個季度取得了非常穩健的業績。

Thank you.

謝謝。

And maybe at this time, let's open it to questions.

也許在這個時候，讓我們提出問題。

We will now begin the question-and-answer session to ask a question,

我們現在開始問答環節來提出一個問題，

(Operator Instructions)

（操作員說明）

So first question comes from Timna Tanners with Wolfe Research.

第一個問題來自 Wolfe Research 的 Timna Tanners。

Please go ahead.

請繼續。

Hey, good morning.

嗨，早安。

And just wanted to probe that guidance on the flat margins in North America, if we could a little bit on I think you did some and some of the explanation sounds like it relates to the timing of of scrap prices.

只是想探討北美平坦利潤率的指導，如果我們可以的話，我想你做了一些，一些解釋聽起來像是與廢鋼價格的時間有關。

It's stabilizing after the recent drop, maybe in the inventory, as you mentioned, but typically, it's pretty common the last two years have seen a really big bump.

正如您所提到的，在最近的下跌之後，它可能在庫存中趨於穩定，但通常情況下，過去兩年出現很大的波動是很常見的。

And I was thinking maybe you'd have some fixed cost absorption as volumes improve and there is a big weather hit in Q2 of two, I thought.

我在想，隨著銷售量的增加，以及第二季兩次天氣的影響，你可能會吸收一些固定的成本。

So just would like a little bit more color about why the margin guidance if there's anything else to read into there and what's driving that outlook?

因此，我想多了解為什麼要製定保證金指引，是否還有其他內容需要解讀，以及是什麼推動了這個前景？

Yes, Timna, I think as it relates to the impact of the scrap reduction, the scrap costs came off fairly significantly here in that in March.

是的，Timna，我認為由於這與廢品減少的影響有關，因此 3 月的廢品成本下降相當顯著。

And so that that hang in terms of the impact of what we'll actually realize through the P & L is more significant than in other periods.

因此，就我們透過損益表實際實現的影響而言，這一點比其他時期更為重要。

With respect to the the comment on the fixed costs, we've continued to operate our facilities at a very high utilization rate.

關於固定成本的評論，我們繼續以非常高的利用率運營我們的設施。

And so despite the shipments being impacted by at a slightly lower level in our seasonally slow Q2, we've maintained the production rate, so we don't really typically see a big bump in terms of the cost performance as we enter into the summer because we're continuing to operate the mills at a consistent level of utilization so that those are the principal reasons for.

因此，儘管出貨量受到第二季季節性放緩的影響，但我們仍維持了生產率，因此，隨著進入夏季，我們通常不會看到成本效益大幅波動。因為我們繼續以一致的利用率水準運作工廠，所以這些是主要原因。

Yes, the metal margin statistic that we provide to your point will we'll see an improvement, but the margins that we actually realize will be pretty consistent.

是的，我們向您提供的金屬利潤率統計數據將會有所改善，但我們實際實現的利潤率將相當一致。

And really the increase in earnings is anticipated to really be the growth in the volumes, which we expect to be on the high end of the normal seasonal pickup that we have historically seen between Q2 and Q3.

事實上，營收的成長預計實際上是銷量的成長，我們預計銷量將處於第二季和第三季之間歷史上看到的正常季節性回升的高端。

Got it.

知道了。

Okay, that's helpful.

好的，這很有幫助。

Thanks.

謝謝。

And then my second question is if you could please address a little bit more some of the hot topics you mentioned data centers and the 200, but the 350,000 tons of total rebar consumption, can you put that in context of what it was in the past years?

然後我的第二個問題是，您是否可以多談談您提到的資料中心和 200 但 35 萬噸螺紋鋼總消耗量的一些熱門話題，您能否將其放在過去的背景下年？

And also, is that in the context of a like a $9 million U.S. market or roughly are those the right numbers?

而且，這是在 900 萬美元的美國市場背景下還是大致正確的數字？

And then on infrastructure, any comments there on the cadence of that would be helpful.

然後在基礎設施方面，任何有關其節奏的評論都會有所幫助。

Thanks, Joe. So, on data centers, that is in the context of a $9 million ton rebar market.

謝謝，喬。因此，就資料中心而言，這是在 900 萬噸螺紋鋼市場的背景下進行的。

And what I don't have the information right in front of me to comment on where it was in the past, but what I can tell you is much lower and today there are the numbers something like $120 million square feet of need in data center.

我沒有眼前的資訊來評論過去的情況，但我可以告訴你的是要低得多，今天資料中心的需求約為 1.2 億平方英尺。

So there's been a dramatic increase in the need on the data center side.

因此，資料中心方面的需求急劇增加。

On the infrastructure side, again, we are definitely seeing the spending come through we said that last quarter, too, we are starting to see it come through.

在基礎設施方面，我們肯定會看到支出的實現，我們上個季度也說過，我們也開始看到它的實現。

But now all the data, all the kind of key indicators, whether it be the Dodge Momentum Index or whether it be a kind of the state budgets,

但現在所有的數據，所有的關鍵指標，無論是道奇動量指數還是某種國家預算，

They're all continuing to show very strong increases on a year-over-year basis and through some anecdotal conversations that we've had with DOTs, and we have understood that they are absolutely seeing kind of the IGA money coming through and the spending is increase increasing as a consequence of that.

透過我們與 DOT 進行的一些軼事對話，他們都繼續顯示出同比非常強勁的增長，我們了解到他們絕對看到了 IGA 資金的流入和支出其結果是增加。

It's also important to know that they all indicate that, and we've said this in the past too, that the spending should escalate over the duration of the program.

同樣重要的是要知道，它們都表明，而且我們過去也說過這一點，支出應該在計劃的持續時間內逐步增加。

So, it'll start out.

那麼，就開始吧。

It will grow through 2024 and then 2025 should be at a higher level than 2024 and 2026 should be at a higher level than 2025 and again, just to come back to your question on incremental tons.

它將增長到 2024 年，然後 2025 年應該比 2024 年更高，2026 年應該比 2025 年更高，再次回到你關於增量噸的問題。

As we've said in the past, we think that's a 1.5 million incremental tons per year.

正如我們過去所說，我們認為每年增量為 150 萬噸。

Again on that 9 million ton number.

再次提到900萬噸這個數字。

I'm not sure that I just to add a little color to that to keeping key leading indicators that we look at in this area.

我不確定我只是為了保持我們在這一領域關注的關鍵領先指標而添加一點色彩。

If we look at the Dodge Construction starts specifically for infrastructure and again, more specifically for highway, they've got it.

如果我們看看道奇建築公司專門針對基礎設施和高速公路的啟動，他們已經做到了。

They've their projection is an increase in starts this year versus 2023 of 25.6%.

他們預計今年的開工率將比 2023 年增加 25.6%。

Now that is an incredible number.

現在這是一個令人難以置信的數字。

But that then again, that's a starts number and it really reiterates the long term nature of how long this tailwind will be with us because these projects will not be completed this year.

但話又說回來，這是一個開工數字，它確實重申了這種順風將持續多久的長期性質，因為這些項目今年不會完成。

They'll be, as Peter said, completed over the next few years.

正如彼得所說，它們將在未來幾年內完成。

Contrast that to the PCA data, which is really based on cement consumption in 2024.That's anticipated to be up 5.5%, another 4% next year, and then really continuing that into 2025.

與 PCA 數據形成對比，該數據實際上基於 2024 年的水泥消耗量。預計將增長 5.5%，明年再增長 4%，然後真正持續到 2025 年。

And so that sort of is more the steel in the ground in, but will evolve over that period of time.

因此，這種情況更多的是地下的鋼鐵，但會隨著時間的推移而演變。

But it's very impressive to see the Dodge starts forecast for the current year.

但看到道奇今年的啟動預測令人印象深刻。

Got it.

知道了。

Okay.

好的。

Thanks again.

再次感謝。

Thanks, Timna.

謝謝，蒂姆納。

And our next question comes from Ken Jensen with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Ken Jensen。

Please go ahead.

請繼續。

Hi.

你好。

Thank you for taking my questions.

感謝您回答我的問題。

First, can you just remind us what the seasonality typically is on volumes in North America typically catches It's usually between 5% and 10% from Q2 to Q3.

首先，您能否提醒我們，北美捕撈量的季節性通常是什麼？從第二季度到第三季度，通常在 5% 到 10% 之間。

We're going to be on the high end of that this this time, given the more dramatic weather conditions we had, we thought.

我們認為，考慮到我們遇到的更惡劣的天氣條件，這次我們將處於高端。

And so that's sort of the normal range we anticipate.

這就是我們預期的正常範圍。

Okay.

好的。

And then maybe on the Emerging Business Group, when I know you said it's going to be up meaningfully sequentially.

然後也許是在新興業務集團，當我知道你說它將連續有意義地上升時。

Now when I look at last year, it was around $38 million in EBITDA, how should we think about that segment relative to last year?

現在，當我回顧去年時，EBITDA 約為 3800 萬美元，相對於去年我們應該如何看待該細分市場？

We I mean, we expect that the on the Emerging Business Group is going to return to an on trend performance.

我的意思是，我們預期新興業務集團將恢復到趨勢表現。

So again, in the quarter, as we said, we had some conditions, including weather and also some delays in shipments outside the US that that impacted us.

因此，正如我們所說，在本季度，我們遇到了一些影響我們的條件，包括天氣以及美國境外的發貨延遲。

But as we look at that business going forward, it should be it should be a kind of 15% to 20% EBITDA margin and it should grow organically and we would expect it to return to something that was kind of a little bit better than what we did last year.

但當我們展望該業務的未來時，它應該是 15% 到 20% 的 EBITDA 利潤率，並且它應該有機增長，我們預計它會恢復到比之前更好一點的水平。我們去年做到了。

So again, thank you very much.

再次非常感謝您。

Yes, absolutely.

是的，一點沒錯。

Thank you.

謝謝。

Tristan Gresser from BNP Paribas Exane

法國巴黎銀行 Exane 的 Tristan Gresser

Yes, hi.

是的，嗨。

Thank you for taking my questions.

感謝您回答我的問題。

So I have two.

所以我有兩個。

The first one is on Mexico.

第一個是關於墨西哥的。

And then when we look at the products, the imports coming from Mexico, that's revised probably the one that that surge in most of the past couple of years, there's been a lot of noise, and I believe that senators have to put a deal to to to return to tariffs on imports from Mexico.

然後，當我們查看產品時，來自墨西哥的進口產品可能是過去幾年大部分時間激增的產品，有很多噪音，我相信參議員必須達成協議恢復對墨西哥進口產品徵收關稅。

So can you discuss a bit the situation there?

那你能談談那裡的情況嗎？

What happened?

發生了什麼事？

And also how likely do you think we're going to get some some trade actions?

您認為我們採取一些貿易行動的可能性有多高？

And that's my first question.Thank you.

這是我的第一個問題。謝謝。

Yes, absolutely.

是的，一點沒錯。

So you're right.

所以你是對的。

There was a bill recently introduced by Senators Brown and cotton.

參議員布朗和棉花最近提出了一項法案。

And the objective of the bill is to restore tariffs too at levels that are kind of along the lines of the Section two, three to exemption and the USMCA, and it's early days to see kind of what happens there.

該法案的目標是恢復關稅，其水平類似於第二節、第三節豁免和 USMCA 的規定，現在看看那裡會發生什麼還為時過早。

So we'll continue to monitor that.

所以我們將繼續關注這一情況。

But yes, it would be it would have an impact because there have been some.

但是，是的，它會產生影響，因為確實有一些影響。

There have been an increase in both on rebar and merchant bar shipments into the US., but it's early days and we'll have to watch that one.

運往美國的螺紋鋼和商用棒材數量均有所增加，但現在還處於早期階段，我們必須注意這種情況。

All right.

好的。

But you have noticed the behavior from Mexican producer ramping up production being more aggressive on prices.

但您已經注意到墨西哥生產商提高產量的行為對價格更加激進。

Has it has it been an issue for you anywhere in the market you operate?

在您經營的市場中，這對您來說是一個問題嗎？

Yes, we're definitely we are aware of, but we have them.

是的，我們肯定知道，但我們有它們。

But remember at the same time, we've had a decline in some of the imports from the other areas, right.

但同時請記住，我們從其他地區的一些進口有所下降，對吧。

So I would say in general, you know, imports have been less of a factor in the quarter and we expect them to be less of a factor kind of in the coming quarter.

所以我想說，總的來說，進口在本季的影響較小，我們預計它們在下個季度的影響也較小。

So yes, we can see it.

所以是的，我們可以看到它。

But again, it's hard to say what the ultimate impact or what the ultimate outcome of that will be.

但同樣，很難說最終的影響是什麼或最終的結果是什麼。

All right.

好的。

That's it.

就是這樣。

That's helpful.

這很有幫助。

And maybe just another one on infrastructure and at the risk of sounding a bit like a broken record.

也許只是另一個關於基礎設施的問題，而且聽起來可能有點像破紀錄的風險。

But I mean, we were talking about infrastructure, I think a year ago would have been consistent days.

但我的意思是，我們正在談論基礎設施，我認為一年前會是一致的日子。

And I was wondering if you touch a little bit, I think the delays were also driven a little bit by the political situation.

我想知道你是否接觸過一點，我認為延誤也有一點是由政治局勢造成的。

So now as we are getting close to a unit US, election.

現在，隨著我們即將迎來美國大選。

Could this again with the change or not?

是否可以再次進行更改？

No change of administration add a bit more delays?

沒有管理的變化會增加更多的延誤嗎？

And if that's the case, I mean, 2025.

如果是這樣的話，我的意思是，2025 年。

If we look at the supply situation, if you could share some thoughts.

如果我們看看供應情況，您是否可以分享一些想法。

So if you think there could be a mismatch because we see quite some capacity ramping up during that year.

因此，如果您認為可能存在不匹配，因為我們看到那一年的產能大幅增加。

It's true towards the end of the year.

到年底確實如此。

But still I'm a bit worried looking at the political situation, the supply growth in 2025.

但考慮到政治局勢和 2025 年的供應成長，我仍然有點擔心。

So we could see a mismatch between between supply and demand.

因此，我們可以看到供需之間的不匹配。

Essentially, I would like to hear you.

本質上，我想聽聽你的意見。

So thank you, Tristan, and thank you for the question.

謝謝你，特里斯坦，也謝謝你提出這個問題。

And we're not concerned about the delays.

我們並不擔心延誤。

And if you think about what we've said over the last several quarters, there's a whole pre-design phase.

如果您考慮一下我們在過去幾季中所說的內容，您會發現有一個完整的預設計階段。

There's a design phase that these projects have to go through until they get to the spend period.

這些項目必須經歷一個設計階段，直到進入支出期。

And in our conversations with some of the DOTs, what we've been led to believe and told is that, yes, sometimes these predesigned pay phases can take years, right and so on.

在我們與一些交通部的對話中，我們被引導相信並被告知的是，是的，有時這些預先設計的支付階段可能需要數年時間，對吧，等等。

It was probably we were probably over ambitious in our initial timing of when we thought we were going to see this coming through.

當我們認為我們會看到這一切實現的最初時機時，我們可能過於雄心勃勃。

But today we are seeing it come through, as I referenced in my our response to one of the earlier questions.

但今天我們看到了它的實現，正如我在回答之前的一個問題時提到的那樣。

And so we are seeing the spending come through and the other thing that I would say is that as we look at the kind of political situation, we believe that both parties are supportive of the of the our current infrastructure spending.

因此，我們看到支出已經完成，我要說的另一件事是，當我們審視政治局勢時，我們相信雙方都支持我們目前的基礎設施支出。

It was a bipartisan bill when it was approved.

這是一項兩黨法案獲得批准時的結果。

And we have not seen any wavering from that on either the Republican or the Democratic side.

我們沒有看到共和黨或民主黨方面對此有任何動搖。

So we remain bullish on that.

所以我們仍然看好這一點。

And just maybe to pick up on your point on capacity?

也許只是為了了解你對容量的觀點？

Yeah, there is some capacity coming up, but we believe that the capacity that will there's a difference between the capacity that is announced or indicated and the capacity that's actually going to get built.

是的，將會出現一些產能，但我們相信，已宣布或指示的產能與實際將要建造的產能之間存在差異。

And we're very comfortable with our estimates on how much our capacity actually gets built that the market can kind of manage that capacity.

我們對我們的產能實際建成量以及市場能夠管理該產能的估計感到非常滿意。

So we're overall, we remain very bullish.

所以總的來說，我們仍然非常樂觀。

The demand backdrop is, as I said in my prepared remarks, it's a kind of a generational change from what it's been, and it's a multiyear spend that is going to put us in a good position for, I think, years to come.

正如我在準備好的演講中所說，需求背景是一種與以往相比的世代變化，而且是一項多年支出，我認為這將使我們在未來幾年處於有利地位。

Tristan, I'll just add with respect to your your comment that we'll see some capacity come online in 2025, and I don't think that's necessarily a correct.

Tristan，我只是根據您的評論補充一下，我們將在 2025 年看到一些容量上線，但我認為這不一定是正確的。

I think if we look at the time line associated to our projects and others.

我想如果我們看看與我們的專案和其他項目相關的時間軸。

And you look at the time associated with ramp up of commissioning the mills, I think from a from a true product into the to the marketplace, we're looking beyond 25 at this stage for any of the new capacity come online.

你看看與工廠調試相關的時間，我認為從真正的產品進入市場，我們現階段正在尋找超過 25 個新產能上線的時間。

All right.

好的。

Thank you for for the answers.

謝謝您的回答。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Phil Gibbs from KeyBanc Capital Markets

來自 KeyBanc 資本市場的 Phil Gibbs

Big Morning, Phil, I'm just curious on CapEx cadence for the second half and fiscal '25.As you complete some of these projects?

早上好，菲爾，我只是對下半年和 25 財年的資本支出節奏感到好奇。當您完成其中一些項目時？

And generally, our CapEx process is pretty consistent year after year.

一般來說，我們的資本支出流程年復一年都非常一致。

We sort of start the year relatively slow and then ramp up over the over the summer months.

我們年初的速度相對較慢，然後在夏季的幾個月逐漸增加。

And we anticipate that as we complete the civil construction work at at West Virginia, we're certainly going to continue to see increased spend at the at that site, which is driving most of our CapEx into Q3 and into Q4.

我們預計，當我們完成西維吉尼亞州的土木建築工作時，我們肯定會繼續看到該地點的支出增加，這將推動我們的大部分資本支出進入第三季和第四季。

So given where we are year to date, we anticipate that the Q3 and Q4 will we'll achieve our guidance pretty evenly between those two months.

因此，考慮到我們今年迄今為止的情況，我們預計第三季和第四季我們將在這兩個月之間相當均勻地實現我們的指導。

And as you look into '25 to complete those projects, how should we think about that?

當您考慮 25 年完成這些項目時，我們應該如何考慮？

Yes, there should be and probably equal, our spend left on West Virginia to the $250 million that we anticipate for this year.

是的，我們預計今年在西維吉尼亞州的支出應該為 2.5 億美元，而且可能是相等的。

And then just on the startup costs of the mill, I know you said you've gotten through some of the initial teething issues on MBQ, which is great.

然後就工廠的啟動成本而言，我知道您說過您已經解決了 MBQ 的一些初始問題，這非常棒。

And rebar sounds like you're maybe being a little bit more measured here in the short term.

螺紋鋼聽起來你可能在短期內更加謹慎。

How should we think about your start-up costs in NAM in Q3 and Q4

我們應該如何考慮您在第三季和第四季在 NAM 的啟動成本

Well, so on rebar, we've largely crossed the bridge in terms of commissioning.

嗯，就螺紋鋼而言，我們在調試方面已經基本上跨越了橋樑。

I mean, we're in good shape on rebar.

我的意思是，我們在螺紋鋼方面狀況良好。

So I think this is really about continuing to kind of develop product families on the MBQ side.

所以我認為這實際上是關於繼續開發 MBQ 方面的產品系列。

We've had good success already on, and we'll just continue to kind of grow that as we indicated in our prepared remarks, we are still expecting to be profitable there to be breakeven on the EBITDA front in our fourth fiscal quarter.

我們已經取得了良好的成功，我們將繼續成長，正如我們在準備好的演講中所指出的那樣，我們仍然期望在第四財季的 EBITDA 方面實現盈利，實現盈虧平衡。

So, I think you'll see those trail off.

所以，我想你會看到這些痕跡消失。

And this will be kind of just ongoing commissioning costs as we are.

就像我們一樣，這只是持續的調試成本。

But it's going to be much smaller numbers because we'll be into profitability.

但這個數字將會小得多，因為我們將實現盈利。

So the quarters, probably peak start-up and commissioning costs rule?

那麼，季度啟動和調試成本可能會達到高峰嗎？

Yes, that I say that that I we can say confidently that that Q2 of this year is the peak and things will tail from here.

是的，我說的是，我們可以自信地說，今年第二季度是頂峰，事情將從這裡開始放緩。

Okay.

好的。

And just on your net working capital outlook for the balance of the year, I think first half might have been a little bit heavier than I expected, but you probably have some built that you're leading in the back half as shipments increase and scrap has also gone down.

就今年剩餘時間的淨營運資本前景而言，我認為上半年可能比我預期的要重一些，但隨著出貨量的增加和報廢，您可能在下半年建立了一些領先的產品也下降了。

So, you got a couple of things working in your favor, but you also have higher levels of business activity.

所以，你得到了一些對你有利的事情，但你也有更高水準的商業活動。

So how should we think about the working capital side?

那我們該如何考慮營運資金方面呢？

Yes, Phil, the working capital should we invested as I as I mentioned in my our comments around $60 million of working capital that was strictly driven from the scrap cost increase that occurred during the during the second quarter as as our scrap has come off in the in the third quarter.

是的，菲爾，我們應該像我在評論中提到的那樣投資營運資金，大約 6000 萬美元的營運資金嚴格來自第二季度期間發生的廢品成本增加，因為我們的廢品已在第三季度。

We do anticipate most of that coming back and, you know, the offset to other factors is yes, we did build a few a little bit of quantity of inventory into in the second quarter for the the upcoming construction season.

我們確實預計其中大部分會回來，而且你知道，對其他因素的抵消是的，我們確實在第二季度為即將到來的施工季節建立了一些庫存。

And that should really play off the growth we anticipate in accounts receivable so I think those two will net.

這確實會抵消我們預期的應收帳款成長，所以我認為這兩者將產生淨額。

And so we should be in a working capital generation here as we as we complete the year and certainly Q. three with the we'd start that.

因此，當我們完成這一年時，我們應該在這裡產生營運資金，當然，第三個問題我們將開始。

Thank you.

謝謝。

Thanks, Phil.

謝謝，菲爾。

At this time there appears to be no further questions.

此時似乎沒有其他問題了。

Peter, Matt, I'll now turn the call back over to you.

彼得，馬特，我現在把電話轉給你們。

Okay.

好的。

Well, I'd like to just thank everyone for joining the call today.

好吧，我只想感謝大家今天加入電話會議。

We're really pleased with the results that we've been able to generate, and we are continuing to feel really strongly about the construction outlook for the demand for our products and that results from that.

我們對我們所取得的成果感到非常滿意，並且我們繼續對我們產品的需求以及由此產生的建築前景感到非常強烈。

So thank you very much for your interest in CMC, and we'll look forward to talking to you in the future.

非常感謝您對 CMC 的興趣，我們期待將來與您交談。

Thank you for joining us on today's conference call, and we look forward to speaking with many of you during our investor calls in the coming days and weeks.

感謝您參加今天的電話會議，我們期待在未來幾天和幾週的投資者電話會議上與你們中的許多人交談。

This concludes today's CMC conference call.

今天的 CMC 電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。

And I don't know in the U.S. and then the moment.

我不知道在美國然後那一刻。