Commercial Metals Co (CMC) 2026 Q2 法說會逐字稿

Hello, and welcome, everyone, to the fiscal 2026 second quarter earnings call for CMC. Joining me on today's call are Peter Matt, CMC's President and Chief Executive Officer; and Paul Lawrence, Senior Vice President and Chief Financial Officer.

各位好，歡迎參加 CMC 2026 會計年度第二季財報電話會議。今天與我一同出席的有 CMC 總裁兼執行長 Peter Matt，以及資深副總裁兼財務長 Paul Lawrence。

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

今日資料（包含新聞稿及本次會議隨附的補充簡報投影片）可於 CMC 投資人關係網站查閱。本次電話會議將進行錄音。

(Operator Instructions)

(接線員指示)

I would like to remind all participants that today's discussion contains forward-looking statements, including with respect to economic conditions, effects of legislations and trade actions, US steel import levels, construction activity, demand for finished steel products and precast concrete products, the expected capabilities, benefits, costs, and timeline for construction of new facilities, the expected performance of our recently acquired precast platform, the company's operations, the company's strategic growth plan and its anticipated benefits, legal proceedings, the company's future results of operations, financial measures, and capital spending.

提醒各位與會者，今日討論包含前瞻性陳述，包括但不限於：經濟狀況、立法與貿易行動的影響、美國鋼材進口水準、建築活動、成品鋼材與預鑄混凝土產品需求、新設施建置之預期能力、效益、成本與時程、近期收購之預鑄平台的預期表現、公司營運、公司策略性成長計畫及其預期效益、法律程序、公司未來營運成果、財務衡量指標與資本支出。

These statements reflect the company's beliefs based on current conditions but are subject to risks and uncertainties. The company's earnings release, most recent annual report on Form 10-K, and other filings with the US Securities and Exchange Commission contains additional information concerning factors that could cause actual results to differ materially from those projected in those forward-looking statements.

上述陳述反映公司基於目前狀況之信念，但仍受風險與不確定性影響。公司之盈餘新聞稿、最近一期 Form 10-K 年報及其他向美國證券交易委員會（SEC）提交之文件，載有更多可能導致實際結果與前瞻性陳述所預測者出現重大差異之因素資訊。

Except as required by law, CMC does not assume any obligation to update, amend, or clarify these statements. Some numbers presented will be non-GAAP financial measures, and reconciliations for such numbers can be found in the company's earnings release, supplemental slide presentation, or on the company's website. Unless stated otherwise, all references made to year or quarter end are references to the company's fiscal year or fiscal quarter.

除法律另有要求外，CMC 不承擔更新、修訂或澄清上述陳述之任何義務。部分呈現之數字為非 GAAP 財務衡量指標，相關調節表可於公司盈餘新聞稿、補充簡報投影片或公司網站查閱。除非另有說明，文中所提及之年度或季度期末，均指公司之會計年度或會計季度。

And now for opening remarks and introductions, I will turn the call over to Peter.

接下來進行開場致詞與介紹，我將把電話交給 Peter。

Good morning, everyone, and thank you for joining CMC's second quarter earnings conference call. The CMC team delivered another excellent financial performance this quarter, propelled by solid operational and commercial execution, a favorable market backdrop in most regions and the addition of our newly acquired precast platform.

各位早安，感謝各位參加 CMC 第二季財報電話會議。本季 CMC 團隊再度交出優異的財務表現，主要受惠於穩健的營運與商務執行、多數地區有利的市場環境，以及我們新近收購之預鑄平台的加入。

For the quarter, CMC reported net earnings of $93 million or $0.83 per diluted share. Excluding certain charges, which Paul will take you through in more detail, adjusted earnings were $130.1 million or $1.16 per diluted share. CMC's consolidated core EBITDA of $297.5 million grew by 114% from a year ago, while our core EBITDA margin of 14% increased by 610 basis points. Cash flow from operating activities likewise improved significantly over the same period.

本季 CMC 淨利為 9,300 萬美元，稀釋後每股盈餘為 0.83 美元。排除若干費用後（Paul 稍後將更詳細說明），調整後盈餘為 1.301 億美元，稀釋後每股盈餘為 1.16 美元。CMC 合併核心 EBITDA 為 2.975 億美元，較去年同期成長 114%；核心 EBITDA 利潤率為 14%，提升 610 個基點。營運活動現金流亦較同期顯著改善。

While the domestic market environment remains supportive, and we are pleased with our results, I would note that profitability was impacted by abnormally disruptive weather conditions that temporarily reduced production and increased energy costs. Absent these factors, we believe performance would have been even stronger.

雖然國內市場環境仍具支撐，我們也對成果感到滿意，但我必須指出，獲利受到異常且具干擾性的天候影響，該情況一度降低產量並推升能源成本。若無上述因素，我們認為表現將會更為強勁。

Overall, our impressive second quarter results were built on the strategic foundation we laid over the last 24 months, including the launch of our TAG program, organizational realignment in critical areas, the addition of key talent and resources to support growth, and of course, the establishment of our new precast platform, which is a regional leader and one of the largest in the United States.

整體而言，我們亮眼的第二季成果，建立在過去 24 個月所奠定的策略基礎之上，包括啟動 TAG 計畫、在關鍵領域進行組織重整、增補支持成長的關鍵人才與資源，當然也包括建立我們新的預鑄平台；該平台為區域領導者，亦是美國規模最大的預鑄平台之一。

These self-directed actions are driving bottom line improvement and generating value for our shareholders and we are confident that there is much more to come as we continue to transform our company into an even stronger organization with higher, more stable margins, earnings, cash flows, and returns on capital.

這些由我們主導的行動正推動獲利改善並為股東創造價值；我們也有信心，隨著持續轉型、將公司打造為更強健的組織，並帶來更高且更穩定的利潤率、盈餘、現金流與資本報酬，未來仍有更多成果可期。

The second quarter marked CMC's entry into the precast concrete business following the closing of both the CP&P and Foley acquisitions in December and the first 100 days have been a success by any measure. I would like to take a moment to provide an update on our integration efforts to date. Paul will share some financial highlights from the second quarter later in this call.

第二季標誌著 CMC 在 12 月完成 CP&P 與 Foley 兩項收購交割後，正式進入預鑄混凝土業務；前 100 天的表現以任何標準衡量都可稱得上成功。我想花點時間更新我們迄今的整合進度。Paul 稍後也會在本次電話會議中分享第二季的一些財務重點。

We developed our integration plan with the goal of maximizing value creation potential for CMC's new growth platform. Our aim is to provide our new businesses with the support they need while standardizing key practices, delivering synergies, and developing an optimized operating model that positions the business for future growth.

我們制定整合計畫的目標，是最大化 CMC 新成長平台的價值創造潛力。我們的目標是在提供新事業所需支援的同時，將關鍵作法標準化、實現綜效，並建立最佳化的營運模式，使業務具備未來成長的定位。

Overall, progress against our plan is on schedule, and we have already achieved critical near-term goals. The strong cultural fit and the quality of the teams charged with completing key tasks has helped our integration efforts tremendously. We have found that employees across CP and Foley are excited to join forces and build a clear industry leader as part of CMC. They also share our view of significant commercial, operational, and logistical upside created by combining two geographically contiguous leaders.

整體而言，計畫推進符合時程，我們也已達成若干關鍵的短期目標。高度契合的企業文化，以及負責完成關鍵任務之團隊的優秀素質，對整合工作帶來極大助益。我們發現 CP 與 Foley 的員工都很期待攜手合作，作為 CMC 的一部分打造明確的產業領導者。他們也認同我們的看法：結合兩家地理位置相連的領導者，將帶來顯著的商務、營運與物流上行空間。

Turning to our on-the-ground efforts. We have retained a strong management group of proven industry veterans who are fully engaged in operating the business and executing on our performance and synergy targets. We are centralizing several support functions, a move that will assist future coordination and free up resources at the acquired assets.

接著談談我們在第一線的工作。我們保留了一支強而有力的管理團隊，由經驗證的產業資深人士組成，並全力投入營運與達成我們的績效與綜效目標。我們正將多項支援職能集中化，此舉將有助於未來協同運作，並釋放被收購資產端的資源。

We have also made good progress on several critical elements of our plan to realize synergies from the transactions, including the in-sourcing of rebar supply, benchmarking of key performance metrics, centralizing procurement of certain common items, and aligning on a plan to execute a number of small capital, high-return operational excellence projects.

我們在多項關鍵要素上也取得良好進展，以實現交易綜效，包括：將鋼筋供應內製化、對標關鍵績效指標、集中採購部分共通項目，以及就多項小額資本、高報酬的營運卓越專案之執行計畫達成一致。

I am also pleased with our progress on the commercial front. Thanks to the work of our teams, we have scored several early wins with immediate financial benefits. A few of these are highlighted on slide 7 of the supplemental earnings presentation.

我也對我們在商務面向的進展感到滿意。在團隊努力下，我們已取得數項早期成果，並立即帶來財務效益。其中幾項已在補充財報簡報的第 7 頁投影片中重點說明。

One worth noting is the development of a unified go-to-market strategy in overlapping geographies, which will ensure an improved customer experience, enhanced service capabilities through coordination, and a consistent pricing approach. We are also capitalizing on opportunities to strategically expand product lines to better address market demand.

值得一提的是，我們在重疊地理區域制定了統一的市場進入（go-to-market）策略，將確保更佳的客戶體驗、透過協同提升服務能力，以及一致的定價方式。我們也正把握機會，策略性擴充產品線，以更好地回應市場需求。

Dry utility structures used heavily in data center construction is one example of this. Zooming out a bit we have already engaged in a handful of initial commercial opportunities between CMC's legacy solutions and our new precast offerings, an effort which has been met by very positive customer reception.

大量用於資料中心建設的乾式公用設施結構（dry utility structures）就是其中一例。再把視角拉遠一些，我們已在 CMC 既有解決方案與新的預鑄產品之間，展開少數初步的商務合作機會，而客戶回饋非常正面。

Though we are only just beginning conversations with customers, we view the delivery of a more complete early-stage construction solution as a significant potential source of value creation and one that will set CMC apart in the marketplace.

雖然我們才剛開始與客戶對話，但我們認為，提供更完整的早期施工解決方案，將是重要的價值創造來源之一，並使 CMC 在市場上脫穎而出。

While it has only been a few months, we are very encouraged by what we have seen within our new precast platform, a good workforce culture, strong leadership, a solid customer value proposition, and attractive industry fundamentals, all of which support our investment thesis.

儘管僅過了幾個月，我們對新預鑄平台所見到的情況深受鼓舞：良好的員工文化、強而有力的領導團隊、扎實的客戶價值主張，以及具吸引力的產業基本面，皆支持我們的投資論點。

Now I will touch briefly on our progress in executing TAG. This is our enterprise-wide operational and commercial excellence program aiming to drive a durable step change improvement to our margins, earnings, cash flows, and ROIC. Fiscal 2026 is a pivotal year in the delivery of TAG as execution broaden throughout the organization and the expected level of EBITDA benefit increases meaningfully from fiscal 2025.

接下來我將簡要說明我們在推動 TAG 的進展。TAG 是我們全企業的營運與商務卓越計畫，目標是推動利潤率、盈餘、現金流與投入資本報酬率（ROIC）的可持續階梯式提升。2026 會計年度是 TAG 交付成果的關鍵一年，因為執行將擴展至整個組織，且預期 EBITDA 受益水準將較 2025 會計年度顯著提高。

After focusing primarily on domestic mill operations and logistics during 2025, TAG is now being executed in every line of business across each segment. These efforts include an increasing emphasis on commercial opportunities and targeted efficiencies in our SG&A spend.

在 2025 年主要聚焦於國內鋼廠營運與物流之後，TAG 現已在各事業線、各事業部門全面推行。這些工作包括更加著重商務機會，以及針對我們 SG&A 支出的效率提升。

I am pleased to report that through the first half of fiscal 2026, we are seeing solid and broad-based momentum in delivering the benefits to the bottom line. What is particularly exciting is the TAG continuous improvement mindset is in several instances, driving initiative outcomes that far exceed our initial expectations.

我很高興報告，在2026會計年度上半年，我們在將效益落實到最終獲利方面，正展現穩健且廣泛的動能。尤其令人振奮的是，TAG 持續改善的思維模式在若干情況下，正推動各項倡議的成果遠遠超出我們最初的預期。

A good example of this is the success our logistics team has had in improving fleet utilization and volumes per load, helping to ensure that we are using capital invested in CMC's logistics assets more efficiently.

一個很好的例子是，我們的物流團隊在提升車隊利用率與每車次載運量方面取得成功，協助確保我們能更有效率地運用投資於 CMC 物流資產的資本。

Another success story is the margin improvement being achieved across much of our recycling network through better commercial coordination and targeted efforts to address low-margin accounts. Based on the progress we are making, I am confident we should reach or exceed our ambitious goal of exiting the fiscal year at an annualized run rate EBITDA benefit of $150 million.

另一個成功案例是，我們在回收網路的多數據點，透過更佳的商務協調以及針對性地處理低毛利客戶，正實現毛利率改善。基於我們目前取得的進展，我有信心我們應可達成或超越我們具雄心的目標：在本會計年度結束時，年化 EBITDA 效益的運行率達到 1.5 億美元。

Turning now to the early-stage construction market environment in North America. We continued to experience healthy, solid underlying demand for our major products. Finished steel shipments were virtually unchanged on a year-over-year basis despite challenging weather conditions that temporarily slowed shipments.

接著談北美早期階段的建築市場環境。我們主要產品的基礎需求仍然健康且穩固。儘管具挑戰性的天候條件一度使出貨放緩，成品鋼出貨量與去年同期相比幾乎沒有變化。

Good demand, in combination with a well-balanced supply landscape, supported volumes and margins in the quarter. Consistent with our guidance, metal margins on steel products were stable sequentially, ticking up by $2 per ton and reaching the highest level in three years. We were able to capitalize on the November and January price announcements to offset the impact of rising scrap costs.

良好的需求，加上供給格局相對均衡，支撐了本季的銷量與利潤率。與我們的指引一致，鋼品的金屬毛利率較前一季維持穩定，每噸小幅增加 2 美元，並達到三年來的最高水準。我們得以把握 11 月與 1 月的漲價公告，以抵銷廢鋼成本上升的影響。

Downstream bid volumes, our best gauge of the construction pipeline, remained at levels consistent with recent quarters. Strength continued in several key market segments, including public works, institutional buildings, energy projects, and data centers.

下游投標量（我們衡量建築案源管線的最佳指標）維持在與近幾季一致的水準。多個關鍵市場區隔持續強勁，包括公共工程、機構建築、能源專案與資料中心。

Needless to say, data center construction has been red hot, and we believe we are positioned both geographically and commercially to capitalize on this growth. New data center sites have been concentrated in the Mid-Atlantic and the South Central US which are regions where we have leading market positions and can leverage our broad suite of early-stage construction solutions.

不用說，資料中心建設一直非常火熱，我們相信自己在地理布局與商務能力上都已就位，可把握這波成長。新的資料中心基地主要集中在美國中大西洋地區與南中部地區；這些都是我們具領先市占的區域，並可運用我們廣泛的早期階段建築解決方案組合。

Slide 10 of the earnings presentation highlights how our products are utilized on a data center construction site and includes estimated consumption intensities of several core offerings. In addition to direct data center expenditures, CMC is well situated to capitalize on the build-out of energy infrastructure to support forecasted growth levels, which is expected to require significant investment.

財報簡報第 10 頁重點說明我們的產品如何在資料中心工地上被使用，並包含數項核心產品的估計用量強度。除了資料中心的直接支出外，CMC 也具備良好條件，可受惠於為支撐預期成長而進行的能源基礎設施擴建；這預計將需要可觀投資。

More broadly, we continue to have encouraging conversations with many of our largest customers who see a robust project pipeline based on inquiries related to energy generation, LNG infrastructure, and re-shoring opportunities.

更廣泛而言，我們持續與許多最大客戶進行令人鼓舞的對話；他們基於與發電、LNG 基礎設施以及回流生產（re-shoring）機會相關的詢問，認為專案管線相當強勁。

Our own downstream bidding and contract award activity supports this view. Bookings during the second quarter were the highest since late fiscal 2022, helped by several energy projects and a large advanced manufacturing facility.

我們自身的下游投標與合約得標活動也支持這個觀點。第二季的接單量為自 2022 會計年度末以來最高，受惠於數個能源專案以及一座大型先進製造設施。

We are encouraged by the preliminary outcomes of the rebar trade case filed with the International Trade Commission, or ITC, back in June, alleging exporters located in Algeria, Bulgaria, Egypt, and Vietnam, have violated trade rules and damaged the US market.

我們對 6 月向國際貿易委員會（ITC）提出的鋼筋貿易案件之初步結果感到鼓舞；該案指控位於阿爾及利亞、保加利亞、埃及與越南的出口商違反貿易規則並損害美國市場。

The Department of Commerce has made its preliminary ruling on each nation named in the case and set both antidumping and countervailing duties to be applied on all subject material.

商務部已就案件中所列各國作出初步裁定，並設定將對所有涉案產品適用的反傾銷稅與平衡稅。

As you can see on slide 11 of the earnings presentation, the combined impact of the duties range from around 50% in the case of Bulgaria to up to 200% for Algeria. Remember, these levies are in addition to the Section 232 tariff assessment.

如您在財報簡報第 11 頁所見，合併稅負的影響範圍約從保加利亞的 50% 左右，到阿爾及利亞最高可達 200%。請記得，這些稅負是在 232 條款關稅評估之外另行加徵。

This finding, if confirmed, is important for the domestic rebar industry for several reasons: one, it establishes durable protection with an initial term of five years and a mandatory sunset review that could add another five-year term.

若此初步認定在最終裁定中獲得確認，對國內鋼筋產業之所以重要，原因有幾點：第一，它建立了具持久性的保護，初始期間為五年，並有強制性的落日審查（sunset review），可能再延長五年。

Two, it directly addresses predatory behavior by four leading exporters that have the ability to negatively influence the US market. For example, at its peak, Algeria shipped nearly 0.5 million tons into our domestic market.

第二，它直接處理四個主要出口商的掠奪性行為；這些出口商有能力對美國市場造成負面影響。例如，在高峰期，阿爾及利亞曾向我們的國內市場出貨近 50 萬噸。

And three, it acts as a deterrent to other bad actors that oversize their industries for purposes of dumping material here. Though we are very encouraged by the preliminary findings, we would note that they may change in the final determinations scheduled for this summer.

第三，它對其他不當業者形成嚇阻，避免其為了向美國傾銷而過度擴張其產業規模。儘管我們對初步結果感到非常鼓舞，但也要指出，預計於今年夏季作出的最終裁定中，結果仍可能有所變動。

I would like to commend the Department of Commerce for its defense of fair trade and more importantly, for protecting the hard-working men and women of CMC and the broader steel industry from disruptive and unfair trading practices.

我想表揚商務部捍衛公平貿易，更重要的是，保護 CMC 以及更廣泛鋼鐵產業辛勤工作的男女員工，免受具破壞性且不公平的貿易行為影響。

Our Construction Solutions group is exposed to similar market trends as our North American steel business. Therefore, current conditions are consistent with those I just described. Activity is steady across most construction segments, punctuated by a few hotspots like data centers and large energy projects. Our commercial teams continue to see encouraging signals regarding future activity, including healthy quoting levels and positive customer commentary.

我們的建築解決方案事業群所面臨的市場趨勢，與北美鋼鐵業務相近。因此，目前狀況與我剛才描述的一致。多數建築領域的活動維持穩定，並由少數熱點（如資料中心與大型能源專案）所帶動。我們的商務團隊持續看到關於未來活動的正向訊號，包括健康的報價水準與客戶的正面回饋。

We remain confident that the positive structural drivers, including investment in US infrastructure, re-shoring industrial capacity, growth in energy generation and transmission, the build-out of AI infrastructure, as well as addressing a US housing shortage will support construction activity over the short, medium, and long term.

我們仍有信心，正向的結構性驅動因素——包括美國基礎建設投資、製造產能回流、發電與輸電成長、AI 基礎設施擴建，以及解決美國住房短缺——將在短期、中期與長期支撐建築活動。

As noted on slide 9 of the earnings presentation nearly $3 trillion of corporate investments were announced across related areas in calendar 2025. Commencement of even a handful of these mega projects could provide a meaningful demand catalyst for CMC in the quarters ahead.

如財報簡報第 9 頁所述，於 2025 年曆年，相關領域宣布的企業投資接近 3 兆美元。即便只有少數這些超大型專案開始動工，也可能在未來幾季為 CMC 帶來顯著的需求催化。

Market conditions for the Europe Steel Group were mixed during the quarter. Demand for merchant bar remained resilient. However, the large quality of rebar imported ahead of the January 1 implementation of the Europe Carbon Border Adjustment Mechanism, or CBAM, temporarily disrupted the supply-demand balance.

本季歐洲鋼鐵事業群的市場狀況好壞參半。商用鋼材（merchant bar）的需求仍具韌性。然而，在 1 月 1 日歐盟碳邊境調整機制（CBAM）實施前，大量鋼筋提前進口，短暫擾亂了供需平衡。

The underlying consumption of rebar in the Polish market was seasonally affected by cold weather conditions, but continues to be healthy based on robust economic growth and solid investment levels for infrastructure and residential construction.

波蘭市場的鋼筋基礎消耗量受到寒冷天候的季節性影響，但在強勁的經濟成長，以及基礎建設與住宅建設投資水準穩健的支撐下，整體仍維持健康。

Despite the overhang of imported rebar, the average selling price for CMC's rebar increased during the quarter in anticipation of the supportive impact of CBAM, and reduced availability of new import offers. Encouragingly, the average price on new orders for each of our major products trended upward throughout the quarter and exited well above the period average.

儘管進口鋼筋形成壓力，CMC 的鋼筋平均售價在本季仍上升，反映市場預期 CBAM 的支撐效果，以及新的進口報價供給減少。令人鼓舞的是，我們各主要產品的新訂單平均價格在整個季度呈上升趨勢，並在期末收在明顯高於本期平均的水準。

We are monitoring the market environment for potential effects of the war in Iran. To date, our primary markets have not been meaningfully impacted, though this could change in the case of a prolonged conflict. There has been a general increase in the cost of natural gas and natural gas-derived electricity across Europe.

我們正監測伊朗戰爭可能對市場環境造成的影響。截至目前，我們的主要市場尚未受到顯著影響，但若衝突延長，情況可能改變。歐洲的天然氣與由天然氣衍生的電力成本普遍上升。

As a reminder, the electrical grid in Poland is heavily coal dependent, which compared to other EU countries minimizes the disruption we experienced from the volatility in the price of gas. We do consume natural gas in our reheat furnaces and based on current spot pricing levels, we estimate a potential increase to our cost of production in the coming months of approximately $15 to $20 per ton. Despite this increase, we believe we are among the least exposed steelmakers in our Central European market, potentially offering an energy cost advantage while gas prices remain elevated.

提醒一下，波蘭電網高度依賴燃煤；相較於其他歐盟國家，這使我們受到天然氣價格波動的干擾較小。我們確實在再加熱爐中使用天然氣；以目前現貨價格水準估算，未來幾個月我們的生產成本可能每噸增加約 15 至 20 美元。儘管成本上升，我們認為在中歐市場中，我們是受影響程度最低的鋼鐵製造商之一；在天然氣價格維持高檔期間，這可能帶來能源成本優勢。

The green shoots that we have noted in recent earnings calls continue to mature. Recent market developments include signals of an emerging recovery in residential construction activity driven by declining mortgage interest rates and the need for new housing stock.

我們在近期法說會中提到的復甦跡象持續成形。近期市場發展包括：在房貸利率下降與新增住宅供給需求的帶動下，住宅建築活動出現逐步復甦的訊號。

We are also optimistic about the prospect of CBAM benefiting long steel pricing once current inventories of imported material are consumed. We also believe the steel action plan that will come into effect in the middle of the calendar year 2026 has the potential to meaningfully restrict import levels of CMC's core products. Quotas are expected to be significantly reduced, while the volumes over the quota will be subjected to a 50% tariff.

我們也對CBAM在目前進口材料庫存消化後，有望帶動長材鋼價受益的前景持樂觀態度。我們也相信，將於2026曆年年中生效的鋼鐵行動計畫，有潛力實質限制CMC核心產品的進口水準。預期配額將大幅下調，而超出配額的數量將被課徵50%的關稅。

The policy as currently written, is the most supportive measure taken by the European community in years and has the potential to meaningfully benefit steel pricing. It is worth mentioning that our team in Poland has continued to do an excellent job managing costs in a dynamic environment. This experience is adding value in Poland, and in North America as we define and execute our TAG initiatives.

就目前的政策文字而言，這是歐洲共同體多年來採取的最具支持性的措施，並有潛力實質有利於鋼價。值得一提的是，我們在波蘭的團隊在動態環境中持續出色地進行成本管理。這些經驗正在波蘭以及北美為我們帶來價值，因為我們正在制定並執行我們的TAG倡議。

Before turning the call over to Paul, I would like to recognize the efforts of our world-class employees. We have asked a lot of the team as we execute our ambitious vision and strategy, and I am truly inspired by all that they have accomplished so far.

在把電話會議交給Paul之前，我想表揚我們世界級員工的努力。在我們執行宏偉願景與策略的過程中，我們對團隊提出了很高的要求，而他們迄今所完成的一切確實令我深受鼓舞。

Their efforts have been instrumental in laying the groundwork for years of success ahead, and I look forward to maintaining that momentum. And with that, I'll turn the call over to Paul.

他們的努力對於為未來多年的成功奠定基礎至關重要，我也期待能延續這股動能。接下來，我把電話會議交給Paul。

Thank you, Peter, and good morning to everyone on the call. As noted earlier, we reported fiscal second quarter 2026 net earnings of $93 million or $0.83 per diluted share, compared to net earnings of $25.5 million or $0.22 per diluted share in the prior year period. During the quarter, we called out $47.2 million in pretax expenses, $45.1 million, of which was associated with our recent acquisitions of CP&P and Foley.

謝謝你，Peter，也向電話會議上的各位道早安。如先前所提，我們公布2026財年第二季淨利為9,300萬美元，或稀釋後每股盈餘0.83美元；相較之下，去年同期淨利為2,550萬美元，或稀釋後每股盈餘0.22美元。本季我們提列了4,720萬美元的稅前費用，其中4,510萬美元與我們近期收購CP&P與Foley相關。

Of that amount, $20.6 million was incurred as transaction fees and costs supporting the integration efforts, while $24.5 million reflects noncash adjustments related to purchase accounting of inventory and order backlog. During the quarter, we also recorded $4.1 million for interest on the judgment amount associated with the previously disclosed PSG litigation as well as $2 million related to an unrealized gain on undesignated commodity hedges.

在該金額中，2,060萬美元為交易費用及支持整合工作的相關成本；2,450萬美元則反映與存貨及訂單積壓（backlog）之收購會計相關的非現金調整。本季我們亦認列410萬美元，係與先前揭露之PSG訴訟相關判決金額的利息，另有200萬美元與未指定（undesignated）商品避險的未實現收益相關。

Excluding these expenses, which amounted to $37.1 million on an after-tax basis, adjusted earnings for the quarter totaled $130.1 million or $1.16 per diluted share compared to $35.8 million or $0.31 per diluted share, respectively, in the prior year period.

排除上述費用（稅後合計3,710萬美元）後，本季調整後盈餘合計為1.301億美元，或稀釋後每股盈餘1.16美元；相較之下，去年同期分別為3,580萬美元與0.31美元。

Purchase price accounting adjustments for our acquisitions of CP&P and Foley are reflected in CMC's second quarter financial statements. These adjustments relate to the allocation of the estimated fair values of the assets and liabilities acquired and placed into CMC's balance sheet. On-hand inventory was adjusted to fair value, resulting in a write-up of $6.7 million.

我們收購CP&P與Foley的收購價格會計（purchase price accounting）調整已反映於CMC第二季財務報表中。這些調整與將取得之資產與負債的估計公允價值進行分攤並納入CMC資產負債表有關。手上存貨已調整至公允價值，因而增加（write-up）670萬美元。

This entire amount was recognized in the quarter in adjusted EBITDA, but removed in our core EBITDA adjustments. Several of the balance sheet adjustments will be depreciated or amortized over time, which will not influence core EBITDA but will impact net income and EPS. These include property, plant, and equipment, which will be depreciated on a straight-line basis, as well as customer intangibles in the acquired margin in the backlog, which will be amortized over their respective useful lives.

該金額全數於本季在調整後EBITDA中認列，但在我們的核心EBITDA調整中予以剔除。資產負債表中的若干調整將隨時間折舊或攤銷，這不會影響核心EBITDA，但會影響淨利與每股盈餘（EPS）。其中包括不動產、廠房及設備（property, plant, and equipment），將採直線法折舊；以及客戶相關無形資產與訂單積壓中取得的利潤（acquired margin in the backlog），將於各自的耐用年限內攤銷。

During the second quarter, depreciation of acquired property, plant, and equipment amounted to $6 million and is estimated to be approximately $25 million annually for the next several years. Amortization of customer intangibles was $5 million in the quarter and will be annualized to a roughly $23 million level. Majority of the acquired intangible assets will amortize over a 10-year period.

在第二季，取得之不動產、廠房及設備的折舊為600萬美元，並估計未來數年每年約為2,500萬美元。客戶相關無形資產的攤銷本季為500萬美元，年化後約為2,300萬美元。多數取得之無形資產將在10年期間內攤銷。

I also mentioned the amortization of the acquired margin in backlog. This has a more finite life and will be -- will result in amortization expense of approximately $60 million in 2026 with $18 million recorded in the second quarter. Remainder of the $79 million asset will be amortized in 2027.

我也提到訂單積壓中取得的利潤之攤銷。其年限較為有限，並將在2026年產生約6,000萬美元的攤銷費用，其中第二季已認列1,800萬美元。該7,900萬美元資產的剩餘部分將於2027年攤銷。

For financial modeling purposes, the impact of the purchase price accounting adjustments, in combination with higher interest expense related to the debt raised to help fund the precast transactions broadens the gap between core EBITDA and pretax income by approximately $60 million to $65 million on a quarterly basis for the next three quarters. This amount includes about $20 million quarterly related to the amortization of backlog, which as I just mentioned, will terminate in fiscal 2027.

就財務建模而言，收購價格會計調整的影響，加上為協助資助預鑄（precast）交易而舉債所帶來的較高利息費用，將使未來三個季度核心EBITDA與稅前利益之間的差距，每季擴大約6,000萬至6,500萬美元。該金額包含每季約2,000萬美元與訂單積壓攤銷相關；如我剛才所提，該項將於2027財年終止。

During the second quarter of fiscal 2026, CMC generated consolidated core EBITDA of $297.5 million, equating to a 14% core EBITDA margin. CMC's North American Steel Group generated adjusted EBITDA of $269.7 million for the quarter, equal to $257 per ton of finished steel shipped. The EBITDA margin of the segment was 16.8%, supported by our TAG efforts, which contributed meaningfully to the financial results as key commercial and operational initiatives continue to gain momentum.

在2026財年第二季，CMC產生合併核心EBITDA為2.975億美元，相當於14%的核心EBITDA利潤率。CMC北美鋼鐵事業群本季調整後EBITDA為2.697億美元，等同於每噸出貨成品鋼257美元。該事業群EBITDA利潤率為16.8%，在我們TAG努力的支持下，隨著關鍵商業與營運倡議持續累積動能，對財務結果作出實質貢獻。

In addition, higher margin over scrap costs on steel products in comparison to the prior year supported the business. However, as Peter mentioned, challenging weather negatively impacted profitability during the quarter. We estimate that reduced production and higher energy costs associated with grid stress linked to the winter storms reduced second quarter segment adjusted EBITDA by between $5 million and $10 million.

此外，相較去年，鋼鐵產品相對於廢鋼成本的較高毛利亦支撐了業務表現。然而，如Peter所提，惡劣天候在本季對獲利造成負面影響。我們估計，與冬季風暴相關的電網壓力所導致的減產與較高能源成本，使第二季該事業群調整後EBITDA減少約500萬至1,000萬美元。

The Construction Solutions Group second quarter net sales of $314.4 million grew by 98% on a year-over-year basis. Adjusted EBITDA of $53.4 million increased by 127% on a year-over-year basis, driven by the addition of the precast businesses. This new growth platform exceeded our expectations in the seasonally weak period by contributing $33.6 million to our Construction Solutions Group segment adjusted EBITDA.

建築解決方案事業群第二季淨銷售額為3.144億美元，年增98%。調整後EBITDA為5,340萬美元，年增127%，主要受惠於新增預鑄業務。這個新的成長平台在季節性淡季的表現超出我們預期，為建築解決方案事業群的部門調整後EBITDA貢獻3,360萬美元。

Excluding the inventory purchase accounting adjustment mentioned earlier, precast-generated EBITDA of $40.3 million on revenue of $145 million. Shipments were solid across the core Mid-Atlantic and Southeastern regions and increased on a year-over-year basis despite suffering temporary disruptions due to the inclement weather.

若排除先前提及的存貨收購會計調整，預鑄業務在1.45億美元營收下產生EBITDA為4,030萬美元。在核心的中大西洋與東南部地區出貨表現穩健，儘管因惡劣天候遭遇短暫干擾，仍較去年同期增加。

Average selling prices for pipe and precast products also ticked up from a year ago and demonstrated the attractive stability we have discussed previously on our conference calls. Value in the backlog at the end of the quarter was up by high single-digit percentage compared to February of 2025, which allowed for opportunistic price increase on new bookings in certain geographies and positions the business well ahead of the upcoming construction season.

管材與預鑄產品的平均售價也較一年前小幅上升，並展現我們先前在電話會議中討論過的吸引人穩定性。本季末的訂單積壓價值較2025年2月增加高個位數百分比，使我們得以在部分地區與市場位置上，對新接訂單進行策略性調價，並讓業務在即將到來的建築旺季前處於有利位置。

Hence, our financial performance remained stable on a year-over-year basis. In its seasonally weak second quarter with positive contributors from targeted commercial initiatives and continued INTERAX product adoption, offset by weather delays from the winter.

因此，我們的財務表現與去年同期相比仍保持穩定。在季節性偏弱的第二季中，受惠於聚焦的商業倡議帶來的正面貢獻，以及INTERAX產品持續被採用，但部分被冬季天候造成的延誤所抵銷。

Profitability of our performance reinforcing steel division remains historically strong, but declined compared to a year ago due to project timing delays. Adjusted EBITDA margin of 17% for our Construction Solutions Group segment improved by 2.2% as compared to the prior year period. The inclusion of CMC's precast business was 5.3 percentage points accretive to segment-adjusted EBITDA margin during the quarter.

我們的鋼筋（reinforcing steel）事業部獲利能力仍維持歷史高檔，但因專案時程延後而較一年前下滑。建築解決方案事業群的調整後EBITDA利潤率為17%，較去年同期提升2.2%。本季納入CMC的預鑄業務，使部門調整後EBITDA利潤率增加5.3個百分點。

Our Europe Steel Group report an adjusted EBITDA loss of $1.4 million for the second quarter of 2026, which was little changed from a prior year period. Looking at the primary drivers of performance compared to a year ago, lower shipments and associated reduction of fixed cost leverage roughly offset the positive impact of the higher margins over scrap.

我們的歐洲鋼鐵事業群在2026會計年度第二季錄得調整後EBITDA虧損140萬美元，與去年同期相比變化不大。與一年前相比，影響績效的主要因素為出貨量下降及其導致的固定成本槓桿降低，與廢鋼價差擴大帶來的較高毛利之正面影響大致互相抵銷。

As Peter mentioned, the elevated level of import flows prior to the implementation of CBAM, acted to depressed rebar volumes during the quarter. We saw this factor, along with harsh winter conditions experienced, as temporary and expect shipments to rebound in the quarter ahead.

如Peter所提到，在CBAM實施前進口流量偏高，對本季鋼筋（rebar）銷量造成壓抑。我們認為此因素加上嚴峻冬季天候屬於暫時性影響，並預期下一季出貨量將回升。

Turning to our balance sheet and liquidity position as outlined on slide 13 of the supplemental presentation, our cash and cash equivalents at February 28 totaled $504 million. In addition, we had approximately $1.2 billion of availability under our credit and accounts receivable facilities bringing total liquidity to just over $1.7 billion.

接著談資產負債表與流動性狀況，如補充簡報第13頁所示，截至2月28日，我們的現金及約當現金合計為5.04億美元。此外，我們在信用額度及應收帳款融資安排下尚有約12億美元可用額度，使總流動性略高於17億美元。

As illustrated within the table on the left-hand side of the slide, CMC made meaningful progress against our goal to rapidly delever following the acquisition of CP&P and Foley. Adjusted net leverage now stands at approximately 2.3 times based on using adjusted EBITDA for legacy CMC and the estimated run rate annualized EBITDA of our newly acquired precast business. This is lower than the 2.7 times illustrative figure shared at the time of the Foley acquisition with the reduction resulting from increased CMC profitability.

如投影片左側表格所示，CMC在收購CP&P與Foley之後，朝著快速去槓桿的目標取得了顯著進展。以傳統CMC的調整後EBITDA，以及新收購預鑄（precast）業務估計的年化EBITDA運行率為基礎計算，調整後淨槓桿目前約為2.3倍。這低於我們在收購Foley時所分享的2.7倍示意數字，下降主要來自CMC獲利能力提升。

We continue to be confident in our ability to return to our net leverage target of 2 times or below within the time commitment we made at the time of the acquisition. This effort will be aided by strong free cash flow generation from the precast platform itself, the wind down of capital expenditures for the construction of Steel West Virginia and significant cash tax savings related to the 48C tax credit associated with Steel West Virginia and One Big Beautiful bill.

我們仍然有信心，能在收購時所承諾的期限內，將淨槓桿降回2倍或以下的目標。此一去槓桿將受惠於預鑄平台本身強勁的自由現金流、Steel West Virginia建廠資本支出逐步收尾，以及與Steel West Virginia與「One Big Beautiful」法案相關之48C稅額抵減所帶來的大幅現金稅節省。

Additionally, during the period of leverage reduction, we have reduced our share repurchase activity to a level aimed at offsetting the dilutive impact of our annual share issuances under our compensation programs. We anticipate returning share buybacks to level similar to recent quarters once we are below our net leverage target levels.

此外，在去槓桿期間，我們已將庫藏股回購活動降至以抵銷年度員工薪酬計畫下發行新股所造成稀釋影響的水準。一旦淨槓桿低於目標水準，我們預期將把股票回購恢復至與近期季度相近的水準。

Our Board of Directors demonstrated its confidence in CMC's strong free cash flow outlook and ability to rapidly delever by its decision yesterday to increase the company's quarterly dividend by $0.02 per share. This will bring our quarterly payout to $0.20 per share, representing an 11% increase over the company's prior quarterly dividend. CMC's effective tax rate was 15.2% in the second quarter.

董事會昨日決議將公司季度股利每股提高0.02美元，以展現其對CMC強勁自由現金流前景及快速去槓桿能力的信心。此舉將使我們的季度配息提高至每股0.20美元，較公司先前的季度股利增加11%。CMC在第二季的有效稅率為15.2%。

This is higher than our first quarter effective tax rate due to the fixed dollar impact of the 48C tax credit on Steel West Virginia in comparison to our earnings level. Looking ahead, we anticipate the full year effective tax rate of between 7% and 9% for fiscal 2026, in line with the guidance we provided in the first quarter.

此數字高於第一季的有效稅率，原因在於Steel West Virginia的48C稅額抵減以固定金額反映，相對於我們當期獲利水準的影響較大。展望未來，我們預期2026會計年度全年有效稅率介於7%至9%，與我們在第一季提供的指引一致。

As a reminder, we do not anticipate paying any significant US federal cash taxes in fiscal 2026 and for much of fiscal 2027 due to the factors mentioned earlier.

提醒一下，由於前述因素，我們預期在2026會計年度以及2027會計年度的大部分期間，不會支付任何顯著的美國聯邦現金稅。

Turning to CMC's fiscal 2026 capital spending outlook we expect to invest approximately $600 million in total, a slightly lower guide than provided in January given the impact of the harsh winter slowing construction of Steel West Virginia.

接著談CMC在2026會計年度的資本支出展望，我們預計總投資約6億美元；相較1月提供的指引略低，主要因嚴峻冬季天候使Steel West Virginia的建設進度放緩。

Of the $600 million, approximately $300 million is associated with completing the construction of our West Virginia micro mill as well as a handful of high-return growth investments within our Construction Solutions Group segment. We anticipate capital expenditures of approximately $25 million in our new Precast business, which will be split between maintenance spend and high-return growth opportunities.

在這6億美元中，約3億美元用於完成西維吉尼亞微型鋼廠（micro mill）的建設，以及建築解決方案事業群（Construction Solutions Group）內少數高報酬成長投資。我們預期新預鑄業務的資本支出約2,500萬美元，將在維護性支出與高報酬成長機會之間分配。

This concludes my remarks, and I'll now turn it back to Peter for additional comments on CMC's financial outlook.

以上為我的說明，接下來我把時間交還給Peter，請他就CMC的財務展望補充說明。

Thank you, Paul. Turning to our outlook. We expect consolidated core EBITDA in the third quarter of fiscal 2026 to increase meaningfully from the second quarter levels due to normal seasonal improvement within our key markets and the continued margin strength across our North American footprint.

謝謝你，Paul。接著談我們的展望。我們預期2026會計年度第三季的合併核心EBITDA將較第二季水準顯著增加，主要受惠於主要市場的正常季節性改善，以及北美營運版圖整體毛利率持續強勁。

North America Steel Group adjusted EBITDA is anticipated to rise modestly on a sequential basis on higher seasonal volumes, the impact of which will be partially offset by annual maintenance outages across the mill network that are expected to add approximately $15 million to $20 million in costs during the quarter.

北美鋼鐵事業群的調整後EBITDA預期將因季節性出貨量增加而較前一季小幅上升，但其影響將部分被鋼廠網路的年度例行維修停機所抵銷；該等停機預計在本季增加約1,500萬至2,000萬美元成本。

Financial results for the Construction Solutions Group are expected to nearly double compared to the second quarter of fiscal 2026. Europe Steel Group adjusted EBITDA should substantially improve on higher seasonal volumes, modestly improved metal margins, and the anticipated receipt of an approximately $20 million CO2 credit.

建築解決方案事業群的財務表現預期將較2026會計年度第二季接近倍增。歐洲鋼鐵事業群的調整後EBITDA應可在季節性出貨量增加、金屬價差小幅改善，以及預期收到約2,000萬美元CO2抵減額度的帶動下大幅改善。

I am confident that CMC is well positioned to drive further growth during the second half of fiscal 2026. Solid market dynamics, additional benefits from our TAG program, and effective operational execution are generating momentum in CMC's existing businesses which will be supplemented by contributions from our newly established precast platform.

我有信心CMC已具備良好條件，在2026會計年度下半年推動進一步成長。穩健的市場動能、TAG計畫帶來的額外效益，以及有效的營運執行，正為CMC既有業務累積動能；同時，新建立的預鑄平台也將帶來貢獻。

For the full fiscal year, we continue to anticipate the Precast business will generate between $165 million and $175 million in EBITDA. Longer term, we remain focused on creating significant value for our shareholders by continuing to execute against our strategic plan, delivering meaningful and sustained enhancements to our margins, earnings, cash flow generation, and return on capital.

就全年而言，我們仍預期預鑄業務將產生1.65億至1.75億美元的EBITDA。長期來看，我們仍專注於持續執行策略計畫，為股東創造顯著價值，並在毛利率、獲利、現金流創造與資本報酬率方面帶來具意義且可持續的提升。

I would like to conclude by thanking our customers for their trust and confidence in CMC and all of our employees for delivering yet another quarter of very solid safety and operational performance.

最後，我要感謝客戶對CMC的信任與支持，也感謝所有員工在安全與營運表現方面，再次交出非常穩健的一季成果。

(Operator Instructions) Albert Realini, Jefferies.

(接線員指示) Jefferies的Albert Realini。

Hey. Good morning, guys. Thank you for taking my question. So I want to just touch on the 3Q guidance for the North American segment to have some offsetting negative impacts from some annual maintenance outages. Maybe if we could just get some more detail there. I don't believe in previous years, maintenance activity was called out during 3Q.

嗨。各位早安。謝謝讓我提問。我想先談一下第三季對北美事業群的指引，其中提到年度例行維修停機會帶來一些相互抵銷的負面影響。想請你們再多提供一些細節。我記得過去幾年，第三季並沒有特別點出維修活動。

So I just wanted to see if that was related to maybe some of the scheduled activity during 2Q being deferred given some of the more extreme weather we have seen? Or is maybe some of this on the voluntary side given the anticipated supply coming out of the market? Thank you.

所以我想確認，這是否與第二季原本排定的一些作業因我們看到較極端的天候而延後有關？或者其中是否有部分屬於自願性（voluntary）的安排，考量到預期市場供給將增加？謝謝。

No. I think -- thank you, Albert, for the question. There are a couple of things going on there. Some of the maintenance outages are normal maintenance outages that we would put into that quarter. Some of them were deferred from Q2 just given some of the weather challenges and also some of the challenges in getting contractors to support those maintenance outages.

不是。Albert，謝謝你的問題。這裡有幾件事情同時發生。其中一部分的維修停機是我們原本就會安排在該季度的例行維修。另外一些則是從第二季延後過來，主要是因為天候帶來的挑戰，以及在取得承包商支援這些維修停機方面也遇到一些困難。

So it's -- it wouldn't be our preference to have quite as much as we have in this quarter, but that's the way it fell this year. And obviously, we will work in the future to spread them out more evenly.

所以——我們其實不希望在這一季安排這麼多，但今年的情況就是如此。當然，未來我們會努力把它們更平均地分散安排。

Helpful. Thank you.

很有幫助。謝謝。

Yes. Thank you.

好的。謝謝。

Bill Peterson, JPMorgan.

JPMorgan的Bill Peterson。

Yeah. Hi. Good morning. Thanks for taking the question. I appreciate the color on the [ADCD]. However, your year-to-date annualized rebar reports are tracking in line with 2022, 2024 levels and given some countries like South Korea have been stepping in the market.

是的。嗨。早安。謝謝讓我提問。我很感謝你們對[ADCD] 的補充說明。不過，你們年初至今按年化計算的鋼筋（rebar）報告走勢與 2022、2024 年的水準一致，而且考量到像南韓等國家近期也開始介入市場。

So trying to get a sense on your view on non-duty impacted countries still in the import flood and whether this may be a persistent trend. And maybe more broadly, how would you characterize the supply ramps from your North American competitors and you're still seeing some discipline in the market?

所以我想了解你們對未受關稅影響國家仍在進口湧入中的看法，以及這是否可能成為持續性的趨勢。另外更廣泛地說，你們會如何描述北美競爭對手的供給爬坡情況？你們是否仍看到市場保持一定的自律？

Yeah. So let me start there, and I'm going to -- let me start with your -- or your -- the second question you asked. We are seeing supply and demand, I'd say, a relatively balanced place at this juncture. The North American capacity increases are entering the market. We can see them they're manageable at the current levels. And so given the demand profile.

是的。那我先從這裡開始，我會——先從你——或你——你問的第二個問題開始。我們目前看到供需大致處於相對平衡的狀態。北美的產能增加正在進入市場。我們看得到，而且以目前的水準來看是可控的。因此，考量到需求輪廓。

In terms of imports, it is true that you have seen some elevated imports, but we don't think that those are likely durable. And as a consequence, we expect that number one, just given the fact that we haven't learned anything about South Korean imports coming in that are -- that make us believe that they're going to be more than the 150,000 tons of people have spoken about. We think that's manageable.

就進口而言，確實你們看到一些偏高的進口量，但我們不認為那會是可持續的。因此，我們預期第一，單就目前而言，我們沒有從南韓進口的情況中得到任何資訊——沒有任何跡象讓我們相信它們會超過大家所提到的 15 萬噸。我們認為那是可控的。

In Turkey, given the war, I think, is going to be facing higher energy costs that -- and higher transportation costs that I think for Turkey and for other importers are going to make it more challenging. So I'd say we have quite a sanguine view of where imports are going to be this year despite the two months that I think you're referring to.

至於土耳其，考量到戰爭，我認為它將面臨更高的能源成本——以及更高的運輸成本；我認為這對土耳其以及其他進口商而言都會更具挑戰。所以我會說，儘管你提到的那兩個月出現了情況，但我們對今年進口走勢的看法仍相當樂觀。

Appreciate that comment. You characterized this cost impact, I think, for Polish operations, if I caught it correctly, maybe potentially $15 to $20 a ton. Is there a way to characterize any potential risk for North America, whether it be energy prices or perhaps on concrete, which is an energy-intensive part of the market? Are there other pass-through mechanisms here? And is there any key risks we should be thinking about if the conflict is prolonged?

感謝這個評論。你提到這個成本影響，我想是針對波蘭營運，如果我沒聽錯的話，可能是每噸 15 到 20 美元。那有沒有辦法描述北美可能面臨的任何風險，不論是能源價格，或是混凝土（這是市場中能源密集的部分）？這裡是否還有其他轉嫁機制？如果衝突延長，有哪些關鍵風險是我們應該要考量的？

Yeah. At this juncture, we are not seeing material cost challenges to our operations. Things like fuel surcharges, we are working to pass those through. so that we expect to recoup that. And we'll have to take the -- any other inflationary impacts as they emerge and adjust accordingly. But so far, we haven't felt that at all.

是的。就目前而言，我們沒有看到對我們營運造成重大影響的成本挑戰。像燃料附加費這類項目，我們正努力將其轉嫁，因此我們預期可以收回。至於其他通膨影響，我們會在它們出現時再因應調整。但到目前為止，我們完全沒有感受到。

And Bill, I would just add with respect to Europe, we are confident that because of the situation that Peter outlined on the call that it competitively better positioned that we will be able to pass along price increases to offset the costs. We've seen that. We've announced price increases. So I think overall, while we're seeing the cost increase from an overall performance perspective, we're confident that it won't impact the margins.

Bill，我補充一下關於歐洲的部分：基於 Peter 在電話會議中概述的情況，我們有信心我們在競爭上處於更有利的位置，因此能夠透過調漲價格來抵銷成本。我們已經看到這點。我們也已宣布漲價。所以整體而言，雖然我們看到成本上升，但從整體表現的角度來看，我們有信心這不會影響利潤率。

Great. Thanks for those insights.

很好。謝謝這些見解。

Thanks, Bill.

謝謝你，Bill。

Sathish Kasinathan, Bank of America.

美國銀行的 Sathish Kasinathan。

Yeah. Hi. Good morning and thanks for taking my questions. My first question is on the outlook for shipments in the North American segment. So you mentioned that the backlogs are up year on year and are at the highest level since 2023. You also had some weather issues in Q2 and have scheduled some maintenance outages in Q3.

是的。嗨。早安，謝謝讓我提問。我的第一個問題是關於北美部門出貨量的展望。你提到訂單積壓（backlog）年增，且達到自 2023 年以來的最高水準。你們在第二季也遇到一些天氣問題，並且在第三季安排了一些維修停機。

So -- and then at the same time, you have Arizona 2 ramping up and potentially first Virginia mill, which will start up soon. So given all the moving parts, can you maybe give a sense of a potential volume uplift that you will see in Q3 and into Q4?

同時，你們的 Arizona 2 正在爬坡，且第一座維吉尼亞工廠可能也將很快啟動。在這麼多變動因素下，你們能否大概說明第三季以及進入第四季可能看到的出貨量提升幅度？

Yeah. I think so for Q3, I think we should expect a normal change in shipments. If we look at what we saw in Q2, we did have the weather impacts, but they actually impacted the production from a cost perspective more than they did the shipments from -- so we expect a normal move moving from Q2 to Q3. Into Q4, we will be just starting up West Virginia. We would expect, I would say, again, a normal transition between Q3 and Q4 given the fact that it's the early days of the start-up. And so I wouldn't expect those volumes to really heavily impact the market.

是的。我認為第三季的話，出貨量應該會出現正常的變化。如果看第二季，我們確實有天氣影響，但從——天氣對成本面造成的生產影響其實大於對出貨量的影響——因此我們預期從第二季到第三季會是正常的變動。進入第四季，我們將剛開始啟動西維吉尼亞。我會說，考量到仍是啟動初期，我們預期第三季到第四季同樣是正常的過渡。因此我不預期那些產量會對市場造成很大的影響。

Okay. Thank you. Maybe one question on the pricing side. So the downstream product pricing saw the first uptick in nearly like three years based on some of the more recent project awards and the current bidding activity, can you maybe talk about how the pricing for new fabrication orders today compared to what it is on the -- in the backlog. In other words, I mean, like does it -- I mean, is the pricing covering the recent $150 to $200 increase in rebar price that we are seeing?

好的。謝謝。再問一個關於價格的問題。根據一些較近期的專案得標以及目前的投標活動，下游產品定價出現了近三年來的首次上升；你能否談談今天新接的加工（fabrication）訂單價格，相較於——訂單積壓中的價格如何？換句話說，我的意思是——目前的定價是否涵蓋我們看到鋼筋價格最近上漲的 150 到 200 美元？

Yeah. So let me start on that and then maybe Paul can jump in. So first of all, the current pricing -- the backlog is already reflecting the business that we're putting into the backlog. So in fact, I would say today that the booking price is higher than the backlog backlog price in our backlog. So -- and we see strong level of bookings.

是的。我先回答這個，然後也許 Paul 可以補充。首先，目前的定價——訂單積壓已經反映了我們正在放進 backlog 的業務。所以事實上，我會說今天的接單價格高於我們 backlog 中的 backlog 價格。而且——我們看到接單水準很強勁。

So as we look forward here, I think over the next couple of quarters, you should see the pricing impact turn into a tailwind. Remember that the pricing that you are seeing in our data sheet is the backlog that we're executing that we booked, say, nine months ago. So I think over the next couple of quarters, you should see the pricing translate into a tailwind in margins and margins improve in that downstream business.

因此往前看，我認為在接下來幾個季度，你應該會看到價格影響轉為順風。請記得，你在我們資料表中看到的定價，是我們正在執行的 backlog，而那可能是大約九個月前接的單。所以我認為在接下來幾個季度，你應該會看到定價轉化為利潤率的順風，並且下游業務的利潤率會改善。

The only thing I would add, Sathish, is I think we've talked recently about the discipline on the commercial side in the fabrication of ensuring we get value for the service that we bring and ensure that we're getting the necessary margin on the downstream business that we think is warranted.

Sathish，我唯一想補充的是，我想我們最近談到過商業端在加工業務上的自律：確保我們為所提供的服務取得相應價值，並確保我們在下游業務上取得我們認為合理所需的利潤率。

And so that has certainly had a positive contribution to how the backlog is up at this time of the year. Recall that it was May, June, July last year, that rebar pricing really started to increase. So for us to already realize that here in the second quarter is accelerated versus historical timeframes.

因此，這確實對目前這個時點 backlog 上升有正面貢獻。回想一下，去年是從 5 月、6 月、7 月開始，鋼筋價格才真正開始上漲。所以我們能在第二季就已經反映到，較歷史時間軸來說是提前的。

Okay. Thank you for the color.

好的。謝謝補充說明。

Thank you.

謝謝。

(Operator Instructions) Katja Jancic, BMO Capital Markets.

（接線員指示）BMO 資本市場的 Katja Jancic。

Hi. Thank you for taking my question. Maybe going back to the cost, especially on the power side. Can you remind us what is the percent of your total production cost that is accounted by power or driven by power?

嗨。謝謝讓我提問。也許回到成本，特別是電力方面。你能提醒我們，電力占你們總生產成本的百分比是多少，或有多少成本是由電力所驅動的？

Yeah. Katja, if we exclude scrap from that calculation, Electricity is in the 15% to 20%. Natural gas is generally a pretty small number. And I will also, from a Polish perspective, share that we've talked certainly in the energy crisis at the beginning of the Ukraine war, how we were better positioned. We are around 50% hedged with long-term power purchase agreements in place in Poland.

是的。Katja，如果我們把廢鋼從那個計算中排除，電力占比約在15%到20%。天然氣通常是個相當小的數字。另外，我也想從波蘭的角度分享：我們確實在烏克蘭戰爭初期的能源危機時談到過，我們的處境相對更有利。在波蘭，我們約有50%透過長期電力採購協議（PPA）進行避險。

So while the cost of electricity has the potential for increasing dramatically, we're well protected. And again, back to what Peter said during the call, Poland, because it's self-sufficient with a lot of coal, it's not as susceptible as other European nations are to the electricity price increases.

因此，雖然電價成本有可能大幅上升，我們仍受到良好保護。而且再回到Peter在電話會議中提到的，波蘭因為擁有大量煤炭、能源自給自足，相較其他歐洲國家，較不容易受到電價上漲的衝擊。

And is the percentage similar in the North American operations, I would assume?

那北美營運的占比也類似嗎？我想應該是？

Yes. Yes, that's fair.

是的。是的，這樣說很合理。

And then maybe just quickly on the TAG. What is the current run rate EBITDA benefits that you have achieved so far?

另外也想快速問一下TAG。你們目前已實現的EBITDA效益，按目前的運行速度（run rate）來看是多少？

So what we've said, Katja, on that is that at the -- by the end of the year, we expect to exceed $150 million and we are on track for that. In fact, I'm highly confident we're going to end up being ahead of that number. So we have not given any further updates to that.

Katja，關於這點我們之前說過：到年底，我們預期將超過1.5億美元，而且目前進度符合預期。事實上，我非常有信心最後會高於這個數字。因此我們沒有再提供更多更新。

But the project is very successful in the company and not just for the initiatives, but as we've said in the past, it's really creating a new mindset in the company about improving ourselves from both an operational and a commercial perspective. So we feel very good about where we are with TAG.

但這個專案在公司內部非常成功，不僅僅是因為各項倡議；正如我們過去所說，它其實正在公司內部建立一種新的思維模式，從營運與商業兩個面向來提升自我。所以我們對TAG目前的進展感到非常滿意。

Okay. Thank you.

好的。謝謝。

Yes. Thank you.

是的。謝謝。

Andy Jones, UBS.

UBS的Andy Jones。

Hi, gents. I just wanted to dig into the recent index price decrease on rebar and what you're seeing. I mean, I'm curious to what extent that's high bar linked? Or I mean, basically, how much of an effect are you seeing from those volumes ramping up in the market and potentially [undercutting] on price? Just curious for your thoughts on what's happening in the market there.

各位好。我想深入了解一下近期鋼筋（rebar）指數價格下滑，以及你們觀察到的情況。我的意思是，我很好奇這在多大程度上與高棒（high bar）連動？或者說，基本上，隨著那些產量在市場上爬升、並可能在價格上「削價競爭」，你們看到的影響有多大？想聽聽你們對市場正在發生什麼的看法。

Yeah. Thanks, Andy. I would say, again, as I said before, we -- supply/demand today, in our view, is pretty balanced. And so we feel that the new capacity coming into the market is pretty manageable. And in terms of a price impact, I would say that, again, pretty manageable.

是的。謝謝你，Andy。我會說，還是一樣，如我之前提到的，我們認為目前供需相當平衡。因此我們覺得新增產能進入市場是相當可控的。至於對價格的影響，我也會說，同樣是相當可控的。

And there are -- it's fair to say there are a few pockets of weakness, but I think a lot of those are attributable to some of the winter conditions that we've had and the slowing business in that harsh winter that we've had. But we expect as the demand comes into the construction season that we are going to see prices firm up, and we feel comfortable about where they are.

而且——可以說確實有一些局部疲弱，但我認為其中很多可歸因於我們經歷的一些冬季天候狀況，以及嚴寒冬季導致的業務放緩。但我們預期，隨著需求進入建築旺季，我們將看到價格走強，我們也對目前的價格水準感到放心。

Okay. Thanks so much.

好的。非常感謝。

Thank you.

謝謝。

Tristan Gresser, BNP Paribas.

BNP Paribas的Tristan Gresser。

Yes. Hi. Thank you for taking my questions. So the first one is how should we think about the profitability of steel products versus downstream into Q3 and Q4? I think you mentioned steady margins for North America. Is that fair to say that we should see the downstream profitability increase and offset those lower margins for steel products?

是的。你好。謝謝你回答我的問題。第一個問題是：我們應該如何看待鋼鐵產品相對於下游業務在Q3與Q4的獲利能力？我想你提到北美的利潤率會保持穩定。這是否可以理解為：我們應該會看到下游獲利能力提升，並抵消鋼鐵產品較低的利潤率？

Tristan, thanks for the call. Yeah, there's a number of moving pieces that will impact the North American Steel Group in the third quarter. First and foremost, we'll see the volume rebound, and that's what one would expect, as Peter said earlier, from a seasonal backdrop.

Tristan，謝謝你來電。是的，有不少變動因素會影響北美鋼鐵事業群在第三季的表現。首先也是最重要的，我們會看到出貨量回升；正如Peter先前所說，從季節性背景來看，這是符合預期的。

One key aspect to recall is what we saw in the second quarter were successive increases in scrap costs. And while we saw the selling price increase, what we will see flow through our earnings will be that higher cost scrap. So our metal margin statistic is likely to be very stable. That's our outlook. But the earnings will be slightly impacted by that lag effect of the scrap in Q3 versus Q2.

一個需要記住的關鍵點是：我們在第二季看到廢鋼成本連續上漲。雖然我們也看到售價上調，但反映到我們獲利中的，會是較高成本的廢鋼。因此，我們的金屬毛利（metal margin）指標很可能會非常穩定。這是我們的展望。但由於廢鋼成本在Q3相對Q2的落後效應（lag effect），獲利會受到些微影響。

In addition, we have the maintenance outages. And as you mentioned, for the downstream business, which is roughly one-third of our volumes in North America, we'll see a margin pickup from the continued rise in the selling prices or the realized selling prices.

此外，我們還有維修停機。而如你所提到的，下游業務約占我們北美出貨量的三分之一；隨著售價或實現售價（realized selling prices）持續上升，我們將看到其利潤率回升。

All right. That's clear. And my second question, if you could give us an update on the rebar micro mill, Arizona 2, West Virginia? And more specifically, I was looking at the US rebar volumes. On fiscal 2026, would you expect some growth for rebar?

了解。很清楚。第二個問題是，你們能否更新一下鋼筋微型鋼廠（micro mill），也就是Arizona 2、West Virginia的進度？更具體來說，我在看美國鋼筋出貨量。在2026財年，你們預期鋼筋會有一些成長嗎？

Yeah. So in terms of the West Virginia mill, we're on path for a start-up beginning in June of 2026. And so -- and that's pretty much right on time. We have been -- in prior calls, we've talked about the fact that we've had over 100 days of weather delays in the construction of that project. So really proud of the team for getting us to a place where we are today and within sight of the start-up.

是的。就西維吉尼亞鋼廠而言，我們正按計畫在2026年6月初開始投產。因此——基本上是準時的。我們在先前的電話會議中提到過，該專案施工期間因天候延誤超過100天。所以我們真的為團隊感到自豪，能把進度推進到今天這個位置，並且已經看得到投產在望。

In terms of the market growth, we expect modest market growth this year on rebar -- or sorry, from probably in the range of, say, 1% to 3%. I think, is a good number.

至於市場成長，我們預期今年鋼筋市場會有溫和成長——呃，抱歉，大概會在1%到3%的區間。我認為這是個不錯的數字。

All right. Thank you.

好的。謝謝。

At this time, there appears to be no further questions. Mr. Matt, I'll now turn the call back over to you.

此時看來已沒有其他問題。Matt先生，我現在把電話會議交回給您。

Thank you. At CMC, we remain confident that our best days are ahead. The combination of structural demand trends, operational and commercial excellence initiatives to strengthen our through-the-cycle performance, and value-accretive growth opportunities create an exciting future for our company. Thank you for joining us on today's conference call. We look forward to speaking with many of you during our investor calls in the coming days and weeks. Have a good day.

謝謝。在CMC，我們仍然有信心，我們最好的日子還在前方。結構性需求趨勢、強化我們穿越景氣循環表現的營運與商業卓越倡議，以及具增值效益的成長機會相結合，為公司創造令人振奮的未來。感謝各位參加今天的電話會議。我們期待在接下來幾天與幾週內的投資人電話會議中，與各位中的許多人交流。祝各位有美好的一天。

This concludes today's CMC conference call. You may now disconnect.

今天的CMC電話會議到此結束。您現在可以掛線。