Steel Dynamics Inc (STLD) 2022 Q4 法說會逐字稿

Good day, and welcome to the Steel Dynamics Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) Please be advised this call is being recorded today, January 26, 2023, and your participation implies consent to our recording this call. If you do not agree to these terms, please disconnect. At this time, I would like to turn the conference over to David Lipschitz, Director, Investor Relations. Please go ahead.

美好的一天，歡迎來到 Steel Dynamics 第四季度和 2022 年全年收益電話會議。 （操作員說明）請注意，本次通話將於今天（2023 年 1 月 26 日）進行錄音，您的參與即表示同意我們對本次通話進行錄音。如果您不同意這些條款，請斷開連接。此時，我想將會議轉交給投資者關係總監 David Lipschitz。請繼續。

Thank you, Jenny. Good morning, and welcome to Steel Dynamics Fourth Quarter and Full Year 2022 Earnings Conference Call. As a reminder, today's call is being recorded and will be available on our website for replay later today. Leading today's call are Mark Millett, Chairman, President and Chief Executive Officer of Steel Dynamics; and Theresa Wagler, Executive Vice President and Chief Financial Officer. The other members of our senior leadership team are joining us on the call individually.

謝謝你，珍妮。早上好，歡迎來到 Steel Dynamics 第四季度和 2022 年全年收益電話會議。提醒一下，今天的通話正在錄製中，今天晚些時候可以在我們的網站上重播。主持今天電話會議的是 Steel Dynamics 董事長、總裁兼首席執行官 Mark Millett；執行副總裁兼首席財務官 Theresa Wagler。我們高級領導團隊的其他成員正在單獨加入我們的電話會議。

Some of today's statements, which speak only as of this date, may be forward-looking and predictive, typically preceded by believe, expect, anticipate or words of similar meaning. They are intended to be protected by the Private Securities Litigation Reform Act of 1995 should actual results turn out differently. Such statements involve risks and uncertainties related to integrating or starting up new assets, the aluminum industry, the use of estimates assumptions in connection with anticipated project returns and our steel, metals recycling and fabrication businesses as well as to general business and economic conditions. Examples of these are described in the related press release as well as in our annual filed SEC Form 10-K under the headings Forward-looking Statements and Risk Factors, found on the Internet at www.sec.gov, and if applicable, in any later SEC Form 10-Q.

今天的一些聲明僅在該日期發表，可能具有前瞻性和預測性，通常以相信、期望、預期或類似含義的詞語開頭。如果實際結果不同，它們將受到 1995 年私人證券訴訟改革法案的保護。此類陳述涉及與整合或啟動新資產、鋁行業、與預期項目回報和我們的鋼鐵、金屬回收和製造業務相關的估計假設的使用以及一般業務和經濟狀況相關的風險和不確定性。這些示例在相關新聞稿以及我們每年提交的 SEC 表格 10-K 中進行了描述，該表格在前瞻性陳述和風險因素的標題下，可在 Internet 上找到，網址為 www.sec.gov，如果適用，在任何後來的 SEC 表格 10-Q。

You will also find any referenced non-GAAP financial measures reconciled to the most directly comparable GAAP measures in the press release issued yesterday entitled Steel Dynamics reports fourth quarter and full year 2022 results.

在昨天發布的標題為 Steel Dynamics 報告第四季度和 2022 年全年業績的新聞稿中，您還會發現任何參考的非 GAAP 財務指標與最直接可比的 GAAP 指標相一致。

And now I'm pleased to turn the call over to Mark.

現在我很高興將電話轉給馬克。

Well, thank you, David. Good morning, everybody. Thank you for being with us for our fourth quarter and full year 2022 earnings call. And as I think you saw, operationally, our teams had a very, very, very solid fourth quarter. Our New Millennium Building Systems platform generated record steel fabrication earnings, Sinton is showing significant operating improvement with a clear path to profitability in the second quarter of '23.

嗯，謝謝你，大衛。大家早上好。感謝您參加我們的第四季度和 2022 年全年財報電話會議。正如我認為你看到的那樣，在運營方面，我們的團隊在第四季度表現非常非常穩健。我們的 New Millennium Building Systems 平台產生了創紀錄的鋼鐵製造收益，Sinton 在 23 年第二季度顯示出顯著的運營改善和清晰的盈利路徑。

Our new aluminum group is making great progress on our aluminum flat-rolled investments, and I'll share more details later in the call. Relative to full year '22, the entire Steel Dynamics delivered an exceptional performance with record sales, earnings and cash flow generation. I think it was a tremendous achievement, and I'm incredibly proud of our team.

我們新的鋁集團在我們的鋁壓延投資方面取得了很大進展，我將在稍後的電話會議中分享更多細節。相對於 22 年全年，整個 Steel Dynamics 的銷售額、收益和現金流量創紀錄，表現出色。我認為這是一項巨大的成就，我為我們的團隊感到無比自豪。

They are the foundation of our company, and they are the ones that have truly driven our success over the years. It's their culture of excellence and the strategic positioning executed over the last number of years that allows us to maximize opportunities resulting in higher lows and higher highs through all market cycles. However, none of this matters without keeping our teams safe. Often, employees are described as a company's most important resource.

他們是我們公司的基石，也是多年來真正推動我們取得成功的人。正是他們的卓越文化和過去幾年執行的戰略定位使我們能夠最大限度地利用機會，從而在所有市場週期中創造更高的低點和更高的高點。但是，如果不保證我們團隊的安全，這一切都無關緊要。通常，員工被描述為公司最重要的資源。

But for Steel Dynamics, they're more than that, they are a family. And now we number over 12,000 strong. We are continually focused and provide the very best for their health, safety and welfare. We're actively engaged in safety at all times at every level, came in at top of mind in an active conversation at all levels through the organization. And with that focus, the team's safety performance improved significantly in 2022, but there's certainly more to do as we will not rest until we consistently achieve our goal of 0 injuries.

但對於 Steel Dynamics 而言，他們不僅如此，他們還是一家人。現在我們的人數超過 12,000 人。我們始終專注於為他們的健康、安全和福利提供最好的服務。我們始終在各個層面積極參與安全，在整個組織的各個層面進行積極對話時，我們將安全放在首位。有了這個重點，團隊的安全性能在 2022 年有了顯著改善，但肯定還有更多工作要做，因為我們不會休息，直到我們始終如一地實現 0 傷害的目標。

But before I add any more detail, Theresa, would you like to give us some detailed financial results.

但在我添加更多細節之前，Theresa，你願意給我們一些詳細的財務結果嗎？

Thank you, Mark. Good morning, everyone. I add my sincere appreciation and congratulations to the entire team. We continue to hit new milestones throughout the company achieving record annual performance in 2022, with record revenues of $22.3 billion derived from strong product pricing and volumes across all of our operating platforms. Record operating income of -- excuse me, record operating income of $5.1 billion and net income of $3.9 billion or $2.92 per diluted share, and record cash flow from operations of $4.5 billion with EBITDA of $5.5 billion.

謝謝你，馬克。大家，早安。我向整個團隊表示衷心的感謝和祝賀。我們繼續在整個公司實現新的里程碑，在 2022 年實現創紀錄的年度業績，創紀錄的 223 億美元收入來自我們所有運營平台的強勁產品定價和銷量。創紀錄的營業收入——對不起，創紀錄的營業收入為 51 億美元，淨收入為 39 億美元或每股攤薄收益 2.92 美元，創紀錄的運營現金流為 45 億美元，EBITDA 為 55 億美元。

As Mark mentioned, is truly an exceptional performance. Regarding our fourth quarter 2022 results, net income was $635 million or $3.61 per diluted share which includes additional performance-based special compensation of $24 million or $0.09 per diluted share that was awarded to all nonexecutive eligible team members in recognition of their extraordinary performance. and costs of approximately $168 million or $0.67 per diluted share associated with our Sinton Texas flat-rolled steel mill ramp.

正如馬克所說，這確實是一場非凡的表演。關於我們 2022 年第四季度的業績，淨收入為 6.35 億美元或每股攤薄收益 3.61 美元，其中包括額外的基於績效的特殊薪酬 2400 萬美元或每股攤薄收益 0.09 美元，該薪酬獎勵給所有非執行合格團隊成員，以表彰他們的非凡表現。與我們的 Sinton Texas 平軋鋼廠坡道相關的成本約為 1.68 億美元或每股攤薄收益 0.67 美元。

Our fourth quarter 2022 operating income declined 35% sequentially to $759 million due to lower realized selling values and seasonally lower shipments within our steel operations. which individually generate operating income of $178 million with shipments of 3 million tons in the fourth quarter. Our flat-rolled steel mills were negatively impacted during the quarter with high-cost pig iron that was purchased earlier in 2022 during the early stages of Russia's invasion of Ukraine.

我們 2022 年第四季度的營業收入環比下降 35% 至 7.59 億美元，原因是我們的鋼鐵業務實現銷售價值較低且季節性出貨量較低。其中第四季度的出貨量為 300 萬噸，單獨產生營業收入 1.78 億美元。我們的軋鋼廠在本季度受到負面影響，因為在 2022 年初俄羅斯入侵烏克蘭的早期階段購買了高成本生鐵。

Based on current pig iron prices of $500 per ton versus our average cost incurred in the fourth quarter, earnings were negatively impacted by about $80 million. We expect to see that continue into the first quarter and the negative impact is likely to be around $60 million as we work through all the higher price pig iron before the end of the first quarter.

根據目前每噸 500 美元的生鐵價格與我們第四季度的平均成本相比，收益受到了約 8000 萬美元的負面影響。我們預計這種情況會持續到第一季度，隨著我們在第一季度末之前解決所有價格較高的生鐵，負面影響可能約為 6000 萬美元。

For the full year 2022, operating income from our steel operations was $3.1 billion, representing the second strongest year in our history, with record annual shipments of 12.2 million tons. Fourth quarter operating income from our metals recycling operations improved to $14 million based on increased volume and metal spread expansion despite lower average selling values.

2022 年全年，我們鋼鐵業務的營業收入為 31 億美元，是我們歷史上第二強勁的一年，年出貨量達到創紀錄的 1220 萬噸。儘管平均售價較低，但由於數量增加和金屬價差擴大，我們金屬回收業務的第四季度營業收入增加至 1400 萬美元。

For the full year 2022, operating income from our mills recycling operations was $130 million. Due to lower volume and average selling values, our spare scrap prices fell 9 out of 12 months during the year. It was sequentially lower than the record results in 2021.

2022 年全年，我們工廠回收業務的營業收入為 1.3 億美元。由於銷量和平均售價較低，我們在這一年的 12 個月中有 9 個月的備用廢鋼價格下跌。它連續低於 2021 年的創紀錄結果。

Our Mexican recycling operations have proven to be a strategic key for both sourcing scrap for our Southern steel mills and driving profitability. I want to say a sincere thank you to the Zimmer and Roka team. We continue to effectively lever the strength of our circular manufacturing model, benefiting both our steel and metals recycling operations by providing higher quality scrap to our steel mills which improves furnace efficiency, lowers cost and reduces company-wide working capital needs.

我們的墨西哥回收業務已被證明是為我們的南部鋼廠採購廢料和提高盈利能力的戰略關鍵。我想對 Zimmer 和 Roka 團隊表示衷心的感謝。我們繼續有效地利用我們循環製造模式的優勢，通過向我們的鋼廠提供更高質量的廢料來提高熔爐效率、降低成本並減少全公司的營運資金需求，從而使我們的鋼鐵和金屬回收業務受益。

And once again, our steel fabrication operations achieved record quarterly operating income of $682 million as metal spreads continue to expand based on steady product pricing and lower steel input costs, which more than offset the impact of seasonally lower shipments. Steel joist and deck remains solid as evidenced by our continued strong order backlog which extends through the first half of 2023.

再一次，我們的鋼鐵製造業務實現了創紀錄的季度營業收入 6.82 億美元，這是因為基於穩定的產品定價和較低的鋼鐵投入成本，金屬價差繼續擴大，這大大抵消了季節性出貨量下降的影響。鋼托樑和甲板仍然堅固，我們持續強勁的訂單積壓一直持續到 2023 年上半年。

Our steel fabrication platform also achieved another record year in 2022, with operating income of $2.4 billion eclipsing last year's record of $365 million, congratulations to the entire team, well done. This demonstrates the power of our circular manufacturing model and the natural hedge our steel fabrication business provides to steel price shifts.

我們的鋼鐵製造平台也在 2022 年再創新高，營業收入達到 24 億美元，超過了去年創下的 3.65 億美元的記錄，祝賀整個團隊，幹得好。這證明了我們循環製造模式的力量以及我們的鋼鐵製造業務為鋼鐵價格變動提供的自然對沖。

During the fourth quarter of 2022, we generated strong cash flow from operations of $1.1 billion due to strong results in the release of working capital. For the full year, we generated a record $4.5 billion, our cash generation is consistently strong based on our differentiated circular business model and highly variable low-cost structure. At the end of the year, we had liquidity of $3.4 billion comprised of cash and short-term investments of $2.2 billion and our fully available unsecured revolver of $1.2 billion.

在 2022 年第四季度，由於營運資金釋放的強勁結果，我們從運營中產生了 11 億美元的強勁現金流。全年，我們產生了創紀錄的 45 億美元，基於我們差異化的循環業務模式和高度可變的低成本結構，我們的現金產生能力始終強勁。截至年底，我們擁有 34 億美元的流動資金，其中包括 22 億美元的現金和短期投資，以及 12 億美元的完全可用的無抵押循環貸款。

During 2022, we invested $909 million in capital investments of which over half related to ongoing construction of our 4 new flat-rolled coating lines and our aluminum flat-rolled mill investments. For 2023, we believe capital investments will be in the range of $1.5 billion, the majority of which relates to our aluminum flat-rolled investments and the completion of our flat-rolled coating lines.

2022 年，我們投入了 9.09 億美元的資本投資，其中一半以上與正在建設的 4 條新的軋製塗層生產線和鋁軋機投資有關。到 2023 年，我們認為資本投資將在 15 億美元左右，其中大部分與我們的鋁壓延投資和壓延塗層生產線的完工有關。

Since our last call, we also announced the location for our aluminum rolling mill as Columbus, Mississippi. Mark will share the strategy of the location later in the call. We're also incredibly pleased to have received near-term state incentives for the project of $250 million with meaningful additional tax benefits to occur over the next 15 years. During the fourth quarter, we maintained our cash dividend of $0.34 per common share after increasing at 31% in the first quarter of 2022. We also repurchased $413 million of our common stock in the fourth quarter.

自上次通話以來，我們還宣布了我們的鋁軋機選址在密西西比州的哥倫布市。 Mark 稍後將在通話中分享該位置的策略。我們也非常高興地獲得了 2.5 億美元項目的近期國家激勵措施，並在未來 15 年內提供有意義的額外稅收優惠。在第四季度，在 2022 年第一季度增長 31% 後，我們維持每股普通股 0.34 美元的現金股息。我們還在第四季度回購了 4.13 億美元的普通股。

For the full year, we paid cash dividends of $237 million and repurchased $1.8 billion or 12% of our outstanding shares, representing a 53% net income shareholder distribution rate. At the end of the year, $1.3 billion remains available under our current share authorization program.

全年，我們支付了 2.37 億美元的現金股息，並回購了 18 億美元或 12% 的已發行股票，相當於 53% 的淨收入股東分配率。到年底，根據我們當前的股票授權計劃，仍有 13 億美元可供使用。

Since 2017, we've increased our cash dividend per share by 119% and we've repurchased $4.2 billion of our common stock, representing 31% of our outstanding shares. These actions reflect the strength of our capital foundation and consistently strong cash flow generation capability, and the continued optimism and confidence in our future.

自 2017 年以來，我們將每股現金股息提高了 119%，並回購了 42 億美元的普通股，占我們流通股的 31%。這些舉措反映了我們雄厚的資本基礎和持續強勁的現金流生成能力，以及對我們未來的持續樂觀和信心。

Our capital allocation strategy prioritizes high-return strategic growth with shareholder distributions comprised of a base positive dividend profile that is complemented with a variable share repurchase program. While we remain dedicated to preserving our investment-grade credit designation. We've strategically placed ourselves in a position of strength to have a sustainable capital foundation that provides the opportunity for meaningful strategic growth and strong shareholder returns while maintaining investment-grade metrics.

我們的資本配置策略優先考慮高回報戰略增長，股東分配包括基本的積極股息狀況，輔之以可變股票回購計劃。雖然我們仍然致力於維護我們的投資級信用稱號。我們在戰略上使自己處於優勢地位，擁有可持續的資本基礎，為有意義的戰略增長和強勁的股東回報提供機會，同時保持投資級指標。

Our free cash flow profile has fundamentally changed over the last 5 years from an annual average of $580 million between 2011 and 2015 to $2.6 billion today between 2018 and 2022. Our recently announced aluminum investment is consistent with our unchanged capital allocation strategy. We will readily fund our flat-rolled aluminum investment with available cash and cash flow from operations.

我們的自由現金流狀況在過去 5 年發生了根本性變化，從 2011 年至 2015 年的年均 5.8 億美元增加到 2018 年至 2022 年的 26 億美元。我們最近宣布的鋁投資與我們不變的資本配置策略一致。我們將隨時使用可用現金和運營現金流為我們的壓延鋁投資提供資金。

We also plan to continue strong and responsible shareholder distributions as we've clearly demonstrated. We are squarely positioned for the continuation of sustainable optimized long-term value creation. Sustainability is also a significant part of our long-term value creation strategy, and we are dedicated to our people, our communities and our environment.

我們還計劃繼續強有力和負責任的股東分配，正如我們已經明確展示的那樣。我們完全有能力繼續創造可持續優化的長期價值。可持續性也是我們長期價值創造戰略的重要組成部分，我們致力於為我們的人民、我們的社區和我們的環境服務。

We're committed to operating our business with the highest integrity. In that regard, we're excited about our newly formed joint venture with Aymium, a leading producer of renewable biocarbon products. We believe our first joint facility could decrease our steel Scope 1 greenhouse gas emissions by as much as 35%. We have an actionable path toward carbon neutrality that is more manageable and we believe, considerably less expensive than may lay ahead for many of our industry peers.

我們致力於以最高的誠信經營我們的業務。在這方面，我們對與領先的可再生生物碳產品生產商 Aymium 新成立的合資企業感到興奮。我們相信我們的第一個聯合工廠可以將我們的鋼鐵範圍 1 溫室氣體排放量減少多達 35%。我們有一條通往碳中和的可行道路，這條道路更易於管理，而且我們相信，這比我們許多行業同行可能要付出的代價要低得多。

Our sustainability and carbon reduction strategy is an ongoing journey and we are moving forward with an intention to make a positive difference. We plan to continue to address these matters and to play a leadership role moving forward.

我們的可持續發展和碳減排戰略是一個持續的旅程，我們正在向前邁進，旨在產生積極的影響。我們計劃繼續解決這些問題並發揮領導作用。

As I conclude my remarks, I know there's some of you that follow more detail of our flat-rolled shipments. So for the fourth quarter, our hot-rolled shipments were 959,000 tons, our cold-rolled shipments were 109,000 tons, and our coated shipments were 1.1 million tons. Mark?

在我結束髮言時，我知道你們中的一些人關注我們平軋貨物的更多細節。因此，第四季度，我們的熱軋出貨量為 95.9 萬噸，冷軋出貨量為 10.9 萬噸，塗層出貨量為 110 萬噸。標記？

Super. Thank you, Theresa. Well, as was mentioned, steel fabrication saw phenomenal results in the platform in the year. And again, thank you to the phenomenal team. I think their effectiveness and their efficiency and their output per employee exceeds anyone in the industry. So congratulations to you all and thank you for all you do there. It was another record quarterly performance, and record annual operating income of $2.4 billion for the year, with record shipments of 856,000 tons.

極好的。謝謝你，特蕾莎。好吧，正如所提到的，鋼鐵製造在這一年的平台上取得了驚人的成績。再次感謝出色的團隊。我認為他們的有效性和效率以及每個員工的產出超過了行業中的任何人。祝賀你們所有人，感謝你們在那裡所做的一切。這是又一個創紀錄的季度業績，全年營業收入達到創紀錄的 24 億美元，出貨量達到創紀錄的 856,000 噸。

Although the macro industries remain a little mixed, we believe nonresidential construction markets are and will continue to remain strong throughout the year. Despite lower ABI indications, I believe overall architectural firms remain optimistic for '23 and Dodge Momentum Index improved around about 6% in December. And nonresidential starts and build rates are also forecast to remain solid through the year. And I think the continued onshoring of manufacturing businesses and the infrastructure spending programs will start kicking in that will continue to provide momentum for construction spending.

儘管宏觀行業仍然有些喜憂參半，但我們相信非住宅建築市場全年並將繼續保持強勁。儘管 ABI 指標較低，但我相信整體建築公司對 23 年仍然持樂觀態度，道奇動量指數在 12 月份提高了約 6%。預計全年非住宅開工率和建造率也將保持穩定。我認為製造業企業的持續外包和基礎設施支出計劃將開始發揮作用，這將繼續為建築支出提供動力。

More relevant, I think our customers certainly tell us demand remains solid in spite of economic uncertainty, and it's certainly confirmed by current order rates, not only in the joist and deck business but also our structural products business as well.

更重要的是，我認為我們的客戶肯定會告訴我們，儘管經濟存在不確定性，但需求依然強勁，而且當前的訂單率肯定證實了這一點，不僅在托樑和甲板業務中，而且在我們的結構產品業務中也是如此。

Our steel fabrication order backlog extends through the first half of '23, with strong pricing dynamics. And with continued solid order intake rates, we expect to see continued strong volume and performance from those operations throughout 2023. And the fabrication platform is not only a significant contributor itself, but it provides significant pull-through volume for our steel mills, allowing higher through-cycle utilization rates, and it also provides a meaningful natural hedge to lower steel pricing. Our metals recycling platform had a solid year, especially in light of the challenging pricing environment.

我們的鋼鐵製造訂單積壓一直持續到 23 年上半年，定價動態強勁。隨著持續穩定的訂單接收率，我們預計在整個 2023 年這些業務的數量和性能將持續強勁。製造平台不僅本身是一個重要的貢獻者，而且它為我們的鋼廠提供了大量的拉動量，允許更高整個週期的利用率，它還為降低鋼鐵價格提供了有意義的自然對沖。我們的金屬回收平台今年表現不錯，尤其是在定價環境充滿挑戰的情況下。

During 2022, ferrous scrap prices declined 9 out of 12 months and volumes were marginally lower. The team managed to achieve metal margins that were only $2 per gross ton lower than record 2021 results.

2022 年期間，廢鋼價格在 12 個月中有 9 個月下跌，銷量略有下降。該團隊設法實現的金屬利潤率僅比 2021 年創紀錄的結果低 2 美元/總噸。

After 7 consecutive months of declining price during '22 ferrous scrap prices improved in December and January, and it's our expectation that pricing will continue a moderate seasonal increase during the first quarter. Our metals recycling geographic footprint provides a strategic competitive advantage for our EAF steel mills and our scrap generating customers.

在 22 年廢鋼價格連續 7 個月下跌後，12 月和 1 月價格有所回升，我們預計第一季度價格將繼續溫和的季節性上漲。我們的金屬回收地理足跡為我們的 EAF 鋼廠和我們的廢料產生客戶提供了戰略競爭優勢。

In particular, our growing Mexican volumes will enhance our Columbus and Sinton positions and the Zimmer and Roka acquisitions are performing very well, and the integration is outstanding. Our metals recycling team continues to partner with our steel teams to expand traded scrap separation to provide more high-quality, low-residual scrap to our steel mills.

特別是，我們不斷增長的墨西哥銷量將提升我們在哥倫布和辛頓的地位，而對 Zimmer 和 Roka 的收購表現非常好，整合也非常出色。我們的金屬回收團隊繼續與我們的鋼鐵團隊合作，擴大貿易廢料分離，為我們的鋼廠提供更多高質量、低殘留的廢料。

The impact of these efforts, along with others in the industry, has demonstrated that innovation will provide ample scrap supply in the years ahead. Similarly, we're also exploring technologies for more effective aluminum scrap separation in anticipation of sourcing material for our upcoming aluminum flat rolled operations to maximize recycled content.

這些努力以及業內其他努力的影響表明，創新將在未來幾年提供充足的廢鋼供應。同樣，我們也在探索更有效的鋁廢料分離技術，以期為即將到來的鋁平軋業務採購材料，以最大限度地提高回收含量。

Our steel operations achieved record shipments in the second best annual earnings in '22, again, outstanding performance by an outstanding team. So thank you for each and every one of you there. Record shipments of 12.2 million tons, operating income of $3.1 billion. Our '22 steel production utilization rate was 92%, excluding Sinton, compared to a domestic industry rate of 78%. And again, our higher utilization rates are clearly demonstrated throughout all market cycles.

我們的鋼鐵業務在 22 年的年度收益中取得了創紀錄的出貨量，這又是一支優秀團隊的出色表現。所以感謝你們每一位在場的人。創紀錄的出貨量為 1220 萬噸，營業收入為 31 億美元。我們的 '22 鋼鐵生產利用率為 92%，不包括 Sinton，而國內工業利用率為 78%。再一次，我們更高的利用率在所有市場週期中都得到了清楚的證明。

Our value-added diversified product offerings, differentiated supply chain solutions provides stickiness and the support of our internal pull-through manufacturing volume has clearly demonstrated time and time again that we can maintain a higher utilization than our peers in the industry, it's a higher -- it was a key differentiator. It supports our strong and growing through-cycle cash generation capability and best-in-class financial metrics. Looking forward, customer order entry is good and backlogs are solid. In actuality, December was a historically high order intake month followed by another historic high order intake year-to-date.

我們增值的多元化產品供應，差異化的供應鏈解決方案提供了粘性，我們內部拉通製造量的支持一次又一次地清楚地表明我們可以保持比行業同行更高的利用率，這是更高的 - - 這是一個關鍵的區別。它支持我們強大且不斷增長的全週期現金生成能力和一流的財務指標。展望未來，客戶訂單輸入良好，積壓訂單充足。實際上，12 月是歷史上最高的訂單接收月份，隨後又是今年迄今為止的另一個歷史最高訂單接收月份。

So we see a very, very, very solid market developing for the rest of the year. Auto production is expected to increase in '23 from the lower '22 rates. Dealer inventories have improved, but still remain meaningfully below historic norms. The build rate in '22 was roughly 14.3 million units, and it's expected to grow a little to about 15, 15.1 for 2023 and higher thereafter. Nonresidential construction remains solid as evidenced by fabrication backlog, and as I said, the long product steel volumes.

因此，我們看到今年餘下時間的市場發展非常、非常、非常穩固。預計汽車產量將從 22 年的較低水平增加到 23 年。經銷商庫存有所改善，但仍明顯低於歷史水平。 22 年的建築率約為 1430 萬套，預計到 2023 年將略微增長至 15、15.1 左右，此後會更高。非住宅建築仍然穩固，製造積壓和長材產品量都證明了這一點。

Residential construction has certainly softened. It's impacting HVAC, appliance and other housing-related products, but fortunately, much of our portfolio is biased toward replacement. Oil and gas activity is driving improved orders for OCTG and line pipe and solar continues to grow. And I think generally, this market strength is clearly supporting market price appreciation. And in particular, the challenges with AHMSA in Mexico has certainly changed the regional sort of markets and the Mexico tons stand in Mexico and the U.S. market is certainly benefiting from that.

住宅建設肯定已經軟化。它正在影響 HVAC、家電和其他與住房相關的產品，但幸運的是，我們的大部分產品組合都偏向於更換。石油和天然氣活動正在推動 OCTG 和管線管以及太陽能訂單的增加。而且我認為總體而言，這種市場力量顯然支持市場價格上漲。特別是，墨西哥 AHMSA 的挑戰肯定改變了區域市場類型，墨西哥噸位在墨西哥和美國市場肯定從中受益。

In Sinton, the downstream coating lines are running well. They are running below full capacity, though, as the rest of the mill continues to work through start-up items. The hot mill, and that's the good news, the hot mills turned the corner, running more consistency, approaching 65% capability month to date. We've been experiencing very, very long sequence lengths on the Caster recently up to 22 hours at a time. We're achieving days in excess of 85% capacity, and we should be around about 150,000 tons for the month of January and improving thereafter.

在辛頓，下游塗裝線運行良好。不過，由於工廠的其餘部分繼續通過啟動項目進行工作，因此它們的產能低於滿負荷運行。熱軋機，這是個好消息，熱軋機轉危為安，運行更穩定，本月產能接近 65%。我們最近在 Caster 上經歷了非常非常長的序列長度，一次長達 22 小時。我們正在實現超過 85% 產能的天數，1 月份我們應該在 150,000 噸左右，此後會有所改善。

Our current utilization is certainly being impacted by certain supply chain issues related to bearings and rolls. This is specific to the Caster rolls in the segments. But we expect to have this resolved before the end of the first quarter, which will allow for a much stronger production for the rest of the year.

我們目前的利用率肯定受到與軸承和軋輥相關的某些供應鏈問題的影響。這特定於段中的連鑄機輥。但我們希望在第一季度末之前解決這個問題，這將使今年剩餘時間的生產更加強勁。

Additionally, high-priced pig iron inventory is being drawn through -- drawn down through the quarter and raw material input costs were normalized for Q2 through the rest of the year. While financial performance will likely be flat there in the first quarter as we consume that high-price pig iron, we expect significant events in both productivity and earnings in Q2.

此外，高價生鐵庫存正在消耗——整個季度都在消耗，原材料投入成本在今年剩餘時間裡在第二季度正常化。雖然由於我們消耗了高價生鐵，第一季度的財務業績可能會持平，但我們預計第二季度的生產力和收益都會發生重大事件。

Mill production dimensional capabilities improving there. The hot strip mill design has certainly allowed for thermal mechanical rolling, allowing production of higher strength grades with lower alloy content and associated alloy cost, and we've already been approved and shipped some API grades.

工廠生產尺寸能力在那裡提高。熱帶鋼軋機的設計當然允許熱機械軋製，允許生產具有較低合金含量和相關合金成本的更高強度等級，並且我們已經獲得批准並出貨了一些 API 等級。

I think experience to date certainly affirms our technical and process choices, and there's no doubt that this is the next-generation electric arc furnace based flat-rolled steel technology of choice going forward. We continue to grow, our exceptional through cycle operating and financial performance continues to support our cash generation and growth investment strategies.

我認為迄今為止的經驗肯定肯定了我們的技術和工藝選擇，毫無疑問，這是下一代基於電弧爐的扁鋼技術的選擇。我們繼續發展，我們卓越的周期運營和財務業績繼續支持我們的現金生成和增長投資戰略。

We have the 4 value-add flat-rolled steel coating lines under construction. These projects have gone well, and they're targeted for start-up in the second half of 2023. We have a galvanizing line and paint line going in at Sinton and similarly into Heartland, and we're seeing very good customer interest for that new volume.

擁有4條在建的鋼板塗裝增值線。這些項目進展順利，目標是在 2023 年下半年啟動。我們在 Sinton 和 Heartland 有一條鍍鋅線和油漆線，我們看到客戶對此非常感興趣新卷。

Currently, we're the largest domestic nonautomotive coater of flat-rolled steel with an annual coating capacity over 6 million tons. These 4 new lines will increase that capacity by an additional 1.1 million tons. We have created unique supply chain solutions for our customers, which allow our downstream lines to remain always fully utilized with our highest margin products.

目前，我們是國內最大的非汽車板材塗裝企業，年塗裝能力超過600萬噸。這 4 條新生產線將使產能再增加 110 萬噸。我們為客戶創建了獨特的供應鏈解決方案，使我們的下游生產線始終能夠充分利用我們利潤率最高的產品。

Switching to aluminum, market response from both current and new customers across all market sectors has truly been incredible. To recap, the project itself, it's a 650,000 metric ton per year aluminum flat-rolled facility. The main mill facility will be located in Columbus, Mississippi. It's close to the Southeastern markets and well positioned to serve Mexico. It's on the KCS rail line, which connects us again to Mexico to bring slab up and material back down to Mexico, and it also connects to Canada to bring primary aluminum down from the sources up there.

轉向鋁，來自所有市場領域的現有和新客戶的市場反應確實令人難以置信。回顧一下，該項目本身是一個年產 650,000 公噸鋁扁材的工廠。主要工廠設施將位於密西西比州哥倫布市。它靠近東南部市場，並且定位於為墨西哥服務。它位於 KCS 鐵路線上，這條鐵路再次將我們連接到墨西哥，將板坯運上來並將材料運回墨西哥，它還連接到加拿大，將原鋁從那裡的源頭運下來。

We intentionally located it on the TVA power grid to allow supply green energy. And we have water access by the Tombigbee Waterway. So the transportation structure is good for us. We obtained a very attractive incentive package. And having our current -- our Columbus steel mill close by, it allows us to draw on that facility for talent, for professional services, and there'll be a transition or transfer of many of our folks there which will allow an immediate infusion of our culture to that aluminum facility. So we're excited about that.

我們有意將其放置在 TVA 電網上，以提供綠色能源。我們可以通過 Tombigbee Waterway 取水。所以交通結構對我們有好處。我們獲得了非常有吸引力的激勵方案。我們目前的 - 我們的哥倫布鋼廠就在附近，它使我們能夠利用該設施來提供人才和專業服務，並且我們的許多人將在那裡過渡或轉移，這將允許立即註入我們的文化影響到那個鋁廠。所以我們對此感到興奮。

The mill itself will have on-site melt cast slab capacity of roughly 600,000 metric tons and will be supported by 2 satellite recycled aluminum slab casting centers. One will be located in the Southwest U.S. and one in SLP Mexico, both sites we have letters of intent in place, and we're under due diligence, but I believe they will serve us very, very, very well. And obviously, the strategic thought there was to place the slab centers in areas of surplus scrap and the California Western market and Mexico will have an abundance of UBC material.

該工廠本身將擁有大約 600,000 公噸的現場熔鑄板坯產能，並將由 2 個衛星再生鋁板坯鑄造中心提供支持。一個將位於美國西南部，一個位於 SLP 墨西哥，這兩個地點我們都有意向書，我們正在進行盡職調查，但我相信它們將為我們提供非常、非常、非常好的服務。顯然，戰略思想是將板坯中心放置在剩餘廢料的區域，加利福尼亞西部市場和墨西哥將擁有豐富的 UBC 材料。

The mill itself, again, is going to be equipped with the 2 cache lines, a coating line, downstream processing and packaging lines. We've actually expanded the product scope there to include additional scrap processing and treatment to maximize recycled content. It's a state-of-the-art facility, and we'll be serving the sustainable beverage and packaging markets, both body and TAM, the automotive sector and industrial sectors.

工廠本身也將配備 2 條緩存線、一條塗層線、下游加工和包裝線。我們實際上已經擴大了那裡的產品範圍，包括額外的廢料加工和處理，以最大限度地提高回收含量。這是一個最先進的設施，我們將服務於可持續的飲料和包裝市場，包括車身和 TAM、汽車行業和工業領域。

Breakdown would be 300,000 tons of can sheet, 200,000 tons of auto and about 150,000 tons of industrial, all the principal equipment is on order, allowing for a pretty firm startup of the mill mid-2025. We believe the Mexican slab center will start up in the second half of '24 and the Southwest U.S. slab center early 2025.

細分為 300,000 噸罐頭板、200,000 噸汽車和約 150,000 噸工業產品，所有主要設備均已訂購，允許工廠在 2025 年年中穩步啟動。我們相信墨西哥板坯中心將在 24 年下半年啟動，美國西南部板坯中心將在 2025 年初啟動。

The total project cost, including the recycled slab centers has grown a little from our initial $2.2 billion estimate. The increase is somewhat associated with -- now that we've truly defined the equipment costs. But we've also added scope. As I said, we put in scrap processing and treatment and segregation at both the slab centers, which has increased that number a little.

包括回收板中心在內的項目總成本比我們最初估計的 22 億美元略有增長。增加與 - 現在我們已經真正定義了設備成本有關。但我們也增加了範圍。正如我所說，我們在兩個板坯中心都進行了廢料加工和處理以及隔離，這使這個數字略有增加。

And today, we estimate a firm budget of about $2.5 billion. It will be 100% funded with available cash and cash flow from operations. So there's no additional debt or financial needed to push this thing forward. And we clearly expect to see about $650 million to $700 million of through-cycle annual EBITDA, with an additional $40 million to $50 million arising from our recycled OmniSource efforts.

今天，我們估計預算約為 25 億美元。它將 100% 由可用現金和運營現金流提供資金。因此，不需要額外的債務或財務來推動這件事向前發展。我們顯然預計整個週期的年度 EBITDA 約為 6.5 億至 7 億美元，另外 4000 萬至 5000 萬美元來自我們回收的 OmniSource 工作。

From an investment premise and we've talked about it before, but we see the aluminum market, not unlike that in the steel industry, when we started SDI some 30 years ago. It's an industry that has essentially older assets. There's been little reinvestment over the years, heavy legacy cost. There's inefficiency and sort of high-cost operations.

從投資前提來看，我們之前已經談過，但我們看到的鋁市場與鋼鐵行業的市場沒有什麼不同，當時我們在大約 30 年前創立 SDI。這是一個基本上擁有較舊資產的行業。多年來幾乎沒有再投資，遺留成本很高。存在效率低下和某種高成本運營。

And the advantage compared to any other steel market that we've entered is there's actually a supply side deficit. Every other market in steel has always been oversupplied, and we've had to use our culture and low-cost strategies to penetrate those markets.

與我們進入的任何其他鋼鐵市場相比，優勢在於實際上存在供應短缺。其他所有鋼鐵市場一直供過於求，我們不得不利用我們的文化和低成本戰略來打入這些市場。

With aluminum, there's a clear, clear supply deficit, will certainly aid the ramp-up and a very, very quick profitability of that project. There is certainly business alignment. We believe it's sort of an adjacent industry, so to speak. It's going to allow us to leverage our core competencies of constructing design, constructing, ramping up very, very large capital assets.

對於鋁，存在明顯、明顯的供應短缺，這肯定會有助於該項目的增長和非常、非常快的盈利。當然有業務一致性。我們認為這是一個相鄰的行業，可以這麼說。這將使我們能夠利用我們在構建設計、構建和提升非常非常大的資本資產方面的核心競爭力。

It will allow us to leverage our recycling footprint, OmniSource is the largest North American recycling of nonferrous products, including aluminum. We recycle over 1.2 billion pounds, half of that is aluminum today. I believe we will certainly be able to infuse the project with our culture, and that will power a very low cost, very high efficiency operations.

這將使我們能夠利用我們的回收足跡，OmniSource 是北美最大的有色金屬產品回收公司，包括鋁。我們回收了超過 12 億磅，其中一半是鋁。我相信我們一定能夠將我們的文化融入該項目，這將推動成本非常低、效率非常高的運營。

We are very, very excited and we're certainly excited from the reception we're getting from those aluminum customers. Looking forward, we're certainly excited and passioned by our future growth opportunities as they will continue the high returning growth momentum we have consistently demonstrated over the years.

我們非常、非常興奮，我們當然對從那些鋁客戶那裡得到的接待感到興奮。展望未來，我們當然對未來的增長機會感到興奮和熱情，因為它們將延續我們多年來一貫展示的高回報增長勢頭。

We were recently added to the S&P 500 Index. I feel that's a true testament to our people and to the financial strength and maturity of our company. We're arguably 1 of the top 5 steel producers in the world as measured by market cap today, and the third largest in North America by capacity. We certainly have the best financial metrics of any of our peers.

我們最近被納入標準普爾 500 指數。我覺得這是對我們的員工以及我們公司的財務實力和成熟度的真實證明。按當今市值衡量，我們可以說是世界前 5 大鋼鐵生產商之一，按產能計算在北美排名第三。我們當然擁有我們同行中最好的財務指標。

And all these achievements have been achieved in a relatively short time frame, and that could not be accomplished without the phenomenal commitment of our extraordinary people. Everyone has had an impact and everyone contributes each and every day. We were celebrating our 30th year in business later this year, and there are only better things to come. Teams and the culture they create are our foundation, and I thank each of them for their passion and their dedication.

所有這些成就都是在相對較短的時間內取得的，如果沒有我們非凡的人民的非凡承諾，這是不可能實現的。每個人都產生了影響，每個人每天都在做出貢獻。今年晚些時候，我們正在慶祝我們成立 30 週年，未來只會有更好的事情發生。團隊和他們創造的文化是我們的基礎，我感謝他們每個人的熱情和奉獻精神。

And in turn, we are committed to their welfare, their health and their safety. And I remind those listening today that safety for yourselves and each other is our highest priority each and every day. Our success is also driven by the loyal support of our customers who have become partners and friends over the years. And together, we have created many innovative supply chain solutions, creating value for all.

反過來，我們致力於他們的福利、健康和安全。我提醒今天的聽眾，你們自己和彼此的安全是我們每一天的重中之重。我們的成功也得益於多年來成為合作夥伴和朋友的客戶的忠誠支持。我們共同創造了許多創新的供應鏈解決方案，為所有人創造價值。

We look forward to providing similar value and optionality to all our new customers as we continue to expand our product offerings in the steel arena, but also in the new aluminum market that we're entering. And finally, thank you to all that have invested in us. There's a growing number that is recognizing the power of our culture, the resilience of our business model and the potential outsized depreciation that are significant yet disciplined growth will return. We certainly look forward to creating new opportunities for all of us today and in the years ahead. And so with that said, would love to open the floor up or the call up for questions.

隨著我們繼續擴大我們在鋼鐵領域以及我們正在進入的新鋁市場的產品供應，我們期待為所有新客戶提供類似的價值和選擇。最後，感謝所有投資於我們的人。越來越多的人認識到我們文化的力量、我們商業模式的彈性以及潛在的大幅貶值，這些都是重要但有紀律的增長將會回歸。我們當然期待在今天和未來幾年為我們所有人創造新的機會。話雖如此，我很樂意打開地板或打電話提問。

(Operator Instructions) Your first question is coming from Emily Chieng of Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Emily Chieng。

I would like to start with the aluminum rolling mill and what progress you've made there. Maybe curious as to how many sort of contract negotiations or discussions you've started to have with different customers. Maybe what end markets you've been targeting so far? And as you think about how Steel Dynamics may ultimately disrupt this industry, are there any indications that the pricing construct that we've historically seen of this industry could change.

我想從鋁軋機以及你們在那裡取得的進展開始。也許想知道您已經開始與不同的客戶進行多少種合同談判或討論。也許到目前為止您一直瞄準哪些終端市場？當您考慮 Steel Dynamics 最終可能會如何顛覆這個行業時，是否有任何跡象表明我們在歷史上看到的這個行業的定價結構可能會發生變化。

Thanks for your question. I do believe that -- when one says disrupt an industry that can be taken both positively and negatively. I think from our perspective, we look at it from a very positive nature, creating optionality for the customer base. Many of our existing steel customers also buy and consume aluminum. And so it's great to be able to create further value for them.

謝謝你的問題。我確實相信——當有人說顛覆一個既可以被正面也可以被負面看待的行業時。我認為從我們的角度來看，我們從非常積極的角度看待它，為客戶群創造了選擇權。我們現有的許多鋼鐵客戶也購買和消費鋁。因此，能夠為他們創造更多價值真是太好了。

I do believe that our advantage, and we've seen that over the last 30 years in steel, in that the power of our culture allowing us to leverage state-of-the-art equipment tends to drive very, very effective, highly efficient, low-cost operations. And in any commodity market, the low-cost producer will survive and thrive and allow superior financial metrics through the cycle. And so the mill itself, the combination again of our culture, state-of-the-art equipment, just simply the plant layout, the high recycled content that we will enjoy, the improved yield impact through the process, the low overhead cost all will combine to provide a very low cost solution, and allow us to, I think, penetrate those markets quite effectively. Will that change the pricing environment? I don't think so. We will be just a partial participant initially anyway in that marketplace.

我確實相信我們的優勢，而且我們在過去 30 年的鋼鐵行業中看到了這一點，因為我們的文化力量使我們能夠利用最先進的設備，從而推動非常、非常有效、高效的發展，低成本運營。在任何商品市場中，低成本生產商都將生存和繁榮，並在整個週期中實現卓越的財務指標。因此，工廠本身、我們的文化、最先進的設備、簡單的工廠佈局、我們將享受的高回收含量、通過該過程提高的產量影響、低間接成本所有這些都再次結合將結合提供一個非常低成本的解決方案，並允許我們，我認為，非常有效地滲透這些市場。這會改變定價環境嗎？我不這麼認為。無論如何，我們最初只是該市場的部分參與者。

So from a progress perspective, Emily, I think that Mark mentioned earlier that we do have locations that we have in mind, and we're negotiating right now for both of the recycled slab facilities, plus we now have a location. And so there's a lot of excitement happening in Columbus, Mississippi. Last year, we spent about -- just a little over $120 million on the investments going forward, just to kind of recalibrate since we do have an increased amount of $2.5 billion.

因此，從進展的角度來看，Emily，我認為 Mark 之前提到過我們確實有我們想要的位置，我們現在正在就兩個回收板設施進行談判，而且我們現在有一個位置。因此，密西西比州哥倫布市發生了很多令人興奮的事情。去年，我們在未來的投資上花費了大約 1.2 億美元多一點，只是為了重新調整，因為我們確實增加了 25 億美元。

In 2023, we're likely to spend somewhere between $900 million and $950 million in capital. In 2024, $1.2 billion, with the remaining $200 million to $300 million during the startup year of 2025. So the teams are pushing forward very quickly.

到 2023 年，我們可能會花費 9 億至 9.5 億美元的資本。 2024 年是 12 億美元，剩下的 2 億到 3 億美元是在 2025 年的啟動年。所以團隊推進得非常快。

Your next question is coming from Carlos De Alba of Morgan Stanley.

你的下一個問題來自摩根士丹利的 Carlos De Alba。

So on capacity, I would like to discuss capacity utilization, both for the industry, the company as well as the expected ramp-up of the four value-added coated lines. So you guys have been running as you described in earlier comments at a higher capacity utilization in the industry. But now the industry in the U.S. is running around just slightly above 70%, 75%. How long can this persist, do you think, given that prices are increasing, supply discipline has been there so far. But there are some folks out there that aren't are doing as well as you clearly by the numbers that you have posted. So how do you see the situation evolving Mark perhaps on these? And then Mark, how do you see the ramp-up -- the expected ramp-up of the capacity utilization of the 4 value-added lines. You mentioned that you see 80% in 2023 for Sinton, but any color on the four coated lines would be great.

因此，關於產能，我想討論行業、公司的產能利用率，以及四條增值塗層生產線的預期產能利用率。所以你們一直在運行，正如你在之前的評論中所描述的那樣，行業的產能利用率更高。但現在美國的這個行業運行在略高於 70%、75% 左右。你認為這種情況能持續多久，鑑於價格上漲，供應紀律一直存在至今。但是從您發布的數字來看，有些人顯然沒有您做得那麼好。那麼，您如何看待 Mark 在這些方面的發展情況？然後馬克，你如何看待增加 - 4 條增值線的產能利用率的預期增加。你提到你看到 Sinton 在 2023 年達到 80%，但四條塗層線上的任何顏色都會很棒。

Carlos, you were like a machine gun there. So I'm not so sure I got all the -- all your questions. But the -- I think from a ramp-up, I will work backwards, but from the ramp-up of the coating lines, those will be, I think, very, very, very strong. Obviously, we have many, many galvanizing lines, prepaint lines throughout the company, and we will harness all our technical resources there to get those lines up quickly. We certainly have the substrate available to fully load those lines. So I think the ramp up, again, those lines of start up at second half, perhaps fourth quarter and will ramp up quite quickly through the rest of the year into the following year.

卡洛斯，你在那裡就像一把機關槍。所以我不太確定我得到了你所有的問題。但是——我認為從一個斜坡上升，我會倒退，但從塗層生產線的斜坡上升，我認為，那些將非常、非常、非常強大。顯然，我們在整個公司有很多很多鍍鋅線、預塗線，我們將利用我們在那裡的所有技術資源來快速建立這些生產線。我們當然有可用的基板來完全加載這些生產線。因此，我認為這些生產線再次在下半年，也許是第四季度啟動，並將在今年餘下時間迅速增加到下一年。

As it relates to the first part of your question, Carlos, around utilization for the industry. I would point out that even if you go back to more challenging times like 2015, et cetera, our utilization still remained very high, and that's because of the power of our pull-through volume, which we would anticipate as well. But we are really optimistic for 2023 with the additional onshoring of manufacturing businesses, which you are seeing in reality as well as with the infrastructure program and other investment opportunities. We think that steel demand in the U.S. will continue to stay steady to potentially increasing as well as the trade benefits of melting and casting in the U.S. for the U.S. producer. So yes, flat-rolled prices specifically have improved recently, which we think that they should have. We don't think that, that's going to have an impact of -- a negative impact. We think that will be a positive impact, and we think both industry utilization rates and ours specifically, should remain steady to improving in 2023.

因為它與你問題的第一部分有關，卡洛斯，圍繞行業的利用。我要指出的是，即使你回到 2015 年等更具挑戰性的時期，我們的利用率仍然非常高，這是因為我們預料到的拉動量的力量。但我們對 2023 年真的很樂觀，因為你在現實中看到了製造業企業的額外外包，以及基礎設施計劃和其他投資機會。我們認為美國的鋼鐵需求將繼續保持穩定並可能增加，以及美國生產商在美國熔煉和鑄造的貿易利益。所以，是的，平軋價格最近特別有所提高，我們認為他們應該有。我們認為，這不會產生負面影響。我們認為這將產生積極影響，我們認為行業利用率和我們的利用率在 2023 年應該保持穩定並有所改善。

Your next question is coming from Timna Tanners of Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Timna Tanners。

I wanted to ask about the downstream, the fabricate segment, please. Just a little clarity, if you could, on the guidance. As I understand it, you talked about some slippage from very high levels, but still above historical levels. But historically, EBITDA per ton prior to 2022 is $190 a ton, in 2022 is $2850. I'm just wondering if you could provide a little more color on where we should fall between those 2 extremes. And maybe if you could, it would be helpful. I know Nucor mentioned a year-over-year comparison? Or if there's anything that you can provide a little more clarity on that, that would be great.

我想問一下下游，製造部分。如果可以的話，請稍微澄清一下指南。據我了解，您談到了一些從非常高的水平下滑，但仍高於歷史水平。但從歷史上看，2022 年之前每噸的 EBITDA 為每噸 190 美元，2022 年為每噸 2850 美元。我只是想知道您是否可以提供更多關於我們應該落在這兩個極端之間的地方的顏色。如果可以的話，也許會有幫助。我知道 Nucor 提到了同比比較？或者，如果您可以提供任何更清晰的信息，那就太好了。

I think one has to recognize that the industry has gone through quite a consolidation comparing it to some years ago. And that has allowed sort of market strength or strong market pricing compared to history, and that will continue. The year as it's unfolding, we're entering the year with an absolute solid backlog through the middle of the year for sure.

我認為人們必須認識到，與幾年前相比，該行業已經經歷了相當大的整合。與歷史相比，這使得某種市場力量或強勁的市場定價成為可能，而且這種情況將繼續下去。隨著這一年的展開，我們進入這一年時肯定會在年中出現絕對可靠的積壓。

The order input rate is indeed off the kind of the frenetic crazy pace that it was 12 months ago. But it's very, very, very solid, and we believe that it's going to be a very, very good year for us at year-end. And I believe the -- and there's some concern maybe. As I said earlier, the macro indices may not look as rosy as some would think. And some believe that there's economic uncertainty out there, as I hopefully articulated, we don't see the gloom and doom that everyone else is seeing there. Our order input rates across all our sectors with the one exception, a little off on residential is solid. And our December bookings record level on a historic basis similarly year-to-date. We just see strength through the year, through our lens through our order book.

訂單輸入速度確實不同於 12 個月前那種狂熱的瘋狂速度。但它非常、非常、非常穩固，我們相信年底對我們來說將是非常、非常好的一年。我相信 - 可能會有一些擔憂。正如我之前所說，宏觀指數可能不像某些人想像的那樣樂觀。一些人認為存在經濟不確定性，正如我希望表達的那樣，我們沒有看到其他人在那裡看到的陰鬱和厄運。除了一個例外，我們所有部門的訂單輸入率都很穩定，住宅略有下降。我們 12 月的預訂量創歷史新高，與年初至今類似。我們只是通過我們的訂單簿，通過我們的鏡頭看到了這一年的實力。

Okay. Mark, is that strength on volumes, strength on prices, strength on margins? I mean do you expect year-over-year to be up? And just like I'm saying it's a big gap. I get that it will be higher than it's been historically, but any color on if we should expect some continuation of what we saw in 2022.

好的。馬克，這是銷量的優勢，價格的優勢，利潤的優勢嗎？我的意思是你預計同比會上升嗎？就像我說的，這是一個很大的差距。我知道它會比歷史上的水平更高，但是如果我們應該期待我們在 2022 年看到的情況會有所延續，那麼任何顏色都可以。

I think the steel space will -- I'm saying that the steel space will appreciate from the lows. Obviously, we're seeing the hot-band pricing off the market pricing of 650 and it's up way over 700. In fabrication, the spreads will likely come off a little. They certainly haven't to any large extent at this point. You're certainly seeing people say, well, our projects are getting delayed. We're not seeing any cancellations at all. We're seeing projects delayed some. But in my mind, it's not an unhealthy thing in all honesty, because it's just protracting or extending the cycle -- the business cycle in that arena.

我認為鋼鐵空間會——我是說鋼鐵空間將從低點升值。顯然，我們看到熱帶定價低於 650 的市場定價，並且已經超過 700。在製造過程中，價差可能會略有下降。在這一點上，他們當然沒有在很大程度上。你肯定會看到人們說，好吧，我們的項目被推遲了。我們根本沒有看到任何取消。我們看到項目延遲了一些。但在我看來，老實說，這並不是一件不健康的事情，因為它只是在拖延或延長周期——那個領域的商業周期。

Your next question is coming from Curt Woodworth of Credit Suisse.

你的下一個問題來自瑞士信貸的 Curt Woodworth。

I just want to follow up on the fabrication comments. So in the past, you've talked about -- you've had backlog basically priced through the middle part of this year, and I think you had discussed I believe pricing in the 5,000 or higher level. So I just wondered if you could confirm that, that is kind of the price level your backlog is at. And then if you're sold through the first part of this year, I assume you're bidding projects now for 3Q, can you comment on price levels you see there? And then with respect to some of the delays or project pushouts, from what we've seen the data center and some of those areas are still very strong, obviously the Amazon type warehouse spend, a lot of those have been canceled. So if you could just kind of help us maybe understand a little bit of the DNA of the backlog would be helpful.

我只想跟進捏造的評論。所以在過去，你已經談到 - 你已經在今年年中基本上定價了積壓，我認為你已經討論過我相信定價在 5,000 或更高的水平。所以我只是想知道您是否可以確認，這就是您積壓的價格水平。然後，如果你在今年上半年售出，我假設你現在正在為第三季度競標項目，你能評論一下你在那裡看到的價格水平嗎？然後關於一些延遲或項目推出，從我們所看到的數據中心和其中一些領域仍然非常強勁，顯然是亞馬遜類型的倉庫支出，其中很多已經被取消。因此，如果您能為我們提供一些幫助，或許了解一點積壓工作的 DNA 會有所幫助。

Curt. So from the perspective of pricing, Obviously, we're not going to give specific pricing. But you would have seen that the pricing held in very steadily in the fourth quarter from an average perspective. And we've seen very steady pricing in the backlog as well. So I would err on the higher side if you think about what's in the backlog.

簡而言之。所以從定價的角度來看，顯然，我們不會給出具體的定價。但你會看到，從平均水平來看，第四季度的定價非常穩定。我們也看到積壓的定價非常穩定。因此，如果您考慮積壓工作中的內容，我會犯錯。

And that's why we have great confidence in the earnings resiliency of the fabrication business through at least the first half of this year. And the order backlog, it's an interesting question because it's broadened out, wherein as it was very concentrated in warehouses, it's broadened out now into more, I would say, infrastructure type, hospitals, schools, churches, et cetera, so that's a good thing. I mean that's what we think we'll see more of.

這就是為什麼我們至少在今年上半年對製造業務的盈利彈性充滿信心。訂單積壓，這是一個有趣的問題，因為它已經擴大了，因為它非常集中在倉庫中，現在已經擴大到更多，我想說，基礎設施類型，醫院、學校、教堂等等，所以這是一個很好的問題事物。我的意思是這就是我們認為我們會看到更多的東西。

We expect to see very strong volumes for fabrication in 2023 from what we're seeing so far. And Mark mentioned the order entry activity is very good too from a historical perspective. So then you can contemplate what you think steel prices will do to make an estimation of whether you think we'll continue to see expanding spreads in fabrication or not. That's what we saw in the fourth quarter definitively. Mark, do you want to add anything?

從目前的情況來看，我們預計 2023 年的製造量將非常強勁。 Mark 提到，從歷史的角度來看，訂單輸入活動也非常好。因此，您可以考慮您認為鋼鐵價格會做什麼，以估計您是否認為我們會繼續看到製造價差擴大。這就是我們在第四季度明確看到的情況。馬克，你想補充什麼嗎？

And just the one comment, though, on -- I think it was mentioned that the distribution warehouses are again canceled. We actually are only seeing that in 1 customer. Well, actually, not a customer of ours, but 1 company, the distribution warehouse business in our backlog is solid and not getting canceled out. So that's not a comprehensive issue. And just to reemphasize what Theresa said earlier on the reshoring, reshoring is real. It truly is. That's going to be supportive of that business. And if you look at the -- just the size of some of these factories, the battery manufacturing facilities, these are huge, massive, massive facilities, that will require a lot of joist and deck. So again, it's off the frenetic pace that we saw, but it's very, very, very solid sector for us for the rest of the year.

不過，只有一個評論——我認為有人提到配送倉庫再次被取消。我們實際上只在一位客戶身上看到了這一點。嗯，實際上，不是我們的客戶，而是 1 家公司，我們積壓的配送倉庫業務很穩固，沒有被取消。所以這不是一個全面的問題。再次強調 Theresa 之前所說的回流，回流是真實的。確實如此。這將支持該業務。如果你看一下這些工廠的規模，電池製造設施，這些設施非常龐大，需要大量的托樑和甲板。所以，這再次脫離了我們所看到的瘋狂步伐，但在今年餘下的時間裡，這對我們來說是非常、非常、非常穩固的行業。

Okay. I appreciate that. And then just a follow-up on Sinton. What were the volumes shipped this quarter? And we look at start-up costs for the year is roughly $430 million. So those are material drag on your profitability. Can you comment on maybe when you would expect to maybe breakeven with respect to start-up costs? And do you have any guidance for what start-up impact would look like in the first quarter?

好的。我很感激。然後只是對 Sinton 的跟進。本季度的出貨量是多少？我們看看今年的啟動成本大約是 4.3 億美元。因此，這些都是對您盈利能力的重大拖累。您能否評論一下您預計什麼時候可以在啟動成本方面實現收支平衡？您對第一季度的啟動影響有何指導？

Yes. So from a volume perspective, Curt, Sinton had shipments in the third quarter of around just under 270,000 tons, and it increased to just under 340,000 tons for shipments in the fourth quarter, and we expect to see that improve in the first quarter and then have a significant improvement in the second quarter of 2023.

是的。所以從數量的角度來看，Curt, Sinton 第三季度的出貨量略低於 270,000 噸，第四季度的出貨量增加到略低於 340,000 噸，我們預計第一季度會有所改善，然後2023年第二季度有明顯改善。

From an impact, we still expect to see losses as they work through the higher-priced pig iron which is obviously matching against lower steel prices than they were at this time last year. And so like it will be -- it should improve over the fourth quarter losses pretty significantly, but still be higher than we'd like to see maybe around the $100 million mark.

從影響來看，我們仍然預計會出現虧損，因為生鐵價格較高，顯然與去年同期相比鋼鐵價格較低。所以就像它一樣 - 它應該比第四季度的損失有相當大的改善，但仍然高於我們希望看到的大約 1 億美元大關。

Your next question is coming from Tristan Gresser of BNP Paribas.

你的下一個問題來自法國巴黎銀行的特里斯坦格雷瑟。

Maybe just a quick follow-up on Sinton. Are you able to share any EBITDA annual contribution you're expecting for next year or maybe kind of a sense of how this compares versus the normalized EBITDA target you mentioned given maybe a slower start-up and then some ramp-up of the coating lines as well in Q4 that's going to help. So any kind of a sense you can give us that, that would be great.

也許只是對 Sinton 的快速跟進。您是否能夠分享您對明年的 EBITDA 年度貢獻的預期，或者可能有點感覺這與您提到的正常化 EBITDA 目標相比如何，因為啟動速度可能較慢，然後是塗層生產線的一些提升以及在第四季度，這將有所幫助。所以你可以給我們任何一種感覺，那會很棒。

So I think Mark mentioned the ramp-up for the 2 additional value-add lines that will be in Sinton in the third quarter of 2023. Those should ramp, we expect fairly quickly to start benefiting their product mix. We're not going to give full year guidance for Sinton as far as EBITDA. But I would tell you that I think Curt mentioned earlier on the call, that the losses in 2022 were over $400 million, and it's going to swing to a significant positive for 2023. So just that differential alone will have a significant momentum benefit to our earnings in 2023, but it was just too early for us to give an estimate, but it won't hit through cycle EBITDA in the year where we're still ramping up production.

所以我認為 Mark 提到了 2023 年第三季度將在 Sinton 增加的兩條附加值生產線。這些應該會增加，我們預計很快就會開始受益於他們的產品組合。就 EBITDA 而言，我們不會為 Sinton 提供全年指導。但我會告訴你，我認為 Curt 早些時候在電話會議上提到過，2022 年的損失超過 4 億美元，到 2023 年將轉為顯著的積極增長。因此，僅這一差異就會對我們的勢頭產生巨大的好處2023 年的收益，但我們現在給出估計還為時過早，但在我們仍在提高產量的那一年，它不會達到整個週期 EBITDA。

Okay. That's really helpful. And my second question is more on the demand side. You talked about steel demand increasing in 2023. Can you give us a sense of what kind of number you're seeing and maybe diving into your key end markets also there if you're able to share some quantitative number, that would be great.

好的。這真的很有幫助。我的第二個問題更多是關於需求方面的。你談到了 2023 年的鋼鐵需求增長。你能告訴我們你看到的是什麼樣的數字嗎？如果你能夠分享一些量化數字，也許你也可以深入到你的關鍵終端市場，那就太好了。

I guess from our perspective, the higher demand translates to, in large part, to price support and spread support. Our operations are already running at quite a high utilization rate. Further demand, obviously, is certainly going to help our Sinton facility. And given the market sectors, energy is very, very strong in that area in Texas. That's helping us. And the challenges that we're seeing in Mexico and the imports of sheet coming up from Mexico into the Southwest markets, but also even up into the Midwest have essentially mitigated, they're staying in Mexico now. So that's going to create good demand and great dynamics.

我想從我們的角度來看，更高的需求在很大程度上轉化為價格支持和價差支持。我們的運營已經以相當高的利用率運行。顯然，進一步的需求肯定會幫助我們的辛頓工廠。考慮到市場領域，德克薩斯州該地區的能源非常非常強勁。那是在幫助我們。我們在墨西哥看到的挑戰以及從墨西哥進口到西南市場，甚至中西部市場的板材進口已經基本緩解，他們現在留在墨西哥。因此，這將創造良好的需求和巨大的動力。

So from a market perspective, we will certainly be able to support all the capability that the ramp-up will allow.

因此，從市場的角度來看，我們肯定能夠支持升級所允許的所有能力。

Your next question is coming from Andreas Bokkenheuser from UBS.

你的下一個問題來自瑞銀的 Andreas Bokkenheuser。

Just one question for me. Just switching gears a little bit over to the long steel segment. What are you seeing there in terms of potential new orders coming in from the infrastructure bill, the IRA. Are you seeing anything yet there? We've obviously seen rebar price is kind of coming down for the last 6, 7 months. It doesn't feel like the infrastructure build is kind of biting yet. But what are you seeing on your side to kind of stop the rebar price decline?

只問我一個問題。只需將齒輪稍微切換到長鋼段即可。就來自基礎設施法案 IRA 的潛在新訂單而言，你在那裡看到了什麼。你看到什麼了嗎？我們顯然已經看到螺紋鋼價格在過去 6、7 個月裡有所下降。感覺基礎設施建設還不是很棘手。但是，您認為什麼可以阻止螺紋鋼價格下跌？

Well, as we've suggested in the past, we're not big in the rebar markets in all honesty. But nonetheless, from our structural long products perspective, the infrastructure bill or spending has not necessarily kicked in yet. It typically takes 6 to 9 months for that to materialize. And obviously, it's too soon. But come the summer of this year, I think you'll start to see some benefit there.

好吧，正如我們過去所建議的那樣，老實說，我們在螺紋鋼市場上並不大。但儘管如此，從我們的結構性長產品角度來看，基礎設施法案或支出還未必開始生效。這通常需要 6 到 9 個月才能實現。顯然，現在還為時過早。但到了今年夏天，我想你會開始看到一些好處。

Your next question is coming from Lawson Winder of BofA Securities.

你的下一個問題來自美國銀行證券公司的 Lawson Winder。

Maybe could I ask about the dividend outlook and just kind of get your thoughts on return of capital. So last year, you bumped the dividend quite substantially. And this year, you've expressed some confidence in Sinton and Sinton wasn't contributing, in fact, was a drag in 2022. So maybe just kind of your thoughts around 2023.

也許我可以問一下股息前景，只是想了解一下您對資本回報的看法。所以去年，你大幅提高了股息。今年，你表達了對 Sinton 的一些信心，而 Sinton 沒有做出貢獻，事實上，在 2022 年是一個拖累。所以也許只是你對 2023 年左右的想法。

I'm smiling because Mark tosses things my way, and it's funny how he does it. But from a dividend perspective, we do like to grow the dividend in a way that is consistent so that we're constantly having increases across the spectrum. And I think as I mentioned, since 2017, we've actually increased the dividend by almost 120%. And we like to do that lockstep with free cash flow increases that are through cycle like Sinton. I would expect that we should have a pretty significant increase coming forward as well. We like to do those traditionally in the first quarter time frame. We have additional projects that are a little bit smaller, but that are coming online in 2023 that will add to through-cycle earnings. And given our stock price, which has been fantastic, driving up recently, you should expect to see strong shareholder distributions continue, and that would include a strong increase in the dividend coming forward.

我笑了，因為馬克按我的方式扔東西，而且他的做法很有趣。但從股息的角度來看，我們確實希望以一種一致的方式增加股息，這樣我們就能在各個方面不斷增加。我認為正如我提到的，自 2017 年以來，我們實際上將股息增加了近 120%。我們喜歡通過像 Sinton 一樣通過週期增加自由現金流來實現這一同步。我希望我們未來也應該有相當顯著的增長。我們傳統上喜歡在第一季度的時間範圍內完成這些工作。我們還有一些規模較小的其他項目，但這些項目將在 2023 年上線，這將增加整個週期的收益。考慮到我們的股價最近一直上漲，這非常好，你應該期待看到強勁的股東分配繼續，這將包括未來股息的強勁增長。

(Operator Instructions) Our next question is coming from John Tumazos, of John Tumazos Very Independent Research.

（操作員說明）我們的下一個問題來自 John Tumazos Very Independent Research 的 John Tumazos。

I tried to keep a little spread on nonscrap cost of goods sold per ton just taking your total corporate revenues per ton and pretax per ton and subtracting scrap profits, and it peaked a year ago at 673, it was only 456 this quarter. Are the bigger contributors to that the much lower price of purchased steel for your galvanizing and painting, et cetera, divisions first, lower profit sharing, improvement in the Sinton mill as it ramps up, and hopefully, it will be the lowest cost when it's 4, maybe a mix shift into some. So please explain -- by the way, Nucor's nonscrap cost of goods sales went up and were the highest in the last 2 years and in the current quarter, so theirs is the opposite direction, but that's a separate problem to figure out.

我試圖在每噸非廢料銷售成本上保持一點差價，只計算每噸公司總收入和每噸稅前利潤並減去廢料利潤，一年前達到峰值 673，本季度僅為 456。更大的貢獻者是為您的鍍鋅和噴漆等部門購買的鋼材價格低得多，首先是部門，利潤分成較低，Sinton 工廠隨著產量的增加而有所改善，希望這將是最低的成本4，也許混合轉變為一些。所以請解釋一下——順便說一下，Nucor 的非廢品銷售成本上升了，並且是過去兩年和本季度最高的，所以他們的方向是相反的，但這是一個需要解決的單獨問題。

Well, John, great to have you on the call as always, and thanks for the question. I think the biggest parameter is substrate cost. As we've -- over the years, we've ramped up the tech substrate, hauling substrate. And even at Sinton, we actually prepurchased about 150,000 tons, maybe a little more to load the downstream coating lines in preparation for when the hot mill started up. So you're certainly seeing that influence our costs, for sure.

好吧，約翰，很高興你一如既往地接聽電話，感謝你提出這個問題。我認為最大的參數是基板成本。正如我們 - 多年來，我們已經提升了技術基板，拖拉基板。甚至在 Sinton，我們實際上預購了大約 150,000 噸，可能還多一點，以裝載下游塗裝線，為熱軋機啟動做準備。所以你肯定會看到這會影響我們的成本。

And the other thing that you hit, John, was spot on as well. It has to do with mix. So if you think about the increase in the impact from our fabrication business, that we would have had some change in that as well. So I think it's both mix and what Mark talked about is the steel substrate.

你擊中的另一件事，約翰，也很準確。這與混合有關。因此，如果您考慮到我們的製造業務影響的增加，我們也會在這方面做出一些改變。所以我認為它是混合的，馬克談到的是鋼基板。

In your steel mills, with the normal nonscrap cost of goods sold be closer to 200 a ton or 250 or 300.

在您的鋼廠中，正常的非廢品銷售成本接近每噸 200 或 250 或 300。

We've always tried to not share that information, John. So I'd prefer to stay that way. I would tell you though that, one, our conversion cost is probably as good as anyone in the world. And number two, the people don't necessarily recognize the offsetting sort of efficiency or effectiveness of volume. So on our process lines, galvanizing lines, prepaint lines, even though some of the input costs have appreciated, the fact that our teams continually just improve productivity, put more volume through offsetting the sort of the overhead and the fixed costs.

約翰，我們一直試圖不分享這些信息。所以我寧願保持這種狀態。我會告訴你，第一，我們的轉換成本可能與世界上任何人一樣好。第二，人們不一定認識到數量的效率或有效性的抵消類型。因此，在我們的生產線、鍍鋅線、預塗漆生產線上，儘管一些投入成本已經升值，但我們的團隊不斷提高生產力，通過抵消間接費用和固定成本來增加產量。

Our actual processing costs on those lines have been sort of almost stagnant for the last, I don't know, how many years.

在過去，我不知道有多少年，我們在這些生產線上的實際加工成本幾乎停滯不前。

There appears to be no further questions in the queue. I will now turn the call back over to Mr. Millett for any closing remarks.

隊列中似乎沒有其他問題。我現在將把電話轉回 Millett 先生，聽取任何結束語。

Well, thank you, and thank you for everyone on the call for your time today. Certainly, thanks to our team. I want to remind each and every one of you that you do contribute, you do have an impact on our success and stay safe and keep each other safe. Customers, we can't do it without you. And I'd just like to reemphasize those that have invested in us, there's a growing cadre of folks that are building positions that -- they really are recognizing the power of our culture. It is different. We are different, and we drive absolutely different results. Our business model allows us to perform and maintain a higher through-cycle cash generation than our peers.

好吧，謝謝，也感謝大家今天抽出時間來接聽電話。當然，感謝我們的團隊。我想提醒你們每一個人，你們確實做出了貢獻，你們確實對我們的成功產生了影響，請注意安全並確保彼此的安全。客戶，沒有你我們做不到。我只想再次強調那些投資於我們的人，越來越多的人正在建立職位——他們真正認識到我們文化的力量。它是不同的。我們是不同的，我們帶來了完全不同的結果。我們的商業模式使我們能夠執行和維持比同行更高的全週期現金生成。

And I think hopefully, people are starting to recognize that our capital allocation, our growth is incredibly disciplined, particularly on the acquisition side. And I think that speaks to just our underlying results. It's interesting if one measures the earnings power of our company on an employee basis, we are substantially higher than anyone else out there in our peer group.

而且我希望人們開始認識到我們的資本配置，我們的增長是非常有紀律的，特別是在收購方面。我認為這只說明了我們的基本結果。有趣的是，如果以員工為基礎衡量我們公司的盈利能力，我們會大大高於我們同行中的任何其他人。

And again, it speaks to our overall efficiency and effectiveness of the culture. The strategic decisions that the team has made over the years, and it's -- it will continue to drop to the bottom line. So investors that support us, again, many, many thanks to you as well. And with that said, have a great day.

再一次，它說明了我們文化的整體效率和有效性。團隊多年來做出的戰略決策，而且它 - 它將繼續下降到底線。所以支持我們的投資者，再次非常非常感謝你。話雖如此，祝你有美好的一天。

Again, ladies and gentlemen, that concludes today's call. Thank you for your participation, and have a great and safe day.

女士們先生們，今天的電話會議到此結束。感謝您的參與，祝您度過美好而安全的一天。