Steel Dynamics Inc (STLD) 2023 Q1 法說會逐字稿

Good day, and welcome to the Steel Dynamics First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised this call is being recorded today, April 20, 2023, and your participation implies consent to our recording of this call. If you do not agree to these terms, please disconnect.

美好的一天，歡迎來到 Steel Dynamics 2023 年第一季度收益電話會議。 （操作員說明）請注意，本次通話將於今天（2023 年 4 月 20 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。

At this time, I'd like to turn the conference over to David Lipschitz, Director, Investor Relations. Please go ahead.

此時，我想將會議轉交給投資者關係總監 David Lipschitz。請繼續。

Thank you, Matthew. Good morning, and welcome to Steel Dynamics First Quarter 2023 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 and Chief Executive Officer of Steel Dynamics; Theresa Wagler, Executive Vice President and Chief Financial Officer; and Barry Schneider, President and Chief Operating Officer.

謝謝你，馬修。早上好，歡迎來到 Steel Dynamics 2023 年第一季度收益電話會議。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 董事長兼首席執行官 Mark Millett；執行副總裁兼首席財務官 Theresa Wagler；總裁兼首席運營官 Barry Schneider。

The other members of our senior leadership team are joining us on the call individually. Some of today's statements, which speak only as of this date may be forward-looking and predictive, typically preceded by believe, except, 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 and 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.

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。今天的一些僅在該日期發表的聲明可能具有前瞻性和預測性，通常以相信、除外、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和假設的使用，以及一般商業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 中的前瞻性陳述和風險因素標題下進行了描述，這些陳述和風險因素可在 Internet 上的 www.sec.gov 上找到，如果適用，也可以在任何後來的 SEC 中找到表格 10-Q。

You also find any referenced non-GAAP financial measures reconciled to the most directly compared GAAP measures in the press release issued yesterday entitled Steel Dynamics Reports First Quarter 2023 Results. And now I'm pleased to turn the call over to Mark.

在昨天發布的標題為 Steel Dynamics 報告 2023 年第一季度業績的新聞稿中，您還可以找到任何參考的非 GAAP 財務指標與最直接比較的 GAAP 指標相一致。現在我很高興將電話轉給馬克。

Thank you, David. Good morning, everybody, and we certainly appreciate you all joining us for our first quarter earnings call today. As you read, once again, our teams achieved a solid financial and operational quarter as highlighted by most importantly, a consecutive quarter of significant safety improvement. 82% of our facilities were incident free, and most importantly, our piece of focus appears to be minimizing severity rate.

謝謝你，大衛。大家早上好，我們非常感謝你們今天加入我們的第一季度財報電話會議。正如您所讀到的，我們的團隊再次實現了穩健的財務和運營季度，最重要的是，連續一個季度顯著提高了安全性。我們 82% 的設施沒有發生事故，最重要的是，我們的重點似乎是將嚴重程度降至最低。

We had record steel shipments of 3.3 million tonnes and adjusted EBITDA generation of a strong $950 million. (inaudible) performance is showing improvement with a clear path to profitability in the second quarter of '23, given the expectation of increased volumes. And we are also making great progress on our aluminum flat-rolled investment. There is great excitement within the prospective customer base for a new and innovative supply chain solution.

我們的鋼材出貨量達到創紀錄的 330 萬噸，調整後的 EBITDA 收益高達 9.5 億美元。考慮到銷量增加的預期，（聽不清）業績正在改善，並在 23 年第二季度明確實現盈利。我們在鋁壓延投資方面也取得了很大進展。潛在客戶群對全新的創新供應鏈解決方案感到非常興奮。

As always, I'm incredibly proud of our teams. They are the foundation of our company, and they drive our success. It is their culture of excellence and intentional diversification of our product portfolio that allows us to maintain higher utilization rates and maximize opportunities, resulting in higher lows and higher highs through all market cycles and producing superior financial metrics.

一如既往，我為我們的團隊感到無比自豪。他們是我們公司的基礎，他們推動我們取得成功。正是他們的卓越文化和我們產品組合的有意多樣化使我們能夠保持更高的利用率並最大限度地增加機會，從而在所有市場週期中產生更高的低點和更高的高點，並產生卓越的財務指標。

However, for safety, great financial performance is of no importance without having our team safe. Often, employees are described as a company's most important resource. But for us, for Steel Dynamics, they're more than that, they are family, and now number over 12,000 strong. We're focused to provide the very best for the health, safety and welfare. We're actively engaged in safety at all times, keeping it top of mind and an active conversation at every level of the organization. With that focus, as I mentioned, the team's safety performance further improved in the first quarter '23, but there's more to do, and we will not rest until we consistently achieve our goal of 0 injuries throughout our organization. So with that said, before I pursue the quarter, Theresa?

然而，為了安全起見，如果我們的團隊沒有安全，那麼出色的財務業績就沒有意義。通常，員工被描述為公司最重要的資源。但對我們來說，對 Steel Dynamics 來說，他們不止於此，他們是一家人，現在人數已超過 12,000 人。我們專注於為健康、安全和福利提供最好的服務。我們始終積極參與安全，將其放在首位，並在組織的各個層面進行積極對話。有了這個重點，正如我提到的，團隊的安全性能在 23 年第一季度進一步提高，但還有更多工作要做，在我們始終如一地實現整個組織零傷害的目標之前，我們不會休息。所以話雖如此，在我追求這個季度之前，Theresa？

Good morning, everyone. It's great to join you. I add my sincere appreciation and congratulations to the entire team for another strong operational and financial performance this quarter. Our first quarter 2023 net income was $637 million or $3.70 per diluted share, which includes costs of about $77 million or $0.31 per diluted share associated with the start-up of our Sinton, Texas flat-rolled steel mill. Excluding those costs, first quarter 2023 adjusted net income was $691 million or $4.01 per diluted share.

大家，早安。很高興加入你們。我對整個團隊在本季度再次取得強勁的運營和財務業績表示衷心的感謝和祝賀。我們 2023 年第一季度的淨收入為 6.37 億美元或攤薄後每股收益 3.70 美元，其中包括與德克薩斯州辛頓軋鋼廠啟動相關的約 7700 萬美元或攤薄後每股收益 0.31 美元。不包括這些成本，2023 年第一季度調整後淨收入為 6.91 億美元或每股攤薄收益 4.01 美元。

First quarter 2023 revenues of $4.9 billion were slightly higher than sequential fourth quarter results driven by record steel volume and increased metals recycling prices. Our first quarter operating income of $835 million was 10% higher than fourth quarter results driven by record steel volume. As we discuss our business this morning, we see positive industry fundamentals for 2023 and beyond, and we're focused toward a continued transformational growth initiatives.

受鋼鐵產量創紀錄和金屬回收價格上漲的推動，2023 年第一季度的收入為 49 億美元，略高於第四季度的連續業績。我們第一季度的營業收入為 8.35 億美元，比第四季度的業績高出 10%，這得益於創紀錄的鋼鐵產量。在今天上午討論我們的業務時，我們看到了 2023 年及以後的積極行業基本面，並且我們專注於持續的轉型增長計劃。

Our steel operations generated strong operating income of $345 million in the first quarter as record shipments of 3.3 million tons were partially offset by lower realized selling values. I also want to say congratulations to our Structural and Rail division as they had another record earnings quarter supported by a strong construction market.

我們的鋼鐵業務在第一季度產生了 3.45 億美元的強勁營業收入，因為創紀錄的 330 萬噸出貨量被較低的實現銷售價值部分抵消。我還想祝賀我們的結構和鐵路部門，因為在強勁的建築市場的支持下，他們又創下了創紀錄的季度收益。

Our flat-rolled steel mills were negatively impacted during the quarter with high-cost pig iron that was purchased in early 2022 during the early stages of Russia's invasion of Ukraine. Based on current pig iron prices, earnings were impacted by approximately $50 million in the first quarter, but we have worked through the higher-priced inventory now.

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初期採購了高成本生鐵。根據目前的生鐵價格，第一季度收益受到約 5000 萬美元的影響，但我們現在已經處理了價格較高的庫存。

Operating income from our metals recycling operations was $43 million, over threefold fourth quarter results due to increased demand driving higher prices and volume. Our Mexican recycling operations have proven to be a strategic key for both sourcing scrap for our Southern steel mills and driving profitability. Thanks to the Zimmer and Roca teams. We appreciate you. The team continues to effectively lever the strength of our circular manufacturing operating model, benefiting both our steel and metals recycling operations by providing higher quality scrap which improves furnace efficiency and by reducing company-wide working capital requirements.

我們金屬回收業務的營業收入為 4300 萬美元，是第四季度業績的三倍多，原因是需求增加推動了價格和數量的增加。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。感謝 Zimmer 和 Roca 團隊。我們感謝你。該團隊繼續有效地利用我們循環製造運營模式的優勢，通過提供更高質量的廢料來提高熔爐效率並降低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。

Our steel fabrication operations achieved strong operating income in the quarter of $551 million, but lower than record fourth quarter results due primarily to seasonally lower shipments. Steel joist and deck demand remains very strong as evidenced by continued robust order activity. Specifically, our March order activity was extraordinarily strong. This is resulting in a strong order backlog extending into October and November of 2023. Based on our backlog, customer sentiment and manufacturing momentum, we expect steel fabrication earnings to remain strong throughout the year, including the second half.

我們的鋼鐵製造業務在本季度實現了 5.51 億美元的強勁營業收入，但低於創紀錄的第四季度業績，主要原因是出貨量季節性下降。持續強勁的訂單活動證明了鋼托樑和甲板的需求仍然非常強勁。具體來說，我們 3 月份的訂單活動異常強勁。這導致大量訂單積壓一直持續到 2023 年 10 月和 11 月。根據我們的積壓訂單、客戶情緒和製造勢頭，我們預計鋼鐵製造的收益將在全年保持強勁，包括下半年。

Our cash generation continues to be strong based on our differentiated circular business model and highly variable cost structure. At March 31, we had record liquidity of $3.5 billion, comprised of cash and short-term investments of $2.3 billion and our fully available unsecured revolver of $1.2 billion. During the first quarter of 2023, we generated cash from operations of $734 million. We spent approximately $226 million on capital expenditures. We believe for the full year of 2023, capital investments will be in the range of $1.5 billion, the majority of which relates to our aluminum flat-rolled mill investments.

基於我們差異化的循環業務模式和高度可變的成本結構，我們的現金產生能力繼續強勁。截至 3 月 31 日，我們的流動資金達到創紀錄的 35 億美元，其中包括 23 億美元的現金和短期投資以及 12 億美元的完全可用的無擔保循環貸款。 2023 年第一季度，我們從運營中產生了 7.34 億美元的現金。我們在資本支出上花費了大約 2.26 億美元。我們相信，到 2023 年全年，資本投資將在 15 億美元左右，其中大部分與我們的鋁軋機投資有關。

In February, we increased our cash dividend 25% to $0.425 per common share based on our ability to consistently generate strong cash flow and aligned with our growth strategy. We also purchased $354 million of our common stock, representing approximately 2% of our outstanding shares. At March 31, $980 million remained authorized for repurchase under our new plan.

2 月，我們將現金股息提高 25% 至每股普通股 0.425 美元，這基於我們持續產生強勁現金流的能力並與我們的增長戰略保持一致。我們還購買了 3.54 億美元的普通股，約占我們流通股的 2%。截至 3 月 31 日，根據我們的新計劃，仍有 9.8 億美元的授權可用於回購。

Since 2017, we've increased our cash dividend per share by 174%, and we repurchased $4.5 billion of our common stock, representing over 30% of our outstanding shares. These actions reflect the strength of our capital foundation and the consistently strong cash flow generation capability. We continue to be optimistic and confident in our future. Our capital allocation strategy prioritizes high-return strategic growth with shareholder distributions comprised of a base positive dividend profile that's complemented with a variable share repurchase program while we remain dedicated to preserving our investment-grade credit designation.

自 2017 年以來，我們將每股現金股息提高了 174%，並回購了 45 億美元的普通股，占我們流通股的 30% 以上。這些舉措反映了我們資本基礎的實力和一貫強大的現金流生成能力。我們對未來繼續保持樂觀和信心。我們的資本配置策略優先考慮高回報戰略增長，股東分配包括基本積極的股息狀況，輔之以可變股票回購計劃，同時我們仍然致力於保持我們的投資級信用指定。

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. Our free cash flow profile has fundamentally changed over the last 5 years from an annual average of $580 million to today's average of $2.6 billion. Our aluminum growth strategy is consistent with our unchanged capital allocation philosophy. We will readily fund our flat-rolled aluminum investments with available cash and cash flow from operations. We also plan to continue strong and responsible shareholder distributions as we have clearly demonstrated.

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。我們的自由現金流狀況在過去 5 年中發生了根本性變化，從年均 5.8 億美元變為如今的年均 26 億美元。我們的鋁增長戰略與我們不變的資本配置理念一致。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。我們還計劃繼續強有力和負責任的股東分配，正如我們已經清楚表明的那樣。

We're 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're dedicated to our people, our communities and our environment. We are committed to operating our business with the highest integrity. In that regard, we remain excited about our 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%. And I want to specifically thank the biocarbon solutions team in Columbus, Mississippi, they are doing a fantastic job, and we still hope to start operating this facility in early 2024.

我們完全有能力繼續創造可持續的、優化的、長期的價值。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員工、我們的社區和我們的環境服務。我們致力於以最高的誠信經營我們的業務。在這方面，我們仍然對與領先的可再生生物碳產品生產商 Aymium 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%。我要特別感謝密西西比州哥倫布市的生物碳解決方案團隊，他們做得非常出色，我們仍然希望在 2024 年初開始運營該設施。

We have an actionable path toward carbon neutrality that is more manageable, and we believe considerably less expensive than what may lay ahead for many of our industry peers. Our sustainability and carbon reduction strategy is an ongoing journey, and we're moving forward with the intention to make a positive difference. We plan to continue to address these matters and to play a leadership role moving forward. Before I hand the call back to Mark, for those of you that keep specific track of our flat-rolled shipments, in the first quarter, we had hot rolled and P&O shipments of 1.6 million. We had cold-rolled shipments of 132,000 and coated shipments of 1,192,000 tons. Mark?

我們有一條更易於管理的通往碳中和的可行道路，而且我們相信，與我們許多行業同行可能面臨的道路相比，成本要低得多。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，以期產生積極的影響。我們計劃繼續解決這些問題並發揮領導作用。在我將電話轉回給 Mark 之前，對於那些密切關注我們平軋出貨量的人來說，在第一季度，我們的熱軋和 P&O 出貨量為 160 萬。我們的冷軋出貨量為 132,000 噸，塗層出貨量為 1,192,000 噸。標記？

Thank you, Theresa. Although there was some seasonality in shipping volume for fabrication, we saw yet another strong quarter, driven by the sustained market strength and an absolutely extraordinary execution by our team. Productivity of our operations is incredible. So thank you for the great job you all are doing up there. We continue to have high expectations for the fabrication business. We believe nonresidential construction markets will continue to be robust in the coming years.

謝謝你，特蕾莎。儘管製造的出貨量存在一些季節性，但在持續的市場強勢和我們團隊絕對非凡的執行力的推動下，我們看到了另一個強勁的季度。我們運營的生產力令人難以置信。所以感謝你們所做的出色工作。我們繼續對製造業務抱有很高的期望。我們相信非住宅建築市場在未來幾年將繼續保持強勁勢頭。

Nonresidential starts and build rates are forecast to remain strong throughout '23 and related spending has been significantly higher so far in '23 compared to last year at this time. To be continued onshoring of manufacturing businesses and infrastructure spending programs should provide momentum for additional incremental construction spending. More real time, our customers tell us demand remains solid as confirmed by strong order entry rates, especially the most recent March order activity.

預計整個 23 年非住宅開工率和建造率將保持強勁，與去年同期相比，23 年的相關支出到目前為止明顯更高。製造業企業的持續外包和基礎設施支出計劃應該會為額外的增量建設支出提供動力。更實時的是，我們的客戶告訴我們，強勁的訂單輸入率，尤其是最近的 3 月份訂單活動證實了需求仍然穩固。

Steel fabrication order backlog, as Theresa suggested, extend 7 to 8 months into October, November with strong pricing dynamics. Not only a significant contributor onto itself, our fabrication platform provides meaningful pull-through volume for our steel mills, particularly important in softer markets, allowing for higher through-cycle utilization rates. It also provides an effective natural hedge to lower steel prices. Metals Recycling platform achieved a strong first quarter. Congratulations to them. They are on a path to higher volumes and increased metal margin.

正如 Theresa 所建議的那樣，鋼鐵製造訂單積壓將持續 7 至 8 個月，直至 10 月和 11 月，價格動態強勁。我們的製造平台不僅對自身做出了重大貢獻，而且為我們的鋼廠提供了有意義的拉動量，這在較疲軟的市場中尤為重要，從而實現了更高的全週期利用率。它還為降低鋼材價格提供了有效的自然對沖。金屬回收平台第一季度表現強勁。祝賀他們。他們正走在提高產量和提高金屬利潤率的道路上。

After 7 consecutive months of declining pricing in '22, ferrous scrap prices improved in December and throughout the first quarter, increasing well over $100 per gross ton. We expect scrap pricing to remain fairly steady at these higher levels based on increased seasonal North American steel mill demand in Q2 and Q3. Our metals recycling geographic footprint provides a strategic competitive advantage for our steel mills and our scrap generating customers.

在 22 年價格連續 7 個月下降後，廢鋼價格在 12 月和整個第一季度有所改善，每總噸漲幅超過 100 美元。基於第二季度和第三季度北美鋼廠季節性需求的增加，我們預計廢鋼價格將在這些較高水平上保持相當穩定。我們的金屬回收地理足跡為我們的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 enhance our Columbus and Sinton raw material positions and will also strategically support aluminum scrap procurement for our future flat-rolled aluminum investments. Metals Recycling team is working closely with both our Steel and Aluminum teams to expand scrap separation capabilities through process and technology solutions. Although residual shred one is just one example of that. The impact of these efforts, along with others in the industry, has demonstrated that innovation will provide ample ferrous and nonferrous scrap supply in the years ahead.

特別是，我們不斷增長的墨西哥產量增強了我們在哥倫布和辛頓的原材料地位，並且還將戰略性地支持我們未來的扁軋鋁投資的廢鋁採購。金屬回收團隊與我們的鋼鐵和鋁團隊密切合作，通過工藝和技術解決方案擴大廢料分離能力。雖然殘留碎片一隻是其中的一個例子。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黑色金屬和有色金屬廢料供應。

Our steel operations achieved record quarterly shipments of 3.3 million tons and solid financial results in the first quarter. Steel production utilization rate, excluding Sinton, was 94% compared to a domestic industry rate of 75%. Higher utilization rates are clearly demonstrated throughout all market cycles. Value-added diversified product offerings provide broad optionality across all market segments. Enhanced supply chain solutions is driving customer preference and were supported by the internal pull-through manufacturing volume.

我們的鋼鐵業務在第一季度實現了創紀錄的 330 萬噸季度出貨量和穩健的財務業績。不包括 Sinton 在內的鋼鐵生產利用率為 94%，而國內工業利用率為 75%。在所有市場週期中都清楚地證明了更高的利用率。增值的多元化產品供應為所有細分市場提供了廣泛的選擇。增強的供應鏈解決方案正在推動客戶偏好，並得到內部拉動式製造量的支持。

Our higher through-cycle utilization rate is a key differentiator and 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. March, in particular, was a very strong booking month for the steel platform. Auto is solid. Auto production is expected to increase in '23 over '22 rates and dealer inventories have improved, but still remain below historical norms.

我們更高的全週期利用率是一個關鍵的差異化因素，並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。尤其是 3 月，對於鋼鐵平台來說是一個非常強勁的預訂月。汽車是堅實的。預計汽車產量將在 23 年高於 22 年的速度增長，經銷商庫存有所改善，但仍低於歷史標準。

Build rate in '22 was some 14.3 million units, and we expect '23 to show 15.1 and a little higher in '24. Nonresidential construction remains strong as evidenced by strong fabrication backlog and long product steel volumes. Long products are seasonally solid from a backlog perspective and onshoring and infrastructure spending should provide further meaningful support in the coming years. Residential construction has softened to some degree, but that erosion appears to be easing a little, but that segment tends to be a small part of our overall portfolio.

22 年的建造率約為 1430 萬套，我們預計 23 年的建築率為 15.1，而 24 年的建築率會更高一些。非住宅建築仍然強勁，如強勁的製造積壓和長材產品量所證明的那樣。從積壓的角度來看，長材產品季節性穩定，在岸外包和基礎設施支出應該會在未來幾年提供進一步有意義的支持。住宅建設在一定程度上有所緩和，但侵蝕似乎有所緩和，但該部分往往只占我們整體投資組合的一小部分。

Oil and gas activity is very strong, driving improved orders for OCTG and line pipe, and solar continues to grow appreciably. At Sinton, we produced 420,000 tonnes of hot band in the quarter, which is 56% of eventual capacity. Shift and daily records were achieved in March, clearly demonstrating the mill's ability to reach the 3 million tons. As we discussed in our first quarter call, production through the quarter was impacted by certain supply chain issues related to bearings and rolls needed for the Caster. This issue has now been resolved, and we expect a significant advance in productivity and earnings in Q2 and we should see the mill being EBITDA positive in Q2 for sure.

石油和天然氣活動非常強勁，推動了 OCTG 和管線管訂單的增加，太陽能繼續顯著增長。在 Sinton，我們在本季度生產了 420,000 噸熱帶鋼，佔最終產能的 56%。 3 月份實現了班次和日記錄，清楚地表明該廠有能力達到 300 萬噸。正如我們在第一季度電話會議中討論的那樣，整個季度的生產受到與 Caster 所需的軸承和軋輥相關的某些供應鏈問題的影響。這個問題現在已經解決，我們預計第二季度的生產率和收益將有顯著提高，我們應該會看到該工廠在第二季度的 EBITDA 為正。

We believe full year capacity utilization could be in the range of 80% of rated capacity. The team has demonstrated -- clearly demonstrated the key competitive advantages of the Texas steel mill. Full product dimensional capability has been proven. We have gone down to 50-ish and all the way up to 1 inch and all the way out to 84-inch width. The customers are reporting that the surface quality is absolutely exceptional. The hot strip mill design is allowed for thermo-mechanical rolling, which allows the production of higher strength grades with lower alloy content with a significant reduction in production cost.

我們認為全年產能利用率可能在額定產能的 80% 範圍內。該團隊已經展示——清楚地展示了德州鋼廠的主要競爭優勢。已證明完整的產品尺寸能力。我們已經下降到 50 英寸，一直到 1 英寸，一直到 84 英寸寬。客戶報告說表面質量非常出色。帶鋼熱軋機設計允許熱機械軋製，這允許生產具有較低合金含量的較高強度等級，並顯著降低生產成本。

Grade 80, Grade 100 has been achieved, and we've already been approved and shipped some API grades. In my mind, this affirms our technical on process choices, and there's no doubt that this is the next-generation electric arc furnace flat-rolled steel technology of choice.

已經達到 80 級、100 級，我們已經獲得批准並交付了一些 API 等級。在我看來，這肯定了我們在工藝選擇上的技術，毫無疑問，這是下一代電弧爐扁鋼技術的首選。

We certainly have gained strong market acceptance. Commercially, we can sell everything we make and then (inaudible). With the Caster segment issue resolved, we are able now to fully lever our heavy gauge wide capability. Our on-site customers are busy with 2 of them already expanding their capabilities. Our exceptional through-cycle operating and financial performance continues to support our cash generation and growth investment strategies. Relative to our expansion into aluminum, the market response from both current and new customers across our targeted market segments has been incredible. So to recap the project that's a 650,000 metric ton aluminum flat-rolled facility that will be located in Columbus, Mississippi, state-of-the-art facility, serving the sustainable beverage and packaging, automotive and industrial sectors.

我們當然獲得了強烈的市場認可。在商業上，我們可以出售我們製造的所有東西，然後（聽不清）。隨著 Caster 部分問題的解決，我們現在能夠充分利用我們的重型寬幅能力。我們的現場客戶正忙於其中 2 家已經擴展了他們的能力。我們卓越的全週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。相對於我們向鋁的擴張，我們目標細分市場中現有和新客戶的市場反應令人難以置信。因此，回顧一下這個項目，這是一個 650,000 公噸的鋁壓延工廠，它將位於密西西比州哥倫布市，這是一個最先進的設施，服務於可持續的飲料和包裝、汽車和工業部門。

We produce roughly 300,000 metric tons of can sheet, 200,000 metric tons of auto and 150,000 metric tons of industrial alloy. On-site melt cast lab capacity will be 600,000 metric tons and that will be supported by 2 satellite recycled aluminum slab casting centers, one in Central Mexico. We've already purchased the property there, and we're pursuing a Southwest U.S. site as we speak. Technology will include 2 cash lines, coating lines and downstream processing and packaging. We've expanded the project scope to include additional scrap processing and treatment to maximize aluminum recycle content. All the principal equipment is already on order, and we expect the roller mill to start up mid-'25; the Mexico slabs Center, the second half of '24; and in the Southwest slab Center, probably the first quarter of '25.

我們生產約 300,000 公噸罐板、200,000 公噸汽車和 150,000 公噸工業合金。現場熔鑄實驗室產能將達到 600,000 公噸，這將得到 2 個衛星回收鋁板坯鑄造中心的支持，其中一個位於墨西哥中部。我們已經在那裡買下了房產，我們正在尋找美國西南部的一塊地。技術將包括 2 條現金生產線、塗層生產線以及下游加工和包裝。我們擴大了項目範圍，包括額外的廢料加工和處理，以最大限度地提高鋁回收含量。所有主要設備都已訂購，我們預計輥磨機將在 25 年中期啟動；墨西哥平板中心，24 年下半年；在西南平板中心，可能是 25 年第一季度。

Total project cost, including the recycled slab centers is expected to be $2.5 billion, 100% to be funded with available cash and cash flow from operations. As we've said in the past, the expectation is that somewhere between $650 million to $700 million of through-cycle annual EBITDA for the aluminum project, plus likely $40 million to $50 million for Omni. I think it's a very, very compelling investment premise. We see a market environment not unlike that in the steel industry, when we started SDI 30 years ago. It's predominantly old assets, little reinvestment, heavy legacy cost. It's inefficient with high-cost operations.

包括回收板坯中心在內的項目總成本預計為 25 億美元，100% 將由可用現金和運營現金流提供資金。正如我們過去所說，預計鋁項目的全週期年度 EBITDA 約為 6.5 億至 7 億美元，加上 Omni 可能為 4000 萬至 5000 萬美元。我認為這是一個非常非常有吸引力的投資前提。我們看到的市場環境與 30 年前我們創立 SDI 時鋼鐵行業的市場環境沒有什麼不同。它主要是舊資產，很少再投資，遺留成本很高。高成本運營效率低下。

The significant aluminum flat rolled supply deficit exists in North America and is expected to grow in the coming years. There is business alignment. We can leverage our core competencies of our construction strength and operational know-how and also lever Omni's recycling footprint as Omni is the largest North American aluminum scrap recycler today. SDI culture will drive high efficiency and low cost. Throughout the industry, there's a very steep cost curve, which is going to support margin. So very, very cost-effective, high-return growth initiative.

北美存在顯著的鋁壓延供應缺口，預計未來幾年還會增加。有業務一致性。我們可以利用我們的建設實力和運營專業知識的核心競爭力，還可以利用 Omni 的回收足跡，因為 Omni 是當今北美最大的鋁廢料回收商。 SDI文化將驅動高效率和低成本。在整個行業中，成本曲線非常陡峭，這將支撐利潤率。非常非常具有成本效益，高回報的增長計劃。

We're excited and passioned by our future growth opportunities as they will continue the high return and growth momentum we have consistently demonstrated over the years. We were added to the S&P 500 Index in '22. We are arguably one of the top 5 steel producers in the world as measured by market cap and the third largest in North America relative to capacity. All these achievements in a relatively short time frame. We celebrated our 30th year in the business in '23 and there are only better things to come. Our teams are our foundation, and I thank each of them for their passion and their dedication. And we are committed to them. And I remind those listening today that safety for yourselves, your families and each other is our highest priority.

我們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和增長勢頭。我們在 22 年被納入標準普爾 500 指數。按市值衡量，我們可以說是世界前 5 大鋼鐵生產商之一，就產能而言，我們是北美第三大鋼鐵生產商。所有這些成就都是在相對較短的時間內取得的。我們在 23 年慶祝了經營 30 週年，未來只會有更好的事情發生。我們的團隊是我們的基礎，我感謝他們每個人的熱情和奉獻精神。我們致力於他們。我提醒今天聆聽的人們，您自己、您的家人和彼此的安全是我們的首要任務。

Our culture and business model continue to positively differentiate on performance, leading to best-in-class financial metrics. We're no longer a pure steel company, but an integrated metals business providing enhanced supply chain solutions to the industry, in turn mitigating volatility and cash flow generation through all market cycles. We're competitively positioned and continue to focus on providing superior value for our company, customers, team members and shareholders alike. And we look forward to creating new opportunities for all of us today and in the many years ahead.

我們的文化和商業模式繼續在績效上產生積極差異化，從而實現一流的財務指標。我們不再是一家純粹的鋼鐵公司，而是一家綜合性金屬企業，為該行業提供增強的供應鏈解決方案，進而緩解所有市場週期中的波動和現金流產生。我們處於競爭優勢，並繼續專注於為我們的公司、客戶、團隊成員和股東等提供卓越的價值。我們期待著在今天和未來的許多年里為我們所有人創造新的機會。

And with that all said, I'd like to open the floor up for questions.

綜上所述，我想請大家提問。

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

（操作員說明）您的第一個問題來自高盛的 Emily Chieng。

Mark and Theresa, I wanted to ask a bit about the fabrication volume expectation there. I'm just trying to take a look at the 1Q number. It certainly was a little weaker than anticipated. You mentioned that there was some seasonality and some customer supply chain constraints there. Can you provide some color as to what they were and how we move past this. And anything you can highlight as we look forward to the rest of the year as to what that volume trajectory could look like?

Mark 和 Theresa，我想問一下那裡的製造量預期。我只是想看看第一季度的數字。它肯定比預期的要弱一些。你提到那裡有一些季節性和一些客戶供應鏈限制。你能提供一些關於它們是什麼以及我們如何超越它的顏色嗎？在我們期待今年餘下的時間裡，關於銷量軌跡會是什麼樣子，你能強調什麼？

Thanks, Emily. It's a great question. And there was seasonality in the first quarter, but there was also some movement because some of the customers are experiencing supply chain constraints as it relates to construction labor and as it relates to materials. And so it's just simply pushing out orders. It's not changing the entirety of the volume itself.

謝謝，艾米麗。這是一個很好的問題。第一季度有季節性，但也有一些變動，因為一些客戶在供應鏈方面遇到了與建築勞動力和材料相關的限制。所以它只是簡單地推出訂單。它並沒有改變整個卷本身。

So the order backlog with some of these projects has actually pushed out even further than into the October, November time frame. So it's a shifting of volume, I guess, is how I would phrase it. As Mark mentioned and I mentioned in my notes as well, March was an extraordinary order entry for our steel joist and deck business, and that really is a I think, a testament to the strength of that market today. And if you think about the benefits that are kind of outside of just normal construction arena, if you think about manufacturing that has momentum behind it because of the inflation Reduction Act, because of the infrastructure program, manufacturing onshoring, et cetera, we really expect our fabrication business to experience very strong volumes this year as it's supported by those extraneous additional tailwinds, if you will.

因此，其中一些項目的訂單積壓實際上已經推遲到 10 月、11 月的時間範圍內。所以我想這是音量的變化，我會這樣說。正如馬克提到的，我也在筆記中提到，3 月對我們的鋼托樑和甲板業務來說是一個非凡的訂單條目，我認為這確實證明了當今市場的實力。而且，如果您考慮正常建築領域之外的好處，如果您考慮由於通貨膨脹減少法案、基礎設施計劃、製造業外包等而在其背後產生動力的製造業，我們真的希望如果你願意的話，我們的製造業務今年將經歷非常強勁的銷量，因為它得到了那些額外的順風的支持。

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

你的下一個問題來自瑞士信貸的 Curt Woodworth。

A follow-up question on fabrication as well for me. In the past, you've talked about backlog pricing in the $5,000 per ton level. We've been hearing that prices definitely come in a lot from kind of peak levels last year. So I just wanted to get a sense for if you could comment on pricing you're seeing in the market. And then you talked about the March order entry being very good. Can you give us a sense of what the makeup of that backlog or that order entry is? And then if can you give any comments on EBITDA per ton expectations.

對我來說也是關於製造的後續問題。過去，您談到過每噸 5,000 美元的積壓定價。我們一直聽說價格肯定比去年的峰值水平高很多。所以我只是想了解一下您是否可以評論您在市場上看到的定價。然後你談到了三月份的訂單輸入非常好。你能告訴我們積壓訂單或訂單條目的構成是什麼嗎？然後你能否對每噸預期的 EBITDA 發表任何評論。

Well, Curt, you're trying to be tricky. You know we won't give EBITDA per ton, but I appreciate you trying. As it relates to the order activity to give you a sense of it, it was well more than double the order activity that we've seen kind of in the more recent time frame, January, February, December time frame. So it was incredibly robust. And most of the activity came from what I'm going to call industrial and manufacturing-related business.

好吧，柯特，你想耍花樣。你知道我們不會給出每噸的 EBITDA，但我感謝你的嘗試。由於它與訂單活動相關，可以讓您了解它，因此它是我們在最近的時間框架（1 月、2 月、12 月時間框架）中看到的訂單活動的兩倍多。所以它非常堅固。大多數活動都來自我將稱之為工業和製造相關的業務。

So I think one needs to keep in mind when people talk about nonresidential construction, I think they like to hone in on office space. And there's many other categories as it relates to what would impact steel joist and deck demand, and that's where we're seeing a lot of momentum. So that order activity for us is very much focused on those larger projects. And I think that's where the funding from those projects, a lot of the times are actually already funded. They're not bank-funded, but they're project-oriented funding from large corporations themselves or -- now there's public funding support as it relates to decarbonization efforts and the Department of Energy and the excess funds that will be coming in those arenas as well.

所以我認為當人們談論非住宅建築時需要記住，我認為他們喜歡專注於辦公空間。還有許多其他類別與影響鋼托樑和甲板需求的因素有關，這就是我們看到很多勢頭的地方。因此，我們的訂單活動非常集中在那些較大的項目上。我認為這就是這些項目的資金來源，很多時候實際上已經獲得了資金。它們不是由銀行資助的，而是來自大公司本身的面向項目的資金，或者 - 現在有公共資金支持，因為它與脫碳工作和能源部以及這些領域將出現的過剩資金有關以及。

So there's a lot of extra things, I think that will support the volume going forward. But for us, it's primarily in that industrial manufacturing base at this point in time. As it relates to pricing, the commercial teams will be very upset with me. Barry is laughing. If I were to try to give any commercial guidance at this point, I would tell you that, as we've said in the past, the average price and the entirety of the order backlog is still very high from a historic perspective. It's not at the peak pricing that we saw, but it's very much aligned with what we have seen for the entirety of last year as an average.

所以還有很多額外的東西，我認為這將支持未來的數量。但對我們來說，目前主要是在那個工業製造基地。由於涉及定價，商業團隊會對我非常不滿。巴里在笑。如果我現在試圖給出任何商業指導，我會告訴你，正如我們過去所說，從歷史角度來看，平均價格和全部訂單積壓仍然非常高。這不是我們看到的最高定價，但它與我們在去年全年看到的平均價格非常一致。

And just for clarity, when we say that the backlog isn't peak pricing, the sustained backlog that's kind of extending out is a very, very, very good past pricing. The new pricing coming in, as you mentioned, is off a little from that for sure. But relative to a historic basis, it is way, way higher than historic norm.

為清楚起見，當我們說積壓不是峰值定價時，持續積壓的延伸是一種非常、非常、非常好的過去定價。正如你所提到的，新的定價肯定會有所不同。但相對於歷史基礎，它遠遠高於歷史規範。

Okay. And then just a quick follow-up on Sinton. As we think about that asset running 56% utilization, but having a net loss of $70 million, can you -- we would think that given where metal spreads are today, if that asset could be 70% utilized in the second quarter, it theoretically should make a lot of money, right? But it seems like there's still some kind of lingering start-up issues, and you talked about some of the supply chain constraints. So can you help us understand a little bit about maybe the earnings power of that asset later this year or any frame of reference in terms of 2Q in terms of what you think utilization rates could look like?

好的。然後只是對 Sinton 的快速跟進。當我們考慮到該資產的利用率為 56%，但淨虧損為 7000 萬美元時，你能不能——我們認為，鑑於今天的金屬利差，如果該資產在第二季度的利用率可以達到 70%，理論上應該賺很多錢吧？但似乎仍然存在一些揮之不去的啟動問題，你談到了一些供應鏈的限制。那麼，您能否幫助我們了解一下今年晚些時候該資產的盈利能力，或者您認為利用率可能是什麼樣子的第二季度參考框架？

Certainly, great question. And if you -- I'd say if you look at the first quarter and certainly the fourth quarter, you've had -- you might say a couple of extraneous impacts from a cost perspective. We obviously have higher price pig iron coming through given our order early last -- well, not early last year, second quarter of last year with the Russia-Ukraine sort of crisis. So that is peeling out now through the first quarter and a little bit in April.

當然，很好的問題。如果你——我想說如果你看一下第一季度，當然還有第四季度，你已經——你可能會從成本的角度說一些無關的影響。鑑於我們去年早些時候的訂單，我們顯然有更高價格的生鐵——好吧，不是去年年初，去年第二季度俄羅斯-烏克蘭危機。所以現在整個第一季度都在剝離，四月份也有一點。

In anticipation of early start-up of the downstream lines, we bought substrate. And again, that was at higher pricing, and that had to come through the system, and that is essentially sort of out of the system today. So we were carrying that sort of burden in the fourth quarter and in the first quarter, and some of it will come into the second, but it's substantially reduced. Obviously, the main principal driver is volume, volume, volume, volume drives the successful performance of any major capital asset and certainly a start-up asset such as this. We were at 56%, and the -- our confidence in the technology, I think, at least for me, is driven by windows of absolute amazing performance where we've had shifts, we've had weeks, where we're at 75%, 80% of capability already.

由於預計下游生產線會早日啟動，我們購買了基板。再一次，那是在更高的價格，而且必須通過系統來實現，而這在今天基本上是系統之外的。因此，我們在第四季度和第一季度承擔了這種負擔，其中一些將進入第二季度，但已大大減少。顯然，主要的主要驅動因素是數量、數量、數量，數量驅動任何主要資本資產的成功表現，當然還有像這樣的初創資產。我們是 56%，而且——我認為，至少對我而言，我們對技術的信心是由絕對驚人的性能窗口驅動的，我們已經輪班，我們已經有幾週了，我們在75%，已經80%的能力了。

If you look at sequence lengths which we -- in our industry, for sure, is an indication of the effectiveness of the teams and the equipment. We're averaging, I think, a little over 13 heats a sequence. We've been as high as 22 heats, 23 heats. And each heat is whatever, 210 tons per heat that, in my mind, amplifies the capability of the asset. We just have to get the reliability of all the equipment. And again, it's -- as you know, it's is in line. So the melt shop, the ladle furnace, the cast, the roughing mill, the finishing mill, everything has to be running in unison. And we're getting that with the segment bearing roll issue behind us, not hindering us, I think we're looking for a sort of a step function improvement here in the next month or 2.

如果你看一下序列長度，我們 - 在我們的行業中，當然，這表明團隊和設備的有效性。我認為，我們平均每個序列要進行 13 次多一點的加熱。我們已經進行了 22 次預熱，23 次預熱。在我看來，每次加熱都可以，每次加熱 210 噸，可以增強資產的能力。我們只需要獲得所有設備的可靠性。再一次，正如你所知，它是一致的。因此熔煉車間、鋼包爐、鑄造、粗軋機、精軋機，一切都必須協調一致。我們正在解決分段軸承滾動問題，而不是阻礙我們，我認為我們正在尋找下個月或 2 個月的階躍功能改進。

Curt, just as a reminder, on a through-cycle basis, we still believe very strongly that Sinton has 4 value-added lines operating, will have a through-cycle EBITDA in the range of $450 million to $500 million per year. So that outlook hasn't changed. So it is a significant benefit long term. It's just a matter of this year.

Curt 提醒一下，在整個週期的基礎上，我們仍然非常堅信 Sinton 有 4 條增值線在運營，整個週期的 EBITDA 將在每年 4.5 億至 5 億美元之間。所以這種看法沒有改變。因此，從長遠來看，這是一個顯著的好處。這只是今年的事情。

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

你的下一個問題來自摩根士丹利的 Carlos De Alba。

I'm just going to try it in a different way. Without maybe discussing the absolute levels, it is clear that the EBITDA per ton and the profitability of the fabrication business is extraordinary relative to history. It actually started based on what I have seen before the pandemic, but it exploded throughout the pandemic, and it has remained at those levels. How do you see the normalization relative to, say, 2019 or 2017 to '19 average. Do you expect to be able to sustain significantly higher profitability relative to that '17 to '19 average, even if it is lower than we were experiencing today? I mean, you probably understand that we're trying to figure it out what is a much more normal potential run rate of profitability in that business, just given how extraordinary the results have been.

我只是想以不同的方式嘗試一下。如果不討論絕對水平，很明顯每噸 EBITDA 和製造業務的盈利能力相對於歷史而言是非同尋常的。它實際上是根據我在大流行之前看到的情況開始的，但它在整個大流行期間爆發，並且一直保持在這些水平上。您如何看待相對於 2019 年或 2017 年到 19 年平均水平的標準化。相對於 17 到 19 年的平均水平，您是否期望能夠維持顯著更高的盈利能力，即使它低於我們今天的水平？我的意思是，你可能明白我們正試圖弄清楚該業務中更正常的潛在盈利率是多少，只是考慮到結果有多麼不同尋常。

Carlos, thanks. I know everyone is trying to figure that out. And what I would say to that is, yes, we do believe that going forward, we're going to have -- there has been a structural shift and change in how the commercial aspect of the steel joist and deck business has materialized in the last 2 years, if I would say it that way. And the change is that first of all, there's considerable volume and we believe that demand is going to stay in place for a considerable amount of time.

卡洛斯，謝謝。我知道每個人都在想辦法解決這個問題。我要說的是，是的，我們確實相信，在未來，我們將會有 - 鋼托樑和甲板業務的商業方面如何在過去 2 年，如果我這樣說的話。變化是，首先，有相當大的數量，我們相信需求將在相當長的時間內保持不變。

There's limited supply. So in today's environment, and I think in the future environment, it's not so much as looking at just a product itself, but this is a highly engineered product. So it's looking at a product as well as a service, and that service is requiring time on the mill or time in the facility itself and that has a value. And that's what now has come to the floor is that the customers understand there's a time element and the service element as well as a fairly highly engineered product set. So we believe those are structural changes. And I think that came to bear and was proven in the second half of 2022 when steel prices actually were being reduced pretty significantly and we think an overcorrection and yet we had increasing pricing within our steel joist and deck facilities themselves.

供應有限。所以在今天的環境中，我認為在未來的環境中，與其說是看產品本身，不如說這是一個高度工程化的產品。因此，它既關注產品又關注服務，而該服務需要在工廠或設施本身投入時間，並且具有價值。這就是現在出現的情況，客戶明白有時間因素和服務因素以及相當高度設計的產品集。所以我們認為這些是結構性變化。我認為這在 2022 年下半年得到了證實，當時鋼鐵價格實際上正在大幅下降，我們認為這是過度修正，但我們的鋼托樑和甲板設施本身的價格卻在上漲。

So we do believe there's a structural change. I can't help you more than that. I would tell you that we expect very strong volumes this year to be comparable to last year. And I think that we've told you we've got an order backlog that goes out into October, November, and it has a significantly higher price and that price is not too far off of what the average pricing would have been for 2022. So I think we've given you a lot of data points to hopefully help you with your estimate.

所以我們確實相信存在結構性變化。我幫不了你更多了。我會告訴你，我們預計今年的銷量將與去年相當。而且我認為我們已經告訴過你，我們有一個訂單積壓到 10 月、11 月，它的價格要高得多，而且這個價格與 2022 年的平均價格相差不遠。所以我認為我們已經為您提供了大量數據點，希望能幫助您進行估算。

That's great color, Theresa. And if I may squeeze one e. Maybe, Mark, could you comment as to how do you see right now, obviously, that could change. But right now, how do you see the ramp-up profile in terms of capacity utilization of the flat-rolled ali project?

顏色真好，特蕾莎。如果我可以擠一個電子。也許，馬克，你能評論一下你現在如何看待，很明顯，這可能會改變。但是現在，您如何看待平軋阿里項目的產能利用率方面的增長情況？

I think the -- again, as I said earlier, I'm expecting a step function improvement in the segment.

我認為 - 再次，正如我之前所說，我期待該細分市場的階躍功能改進。

The aluminum project, yes, Sinton, you mentioned.

鋁項目，是的，辛頓，你提到過。

I would suggest that it's -- and that's a great question in honesty, because we're wrestling with that ourselves right now, to be honest, and trying to understand fully the -- sort of the approval certification process of can sheet, as opposed to auto sheet. The fact that we're creating slab ahead of time will aid that. And the fact that we have -- on the automotive side, some very, very, very good relationships with 2 or 3 key auto producers that are seeking our aluminum. And I think that will accelerate that certification process.

我建議這是 - 老實說這是一個很好的問題，因為我們現在正在努力解決這個問題，老實說，並試圖充分理解 - 罐頭片的批准認證過程，而不是到自動表。我們提前創建 slab 的事實將對此有所幫助。事實上，在汽車方面，我們與正在尋求我們的鋁的 2 或 3 家主要汽車生產商有一些非常、非常、非常好的關係。我認為這將加速認證過程。

So from the standpoint of actual ramp, I would imagine it wouldn't be too much different than you would expect for any facility sort of 50% for the first 12 months, 80% for the second 12 months and then ramping up thereafter that would be probably a good estimation as would suggest to you.

因此，從實際增長的角度來看，我想這與您對前 12 個月 50%，第二個 12 個月 80%，然後再增加的任何設施的預期沒有太大不同正如向您建議的那樣，這可能是一個很好的估計。

Next question is coming from Timna Tanners from Wolfe Research.

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

Wanted to start off and ask a little bit more color on garage doors. I know you have a great position in garage doors, and also on the warehousing side, if you could provide some more color on those end markets?

想要開始並在車庫門上要求多一點顏色。我知道你在車庫門和倉儲方面有很好的地位，如果你能在這些終端市場提供更多顏色？

Certainly. Garage door is off a little, Timna, for sure, as in concert or in parallel with the residential erosion. But as you see -- typically, as you see the housing market come off, you see the replacement business go up. So it's not one for one, but it is off a little bit. The warehouse market, I think, when you're talking about warehouse market, I'm assuming you're looking at the sort of distribution warehouse-type facilities, Obviously, there's been a lot of focus on the fact that Amazon overbuilt. Amazon wasn't a principal customer of ours.

當然。車庫門有點偏離，Timna，當然，與住宅侵蝕一致或平行。但正如你所見——通常，當你看到房地產市場走低時，你會看到置換業務上升。所以不是一對一，而是有點偏了。倉庫市場，我認為，當你談論倉庫市場時，我假設你正在研究那種配送倉庫類型的設施，顯然，亞馬遜過度建設這一事實引起了很多關注。亞馬遜不是我們的主要客戶。

The other warehouse distribution organizations are not off to that same degree. That said, cloud computing, pharma is very, very, very strong. And as Theresa mentioned, you're starting to see true sort of reshoring sort of industrial manufacturing growth, the Teslas of the world, the battery facilities, that sort of thing.

其他倉庫配送組織並沒有達到同樣的程度。也就是說，雲計算、製藥業非常、非常、非常強大。正如 Theresa 提到的，你開始看到真正的工業製造業增長回流，世界特斯拉，電池設施，諸如此類。

Okay. That's helpful. And I want to follow up on Sinton a little bit to think about the cadence of when we're going to see some of these mix shifts or improvement in the mix with the value add. So -- just I know you talked about the galv lines coming on. And I also wanted to think about when we might see some more inroads into auto, given your ability to make the thicker slabs and perhaps penetrate that market earlier than other mini mills. Can you talk a little bit more about when we should start to see first the galvanized capacity ramp-up within Sinton and also the potential for penetrating exposed auto in the next several years.

好的。這很有幫助。我想跟進 Sinton 一點點，以考慮我們何時會看到其中一些混合轉變或混合改進與增值的節奏。所以——我只知道你談到了即將出現的加爾夫線。我還想考慮一下，考慮到你們有能力製造更厚的板坯，並且可能比其他短流程鋼廠更早進入該市場，我們什麼時候可以看到更多進入汽車領域的機會。你能多談談我們什麼時候應該首先看到辛頓的鍍鋅產能增加，以及在未來幾年內滲透裸露汽車的潛力。

We're really excited with the ramp-up of the galvanizing down at Sinton. We do have to feed our paint lines right now. So we are working automotive discussions and trials into our production plans. But we're also anxious on making sure the whole plant is operational. All these units starting together, we want to feed the paint line, we want to feed our broader range of customers in the galvanized. We're really excited about the capabilities that we've seen in the galv line itself, paired with our technology on the hot side.

我們對 Sinton 的鍍鋅量增加感到非常興奮。我們現在必須給我們的油漆線加油。因此，我們正在將汽車方面的討論和試驗納入我們的生產計劃。但我們也急於確保整個工廠正常運行。所有這些單位一起開始，我們想要供應油漆線，我們想要供應我們更廣泛的鍍鋅客戶。我們對我們在 galv 生產線本身中看到的功能以及我們在熱端的技術感到非常興奮。

So we are excited about the surface quality especially. That was one of the big decision makers for us. And to this point, we're really excited. We have not begun actually putting material into automotive plants, but we're engaging with customers that have been trusted our future with them, and they're excited, they come through the shop, and they see a path. So our technical teams are very much in discussions there, and very much complemented with our Columbus operations that are doing the workhorse of the automotive today. So we're excited to see it. And I think it has to happen at a pace that technical people are comfortable with so that we can -- once we earn that business, we can entrust it with them that we're going to be shipping a good product into them.

所以我們對錶面質量特別感興趣。那是我們的重要決策者之一。到目前為止，我們真的很興奮。我們還沒有開始實際將材料投入汽車工廠，但我們正在與信任我們未來的客戶進行接觸，他們很興奮，他們來到車間，他們看到了一條路。因此，我們的技術團隊在那裡進行了非常多的討論，並且與我們今天從事汽車行業主力工作的哥倫佈業務部門相得益彰。所以我們很高興看到它。而且我認為它必須以技術人員感到滿意的速度發生，這樣我們就可以 - 一旦我們贏得了這項業務，我們就可以將它委託給他們，我們將向他們運送一個好的產品。

And obviously, Timna, the -- my watch is going off, sorry. My ears are such that I don't hear high-pitched voices, definitely voices, but any sound. So if you heard my watch alarm, I apologize. But Timna, I think the auto penetration is going as planned, though. And if you look at the strength of our business model, the strength of Sinton itself, it's a very, very, very diversified product portfolio, and we can leverage different market segments and give us greater optionality.

很明顯，Timna，對不起，我的手錶要走掉了。我的耳朵聽不到高音調的聲音，絕對是聲音，但是任何聲音。所以如果你聽到我的手錶鬧鐘，我道歉。但是 Timna，我認為汽車滲透率正在按計劃進行。如果你看看我們商業模式的優勢，Sinton 本身的優勢，它是一個非常、非常、非常多樣化的產品組合，我們可以利用不同的細分市場，給我們更多的選擇。

So currently, the energy is incredibly strong. OCTG markets, line pipe is strong. That will continue. I think for the rest of this year going into the next year, particularly with the infrastructure build-out. And we're seeing actually, and it's surprising us a little bit perhaps. But the energy markets for heavy plate or heavier products anyway that we produce at any of our other mills. That is something that we're starting to leverage, particularly now we've got the Caster issue behind us and can go up to for 1-inch thick. So we can sort of dance and work through or work around the different market segments. And to be honest, that's the strength of Sinton, that is the strength of all of our flat-rolled facilities.

所以目前，能量非常強大。油井管市場，線管走強。那將繼續。我認為今年剩下的時間會進入明年，特別是在基礎設施建設方面。我們實際上看到了，這也許讓我們有點驚訝。但是無論如何，我們在任何其他工廠生產的厚板或較重產品的能源市場。這是我們開始利用的東西，特別是現在我們已經解決了 Caster 問題並且可以達到 1 英寸厚。因此，我們可以通過或圍繞不同的細分市場進行舞蹈和工作。老實說，這就是 Sinton 的優勢，也是我們所有平軋設備的優勢。

If I could sneak one in on Sinton, I forgot to ask about the Mexican exports. I've been hearing, actually, that's been a big advantage for Sinton and other mills in the South. Do you think that's more sticky than the -- taking share from AMSA being closed? Or how much do you expect that could stick assuming AMSA restarts?

如果我能偷偷溜進辛頓，我忘了問問墨西哥的出口情況。事實上，我一直聽說，這對辛頓和南方的其他工廠來說是一個很大的優勢。您認為這比關閉 AMSA 的份額更具粘性嗎？或者，假設 AMSA 重新啟動，您預計會堅持多少？

Well, I think AMSA situation certainly is aided both not just the Mexican market, but the U.S. market because Mexican output and capability has been sort of focused or redirected squarely within the Mexican market itself. So that's helped us. I think the customer base at AMSA is when you go through a shock wave like this, you sort of you reflect on your future. And I think they see a need for optionality. So even when AMSA comes back, I think you -- we're confident in honestly, of maintaining a lot of that business. So it's been very, very fortuitous for us.

好吧，我認為 AMSA 的情況肯定不僅對墨西哥市場有幫助，而且對美國市場也有幫助，因為墨西哥的產量和能力已經在某種程度上集中在墨西哥市場本身或直接重新定向。所以這對我們有幫助。我認為 AMSA 的客戶群是當你經歷這樣的衝擊波時，你會反思你的未來。而且我認為他們看到了選擇性的必要性。因此，即使 AMSA 回來，我認為你 - 我們有信心保持大量業務。所以這對我們來說非常非常幸運。

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

您的下一個問題來自 BNP Paribas Exane 的 Tristan Gresser。

The first one, I apologize, it's again about the fabrication outlook. You fact that you're targeting volumes of last year, so strong volumes. Is that fair then to assume a strong pickup than in volumes into Q2. And also, the second part to that question is maybe on the moving pieces there for the outlook, it's also on the cost side. Can you discuss a little bit the cost side there, especially into Q2? I mean we've seen flat steel prices double over the past months. The backlog is kind of locked. So anything you can say there in terms of potential cost pressure into Q2 that would be helpful.

第一個，我很抱歉，這又是關於製造前景的。事實上，你的目標是去年的銷量，如此強勁的銷量。那麼假設第二季度的銷量比銷量強勁回升是否公平。而且，這個問題的第二部分可能是關於前景的移動部分，它也在成本方面。你能談談那裡的成本方面，尤其是第二季度嗎？我的意思是，在過去幾個月裡，扁平材價格翻了一番。積壓有點鎖定。因此，就第二季度的潛在成本壓力而言，你能說的任何話都會有所幫助。

Thanks, Tristan, for the question. Yes, as it relates to volume, I mean, traditionally, you're always going to have your strongest construction months and project months in quarters, in the second and third quarter. So we absolutely would expect to see stronger volumes in that time frame for our fabrication business as well. As it relates to cost, we generally, sometimes it changes, but we generally keep around 8 weeks or so of steel on the ground for our fabrication business uniquely. We use primarily flat rolled steel and a little bit of merchant steel is in the process.

謝謝特里斯坦提出這個問題。是的，因為它與數量有關，我的意思是，傳統上，你總是會在第二和第三季度的季度中擁有最強的建設月和項目月。因此，我們絕對希望在那個時間段內看到我們的製造業務的銷量增加。由於它與成本有關，我們通常，有時它會改變，但我們通常會在地面上保留大約 8 週左右的鋼材，用於我們的製造業務。我們主要使用平軋鋼材，並且正在加工少量商用鋼材。

So if you can kind of follow that bouncy ball with how you feel the pricing will look going forward and what's done in the recent past, and that should give you some inclination of how the metal margin will move pushing forward into the second quarter.

因此，如果您可以跟隨那個彈力球，了解您對未來定價的看法以及最近所做的事情，那應該會讓您對金屬利潤率將如何推進到第二季度有所了解。

All right. That's helpful. So the price increase we've seen has not been reflected at all.

好的。這很有幫助。所以我們看到的價格上漲根本沒有反映出來。

Yes, it lags about -- it would lag around 8 to 10 weeks.

是的，它會滯後大約 8 到 10 週。

Tristan, I want to emphasize the obvious here because we all tend to sometimes focus near term. But the new millennium of fabrication business as a whole is incredibly important, A, for pull-through volume, particularly in softer markets, as we said earlier, allowing the higher utilization rate through our steel mill. But it's also -- yes, in this environment, maybe you get -- as steel pricing comes up, you get a little bit of squeeze and vice versa on the other opposite side. But there's a very strong natural hedge to our business here.

特里斯坦，我想在這裡強調顯而易見的一點，因為我們有時都傾向於關注近期。但新千年的製造業務作為一個整體非常重要，A，對於拉動量，特別是在疲軟的市場，正如我們之前所說，允許通過我們的鋼廠提高利用率。但它也是——是的，在這種環境下，也許你會——隨著鋼鐵價格的上漲，你會受到一點擠壓，反之亦然。但我們在這裡的業務有很強的天然對沖。

And we've been very intentional with our growth into sort of value-add sort of diversification of our portfolio and the businesses that we grow to try and mitigate that volatility of through-cycle cash generation, and not be as cyclical as we want, we're maintaining higher highs and higher lows for sure.

我們一直非常有意將我們的投資組合和業務多元化發展為增值型多元化，以試圖減輕整個週期現金產生的波動性，而不是像我們想要的那樣週期性，我們肯定會維持更高的高點和更高的低點。

Okay. No, that makes sense. And maybe a quick follow-up on working capital. We've seen quite a good release in Q1. How would you see that evolve moving forward?

好的。不，這是有道理的。也許可以快速跟進營運資金。我們在第一季度看到了相當不錯的發布。您如何看待這種發展向前發展？

Yes. So as I -- as we talked about it, there's a lot -- there was a significant amount of working capital build in 2022. Much of that was not structural. It had to do with us layering on some additional raw materials with pig iron, some additional substrate that Mark mentioned. So we have been able to work through most, if not all of that. We still expect to have some working capital give back as we head into the second quarter as we kind of still right size some of our inventory levels, et cetera. So it may not be as significant of a benefit as you've seen in the last 2 quarters, but we definitely think working capital will be a funding source hanging into the second quarter.

是的。因此，正如我——正如我們所討論的那樣，有很多——2022 年有大量的營運資金增加。其中大部分不是結構性的。這與我們用生鐵在一些額外的原材料上分層有關，馬克提到的一些額外的基材。所以我們已經能夠解決大部分問題，如果不是全部的話。我們仍然希望在進入第二季度時有一些營運資金回饋，因為我們的一些庫存水平的規模仍然合適，等等。因此，它可能不會像您在過去兩個季度看到的那樣顯著，但我們絕對認為營運資金將成為第二季度的資金來源。

Your next question is coming from Andreas Bokkenheuser from UBS.

你的下一個問題來自瑞銀的 Andreas Bokkenheuser。

Two quick questions for me, one on steel and one on ali. On steel, you're very obviously growing your volumes both quarter-on-quarter and year-on-year, and it certainly looks to be faster than the market. So you guys seem to be capturing market share. Can you -- assuming you agree with that, can you give us a little bit of color on where specifically you're capturing market share from peers? Is it nonres? Is it auto? Is it energy? Possibly all of the above, but is anything kind of standing out? And maybe also why you're able to capture that market share, obviously?

我有兩個簡短的問題，一個關於鋼鐵，一個關於阿里。在鋼鐵方面，您的銷量環比和同比增長非常明顯，而且看起來肯定比市場快。所以你們似乎正在佔領市場份額。你能——假設你同意這一點，你能給我們一些關於你從同行那里奪取市場份額的具體情況的顏色嗎？是不是？是自動的嗎？是能量嗎？可能是以上所有，但有什麼突出的嗎？很明顯，也許還有為什麼您能夠獲得該市場份額？

And then secondly, on the ali question, Obviously, you're targeting automotive among other sub industries. Where specifically will the ali go in automotive? Is this going into auto body sheet that historically has been dominated by steel and especially steel supplied by the blast furnaces. Is that where you envision the aluminum to go? Those are my 2 questions.

其次，在 ali 問題上，很明顯，你的目標是汽車和其他子行業。阿里在汽車領域具體會走向何方？這是否會進入歷史上一直由鋼材，尤其是高爐供應的鋼材主導的汽車車身板材。那是您設想鋁的去向嗎？這是我的兩個問題。

Okay. Well, for the standpoint of our increase in volumes, I would say, yes, we are picking up market share. The geographic location of the Sinton, Texas plant is pivotal. Obviously, that was underserved market. We have access into Mexico now, much, much, much cheaper than any other U.S. mill to the tune of -- well, we can get down there for $40, $30 -- $30 sorry. Whereas if you're bringing it down from Northern Indiana it is probably $100 plus. So there's massive geographic sort of advantage for that mill, and we're picking up -- as I said, the Mexican market, we're picking up energy, again, because of that location, OCTG and line pipe. So that is one sort of driver.

好的。好吧，從我們增加銷量的角度來看，我會說，是的，我們正在增加市場份額。得克薩斯州辛頓工廠的地理位置至關重要。顯然，這是一個服務不足的市場。我們現在可以進入墨西哥，比任何其他美國工廠都要便宜得多，好吧，我們可以花 40 美元、30 美元——對不起，30 美元。而如果您是從印第安納州北部運來的，可能要多花 100 美元。因此，該工廠具有巨大的地理優勢，而且我們正在接受——正如我所說，墨西哥市場，我們正在接受能源，再次，因為那個位置，OCTG 和管線管。所以這是一種驅動程序。

The second driver, I think -- and I got to applaud the automotive team. They've done a phenomenal job over the last 2 or 3 years. The traction there is amazing, particularly with the European auto producers. And we're favored because of our carbon footprint and our sustainability sort of profile, our mills will be the -- they report, not us, but they report that our Columbus facility, for instance, in our Butler facility and probably some of the lowest facilities, carbon-producing facilities in the world. And we're gaining a lot of market share from that. So I think those are probably the principal gains there. And then on the aluminum, firstly, there is a substantial supply deficit that industry in can sheet and aluminum is reliant on a very, very large portion of imports today. So we would intend or believe that our low-cost position, our efficiency and our commercial approach will be very, very well received.

第二個司機，我想——我得為汽車團隊鼓掌。在過去的 2 或 3 年裡，他們做得非常出色。那裡的牽引力是驚人的，尤其是對於歐洲汽車生產商。由於我們的碳足跡和我們的可持續發展概況，我們受到青睞，我們的工廠將是 - 他們報告，而不是我們，但他們報告我們的哥倫布工廠，例如，在我們的巴特勒工廠，可能還有一些世界上最低的設施，碳生產設施。我們從中獲得了很多市場份額。所以我認為這些可能是那裡的主要收益。然後在鋁方面，首先，罐頭板和鋁行業存在巨大的供應短缺，今天非常非常大一部分依賴進口。因此，我們打算或相信我們的低成本定位、我們的效率和我們的商業方法將非常非常受歡迎。

And we'll offset a, some of those imports and b, pick up the share of growth in that industry. You mentioned the kind of the steel aspect. Having aluminum in our portfolio gives us the advantage. I guess, if there is a steel decline in any one area with a pickup in aluminum, we can penetrate that or take advantage of that.

我們將抵消 a，其中一些進口和 b，獲得該行業的增長份額。你提到了鋼鐵方面的那種。在我們的產品組合中加入鋁為我們帶來了優勢。我想，如果任何一個地區的鋼鐵價格下跌而鋁價上漲，我們就可以滲透或利用它。

Sorry. Sorry. Where is it going? Well, again, the facility is not -- in this case, unlike our start in steel, we're not revolutionizing the technology necessarily. It's absolute state-of-the-art technology for sure, but it will have the same capability of any high-class, new aluminum facility in the world. So both unexposed (inaudible) exposed.

對不起。對不起。它要去哪裡？好吧，再一次，該設施不是——在這種情況下，與我們從鋼鐵開始的不同，我們不一定要對技術進行革命。這絕對是最先進的技術，但它將具有與世界上任何一流的新鋁設施相同的能力。所以兩個未曝光（聽不清）都曝光了。

Your next question is coming from John Tumazos from Tumazos Independent Research.

你的下一個問題來自 Tumazos Independent Research 的 John Tumazos。

Congratulations on all the progress. I'm looking at your almost $1 billion of cash flow for uses in the quarter. And it's just so large and formidable without Sinton at a positive EBITDA and sheet prices were a little low. The numbers are just so big. My first question is what will you do with all the money? Would you perhaps invest more in scrap, ferrous scrap, nonferrous iron ore, lots of opportunities in raw materials or resources. And second, you had a $418 million deduction from cash flow for accrued expenses. I was just curious what was such a big accrual.

祝賀所有的進步。我正在查看您在本季度使用的近 10 億美元的現金流量。如果沒有 Sinton 的 EBITDA 為正且板材價格有點低，它是如此之大和令人生畏。數字是如此之大。我的第一個問題是你將如何處理所有的錢？您是否會在廢料、黑色廢料、有色鐵礦石以及原材料或資源方面的大量機會上投資更多。其次，您從應計費用的現金流中扣除了 4.18 億美元。我只是好奇這麼大的應計是什麼。

John, I'll take the last one. That's a simple one. We have a company-wide profit sharing plan. That's how we provide for retirement for all of our 12,000 people, and it's simply 8% of pretax earnings. And since we had a record 2022, we were able to give all the employees $422 million in total and that payment went out in March. So that's the reason for the significant change.

約翰，我要最後一個。這是一個簡單的。我們有一個全公司的利潤分享計劃。這就是我們為所有 12,000 名員工提供退休金的方式，而且僅為稅前收入的 8%。由於我們有創紀錄的 2022 年，我們能夠向所有員工提供總計 4.22 億美元的資金，這筆款項已於 3 月發放。這就是發生重大變化的原因。

So it should really be almost amortized uniformly over the quarters from the standpoint of forecasting cash flow.

因此，從預測現金流的角度來看，它實際上應該幾乎在各個季度內均勻攤銷。

Yes. Well, I mean, you could do it that way. But in actuality, it comes out in March. But yes, you could look at it that way.

是的。嗯，我的意思是，你可以那樣做。但實際上，它是在三月份發布的。但是，是的，你可以那樣看。

So the first quarter had that big deduction from it, and it was still a lot of money.

所以一季度扣了那麼多，還是很多錢。

That's correct.

這是正確的。

And actually, John, if you're within about 100 miles of any of our facilities on March 15, you would have heard the shout and screaming and the crying as to the amazing thing that is -- it's massive, massive, massive boost to our employees. And as I tell each and every one of them. It is not a gift. Each and every one of them has earned that profit sharing check. So sorry, that's profit sharing.

事實上，約翰，如果你在 3 月 15 日在我們任何設施的大約 100 英里範圍內，你會聽到呼喊聲、尖叫聲和哭泣聲，這是一件令人驚奇的事情——這是巨大的、巨大的、巨大的推動力我們的員工。正如我告訴他們每一個人的那樣。這不是禮物。他們每個人都贏得了那張利潤分享支票。很抱歉，那是利潤分享。

Relative to investing our wealth, so to speak, scrap iron, sort of backwardly integrating, is not a primary target. Iron is certainly not a target at this moment in time. We will and we are looking at options for ensuring a strategic supply of our own pig iron, green supply. So that's ongoing, but not a massive capital expenditure once we move forward with that. On the scrap side, we are spending money on segregation, different ways of cleaning up all the different scrap flows to maximize, a, recycled content in the aluminum business and also to reduce the residual level, the obsolete flow again to supplant some of the prime scrap. And that's working out incredibly well, particularly when there's a good spread between obsolete and prime.

相對於投資我們的財富，可以說，廢鐵這種後向整合併不是主要目標。目前，鐵當然不是目標。我們將並且正在尋找確保戰略供應我們自己的生鐵的方案，即綠色供應。所以這是持續的，但一旦我們向前邁進，就不會產生大量的資本支出。在廢料方面，我們花錢進行隔離，以不同的方式清理所有不同的廢料流，以最大限度地提高鋁業務中的回收含量，並降低殘留水平，過時的流再次取代一些主要廢料。而且效果非常好，尤其是當過時產品和優質產品之間的差距很大時。

Not only are you securing a flow of prime scrap, but the cost impact is very, very, very significant reduction in cost savings. But again, we are smaller investments in segregation there. You'll see us spend a few dollars expanding our scrap footprint in the Southwest. But we're not talking about anything that's going to impact the balance sheet. In all honesty, we expect that cash flow generation to continue. And we will continue, I think, just the same cash allocation strategy that we've had in the past with a strong balance sheet, huge liquidity, it allows us to have a balanced perspective. We'll continue to have a positive dividend profile.

您不僅確保了優質廢料的流動，而且成本影響非常、非常、非常顯著地降低了成本節約。但同樣，我們在隔離方面的投資較小。你會看到我們花幾美元擴大我們在西南地區的廢品足跡。但我們不是在談論任何會影響資產負債表的事情。老實說，我們預計現金流量的產生將繼續下去。我認為，我們將繼續採用與過去相同的現金分配策略，擁有強大的資產負債表和巨大的流動性，這讓我們能夠有一個平衡的視角。我們將繼續擁有積極的股息狀況。

You saw us increase -- what was it 25% here earlier this year. We'll continue to repurchase our shares. We think it's still adding incredible value today, sure. We're continuing with the organic growth. We got 4 coating lines going in, they'll start up later this year, and we got the aluminum project. And the team -- but for 30 years, have continually found good cost-effective, high returning organic growth projects. And there's a bunch in the pipeline there. And obviously, we continue to review the sort of M&A activity as it comes across our desk. So we're very, very blessed for sure.

你看到我們增加了——今年早些時候這裡增加了 25%。我們將繼續回購我們的股票。當然，我們認為它今天仍在增加令人難以置信的價值。我們正在繼續有機增長。我們有 4 條塗裝線投入使用，它們將在今年晚些時候啟動，我們還有鋁項目。和團隊——但 30 年來，不斷發現良好的成本效益、高回報的有機增長項目。那裡有一堆正在籌備中。顯然，我們會繼續審查我們辦公桌上出現的併購活動。所以我們非常非常幸運。

That concludes our question-and-answer session. I'd like to turn the call back over to Mr. Millett for any closing remarks.

我們的問答環節到此結束。我想將電話轉回 Millett 先生，聽取任何結束語。

Thank you. Well, again, for those that are still on the call, I certainly appreciate your time today. We appreciate your support for our customers. Thank you. Thank you. Thank you. We can't do it without you. And to our -- sure, our team, each and every one of you, you do an absolutely phenomenal job each and every day, and just do one thing for us and me personally, be safe, look after each other. Have a good day. Bye-bye.

謝謝。好吧，對於那些仍在通話中的人，我非常感謝你今天的時間。感謝您對我們客戶的支持。謝謝。謝謝。謝謝。沒有你我們做不到。對於我們——當然，我們的團隊，你們每一個人，你們每天都做著非常出色的工作，只為我們和我個人做一件事，注意安全，互相照顧。祝你有美好的一天。再見。

Once 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。