Steel Dynamics Inc (STLD) 2024 Q4 法說會逐字稿

Good day, and welcome to Steel Dynamics fourth quarter and full year 2024 earnings conference call.

大家好，歡迎參加 Steel Dynamics 2024 年第四季和全年財報電話會議。

(Operator Instructions) Please be advised this call is being recorded today, January 23, 2025, and your participation implies consent to our recording of this call.

(操作員指示)請注意，此通話將於今天（2025 年 1 月 23 日）進行錄音，您的參與即表示同意我們錄音此通話。

If you do not agree to these terms, please disconnect.

如果您不同意這些條款，請中斷連線。

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

現在，我想將會議交給投資者關係總監 David Lipschitz。

Please go ahead.

請繼續。

Thank you, Matthew.

謝謝你，馬修。

Good morning, and welcome to Steel Dynamics fourth quarter and full year 2024 earnings conference call.

早上好，歡迎參加 Steel Dynamics 2024 年第四季和全年財報電話會議。

As a reminder, today's call is being recorded and will be available on our website for replay later today.

提醒一下，今天的通話正在錄音，今天晚些時候將在我們的網站上提供重播。

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.

今天的電話會議主持人是 Steel Dynamics 董事長兼執行長 Mark Millett；特蕾莎‧瓦格勒 (Theresa Wagler)，執行副總裁兼財務長；以及總裁兼營運長 Barry Schneider。

The other members of our senior leadership team are joining us on the call individually.

我們的高階領導團隊的其他成員也將單獨參加此電話會議。

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.

今天的某些聲明僅代表截至目前的觀點，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。

They are intended to be protected by the Private Securities Litigation Reform Act of 1995, should actual results turn out differently.

如果實際結果有所不同，它們將受到 1995 年《私人證券訴訟改革法》的保護。

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.

此類聲明涉及與整合或啟動新資產、鋁業、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有關的風險和不確定性。

Examples of these are described in the related press release as well as in our annually 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.

這些例子在相關新聞稿以及我們每年提交給美國證券交易委員會的10-K 表格的「前瞻性聲明和風險因素」標題下有所描述，可在互聯網上www.sec.gov 找到，如果適用，可在以後的任何SEC 表格 10-Q。

You will also find any referenced non-GAAP financial measures reconciled to the mostly directly comparable GAAP measures in the press release issued yesterday entitled Steel Dynamics Reports fourth quarter and full year 2024 results.

您還會發現，昨天發布的題為《Steel Dynamics 報告 2024 年第四季和全年業績》的新聞稿中，任何引用的非 GAAP 財務指標都與最直接可比較的 GAAP 指標相協調。

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。

Thank you, David.

謝謝你，大衛。

Good morning, everyone.

大家早安。

We appreciate you taking the time to join us for our fourth quarter and full year 2024 earnings call.

感謝您抽出時間參加我們的 2024 年第四季和全年財報電話會議。

As you saw, our teams achieved a solid financial and operational performance in 2024 in what was a challenging market environment, posting best-in-class financial metrics, which is certainly a testament to our business model and performance-driven culture.

正如您所看到的，我們的團隊在 2024 年充滿挑戰的市場環境中取得了穩健的財務和營運業績，創下了一流的財務指標，這無疑證明了我們的商業模式和績效驅動的文化。

The highlights, obviously, second highest annual steel shipments of 12.7 million tons, cash from operations of $1.8 billion and adjusted EBITDA of $2.5 billion.

顯然，亮點是：年度鋼鐵出貨量位居第二，為 1,270 萬噸，經營現金流為 18 億美元，調整後 EBITDA 為 25 億美元。

And most importantly, we celebrated our safest year ever.

最重要的是，我們慶祝了有史以來最安全的一年。

Additionally, we've been ramping up our four new value-added flat-rolled steel coating lines with the expectation of full earnings benefit in 2025.

此外，我們一直在加大四條新的增值扁鋼塗層生產線的建設，預計到 2025 年將能夠實現全部盈利。

These lines represent an additional 1.1 million tons of higher-margin product diversification for us.

這些生產線將為我們帶來額外的110萬噸高利潤產品多樣化。

The Sinton team gained considerable momentum in the last two months, running above 80% capacity, and they are doing even better in January, with expectations to reach profitability in the coming months and Barry will go into more detail in his comments about the progress and what is yet to come.

Sinton 團隊在過去兩個月中取得了長足的發展，產能利用率超過 80%，1 月份的表現甚至更好，預計未來幾個月將實現盈利，Barry 將在他對進展和接下來會發生什麼？

Aluminum Dynamics cast its first aluminum ingot two weeks ago at our Columbus facility, and we're extremely proud and excited for the team.

兩週前，Aluminum Dynamics 在我們哥倫布的工廠鑄造了第一塊鋁錠，我們為這支團隊感到非常自豪和興奮。

Everything is on schedule for a systematic commissioning of the rest of the plant to ensure commercial shipments this June.

一切都按計劃進行，工廠其餘部分的系統調試將確保今年 6 月實現商業發貨。

I could not be more proud of the entire Steel Dynamics team.

我為整個 Steel Dynamics 團隊感到無比自豪。

They are the foundation of our company.

他們是我們公司的基礎。

There's no doubt that their passion, innovative spirit and commitment drives our success.

毫無疑問，他們的熱情、創新精神和承諾推動了我們的成功。

As I mentioned, certainly the most gratifying achievement was having a record year in terms of safety.

正如我所提到的，最令人欣慰的成就無疑是在安全方面創下了紀錄。

Both our recordable injury and lost time rates were the lowest in our history.

我們的可記錄傷害率和誤工率都是歷史最低的。

We continue to build a world-class safety culture and our team's dedication to our Take Control of Safety program is absolutely extraordinary.

我們將繼續打造世界一流的安全文化，我們的團隊對「掌控安全」計畫的奉獻精神絕對非凡。

The core safety teams visited 85% of our 124 locations in 2024.

2024 年，核心安全團隊造訪了我們 124 個地點中的 85%。

These teams are made up of our teammates who volunteered to sacrifice time from their families to keep their colleagues safe, and they are truly making it happen. 60% of our locations had zero recordable injuries and 81% had zero lost time incidents last year.

這些團隊由我們的隊友組成，他們自願犧牲家人的時間來保障同事的安全，而他們確實做到了這一點。去年，我們 60% 的工廠沒有發生過可記錄的傷害事故，81% 的工廠沒有發生過工時損失事故。

I'm continually inspired by the commitment of our team members have for one another.

我們團隊成員對彼此的承諾不斷激勵著我。

They consider themselves family and changes the status quo each and every day.

他們視自己為家人，每天都在改變現狀。

And even with those phenomenal performance metrics, we certainly have a lot of work to do as we strive toward our zero incident environment goal.

即使擁有這些非凡的績效指標，我們在努力實現零事故環境目標的過程中仍有許多工作要做。

So with that introduction, Theresa, would you like to give us your thoughts for the quarter and for the year?

那麼，特蕾莎，透過以上的介紹，您願意和我們談談您對本季和今年的想法嗎？

Thanks, Mark.

謝謝，馬克。

Good morning, everyone.

大家早安。

Thank you for joining us.

感謝您加入我們。

As Mark mentioned, 2024 had its challenges yet the team performed well, and I want to recognize that.

正如馬克所說，2024 年面臨挑戰，但球隊表現出色，我想承認這一點。

In 2024, we achieved operating income of $1.9 billion and net income of $1.5 billion, or $9.84 per diluted share.

2024年，我們實現營業收入19億美元，淨收入15億美元，即每股攤薄收益9.84美元。

Cash flow from operations was $1.8 billion and liquidity remained strong at $2.2 billion, as we continued meaningful organic growth investments and strong shareholder returns.

由於我們繼續進行有意義的有機成長投資和強勁的股東回報，經營活動現金流為 18 億美元，流動性保持強勁，達到 22 億美元。

And not to be ignored, our three-year after-tax return on invested capital was a resilient 23%.

不容忽視的是，我們三年的稅後投資資本報酬率高達 23%。

As for the fourth quarter of 2024, our net income was $207 million, or $1.36 per diluted share, with adjusted EBITDA of $372 million.

截至 2024 年第四季度，我們的淨收入為 2.07 億美元，即每股攤薄收入 1.36 美元，調整後 EBITDA 為 3.72 億美元。

As some of you noted, our effective tax rate benefited the quarter approximately $13 million, or 5.4%, due to state adjustments and another 3% benefit related to certain reserve items.

正如你們中的一些人所指出的，由於國家調整和與某些儲備項目相關的另外 3% 的收益，我們的有效稅率使本季度受益約 1300 萬美元，即 5.4%。

Fourth quarter 2024 revenues were $3.9 billion and operating income was $238 million, lower than sequential third quarter results driven by lower realized steel pricing and seasonal volume.

2024 年第四季營收為 39 億美元，營業收入為 2.38 億美元，低於第三季的連續業績，原因是實際鋼材價格下降和季節性銷售下降。

Our steel operations generated operating income of $165 million in the quarter.

我們的鋼鐵業務本季創造了 1.65 億美元的營業收入。

Sequentially, lower as average pricing declined $48 per ton, while scrap pricing remained relatively flat.

由於平均價格每噸下跌 48 美元，而廢鋼價格則保持相對平穩，因此價格較上季下降。

Seasonally lower shipments declined 5% in the quarter across the steel platform with a 50,000 ton negative impact at our Butler flat roll division related to an unplanned outage.

由於季節性因素，本季度整個鋼鐵平台的出貨量下降了 5%，其中，由於意外停產，我們的 Butler 扁平卷部門的出貨量受到了 50,000 噸的負面影響。

For the full year 2024, operating income from steel operations was $1.6 billion with near-record annual shipments.

2024 年全年，鋼鐵業務的營業收入為 16 億美元，年出貨量接近創紀錄水準。

For your modeling purposes for the quarter, our hot van shipments were 901,000 tons, our cold-rolled shipments were 119,000 tons, and our coated flat-rolled shipments were 1,282,000 tons.

為了方便您建立本季的建模目的，我們的熱軋貨車出貨量為 901,000 噸，冷軋出貨量為 119,000 噸，塗層平板軋機出貨量為 1,282,000 噸。

Likely many of you noticed a reclassification and our supplemental data.

可能很多人注意到了重新分類和我們的補充資料。

In the fourth quarter, we reclassified the financial impact of certain aluminum operations from our metals recycling segment to our new aluminum segment, impacting the associated revenue and operating income lines in our historical data.

在第四季度，我們將某些鋁業務的財務影響從金屬回收部門重新分類到新的鋁部門，這影響了歷史數據中的相關收入和營業收入。

For context, for 2024, this would have shifted income of approximately $15 million from our metals recycling unit down to aluminum operations.

就 2024 年而言，這將使約 1500 萬美元的收入從我們的金屬回收部門轉移到鋁業務。

For the fourth quarter, operating income from our metals recycling operations was $23 million as nonferrous metal spreads improved more than offsetting lower seasonal shipments.

第四季度，我們的金屬回收業務的營業收入為 2,300 萬美元，因為有色金屬價差的改善足以抵消季節性出貨量的下降。

For the full year of 2024 operating income from our metals recycling operations was $77 million, higher than prior year volume -- higher than prior year results as volume and metal spread improved across the platform.

2024 年全年，我們金屬回收業務的營業收入為 7,700 萬美元，高於上年的銷量——由於整個平台的銷量和金屬價差有所改善，因此高於上年的業績。

We're the largest North American metals recycler processing and consuming ferrous scrap and nonferrous aluminum, copper and other materials.

我們是北美最大的金屬回收商，加工和消費黑色廢料和有色鋁、銅和其他材料。

And we are growing in support of our increased steel capacity and soon to be aluminum flat-rolled operations, through new and expanded supplier relationships and through the use of innovative new separation technologies.

而且，透過新的和擴大的供應商關係以及使用創新的新型分離技術，我們正在不斷發展，以支持我們不斷增加的鋼鐵產能和即將開始的鋁壓延業務。

I'm really proud of what the metals recycling team is doing.

我為金屬回收團隊所做的事情感到非常自豪。

As it relates to steel fabrication, our steel fabrication team achieved fourth quarter operating income of $142 million, lower than sequential third quarter results as realized pricing declined a modest 4% and shipments seasonally decreased.

就鋼鐵製造而言，我們的鋼鐵製造團隊在第四季度實現營業收入 1.42 億美元，低於第三季的業績，因為實際價格小幅下降 4% 且出貨量季節性下降。

For the full year 2024, earnings from the platform were $667 million, representing a very good year.

2024年全年，該平台的收入為6.67億美元，這是一個非常好的一年。

Our steel joist index demand remains solid with good order activity, and Barry will expound more on that in a minute.

我們的鋼托樑指數需求保持強勁，訂單活動良好，Barry 將在稍後對此進行進一步闡述。

We believe that the infrastructure -- Inflation Reduction Act, manufacturing growth and onshoring will still increase and support fixed asset investment and related flat and long product steel and steel joist consumption in the coming year.

我們相信，基礎設施—通膨削減法案、製造業成長和在岸生產在未來一年仍將增加並支持固定資產投資以及相關的扁平材和長材及鋼托樑的消費。

Heading to our aluminum operations.

前往我們的鋁業務部門。

A quick reminder.

快速提醒。

As we finish constructing the aluminum facilities, non-capitalizable expenses are required to flow through SG&A until startup.

當我們完成鋁設施的建設時，非資本化費用需要流經銷售、一般和行政費用，直到啟動為止。

As a result, our SG&A was higher in 2024 by approximately $88 million.

因此，我們 2024 年的銷售、一般及行政費用將增加約 8,800 萬美元。

We continue to have expectations to be EBITDA positive in the second half of 2025 for this platform and plan to operate the rolling mill at approximately 50% in 2025 and 75% in 2026.

我們繼續預期該平台在 2025 年下半年的 EBITDA 將為正值，並計劃在 2025 年以約 50% 的產能運作軋機，在 2026 年以 75% 的產能運作軋機。

The construction and commissioning of the rolling mill in the San Luis Potosi recycled slab center are progressing extremely well.

聖路易斯波托西再生板坯中心軋鋼機的建設和調試進展非常順利。

Approximately $2.2 billion has already been invested through December 2024, with expectations of funding the remaining $500 million-plus in 2025.

截至 2024 年 12 月，已投資約 22 億美元，預計 2025 年將完成剩餘的 5 億多美元投資。

During the fourth quarter of 2024, we generated cash flow from operations of $347 million.

2024 年第四季度，我們產生的營運現金流為 3.47 億美元。

For the full year, we achieved annual cash flow of $1.8 billion.

全年我們實現年現金流18億美元。

Working capital in the fourth quarter grew with the improved performance at Sinton and preparation for start-up at our aluminum facilities, which represented an increase generally of around $100 million in addition to some unexpected increases we had in WIP and finished goods at some of our long product divisions, which we expect to be rightsized shortly.

第四季營運資本有所成長，這得益於Sinton 業績的改善以及我們鋁廠投產的準備，這代表著總體上增加了約1 億美元，此外，我們部分工廠的在製品和成品也出現了意外成長。

Our cash generation is consistently strong based on a differentiated circular business model and highly variable low-cost structure.

基於差異化的循環業務模式和高度可變的低成本結構，我們的現金創造能力始終強勁。

At the end of the year, we had liquidity of $2.2 billion comprised of cash and investments of approximately $1 billion and a fully available unsecured revolver of $1.2 billion.

截至年底，我們的流動資金為 22 億美元，包括約 10 億美元的現金和投資，以及 12 億美元的完全可用的無擔保循環信貸額度。

During 2024, we invested $1.9 billion in capital investments, of which approximately 70% related to construction of our aluminum flat-rolled investments.

2024 年，我們投資了 19 億美元的資本投資，其中約 70% 與鋁壓延投資建設有關。

Approximately $200 million of funding for the aluminum investments shifted from the fourth quarter to 2025 spending.

約有 2 億美元的鋁投資資金從第四季轉移到 2025 年的支出。

I'd just add as did some other smaller projects throughout the company, increasing our full year capital investment estimate from the original $750 million to $800 million to closer to $1 billion at this point.

我只是補充一下，就像公司其他一些較小的項目一樣，將我們全年的資本投資估算從原來的 7.5 億美元增加到 8 億美元，目前接近 10 億美元。

Again, this is simply a timing shift.

再次強調，這只是時間上的轉變。

In the fourth quarter, we repurchased $295 million of our common stock and $1.2 billion for the year, representing 6% of our outstanding shares.

第四季度，我們回購了 2.95 億美元的普通股，全年回購金額達 12 億美元，占我們已發行股份的 6%。

At December 31, we had $194 million remaining authorized for repurchase.

截至 12 月 31 日，我們剩餘的授權回購金額為 1.94 億美元。

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.

這些舉措反映了我們強大的資本基礎、持續強勁的現金流創造能力以及對未來的持續樂觀和信心。

Our capital allocation strategy prioritizes high-return 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 ratings.

我們的資本配置策略優先考慮高回報成長，股東分配包括基本正股息，並輔以可變股票回購計劃，同時我們仍致力於維持我們的投資等級信用評等。

Track record is proven, achieving a three-year after-tax return on invested capital of 23%, as I mentioned, during a period of transformational growth and strong shareholder returns.

業績記錄已經證明，正如我所提到的，在轉型成長和強勁股東回報期間，實現了 23% 的三年稅後投資資本回報率。

Our free cash flow profile has fundamentally changed over the last five years.

過去五年來，我們的自由現金流狀況發生了根本性的變化。

Our annual average free cash flow used to be around $540 million.

我們的年平均自由現金流曾經約為 5.4 億美元。

Today, in the last five years, is close to $3 billion.

如今，過去五年來已接近30億美元。

We have placed ourselves in a position of strength to have sustainable capital foundation that provides the opportunity for meaningful strategic growth and strong shareholder returns, while maintaining investment-grade metrics.

我們已將自己置於優勢地位，擁有可持續的資本基礎，為有意義的策略成長和強勁的股東回報提供機會，同時保持投資等級指標。

We're squarely positioned for the continuation of sustainable optimized long-term value creation.

我們正致力於持續、優化地創造長期價值。

On the sustainability front, as we mentioned on the third quarter call, in 2024, we did announce new certified science-based greenhouse gas emissions intensity targets for our steel mills.

在永續發展方面，正如我們在第三季電話會議上所提到的，2024 年，我們確實宣布了針對我們鋼廠的新的經過認證的基於科學的溫室氣體排放強度目標。

They are in alignment with a one and a half degree set forth in the Paris agreement.

它們與《巴黎協定》規定的一度半標準一致。

We have interim 2030 emissions intensity goals as well as 2050 goals, and we feel very strongly that we can accomplish this.

我們有2030年的中期排放強度目標以及2050年的目標，我們非常堅信我們能夠實現這些目標。

Decarbonization is a meaningful part of our long-term value creation strategy, and we're dedicated to our people, our communities and our environment.

脫碳是我們長期價值創造策略的重要組成部分，我們致力於服務我們的人民、我們的社區和我們的環境。

We uniquely have an actionable path forward that's more manageable and we believe considerably less expensive than may lay ahead from many of our industry peers.

我們擁有獨特的、更易於管理的可行前進道路，我們相信，與許多業內同行相比，我們的成本要低得多。

Our carbon reduction strategy is an ongoing journey, and we're moving forward with the intention to make a positive difference.

我們的碳減排策略是一個持續的過程，我們正朝著正面的方向前進。

And uniquely, actually, Tricia just let me know last night, we received an award from the corporate -- is that right, Tricia, the Corporate Knights?

事實上，非常獨特的是，特里西亞昨晚剛告訴我，我們獲得了企業頒發的獎項——對嗎，特里西婭，企業騎士團？

And we're one of the world's most sustainable companies.

我們是世界上最具永續發展能力的公司之一。

In fact, we're 29th out of 100 companies and we're the only steel company that was mentioned.

事實上，我們在 100 家公司中排名第 29 位，也是唯一被提及的鋼鐵公司。

So I think that's pretty good.

我認為這非常好。

And I want to give a congratulations to the teams because we can't do it without them.

我要向這些團隊表示祝賀，因為沒有他們我們就無法做到這一點。

So with that, Barry?

那麼，巴里？

Thank you, Theresa.

謝謝你，特蕾莎。

Our steel fabrication operations performed well throughout 2024, achieving historically strong earnings.

我們的鋼鐵製造業務在 2024 年表現良好，實現了歷史性的強勁盈利。

At the end of the year, our steel joist and deck order backlog was solid, extending through the first half of 2025.

截至年底，我們的鋼製托樑和甲板訂單積壓情況良好，可延續至 2025 年上半年。

We continue to have high expectations for the business due to the positive customer sentiment, high quoting activity, a moderating interest rate environment, continued manufacturing onshoring and public funding for infrastructure and other fixed asset investment programs.

由於積極的客戶情緒、較高的報價活動、適度的利率環境、持續的製造業在岸化以及基礎設施和其他固定資產投資計劃的公共資金，我們繼續對業務抱有很高的期望。

The uplift from this macro environment could be considerable for this platform as well as for our steel operations.

這種宏觀環境對這個平台以及我們的鋼鐵業務的提升可能是相當大的。

Our steel fabrication platform provides meaningful volume support for our steel mills, critical in softer demand environments, allowing for higher through-cycle steel utilization compared to our peers.

我們的鋼鐵製造平台為我們的鋼廠提供了有意義的產量支持，這在需求較弱的環境中至關重要，從而實現了與同行相比更高的全週期鋼鐵利用率。

It also helps mitigate the financial risk of lower steel prices.

這也有助於降低鋼鐵價格下跌帶來的財務風險。

Our metals recycling operation also performed very well this year, considering the challenge of declining scrap prices through most of the 2024.

考慮到 2024 年大部分時間內廢料價格下跌的挑戰，我們的金屬回收業務今年也表現出色。

The North American geographic footprint of our metals recycling platform provides a strategic competitive advantage for our steel mills and for our scrap generating customers.

我們的金屬回收平台的北美地理覆蓋範圍為我們的鋼廠和廢料產生客戶提供了戰略競爭優勢。

In particular, our Mexican locations competitively advantage our Columbus and Sinton raw material positions.

特別是，我們的墨西哥工廠比哥倫布和辛頓原料工廠具有競爭優勢。

They also strategically support aluminum scrap procurement for our flat-rolled aluminum investments.

他們也為我們的壓延鋁投資提供鋁廢料採購策略支援。

Our metals recycling team is also partnering even more closely with both our steel and aluminum teams to expand scrap separation capabilities through both process and technology solutions.

我們的金屬回收團隊也與鋼鐵和鋁團隊進行了更緊密的合作，透過製程和技術解決方案擴大廢料分離能力。

This will help mitigate potential prime ferrous scrap supply issues in the future.

這將有助於緩解未來潛在的優質廢鐵供應問題。

It will also provide us with a significant advantage to materially increase the recycled content for our aluminum flat rolled products and increase our earnings opportunities.

這也將為我們帶來顯著的優勢，大幅提高鋁壓延產品的回收率，並增加我們的獲利機會。

Ferrous scrap prices have stabilized and have increased in January.

廢鋼價格1月企穩並上漲。

We expect prices to be moderately high in February as well based on the extreme cold weather through much of the United States and resulting diminished scrap flows.

由於美國大部分地區遭遇極端寒冷天氣，導致廢料運輸量減少，我們預期 2 月價格也會適度上漲。

The steel team had another strong year.

鋼鐵隊又度過了強勁的一年。

During 2024, the domestic steel industry operated at an estimated production utilization rate of 77%, while our steel mills operated at a rate of 86%, excluding Sinton.

2024年，國內鋼鐵業的生產利用率預計為77%，而我們的鋼廠（不包括Sinton）的開工率為86%。

We consistently operated at higher utilization to our value-added steel product diversification, our differentiated customer supply chain solutions and the support for our internal manufacturing businesses.

我們始終以更高的利用率致力於增值鋼鐵產品多樣化、差異化客戶供應鏈解決方案以及對內部製造業務的支援。

This higher through-cycle utilization of our steel mills is a key competitive advantage, supporting our strong and growing cash generation capability and the best-in-class financial metrics.

我們鋼廠的更高全週期利用率是一個關鍵的競爭優勢，支持我們強勁且不斷增長的現金創造能力和一流的財務指標。

Regarding the flat-rolled steel markets, pricing stabilized in the fourth quarter and into January.

就板材市場而言，價格在第四季和一月趨於穩定。

Flat-rolled customer order entry has been seasonally strong to begin 2025.

從 2025 年開始，扁平材客戶訂單量呈現季節性強勁。

Lead times remain steady and customers remain optimistic on the outlook.

交貨時間保持穩定，客戶對前景依然樂觀。

Inventories remain historically lean, but increased imports have kept incremental buying at bay in certain product areas, specifically for coated flat-rolled steel products.

庫存仍處於歷史低位，但進口增加抑制了某些產品領域的增量購買，特別是塗層平板軋鋼產品。

As most of you know, we levied trade case late in 2024 and expect to get favorable countervailing and dumping rulings sometime in the next few months, which should significantly decrease these unfairly priced imports.

大多數人都知道，我們在 2024 年底提起了貿易案，並預計在未來幾個月內獲得有利的反補貼和傾銷裁決，這將大大減少這些不公平定價的進口產品。

Long product steel markets were challenged in the fourth quarter with seasonal weakness across the platform based on customer feedback, the severe weather definitely had an impact as well as cautiousness related to the election outcome and possible administrative moves.

第四季長材市場面臨挑戰，根據顧客回饋，整個平台呈現季節性疲軟趨勢，惡劣天氣也產生了影響，此外，人們對選舉結果和可能的行政措施也較為謹慎。

We have already seen order activity improvement and expect 2025 to pick up nicely in consumption as we progress through the first half of the year.

我們已經看到訂單活動的改善，並預計隨著 2025 年上半年的到來，消費量將大幅回升。

Based on our railroad rail customers discussions and project activity, we believe we will see increased demand for rail products in 2025, which will further help our product diversification in our Long Products Group.

根據我們與鐵路客戶的討論和專案活動，我們相信 2025 年對鐵路產品的需求將會增加，這將進一步幫助我們長材產品集團實現產品多樣化。

Our Sinton, Texas flat-rolled steel most production reliability improved dramatically beginning in November, exiting the year with a utilization rate over 80%.

從 11 月開始，我們位於德州辛頓的扁軋鋼廠的生產可靠性大幅提高，年底的利用率超過 80%。

The team continues to improve with operation levels approaching 90% levels in the last four weeks.

在過去四周內，團隊的營運水準持續改善，已接近 90％ 的水準。

The team continues working through quality and yield issues that are keeping costs at elevated levels.

團隊繼續努力解決導致成本居高不下的品質和產量問題。

However, we expect these costs to moderate as we progress through the first half of the year, reaching positive earnings soon.

然而，我們預計，隨著今年上半年的到來，這些成本將會有所緩和，並很快實現正收益。

We continue to work on product development with Sinton's capabilities to expand our flat-rolled product offering.

我們將繼續利用 Sinton 的能力進行產品開發，以擴大我們的扁平軋製產品供應。

Also, the additional two new value-added coating lines are up and running, improving Sinton's operating efficiencies, value-added product mix and through cycle capabilities.

此外，另外兩條新的增值塗料生產線也已投入運行，提高了 Sinton 的營運效率、增值產品組合和全週期能力。

Regarding the steel market environment, North American automotive production estimates for 2025 were recently revised slightly lower.

關於鋼鐵市場環境，2025年北美汽車產量預測最近被略微下調。

However, they remain at historically normal levels.

但它們仍處於歷史正常水平。

Automotive dealer inventories continue to remain below historical norms and actually have declined further in December.

汽車經銷商庫存繼續低於歷史正常水平，12月份實際上進一步下降。

The auto fleet in the United States continues to age and has now reached a record high.

美國汽車數量持續老化，目前已達到歷史最高水準。

Our specific automotive customer base has remained strong, and our participation with this space has remained steady and, in some cases, growing.

我們特定的汽車客戶群一直保持強大，我們在該領域的參與度一直保持穩定，在某些情況下甚至還在成長。

This is for both flat-rolled products and our automotive SBQ customers.

這既適用於扁平軋製產品，也適用於我們的汽車 SBQ 客戶。

Nonresidential construction remained stable with slowdowns across some industries.

非住宅建築保持穩定，但一些行業出現放緩。

However, we believe moderating interest rates will unlock pent-up project work and create new opportunities as we progress into 2025.

然而，我們相信，隨著我們進入 2025 年，降低利率將會釋放被壓抑的專案工作並創造新的機會。

Additionally, onshoring and infrastructure spending should provide further support to fixed asset investment and related construction-oriented projects.

此外，在岸生產和基礎設施支出應為固定資產投資和相關的建設項目提供進一步的支援。

As for the energy market, the solar industry continues to grow and be a meaningful market for both our flat-rolled and long products mills.

至於能源市場，太陽能產業持續成長，並成為我們的扁平軋材和長材廠的一個有意義的市場。

Oil and gas activity remains steady with recent signs of increased activity for both flat-rolled products and SBQ products.

石油和天然氣活動保持穩定，近期有跡象顯示扁平軋製產品和 SBQ 產品的活動增加。

Looking forward, we are optimistic regarding steel demand and pricing dynamics as we enter 2025.

展望未來，我們對 2025 年的鋼鐵需求和價格動態持樂觀態度。

With that, I'll turn that over.

說完這些，我將其轉交。

Thank you Barry.

謝謝你，巴里。

Thank you, Theresa.

謝謝你，特蕾莎。

So I believe it's more than evident that our performance-driven team-based culture in combination with a proven, diversified and value-added business model drives superior through-cycle financial metrics.

因此，我相信，顯而易見的是，我們以績效為導向的團隊文化與經過驗證的、多樣化和增值的業務模式相結合，可以推動卓越的全週期財務指標。

This consistently strong operating and financial performance continues to support our cash generation and growth investment strategies, allowing a very balanced cash allocation strategy that has delivered the highest shareholder returns in our industry.

持續強勁的營運和財務表現繼續支持我們的現金創造和成長投資策略，從而實現非常均衡的現金分配策略，為我們行業帶來最高的股東回報。

Our disciplined investment approach continues to support a strong and growing through-cycle cash generation profile while maintaining the highest return on invested capital of our peers.

我們嚴謹的投資方式持續支持強勁且不斷成長的全週期現金產生狀況，同時維持同業最高的投資資本報酬率。

As mentioned, the four value-added flat-rolled steel coating lines are increasing volume and performing very well from a quality perspective.

如上所述，四條增值扁鋼塗層生產線的產量正在增加，而且品質表現非常出色。

These types of high-return investments are key to our value-added product and supply chain differentiation strategies.

這些類型的高回報投資是我們增值產品和供應鏈差異化策略的關鍵。

As we mentioned, Sinton continues to improve its operational reliability with expectations for strong production and financial contribution in 2025.

正如我們所提到的，Sinton 繼續提高其營運可靠性，預計 2025 年將實現強勁的生產和財務貢獻。

And most recently, our aluminum growth strategy is unfolding, and is especially compelling.

最近，我們的鋁成長策略正在展開，而且特別引人注目。

The ADI investment premise parallels our disruptive entry into the steel industry some 30 years ago.

ADI 的投資前提與我們 30 年前顛覆性地​​進入鋼鐵業類似。

Back then, the market environment was similar to the domestic aluminum environment today, older assets, high legacy costs in efficient high-cost operations.

當時的市場環境與現今的國內鋁業環境相似，資產老舊，高效高成本運營，遺留成本高。

They had a difficult earning -- difficulty earning their cost of capital over the years.

多年來，他們一直難以賺取資本成本。

Hence, there's been little additional investment in facilities and technology.

因此，在設施和技術方面的額外投資很少。

They have somewhat of an arrogant customer approach and -- but unlike our entry into the oversupplied steel market, there is a significant North American supply deficit for aluminum sheet and it will continue to grow.

他們對待客戶的方式有些傲慢，但與我們進入供應過剩的鋼鐵市場不同，北美的鋁板供應存在很大的缺口，而且還會繼續擴大。

There's a clear business alignment where we can leverage SDI's core competencies.

我們可以利用 SDI 的核心競爭力來達成明確的業務協調。

Our construction know-how is quite persuasive, all you have to do is look at the rate of construction of this project, and it's absolutely remarkable.

我們的施工技術非常有說服力，您只需看看這個專案的施工速度，您就會發現它絕對令人驚嘆。

And we also have operational know-how and our performance-driven culture would drive higher efficiency and lower cost operations than our peers.

我們也擁有營運專業知識，而我們以績效為導向的文化將推動我們比同行實現更高的效率和更低成本的營運。

The project also levers OmniSource's recycling footprint.

該專案還利用了 OmniSource 的回收足跡。

They're the largest North American aluminum scrap recycler, and they have done a great job here of late, developing new separation technologies to separate the various aluminum grades from the scrap stream, particularly the 5000 and 6000 series from automotive process scrap.

他們是北美最大的鋁廢料回收商，最近他們在這方面取得了巨大的成就，開發了新的分離技術，從廢料流中分離出各種等級的鋁，特別是來自汽車製程廢料的5000 和6000系列。

This is a meaningful investment, is cost-effective and a high-return growth and diversification opportunity.

這是一項有意義的投資，具有成本效益，並且是一個高回報的成長和多樣化機會。

The project is no longer just a vision but quickly becoming a reality.

該項目不再只是一個願景，而很快就會成為現實。

And as I said, just look at our website.

正如我所說的，只需看看我們的網站。

We update that and I think on -- almost a monthly basis, and just to think that we started digging in the ground July 5 of the year before last, somewhat 18 months ago, is absolutely incredible, the progress to date.

我們幾乎每個月都會更新一次，想想看，我們是前年 7 月 5 日開始挖掘的，大約 18 個月前，迄今為止的進展真是令人難以置信。

Construction of the expansive mill in Columbus, Mississippi, as I said, is at an extraordinary pace.

正如我所說，密西西比州哥倫布市的大型工廠的建設正在以驚人的速度進行。

SLP, our slab cast house down there is also proceeding incredibly well and should be operational here in March or April.

我們位於當地的板坯澆鑄車間 SLP 的進展也非常順利，預計將於三月或四月投入營運。

The future customer base across all sectors is excited to have a new market entrant that is known to be innovative, customer-centric and responsive to their needs.

所有行業的未來客戶群都很高興能有一位以創新、以客戶為中心、響應客戶需求而聞名的新市場進入者。

And I have to emphasize, after I talk to a bunch of the customers out there, the aluminum customers out there, we will be innovative.

我必須強調的是，在與許多客戶，尤其是鋁業客戶交談後，我們將會進行創新。

We will be incredibly responsive and provide best-in-class service, which will translate directly into customer value.

我們將以極快的速度回應並提供一流的服務，這將直接轉化為客戶價值。

We will be a differentiated supplier.

我們將成為差異化的供應商。

Conversations with existing and new customers across the markets remain robust as they need and desire new supply options.

由於市場中現有和新客戶的需要和渴望新的供應選擇，因此與他們的對話仍然十分活躍。

As we strategically initiated at Sinton, we're developing an on-site industrial park to locate aluminum processing and consuming facilities there.

正如我們在 Sinton 策略性地發起的一樣，我們正在開發一個現場工業園區，以便在那裡設立鋁加工和消費設施。

We've already announced one such relationship with [a partner], who will help service our automotive customers.

我們已經宣布與合作夥伴建立這樣的合作關係，該合作夥伴將為我們的汽車客戶提供服務。

And we are currently negotiating a second arrangement that will result in approximately 100,000 metric tons of annual on-site processing capability.

目前我們正在協商第二項安排，該安排將帶來每年約10萬公噸的現場加工能力。

As our aluminum growth has become a visible reality, and our reputation permeates the industry, we found aluminum professionals have been signing up to join this exciting project.

隨著我們的鋁業成長成為可見的現實，並且我們的聲譽滲透到整個行業，我們發現鋁業專業人士紛紛報名加入這個令人興奮的項目。

They're helping us build a phenomenal team that combines in-depth knowledge of aluminum flat roll operations, aluminum commercial markets and process technology, along with customer service, which complements our SDI professionals that will bring our performance-driven culture to bear.

他們正在幫助我們建立一支出色的團隊，該團隊結合了對鋁平板捲操作、鋁商業市場和工藝技術的深入了解以及客戶服務，這與我們的SDI 專業人員相得益彰，將發揮我們以績效為導向的文化作用。

As we stated in the in the past, just to recap the facility itself.

正如我們過去所說的那樣，只是重述一下設施本身。

It's a state-of-the-art plant, 650,000 metric tons of flat-rolled capacity in Columbus, Mississippi.

這是位於密西西比州哥倫布市的一座最先進的工廠，平板軋製產能為 65 萬公噸。

The mix will be around 300,000 metric tons of canned stock, 230,000 metric tons of automotive material, and about 130,000 tons of industrial and construction products.

該混合物將包括約 30 萬公噸罐頭原料、23 萬公噸汽車材料以及約 13 萬噸工業和建築產品。

Actually, our Columbus on-site metal slab capacity will be 600,000 metric tons, supported by two satellite recycled aluminum slab casting centers located in UBC's scrap rich regions.

實際上，我們哥倫布現場金屬板產能將達到 60 萬公噸，並由位於 UBC 廢料豐富地區的兩個衛星再生鋁板鑄造中心提供支援。

The project scope includes additional scrap processing and segregation technologies, as I've already mentioned, to maximize the aluminum recycled content.

正如我已經提到的，該項目範圍包括額外的廢料處理和分離技術，以最大限度地提高鋁的回收含量。

Our aluminum team is executing exceptionally well.

我們的鋁團隊表現非常出色。

The team successfully cast their first industrial and beverage can ingots on -- cast complex number one in Columbus this past January 12.

該團隊於今年 1 月 12 日在哥倫布成功鑄造了第一批工業和飲料罐錠——鑄造綜合體一號。

And we've had six or seven cast since in developing process variables for the different grades.

從那時起，我們已經有六、七個演員參與開發不同等級的工藝變數。

We plan to continue commissioning throughout the facility during the coming months and to produce commercially viable products before midyear 2025.

我們計劃在未來幾個月內繼續調試整個工廠，並在 2025 年中期之前生產出具有商業價值的產品。

Production is expected to grow to a 50% annual run rate by the end of 2025, and 75% capacity in 2026.

預計到 2025 年底，年產量將成長至 50%，2026 年將成長至 75%。

Given current market conditions, we also expect to be a little EBITDA positive before year-end '25.

鑑於目前的市場狀況，我們也預計在 2025 年底之前 EBITDA 將略有正值。

We expect through cycle annual EBITDA of around $650 million to $700 million, plus about $40 million to $50 million for the metals recycling platform.

我們預計整個週期的年度 EBITDA 約為 6.5 億至 7 億美元，再加上金屬回收平台約 4,000 萬至 5,000 萬美元。

The most significant savings relative to our competition center on four key areas: labor savings, higher recycled content, significant process yield improvements and logistics.

與我們的競爭對手相比，最顯著的節省集中在四個關鍵領域：節省勞動力、提高再生利用率、顯著提高製程產量和物流。

It can hardly be explained, but the excitement within our company is palpable.

這很難解釋，但我們公司內部的興奮之情卻是顯而易見的。

Especially within the Mississippi and San Luis Potosi aluminum sites.

尤其是在密西西比州和聖路易斯波托西鋁廠內。

And it grows as our teams recognize our ability to revolutionize the North American aluminum industry as we did in steel.

隨著我們的團隊意識到我們有能力像在鋼鐵業那樣徹底改變北美鋁業，我們的努力也不斷發展。

We are in passion by our current and future growth plans as they will continue to drive the high return growth momentum we have consistently demonstrated over the years.

我們對當前和未來的成長計劃充滿熱情，因為它們將繼續推動我們多年來展現的高回報成長動能。

The earnings growth of these new projects is compelling.

這些新項目的獲利成長引人注目。

The capital spending for Sinton, the four value add lines and Aluminum Dynamics is largely spent with projected future through-cycle EBITDA contribution of over $1.4 billion.

Sinton、四條增值生產線和鋁動力的資本支出大部分用於未來整個​​週期的 EBITDA 貢獻，預計將超過 14 億美元。

Steel Dynamics has grown to an incredibly resilient cash-generating business of scale and diversification, driven by the best teams in the world.

在世界上最優秀團隊的推動下，Steel Dynamics 已發展成為一家規模大、業務多元化、極具彈性的現金生成企業。

In the last five years, we've invested billions of dollars in our organic strategic growth.

在過去五年裡，我們已投資數十億美元用於有機策略成長。

We've earned a return on invested capital of 24% compared to the S&P 500 at only 12%, and way higher than the best of our peer -- steel peers.

我們的投資報酬率為 24%，而標準普爾 500 指數僅為 12%，遠高於我們同行中最好的鋼鐵同行。

We've increased our cash dividend over 90%.

我們的現金股利增加了90%以上。

We repurchased over 30% of our outstanding shares, all while maintaining best-in-class investment-grade credit metrics, and creating outstanding value for our customers and suppliers, our teams and our shareholders.

我們回購了超過 30% 的流通股，同時保持了一流的投資等級信用指標，並為我們的客戶和供應商、我們的團隊和股東創造了卓越的價值。

I'm excited as investors recognize the power and consistency of our through-cycle cash generation, combined with our consistent and high return capital allocation strategy and they value us accordingly, more like industrial companies.

我很高興，因為投資者認識到我們整個週期現金創造的能力和一致性，加上我們一致且高回報的資本配置策略，因此他們對我們的評價更像是工業公司。

It is our belief that the steel industry has undergone a paradigm shift in recent years that will amplify this position.

我們相信，近年來鋼鐵業經歷了範式轉變，這將進一步增強這一地位。

There's a pervasive sense of mercantilism that will provide a level playing field through continued and appropriate trade mechanisms.

人們普遍存在重商主義觀念，認為透過持續、適當的貿易機制可以提供公平的競爭環境。

Risk mitigation to address numerous supply chain dislocations as accelerated reshoring of manufacturing.

隨著製造業回流加速，採取風險緩解措施以解決大量供應鏈混亂問題。

AI and cloud computing will support non-residential construction, data centers, chip factories, battery plants and the like, along with growing fixed asset investment associated with public dollars.

人工智慧和雲端運算將支援非住宅建築、資料中心、晶片工廠、電池廠等，以及公共資金不斷增長的固定資產投資。

And lastly, decarbonization will materially steepen the global cost curve, providing steel dynamics with a huge competitive advantage to gain market share and increased metal spreads, given our position of some of our sheet mills are the lowest carbon footprint in the world.

最後，脫碳將顯著提高全球成本曲線的陡峭度，為鋼鐵動力提供巨大的競爭優勢，以獲得市場份額和增加金屬價差，因為我們的一些板材廠是世界上碳足跡最低的。

This evolving metals business environment will amplify our earnings capability going forward.

不斷發展的金屬業務環境將會增強我們未來的獲利能力。

We are blessed with good fortune.

我們很幸運。

Our people are our foundation, and I thank each of them for their passion and dedication.

我們的員工是我們的基礎，我感謝他們每個人的熱情和奉獻。

We are committed to them.

我們對他們充滿信心。

And I remind those listening today that safety for yourselves, your families and each other is the highest priority.

我提醒今天的聽眾，你們自己、你們家人以及彼此的安全是重中之重。

I would be remiss not to thank our loyal customers, many of whom supported us since our inception some 31 years ago.

若不感謝我們的忠實客戶，那我就是失職了，他們中的許多人自 31 年前我們成立以來就一直支持我們。

These partnerships are based on trust, on doing what we say we will do, creating new solutions to enhance the value proposition.

這些合作關係建立在信任的基礎上，基於履行我們的承諾以及創造新的解決方案來提升價值主張。

Our new aluminum partners will experience the same.

我們新的鋁業夥伴也會經歷同樣的情況。

And also our suppliers and service providers who we value and trust.

還有我們重視和信任的供應商和服務提供者。

Thank you.

謝謝。

Our culture and business model continue to differentiate our performance, leading to best-in-class financial metrics.

我們的文化和商業模式繼續使我們的業績與眾不同，從而實現一流的財務指標。

We're a circular metals business, providing enhanced lower carbon supply chain solutions, in turn, mitigating volatility and cash flow generation through all market cycles, providing enhanced shareholder returns and value to all participants.

我們是一家循環金屬企業，提供增強的低碳供應鏈解決方案，進而在所有市場週期中減輕波動性和現金流產生，為所有參與者提供更高的股東回報和價值。

So we look forward to creating new opportunities for all of us today and in the years ahead.

因此，我們期待著今天和未來的歲月為我們所有人創造新的機會。

And with that said, Matthew, could we turn it over to questions, please?

馬修，話雖如此，我們可以開始提問了嗎？

(Operator Instructions) Tristan Gresser, BNP Paribas.

（操作員指示） 法國巴黎銀行的 Tristan Gresser。

I have two.

我有兩個。

The first one, I was wondering, have you witnessed any weather impact either on your operations so far this year or on demand dynamics?

第一個問題，我想知道，今年到目前為止，您是否發現天氣對您的營運或需求動態產生了影響？

And also, what type of volume increase should we expect in steel and fabrication in Q1?

此外，我們預期第一季鋼鐵和製造業的產量將出現什麼樣的成長？

I'll start there.

我將從那裡開始。

Tristan, this is Barry Schneider.

特里斯坦，這是巴里施奈德。

With regard to the weather, it does definitely tighten up scrap, just the availability to move it.

就天氣而言，它確實會限制廢料的運輸。

I know there's a lot of discussions out there about energy and what's going on in the various regional transmission areas.

我知道現在有很多關於能源以及各個區域輸電領域情況的討論。

To date, we haven't been significantly impacted.

到目前為止，我們還沒有受到重大影響。

We have a really good relationship with our -- both our utilities and our communities.

我們與公用事業公司和社區都保持著良好的關係。

So if there are emergencies, we have the ability to taper our usage, but it's been minimal to this point.

因此，如果發生緊急情況，我們有能力減少使用量，但到目前為止，這種情況還很少。

And we continue just to work with cold weather as everybody else does.

我們和其他人一樣，在寒冷的天氣下繼續工作。

A lot of our teams work outside.

我們的許多團隊都在戶外工作。

And could you repeat the second question, please?

您能重複一下第二個問題嗎？

Yeah, if you can share a bit of color on the guidance for volumes, what should we expect for your steel business and your fabrication business sequentially into Q1?

是的，如果您可以分享一些關於銷售預期的詳細信息，那麼我們對您第一季的鋼鐵業務和製造業務的連續表現應該有何預期？

So Tristan, as you know, we give limited guidance as it relates to things like that.

所以特里斯坦，如你所知，對於此類事情我們給出的指導有限。

But as you look at the first quarter, definitely, and you look at some of the disruptions we had in the fourth quarter because as Barry mentioned, there was some weather impact with shipping as well with some of our steel divisions.

但當你回顧第一季時，你肯定會發現我們在第四季度遇到了一些幹擾，因為正如巴里所提到的，天氣對運輸以及我們的一些鋼鐵部門產生了一些影響。

But we would expect seasonally to see higher volumes in the first quarter.

但我們預計第一季的銷售量將呈現季節性成長。

But I think more importantly, like looking beyond just a quarter, but looking towards 2025, as all three of us mentioned in our opening remarks, the customers and our teams are really looking to see increased consumption and volume across the platforms in 2025 as it relates to some of the public funding but I think more importantly, as it relates maybe some additional benefit from reduced imports, from what we think will be a pretty robust construction environment specifically in the second half of the year.

但我認為更重要的是，不僅僅是著眼於一個季度，而是展望2025 年，正如我們三人在開場白中提到的那樣，客戶和我們的團隊都希望在2025 年看到各個平台的消費量和銷售增加，因為與一些公共資金有關，但我認為更重要的是，因為它可能與進口減少帶來的一些額外好處有關，我們認為特別是在今年下半年，建築環境將非常強勁。

And then potentially some things from the administration as well.

然後也可能是來自政府的一些事。

So we're more focused on the longer term than just quarter-over-quarter.

因此，我們更關注長期發展而非僅僅關注季度環比成長。

Okay.

好的。

That's fair.

這很公平。

And maybe just another question on the hot-dip galvanized trade case.

也許這只是有關熱鍍鋅貿易案例的另一個問題。

Can you explain why the investigation was asked to be delayed?

你能解釋一下為何要求延後調查嗎？

Is that because there were signs that the tariffs may not be applied in full or -- and also regarding the import situation, obviously, there's a lot of chatter around potential tariffs.

這是因為有跡象表明關稅可能不會全面實施，或者——而且關於進口情況，顯然有很多關於潛在關稅的討論。

Have you witnessed some import bounce in recent weeks or before those potential tariffs take place?

最近幾週或在這些潛在關稅生效之前，您是否看到進口出現反彈？

As regarding the timing, that is pretty typically just a procedural type event that happens with trade cases.

至於時間，這通常只是貿易案件中發生的程序性事件。

There's an incredible amount of data that has to be collected and then the government agencies have to pour through that data.

需要收集的數據量非常大，政府機構必須仔細分析這些數據。

There are 10 different countries that were -- cases were filed against.

有 10 個不同的國家被提起訴訟。

And we have seen an import bump.

我們也看到了進口量的增加。

And in some cases, just being able to store any more material limits what could come in.

在某些情況下，僅僅儲存更多的材料就限制了可以進入的材料數量。

But we have seen it.

但我們已經看到了。

We see it subsidizing right now.

我們現在看到它正在提供補貼。

And regardless of what new trade actions that may happen with the administration, these cases are traditional cases that are based on regular commerce between countries.

無論政府可能採取什麼新的貿易行動，這些案件都是基於國家間正常貿易的傳統案件。

So we're expecting very favorable rulings and we do anticipate this -- taking this unnecessary noise out of the marketplace as the rest of the world has struggled in certain areas with slowdowns, America becomes the place where these tons make their way.

因此，我們期待非常有利的裁決，我們確實預期這一點——在世界其他地區因經濟放緩而陷入困境的某些領域，美國將成為這些貨物運輸的目的地，從而消除市場上不必要的噪音。

So again, normal cases, we're going to process through the system like they always would.

所以，對於正常情況，我們將像往常一樣透過系統進行處理。

And then whatever the administration does going forward, obviously, we'll react to and work with them.

無論政府下一步做什麼，顯然我們都會做出反應並與他們合作。

Timna Tanners, Wolfe Research.

坦納斯（Timna Tanners），沃爾夫研究公司（Wolfe Research）。

I wanted to really understand better the situation at Sinton and the finishing lines.

我想真正更好地了解辛頓和終點線的情況。

So in the Q4 results, you talked about Sinton at 80%.

因此在第四季度的業績中，您談到了 Sinton 的 80%。

So it looks like great progress there, but I'm not understanding why that's not more profitable of that utilization?

因此看起來那裡取得了很大進展，但我不明白為什麼這種利用方式沒有帶來更多利潤？

And a similar question for the finishing lines.

對於終點線也存在類似的問題。

Like what does it take to get to greater profitability, when should we see that switch over?

例如，怎樣才能獲得更高的獲利能力，我們什麼時候才能看到這種轉變？

And what could that contribution look like?

那麼這個貢獻是什麼樣的呢？

Timna, this is Barry.

蒂姆娜，這是巴里。

It's interesting when we talk about the progress of Sinton.

當我們談論 Sinton 的進展時，這很有趣。

I remain incredibly excited about what that team is doing.

我仍然對這個團隊所做的事情感到無比興奮。

And the throughput is a very large part of any cost compression, any operations in the steel mills.

產量是鋼廠任何作業中成本壓縮的重要組成部分。

So the gains we've seen on the hot side have really been excellent.

因此，我們在熱方面看到的收益確實非常出色。

And it's really a function of our teams are really working well together, and our culture is being realized.

這其實體現了我們團隊的良好合作，也反映了我們的文化。

The mentoring that our other steel professionals, the men and women at all our other steel plants have been going down there working with the Sinton team, and what started early as basic education on equipment is now mentoring.

我們其他鋼鐵專業人士、我們所有其他鋼鐵廠的男男女女都在那裡與 Sinton 團隊一起工作，早期從設備基礎教育開始，現在則開始指導。

And the decision-making they make every day drives the decisions of the floor and empowers the team to really make good decisions and find their best practices.

他們每天做出的決策推動著現場的決策，並使團隊能夠真正做出正確的決策並找到最佳實踐。

Machine reliability improvements also.

機器的可靠性也提高了。

So as throughput has increased, that definitely gives us a great opportunity.

因此，隨著吞吐量的增加，這無疑為我們帶來了巨大的機會。

Extraordinary costs right now are really a matter of a big part of our -- of the financial impact.

目前，額外成本確實是我們財務影響中很大一部分的問題。

And that extraordinary costs are related to the reliability of the machine as well as improving the maintenance and the redundancies that our equipment needs.

這些額外成本與機器的可靠性以及改善設備所需的維護和冗餘有關。

So as we've figured out where the weaknesses are, we're putting money, expensive money to put systems in place and people in place to make sure that the money we're spending today reduces the money we need to spend in the future.

因此，當我們找出了薄弱環節後，我們就會投入大量資金，建立系統，安排人員，以確保我們今天花的錢可以減少未來需要花的錢。

These costs also have a direct impact on equality.

這些成本也會對平等產生直接影響。

And probably the single -- to go specifically at your point about productivity.

可能是唯一一個——具體談談您關於生產力的觀點。

Productivity alone is great, but what we have to really do is drive yields and prime rates.

單憑生產力就很棒，但我們真正要做的是提高收益率和優惠利率。

It's expensive commissioning, particularly downstream units because the products that are going to those lines as they start up, have a lot more value in them.

調試成本很高，特別是下游裝置，因為這些生產線啟動時進入的產品具有更高的價值。

So we continue to drive more of our tons that we make, leaving the plant on a prime order of high value.

因此，我們繼續生產更多的產品，使工廠保持高價值的優質訂單。

That drives the mixed average selling price up.

這導致混合產品平均售價上漲。

So right now, in the past month, it's Sinton.

所以現在，在過去的一個月裡，是辛頓。

The hot side is operating at a prime rate that is actually exceeding our Butler and Columbus plants.

熱側的運轉速度實際上超過了我們的巴特勒和哥倫布工廠。

Butler and Columbus are world-class when it comes to turning every piece of raw material coming into our plant into a prime shipment.

在將進入我們工廠的每一塊原材料轉化為優質貨物方面，巴特勒和哥倫布是世界一流的。

We're also very focused on product development.

我們也非常注重產品開發。

So instead of just having one product line, we continue to try to cost effectively and conscientiously develop products that will help the productivity and the product offering that we have out of Sinton.

因此，我們不僅有一條產品線，而是繼續嘗試以成本效益高且認真的態度開發有助於提高生產力和豐富 Sinton 產品供應的產品。

So the customer is not going to compromise their needs.

所以客戶是不會在滿足自己需求上做出妥協的。

So as we commission the lines, as we go through the acceptability and the new customer qualification processes with these new lines, that does have a cost.

因此，當我們調試這些生產線時，當我們對這些新生產線進行驗收和新客戶資格認證流程時，確實會產生成本。

So we're really excited with where we're at on the curve.

所以我們對於自己所處的曲線感到非常興奮。

It was ambitious, but the addition of the two new lines at Sinton have allowed the mill to be more efficient.

這是一個雄心勃勃的目標，但 Sinton 新增的兩條生產線讓工廠更有效率。

So as we work through these commissioning efforts to these approval processes, more of the product leaves the plant at high selling values.

因此，隨著我們完成這些調試工作和審批流程，更多的產品以較高的銷售價值出廠。

So that's a lot of what the Sinton cost is behind the productivity improvements.

所以，Sinton 的成本很大程度是生產力提高的背後原因。

And I would say that one should focus on the step function improvement these past three months for them to be hitting 80%.

我想說，人們應該專注於過去三個月的階躍函數改進，以達到 80% 的目標。

And I think all last year, we said that mill would be operating at that rate by year-end.

我想，去年我們都說過，工廠到年底將以這個速度運作。

And so accomplish that.

並實現這一目標。

More recently, they've been operating in excess of 90%.

最近，他們的營運率已經超過 90%。

They're getting 10,000 tons days.

他們每天的產量為 10,000 噸。

They're getting 35, 36 string heats on the cast -- the performance there is literally shot up exponentially.

他們的演員陣容包括 35 至 36 名弦樂演奏者，他們的表演水平確實呈指數級上升。

And the fact that it hasn't made -- didn't make money in the fourth quarter is not atypical.

而它在第四季沒有賺錢這一事實並不罕見。

We're ramping up the profitability as Barry well-articulated, follows.

正如 Barry 所明確指出的，我們正在提高獲利能力。

And our expectation is that profitability will be gained in the second quarter.

我們預計第二季將獲利。

Just one thing to follow.

只需遵循一件事。

I want to level set everyone.

我想對每個人都進行水平設定。

So Barry and Mark mentioned that even though it's been a couple of years in, it's still in that start-up mode, where once it gets to a fully mature facility, which will be later this year, it would be just like all of our other facilities.

因此 Barry 和 Mark 提到，儘管已經過去了幾年，但它仍然處於啟動模式，一旦它達到完全成熟的設施，也就是今年晚些時候，它就會像我們所有的其他設施。

So as a reminder, our structural and rail division operated at less than 30% of its capacity in that 2009 Great Recession environment.

需要提醒的是，在 2009 年經濟大衰退的環境下，我們的結構和鐵路部門的產能利用率不到 30％。

And they were not just cash flow positive, but they were operationally positive from an earnings perspective as well.

而且他們不只是現金流為正，而且從獲利角度來看，他們的營運也為正。

So certainly, we'll get there, and the teams will achieve that here in the first half of the year.

所以我們一定會達成這個目標，各隊也會在今年上半年達成這個目標。

Lawson Winder, Bank of America.

美國銀行的勞森·溫德（Lawson Winder）。

Can I just ask on capital allocation priorities.

我可以問一下資本配置優先順序嗎？

So I mean it's a very nice setup for Steel Dynamics heading into 2025 with a pretty material free cash flow inflection expected here.

所以我的意思是，這對於 Steel Dynamics 進入 2025 年來說是一個非常好的設置，預計自由現金流將出現相當大的變化。

Are there any new projects in the pipeline that could possibly be greenlit in 2025?

有哪些新項目可能在 2025 年獲得批准？

And then on the other side of potential growth options, what is Steel Dynamics appetite to potentially acquire new capacity?

那麼，在潛在成長選擇的另一面，Steel Dynamics 對獲得新產能的興趣如何？

Sorry, what was the second half of that question?

抱歉，這個問題的後半部是什麼？

Sorry.

對不起。

M&A.

併購。

So obviously, we have allocated a lot of cash to phenomenal growth at the Sinton and four new lines at aluminum and they are being realized that there is no, I would say, imminent large-scale organic growth anticipated right now.

顯然，我們為 Sinton 的驚人成長和鋁業的四條新生​​產線投入了大量現金，他們意識到，我認為目前預計不會出現大規模的有機成長。

We have several projects, but our focus currently is to execute, execute, execute.

我們有幾個項目，但我們目前的重點是執行、執行、執行。

Get Sinton up and running incredibly well from a profitability standpoint.

從獲利角度來看，讓 Sinton 運作良好。

Get Aluminum Dynamics up and running and it's going to be a fabulous, fabulous mill, fabulous investment and return for us.

讓 Aluminum Dynamics 投入運營，對我們來說這將是一個非常好的工廠，極好的投資和回報。

So that's our immediate, I guess, focus for the team.

所以我想這就是我們團隊目前關注的重點。

On the M&A front, again, we continue to look at opportunities as they come in.

在併購方面，我們再次繼續尋找機會。

And if one were to make sense, then maybe we would look at it.

如果有道理的話，我們也許會考慮它。

But nothing imminent right this second.

但目前還沒有任何緊急事件。

Then would it be fair to conclude an absence of an obvious new growth project and -- I mean, nothing obvious, I guess, for M&A.

那麼，是否可以公平地得出這樣的結論：缺乏明顯的新成長項目——我的意思是，對於併購而言，沒有什麼明顯的成長項目？

Could capital return accelerate then just given the setup for 2025?

那麼，考慮到 2025 年的設定，資本報酬率能否加速？

So Lawson, we are absolutely a growth-oriented company, and we're very committed to our investment-grade metrics.

所以勞森，我們絕對是一家以成長為導向的公司，我們非常致力於我們的投資等級指標。

And that being said, we've had -- because of the business model that we have that consistent cash flow generation allows us to really have meaningful shareholder returns.

話雖如此，由於我們的商業模式，持續的現金流創造使我們能夠真正獲得有意義的股東回報。

So I think you've seen that in the last three, four, five years.

所以我認為你在過去三、四、五年裡已經看到了這一點。

And I don't see anything changing that, absent something that's unforeseen at this point in time.

而我認為沒有任何事物能夠改變這一現狀，除非出現目前無法預見的事件。

So we'll be focused, to Mark and Barry's point, on execution, first and foremost.

因此，正如馬克和巴里所說，我們首先要關注的是執行。

But then you will continue to see us look to avail ourselves of what we think is a very attractively priced company by buying our own shares back and by keeping that positive dividend profile.

但隨後您將繼續看到我們透過回購自己的股票並保持積極的股息狀況來利用我們認為價格非常有吸引力的公司。

Alex Hacking, Citi.

花旗銀行的亞歷克斯‧哈金 (Alex Hacking)。

Theresa, can you just clarify the expectations for the aluminum mill in terms of production?

特蕾莎，您能否澄清一下對鋁廠的生產預期？

I think you said 50% this year, 75% next year.

我想你說的是今年是 50%，明年是 75%。

Is that sort of exit rate?

這就是那種退出率嗎？

Or is that average?

或者說這是平均值？

I guess put another way, like how many tons would you expect to ship this year and next year?

我想換句話說，例如您預計今年和明年運送多少噸？

Well, the 50% for '25 is ending the year at a 50% utilization rate. 75% for '26 is total (technical difficulty) capability.

嗯，'25 年的 50% 意味著年底的利用率為 50%。 '26 的 75% 是總 (技術難度) 能力。

Okay.

好的。

And then just a follow-up if I might on the fab segment.

然後，如果可以的話，我對 fab 部分進行後續跟進。

Margins were very stable there last year, actually, around 37% to 40% EBITDA margin, if my math is correct.

實際上，去年那裡的利潤率非常穩定，如果我的計算正確的話，EBITDA 利潤率約為 37% 至 40%。

I mean is it too early to call that a new normal?

我的意思是，將其稱為新常態還為時過早嗎？

It's obviously a lot higher than it was pre-COVID, lower than the kind of peak COVID years.

這顯然比新冠疫情之前高很多，但低於新冠疫情高峰時期的水平。

But a surprising amount of stability there.

但那裡卻有著令人驚訝的穩定性。

Any comments would be helpful.

任何評論都會有幫助。

So Alex, as we talked about it in the past, we do believe that whole industry went through a commercial change as it relates to pricing and what that means.

所以亞歷克斯，正如我們過去談論的那樣，我們確實相信整個行業都經歷了與定價及其意義相關的商業變革。

And what I mean by that is that there was a product and a service that was probably -- not probably, was underpriced pre-COVID, and there wasn't a recognition of the engineering and the value add that's a part of that.

我的意思是，有一種產品和服務在疫情之前可能（不是可能）被低估了，而且人們沒有認識到其中的工程和增值。

So yeah, we, right now, if you look at 2024, those volumes were actually pretty low even for pre-COVID.

是的，現在，如果您看看 2024 年，即使在 COVID 之前，這些數量實際上也相當低。

And we would expect to see that change in 2025 and in the out years as we start to see what we believe is an environment that will support increased fixed asset investment, which will therefore, absolutely support increased steel consumption, steel joist and deck consumption and therefore, more scrap required in the US as well.

我們預計，2025 年及以後幾年，這種情況將發生變化，因為我們開始看到一個支持增加固定資產投資的環境，因此，這絕對會支持增加鋼材消費、鋼托樑和甲板消費，因此，美國也需要更多的廢料。

So we see this as a pretty stabilized period of time with margins that are going to be higher on a go-forward basis than on a mid-cycle basis.

因此，我們認為這是一個相當穩定的時期，未來的利潤率將高於中期利潤率。

Bill Peterson, JPMorgan.

摩根大通的比爾彼得森。

This is Bennett on for Bill.

這是貝內特 (Bennett) 代替比爾 (Bill)。

I wanted to get your thoughts on recent tightness in UBC scrap spreads and whether this could be a structural trend with greater demand from two new rolling mills ramping and China recently removing scrap import controls.

我想聽聽您對近期 UBC 廢鋼價差緊張的看法，以及這是否可能是一種結構性趨勢，因為兩家新軋鋼廠的投產以及中國最近取消了廢鋼進口管制導致需求增加。

And if you could also remind us what the expected scrap intensity will be across the three product groups out of ADI?

您能否提醒我們 ADI 三個產品組的預期廢品率是多少？

Well, we don't anticipate this being a new norm.

嗯，我們預期這不會成為一種新常態。

Aluminum scrap, steel scrap, they're incredibly efficient, effective markets.

鋁廢料、鋼廢料，它們都是極為有效率的市場。

There is, I think, some emotion out there as we're getting into the market and people are doing some strange things, but I think it will normalize over time.

我認為，當我們進入市場時，人們會出現一些情緒，並且會做一些奇怪的事情，但我認為隨著時間的推移，這種情況會恢復正常。

The scrap across the -- individually, I would say we're looking at -- for canned stock at around 95% utilization -- utilization recycled content.

就個別情況而言，我們正在研究的罐裝廢料的利用率約為 95%，即回收率。

And when you get to the automotive grades, probably, if I remember correctly, around 60%, 65%.

至於汽車級，如果沒記錯的話，大概在 60%、65% 左右。

Again, we are absolutely focused on being best-in-class there.

再說一遍，我們絕對致力於成為一流的。

We do have OmniSource, the largest aluminum recycler in North America today.

我們確實有 OmniSource，它是目前北美最大的鋁回收商。

They've come up with some phenomenal sorting segregation capabilities, just as we have over the years for steel scrap and the shredded obsolete flow.

他們已經想出了出色的分類分離能力，就像我們多年來對廢鋼和廢棄物粉碎流所做的那樣。

They're achieving the same capabilities in aluminum.

他們在鋁方面也實現了同樣的能力。

So there's absolutely no doubt we will be best-in-class going forward.

因此，毫無疑問，我們未來將成為一流的。

And as we think about losses moving forward, I think in the past, it was guided to around $25 million a quarter.

當我們考慮未來的損失時，我認為過去預計的損失為每季約 2500 萬美元。

We were a bit above that in the fourth quarter.

在第四節我們表現略高於這個數字。

Is that still a good guidepost or could we see them continue to move higher?

這是否仍然是一個很好的路標，或者我們可以看到它們繼續走高？

So as it relates to that, as we ramp up in the first half of the year, you will see some incremental increase.

因此，隨著我們上半年的加強度，您將看到一些增量。

I think for the first quarter, it's still going to likely be in that $30 million to $35 million range.

我認為第一季的營收可能仍會在 3,000 萬至 3,500 萬美元之間。

But as they start to operate, you will see additional expenses come through until it's offset with sales, which Mark mentioned earlier should, start in the June time frame.

但隨著它們開始運營，您將看到額外的費用產生，直到通過銷售額來抵消，馬克之前提到的這應該在六月開始。

So a little bit of incremental increase first half of the year before we start to see the offsets from operations.

因此，在我們開始看到營運抵銷額之前，上半年會有一些增量成長。

John Tumazos, Tumazos Very Independent Research.

約翰‧圖馬佐斯 (John Tumazos)，圖馬佐斯非常獨立的研究。

Could you give us some color contrasting the lightning Blitzkrieg start-up for the Aluminum versus Sinton where we're in the fourth year?

您能否為我們介紹一下鋁業閃電戰與第四年的 Sinton 閃電戰的對比？

Who were the equipment suppliers primarily for Aluminum versus for Sinton?

鋁業公司和 Sinton 公司的設備主要供應商分別是誰？

Is -- are the issues at Sinton that the product mix is different than anticipated?

是－Sinton 的問題在於產品組合與預期不同嗎？

Narrower coils or more batch or tougher to procure scrap?

捲材更窄還是批次更多或廢料更難採購？

Or if there's nonprime steel, is it because of dirty scrap or the melt shop not getting the chemistry right, or the rolling practice?

或如果有非優質鋼，是因為廢料不乾淨、熔煉車間化學成分不正確或軋製工藝不當？

It's just such a contrast that aluminum is ahead of schedule, and we are where we are in Sinton.

正是這樣的對比，鋁業已經領先一步，而我們辛頓卻處於這樣的境地。

Well, John, great to hear from you.

好吧，約翰，很高興收到你的來信。

Thanks for supporting us and being on the call as you always are.

感謝您一如既往的支援和通話。

I think the two projects are very, very different from a start-up ramp-up utilization perspective, I guess.

我認為從啟動提升利用率的角度來看這兩個項目非常非常不同。

If you look at Sinton, that was essentially a new technology on the

如果你看看 Sinton，那基本上是一項新技術

[castor].

[蓖麻]。

That is generation -- I don't know whether we call it generation 3, 4, 5 or whatever it is.

這就是一代——我不知道我們是否稱之為第三代、第四代、第五代或其他什麼。

But that is absolutely at the forefront of any technology for that sort of mill in the world.

但這絕對是世界上此類工廠的技術中的領導者。

People are coming to us and -- and honestly, they're wanting to replicate it in Europe and Asia.

人們來到我們這裡——說實話，他們想在歐洲和亞洲複製這種模式。

With that new technology comes risk and issues and challenges.

新技術的出現帶來了風險、問題和挑戰。

And given that, as you know, CSP plant is a continual process from the very beginning.

如您所知，CSP 工廠從一開始就是一個連續的過程。

Metal refining, casting, strip mill; any bug, any maintenance issue, any shutdown issue shuts the whole mill down.

金屬精煉、鑄造、附鋼軋機；任何錯誤、任何維護問題、任何關機問題都會導致整個工廠停工。

You compare and contrast that with the aluminum mill, the aluminum mill is its state-of-the-art technology, but there's nothing new there.

你將其與鋁廠進行比較和對比，鋁廠採用了最​​先進的技術，但並沒有什麼新意。

Certainly, way, way, way ahead of any technology in the US, for sure.

毫無疑問，它遠遠領先於美國的任何技術。

But in Asia, in China, these mills, the equipment, the SMS equipment has been supplied quite broadly.

但在亞洲，在中國，這些工廠、設備、SMS 設備的供應已經相當廣泛。

So we're not sort of revolutionizing it or pioneering a new technology.

所以我們並不是徹底改變它或開拓一項新技術。

The design of the plant, the layout of the plant, a lot more effective and efficient for sure.

工廠的設計、工廠的佈局肯定會更加有效和有效率。

And there's a lot more batch -- there is a batch nature to it.

而且還有更多批次——它具有批次性質。

So for instance, on the melting and casting side of it, we have four units in Columbus.

例如，在熔煉和鑄造方面，我們在哥倫布有四個單位。

We have a fifth unit in San Luis Potosi.

我們在聖路易斯波托西有第五個單位。

And we have a sixth unit out on the West Coast.

我們在西海岸還有第六個單位。

So again, you lose one, you have a problem with another.

所以，你再一次失去了一個，另一個就會出現問題。

That's not going to impact the start-up for the next two years, even if you're missing a couple of those units.

即使缺少其中幾個單元，也不會對未來兩年的啟動產生影響。

So it is definitely a different beast, and we do expect that start-up to be quite rapid.

所以它絕對是一個與眾不同的野獸，而且我們確實預計它的啟動會相當快。

John, if I could add, the quality coming out of Sinton, we're actually quite pleased.

約翰，如果我可以補充的話，我們對 Sinton 的品質確實非常滿意。

We made this technology decision because of where we see the products being needed in the United States.

我們做出這項技術決策是因為我們看到美國需要這些產品。

So we've been very happy with high strength products.

所以我們對高強度的產品非常滿意。

That product development is going very well.

該產品開發進展非常順利。

And not to get too specific, but high-strength steels of various widths are under demand because that allows you to lighten the weight of things.

不需要太具體，但是各種寬度的高強度鋼材都很有需求，因為這樣可以減輕物品的重量。

We're also seeing really good response on the melting side.

我們也看到熔化方面的反應非常好。

The steelmaking at that plant is very good.

那個工廠的煉鋼技術非常好。

But as Mark spoke, when you have a continuous process, if you have an issue anywhere amongst the main hot side units, the whole side shuts down.

但正如馬克所說的，當你有一個連續的過程時，如果主要熱側單元中的任何地方出現問題，整個熱側就會關閉。

So as the team gets better at making good decisions and operating with confidence, that's where we've seen these incredible gains.

因此，隨著團隊越來越善於做出正確的決策和充滿信心地開展工作，我們就看到了這些令人難以置信的進步。

That's what the rest of our steelmaking team goes down there to support, it's mentoring.

這就是我們煉鋼團隊的其他成員去那裡提供支持和指導的作用。

They know what they're doing.

他們知道自己在做什麼。

They're just making better and better decisions.

他們只是做出越來越好的決定。

But we're very happy with the quality.

但我們對其品質非常滿意。

We're happy with the -- should we see a boom in pipe and tube, we're developing those products because we have to be able to service all those markets.

我們對此感到高興——如果我們看到管道市場繁榮，我們就會開發這些產品，因為我們必須能夠服務所有這些市場。

So we're excited about where we're at.

所以我們對於目前的狀況感到非常興奮。

We're excited with how the technology performs.

我們對這項技術的表現感到非常興奮。

And it's been a rocky road.

這是一條充滿坎坷的路。

But at the same time, sometimes when you're first, you have these experiences, but we continue to put more and more capabilities in the mill, so our sales team can go to the marketplace with those.

但同時，有時當你是第一次時，你會有這些經驗，但我們會繼續在工廠中投入越來越多的能力，以便我們的銷售團隊能夠憑藉這些能力進入市場。

Timna Tanners, Wolfe Research.

坦納斯（Timna Tanners），沃爾夫研究公司（Wolfe Research）。

I had a follow-up, if I could.

如果可以的話我會進行跟進。

I just wanted to look at your balance sheet.

我只是想看看你的資產負債表。

I know a year ago at this time, you said that you were planning to keep buybacks steady year-over-year, and you did that.

我知道一年前這個時候，您說過您打算保持回購量逐年穩定，而您也確實這麼做了。

And your cash and short-term investment position as far as I could see was the lowest in a decade.

據我所知，你們的現金和短期投資狀況是十年來的最低水準。

Is that an appropriate level?

這是合適的水平嗎？

And do you think that you would keep buyback steady from recent years' level?

您認為您會保持近幾年的回購水準不變嗎？

I'm not sure it's the lowest in a decade, but I've been here too long.

我不確定這是否是十年來的最低水平，但是我在這裡待得太久了。

I've been here like 26 years.

我來這裡已經有 26 年了。

That being said, we feel very comfortable with the capital structure and the capital foundation.

話雖如此，我們對資本結構和資本基礎感到非常滿意。

We do have another tranche of notes that are maturing here in the second quarter.

我們確實還有另一批票據將在第二季到期。

So we'll be looking to refinance those.

因此我們將尋求對此進行再融資。

But yeah, Timna, we still plan on having a very active share repurchase program along with the complementary dividend increasing profile.

但是，蒂姆納，是的，我們仍然計劃實施非常積極的股票回購計劃以及補充股息增加計劃。

Simply because as we start to see, again, the fruition, Mark mentioned in his opening comments.

原因很簡單，因為我們再次開始看到成果，馬克在開場白中提到。

We've, in the last three years, spent -- or last five years spent money for organic growth.

在過去三年或過去五年裡，我們花了很多錢來實現有機成長。

Now we're going to start seeing the benefit from a cash stream perspective and an earnings stream perspective in 2025, and that will be a great resource for us to continue to, again, as I mentioned, buyback company that we think is pretty well run at a pretty significant discount.

現在，我們將開始從現金流角度和收益流角度看到 2025 年的收益，這將是我們繼續回購的一大資源，正如我提到的那樣，我們認為回購的公司表現相當不錯以相當大的折扣運行。

So we don't see anything like that, or we don't see anything changing from this point forward.

因此，我們沒有看到任何類似的事情，或者從現在開始我們沒有看到任何變化。

That concludes our question-and-answer session.

我們的問答環節到此結束。

I'd like to turn the call back over to Mr. Millett for any closing remarks.

我想將電話轉回給米利特先生，請他做最後發言。

Well, again, thank you, everyone, for joining us.

好吧，再次感謝大家加入我們。

And I guess as I reflect on what we -- on these calls tend to get driven into sort of detail, near-term detail.

我想，當我反思我們 — — 這些電話會議時，我們往往會陷入細節，短期細節。

But just to acknowledge those that our shareholders and those analysts that have literally started looking at us as a metals business and more of a perhaps industrial-type valuation.

但需要承認的是，我們的股東和分析師已經開始將我們視為金屬企業，甚至可能是工業類型的估值。

If you just look at our total shareholder return over the years, I mean you can't argue against it.

如果你只看我們多年來的股東總回報，你就不會反駁這一點。

I mean the -- whether it's a one year or 3-year, 5-year, 10-year, we -- I think the team has done an incredible job following through on what we've always said, and that's a long-term value.

我的意思是——無論是一年、三年、五年還是十年，我們——我認為團隊在履行我們一直說的話方面做得非常出色，這是一個長期的……期限價值。

We don't look at just building the company for the next six months.

我們不只是著眼於未來六個月的公司建設。

So when you have a 10-year total shareholder return of 813%, which is 3, almost 4 times are our best steel peer, and even the S&P 500 index of 255%, I mean, we blow those statistics away.

因此，當10 年期股東總回報率達到813% 時，也就是我們最好的鋼鐵同行的3 到4 倍，甚至是標準普爾500 指數的255% 時，我的意思是，我們打破了這些統計數據。

And it's because of the business model the team has built over the last 15 or 20 years, essentially the foundation of the company.

這是因為該團隊在過去 15 到 20 年裡建立了商業模式，基本上是公司的基礎。

And so I would just thank those that recognize that and continue to support us.

因此，我只想感謝那些認識到這一點並繼續支持我們的人。

And then finally, again, to every single employee team made out there, thank you for what you do you're incredible to be safe.

最後，再次感謝在場的每一位員工團隊，感謝你們所做的一切，你們的安全真是太棒了。

Thank you.

謝謝。

Once again, ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation, and have a great and safe day.

感謝您的參與，祝您有個愉快、安全的一天。