Steel Dynamics Inc (STLD) 2025 Q1 法說會逐字稿

Good day, and welcome to the Steel Dynamics first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised this call is being recorded today, April 23, 2025, and your participation implies consent to our recording this call. If you do not agree to these terms, please disconnect. At this time, I would like to turn the conference over to David Lipschitz, Director, Investor Relations. Please go ahead.

大家好，歡迎參加 Steel Dynamics 2025 年第一季財報電話會議。（操作員指示）請注意，本次通話將於今天（2025 年 4 月 23 日）進行錄音，您的參與即表示同意我們錄音本次通話。如果您不同意這些條款，請中斷連線。現在，我想將會議交給投資者關係總監 David Lipschitz。請繼續。

Thank you, Holly. Good morning, and welcome to Steel Dynamics first-quarter 2025 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. The other members of our senior leadership team are joining us on the call individually.

謝謝你，霍莉。早安，歡迎參加 Steel Dynamics 2025 年第一季財報電話會議。提醒一下，今天的通話正在錄音，並將於今天晚些時候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；特蕾莎·瓦格勒 (Theresa Wagler)，執行副總裁兼首席財務官；以及總裁兼首席營運官 Barry Schneider。我們高階領導團隊的其他成員也分別參加了電話會議。

Some of today's statements, which speak only as of this date, may be forward-looking and predictive, typically preceded by believe, expect, anticipate or words of similar meaning. They are intended to be protected by the Private Securities Litigation Reform Act of 1995 should actual results turn out differently. Such statements involve risks and uncertainties related to integrating or starting up new assets, the alumina 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.

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。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案》的保護。此類聲明涉及與整合或啟動新資產、氧化鋁行業、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. You will 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 2025 Results. And now I'm pleased to turn the call over to Mark.

這些範例在相關新聞稿以及我們每年提交的 SEC 10-K 表格（可在互聯網網站 www.sec.gov 上找到）的「前瞻性聲明和風險因素」標題下有所描述，如果適用，還可在任何後續的 SEC 10-Q 表格中查找。您還會發現，在昨天發布的題為《Steel Dynamics 報告 2025 年第一季業績》的新聞稿中，所有引用的非 GAAP 財務指標都與最直接比較的 GAAP 指標進行了協調。現在我很高興將電話轉給馬克。

Well, thank you, David. Good morning, everyone. It's good to be with you on our first-quarter '25 earnings call. I will apologize in advance. I've got a crushing head cold. So if I feel more -- sound a little rugged, please excuse that. But that said, our teams achieved a solid financial and operational performance in the first quarter. It's continued testament, I think, to our business model and performance-driven culture. Highlights included record steel shipments of 3.5 million tons and adjusted EBITDA of $448 million. Most importantly, our teams continue to operate safely.

好吧，謝謝你，大衛。大家早安。很高興與您一起參加我們的 2025 年第一季財報電話會議。我提前致歉。我得了重感冒。因此，如果我感覺聽起來有點粗魯，請原諒。但話雖如此，我們的團隊在第一季取得了穩健的財務和營運績效。我認為，這繼續證明了我們的商業模式和績效驅動的文化。亮點包括創紀錄的 350 萬噸鋼鐵出貨量和 4.48 億美元的調整後 EBITDA。最重要的是，我們的團隊繼續安全運作。

We've been successfully ramping our four new value-add flat-rolled steel coating lines with the expectation of full earnings benefit later this year. These lines represent an additional 1.1 million tons of higher-margin product diversification, which further adds to our position of being the largest nonautomotive coater in North America. The (inaudible) team gained considerable momentum in the quarter running at around 86% of capacity and many times over 90%. The team also achieved positive EBITDA for the quarter with expectations of a steep acceleration of profitability for the remainder of this year. I'm very excited for the accomplishments that the team has made in the last six months. And there's absolutely no doubt, it is the middle of the future, and Barry will go into some more detail during his opening comments.

我們已成功擴大了四條新的增值扁鋼塗層生產線，預計今年稍後將實現全部盈利。這些生產線代表著額外的110萬噸高利潤產品多樣化，進一步鞏固了我們作為北美最大的非汽車塗料商的地位。該（聽不清楚）團隊在本季獲得了相當大的發展勢頭，其產能利用率約為 86%，甚至多次超過 90%。該團隊本季也實現了正的 EBITDA，預計今年剩餘時間內獲利能力將大幅提升。我對團隊在過去六個月中所取得的成就感到非常興奮。毫無疑問，這是未來的中期，巴里將在開場白中更詳細地介紹。

Aluminum Dynamics successfully cast its first aluminum ingot in January at our Columbus, Mississippi facility and in March at our Mexican satellite slab facility. We're extremely proud and excited for the [teams], everything is on schedule for the systematic commissioning of the rest of the lines with an expectation to ship commercial quality coils in June.

鋁動力公司於一月份在密西西比州哥倫布市的工廠成功鑄造了第一根鋁錠，並於三月在墨西哥衛星鋁板工廠成功鑄造了第一根鋁錠。我們為這些團隊感到非常自豪和興奮，其餘生產線的系統調試一切按計劃進行，預計將於 6 月發貨商業品質的線圈。

Again, I'm proud of the entire Steel Dynamics team. They are the foundation of our company, and they continue to amaze me. We are singly focused on providing the very best for their health and safety, and we continue building a world-class safety culture. In particular, our team's dedication to our take controller safe program is extraordinary. We're actively engaged in safety at all times and at every level, keeping it top of mind and an active conversation each and every day.

再次，我為整個 Steel Dynamics 團隊感到自豪。他們是我們公司的基石，他們不斷帶給我驚喜。我們專注於為他們的健康和安全提供最好的服務，並繼續創造世界一流的安全文化。特別是，我們的團隊對我們的控制器安全計劃的奉獻精神是非凡的。我們始終積極參與各層面的安全工作，將安全放在首位，並每天積極討論。

I'm continually inspired by the commitment our team members have for one another. They consider themselves family and challenge the status quo each day. That said, there always will be more to do as we drive toward a 0-incident environment. So, Theresa, would you like to give us some details on the quarter?

我們的團隊成員彼此間的承諾不斷激勵著我。他們視彼此為家人，每天都在挑戰現狀。話雖如此，在我們努力實現零事故環境的過程中，總是會有更多的工作要做。那麼，特蕾莎，您願意向我們介紹本季的一些細節嗎？

Thank you, Mark. Good morning, everyone, and thank you for joining us. I add my sincere thanks to the teams for another solid performance. Our first quarter 2025 net income was $217 million or $1.44 per diluted share with adjusted EBITDA of $448 million. First-quarter 2025 revenue of $4.4 billion was 13% higher than fourth quarter sequential results, primarily driven by record steel shipments.

謝謝你，馬克。大家早安，感謝大家的收看。我向各團隊再次出色的表現致上最誠摯的謝意。我們的 2025 年第一季淨收入為 2.17 億美元，即每股攤薄收益 1.44 美元，調整後 EBITDA 為 4.48 億美元。 2025年第一季營收為 44 億美元，比第四季環比成長 13%，主要得益於創紀錄的鋼鐵出貨量。

First-quarter operating income of $275 million was 16% higher than sequential results, also related to steel volumes. As we discuss our business this morning, we continue to focus and execute on our transformational growth initiatives. Our steel operations generated operating income of $230 million in the first quarter sequentially higher as record shipments more than offset metal spread [contraction] with an average realized external steel price decline of $13 per ton and an average scrap price increase of $16 per ton. I do want to add my congratulations to the (inaudible) team. They've really turned a corner, very excited for them.

第一季的營業收入為 2.75 億美元，比上一季高出 16%，這也與鋼鐵產量有關。當我們今天早上討論我們的業務時，我們繼續關注並執行我們的轉型成長計劃。我們的鋼鐵業務在第一季實現了 2.3 億美元的營業收入，環比增長，因為創紀錄的出貨量抵消了金屬價差（收縮），平均外部鋼鐵價格每噸下降 13 美元，平均廢鋼價格每噸上漲 16 美元。我確實想向（聽不清楚）團隊表示祝賀。他們確實已經走出了困境，我為他們感到非常興奮。

From a steel price perspective, as a reminder, approximately 75% to 80% of our flat-rolled steel business is tied to lagging contracts, generally, on average, about two months in arrears. So the more recent increases in flat-rolled steel pricing will positively impact the second quarter. For modeling purposes for the first quarter of 2025, hot band shipments were [1,093,000] tons, cold-rolled shipments were 116,000 tons and coated shipments were 1,403,000 tons. And as a reminder, we'll continue to see that coated volume actually increased from a product mix perspective as the four new lines start to have full utilization. In the first quarter, they were still only utilized on average around 50% to 55%.

從鋼材價格角度來看，需要提醒的是，我們大約 75% 至 80% 的扁平材業務與滯後合約有關，一般平均滯後約兩個月。因此，近期扁平材價格的上漲將對第二季產生正面影響。為了對 2025 年第一季進行建模，熱軋帶鋼出貨量為 [1,093,000] 噸，冷軋帶鋼出貨量為 116,000 噸，塗層帶鋼出貨量為 1,403,000 噸。需要提醒的是，隨著四條新生產線開始充分利用，從產品組合的角度來看，我們將繼續看到塗層產量實際上有所增加。第一季度，它們的平均利用率仍僅為50%至55%左右。

For the first quarter, operating income from our metal recycling operations was $26 million improving modestly as volumes in ferrous metal spreads increase. We're the largest nonferrous metals recycler, processing and consuming ferrous scrap, nonferrous aluminum, copper and other metals and we're growing in support of our increased steel capacity and soon-to-be aluminum flat-rolled operations through new and expanded supplier relationships and the use of innovative new separation technologies. And I want to congratulate the OmniSource and Nano all teams as they're increasing those separation technologies, and we're actually adding capacity in the coming months.

第一季度，我們的金屬回收業務的營業收入為 2,600 萬美元，隨著黑色金屬價差交易量的增加而略有增長。我們是最大的有色金屬回收商，加工和消費廢鐵、有色鋁、銅和其他金屬，我們正在透過新的和擴大的供應商關係以及使用創新的新分離技術來支持我們不斷增加的鋼鐵產能和即將開展的鋁壓延業務。我要祝賀 OmniSource 和 Nano 團隊，他們正在增強這些分離技術，而且我們實際上將在未來幾個月增加產能。

Our steel fabrication team achieved first quarter operating income of $117 million, lower than sequential fourth quarter results as realized pricing declined a modest 4% and shipments seasonally decreased. Our steel joist and deck demand remained solid with good order activity. March was our strongest order entry month in 2 years. Our backlog extends into the (inaudible) quarter of 2025 and forward backlog pricing remains solid. Federal programs, manufacturing growth and onshoring are expected to support domestic fixed asset investment and rated flat and long product steel and steel (inaudible) in the coming years.

我們的鋼鐵製造團隊第一季的營業收入為 1.17 億美元，低於第四季的連續業績，因為實際價格小幅下降了 4%，而且出貨量季節性下降。我們的鋼托樑和甲板需求保持穩定，訂單活動良好。三月是我們兩年來訂單量最強的月份。我們的積壓訂單延續到 2025 年（聽不清楚）季度，遠期積壓訂單定價仍保持穩定。預計未來幾年聯邦計畫、製造業成長和在岸化將支持國內固定資產投資以及扁平材和長材及鋼材（聽不清楚）。

Pivoting to our aluminum operations. A quick reminder as we finish constructing the aluminum facilities, non-capitalizable expenses are required to flow through SG&A. As a result, our SG&A in the first quarter was higher by approximately $37 million. We continue to have expectations to achieve positive EBITDA in the second half of 2025 for the aluminum platform, and plan to operate the rolling mill at approximately 30% for the full second half of the year with an exit rate of 50% and 75% for the full year of 2026 with an exit rate of 85%. Construction is coming to completion and commissioning progressing extremely well. Approximately $2.4 billion has already been invested through March of 2025 with the remaining $300 million forthcoming.

轉向我們的鋁業務。快速提醒一下，當我們完成鋁設施的建設時，不可資本化的費用需要透過銷售、一般和行政費用 (SG&A) 流動。因此，我們第一季的銷售、一般及行政費用增加了約 3,700 萬美元。我們仍預計鋁平台將在 2025 年下半年實現正 EBITDA，並計劃在下半年以約 30% 的產能運行軋機，退出率為 50%，在 2026 年全年以 75% 的產能運行軋機，退出率為 85%。工程即將完工，調試進度十分順利。截至 2025 年 3 月，已投資約 24 億美元，剩餘的 3 億美元即將到位。

During the first quarter of 2025, we generated cash flow from operations of $153 million, which was reduced by an annual company-wide profit sharing retirement distribution of $165 million. Excluding this payment, cash flow was $318 million in the quarter with net working capital growing about $105 million as steel prices increased later in the quarter. We ended the quarter with strong liquidity of $2.6 billion. We invested $306 million in CapEx during the quarter.

2025 年第一季度，我們的經營活動產生的現金流為 1.53 億美元，但由於公司年度利潤分享退休分配為 1.65 億美元，因此減少了這筆金額。除此付款外，本季現金流為 3.18 億美元，由於本季後期鋼材價格上漲，淨營運資本成長約 1.05 億美元。本季結束時，我們的流動性強勁，達到 26 億美元。本季我們投資了 3.06 億美元的資本支出。

For the full year of 2025, we still believe capital investments will be in the range of $800 million to $1 billion, with the majority related to the completion of our aluminum and biocarbon strategic growth investments. As a reminder, our sustaining or what some call maintenance capital requirements are conservatively in the range of $200 million to $250 million annually. Regarding shareholder (inaudible), our cash generation is consistently strong based on our differentiated circular business model and highly variable low-cost structure (inaudible) and confidence in our future. 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 designation.

對於 2025 年全年，我們仍然認為資本投資將在 8 億美元至 10 億美元之間，其中大部分與完成我們的鋁和生物碳戰略成長投資有關。提醒一下，我們的維持資本要求，或者有些人稱之為維護資本要求，保守估計每年在 2 億美元到 2.5 億美元之間。對於股東（聽不清楚），基於我們差異化的循環商業模式和高度可變的低成本結構（聽不清楚）以及對未來的信心，我們的現金產生能力始終強勁。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，同時我們仍然致力於維持我們的投資等級信用評級。

Our track record is proven and recognized. In the last 5 years, our average -- excuse me, our after-tax return on invested capital was 23% in this major line frame of transformational growth and strong shareholder returns. We opportunistically access the investment-grade bond markets in March and issued $1 billion of unsecured notes comprised of a [5.25%] $600 million 10-year tranche and a 5.75% $400 million 30-year tranche, using the proceeds to pre-fund a $400 million note that matures in June of 2025 and for other corporate purposes. We really appreciate the receptiveness of the credit investors for our offering, allowing us an excellent outcome, and we sincerely thank you to all involved.

我們的業績記錄已被證明和認可。在過去的五年裡，在轉型成長和強勁股東回報的主要框架下，我們的平均值——對不起，我們的稅後投資資本回報率為 23%。我們在 3 月抓住機會進入投資等級債券市場，發行了 10 億美元的無擔保票據，其中包括 6 億美元 [5.25%] 的 10 年期票據和 4 億美元 5.75% 的 30 年期票據，並使用所得款項預先資助 2025 年 6 月到期的 4 億美元。我們非常感謝信貸投資者對我們產品的接受，這讓我們獲得了優異的成果，我們真誠地感謝所有參與的人。

A quick forecasting comment as alumina dynamics and construction, so will the associated interest expense capitalization in the second quarter. So net interest expense in the first quarter was around $12 million. In the second quarter, it will be closer to $3 million and therefore likely $40 million a quarter. Our free cash flow profile has fundamentally changed over the last 5 years from an annual average of $540 million to most recently, $3 billion if we exclude aluminum and Sinton. Even if we include aluminum and sinton, it's still over $2 billion per year.

快速預測評論如氧化鋁動態和建設，以及第二季相關的利息費用資本化。因此第一季的淨利息支出約為 1200 萬美元。在第二季度，這一數字將接近 300 萬美元，因此每季度可能達到 4,000 萬美元。在過去 5 年裡，我們的自由現金流狀況發生了根本性變化，從年均 5.4 億美元增加到最近的 30 億美元（不包括鋁業和 Sinton）。即使包括鋁和矽酸鹽，每年也超過 20 億美元。

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

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。我們正致力於持續、優化地創造長期價值。謝謝。巴里。

Thank you, Theresa. Our steel fabrication operations had a solid performance in the first quarter. In fact, as Theresa mentioned, March represented the single highest month order entry volume in two years with the momentum continuing in April. Our order backlog extends into the fourth quarter with attractive pricing levels. We continue to have high expectations for the business due to the strong quoting and order activity, continued onshoring of manufacturing recently announced significant privately funded manufacturing projects and public funding for the infrastructure and other fixed asset investment programs.

謝謝你，特蕾莎。我們的鋼鐵製造業務在第一季表現穩健。事實上，正如 Theresa 所提到的，3 月是兩年來單月訂單量最高的月份，4 月也延續了這一勢頭。我們的訂單積壓延續到第四季度，價格水準具有吸引力。由於強勁的報價和訂單活動、製造業的持續回流、最近宣布的重大私人資助製造業項目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 long-term uplift from this backdrop could be considerable for all of our platforms. Our steel fabrication platform provides meaningful volume support for our steel mills, critical and softer demand environments, allowing for higher through-cycle steel utilization and also mitigates the impact of lower steel prices. Our metals recycling operations improved earnings in the first quarter as demand for North American steel producers supported higher ferrous scrap volume. The team also continues to grow its access to recycled aluminum in advance of our aluminum flat-rolled operations ramp up. Ferrous scrap prices increased each month of the first quarter of 2025 before moderating approximately $3 per ton in April as weather improved, supporting our scrap flows.

這種背景將為我們所有的平台帶來長期的顯著提升。我們的鋼鐵製造平台為我們的鋼廠、關鍵和較弱的需求環境提供了有意義的產量支持，從而實現了更高的全週期鋼鐵利用率，並減輕了鋼鐵價格下跌的影響。由於北美鋼鐵生產商的需求支撐了廢鐵產量的增加，我們的金屬回收業務在第一季提高了收益。在我們的鋁壓延業務擴大之前，該團隊也繼續擴大其對再生鋁的取得。2025 年第一季度，廢鐵價格每月都在上漲，直到 4 月份，隨著天氣好轉，價格回落至約每噸 3 美元，從而支持了我們的廢鐵流動。

We currently expect prices to remain fairly stable throughout the year. 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. 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. This helps mitigate potential risk of supply as more grades of ferrous and nonferrous scrap become usable for our steel and aluminum operations.

我們目前預計全年價格將保持相當穩定。我們的金屬回收平台遍佈北美，為我們的鋼廠和廢料產生客戶提供了戰略競爭優勢。我們的金屬回收團隊也與鋼鐵和鋁團隊更加緊密地合作，透過製程和技術解決方案擴大廢料分離能力。隨著更多等級的黑色金屬和有色金屬廢料可用於我們的鋼鐵和鋁業務，這有助於降低潛在的供應風險。

It also provides us with a significant advantage to materially increase the recycled content for our aluminum flat rolled products and increase our earnings opportunities. The steel (inaudible) managed strong quarter, achieving record shipments of 3.5 million tons. During the first quarter, the domestic steel industry operated at a utilization rate of approximately 75%, while our steel mills operated 89%. We consistently operate at higher utilization rates due to our value-added steel product diversification, our differentiated customer supply chain solutions and the support of our internal manufacturing businesses. This higher through-cycle utilization of our steel mills is a key competitive advantage, supporting our strong and growing cash generation capability and best-in-class financial metrics.

它還為我們提供了顯著的優勢，可以大幅增加鋁壓延產品的回收率，並增加我們的獲利機會。該季度鋼鐵（聽不清楚）表現強勁，出貨量達到創紀錄的 350 萬噸。一季度，國內鋼鐵業開工率約75%，我國鋼廠開工率達89%。由於我們的增值鋼鐵產品多樣化、我們差異化的客戶供應鏈解決方案以及我們內部製造業務的支持，我們始終以較高的利用率運作。我們鋼廠更高的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 and order entry have stabilized at levels much higher than we saw in the second half of 2024. However, there has been some hesitation with certain customers awaiting more market certainty. Overall inventories remain historically lean, but increased imports kept incremental buying bay in certain product areas, specifically for coated flat-rolled steel products. We led -- we levied a trade case related to these products in the third quarter of 2024, and we recently received favorable preliminary countervailing and dumping rulings, which has already slowed the imports of a fairly priced coated steel flat-rolled products. This, along with the announced [232] tariffs, should positively impact demand for lower carbon emission, US-produced steel products.

就扁平材市場而言，價格和訂單量已穩定在遠高於 2024 年下半年的水準。然而，某些客戶仍有些猶豫，因為他們正在等待更多的市場確定性。整體庫存仍處於歷史低位，但進口量增加使得某些產品領域的購買量增加，特別是塗層扁平材產品。我們主導了——我們在 2024 年第三季對這些產品提起了貿易訴訟，並且我們最近收到了有利的初步反補貼和傾銷裁決，這已經減緩了價格合理的塗層鋼扁軋產品的進口。這項舉措，加上已宣布的[232]關稅，應該會對美國產低碳排放鋼鐵產品的需求產生正面影響。

This positions us incredibly well as we are the largest producer of nonautomotive coated flat-rolled steel products in North America. As for the long product steel market, they also improved in the first quarter with demand for most sectors stable or improving.

這使我們處於非常有利的地位，因為我們是北美最大的非汽車塗層扁鋼產品生產商。長材市場第一季也呈現回暖態勢，且大部分產業需求維持穩定或改善。

Prices have increased over the last several months with solid order entry and improving backlogs. For Sinton, Texas flat-rolled mills production and reliability continue to improve in the first quarter, operating at 86% utilization and at times, over 90%. As Mark said, they achieved positive EBITDA for the quarter. We expect to see significant increase in Seton's earnings contributions as they continue in the second quarter and again in the second half of the year. As the team further improves yield, lowers their cost structure and improves the cost of quality, we also continue to work on product (inaudible) to expand our existing flat-rolled product offerings.

過去幾個月，隨著訂單的穩定和積壓訂單的改善，價格有所上漲。對辛頓來說，德州扁平軋機的產量和可靠性在第一季持續提高，營運利用率達到 86%，有時甚至超過 90%。正如馬克所說，他們本季實現了正的 EBITDA。我們預計 Seton 的獲利貢獻將在第二季和下半年繼續大幅增加。隨著團隊進一步提高產量、降低成本結構和改善品質成本，我們也將繼續致力於產品（聽不清楚）以擴大我們現有的扁平軋製產品供應。

Currently, API pipe grades and high-strength steels are in various stages of development in the operations.

目前，API 管材等級和高強度鋼正處於不同的開發階段。

Also, the additional two new value-added coating lines are increasing volume, improving Sitton's value-added product mix and through cycle earning capabilities. Regarding the steel markets environment, North American automotive production estimates for 2025 recently revised lower with uncertainty due to the impact of recently discussed auto and auto part tariffs. However, there's ongoing discussions of these being softened as well. Fortunately, our specific automotive customer base has remained stable with us growing automotive market share in both flat roll and SBQ steels. Nonresidential construction remained stable with slowdowns across some industries. However, as I mentioned earlier, we have seen pricing for structural beams, engineered buyers and merchant buyers, increased over the last several months with expanding backlogs.

此外，新增的兩條增值塗裝生產線也增加了產量，改善了 Sitton 的加值產品組合和整個週期的獲利能力。就鋼鐵市場環境而言，由於最近討論的汽車和汽車零件關稅的影響，北美2025年汽車產量預估最近因不確定性而下調。然而，目前也有人在討論如何放寬這些限制。幸運的是，我們的特定汽車客戶群保持穩定，我們在平板軋輥和 SBQ 鋼材方面的汽車市場份額不斷增長。非住宅建築保持穩定，但部分產業出現放緩。然而，正如我之前提到的，我們看到結構梁、工程買家和商人買家的價格在過去幾個月隨著積壓訂單的增加而上漲。

Additionally, onshoring, large recently announced domestic manufacturing projects and infrastructure spending should provide further support to fixed asset investment and related construction oriented projects. As for the energy market, oil and gas activity remains steady with recent signs of increasing activity for both flat roll steel and SBQ. We also see ongoing demand in the solar markets, which we are very active.

此外，在岸投資、近期宣布的大型國內製造業項目和基礎設施支出應能為固定資產投資和相關建設項目提供進一步的支援。至於能源市場，石油和天然氣活動保持穩定，近期有跡象顯示扁平材和SBQ的活動均增加。我們也看到太陽能市場持續的需求，我們對此非常活躍。

Looking forward, we remain optimistic regarding steel demand and pricing dynamics for the remainder of 2025. And with that, I'll surrender the microphone.

展望未來，我們對 2025 年剩餘時間的鋼鐵需求和價格動態仍然持樂觀態度。說完這些，我就交出麥克風了。

Okay. Thank you, Theresa. Thank you, Barry. Well, I think the last 6 months, a great example of the resiliency of our business model. Our performance-driven team-based culture in combination with a proven, diversified and value-add business model drives superior through-cycle financial metrics.

好的。謝謝你，特蕾莎。謝謝你，巴里。嗯，我認為過去 6 個月是我們商業模式彈性的一個很好的例子。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，推動了卓越的全週期財務指標。

Such consistently strong operating and financial performance continues to support our cash generation and growth investment strategies, having a very balanced cash allocation strategy that has delivered the highest shareholder returns in our industry. Our disciplined investment approach continues to support a strong and growing through-cycle cash generation profile while maintaining the highest return on invested capital among our peers.

如此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，我們擁有非常均衡的現金分配策略，為股東帶來了行業最高的回報。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。

Again, the (inaudible) flat rolled steel coating lines are increasing volume and performing very well from a quality perspective. These types of high-return investments are key to our value-added product and supply chain differentiation strategies. As we mentioned, (inaudible) continues to perfect its operational reliability and downstream operations. They were EBITDA positive in the first quarter with expectations for a material positive shift in financial contribution this year. And most recently, volume and growth strategy is months away from contributing to our earnings.

再次，（聽不清楚）扁鋼塗層生產線的產量正在增加，而且從品質角度來看表現非常好。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。正如我們所提到的，（聽不清楚）繼續完善其營運可靠性和下游營運。他們第一季的 EBITDA 為正值，預計今年的財務貢獻將出現實質的正向轉變。最近，銷售和成長策略還需要幾個月的時間才能為我們的獲利做出貢獻。

I think the aluminum investment premise is especially compelling and parallels our disruptive entry into steel industry some 30 years ago. We see a market environment in aluminum similar to the domestic steel industry back then.

我認為鋁投資前提尤其引人注目，與我們 30 年前顛覆性地​​進入鋼鐵業類似。我們看到鋁的市場環境與當時國內鋼鐵業類似。

Older assets, high legacy cost burden, inefficient, high-cost operations. They've had a difficulty earning their cost of capital and hence, little additional investment in facilities and technologies taking place. No significant expand in the past 40-plus years. But unlike our entry into the oversupplied steel market back then, there is significant North American supply deficit for aluminum sheet and it's growing. There's clear business alignment between our steel and aluminum operations.

資產老舊，遺留成本負擔高，營運效率低下，成本高。他們難以收回資本成本，因此在設施和技術方面幾乎沒有額外投資。過去40多年沒有出現顯著擴張。但與我們當時進入供應過剩的鋼鐵市場不同，北美鋁板供應存在嚴重缺口，且缺口仍在擴大。我們的鋼鐵和鋁業務之間存在明顯的業務協調性。

We're leveraging SDI's core competencies in construction and operational know-how and exploiting that with our performance-driven culture driving higher efficiency, lowest cost operations. It also levers Omni's recycling footprint being the largest North American aluminum scrap recycler, along with new separation technologies. This meaningful investment is a cost-effective and high return growth and diversification opportunity for us. And the project is no longer just a vision, but it's a reality. Construction of the expansive mill in Columbus, Mississippi is nearing completion and is in commissioning phase being executed at an extraordinary pace.

我們正在利用 SDI 在建築和營運技術方面的核心競爭力，並利用我們以績效為導向的文化來推動更高的效率、最低的成本營運。它還利用 Omni 作為北美最大的鋁廢料回收商的回收足跡以及新的分離技術。這項有意義的投資對我們來說是一個具有成本效益和高回報的成長和多元化機會。該項目不再只是一個願景，而是一個現實。位於密西西比州哥倫布的這座大型工廠的建設已接近尾聲，目前正處於調試階段，正在以驚人的速度進行。

The aluminum industry is finally realizing we're here and we will be a force to be reckoned with. The 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. For us, business relationships in long term, founded on trust and the continuous goal of creating mutual value. We strive to be a differentiated supplier each and every day. As our aluminum growth has become a reality, and our reputation permeates the industry, aluminum professionals with vast experience have joined us in this exciting project. And it's exciting to see, they see the vision and are excited by our culture where they see that they themselves can make a major contribution.

鋁業終於意識到我們已經到來，我們將成為一股不可忽視的力量。所有行業的客戶群都很高興能有這樣一家以創新、以客戶為中心、能夠滿足客戶需求而聞名的新市場進入者。對我們來說，長期的商業關係建立在信任和持續創造共同價值的目標之上。我們每天都致力於成為差異化的供應商。隨著我們的鋁業成長成為現實，並且我們的聲譽滲透到整個行業，擁有豐富經驗的鋁業專業人士加入了我們這個令人興奮的項目。令人興奮的是，他們看到了我們的願景，並對我們的文化感到興奮，他們看到自己可以做出重大貢獻。

They are helping us build a phenomenal team that combines in-depth knowledge aluminum flat-roll operations, commercial markets and process technology, (inaudible) customer service, complementing our SDI professionals that will bring performance-driven culture to bear. As many of you know, the physical assets will be a state-of-the-art 650,000 metric ton aluminum flat rolled facility in Columbus, Mississippi, with about 300,000 tons of (inaudible) sheet, 230,000 ton eventually of auto and 130,000 tons of industrial construction products.

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軋製業務、商業市場和工藝技術、（聽不清楚）客戶服務的深入了解，與我們的 SDI 專業人員相輔相成，帶來以績效為導向的文化。眾所周知，實體資產將是位於密西西比州哥倫布市的最先進的 65 萬公噸鋁壓延廠，其中約有 30 萬噸（聽不清楚）板材、23 萬噸汽車產品和 13 萬噸工業建築產品。

We will, in Columbus have on-site slab capacity of around 600,000 metric tons, supported by 2 satellite recycled aluminum slab casting centers located in UBC scrap regions. Project scope includes additional scrap processing and new segregation technologies to maximize the aluminum recycled content. The team is executing exceptionally well. The team successfully cast the first industrial (inaudible) canned and goods in Columbus, Mississippi in January and have since then been developing practices for the 3,000, 5,000 series alloys. And in San Luis Potosi in March, they cast their first thing (inaudible) also. We plan to continue commissioning throughout the facilities during the coming months and to produce commercially viable products in June 2025.

我們在哥倫布的現場鋁板產能約為 60 萬公噸，並由位於 UBC 廢料區域的 2 個衛星再生鋁板鑄造中心提供支援。專案範圍包括額外的廢料處理和新的分離技術，以最大限度地提高鋁的回收率。該團隊的表現非常出色。該團隊於一月份在密西西比州哥倫布市成功鑄造了第一批工業（聽不清楚）罐頭和貨物，從那時起就一直在為 3,000、5,000 系列合金開發實踐。今年 3 月，他們在聖路易斯波托西也鑄造了第一件作品（聽不清楚）。我們計劃在未來幾個月內繼續調試整個設施，並在 2025 年 6 月生產出具有商業價值的產品。

Production is expected to grow to an exit rate capacity of 50% this year and 75% capacity for the full year 2026. This is relative to cost differentiation. We expect through-cycle annual EBITDA of $650 million to $700 million plus $40 million to $50 million for metals recycling platform, significant savings relative to our competition centered on 4 key areas: labor savings, higher recycled content, significant process yield improvements and logistics. And while walking the plant floor, you can feel the excitement as our teams recognize their ability to revolutionize the North American aluminum industry as we did in steel. We're 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.

預計今年產量將成長至 50%，2026 年全年產量將成長至 75%。這與成本差異化有關。我們預計整個週期的年度 EBITDA 為 6.5 億至 7 億美元，加上金屬回收平台的 4,000 萬至 5,000 萬美元，與我們的競爭對手相比，我們在四個關鍵領域實現了顯著的節省：節省勞動力、提高回收利用率、顯著提高製程產量和物流。當您走在工廠車間時，您可以感受到我們的團隊意識到他們有能力像我們在鋼鐵業所做的那樣徹底改變北美鋁工業時的興奮之情。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始終如一地展現的高回報成長動能。

The earnings growth of these new projects is compelling. Capital spending for Sinton, the 4 value add lines and the aluminum dynamics facilities is largely spent with a projected future through-cycle EBITDA contribution of some $1.4 billion or more. Fuel dynamics has grown to a resilient cash-generating business and diversification, driven by the best teams in the world. In the last 5 years, we've invested billions of dollars in organic strategic growth. We earned a return on invested capital of 23% compared to the S&P 500 at only 12% and certainly way better than our industrial peers. We've increased our cash dividend over 100%.

這些新項目的獲利成長引人注目。Sinton、4 條增值生產線和鋁動力設施的資本支出主要用於未來整個​​週期的 EBITDA 貢獻，預計約為 14 億美元或更多。在世界最優秀團隊的推動下，Fuel Dynamics 已發展成為一家具有彈性、能夠產生現金並實現多元化的企業。在過去的五年裡，我們已投資數十億美元用於有機策略成長。我們的投資資本回報率為 23%，而標準普爾 500 指數僅為 12%，這顯然比我們的工業同行要好得多。我們的現金股利增加了 100% 以上。

We have repurchased over 30% of our outstanding shares and over 40% since 2017. All the while maintaining best-in-class investment-grade credit metrics and creating outstanding value for our customers and suppliers our teams and our shareholders. I'm excited as investors clearly see now the power and consistency of our through-cycle cash generation, combined with our consistent and high return capital allocation strategy. It is our belief that the steel industry has undergone a paradigm shift in recent years. There's a pervasive sense of mercantilism that will provide a level playing field through continued and appropriate trade mechanisms.

我們已回購了超過 30% 的流通股，自 2017 年以來回購了超過 40% 的流通股。同時維持一流的投資等級信用指標，為我們的客戶、供應商、團隊和股東創造卓越的價值。我很高興，因為投資者現在清楚地看到了我們整個週期現金創造的力量和一致性，以及我們一致且高回報的資本配置策略。我們相信，鋼鐵業近年來經歷了典範轉移。普遍存在的重商主義觀念將透過持續和適當的貿易機制提供公平的競爭環境。

We've seen that in the recent coated flat road steel positive trade determinations. Recent Trump administration steel and aluminum moves, the tariffs, risk mitigation to address numerous supply chain dislocations of accelerated reshoring and manufacturing. AI and cloud computing will support nonresidential construction, data center data centers, chip factories and battery plants, (inaudible) growing fixed asset investment associated with public and private dollars, decarbonation agent will materially steepen the global cost curve, providing steel dynamics with a significant competitive advantage to gain market share and increase metal spreads.

我們已經看到，近期塗層平板路鋼的貿易表現積極。川普政府最近採取的鋼鐵和鋁業措施包括關稅和風險緩解，以解決製造業加速回流造成的眾多供應鏈混亂。人工智慧和雲端運算將支援非住宅建築、資料中心資料中心、晶片工廠和電池廠，（聽不清楚）與公共和私人資金相關的固定資產投資不斷增長，脫碳劑將大大提高全球成本曲線的陡峭度，為鋼鐵動態提供顯著的競爭優勢以獲得市場份額並增加金屬價差。

This evolving metals business environment should amplify our earnings capability. So as you see, we are blessed with good fortune, our people being our foundation. I thank each of them for their passion and dedication. We are committed to them. And I remind us listening today that safety for yourselves, your families and each of those is the highest priority.

不斷發展的金屬業務環境應該會增強我們的獲利能力。所以如你所見，我們很幸運，我們的人民是我們的根基。我感謝他們每個人的熱情和奉獻。我們對他們充滿承諾。我提醒今天在座的各位，你們自己、你們的家人以及每個人的安全都是重中之重。

I'd be remiss not to thank our loyal customers, many of whom have supported us since our inception. As I said earlier, these partnerships are based on trust on doing what we say we will do and creating new solutions to enhance their value proposition. Our new and aluminum partners were experienced the same and also to our suppliers and service providers who we value and trust. Thank you. Our culture and business model continue to differentiate our performance, leading to best-in-class financial metrics.

如果我不對我們的忠實客戶表示感謝，那我就太失職了，他們中的許多人自我們成立以來就一直支持我們。正如我之前所說，這些合作關係建立在信任的基礎上，相信我們會說到做到，並創造新的解決方案來提升他們的價值主張。我們的新鋁合作夥伴以及我們重視和信任的供應商和服務提供者都有同樣的經驗。謝謝。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 and in turn, mitigating volatility in cash flow generation through all market cycles, providing an enhanced shareholder returns and value to all participants. We look forward to creating new opportunities for all of us today and in the years ahead. So with that said, Holly, I would love to open the lines for questions.

我們是一家循環金屬企業，提供增強型低碳供應鏈解決方案，進而減輕所有市場週期中現金流產生的波動，為所有參與者提供更高的股東回報和價值。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。荷莉，話雖如此，我很樂意回答大家的提問。

(Operator Instructions) Katja Jancic, BMO.

（操作員指示）Katja Jancic，BMO。

Maybe starting on your raw materials or metallics needs. Can you talk about how exposed you are to importing those?

也許從您的原料或金屬需求開始。能談談您對進口這些產品的風險有多大嗎？

Sure. perhaps, Katja, just expand that a little bit because I'm sure the whole tariff and trade situation is of interest to everyone. And I think the -- generally, tariff and trade actions to date specific to steel and aluminum are extremely beneficial for us. One has to recognize even before this present term, the Section 201, the 301, anti-circumvention and other past cases are still firmly in place and prevent impact from China. And I think the recent court case and I know I'm deviating from the raw materials, but just giving you a broad picture.

當然。也許，卡佳，只需稍微擴展一下，因為我相信整個關稅和貿易情況是每個人都感興趣的。我認為，總體而言，迄今為止針對鋼鐵和鋁的關稅和貿易行動對我們極為有利。我們必須認識到，即使在本屆任期之前，201條款、301條款、反規避和其他過去的案件仍然牢固地存在，並阻止了來自中國的影響。我認為最近的案件和我知道的偏離了原始材料，但只是給你一個大致的印象。

The recent core case, which is the trade action against the coated steels, it's going to be very impactful. In fact, it's already impactful. It covers, I think, Barry 10. You have 10 Asian countries and about 3 million, 4 million tons of dumped coated steel, and that will be very beneficial to us.

最近的核心案件是針對塗層鋼的貿易行動，它將產生非常大的影響。事實上，它已經產生了影響。我認為它涵蓋了 Barry 10。你們有10個亞洲國家，傾銷了大約300萬到400萬噸塗層鋼材，對我們非常有利。

And I think the derivative products actions are extremely beneficial. There are, I think, some 2 million to 3 million tons of fabricated structural steel items coming through on to our shores. And that's an appreciable volume. That market is probably somewhere 6 million to 8 million tons and suppressing that will have a major, major impact for our Long Products platform. And then just generally, the tariffs on supply chains already is providing, I think, a positive momentum from a reshoring standpoint.

我認為衍生性商品行動非常有益。我認為，大約有 200 萬至 300 萬噸的鋼結構製品運抵我國海岸。這是一個相當可觀的數量。該市場的產量可能在 600 萬至 800 萬噸之間，抑制此產量將對我們的長材產品平台產生重大影響。總的來說，我認為，從回流的角度來看，對供應鏈徵收關稅已經提供了積極的動力。

Relative to raw materials in particular, obviously, scrap is not included today, and all my comments are as of today, one doesn't know necessarily what may happen in the days, weeks and months ahead. But the scrap flowing across the border is not an impact to us. We bring about 700,000 tons of scrap in from Canada and about 400,000 tons up from Mexico, but that remains (inaudible). [P1020], which will be consumed in our aluminum facilities, that -- the tariffs tend to be absorbed through the Midwest premium and passed on to the customer base. So that has little impact. We will have a little impact from tariffs on pig iron, if they remain in place.

特別是對於原材料而言，顯然今天不包括廢料，而且我的所有評論都是截至今天為止的，人們不一定知道未來幾天、幾週和幾個月會發生什麼。但跨境流動的廢棄物不會對造成影響。我們從加拿大進口了約 70 萬噸廢料，從墨西哥進口了約 40 萬噸廢料，但這些仍然（聽不清楚）。 [P1020]，這些鋁將在我們的鋁廠中消耗，關稅往往會透過中西部溢價被吸收，並轉嫁給客戶群。所以影響不大。如果生鐵關稅繼續實施，我們將受到一點影響。

Just as we did at the onset of the Ukrainian war, when pig iron pricing went sky rocketing, and availability was challenged, we increased our -- the prime scrap and more importantly, or sort of what we call [Shred1], our low-residual scrap and reduce that pig iron content or appetite so that will be reduced. And then there will be some impact on slab -- aluminum slab coming up from Mexico. That will be incremental this year because of -- obviously, we're ramping up and the volume is not going to be very large.

正如我們在烏克蘭戰爭開始時所做的那樣，當生鐵價格飛漲，供應受到挑戰時，我們增加了優質廢料，更重要的是，我們稱之為 [Shred1] 的低殘留廢料，並減少了生鐵含量或需求，從而減少了生鐵需求。這會對來自墨西哥的鋁板產生一些影響。今年這數字將會逐步增加，因為——顯然，我們正在加大力度，但數量不會很大。

So I think in general, we are well positioned relative to our peers. And I think it sets the stage for the renegotiation. The USMCA gets renegotiated in 2026. I wouldn't be surprised if that got pulled forward. But I think it will be a very, very positive outcome for the country when that occurs.

因此我認為整體而言，我們相對於同業處於有利地位。我認為這為重新談判奠定了基礎。USMCA 將於 2026 年重新談判。如果這件事被提前，我不會感到驚訝。但我認為，當這種情況發生時，對國家來說將是一個非常非常積極的結果。

Timna Tanners, Wolfe Research.

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

I hope you're feeling better soon. I wanted to ask, if I could, about what changed that sentence from prior guidance? You've talked about not being positive than it was? And then if I could also, are you still looking to produce exposed automotive eventually there? Any update, please, would be great.

我希望你很快會好起來。如果可以的話，我想問一下，這句話與之前的指導相比有什麼變化？您說過情況沒有以前那麼積極嗎？如果可以的話，您是否仍希望在那裡生產裸露汽車？有任何更新，請告知，非常好。

Timna, real quick, can you just reask that first part of your question about what changed? Can you just clarify that a little bit?

Timna，您能否很快再問問題的第一部分，關於發生了什麼變化？能稍微解釋一下嗎？

Yes. So initially, you had talked about Sinton not being profitable, I think, in the mid-quarter update? Or -- and then in the results, you talked about it being profitable. So I just wanted to understand that and maybe what's improved there and can continue to improve going forward?

是的。所以最初，您在季度中期更新中談到 Sinton 沒有盈利，我想是的？或者——然後在結果中，您談到它是盈利的。所以我只是想了解這一點，也許那裡有什麼改進，並且可以繼續改進？

So from a change perspective, I'm going to let Barry get into the details of (inaudible) because we are really excited. That's why we congratulate the team and hopefully somebody down there is listening. But from the perspective of what changed, we were just really trying to see where end of the quarter fell out. And obviously, they were more exposed to spot pricing than Columbus and Butler are. So some of the price appreciation on the flat rolled side was actually able to be captured in the March time frame where it will be more lagging at Butler and Columbus.

因此，從變化的角度來看，我將讓 Barry 詳細介紹（聽不清楚），因為我們真的很興奮。這就是我們向該團隊表示祝賀的原因，並希望有人能聽到。但從變化的角度來看，我們只是想看看本季末會出現什麼情況。顯然，他們比哥倫布和巴特勒更容易受到現貨定價的影響。因此，扁平材價格上漲的部分實際上是在 3 月期間實現的，而巴特勒和哥倫布的漲幅則會更大。

So it was nothing that was significant, but it was very exciting for us to have an EBITDA positive quarter heading to operating and income in the second quarter.

因此，這沒有什麼重大意義，但對我們來說，第二季的 EBITDA 為正，這對我們的營運和收入來說非常令人興奮。

And really, the team maturing and bringing the line utilization rates higher has allowed us to capture that market quicker, as Theresa mentioned. With the long-term projection of Automotive exposed, we are very excited about the product we produced down there. I think it's early to be talking about exposed, but we're developing really good practices so that we continue to make our customers happy as we ramp the facility up and we introduce new products. So I wouldn't rule it out, but it's not something we're advertising at this minute.

事實上，正如 Theresa 所提到的那樣，團隊的成熟和生產線利用率的提高使我們能夠更快地佔領該市場。隨著汽車長期規劃的實施，我們對在那裡生產的產品感到非常興奮。我認為現在談論暴露還為時過早，但我們正在開發真正好的做法，以便在我們擴大設施和推出新產品時繼續讓客戶滿意。所以我不會排除這種可能性，但這不是我們目前要宣傳的東西。

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Yes. Sorry, I was on mute. On the fabrication business, I think I heard that March had the strongest order entry in two years. Does this mean that the volume that we saw in Q1 marked probably the bottom and should increase from here? And if not the second quarter, maybe the third quarter, because we did notice that the shipments in the first quarter, and I understand the seasonality, but they were the lowest, I think, since 2015 or 2017 on a quarterly basis?

是的。抱歉，我靜音了。關於製造業務，我記得我聽說三月的訂單量是兩年來最強的。這是否意味著我們在第一季看到的交易量可能已經觸底，並且之後應該會增加？如果不是第二季度，也許是第三季度，因為我們確實注意到第一季的出貨量，我了解季節性，但我認為，按季度計算，這是自 2015 年或 2017 年以來最低的？

I'll let Barry add. What I would say is we've been talking about this, we talked about kind of the whole quarter that for fabrication in the first quarter because there was still some hesitancy around what was happening with the administration, what steel costs would be, where interest rates were that there was some hesitancy from a customer perspective of actually having those jobs proceed forward. And so we knew there'd be some open patches, if you will, and those generally get filled with projects that have a little bit lower pricing dynamics. So we definitely are seeing strength in the second half of the year as it relates to fabrication, and that's the momentum you're seeing in March and April, but I'll let Barry further comment.

我會讓巴里補充。我想說的是，我們一直在談論這個問題，我們談論了第一季的整個製造業情況，因為對於政府的動向、鋼鐵成本、利率等仍然存在一些猶豫，從客戶的角度來看，對於這些工作是否真的能夠繼續進行存在一些猶豫。因此，我們知道會有一些開放的補丁，如果你願意的話，這些補丁通常會填充定價動態稍低的項目。因此，我們肯定會看到下半年製造業的強勁表現，這也是 3 月和 4 月看到的勢頭，但我會讓 Barry 進一步評論。

Yes, the activity we're seeing is robust and it's the type of projects that we do very well in with aluminum. So we do see those projects materializing, and we also see some of the projects that have been temporarily on hold status with the uncertainty. Some of those are starting to free up. So we anticipate growing forward through second quarter and into the second half of the year as what we see today comes into realization.

是的，我們看到的活動很活躍，而且這類項目我們在鋁方面做得很好。因此，我們確實看到這些項目正在實現，我們也看到一些項目由於不確定性而暫時處於擱置狀態。其中一些已開始釋放。因此，我們預計第二季和下半年的成長將持續，因為我們今天所看到的情況將成為現實。

Tristan Gresser, BNP Paribas.

法國巴黎銀行的 Tristan Gresser。

Just a quick fullstream side. Does that mean that with the visibility you have in backlogs into the end of the year, do you expect volumes to improve on a year-on-year basis starting Q2 or maybe in H2?

只是一個快速的完整流側面。這是否意味著，根據您對年底積壓訂單的了解，您是否預計從第二季或下半年開始訂單量會比去年同期增加？

Tristan, yes, we do expect to see, based on what we can tell today and the order activity and the current macro environment that we're all watching day to day, we absolutely expect volumes to be higher year-over-year.

特里斯坦，是的，根據我們今天所知的情況以及訂單活動和我們每天都在關注的當前宏觀環境，我們確實預計交易量將同比增長。

All right. And my question then is more on the demand side of the equation. Could you discuss a little bit by end markets what has been the recent developments since the tariffs were announced in early April. You mentioned you had a strong Q1, and now there is some uncertainty. So I'm curious to see the order activity, how it's been in the past 2 weeks.

好的。那麼我的問題更多的是關於等式的需求面。您能否從終端市場角度稍微討論一下自 4 月初宣布關稅以來的最新進展？您提到第一季業績表現強勁，但現在存在一些不確定性。所以我很好奇想看看過去兩週的訂單活動如何。

And also how we should -- I mean you had a very strong shipment figure in Q1, how we should think about shipments into Q2?

還有我們應該如何——我的意思是，你們第一季的出貨量非常強勁，我們該如何考慮第二季的出貨量？

Yes, Tristan, we continue to see a lot of real consumption out there. In spite of all the uncertainty out there, there are a lot of customers that are actually looking to further the relationship with us. we've seen more growth in our longer-term contracts, people trying to cement their supply chains. And when you look at specific marketplaces like construction goods, our painted products are doing very well. We see resilient demand out there.

是的，特里斯坦，我們繼續看到大量的實際消費。儘管存在諸多不確定性，但仍有許多客戶實際上希望與我們進一步發展關係。我們看到長期合約的成長，人們試圖鞏固他們的供應鏈。當您查看建築產品等特定市場時，您會發現我們的塗裝產品表現非常好。我們看到那裡的需求十分強勁。

We see opportunities for growth with the HVAC industry, we support we saw an uptick in February and March. And some of it, we think, was a little bit buying ahead of uncertainty of tariffs. But now we're seeing some demand fill back in there.

我們看到了 HVAC 行業的成長機會，我們支持在二月和三月看到上漲。我們認為，其中一些是在關稅不確定之前進行的少量購買。但現在我們看到一些需求又恢復了。

So we continue to be pretty excited about what we see at HVAC. The appliance business we do is pretty steady. And I think that much like automotive, depending on where you're at in those industries, your vision of them might be different. So our appliance vision is pretty strong right now. We're also very strong with automotive, the platforms that we are on, are actually doing very well.

因此，我們對 HVAC 領域所取得的進展感到非常興奮。我們做的家電生意比較穩定。我認為這很像汽車產業，根據你在這些產業中所處的位置，你對它們的看法可能會有所不同。因此，我們的家電願景現在非常強大。我們在汽車領域也非常強大，我們所採用的平台實際上表現得非常好。

So we saw a Q1 kind of surge, particularly with the North American players that we're associated with. So we remain very excited about that. We're seeing a lot of activity for pipe and tube, whether it's oil and gas or whether it's infrastructure. Those projects are starting to materialize, and there's real demand for some of these activities that has kind of been put off. So we're excited about that. And some of the rail business we do is also very steady.

因此，我們看到了第一季的激增，特別是與我們合作的北美玩家。因此我們對此仍然感到非常興奮。我們看到管道領域有許多活動，無論是石油和天然氣還是基礎設施。這些項目已經開始實現，而對其中一些活動的實際需求已被推遲。所以我們對此感到很興奮。而且我們做的一些鐵路業務也非常穩定。

So last year, it was slow with Class I railroads, but we're starting to see that pick up again in 2025 period. So again, we see a lot of pockets where things are good. So in spite of the perhaps reception of the industry, people are still trying to make things go. And our team is really good. When things get tight like this, our relationships come back and our relationships help support how we go forward.

去年，一級鐵路的發展比較緩慢，但我們將看到 2025 年這一進程再次回升。因此，我們再次看到很多地方的情況都很好。因此，儘管業界對此反應不一，但人們仍在努力推動事情。我們的團隊非常優秀。當事情變得如此緊張時，我們的關係就會恢復，我們的關係有助於支持我們前進。

So in times like this, we're excited about the opportunity to grow and to enrich those relationships, we've worked so hard at building. So all in all, with what we see today, we're excited about where 2025 is going.

因此，在這樣的時刻，我們很高興有機會發展和豐富我們一直努力建立的關係。總而言之，根據我們今天所看到的情況，我們對 2025 年的發展方向感到興奮。

All right. That's very helpful. So just to confirm, normal seasonality in Q2 seems a fair base case in terms of volumes.

好的。這非常有幫助。因此，僅需確認一下，就數量而言，第二季度的正常季節性似乎是一個合理的基本情況。

I'm sorry, Tristan, can you say that again?

對不起，特里斯坦，你能再說一次嗎？

Normal seasonality into Q2 for steel shipments seems like a fair assumption?

第二季鋼鐵出貨量呈現正常的季節性似乎是個合理的假設？

So we've got a lot of different things happening right now to Barry's point. So we've got Sinton growing. We're gaining market share and the especially the core cases can't be under discussed as far as the positive impact. And since we're the largest quarter of automotive flat-rolled fields in North America, it's specifically impactful to us in a very positive way. So I would not expect to see shipments go backward, if that's what you're asking.

因此，就巴里的觀點而言，我們現在發生了很多不同的事情。因此，我們讓 Sinton 不斷發展。我們的市場佔有率正在不斷擴大，尤其是核心案例的正面影響不容小覷。由於我們是北美最大的汽車扁平材市場，因此這對我們產生了非常正面的影響。因此，如果您問的是這個，我並不認為出貨量會下降。

Chris LaFemina, Jefferies.

傑富瑞的克里斯拉菲米納 (Chris LaFemina)。

I actually have a kind of more of a strategic question. You've obviously spent a lot of time on your existing organic growth that's sitting in the aluminum mill and the value add lines, all of which are getting close to the finish line now. So you're going to start to generate higher to cycle cash flows. You talked about being excited about your current growth plans as well as your future growth plans. And I'm wondering what happens next?

我實際上有一個更具戰略性的問題。顯然，您花費了大量時間來實現現有的有機成長，包括鋁廠和增值生產線，現在所有這些都已接近終點線。因此您將開始產生更高的循環現金流。您談到對當前成長計劃以及未來成長計劃感到興奮。我想知道接下來會發生什麼事？

I mean you'll be -- presumably, you're on a higher cycle cash flow run rate. You've talked in the past about doing more in non-steel recycling, including, I think you talked about in copper, for copper and aluminum. You've obviously been buying back shares as well. I mean do we get into situation where Steel Dynamics becomes an even bigger capital return story? Or is it about the next leg of growth?

我的意思是，你大概會處於更高的周期現金流運行率。您過去曾談到在非鋼鐵回收方面做更多工作，包括銅和鋁的回收。您顯然也一直在回購股票。我的意思是，我們是否會陷入 Steel Dynamics 成為更大的資本回報故事的情況？還是關於下一階段的成長？

And then -- sorry, secondly, on the next leg of growth. If you look at growing in the US steel industry, are you worried about investments from par and steel mills, building new capacity here to sort of circumvent tariffs and ultimately, that leaving little opportunity for you to grow in steel domestically. So really just kind of a question around medium- to longer-term strategy.

然後——抱歉，其次，關於下一階段的成長。如果您關注美國鋼鐵業的發展，您是否擔心來自平價鋼廠的投資，在這裡建造新產能以規避關稅，最終導致您在國內鋼鐵業發展的機會渺茫。所以這其實只是一個有關中長期策略的問題。

Well, I think, as I mentioned earlier, we were absolutely blessed. We have a great team and the strategic initiatives they've put in place over the last 5, 10, 15 years is why we're here today. And as you rightfully say, we're going to have a very, very strong cash position moving forward as all these recent projects come to fruition is going to allow us a continued sort of balanced cash allocation strategy. I don't think you -- it's going to change and we will use all the tools in our toolbox to improve shareholder value. I think you will see growth in aluminum for sure, as you've seen it in steel, a lot of the things that evolved through our life cycle and steel, downstream value-add processing, coating, painting, can be done in the aluminum world as well. So that will continue.

嗯，我想，正如我之前提到的，我們非常幸運。我們擁有一支優秀的團隊，他們在過去 5 年、10 年、15 年裡制定的策略性舉措是我們今天能夠走到這裡的原因。正如您所說，隨著所有這些近期項目的完成，我們的現金狀況將非常非常強勁，這將使我們能夠繼續實施平衡的現金分配策略。我不認為這種情況會改變，我們會使用我們工具箱中的所有工具來提高股東價值。我認為你肯定會看到鋁的增長，就像你在鋼鐵中看到的那樣，在我們的生命週期和鋼鐵中發展起來的很多東西，下游的增值加工、塗層、噴漆，也可以在鋁世界中完成。這種情況將會持續下去。

And steel itself, for sure, there's still still plenty of opportunity there. Our teams are incredibly innovative, and there are market spaces and its that we don't play in today that we intend to penetrate. We don't grow just to be big. We always grow. If you look at both our organic and our inorganic growth. We always differentiate ourselves, and you will continue to see that value-add sort of profile going forward.

當然，鋼鐵本身仍然有很多機會。我們的團隊極具創新精神，我們打算滲透一些目前尚未涉足的市場空間。我們的成長不只是為了變大。我們一直在成長。如果你看一下我們的有機成長和無機成長。我們始終堅持差異化，未來您將繼續看到這種增值型形象。

I would just add to that right now, and the teams are doing it. We're in a period of execution and optimization of these larger growth projects that we've had. So we don't see billions of dollars of CapEx in the near term, but we do see the cash flow coming. So that will allow opportunities for shareholder returns to continue at a really strong rate. It also allows us though, we don't want to forget about the fact that we are acquisitive.

我現在只想補充一點，各個團隊正在這樣做。我們正處於執行和優化這些較大成長項目的時期。因此，我們短期內不會看到數十億美元的資本支出，但我們確實看到了現金流的到來。因此，這將為股東帶來繼續保持強勁回報的機會。不過，這也讓我們不要忘記自己具有貪婪慾望的事實。

So we do look at transactions from time to time as well. We're just really disciplined, and that's what differentiates us from our peers. So there's still a lot of opportunity for growth. while distributing strong shareholder returns on a through-cycle basis.

所以我們也會不時地查看交易。我們非常自律，這就是我們與同行的不同之處。因此仍有許多成長機會。同時在整個週期中分配豐厚的股東回報。

So I guess I was also wondering in terms of the mechanism for capital returns and buybacks are nice. But having a higher through-cycle dividend that could be funded by the higher through-cycle cash flows might actually be an even more compelling point of differentiation? And how does the Board and the management team think about the allocation of those capital returns and is it possible that you just -- you changed the dividend payout model based on the higher through-cycle cash flow.

所以我想我也想知道資本回報和回購機制是否很好。但是，透過更高的周期現金流來提供更高的周期股息實際上可能是一個更引人注目的差異點？董事會和管理團隊如何考慮這些資本回報的分配？您是否可能只是—根據更高的週期現金流改變了股息支付模式。

No worries. So from a dividend perspective, I mean, we've increased our dividend by over 100% in the last 5 years. So we definitely keep an eye on it, and we definitely know that it's important. But we grow the dividend when our cash flow structure fundamentally grows on a through-cycle basis. So you should expect to see dividend growth as you have seen in the past as we have more significant cash flow opportunities come to fruition through organic or transactional growth such as aluminum, such as Sinton, you will see more significant dividend increases.

不用擔心。因此，從股息的角度來看，我們的股息在過去 5 年中增加了 100％ 以上。所以我們肯定會密切關注它，而且我們也確實知道它很重要。但當我們的現金流結構在整個週期中從根本上成長時，我們就會增加股利。因此，您應該會看到股息成長，就像您過去看到的那樣，因為我們有更多的顯著的現金流機會透過有機或交易成長實現，例如鋁，例如 Sinton，您將看到更顯著的股息成長。

So I think we are following that philosophy. We want to keep dividends on an absolute basis, meaningful, yet conservative, and we complement that with the share buybacks. So -- the board looks at it that way as does management because we want to be responsible so that, that dividend is never at risk.

所以我認為我們正在遵循這個理念。我們希望保持股利的絕對性、有意義但又保守，並且我們透過股票回購來補充這一點。因此，董事會和管理階層都是這樣看待這個問題的，因為我們希望負責任地確保股利永遠不會面臨風險。

Bill Peterson, JPMorgan.

摩根大通的比爾彼得森。

Nice job on the quarterly execution. I wanted to ask about downstream margins and how to think about it in the second quarter. When we think about the lagged input costs, higher steel prices, can you think this will overshadow the price stabilization or improvements you've spoken to about in the past? Just trying to get a sense for us when we think about margins in the quarter and looking ahead.

季度執行情況很好。我想問一下下游利潤率以及第二季如何考慮這個問題。當我們考慮滯後的投入成本和更高的鋼鐵價格時，您是否認為這會掩蓋您過去談到的價格穩定或改善？當我們考慮本季的利潤率並展望未來時，我們只是想了解一下。

We generally, as you know, Bill, don't give a specific guidance as it relates to things like that. I would just point you to some of the drivers to consider. So one of the drivers is that fabrication generally keeps 8 to 10 weeks of inventory or substrate inventory may be 12 weeks on the ground. So as we've had escalating flat-rolled steel prices, you will see higher steel input costs going into fabrication, but that can also be a premise or a driver for increased profitability or increased pricing on the product side. And we have seen stabilization there. So later in the year, we definitely think there's opportunity for growth, whether that comes sooner or later, it's hard to say.

正如比爾你所知，我們一般不會針對這類事情給予具體的指引。我只是想向你指出一些需要考慮的因素。因此，其中一個驅動因素是，製造廠通常保持 8 到 10 週的庫存，或者基板庫存可能在地面上保持 12 週。因此，隨著扁鋼價格不斷上漲，您會看到製造過程中鋼材投入成本的增加，但這也可以成為提高獲利能力或提高產品價格的前提或驅動力。我們已經看到那裡局勢趨於穩定。因此，我們肯定認為今年稍後會有成長的機會，至於這個機會是早還是晚到來，還很難說。

The other thing that I would remind you of is that volume is really, really impactful in our fabrication operations because it really is about people. And so as you have more volume, that margin expands pretty dramatically, pretty quickly because of the cost compression. So I can't give you specific guidance as it relates to the fabrication operations. I would just say, for the year, we're feeling very strong.

我想提醒你的另一件事是，產量對我們的製造業務確實有很大影響，因為它確實與人有關。因此，隨著產量的增加，由於成本壓縮，利潤率會迅速大幅擴大。因此我無法為您提供與製造作業相關的具體指導。我只想說，今年我們感覺非常強勁。

Mike Harris, Goldman Sachs.

高盛的麥克·哈里斯。

There was a couple of times during the call where my sound cut out. So if you answered this, I apologize in advance. But under the noncash adjustments, can you provide a bit more color on what's behind the $19 million in unrealized gain losses? And maybe speak to how we should think about the potential impact for the balance of 202$.

通話過程中有幾次我的聲音中斷了。因此，如果您回答了這個問題，我提前表示歉意。但在非現金調整下，您能否提供更多有關 1,900 萬美元未實現損益損失背後的原因？也許可以談談我們應該如何看待 202 美元餘額的潛在影響。

Yes, absolutely. So Mike, just a clarification to make sure I'm answering your question. You're speaking about adjusted EBITDA, correct?

是的，絕對是。所以麥克，我只是想澄清一下，確保我回答了你的問題。您說的是調整後的 EBITDA，對嗎？

That's correct.

沒錯。

Yes. So that relates to -- we have a risk commodities team where we manage risk around the amount of scrap copper finished product copper at our copper rod and wire mill and aluminum. And so that was just an unrealized loss in the first quarter related to the sharp moves in nonferrous pricing generally, that will come back then in the following quarter. So if you look at that quarter-over-quarter, you're going to see over a period of a year, 18 months, 24 months, it doesn't have that much impact, but that's what it was related to specifically in the first quarter. It's just an unrealized hedging loss.

是的。因此，這與我們擁有一支風險商品團隊有關，我們負責管理銅棒和線材廠的廢銅成品銅和鋁的數量風險。因此，這只是第一季與有色金屬價格普遍大幅波動有關的未實現損失，這些損失將在下一季回升。因此，如果你看一下季度環比情況，你會發現在一年、18 個月、24 個月的時間內，它並沒有那麼大的影響，但這正是它與第一季具體相關的。這只是未實現的對沖損失。

Okay. So just a timing issue that nets to step out over the course of the year is a good way to look at it?

好的。那麼，僅僅考慮在一年內逐步實施的時間問題是一種很好的觀察方式嗎？

That's a great way to look at it.

這是一個很好的觀察方式。

Andrew Jones, UBS.

瑞銀的安德魯瓊斯。

You hear me okay?

你聽見我說話了嗎？

Are you there, Andrew?

你在那裡嗎，安德魯？

Yes, can you hear me?

是的，你聽得到我說話嗎？

We can now.

現在我們可以了。

Okay. Great. Just a follow-up. I mean, you were asked earlier about the metallic exposure and where you heard your point that you can use more prime scrap and reduce that exposure. But can you give us a an actual number for how much pig iron was consumed maybe in 2024 or your kind of expectations for 2025 with the ramp-up of Sinton prior to these coming in, just so we can get an idea for the impact going forward?

好的。偉大的。只是後續行動。我的意思是，之前有人問過您有關金屬暴露的問題，您在哪裡聽過這樣的說法：可以使用更多的優質廢料來減少這種暴露。但是，您能否給我們一個實際的數字，例如 2024 年消耗了多少生鐵，或者在這些投入使用之前，隨著 Sinton 產量的增加，您對 2025 年生鐵的預期是什麼，這樣我們就可以了解未來的影響？

Andrew, that's a moving target for us. We all the time are looking at the economic balance for what our raw material charges are. So when we speak to the fact that we're working on segregation sorting techniques that allows us to get what would normally be cut great scraps into a cleanless level where we can use them more abundantly. So we are constantly making that decision each month. When it comes to pig iron, we look at that same balance.

安德魯，這對我們來說是一個移動的目標。我們始終關注原物料成本的經濟平衡。因此，當我們談到我們正在研究的分離分類技術時，該技術使我們能夠將通常會被切割成大塊碎片的東西放到不乾淨的水平，以便我們可以更充分地利用它們。所以我們每個月都會不斷做出這個決定。當談到生鐵時，我們關注的是同樣的平衡。

And in many cases, it helps the operations besides just quality. It also can be productivity enhancing. So our teams are really good at having different scrap mixes in the mills at every moment of the day and having the right resources to make the best decision at the time. So we can go anywhere from 8% to 25% on a pig iron and we will make those decisions based on what the market pricing are of those different units.

在許多情況下，它不僅有助於提高質量，還有助於提高營運效率。它還可以提高生產力。因此，我們的團隊非常擅長在一天中的每個時刻掌握工廠內不同的廢料混合物，並利用正確的資源在當時做出最佳決策。因此，我們可以將生鐵的價格從 8% 提高到 25%，我們將根據不同單位的市場定價做出這些決定。

Our Butler, Indiana facility has an iron facility on site, Iron Dynamics, that has been an outstanding asset to have the last five years, specifically because we're able to create iron for the Butler plant out of waste materials. So that technology has allowed us to be a little bit more independent and down South, it's Sinton and Columbus.

我們位於印第安納州巴特勒的工廠擁有一個現場煉鐵廠，即 Iron Dynamics，在過去五年中，這一直是我們的寶貴資產，特別是因為我們能夠利用廢料為巴特勒工廠生產鐵。因此，這項技術讓我們變得更加獨立，在南方，是辛頓和哥倫布。

Those assets, again, are continually looking at what the product mix requires and what the costs may be. So to this point, we've had great supply from our offshore pig iron suppliers. We've been very -- we continue to be transparent and have discussions. We think those pricing mechanisms will sound themselves for the year. So short term, we haven't done anything out of the ordinary. It's a large volume to just stock up on. And obviously, we don't want to build our working capital. But we feel pretty good that as the situations unfold, we'll continue to find metallics at a competitive price.

這些資產又會持續關注產品組合的要求和成本。到目前為止，我們從海外生鐵供應商獲得了充足的供應。我們一直都非常——我們繼續保持透明並進行討論。我們認為這些定價機制今年將會完善。所以短期內，我們還沒有做任何不尋常的事情。這只是庫存量很大的一部分。顯然，我們不想建立營運資金。但我們感覺很好，隨著情況的發展，我們將繼續以有競爭力的價格找到金屬。

Everybody in the ArcFirst community is buying the same materials. It's a matter of how effectively you can use them on a day-to-day basis. And that's again where I think our team excels and being able to make those choices and be informed. A lot of hard work goes into doing that. So the flat roll mills are the only mills that bring offshore metals in the pig iron.

ArcFirst 社群中的每個人都在購買相同的材料。問題在於您在日常工作中如何有效地使用它們。我認為這又是我們的團隊的優勢所在，我們能夠做出這些選擇並掌握足夠的資訊。要做到這一點需要付出很多艱苦的努力。因此，平輥軋機是唯一將海外金屬運往生鐵廠的軋鋼機。

All our long product mills are 100% scrap based. So that's the impact. If you look at what our flat roll is versus long roll.

我們所有的長材產品軋鋼機均 100% 採用廢料。這就是影響。如果您看一下我們的平卷與長卷的差異。

No, that's clear. That's clear. And just to on that working capital point, the mill that we saw in the quarter in (inaudible) is that purely a function of pricing with scrap and other inputs moving up through the quarter? Or was there any other kind of overlays on that?

不，這很清楚。這很清楚。就營運資本這一點而言，我們在本季看到的工廠（聽不清楚）是否純粹是廢料和其他投入在本季上漲的定價函數？或是有其他類型的覆蓋嗎？

Remember, the working capital build, if you exclude the profit sharing payment that gets paid every March every year, was really only a build of about $100 million, and that really was associated with pricing moves more on the steel side actually than on metallics. And I guess the takeaway that we would want everyone on the call to have is that as it relates to the -- our current position with raw materials, with demand, the entire kind of set of selling products and getting the raw materials and to sell those products and the current tariffs that are in place, we feel really well positioned, and we don't see a material financial impact to the negative. We actually just see a net upside as it relates to customers' pricing, et cetera.

請記住，如果不包括每年三月支付的利潤分享款項，營運資本的增加實際上只有約 1 億美元，而且這實際上與鋼鐵方面的價格變動的關係比與金屬方面的價格變動的關係更大。我想，我們希望電話會議中的每個人都明白，就我們目前的原材料狀況、需求、銷售產品、獲取原材料、銷售這些產品的整個過程以及現行的關稅而言，我們感覺自己處於非常有利的地位，而且我們沒有看到任何重大的負面財務影響。實際上，我們看到的只是與客戶定價等相關的淨上漲。

John Tumazos, private investor.

約翰·圖馬佐斯（John Tumazos），私人投資者。

Thank you very much. Concerning your original business plan for the aluminum mill, with the current aluminum tariff economics, the Midwest premium doubled roughly from $0.20 to $0.40 on the plus side. The UBC price had been about a $0.30 discount to LME. Now it's only a $0.05. When you balance out the input output analysis are the current economics better, the same or worse than for your original business plan a couple of years ago.

非常感謝。關於您最初的鋁廠商業計劃，按照目前的鋁關稅經濟形勢，中西部地區的溢價大約翻了一番，從 0.20 美元上漲到 0.40 美元。UBC 價格比 LME 價格低約 0.30 美元。現在只要0.05美元。當您平衡投入產出分析時，當前的經濟狀況是比幾年前的原始商業計劃更好、相同或更差。

Great question. A convoluted algorithm to split out the answer, John. I would say we feel that with the exception of the slab coming up from Mexico, and we'll see how that pans out. The economics remain in place.

好問題。一個複雜的演算法來分離出答案，約翰。我想說，我們感覺到了這一點，除了來自墨西哥的板塊，我們將看看結果如何。經濟狀況不變。

So does that mean it's all awash?

那麼這是否意味著一切都被淹沒了？

Again, it's a wash with the exception of where the tariff impact might be on slab coming up from Mexico, but as I said earlier, that for this year, that's incremental because we're just ramping up the volumes are going to be relatively small. And I don't -- well, I don't believe that the current tariff regimen is going to be in place much longer than through this year.

再一次，除了關稅對來自墨西哥的板材可能產生的影響外，這都是一個問題，但正如我之前所說，對於今年來說，這是漸進的，因為我們只是在增加產量，所以產量會相對較小。我不認為目前的關稅制度會持續到今年年底。

In terms of the competitive landscape, I recall May 1992 mild firm raised $100 million for the past caster in Davenport, Iowa for Quanex, maybe that's something by Alaris now. What are the aluminum rolling mills of 30-year or younger vintage, the good competitors that you'll be competing with?

就競爭格局而言，我記得 1992 年 5 月，溫和公司為愛荷華州達文波特的 Quanex 公司籌集了 1 億美元，也許這就是 Alaris 現在的做法。您將要競爭的優秀競爭對手是哪些 30 年或更年輕的鋁軋機？

So John, if you're asking if there are North American rolling mills that are less of age than 30 years. Is that the question? Because I think --

那麼約翰，如果你問的是北美是否有使用年限少於 30 年的軋鋼機。這是問題嗎？因為我認為--

I think Alaris built one. I'm just trying to remember what are the ones that are going to be your newer competitors?

我認為 Alaris 建造了一個。我只是想知道哪些人會成為你的新競爭對手？

Well, to be honest, I don't think there are going to be any -- there will be no close competitors to us. I mean, if you look at the technology, the scale, the efficiency the increased recycled content that we will be able to have. And just our culture, John, you've followed us for many, many, many years now. The combination of taking state-of-the-art technology and just exploiting it with people that are impassioned that are incented to drive every cent out of the cost structure and maximize metal spread, we are confident in that the investment premise that will be put forth.

嗯，說實話，我認為不會有任何——不會有任何與我們實力相當的競爭對手。我的意思是，如果你看一下技術、規模、效率，我們就能增加回收內容。約翰，就我們的文化而言，你已經關注我們很多很多年了。採用最先進的技術並與充滿熱情、願意從成本結構中榨取每一分錢並最大化金屬價差的人們相結合，我們對即將提出的投資前提充滿信心。

Hats off to everything you're doing. Congratulations.

向你所做的一切致敬。恭喜。

Senova like 40 or 45 years since there's been a meaningful high-tech expansion. And like I said earlier, it's reminiscent -- for us gray hairs that have been around for a while, it's reminiscent of us getting into the steel business 30 years ago. Back then, the prior mill was Burns Harbor, 1961. I mean it's the same set of circumstances that we're going to hopefully disrupt.

Senova 已經有 40 或 45 年沒有進行過有意義的高科技擴張了。正如我之前所說的，它讓人回想起——對於我們這些已經白髮蒼蒼的人來說，它讓人回想起 30 年前我們進入鋼鐵業的時候。當時，之前的工廠是伯恩斯港 (Burns Harbor)，建於 1961 年。我的意思是，我們希望能夠打破同樣的局面。

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

我們的問答環節到此結束。現在我想請米利特先生作最後發言。

Thank you, Holly. And I will be quick, but for our employees that remain on the core, again, absolute heartfelt thanks for what you do each and every day for us. Thank you for your commitment and your passion and my sincere wish that stay safe. Again, thank you to the customers and service providers out there. And for those that are shareholders, again, thank you for your trust and your support.

謝謝你，霍莉。我很快就會說完，但對於我們的核心員工，我再次衷心感謝你們每天為我們所做的一切。感謝您的承諾和熱情，我真誠地祝福您平安。再次感謝所有的客戶和服務提供者。對於那些股東，我再次感謝你們的信任與支持。

We too are large shareholders. So we know exactly how you think I believe and we work on your behalf each and every day to improve your value. So thank you. Everyone, be safe. Take care. Bye-bye.

我們也是大股東。因此，我們確切地知道您的想法和信念，我們每天都會為您努力提高您的價值。所以謝謝你。大家注意安全。小心。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，祝您有個愉快、安全的一天。