Steel Dynamics Inc (STLD) 2025 Q4 法說會逐字稿

Good day and welcome to the Steel Dynamics fourth quarter and full year 2025 earnings conference call. (Operator Instructions) Please be advised this call is being recorded today, January 26, 2026, and your participation in place consent to our recording this call.

各位好，歡迎參加鋼鐵動力公司2025年第四季及全年業績電話會議。（操作員說明）請注意，本次通話將於2026年1月26日進行錄音，您的參與即表示您同意我們錄音。

If you do not agree to these terms, please disconnect. At this time, I would like to turn the conference over to Mr. David Lipschitz, Director of Investor Relations. Please go ahead.

如果您不同意這些條款，請中斷連線。此時，我謹將會議交給投資人關係總監大衛‧利普希茨先生。請繼續。

Thank you, [Eli]. Good morning and welcome to Steel Dynamics fourth quarter and full year 2025 earnings conference call. As a reminder, today's call is being recorded and will be available on our website for replay later today.

謝謝你，[Eli]早安，歡迎參加Steel Dynamics 2025年第四季及全年業績電話會議。再次提醒，今天的電話會議正在錄音，稍後將在我們的網站上提供回放。

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.

主持今天電話會議的是 Steel Dynamics 董事長兼執行長 Mark Millett；執行副總裁兼財務長 Theresa Wagler；以及總裁兼營運長 Barry Schneider。我們高階領導團隊的其他成員將逐一參加此電話會議。

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. They are intended to be protected by the Private Securities Litigation Reform Act of 1,995, should actual results turn out differently. Such statements involve risk and uncertainties related to integrating or starting up new assets.

今天的一些聲明僅代表截至目前的情況，可能具有前瞻性和預測性，通常以“相信”、“預期”、“預計”或類似含義的詞語開頭。如果實際結果與預期不同，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相關的風險和不確定性。

The aluminum industry, the use of estimates and assumptions in connection with anticipated project returns, and our steel, metal recycling and fabrication businesses, as well as the general business and economic conditions. 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.

鋁業、與預期項目回報相關的估算和假設的使用，以及我們的鋼鐵、金屬回收和加工業務，以及一般的商業和經濟狀況。相關新聞稿以及我們每年向美國證券交易委員會提交的 10-K 表格中的「前瞻性陳述」和「風險因素」部分都對這些範例進行了描述。

Found on the internet at www.sec.gov and if applicable in any later SEC Form 10-Q. You will also find any reference non-GAAP financial measures reconciled to the most directly comparable GAAP measures in the press release, issued or this morning entitled Steel Dynamics reports fourth quarter and full year 2025 results.

可在 www.sec.gov 網站上找到，如適用，也可在任何後續的 SEC 表格 10-Q 中找到。您還可以在今天早上發布的題為“鋼鐵動力公司公佈 2025 年第四季度和全年業績”的新聞稿中找到任何參考的非 GAAP 財務指標與最直接可比的 GAAP 指標的調節表。

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

現在我很高興把電話交給馬克。

Super thank you David, and good morning everyone. I hope you're all a little warmer than we are in the Midwest in Indiana here in Fort Wayne, but nonetheless, we appreciate you taking the time to join us for our fourth quarter and full year 2025 earnings call.

非常感謝David，大家早安。希望你們那裡比我們印第安納州韋恩堡的天氣暖和一些，但無論如何，我們感謝你們抽出時間參加我們2025年第四季和全年的收益電話會議。

As you have seen, our teams achieved a solid 2025 financial and operational performance in what was a challenging market environment through the year. This is a testament to our diversification, the scale, and circular manufacturing business model that we have.

正如您所看到的，在充滿挑戰的市場環境下，我們的團隊在 2025 年取得了穩健的財務和營運表現。這證明了我們多角化經營、規模優勢和循環製造商業模式的有效性。

The highlights were record annual steel shipments of 13.7 million tons, cash from operations of $1.4 billion and adjusted EBITDA of $2.2 billion, and most importantly, we had another strong year in terms of safety. At Sinton, consistent operational execution has been achieved. The downstream value add coating and pre-paint product quality is matured.

亮點包括：年度鋼鐵出貨量創歷史新高，達到 1,370 萬噸；經營活動現金流達 14 億美元；調整後 EBITDA 達 22 億美元；最重要的是，我們在安全方面又取得了強勁的成績。在辛頓，營運執行一直保持穩定且有效率。下游增值塗料和預塗產品品質成熟。

At Aluminum Dynamics, we have produced and shipped finished aluminum flat row products for the industrial and beverage can markets, as well as hot band for the automotive sector. Although there's still work ahead, the team has strong momentum, position as well as commissioning continues in operations around.

在 Aluminum Dynamics，我們生產並交付了用於工業和飲料罐市場的成品鋁扁條產品，以及用於汽車行業的熱軋帶材。儘管前方還有許多工作要做，但團隊勢頭強勁，在營運中的地位和調試工作也持續進行。

As always, I'm extremely proud of the entire Steel Dynamics team. They are the foundation of our company, and there's no doubt their passion, innovative spirit, and commitment drive our success, and they inspire me each and every day. I'm also very excited actually to welcome our new team members joining us through the final acquisition of new process steel, which occurred this past December.

和以往一樣，我為整個鋼鐵動力團隊感到無比自豪。他們是我們公司的基石，毫無疑問，他們的熱情、創新精神和奉獻精神推動了我們的成功，他們每天都激勵著我。實際上，我也非常高興地歡迎新團隊成員加入我們，他們是透過去年 12 月完成的新工藝鋼材的最終收購而加入的。

We are certainly excited to grow with you. As I mentioned, the most gratifying achievement was having a strong safety performance. Our world-class safety culture continues to evolve, and our team's dedication to take control of safety philosophy is extraordinary.

我們非常期待與您共同成長。正如我之前提到的，最令人滿意的成就是取得了出色的安全表現。我們世界一流的安全文化不斷發展，我們團隊對掌控安全理念的奉獻精神令人矚目。

I'm continually inspired by the commitment they have for one another. They consider themselves family and challenge the status quo each and every day. That said, we will never be satisfied though, until we achieve a zero incident environment. Before I transition the call to Theresa and Barry, I'd like to provide some perspectives arising from the press release and investor presentation we posted on Monday, January 5, related to the proposed BlueScope transaction.

他們彼此之間的忠誠和奉獻精神一直激勵著我。他們視彼此為家人，每天都在挑戰現狀。即便如此，在我們實現零事故環境之前，我們永遠不會滿足。在將電話轉交給 Theresa 和 Barry 之前，我想就我們在 1 月 5 日星期一發布的有關 BlueScope 擬議交易的新聞稿和投資者演示文稿提供一些觀點。

During the past five years, we have focused on strategic organic investments in steel and aluminum products. The associated additional free cash flow generation is meaningful, and as very close at hand. We are well positioned with substantial liquidity, low leverage, and significant expected free cash flow generation to support the continuation of our consistent, disciplined and balanced capital allocation strategy.

過去五年，我們專注於對鋼鐵和鋁產品進行策略性內生性投資。由此產生的額外自由現金流意義重大，很快就能實現。我們擁有充足的流動資金、較低的槓桿率以及可觀的預期自由現金流，這為我們繼續實施一貫、嚴謹、平衡的資本配置策略奠定了良好的基礎。

Our criteria for growth has not changed. We grow to differentiate our product offerings, supply chains, and to create value for all our stakeholders. Our long-standing track record of best in class, return on invested capital, and other return metrics is testament to our disciplined approach to both greenfield and acquisitional growth.

我們的成長標準沒有改變。我們不斷發展壯大，以實現產品差異化、供應鏈優化，並為所有利害關係人創造價值。我們長期以來在投資回報率和其他回報指標方面保持著一流的業績記錄，這證明了我們在新建項目和收購成長方面採取的嚴謹方法。

We have a well-deserved reputation for excellent execution, clear long-term strategy, a business model that enables strong cash flow generation through market cycles, and a culture second to none. Our actions are intentional and strategic, not opportunistic. We pay fair value for good businesses that enhance value for all constituents.

我們擁有卓越的執行力、清晰的長期策略、能夠在市場週期中產生強勁現金流的商業模式以及首屈一指的企業文化，並因此享有盛譽。我們的行動是有計劃、有策略的，而不是投機取巧的。我們為那些能為所有利害關係人創造價值的優秀企業支付合理的價格。

In December 2025, we submitted an offer to purchase BlueScope together with our Australian partner SGH. The offer proposed SGH acquire 100% of BlueScope on an all cash basis, with a subsequent on-sale of the US assets to Steel Dynamics, providing all BlueScope shareholders with a tax-effective cash realization opportunity.

2025 年 12 月，我們與澳洲合作夥伴 SGH 一起提交了收購 BlueScope 的要約。該要約提議 SGH 以全現金方式收購 BlueScope 100% 的股份，隨後將美國資產出售給 Steel Dynamics，為所有 BlueScope 股東提供節稅的現金實現機會。

The proposal was the most recent in a series of constructive approaches to provide BlueScope shareholders the opportunity to unlock the trap value of the North American businesses, and to find the right home for their businesses in Australia, New Zealand, and Asia.

該提案是近期一系列建設性舉措中的最新一項，旨在為 BlueScope 股東提供機會，釋放北美業務的潛在價值，並在澳洲、紐西蘭和亞洲為其業務找到合適的歸宿。

That home is clearly with SGH, given their track record of value creation across the industrial space, which closely mirrors the focus on delivery, capital allocation, and free cash flow generation of SDI. The offer is compelling, reflecting the value of BlueScope's business appropriately, and is significantly higher than the value its shares have ever realized in over 15 years.

鑑於 SGH 在工業領域創造價值的良好記錄，SDI 顯然更傾向於選擇 SGH 作為其投資標的，這與 SDI 在交付、資本配置和自由現金流生成方面的關注點非常相似。該收購要約極具吸引力，恰當地反映了 BlueScope 的業務價值，並且遠高於其股票在過去 15 年中實現的價值。

The deal construct is simple and straightforward. We requested a customary but short 30 day due diligence period, which provides the opportunity for an effective and speedy process. However, our offer was rejected by the BlueScope board without any engagement. And the commentary within BlueScope’s subsequent public releases regarding the proposal has to be seen as very disappointing.

交易結構簡單明了。我們要求進行慣例但較短的 30 天盡職調查期，以便有效、快速地完成調查流程。然而，BlueScope董事會未經任何協商便拒絕了我們的提議。而 BlueScope 隨後公開發布的有關該提案的評論則令人非常失望。

The premise for the Board's rejection was principally based on insufficient value, yet they provided shareholders with no reasonable, executable alternative strategy that would provide the same certainty of similar shareholder return. Our cash offer is certain, immediate, and tax effective, with no financing contingency.

董事會否決該方案的主要理由是價值不足，但他們沒有向股東提供任何合理、可執行的替代策略，以確保股東獲得類似的回報。我們的現金報價確定、即時、免稅，且不附帶任何融資條件。

It eliminates the significant execution risk and hopes that financial improvement might come from improved market spreads and currency exchange rates that are far from predictable. We agree that the North American assets, and their operating teams are of quality, as we know them well.

它消除了重大的執行風險，並寄望於市場價差和匯率的改善能夠帶來財務上的改善，而這些因素遠非可預測。我們一致認為，北美資產及其營運團隊都很優秀，因為我們對他們非常了解。

In fact, for many years, our steel operators have frequently worked closely with the BlueScope teams, exchanging best operating practices and safety initiatives. The BlueScope North American assets, teams and senior leadership are not the problem. Rather, BlueScope's long-term financial and share price underperformance are the result of conservative incomplete growth strategies.

事實上，多年來，我們的鋼鐵作業人員經常與 BlueScope 團隊密切合作，交流最佳操作實務和安全措施。BlueScope北美公司的資產、團隊和高階領導都不是問題所在。相反，BlueScope長期財務和股價表現不佳是由於其保守且不完善的成長策略所造成的。

As a case in point, Northstar BlueScope and the recently acquired coding businesses are at severe structural disadvantages. The steel mill is essentially a stranded asset and does not have the physical structural capability to provide the necessary value add products required to supply the geographically disparate coil coating operations.

以 Northstar BlueScope 和最近收購的編碼業務為例，它們處於嚴重的結構性劣勢。該鋼鐵廠本質上是一項擱淺資產，不具備提供必要的增值產品以供應地理位置分散的捲材塗層作業所需的物理結構能力。

They are missing essential equipment, at a minimum, code rolling and galvanizing. Required investment today could be as much as AUD1.5 billion to AUD2 billion, not to mention the years of waiting on equipment and the construction risks.

他們至少缺少必要的設備，例如軋鋼機和鍍鋅機。如今所需的投資可能高達 15 億至 20 億澳元，更不用說等待設備到位所需的數年時間以及施工風險了。

In February 2024, BlueScope publicly discussed an associated plan to invest at that time USD1.2 billion, about AUD1.8 billion today for a greenfield project to achieve a similar outcome. Yet they officially deferred the project a year later in February 2025, due to market uncertainty and a pivot to acquisitions.

2024 年 2 月，BlueScope 公開討論了一項相關計劃，計劃當時投資 12 億美元（相當於今天的 18 億澳元）用於一個全新的項目，以達到類似的效果。然而，由於市場不確定性和轉向收購，他們在一年後的 2025 年 2 月正式推遲了該項目。

Recently, BlueScope wrote down the asset value of nearly a half a billion Australian Dollars, associated with its recent 2022 acquisition of the North American coatings business, noting that the business was not achieving expectations.

最近，BlueScope 對其 2022 年收購的北美塗料業務相關的近 5 億澳元資產價值進行了減記，並指出該業務未能達到預期。

More recently, rather than investing for long-term growth, the Board announced a one-time tax ineffective, non-recurring, unfranked special dividend of AUD453 million, providing no recurring long-term benefit to shareholders. We would suggest the North American Blue scoop strategy isn't working.

最近，董事會沒有進行長期成長投資，而是宣布了一次性、非經常性、未繳稅的特別股息 4.53 億澳元，沒有為股東提供任何經常性的長期利益。我們認為北美藍籌股策略並不奏效。

Geodynamics' operational interactions with the BlueScope organization has spanned over 20 years. Discussions with senior leadership have explored various value creating concepts along the way. We have both enjoyed considerable business interaction through the sale of scrap, coated coil, joists, and construction products to the BlueScope business, and we purchased substantial steel from North Star BlueScope.

Geodynamics 與 BlueScope 組織的業務往來已超過 20 年。在過程中，我們與高階領導進行了討論，探討了各種創造價值的概念。我們雙方透過向 BlueScope 公司出售廢料、塗層鋼捲、托樑和建築產品，建立了相當多的業務往來，我們從 North Star BlueScope 公司購買了大量鋼材。

Suffice it to say, we have a unique and clearly qualified perspective on BlueScope's North American strategy and business model, along with the associated earnings capability of their assets. And our respective leadership teams have long understood that industrial logic of combining our businesses.

毋庸置疑，我們對 BlueScope 的北美策略和商業模式，以及其資產的相關獲利能力，有著獨特且明確的見解。我們各自的領導團隊早就了解合併業務的產業邏輯。

Our proposal to purchase BlueScope along with SGH is not an opportunistic foray to acquire assets on the chief, represents a long-standing desire to maximize shareholder value for all stakeholders. Our investment premise is straightforward. SDI is the logical owner of the North American assets, as we can unlock the latent value.

我們提出的收購 BlueScope 和 SGH 的方案並非為了趁機收購資產，而是代表了我們長期以來為所有利害關係人實現股東價值最大化的願望。我們的投資前提很簡單。SDI 是北美資產的合理所有者，因為我們可以釋放其潛在價值。

Currently, North Star BlueScope is a stranded, commodity-centric, single-site steel mill. It will be pressured by additional hot rod coil production capacity coming online in the US within the next 24 months. Product diversification is critical for it to sustain earnings power and an imperative for the desired value creation within their acquired coding business.

目前，北極星藍景鋼鐵公司是一家陷入困境、以商品為中心、單一廠址的鋼鐵廠。未來 24 個月內，美國將有更多熱軋捲板產能上線，這將給該行業帶來壓力。產品多元化對於維持獲利能力至關重要，也是其收購的編碼業務創造預期價值的必要條件。

These challenges are self-evident from the recent massive asset write down that I mentioned earlier. The scale, supply chains, and business model of SDI would provide immediate resolution. Additionally, BlueScope has publicly emphasized the monetization of industrial, and rural land located in remote regions of Australia, and New Zealand.

從我之前提到的最近大規模資產減記中，這些挑戰是不言而喻的。SDI 的規模、供應鏈和商業模式能夠立即解決問題。此外，BlueScope 也公開強調了對位於澳洲和紐西蘭偏遠地區的工業用地和農村用地進行貨幣化。

We believe there are likely significant zoning and environmental challenges, not to mention development timelines spanning what could be decades. BlueScope's plan for earnings uplift will take considerable time to realize with substantial execution and market risk. So for us, Steel Dynamics, our pipeline for growth investments, is robust. Our track record of delivering profitable growth is without comparison.

我們認為可能會面臨重大的規劃和環境挑戰，更不用說開發週期可能長達數十年。BlueScope的獲利提升計劃需要相當長的時間才能實現，並且存在巨大的執行風險和市場風險。因此，對我們而言，鋼鐵動力公司（Steel Dynamics）作為我們的成長投資管道，前景光明。我們在實現獲利成長方面的業績是無與倫比的。

The acquisition of BlueScope North America makes sense for Steel Dynamics strategically, but we will be led by our focus on value creation and will be guided by rationale and not hope, and we will remain disciplined as always.

從戰略角度來看，收購 BlueScope North America 對 Steel Dynamics 來說是有意義的，但我們將以創造價值為導向，以理性而非希望為指導，並將一如既往地保持自律。

With all that said, and given the public nature of how this has evolved, we won't be making any further comments or taking questions related to the BlueScope transaction, after our commentary, and we thank you for appreciating and respecting that request.

綜上所述，鑑於此事已公開化，在我們的評論之後，我們將不再就 BlueScope 交易發表任何評論或回答任何問題，感謝您理解並尊重我們的要求。

So with all that said, love to talk about the exciting things going on within Steel Dynamics. So Theresa? You're up

綜上所述，我很想跟大家聊聊Steel Dynamics公司內部正在發生的令人興奮的事情。所以，特蕾莎？輪到你了

Happy New Year everyone Thanks for being on the call. I am going to be brief with my comments today. In 2025, we achieved operating income of $1.5 billion, and net income of $1.2 billion or $7.99 per diluted share.

祝大家新年快樂！感謝各位參加電話會議。今天我的發言將非常簡短。2025年，我們實現了15億美元的營業收入，淨收入為12億美元，即每股攤薄收益7.99美元。

Cash flow from operations was $1.4 billion, and liquidity remained strong at over $2.2 billion as we continued strong shareholder returns and near the completion of a significant organic growth phase with the associated cash flow close at hand.

經營活動產生的現金流為 14 億美元，流動性仍然強勁，超過 22 億美元，因為我們繼續為股東帶來強勁的回報，並且即將完成重要的內生成長階段，相關的現金流也即將到位。

For the fourth quarter specifically, our net income was $266 million or $1.82 per diluted share. As some of you noted, our effective tax rate benefited the quarter by approximately $15 million due to state adjustments and other benefits related to certain reserve items.

具體到第四季度，我們的淨收入為 2.66 億美元，即每股攤薄收益 1.82 美元。正如你們有些人指出的那樣，由於州政府的調整以及與某些儲備項目相關的其他收益，本季我們的實際稅率受益了約 1500 萬美元。

Fourth quarter 2025 revenue were $4.4 billion, and operating income was $310 million, lower than sequential third quarter results driven by lower realized deal pricing and lower volume. For the full year 2025, operating income from our steel operations was $1.4 billion versus prior year income of $1.6 million. Record steel shipments, as Mark mentioned, of 13.7 million tons were more than offset by compressed flat rolled steel metal margins.

2025 年第四季營收為 44 億美元，營業收入為 3.1 億美元，低於第三季季報業績，主要原因是實際交易價格和交易量下降。2025 年全年，我們鋼鐵業務的營業收入為 14 億美元，而去年同期收入為 160 萬美元。正如馬克所提到的，創紀錄的鋼鐵出貨量達到 1,370 萬噸，但扁平軋鋼金屬利潤率的下降抵消了這一增長。

In the fourth quarter, our steel operations generated operating income of $322 million, sequentially lower, driven by seasonally lower shipments, combined with planned maintenance outages at our three flat rolled steel mills. Barry will provide more context regarding the outages in a moment.

第四季度，由於季節性出貨量下降，加上我們三家扁軋鋼廠的計畫性維護停產，我們的鋼鐵業務營業收入為 3.22 億美元，季減。Barry稍後會提供有關此停電的更多背景資訊。

For those of you tracking the flat rolled shipments for your models, fourth quarter hot rolled shipments were 942,000 tons, cold rolls 122,000 tons, and coated products for 1,395,000 tons. For the full year 2025 operating income from our metals recycling operations, it was $97 million, almost 30% higher than 2024 results based on improved pricing and volume and gains the team continues to achieve in operating efficiencies.

對於那些追蹤模型中扁平軋製產品出貨量的用戶來說，第四季度熱軋產品出貨量為 942,000 噸，冷軋產品出貨量為 122,000 噸，塗層產品出貨量為 1,395,000 噸。2025 年全年，我們金屬回收業務的營業收入為 9,700 萬美元，比 2024 年的業績成長了近 30%，這主要得益於價格和銷量的提高，以及團隊在營運效率方面持續取得的進步。

For the fourth quarter, operating income actually declined about $13 million from a sequential basis based on lower pricing and seasonally lower shipments. Our metals recycling platform provides a significant competitive advantage for our steel, aluminum, and copper operations, using innovative new separation technologies and growing supplier relationships to support their customers and our growing internal needs.

第四季度，由於價格走低和季節性出貨量下降，營業收入較上季實際下降了約 1,300 萬美元。我們的金屬回收平台利用創新的分離技術和不斷發展的供應商關係，為我們的鋼鐵、鋁和銅業務提供了顯著的競爭優勢，從而支持他們的客戶和我們不斷增長的內部需求。

For the full year 2025, earnings from our steel fabrication platform, they were $407 million, representing a solid year yet lower than the prior year earnings as average realized pricing and volume declined. However, pricing and metal margins actually moderately expanded in the fourth quarter as our steel fabrication team achieved operating income of $91 million.

2025 年全年，我們鋼鐵製造平台的收益為 4.07 億美元，這是一個穩健的年份，但由於平均實際價格和銷量下降，低於上一年的收益。然而，第四季度價格和金屬利潤率實際上略有上升，因為我們的鋼鐵製造團隊實現了 9,100 萬美元的營業收入。

Our steel joist andectomy and remains solid with good order activity. December was one of the strongest activity months in 2025, setting up 2026 very well. We're incredibly excited for our aluminum team's operational and commercial progress.

我們的鋼樑和切除工程進展順利，訂單活動依然良好。2025 年 12 月是業務活動最活躍的月份之一，為 2026 年奠定了良好的基礎。我們對鋁業團隊在營運和商業方面的進展感到無比興奮。

Mark will provide specifics later on this call, but as planned, the team was EBITDA positive in December based on 10,000 metric tons of shipments and improving cost structures, a true achievement as there's still ongoing construction and equipment commissioning in various parts of the operations.

Mark 稍後將在電話會議上提供具體細節，但正如計劃的那樣，基於 10,000 公噸的出貨量和不斷改善的成本結構，團隊在 12 月份實現了 EBITDA 為正，這是一個真正的成就，因為運營的各個部分仍在進行建設和設備調試。

For the full year and fourth quarter 2025, we generated cash flow from operations of $1.4 billion and $273 million respectively. Of note, there was a structural increase in working capital related to our new aluminum investments, which reduced full year cash flow by approximately $450 million, and fourth quarter cash flow by approximately $155 million.

2025 年全年及第四季度，我們的經營活動現金流分別為 14 億美元及 2.73 億美元。值得注意的是，由於我們新的鋁業投資，營運資本出現了結構性成長，導致全年現金流減少了約 4.5 億美元，第四季現金流減少了約 1.55 億美元。

Our cash generation is consistently strong based on our differentiated circular business model and highly variable low-cost structure. At the end of the year we have liquidity of over $2.2 billion. On November 21, 2025, we did issue $800 million in investment grade unsecured notes comprised of $650 million of 4% notes due in 2028, and $150 million of 5.25% notes due in 2035.

由於我們差異化的循環商業模式和高度靈活的低成本結構，我們的現金流量一直保持強勁。到年底，我們的流動資金超過22億美元。2025 年 11 月 21 日，我們發行了 8 億美元的投資等級無擔保票據，其中包括 6.5 億美元的 2028 年到期的 4% 票據和 1.5 億美元的 2035 年到期的 5.25% 票據。

The net proceeds from the notes were used to redeem our $400 million notes due in 2026, and for other general corporate purposes. During 2025, we invested $948 million in capital investments. We currently believe capital investments for 2026 will be in the range of $600 million. Some of the aluminum CapEx did shift from the fourth quarter into the first quarter just from a tiny perspective.

債券發行所得淨收益用於贖回我們 2026 年到期的 4 億美元債券，以及其他一般公司用途。2025年，我們投資了9.48億美元用於資本投資。我們目前預計 2026 年的資本投資額將在 6 億美元左右。從很小的角度來看，部分鋁業資本支出確實從第四季轉移到了第一季。

We also completed the purchase of the remaining 55% equity interest in new process steel effective December 1, as Mark mentioned, and I also want to welcome the teams. In 2025, we purchased $900 million of our common stock or over 4% of our outstanding shares, and $240 million during the fourth quarter. At December 31, we still had $801 million remaining authorized for share repurchases.

正如馬克所提到的，我們也完成了新工藝鋼公司剩餘 55% 股權的收購，該收購於 12 月 1 日生效。我也想對團隊表示歡迎。2025 年，我們回購了價值 9 億美元的普通股，占我們流通股的 4% 以上；其中，第四季回購了 2.4 億美元。截至12月31日，我們仍有8.01億美元的授權用於股票回購。

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. 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 maintaining our investment grade credit designation.

這些舉措體現了我們雄厚的資本基礎和持續強勁的現金流創造能力，以及我們對未來持續的樂觀和信心。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投資等級信用評等。

Our free cash flow profile has fundamentally changed over the last five years from an annual average of $540 million per year for the five-year period 2011 to 2015 to $2.2 billion for the most recent five-year period. And if you exclude the recent investments in Sintin and aluminum, it actually would be $3.2 billion per year. And there's still more coming.

過去五年，我們的自由現金流狀況發生了根本性變化，從 2011 年至 2015 年五年間的年均 5.4 億美元，成長到最近五年間的 22 億美元。如果排除最近對 Sintin 和鋁業的投資，實際金額將達到每年 32 億美元。還有更多精彩內容即將到來。

We've invested over $5 billion in three primary organic growth investments. These projects have estimated through cycle annual EBITDA capability of approximately $1.4 billion. 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 are squarely positioned for the continuation of sustainable, optimized long-term value creation.

我們已在三項主要的內生成長投資中投入了超過 50 億美元。這些項目預計按週期計算的年度 EBITDA 能力約為 14 億美元。我們已將自身置於有利地位，擁有可持續的資本基礎，這為有意義的策略成長和強勁的股東回報提供了機會，同時保持投資級指標。我們已做好充分準備，持續實現可持續的、優化的長期價值創造。

Thank you. Barry?

謝謝。巴里？

Thank you, Theresa. 5Our steel fabrication operations performed well throughout 2025, achieving strong earnings. At the end of the year, our steel joist and deck order backlog was solid, with December being the third strongest bookings month of the year. The backlog extends through the first half of 2026.

謝謝你，特蕾莎。5. 2025 年全年，我們的鋼鐵製造業務表現良好，並取得了強勁的獲利。年底時，我們的鋼樑和甲板訂單積壓情況良好，12 月是全年預訂量第三高的月份。積壓的工作將持續到 2026 年上半年。

We continue to have high expectations for this business this year, due to the positive customer sentiment and quoting activity, moderating interest rates, continued manufacturing, onshoring, and public funding for infrastructure, and other fixed asset investment programs. The uplift from this macro environment could be considerable.

由於客戶情緒和報價活動積極，利率趨於溫和，製造業持續發展，生產回流到國內，以及公共資金用於基礎設施和其他固定資產投資計劃，我們對今年的業務仍抱有很高的期望。這種宏觀環境帶來的提振作用可能相當顯著。

Our steel fabrication platform provides meaningful volume support for our steel mills, critical in softer demand environments, allowing for higher through cycle steel mill utilization compared to our peers. It also helps mitigate the financial risks of lower steel prices.

我們的鋼鐵製造平台為我們的鋼廠提供了重要的產量支持，這在需求疲軟的環境下至關重要，與同行相比，這使得鋼廠在整個生產週期內的利用率更高。這也有助於降低鋼價下跌帶來的財務風險。

Our metals recycling operations also performed well this year, increasing operating income by almost 30%. Congratulations to the team. 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.

今年我們的金屬回收業務也表現良好，營業收入成長了近 30%。祝賀團隊。我們的金屬回收平台在北美地區的地理佈局為我們的鋼鐵廠和廢鋼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. They also strategically support aluminum scrap procurement for our flat rolled aluminum investments. Our metals recycling team is also partnering even more closely with both our steel and aluminum teams to expand scrap separation capabilities through process and technology solutions.

尤其值得一提的是，我們在墨西哥的工廠為我們在哥倫布和辛頓的原料供應提供了競爭優勢。他們也為我們扁平軋製鋁投資項目提供鋁廢料採購的策略性支援。我們的金屬回收團隊也正與我們的鋼鐵和鋁團隊更緊密地合作，透過製程和技術解決方案來擴大廢料分離能力。

This will help mitigate potential prime far scrap supply issues in the future. We will also provide us with a significant advantage to materially increase the recycled content for our aluminum flat roll products and increase our earnings opportunities. Steel team had another solid year with record shipments of 13.7 million tons.

這將有助於緩解未來可能出現的優質遠洋廢鋼供應問題。這將為我們帶來顯著優勢，使我們能夠大幅提高鋁扁捲產品的再生材料含量，並增加我們的獲利機會。鋼鐵團隊又度過了穩健的一年，出貨量創下1,370萬噸的紀錄。

During 2025, the domestic steel industry operated at an estimated production utilization rate of 77%, while our steel mills operated at 86%. We consistently operate at higher utilization due to our value-added steel product diversification, our comprehensive differentiated customer supply chain solutions, and the support of our internal manufacturing businesses.

2025 年，國內鋼鐵業的預期生產利用率為 77%，而我們的鋼鐵廠的利用率為 86%。由於我們實現了高附加價值鋼鐵產品多元化、提供了全面差異化的客戶供應鏈解決方案，以及內部製造業務的支持，我們始終保持著較高的利用率。

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. Operationally, we did have some downtime in the fourth quarter related to planned outages at our three flat rolled steel mills. There were some additional delays which inhibited production by 140,000 to 150,000 tons.

我們鋼廠更高的週期利用率是一項關鍵的競爭優勢，支撐著我們強大且不斷成長的現金創造能力，以及一流的財務指標。在營運方面，由於我們三家扁鋼軋廠的計劃停產，我們在第四季度確實出現了一些停工時間。還有一些額外的延誤，導致產量減少了 14 萬至 15 萬噸。

Regarding the flat rolled steel markets, prices have recently improved, supported by stable demand and lower imports. Lead times have extended, and customers remain optimistic about the outlook. Long product steel markets were a highlight throughout 2025, and we expect another solid year as demand and pricing remains strong, particularly in structural steel and railroad rail.

就扁鋼市場而言，在穩定的需求和進口減少的支撐下，價格近期有所改善。交貨週期延長，但客戶對前景仍保持樂觀。2025 年，長材鋼材市場表現突出，我們預計今年將迎來另一個穩健的年份，因為需求和價格仍然強勁，尤其是在結構鋼和鐵路鋼軌方面。

Regarding the steel market environment, North American automotive production estimates for 2026 are expected to be similar to 2025. Automotive dealer inventories continue to remain below historical norms and actually declined further in December.

關於鋼鐵市場環境，預計2026年北美汽車產量將與2025年類似。汽車經銷商庫存持續低於歷史平均水平，並且在 12 月進一步下降。

Our specific automotive customer base has not only remained stable but have provided opportunities for growth. We have become a supplier of choice for many US-based, European and Asian automotive producers due in part to our lower carbon content capabilities.

我們特定的汽車客戶群不僅保持穩定，而且還提供了成長機會。由於我們擁有低碳含量的生產能力，我們已成為許多美國、歐洲和亞洲汽車製造商的首選供應商。

Non-residential construction should benefit from ongoing onshoring activity, recently announced domestic manufacturing projects, and continued infrastructure spending. In the energy sector, oil and gas remain steady, with solar continuing to be very strong. Overall, we remain optimistic considering demand for our diversified value-added steel products in the coming year.

非住宅建築將受益於持續的國內生產活動、近期宣布的國內製造業項目以及持續的基礎設施支出。能源領域，石油和天然氣價格保持穩定，太陽能價格持續保持強勁勢頭。整體而言，考慮到來年對我們多元化高附加價值鋼鐵產品的需求，我們仍然保持樂觀。

With that, back to you, Mark.

那麼，馬克，把鏡頭交還給你。

Well. Thank you, Theresa. Thank you, Barry. I think everyone can appreciate sustaining such positive results don't just happen. They result from the strategies implemented and executed by the teams over time. We have invested strategically to provide scale, product and market diversification, unique customer supply chains, and linked operating platforms to optimize market opportunities throughout market cycles.

出色地。謝謝你，特蕾莎。謝謝你，巴里。我想大家都能明白，持續取得這樣的正面成果並非偶然。它們是團隊隨著時間推移而實施和執行的策略的結果。我們進行了策略性投資，以實現規模化、產品和市場多元化、獨特的客戶供應鏈以及互聯的營運平台，從而在整個市場週期中優化市場機會。

When combined with our performance-driven culture, we consistently achieve at the highest levels. We optimize cash generation, allowing for a consistent and balanced cash allocation strategy that has delivered strong shareholder returns.

結合我們以績效為導向的企業文化，我們始終能夠達到最高成就。我們優化現金流生成，進而實現持續均衡的現金分配策略，為股東帶來豐厚回報。

Our disciplined investment approach continues to support a strong and growing through cycle cash generation profile while maintaining the highest return on invested capital among our industrial peers. In aluminum, we just grow more and more excited each and every day as we watch the aluminum teams execute, moving from construction through commissioning to serving the customers with high-quality products.

我們嚴謹的投資策略持續支撐著強勁且不斷成長的周期性現金流，同時保持在同業公司中最高的投資報酬率。在鋁業領域，我們每天都越來越興奮，因為我們看到鋁業團隊從施工到調試，再到為客戶提供高品質的產品。

I believe we enjoy a unique market environment. There is a significant domestic supply deficit of over 1.4 million tons for aluminum sheet, and this deficit is forecasted to grow along with demand. In 2024, that deficit was supplied through high-cost imports, which are now even higher cost as the tariffs increased from 10% in 24% to the current 50% level.

我認為我們擁有獨特的市場環境。目前國內鋁板供應缺口超過140萬噸，預計隨著需求的成長，這一缺口還會擴大。2024 年，這一缺口是透過​​高成本進口來彌補的，而現在由於關稅從 10% 到 24% 增加到目前的 50%，進口成本更高了。

We've seen that there's clear alignment with many of our SDI's core competencies. Our construction capabilities have once again been proven. Both Columbus and San Luis Potosi are state of the art facilities. We're using our deep operational know-how in combination with the technical expertise of aluminum industry experts that have joined us.

我們發現，這與我們SDI的許多核心能力有明顯的契合之處。我們的施工能力再次得到了證明。哥倫布和聖路易斯波托西的設施都堪稱一流。我們將深厚的營運經驗與加入我們團隊的鋁業專家的技術專長相結合。

And our proven performance-driven culture will drive higher efficiency and low-cost operations as compared to our peers. We believe we have an advantaged commercial position. Two third of our existing carbon flat roll steel customers also consume and process aluminum flat roll sheet. Our growth in the automotive sector will complement our existing steel position and provide customer material optionality.

我們以績效為導向的企業文化，與同業相比，將帶來更高的效率和更低的營運成本。我們相信我們擁有有利的商業地位。我們現有碳素扁鋼客戶中有三分之二也消耗和加工鋁扁鋼板。我們在汽車領域的成長將補充我們現有的鋼鐵市場地位，並為客戶提供材料選擇。

The beverage can market provides countercyclical market diversification, and a more stable earnings profile within the aluminum space will further enhance the consistency of our through cycle cash generation. A raw material platform will facilitate higher recycled content. We're the largest North American metals recycler, which includes aluminum.

飲料罐市場提供了反週期的市場多元化，而鋁材領域更穩定的獲利狀況將進一步增強我們在整個週期內現金流的穩定性。原料平台將有助於提高再生材料的使用比例。我們是北美最大的金屬回收商，其中包括鋁。

That team has done an incredible job successfully developing new separation technologies allowing us to have more access to usable loom scrap and at a lower cost. Production to date, even in its early stages, is already confirming our expected earnings differentiation.

該團隊出色地開發了新的分離技術，使我們能夠以更低的成本獲得更多可用的織布機廢料。迄今為止的生產情況，即使在早期階段，也已經證實了我們預期的盈利差異。

Through cycle, EBITDA expectation remains clearly at $650 million to $700 million for the mill itself, plus another $40 million to $50 million for the omni platform. As we've spoke in the past, the four key areas of advantage being labor efficiency, the higher recycled content, the high yield through the process, and optimized logistics, all of which are driven by a low cost culture.

整個週期內，工廠本身的 EBITDA 預期仍明確為 6.5 億美元至 7 億美元，加上全通路平台的 4,000 萬美元至 5,000 萬美元。正如我們過去所討論過的，四大關鍵優勢領域是勞動效率、更高的再生材料含量、更高的生產效率和優化的物流，所有這些都是由低成本文化驅動的。

The strategic investment is a cost effective and high return growth opportunity, providing SDI with additional countercyclical diversification, further stabilizing and growing our cash generation capabilities. As the industry already knows, the 650,000 metric ton project is no longer a vision. It's clearly here and clearly having a positive impact in the industry.

這項策略性投資是一項成本效益高、回報豐厚的成長機會，為 SDI 提供了額外的反週期多元化，進一步穩定並增強了我們的現金創造能力。正如業內人士所知，65萬噸計畫已不再是願景。它已經存在，並且顯然對行業產生了積極影響。

The customer base is excited to have a new market entrant that is known to be innovative, customer-focused, and responsive to their needs. For us, business relationships are long-term, founded on trust with a continuous goal of creating mutual value. And that's not just simply financial value, but new supply chain solutions, new products, better quality, and better service, and we are seen to react surprising speed.

客戶群對市場上新進者感到興奮，因為這家新企業以創新、以客戶為中心、能夠快速回應客戶需求而聞名。對我們而言，商業關係是長期的，建立在信任之上，並以創造共同價值為持續目標。這不僅是經濟價值，還包括新的供應鏈解決方案、新產品、更高的品質和更好的服務，而且我們的反應速度驚人。

Many customers have seen that with recent supply side challenges in the aluminum flat road products market, the timing of our ramper has been fortuitous, allowing us to help the market while accelerating our material qualifications. Startups have their challenges, and I would like to thank our customers for their patience as we fine tune our operations.

許多客戶已經看到，由於最近鋁製扁平道路產品市場面臨供應方面的挑戰，我們的加速器推出的時機恰到好處，使我們能夠在幫助市場的同時加快我們的材料認證。新創公司總會面臨各種挑戰，感謝各位客戶在我們不斷改善營運的過程中給予的耐心。

To date, those customers have been very responsive and thank you for that. We have received certification from many customers for industrial and [cansi] finished products and for automotive aluminum band.

到目前為止，這些客戶的回饋都非常積極，對此我們表示感謝。我們已獲得許多客戶的認證，涵蓋工業和[cansi]成品以及汽車鋁帶。

This accelerated certification should allow us to shift our product mix to a higher margin mix in 2026, reaching optimization sometime in 2027, as compared to our earlier expectation of 2028. Three of the four melt cast houses are fully commissioned and produced all three, five, and 6,000 series ingots for industrial, [Kanshi], and automotive sectors.

此次加速認證將使我們能夠在 2026 年將產品組合轉向利潤率更高的產品組合，並在 2027 年的某個時候達到優化狀態，而我們之前的預期是 2028 年。四座熔鑄廠中有三座已全面投產，生產工業、[Kanshi]和汽車行業所需的所有三千、五千和六千系列鋼錠。

Rolling for rolling mill commissioning, product development, and commercial shipments, and the team there is doing an absolutely phenomenal job, actually as they are through the whole mill I guess. The hot mill is complete commissioning, having around 303 5,052 industrial, 3,104 can sheep, 57,545,182 automotive grade material.

軋鋼廠的調試、產品開發和商業出貨，那裡的團隊做得非常出色，實際上，我想他們在整個軋鋼廠都做得非常好。熱軋機已完成調試，擁有約 303 5,052 工業級物料、3,104 罐羊級物料和 57,545,182 汽車級物料。

The code reversing mill is successfully producing 3,003, 5,052, and 3,104. The first tandem mill is in commissioning and starting to produce. The second tandem cold mill, and the first of two cash lines are on schedule to be operating before the end of the first quarter '26.

代碼反轉機成功生產了 3,003、5,052 和 3,104 台機器。第一台串聯式軋機正在調試中，即將投產。第二台串聯冷軋機和兩條現金生產線中的第一條按計畫將於 2026 年第一季末投入營運。

The team is incredibly excited with the earlier than anticipated product certifications for sure. It's a testament to the phenomenal talent we have embedded in the team, and there's so much great energy and momentum throughout the mill. We're extremely excited by the physical production and quality capability of the mill this early in the startup, and are focused on achieving optimal consistency.

團隊對產品認證比預期更早獲得批准感到無比興奮。這證明了我們團隊中蘊藏著非凡的人才，整個工廠都充滿了活力與動力。我們對工廠在啟動初期就展現出的實際生產能力和品質水準感到非常興奮，目前正致力於實現最佳的一致性。

We ended the year shipping 10,000 tons in December, which is about 20% of our capability eventual capability, and are confident we will be exiting 2026 at a rate approaching 90% capacity. We're impassioned 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.

我們在 12 月的出貨量為 1 萬噸，約占我們最終產能的 20%，我們有信心在 2026 年底達到接近 90% 的產能利用率。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一直保持的高回報成長動能。

The earnings growth of these new projects is compelling. The capital spending for Sinton, the four value add lines, and aluminum dynamics is largely spent with a projected future through cycle EBITDA contribution of over $1.4 billion. Excited as investors recognize the power and the consistency of our strong cash generation combined with our disciplined, high return capital allocation strategy.

這些新項目的獲利成長前景十分可觀。Sinton、四條增值生產線和鋁業動態的資本支出大部分用於預計未來週期內 EBITDA 貢獻超過 14 億美元。投資人們認識到我們強大的現金流產生能力和穩定性，以及我們嚴謹的高回報資本配置策略，這令我們感到非常興奮。

It is our belief that the steel industry has undergone a paradigm shift in recent years, supported by a pervasive sense of mercantilism that will provide a level playing field through continued and appropriate trade mechanisms. Fixed asset investment will continue to grow, which directly correlates with increased metal products demand.

我們認為，近年來鋼鐵業發生了範式轉變，普遍存在的重商主義思想將透過持續和適當的貿易機制提供公平的競爭環境。固定資產投資將持續成長，這與金屬產品需求的成長直接相關。

Continued reassuring, AI and cloud computing will support non-residential construction, and decarbonisation will materially steepen the global cost curve, providing Steel Dynamics with a huge competitive advantage to gain market share and increase metal spreads.

人工智慧和雲端運算的持續發展令人欣慰，它們將支援非住宅建築，而脫碳將顯著加快全球成本曲線，為鋼鐵動力公司帶來巨大的競爭優勢，從而獲得市場份額並提高金屬價差。

Our highly diversified value product capabilities provide us with a very unique advantage to leverage this evolving metals business environment and will amplify our relative earnings capability. In closing, As I always say and always believe, our people are our foundation.

我們高度多元化的價值產品能力為我們提供了非常獨特的優勢，可以利用不斷變化的金屬商業環境，並將增強我們的相對盈利能力。最後，正如我一直所說、一直堅信的那樣，我們的人民是我們的基石。

I thank them, some 14,000 of our teammates, and when you include the partners in life, their spouses, and their children, there are 63,000 people in the SDI family, and I thank each and every one of them for their passion and their dedication, and we're committed to them. Now remind those listening today that safety for yourselves and your families and each other is the highest priority.

我感謝他們，我們大約 14,000 名團隊成員，如果算上他們的伴侶、配偶和孩子，SDI 大家庭共有 63,000 人，我感謝他們每一個人的熱情和奉獻，我們將永遠支持他們。現在請提醒各位聽眾，保障你們自身、家人以及彼此的安全是最重要的。

I'd be remiss not to thank our loyal customers, many of whom have supported us since our inception. These partnerships are based on trust, on doing what we say we will do, and creating new solutions to enhance the value proposition.

我衷心感謝我們忠實的客戶，他們中的許多人從公司成立之初就一直支持我們。這些合作關係建立在信任之上，建立在言出必行以及創造新解決方案以增強價值主張的基礎之上。

And our new aluminum partners will experience the same, and as I said earlier, I appreciate their patience as we work together to get the Columbus up and running. And finally to our suppliers and service providers who we value and trust. And thank you, we can't do what we do without you. We look forward to creating new opportunities for all of us today in the years ahead.

我們新的鋁業合作夥伴也將面臨同樣的情況，正如我之前所說，感謝他們的耐心，我們將共同努力，使哥倫布號投入運作。最後，我要感謝我們重視和信任的供應商和服務提供者。謝謝你們，沒有你們，我們無法完成我們的工作。我們期待在未來的幾年裡，為我們所有人創造新的機會。

With that, [Aly], we would love to take questions.

接下來，[Aly]，我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

Katja Jancic, BMO Capital Markets

Katja Jancic，BMO資本市場

Hi. Thank you for taking my questions. Maybe starting on the aluminum rolling mill. Mark, I think you said that the mill is expected to reach 90% utilization by the end of '26. Is that correct?

你好。謝謝您回答我的問題。或許可以從鋁軋機開始。馬克，我想你說過，預計到 2026 年底，該工廠的利用率將達到 90%。是這樣嗎？

That's correct. I think that's a little sooner than we've, I think, talked in the past. But what we're seeing from the team and from the equipment, it's given us a strong confidence that, that can be achieved.

沒錯。我認為這比我們過去討論過的要早一些。但從團隊和設備來看，我們有充分的信心，相信這是可以實現的。

And then given that the mill reached or was EBITDA positive in December and when looking at the current aluminum and the Midwest premium environment, how should we think about the profitability over the next few quarters?

鑑於該鋼廠在 12 月實現了 EBITDA 為正，並且考慮到目前的鋁價和中西部地區的溢價環境，我們應該如何看待未來幾季的獲利能力？

Well, I would help we anticipated that positive EBITDA profile will continue through the year.

嗯，我預計全年 EBITDA 都會保持正成長。

So Katja, we're going to be ramping up. So there's still -- as Mark mentioned on his opening remarks, we're still commissioning and constructing some of the downstream facilities, if you will. And so that will have an impact for the first half of the year.

所以卡佳，我們要加大力度了。所以，正如馬克在開場白中提到的那樣，我們仍在調試和建造一些下游設施。因此，這將對今年上半年產生影響。

But we do expect to remain and be improving EBITDA throughout the first half of the year. And then the second half of the year really is about product mix optimization.

但我們預計今年上半年 EBITDA 將保持穩定並持續改善。而下半年則真正專注於產品組合優化。

Okay. Thank you.

好的。謝謝。

Lawson Winder, BofA Global Research.

Lawson Winder，美國銀行全球研究部。

Thank you very much, operator, and good morning, Mark, Theresa, and Barry. Thank you for today's update. What I'd like to do is just kind of ask a question along the lines of investment and not necessarily M&A, but into growth, too, when you think about your balance sheet and the amount of debt that you could potentially take on whether for some sort of acquisition or for a major investment into new capacity.

非常感謝接線員，早安，馬克、特蕾莎和巴里。感謝您今天的更新。我想問的是一個關於投資的問題，不一定是併購，也包括成長方面的投資。當你考慮你的資產負債表以及你可能承擔的債務金額時，無論是為了某種收購還是為了對新產能進行重大投資。

Where do you kind of see the upper limits of your comfort level?

你覺得你的舒適度上限在哪裡？

Thanks for the question, Lawson. So we do have a balance sheet that actually has a considerable amount of capacity. When we look at where we'd like to be on a through-cycle basis, we're very direct about being less than two times on a net realized basis and we're well under two times today as we sit from a liquidity and debt perspective, so there is room to move.

謝謝你的提問，勞森。所以，我們的資產負債表其實顯示我們擁有相當大的產能。從週期角度來看，我們希望達到的目標非常明確，即淨實現倍數要低於兩倍，而從流動性和債務的角度來看，我們目前的淨實現倍數遠低於兩倍，因此還有提升空間。

And that is also in light of the fact that our structural EBITDA is actually improving. So that $1.4 billion that we talked about associated with aluminum and sitting in the four value-added lines hasn't really begun to be realized in any meaningful way yet.

而且，我們的結構性 EBITDA 實際上也在改善。因此，我們之前提到的與鋁相關的、位於四個增值生產線上的 14 億美元，還沒有真正以任何有意義的方式實現。

So all of that is adding extra capacity to the balance sheet as well. We are incredibly committed to the investment-grade markets, but there's a lot of room in our ratings to be able to add that capacity. So, I won't talk about necessarily a top range, I'll just say on a through-cycle basis, we definitely will remain under a two times net levered basis.

因此，所有這些都增加了資產負債表的額外產能。我們對投資等級市場有著非常堅定的承諾，但我們的評級體系還有很大的進步空間，可以增加這方面的能力。所以，我不會談論具體的上限範圍，我只想說，從整個週期來看，我們的淨槓桿率肯定會保持在兩倍以下。

Okay. Thank you for those comments, Theresa.

好的。謝謝你的評論，特蕾莎。

Tristan Gresser, Exane Bnp Paribas

崔斯坦‧格雷瑟 (Tristan Gresser)，法國巴黎銀行 Exane

Yes. Hi. Thank you for taking my question. Just a quick follow-up on the aluminum. If you expect to reach kind of targeted utilization rate by year-end, and I understand your product mix might not be fully optimal by then, but given the current pricing environment, is it fair that by year-end this year, you should get to your -- at least your targeted margin profile into Q4 or at least those months in Q4?

是的。你好。感謝您回答我的問題。關於鋁材，我再補充一點。如果您預計到年底能達到預期的利用率，並且我理解屆時您的產品組合可能尚未完全達到最佳狀態，但考慮到目前的定價環境，到今年年底，您至少應該在第四季度或至少在第四季度的那幾個月達到您的目標利潤率水平，這是否合理？

If you're referring to the through cycle $650 million to $700 million EBITDA estimate, is that what you're trying to --

如果你指的是週期內 6.5 億美元至 7 億美元的 EBITDA 預估值，那你是不是想表達這個意思？--

Yes.

是的。

Yeah. So what we've said in the past is that actually the margins that we're achieving -- not achieving today, the margins on a market basis that are available today are actually higher than what we projected on a through cycle basis for the investment itself, just given where the Midwest transaction price is, et cetera.

是的。所以我們過去說過，實際上我們正在實現的利潤率——不是今天實現的利潤率，而是今天在市場基礎上可獲得的利潤率——實際上高於我們根據整個投資週期所預測的利潤率，這僅僅是考慮到中西部地區的交易價格等等因素。

So there is that opportunity, I think, more quickly. yet, we're still working through start-up. We're still working through all of those items. So we're not prepared today to talk about what profitability might look like in the fourth quarter of this coming year, but all the market factors are positioned to actually give us a significant advantage over what we had modeled on a through-cycle basis.

所以我覺得，機會是存在的，而且速度會更快。但是，我們目前仍在創業初期。我們仍在處理所有這些事項。因此，我們今天還不准備討論明年第四季的獲利情況，但所有市場因素都表明，我們實際上將比我們先前基於週期性預測的情況擁有顯著優勢。

All right. That's clear. And if you have a quick follow-up. But just on Sinton, if you can give us an update, I think there were a press report of some incidents in January and if you could talk a little bit about the volume look into Q1 for the steel business, that would be also appreciated. Thank you.

好的。這一點很清楚。如果您有後續問題，請盡快回覆。關於辛頓鋼鐵廠，如果您能為我們提供最新情況，我想一月份有一些新聞報道提到了該廠發生的一些事故。如果您能談談鋼鐵業務第一季的產量情況，我們也會非常感激。謝謝。

Lawson, this is Barry. With regards to the incident here, beginning of the year, we did have a transformer failure at the Sinton facility. It was one of the high-voltage transformers in the yard. This was an original transformer. And I think as we talked about publicly, we had some transformer issues at that facility we're starting up.

勞森，這位是巴里。關於今年年初發生的這起事件，辛頓工廠確實發生了變壓器故障。這是院子裡的高壓變壓器。這是原廠變壓器。正如我們之前公開討論的那樣，我們正在啟動的工廠確實存在一些變壓器問題。

We believe this transform was subjected to some of that stress on the system early. So we have been monitoring it. We took the opportunity a couple of years ago to actually go out and buy significant amounts of other transformers that we have engineered into the system. So we don't have any concerns of ongoing problems.

我們認為，這種轉變早期就對系統造成了一定的壓力。因此，我們一直在關注此事。幾年前，我們抓住機會，大量採購了其他變壓器，並將它們整合到系統中。因此，我們並不擔心會存在持續性問題。

We believe we've rectified the original engineering and locational challenges we had down there. So all in all, it was a great job by the Sinton fire department. It was rather demonstrative, the failure. But nobody was injured. The damage is limited to the transform itself and operations resumed shortly after the plant was safe, which was within the 12 hours or so of the incident.

我們相信我們已經解決了之前在那裡遇到的工程和選址方面的難題。總而言之，辛頓消防部門做得非常出色。這次失敗頗具象徵意義。但無人受傷。損失僅限於變壓器本身，工廠安全後不久便恢復了運營，事故發生後大約 12 小時內就恢復了運作。

So we don't expect any ongoing concerns. And the team has done a good job of getting to back up resources. It's very difficult to get transformers in this world. So they acted quickly a couple of years ago to make sure we had the right stuff spared and installed. So we feel good about where we're going. And it was unfortunate but onward, upward with Sinton.

因此，我們預計不會出現任何持續性問題。團隊在獲取備用資源方面做得很好。在這個世界上，變壓器非常難找。所以幾年前他們迅速採取行動，確保我們儲備並安裝了合適的設備。所以我們對未來的方向感到樂觀。雖然很遺憾，但辛頓還是繼續前進，步步高升。

Timna Tanner, Wells Fargo & Company

提姆娜‧坦納，富國銀行

Yeah. Hey, good morning. Regarding the $1.4 billion structural contribution, I feel like we talked about aluminum. But just can you give us any updated thoughts on the status of the four value add lines that have been ramping up. And just remind us where Sinton is.

是的。嘿，早安。關於14億美元的結構性貢獻，我覺得我們已經討論過鋁了。您能否為我們提供一下關於正在逐步推進的四條增值生產線的最新進展？再提醒我們辛頓在哪裡。

I know it's still -- that Slide 9 shows us that it's still running a little lighter than the rest of your operations? When can we expect that to maybe converge? Thanks.

我知道它仍然——第 9 張幻燈片顯示，它的運行負荷仍然比你們其他業務要輕一些？我們預期這種情況何時可能會趨於一致？謝謝。

Thank you. It's good to talk to you again, Timna. So from the perspective of the $1.4 billion, just to outline where that is on a through-cycle basis, Sinton represents $475 million to $525 million of that. As we mentioned, aluminum is $650 million to $700 million.

謝謝。很高興再次和你聊天，提姆娜。因此，從 14 億美元的角度來看，為了說明這筆資金在整個週期中的位置，辛頓佔了其中的 4.75 億美元到 5.25 億美元。正如我們之前提到的，鋁的價格在 6.5 億美元到 7 億美元之間。

And then generally, on the value-added lines, we think about it more like maybe $50 million per line. So that would be like around $200 million. So the value-added lines last year for the whole year, we're operating each one differently, but around 60% of their capability, the four lines.

然後，一般來說，對於加值產品線，我們認為每條產品線的成本可能在 5,000 萬美元左右。那大概就是2億美元左右。所以去年全年，我們對每條增值生產線的運作方式都不一樣，但四條生產線的產能大約都達到了 60%。

And then as far as Sinton, Sinton still had a lot of the additional costs to product quality embedded in 2025. And that have since been resolved kind of in that fourth quarter, first part of this year time frame. So Sinton really has the capability now, like all of our other facilities to operate wherever the market will drive it.

至於 Sinton，Sinton 在 2025 年仍面臨產品品質方面許多額外的成本。這些問題已經在今年第四季上半年基本解決。所以，辛頓現在真的有能力像我們所有其他工廠一樣，在市場需要的地方運作。

Theresa, if I could add a little color to that. The four value-added lines, two galvanizing lines and two paint lines are actually operating very well. As you are aware, we had the core cases that we had filed a couple of years ago, those core cases were against corrosion-resistant steels that were being dumped into this country, 10 different countries were at play.

特蕾莎，如果我能為它增添一些色彩就好了。四條增值生產線、兩條鍍鋅生產線和兩條噴漆生產線實際上運作得非常好。如你所知，我們幾年前提起了一些核心訴訟，這些核心訴訟針對的是傾銷到我國的耐腐蝕鋼材，涉及 10 個不同的國家。

We won a substantial awards against those countries that will continue to limit the ability for those countries to just dump material into the United States. And the new process lines really were pressured because of that dumped material. We had excess of 1 million tons that have already been removed from the market that had been coming from these 10 countries around the world.

我們贏得了針對這些國家的巨額賠償，這將繼續限制這些國家向美國傾銷物資的能力。由於傾倒的物料，新的生產線確實承受了極大的壓力。我們已經從市場上撤下了超過100萬噸來自全球這10個國家的貨物。

So as we ramp through that, we've fine-tuned our quality, and we've made sure that the customer base is excited about the product they're receiving from those lines, they are operating full at this point in time. And because of our supply chain, being able to take bands hot-rolled coil and convert them into galvanized and painted coils, it's really structurally helped respond quickly as markets change.

因此，隨著我們逐步推進，我們不斷改進產品質量，確保客戶群對他們從這些生產線收到的產品感到滿意，目前這些生產線正在全力運作。由於我們的供應鏈能夠將熱軋捲帶加工成鍍鋅和塗漆捲帶，這確實在結構上幫助我們快速應對市場變化。

Our supply chain was the innovation with painting, and it remains our strength and the quality and innovation of the product. So we're really excited about what those lines will do now for us that we aren't competing with the dump tons from all across the world.

我們的供應鏈是油漆製程創新的源泉，它仍然是我們的優勢，也是產品品質和創新的保障。所以，我們現在不用再與來自世界各地的傾倒垃圾競爭，這讓我們非常興奮，因為這些生產線將為我們帶來好處。

Got it. Thanks, Barry, and Teresa.

知道了。謝謝巴里和特蕾莎。

Bill Peterson, JP Morgan.

比爾彼得森，摩根大通。

Yeah. Hi, good morning. Thanks for taking the questions, and thanks for all the details we've heard. I guess I'd like to follow up on an earlier question on Sinton but broadened out a little bit. It sounds like the Sinton impact in the current quarter was pretty modest in terms of impact.

是的。您好，早安。感謝您回答問題，也感謝您提供的所有細節。我想就之前關於辛頓的問題再補充一些內容，但範圍可以稍微擴大一些。聽起來，辛頓在本季的影響相當有限。

But I understand there may have been some other outages in your network in the late fourth quarter. Just trying to get a sense, is there -- can you help us quantify the impact on outages? And maybe more broadly, is there any planned maintenance in the first quarter that may impact your shipment profile.

但我了解到，在第四季後期，你們的網路可能還出現過其他一些故障。我只是想了解一下情況，您能幫我們量化一下停電的影響嗎？更廣泛地說，第一季是否有任何計劃內的維護可能會影響您的出貨情況？

Bill, this is Barry. Our outages, we're really good in making a priority to take care of our equipment. And as you can imagine, our major flat-rolled mills are at different ages with Butler at 30 and Columbus around 20 and Sinton brand new.

比爾，我是巴里。對於我們的故障，我們非常重視設備的維護保養，並會優先處理。可以想像，我們主要的扁軋廠的建成時間各不相同，巴特勒軋廠已有 30 年曆史，哥倫布軋廠已有 20 年曆史，而辛頓軋廠則是全新的。

There's different things we do at all these plants. It's part of our long-term strategic plans to take care of our assets. In some cases, we add capabilities. In other cases, it's just good old-fashioned maintenance. It just go inside that all three of these -- the three big flat-roll mills had outages in the fourth quarter.

我們在所有這些工廠裡做的事情都不一樣。妥善保管資產是我們長期策略計畫的一部分。在某些情況下，我們會增加一些功能。其他情況下，就只是傳統的維護保養而已。裡面提到，這三家大型扁軋廠在第四季都發生了停產事故。

We don't -- we typically do one or two outages a year depending on what our projects have. So quarter one, we don't have anything on the table for us. We're looking more towards the second quarter right now for our planning. So we got a lot of good work done.

我們不會——我們通常每年進行一到兩次停機維護，具體取決於我們的專案情況。所以第一季度，我們沒有任何計劃。我們目前的規劃重點更放在第二季。所以我們完成了很多有用的工作。

A lot of that is, as I said, it's making sure that we continue to make state-of-the-art products for our customers and that the machines are running as well as possible. So outside of that, nothing structurally different from what we do.

正如我所說，其中許多工作都是為了確保我們繼續為客戶生產最先進的產品，並確保機器盡可能有效地運作。除此之外，結構上與我們所做的並無不同。

Phil Gibbs, KeyBanc Capital Markets

Phil Gibbs，KeyBanc Capital Markets

Hey. Good morning.

嘿。早安.

Morning, Phil.

早上好，菲爾。

Hey Mark, I understand you don't want to talk further about the BlueScope deal. It obviously appears very compelling. But curious if you're prohibited from buying back stock for any reason, given there's now a potential deal that's been publicly disclosed.

嘿，馬克，我知道你不想再談論BlueScope的交易了。它顯然非常引人注目。但我很好奇，鑑於目前已有公開披露的潛在交易，您是否因任何原因被禁止回購股票。

There's nothing that is regulatory or structural in place. So, no.

目前沒有任何監管或結構性措施。所以，不。

Okay. And then just a follow-up just on kind of the energy cost wildness we've seen, I know you don't use a lot of natural gas relative to electricity, but perhaps there is a little bit of a knock-on effect on electricity as well. I know it's been ramping in some parts of the country, at least for consumers. So just curious in terms of how you're thinking about your energy cost basket heading into the early stages of the year here.

好的。然後，我想就我們目前看到的能源成本波動問題做個後續說明。我知道你們天然氣的使用量相對於電力而言並不大，但這或許也會對電力產生一些連鎖反應。我知道這種情況在全國某些地區愈演愈烈，至少對消費者而言是如此。所以，我很好奇，在年初這個階段，您是如何考慮您的能源成本結構的。

Phil, this is Barry. I think with energy, we have very unique contracts everywhere. Even here in Indiana, we have three different electrical contracts. We try to be a good response in the market. So we buy smart. We take market signals for when we buy and sometimes, we do take small downtime to help the system grids.

菲爾，這是巴里。我認為在能源領域，我們各地都有非常獨特的合約。即使在印第安納州，我們也有三種不同的電氣合約。我們力求在市場上做出好的回應。所以我們買東西要精明。我們根據市場訊號決定何時買入，有時，我們會短暫停機以幫助系統電網運作。

With regard to electricity, we really haven't seen anything meaningful. There are times of the day. There are times of a week that it might get expensive. Many of our operations don't see that short term. Some do, and they plan for that. With regard to natural gas, we typically don't -- we take positions future buys. And we make sure that what we're doing is responsible.

就電力方面而言，我們還沒有看到任何實質的進展。一天中總有不同的時段。一週總有那麼幾天，開銷會比較大。我們很多業務在短期內都看不到這一點。有些人確實會這樣做，並且會為此做好準備。至於天然氣，我們通常不會直接買進——我們採取的是未來的買入策略。我們會確保我們所做的一切都是負責任的。

When we see cold weather coming, we make sure we buy our transportation so that we can't be interrupted. And typically, as we get into the winter, where it's prudent, we'll make sure more of that product is prepaid or pre-bought. So we don't see huge swings with energy. We do see local impacts.

當我們預感到寒冷天氣即將到來時，我們會確保購買好交通工具，以免出行受到影響。通常情況下，隨著冬季的到來，在謹慎起見，我們會確保更多此類產品已預付或預購。因此，我們沒有看到能源價格出現大幅波動。我們確實看到了局部影響。

But in general, we have good relationships with our providers. And as you -- I'm sure you know, the minimal process we use considerably less natural gas per ton because in the flat-rolled mills when we cast it, it goes directly into a rolling mill shortly after its cast. So that's the efficiency we get, which helps us with energy quite a bit.

但總的來說，我們與供應商的關係良好。如您所知——我相信您也知道，我們採用的最小工藝每噸使用的天然氣量要少得多，因為在扁軋機中，我們鑄造的扁鋼在鑄造後不久就會直接進入軋機。這就是我們所獲得的效率，這對我們節約能源大有幫助。

Thank you so much.

太感謝了。

And Phil, just to add on there, just to sort of calibrate where our energy cost or percentage of energy cost is, it's running around about 10% of our production cost, but that's gas and electricity. So even some fluctuation isn't a material impact to us.

菲爾，我再補充一點，為了大致確定我們的能源成本或能源成本百分比，它大約占我們生產成本的 10%，但這指的是天然氣和電力。所以即使出現一些波動，對我們來說也不會造成實質影響。

John Tumazos, Private Investor

約翰·圖馬佐斯，私人投資者

Thank you very much. I'm unfamiliar with what our hot rolled aluminum automotive products. I'm sort of asking an innocent question, I don't want to make it sound like I'm skeptic or I'm just unaware. What are finished applications on a car for hot-rolled aluminum?

非常感謝。我對我們的熱軋鋁汽車產品不太了解。我問的其實是個很單純的問題，我不想讓人覺得我是個懷疑論者或我只是無知。熱軋鋁在汽車上的最終應用有哪些？

And is it possible that you're also selling hot-rolled aluminum to another aluminum roller whose cold rolling capacity is bigger than their hot-rolled capacity and -- or for whom you have quality specs they can't make.

您是否有可能將熱軋鋁賣給另一家鋁軋廠，而該鋁軋廠的冷軋產能大於其熱軋產能，還是您向該鋁軋廠提供了他們無法滿足的品質規格？

The -- your question, as always, is on point, John, and I wouldn't say it's naive in any way, shape or form. There's not a real market for direct hot band aluminum going into an automobile. It does get converted -- that conversion is being done by others today because we don't have the full downstream capability, and we don't have the cash line.

約翰，你的問題一如既往地切中要害，我絲毫不會說它天真。直接用於汽車的熱軋鋁型材並沒有真正的市場。它確實會被轉化——如今這種轉化是由其他人完成的，因為我們沒有完整的下游能力，也沒有足夠的資金。

So others in the industry are converting that. And I think it's been part of the -- just a great sort of entrance into the whole aluminum market itself. Obviously, that market has been challenged on the supply side. And we have gone out and wherever we can, we're helping the industry generally, and part of that is supplying hot band to folks.

所以業內其他公司也在進行類似的轉型。我認為這本身就是進入整個鋁市場的絕佳契機。顯然，該市場在供應方面面臨挑戰。我們已經走出去，盡我們所能地幫助整個行業，其中一部分就是為人們提供熱門樂隊。

When will you -- excuse me, Mark, when will you have all the capabilities to coat and cold roll the automotive aluminum to sell the final product 100% on your own?

馬克，你什麼時候才能－不好意思，馬克，你什麼時候才能具備對汽車鋁材進行塗層和冷軋的所有能力，從而100%獨立地銷售最終產品？

The -- our restriction is essentially the CASH line and the first CASH line is due to be operational at the end of the first quarter.

我們的限制主要在於現金流，而第一條現金流預計將在第一季末投入營運。

And CASH stands for what? What is the acronym meaning, excuse me?

CASH代表什麼？請問這個縮寫詞是什麼意思？

Continuous --

連續的--

Continuous Neo Surface Hardening. It's a final heat treatment so that it can be the right strength when it goes to the mill.

連續新表面硬化。這是最後的熱處理工序，目的是使其在送往軋鋼廠時達到適當的強度。

That's not we just cash for the bank, but you will.

那不僅僅是我們存入銀行的現金，而是你會得到的。

John, in my naivety, I thought it was C-A-C-H-E for the longest time.

約翰，我當時太天真了，一直以為是 C-A-C-H-E。

Congratulations.

恭喜。

That sounds great. Thank you.

聽起來不錯。謝謝。

(Operator Instructions)

（操作說明）

Lawson Winder, Bank of America Securities.

勞森·溫德，美國銀行證券。

Oh. Thank you, operator, and thank you for taking the follow-up guys. I want to get your sense -- yes, yes. When you look at the alumina market today and the success you've had so far with the startup, and you look out maybe a couple of years, do you see the potential for Steel Dynamics to add additional aluminum rolling capacity?

哦，謝謝接線員，也謝謝後續跟進人員。我想了解你的想法——是的，是的。縱觀當今氧化鋁市場以及貴公司迄今的成功，展望未來幾年，您認為 Steel Dynamics 是否有可能增加鋁軋製產能？

There's absolutely no doubt that aluminum will be a growth platform for us going forward. And that's not to substitute or replace growth opportunities in steel or any other or other businesses. And just -- well, just in general, you've got to complement or I complement our team, they do a phenomenal job ensuring that we've got a pipeline of really effective value-add opportunities.

毫無疑問，鋁業將成為我們未來發展的重要平台。但這並不意味著要取代或取代鋼鐵或其他任何產業的成長機會。而且——總的來說，你必須配合我們的團隊，或者說我必須配合我們的團隊，他們做得非常出色，確保我們擁有真正有效的增值機會管道。

And so yes, we will continue to expand in steel. And obviously, aluminum is a new platform for us. And given the kind of the profile of that industry, there's a lot of -- and the supply-demand dislocation. There's certainly phenomenal opportunities there for us.

所以，是的，我們將繼續擴大鋼鐵業務。顯然，鋁材對我們來說是一個全新的平台。鑑於該行業的特殊性質，存在著許多供需失衡的問題。那裡確實蘊藏著絕佳的機會。

Okay. Fantastic. And if I could also just ask on your thoughts or prescriptions for the dividend this year, you would normally look to update your thinking on the dividend in March. At this point, do you see any other investment considerations that might constrain the extent to which the dividend could be increased this year, particularly when thinking about this very significant positive free cash flow inflection that's anticipated at Steel Dynamics in 2026?

好的。極好的。另外，如果可以的話，我想問您對今年股息的看法或建議，您通常會在三月更新您對股息的看法。目前，您是否認為還有其他投資因素可能會限制今年股息的成長幅度，特別是考慮到鋼鐵動力公司預計在 2026 年將出現非常顯著的自由現金流正向拐點？

So Lawson, the capital allocation strategy that we use for shareholder distributions are to keep the dividend growing as we have structural growth in cash flow. We have increased the dividend very significantly already for the advent of Sinton starting up, et cetera.

所以勞森，我們用於股東分紅的資本配置策略是，隨著現金流的結構性成長，維持股利成長。為了迎接 Sinton 的成立等等，我們已經大幅提高了股息。

So as we have further structural changes, we will increase the dividend appropriately. So aluminum could be part of that this year or maybe it's next year, but we'll let you know. In the absence of that, we definitely lean in with the variable share repurchase program.

隨著公司結構調整的推進，我們將隨之提高股利。所以鋁今年可能會成為其中的一部分，也可能要等到明年，但我們會通知您。如果沒有其他辦法，我們肯定會大力推行可變股票回購計畫。

Thank you all very much.

非常感謝大家。

Phil Gibbs, Key Bank Capital Markets.

Phil Gibbs，Key Bank Capital Markets。

Thank you. You mentioned aluminum expected to be running by year-end '26. I think your previous view was 75%. What's given you the added confidence to, I guess, say that this morning and also meaning kind of what's changed?

謝謝。您提到預計鋁業將在 2026 年底前恢復營運。我認為你之前的觀點是75%。是什麼讓你今天早上更有信心說出這些話？也想問的是，發生了什麼變化？

Well, I think given our experience in Sinton, we've been sort of retaining more of a conservative position, I would say. So that, on top of what I see as a phenomenal team down in Columbus doing phenomenal things with an absolutely amazing piece of kit.

嗯，我認為鑑於我們在辛頓的經驗，我們一直保持著一種比較保守的立場。所以，除此之外，我還看到哥倫布的這支傑出的團隊用一套絕對出色的裝備創造了非凡的成就。

Barry, I think, has said it in past calls, but just the nature of the aluminum process and production sort of steps or units, it's a lot more forgiving -- from a start-up standpoint. We've explained it in the past, a [thin slab] lab for steel mill, such as a Sinton or Butler, whatever, because the whole mill melt through refining, through casting, through rolling is just one continuous thing, one hiccup in one spot can take you down.

我認為巴里在過去的電話會議中說過，鋁的加工流程和生產步驟或單元的特性，使得它在創業方面更具容錯性。我們以前解釋過，對於煉鋼廠來說，一個薄板坯實驗室，例如 Sinton 或 Butler 之類的，是因為整個煉鋼廠從熔煉到精煉、鑄造、軋製都是一個連續的過程，一個環節出現問題就可能導致整個過程失敗。

And it sort of compounds itself through the system. Whereas in aluminum, we have -- just at Columbus, we have the four melt cast units. You've got the hot mill, you've got -- we will have three cold-rolling units. It's just a lot more forgiving. So given all that, we just see.

而且它會在系統中不斷累積。而在鋁材方面，光是在哥倫布工廠，我們就擁有四台熔鑄設備。你們有熱軋機，你們有──我們將有三台冷軋機。它寬容度更高。綜上所述，我們只能拭目以待。

It's the redundancy in that.

問題在於其中的冗餘。

That's right. And so, we just have a high confidence level.

這是正確的。所以，我們非常有信心。

And just a follow-up to that. Can you give us an idea of where you're running at right now? I know there's a lot of trials and things going on and you may not want to double count stuff that's not purely commercial but trying to just understand where you are from a capacity utilization standpoint. Thank you.

還有一點後續問題。你能大概說說你目前的跑步水準嗎？我知道有很多試驗和事情正在進行，你可能不想重複計算那些並非純粹商業性質的事情，但只是想從產能利用率的角度了解你目前的狀況。謝謝。

I would prefer not to be that specific. I would say that the -- our shipping rates are not necessarily a reflection of the production rates because of the quality, it just evolves. We're ramping up. That needs to be refined and optimized and it's getting optimized almost on a weekly basis. But the actual physical capability of the equipment is very sound.

我不想說得那麼具體。我想說，我們的運費不一定反映生產速度，因為品質問題，它只是在不斷發展變化。我們正在加緊推進。這需要不斷改進和優化，而且幾乎每週都在進行優化。但該設備的實際物理性能非常可靠。

Thank you. Good luck.

謝謝。祝你好運。

Thank you.

謝謝。

Carlos De alba, Morgan Stanley

卡洛斯·德阿爾巴，摩根士丹利

Yes, thank you very much. Hope you can hear me. But just maybe Theresa, can you comment a little bit on working capital? How do you expect that to move throughout the year, given that you will continue to ramp up daily business and then CapEx beyond 2026. Any comments there?

是的，非常感謝。希望你能聽到我說話。不過，Theresa，您能否就營運資金問題談談您的看法？鑑於您將在 2026 年後繼續擴大日常業務和資本支出，您預計這一年中情況會如何變化？大家有什麼看法？

Thanks, Carlos. I think I got both questions. From a working capital perspective, A majority of the build that was required for aluminum given the current pricing dynamics of aluminum, the metal -- just the pure metal itself. Most of that has been captured already in 2025.

謝謝你，卡洛斯。我覺得兩個問題我都回答對了。從營運資金的角度來看，鑑於目前鋁的價格動態，大部分建設所需的資金都用於鋁材，也就是純鋁本身。其中大部分目標已在 2025 年實現。

There'll be some slight fluctuations between now and the end of the year. Nothing that I think would be material enough to be noted. First quarter, however, just remember that we actually pay our profit sharing to all of our employees in that first quarter time frame. So generally, that has some pressure on the working capital and the cash flow. Otherwise, everything looks like it's pretty steady for the year.

從現在到年底，價格可能會有一些小幅波動。我覺得沒什麼值得一提的實質內容。不過，請記住，在第一季度，我們會向所有員工支付利潤分成。因此，這通常會對營運資金和現金流造成一定壓力。除此之外，今年一切看起來都相當穩定。

As it relates to capital expenditures beyond 2026, as a reminder, our maintenance or what we refer to as our sustaining capital really is fairly low. It's generally around $250 million, maybe upwards of $300 million now. And beyond that, we haven't really named any specific material projects at this point in time.

關於 2026 年以後的資本支出，需要提醒的是，我們的維護或我們所謂的維持性資本支出實際上相當低。通常在 2.5 億美元左右，現在可能高達 3 億美元以上。除此之外，我們目前還沒有公佈任何具體的材料項目。

Thank you. All the best.

謝謝。一切順利。

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

謝謝。我們的問答環節到此結束。我想把電話交還給米勒特先生，請他作總結發言。

Super, I appreciate that. And for those remaining on the call, again, thank you for your support and for your time today, for sure. Our teams aspire to create that shareholder value creation that we seem to be able to do year in, year out and 2025 was a reflection of that.

太好了，非常感謝。對於仍留在電話會議上的各位，再次感謝你們的支持和今天抽出時間。我們的團隊渴望創造股東價值，而我們似乎年復一年都能做到這一點，2025 年就是這種價值的體現。

Most importantly, to our employees that might be on the line, you've all done an absolute phenomenal job, you continue to do an absolutely phenomenal job. And what you do each and every day that execution drives our success, and it drives that in the marketplace as well.

最重要的是，對於我們那些可能身處一線的員工來說，你們都做得非常出色，你們將繼續做得非常好。你每天所做的每一件事，其執行力都推動著我們的成功，也推動著我們在市場上的成功。

So thank you, and each and every one of you, be safe for yourselves, for each other and for your family. So thank you very much. Have a great day, everyone. Bye-bye.

所以，謝謝大家，也請你們每一個人注意安全，為了自己、為了彼此、為了家人。非常感謝。祝大家今天過得愉快。再見。

Once again, ladies and gentlemen, that concludes today's call. We 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，祝您有美好而安全的一天。