Steel Dynamics Inc (STLD) 2026 Q1 法說會逐字稿

Good day and welcome to the Steel Dynamics first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised this call is being recorded today, April 21, 2026, and your participation implies consent to our recording this call. If you do not agree to these terms, please disconnect.

大家好，歡迎參加 Steel Dynamics 2026 年第一季財報電話會議。(接線員指示) 請注意，本通話將於今日 2026 年 4 月 21 日錄音，您參與本通話即表示同意我們對本通話進行錄音。若您不同意這些條款，請中斷連線。

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

此刻，我想將會議交給投資人關係總監 David Lipschitz。請開始。

Thank you, Tom. Good morning and welcome to Steel Dynamics first-quarter 2026 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，Tom。各位早安，歡迎參加 Steel Dynamics 2026 年第一季財報電話會議。提醒各位，今天的通話正在錄音，並將於稍後於今日在我們的網站上提供重播。

Leading today's call are Mark Millett, Chairman and Chief Executive Officer of Steel Dynamics; Theresa Wagler, Executive Vice President and Chief Financial Officer; and Barry Schneider, President and Chief Operating Officer. The other members of our senior leadership team are joining us on the call individually.

今天的電話會議由 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 主持。我們資深領導團隊的其他成員也將個別加入本次通話。

Some of today's statements, which speak only as of this date, may be forward-looking and predictive, typically preceded by believe, expect, anticipate, or words of similar meaning. They are intended to be protected by the Private Securities Litigation Reform Act of 1995 should actual results turn out differently. Such statements involve risks and uncertainties related to integrating or starting up new assets, the aluminum industry, the use of estimates and assumptions in connection with anticipated project returns and our steel, metals recycling, fabrication and aluminum businesses, as well as to general business and economic conditions. Examples of these are described in the related press release as well as in our annually filed SEC Form 10-K under the headings Forward-looking Statements and Risk Factors found on the Internet at www.sec.gov, and applicable in any later SEC Form 10-Q. You also find any referenced non-GAAP financial measures reconciled to the most directly comparable GAAP measures in the press release issued yesterday entitled Steel Dynamics Reports First Quarter 2026 results.

今天部分陳述僅反映截至本日的情況，可能屬於前瞻性與預測性陳述，通常會以「相信」、「預期」、「預估」或類似含義的字眼作為引導。若實際結果有所不同，該等陳述意在受 1995 年《私人證券訴訟改革法》保護。此類陳述涉及風險與不確定性，包括整合或啟動新資產、鋁產業、與預期專案報酬及我們鋼鐵、金屬回收、製造加工與鋁業務相關之估計與假設的使用，以及一般商業與經濟狀況。相關例子已載於相關新聞稿，亦載於我們每年向美國證券交易委員會（SEC）提交的 Form 10-K 中「前瞻性陳述」與「風險因素」章節，可於網際網路 www.sec.gov 查閱，並同樣適用於其後提交的任何 SEC Form 10-Q。您也可在昨日發布、題為《Steel Dynamics 公布 2026 年第一季業績》的新聞稿中，找到所提及之任何非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表。

Now, I'm pleased to turn the call over to Mark.

現在，我很高興把電話交給 Mark。

Super. Thank you, David. Good morning, everyone. Thanks for sharing your time this morning for our first-quarter '26 earnings call. As reported, our teams achieved a very strong first-quarter financial and operational performance. Several highlights for the quarter included record quarterly steel shipments of 3.6 million tons. We saw significant progress within our aluminum operations. It really is exciting to see our vision coming to life there. We had adjusted EBITDA of $700 million. And again, most importantly, our teams continue to emphasize and keep safety top of mind.

太好了。謝謝你，David。各位早安。感謝各位今天早上撥冗參加我們 2026 年第一季財報電話會議。如同已公告的結果，我們的團隊在第一季達成非常強勁的財務與營運表現。本季幾項亮點包括：鋼材出貨量創下單季新高，達 360 萬噸。我們在鋁業務方面也看到顯著進展。看到我們的願景在那裡逐步實現，確實令人振奮。我們的調整後 EBITDA 為 7 億美元。而且再次強調，最重要的是，我們的團隊持續重視並將安全放在首位。

We have an amazing group of people that achieved best-in-class performance each and every day, incredibly proud of the whole team. Our world-class safety culture continues to evolve and our team's dedication to our Take Control safety philosophy is extraordinary. Out of some 135 SDI locations, 94% operated in the first quarter without one lost time injury. I'm continually inspired by the commitment they have for one another. They consider themselves family and challenge the status quo each day. But as always, we will never be satisfied until we achieve a zero incident environment.

我們擁有一群非常出色的人才，每一天都達成同級最佳的表現，我為整個團隊感到無比自豪。我們世界級的安全文化持續演進，團隊對「Take Control」安全理念的投入非同凡響。在約 135 個 SDI 據點中，第一季有 94% 的據點在沒有任何失能傷害（lost time injury）的情況下運作。他們彼此之間的承諾不斷激勵著我。他們視彼此為家人，並每天挑戰現狀。但一如既往，在達成零事故的環境之前，我們絕不會滿足。

But before I continue, I'd like to shift to Theresa and Barry for the commentary. Theresa.

不過在我繼續之前，我想先把評論交給 Theresa 和 Barry。Theresa。

Thanks, Mark. Good morning, everyone. Thank you for joining us this morning. As for the first-quarter 2026, our net income was $403 million or $2.78 per diluted share with adjusted EBITDA of $700 million. First-quarter 2026 revenues were $5.2 billion, and operating income was $538 million, higher than sequential fourth-quarter results driven by higher realized steel pricing and record steel volumes.

謝謝你，Mark。各位早安。感謝各位今天早上加入我們。就 2026 年第一季而言，我們的淨利為 4.03 億美元，或每股稀釋盈餘 2.78 美元，調整後 EBITDA 為 7 億美元。2026 年第一季營收為 52 億美元，營業利益為 5.38 億美元；在更高的實現鋼價與創紀錄的鋼材出貨量帶動下，較前一季第四季的結果更高。

Our steel operations generated operating income of $557 million in the first quarter, a 73% sequential increase as average selling prices per ton increased $86. From an index perspective, average HRC pricing increased from an average of $850 per ton in the fourth quarter to $975 per ton in the first quarter today -- excuse me, in the first quarter. Today is over $1,000. Barry will talk more about the markets in a moment. Value-added spreads to HRC have also improved. As the largest coater in North America, this will especially be helpful to our forward performance.

我們的鋼鐵營運在第一季創造 5.57 億美元的營業利益，較前一季成長 73%，主因每噸平均售價上升 86 美元。從指數角度來看，熱軋捲（HRC）平均價格由第四季平均每噸 850 美元，上升至第一季平均每噸 975 美元——抱歉，是在第一季。目前已超過 1,000 美元。Barry 稍後會進一步談市場狀況。高附加價值產品相對於 HRC 的價差也已改善。作為北美最大的塗鍍業者，這將特別有助於我們未來的業績表現。

As a quick reminder, approximately 75% to 80% of our flat-rolled steel business is linked to lagging price contracts, in aggregate, generally lagging 2 months. So the most recent flat-rolled steel price increases will positively impact our second-quarter results. Additionally, demand and related pricing for our long product steel is strong with pricing also continuing to improve.

快速提醒一下，我們約 75% 至 80% 的平軋鋼業務與落後式價格合約連動，整體而言通常落後約 2 個月。因此，近期平軋鋼價格的上調將對我們第二季的結果帶來正面影響。此外，長材鋼品的需求及相關價格也相當強勁，價格亦持續改善。

From metals recycling perspective, first-quarter 2026 operating income was $47 million or 155% higher than sequential earnings based on higher pricing for both ferrous and nonferrous scrap. Shipments were modestly lower in the first quarter due to inclement weather for several weeks in January and February. Scrap flows are strong again with expectations for seasonally increased shipments in the second and third quarters in addition to increases related to further support of our aluminum operations.

就金屬回收而言，2026 年第一季營業利益為 4,700 萬美元，因黑色與有色廢鋼價格走高，較前一季獲利增加 155%。由於 1 月與 2 月數週天候不佳，第一季出貨量略為下降。廢鋼供給流量已再度轉強，預期第二、第三季出貨量將隨季節性因素增加，並且在進一步支援我們鋁業務的帶動下也會增加。

Our steel fabrication team achieved first-quarter operating income of $90 million, aligned with fourth-quarter results as a benefit from higher shipments was offset by the increase in steel input prices. Our fabrication business generally maintains between 10 to 12 weeks of steel inventory, which can tighten margins in a rising steel price environment. Our steel joist and deck demand remains solid, evidenced by very strong order activity with March representing the current high point.

我們的鋼構製造加工團隊第一季營業利益達 9,000 萬美元，與第四季結果一致；較高的出貨量效益被鋼材投入成本上升所抵銷。我們的製造加工業務一般維持約 10 至 12 週的鋼材庫存，在鋼價上漲的環境下可能會壓縮利潤率。我們的鋼桁架與鋼承板需求仍然穩健，從非常強勁的接單活動可見一斑，其中 3 月達到目前的高點。

We were with the aluminum management team last week, and things are going incredibly well. That said, a quick reminder that we are still constructing and commissioning while we are an operational start-up. Mark will provide specifics in a moment.

我們上週與鋁事業管理團隊在一起，一切進展非常順利。不過也快速提醒，我們仍處於營運啟動階段，同時仍在進行建造與試車（commissioning）。Mark 稍後會提供具體細節。

As for the related first-quarter financial impact, earnings for aluminum were lower than we originally expected with an operating loss of 80 -- or sorry, an operating loss of $65 million. Operating costs were significantly higher in January as the team experienced normal start-up issues, necessitating a temporary pause in operations and a write-down of some inventory. Things were resolved quickly and are operating smoothly now with increasing volumes already being realized.

至於第一季相關的財務影響，鋁事業的獲利低於我們原先預期，營業損失為 80——抱歉，營業損失為 6,500 萬美元。由於團隊遭遇正常的啟動問題，1 月的營運成本顯著偏高，因而需要暫時停工並對部分存貨進行減記。問題很快就解決，目前運作順暢，且出貨量已在增加並逐步反映。

We generated cash flow from operations of $148 million in the first quarter. Cash was reduced by $120 million related to our annual company-wide retirement profit sharing funding and an additional $150 million related to working capital growth, specifically associated with our new aluminum investment. We also experienced significant working capital growth related to increased pricing across our businesses, increasing both customer accounts and inventory values.

第一季我們的營運活動產生現金流量為 1.48 億美元。現金減少 1.2 億美元，係與我們全公司年度退休金利潤分享提撥資金相關；另有 1.5 億美元與營運資金成長相關，主要與我們新的鋁投資有關。我們也因各項業務價格上升而出現顯著的營運資金成長，使應收帳款與存貨價值同步增加。

Our cash generation is consistently strong based on differentiated circular business model and highly variable low-cost structure. At the end of the quarter, we had liquidity of $2 billion comprised of cash and investments of $800 million, and our fully available unsecured revolver of $1.2 billion. During the first quarter, we invested $138 million in capital investments. We believe total investments for the entirety of 2026 will be in the range of $600 million.

基於具差異化的循環式商業模式與高度可變的低成本結構，我們的現金創造能力一向強勁。截至本季末，我們的流動性為20億美元，包括8億美元的現金與投資，以及12億美元完全可動用的無擔保循環信貸額度。第一季期間，我們投入1.38億美元於資本投資。我們認為2026年全年的總投資將落在6億美元左右的區間。

In the first quarter, we increased our cash dividend by 6% and repurchased $115 million of our common stock with $687 million remaining authorized at the end of March. These actions reflect the strength of our capital foundation and consistently strong cash flow generation and our continued confidence in our future.

第一季，我們將現金股利提高6%，並回購1.15億美元普通股；截至3月底，尚餘6.87億美元的核准回購額度。這些行動反映我們資本基礎的實力、持續強勁的現金流創造能力，以及我們對未來的持續信心。

Our capital allocation strategy prioritizes high-return growth with shareholder distributions comprised of a base positive dividend profile that is complemented with a variable share repurchase program, while we remain dedicated to maintaining our investment-grade credit designation. Our free cash flow profile was fundamentally changed over the last number of years from an annual average of $540 million from 2011 to 2015 to $2.4 billion for the most recent 5-year period. And if you exclude our growth investments related to our Texas steel mill and our new aluminum investment, they averaged $3.2 billion per year. And there's more coming.

我們的資本配置策略優先投入高報酬成長，並透過股東分配來回饋股東；股東分配由穩健的基本正向股利政策構成，並搭配可變動的股票回購計畫，同時我們仍致力於維持投資等級的信用評等。過去數年，我們的自由現金流概況已發生根本性改變，從2011年至2015年的年均5.4億美元，提升至最近5年期間的24億美元。若排除與德州鋼廠及新鋁投資相關的成長投資，年均為32億美元。而且後續還會更多。

We've invested over $5 billion in 3 primary organic growth investments, including our Texas mill, our value-added flat-rolled coating lines and our aluminum investment. These projects have an estimated through-cycle annual EBITDA of approximately $1.4 billion. We 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 our investment-grade metrics.

我們已在三項主要的內生成長投資上投入超過50億美元，包括德州鋼廠、加值型平軋塗鍍產線，以及鋁投資。這些專案估計在景氣循環中期可貢獻約14億美元的年度EBITDA。我們已將自身置於有利位置，建立可持續的資本基礎，在維持投資等級指標的同時，提供具意義的策略性成長機會與強勁的股東報酬。

And I really want to give a shout also to our biocarbon team. Last week, we did something that I think probably hasn't been done anywhere else in the world. We had instead of a ribbon cutting ceremony, we had a log cutting ceremony. So kudos to that team that's doing very well as well.

我也真的想特別向我們的生物碳團隊致意。上週我們做了一件我認為可能在世界其他地方都未曾做過的事。我們不是舉行剪綵儀式，而是舉行了「切木」儀式。所以也要稱讚那個團隊，他們的表現也非常出色。

So, Barry?

那麼，Barry？

Thank you, Theresa. Our steel fabrication operations performed well in the first quarter of 2026, delivering strong earnings. Steel joist and deck order backlog was solid at quarter end with December through March, representing some of the strongest order entry we have seen in the past 18 months. This backlog extends into the fourth quarter of 2026. We continue to have high expectations for the business this year due to positive customer sentiment and quoting activity, continued manufacturing onshoring and public funding for infrastructure and other fixed asset investment programs.

謝謝你，Theresa。我們的鋼構製造業務在2026年第一季表現良好，帶來強勁獲利。截至季末，鋼桁架與鋼承板的訂單積壓量穩健，12月至3月的接單表現是我們過去18個月以來最強勁的幾個月份之一。這些積壓訂單將延續至2026年第四季。由於客戶情緒與報價活動正向、製造業回流持續，以及基礎建設與其他固定資產投資計畫的公共資金支持，我們對今年的業務仍抱持高度期待。

The uplift from this macro environment could be considerable. Our steel fabrication platform provides meaningful volume support for our steel mills, particularly critical in softer demand environments, allowing us to operate at higher through-cycle utilization rates than our peers. This also helps mitigate the financial risks associated with lower steel prices.

此一總體環境帶來的提振可能相當可觀。我們的鋼構製造平台為鋼廠提供具意義的出貨量支撐，尤其在需求較疲弱的環境中更為關鍵，使我們能在景氣循環中期維持高於同業的產能利用率。這也有助於降低鋼價走低所帶來的財務風險。

Our metals recycling operations also performed well in the quarter as scrap prices increased during the quarter, more than doubling operating income. Congratulations to the team. They had some tough weather earlier in the year. The North American geographic footprint to our metals recycling platform provides a strategic competitive advantage for both our steel mills and our scrap generating customers. In particular, our Mexican operations strengthened the raw material positions of our Columbus and Sinton facilities. They also provide strategic support for aluminum scrap procurement for our flat-rolled aluminum investments.

我們的金屬回收業務在本季同樣表現良好，因廢鋼價格於季內上漲，使營業利益增加逾一倍。恭喜團隊。他們在年初曾遭遇一些惡劣天候。我們金屬回收平台在北美的地理佈局，為我們的鋼廠與產生廢料的客戶帶來策略性的競爭優勢。尤其是我們在墨西哥的營運，強化了哥倫布（Columbus）與辛頓（Sinton）廠的原料供應地位。同時也為我們平軋鋁投資的鋁廢料採購提供策略性支援。

Our metals recycling team is partnering even more closely with our steel and aluminum teams to expand scrap separation capabilities through enhanced processes and technology. This will help mitigate potential prime ferrous scrap challenges over time and provide a meaningful advantage in increasing recycled content in our aluminum flat rolled products while expanding our earnings capabilities.

我們的金屬回收團隊正與鋼鐵與鋁團隊更緊密合作，透過強化流程與技術來擴大廢料分選能力。這將有助於隨時間推移緩解優質鐵系廢料可能面臨的挑戰，並在提升鋁平軋產品的再生料含量方面提供顯著優勢，同時擴大我們的獲利能力。

The steel team delivered a solid quarter with record shipments of 3.6 million tons. During the first quarter of 2026, domestic steel industry operated at an estimated production utilization rate of 77%, while our steel mills operated at 89%. We consistently achieve higher utilization due to our value-added product diversification, differentiated customer supply chain solutions and the support of our internal manufacturing businesses. This higher through-cycle utilization is a key competitive advantage, supporting our strong and growing cash generation and best-in-class financial metrics.

鋼鐵團隊交出穩健的一季，出貨量達到360萬噸的歷史新高。2026年第一季，美國國內鋼鐵產業估計的生產產能利用率為77%，而我們的鋼廠為89%。由於我們加值型產品的多元化、差異化的客戶供應鏈解決方案，以及內部製造業務的支撐，我們一貫能達成較高的利用率。這種在景氣循環中期更高的利用率是一項關鍵競爭優勢，支撐我們強勁且持續成長的現金創造能力，以及同級最佳的財務指標。

Regarding the flat-rolled steel markets, conditions continue to improve, supported by strong demand and lower imports. Lead times remain elevated, and customers remain optimistic about the outlook. Specifically in flat rolled steel, we see improving value-added spreads returning with the impact of the core trade cases that we won in 2025. Long product steel markets continue to be strong in 2026. And we expect another solid year as demand and pricing remain favorable, particularly in structural steel and railroad rail with our Columbia City and Roanoke both achieving record months in production. SBQ markets are also improving across the various sectors with increasing manufacturing and energy product support.

就平軋鋼市場而言，在需求強勁與進口下降的支撐下，市場狀況持續改善。交期仍維持在較高水準，客戶對前景依然樂觀。特別是在平軋鋼方面，隨著我們在2025年勝訴的核心貿易案件影響發酵，我們看到加值價差正回升。長材鋼市場在2026年仍然強勁。我們預期今年仍將是穩健的一年，因需求與價格維持有利，尤其在結構鋼與鐵路鋼軌方面；我們的Columbia City與Roanoke兩地皆創下單月產量新高。SBQ（特殊棒線材）市場在各終端領域也持續改善，受惠於製造業與能源產品需求的支撐增加。

Regarding the steel market environment, North American automotive production estimates for 2026 are expected to be similar to 2025. Our specific automotive customer base has not only remained stable, but has 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. Nonresidential construction remains strong, led by data centers and an increase in multifamily homebuilding. Our platforms continue to benefit from ongoing onshoring activity and domestic manufacturing projects.

就鋼鐵市場環境而言，北美2026年的汽車產量預估將與2025年相近。我們特定的汽車客戶基礎不僅維持穩定，也帶來成長機會。部分原因在於我們具備較低碳含量的能力，使我們成為許多以美國為基地的歐洲與亞洲車廠的首選供應商。非住宅建築仍然強勁，主要由資料中心以及多戶住宅建案增加所帶動。我們的平台持續受惠於製造業回流活動與國內製造專案的推進。

In the energy sector, oil and gas activity has been strong, with the pipe mills already booked well into the summer, with solar continuing to remain strong in our order books. Overall, we remain optimistic considering demand for our diversified value-added steel products in the coming year.

在能源領域，油氣活動強勁，管材廠的訂單已排到夏季深處；同時太陽能在我們的訂單簿中仍維持強勢。整體而言，考量未來一年對我們多元化加值型鋼品的需求，我們仍保持樂觀。

And with that, I'll return it to Mark.

接下來，我把時間交還給Mark。

Barry and Theresa, thank you. As you can see, everyone has been an incredibly good quarter, great performance by everyone, something to celebrate for sure, but we're also celebrating Barry's birthday today. So I just want to interject and it's really do we get donuts anymore in the office? And today was a special day. So we bring that too.

Barry和Theresa，謝謝你們。如各位所見，大家都交出非常出色的一季、表現亮眼，確實值得慶祝；而且我們今天也在慶祝Barry的生日。所以我想插一句：我們辦公室現在還有甜甜圈嗎？今天是個特別的日子。所以我們也把那個帶來了。

But again, the consistently sort of sustain the positive results just doesn't happen because I think you all realize it's the result or the strategies implemented and executed by the teams over time. We've continually invested strategically to provide scale of business, product market diversification, unique customer supply chains, and we've been linking operating platforms to optimize market opportunities throughout economic cycles.

不過再說一次，能夠持續維持這樣的正向成果，並不是自然而然就會發生；我想各位都明白，這是團隊長期以來所制定並落實執行策略的結果。我們持續進行策略性投資，以提供業務規模、產品與市場多元化、獨特的客戶供應鏈，並且將各營運平台串聯起來，以在不同經濟循環中最佳化市場機會。

When combined with our performance-driven incentive culture, we consistently achieved at the highest levels compared to our peers. Our foundational focus on market and product diversification into high-margin value-added products drive higher through-cycle utilization and superior financial metrics. We optimize cash generation, allowing for a consistent and balanced cash allocation strategy that has consistently delivered strong shareholder returns.

結合我們以績效驅動的激勵文化，我們相較同業始終能以最高水準達成績效。我們以市場與產品多元化為基礎，聚焦於高毛利的高附加價值產品，帶動更高的景氣循環期間產能利用率與更優異的財務指標。我們優化現金創造能力，使我們得以採取一致且均衡的現金配置策略，並持續為股東帶來強勁回報。

Our disciplined investment approach continues to support a strong and growing through-cycle cash generation profile while maintaining one of the highest ROIC metrics among our industrial peers. At the moment, our largest such investment is in the aluminum flat rolled products arena.

我們嚴謹的投資方法，持續支撐強勁且成長中的景氣循環期間現金創造能力，同時維持在工業同業中名列前茅的投資資本報酬率（ROIC）指標。目前，我們最大的一項此類投資是在鋁平軋產品領域。

And when touring the facility is there, the excitement of the aluminum team is palpable. As you watch them perform, now transitioning from construction and commissioning to production and serving the customers with high-quality products. They're also constructively navigating a rolling aluminum market manifested by the tragic impacts of the Iranian war and the domestic supply chain challenges. But beyond these, hopefully, near-term constraints, we're also experiencing a unique and very favorable long-term market environment. There's a significant and fundamental domestic supply deficit of over 1.4 million tons of aluminum sheet. And this deficit is forecasted to grow with additional demand in the coming years.

而當你在那裡參觀該設施時，鋁團隊的熱情是顯而易見的。你可以看到他們的表現，正從建設與試車階段轉換到量產，並以高品質產品服務客戶。他們也在務實地應對鋁軋製市場的波動，該波動反映了伊朗戰爭的悲劇性影響以及國內供應鏈挑戰。但除了這些（希望只是）短期限制之外，我們也正處於一個獨特且非常有利的長期市場環境。國內鋁板材存在超過140萬噸的重大且根本性的供應缺口。而預計在未來幾年，隨著新增需求，這一缺口還將擴大。

In '24 and 2025, that deficit was supplied through high-cost imports, which are now even higher as tariffs increased 10% in '24 to the current 50% level. And this investment is a clear alignment with SDI's core competencies. Our construction capabilities have once again been proven, both Columbus and our house in San Luis Potosi, a state-of-the-art facilities. And they were brought on in record time compared to other facilities and at a very, very reasonable cost on budget or near to budget.

在2024年與2025年，該缺口主要由高成本進口補足；而隨著關稅在2024年提高10%，並升至目前50%的水準，進口成本如今更高。這項投資也明確契合SDI的核心能力。我們的建設能力再次獲得驗證，無論是哥倫布（Columbus）或我們位於聖路易斯波托西（San Luis Potosi）的廠區，皆為最先進的設施。相較其他設施，它們以創紀錄的速度投產，且成本非常、非常合理，符合預算或接近預算。

We're using SDI's deep operational know-how in combination with the technical expertise of aluminum industry experts and our proven incentive-driven performance culture will drive higher efficiency and lower cost operations compared to our competitors.

我們將運用SDI深厚的營運專業，結合鋁產業專家的技術專長，以及我們經驗證的激勵導向績效文化，推動相較競爭對手更高效率與更低成本的營運。

We also believe we have an advantaged commercial position. Two-thirds of our existing carbon flat-rolled steel customers also consume and process aluminum flat rolled sheet. Our growth in the automotive sector will complement our existing steel position and provide customer material optionality. 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.

我們也相信我們具備有利的商業地位。我們現有的碳鋼平軋產品客戶中，有三分之二同時也消耗並加工鋁平軋板材。我們在汽車領域的成長將與既有鋼鐵布局相互補強，並為客戶提供材料選擇彈性。飲料罐市場提供逆景氣循環的市場多元化，而在鋁業務中更穩定的獲利結構，將進一步提升我們在景氣循環期間現金創造的穩定性。

Our raw material platform will also facilitate high recycled content. We're the largest North American metals recycler, which includes aluminum. And we've successfully developed new separation technologies, allowing us to have more access to usable aluminum scrap at a lower cost.

我們的原料平台也將促進高比例的再生料含量。我們是北美最大的金屬回收商，其中也包含鋁。我們也成功開發新的分選技術，使我們能以更低成本取得更多可用的鋁廢料。

Production to date, even at its early stages, is already confirming our expected earnings differentiation. When the markets normalize, we're confident in the through-cycle EBITDA expectation for normalized markets, again, remains at $650 million to $700 million plus a further $40 million to $50 million for our recycling platform. As we've spoken in the past, the four key areas of Vantage from a labor efficiency standpoint, higher recycled content, high yield and optimize logistics. And it's all driven by our performance-based operating culture, utilizing state-of-the-art equipment. This strategic investment is a cost-effective and high return growth opportunity, providing Steel Dynamics with additional diversification while further stabilizing and growing our cash generation capabilities.

截至目前的產量，即便仍在早期階段，也已在驗證我們預期的獲利差異化。當市場回歸常態時，我們對於常態化市場下的景氣循環期間EBITDA預期仍有信心，仍為6.5億至7億美元，另加上回收平台的4,000萬至5,000萬美元。如同我們過去所提，Vantage在勞動效率角度的四個關鍵領域為：更高的再生料含量、高良率，以及物流最佳化。而這一切皆由我們以績效為基礎的營運文化所驅動，並運用最先進的設備。這項策略性投資是一個具成本效益且高報酬的成長機會，為Steel Dynamics帶來更多元化，同時進一步穩定並提升我們的現金創造能力。

We've seen that the customer base is hungry for a new market entrant, one that is known to be innovative, customer-focused and responsive. We view business relationships as long term, founded on trust with a continuous goal of creating mutual value. Not simply just financial value, but we will provide new supply chain solutions, new products with preferred quality and service. Many customers have already experienced this through the actions we have taken to help solve some of the recent supply chain challenges. It's been fortuitous for us, allowing us to help the market while accelerating material qualification. For all that said, all startups of the challenges, I would like to thank our customers for their patience as we fine-tune our operations and continue our ramp-up.

我們看到客戶群渴望有新的市場參與者加入——一個以創新、以客戶為中心且反應迅速而聞名的參與者。我們將商業關係視為長期關係，以信任為基礎，並以持續創造互惠價值為目標。不僅僅是財務價值，我們也將提供新的供應鏈解決方案，以及具備更佳品質與服務的新產品。許多客戶已透過我們為協助解決近期部分供應鏈挑戰所採取的行動而親身體驗到這一點。這對我們而言是個有利的契機，使我們能在協助市場的同時，加速材料認證。綜合以上，以及所有新廠啟動所面臨的挑戰，我要感謝客戶在我們微調營運並持續爬坡增產期間所展現的耐心。

To date, we have received certifications from multiple customers for industrial and can sheet finished products as well as certification for automotive aluminum hot band. What is incredible to me is that even finished automotive products are currently in the qualification process with several automotive customers. We believe we could receive acceptance in the coming weeks. This accelerated certification should allow us to shift our product mix to a higher margin mix this year. reaching the planned optimized mix of 45% can sheet, 35% automotive and 20% industrial sometime in '27.

截至目前，我們已獲多家客戶對工業用與罐用板材成品的認證，以及對汽車用鋁熱軋帶材的認證。令我驚訝的是，即便是汽車用成品，目前也正與多家汽車客戶進行認證流程。我們相信在未來幾週內即可獲得接受。這項加速的認證應可讓我們今年將產品組合轉向更高毛利的組合，並在2027年某個時間達到規劃的最佳化組合：45%罐用板、35%汽車用、20%工業用。

The hot side is fully operational now and has demonstrated the ability to run at full rated capacity. The last of 4 preheat furnaces will be in service at the end of the second quarter, and we have successfully rolled 3,000, 5,000, and 6,000 alloys. Two of our three cold mills are now ramping operations and producing prime product. The third cold mill is expected to begin producing in the third quarter. The cold reversing mill, in particular, is successfully producing shippable 303 or 3003, 5052, and 3104 products.

熱端目前已全面運轉，並已展現可在額定滿載產能下運行的能力。四座預熱爐中的最後一座將於第二季末投入使用，我們也已成功軋製3,000、5,000與6,000系列合金。我們三座冷軋機中的兩座目前正逐步提升產能並生產一級品（prime product）。第三座冷軋機預計於第三季開始生產。其中，冷軋可逆式軋機特別成功，已能生產可出貨的303或3003、5052與3104產品。

The first of two automotive continuous annealing solution heat treat lines or cash line is now operational and producing material for qualification for automotive customers. The team has brought that particular line on an absolute record speed. And it truly is testimony to the team we have there. And we believe we should receive qualification from several customers in the coming weeks.

兩條汽車用連續退火固溶熱處理線（cash line）中的第一條目前已投入運轉，並正在生產供汽車客戶認證的材料。團隊以破紀錄的速度讓該產線投產。這確實是對我們當地團隊的最佳證明。我們相信在未來幾週內，將可獲得多家客戶的認證。

The second cash line is expected to begin commissioning in the third quarter. The team is incredibly excited with the earlier-than-anticipated product certifications. And again, it is a testament to the incredible talent we have been able to embed throughout the facility. There's great energy and great momentum. We're extremely excited by the physical production and quality capability of the mill today, especially this earlier in the start-up, and we're focused on achieving operational and quality consistency. We continue to believe we'll be exiting 2026 at a monthly rate of 90% capacity.

第二條cash line預計於第三季開始試車。團隊對於早於預期取得的產品認證感到非常振奮。同樣地，這也證明了我們能在整個廠區導入的卓越人才。現場充滿活力與動能。我們對於目前軋機的實體產能與品質能力感到非常興奮，尤其是在啟動初期就能達到這樣的水準；我們也專注於達成營運與品質的一致性。我們仍然相信，2026年結束時我們的月度產能利用率將達到90%。

So as we continue to be 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. The earnings growth of our most recent projects is compelling. The capital funding for Sinton, the 4 value-add lines and aluminum dynamics is basically complete, but the projected future through-cycle EBITDA contribution of $1.4 billion a year.

因此，當我們持續對目前與未來的成長計畫充滿熱情之際，這些計畫也將持續推動我們多年來一貫展現的高報酬成長動能。我們近期專案的獲利成長相當引人注目。Sinton、四條高附加價值產線以及Aluminum Dynamics的資本資金投入基本已完成，但預估未來在景氣循環期間的EBITDA貢獻可達每年14億美元。

I'm excited as our teams, customers, investors recognize the power and consistency of our strong cash generation, combined with our disciplined high-return capital allocation strategy. It is our belief that the steel industry has undergone a paradigm shift in recent years, supported by the pervasive sensing that will provide a level playing field through continued and appropriate trade mechanisms.

我感到振奮，因為我們的團隊、客戶與投資人都認可我們強勁現金創造能力的力量與一致性，並結合我們紀律嚴明、以高報酬為導向的資本配置策略。我們相信，鋼鐵產業近年來已發生典範轉移，而這也受到普遍共識的支持：透過持續且適當的貿易機制，將能提供公平競爭的環境。

Fixed asset investment will continue to grow, which directly correlates with increased metal products demand. And reshoring and manufacturing continues to increase. And along with AI and cloud computing, will support nonresidential construction, further strengthening what is an already robust long products market.

固定資產投資將持續成長，這與金屬製品需求增加直接相關。而製造業回流與製造活動也持續增加。再加上 AI 與雲端運算，將支撐非住宅建築，進一步強化本已強勁的長材市場。

In decarbonization, itself will materially steepen the global cost curve, providing steel dynamics with a huge competitive advantage to gain market share and increase metal spreads. Our highly value-added product capabilities provide us with a very unique advantage to leverage this evolving business environment and amplify our relative earnings capability.

在去碳化方面，本身將實質推升全球成本曲線的斜率，為鋼鐵產業動態帶來巨大的競爭優勢，以取得市占並擴大金屬價差。我們高度加值的產品能力，為我們提供非常獨特的優勢，得以運用這個演變中的商業環境，並放大我們相對的獲利能力。

So in closing, I've said it a million times, I think they never tire of saying it that our people and our foundation -- or foundation. I think -- thank you to them for their passion and dedication. We're committed to them. And I remind those listening today that safety for yourselves, your families and each other is the highest priority. And we're 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 in creating new solutions to enhance the value proposition.

所以在結語時，我已說過無數次，我想大家也永遠不厭其煩地說：我們的人才與我們的基礎——或說基石。我想——感謝他們的熱情與投入。我們對他們有承諾。我也提醒今天收聽的各位，對你們自己、你們的家人以及彼此而言，安全是最高優先事項。此外，若不感謝我們忠誠的客戶，我們就失職了，其中許多人自我們創立以來便一路支持我們。這些夥伴關係建立在信任之上：我們說到做到，並創造新的解決方案以提升價值主張。

Our new aluminum partners are experiencing the same. And also to our suppliers and service providers who we value and trust and work with each and every day. Thank you. So we look forward to creating new opportunities for all of us today and in the years ahead. So thank you, and we'll take questions now.

我們新的鋁業合作夥伴也有同樣的感受。也要感謝我們的供應商與服務提供者，我們重視並信任他們，且每天都與他們合作。謝謝。因此，我們期待在今天以及未來多年，為我們所有人創造新的機會。謝謝，現在我們開始提問。

(Operator Instructions) Albert Realini, Jefferies.

(接線員指示) Albert Realini，Jefferies。

So on aluminum, obviously, a lot of external moving parts impacting fundamentals here. So one, maybe if you could just talk through some of the impacts you expect to see on the business going forward from the recent change in tariff policy?

關於鋁業務，顯然有許多外部變動因素正在影響基本面。第一，能否請你談談近期關稅政策變動，預期將對未來業務帶來哪些影響？

And then I believe last quarter, you kind of briefly touched on mark-to-market margins being higher than what was used in calculating the guided through-cycle EBITDA number for the business. So obviously, since that point, we've had some significant global supply impact, so just wondering if you could provide any further color in terms of how much potential upside to those numbers you see at spot prices or margins.

另外，我記得上季你們曾簡要提到，按市價評價（mark-to-market）的利潤率高於用來計算該業務「穿越景氣循環」EBITDA 指引的假設。而自那之後，全球供給面出現了顯著影響，因此想請問你是否能提供更多說明：在現貨價格或利潤率水準下，你看到那些數字可能有多少上行空間？

Well, at -- I'm not so sure our crystal ball is any clearer than yours for into the future. Obviously, the market today is absolutely phenomenal from a standpoint of entering a new facility. So qualifying our products quicker has been a very fortuitous thing. Margins today are obviously very, very strong, which is helping a start-up ramp. I guess, from the performance to date, looking at the yields, the efficiencies, et cetera, et cetera. Again, we're just we would say we're confident -- more than confident that with the $650 million, $700 million of EBITDA per year. And we can't see any downside in the future.

嗯——我不確定我們對未來的水晶球是否比你更清楚。顯然，就進入一座新廠的角度來看，當前市場表現非常出色。因此，我們能更快完成產品認證是一件非常幸運的事。目前利潤率顯然非常、非常強勁，這也有助於新廠的爬坡。我想，就目前的表現來看，包含良率、效率等等。再說一次，我們只能說我們有信心——甚至不只是有信心——每年可達 6.5 億到 7 億美元的 EBITDA。而且我們看不到未來有任何下行風險。

Yes. You're spot on. The spreads that we use from a profitability standpoint, just market related for each of the product sets are significantly lower than the spreads that are available today. And right now, I think what we'd like to do is get continue to have the teams perform incredibly well, but there's a significant difference and a significant benefit that would inure to us in today's spread environment that we think does have more of a structural shift. So in the coming months, what we'd like to do is actually probably discuss what through cycle is. We think just like the steel industry went through a structural change in what that might look like the aluminum industry as well, so I would just say more to come on that.

是的。你說得很準。我們在獲利能力評估上所使用、也就是各產品組合對應的市場價差，明顯低於目前市場可取得的價差。而在當前的價差環境下，我們認為存在顯著差異與顯著利益可歸於我們，且我們認為這更像是一種結構性轉變。因此，在接下來幾個月，我們希望實際上可能會討論「穿越景氣循環」到底應該如何定義。我們認為，就像鋼鐵產業在結構上已發生變化一樣，鋁產業也可能如此，所以我只能說後續還會有更多更新。

Carlos De Alba, Morgan Stanley.

Carlos De Alba，Morgan Stanley。

Just staying on with the aluminum business, congrats on the ramp-up. I just wanted to maybe get a little bit more color on the issues that you faced in the past quarter and related also to the inventory write-off that you had. Was that due to quality issues or maybe just more color in general on what happened in the business? And what makes you feel comfortable that you have basically put those behind and we continue to ramp up the volumes?

延續鋁業務的話題，恭喜你們順利爬坡。我想再多了解一些你們上季遇到的問題，以及與你們提列的存貨沖銷相關的情況。那是因為品質問題，還是能否更一般性地說明一下當時業務發生了什麼？以及是什麼讓你們有信心，基本上已經把那些問題拋在腦後，並能持續提升出貨量？

Thank you, Carlos. Essentially, it was principally limited to the January, leaked a little bit into February. It was -- you're right, it was a quality issue. It was a stain on the product issue. Should have caught it, should have seen it, but it's been resolved.

謝謝你，Carlos。基本上，主要侷限在一月，並稍微延續到二月。沒錯，是品質問題。是產品有污漬的問題。我們本該抓到、本該看出來，但現在已經解決了。

It wasn't an equipment issue, Carlos. It was a practice issue.

那不是設備問題，Carlos。是作業做法（流程/操作）上的問題。

Got it. Okay. And maybe if I may add, any views on how you might ramp up the volumes? Clearly, as you just mentioned, current prices are significantly above what everyone expected. So the more you can produce and sell out the better. So any color on that that would be great.

了解。好的。如果我可以再補充問一下，對於你們將如何提升出貨量，有沒有什麼看法？很明顯，如你剛才提到的，目前價格遠高於大家原先預期。所以你們能生產並賣出越多越好。若能就此提供一些說明就太好了。

Well, just as a ramp in Q4, we were around 14,000 tons. I think, of shipments, give or take a little bit. Q1, you saw it's around 22,000. We're expecting the exception of any unexpected just to qualify, unexpected disruptions, we should be around, we think, 60,000 tons to 70,000 tons in the second quarter. We have -- obviously, the cold reversal mill was running pretty well in the first quarter, but we have the full addition of the first tandem mill and that should change things dramatically down there.

嗯，就像在第四季爬坡時，我們大約是 14,000 噸。我想出貨量大概在那個水準，上下略有差異。第一季你看到大約是 22,000 噸。我們預期，除非出現任何意外——也就是認證方面或其他突發的干擾——第二季我們應該會在 60,000 到 70,000 噸左右。我們——顯然，第一季冷軋可逆式軋機運轉得相當不錯，但我們也會把第一座連續式軋機（tandem mill）完整納入運作，這將在那邊帶來顯著改變。

And I think to speak to the quality, just to reemphasize that a majority of what we actually produced or shipped, I should say, more accurately in the first quarter and will be in the second quarter as well as can sheet, so it's high-quality material.

我想就品質再補充強調一下：我們第一季實際生產或更精確地說出貨的大多數，以及第二季也會是罐用鋁板（can sheet），因此是高品質材料。

Timna Tanners, Wells Fargo.

Timna Tanners，Wells Fargo。

I wanted to see if you could provide a little more color about your mix. I know with the coated lines ramping up? How is that progressing? I don't -- I didn't hear the breakout. I don't know if you still provide that.

我想看看你是否能就你們的產品組合提供更多說明。我知道隨著塗鍍線（coated lines）在爬坡？目前進展如何？我——我沒有聽到細分數據。我不確定你們是否仍會提供那個拆分。

If so, that would be helpful. And if I could, a second question, just I know a lot of interest in what you're thinking about in terms of uses of cash with the strong free cash flow outlook, the fall in CapEx. So if you could provide some more color on that would be great.

如果是的話，那會很有幫助。另外如果可以的話，我還有第二個問題。我知道大家對於在強勁自由現金流展望、資本支出下滑的情況下，你們對現金用途的想法很感興趣。所以如果你能就此提供更多說明就太好了。

Excellent. I'm sorry, I was -- so I think you're specifically looking for the flat-rolled shipments and the first quarter flat-rolled shipments for hot band was 1,017,000 tons. Hot rolls was 151,000 tons, and coated was 1,530,000 tons. And the four new value-added lines are actually operating incredibly well, Barry, percentage basis, do you have it?

很好。抱歉，我剛剛——所以我想你特別想了解平軋出貨量；第一季平軋出貨量方面，熱軋帶鋼是 1,017,000 噸。熱軋卷是 151,000 噸，塗鍍產品是 1,530,000 噸。另外，四條新的高附加價值產線實際上運轉得非常好，Barry，以百分比來看，你那邊有數字嗎？

They're operating at full capacity right now and the markets that they service are the markets that were the most impacted by the core cases. So we are enjoying high-quality production and making our customers happier and making sure that we have the right stuff in all of our mixes like we normally do.

它們目前是滿載運轉，而它們所服務的市場正是受核心案件影響最嚴重的市場。因此我們正享受高品質的生產，讓客戶更滿意，並確保我們在各種產品組合中都有合適的產品，就像我們一貫的做法。

And from a capital allocation perspective, we are focused on consistently doing what we've been doing, which we think has been really successful. So it's growing the business as our priority and then complementing that with a progressively positive dividend profile, which is complemented by the share repurchase program, which we're still engaging in. And I know we did take a bit of a pause in the first quarter related to the working capital growth that we saw coming both for the new operations that we have, but also just because we've had increased pricing across the business. But -- so you should continue to expect to see the same.

從資本配置的角度來看，我們專注於持續做我們一直在做、且我們認為非常成功的事情。也就是以成長業務為優先，並以逐步更正向的股利政策作為補充，同時搭配我們仍在進行的庫藏股回購計畫。我知道我們在第一季確實稍微暫停了一下，原因是我們看到營運資金成長——一方面來自我們的新營運據點，另一方面也因為整體業務的價格上升。但——所以你們應該會繼續看到相同的做法。

Martin Englert, Seaport Research Partners.

Martin Englert，Seaport Research Partners。

I had a question on unit conversion costs. If you could just qualitatively touch on some of the positive negative factors quarter-on-quarter, what moved higher, what moved lower? And curious if energy was any meaningful influence on the quarter.

我有一個關於單位轉換成本的問題。你能否就一些正負面因素在季度間的變化做定性說明：哪些上升、哪些下降？另外也想了解能源是否對本季有任何顯著影響。

Martin, this is Barry. We didn't see any huge increases. We have seen some structural increases in things like paint. But as far as energy goes, there was a small boost here and there, but not to a level that we're concerned about. Despite what's happening around the world, we have very good relationships, and we're very efficient with our energy. So our teams respond when there are immediate upsets in energy, but we're able to continue running at very high rates of production. And otherwise, it's not a major concern for what we've seen so far.

Martin，我是 Barry。我們沒有看到任何大幅上升。我們確實看到像油漆這類項目有一些結構性上漲。但就能源而言，這裡那裡有些小幅增加，但不到讓我們擔心的程度。儘管全球局勢如此，我們有非常好的合作關係，而且我們在能源使用上非常有效率。所以當能源出現即時波動時，我們的團隊會迅速應對，但我們仍能以非常高的產能持續運轉。除此之外，就目前所見，這不是主要的疑慮。

To Barry's point, Martin, there's nothing to point out, except remember that product mix really does have a pretty significant impact when you're viewing it from the outside in. And structural -- or long steel products just generally have higher conversion costs. So as they continue to have really robust shipments and volumes because of demand that does look from the outside in, like our conversion costs are a bit higher.

補充 Barry 的觀點，Martin，沒有特別需要指出的，除了要記得，從外部來看，產品組合確實會帶來相當顯著的影響。而結構——或長材產品——一般而言轉換成本就是比較高。因此，隨著長材因需求而持續有非常強勁的出貨與量，從外部看起來就會像是我們的轉換成本略高一些。

Tristan Gresser, BNP Paribas.

Tristan Gresser，法國巴黎銀行（BNP Paribas）。

The question I have is on pricing. I just wanted to have your view on the market at the moment. I mean, if we look at a chart with historical steel prices in the US, I mean, up cycles have always been very brutal, big swings in prices. And this time, it's been very different, very gradual price increases almost on a weekly basis, so like to view how do you explain that?

我的問題是關於定價。我想了解你們對目前市場的看法。我的意思是，如果我們看一張美國鋼價的歷史圖表，上行周期一向都非常劇烈，價格波動很大。但這一次非常不同，價格幾乎是以每週為單位逐步上升、相當平緩，所以想請問你如何解釋這種情況？

And most importantly, is that improving? You think the sustainability of the current rally -- how do you view the supply and demand at the moment for flat rolled? And any risk of imports picking up in the coming months and disrupt a bit the balance?

更重要的是，這種情況有在改善嗎？你如何看待這波漲勢的可持續性——目前平軋的供需狀況如何？未來幾個月進口是否有回升、並在某種程度上打亂平衡的風險？

Tristan, when we look at the flat roll markets, we're seeing our customers have more confidence. And certainly, the tariff world we've delivered in the last two years is that impacts. But I think more importantly, a lot of our customers have seen the supply chains are very important, so when we have discussions with our customers, our supply chain position being so local to many of the businesses and having diverse products.

Tristan，當我們看平軋市場時，我們看到客戶更有信心。當然，過去兩年我們所處的關稅環境確實帶來影響。但我認為更重要的是，許多客戶已經意識到供應鏈非常重要；因此當我們與客戶討論時，我們的供應鏈位置對許多企業而言非常在地化，且產品多元。

It allows us to engage with them on a longer-term frame than just what we see in a quarter or perhaps half a year. So we do have confidence that this market is strong. It's demand-driven. We do feel like the pricing has been responsive as capacity has gotten closer, ramped up across the industry.

這讓我們能以更長期的視角與他們合作，而不只是看單一季度或可能半年的情況。因此我們對這個市場強勁是有信心的。這是需求驅動的。我們確實覺得，隨著全產業產能更接近、並逐步爬升，價格也做出了相應反應。

Getting imports that are unfairly dumped in this contract -- into this country were very significant. Those are so disruptive and there are subsequent cases that have been filed regarding circumvention. All the steel tons that are at sea have to find a home. And when you have a global interruption like we have right now, I'm very happy that we have 232 protections. The executive orders early in April that helped to further define both steel products, aluminum products as well as derivative products is very helpful, because that encompasses the entire supply chain.

過去有大量不公平傾銷的進口——在這份合約——進入這個國家，影響非常大。那種情況非常具破壞性，而後續也已就規避行為提出相關案件。所有在海上的鋼材噸數都必須找到去處。當你遇到像我們現在這樣的全球性中斷時，我非常慶幸我們有 232 條款的保護。四月初的行政命令進一步界定了鋼鐵產品、鋁產品以及衍生產品，這非常有幫助，因為它涵蓋了整個供應鏈。

So I think we are feeling the results right now of our businesses in America picking up and the supply chain excellence that we have is really taking hold. So I feel like we have a good position and we're strong, and we're super excited about long products. There's so many big projects out there that engineering and ownership of those projects is getting involved early with our long products team.

所以我認為，我們現在正感受到美國業務回升的成果，而我們的供應鏈卓越能力也確實正在發揮作用。因此我覺得我們的定位很好、實力很強，而且我們對長材產品非常興奮。外面有很多大型專案，這些專案的工程端與業主方都很早就與我們的長材團隊接觸。

We continue to market our long products and our fabrication teams together. That allows us to establish positions with these projects, whether it's pharmaceuticals or electric vehicle production or energy we have solutions that help them. So it's a robust market we're in. And we hope globally, things calm down a little bit. Other than that, we're doing our best to make our customers happy.

我們持續把長材產品與我們的加工製造團隊一起推向市場。這讓我們能在這些專案中建立有利位置；不論是製藥、電動車生產或能源領域，我們都有能協助他們的解決方案。所以我們所處的是一個強勁的市場。我們也希望全球情勢能稍微平靜一些。除此之外，我們會盡最大努力讓客戶滿意。

Katja Jancic.

Katja Jancic。

Maybe on the pig iron side, the prices are moving higher, can you remind us how much of pig iron do you currently import? And are there any potential mitigating factors you're looking at taking?

也許談談生鐵方面，價格正在走高；你能提醒我們目前你們進口的生鐵大約有多少嗎？以及你們是否在考慮採取任何可能的緩解措施？

Katja, I'll give you a brief overview. We only use pig iron at our flat rolled mills. Our Butler mill has its own technology for making liquid iron that takes care of about 90% of Butler's needs. Those -- that liquid iron is actually produced from recycled iron oxide products. So it's also a very sustainable product.

Katja，我先給你一個簡要概述。我們只在平軋廠使用生鐵。我們的 Butler 廠有自有技術可生產液態鐵，可滿足 Butler 約 90% 的需求。那些——那種液態鐵實際上是由回收的氧化鐵產品製成。因此它也是一種非常具永續性的產品。

So when we look at the Columbus mill and Sinton mill, that's our primary users of pig iron. And we will use anywhere between 12% and 22%, and we do that based on what the qualities required and the productivities required for those products. So what we do to mitigate that is really found through our relationships with -- our scrap provider. We have incredible connection between the scrap and the steel side. So the scrap is continually cleaning the Shred 1 product, we call it, so that we know exactly what we're going to get in the melting furnace when we want it.

因此，當我們看哥倫布廠與辛頓廠時，它們是我們生鐵的主要使用者。我們的使用比例大約介於 12% 到 22% 之間，並會依據這些產品所需的品質與生產效率來決定。因此，我們用來降低這方面影響的方法，主要是透過我們與——我們廢鋼供應商——的合作關係。我們在廢鋼端與鋼鐵端之間有非常緊密的連結。因此，廢鋼端會持續把我們稱為 Shred 1 的產品做清潔處理，讓我們在需要時，能確切知道在熔煉爐裡會得到什麼。

That's a big part of being able to capture value in that supply chain. So what we do to mitigate it is we put very clean shredded product, very clean busheling intentional when we need it. We use pig or to supplement that. So we look at the cost every day and the availability. So we've been very good at buying.

這是能在該供應鏈中捕捉價值的一大關鍵。因此，我們為了降低影響所做的，就是在需要時投放非常乾淨的碎料產品、非常乾淨的 busheling（沖壓邊料）。我們也會用生鐵來補充。所以我們每天都會看成本與供應可得性。因此，我們在採購方面一直做得很好。

I think we keep good position to pig iron. We're aware of the working capital. So we also don't just binge on it for sure. But I'm really proud of what the teams do between Omni on the scrap side and what our melt shops do. We've got a great iron team in the middle that helps coordinate that.

我認為我們在生鐵方面維持了良好的部位。我們也留意營運資金。所以我們當然也不會一味地大量囤貨。但我真的為團隊感到自豪——廢鋼端的 Omni 團隊與我們熔煉車間的表現。我們中間還有一支很棒的鐵料團隊協助協調。

So it's really a benefit of having our team so closely connected and free to make those decisions quickly. So it's real. Prices go up, but we continue to find better ways to minimize it and better ways to let our team do what they do best.

因此，讓我們的團隊如此緊密連結、並能快速做決策，確實是一項優勢。所以這是真實存在的。價格會上漲，但我們持續找到更好的方式把影響降到最低，也持續找到更好的方式讓團隊做他們最擅長的事。

Samuel McKinney, KeyBanc.

Samuel McKinney，KeyBanc。

I think I'll ask a birthday question for Barry after he called out the solid results in structural and rail, put up the best quarterly shipment number in a couple of years. And you guys noted demand there remains very strong. Maybe dig a little deeper into what's driving the uptick in activity there and how the '26 contracts shook out versus last year?

我想在 Barry 提到結構鋼與鋼軌的亮眼成果、並創下兩年來最佳單季出貨量之後，問一個「生日問題」。你們也提到那邊的需求仍然非常強勁。能否再深入談談，究竟是什麼在推動那邊活動量的上升？以及相較去年，'26 年合約的結果如何？

Well, on the long product side, I think the team, even after all the years, our incentive-based system drives our people to make better things and more of them. And that team has just been very efficient in putting together sequencing last month. The melt shop -- cash was 200,000 tons, which is a difficult achievement and a long product's bill because of the different sections they cast. So the efficiency of operations helps them put the right backlog on the ground, put the right inventory in place. But I can't say enough about how the sales team through the Long Products group is working together to make sure that Roanoke, Steel of West Virginia and Columbia City are all equally represented to customers so that we can get the best positions to make what they need.

嗯，在長材這一端，我認為團隊即使經過這麼多年，我們以激勵為基礎的制度仍驅動大家做出更好的產品、也做出更多。而那個團隊在上個月把排程（sequencing）整合得非常有效率。熔煉車間——現金（cash）是 20 萬噸，這是一項很難達成的成就，對長材廠而言尤其如此，因為他們鑄造的斷面種類不同。因此，營運效率幫助他們把正確的訂單積壓（backlog）落地、把正確的庫存配置到位。但我怎麼稱讚都不為過：長材事業群的銷售團隊彼此協作，確保 Roanoke、Steel of West Virginia 與 Columbia City 都能同等地向客戶呈現，讓我們能取得最佳位置來生產客戶所需的產品。

So I think the optimization is really a part of just the ongoing challenge our mills operate with, with incentive. And there's been a shock to the railroad rail system over the last year. We were able to also increase some of those products with our customer base to help alleviate some other supply side problems that existed in rail, continues to be a good part of our product offering. And we also -- our SBQ mill with increased sales and relationships through the automotive, energy and other forging customers has also been purchasing from Columbia City. So we were able to work all the long products very efficiently together that allows.

所以我認為，最佳化確實是我們工廠在激勵制度下持續面對的挑戰之一。而過去一年鐵路鋼軌系統也出現了一些衝擊。我們也能在既有客戶基礎上增加部分產品供應，以協助緩解鋼軌端其他供給面的問題；鋼軌仍是我們產品組合中很重要的一部分。另外——我們的 SBQ 廠透過汽車、能源及其他鍛造客戶的銷售成長與關係深化，也一直向 Columbia City 採購。因此，我們得以非常有效率地把所有長材業務協同運作，從而達成。

And I tell the guys good decisions you made two, three years ago, you get to enjoy today. So they continue to make tough decisions to have to so that we can run better when we have a market in front of us. So we're excited about what we see. We don't see it slowing down. And we're happy to be engaging the projects early in the process. That helps with spec-ing and laying out the best solution through the fabricating networks.

我也跟大家說，你們兩三年前做的好決策，今天就能享受成果。所以他們持續做出必須做的艱難決策，讓我們在市場出現時能運轉得更好。因此，我們對所看到的情況感到振奮。我們不認為它會放緩。而且我們很高興能在專案流程早期就介入。這有助於規格制定（spec-ing），並透過加工（fabricating）網路規劃出最佳解決方案。

Lawson Winder, Bank of America.

Lawson Winder，美國銀行（Bank of America）。

Steel Dynamics, look, like you guys have never been one to pass up on an opportunity for growth or expansion. And I was just thinking, your prior discussion there of long products and all the opportunity there. I mean can you make a compelling case today for a material expansion in that long products market?

Steel Dynamics，你們看起來從來不是會錯過成長或擴張機會的公司。我剛才在想，你們先前談到長材以及那裡的各種機會。我的意思是，你們今天能否提出一個有說服力的理由，來支持在長材市場進行一項具實質規模的擴產？

And I'm going to try and tap on a second sort of related question, which is -- and I brought it up on these calls before, but it's just like the aluminum market rolling market in the US is like, I think, a great opportunity. But today, with the benefit of now being really active in the market, same question. I mean do you see a case for investment by Steel Dynamics into that market as well for new capacity?

我再延伸問第二個相關問題——我以前在這些電話會議上也提過——美國的鋁材軋延市場看起來是一個很好的機會。但今天，基於你們現在已經非常積極參與這個市場，同樣的問題：你們是否也看到 Steel Dynamics 在該市場投資新產能的理由？

But, I think we -- Well, you, I think, know our team perhaps. But it's incredibly inspiring as to the opportunities and the ideas that they bring forth. We've got a pipeline -- a broad pipeline of strategic opportunities, greenfield growth for sure across all the spaces. It's aluminum dynamics for sure has opportunity. We see an industry that was a little bit like the steel industry 30-plus years ago that they haven't been able to earn the cost of capital consistently and reinvest in their facilities and grow.

不過，我想我們——嗯，你可能也了解我們的團隊。他們提出的機會與想法非常令人振奮。我們有一條管線——一條廣泛的策略機會管線，當然也包含在各個領域的綠地（greenfield）成長。就 Aluminum Dynamics 而言，確實有機會。我們看到一個產業有點像 30 多年前的鋼鐵業：他們一直無法穩定賺到資本成本，因而無法持續再投資其設施並成長。

We would like to take advantage of that. And so there are products, for sure, certain product lines that we feel we could invest in long term. And obviously, there's a massive deficit -- supply deficit there, which will continue to grow. So we do see tremendous opportunity in aluminum. But at the same time, we're a steel company, and the steel guys have got their own innovative projects. So we're assessing them. And as we see fit, we will invest accordingly.

我們希望能把握這一點。因此，確實有一些產品——某些產品線——我們認為可以做長期投資。而且很明顯地，那裡存在巨大的缺口——供給缺口——而且會持續擴大。所以我們確實看到鋁材的巨大機會。但同時，我們是一家鋼鐵公司，鋼鐵團隊也有他們自己的創新專案。所以我們正在評估。並且在我們認為合適時，會相應地進行投資。

Bill Peterson, JPMorgan.

Bill Peterson，摩根大通（JPMorgan）。

This is Bennett on for Bill. I wanted to ask about steel substitution, mid-to-updated aluminum price environment. I mean over the past few weeks, you've heard from companies both sectors actually that this may be starting to unfold. And given that Steel Dynamics not uniquely sits on both sides of the fence, are you hearing about this from your customers? Are you seeing any evidence of it to date?

我是 Bennett，代 Bill 提問。我想問關於鋼材替代（steel substitution），在鋁價處於中到偏高的環境下。我的意思是，過去幾週你已經聽到兩個產業的公司都在談，這可能開始發生。而鑑於 Steel Dynamics 並非唯一、但確實同時站在兩邊，你們有從客戶那裡聽到這件事嗎？到目前為止，你們是否看到任何跡象？

Well, the good thing there is we do have that optionality and can take advantage of whatever direction the market may go. We have not seen or heard of any substantial substitution, to be honest, Ben. And I don't believe you're going to see it. The investments that the automotive companies have made in their production facilities is massive.

嗯，這方面的好處是我們確實有那種選擇權（optionality），可以利用市場可能走向的任何方向。老實說，Ben，我們尚未看到或聽到任何實質性的替代。而且我不認為你會看到。汽車公司在其生產設施上的投資規模非常龐大。

And you don't change that overnight. The pricing environment that we see today will change for sure and will revert to a more normalized level at some point, albeit at a high level and a very good opportunity for us for Steel Dynamics.

而且你不可能一夜之間就改變這一點。我們今天所看到的定價環境肯定會改變，並且在某個時點會回歸到較為正常化的水準，儘管仍將維持在高位；對我們 Steel Dynamics 而言，這將是一個非常好的機會。

I think even counter to the idea of substitution, there's just been recent announcements from a major automotive producer where they're adding additional aluminum in the auto bodies in the Midwest. And so there will be increasing demand from that perspective. So I think that further supports the idea of lack of substitution.

我認為即便與替代的想法相反，最近也有一家主要汽車製造商宣布，他們在中西部的車身將增加使用更多鋁材。因此，從這個角度來看需求將會增加。所以我認為這進一步支持了「替代性不足」的觀點。

Tristan Gresser, BNP Paribas.

Tristan Gresser，法國巴黎銀行（BNP Paribas）。

Just two quick ones. Was the I know you mentioned in December that the plant was -- the aluminum plant was EBITDA positive. I was wondering if you could share some information about March, if the plant was EBITDA positive in March already? And just regarding BlueScope, what is the situation at the moment? Or still discussion ongoing? What can you tell us? Yes, that would be it.

兩個很快的問題。我知道你在 12 月提到該工廠——鋁廠——EBITDA 已轉正。我想請問你能否分享一下 3 月的情況，該工廠在 3 月是否已經 EBITDA 轉正？另外關於 BlueScope，目前情況如何？還是在持續討論中嗎？你能告訴我們什麼？是的，就這些。

Thanks, Tristan. From an aluminum perspective, the plant was not on a full-quarter basis, EBITDA positive, but it was basically breakeven combined February and March because we had that pause in January that made it difficult, as they're doing an incredible job now with full expectations for the remainder of the year to be very positive from an EBITDA perspective. Mark, do you want to handle the BlueScope question?

謝謝你，Tristan。就鋁業務而言，該工廠在整個季度的基礎上並未達到 EBITDA 轉正，但 2 月與 3 月合計基本打平，因為 1 月我們有一次暫停，讓情況變得比較困難；不過他們現在做得非常出色，並且對今年剩餘時間的 EBITDA 表現抱持完全的正面預期。Mark，你要不要回答 BlueScope 的問題？

Yes. I think obviously, we never talk with any great specificity as to what we're doing from a strategic standpoint. But suffice it to say, we have a -- an incredibly strong partnership with Ryan Stokes and the SGH organization. And as you know, we presented what we consider a best and final sort of joint offer. And it's our belief it was absolutely full and fair, and that was back in February. As you have seen, that best and final offer was summarily rejected and there has been no constructive engagement by the company --

好的。我想很明顯地，我們從策略角度在做什麼，從來不會談得非常具體。但可以這麼說，我們與 Ryan Stokes 以及 SGH 團隊有著——非常強大的合作夥伴關係。而且如你所知，我們提出了我們認為是最佳且最終的某種聯合報價。我們相信那份報價絕對完整且公平，而那是在 2 月提出的。如你所見，該最佳且最終報價被直接拒絕，而公司方面也沒有任何具建設性的互動--

Timna Tanners, Wells Fargo.

Timna Tanners，富國銀行（Wells Fargo）。

I was going to also ask about BlueScope and since you just addressed it, I guess I'll try another angle. But I think it'd be interesting to hear how you think about downstream versus steel growth versus maybe organic projects? And in the way past a long time ago, there was talk of a new plate mill plate is really strong. Teams, I here, are sold out. I think maybe are there other expansion opportunities there, or are you thinking about kind of more of a downstream approach? So just any color on how you're thinking about your growth options generally would be great.

我本來也想問 BlueScope，但既然你剛剛已經回應了，我想我就換個角度。不過我覺得很有意思的是，想聽聽你如何看待下游成長相對於鋼鐵產能成長、以及可能的有機專案？很久以前曾談到新建厚板廠，而厚板市場非常強勁。我聽說團隊都已經滿單。我想也許那邊是否還有其他擴張機會？或者你們是在考慮更偏向下游的做法？所以，若能分享你們整體如何思考成長選項，會很有幫助。

Thank you, Timna. I think, again, our strategic philosophy hasn't changed at all. We pursue and explore all opportunities. I can't remember ever saying there might be interest in plate. Barry, do you an interesting play --

謝謝你，Timna。我想再次強調，我們的策略理念完全沒有改變。我們會追求並探索所有機會。我不記得我曾說過我們可能對厚板有興趣。Barry，你有一個有趣的看法--

Well, the Sinton does address some plate needs. It's part of the reason the technology was chosen, but, yes.

嗯，Sinton 確實能滿足部分厚板需求。這也是選擇該技術的原因之一，但，是的。

Again, with Nucor's entry there, I think that the plate market is well served. I believe our focus will be -- has been and will be sort of downstream, innovative ways to improve and bring value to the supply chain in different products that we're not in today. Again, as you know, we're not in business just to grow to get bigger. We like to continue a focus on sort of value-add differentiating products and supply chains. And the team has a myriad of opportunities that continue to get explored, took a little bit of a hiatus given our CapEx for Sinton and aluminum dynamics. Now, that's behind us. We will continue to explore those opportunities. In aluminum, there is -- it's phenomenal where we could go.

再者，隨著 Nucor 進入該領域，我認為厚板市場已經被充分服務。我相信我們的重點將會——一直以來也將會——偏向下游，以創新方式改善並在供應鏈中帶來價值，切入我們目前尚未涉足的不同產品。同樣地，如你所知，我們做生意不是為了成長而成長、只是為了變大。我們希望持續聚焦於具附加價值、能差異化的產品與供應鏈。團隊有許多機會持續在探索中，只是因為 Sinton 與 Aluminum Dynamics 的資本支出（CapEx），中間稍微暫緩了一下。現在那些都已經過去了。我們會持續探索這些機會。在鋁方面——我們能走的方向非常驚人。

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

問答環節到此結束。我想把電話交回給 Millett 先生，請他做任何結語。

Well, thank you very much. Thank you for those still on the call. Again, those that have supported us in the past and do so today, we will endeavor to do our best to spend your money wisely and continue to have the best shareholder return in the steel business. Our team, again, phenomenal job. It's incredible what you do.

好的，非常感謝。也感謝仍在線上的各位。再次感謝過去支持我們、以及今天仍支持我們的人；我們將竭盡所能，明智地運用各位的資金，並持續在鋼鐵產業中提供最佳的股東報酬。我們的團隊，再次，做得非常出色。你們所做的一切令人難以置信。

You inspire me personally, and just make sure you're safe, look after each other out there. And for those that help us each and every day, both customers and service providers, we can't do it without you either. Thanks for your patience with us. I know we can be tough at times. But we're doing tough challenging things. And together, we will succeed. So thank you, everybody. Appreciate your support. See you next quarter.

你們在個人層面上也激勵著我；也請務必注意安全，在外彼此照應。另外，對於每天協助我們的所有人——包括客戶與服務供應商——沒有你們我們也做不到。感謝你們對我們的耐心。我知道我們有時候可能很難搞。但我們正在做艱難且具挑戰性的事情。而且只要一起努力，我們就會成功。所以謝謝大家。感謝你們的支持。下個季度見。

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

再次提醒各位女士先生，今天的電話會議到此結束。感謝各位的參與，祝各位度過美好且平安的一天。