Steel Dynamics Inc (STLD) 2026 Q2 法說會逐字稿

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

各位好，歡迎參加 Steel Dynamics 2026 年第二季財報電話會議。(接線員指示) 請注意，本通話將於今日 2026 年 7 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'd 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, Matthew. Good morning, and welcome to Steel Dynamics' second-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，Matthew。各位早安，歡迎參加 Steel Dynamics 2026 年第二季財報電話會議。提醒各位，今天的通話將被錄音，並將於稍晚在我們的網站提供重播。

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.

今天與會的有 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。我們資深領導團隊的其他成員也將分別加入本次通話。

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.

我們今天的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」或類似含義的字詞作為開頭。若實際結果與之不同，這些陳述意在受 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、與預期專案報酬相關之估計與假設的使用，以及我們的鋼鐵、金屬、回收、加工製造與鋁業務，並包括一般商業與經濟狀況。

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 Statement and Risk Factors found on the internet at www.sec.gov and, if applicable, in any later SEC Form 10-Q. You will also find any referenced non-GAAP financial measures reconciled to the most directly comparable GAAP measures in the press release issued yesterday entitled Steel Dynamics Reports Second-Quarter 2026 Results.

相關例子已在相關新聞稿中說明，亦載於我們每年向 SEC 提交的 Form 10-K 中「Forward-Looking Statement」與「Risk Factors」章節，可於網路 www.sec.gov 查閱，並視情況亦載於後續的 SEC Form 10-Q。您也可在昨日發布、題為《Steel Dynamics Reports Second-Quarter 2026 Results》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。

And 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, and good morning, everyone. Thanks for joining us this morning for our second-quarter 2026 earnings call.

太好了。謝謝你，David，各位早安。感謝各位今天早上加入我們的 2026 年第二季財報電話會議。

As reported, our teams achieved a strong second-quarter financial and operational performance. The quarter highlights included record quarterly steel shipments of 3.7 million tons, adjusted EBITDA of $921 million, and we achieved meaningful milestones across our Aluminum and Sinton platforms. It's exciting to watch our long-term vision translate into operational success, customer partnerships, and growing value creation.

如同所報告的，我們的團隊在第二季達成強勁的財務與營運表現。本季亮點包括：鋼材季度出貨量創紀錄達 370 萬噸、調整後 EBITDA 為 9.21 億美元，且我們在鋁業與 Sinton 平台上達成多項重要里程碑。看到我們的長期願景轉化為營運成功、客戶夥伴關係，以及持續成長的價值創造，令人振奮。

We have an amazing team of people that achieve best-in-class performances each and every day.

我們擁有一支令人驚嘆的團隊，每一天都能達成同級最佳的表現。

And I'm just simply honored to be one of them.

而我只是很榮幸能成為其中一員。

But sadly, one of our new team members, Elijah Jones from New Process Steel, was fatally injured in an accident that occurred while work was being performed on equipment this past April.

但令人遺憾的是，我們的一位新團隊成員——來自 New Process Steel 的 Elijah Jones——在今年四月進行設備作業時發生事故，不幸身亡。

It is gut-wrenching for everyone to experience such an event, and our prayers and thoughts continue to be with Elijah's family, friends, and teammates.

對每個人而言，經歷這樣的事件都令人心碎，我們的祈禱與思念仍與 Elijah 的家人、朋友與同事同在。

We often say safety is our most important cultural pillar and value. Our world-class safety culture continues to evolve, and our team's unwavering dedication to our Take Control of Safety philosophy must continue to strengthen even further.

我們常說，安全是我們最重要的文化支柱與價值。我們世界級的安全文化持續演進，而團隊對「Take Control of Safety」安全理念的堅定投入，必須持續更進一步強化。

I'm continually inspired by the commitment of our team members demonstrating toward one another.

我不斷被團隊成員彼此之間所展現的承諾所激勵。

They operate as a family, supporting each other while challenging the status quo and striving for continuous improvement every day.

他們像家人一樣運作，彼此支持，同時挑戰現狀，並每天追求持續改善。

We are resolute and committed to achieving a zero incident environment and will not be satisfied until that becomes a reality.

我們堅定且承諾要達成零事故的工作環境，在那成為現實之前，我們不會滿足。

But before I continue, I'd like Theresa and Barry to both add color to the quarter's results. So Theresa.

不過在我繼續之前，我想請 Theresa 與 Barry 也為本季結果補充一些說明。那麼 Theresa。

Thank you, Mark.

謝謝你，Mark。

Good morning, everyone.

各位早安。

Thank you for joining us this morning.

感謝各位今天早上加入我們。

For the second quarter of 2026, our net income was $534 million or $3.69 per diluted share with adjusted EBITDA of $921 million.

2026 年第二季，我們的淨利為 5.34 億美元，或稀釋後每股 3.69 美元；調整後 EBITDA 為 9.21 億美元。

Second-quarter 2026 revenues were $6.1 billion and operating income was $700 million, higher than sequential first-quarter results, driven by higher realized steel pricing and record steel shipments.

2026 年第二季營收為 61 億美元，營業利益為 7.00 億美元，較第一季的連續季度結果更高，主要受惠於實現鋼價上升以及鋼材出貨量創紀錄。

Our steel operations generated operating income of $721 million in the second quarter, a 30% sequential increase, as average selling prices per ton increased $105.

我們的鋼鐵營運在第二季創造 7.21 億美元的營業利益，較前一季增加 30%，因每噸平均售價提高 105 美元。

Value-added spreads to hot. Have also improved $70 per ton from the lows experienced in the fourth quarter of 2025.

加值產品相對於熱軋的價差。也較 2025 年第四季的低點改善了每噸 70 美元。

As the largest flat rolled steel coater in North America, this will be especially beneficial moving forward.

作為北美最大的平軋鋼塗鍍商，這在未來將特別有利。

As a reminder, approximately 80% or more of our flat rolled steel business is linked to lagging price contracts, in aggregate generally lagging two months.

提醒各位，我們約 80% 或以上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兩個月。

So the more recent flat rolled steel price increases and further improved value-added product spreads will positively impact our third quarter results.

因此，近期平軋鋼價格上漲以及加值產品價差進一步改善，將對我們第三季的結果帶來正面影響。

Additionally, demand and related pricing for our long-product steel group is especially strong, with demand and pricing continuing an upward trend.

此外，我們長材鋼品事業群的需求及相關定價特別強勁，需求與價格持續呈現上升趨勢。

Second quarter 2026 operating income from our metals recycling platform was $48 million, in line with sequential earnings as increased shipments offset lower steel metal spread. Scrap flows also remain seasonally strong with ample supply.

2026 年第二季，我們金屬回收平台的營業利益為 4,800 萬美元，與前一季獲利相當，因出貨量增加抵銷了鋼鐵金屬價差下降。廢鋼流入量亦維持季節性強勁，供給充裕。

Our steel fabrication team achieved second quarter operating income of $85 million, aligned with first quarter results of $90 million as increased volume and steady pricing were offset by higher steel raw. Material input costs.

我們鋼構加工製造團隊第二季營業利益為 8,500 萬美元，與第一季 9,000 萬美元相近；出貨量增加與價格穩定，被較高的鋼材原料投入成本所抵銷。

Our fabrication business generally maintains between 10 to 12 weeks of steel inventory, which can tighten margins in a rising steel price environment.

我們的加工製造業務通常維持約 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。

Our steel joist and deck business is experiencing strong demand and order activity. As a result, our order backlog is 45% higher now when compared to this time last year.

我們的鋼桁架與鋼承板業務正經歷強勁需求與接單活動。因此，與去年同期相比，我們目前的訂單積壓量高出 45%。

We are also seeing increasingly constructive price discussions. This trend reflects improving market fundamentals and healthy demand conditions.

我們也看到價格討論愈發正向。此趨勢反映市場基本面改善以及健康的需求狀況。

The aluminum team's execution is amazing. Mark will provide the details later on the call.

鋁事業團隊的執行表現令人驚豔。Mark 稍後會在電話會議中提供細節。

As for the financial impact, second quarter 2026 operating losses associated with the continued start-up and commissioning of our aluminum operations were $33 million.

就財務影響而言，2026 年第二季與我們鋁業務持續啟動與試車相關的營業損失為 3,300 萬美元。

48% improvement over sequential results.

較前一季結果改善 48%。

There was also an additional non-cash impairment charge of $16 million related to the relocation of our second planned recycled class center.

此外，另有一筆 1,600 萬美元的非現金減損費用，與我們第二座規劃中的再生分類中心搬遷相關。

Aluminum flat rolled sheet shipments increased to 53,000 metric tons in the quarter from 22,500 metric tons achieved in the first quarter of this year.

本季鋁平軋板材出貨量增至 53,000 公噸，高於今年第一季的 22,500 公噸。

We expect volumes and profitability from the aluminum rolling mill to increase sharply in the second-half of 2026 and into 2027 as a third coal mill is brought online in the third quarter as start-up costs subside, utilization and yields improve and scrap content increases.

我們預期鋁軋機的出貨量與獲利能力將在 2026 年下半年並延續至 2027 年大幅提升，因第三台冷軋機將於第三季上線；同時啟動成本下降、稼動率與良率改善，且廢料含量提高。

In the second. In this quarter, we generated cash flow from operations of $428 million. Cash was reduced by $225 million due to working capital growth that was primarily associated with increased customer account values as product pricing improved throughout our businesses and aluminum flat rolled sheet sales continue to climb.

在第二。在本季，我們的營運活動產生現金流量為 4.28 億美元。由於營運資金成長，現金減少 2.25 億美元，主要與產品定價在各業務中改善所帶動的客戶帳款金額增加，以及鋁平軋板材銷售持續攀升有關。

Our cash generation is supported by our 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.

我們的現金創造能力受惠於我們具差異化的循環型商業模式與高度可變的低成本結構。截至本季末，我們的流動性為 20 億美元，包括 8.00 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用額度。

During the second quarter, we invested $124 million in capital investments and invested $262 million year-to-date.

在第二季，我們投入了1.24億美元的資本投資，年初至今累計投入2.62億美元。

We believe the second-half of 2026 capital investments will be in the range of between $300 and $350 million.

我們認為2026年下半年的資本投資將落在3億至3.5億美元之間。

In the first half of 2026, we increased our cash dividends and we repurchased $350 million of our common stock.

在2026年上半年，我們提高了現金股利，並回購了3.5億美元的普通股。

$489 million remaining authorized for share repurchases at the end of June.

截至6月底，尚餘4.89億美元的股票回購核准額度。

These actions reflect the strength of our capital foundation and cash flow generation capability and the continued confidence we have in our future.

這些行動反映了我們資本基礎與現金流創造能力的強勁，以及我們對未來持續的信心。

Our capital allocation strategy prioritizes high-return growth opportunities while maintaining a disciplined and balanced approach to shareholder value creation.

我們的資本配置策略以高報酬的成長機會為優先，同時維持紀律且均衡的股東價值創造方式。

Shareholder returns are anchored by a sustainable and growing base dividend, complemented by a flexible share repurchase program that allows us to return additional capital to shareholders when appropriate.

股東報酬以可持續且成長的基本股利為核心，並以具彈性的股票回購計畫作為補充，使我們能在適當時機向股東返還額外資本。

At the same time, we remain committed to preserving our investment-grade credit profile, ensuring the financial strength and. The flexibility needed to support strategic growth initiatives, navigate market cycles and create long-term value for our shareholders.

同時，我們仍致力於維持投資等級的信用評等，確保財務實力與。支持策略性成長計畫、因應市場循環並為股東創造長期價值所需的彈性。

Our free cash flow profile has fundamentally changed over the last five years from an annual average of $540 million between 2011 and 2015 to $2.4 billion for the most recent five-year period.

過去五年，我們的自由現金流概況已發生根本性改變：從2011年至2015年年均5.4億美元，提升至最近五年期間的24億美元。

And there is more to come. Over the past several years, we have invested more than $5 billion in three transformative organic growth initiatives, our Sinton steel mill.

而且未來還會更多。過去幾年，我們在三項具變革性的內生成長計畫上投資超過50億美元，包括我們的Sinton鋼廠。

Value-added coated lines and aluminum flat roll products platform.

高附加價值塗鍍產線以及鋁平軋產品平台。

These investments reflect our disciplined approach to capital allocation and our commitment to growing in markets where we believe we can create sustainable competitive advantages.

這些投資體現了我們在資本配置上的紀律，以及我們致力於在我們相信能建立可持續競爭優勢的市場中成長的承諾。

As these assets continue to ramp and mature, we expect them to generate meaningful earnings and related cash flow.

隨著這些資產持續爬坡並趨於成熟，我們預期它們將帶來可觀的獲利及相關現金流。

Collectively, these projects are estimated to provide over $1.4 billion of through-cycle annual EBITDA capability, representing a significant opportunity to enhance our future growth, profitability and shareholder returns.

整體而言，這些專案估計可提供超過14億美元的穿越景氣循環年度EBITDA能力，代表一項顯著機會，可提升我們未來的成長、獲利能力與股東報酬。

We've established a strong and sustainable capital foundation that enables us to invest in meaningful strategic growth opportunities, consistently return capital to shareholders and maintain the investment-grade financial metrics that underpin our long-term success.

我們已建立強健且可持續的資本基礎，使我們能投資具意義的策略性成長機會、持續向股東返還資本，並維持支撐我們長期成功的投資等級財務指標。

Thank you, Teresa.

謝謝你，Teresa。

Our steel fabrication operations performed well, delivering solid earnings as increased demand and steady realized pricing help offset higher steel input costs. Order activity has been stronger than we have seen in a number of years. The increased demand has been led by several large markets, reducing the risk that any single sector derails the overall positive trajectory.

我們的鋼構加工業務表現良好，在需求增加與已實現價格穩定的帶動下，抵銷了較高的鋼材投入成本，交出穩健獲利。接單活動比我們多年來所見更為強勁。需求成長由數個大型市場帶動，降低了任何單一產業拖累整體正向趨勢的風險。

The Dodge Momentum Index, which generally leads construction spending by a 12 to 18-month window, increased to its highest recent level, up more than 30% year-over-year. The increase was driven by commercial planning, accelerating institutional activity, led by healthcare. The long-range project pipeline appears robust. Supporting that idea, contractor project backlogs also stood at over nine months in May, which is near the highest level in several years.

Dodge Momentum Index（通常領先建築支出約12至18個月）升至近期最高水準，年增逾30%。此增幅主要由商業規劃帶動，機構類活動加速，其中以醫療保健為主。長期專案管線看來相當強勁。為支持此觀點，承包商專案在手訂單在5月也超過9個月，接近數年來的最高水準。

Our steel fabrication order backlog was up over 45% compared to this time last year. We are also beginning to see improved pricing. We continue to have high expectations for the business this year due to positive customer sentiment, quoting activity, continued manufacturing onshoring and public funding for infrastructure and other fixed asset investment programs.

我們的鋼構加工訂單在手量較去年同期增加逾45%。我們也開始看到價格改善。由於客戶情緒正向、報價活動活躍、製造業回流（onshoring）持續，以及公共資金投入基礎建設與其他固定資產投資計畫，我們對今年該業務仍抱持高度期待。

The uplift from this macro environment could be considerable.

此宏觀環境帶來的提振可能相當可觀。

Our steel fabrication platform provides meaningful support for our steel mills, particularly critical in softer demand environments, allowing us to operate at higher through-cycle utilization rates than our peers.

我們的鋼構加工平台為鋼廠提供重要支撐，尤其在需求較疲弱的環境下，使我們能在穿越景氣循環的情況下維持比同業更高的產能利用率。

This also helps mitigate the financial risks associated with lower steel prices.

這也有助於降低鋼價下跌所帶來的財務風險。

Our metals recycling operations performed well during the quarter, benefiting from increased scrap availability and higher shipments as improved weather conditions supported stronger seasonal collection activity.

本季我們的金屬回收業務表現良好，受惠於廢鋼供給增加與出貨量提升；天候改善也支持了更強的季節性回收活動。

We currently expect scrap pricing to stay relatively steady in the coming months.

我們目前預期未來幾個月廢鋼價格將維持相對穩定。

The North American geographic footprint of our metals recycling platform provides a strategic competitive advantage for both our steel mills and our scrap-generating customers. In particularly, our Mexican operations strengthen 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.

我們金屬回收平台在北美的地理布局，為我們的鋼廠與產生廢料的客戶提供策略性的競爭優勢。特別是，我們在墨西哥的營運強化了Columbus與Sinton廠的原料供應地位。同時也為我們平軋鋁投資所需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 supply challenges over time and provide a meaningful advantage and increase recycled content in our aluminum flat roll products, while also expanding our earnings opportunities.

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降低優質鐵系廢鋼（prime ferrous scrap）供應可能面臨的挑戰，並在我們的平軋鋁產品中提高再生料含量、形成顯著優勢，同時也擴大我們的獲利機會。

The steel team delivered a solid core with record shipments of 3.7 million tons.

鋼鐵團隊交出穩健表現，出貨量創下370萬噸的紀錄。

During the second quarter of 2026, the domestic steel industry operated at an estimated production utilization rate of 81%, while our steel mills operated at 90%. We consistently achieved higher utilization due to our value-added product diversification, differentiated customer supply chain solutions, and the support of our internal manufacturing businesses.

在2026年第二季，美國國內鋼鐵產業估計的產能利用率為81%，而我們的鋼廠為90%。由於我們高附加價值產品的多元化、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產能利用率。

Is higher through cycle utilization is a key competitive advantage, supporting our strong and growing cash generation and best-in-class financial metrics.

較高的穿越景氣循環產能利用率是關鍵競爭優勢，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 flat rolled seal markets, conditions are strong as solid demand and lean inventory levels support a tight market environment.

就平軋鋼市場而言，在穩健需求與偏低庫存水位的支撐下，市場環境緊俏、狀況強勁。

Lead times are elevated and customers continue to express optimism.

交期拉長，客戶仍持續表達樂觀。

Within flat roll steel, we're also seeing continued improvement in value-added pricing spreads, which have returned to more normalized levels, benefiting from the impact of the core trade cases successfully resolved last year.

在平軋鋼領域，我們也看到高附加價值產品的價差持續改善，已回到較正常化的水準，受惠於去年成功解決的核心貿易案件所帶來的影響。

Long-product steel markets are also strong, driven by strength in non-residential construction. We believe this strength will continue, especially within structural steel and railroad products. Special bar quality markets are also improving across multiple sectors, including industrial, manufacturing, and energy-related markets.

長材鋼市場同樣強勁，主要由非住宅建築的景氣所帶動。我們認為此強勢將延續，尤其是在結構鋼與鐵路產品方面。特殊棒鋼品質（SBQ）市場也在多個產業同步改善，包括工業、製造與能源相關市場。

Regarding the steel market environment, North American automotive production forecasts for 2026 are to remain in line with prior year. Despite a generally stable production environment, our specific automotive customer base continues to present us opportunities.

就鋼鐵市場環境而言，北美2026年汽車產量預測將與前一年大致持平。儘管整體生產環境普遍穩定，我們特定的汽車客戶基礎仍持續為我們帶來機會。

We have strengthened our position as a supplier of choice for many U.S.-based European and Asian automotive producers, driven in part by our lower carbon content steel offerings and differentiated value-added product capabilities.

我們已強化作為多家以美國為基地的歐洲與亞洲車廠之首選供應商地位，部分原因在於我們提供較低碳含量的鋼材，以及差異化的高附加價值產品能力。

I already mentioned the strength of the non-residential construction market related to steel fabrication. This holds true for long product seals well. Our platforms continue to benefit from ongoing reshoring trends and domestic manufacturing investments, which are supporting sustained demand across our end markets.

我先前已提到與鋼構加工相關的非住宅建築市場之強勁表現。這點在長材鋼市場同樣成立。我們的平台持續受惠於回流（reshoring）趨勢與國內製造投資，支撐我們各終端市場的持續需求。

In the energy sector, oil and gas activity remains strong, with pipe manufacturers already looking into 2027 projects.

在能源領域，油氣活動仍然強勁，管材製造商已開始著眼於2027年的專案。

Demand for the solar market also continues to be very robust.

太陽能市場的需求也持續非常強勁。

Additionally, we are seeing improved demand from the agricultural sector, although residential construction activity remains relatively subdued.

此外，我們也看到農業領域需求改善，儘管住宅建築活動仍相對低迷。

We remain optimistic about demand for our diversified portfolio of value-added sealed products and believe our end market exposure positions us well.

我們對多元化的高附加價值鋼材產品組合需求仍保持樂觀，並相信我們的終端市場曝險使我們具備良好定位。

Regarding trade policy, we believe in preserving a strong, durable trade framework that provides operational viability for U.S. Steel producers by disallowing unfairly traded foreign products. The current administration has based a 50% Section 232 tariff for imported steel on national security matters, fully supporting the industry long-term.

就貿易政策而言，我們認為應維持強健且具持久性的貿易架構，透過禁止不公平貿易的外國產品，確保美國鋼鐵生產商具備營運可行性。現任政府基於國家安全考量，對進口鋼材維持50%的《232條款》關稅，長期而言充分支持產業發展。

We are also actively engaged with the USTR regarding the USMCA review to ensure there are no weakening regarding our protections, including melted and poured provisions.

我們也正就《美墨加協定》（USMCA）審查與美國貿易代表署（USTR）積極溝通，以確保我們的保護措施（包括「熔煉與澆鑄」條款）不會被削弱。

The administration has launched new Section 301 investigations targeting countries that will flood the market with excess steel and rely on forced labor in its production.

政府已啟動新的《301條款》調查，鎖定那些以過剩鋼材傾銷市場、並在生產中依賴強迫勞動的國家。

We are specifically advocating for these remedies to be additive to the existing 232 steel tariffs.

我們特別主張，這些救濟措施應在既有的232鋼鐵關稅之上額外加成（additive）。

We are advancing legislative and regulatory priorities to create meaningful demand for our steel, particularly through investments in infrastructure, shipbuilding, and the power sector. On the demand side, we are working closely with Congress to strengthen Buy American Steel requirements in the Ships for America Act and the Federal Highway Bill, turning large public spending vehicles into volume opportunities for our steel businesses.

我們正推進立法與監管優先事項，以為我們的鋼鐵創造具實質意義的需求，特別是透過對基礎建設、造船以及電力部門的投資。在需求端，我們正與國會密切合作，在《美國造船法案》（Ships for America Act）與《聯邦公路法案》（Federal Highway Bill）中強化「購買美國鋼鐵」（Buy American Steel）要求，將大型公共支出工具轉化為我們鋼鐵業務的量能機會。

Now back to you, Mark.

現在交回給你，Mark。

Thank you, Barry.

謝謝你，Barry。

Thank you, Theresa.

謝謝你，Theresa。

All well said.

都說得很好。

Consistently achieving such positive results year upon year doesn't just happen, it reflects the dedication of our teams and the effective strategies we've developed and executed over time.

年復一年持續達成如此亮眼的成果並非偶然，這反映了我們團隊的投入，以及我們長期以來所制定並落實的有效策略。

We've invested strategically to successfully achieve significant scale, high-margin product to market diversification, efficient and unique customer supply chains.

我們進行了策略性投資，成功達成顯著規模、高毛利產品與市場多元化，以及高效率且獨特的客戶供應鏈。

And synergistic operating platforms to optimize market opportunities throughout economic cycles.

並建立具協同效益的營運平台，以在各種經濟循環中最佳化市場機會。

When combined with our performance-driven compensation culture, these strategies enable us to consistently achieve at the highest levels and outperform competitors across all market cycles.

結合我們以績效為導向的薪酬文化，這些策略使我們能夠持續在最高水準達成目標，並在所有市場循環中超越競爭對手。

Our foundational focus on market and product diversification, particularly in higher-margin value-added products. Supports stronger through-cycle facility utilization, and drives superior financial performance.

我們的基礎重點在於市場與產品多元化，特別是較高毛利的加值產品。這有助於在景氣循環中維持更強的設備稼動率，並帶動更優異的財務表現。

We optimize cash generation, which enables a balanced and consistent capital allocation strategy that supports growth, maintains financial strength, and delivers compelling long-term returns to our shareholders.

我們最佳化現金創造能力，使我們能採取平衡且一致的資本配置策略，以支持成長、維持財務穩健，並為股東帶來具吸引力的長期報酬。

Our disciplined approach to the capital investment continues to generate strong through-cycle cash flow and supports one of the highest retirement invested capital profiles in the industrial sector.

我們對資本投資的紀律性作法，持續創造強勁的跨循環現金流，並支撐工業領域中名列前茅的投資資本報酬（ROIC）表現。

The most recent and most significant current investment is in aluminum flat roll products.

近期且目前最重要的投資是在鋁扁軋產品。

And as I mentioned in the last call, the excitement and the pride of the aluminum team is absolutely incredible.

正如我在上次電話會議中提到的，鋁事業團隊的興奮與自豪感令人難以置信。

It is inspiring to watch them transition from construction and commissioning into full-scale production. Serving customers with the high-quality products they expect from Steel Dynamics.

看著他們從建設與試車階段，轉入全面量產，令人振奮。以 Steel Dynamics 一貫的高品質產品服務客戶，滿足客戶的期待。

The team has outperformed all expectations, constructing and commissioning an incredible facility in industry-leading time.

團隊的表現超出所有預期，以業界領先的速度建成並完成試車一座令人驚豔的工廠。

Competitors and customers alike that have toured the mill were amazed at the quality and the capability of the plant and the speed of product qualification.

無論是參觀過該廠的競爭對手或客戶，都對工廠的品質與能力，以及產品認證速度感到驚訝。

The team is navigating a volatile aluminum market.

團隊正在因應波動的鋁市場。

Driven by the impacts of geopolitical conflict and domestic supply chain challenges.

其波動主要受到地緣政治衝突影響，以及國內供應鏈挑戰所驅動。

But despite these near-term challenges, they've remained focused on execution, customer service, and operational excellence.

但儘管面臨這些短期挑戰，他們仍專注於執行、客戶服務與卓越營運。

Beyond these temporary constraints, though, we're operating in a unique and highly favorable long-term market environment.

然而，超越這些暫時性限制後，我們所處的是一個獨特且長期高度有利的市場環境。

The United States faces a significant structural supply deficit of more than 1.4 million metric tons of aluminum sheep. And that shortfall is forecast to widen as demand continues to grow across key end markets.

美國面臨超過 140 萬公噸的鋁板（sheet）結構性供給缺口。而隨著主要終端市場需求持續成長，預期該缺口將進一步擴大。

Combined with appropriate tariffs on imported aluminum products, this supply imbalance is further strengthening the value proposition for domestic producers.

再加上對進口鋁產品施加適當關稅，這種供需失衡正進一步強化國內生產商的價值主張。

And we believe our aluminum platform is exceptionally well positioned to capitalize on the growing domestic demand, creating substantial long-term value for our shareholders.

我們相信，我們的鋁平台具備極佳的定位，可把握國內需求成長，為股東創造可觀的長期價值。

This investment is in clear alignment with our core competencies.

這項投資與我們的核心能力高度一致。

Our construction capabilities have once again been proven.

我們的建廠能力再次獲得驗證。

Both Columbus and the CAST House at San Luis Boitosi are state-of-the-art facilities built cost-effectively and in record time.

Columbus 與位於 San Luis Boitosi 的 CAST House 均為最先進的設施，以具成本效益的方式並在創紀錄的時間內建成。

We're using our deep operational know-how in combination with the technical expertise of aluminum industry experts.

我們運用深厚的營運專業，並結合鋁產業專家的技術專長。

And our proven incentive-driven performance culture will drive higher efficiency and lower-cost operations compared to the competitors.

而我們經驗證、以激勵為導向的績效文化，將推動相較競爭對手更高效率、成本更低的營運。

We also believe we have an advantaged commercial position.

我們也相信我們具備有利的商業地位。

Two-thirds of our existing carbon flat road steel customers also consume and process aluminum flat road sheet.

我們既有碳鋼扁軋鋼客戶中，有三分之二同時也消費並加工鋁扁軋板材。

Our growth in the automotive sector will complement our existing steel position and provide customer material optionality.

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。

The beverage can market will provide kind of cyclical market diversification, and the more stable earnings profile within the aluminum space will further enhance the consistency of our through-cycle cash generation.

飲料罐市場將提供某種程度的循環性市場多元化，而鋁業務中較為穩定的獲利型態，將進一步提升我們跨循環現金創造的穩定性。

Our metals recycling platform will facilitate higher recycle content.

我們的金屬回收平台將促進更高的回收料含量。

We're the largest North American metals recycler, which includes aluminum.

我們是北美最大的金屬回收商，其中也包含鋁。

Our knowledgeable teams have developed new separation technologies, amplifying the supply chain value while providing greater access to usable aluminum scrap.

我們具專業的團隊已開發新的分選技術，在提供更高可用鋁廢料取得的同時，也放大供應鏈價值。

So production to date is confirming our expected cost differentiation.

因此，迄今的生產表現正在驗證我們預期的成本差異化優勢。

When operating at our nameplate capacity and expected product mix, through-cycle EBITDA, expectation for normalized market conditions remains at $650 million to $700 million.

在達到名目產能與預期產品組合時，以正常化市場條件估算的跨循環 EBITDA 仍為 6.5 億至 7 億美元。

Plus another $40 million to $50 million for our metals recycling platform.

再加上我們金屬回收平台的 4,000 萬至 5,000 萬美元。

Operating experience today, albeit in ramp up, is verifying the five key competitive cost advantages: labor efficiency, higher recycled content, higher yields, optimized logistics, all driven by a performance-based operating culture utilizing state-of-the-art equipment.

目前的營運經驗（儘管仍在爬坡階段）正在驗證五項關鍵的競爭性成本優勢：勞動效率、更高回收料含量、更高良率、最佳化物流；這一切皆由採用最先進設備、以績效為基礎的營運文化所驅動。

This strategic investment is cost-effective and a high return growth opportunity, providing Steel Dynamics with additional countercyclical diversification while further stabilizing and growing our cash generation capabilities.

這項策略性投資具成本效益，且是高報酬的成長機會，為 Steel Dynamics 帶來額外的逆景氣循環多元化，同時進一步穩定並提升我們的現金創造能力。

The customer base is proving to be eager for a new market entrant, one that is known to be innovative, customer-focused, and responsive.

客戶群已證明他們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。

We have viewed business relationships as long-term, founded on trust with a continuous goal of creating mutual value, not just simply financial value, but we will provide new supply chain solutions, new products with preferred quality and service. With that said, every start-up and ramp-up brings its share of challenges, and I'd like to sincerely thank our customers for their patience and partnership as we continue to fine-tune our operations and optimize performance.

我們一向將商業關係視為長期關係，以信任為基礎，並以持續創造共同價值為目標——不僅僅是財務價值；我們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。話雖如此，每一次新廠啟動與產能爬坡都會帶來其挑戰；在我們持續微調營運並最佳化績效的過程中，我想由衷感謝客戶的耐心與合作夥伴關係。

Their trust and their support have been invaluable and we remain focused on delivering the highest quality products, reliability and the service they deserve.

他們的信任與支持彌足珍貴，我們仍專注於提供最高品質的產品、可靠性，以及他們應得的服務。

The hot side is fully operational with the ability to run at rated capacity.

熱端已全面投入運作，具備以額定產能運轉的能力。

Two of the three coal mills continue to increase production while the third and final coal mill started this month.

三座冷軋機中有兩座持續提升產量，而第三座也是最後一座冷軋機已於本月啟動。

This will allow us to have the full 650,000 metric ton annual capability.

這將使我們具備每年 65 萬公噸的完整產能。

The first of two automotive continuous anneal and solution heat treat lines is fully operational.

兩條汽車用連續退火與固溶熱處理線中的第一條已全面投入運作。

We've achieved finished product qualification status at multiple automotive manufacturers for 5,182 and 5,754 products, and we are currently in trials for 6,000 series alloys.

我們已在多家汽車製造商取得 5182 與 5754 產品的成品認證資格，目前正進行 6000 系列合金的試驗。

I think you would agree, it's an absolutely phenomenal achievement when you consider the mill has only been running for a little around 12 months.

我想你會同意，考量到該廠僅運轉約 12 個月左右，這是一項極為卓越的成就。

The second cache line is expected to be soft commissioning in the fourth quarter of this year.

第二條退火線預計將於今年第四季進行軟性試車。

The team is incredibly excited with the earlier-than-anticipated product certifications.

團隊對於早於預期取得產品認證感到非常振奮。

It's a testament to the incredible talent we have been able to embed in the team and the technical capabilities of the mill.

這證明了我們成功將卓越人才納入團隊，以及該廠的技術能力。

There's great energy and great momentum.

充滿能量，也充滿動能。

As we move through production, commissioning and wrapping of the various production units, we're encouraged by our progress.

隨著我們推進生產、試車並完成各生產單元的收尾工作，我們對進展感到鼓舞。

With expectations for significant cost and product mix optimization benefits to incur in the near term. Volume operations will increase sharply in the second-half of '26 and continue improving through 2027 as start-up costs subside, utilization and yields improve, and scrap content increases.

並預期短期內將逐步實現顯著的成本與產品組合最佳化效益。隨著啟動成本下降、稼動率與良率提升、以及廢料含量增加，量產營運將在 2026 年下半年大幅提升，並在 2027 年持續改善。

The aluminum flat roll mill itself produced 84,000 metric tons in the second quarter, which is approximately 50% of capability, with expectations to exit 2026 at a monthly production rate of at least 90% of capacity, allowing for full volume capability in 2027.

鋁扁軋廠第二季產量為 84,000 公噸，約為產能的 50%；預期在 2026 年底時，月產量至少可達產能的 90%，使 2027 年具備完整的量產能力。

So we remain highly enthusiastic about our current and future growth initiatives, which we believe will continue to drive the high return growth momentum we have consistently demonstrated.

因此，我們對目前與未來的成長計畫仍高度樂觀；我們相信這些計畫將持續推動我們一貫展現的高報酬成長動能。

This through-cycle earnings potential of over $1.4 billion from our recent growth projects is becoming a reality.

我們近期成長專案所帶來、跨景氣循環的獲利潛力超過14億美元，正逐步成為現實。

Capital funding is substantially complete and operational optimization is our focus for both our recent flat rolled steel and aluminum investments.

資本資金投入已大致完成，我們的重點轉向營運最佳化，涵蓋近期的扁平軋鋼與鋁投資案。

I'm encouraged by the growing recognition among our teams, our customers and investors of the strength and consistency of our cash generation, coupled with our disciplined, high-return approach to capital allocation.

我很受鼓舞，因為我們的團隊、客戶與投資人愈來愈認同我們現金創造能力的強勁與一致性，並且認同我們在資本配置上採取紀律嚴明、追求高報酬的做法。

We believe the steel industry has undergone a fundamental paradigm shift in recent years, supported by an increasingly mercantilist global trade environment.

我們相信，近年來鋼鐵產業在日益重商主義的全球貿易環境支持下，已經歷根本性的典範轉移。

This will help maintain a more level playing field through continued and appropriate trade enforcement mechanisms, as Barry described already.

正如Barry先前所述，這將透過持續且適當的貿易執法機制，協助維持更公平的競爭環境。

We expect continued growth in fixed asset investment, which remains a key driver of demand for metal products.

我們預期固定資產投資將持續成長，而這仍是金屬產品需求的關鍵驅動因素。

New and reshoring of manufacturing continues to gain momentum, and together with growing fixed asset investment, will continue to support non-residential construction activity.

新設與回流（reshoring）的製造業持續增溫，並將與固定資產投資的成長相互加乘，持續支撐非住宅建築活動。

As decarbonization initiatives accelerate, the resulting increase in cost structures across the world will materially steepen the global cost curve, enhancing Steel Dynamics' competitive position and driving opportunities for market share gains and expanded metal spreads.

隨著去碳化倡議加速推進，全球成本結構將隨之上升，並將顯著拉高全球成本曲線，強化Steel Dynamics的競爭地位，並帶來市占提升與金屬價差擴大的機會。

Our highly diversified volume-added product capabilities provide a distinct competitive advantage. Allowing us to leverage the evolving metals market environment and amplify our relative earnings power.

我們高度多元化的加值產品能力，提供了明顯的競爭優勢。使我們能夠掌握金屬市場環境的演變，並放大我們相對的獲利能力。

In closing, as I've said many times before, our people are our foundation. I thank each of them for their passion, their dedication, and commitment to our success.

最後，如同我過去多次提到的，我們的員工是我們的根基。我感謝每一位同仁的熱情、投入，以及對我們成功的承諾。

As they are committed to us, we are also committed to them.

正如他們對公司投入承諾，我們也同樣承諾支持他們。

I remind each teammate listening today, nothing is more important than safety for you, your families, and one another.

我也提醒今天在線收聽的每一位夥伴，對你、你的家人，以及彼此而言，沒有任何事情比安全更重要。

Please keep Elijah's family, friends, and teammates in your prayers and resolve to work even smarter and harder to achieve an incident-free workplace.

請為Elijah的家人、朋友與同事祈禱，並下定決心以更聰明、更努力的方式工作，達成零事故的職場。

I also thank our loyal customers.

我也感謝我們忠誠的客戶。

As I said previously, our partnerships are built on trust, delivering on our commitments, and collaborating to create innovative solutions and value.

如我先前所說，我們的合作關係建立在信任之上：履行承諾，並透過協作創造創新解決方案與價值。

And finally, I thank our suppliers and service providers. Your partnership, trust and support are essential to what we do each and every day and to our continued success.

最後，我也感謝我們的供應商與服務提供者。你們的合作、信任與支持，是我們每天工作不可或缺的一部分，也是我們持續成功的關鍵。

So together, as a team, we look forward to creating new opportunities and shared success today and the years ahead.

因此，作為一個團隊，我們期待攜手在今天以及未來多年創造新機會與共享成功。

With that said, Matthew, we'd love to answer questions.

話說到這裡，Matthew，我們很樂意回答問題。

(Operator Instructions) Lawson Winder, Bank of America.

（接線員指示）Lawson Winder，美國銀行。

Yeah, hi, thank you, operator. This is Satish on for Lawson. Good morning, Mark, Theresa and Berry.

是的，您好，謝謝接線員。我是Satish，代Lawson提問。早安，Mark、Theresa和Berry。

My first question is on the steel fabrication operations. You mentioned that the ordering activity is strong and then the backlogs are 45% higher year-on-year and the pricing is beginning to improve, yet the pricing for pricing realized for Q2 was a bit lower than Q1, so how should we think about the pricing or the margin outlook for the second-half of 2026?

我的第一個問題是關於鋼構加工（steel fabrication）業務。你們提到接單活動強勁、積壓訂單年增45%，且價格開始改善；但第二季實現的價格卻比第一季略低。那麼，我們應該如何看待2026年下半年價格或毛利率的展望？

Satish, thanks for the question.

Satish，謝謝你的問題。

As it relates to the pricing that's going into the backlog right now is at improved levels, but that doesn't necessarily mean that that's realized in the second-half of this year. Some of those projects are in the fourth quarter and actually being placed into 2027.

就目前進入積壓訂單的價格而言，確實已提升，但這不一定代表會在今年下半年就反映為已實現價格。其中一些專案是在第四季，甚至會排到2027年。

So you'll continue to see pricing, I think, remain pretty stable as far as from a realized pricing perspective, but the increase is you should expect to see.

因此，就已實現價格的角度來看，我認為價格會維持相對穩定，但你應該會看到價格上升。

Probably in the next six to nine months from a pricing perspective. Barry's nodding.

大概會在未來六到九個月的價格表現上逐步顯現。Barry正在點頭。

That means I got it right.

這表示我講對了。

But yeah, and then you also just take into consideration what we're seeing in the steel side of the equation for steel input costs. But that said, volume is expected to be really strong for the second-half of this year and into next year for fabrication, and volume helps offset some of that.

不過是的，另外你也要把鋼鐵端的投入成本（鋼材原料成本）納入考量。但話說回來，今年下半年到明年，加工業務的出貨量預期會非常強勁，而量的成長有助於抵銷其中一部分影響。

Thank you.

謝謝。

Of that 40% higher backlogs, is there any way you can share how much of it is volume versus pricing?

在積壓訂單增加40%（應為45%）的部分，你們能否分享其中有多少來自量、多少來自價格？

Satish, you cut out a little bit. You said for the 45% increase in order activity, what was the question? I'm sorry, you broke up.

Satish，你剛剛有點斷訊。你是問積壓訂單增加45%時，問題是什麼？抱歉，你的聲音斷斷續續。

How much is related to pricing versus volumes?

有多少是與價格相關、多少是與出貨量相關？

Although the 45% increase is volume-specific, it's not pricing-specific.

這45%的增加是以量為主，並非以價格為主。

Nick Cash, Goldman Sachs.

Nick Cash，高盛。

Hi, team. Good morning, and thank you for taking the question.

各位團隊好。早安，謝謝讓我提問。

Just a question on aluminum on the shipments of 53,000 tons this quarter. I guess my first question is, what was the mix on that? I think in 1Q, you mentioned it could potentially be shifting to a little or higher on the BevCan side.

想請教鋁業務：本季出貨量為53,000噸。我的第一個問題是，這些出貨的產品組合如何？我記得在第一季你們提到，可能會稍微提高飲料罐（BevCan）端的比重。

Yes, it shifted.

是的，確實有轉移。

The preeminent increase was Kanshi.

增幅最大的主要是Kanshi。

We're also finishing up automotive hotline shipments and some industrial.

我們也正在完成汽車用熱軋帶材（hotline）出貨，以及部分工業用出貨。

Okay, that's helpful. And just to follow-up on that, you mentioned on the call today in 2H26 of the remainder of this year, as scrap content increases, it's going to help drive profitability. Are you guys currently not operating at, I guess, your most optimal scrap.

好的，這很有幫助。接著追問一下：你們今天在電話會議中提到，2026年下半年、也就是今年剩餘期間，隨著廢鋁含量提高，將有助於推動獲利能力。你們目前是否尚未在運行於、我想說的，最理想的廢料比例？

Mix with what you're producing? And then on the back of that, I guess, what's the interplay with the scrap mix as you move into some automotive shipments in the end of the year, which I believe, and correct me if I'm wrong, requires a little bit more prime metals.

就你們目前的產品而言，廢料配比是否尚未最佳化？另外，隨著年底開始出一些汽車用出貨，廢料配比會如何互動？我理解（若我說錯請指正）汽車用可能需要更多原生金屬（prime metals）。

You've got to remember we're commissioning and ramping up and starting up. So there's no way.

你要記得，我們還在試車、爬坡與啟動階段。所以不可能。

Even though I wish it would be this way, that we'd be optimal in anything we do, in all H1sty, although the team is doing a phenomenal job where they are at this moment in time.

雖然我希望能如此，但在我們做的任何事情上，在整個上半年都達到最優狀態是不可能的；不過團隊在目前這個時間點的表現非常出色。

We are using probably in the order of about 80% scrap for a can sheet, give or take a little bit, that will continue to grow.

我們在罐用板（can sheet）上大概使用約80%的廢料（scrap），上下會有些微差異，這個比例還會持續提高。

Automotive.

至於汽車用。

I believe we're probably sort of 40, 60 P10, 20 in the scrap at this moment.

我認為我們目前大概是40/60的P10、20與廢料的配比。

That's very helpful.

這非常有幫助。

Thank you so much. I'll pass it on.

非常感謝。我把問題交給下一位。

Carlos de Alba, Morgan Stanley.

Carlos de Alba，摩根士丹利。

Yeah, thank you. Good morning, Theresa Mark and Barry. On the aluminum, remaining on the aluminum business, beyond the impairment, the $16 million impairment, is there any impact on CapEx operating costs and ramp-up schedule, or maybe the ramp-up schedule is going to be delayed, but of moving the location of your Alicast. Out in the U.S.?

是的，謝謝。早安，Theresa、Mark和Barry。關於鋁業務，除了1,600萬美元的減損之外，把你們的Alicast據點移到美國境內，是否會對資本支出、營運成本與爬坡時程造成任何影響？或者爬坡時程是否會延後？

I would say, operationally, only incremental.

我會說，在營運面上只有些微的增量影響。

The logistics of bringing -- because we'll still be sourcing UBCs from the West Coast, although it'll only be about 60% or 70% as opposed to the 100% that would have gone in the mill.

在物流方面，因為我們仍會從西岸採購UBC（用後飲料罐），但比例大約只有60%到70%，而不是原本會進入該廠的100%。

But that's just.

但那只是。

Incremental cost, OpEx would be the same.

增量成本；營運費用（OpEx）會維持不變。

Again, we took the $16 million right down for Benson costs and the CapEx at Columbus is going to rise, I think, in the order of $10 million to $20 million.

同樣地，我們已就Benson的成本認列1,600萬美元的減損；而Columbus的資本支出（CapEx）將上升，我認為大約會增加1,000萬到2,000萬美元。

And that's, in all H1sty, more to do with just inflation of.

而且在所有 H1sty 中，這更多只是與通膨有關。

Construction contractors more than anything else.

主要是施工承包商的成本上漲，勝過其他因素。

But the move is not significant, but as you point out, obviously, the ramp is delayed for internal supply.

但這個變動並不顯著；不過如你所指出的，顯然內部供應的爬坡進度有所延後。

Matt, when do you expect to maybe this second gas house to be at 100% utilization or the ramp up schedule?

Matt，你預期第二座氣體廠何時能達到 100% 產能利用率，或是爬坡時程如何？

Certainly first half of next year.

肯定是在明年上半年。

All right, great.

好，太好了。

Thank you. And if I may very quickly, Theresa, any comments on working capital? EBITDA came ahead of expectations, but obviously working capital was higher because of pricing primarily. How do you see working capital in the third and second-half of the year, third quarter and second-half of the year?

謝謝。如果我可以很快再問一下，Theresa，對營運資金有什麼看法嗎？EBITDA 優於預期，但顯然營運資金較高，主要是因為定價。你怎麼看今年第三季以及下半年（第三季與下半年）的營運資金走勢？

Yeah, no, it's a fair question. So working capital really did increase in the second quarter more than we anticipated, but that was based on.

是的，這是個合理的問題。所以第二季營運資金的確比我們預期增加得更多，但那是基於……

Company-wide increases in pricing across all the operations, which is good because the customer accounts remain very strong, so that's eventual cash flow. But we see that working capital should be a funding to certainly neutral, but I would suggest a funding source in the second-half of the year.

全公司各項營運的價格普遍上調；這是好事，因為客戶帳款仍然非常強勁，所以最終會轉化為現金流。但我們認為，下半年營運資金應該會從資金占用轉為至少中性，甚至我會說在下半年會成為資金來源。

Martin Englert, Seaport Research Partners.

Martin Englert，Seaport Research Partners。

Hello. Good morning, everyone. Good morning.

你好。各位早安。早安。

Kind of a follow-up question on moving this slab facility, but related to the rolling mill in Columbus.

我想追問一下關於搬移這座板坯（slab）設施的問題，但更關聯到哥倫布（Columbus）的軋鋼廠。

If there was some greater upstream slab capability at the Columbus location or elsewhere, what's the maximum capacity of the rolling asset if there were no slab constraints upstream?

如果在哥倫布廠區或其他地方有更強的上游板坯供應能力，在上游沒有板坯限制的情況下，這個軋製資產的最大產能是多少？

It's 650. The rolling mill is at, it has a maximum capacity of 650,000 metric tons per year.

是 65 萬。這座軋鋼廠的最大產能是每年 65 萬公噸。

Okay, so there's no constraints upstream. If you add additional slab casters or something, you won't get more capacity out of it, correct?

好的，所以如果上游沒有任何限制。即使你再增加板坯連鑄機之類的設備，也不會讓它的產能更高，對嗎？

Yes.

是的。

But I would stress the 650 is nameplate, and our teams always seem to be able to squeeze a little bit more out of it, but that's not going to be seen for two or three or four years, so...

但我要強調，65 萬是名目產能（nameplate），而我們的團隊似乎總能再多擠出一點產量；不過那可能要兩三年甚至四年後才看得到，所以……

Okay, understood. If I could one follow-up, if you could just explain the difference for aluminum products between the cash line product that you're working on for automotive applications and a kelp line product, and if there's any asset crossover there, does adding something like a surface treatment line allow you to produce kelp in the future, or is it more nuanced than that?

了解。我再追問一個：能否解釋一下鋁產品方面，你們用於汽車應用的 cash line 產品與 kelp line 產品之間的差異？以及兩者是否有設備交叉？例如新增表面處理線是否能讓你們未來生產 kelp，還是其實更細緻複雜？

I can't give you the nuances of the differences in technology in all H1sty.

我沒辦法把技術差異的細節在所有 H1sty 中都講清楚。

Between the, you said cash line and...

你說的是 cash line 和……

And CALP line, continuous and kneeling line with pre-treatment.

以及 CALP line，連續與 kneeling 線，含前處理。

It tends to lean, I think, towards more exposed automotive.

我認為它比較偏向外觀件（exposed）的汽車用途。

We -- the cash line we have, the pre-treatment and everything is fully capable of exposed automotive, I do believe. In fact, I'm pretty damn sure.

我們現有的 cash line，前處理等各方面我相信完全具備生產外觀件汽車用料的能力。事實上，我非常確定。

Because it's already been shipped and qualified by a couple of automotive guys over in the States.

因為它已經在美國那邊出貨，並且通過幾家汽車客戶的認證。

Okay. Appreciate the detail.

好的。感謝你提供的細節。

Thank you.

謝謝。

Timna Tanners, Wells Fargo.

Timna Tanners，Wells Fargo。

Yeah, hi, good morning.

是的，嗨，早安。

I wanted to ask about the broader aluminum guidance still at $650 million to $700 million through cycle profitability.

我想問一下更廣泛的鋁業指引，仍維持在穿越景氣循環的獲利能力 6.5 億到 7 億美元。

Just wondering, of course, in light of the higher aluminum futures market from when you first announced the project, in light of the pretty sticky lower cost for scrap, what does it take to start thinking about a different forecast there?

我想知道，考量到你們最初宣布專案以來鋁期貨市場走高，以及廢鋁成本偏低且相當黏著，在什麼情況下你們會開始考慮調整那個預測？

Tim, it's a great question, but we are fully focused on the job at hand and that's just executing and getting things up and running.

Tim，這是個很好的問題，但我們目前完全專注在手上的工作，也就是執行到位並讓各項設施順利啟動運轉。

I would say there's absolutely no doubt, as I said, even though we're in ramp-up, we. We can see that the SLAMP clearly demonstrate the 650 set to 700 in a normalized environment.

我會說毫無疑問，正如我提到的，即使我們仍在爬坡期，我們……我們可以看到 SLAMP 在常態化環境下清楚展現 6.5 億到 7 億的水準。

So if today's environment remains, then obviously there'll be some upside, but we're not contemplating that, we've not calculated that.

所以如果今天的環境維持不變，顯然會有一些上行空間，但我們目前沒有把它納入考量，也沒有去計算。

Well, actually, Tim, you and I have spoken about it, and we've spoken about it at the conferences. The full intent is to allow the teams to get the cost structures aligned.

其實 Tim，你我也談過，我們在會議上也談過。我們的完整意圖是讓團隊把成本結構對齊。

Get to using more scrap content, et cetera, all the things that Mark mentioned, which we think we'll take through the third quarter, because remember, we're just getting the third cold mill up and running in July-August timeframe. The last cash line will be fourth quarter. So we want to make sure that we actually have everything dialed in before we start to talk about numbers that are higher than what we've suggested in the past. But you're not wrong in the fact that the spreads available today are considerably higher than what we would have included in our $650,000 to. And in time here, in the shorter term rather than longer-term, we will address it.

提高廢料使用比例等等，所有 Mark 提到的事情；我們認為這會延續到第三季，因為請記得，我們在 7 到 8 月才剛要讓第三座冷軋機上線。最後一條 cash line 會在第四季。所以我們想確保一切都調校到位之後，才開始談比過去所提更高的數字。但你說得沒錯，今天可取得的價差（spreads）確實顯著高於我們在 6.5 億到……所納入的假設。而在這裡的時間點，偏短期而非長期，我們會再回應這件事。

Okay, that's helpful. Thanks. One follow-up, if I could, on aluminum. So, of course, there's been a lot of attention recently on some incentives to focus on primary aluminum capacity built in the U.S. But in a way, you're also adding aluminum capacity through producing slabs from scrap, right? So is there not any discussion with the administration of also incentivizing or supporting this. Alternative source of aluminum that is also adding to our national security of aluminum in this country.

好的，這很有幫助。謝謝。如果可以，我再追問一個關於鋁的問題。

I would say, yes, there are discussions.

我會說，是的，確實有在討論。

But going back to your point, Tim, the smelting, the primary aluminum that they're producing.

但回到你的觀點，Tim，他們正在生產的冶煉、原生鋁產能……

It's just that. It's primary limit. I don't believe they intend to put in any ingot casting initially.

就是那樣。是原生鋁而已。我不認為他們一開始打算投入任何鋁錠鑄造（ingot casting）。

So it's not actually affecting the ingot market?

所以它其實不會影響鋁錠市場？

Okay, great.

好的，很好。

Thank you.

謝謝。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO Capital Markets。

Hi, thank you for taking my questions. Mark, earlier you mentioned that the aluminum mill was operating at about 50% utilization rate during 2Q. Can you talk a bit about how the utilization rate progressed throughout the quarter?

嗨，謝謝讓我提問。Mark，你先前提到鋁軋廠在第二季的產能利用率大約是 50%。你能談談整個季度中利用率是如何推進的嗎？

It was kind of sequential. It just ramped up month over month.

算是逐步提升。就是每個月環比爬升。

So and what was the exit rate utilization? Could you provide that?

那麼季度末的退出利用率（exit rate utilization）是多少？可以提供一下嗎？

We it was it was significantly higher in the June timeframe. So we averaged 50% for the quarter. So it was probably, closer to maybe that 60%. And again, the team feels super good about that given the fact that we. We started off about nine months ago, and the fact that we're actually now producing automotive quality, can sheet quality, and we're ramping up pretty quickly. But I think what you should expect to see is in the second-half of the year, that ramp is forecast to accelerate pretty dramatically as we get the third cold mill, because we need that cold mill to reach the optimal.

我們在 6 月那段時間顯著更高。所以整季平均是 50%。因此季度末可能更接近 60%。再說一次，團隊對此感覺非常好，因為我們……我們大約九個月前才開始，而現在實際上已能生產汽車等級、罐用板材等級的品質，並且爬坡相當快。但我認為你們應該預期在下半年，隨著第三座冷軋機到位，爬坡速度將會明顯加快，因為我們需要那座冷軋機才能達到最佳……

Capability of the rolling mill itself. So, more to come, but we think it should be a much steeper ramp in the second-half of the year.

軋鋼機本身的產能。所以，後續還會有更多進展，但我們認為下半年應該會是更陡峭的爬坡。

Okay, and I fully recognize that this is still early, but can you remind us how we should think about CapEx next year or what a reasonable range could be?

好的，我完全理解這仍然還早，但你能提醒我們明年資本支出（CapEx）應該怎麼看，或合理的區間可能是多少嗎？

Absent -- so we're doing our longer-term capital planning kind of in the next month or so, but absent any significant additional items, I would think that we'd probably be in the range of that $500 to $600 million at maximum. Our sustained capital really is only around $250 to $300 million. So if it was that amount, we would have some growth capital embedded in that as well, but we're really not.

在沒有——也就是說，我們會在接下來一個月左右做較長期的資本規劃；但在沒有任何重大的額外項目之下，我認為我們的上限大概會落在5億到6億美元的區間。我們的維持性資本支出其實大約只有2.5億到3億美元。所以如果是那個金額，裡面也會包含一些成長型資本支出，但我們其實並沒有——

Talking about 2027 yet in much granularity.

還沒有在很細的層級去談2027年。

Thank you.

謝謝。

Tristan Gresser, BNP Paribas.

Tristan Gresser，法國巴黎銀行（BNP Paribas）。

Yes, hi.

是的，嗨。

Thank you for taking my questions.

謝謝讓我提問。

It's on the Steel division. Your ASP went up quite a lot in Q2, scraps were prices were relatively steady, but your EBITDA per ton, I think it's only up $60 per ton, which is already pretty great. But what sort of other cost increase have you seen in the quarter and how should we think about Q3 from a cost perspective?

問題是關於鋼鐵事業部。你們第二季的平均售價（ASP）上升很多，廢鋼價格相對穩定，但你們每噸EBITDA我想只增加了每噸60美元，這其實已經很不錯了。但本季你們還看到哪些其他成本上升？從成本角度來看，我們應該如何看待第三季？

Tristan, I would say, as Theresa mentioned, our.

Tristan，我會說，正如Theresa提到的，我們——

Our contracts have a lagging nature to them. So most of those are turning over into the higher pricing that we've seen through Q2. So we look forward to pricing increasing.

我們的合約具有滯後性。所以其中大多數正在轉換到我們在第二季看到的較高定價。因此我們期待價格會上升。

We do believe scrap will go sideways. As far as other cost structures, we haven't seen significant impacts on any of our cost streams.

我們確實認為廢鋼會持平。至於其他成本結構，我們沒有看到任何成本項目出現顯著影響。

So we manage all those for the long haul.

所以我們是以長期的角度來管理這些。

And right now, we're really concentrating on making sure we're on time for our customers and running at high utilization rates.

而目前我們真正專注的是確保準時交付給客戶，並以高稼動率運行。

We did have the teams had some maintenance outages at our three flat roll mills, but those are normal course, but would have increased costs a little bit.

我們的團隊在三座平軋鋼廠做了一些維修停機，但那是正常作業流程，只是會讓成本略微增加。

Yeah, in Q2, we led with all the mills having an outage, which is somewhat unusual, but it was the right time to take care of the stuff.

是的，第二季我們是所有鋼廠都有停機作業作為開局，這有點不尋常，但那是處理那些事項的合適時點。

So some of the costs were embedded in it, what you saw as the COGS in Q2?

所以有些成本已經反映在其中，也就是你在第二季看到的銷貨成本（COGS）？

That's clear. And on the Steel Division, I think for fabrication, you talk about a pretty strong H2 outlook from a volume perspective, how should we think about your H2 outlook for the Steel Division?

了解。另外在鋼鐵事業部，我想就加工（fabrication）而言，你們談到從出貨量角度看下半年展望相當強勁；那我們應該如何看待鋼鐵事業部下半年的展望？

The steel plants are all running with excellent backlogs right now. We are enjoying strength in all of the markets we participate in.

鋼廠目前的在手訂單（backlog）都非常好。我們參與的所有市場都呈現強勁態勢。

Now that the spreads between the galvanized and the paint have resumed to somewhat normal, we're very bullish on what our.

現在鍍鋅與塗裝之間的價差已回到某種程度的正常水準，我們對——

Our coating facilities can do for us, and our customers are all anxious to keep good business going. So we remain really optimistic of where the steel plants are, and that's across the divisions, long products, flat, all of our market segments.

我們的塗鍍設施能為我們帶來的表現非常看多，而我們的客戶也都很希望維持良好的業務動能。所以我們對鋼廠目前的狀況仍然非常樂觀，而且這是跨事業部的：長材、平材，以及我們所有的市場區隔。

Just to, correct me if I'm wrong, Barry, but just to calibrate that spread, I think we began the year, it was like 100.

只是——Barry，如果我說錯請糾正我——為了校準那個價差，我想我們年初時大概是100——

Bucks, a little less than $100 between galvanized and hot-rolled quiz.

大約不到100美元，在鍍鋅與熱軋之間的價差。

And that was 200.

而那時是200——

A little over 220 or so. Yeah.

大概略高於220左右。對。

Okay.

好的。

All right. No, that's clear. And maybe one quick follow-up on the cost structure for the steel division. I mean, we're starting to see some noise around electricity costs rising for U.S. Steelmakers. If you can share maybe your latest dollar per ton energy costs and how do you expect that to evolve moving forward and remind us maybe of your new contract structure for steel and aluminum as well, that could be interesting.

好。不，這很清楚。另外可能再追問一個關於鋼鐵事業部成本結構的問題。我的意思是，我們開始看到一些雜音，說美國鋼鐵製造商的電力成本正在上升。如果你能分享一下你們最新的每噸能源成本（美元/噸），以及你們預期未來會如何演變；也請提醒我們你們鋼鐵與鋁的新合約結構，這也會很有意思。

Thank you.

謝謝。

Electricity, certainly there's a lot of discussion nationwide about electricity and the demand levels. We've seen the relative demand stay steady over the last couple of years. There is certainly concern about large users like data centers coming in, and that is a regional thing.

電力方面，確實全國對電力與需求水準有很多討論。過去幾年我們看到相對需求維持穩定。當然也有人擔心像資料中心這類大型用電戶進駐，而那是區域性的問題。

We have completely different contracts at each of our steel facilities. That's just the nature of large loads. But we are seeing ample support from all of our utility providers. We do benefit from running every hour of every week. So there's times at night when it's low demand that pricing reflects that.

我們在各個鋼鐵廠的合約完全不同。這就是大負載用電的特性。但我們確實看到所有公用事業供應商都給予充分支持。我們的優勢之一是每週每個小時都在運轉。所以夜間有些時段需求較低，價格也會反映這點。

Our teams are very responsive. They see the real-time pricing in their pulpits. They make good business decisions based on that information. So we see the markets around us move, but we're able to continuously run hard and optimize. How we use that electricity, which is just as important. So we don't see any aberrations short-term, but we are concerned about the build-out and generation being added to the grid.

我們的團隊反應非常迅速。他們在控制室的操作台上能看到即時價格。他們會根據這些資訊做出良好的商業決策。所以我們看到周邊市場在變動，但我們能持續高負荷運轉並最佳化。我們如何使用電力，這同樣重要。因此短期內我們沒有看到任何異常，但我們確實擔心電網的擴建與新增發電量是否能跟上。

We also want to see a more reliable grid, the grid itself.

我們也希望電網本身能更可靠。

There's areas in the country where reliability is a concern. So we continue to work with our utilities and make sure they know what we do, how we consume power, and we support them.

美國有些地區的可靠性確實令人擔憂。所以我們持續與公用事業單位合作，確保他們了解我們做什麼、我們如何用電，而我們也支持他們。

And as far as aluminum, that's more of a natural gas play.

至於鋁，那比較偏向天然氣的因素。

And I think where the storage is, we're comfortable.

而我想就儲備水位而言，我們是放心的。

And again, we buy our energy wisely.

同樣地，我們會明智地採購能源。

We look at our needs, and we work with our providers regularly to make sure we're doing what they need us to do to be good customers. And we help them be better suppliers for us.

我們會評估自身需求，並定期與供應商合作，確保我們做的是他們希望我們做的事，成為好的客戶。同時我們也協助他們成為對我們更好的供應商。

All right. Perfect.

好。完美。

Thank you.

謝謝。

Samuel McKinney, KeyBanc Capital Markets.

Samuel McKinney，KeyBanc Capital Markets。

Hey, good morning.

嗨，早安。

Good morning.

早安。

Granted, we're coming off a low base, but still imports have increased month over month over the last couple of months, and July is up noticeably versus June.

當然，我們是從低基期走出來，但進口量在過去幾個月仍呈現月增，而7月相較6月明顯上升。

Any concern on your end that steel pricing levels have finally caused customers to start seeking foreign sources in a more aggressive way?

你們是否擔心鋼價水準終於讓客戶開始更積極地尋找海外來源？

Samuel, I would add to that, we are seeing certain countries shipping through the 232s, the offset pricing in the Asian markets.

Samuel，我補充一下，我們確實看到某些國家透過232條款的機制出貨，而亞洲市場的價差——

Has a lot to do with that. So the administration is looking closely at what these rates are, but we've been seeing very high accelerated rates of all steel exports from primarily three countries in Asia.

與此有很大關係。所以政府正在密切關注這些稅率，但我們一直看到鋼材出口（主要來自亞洲三個國家）以非常高、加速的速度增加。

These are disruptive.

這些具有擾亂性。

It is a response to their economies needing to export.

這是他們的經濟需要出口所做出的反應。

The predatory mercantile economies have to find somewhere in the world to put their goods.

掠奪性的重商主義經濟體必須在世界某處傾銷他們的商品。

We are hoping the administration looks at.

我們希望政府能檢視——

What quotas were in place in some of these countries prior and they look at what exactly the 232 was meant to do and try to rein it back in. We believe the short-term disruption of these imports will hopefully be abated here in Q3, Q4, but we remain competitive with all our customers and the dialogue of getting steel when they need it and being on time is usually the big factor for what our customers are looking for.

某些國家先前有哪些配額，以及檢視232條款原本的目的到底是什麼，並嘗試把它收回到原本的範圍。我們相信這些進口的短期擾動希望能在第三季、第四季有所緩解，但我們在與所有客戶的競爭上仍具競爭力；而「在需要的時候拿到鋼材」以及「準時交付」的對話，通常才是客戶最看重的關鍵因素。

Okay, thanks. And then I appreciate there are a lot of moving parts as you start up ADI, but second quarter shipments of 53,000 tons came in. A little light of the guideposts you laid out on the last call.

好的，謝謝。接著我也理解在啟動 ADI 的過程中有很多環節需要協調，但第二季出貨量是 53,000 噸。比你們在上次電話會議提出的指引基準稍微偏低一些。

Any more detail you can provide on what got in the way of hitting that 60,000 to 70,000 ton mark you previously outlined and what you're expecting into the third quarter?

你能否再多提供一些細節，說明是什麼因素阻礙了達到你先前提到的 60,000 到 70,000 噸水準？以及你們對第三季的預期是什麼？

Yeah, it's all part of the learning curve, I would say. And as you perfect the different units through the mill, you find challenges or obstructions as you go.

是的，我會說這都是學習曲線的一部分。當你把軋鋼廠內各個單元逐步調校到位時，沿途就會發現一些挑戰或阻礙。

We actually left material on the floor that we couldn't ship for a variety of different reasons. No Achilles heel or whatever, but just a couple of little packaging issues, just miscellaneous stuff.

實際上我們有一些材料留在廠內地面上，因為各種不同原因而無法出貨。沒有什麼致命弱點之類的，只是一些小的包裝問題，還有一些雜項狀況。

So the 53 could have quite easily have been 60 and would have been at the bottom of that range.

所以 53,000 噸其實很容易就能做到 60,000 噸，並且會落在那個區間的下緣。

But no major issues. It's just a matter of the team just working out all the bugs.

但沒有重大問題。只是團隊把所有小瑕疵逐一排除的過程。

Okay, and then kind of a guidepost or outlook for the third quarter?

了解，那第三季有沒有什麼指引或展望？

Significantly improved.

會顯著改善。

Okay.

好的。

Appreciate it. Thanks, guys.

感謝。謝謝各位。

Thank you, Sam.

謝謝你，Sam。

Richard Garchterina, Barclays.

接下來是 Barclays 的 Richard Garchterina。

Great.

很好。

Thank you, and thanks for taking my question.

謝謝，也謝謝讓我提問。

Just first off.

首先。

Just wondering, you mentioned that you had constructive discussions on pricing, with your customers on contracts. Wondering if you could give us any color on that and, how should we think about that cadence of when you'll realize those given the lags in contracts? Is that going to be more of a 2027 type thing that we should see?

我想請教，你提到你們與客戶就合約定價進行了具建設性的討論。想請你能否補充一些背景，以及我們應該如何看待在合約存在時滯的情況下，你們何時會反映到結果？這會比較像是 2027 年才會看到的事情嗎？

So that was specific, just so there's clarity, it wasn't really contracts per se, it was specific to steel fabrication business and they're quoting and what's going into the backlog.

為了釐清，那其實不是針對合約本身，而是更具體地針對鋼構加工業務：他們的報價，以及這些報價如何進入在手訂單。

And so I think that, and Barry, you can correct me, but I would expect to start to see some improvement in the fourth quarter and certainly into 2027, but those projects are further out than near term. Is that fair, Barry?

所以我認為——Barry 你也可以糾正我——我預期第四季開始會看到一些改善，並且在 2027 年會更明顯，但那些專案的時間點比短期更偏後面。這樣說公平嗎，Barry？

Yes, that's fair for the fabrication side.

是的，就加工端而言，這樣說是公平的。

Okay, thanks for that clarification. And then just a bigger picture, we mentioned that scrap prices have been relatively stable and we expect them to remain that way for the rest of the year, despite what we're seeing in terms of the move in HRC prices. So just wondering, what's driving that in terms of historically we've seen much more correlation in terms of scrap prices with the move in steel sheet prices. Is there anything in the industry that's sort of keeping those scrap prices flattish?

好的，謝謝你釐清。再從更宏觀的角度，你們提到廢鋼價格相對穩定，並預期今年剩餘時間會維持如此，儘管我們看到熱軋捲（HRC）價格在上漲。想請教，這背後的驅動因素是什麼？因為歷史上我們通常看到廢鋼價格與鋼板價格的變動有更高的相關性。產業內是否有什麼因素讓廢鋼價格維持相對平坦？

Well, I think one of the things that was a good victory for the mini-mill industry was the Section 301 against Brazil for pig iron imports.

我想其中一個對小型鋼廠（mini-mill）產業而言的重大勝利，是針對巴西生鐵進口的 301 條款（Section 301）。

The 301 recommendations now exclude pig iron shipments from Brazil into the United States.

目前 301 的建議已將巴西出口到美國的生鐵出貨排除在外。

The pig iron market in the United States is not a merchant market, the only producers of pig iron have very limited ability to sell pig iron directly to the rest of the trade in America, so excluding Brazil allows that material to flow in here.

美國的生鐵市場並不是一個商業化的現貨市場；生鐵的生產商能直接把生鐵賣給美國其他市場參與者的能力非常有限，因此把巴西排除在外，反而讓那類材料能流入美國。

And although pig iron is a different resource for us, it's cleanliness, it's also introducing energy into our mixes.

雖然生鐵對我們而言是不同的原料來源，它的潔淨度更高，也能在我們的配料中引入能量。

It does help in relation to the pricing of scrap, particularly the prime quality scraps.

這確實有助於廢鋼的定價，特別是優質（prime）廢鋼。

So the pig iron trade has been very much disrupted internationally since the Russian invasion of the Ukraine.

自俄羅斯入侵烏克蘭以來，國際生鐵貿易一直受到很大干擾。

Which continues to put pressure on pig iron supply chains around the world. So this is a good victory for the mini-mill part of our industry flat rolled that uses pig iron, and I think that will have some impact on spreads of hot rolled scrap.

這也持續對全球生鐵供應鏈造成壓力。因此，對於我們產業中使用生鐵的平軋（flat rolled）小型鋼廠而言，這是一個很好的勝利，我認為這也會對熱軋與廢鋼之間的價差產生一些影響。

And perhaps just to add to that, you've got an environment today where there's pretty.

另外補充一下，目前的環境是——

There's ample supply scrap in the country, even with the additional capacity that's come online over the last few years.

即使過去幾年新增產能陸續投產，國內廢鋼供應仍然相當充足。

You've got low exports today, relatively so that's holding scrap in country.

目前出口量偏低、相對而言不高，因此廢鋼留在國內。

And perhaps not having a massive impact now, but longer-term, the good news with the new capacity coming online, Nippon, the Hyundai, POSCO plant, they're all adding DRI capacity, which helps the iron unit sort of balance in the country.

而且也許短期影響不大，但長期來看，新產能上線的好消息是：Nippon、Hyundai、POSCO 的工廠都在增加 DRI 產能，這有助於國內鐵元素（iron unit）的供需平衡。

We don't see any major change in Scranton, to be H1st.

我們看不到 Scranton 會有任何重大變化，坦白說。

Great.

很好。

Thank you.

謝謝。

Bill Peterson, JPMorgan.

接下來是 JPMorgan 的 Bill Peterson。

Yeah, hi. Good morning. Thanks for taking the questions and nice job and a quarterly execution.

是的，你好。早安。謝謝讓我提問，也恭喜你們本季執行表現很不錯。

Thank you.

謝謝。

On the first turn off of steel, so I guess across the product portfolio, have you seen lead times come in at all or start to decline? Or if not, which products amongst flat rolled or long products for most extended relative to normalized levels? And I guess the second partner to that is with extended lead times and record pricing and structural, what opportunities do you have there to drive increased output, whether it's higher utilization, increased investments, or something else?

先談鋼材這一塊，我想問在整個產品組合中，你們是否看到交期有縮短或開始下降？如果沒有，平軋或長材之中，哪些產品的交期相對於正常水準仍然最為延長？第二個相關問題是，在交期延長、結構鋼價格創新高的情況下，你們有哪些機會可以提高產出——例如更高的產能利用率、增加投資或其他方式？

With Long Products, our structural rail division is really doing incredible jobs of getting more and more productivity across the board.

在長材方面，我們的結構鋼與鋼軌事業部在提升整體生產力上做得非常出色。

They are very good at optimizing their mixes so that when an opportunity like this where the order book is really generous, they run more efficiently. So they're really good at scheduling how they put together runs, both in the melt shop casting as well as in the rolling.

他們很擅長優化產品組合，因此當遇到像現在這樣訂單簿非常充裕的機會時，就能更有效率地運轉。所以他們在排程上非常在行，無論是熔煉鑄造端，或是軋製端，如何安排生產批次。

We've seen casting records, melting records out of Columbia City three of the last four quarters, which good decision-making and tough times allows them to really run hard right now, that energy also translates into the merchants where we're able to really put together effective campaigns and rolling schedules.

我們看到 Columbia City 在過去四個季度中有三個季度創下鑄造紀錄、熔煉紀錄；在艱困時期做出的良好決策，讓他們現在能夠全力運轉。這股動能也延伸到型鋼（merchant）業務，我們得以制定有效的生產活動與軋製排程。

On the flat product side, again, I think the utilization that we operate at is usually at this very high level, so it does allow us a little bit of enhanced efficiencies when we know what the orders are, so we could be a little bit more effective in the month instead of looking week-to-week, but we continue to see our. Our lead times right where we want them. We don't want to make, we don't want to be late. We want to make sure customers get what they want when they need it.

在平軋產品方面，同樣地，我們通常的產能利用率就維持在很高水準，因此當我們清楚掌握訂單時，確實能帶來一些額外的效率提升；我們可以在整個月份更有效率，而不是每週逐週地看。但我們仍然看到我們的——我們的交期維持在我們希望的水準。我們不想延遲；我們要確保客戶在需要的時候拿到他們想要的產品。

And I really have to reach out to Pittsboro.

另外我也必須特別提到 Pittsboro。

SBQ has been a tough market the last few years and with the onshoring and reshoring efforts. That team continues to get more and more productive, all the while maintaining a 95% or better on-time delivery. And that's going to customers who need that steel to make products for OEMs and manufacturers. So across the board, our steel units are able to operate very efficiently when we see order books like this. But it doesn't change our strategy for booking, our strategy for relationships.

特殊棒鋼品質（SBQ）這幾年市場一直很艱難，而在回流製造（onshoring）與回流生產（reshoring）的趨勢下，那個團隊持續提升生產力，同時仍維持 95% 或更高的準時交付率。而這些交付是給需要用這些鋼材來為 OEM 與製造商生產產品的客戶。因此整體而言，當我們看到像現在這樣的訂單簿時，我們的各鋼鐵事業單位都能非常有效率地運作。但這不會改變我們接單的策略，也不會改變我們經營客戶關係的策略。

It's all just really a good time to optimize those things on the steel side.

這只是鋼鐵端用來把這些事情最佳化的一個很好的時機。

Thanks for that, Barry. And then I guess pivoting to ADI, a lot of questions on utilization and a lot of other things. But just want to make sure, I think you've talked about reaching 90% utilization by end of '26. I want to see if that's still the case or if that's an exit rate. And based on your commentary on mix, scrap content, as well as the steep ramp in the second-half, how should we think about the cadence of the earnings through the. The balance of the year, should we expect our quarter to pivot to profitability?

謝謝你，Barry。接著我想把話題轉到 ADI，大家對產能利用率以及其他很多事情都有不少問題。不過我想確認一下，我記得你們談過到 26 年底達到 90% 的產能利用率。我想看看這是否仍然如此，或那是指年底的退出水準（exit rate）。另外，根據你對產品組合、廢料含量，以及下半年陡峭爬坡的評論，我們應該如何看待今年剩餘期間的獲利節奏？我們是否應該預期某一季會轉為獲利？

So from the perspective of exiting the year at least 90% utilization rate, absolutely. We feel we've been more confident about that given the performance of the team.

就年底至少以 90% 的產能利用率作為退出水準而言，絕對是的。鑑於團隊的表現，我們對此更有信心。

In the second quarter and more recently. So and especially with the onset of bringing the third cold mill online here in August, so that will be a key to that.

在第二季以及最近一段時間。而且特別是第三座冷軋機預計在 8 月上線，這將是達成目標的關鍵。

As you think about profitability in the second-half of the year, yes, we've been in kind of approaching EBITDA positive to EBITDA positive, but we would expect to be earnings positive in the second-half of the year as well.

至於下半年的獲利能力，是的，我們一直處於接近 EBITDA 轉正到 EBITDA 轉正的狀態，但我們也預期下半年會轉為盈餘為正。

Thanks, Theresa.

謝謝你，Theresa。

John Tumazos, John Tumazos Very Independent Research.

John Tumazos，來自 John Tumazos Very Independent Research。

Thank you.

謝謝。

Looking forward a number of years, where do you think we go next?

往後看好幾年，你覺得我們下一步會走向哪裡？

With steel processing, buying two and a half, 3 million tons more steel than you make.

在鋼材加工方面，你們購買的鋼材比自己生產的多出 250 萬到 300 萬噸。

It could be possible to build a sheet mill, another one to make that steel yourselves, or is there enough scrap aluminum to build a second 650,000 time Columbus rolling complex, or is there something else on the horizon?

是否有可能再建一座板材廠（sheet mill），自己生產那些鋼材？或者是否有足夠的廢鋁可用來再建第二座年產 65 萬噸的哥倫布（Columbus）軋製綜合廠？還是說地平線上還有其他計畫？

Well, as always, John, phenomenal questions or thoughts.

嗯，一如既往，John，你的問題或想法都非常精彩。

The.

這個。

The hot-band substrate requirement that has grown over the years and likely will grow a little more obviously is a potential growth avenue, but I would suggest, given the dynamics within the supply-demand balance, it wouldn't be.

熱軋帶鋼基材（hot-band substrate）的需求多年來一直在成長，而且很可能還會再增加一些，顯然是一條潛在的成長途徑；但我會說，考量供需平衡的動態，如果我們要做，也不會是。

A typical mill if we were to do it, but it wouldn't be a mill that we're going to build anytime soon. On the steel side, I think Barry and the team have got a pipeline of some pretty damn neat value-add niche opportunities.

一般典型的工廠；但也不會是我們短期內要興建的工廠。在鋼鐵方面，我認為 Barry 和團隊手上有一條相當漂亮的、很有價值的利基增值機會管線。

As you've always known, we tend we don't strive to build and grow just to be big. We.

你一直都知道，我們不會為了做大而去建設與擴張。我們。

Want to maintain that high-margin niche product supply chain type strategy. So we do have steel projects along those lines.

希望維持那種高毛利的利基產品供應鏈策略。所以我們確實有一些符合這方向的鋼鐵專案。

And aluminum obviously has also a great potential for growth.

而鋁業顯然也有很大的成長潛力。

It doesn't necessarily -- or our past history.

這不一定——或就我們過去的歷史而言。

Isn't to go and build a big mill and then just copy that same thing.

我們並不是去蓋一座大型工廠，然後只是複製同樣的模式。

We've only been in the industry, obviously, for whatever it is now, two years, but we again see smaller value-add niche opportunities that would have great return on invested capital type profiles.

我們在這個產業裡顯然才兩年左右，但我們同樣看到一些較小的利基增值機會，能帶來很好的投入資本報酬率（ROIC）特性。

So a big steel mill anytime soon? No. A massive 650,000-ton aluminum mill, probably not here in the very near future.

所以短期內會蓋一座大型鋼廠嗎？不會。短期內會蓋一座年產 65 萬噸的超大型鋁廠嗎？大概也不會在非常近期。

But there's plenty of opportunities for us to grow.

但我們有很多成長機會。

Thank you.

謝謝。

Thank you.

謝謝。

And once again, everyone, if you have any questions or comments, please press then 1 on your phone. Your next question is coming from Albert Rellini from Jefferies. Your line is live.

再次提醒各位，如果有任何問題或意見，請在電話上按 1。下一位提問者是來自 Jefferies 的 Albert Rellini。您的線路已開通。

Hey, good morning, all.

嗨，各位早安。

Just on capital allocation, given the earnings trajectory, the continued focus on the execution of the ramp of ADI and some of the working capital and 27 CapEx comments.

關於資本配置，考量獲利走勢、持續聚焦於 ADI 爬坡執行，以及一些營運資金與 27 年資本支出（CapEx）的評論。

How should we be thinking about the trajectory of repurchases in the coming quarters? Is it reasonable to assume maybe what we saw during the '23 quarters or is maybe a similar kind of increase from the first to the second quarter more, I guess, reasonable if pricing holds up in the second-half?

我們應該如何看待未來幾季庫藏股回購的走勢？是否可以合理假設會像 23 年各季那樣，或是如果下半年價格維持，從第一季到第二季那種類似的增幅更合理？

The expectation would be, as we've mentioned, we want to take the opportunity as we have excess cash flow to lean in on the share repurchases. We think that the current pricing is still incredibly attractive to do that. So in the second quarter, we are at $200 million. We paused in the first quarter, as we mentioned, to allow for the ramp in working capital as aluminum ramps up.

如同我們提過的，我們的預期是：當我們有多餘的自由現金流時，會把握機會加碼進行股票回購。我們認為目前的股價水準仍然非常有吸引力。所以在第二季，我們回購了 2 億美元。我們在第一季暫停，如同先前提到的，是為了因應鋁業爬坡帶來的營運資金增加。

I don't know that we have specific plans for what the second-half of the year looks like. I would say it's. To trend more toward like what you saw in the second quarter and perhaps last year, but that will depend on the cash flow as we progress through the second-half.

我不確定我們對下半年有沒有具體的計畫。我會說，它。會更偏向你在第二季以及可能去年看到的那種水準，但仍將取決於我們在下半年推進過程中的現金流狀況。

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

謝謝。問答環節到此結束。我想把電話交回給 Millett 先生作結語。

Super.

太好了。

Thank you, Matthew.

謝謝你，Matthew。

Appreciate everyone's interest and support today.

感謝大家今天的關注與支持。

And just would like to, as always, thank our customer base.

我也想一如既往地感謝我們的客戶群。

We can't do what we do without you, and particularly on the aluminum side. Your patience with us and your support has been extraordinary.

沒有你們，我們無法完成我們所做的事，尤其是在鋁業這一端。你們對我們的耐心與支持非常卓越。

Service providers, phenomenal. We can't do without you guys either, guys and girls.

服務供應商也非常出色。沒有你們也不行，各位先生女士。

Employees. I just my hat's off to you.

員工們。我真的是向你們致敬。

I said it at the very beginning, I'm honored to be part of the team.

我在一開始就說過，能成為團隊的一員我深感榮幸。

You do a phenomenal job. I just want to really stress that we need to continue to work smarter, harder and be committed to getting to that zero incident safety environment.

你們做得非常出色。我想再次強調，我們需要持續更聰明、更努力地工作，並致力於達成零事故的安全環境。

And to shareholders and investors, we treat your money as it's our own, and we hopefully demonstrated a good responsibility there, and we're going to continue to do that in the future. I don't think there's ever been a time where I am more excited for the team, given the step function increase in cash generation that we're going to see from these new assets.

對股東與投資人而言，我們把你們的錢當作自己的錢來對待；我希望我們已展現出良好的責任感，未來也會持續如此。我想從未有任何時刻像現在一樣，讓我對團隊如此興奮，因為我們將從這些新資產看到現金創造能力的階躍式提升。

With the growth opportunities that the team has identified going forward, it's nothing but phenomenal what they're going to achieve. So thank you, everyone.

再加上團隊所辨識的未來成長機會，他們將達成的成果只會是非常卓越。所以謝謝大家。

Thank you. And once again, ladies and gentlemen, that concludes today's call.

謝謝。再次提醒各位女士先生，今天的電話會議到此結束。

Thank you for your participation and have a great and.

感謝各位的參與，祝大家有個美好且。