Steel Dynamics Inc (STLD) 2026 Q3 法說會逐字稿

Good day and welcome to the Steel Dynamics third quarter 2026 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Steel Dynamics 2026 年第三季財報電話會議。(接線員指示)

Please be advised that this call is being recorded today, October 20, 2026, and your participation implies consent to our recording this call. If you do not agree to these terms, please disconnect. At this time, I would like to turn the conference over to David Lipschitz, Director, Investor Relations. Please go ahead, sir.

請注意，本通話將於今日 2026 年 10 月 20 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。此刻，我想將會議交給投資人關係總監 David Lipschitz。先生，請開始。

Thank you, Sylvie. Good morning and welcome to Steel Dynamics third 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，Sylvie。各位早安，歡迎參加 Steel Dynamics 2026 年第三季財報電話會議。提醒各位，今天的通話將被錄音，並將於稍後在今日於我們網站提供重播。

Leading today's call are Mark Millett, Chairman and Chief Executive Officer of Steel Dynamics; and Theresa Wagler, Executive Vice President and Chief Financial 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，以及執行副總裁兼財務長 Theresa Wagler 主持。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.

今天部分陳述僅截至本日，可能屬於前瞻性與預測性陳述，通常會以「相信」、「預期」、「預估」或類似用語作為引導。若實際結果與之不同，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、與預期專案報酬相關之估計與假設的使用，以及我們的鋼鐵、金屬、回收、製造加工與鋁業務，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 Third Quarter 2026.

相關例子已於相關新聞稿中說明，亦載於我們每年向 SEC 提交之 Form 10-K 中「前瞻性陳述」與「風險因素」章節，可於網路 www.sec.gov 查閱，並在適用情況下亦可參考後續任何 SEC Form 10-Q。

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

現在我很高興把電話交給 Mark。

Well, good morning, everyone. Thank you for joining us this morning for the third quarter 2026 earnings call. Before I begin our report, I would like to take a moment to congratulate Theresa on her appointment to CEO at the end of this year.

各位早安。感謝各位今天早上加入我們的 2026 年第三季財報電話會議。在我開始報告之前，我想先花點時間恭喜 Theresa 將於今年底接任執行長。

As most of you know, she's been with the company for 28 plus years, starting when we had just our first mill in Butler, Indiana. And back then, it was just a handful of people, and now we got 14,000 strong in our team. In that time, she has built an incredible understanding of our markets, our customers, and our company.

如各位多數人所知，她在公司服務已超過 28 年，從我們在印第安納州巴特勒（Butler, Indiana）只有第一座鋼廠時就加入。當時只有少數幾個人，而現在我們的團隊已壯大到 14,000 人。在這段期間，她對我們的市場、客戶與公司建立了極其深刻的理解。

Most importantly, she understands our culture and is passionate about our people. She has been acutely involved with the strategic decisions and direction we have taken these past 15 years, decisions that have driven tremendous growth and about 3,000% in shareholder value appreciation, a value that very few can claim. That success has also been supported by an incredible team of 14,000 people, as I said, and the best senior leadership on the planet, all of whom have been very keen, very key contributors of our growth.

最重要的是，她了解我們的文化，並對我們的員工充滿熱情。過去 15 年來，她深度參與我們所做的策略決策與方向，這些決策帶動了驚人的成長，並使股東價值累計提升約 3,000%，這是極少數公司能夠宣稱的成果。如我所說，這項成功也仰賴一支由 14,000 人組成的卓越團隊，以及全球最優秀的資深領導團隊；他們都是我們成長的敏銳且關鍵的貢獻者。

I just want to -- very unusually maybe, but I'd just like to signal them out. Miguel Alvarez, Jim Anderson, Matt Bell, Chad Bickford, Chris Graham, Barry Schneider, Tommy Scruggs, Rick Poinsatte. These folks have been incredible, and with this team and with Theresa at the helm, we will undoubtedly drive SDI to even greater heights. So that's said, and congratulations, Theresa.

我只是想——也許很少見——但我想特別點名他們。Miguel Alvarez、Jim Anderson、Matt Bell、Chad Bickford、Chris Graham、Barry Schneider、Tommy Scruggs、Rick Poinsatte。這些夥伴都非常出色；有這支團隊、再加上 Theresa 掌舵，我們毫無疑問將把 SDI 推向更高的境界。以上，恭喜你，Theresa。

Thank you very much, Mark.

非常謝謝你，Mark。

Our teams, I think, in the third quarter achieved a very strong quarter-over-quarter financial and operational performance. That said, we did come in just shy of our earlier guidance range due to late September anticipated moves in foreign currency and aluminum hedging unrealized market-to-market adjustments of just under $30 million.

我認為，我們的團隊在第三季達成了非常強勁的季對季財務與營運表現。不過，由於 9 月下旬外匯的預期變動，以及鋁避險未實現的按市價評價（mark-to-market）調整金額略低於 3,000 萬美元，我們的結果略低於先前的財測區間。

Some quarter highlights included record quarterly steel shipments of 3.8 million tons, adjusted EBITDA of $1.2 billion and extremely strong cash flow from operations of $846 million.

本季亮點包括：季度鋼材出貨量創新高達 380 萬噸、調整後 EBITDA 為 12 億美元，以及營運活動產生的現金流極為強勁，達 8.46 億美元。

Further milestones relating to the aluminium mill commissioning and ramp were also achieved. Seriously, my sincere thanks to an amazing team that consistently brings our vision and strategies to life.

與鋁廠試車投產（commissioning）及爬坡增產（ramp）相關的更多里程碑也已達成。我由衷感謝這支了不起的團隊，他們持續把我們的願景與策略落實成真。

As I said always, safety will be our most important cultural pillar and value. With great dedication to each other, our team continues to focus on our take control of safety philosophy. We have hundreds of volunteers that travel across our company, not simply auditing our safety practices at our facilities, but cultivating our culture to ensure each facility has the right attitude and mindset to drive our performance ever upwards.

我一向強調，安全將是我們最重要的文化支柱與價值。在彼此高度投入的情況下，我們的團隊持續聚焦於「掌控安全（take control of safety）」的理念。我們有數百位志工在公司各地奔走，不僅僅是稽核各廠的安全作法，更是在培養我們的文化，確保每個廠區都具備正確的態度與心態，推動績效持續向上。

It is an incredible time commitment and so inspiring as they operate as a family, supporting each other while challenging the status quo and striving for continuous improvement every day.

這需要投入難以置信的時間，也非常鼓舞人心；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。

But before I continue though, Theresa, will you update us on some specifics relative to Q3?

不過在我繼續之前，Theresa，你能否就第三季的一些具體事項為我們更新一下？

Absolutely. Thank you, Mark, and thank you for your kind words. Good morning, everyone. Appreciate you being with us this morning. For the third quarter of 2026, our net income was $756 million or $5.26 per diluted share with adjusted EBITDA of $1.2 billion.

當然可以。謝謝你，Mark，也謝謝你的美言。各位早安。感謝各位今天早上與會。2026 年第三季，我們的淨利為 7.56 億美元，或稀釋後每股盈餘 5.26 美元；調整後 EBITDA 為 12 億美元。

Third quarter 2026 revenues were $6.5 billion and operating income was just over $1 billion, higher than sequential second quarter results driven by higher realised steel pricing and record steel shipments.

2026 年第三季營收為 65 億美元，營業利益略高於 10 億美元；在較高的已實現鋼價與鋼材出貨量創新高的帶動下，表現優於第二季。

As Mark mentioned, the steel team delivered an outstanding quarter with record shipments of 3.8 million tons. Our steel operations generated operating income of $1 billion in the third quarter, a 43% sequential increase as average selling prices per ton increased $102.

如 Mark 所提，鋼鐵團隊交出非常出色的一季，出貨量創新高達 380 萬噸。第三季我們的鋼鐵營運產生 10 億美元營業利益，較前一季增加 43%，因每噸平均售價上升 102 美元。

During the third quarter of 2026, the domestic steel industry operated at an estimated utilization rate of 80%, while our steel mills operated at 92%. 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. And this is consistent throughout all market cycles.

2026 年第三季，美國國內鋼鐵產業估計的產能利用率為 80%，而我們的鋼廠運轉率為 92%。由於我們的高附加價值產品多元化、差異化的客戶供應鏈解決方案，以及內部製造事業的支援，我們一貫能達到更高的利用率。而且這在所有市場循環中都一致如此。

Regarding flat rolled steel, market conditions remain favorable. Customer demand is strong, inventory levels throughout the supply chain remain very lean and order lead times are elevated. Value-add spreads to hot coil prices have recovered, increasing to over $230 per ton. As the largest flat rolled steel coater in North America, we are well positioned to capitalize on these margin opportunities.

就扁鋼（flat rolled steel）而言，市場狀況仍然有利。客戶需求強勁，供應鏈各環節的庫存水位仍非常精實，訂單交期也維持在較高水準。高附加價值產品相對於熱軋捲（hot coil）價格的價差已回升，提升至每噸 230 美元以上。作為北美最大的扁鋼塗鍍（coater）業者，我們具備良好條件把握這些毛利機會。

As a reminder, approximately 80% of our flat rolled steel portfolio, sometimes more, is linked to contractual pricing that generally lags market changes by two months.

提醒各位，我們的扁鋼產品組合約有 80%（有時更高）與合約定價連動，而該定價通常會落後市場變化約兩個月。

Given the significant improvement in flat rolled steel pricing and the continued expansion of value-added spreads, we expect these favorable market dynamics to positively impact our fourth quarter results and into 2027.

鑑於扁鋼價格顯著改善，以及高附加價值價差持續擴大，我們預期這些有利的市場動態將對第四季業績以及延續至 2027 年帶來正面影響。

Long product steel markets also remain incredibly strong, supported by healthy activity in nonresidential construction. Customer demand continues to be exceptionally robust with order backlogs extending well into 2027. We remain optimistic about demand for our diversified product portfolio of steel products and believe our end market exposure positions us incredibly well.

長材（long product）鋼品市場同樣維持非常強勁，受惠於非住宅建築活動的健康表現。客戶需求仍異常強勁，訂單積壓已延伸至 2027 年。我們對多元化鋼品產品組合的需求保持樂觀，並相信我們的終端市場曝險使我們處於極佳位置。

For modeling purposes for those on the call, our hot rolled coil shipments in the third quarter were 992,000 tons. Our cold rolled shipments were 146,000 tons and finally, our coded flat rolled shipments were 1 million excuse me -- 1,630,000 tons.

提供給在場各位建模參考，第三季我們的熱軋捲出貨量為 992,000 噸。冷軋出貨量為 146,000 噸；最後，我們的塗鍍扁鋼出貨量為 100 萬——不好意思——1,630,000 噸。

Third quarter 2026 operating income for metals recycling was $33 million lower than second quarter earnings due to lower realized pricing. Our metals recycling team is partnering even more closely with our steel and aluminum teams to expand scrap separation capabilities. This will provide a meaningful advantage in increasing recycled content in our aluminum flat roll products while expanding our earnings opportunities.

2026年第三季金屬回收業務的營業利益較第二季減少3,300萬美元，主因為實現售價較低。我們的金屬回收團隊正與鋼鐵與鋁材團隊更緊密合作，以擴大廢料分選能力。這將在提升我們鋁平軋產品的再生料含量方面帶來顯著優勢，同時擴大我們的獲利機會。

Our steel fabrication team achieved third quarter operating income of $91 million, an increase from second quarter results of $85 million as increased volume and higher average pricing offset significantly higher steel raw material input costs. I want to give a shout out to the team, they did an incredible job.

我們的鋼構加工團隊第三季營業利益達9,100萬美元，較第二季的8,500萬美元增加，因出貨量提升與平均售價上升抵銷了顯著上升的鋼鐵原料投入成本。我想向團隊致意，他們做得非常出色。

Our steel joist and deck business is experiencing strong demand, with our order backlog 50% higher today than a year ago. The Dodge Momentum Index, which generally leads constructions funding by 12 to 18 months remains elevated and is improving.

我們的鋼桁架與鋼承板業務需求強勁，目前訂單積壓量較一年前高出50%。通常領先建築資金投入12至18個月的Dodge Momentum Index仍維持在高檔，且持續改善。

We are also seeing improved pricing within our steel joists and deck business with strong expectations for 2027, supported by positive customer sentiment and quoting activity, continued manufacturing onshoring and public funding for infrastructure and other fixed asset investment programs. We're starting to see the uplift from this macro environment, and we believe it could be considerable.

我們也看到鋼桁架與鋼承板業務的價格走強，對2027年抱持強勁期待，支撐因素包括客戶情緒正向與報價活動增加、製造業回流（onshoring）持續，以及基礎建設與其他固定資產投資計畫的公共資金挹注。我們開始看到這樣的總體環境帶來的提振，我們相信其幅度可能相當可觀。

Third quarter 2026 operating losses from our aluminum operations were $26 million, a 21% improvement over sequential results. Shipments and financial performance were below our original expectations due to a matter within the hot strip mill, which Mark will describe in a moment. The issue has been resolved and we expect improved performance going forward. We expect volumes, cost structure and profitability from the aluminum rolling to improve in the fourth quarter and throughout 2027.

2026年第三季我們鋁業務的營業虧損為2,600萬美元，較前一季改善21%。由於熱軋帶鋼廠的一項狀況（Mark稍後會說明），出貨量與財務表現低於我們原先預期。該問題已解決，我們預期後續表現將改善。我們預期鋁軋製業務的出貨量、成本結構與獲利能力將在第四季及整個2027年持續改善。

In the third quarter, we generated strong cash flow from operations of $846 million. 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 $2.4 billion.

第三季我們營運活動產生的現金流強勁，達8.46億美元。我們的現金創造能力受惠於差異化的循環型商業模式與高度可變的低成本結構。季末我們的流動性為24億美元。

During the third quarter 2026, we invested $150 million in capital investments with fourth quarter estimates also in that same range. During 2026, we have repurchased $591 million of our common stock and continued a positive dividend profile.

2026年第三季我們資本支出投資1.5億美元，第四季預估也在相近區間。2026年迄今，我們已回購5.91億美元的普通股，並持續維持正向的股利政策。

At September 30, $216 million remained available under our current repurchase program. These actions reflect the strength of our capital foundation and cash flow generation capability and the continued confidence in our future.

截至9月30日，我們現行回購計畫下仍有2.16億美元可用額度。這些行動反映我們資本基礎與現金流創造能力的強勁，以及我們對未來的持續信心。

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

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。股東報酬以可持續且成長的基本股利為核心，並搭配具彈性的股票回購計畫，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 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財務實力與彈性。

Our free cash flow profile has fundamentally changed, increasing to an average annual $2.4 billion during the most recent five years. And if you exclude our recent transformational, it averages $3.2 billion per year, an incredible achievement. And there's more to come.

我們的自由現金流輪廓已發生根本性改變，最近五年平均每年提升至24億美元。若排除我們近期的轉型性項目，平均每年為32億美元，這是令人驚豔的成就。而且後面還有更多。

Over the past number of years, we've invested more than $5 billion, arguably $6 billion, in three primary transformative organic growth initiatives. 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. As these assets continue to mature, we expect them to generate meaningful earnings and related free cash flow.

過去幾年，我們在三項主要的轉型性內生成長計畫上投資超過50億美元，甚至可說達60億美元。這些投資體現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。隨著這些資產持續成熟，我們預期其將帶來可觀的獲利與相關自由現金流。

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。

And I would be remiss if I also didn't congratulate Mark on his upcoming retirement, although my belief is he'll be busier then than he is now. And just to point out, under Mark's leadership, we went from a market cap of $3 billion to today $35 billion and continuing to move forward. We had around 3,000 people, and when he originally started, we had three to now almost 15,000, and that was all under Mark's leadership. So thank you, Mark, for that.

此外，如果我不恭喜Mark即將退休，那就太失禮了，雖然我相信他到時候會比現在更忙。順帶一提，在Mark的領導下，我們的市值從30億美元成長到今天的350億美元，並持續向前。我們的人數從他剛開始時約3,000人，成長到現在將近15,000人，這一切都在Mark的領導之下完成。所以，謝謝你，Mark。

Well, thank you, Theresa, but it takes a team. It takes a village. So thank you, though. Consistently achieving those incredible results year-over-year just doesn't happen. It's the product of an effective business model that mitigates volatility, a commitment to state-of-the-art technology both leveraged by a unique and passionate culture driven to excel.

嗯，謝謝你，Theresa，但這需要整個團隊。需要眾人齊心。不過還是謝謝你。年復一年持續達成那些驚人的成果並非偶然。這是有效的商業模式（可降低波動）、對最先進技術的投入，以及由獨特且充滿熱情、追求卓越的文化所共同促成的成果。

The resulting performance reflects the dedication of our teams and the effective strategies we have developed and executed over time. We've invested strategically to gain significant scale, high margin product and market diversification, efficient and unique customer supply chains and synergistic operating platforms to optimize market opportunities throughout economic cycles.

最終的表現反映了我們團隊的投入，以及我們隨時間建立並落實的有效策略。我們以策略性投資取得顯著規模、高毛利產品與市場多元化、效率高且獨特的客戶供應鏈，以及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。

These strategies enable us to consistently achieve at the highest levels, allow us to control our own destiny, and outperform competitors across all market circles.

這些策略使我們能持續在最高水準達成目標，讓我們能掌握自身命運，並在所有市場循環中優於競爭對手。

Foundational focus on market and product diversification, particularly in higher-margin value-added products, supports stronger through-cycle facility utilization and strives superior financial performance. 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.

以市場與產品多元化為基礎的核心聚焦，特別是在較高毛利的加值產品上，有助於在景氣循環中維持更強的產能利用率，並追求更優異的財務表現。我們最佳化現金創造能力，使我們能採取均衡且一致的資本配置策略，以支持成長、維持財務實力，並為股東帶來具吸引力的長期報酬。

Our disciplined approach to capital investment continues to generate strong through-cycle cash flow and supports one of the highest return on invested capital profiles, not only of steel companies, but in the industrial sector.

我們在資本投資上的紀律作法，持續在景氣循環中產生強勁現金流，並支撐我們成為不僅在鋼鐵公司之中、甚至在整個工業領域中投資資本報酬率（ROIC）最高的企業之一。

Our most recent and most significant current investment is in aluminum flat roll products. The mill is transitioning from commissioning to full production ramp, and the excitement continues to be palpable as you tour the facility.

我們近期且目前最重要的投資是在鋁平軋產品。該工廠正從試車投產（commissioning）轉入全面量產爬坡，當你參觀廠區時，仍能明顯感受到那股興奮氛圍。

The team has outperformed all industry expectations, constructing and commissioning an incredible facility in industry-leading time. Competitors and customers alike that have toured the mill are amazed at the quality and the capability of the plant and the speed of the product qualification.

團隊超越了業界所有預期，以領先業界的速度建造並完成試車投產一座令人驚嘆的設施。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，以及產品認證速度之快感到驚訝。

But of even more important to me, they are broadly complementary of the quality and the esprit de corps of the team. Again, they and our culture will differentiate us from the rest of the industry. The team is navigating a volatile aluminum market driven by the impacts of geopolitical conflict and domestic supply chain challenges. But despite these near-term challenges, they've remained focused on execution, customer service and operational excellence.

但對我而言更重要的是，他們普遍稱讚團隊的品質與團隊精神（esprit de corps）。再次強調，他們以及我們的文化將使我們與產業其他公司區隔開來。團隊正因地緣政治衝突影響與國內供應鏈挑戰而面對波動的鋁市場。但儘管有這些短期挑戰，他們仍專注於執行力、客戶服務與營運卓越。

Beyond these temporary constraints, we are operating in a unique and highly favorable long-term market environment. The United States faces a significant structural supply deficit of more than 1.4 million tons of aluminum sheet, and that shortfall is forecast to widen as demand continues to grow across key end markets.

超越這些暫時性限制，我們正處於獨特且長期高度有利的市場環境。美國面臨超過140萬噸鋁板材的重大結構性供給缺口，且隨著主要終端市場需求持續成長，預估該缺口將進一步擴大。

We believe our aluminum platform is exceptionally well positioned to capitalize on that 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有利位置，可把握不斷成長的國內需求，為股東創造可觀的長期價值。

The investment is in clear alignment with our core competencies. Our construction capabilities have once again been proven both Columbus and the Mexican [slab] cast mill. State-of-the-art facilities built cost effectively and in record time.

這項投資與我們的核心能力高度一致。我們的建廠能力已在Columbus以及墨西哥的[slab]鑄板廠再次獲得驗證。以具成本效益的方式、在破紀錄的時間內建成最先進的設施。

We expect the same result for our second recycled slab center currently being built in Mississippi. We are using our deep operational know-how in combination with technical expertise of aluminum industry experts. Our proven incentive-driven performance culture will drive higher efficiency and lower cost operations compared to our competitors.

我們預期目前正在密西西比州興建的第二座再生鑄板中心也將取得同樣成果。我們結合深厚的營運專業與鋁產業專家的技術專長。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。

Our metals recycling platform will facilitate higher recycle content with the largest North American metals recycler including aluminum. Supply chains are in place in both Columbus and Mexico to achieve the highest recycled content in the industry.

我們的金屬回收平台將與北美最大的金屬回收商（包含鋁）合作，促進更高的回收含量。我們已在哥倫布與墨西哥建立供應鏈，以達成業界最高的再生料含量。

New separation technologies are now successful in amplifying supply chain value while providing broader access to usable aluminum scrap.

新的分離技術如今已成功放大供應鏈價值，同時提供更廣泛的可用鋁廢料取得管道。

Production to date is confirming our expected cost differentiation. When operating at our nameplate capacity and expected product mix, through-cycle EBITDA expectation for past normalized market conditions remains at $650 million to $700 million, plus a further $40 million to $50 million for our metals recycling platform.

截至目前的生產表現正驗證我們預期的成本差異化優勢。在以名目產能運轉並達到預期產品組合時，以過往常態化市場條件估算的全週期 EBITDA 仍為 6.5 億至 7 億美元，另加我們金屬回收平台的 4,000 萬至 5,000 萬美元。

Operating expense today, albeit still in ramp up, still supports our five key competitive cost advantages: labor efficiency, higher recycled content, which we'll achieve in the first half of '27, high yields, and optimized logistics, all driven by a performance-based operating culture utilizing state-of-the-art equipment.

目前的營運費用雖仍處於爬坡階段，但仍支撐我們五項關鍵的競爭性成本優勢：勞動效率、更高的回收含量（我們將於 2027 年上半年達成）、高良率，以及最佳化物流；這些皆由採用最先進設備、以績效為導向的營運文化所驅動。

This strategic investment is a cost-effective and high-return growth opportunity, providing Steel Dynamics with additional countercyclical diversification while further destabilizing and growing our cash generation capabilities. The customer base remains eager for a new market entrant, one that is known to be innovative, customer-focused, and responsive.

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 帶來額外的逆週期多元化，同時進一步強化並擴大我們的現金創造能力。客戶群仍熱切期待新的市場參與者——一個以創新、以客為本且反應迅速而聞名的參與者。

With that said, every startup and ramp-up brings its share of challenges. I'd like to sincerely thank our customers for their patience and partnership as we continue to fine-tune our operations and optimize performance. Their trust and support have been invaluable, and we remain focused on delivering the highest quality products, reliability, and service they deserve.

話雖如此，每一次新廠啟動與產能爬坡都會帶來其應有的挑戰。在我們持續微調營運並最佳化績效之際，我想由衷感謝客戶的耐心與合作。他們的信任與支持無比珍貴，我們也將持續專注於提供他們應得的最高品質產品、可靠性與服務。

The hot side is fully operational with the ability to run at rated capacity and superior yields. All three co-mills are now operational and running well, which will allow us to access the full 650,000 metric ton annual capability. We're in the process of improving yields and anticipate achieving our efficiency goals over the coming months.

熱端已全面投產，具備以額定產能運轉並達成優異良率的能力。三座冷軋機組目前皆已投產且運轉良好，使我們得以釋放每年 65 萬公噸的完整產能。我們正持續改善良率，並預期在未來數月達成效率目標。

The first of two automotive continuous anneal and solution heat treat lines is fully operational. We achieve finished product qualification status at modable automotive manufacturers for 5182 and 5754 products. We are currently in trials for 6000 series material.

兩條汽車用連續退火與固溶熱處理產線中的第一條已全面投產。我們已在可改裝（modable）的汽車製造商端取得 5182 與 5754 產品的成品認證資格。目前正進行 6000 系列材料的試驗。

We have plans to ship finished automotive products before the end of this year, and I think all would agree that is a phenomenal achievement.

我們計畫在今年底前出貨汽車用成品，我想大家都會同意這是一項非凡的成就。

The second cash line is currently in commissioning and will be operational in the first quarter of '27. We have experienced earlier than anticipated product certifications, and it is a testament to the incredible talent we have been able to embed in the team and the technical capabilities of the mill. There's great energy, great momentum.

第二條冷軋產線目前正在試車（commissioning），並將於 2027 年第一季投產。我們的產品認證進度早於預期，這證明我們得以在團隊中匯聚的卓越人才，以及該廠的技術能力。整體士氣高昂、動能強勁。

As we move through construction, commissioning and ramping of the various production lines, we continue to be excited by our progress with expectations for significant cost optimization benefits to occur in the near term and product mix benefits throughout '27.

隨著各條產線陸續完成建設、試車並進入爬坡，我們對進展仍感到振奮，並預期短期內將出現顯著的成本最佳化效益，而產品組合效益將貫穿 2027 年。

We did expect to have higher shipments and profitability in the third quarter, but as we ramped up to the higher rolling speeds for the light gauge product. We developed a surface quality issue that resulted in significant yield losses.

我們原本預期第三季出貨量與獲利會更高，但在將薄規產品的軋製速度提升至更高水準的爬坡過程中，我們出現了表面品質問題，導致顯著的良率損失。

After a period of troubleshooting, we identified the need to change the coolant in the hot strip mill. The troubleshooting, coolant change and subsequent reestablishment of rolling conditions led to several weeks of lower production and lower yield, impacting volume and increasing costs in the quarter.

經過一段時間的排除故障後，我們確認需要更換熱軋帶鋼廠的冷卻液。故障排除、冷卻液更換以及後續重新建立軋製條件，導致數週產量較低、良率較低，影響本季出貨量並推升成本。

But as Theresa suggested the matter has been fully resolved, and operations have been excellent so far in October. Quality and yields throughout the facility have improved dramatically. The hot strip mill has been operating at 75% thus far in October. Those put us a month behind, we still believe we can achieve 90% by the end of the year.

但如 Theresa 所提，該問題已完全解決，10 月迄今營運表現非常出色。全廠的品質與良率已大幅改善。熱軋帶鋼廠 10 月迄今的運轉率為 75%。這使我們落後約一個月，但我們仍相信年底前可達到 90%。

We believe volume and profitability from our aluminum operations will increase sharply in the fourth quarter and continue improving through 2027 as start-up costs subside, utilization and yields improve and scrap content increases.

我們相信第四季鋁業務的出貨量與獲利將大幅提升，並在 2027 年持續改善，因為啟動成本逐步消退、稼動率與良率提升，以及廢料含量增加。

We remain highly enthusiastic about our current and future growth initiatives, which we believe will continue to drive the high return and growth momentum we have consistently demonstrated. The through-cycle earnings potential of over $1.4 billion from our recent key growth projects is becoming a reality.

我們對目前與未來的成長計畫仍高度振奮，並相信這些計畫將持續推動我們一貫展現的高報酬與成長動能。近期關鍵成長專案所帶來、超過 14 億美元的全週期獲利潛力正逐步成為現實。

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，對於我們近期的扁鋼與鋁投資案，營運最佳化將是我們的重點。

I'm encouraged by the growing recognition among our teams, 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：我們穩健且一致的現金創造能力，結合我們在資本配置上紀律嚴明、追求高報酬的方法。

We believe the steel industry has undergone a fundamental paradigm shift in recent years supported by an increasingly mercantilistic global trade environment that should help maintain a more level playing field through continued and appropriate trade enforcement mechanisms.

我們認為，近年來在全球貿易環境日益重商主義的支撐下，鋼鐵產業已出現根本性的典範轉移；透過持續且適當的貿易執法機制，這應有助於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. Manufacturing reshoring continues to gain momentum and together with growing investments in industrial infrastructure and computing is expected to continue to support non-residential construction activity.

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。製造業回流（reshoring）持續增溫，並且與工業基礎設施及運算領域投資增加相結合，預期將持續支撐非住宅建築活動。

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

隨著去碳化倡議持續推進，全球成本結構的上升將使成本曲線明顯變陡，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 value-added product capabilities provide a distinct competitive advantage, allowing us to leverage the evolving metals market environment and amplify our relative earnings power.

我們高度多元化的高附加價值產品能力提供了明確的競爭優勢，使我們能夠掌握不斷演變的金屬市場環境，並放大我們相對的獲利能力。

In closing, as I have often said, our people are our foundation, and I thank each of them for their passion, dedication, and commitment to their success. And we are committed to them. I remind each teammate listening today, nothing is more important than safety for you, your families and for one another.

最後，正如我常說的，我們的人才是我們的根基，我感謝每一位同仁的熱情、投入與對成功的承諾。我們也承諾支持他們。我也提醒今天正在收聽的每一位夥伴：對你、你的家人以及彼此而言，沒有任何事比安全更重要。

I also thank our loyal customers, our partnerships are built on trust, delivering on our commitments and collaborating to create innovative solutions and value.

我也感謝我們忠誠的客戶；我們的合作關係建立在信任之上，透過履行承諾並協作創造創新解決方案與價值。

Finally, I thank our suppliers and our service providers. Your partnership, trust and support are essential to our continued success. I would suggest SDI has never been in a better position. Current business is in phenomenal shape, and we're on the cusp of yet another step function increase in through-cycle cash generation.

最後，我要感謝我們的供應商與服務提供者。你們的合作、信任與支持對我們持續成功至關重要。我認為 SDI 從未處於更好的位置。目前的業務狀況極佳，而我們正站在全週期現金創造能力再度階躍式提升的門檻上。

We have a phenomenal team in place to continue our leading growth trajectory, and I look forward to looking from afar at their success. So with that, we will take questions, please.

我們已建立一支卓越的團隊，得以延續我們領先的成長軌跡；我也期待在遠方見證他們的成功。那麼接下來我們開始提問，謝謝。

(Operator Instructions)

（接線員指示）

Nick Cash, Goldman Sachs.

Nick Cash，高盛。

Thank you, team, and congrats again, Theresa and Mark. So you just mentioned, Mark, still expect to hit about 90% utilization in terms of hot band production exiting the year. But we just wanted to know, how should investors think about that 90% utilization? Is that hot band production, gold mill or finished sheet shipments? And if it is hot band production, how should investors think about how that translates to shipments?

謝謝各位團隊，也再次恭喜 Theresa 和 Mark。你剛才提到，Mark，仍預期年底時熱軋帶鋼產能利用率可達約 90%。但我們想了解，投資人應如何看待這個 90% 的利用率？這是指熱軋帶鋼產量、冷軋機組，還是成品板材出貨？如果是熱軋帶鋼產量，投資人應如何理解它如何轉換為出貨量？

Obviously, you've got to start at the beginning, and the hot mill feeds all the material downstream. So 90% capability I'm suggesting is the hot strip mill. Shipments will not be at 90%, albeit we have three coal mills fully operational today. It's going to take a little while for a month or two to get the entry through the supply chain.

顯然，你必須從源頭開始，熱軋廠為下游供應所有材料。因此我所說的 90% 產能是指熱軋帶鋼廠。出貨量不會達到 90%，儘管我們目前三座冷軋機組都已全面投產。供應鏈的導入仍需要一些時間，大約一到兩個月。

That's helpful. Just one more to follow-up on the margin side. I'll give you a pretty extensive list of margin tailwinds on the aluminum side, but is it possible to provide any color or breakdown the margin opportunity that comes from the higher scrap utilization versus better yields, fixed cost absorption and richer product mix? And also, what is the cadence getting to your optimal scrap utilization?

這很有幫助。我再追問一個關於毛利面的問題。我可以給你一份相當完整的鋁業務毛利順風清單，但你們是否能就毛利機會做一些補充說明或拆解：這些機會分別來自更高的廢鋁使用率、較佳的良率、固定成本吸收，以及更高附加價值的產品組合？另外，達到你們最佳廢鋁使用率的節奏/進度會是怎樣？

Yeah, Nick, so the magnitude, we haven't, it's really hard to give a range of what that might look like. The magnitude of impact really is that the yields will have the most impact. And as Mark mentioned, we're actually -- we saw a significant. Improvement in yields across the facility, including the coal mills in October so far. I know we're just three weeks in, but since we made the coolant change, we've really been able to dial into those preferred yields in what we think is a long-term goal for us of where we want to be.

好的，Nick，就影響幅度而言，我們還沒有——要給出可能長什麼樣的區間其實很難。影響幅度最大的其實會是良率。而且如 Mark 提到的，我們實際上——我們看到顯著的。到目前為止 10 月在整個廠區（包含煤磨）良率都有改善。我知道我們才過了三週，但自從我們更換冷卻液之後，我們真的能把良率調到我們偏好的水準；我們認為那是我們長期目標、也是我們希望達到的位置。

So we see getting to those yields before the end of this year and then refining them and having them be consistent throughout 2027. So that's the biggest impact.

因此我們預期在今年底前達到那些良率，之後再持續精進，並在 2027 年全年度維持一致性。所以這是最大的影響。

The second then would be the scrap content. And so we have been using more primary aluminum or P1020 as we've gone through the certification (inaudible) qualification processes with the different product types, we will in the first half of 2027, the increasing amount of scrap content, so hopefully by mid-year next year, we're in more of an optimized product mix on the raw materials side.

第二個會是廢料含量。因此在我們針對不同產品類型進行認證（聽不清）/資格認定流程的期間，我們一直使用較多的原鋁或 P1020；到 2027 年上半年，我們會提高廢料含量，所以希望到明年年中，我們在原料端的產品組合會更接近最佳化。

And then finally, the component of labor, we really are already there, right? So the third impact would be having a lower labor cost. And we're operating with, what, 750 people today, around 700 people, compared to what the competitors would be, which is well over 1,000 people. So we've got that already dialed in. So the things that you should focus on would be on our yields and the scrap content which we think we'll definitely in line by mid-next year, if not before.

最後是人力這一塊，我們其實已經到位了，對吧？所以第三個影響會是較低的人力成本。我們目前大概以 750 人運作、約 700 人左右，相較於競爭對手通常是遠超過 1,000 人。所以這部分我們已經調整到位。因此你們應該聚焦的是良率與廢料含量；我們認為最晚到明年年中、甚至更早，就會完全到位。

That was all extremely helpful. Thank you so much.

這些都非常有幫助。非常感謝。

Alex Hacking, Citi.

Citi 的 Alex Hacking。

Yeah, good morning, Mark. Let me add my congratulations. I know you're still going to be around at the company, but I guess this might be our last earnings call, taking a company from 3 people to 14,000 people, quite some achievement.

是的，早安，Mark。我也要補上我的祝賀。我知道你仍會留在公司，但我想這可能是我們最後一次財報電話會議；把公司從 3 個人帶到 14,000 人，確實是相當了不起的成就。

I guess just following up on the aluminum side. Theresa, you gave some color there on the raw materials mix and the yields. When do you think you get to an optimal kind of end product mix? Would that be achievable by the end of next year or that's something that we should be looking for more in 2028? Thank you.

我想再追問鋁的部分。Theresa，你剛剛對原料組合與良率提供了一些說明。你認為什麼時候能達到一個最佳化的終端產品組合？這在明年年底前可達成嗎？還是我們應該把它視為更偏向 2028 年的事情？謝謝。

Yeah, no, thanks, Alex. And thanks for your comments about Mark on your first report too. We tease a little about it being the titan of the industry.

好的，謝謝你，Alex。也謝謝你在第一個問題裡對 Mark 的評論。我們也會開玩笑說他是這個產業的巨擘。

That said, as it relates to the product mix, the fact that the team has achieved the ability to ship finished automotive product here in the next coming months, that's extraordinary. We've only been offering for just less than a year.

話說回來，就產品組合而言，團隊能在接下來幾個月開始出貨完成品的汽車用產品，這非常了不起。我們推出這項供應還不到一年。

We do expect to be increasing the amount of automotive as part of the mix throughout 2027 and whether we're completely dialed in at 30% by the end of the next year, probably won't be only. Is we need to be able to get onto the automotive platforms.

我們確實預期在 2027 年全年逐步提高汽車產品在組合中的比重；至於到明年年底是否能完全調整到 30%，可能還不會。原因是我們需要能夠切入汽車平台。

So can sheet industrial definitely are already there on the can sheet side. Automotive will have a significant more amount in 2027, but I'd say you probably get to optimize sometime in that 2028 period just because we need to have the ability to get on the new platforms from an automotive producer perspective.

所以罐用鋁板、工業用板材——在罐用板材這邊我們肯定已經到位了。汽車用在 2027 年會顯著增加，但我會說你大概會在 2028 年那段期間達到最佳化，因為從汽車製造商的角度，我們需要具備切入新平台的能力。

Thank you.

謝謝。

Katja Jancic, BMO Capital Markets.

BMO Capital Markets 的 Katja Jancic。

Hi. Thank you for taking my question, and congrats to both Theresa and Mark. Maybe on the fabrication side, prices seem to be inflecting. How should we think about pricing in that business from here?

嗨，謝謝讓我提問，也恭喜 Theresa 和 Mark。也許問一下加工（fabrication）業務這邊，價格看起來正在出現拐點。我們接下來應該如何看待這項業務的定價走勢？

So Katja, you're right, and that was super extraordinary is that the fabrication team, obviously the volume is all important. And as a reminder, we had really -- the industry didn't have great volume. It was lower than pre-COVID for 2025 or 2024 and 2025. We started to see demand really pick up at the end of 2025 into '26. And we've seen that momentum continue as projects that were put on delay in '24 and '25 are now coming to fruition.

Katja，你說得沒錯，而且非常不尋常的是，加工團隊那邊，顯然量是最重要的。提醒一下，我們之前——整個產業的量其實不大。2025 或 2024 與 2025 年的量都低於 COVID 前水準。我們在 2025 年底到 2026 年開始看到需求明顯回升。而且隨著 2024、2025 年被延後的專案現在開始落地，我們看到這股動能持續。

And that's also impacting the long product steel side of our business in a very positive way. So the pricing going into the backlog today. So those projects that are being priced and really looking for delivery in early 2027 do have higher pricing associated with them. So you should see that be very positive for the fabrication segment.

這也非常正面地影響到我們業務中的長材鋼（long product steel）部分。因此，今天進入在手訂單（backlog）的定價。也就是那些正在報價、並且真正希望在 2027 年初交付的專案，確實對應較高的價格。所以你們應該會看到這對加工事業部非常正面。

That said, fourth quarter seasonality, you still might see some of that. So I wouldn't expect to see something other than the team. I'm keeping really strong with volumes and with consistent pricing in the fourth quarter, but 2027 seems to be a really strong opportunity for an uplift on margins, volumes and pricing.

不過，第四季的季節性你可能仍會看到一些影響。所以我不會預期第四季會看到除了團隊之外的其他狀況。我們會維持量的強勁與第四季價格的穩定一致；但 2027 年看起來是毛利、出貨量與價格上行的非常強的機會。

Maybe just quickly, would it be possible to quantify how much higher prices are in the backlog?

再快速問一下，有沒有可能量化一下在手訂單的價格高出多少？

It would be possible, Katja, but then the commercial team would fire me, so I can't. Thanks for asking. Sorry about that.

Katja，理論上可以，但那樣商務團隊會把我開除，所以我不能說。謝謝你提問。抱歉。

Carlos de Alba, Morgan Stanley.

Morgan Stanley 的 Carlos de Alba。

Yeah, thank you. And let me join the congratulatory comments for both Mark and Theresa. And my question is on the steel mills. Any color, maybe Mark or Theresa, on how you see the margins in that business trending in the fourth quarter, maybe early 2027. Scrap prices that have been lagging, steel prices are now catching up. So wondering if you see potential for margin expansion in the fourth quarter and early next year?

是的，謝謝。我也加入對 Mark 和 Theresa 的祝賀。我的問題是關於鋼廠。Mark 或 Theresa，能否談談你們如何看待該業務的毛利在第四季、以及可能到 2027 年初的走勢？廢鋼價格一直落後，而鋼價現在正在追上。所以想請教你們是否看到第四季與明年初毛利擴張的可能性？

Well, Carlos, I think the marketplace, as you likely know, is very tight right this second. You've got the confluence of mill lead times have extended well into 2027 right now. Inventories remain at the low end of historical ranges. You've got Q4 outages probably is going to take 1 million tons, 1.2 million tons out of the marketplace and you've had up to this point restrained imports. And so you've got this tightness for sure.

Carlos，我想你也知道，市場此刻非常吃緊。你看到多重因素同時發生：鋼廠交期已延長到 2027 年的很後面。庫存仍處於歷史區間的低端。第四季的停產/檢修可能會讓市場少掉約 100 萬噸、120 萬噸的供給，而且到目前為止進口也相對受抑制。所以確實存在這種緊俏。

And I do believe that we'll see some continued, again, intentional and not rapid pricing increases or momentum. That momentum I think is going to continue.

而我確實相信我們會看到一些持續的——同樣是有意為之、而非快速的——價格上調或動能。我認為這股動能會延續。

And then on the scrap side, you're right, it's been relatively stable. We saw a bump in October. But if you look at the dynamics of the marketplace out there, even at this price, it's incredibly attractive to the folks bringing scrap to our yards.

至於廢鋼端，你說得對，它一直相對穩定。我們在 10 月看到一波上漲。但如果你看外部市場的動態，即使在目前這個價格水準，對把廢鋼送到我們料場的人來說仍然非常有吸引力。

So the obsolete flow right now is very strong. The export market still remains relatively soft. The scrap segregation technologies that we've talked about in the past are truly sort of effectively expanding the scrap reservoir and reducing the prime scrap needs.

所以目前的汰舊料（obsolete）流量非常強勁。出口市場仍然相對疲弱。我們過去談到的廢鋼分選技術，確實是在有效擴大廢鋼來源池，並降低對優質廢鋼（prime scrap）的需求。

You've got strong manufacturing. So prompt scrap flows are also strong. So I don't see any major upward pressure in raw material costs. It would be our view that the margins or spreads will remain very strong to slightly upward in the coming months.

製造業表現強勁。因此即時廢料（prompt scrap）的流量也很強。所以我看不到原材料成本有任何明顯的上行壓力。我們的看法是，未來幾個月利潤率或價差將維持非常強勁，並可能小幅走高。

Lawson Winder, Bank of America.

Lawson Winder，美國銀行。

Thanks very much, operator, and then good morning, Mark and Theresa. Thanks to hear from you. Appreciate today's update. And then I would just say it's really reassuring to say a very well planned, well thought out and very sensible leadership transition, well done.

非常感謝，接線員，早安，Mark 和 Theresa。很高興聽到你們的分享。感謝今天的最新說明。我也想說，看到一個規劃周全、深思熟慮且非常合理的領導交接，真的令人安心，做得很好。

I'd like to follow-up on the comments on the [SteelFab] business. So message heard loud and clear, there's going to be an uplift on pricing, volume and margin in 2027. Nevertheless, I mean, it is notable that if you look at Q3 TTM versus Q2 TTM metrics, volumes are up substantially, but then operating incomes were down.

我想就 [SteelFab] 業務的評論追問一下。所以訊息很清楚：2027 年在價格、出貨量與利潤率方面都會有提升。不過值得注意的是，如果看 Q3 TTM 相較於 Q2 TTM 的指標，出貨量大幅上升，但營業利益卻下降。

And I just wanted to ask if there's some partly offsetting cost headwinds that we should be thinking about heading into 2027 on the Fab business as well as those positives that you noted in the prior comments?

我想請教，除了你先前提到的正面因素之外，對於 2027 年 Fab 業務，我們是否也應該考量一些部分抵銷的成本逆風？

Yeah, Lawson, thank you for your kind comments earlier. As it relates to the TTM, the difference is the fact that steel prices just strengthen very quickly and our steel joists and deck uses a lot of flat rolled steel and so that pricing differential has impacted the margins because the teams needed a minute to be able to increase the pricing associated with that raw material uplift, and that's being placed into the backlog into the future.

是的，Lawson，謝謝你先前友善的評論。就 TTM 而言，差異在於鋼價上漲得非常快，而我們的鋼桁架與樓承板（deck）使用大量熱軋/冷軋等扁鋼產品（flat rolled steel），因此這個價格差異影響了毛利，因為團隊需要一些時間才能把與原料上漲相關的售價調升，而這些調價會反映在未來的在手訂單（backlog）中。

So it's not real time, although they're experiencing the higher steel costs. So that's really why you're seeing the difference in the TTM amounts that you're looking at. Going forward, as they've had the momentum now of having much higher demand dynamics, they're able to have pricing power, if you will, or pricing support is a better word, I guess.

所以它不是即時反映，儘管他們正在承受較高的鋼材成本。這就是你看到 TTM 數字出現差異的原因。往前看，隨著需求動能明顯轉強，他們就能擁有定價能力，或者更準確地說，是有更好的價格支撐。

We don't see that as affecting nearly as much the 2027, even in light of what we believe will be an elevated steel price environment.

我們不認為這會對 2027 年造成太大影響，即便我們預期鋼價環境仍將維持在較高水準。

Okay, that's very helpful. And then there are planned maintenance outages at all three of the flat rolled mills this quarter. Any factors that you would potentially call out that might cause these outages to be shorter or longer than any of those of the past? And then when specifically do you expect each of them to happen?

好的，這很有幫助。另外，本季三座扁鋼廠都安排了計畫性維修停機。是否有任何因素可能導致這些停機時間比過去更短或更長？以及你們預期各自會在什麼時候發生？

All the outages are somewhat normal, like 3, 3.5-day outages with the exception of Butler. Butler may be a little longer where we're changing out one of the large overhead cranks, but nothing overly substantial as we see it right now.

所有停機都算是相當正常，大約 3 到 3.5 天，Butler 例外。Butler 可能會稍微久一點，因為我們要更換一個大型的天車曲柄（overhead crank），但就目前所見並沒有特別重大的影響。

And those outages are October, November, Lawson.

這些停機會在 10 月、11 月進行，Lawson。

Okay, fantastic. Thank you both very much.

好的，太好了。非常感謝兩位。

Albert Realini, Jefferies.

Albert Realini，Jefferies。

Hey, good morning. And also congratulations both Mark and Theresa.

嗨，早安。也恭喜 Mark 和 Theresa 兩位。

Thank you.

謝謝。

So just a higher level here, across the major steel players, we've kind of seen a bridge to diversify earnings, whether it's offering, specialty steel products or maybe even some (inaudible).

我先從更高層次來看：在主要鋼鐵業者之間，我們看到大家都在搭建多元化獲利的橋樑，可能是提供特殊鋼產品，或甚至一些（聽不清）。

You guys, you've positioned the company increasingly kind of become a value-added metals producer rather than solely a steel producer. More recently, the earning mix has shifted pretty meaningfully back toward steel. The mills have accounted for better than 90% of earnings, I believe, this quarter, which I think is probably the highest level since pre-COVID and a bit higher than maybe some of your peers.

你們也把公司定位得愈來愈像是高附加價值金屬製造商，而不只是單純的鋼鐵製造商。但最近獲利組合又相當明顯地轉回鋼鐵。我相信本季鋼廠貢獻了超過 90% 的獲利，這可能是自 COVID 之前以來的最高水準，也可能比你們一些同業更高。

So just should we think of that as something as maybe like a high watermark for steel share of earnings? And based on how you anticipate aluminum eventually rebounding, kind of how do you expect that shift to evolve over the next year?

所以，我們是否應該把這視為鋼鐵獲利占比的某種高水位？另外，基於你們預期鋁業最終會復甦，你們預期未來一年這個占比會如何演變？

Yeah Albert, that's a great observation, actually. Yes, it probably is, I would say, a future vernacular, a high watermark, simply because fabrication is rebounding from a volume perspective, pricing perspective, and we do think it was muted in '24 and '25. We don't think that's even through cycle for them or representative of through cycle. And aluminum is just getting started.

是的 Albert，這其實是個很好的觀察。是的，我會說，從未來的說法來看，這大概就是一個高水位，原因很單純：製造加工（fabrication）在出貨量與價格面都正在復甦，我們確實認為 2024 與 2025 年相對偏弱。我們不認為那是他們的完整景氣循環水準（through cycle），也不具代表性。而鋁業才剛開始。

And so -- and aluminum will be consistent. So it will be somewhat of a stabilization in both the earnings and the cash flow as there's less volatility generally in that industry as it relates to the earnings profile. And certainly, we've built diversification within our rolling mill to have even further, I think, stability as it relates to cash flow and earnings.

而且鋁業會更具一致性。因此在獲利與現金流上會帶來一定程度的穩定，因為相較之下，該產業在獲利型態上通常波動較小。此外，我們也在自家的軋延廠（rolling mill）建立了多元化，讓現金流與獲利的穩定性進一步提升。

So as we progress through, you'll see a shift in the fourth quarter and then certainly throughout all of 2027 as aluminum ramps both from a volume perspective but also from earnings capability perspective, feels still very important, but you'll see aluminum and fabrication become increasingly more of a contribution to the total mix.

所以隨著我們往前推進，你會在第四季看到占比開始轉移，而到了 2027 年全年，隨著鋁業在出貨量與獲利能力兩方面爬坡，鋼鐵仍然非常重要，但你會看到鋁業與製造加工對整體組合的貢獻度愈來愈高。

Mark, do you agree with that?

Mark，你同意嗎？

Yes.

同意。

Great. Thank you. Congratulations again.

很好。謝謝。再次恭喜。

Thank you.

謝謝。

Tristan Gresser, BNP Paribas.

Tristan Gresser，法國巴黎銀行。

Yes, I thank you for taking my questions and congratulations, Mark and Theresa. If I may push you a little bit on aluminum division, I think previously you had this target to be EBIT positive in H2. Would that still be possible now?

是的，謝謝讓我提問，也恭喜 Mark 和 Theresa。如果我可以就鋁事業部再追問一下：我記得你們先前的目標是在下半年達到 EBIT 轉正。現在仍有可能嗎？

And maybe for next year, I mean, when we look at consensus is already above your normalized kind of EBITDA target, so how do you feel about that? And do you think there are the conditions to get there given the visibility you have on your ramp?

另外看明年，市場一致預期已經高於你們所說的常態化 EBITDA 目標，所以你們對此感受如何？以你們對產能爬坡的能見度來看，你們認為具備達成該水準的條件嗎？

But we were EBITDA positive actually in Q3.

但我們其實在第三季已經 EBITDA 轉正了。

EBIT, sorry.

EBIT，抱歉。

I'm sorry EBIT.

抱歉，是 EBIT。

Yeah, I'm sorry, I thought you said EBITDA too. No, that's okay. For the second-half of the year, in totality, given the experience that we had in the third quarter, I don't think it's likely. Definitely, there in the first quarter and onward for 2027.

好的，抱歉，我以為你說的是 EBITDA。沒關係。就下半年整體而言，考量我們第三季的經驗，我認為不太可能。但在 2027 年第一季以及之後，肯定可以。

And regarding the second part of your question, we won't comment on where analysts' estimates are for any segment or for the company as a whole. So as far as commenting on whether we're comfortable with where estimates are for aluminum next year, we won't comment on that.

至於你問題的第二部分，我們不會評論分析師對任何事業部或公司整體的預估數字。因此，關於我們是否對明年鋁業的預估水準感到舒適，我們不予置評。

What we will say is that we have complete confidence in the team. Commercially, it's there, the orders are there, the opportunity is there. From a raw material perspective, we have full confidence in the recycling team to help us supply and increase the amount of recycled content.

我們能說的是，我們對團隊有完全的信心。在商業面，訂單在、機會在。在原料面，我們也完全信任回收團隊能協助供應並提高再生料含量。

So on operationally, given the changes that just took place in the August, September timeframe, we feel confident in the ramp as well. So we feel very constructive, very optimistic about next year for aluminum.

在營運面，考量 8、9 月期間剛完成的調整，我們對爬坡也有信心。因此，我們對明年鋁業的展望非常正向、非常樂觀。

Just to add, I think sometimes one has to reflect and calibrate a little and obviously some of the headlines this morning on the reports suggesting a challenge and maybe a stumble. All I can say is that one has to recognize this has been a phenomenal achievement by the team.

補充一下，我認為有時候必須稍微反思並校準一下；而且很明顯，今天早上報導的一些標題暗示出現挑戰、甚至可能有點踉蹌。我能說的是，必須認知到這是團隊所達成的非凡成就。

Those that are toured the facility, it is absolutely spectacular and we'll likely hold or Theresa will likely hold a visit early at some point next year and you'll see it. But it's absolutely first-class facility. We've got a first-class team and in combination, it's led to these accelerated qualifications in both automotive and [Kanshi]. Again, that one needs, I think, to reflect and focus on that.

去參觀過該設施的人都知道，它真的非常壯觀；我們很可能會在明年某個較早的時間點安排一次參訪，或由Theresa在明年初某個時候安排，你們就會看到。但那確實是一座一流的設施。我們有一流的團隊，而兩者結合，促成了在汽車與[Kanshi]兩個領域加速取得資格認證。再次強調，我認為需要反思並把焦點放在這點上。

When you climb a peak or Everest, you're going to stumble a little bit along the way. But when you have a champion team like we have, there's absolutely no doubt in my mind that you will be startled in the future as to what that facility is going to be able to achieve.

當你在攀登一座高峰或珠穆朗瑪峰時，途中難免會稍微跌跤一下。但當你擁有像我們這樣的冠軍團隊時，我心中毫無疑問，未來你會對那座設施能達成的成果感到驚訝。

All right. That's good to hear. Thank you. And the second question is, well, given you have a very strong free cash flow outlook for next year, can you give us some update on capital allocation for 2027? I mean, what will be the focus? It looks like building another steel mill in the US may not be a great ID. M&A does not work.

好的。很高興聽到這個。謝謝。第二個問題是，鑑於你們對明年的自由現金流展望非常強勁，能否更新一下2027年的資本配置？我的意思是，重點會是什麼？看起來在美國再建一座鋼廠可能不是個好主意。併購也行不通。

Do you need to see the aluminum plan to be well ramped up in a good track before you announce anything and we just need to expect higher buybacks until then or how should I think about it?

你們是否需要先看到鋁計畫順利放量、走在良好軌道上，才會宣布任何事情？在那之前我們只需要預期更高的庫藏股回購嗎？或我該如何理解？

So we're in the middle of going through our kind of formal process around capital allocation as it relates to CapEx. And other items, we have a clear pipeline of organic growth opportunities of differing sizes, and the team right now is in the process of prioritizing those over the next kind of one to three-year timeframe. We're going to be talking about those early next year in 2027.

我們正在進行一套較正式的資本配置流程，特別是與資本支出（CapEx）相關的部分。以及其他項目；我們有一條清晰的內生成長（organic growth）機會管線，規模大小不一，而團隊目前正著手在未來一到三年的時間範圍內為這些機會排定優先順序。我們會在明年初、也就是2027年，談到這些內容。

Right now, for CapEx next year, it might be in the range of $600-plus million, but that needs to be refined. And we'll be talking about that during a Capital Markets Day sometime in the first half of next year as it relates to more specificity about what those projects look like.

就明年的資本支出而言，目前可能落在6億美元以上的區間，但仍需要再精煉。我們會在明年上半年某個時間的資本市場日（Capital Markets Day）進一步說明，讓大家更具體了解這些專案的樣貌。

Mark, do you have anything to add?

Mark，你有要補充的嗎？

Well, I assume that the new steel mill is the [ASR] Project that was announced or suggested, let me put it that way, a week or two ago. And I think, it's an incredulous almost fantasy. I would say we do not feel that the chances of that coming to fruition in all honesty is going to occur.

我猜所謂的新鋼廠是指一兩週前宣布或被提及的那個[ASR]專案，我換個說法。我認為那幾乎是難以置信、近乎幻想。坦白說，我會說我們不認為它有機會真正落地實現。

All right, that's very clear. Thanks a lot.

好的，這非常清楚。非常感謝。

Timna Tanners, Wells Fargo.

Timna Tanners，Wells Fargo。

Good morning, and it's been great working with you, Mark, over all these years, so best of wishes in the next chapter. Look forward to continuing to work with Theresa into this Capital Markets Day.

早安，這些年來能與你共事很愉快，Mark，祝你在下一個篇章一切順利。也期待在這次資本市場日之前，能繼續與Theresa合作。

I wanted to talk about your supply flat roll volume surprised us down year-over-year on the carbon side. And as you mentioned, markets are super tight for that and for merchants and structurals. Is there anything in your system that you can flex a bit and produce more of into the next year? How do we think about your volumes and opportunities to reach this growing demand and opportunity?

我想談談你們的供應端平軋（flat roll）出貨量：在碳鋼端年對年下滑，這點讓我們有點意外。而如你所提，該市場以及貿易商與型鋼（structurals）市場都非常吃緊。你們的系統裡是否有任何部分可以更有彈性、在明年多生產一些？我們該如何看待你們的出貨量，以及在需求與機會成長下可把握的空間？

Sinton is room to expand materially. It's doing incredibly well. It's running at, let's just say, 210,000 to 220,000 tons a month right this second. And the expectation is for that to continue to grow to 250,000 tons a month or perhaps more.

Sinton還有很大的擴產空間。它表現非常好。就現在這一刻來說，它每月大約在21萬到22萬噸的運轉水準。而預期會持續成長到每月25萬噸，甚至可能更高。

But there's certainly room to improve there and as that facility ramps up, they're also ramping up the products that they're making, so they're at [X65] right now, well on their way to [X70] product and as a reminder.

但那裡當然還有改善空間；隨著該設施放量爬坡，他們也在同步提升所生產的產品等級，所以目前做到的是[X65]，正穩步邁向[X70]產品；提醒一下。

It's about the only mill, it is the only mill, I believe, that can produce 84 wide 1-inch coiled plate at sort of an X70 grade material. So certainly room to expand there. Our structure mill has a few little tricks up their sleeve, and that's going to add whether we've been saying how much.

它幾乎是唯一的鋼廠——我相信就是唯一——能生產84英吋寬、1英吋厚的捲板（coiled plate），而且是X70等級材料。所以那邊確實有擴張空間。我們的型鋼廠也有一些小妙招，這會帶來增量，只是我們一直沒說具體多少。

Theresa, have you been advertising that?

Theresa，你有對外宣傳過那個數字嗎？

[80,000] to 100,000.

[80,000]到100,000。

Yeah, about 80,000 to 100,000 tons of extra staff out of that facility, structures out of that facility. And as we always have been able to do, we tweak here and tweak there, and the guys and the girls just do better year-over-year. So yes, there's room to grow our capability for sure.

對，大約能從那座設施多出8萬到10萬噸的額外產量，來自那座設施的型鋼產品。而且就像我們一向能做到的，我們這裡微調、那裡微調，夥伴們一年比一年做得更好。所以是的，我們的產能能力確實還有成長空間。

Okay, that's a lot of structural. That's great update. Can I just follow-up and ask why that hasn't been running full out? Is it a fixed issue or is there anything else to explain?

好的，那是很多型鋼。這是很棒的更新。我可以追問一下，為什麼之前沒有全速運轉？是固定的問題，還是有其他原因可以解釋？

Well, obviously, I think and hopefully everyone considers our challenges there to be history. But we've got to that good solid-state of 80%, 85% and it just takes a little bit of time to tweak and get all the little bugs out of it. So there's no Achilles heel whatsoever. The team has got a great attitude. They've got a plan to get there. It's just a matter of a little bit of time.

嗯，顯然我想、也希望大家都把我們那邊的挑戰視為過去式了。但我們已經達到穩定的80%、85%水準，只是還需要一點時間微調，把一些小問題排除掉。所以完全沒有什麼致命弱點（Achilles heel）。團隊態度很好。他們有計畫能達到目標。只是需要一點時間而已。

Okay, thanks again and all the best.

好的，再次感謝，祝一切順利。

Thank you.

謝謝。

Samuel McKinney, KeyBanc.

Samuel McKinney，KeyBanc。

Hi, good morning, Mark and Theresa.

嗨，早安，Mark和Theresa。

Good morning.

早安。

Coded product mix as a percentage of the flat rolled volumes has increased every quarter for a year now, with gulf spreads relative to hot rolled nicely improved and looking poised to remain above their long-term average for a while. Just talk about the internal strategy and the demand drivers to keep increasing that mix if you can.

塗鍍（coated）產品組合占平軋出貨量的比例，過去一年每一季都在提高；同時，灣區價差（gulf spreads）相對於熱軋（hot rolled）也明顯改善，且看起來有望在一段時間內維持在長期平均之上。能否談談內部策略，以及推動需求、讓這個組合持續提高的驅動因素？

Yeah, it's a great observation. So that was done intentionally. If you'll remember about 1.5 year ago, we added four value-added flat roll coating lines, two at Sinton and two at one of our Indiana processing facilities. And so those have been ramping up during this period of time, very much supporting the increase of value-added product mix within the portfolio.

是的，這觀察很到位。這是刻意為之。如果你還記得，大約1年半前，我們新增了四條高附加價值的平軋塗鍍產線，Sinton兩條，印第安納州其中一座加工廠兩條。因此這段期間它們一直在爬坡放量，強力支撐我們產品組合中高附加價值產品占比的提升。

And you should expect to continue to see that improve over the next probably six months as well. Because there's still room for higher utilization from those lines. So you should continue to see that increasing as we continue our strategy of as much value-added as we can to create a supply chain that's a little harder to change.

而你應該也會預期在接下來大概六個月，這個趨勢會持續改善。因為那些產線的稼動率仍有提升空間。所以隨著我們持續推進策略——盡可能提高附加價值，以打造一條更不容易被替換的供應鏈——你會繼續看到占比上升。

All right. Appreciate it. Thanks, Theresa.

好的。感謝。謝謝你，Theresa。

And just to add to that, it's been our MO for years and it's something one has to do in the steel industry because essentially no secrets, but the team continues to have a pipeline of new coded type products. We've got digital print, which is an absolutely phenomenal technology.

再補充一下，這些年來這一直是我們的作業模式（MO），而且在鋼鐵產業這是必須做的，因為基本上沒有什麼秘密可言；但團隊仍持續有一條新型塗鍍類產品的研發管線。我們有數位印刷（digital print），那是一項極其卓越的技術。

And we also have some pre-paint improvements that we're going to be bringing to market. So it's not just the volume thing, we will continue to expand our products on those lines.

我們也有一些塗裝前（pre-paint）的改良項目，將會推向市場。所以不只是量的問題，我們也會持續沿著這些方向擴充我們的產品線。

Okay, that's good color. Thanks, Mark.

好的，這些補充很有幫助。謝謝你，Mark。

Bill Peterson, JP Morgan.

Bill Peterson，摩根大通。

Hi, good morning. Thanks for taking the questions and also accurating the congratulations for the entire team there. First question is on long products. I think you answered partially in relation to Timna's question, but the shipments continue to outperform year-to-date relative to flat rolled. You described some of the key drivers in the market, and I guess you have the ability to expand capacity. How should we think about this outperformance continuing and what would be driving that?

嗨，早安。謝謝讓我提問，也再次向你們整個團隊致上恭喜。第一個問題是關於長材（long products）。我想你在回應Timna的問題時已部分回答，但今年迄今長材出貨相對於熱軋/平軋（flat rolled）仍持續表現更強。你提到市場上一些關鍵驅動因素，我想你們也有能力擴充產能。我們該如何看待這種超越表現是否會延續？又會由哪些因素驅動？

I'll start and then Mark can put the icing on the top. There was a change, Bill, at the very beginning of the year that Jim Anderson and the team executed incredibly well where we actually, at our Steel West Virginia facility, we shuttered an ancient, if you will, mill shop. And so internally, that's allowed us to send billets throughout the system from our other facilities.

我先說，然後Mark可以再補充一下。Bill，今年一開始有一項變化，Jim Anderson和團隊執行得非常出色：我們在Steel West Virginia廠區，關閉了一座很老舊的（如果你願意這麼說）軋鋼車間。因此在內部，這讓我們能把其他廠的鋼胚（billets）在整個系統內調度。

So that's helped create a much more efficient supply chain internally and helped improve margins and utilization across the other three mills, if you will. So that's one part of it.

這有助於在內部建立更有效率的供應鏈，並提升其他三座鋼廠的利潤率與產能利用率（如果你願意這麼說）。這是其中一部分。

The second part of it is just that. So incredibly strong and it really dovetails from what we mentioned around the demand for steel joist and deck on industrial and non-residential construction. It's really driving, specifically within structural beams, an increased demand environment that we see and it is actually dovetailing into 2027 as well.

第二部分就是需求面。這非常強勁，而且與我們先前提到的工業與非住宅建築對鋼桁架（steel joist）與鋼承板（deck）的需求相互呼應。這確實在結構梁（structural beams）領域帶動我們看到的需求環境提升，而且這股趨勢也延伸到2027年。

Mark, did you want to add something?

Mark，你要補充嗎？

Yeah, and I wouldn't. For sure, long products, structural markets are incredibly strong. Spreads are at very good levels. I wouldn't get too overexcited thinking that we're too focused in like data centers or whatever. It is pretty broad-based across a lot of sectors, to be honest. I think our exposure to the data center push is only about 15% in the structural world.

是的，而且我不會——毫無疑問，長材、結構用鋼市場非常強勁。價差（spreads）處在非常好的水準。我不會因為我們在資料中心之類的領域而過度興奮、以為我們太集中在那裡。老實說，需求其實相當廣泛，涵蓋很多產業。我們在結構用鋼領域對資料中心推動潮的曝險大約只有15%。

That was actually going to lead to my thanks for the color, but that was going to lead to my second question and obviously there's some concerns in the market around data center, 15%, that's a great data point, but can you give us a sense for how that compares to last year in terms of the backlogs or just other sort of reference point, has it grown as a portion of the backlog or has it been steady and recognizing that you've called out manufacturing industrial strength more broadly?

這其實正好引出我的第二個問題——謝謝你的補充說明。市場對資料中心有一些疑慮；15%是個很好的數據點。不過你能否讓我們了解一下，和去年相比，在手訂單（backlog）或其他參考指標上是什麼情況？它在在手訂單中的占比有增加嗎，還是維持穩定？也考量到你們更廣泛地提到製造業與工業需求的強勁。

Mark mentioned structurals, steel joist and deck in our fabrication business, it represents less than 10%, generally around 8%. That's been pretty steady. As it relates to the structural world, it's probably increased in 2026, but it's leveled off. It's not something that's driving a frenzy or driving the demand dynamic itself. It's much more broadly based than that.

如Mark提到的，在我們的加工製造（fabrication）業務中，結構件、鋼桁架與鋼承板合計占比不到10%，通常約8%。這一直相當穩定。至於結構用鋼領域，2026年可能有增加，但已經趨於持平。這不是造成市場狂熱或驅動需求動能本身的因素。需求基礎比這更廣泛。

Thanks again and congrats again.

再次感謝，也再次恭喜。

Thanks, Bill.

謝謝你，Bill。

John Tumazos, Very Independent Research.

John Tumazos，Very Independent Research。

Congratulations and thank everyone for their service to the company.

恭喜，也感謝各位為公司所做的服務。

Thank you, John.

謝謝你，John。

In terms of the aluminum business, is there room in the scrap market to supply in the finished product market. For a second, say, northerly Columbus complex. Is that something that could be a potential use of funds or compete for capital allocation?

就鋁業務而言，廢鋁（scrap）市場在供給面是否有空間，來支撐成品市場的供應？例如，假設在Columbus複合園區的北側再建一座。這是否可能成為資金用途之一，或在資本配置上形成競爭？

So I'm just going to jump in for a second, John. Those were kind of two questions. So the scrap environment and the demand environment can support another rolling mill in the US or in North America for sure. Whether that's at Columbus or not is a different question. Mark, I don't -- you can go ahead.

我先插一句，John。你這其實是兩個問題。所以，廢料供給環境與需求環境，確實足以支撐在美國或北美再新增一座軋延廠（rolling mill）。至於是不是在Columbus，那是另一個問題。Mark，我不——你可以接著說。

Yeah, no. The market is definitely there. Even when Novelis, Bay Minette facility finally comes online. There's still -- at least in today's market that's only going to grow in the future. There's still a space for a one full Columbus-based mill for sure. And there's definitely the scrap supply out there, John, to support it.

對，沒錯。市場需求肯定在那裡。即使Novelis位於Bay Minette的廠最終投產。即便如此——至少以今天的市場來看，而且未來只會成長——仍然有空間容納一座完整、以Columbus為基地的軋延廠。而且廢料供給也絕對足以支撐它，John。

Your highest cost debt is five and three eighths. So today, do your cash balances yield more than your debt costs?

你們成本最高的債務利率是5又3/8。所以以今天來看，你們的現金餘額收益率是否高於你們的債務成本？

Theresa.

Theresa。

Oh, come on, don't you want to go out with the big bank? No, from a capital foundation perspective, we do have some notes next year that will be coming due, I think, in December of next year. And we're constantly looking at the balance between the capital stack, John, and what our opportunities are. We're pretty opportunistic on the financing side. So, well pointed out point.

喔，拜託，你不想用大銀行的問題作結嗎？不過就資本結構的基礎而言，我們明年確實有一些票據到期，我想是在明年12月到期。我們一直在評估資本結構（capital stack）之間的平衡，以及我們有哪些機會，John。在融資方面我們相當機會主義。所以，你這點提醒得很好。

I modeled debt repayments because I don't know where the money is going to go, but it seems like your yields might be more and congratulations.

我在模型裡假設會償還債務，因為我不知道資金會用到哪裡，但看起來你們的收益率可能更高。也恭喜。

Thank you.

謝謝。

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，請他做結語。

Well, super. Well, for those remaining on the line, thank you for your support. And our employees really, you've done a phenomenal job. And I think, as was noted, it's likely my last conference earnings call anyway, still going to be associated at a distance to help out wherever I'm asked to help out in the future.

很好。在線上仍然留下來的各位，感謝你們的支持。也要對我們的員工說，你們真的做得非常出色。而且如同剛才所提，這很可能是我最後一次的財報電話會議；不過我仍會在一定距離上保持關聯，未來只要有人需要我幫忙、我也被請託，我都會協助。

But again, thank you for your patience and support over the years. It's been an absolutely incredible journey and it's only going to be continued by what I consider a phenomenal team and the best leadership team in the world. So thank you, everyone. Have a great day. Be safe.

再次感謝各位多年來的耐心與支持。這是一段令人難以置信的旅程，而我相信它只會在我認為非常卓越的團隊、以及世界上最好的領導團隊帶領下繼續下去。謝謝大家。祝各位有美好的一天。注意安全。

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

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