美國鋼鐵 (X) 2022 Q2 法說會逐字稿

Good morning, everyone, and welcome to United States Steel Corporation's Second Quarter 2022 Earnings Conference Call and Webcast. As a reminder, today's call is being recorded. I'll now hand the call over to Kevin Lewis, Vice President, Investor Relations and Corporate FP&A.

大家早上好，歡迎來到美國鋼鐵公司 2022 年第二季度收益電話會議和網絡直播。提醒一下，今天的電話正在錄音中。我現在將電話轉給投資者關係和企業 FP&A 副總裁 Kevin Lewis。

Thank you, Tommy. Good morning, and thank you, everyone, for joining our second quarter 2022 earnings call. Joining me today on today's call is U.S. Steel President and CEO, Dave Burritt; Senior Vice President and CFO, Christie Breves; and Senior Vice President and Chief Strategy and Sustainability Officer, Rich Fruehauf.

謝謝你，湯米。早上好，感謝大家參加我們的 2022 年第二季度財報電話會議。今天和我一起參加今天電話會議的是美國鋼鐵公司總裁兼首席執行官戴夫·伯里特； Christie Breves 高級副總裁兼首席財務官；高級副總裁兼首席戰略和可持續發展官 Rich Fruehauf。

This morning, we posted slides to accompany today's prepared remarks. These can be found on the U.S. Steel Investors page under the Events and Presentations section.

今天早上，我們張貼了幻燈片，以配合今天準備好的發言。這些可以在美國鋼鐵投資者頁面的活動和演示部分下找到。

Before we start, let me remind you that some information provided during this call may include forward-looking statements that are based on certain assumptions and are subject to a number of risks and uncertainties as described in our SEC filings, and actual future results may vary materially. Forward-looking statements in the press release that we issued yesterday, along with our remarks today, are made as of today, and we undertake no duty to update them as actual events unfold.

在我們開始之前，讓我提醒您，本次電話會議期間提供的一些信息可能包括基於某些假設的前瞻性陳述，並受到我們向美國證券交易委員會提交的文件中所述的許多風險和不確定性的影響，並且未來的實際結果可能會有所不同重大。我們昨天發布的新聞稿中的前瞻性陳述以及我們今天的評論都是截至今天做出的，我們不承擔隨著實際事件的發展而更新它們的責任。

I would now like to turn the conference call over to U.S. Steel President and CEO, Dave Burritt, who will begin on Slide 4.

我現在想將電話會議轉交給美國鋼鐵公司總裁兼首席執行官戴夫·伯里特，他將從幻燈片 4 開始。

Thank you, Kevin, and good morning to everyone joining us today. We appreciate your continued support of U.S. Steel. I am bullish on U.S. Steel's future because we are executing. And most importantly, we are executing safely. We are on pace for a third consecutive year of record safety performance as measured by days away from work and building on our already industry-leading position, which is second to none. We take our role as the industry leader in safety very seriously. At U.S. Steel, safety is always first. When safety is great, our operations are great. Thank you to our employees. We appreciate you for your continued focus and commitment to our shared safety goals.

謝謝你，凱文，今天加入我們的每個人早上好。感謝您對美國鋼鐵公司的持續支持。我看好美國鋼鐵公司的未來，因為我們正在執行。最重要的是，我們正在安全地執行。以離開工作的天數來衡量，我們已經連續第三年取得創紀錄的安全績效，並鞏固了我們已經領先的行業領先地位，這是首屈一指的。我們非常重視我們作為安全行業領導者的角色。在美國鋼鐵公司，安全永遠是第一位的。當安全性很好時，我們的運營就很好。感謝我們的員工。感謝您對我們共同的安全目標的持續關注和承諾。

As we continue to execute our Best for All strategy, we are progressing towards a less capital and carbon-intensive business. We are pleased to share an update on our latest sustainability disclosure later in our prepared remarks. The rapid progress we've made demonstrates our continued commitment to become the best.

隨著我們繼續執行我們的 Best for All 戰略，我們正在朝著減少資本和碳密集型業務的方向發展。我們很高興稍後在準備好的評論中分享我們最新的可持續發展披露的更新。我們取得的快速進展表明我們繼續致力於成為最好的。

To become the best, we are expanding our competitive advantages by leveraging our unique competitive advantage and lowest cost iron ore, combining highly capable integrated assets with low-cost and technologically-advanced mini mills and investing in finishing capabilities that best serve our customers. As we've said before, to become the best for all, we need the best from all.

為了成為最好的，我們正在擴大我們的競爭優勢，利用我們獨特的競爭優勢和最低成本的鐵礦石，將強大的綜合資產與低成本和技術先進的小型軋機相結合，並投資於最能為客戶服務的精加工能力。正如我們之前所說，要成為所有人中最好的，我們需要所有人中最好的。

I want to take a moment to recognize the continued trade enforcement by the current administration. We are very pleased with the ITC's recent decision to continue all nine of the anti-dumping & countervailing duty orders on corrosion resistant steel and eight AD/CVD orders on cold-rolled steel for another five years. Continued strong trade enforcement from the United States government supports our national economic security and gives the domestic steel industry the opportunity to advance actions that make steel more sustainable.

我想花點時間來認識一下現任政府持續的貿易執法。我們很高興 ITC 最近決定將所有九項關於耐腐蝕鋼的反傾銷和反補貼稅訂單和八項關於冷軋鋼的 AD/CVD 訂單再延長五年。美國政府持續強有力的貿易執法支持了我們的國家經濟安全，並為國內鋼鐵行業提供了推進使鋼鐵更具可持續性的行動的機會。

The United States remains the leader in sustainable steelmaking as many in our industry have embraced the electrification of the steelmaking process, which is the most sustainable way to make steel. We are doing what is best for all because our customers, our employees and our stockholders are counting on it. As geopolitical and macroeconomic impacts shift, our Best for All strategy remains constant.

美國仍然是可持續煉鋼的領導者，因為我們行業中的許多人已經接受了煉鋼過程的電氣化，這是最可持續的煉鋼方式。我們正在做對所有人最有利的事情，因為我們的客戶、我們的員工和我們的股東都指望它。隨著地緣政治和宏觀經濟影響的轉變，我們的 Best for All 戰略保持不變。

We'll spend the next few moments highlighting 3 key messages shown on Slide 5: our record second quarter performance, our differentiated strategy, and our balanced capital allocation framework, supporting both profitable growth and direct returns to stockholders.

在接下來的幾分鐘裡，我們將重點強調幻燈片 5 中顯示的 3 個關鍵信息：我們創紀錄的第二季度業績、我們的差異化戰略和我們平衡的資本分配框架，支持盈利增長和對股東的直接回報。

Let's get started on Slide 6. 2022 continues to be another year of exceptional financial performance for our company. We reported our best ever first quarter in April and are pleased to deliver another quarter of record-setting performance. Over the past 4 quarters, we've generated EBITDA of $6.7 billion, free cash flow of over $4 billion and returned nearly $850 million of capital to stockholders. We delivered record second quarter adjusted EBITDA of $1.6 billion with each operating segment contributing meaningfully to the enterprise performance. We also continued translating our earnings into cash by generating another $642 million of free cash flow in the quarter. This strong performance contributed to our quarter ending cash balance of over $3 billion and nearly $5.5 billion of liquidity.

讓我們從幻燈片 6 開始。2022 年對我們公司來說仍然是又一個財務表現出色的一年。我們在 4 月份報告了有史以來最好的第一季度，並很高興再創造一個季度創紀錄的業績。在過去的四個季度中，我們產生了 67 億美元的 EBITDA、超過 40 億美元的自由現金流，並向股東返還了近 8.5 億美元的資本。我們實現了創紀錄的第二季度調整後 EBITDA 16 億美元，每個運營部門都對企業業績做出了有意義的貢獻。我們還通過在本季度產生另外 6.42 億美元的自由現金流，繼續將我們的收益轉化為現金。這種強勁的表現促成了我們季度末超過 30 億美元的現金餘額和近 55 億美元的流動性。

Last quarter, you heard us say when we do well, you do well, and I want to continue that drumbeat today. In April, we committed to meaningfully increasing direct returns in the second quarter, and we delivered on that commitment to stockholders. In the quarter, we returned approximately $400 million of capital to stockholders, and we've continued our direct returns in July, exhausting our $800 million program in less than a year. Since October, we have repurchased approximately 13% of our stock. We continue to see tremendous value in repurchasing our own stock and are pleased to announce another $500 million program that will further reduce our share count and gives us the opportunity to acquire more of the best-valued steel company, U.S. Steel. We are confident that we are the best value because of our differentiated strategy.

上個季度，你聽到我們說，當我們做得好時，你做得很好，我今天想繼續那個鼓點。 4 月，我們承諾在第二季度顯著增加直接回報，我們兌現了對股東的承諾。在本季度，我們向股東返還了大約 4 億美元的資本，並且我們在 7 月繼續我們的直接回報，在不到一年的時間裡用盡了我們 8 億美元的計劃。自 10 月以來，我們已經回購了大約 13% 的股票。我們繼續看到回購我們自己的股票的巨大價值，並很高興地宣布另一個 5 億美元的計劃，這將進一步減少我們的股票數量，並使我們有機會收購更多估值最高的鋼鐵公司美國鋼鐵公司。我們相信，由於我們的差異化戰略，我們是最有價值的。

Today, we will discuss on Slide 7, the structural improvements to our business that are improving our through-cycle resiliency, the decarbonization of our footprint and executing towards our 2030 and 2050 decarbonization goals, and the unique metallic strategy we're advancing to expand our lowest cost iron ore advantage.

今天，我們將在幻燈片 7 上討論我們業務的結構改進，這些改進正在提高我們的全週期彈性，我們的足跡脫碳和執行我們的 2030 年和 2050 年脫碳目標，以及我們正在推進以擴大的獨特金屬戰略我們最低成本的鐵礦石優勢。

Let's get into the details on Slide 8. The well-timed Big River Steel acquisition has outperformed expectations. Since its inception in first quarter of 2021, our Mini Mill segment has contributed EBITDA of nearly $2 billion. The Big River acquisition has already more than paid for itself. Our new Mini Mill segment now represents nearly 30% of our domestic flat-rolled steel EBITDA. It's lowering our capital and carbon intensity and is expected to deliver more consistent results.

讓我們詳細了解幻燈片 8。適時收購 Big River Steel 的表現超出預期。自 2021 年第一季度成立以來，我們的 Mini Mill 部門貢獻了近 20 億美元的 EBITDA。收購 Big River 的成本已經超過了自己。我們新的小型軋機部門現在占我們國內扁鋼 EBITDA 的近 30%。它正在降低我們的資本和碳強度，並有望提供更一致的結果。

While the acquisition of Big River Steel has transformed our business model, we've also transformed our balance sheet. Specifically, we strengthened our balance sheet. Last year, we repaid over $3 billion of debt and cleared the maturity runway to complete strategic projects with confidence. We have no significant upcoming debt maturities until 2029 and an overfunded pension plan. As of the end of the second quarter, our net debt is 0.2x.

雖然收購 Big River Steel 改變了我們的商業模式，但我們也改變了我們的資產負債表。具體來說，我們加強了資產負債表。去年，我們償還了超過 30 億美元的債務，清理了到期跑道，充滿信心地完成戰略項目。在 2029 年之前，我們沒有即將到期的重大債務和資金過剩的養老金計劃。截至第二季度末，我們的淨債務為 0.2 倍。

A stronger business enables stronger customer relationships. We're closer to the customer than ever before and have exposure to the diversified end markets like automotive, construction, appliance and tin packaging. Importantly, we are uniquely positioned to serve the resurging energy market from our Flat-Rolled, Mini Mill and Tubular segments. We continue to see growth in today's order book for energy product while investing in capabilities to serve growing markets in the future.

更強大的業務可以建立更牢固的客戶關係。我們比以往任何時候都更貼近客戶，並涉足汽車、建築、電器和錫包裝等多元化終端市場。重要的是，我們具有獨特的優勢，可以通過我們的平板軋機、小型軋機和管材部門服務於復甦的能源市場。我們繼續看到當今能源產品訂單的增長，同時投資於未來服務不斷增長的市場的能力。

The electrical steel market is expected to grow at a compounded annual growth rate of 9%. The world-class non-grain oriented, or NGO, electrical steel line that we're constructing will position us as the leader in NGO steels in North America. We will produce thinner and we will produce wider NGO electrical steels through this brand-new asset to become the supplier of choice. We are developing the next generation of electrical steels that will be required to support the continued electrification of the automotive market.

電工鋼市場預計將以9%的複合年增長率增長。我們正在建設的世界級非晶粒導向或 NGO 電工鋼生產線將使我們成為北美 NGO 鋼的領導者。我們將通過這一全新資產生產更薄的、更廣泛的非政府組織電工鋼，成為首選供應商。我們正在開發支持汽車市場持續電氣化所需的下一代電工鋼。

We're also expanding our coating capabilities at Big River, notably on GALVALUME. With improved capability, coupled with our strong customer relationships, we are well positioned to profitably grow our participation in this expanding market.

我們還在 Big River 擴展我們的塗層能力，特別是在 GALVALUME 上。隨著能力的提高，加上我們強大的客戶關係，我們有能力在這個不斷擴大的市場中以盈利的方式增加我們的參與度。

While we are investing to support our customers' sustainability strategies, we are also making progress towards our own decarbonization goals. Last week, we issued our sustainability report, which highlights the steps taken in 2021 to improve our carbon footprint and advance our ESG programs.

在我們投資支持客戶的可持續發展戰略的同時，我們也在朝著我們自己的脫碳目標取得進展。上週，我們發布了可持續發展報告，重點介紹了 2021 年為改善碳足跡和推進 ESG 計劃而採取的措施。

On Slide 9, as an enterprise, we're executing on our 2030 and 2050 targets. Our greenhouse gas emissions intensity has been reduced by 16% since 2018, and we are well positioned to achieve our 2030 target of 20% reduction in GHG emissions intensity. We also remain committed to achieving net zero greenhouse gas emissions by 2050. As we expand our low GHG emissions electric arc furnace footprint, raw materials will be a key differentiator.

在幻燈片 9 上，作為一家企業，我們正在執行 2030 年和 2050 年的目標。自 2018 年以來，我們的溫室氣體排放強度降低了 16%，我們完全有能力實現 2030 年溫室氣體排放強度降低 20% 的目標。我們還繼續致力於到 2050 年實現溫室氣體淨零排放。隨著我們擴大低溫室氣體排放電弧爐的足跡，原材料將成為關鍵的差異化因素。

On Slide 10. We continue to expand our lowest cost iron ore to advantage our Mini Mill segment. While 10% of our metallics are in-sourced today, that number could increase to 40% by 2024 with addition of pig iron at Gary Works and the proposed Granite City pig iron facility in collaboration with SunCoke. We look forward to finalizing agreement with SunCoke to provide a mutually beneficial transaction that is a win-win for U.S. Steel and SunCoke, securing 500 good Union jobs while transitioning to a more sustainable future.

在幻燈片 10 上。我們繼續擴大成本最低的鐵礦石，以利用我們的小型磨機部門。雖然今天我們 10% 的金屬是內購的，但到 2024 年，隨著 Gary Works 的生鐵以及與 SunCoke 合作擬建的 Granite City 生鐵設施的添加，這一數字可能會增加到 40%。我們期待與 SunCoke 達成最終協議，以提供互惠互利的交易，這對美國鋼鐵公司和 SunCoke 來說是雙贏的，確保 500 個良好的工會工作崗位，同時過渡到更可持續的未來。

We're also expanding our metallic strategy by upgrading our iron ore pellets. We're investing to upgrade our capabilities at Keetac to make direct reduced grade pellets. Keetac's high-quality ore body and long mine life makes it the best choice for DR-grade pellet capabilities. We will have the ability to produce both blast furnace and DR-grade pellets at Keetac in the future. These actions will allow us to become increasingly self-sufficient to feed our mini mill segment with key metallics.

我們還通過升級我們的鐵礦石球團來擴展我們的金屬戰略。我們正在投資升級我們在 Keetac 的能力，以生產直接降低等級的顆粒。 Keetac 的高品質礦體和較長的礦山壽命使其成為 DR 級球團能力的最佳選擇。未來，我們將有能力在 Keetac 生產高爐和 DR 級球團。這些行動將使我們能夠越來越自給自足地為我們的小型軋機部門提供關鍵金屬。

Access to virgin metallics is what keeps our mini mill competitors awake at night. We are making full use of our compelling competitive advantage at our iron ore mines right here in the U.S.A., onshoring our supply chain, an advantage that will be very difficult for our competitors to replicate.

獲得原始金屬是讓我們的小型軋機競爭對手夜不能寐的原因。我們正在美國的鐵礦充分利用我們引人注目的競爭優勢，將我們的供應鏈外包，這是我們的競爭對手很難復制的優勢。

Our final topics shown on Slide 11 is our disciplined and efficient approach to capital allocation. Our capital allocation priorities are guided by 3 main considerations, which are balance sheet strength, announced Best for All investments and direct returns. These capital allocation priorities are on track. The balance sheet remains very strong and then -- and better than our through-cycle adjusted debt-to-EBITDA objective. And our ending cash balance remains well beyond our next 12 months CapEx, ensuring our Best for All strategic investments are fully funded.

我們在幻燈片 11 上展示的最後一個主題是我們有紀律和高效的資本配置方法。我們的資本配置優先事項以 3 個主要考慮因素為指導，即資產負債表實力、宣布的“最適合所有投資”和直接回報。這些資本分配優先事項正在走上正軌。資產負債表仍然非常強勁，然後 - 並且優於我們的整個週期調整後的債務與 EBITDA 的目標。我們的期末現金餘額仍然遠遠超出我們未來 12 個月的資本支出，確保我們的 Best for All 戰略投資得到充分資金。

With those capital allocation objectives met and the completion of our previously announced stock repurchase program, we are pleased to have a new $500 million authorization in place as we expect positive free cash flow to continue into the third quarter.

隨著這些資本分配目標的實現以及我們先前宣布的股票回購計劃的完成，我們很高興獲得新的 5 億美元授權，因為我們預計正的自由現金流將持續到第三季度。

We now have an industry-leading Mini-Mill segment that we didn't have in the past. Our balance sheet is rock solid, and we have a record cash and liquidity to complete our investments. By 2026, we expect those Best for All investments to deliver $880 million of run rate through-cycle EBITDA and position our Mini Mill segment to contribute $1.3 billion annually. Supported by less than $100 million of sustaining CapEx, we expect our mini mill segment to have differentiated cash generation capabilities, an attribute that will significantly increase the EBITDA multiple of our business.

我們現在擁有行業領先的小型磨坊細分市場，這是我們過去沒有的。我們的資產負債表堅如磐石，我們擁有創紀錄的現金和流動性來完成我們的投資。到 2026 年，我們預計這些 Best for All 投資將帶來 8.8 億美元的全週期 EBITDA 運行率，並使我們的 Mini Mill 部門每年貢獻 13 億美元。在不到 1 億美元的持續資本支出的支持下，我們預計我們的小型工廠部門將具有差異化的現金生成能力，這一屬性將顯著提高我們業務的 EBITDA 倍數。

Now before I turn it over to Christie, let me take a moment to acknowledge her tremendous contributions to U. S. Steel over the years, especially in her latest role as CFO. This will be Christie's last earnings call, but we are extremely fortunate that she will be remaining with us through year-end as Executive Vice President of Business Transformation to continue supporting our Best for All initiatives. Christie's knowledge, leadership and superb insight have contributed greatly to today's record performance. We would not be the same company today without the benefits of her efforts.

現在，在我把它交給克里斯蒂之前，讓我花一點時間來感謝她多年來對美國鋼鐵公司的巨大貢獻，尤其是在她最近擔任首席財務官的角色中。這將是佳士得的最後一次財報電話會議，但我們非常幸運的是，她將在年底前繼續擔任業務轉型執行副總裁，繼續支持我們的 Best for All 計劃。佳士得的知識、領導能力和卓越的洞察力為今天的創紀錄業績做出了巨大貢獻。如果沒有她的努力，我們今天就不會是同一家公司。

We're also excited to welcome Jessica Graziano as U. S. Steel's new CFO beginning on August 8. I'm excited for you to get the chance to speak with her directly once she has settled into her new role.

我們也很高興歡迎 Jessica Graziano 從 8 月 8 日開始擔任美國鋼鐵公司的新首席財務官。我很高興您有機會在她安頓好新角色後直接與她交談。

With that, I'll turn it over to Christie to cover the financials. Christie?

有了這個，我會把它交給克里斯蒂來報導財務。克里斯蒂？

Thank you, Dave, and thank you to the whole team at U. S. Steel, our stockholders, our Board and our customers. It's been the highlight of my career to serve as CFO of this iconic organization. To be a part of this company's incredible transformation has been an exciting and rewarding experience. I can't wait to see how the progress we've made to date and the strategy underway delivers for all of our stakeholders. I'm confident that you, Jessica, and the rest of the team will succeed in getting U.S. Steel to its best for all future.

謝謝你，戴夫，感謝美國鋼鐵公司的整個團隊、我們的股東、我們的董事會和我們的客戶。擔任這個標誌性組織的首席財務官是我職業生涯的亮點。成為這家公司令人難以置信的轉型的一部分是一次令人興奮和有益的經歷。我迫不及待地想看看我們迄今為止取得的進展和正在進行的戰略如何為我們所有的利益相關者帶來好處。我相信你、傑西卡和團隊的其他成員將成功地讓美國鋼鐵公司在未來取得最好的成績。

I'll begin on Slide 12. We delivered a record second quarter adjusted EBITDA of over $1.6 billion generated from revenue of nearly $6.3 billion. Our 26% adjusted EBITDA margin represents another strong quarter of profitability.

我將從幻燈片 12 開始。我們在近 63 億美元的收入中實現了創紀錄的第二季度調整後 EBITDA 超過 16 億美元。我們 26% 的調整後 EBITDA 利潤率代表了另一個強勁的季度盈利能力。

At the segment level, Flat-Rolled EBITDA was $902 million or 23% EBITDA margins in the second quarter compared to $636 million and 21% in the first quarter. Higher volumes and the absence of first quarter iron ore mining seasonality were partially offset by raw material inflationary headwinds as well as higher steelmaking additions costs. Higher utilization rates and the related efficiencies also helped to improve our Flat-Rolled segment margin performance versus the first quarter.

在細分市場層面，第二季度平展 EBITDA 為 9.02 億美元或 23%，而第一季度為 6.36 億美元和 21%。較高的產量和第一季度鐵礦石開採季節性的缺失部分被原材料通脹逆風以及煉鋼增加成本增加所抵消。與第一季度相比，更高的利用率和相關效率也有助於提高我們的扁平軋製部門的利潤率表現。

In our Mini Mill segment, we delivered EBITDA of $309 million and EBITDA margins of 31% in the second quarter. Higher volumes were more than offset by the combination of lower average selling prices and the higher metallics costs.

在我們的小型磨坊部門，我們在第二季度實現了 3.09 億美元的 EBITDA 和 31% 的 EBITDA 利潤率。較高的銷量被較低的平均售價和較高的金屬成本所抵消。

In Europe, our Slovakian operations again overcame significant geopolitical hurdles to deliver EBITDA of $302 million and EBITDA margins of 22% in the second quarter compared with the $287 million and 23% in the first quarter. Higher average selling prices more than offset rising raw material costs in the second quarter.

在歐洲，我們在斯洛伐克的業務再次克服了重大的地緣政治障礙，第二季度的 EBITDA 為 3.02 億美元，EBITDA 利潤率為 22%，而第一季度為 2.87 億美元和 23%。較高的平均售價抵消了第二季度不斷上漲的原材料成本。

And in Tubular, we reported a strong quarterly performance. EBITDA totaled $119 million in the second quarter. The flow-through of higher steel selling prices and the benefits we're starting to see from pending trade cases outpaced higher scrap costs, resulting in continued improvements in profitability.

在 Tubular，我們報告了強勁的季度業績。第二季度 EBITDA 總計 1.19 億美元。鋼鐵銷售價格上漲的影響以及我們開始從未決貿易案件中看到的好處超過了較高的廢鋼成本，從而導致盈利能力持續提高。

Our second quarter EBITDA translated into free cash flow of nearly $650 million to contribute to our record cash and liquidity. This performance gave us the confidence to accelerate our stock buybacks in the second quarter, returning another $413 million of cash to stockholders, including our quarterly dividend payout. We repurchased over 17 million shares in the quarter and have repurchased another 7 million shares in July. We have completed our authorized share buyback program and are pleased to announce another 500 million share repurchase program. Our business continues to perform well above through cycle averages and remains on track against our clearly defined capital allocation priorities.

我們第二季度的 EBITDA 轉化為近 6.5 億美元的自由現金流，為我們創紀錄的現金和流動性做出了貢獻。這一表現使我們有信心在第二季度加速股票回購，向股東返還 4.13 億美元現金，包括我們的季度股息支付。我們在本季度回購了超過 1700 萬股，並在 7 月份又回購了 700 萬股。我們已經完成了我們的授權股票回購計劃，並且很高興地宣布另一個 5 億股股票回購計劃。我們的業務在整個週期平均水平上繼續表現良好，並保持在我們明確定義的資本分配優先事項的軌道上。

Unsurprisingly, the declining steel price environment through much of the second quarter and into the third quarter has kept some buyers on the sidelines. This is expected to result in sequentially lower EBITDA for our Flat-Rolled segment. Conversations with customers and recent customer inquiries suggest end market demand is healthy. Customers are just waiting for the right time to re-enter the market.

不出所料，在第二季度和第三季度的大部分時間裡，鋼鐵價格下跌的環境使一些買家保持觀望。預計這將導致我們的扁平材部門的 EBITDA 依次降低。與客戶的對話和最近的客戶詢問表明終端市場需求是健康的。客戶只是在等待重新進入市場的合適時機。

In our Mini Mill segment, greater market-based monthly contract exposure versus the Flat-Rolled segment is expected to accelerate the flow-through of lower steel selling prices. We also continue to work through more costly inventory and therefore expect meaningfully sequentially lower EBITDA at Big River Steel in the third quarter.

在我們的小型軋機部門，與平板軋機部門相比，基於市場的月度合同敞口更大，預計將加速較低鋼材銷售價格的流動。我們還將繼續處理成本更高的庫存，因此預計大河鋼鐵公司第三季度的 EBITDA 將顯著下降。

In Europe, the conflict in Ukraine and the negative impact on raw material and energy prices are reducing industrial and manufacturing demand. As a result, in the third quarter, our USSE segment is experiencing significant margin compression as steel prices have softened while raw material costs remain elevated.

在歐洲，烏克蘭的衝突以及對原材料和能源價格的負面影響正在減少工業和製造業的需求。因此，在第三季度，由於鋼鐵價格走軟而原材料成本仍居高不下，我們的 USSE 部門的利潤率正面臨顯著壓縮。

Lastly, our Tubular segment continues to capture higher selling prices and is running at elevated utilization rates to meet strong customer demand. With the support from the ongoing OCTG trade cases, we expect another meaningful increase in segment EBITDA in the third quarter.

最後，我們的管材部門繼續獲得更高的銷售價格，並以更高的利用率運行以滿足強勁的客戶需求。在正在進行的 OCTG 貿易案例的支持下，我們預計第三季度分部 EBITDA 將再次顯著增長。

Spot prices falling from high levels over the past several months are expected to negatively impact results in the third quarter. Our diverse end market exposure and increasingly flexible operations are expected to business more resilient than in the past with EBITDA in the third quarter expected to be just under $1 billion. Opportunities in working capital in the third quarter are expected to keep cash from operations resilient and the business continuing to generate free cash flow while also advancing our strategic projects as planned.

現貨價格從過去幾個月的高位回落，預計將對第三季度的業績產生負面影響。我們多樣化的終端市場敞口和日益靈活的運營預計將比過去更具彈性，第三季度的 EBITDA 預計將略低於 10 億美元。預計第三季度的營運資金機會將使運營現金保持彈性，業務繼續產生自由現金流，同時按計劃推進我們的戰略項目。

The market remains dynamic, and we can't stand still. That's why we're taking advantage of the temporary slowdown by moving a planned outage originally scheduled for October to September at Mon Valley. This decision allows us to be better prepared for the anticipated recovery as steel prices bottom.

市場依然充滿活力，我們不能停滯不前。這就是為什麼我們要利用暫時放緩的機會，將原定於 10 月在 Mon Valley 進行的計劃停電轉移到 9 月。這一決定使我們能夠更好地為鋼鐵價格觸底時的預期復蘇做好準備。

Dave, back to you.

戴夫，回到你身邊。

Thank you, Christie. Before we get to questions, let me summarize today's remarks on Slide 13. Record second quarter performance was a result of continued execution across each of our operating segments. For U. S. Steel, we must execute, execute, execute a differentiated strategy, and we have.

謝謝你，克里斯蒂。在我們提出問題之前，讓我總結一下今天對幻燈片 13 的評論。第二季度創紀錄的業績是我們每個運營部門持續執行的結果。對於美國鋼鐵公司，我們必須執行、執行、執行差異化戰略，我們已經做到了。

Sure, the economic environment is uncertain, but we know and you know that this isn't the same U. S. Steel from just a few years ago. We now have industry-leading mini mill operations, a rock-solid balance sheet and record cash with liquidity of over $5 billion. All of these factors support our Best for All strategy execution and are expected to deliver an additional $800 million of run rate through cycle EBITDA. We are delivering on our objectives and capital allocation priorities and look forward to earning a re-rating of our stock.

當然，經濟環境是不確定的，但我們知道，你也知道，這與幾年前的美國鋼鐵公司不同。我們現在擁有行業領先的小型工廠運營、堅如磐石的資產負債表和創紀錄的現金，流動性超過 50 億美元。所有這些因素都支持我們的 Best for All 戰略執行，並有望通過週期 EBITDA 提供額外 8 億美元的運行率。我們正在實現我們的目標和資本配置優先事項，並期待重新評估我們的股票。

Kevin, let's move to Q&A.

凱文，讓我們進入問答環節。

Thank you, Dave. Our first 2 questions today come from Say Technologies. The first question, Dave, we received several questions about domestic steel demand, our outlook across key end markets. Can you share your perspectives on our markets and customers?

謝謝你，戴夫。我們今天的前 2 個問題來自 Say Technologies。第一個問題，戴夫，我們收到了幾個關於國內鋼鐵需求的問題，以及我們對主要終端市場的展望。您能分享您對我們的市場和客戶的看法嗎？

Thanks, Kevin. I can see how that's top of mind for so many people that as -- that line of questioning. I'd break it up in a couple. The near term, of course, there's a lot of uncertainty. And the growth we're talking about growing capability, creating profitable growth.

謝謝，凱文。我可以看到對於這麼多人來說，這是如何成為頭等大事的——那一行提問。我會把它分成一對。當然，短期內存在很多不確定性。以及我們所說的增長能力，創造可盈利的增長。

In the near term, there's different dynamics across many of the markets we serve. But our order book and end market diversification, it's a great advantage. We're not dependent upon just one market. It's not just auto for us. We got multiple markets that we serve. Not one dominates. We're a lot more balanced.

在短期內，我們服務的許多市場都有不同的動態。但是我們的訂單簿和終端市場多元化，這是一個很大的優勢。我們不僅僅依賴於一個市場。對我們來說，這不僅僅是汽車。我們有多個我們服務的市場。沒有一個人占主導地位。我們平衡了很多。

As far as automotive and appliance, the supply chain issues are persisting. I'd say they're a bit less, but we're still going to have those challenges. The good news is mined, melted, made in the U.S.A. we basically find ourselves in a much more resilient position especially with strong trade enforcement.

就汽車和家電而言，供應鏈問題依然存在。我會說他們少了一點，但我們仍然會面臨這些挑戰。好消息是在美國開採、融化和製造的。我們基本上發現自己處於一個更有彈性的位置，尤其是在強有力的貿易執法的情況下。

Industrial construction and service centers, I'd say that we're seeing mixed or cautious buying. Just saw the inflation headline here. Obviously, that's an impact on everyone. But while we saw GDP negative in the first quarter and second quarter, that doesn't mean that U. S. Steel is tied to those GDP numbers. What it means is we're more resilient than ever before, and we're preparing for the future and being ready for whatever markets we serve.

工業建築和服務中心，我會說我們看到混合或謹慎的購買。剛剛在這裡看到了通貨膨脹的標題。顯然，這對每個人都有影響。但是，雖然我們看到第一季度和第二季度的 GDP 為負數，但這並不意味著美國鋼鐵公司與這些 GDP 數據掛鉤。這意味著我們比以往任何時候都更有彈性，我們正在為未來做準備，並為我們所服務的任何市場做好準備。

But the really bright spot here for us is in energy. It's a unique exposure and really strong demand for us today. The Tubular business, for example, is so very different than a year ago, and it's a much more meaningful contributor to EBITDA.

但對我們來說，真正的亮點在於能源。今天對我們來說，這是一次獨特的曝光和非常強勁的需求。例如，Tubular 業務與一年前有很大不同，它對 EBITDA 的貢獻要大得多。

So as the near-term goals, the actions we're taking, we're managing the inventory, optimizing our loading plans, matching our production with the order books, and it's going fine. But there is a lot of uncertainty, and the third quarter will definitely be lighter.

因此，作為近期目標，我們正在採取的行動，我們正在管理庫存，優化我們的裝載計劃，使我們的生產與訂單相匹配，一切順利。但不確定性很大，第三季度肯定會比較輕。

As far as growth, profitable growth, it's about being low cost and/or high capability. Those are the things that we're pursuing with our differentiated strategy. And frankly, we're -- I'd say I'm more than just a little excited about the future here because the strategic market growth is outpacing overall market growth, and we're winning in the strategic markets.

就增長和盈利增長而言，它是關於低成本和/或高能力的。這些是我們通過差異化戰略追求的目標。坦率地說，我們 - 我想說我對這裡的未來不僅僅是有點興奮，因為戰略市場增長超過了整體市場增長，我們在戰略市場中獲勝。

There's growing demand for advanced high-strength steel. There's a higher interest in green steels. There's rapid electrification. And the infrastructure bill has been passed, and we expect to see the benefits of that come through sometime next year. And we know that we must win in these strategic markets, advanced high strength deals in automotive and the non-automotive applications. We're seeing many opportunities there.

對先進高強度鋼的需求不斷增長。人們對綠色鋼材的興趣更高。快速電氣化。基礎設施法案已經通過，我們預計明年某個時候會看到它的好處。我們知道，我們必須在這些戰略市場、汽車和非汽車應用領域的高強度交易中獲勝。我們在那裡看到了很多機會。

And electrical steels, we've got the world-class NGO line that will be soon completed and we're just really excited about the potential there. Then, of course, green steel with our verdeX line of sustainable steels that we've come out with and the much lighter carbon footprint than we've had in the past. We're again performing very well.

還有電工鋼，我們擁有即將完工的世界級非政府組織生產線，我們對那裡的潛力感到非常興奮。然後，當然，綠色鋼材與我們推出的 verdeX 系列可持續鋼材以及比過去更輕的碳足跡。我們再次表現得非常好。

So we're investing in capabilities, we're investing in talent, and we're making sure that we're investing in profitable growth in the markets that we serve and growing the strategic markets.

因此，我們投資於能力，投資於人才，我們確保投資於我們所服務的市場的盈利增長和發展戰略市場。

Okay. Thank you very much, Dave. The second question that we received is related to the adoption of green energy in our sustainability road map. So Rich, can you please provide your thoughts on that question?

好的。非常感謝你，戴夫。我們收到的第二個問題與在我們的可持續發展路線圖中採用綠色能源有關。 So Rich，你能談談你對這個問題的看法嗎？

Sure, Kevin. Thank you for that question. Well, first, as we say, U. S. Steel, we're committed to doing our part to address climate change and advance sustainable steelmaking technologies. We've issued just last week our latest sustainability report, so I encourage everyone to take a look at that on our website.

當然，凱文。謝謝你的問題。首先，正如我們所說，美國鋼鐵公司，我們致力於儘自己的一份力量來應對氣候變化和推進可持續的煉鋼技術。我們上周剛剛發布了最新的可持續發展報告，因此我鼓勵大家在我們的網站上查看該報告。

Look, there's a global race going on right now to decarbonize steelmaking, and we want to be part of the solution. That requires developing and deploying new technologies in collaboration with governments and other companies and communities.

看，現在正在進行一場全球性的煉鋼脫碳競賽，我們希望成為解決方案的一部分。這需要與政府以及其他公司和社區合作開發和部署新技術。

So what have we been doing in this space? Let me start with -- in February, we announced an alliance with leading companies, the likes of GE, Power, EQT, Equinor, Shell, Marathon, Mitsubishi Heavy Industries for the Tri-State region of Ohio, Pennsylvania, West Virginia, who share our vision for a more sustainable industrial future. And that alliance, that partnership, we're looking for ways to create a national model for sustainable energy and production systems. And that includes things like hydrogen, carbon capture.

那麼我們在這個領域做了什麼？讓我先說一下——在 2 月，我們宣布與領先的公司結盟，如 GE、Power、EQT、Equinor、殼牌、馬拉松、三菱重工，在俄亥俄州、賓夕法尼亞州、西弗吉尼亞州的三州地區，分享我們對更可持續的工業未來的願景。那個聯盟，那個夥伴關係，我們正在尋找方法來為可持續能源和生產系統創建一個國家模型。這包括諸如氫、碳捕獲之類的東西。

In the more immediate future, we are working with utility providers towards more renewable sources of energy. So for example, at our Big River Steel, Big River 2 complex in Osceola, our partner is Entergy for electricity supply. And they've already -- they are today, I guess, is the way I put it, they are today already supplying significant amounts of non-greenhouse gas, nuclear power generation to Big River. But they've also committed as part of our Big River 2 project development to supply more renewable power like solar. So we're looking forward to continuing that partnership with Entergy.

在不久的將來，我們正在與公用事業供應商合作開發更多的可再生能源。例如，在我們位於奧西奧拉的 Big River Steel 和 Big River 2 綜合體，我們的合作夥伴是 Entergy 的電力供應商。他們已經 - 我想他們今天就是我所說的方式，他們今天已經向 Big River 提供了大量的非溫室氣體、核能發電。但他們也承諾作為我們 Big River 2 項目開發的一部分，提供更多的可再生能源，如太陽能。因此，我們期待與 Entergy 繼續合作。

And at our Mon Valley Works, we have obtained emission-free energy certificates from our local utility partner. So that's -- those are some of the things we're working on. We have other projects in other parts of our footprint, looking at renewable power generation as well.

在我們的 Mon Valley 工廠，我們獲得了當地公用事業合作夥伴的無排放能源證書。所以這就是我們正在做的一些事情。我們在我們足蹟的其他部分還有其他項目，也關注可再生能源發電。

And then I would say on the customer side, we are playing an increasing role in making renewable energy possible by selling sustainable steels, for example, into the solar market. We have a new partnership with NEXTracker, which just last month opened a new facility here to make solar tracking systems. DOE Energy Secretary Granholm was there for the ribbon cutting. So we're really proud to partner with NEXTracker.

然後我想說的是，在客戶方面，我們正在通過向太陽能市場銷售可持續鋼材等方式，在使可再生能源成為可能方面發揮越來越大的作用。我們與 NEXTracker 建立了新的合作夥伴關係，上個月剛剛在這裡開設了一家新工廠來製造太陽能跟踪系統。美國能源部能源部長格蘭霍爾姆出席了剪彩儀式。所以我們很自豪能與 NEXTracker 合作。

So what I would say is while we aren't standing still as a company, if we truly want to unlock the full potential of green steelmaking in the U.S, we need these kinds of partnerships across the public and private sector.

所以我想說的是，雖然我們作為一家公司並沒有停滯不前，但如果我們真的想釋放美國綠色煉鋼的全部潛力，我們需要在公共和私營部門建立這種夥伴關係。

For us, it's about making profitable steel solutions. We need to be able to make money in these investments. But it also -- its clear action is required. It's not just about concept. So anyway, these are a few examples. So hopefully, that helps address the question. It was a good question.

對我們來說，它是關於製造有利可圖的鋼鐵解決方案。我們需要能夠在這些投資中賺錢。但它也——需要它的明確行動。這不僅僅是概念。所以無論如何，這些只是幾個例子。所以希望這有助於解決這個問題。這是一個很好的問題。

Okay. Thanks so much, Rich. And thanks, Dave. So now, operator, if you may queue the line -- the phone line for questions. (Operator Instructions)

好的。非常感謝，里奇。謝謝，戴夫。所以現在，接線員，如果你可以排隊 - 提問的電話線。 （操作員說明）

(Operator Instructions) And our first question on the line from David Gagliano from BMO Capital Markets.

（操作員說明）我們的第一個問題來自 BMO 資本市場的 David Gagliano。

Dave, my first question is regarding the capital allocation strategy and the buyback authorization just announced. Obviously, U. S. Steel generated a lot of free cash historically recently. But things are changing, heading into a transition period of very high CapEx and obviously results are coming down. So the cash balance, which is $3 billion now, could get below that $1.5 billion. It's not inconceivable. So my question is on the -- prior to buying back stock. My question is on the authorization. How aggressive will U. S. Steel be buying back shares in the near term, considering the changing environment? That's my first question.

戴夫，我的第一個問題是關於剛剛宣布的資本配置策略和回購授權。顯然，美國鋼鐵公司最近在歷史上產生了大量的自由現金。但情況正在發生變化，進入資本支出非常高的過渡期，顯然結果正在下降。因此，現在 30 億美元的現金餘額可能會低於 15 億美元。這並非不可想像。所以我的問題是——在回購股票之前。我的問題是關於授權。考慮到不斷變化的環境，美國鋼鐵公司在短期內回購股票的力度有多大？這是我的第一個問題。

Well, thanks for that question. And I think you know, David, that we're in this highly desirable position because of the purposeful execution of our strategy. So with $3 billion of cash and well over $5 billion liquidity, we have a lot of opportunities. And as you heard in some of the remarks, how bullish we are about being able to execute on the strategy.

嗯，謝謝這個問題。我想你知道，大衛，由於我們有目的地執行我們的戰略，我們處於這個非常理想的位置。因此，憑藉 30 億美元的現金和超過 50 億美元的流動性，我們有很多機會。正如您在一些評論中聽到的那樣，我們對能夠執行該策略是多麼樂觀。

You've seen our capital allocation framework. We put it in the deck. Again, we're committed to that capital allocation framework. We're going to be opportunistic. And you go through the individual pieces of that, we're guided by the balance sheet strength. The Best for All investments, we're going to make sure we get all those down; and then we have the direct return. So you kind of go through each one of those and you say. Okay, balance sheet strength, check. Strong cash position, check. Advancing the strategy that makes our business, our earnings and our free cash flow more resilient, check.

您已經看到了我們的資本配置框架。我們把它放在甲板上。同樣，我們致力於該資本分配框架。我們會投機取巧。您會仔細閱讀其中的各個部分，我們以資產負債表的強度為指導。最好的所有投資，我們將確保我們把所有這些都搞定；然後我們有直接的回報。所以你會經歷每一個，然後你說。好的，資產負債表強度，檢查。強大的現金頭寸，檢查。推進使我們的業務、收入和自由現金流更具彈性的戰略，檢查。

So we felt the authorization was a must. And so we're within that framework. We will be opportunistic. We're not going to commit to a certain amount by quarter, but we do feel very good where we are, and we'll see how the economy unfolds and we'll be, again, opportunistic within the framework. We're going to be as active as our framework dictates and executed a pace that maintains a high level of strength and liquidity to support our investments.

所以我們覺得授權是必須的。所以我們在那個框架內。我們會投機取巧。我們不會按季度承諾一定數量，但我們確實感覺很好，我們將看到經濟如何發展，我們將再次在框架內投機取巧。我們將像我們的框架所規定的那樣積極主動，並執行一個保持高水平實力和流動性的步伐，以支持我們的投資。

So we think this is a good program. Again, we've completely exhausted the $800 million that we committed to really not that long ago within the last year. So we feel very good about where we are, and we'll see how the economy unfolds and stay committed to that capital allocation framework because we do need to get these strategic investments done, and we do need to make sure that we're providing rewards to our stockholders with stock buybacks and dividends.

所以我們認為這是一個很好的計劃。同樣，我們已經完全用盡了我們在去年不久前承諾的 8 億美元。因此，我們對自己所處的位置感覺非常好，我們將看到經濟如何發展並繼續致力於該資本分配框架，因為我們確實需要完成這些戰略投資，並且我們確實需要確保我們提供通過股票回購和股息獎勵我們的股東。

Okay. That's helpful. My follow-up is a 2-part follow-up with regards to the European operation. My questions are, A, will Europe be EBITDA positive in the third quarter? And B, as far as the contingency planning that was kind of mentioned in the press release, is U.S. Steel considering either scaling back or shutting it down until things improve in Europe?

好的。這很有幫助。我的後續行動是關於歐洲業務的兩部分後續行動。我的問題是，A，歐洲第三季度的 EBITDA 是否為正？ B，就新聞稿中提到的應急計劃而言，美國鋼鐵公司是否考慮縮減規模或關閉它，直到歐洲情況有所改善？

Well, I think you've seen the numbers with USSK. It's been a significant contributor to U. S. Steel. And obviously, there's margin compression over the last few months. And we've seen Northern European prices, where they reach a peak of about $600, $700 a ton, and now they've fallen by $700 a ton. So we definitely have some margin compression. But we will be positive EBITDA, no doubt here. I feel very comfortable that USSK is going to continue to be positive EBITDA. This business, frankly, I think it's always been positive EBITDA, and it runs very well. There's a lot of uncertainty due to the war in Ukraine. And while prices have declined, the raw materials basket has only fallen about $400 a ton.

好吧，我想你已經看到了 USSK 的數字。它是美國鋼鐵公司的重要貢獻者。顯然，過去幾個月的利潤壓縮。我們已經看到了北歐的價格，它們達到了每噸 600 美元、700 美元的峰值，現在已經下跌了每噸 700 美元。所以我們肯定有一些保證金壓縮。但毫無疑問，我們將是正的 EBITDA。我對 USSK 將繼續保持積極的 EBITDA 感到非常放心。坦率地說，我認為這項業務一直是正的 EBITDA，而且運行良好。由於烏克蘭的戰爭，存在很多不確定性。雖然價格有所下降，但原材料籃子僅下跌了約 400 美元/噸。

So you think about that, and that is quite a squeeze. But we still feel good that USSK is going to continue to contribute, and the thing to remember here is that USSK comes down. And while tubular won't be able to offset all of that reduction, the Tubular business is continuing to perform extraordinarily well. And I think in the first half, it had EBITDA that was in excess of $200 million, and the second half is going to exceed the first half performance.

所以你想一想，那是一個很大的壓力。但是我們仍然對 USSK 將繼續做出貢獻感到高興，這裡要記住的是 USSK 倒下了。雖然 Tube 無法抵消所有的減少，但 Tubular 業務的表現仍然非常出色。而且我認為上半年，它的 EBITDA 超過 2 億美元，下半年將超過上半年的表現。

So we feel good about that in terms of some offsets. And again, the diversified footprint helps us with that. But USSK is an excellent business. These people, our team over there knows how to run this very, very well. And when the Ukraine war hit, they bought ahead and made sure there were no supply disruptions. And so now they're carrying extra inventories. We typically target about 30 days inventory but have increased that target to 60 days, and we're currently a little bit higher than that.

所以我們在一些補償方面感覺很好。再一次，多樣化的足跡幫助我們做到了這一點。但是USSK是一家出色的企業。這些人，我們那邊的團隊知道如何非常非常好地運行它。當烏克蘭戰爭爆發時，他們提前購買並確保沒有供應中斷。所以現在他們攜帶額外的庫存。我們通常以大約 30 天的庫存為目標，但已將該目標提高到 60 天，而我們目前的目標略高於此。

So the softer demand is going to make the consumption of higher-priced raw materials longer. So yes, there's going to be some stress on that, but it's still -- it's a really good business in Europe.

因此，疲軟的需求將使高價原材料的消費時間更長。所以，是的，這方面會有一些壓力，但它仍然——這在歐洲是一項非常好的業務。

I will now proceed to our next question on the line from Emily Chieng with Goldman Sachs.

我現在將繼續討論來自高盛的 Emily Chieng 的下一個問題。

The first one I have is just around the Granite City Works granulated pig iron facility. Maybe could you help us frame the strategy behind the potential sale to SunCoke. And maybe help us understand what the technical and capital differences are between that granulated pig iron facility and the Gary Works pig iron unit which you will be constructing instead?

我擁有的第一個就在 Granite City Works 粒狀生鐵設施附近。也許你能幫助我們制定潛在出售給 SunCoke 背後的戰略。或許可以幫助我們了解顆粒生鐵設施與您將建造的 Gary Works 生鐵裝置之間的技術和資本差異？

Emily, thanks very much for the question. I'm going to turn it to Rich, but just to punctuate again how important metallics are to our business, this is a sustainable, competitive advantage for U. S. Steel. Let's face it. They're not making the iron ore range anymore. God's not making the iron ore range anymore. So this is something that cannot be replicated. So we feel very good about the strategy and where it's headed. Rich?

艾米麗，非常感謝這個問題。我將把它轉向 Rich，但為了再次強調金屬對我們業務的重要性，這是美國鋼鐵公司的可持續競爭優勢。面對現實吧。他們不再生產鐵礦石系列。上帝不再製造鐵礦石範圍了。所以這是無法複製的。因此，我們對該戰略及其發展方向感到非常滿意。富有的？

Yes. Thanks, Dave. So Emily, yes, let's start with a little bit of context. So pig iron right now, pre the war in Ukraine, about 2/3 of the market for it was coming out of Russia and the Ukraine, right? So with the cutoff of that supply has put pressure on iron ore and HBI DR -- excuse me, pig iron HBI DRI. And as we know, you're talking 75% or more of your cost to produce a ton of steel and an EAF is your metallics.

是的。謝謝，戴夫。所以艾米麗，是的，讓我們從一些背景開始。所以現在生鐵，在烏克蘭戰前，大約 2/3 的市場來自俄羅斯和烏克蘭，對吧？因此，隨著供應的中斷，鐵礦石和 HBI DR 面臨壓力——對不起，生鐵 HBI DRI。正如我們所知，生產一噸鋼的成本佔您成本的 75% 或更多，而 EAF 就是您的金屬材料。

So as Dave said, first and foremost, having these virgin iron ore metallics in our footprint and able to supply the EAF fleet is a huge advantage for us because then we won't be as exposed to the ups and downs of the scrap market or cut off of supply or price spikes in pig. I think pig hit close to $1,000 a ton delivered to NOLA in New Orleans earlier this year as a result of the cutoff from Russia and Ukraine. So that's the basic issue we're addressing with it.

因此，正如 Dave 所說，首先，在我們的足跡中擁有這些原始鐵礦石金屬並能夠為 EAF 船隊供應對我們來說是一個巨大的優勢，因為這樣我們就不會受到廢鋼市場的起伏或豬的供應或價格飆升。我認為由於俄羅斯和烏克蘭的停產，今年早些時候交付給新奧爾良 NOLA 的豬肉價格接近 1,000 美元/噸。這就是我們要解決的基本問題。

So with respect to Granite City, I mean, we already produced low-cost iron ore in Minnesota for our blast furnaces, and what we're working on doing here is pivoting that to be able to also supply the EAFs for the reasons I just indicated.

因此，關於花崗岩城，我的意思是，我們已經在明尼蘇達州為我們的高爐生產了低成本鐵礦石，而我們在這裡所做的工作是轉向能夠供應電弧爐，原因我剛才表明的。

Now with respect to pig iron, pig iron trades are at a premium over DRI and HBI because it's exothermic. You get a value-in-use. What that means is it gives off heat in the furnace, which means you improve productivity by loading pig iron in your furnaces. You speed up the tap-to-tap times.

現在就生鐵而言，生鐵貿易比 DRI 和 HBI 溢價，因為它是放熱的。您將獲得使用價值。這意味著它會在熔爐中散發熱量，這意味著您可以通過在熔爐中裝載生鐵來提高生產率。你加快了點擊到點擊的時間。

So having pig iron, whether it's at Gary or at Granite City is a huge win. Now the difference between what we're doing at Gary, which is what we'll call the sort of standard lumpy pig and the granulated pig iron at Granite City, granulated is sort of smaller pellets. It distributes more evenly in the furnace. And so you get a faster and a better melt, and so that's why we chose to go with the granulated pig iron at Granite City.

因此，擁有生鐵，無論是在 Gary 還是在 Granite City 都是一個巨大的勝利。現在我們在 Gary 所做的工作之間的區別，也就是我們所說的標準塊狀生鐵和 Granite City 的粒狀生鐵，粒狀是一種更小的球團。它在爐中分佈更均勻。所以你會得到更快更好的熔化，這就是我們選擇在 Granite City 使用粒狀生鐵的原因。

There's not a significant risk here. The granulated pig iron will be unique to North America. We're partnering with SunCoke because we think that's the best way to get this project underway as quickly as possible. As you know SunCoke is our coke supplier at Granite City. So I mean the basic model is moving the -- just doing what we're doing today, moving iron ore from Minnesota down to Granite City. But instead of turning it into steel, we're going to turn it into granulated pig iron and reap the benefit of having that vertical integration in our EAF fleet.

這裡沒有重大風險。粒狀生鐵將是北美獨有的。我們與 SunCoke 合作是因為我們認為這是盡快啟動該項目的最佳方式。如您所知，SunCoke 是我們在 Granite City 的焦炭供應商。所以我的意思是基本模式是移動——就像我們今天所做的那樣，將鐵礦石從明尼蘇達州轉移到花崗岩城。但我們不會將其變成鋼鐵，而是將其變成粒狀生鐵，並從我們的電弧爐機隊中獲得垂直整合的好處。

And maybe just as a follow-up. To be clear, why was this decision for Granite City to be potentially sold to SunCoke instead of U. S. Steel executing on that capital project yourselves? Was it the fact that perhaps Granite City, the granulated pig iron facility might not have met your 15% IRR target? Or was there something else that sort of triggered that decision?

也許只是作為後續行動。需要明確的是，為什麼決定將 Granite City 潛在地出售給 SunCoke 而不是美國鋼鐵公司自己執行該資本項目？是不是因為 Granite City，粒狀生鐵設施可能沒有達到您 15% 的 IRR 目標？還是有其他什麼東西觸發了這個決定？

I think the main thing I would say, Emily, is we're already in a partnership today with SunCoke for Granite City because they're the on-site coke provider -- so running blast furnaces to make pig versus running blast furnaces to make liquid metal that gets turned into steel. We're already in a partnership with SunCoke and I think with respect to the path forward, we saw this as an opportunity to take that partnership with SunCoke to the next level.

艾米麗，我想我想說的主要一點是，我們今天已經與 SunCoke 就 Granite City 建立了合作夥伴關係，因為他們是現場焦炭供應商——所以運行高爐生產豬而不是運行高爐生產變成鋼的液態金屬。我們已經與 SunCoke 建立了合作夥伴關係，我認為就前進的道路而言，我們認為這是一個將與 SunCoke 的合作關係提升到新水平的機會。

So that's really what drove this. We think SunCoke is going to be a great partner, a good operator for making the GPI. And this allows us to focus on our core steelmaking talents and skills. And I think with respect to this, we really see this as a win-win for both companies. Because as I said, we'll be able to benefit from our low-cost iron ore move through Granite City and then turned into pig. I mean, it's our iron ore that they'll be converting for us into GPI.

所以這才是真正的驅動力。我們認為 SunCoke 將成為一個很好的合作夥伴，一個很好的 GPI 運營商。這使我們能夠專注於我們的核心煉鋼人才和技能。我認為就這一點而言，我們真的認為這對兩家公司來說都是雙贏的。因為正如我所說，我們將能夠受益於我們的低成本鐵礦石通過花崗岩城然後變成豬。我的意思是，他們將為我們轉換成 GPI 的是我們的鐵礦石。

Yes. I maybe add, Rich, I'd say it win-win-win because not only is a win for SunCoke. A win for U. S. Steel, it's preserving 500 jobs that would ordinarily go away. I mean, I think people remember, what was it, March of 2018 when the trade tariffs came into place. That's when we opened up those blast furnaces at Granite City. And when the tariffs came off in Canada and Mexico with USMCA, that challenge demand, that challenges other aspects of the business. So this, I think, is the best we can do to preserve as many jobs as what we possibly can, and at the same time, make sure that we take care of the company and also, frankly, take care of SunCoke as well as the employees.

是的。我可能會補充說，Rich，我會說它是雙贏的，因為這不僅是 SunCoke 的勝利。對於美國鋼鐵公司來說，這是一場胜利，它保留了 500 個通常會消失的工作崗位。我的意思是，我想人們還記得，2018 年 3 月貿易關稅實施的時候是什麼時候。那時我們在花崗岩城開設了那些高爐。當 USMCA 在加拿大和墨西哥取消關稅時，這挑戰了需求，也挑戰了業務的其他方面。因此，我認為，這是我們能做的最好的事情，以盡可能多地保留工作，同時確保我們照顧好公司，坦率地說，照顧好 SunCoke 以及員工。

We'll get to our next question on the line Seth Rosenfeld with BNP Paribas.

我們將在法國巴黎銀行的賽斯·羅森菲爾德 (Seth Rosenfeld) 上回答下一個問題。

I've got the -- first one please on the tubular business with very strong recovery in energy CapEx in earnings. How do you think about the capacity of this business? Obviously, in recent years, you've idled a great deal of Tubular capacity. Is there an opportunity to restart welded pipe facilities? On the raw material side, can you touch on how the new EAF within tubular is impacting your competitiveness versus past cycles? I'll start there, please.

我在管狀業務中獲得了第一個，能源資本支出的收益復甦非常強勁。您如何看待這項業務的能力？顯然，近年來，您已經閒置了大量的 Tubular 容量。是否有機會重啟焊管設施？在原材料方面，您能否談談管材內的新電弧爐如何影響您的競爭力與過去的周期相比？請從這裡開始。

Yes. Maybe first, I'll start with the EAF. It's being run extraordinarily well. Great safety performance there now, and we got some really strong talent that understands how to run the EAF. So that's a big improvement to us. The investments we made through the energy downturn are paying off significantly with that EAF providing about $100 million in annual cost savings. So that's a big deal for us.

是的。也許首先，我將從 EAF 開始。它運行得非常好。現在那裡的安全性能很好，我們有一些非常強大的人才，他們了解如何運行 EAF。所以這對我們來說是一個很大的進步。我們在能源低迷時期所做的投資獲得了顯著回報，EAF 每年可節省約 1 億美元的成本。所以這對我們來說很重要。

We now control the supply of rounds at Fairfield, and we're leveraging that wide range of seamless capabilities that we have. So the cost actions we've taken to invest in EAF capabilities plus the opportunity to continue to earn higher average selling prices in the second half, frankly, I'm very optimistic about the tubular business. But again, we're counting on strong trade enforcement so that we can continue to profitably serve the domestic energy market and create value for our stockholders. But I'd say this, there are no current plans to open anything up or increase that would be far too soon to suggest anything like that.

我們現在控制著 Fairfield 的輪次供應，並且我們正在利用我們擁有的廣泛的無縫能力。因此，我們為投資電弧爐能力而採取的成本行動，加上下半年繼續獲得更高平均售價的機會，坦率地說，我對管材業務非常樂觀。但同樣，我們指望強有力的貿易執法，以便我們能夠繼續為國內能源市場提供有利可圖的服務，並為我們的股東創造價值。但我要說的是，目前沒有計劃開放或增加任何東西，這為時過早提出類似的建議。

Okay. And the second question, please, with regards to the Mini Mill segment. In your prepared remarks, you commented on elevated raw material costs working through inventory. I think back in April, you discussed some efforts to derisk pig iron supply (inaudible) of Ukraine. Can you just walk us through what the impact of that spend with regard to potentially safety stocks? In short, is Big River Steel now sitting on particularly elevated inventories of pig iron or prime scrap procured at peak prices a few months ago? How should we think about that?

好的。第二個問題，關於迷你磨坊部分。在你準備好的評論中，你評論了通過庫存工作的原材料成本上升。我記得在 4 月份，您討論了一些降低烏克蘭生鐵供應（聽不清）的努力。您能否簡單介紹一下這筆支出對潛在安全庫存的影響？簡而言之，大河鋼鐵公司現在是否擁有特別高的生鐵庫存或幾個月前以最高價格採購的優質廢鋼？我們應該怎麼想？

Well, I think -- this was an issue, obviously, when the war in Ukraine started. So we had to have surety of the supply. It's been critical. And so we secured new raw material sourcing from Brazil and India and have, of course, shifted away from the Ukrainian supply, especially the pig. And so we have elevated pig iron and HBI inventory. And so that we do have to manage that out. And that, obviously, a high cost, and so we're going to have some compression on price there with the mini mill business and have to manage that very closely.

嗯，我認為 - 顯然，當烏克蘭戰爭開始時，這是一個問題。所以我們必須保證供應。這很關鍵。因此，我們從巴西和印度獲得了新的原材料採購，當然，我們已經遠離了烏克蘭的供應，尤其是豬。因此，我們提高了生鐵和 HBI 庫存。所以我們必須設法解決這個問題。顯然，這是一個高成本，因此我們將對小型軋機業務的價格進行一些壓縮，並且必須非常密切地管理這一點。

So on the good news side, we expect to release some working capital at Big River of about $250 million, which would be a nice, favorable uplift. But there's no doubt with spot prices falling through the quarter, we expect EBITDA to be sequentially lower at the Mini Mill segment. But we'd expect similar volumes third quarter versus the second quarter.

因此，在好消息方面，我們預計將在 Big River 釋放一些約 2.5 億美元的營運資金，這將是一個不錯的有利提升。但毫無疑問，隨著本季度現貨價格下跌，我們預計小型磨坊部門的 EBITDA 將連續下降。但我們預計第三季度與第二季度的交易量相似。

It's from Michael Glick with JPMorgan.

它來自摩根大通的邁克爾·格里克。

On your raw material strategy going forward, beyond the pellet investment, how are you thinking about DRI fitting into the picture?

關於您未來的原材料戰略，除了顆粒投資之外，您如何看待 DRI 融入圖片？

Yes. So I think, Michael -- this is Kevin. I think we've said that it's not a matter of if, it's when and where when it comes to DRI. So the investment that we are making at Keetac to produce DR-grade pellets, I think, further expand the optionality we have to advance a DR strategy in the future.

是的。所以我想，邁克爾——這是凱文。我認為我們已經說過，在 DRI 方面，這不是是否，而是何時何地的問題。因此，我們在 Keetac 為生產 DR 級顆粒所做的投資，我認為，進一步擴大了我們在未來推進 DR 戰略的選擇權。

However, as Rich articulated, and as we laid out in our prepared materials, the actions underway, relatively capital-light actions underway, to advance the pig iron strategy meaningfully increased our self-sufficiency of metallics. So I think that is where our near-term focus will be on pig iron, no regrets decision to invest in DR-grade capabilities at Keetac, it's our best ore body. It's our longest life of mine. So a very logical choice to add that capability to their already kind of blast furnace pellet production capabilities, and that puts us in a great position moving forward to explore DRI.

然而，正如 Rich 所闡述的那樣，正如我們在準備好的材料中所闡述的那樣，為推進生鐵戰略而正在採取的行動，相對而言資本較少的行動，有意義地增加了我們的金屬自給自足。因此，我認為這就是我們近期關註生鐵的地方，不後悔決定在 Keetac 投資 DR 級能力，這是我們最好的礦體。這是我們最長的生命。因此，將這種能力添加到他們已經具備的高爐球團生產能力中是一個非常合乎邏輯的選擇，這使我們在探索 DRI 方面處於有利地位。

But Rich, maybe anything else to add?

但是Rich，也許還有什麼要補充的？

Yes, Kevin, I think you touched on it. I mean we're focused on pig first and foremost because of the benefit pig gives you versus DRI in the furnace. And we saw sooner opportunities -- sooner near-term opportunities to get those metallics converted into pig iron and into our EAF.

是的，凱文，我想你談到了它。我的意思是我們首先關注的是豬，因為豬給你帶來的好處與熔爐中的 DRI 相比。我們看到了更早的機會——將這些金屬轉化為生鐵和我們的電弧爐的近期機會。

But as you said, DRI is an opportunity for the future. And with the announcement of the float plant at Keetac, that allows us to get started. I will tell you that we've had tremendous outreach to us once we went public with that. So we see a lot of commercial opportunity. And there, as Kevin said, potentials for partnerships that we might look at as well in the future when we think about DRI, which, as Kevin said, it's not a question of if, it's when and where.

但正如您所說，DRI 是未來的機會。隨著 Keetac 浮動工廠的宣布，我們可以開始了。我會告訴你，一旦我們公開了這一點，我們就已經對我們進行了廣泛的宣傳。所以我們看到了很多商業機會。正如凱文所說，當我們考慮 DRI 時，我們可能會在未來考慮建立合作夥伴關係的潛力，正如凱文所說，這不是是否的問題，而是何時何地的問題。

I think the key word in all this, what I heard was optionality, that's what everybody should think of. We need to make sure that we have nimbleness, flexibility, adaptability. And right now, there's nothing in the CapEx related to DRI even though that wouldn't necessarily be a huge number because we have again, lots of options in terms of how to put that in and when we put that in. So we feel pretty good about where we are with our footprint and the CapEx that we've announced, and we need to make sure that we live to our capital allocation strategy and make sure that not only do we show up with good results on the bottom line, but we make sure that we take care of our stockholders, and that's why we issued this stock buyback program. That's important to us. We continue to reward stockholders.

我認為所有這一切的關鍵詞，我聽到的是可選性，這是每個人都應該想到的。我們需要確保我們具有敏捷性、靈活性和適應性。現在，資本支出中沒有與 DRI 相關的任何內容，儘管這不一定是一個巨大的數字，因為我們再次擁有很多關於如何投入以及何時投入的選擇。所以我們感覺很好我們的足跡和我們宣布的資本支出很好，我們需要確保我們遵守我們的資本分配策略，並確保我們不僅在底線上取得了良好的結果，而且我們確保我們照顧我們的股東，這就是我們發布這個股票回購計劃的原因。這對我們很重要。我們繼續獎勵股東。

Understood. And then in Europe, I guess just from a high level, how should we think about the longer-term strategic direction of USSK. I think in the Slovakian papers, it looks like there was a recent MOU on the energy side there. So just curious to get any of your thoughts there.

明白了。然後在歐洲，我想只是從高層次上，我們應該如何考慮USSK的長期戰略方向。我認為在斯洛伐克的論文中，似乎最近有一份關於能源方面的諒解備忘錄。所以只是好奇地想在那裡得到你的任何想法。

Well, USSK has been an awesome business for us. Again, as I said, we have great talent on this. These guys are Kaizen, progressive improvement experts. And obviously, right now, we're in transition with Ukraine just 60 kilometers from the border. We've been very fortunate that we haven't had any disruption over there. But this is one of those things that we have to get through the current geopolitical concerns. We have to manage this well, and then we'll figure out what that future is. Meanwhile, this business has always put up positive EBITDA, and we expect that to continue.

好吧，USSK 對我們來說是一項了不起的業務。同樣，正如我所說，我們在這方面很有天賦。這些人是Kaizen，進步的改進專家。顯然，現在，我們正在與距邊境僅 60 公里的烏克蘭進行過渡。我們很幸運，那裡沒有受到任何干擾。但這是我們必須克服當前地緣政治問題的事情之一。我們必須很好地管理這件事，然後我們才能弄清楚未來是什麼。同時，該業務的 EBITDA 一直為正，我們預計這種情況會持續下去。

We'll now proceed to our next question on the line from Karl Blunden with Goldman Sachs.

我們現在將繼續討論 Karl Blunden 與高盛的下一個問題。

Just wanted to focus on your CapEx number of investments in process right now. When you think about how things are running relative to your budget, your planning assumptions, I just wonder if you could comment on which elements are above or below? And give us a sense for what's still uncontracted, the major buckets that you're focused on there.

現在只想關注您在流程中的資本支出投資數量。當您考慮相對於您的預算和計劃假設的情況時，我只是想知道您是否可以評論哪些元素高於或低於？並讓我們了解尚未簽約的內容，即您關注的主要存儲桶。

Let me just take the first part of that. One of the things that we really focus on is on budget, on time. And we're really pleased, frankly, with the work that's going on with the NGO, the GALVALUME and Big River 2. You think about all the inflationary costs that have come in, this team really knows how to work across our entire footprint, not just Big River, but it's the integrated folks, our procurement people and looking for creative ways to make sure that these things are on time and on budget.

讓我來談談第一部分。我們真正關注的一件事是按時按預算。坦率地說，我們對非政府組織、GALVALUME 和 Big River 2 正在進行的工作感到非常高興。你想想所有的通貨膨脹成本，這個團隊真的知道如何在我們的整個足跡中工作，不僅是 Big River，還有綜合人員、我們的採購人員，他們正在尋找創造性的方法來確保這些事情在預算之內按時完成。

And whether it be the NGO electrical steel, which I think was $240 million or Big River 2, everything is on track, on plan. And the coating lines on plan, the metallic strategy, everything is on plan there. The pig iron machine is on plan. You go through each one of these things. It's on budget, maybe ahead of plan in many cases. We feel good about where -- the way the whole team is managing this. There's a lot of rigor.

無論是非政府組織的電工鋼，我認為是 2.4 億美元還是 Big River 2，一切都在按計劃進行。計劃中的塗層線，金屬策略，一切都在計劃中。生鐵機正在計劃中。你經歷了這些事情中的每一件事。它在預算之內，在許多情況下可能超出計劃。我們對整個團隊的管理方式感到滿意。有很多嚴謹。

Yes. I would just add, Dave, I think that team there. They -- long lead time items, they got that in quick and early. So they've been placed a long time ago as well as I think the team there just does an excellent job looking for multiple different suppliers of something so that they have some choices. They've done a good job widening the supplier base to create a little bit more competition, that team is just really on top of it there.

是的。我想補充一下，戴夫，我認為那支球隊在那裡。他們——交貨時間長的項目，他們很快就得到了。所以他們很久以前就被安置了，我認為那裡的團隊在尋找多個不同的供應商方面做得很好，這樣他們就有了一些選擇。他們在擴大供應商基礎以創造更多競爭方面做得很好，該團隊確實處於領先地位。

That's helpful. The second one is just a follow-up on a potential HBI investment. Is there a date we should think about as a not before date for that? Or could you accelerate that if you see good progress and enough cash flow to go after that? Or do you want to get some of the existing investments done and understand the optionality better?

這很有幫助。第二個只是對潛在 HBI 投資的跟進。是否有一個我們應該考慮為不早於該日期的日期？或者，如果您看到良好的進展和足夠的現金流來實現這一目標，您能否加快這一進程？或者你想完成一些現有的投資並更好地理解可選性？

Well, I think we need to go back to the capital allocation strategy and look at those individual pieces there in order to keep on the healthy balance sheet. We're going to take care of the investments that we've laid out, and that's what we need to get focused on. There's no commitment to anything else at this point. We're going to let the economy tell us what the solution is here, but don't look for anything big anytime soon. We feel very good about where we are executing the strategy and delivering value to our stockholders.

好吧，我認為我們需要回到資本配置策略，看看那些單獨的部分，以保持健康的資產負債表。我們將處理我們已經佈局的投資，這就是我們需要關注的。在這一點上，沒有對其他任何事情的承諾。我們將讓經濟告訴我們這裡的解決方案是什麼，但不要在短期內尋找任何大的東西。我們對在哪裡執行戰略並為股東創造價值感到非常滿意。

Let's face it. There's a lot of uncertainty. Some people say more uncertainty than ever before. I'm not so sure that's true. But we do know that these are different times, challenging times, and we need to make sure that what we say we're going to do, we do. And that's something that we haven't been always able to say, but we've got integrated assets that are running extraordinarily well, and the mini mill assets are running well. Europe is performing in spite of all the challenges there, and now the Tubular business is coming back. So I wouldn't look for anything here. We're again keeping optionality available. If there's a big opportunity here that adds a whole lot of value, of course, we do it, but there isn't anything committed to at this point.

面對現實吧。有很多不確定性。有人說比以往任何時候都更加不確定。我不太確定這是真的。但我們確實知道這是不同的時代，充滿挑戰的時代，我們需要確保我們所說的我們將要做的，我們做到了。這是我們一直無法說的，但我們的綜合資產運行得非常好，小型工廠資產運行良好。儘管存在所有挑戰，歐洲仍在表現出色，現在 Tubular 業務正在回歸。所以我不會在這裡尋找任何東西。我們再次保持可選性。如果這裡有一個很大的機會可以增加很多價值，我們當然會這樣做，但目前還沒有任何承諾。

We'll get to our next question on the line from Carlos De Alba with Morgan Stanley.

我們將回答 Carlos De Alba 與摩根士丹利的下一個問題。

So just coming back to the DRI strategy. Is there -- I understand that is an opportunity for the future and in optionality what you have created. But any color that you could add in terms of the potential timing of when you might exercise that option that you have now available?

所以回到 DRI 策略。有沒有——我知道這是一個未來的機會，並且可以選擇你創造的東西。但是，您可以在何時行使您現在可用的選項的潛在時間方面添加任何顏色？

And then my second question, if I may, has to do with a little bit more color on the end markets. You mentioned the consumer-related sectors like auto and appliances are a little bit soft. But could you comment on a little bit more on those 2, plus the other key end markets that you supply?

然後我的第二個問題，如果可以的話，與終端市場上的更多顏色有關。您提到汽車和家電等與消費相關的行業有點疲軟。但是，您能否對這兩個以及您提供的其他關鍵終端市場進行更多評論？

Okay. The first part, can I give more color on DRI? No. I think you got all the color we're going to give you on DRI right now because we talked about the metallic strategy. We say it's inevitable, not anytime soon, and so we'll just leave it at that.

好的。第一部分，我可以在 DRI 上提供更多顏色嗎？不。我認為你現在已經掌握了我們將在 DRI 上給你的所有顏色，因為我們談到了金屬策略。我們說這是不可避免的，不是很快，所以我們就這樣說吧。

As far as the actual markets, maybe I'll talk a little bit about each one of these. The auto -- maybe the auto rebound. We're staying very, very close to the customer and ensuring we're well positioned to what feels like an inevitable ramp-up in auto. We're not seeing like some might say the hockey stick increase, but we feel pretty good about what's coming. There's obviously the semiconductor shortages. This is a big bottleneck.

至於實際市場，也許我會談談其中的每一個。汽車——也許是汽車反彈。我們與客戶保持非常、非常密切的關係，並確保我們能夠很好地應對汽車行業不可避免的增長。我們沒有看到有些人可能會說曲棍球棒增加，但我們對即將發生的事情感覺很好。顯然存在半導體短缺。這是一個很大的瓶頸。

And by the way, we're very supportive of the CHIPS and Science Act from Congress. And reshoring critical industries, it's so important to national security. Everybody needs to get this. We need to make sure that we are self-sufficient in the U.S.A. If we learned nothing from the pandemic, it's that, we got to be able to take care of ourselves and we're big on mine, melted, and made in the U.S.A., as you well know.

順便說一句，我們非常支持國會的 CHIPS 和科學法案。回流關鍵行業對國家安全非常重要。每個人都需要得到這個。我們需要確保我們在美國能夠自給自足。如果我們沒有從這場大流行中學到任何東西，那就是，我們必須能夠照顧好自己，我們在美國做大、融化和製造。 ，眾所周知。

But alleviating the semiconductor bottleneck is critically important. And it's taken longer, I think, than anybody imagined. And it's still going to take longer. There's a lot to be done. But we've seen in auto consistent order entry rates across the diversified domestic and foreign OEMs, and this is a steady pace of pull has allowed us to use some auto-oriented assets to service other pockets of accelerating demand to optimize loading. Kevin?

但緩解半導體瓶頸至關重要。我認為，這比任何人想像的都要長。而且還需要更長的時間。有很多事情要做。但我們已經看到多元化的國內外 OEM 的汽車訂單進入率保持一致，這種穩定的拉動速度使我們能夠使用一些面向汽車的資產來服務於其他加速需求的領域，以優化裝載。凱文？

Yes, and Dave, along those lines and other pockets of demand, I would say, across the industrial space, we continue to see good pull rates and expect that to be stable in the second half.

是的，戴夫，沿著這些線和其他需求領域，我想說，在整個工業領域，我們繼續看到良好的拉動率，並預計下半年會保持穩定。

If you look at the construction market, particularly the nonresidential value-added construction market, that's been quite resilient. Service centers, I would say, generally speaking, are mixed. We've seen good shipments out of service centers, but as we acknowledged earlier, more cautious buying.

如果你看看建築市場，特別是非住宅增值建築市場，那是相當有彈性的。我想說，一般來說，服務中心是混合的。我們已經看到服務中心的出貨量不錯，但正如我們之前所承認的，購買更為謹慎。

So when you look at that type of relationship, that can't continue, that imbalance can't continue, where you have more shipments and less buys, meaning they'll have to start buying soon. So if you couple that with the energy, which is certainly, as Dave mentioned earlier, the brightest spot in our order book.

所以當你看到那種不能繼續的關係，這種不平衡不能繼續，你有更多的出貨量和更少的購買，這意味著他們將不得不很快開始購買。因此，如果您將其與能量相結合，正如戴夫之前提到的，這肯定是我們訂單簿中最亮的地方。

Big River, that facility is particularly well positioned to serve the strong OCTG demand that we're seeing. We've talked about it before, Gary Works and the unique capabilities there related to line pipe. And we've also addressed tubular today, which is performing extremely well and it's certainly a key area of differentiation, a big competitive advantage for us in today's market.

Big River，該設施特別適合滿足我們所看到的強勁 OCTG 需求。我們之前已經討論過 Gary Works 以及與管線相關的獨特功能。而且我們今天還解決了管狀，它表現非常好，它肯定是一個關鍵的差異化領域，是我們在當今市場上的巨大競爭優勢。

So given that balanced portfolio of products we have, there's certainly different dynamics manifesting themselves in different pockets, but I think we feel like the balance book that we have will provide us some resiliency here. So we'll stay focused on creating value together with our customers. We know they want partners who provide green steels, are willing to innovate for the future, and we look forward to continuing to build long-term and mutually beneficial relationships with them.

因此，鑑於我們擁有平衡的產品組合，肯定會在不同的口袋中表現出不同的動態，但我認為我們認為我們擁有的平衡簿將為我們提供一些彈性。因此，我們將繼續專注於與客戶一起創造價值。我們知道他們需要提供綠色鋼材、願意為未來創新的合作夥伴，我們期待繼續與他們建立長期互惠互利的關係。

I think this diverse end market exposure really does keep us insulated from having too much dependence on just one set of customers. We got automotive with 30% to 35%. Construction, 15% to 20%. Tin, something like 15%. Appliance, 10%, energies, and line pipe to 10%.

我認為這種多樣化的終端市場確實讓我們避免了過度依賴一組客戶。我們有 30% 到 35% 的汽車。建築業，15% 到 20%。錫，大約 15%。電器，10%，能源和管道到 10%。

So there's just a lot more diversity. And of course, with the footprint in USSK and then also with energy, this really bright spot with Tubular but also Big River. There's a strong OCTG demand there as well. And Gary, Gary line pipe. That's a good deal, too. So as Kevin said, the brightest spot in the book is energy.

所以只有更多的多樣性。當然，隨著在 USSK 的足跡，然後還有能量，這個真正的亮點是 Tubular 和 Big River。那裡也有強烈的 OCTG 需求。和加里，加里線管。這也很划算。所以正如凱文所說，書中最亮的地方是能量。

And again, the short-term uncertainty, uncomfortable. But what better time to have $3 billion in cash and over $5 billion in liquidity? We can navigate through anything and still make sure we're pleasing the stockholders.

再次，短期的不確定性，不舒服。但是擁有 30 億美元的現金和超過 50 億美元的流動性還有什麼更好的時機呢？我們可以瀏覽任何內容，並且仍然確保我們取悅股東。

Thank you, and that does conclude the Q&A. I'll now turn the call back to U. S. Steel's CEO, for any closing remarks.

謝謝，這確實結束了問答。我現在將電話轉回美國鋼鐵公司的首席執行官，以獲取任何結束語。

Thank you for your time this morning and your interest in U. S. Steel. It's been another incredible quarter, and we look forward to continuing to demonstrate the increasing power of our Best for All strategy.

感謝您今天上午的寶貴時間以及您對美國鋼鐵公司的興趣。這是又一個令人難以置信的季度，我們期待繼續展示我們的 Best for All 戰略日益強大的力量。

None of this is possible, however, without the commitment and hard work of our employees who deliver for our customers every day. We were recently awarded a top score of 100 from the Disability Equality Index and are among the Best Places to Work for Disability Inclusion. We are pleased to see the recognition for and our commitment to a workplace that works for all. We appreciate our employees. Thank you for using your talent to drive our business forward and for doing it safely. When you do well -- when we do well, you do well, and we're pleased to continue to reward you with record pay to match record performance.

然而，如果沒有每天為客戶提供服務的員工的承諾和辛勤工作，這一切都是不可能的。我們最近在殘疾平等指數中獲得了 100 分的最高分，並且是殘疾包容的最佳工作場所之一。我們很高興看到我們對適合所有人的工作場所的認可和承諾。我們感謝我們的員工。感謝您利用您的才能推動我們的業務向前發展並安全地開展業務。當您做得好時——當我們做得好時，您就做得很好，我們很高興繼續以創紀錄的薪酬獎勵您，以匹配創紀錄的表現。

Of course, none of us could do this without our customers. Thank you for entrusting your products and reputations with U. S. Steel. You continue to deliver the quality steel you need to meet your own customers' demand. We look forward to growing with you towards a greener future.

當然，如果沒有客戶，我們誰也做不到。感謝您將您的產品和聲譽委託給美國鋼鐵公司。您將繼續提供滿足客戶需求所需的優質鋼材。我們期待與您一起成長，走向更綠色的未來。

And finally and importantly, to our investors, thank you for your continued support of our mission and strategy. We're aligned on executing the strategy while rewarding you with continued direct stockholder returns in line with our capital allocation priorities. We look forward to our shared success in becoming the best steel company together. Now let's get back to work safely.

最後也是最重要的，對於我們的投資者，感謝您對我們的使命和戰略的持續支持。我們在執行該戰略方面保持一致，同時根據我們的資本分配優先事項為您提供持續的直接股東回報。我們期待共同成功，共同成為最好的鋼鐵公司。現在讓我們安全地回去工作。

Thank you very much, and this concludes the call for today. We thank you for your participation and ask to please disconnect your lines.

非常感謝，今天的電話會議到此結束。我們感謝您的參與，並要求斷開您的線路。