美國鋼鐵 (X) 2022 Q3 法說會逐字稿

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

大家，早安。歡迎來到美國鋼鐵公司 2022 年第三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。我現在將電話轉交給 P&A 的投資者關係和企業副總裁 Ken Lewis。

Thank you, Tommy. Good morning, and thank you for joining our third quarter 2022 earnings call. Joining me on today's call is U.S. Steel President and CEO, Dave Burritt; and Senior Vice President and Chief Strategy and Sustainability Officer, Rich Fruehauf. Also, a special welcome to our Senior Vice President and CFO, Jessica Graziano, joining us this morning for her first earnings call at U.S. Steel.

謝謝你，湯米。早上好，感謝您參加我們的 2022 年第三季度財報電話會議。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 Dave Burritt；高級副總裁兼首席戰略和可持續發展官 Rich Fruehauf。此外，特別歡迎我們的高級副總裁兼首席財務官 Jessica Graziano 今天早上加入我們，參加她在美國鋼鐵公司的第一次財報電話會議。

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

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。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，並受到我們提交給美國證券交易委員會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. We delivered another strong performance in the third quarter. Most importantly, we did it safely. We had one of the safest summers in our history and are on track for a third consecutive year of record safety performance. While we certainly don't focus on safety for awards, we are pleased that our industry-leading safety performance was recently recognized, not once but twice.

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。我們在第三季度又取得了強勁的表現。最重要的是，我們安全地做到了。我們度過了歷史上最安全的夏天之一，並有望連續第三年實現創紀錄的安全績效。雖然我們當然不會為了獎勵而關注安全，但我們很高興我們行業領先的安全性能最近得到了認可，不是一次而是兩次。

Both the National Safety Council and World Steel awarded U.S. Steel safety programs with Safety Excellence Awards, further validating our leadership role in placing safety first. At U.S. Steel, we have a culture of caring that extends through our facilities. Exceptional safety means exceptional operations. Thank you to my U.S. Steel colleagues for doing your job safely for yourself, for your coworkers and for your families.

國家安全委員會和世界鋼鐵公司都授予美國鋼鐵安全計劃以安全卓越獎，進一步驗證了我們在將安全放在首位方面的領導作用。在 U.S. Steel，我們的設施貫穿始終的關懷文化。卓越的安全性意味著卓越的操作。感謝我的 U.S. Steel 同事為自己、同事和家人安全地完成工作。

We'll spend the next 15 minutes or so providing you with a business and strategy update. There's a lot of noise out there, but one thing is clear, we are confident in our ability to execute our best for all future. I remain bullish on U.S. Steel's future. We are better positioned now more than ever to confront market uncertainty and to prove the foundational strength of our business. The challenges we face today remain transitioning to a less carbon and less capital-intensive business model while becoming the best steel competitor. Our strategy creates a path to achieve these goals and reach our best for all future.

我們將在接下來的 15 分鐘左右為您提供業務和戰略更新。外面有很多噪音，但有一點很清楚，我們有信心為所有未來盡最大努力。我仍然看好美國鋼鐵公司的未來。我們現在比以往任何時候都更有能力應對市場的不確定性並證明我們業務的基礎實力。我們今天面臨的挑戰仍然是向低碳、低資本密集型商業模式轉變，同時成為最好的鋼鐵競爭對手。我們的戰略為實現這些目標創造了一條道路，並為所有未來實現了最好的目標。

To become the best, you have to outperform the best. That's why we're expanding our competitive advantages and expanding our low CapEx low GHG emission EAF steelmaking and value-added capabilities to meet customer demand. For example, we are leveraging our unique raw materials advantage to support our growing electric arc furnace fleet. Earlier this month, we were joined by Governor Walz in Minnesota at the groundbreaking ceremony for our DR-grade pellet upgrades at Keetac. The excitement from the team and from the community was invigorating, and everyone involved appreciates the importance of this investment as an integral part of our Best for All strategy.

要成為最好的，你必須超越最好的。這就是為什麼我們正在擴大我們的競爭優勢並擴大我們的低資本支出低溫室氣體排放電弧爐煉鋼和增值能力以滿足客戶需求。例如，我們正在利用我們獨特的原材料優勢來支持我們不斷增長的電弧爐車隊。本月早些時候，我們與明尼蘇達州州長沃爾茲一起參加了我們在 Keetac 進行 DR 級顆粒升級的奠基儀式。來自團隊和社區的興奮令人振奮，參與其中的每個人都明白這項投資的重要性，它是我們“最適合所有人”戰略不可分割的一部分。

We are another quarter closer to the earnings and free cash flow growth our strategic projects will generate. Each project remains on time and on budget. This means we'll be -- we'll continue to have a balanced approach to capital allocation, focused on driving long-term stockholder value. We're also pleased to see the recent reinforcement of trade policies by the U.S. government. These policies are critical to ensuring national and economic security and ensuring a level playing field for American steelmakers. We are also optimistic that the CHIPS and Science Act, Inflation Reduction Act and Infrastructure Bill will positively impact steel demand in 2023 and beyond.

我們距離我們的戰略項目將產生的收益和自由現金流增長又近了一個季度。每個項目都按時按預算進行。這意味著我們將——我們將繼續採用平衡的資本配置方法，專注於推動長期股東價值。我們也很高興看到美國政府最近加強了貿易政策。這些政策對於確保國家和經濟安全以及確保美國鋼鐵製造商的公平競爭環境至關重要。我們也樂觀地認為，《芯片和科學法案》、《通脹降低法案》和《基礎設施法案》將對 2023 年及以後的鋼鐵需求產生積極影響。

Our country is the leader in sustainable steelmaking, and we are encouraged the administration continues to support the role American manufacturing plays in the global economy. This gives us the confidence to deliver our Best for All strategy for our employees, our customers and most importantly, our stockholders. Let's get into this morning's materials on Slide 5. I'll focus on 3 key areas that are helping to advance our best for all future. First, we're operating from a position of strength. While we're facing the same economic and geopolitical uncertainties as everyone else, the steps we've already taken have us well positioned to execute our strategy with confidence. We are closer to our customers and continue to add the capabilities to expand our offerings of steel solutions.

我們國家是可持續煉鋼的領導者，我們受到鼓舞，政府繼續支持美國製造業在全球經濟中發揮的作用。這使我們有信心為我們的員工、客戶以及最重要的股東提供我們的 Best for All 戰略。讓我們進入今天上午的幻燈片 5 材料。我將重點關注 3 個關鍵領域，這些領域有助於推動我們為所有未來做出最好的貢獻。首先，我們是在實力雄厚的情況下運作的。雖然我們面臨與其他人一樣的經濟和地緣政治不確定性，但我們已經採取的步驟使我們能夠自信地執行我們的戰略。我們更貼近客戶，並繼續增加能力以擴展我們的鋼鐵解決方案產品。

Second, we're safely navigating current headwinds. We've taken steps to optimize our footprint and remain disciplined on cost. We also remain on track to generate higher and more stable through-cycle earnings and free cash flow as we execute our strategy. Our future is extremely bright. Finally, we're returning capital to stockholders. As we've demonstrated through our progress against our stock repurchase program. We continue to invest in strategic projects that will grow earnings and free cash flow and reward stockholders with direct returns.

其次，我們正在安全地駕馭當前的逆風。我們已採取措施優化我們的足跡並在成本方面保持自律。在我們執行我們的戰略時，我們還將繼續保持在產生更高、更穩定的全週期收益和自由現金流的軌道上。我們的未來非常光明。最後，我們將資本返還給股東。正如我們通過我們的股票回購計劃所取得的進展所證明的那樣。我們繼續投資於能夠增加收益和自由現金流並以直接回報回報股東的戰略項目。

Our balance sheet is strong, which allows us to sustain the actions that drive long-term stockholder value, even as markets are volatile. Slide 6 details how our improved business model has us operating from a position of strength. We have redefined steelmaking for U.S. Steel since the last cycle, strengthening our business model in the process, and we will only get stronger as we complete our strategic projects. We are a more innovative company, and continue to add differentiated capabilities.

我們的資產負債表很強勁，這使我們能夠維持推動長期股東價值的行動，即使市場動盪。幻燈片 6 詳細介紹了我們改進的商業模式如何讓我們從實力的位置上運營。自上個週期以來，我們重新定義了美國鋼鐵公司的煉鋼，在此過程中加強了我們的商業模式，我們只會隨著戰略項目的完成而變得更加強大。我們是一家更具創新性的公司，並不斷增加差異化能力。

Since the last cycle, we've invested to revitalize and strengthen our North American flat-rolled assets, enabling record safety, record quality and record reliability. We also continue to build our position in flexible sustainable mini-mill steelmaking. Our customers are less than a year away from benefiting from the 200,000 ton per year state-of-the-art electrical steel line nearing completion at Big River. We will be uniquely positioned with products ranging from 0.25 millimeter to 0.5 millimeter gauge to serve high-end electric vehicle grades of steel. Consumers want electric vehicles that are more efficient and effective and U.S. Steel is helping to unlock that potential.

自上個週期以來，我們已投資振興和加強我們的北美平板軋機資產，實現創紀錄的安全性、創紀錄的質量和創紀錄的可靠性。我們還將繼續鞏固我們在靈活的可持續小型鋼廠煉鋼領域的地位。我們的客戶將在不到一年的時間內受益於 Big River 即將完工的 20 萬噸/年最先進的電工鋼生產線。我們將以0.25毫米至0.5毫米規格的產品定位獨特，服務於高端電動汽車等級的鋼材。消費者想要更高效、更有效的電動汽車，美國鋼鐵公司正在幫助釋放這種潛力。

With the completion of Big River 2 including a differentiated portfolio of downstream finishing lines to serve the automotive and paint markets, our mini mill segment is expected to deliver $1.3 billion of annual through-cycle EBITDA, supported by only $100 million of annual sustaining CapEx. That will be a new source of significant cash flow generation for our business, cash flow that earns a premium for our investors.

隨著 Big River 2 的完工，包括為汽車和油漆市場提供服務的下游精加工線的差異化產品組合，我們的小型工廠部門預計將提供 13 億美元的年度全週期 EBITDA，而年度持續資本支出僅為 1 億美元。這將成為我們業務產生大量現金流的新來源，為我們的投資者賺取溢價的現金流。

We expect to improve the financial performance of the business by lowering our capital intensity. We're also lowering our carbon intensity to achieve our bold 2030 and 2050 goals. These factors encourage us to move faster on our transformative strategy. On Slide 7, you can see our balance sheet has already been transformed. We have record cash and record liquidity. We have no meaningful near-term debt maturities. 80% of our total debt is due in 2029 and beyond, and we have overfunded pension and OPEB plans.

我們希望通過降低資本密集度來改善業務的財務業績。我們還在降低碳強度，以實現我們大膽的 2030 年和 2050 年目標。這些因素鼓勵我們加快轉型戰略。在幻燈片 7 上，您可以看到我們的資產負債表已經發生了變化。我們擁有創紀錄的現金和創紀錄的流動性。我們沒有有意義的近期債務到期。我們總債務的 80% 將在 2029 年及以後到期，我們的養老金和 OPEB 計劃資金過剩。

On Slide 8, our transformed balance sheet prefunds our strategic investments with record cash and liquidity. Our strategic investments remain on time and on budget. By year-end, we will be nearly 40% completed on our prefunded strategic projects. Looking forward to 2023, we expect total CapEx spending of approximately $2.5 billion. Jess will provide more details on next year's CapEx plan shortly.

在幻燈片 8 上，我們轉型後的資產負債表為我們的戰略投資提供了創紀錄的現金和流動性。我們的戰略投資按時按預算進行。到年底，我們將完成近 40% 的預籌戰略項目。展望 2023 年，我們預計資本支出總額約為 25 億美元。 Jess 將很快提供有關明年資本支出計劃的更多詳細信息。

Turning now to Slide 9. We are safely navigating current headwinds with decisive management actions. Across North American flat roll, we responded quickly to softened demand and cautious buying. We accelerated planned outages and temporarily idled integrated assets to better align supply with demand across our diverse end markets. In our Mini Mill segment, we foreshadowed the negative impact, higher raw material prices would have on Big River in the third quarter.

現在轉到幻燈片 9。我們正在通過果斷的管理行動安全地駕馭當前的逆風。在整個北美扁鋼捲中，我們對疲軟的需求和謹慎的採購做出了迅速反應。我們加快了計劃中的停電和暫時閒置的綜合資產，以更好地使我們多元化終端市場的供應與需求保持一致。在我們的小型磨坊部門，我們預示了第三季度原材料價格上漲將對 Big River 產生的負面影響。

We were prudent and moved quickly to secure additional raw materials as the Ukraine war intensified to protect our customers and our operations. These types of supply shocks reinforce the rationale for the metallic strategy we have underway. Our low-cost iron ore [in Minnesota will protect our electric arc furnaces for market price fluctuations as our Gary pig operation begins] production in early 2023.

隨著烏克蘭戰爭愈演愈烈，為了保護我們的客戶和我們的業務，我們謹慎行事並迅速採取行動以確保獲得額外的原材料。這些類型的供應衝擊強化了我們正在進行的金屬戰略的基本原理。我們的低成本鐵礦石 [在明尼蘇達州將保護我們的電弧爐免受市場價格波動的影響，因為我們的 Gary 生豬作業開始] 將於 2023 年初生產。

Temporary headwinds aside, we remain confident in the strategic and financial impact of the Big River Steel operating model, and we look forward to demonstrating the through cycle value of the segment in 2023 and beyond. Moving next to our European segment. The prolonged and tragic conflict in Ukraine has continued to pressure our European business on costs for both raw materials and energy. The uncertain outlook for the global economy and Europe's manufacturing sector is also contributing to softer demand and lower prices, which compounds the impact of normal seasonal buying patterns.

除了暫時的逆風，我們對大河鋼鐵運營模式的戰略和財務影響仍然充滿信心，我們期待在 2023 年及以後展示該部門的全週期價值。移動到我們的歐洲部分。烏克蘭曠日持久的悲劇性衝突繼續給我們的歐洲業務帶來原材料和能源成本方面的壓力。全球經濟和歐洲製造業的不確定前景也導致需求疲軟和價格下跌，這加劇了正常季節性購買模式的影響。

While we don't believe these are permanent impacts, we do expect these pressures to persist. In response, we are executing management actions. In September, we pulled forward a planned 60-day outage on blast furnace #2 at Cochiza to better align supply with customer demand. We've also reduced our overhead costs in response to lower production. We're focused on the things we can control to balance supply with customer demand and improve our cost position heading into 2023.

雖然我們不認為這些是永久性影響，但我們確實預計這些壓力會持續存在。作為回應，我們正在執行管理行動。 9 月，我們將 Cochiza 的 2 號高爐計劃停產 60 天，以更好地使供應與客戶需求保持一致。我們還降低了我們的間接費用以應對低產量。我們專注於我們可以控制的事情，以平衡供應與客戶需求，並改善我們進入 2023 年的成本狀況。

Our Tubular segment remains an outperformer, benefiting not only from solid energy market fundamentals, but the strategic investment we made in electric arc furnace rounds production. We continue to run at high levels of utilization to support robust customer demand for seamless OCTG products. We're further benefiting from the $100 million of annual savings from the in-sourced rounds substrate. Recent trade actions also provide important positive impacts on the segment.

我們的管材部門仍然表現出色，不僅受益於穩固的能源市場基本面，還受益於我們在電弧爐輪生產方面的戰略投資。我們繼續以高利用率運行，以支持客戶對無縫 OCTG 產品的強勁需求。我們進一步受益於內購圓形基板每年節省的 1 億美元。最近的貿易行動也對該細分市場產生了重要的積極影響。

Turning to Slide 10. I want to reinforce the importance of returning capital to stockholders as part of our previously shared capital allocation framework. Our balance sheet is strong. Our investments are on track. And most importantly, we continue to see significant value in direct returns to stockholders. U.S. Steel is uniquely positioned to deliver higher earnings and expand our multiple, which means we expect to continue repurchases under our existing authorization as we enter 2023.

轉到幻燈片 10。我想強調將資本返還給股東的重要性，這是我們之前共享的資本分配框架的一部分。我們的資產負債表很強勁。我們的投資步入正軌。最重要的是，我們繼續看到股東直接回報的巨大價值。美國鋼鐵公司在提供更高收益和擴大我們的倍數方面具有獨特的優勢，這意味著我們預計在我們進入 2023 年時將在現有授權下繼續回購。

With that, I'd like to welcome our new CFO, Jessica Graziano to her first earnings call with U.S. Steel. I'll turn it over to Jess now to cover the financials. Jess?

有了這個，我想歡迎我們的新首席財務官傑西卡格拉齊亞諾參加她與美國鋼鐵公司的第一次財報電話會議。我現在把它交給 Jess 來報導財務。傑斯？

Thanks, Dave, and good morning, everyone. Thanks for joining us today. I'm so pleased to have joined U.S. Steel at this point in its history and to be a part of the transformation that's underway. Our compelling Best for All strategy and the opportunity it creates to generate significant value are 2 key factors that attracted me to this role. I'd like to start by saying thank you to Christie Breves as she passes the baton. Not only am I grateful for Christi's support and transition but I'm thrilled to inherit the pristine balance sheet she was so instrumental in building.

謝謝，戴夫，大家早上好。感謝您今天加入我們。我很高興在美國鋼鐵公司歷史上的這個時刻加入並成為正在進行的轉型的一部分。我們引人注目的 Best for All 戰略以及它創造的創造重大價值的機會是吸引我擔任這個職位的兩個關鍵因素。在克里斯蒂·布雷夫斯傳遞接力棒時，我首先要對她說聲謝謝。我不僅感謝克里斯蒂的支持和過渡，而且我很高興能繼承她在建立過程中如此重要的原始資產負債表。

Our record level of cash on the balance sheet is a highlight for the third quarter where we've seen some demand softness and some expected transient cost headwinds. More on that in a moment. I'll also provide some color on our guidance to finish the year. But let's start on Slide 11 with the third quarter's results. We delivered adjusted EBITDA of $848 million in the third quarter from revenues of over $5.2 billion. This represents an adjusted EBITDA margin of 16%. Our adjusted EPS in the quarter was $1.95 per share, which was at the high end of the guidance range we provided in our September 15 press release.

我們資產負債表上創紀錄的現金水平是第三季度的一個亮點，我們看到了一些需求疲軟和一些預期的短暫成本逆風。稍後會詳細介紹。我還將為我們完成這一年的指導提供一些顏色。但是，讓我們從幻燈片 11 開始，看看第三季度的結果。我們第三季度的調整後 EBITDA 為 8.48 億美元，收入超過 52 億美元。這代表調整後的 EBITDA 利潤率為 16%。我們在本季度的調整後每股收益為每股 1.95 美元，處於我們在 9 月 15 日新聞稿中提供的指導範圍的高端。

We generated nearly $600 million in free cash flow in the third quarter, and that's after investing close to $500 million to support execution of our strategy. Taking a closer look at the balance sheet. Total liquidity on September 30 was a record $5.8 billion, including just under $3.4 billion in cash. Leverage at the end of the quarter was 0.7x, significantly below our target range of 3 to 3.5x adjusted debt to trailing 12-month EBITDA.

我們在第三季度產生了近 6 億美元的自由現金流，這是在投資近 5 億美元來支持我們戰略的執行之後。仔細看看資產負債表。 9 月 30 日的總流動性達到創紀錄的 58 億美元，其中包括略低於 34 億美元的現金。本季度末的槓桿率為 0.7 倍，遠低於我們調整後債務與過去 12 個月 EBITDA 的 3 至 3.5 倍的目標範圍。

In Treasury, we issued $290 million of low coupon 30-year environmental revenue bonds in support of our Big River 2 investment. This green bond commitment underscores our effort to use a high value of recycled scrap in our mini mill operations and the strong investor turnout demonstrates the market's conviction for our Best for All strategy. We also successfully repurchased approximately $300 million of shorter dated higher coupon debt in the quarter. And together, these actions extended our maturity profile. They reduced our run rate cash interest expense by $5 million per year, and they maintained our strong leverage position and further enhanced the balance sheet.

在財政部，我們發行了 2.9 億美元的低息 30 年期環境收益債券，以支持我們對 Big River 2 的投資。這一綠色債券承諾強調了我們在小型工廠運營中使用高價值回收廢料的努力，而強勁的投資者投票率表明了市場對我們的 Best for All 戰略的信念。我們還在本季度成功地回購了約 3 億美元的短期高息債務。這些行動共同擴展了我們的成熟度。他們每年將我們的運行利率現金利息支出減少了 500 萬美元，並保持了我們強大的槓桿頭寸並進一步改善了資產負債表。

Let's take a closer look at each of our operating segments. North American flat-rolled EBITDA was $631 million, which reflects a healthy EBITDA margin of 19%. The segment continues to deliver solid earnings due in part to fixed contracts that make up a significant portion of its order book as well as quarterly market-based contracts. These fixed and longer-term contracts take some of the noise out of market price fluctuations. As a result, our average selling price remained resilient through the quarter, declining about 8% versus a spot market that declined 36%.

讓我們仔細看看我們的每個運營部門。北美平展 EBITDA 為 6.31 億美元，反映了 19% 的健康 EBITDA 利潤率。該部門繼續提供可觀的收益，部分原因是固定合同佔其訂單的很大一部分以及基於市場的季度合同。這些固定和長期合同消除了市場價格波動的一些影響。因此，我們的平均售價在整個季度保持彈性，下跌約 8%，而現貨市場下跌 36%。

Shipment volumes declined 8% off their 2-year high watermark in the third quarter as broader economic concerns have some customers limiting their order exposure. We were quick to respond with footprint decisions as we started to see demand soften. In the quarter, we idled the blast furnace at each Gary and Mon Valley Works. Both blast furnaces remain temporarily idle today and will be brought back online when customer demand warrants it.

由於更廣泛的經濟擔憂使一些客戶限制了他們的訂單敞口，第三季度的出貨量從 2 年高位下降了 8%。當我們開始看到需求疲軟時，我們迅速做出了足跡決策。在本季度，我們讓 Gary 和 Mon Valley 工廠的高爐閒置。兩座高爐今天都暫時閒置，將在客戶需要時重新上線。

Moving to our mini mill segment, which experienced headwinds in the quarter that weighed on both EBITDA and margins. Notably, we foreshadowed the headwind Big River was facing to absorb higher-priced metallics costs, particularly pig iron, when we provided guidance in mid-September. The impact of those higher costs is temporary and we expect to work through them by year-end.

轉向我們的小型工廠部門，該部門在本季度遇到了不利因素，對 EBITDA 和利潤率都造成了壓力。值得注意的是，當我們在 9 月中旬提供指導時，我們預示了 Big River 面臨吸收價格較高的金屬成本，尤其是生鐵成本的逆風。這些較高成本的影響是暫時的，我們預計將在年底前解決這些問題。

In the third quarter that impact was an 8-point drag on EBITDA margins for the segment. Not unlike what we experienced in North American flat-rolled, demand softening through the quarter was an additional challenge for Big River. This was especially the case in service centers and with distributors, where Big River has more exposure as a percentage of their total order book in the Flat-Rolled segment. Big River also has more exposure to spot business, which felt the impact of lower steel prices on its margins in the third quarter.

在第三季度，這種影響對該部門的 EBITDA 利潤率造成了 8 個百分點的拖累。與我們在北美平板軋材市場所經歷的情況不同，整個季度的需求疲軟對 Big River 來說是一個額外的挑戰。在服務中心和分銷商中尤其如此，Big River 在平板軋製領域的總訂單中所佔的百分比更高。大河也有更多的現貨業務，第三季度感受到鋼價下跌對其利潤率的影響。

Similarly, higher raw material costs and commercial headwinds were at play in our European segment. This was compounded by the spike in energy costs across Europe, which pressured results for the third quarter and resulted in the significant EBITDA decline in the segment. Like we did in North American flat rolled, we took action in Europe to respond to these headwinds, which included overhead cost reductions. We also pulled forward a planned 60-day outage on blast furnace #2 from October into September. This furnace will stay offline until customer order activity improves.

同樣，較高的原材料成本和商業逆風也在我們的歐洲業務中發揮作用。整個歐洲的能源成本飆升加劇了這種情況，這給第三季度的業績帶來了壓力，並導致該部門的 EBITDA 顯著下降。就像我們在北美平板軋機中所做的那樣，我們在歐洲採取了行動來應對這些不利因素，其中包括降低管理成本。我們還從 10 月到 9 月將 2 號高爐的計劃停電時間提前了 60 天。該熔爐將保持離線狀態，直到客戶訂單活動有所改善。

Looking forward, a weak manufacturing outlook in Europe and persistent raw material and energy cost headwinds create a challenging backdrop for USSC for the remainder of 2022 and the start of 2023. Our Tubular segment remains a bright spot. EBITDA and margins in the segment are meaningfully increased sequentially behind strong customer demand and higher pricing. Now let's move to the fourth quarter, and I'll share some thoughts on each of our operating segments.

展望未來，歐洲疲軟的製造業前景以及持續的原材料和能源成本逆風為 USSC 在 2022 年剩餘時間和 2023 年初創造了充滿挑戰的背景。我們的管材部門仍然是一個亮點。在強勁的客戶需求和更高的定價之後，該部門的 EBITDA 和利潤率顯著增加。現在讓我們進入第四季度，我將分享我們對每個運營部門的一些想法。

In our North American Flat-Rolled segment, we expect volume to remain stable throughout the fourth quarter. However, September volumes represented a low in the third quarter, so sequential shipments will be lower. We expect the pace of steel prices to decline similarly to what we experienced in the third quarter. And on net Fourth quarter EBITDA for the Flat-Rolled segment will be down sequentially.

在我們的北美平板軋機部門，我們預計整個第四季度的銷量將保持穩定。然而，9 月份的銷量在第三季度處於低位，因此連續出貨量將更低。我們預計鋼鐵價格的下降速度將與我們在第三季度的經歷相似。平軋部門的第四季度淨 EBITDA 將依次下降。

In our mini mill segment, we expect EBITDA to decline in the fourth quarter as we continue to work through the higher cost metallics inventory. Lower steel prices will continue to impact margins for the fourth quarter, reducing our average selling price sequentially. In Europe, we expect lower sequential EBITDA from lower average selling prices a big headwind given half of Europe's volumes are at spot rates. We also expect reduced shipment volumes and elevated raw material costs will continue to drag on segment EBITDA in the fourth quarter.

在我們的小型軋機部門，我們預計第四季度的 EBITDA 將下降，因為我們將繼續處理成本較高的金屬庫存。較低的鋼材價格將繼續影響第四季度的利潤率，從而降低我們的平均售價。在歐洲，鑑於歐洲一半的交易量以即期匯率計算，我們預計由於平均售價較低而導致的環比 EBITDA 下降是一個很大的阻力。我們還預計出貨量減少和原材料成本上升將繼續拖累第四季度的分部 EBITDA。

And lastly, in our Tubular segment, we expect this business will continue to generate robust results in response to strong demand. Prices will continue to be healthy across steady volumes. Our Fairfield EAF will operate at near maximum capacity for seamless pipe in the fourth quarter. And when you tally it up, we expect fourth quarter adjusted EBITDA for the company to be approximately $400 million delivering a full year of over $4.2 billion in adjusted EBITDA, the second best ever for U.S. Steel.

最後，在我們的管狀部分，我們預計這項業務將繼續產生強勁的業績，以應對強勁的需求。在穩定的數量下，價格將繼續保持健康。我們的費爾菲爾德電弧爐將在第四季度以接近最大的無縫管產能運行。當你算上它時，我們預計該公司第四季度調整後的 EBITDA 約為 4 億美元，全年調整後的 EBITDA 超過 42 億美元，是美國鋼鐵公司有史以來第二好的。

As Dave mentioned, we continue to see tremendous opportunity to create value through capital returns [and are pleased with the progress we've made so far in our share repurchase program, which is covered on Slide 12. Share repurchases] in the third quarter totaled $177 million bringing our total buyback activity to $850 million since the fourth quarter of 2021 and reducing our share count by 38 million shares or about 13% of our outstanding base. We expect to continue repurchases under our current $500 million program through year-end.

正如戴夫所說，我們繼續看到通過資本回報創造價值的巨大機會[並對我們迄今為止在我們的股票回購計劃中取得的進展感到滿意，幻燈片 12. 股票回購] 在第三季度總計1.77 億美元使我們自 2021 年第四季度以來的總回購活動達到 8.5 億美元，並將我們的股票數量減少了 3800 萬股，約占我們流通股數的 13%。我們預計到年底將繼續根據我們目前的 5 億美元計劃進行回購。

Before I hand the call back to Dave. Let me take a few moments to provide some additional detail on our 2022 and 2023 capital spending on Slide 13. We expect our 2022 total CapEx spending to be under $2 billion, which is about $300 million less than we originally forecasted. The projects remain on time and on budget with an unchanged scope and will be approximately 40% done by the end of the year. That $300 million spending update is all timing as we expect some of our construction payables will be paid in Q1 next year.

在我把電話交還給戴夫之前。讓我花點時間在幻燈片 13 上提供有關我們 2022 年和 2023 年資本支出的更多細節。我們預計 2022 年的總資本支出將低於 20 億美元，比我們最初的預測少約 3 億美元。這些項目按時並按預算進行，範圍不變，到年底將完成約 40%。 3 億美元的支出更新恰逢其時，因為我們預計我們的部分建設應付賬款將在明年第一季度支付。

Looking forward to 2023, we expect capital spending to be in the neighborhood of $2.5 billion. As planned, we will invest a significant portion or about $1.7 billion for in-flight strategic projects. Notably, Big River 2 makes up about $1.4 billion of the total. While the level of strategic capital spend is material in 2023 for Big River 2 and our low-cost iron ore mini mill steelmaking and best-in-class finishing projects, we expect spending will ramp down in 2024 as we move towards commissioning and full operations of these projects.

展望 2023 年，我們預計資本支出將在 25 億美元左右。按照計劃，我們將投資很大一部分或約 17 億美元用於飛行中的戰略項目。值得注意的是，Big River 2 約佔總額的 14 億美元。雖然 2023 年 Big River 2 和我們的低成本鐵礦石小型鋼廠煉鋼和一流的精加工項目的戰略資本支出水平很重要，但我們預計隨著我們轉向調試和全面運營，支出將在 2024 年下降這些項目中。

As a matter of fact, 2 of these projects will achieve significant strategic milestones in 2023. First, our Gary Works pig machine is expected to commence operations in the first quarter, supplying Big River Steel with low-cost metallics. This will accelerate the competitive cost advantage gained by our using internally produced pig iron. In addition, we expect to begin operating our state-of-the-art non-grain-oriented electrical steel line in the third quarter. Trials have been successful and we expect to be well prepared to meet robust customer demand for electrical steels later next year.

事實上，其中兩個項目將在 2023 年實現重要的戰略里程碑。首先，我們的 Gary Works 養豬機預計將在第一季度開始運營，為 Big River Steel 提供低成本金屬。這將加速我們使用內部生產的生鐵獲得的競爭成本優勢。此外，我們預計將在第三季度開始運營我們最先進的非取向電工鋼生產線。試驗已經成功，我們預計明年晚些時候將做好充分準備，以滿足客戶對電工鋼的強勁需求。

Lastly, we are carefully managing investments across our existing operating footprint and we expect capital spending in those facilities to total about $650 million in 2023.

最後，我們正在仔細管理我們現有運營足蹟的投資，我們預計這些設施的資本支出將在 2023 年達到約 6.5 億美元。

And with that, Dave, back to you.

有了這個，戴夫，回到你身邊。

Thank you, Jess. Before we open the line for questions, let me summarize today's prepared remarks on Slide 14. Our solid performance amid challenging conditions in the third quarter as a result of our continued focus on safe and reliable execution. It's the product of some heavy lifting over the past few years, and I'm pleased but not satisfied with where we are today. We are operating from a position of strength with a historically strong balance sheet that put us in a position to execute with confidence.

謝謝你，傑斯。在我們開始提問之前，讓我總結一下今天準備好的關於幻燈片 14 的評論。由於我們繼續專注於安全和可靠的執行，我們在第三季度在充滿挑戰的條件下表現穩健。這是過去幾年一些繁重工作的產物，我很高興但對我們今天的狀況並不滿意。我們從實力雄厚的位置運營，擁有歷史上強勁的資產負債表，這使我們能夠充滿信心地執行。

We are safely navigating the current headwinds. We are operating our footprint to match demand and remain disciplined on cost. We are on our way to becoming a more capable, more agile and increasingly differentiated producer of innovative and sustainable steel solutions. We are also returning capital to stockholders. We look forward to delivering on our earnings and cash flow commitments so that we can continue to reward stockholders with direct returns. As I said, I remain bullish about our future, we are better positioned than ever, and we are confident in our ability to execute.

我們正在安全地駕馭當前的逆風。我們正在運營我們的足跡以滿足需求並在成本方面保持自律。我們正在努力成為更有能力、更靈活、越來越差異化的創新和可持續鋼鐵解決方案生產商。我們還向股東返還資本。我們期待兌現我們的收益和現金流承諾，以便我們能夠繼續以直接回報回報股東。正如我所說，我仍然看好我們的未來，我們比以往任何時候都處於更好的位置，我們對我們的執行能力充滿信心。

Kevin, let's move to Q&A.

凱文，讓我們進入問答環節。

Thank you, Dave. Our first question comes from, (inaudible) technologies. We received a few questions on our demand outlook and growth strategies. Dave, can you share your thoughts on outlook and growth, please?

謝謝你，戴夫。我們的第一個問題來自（聽不清）技術。我們收到了一些關於我們的需求前景和增長戰略的問題。戴夫，你能分享一下你對前景和成長的看法嗎？

Yes. Thanks. I think that's an important question, and it's kind of a boil-the-ocean question. So I hope you're sitting down because I'm probably run through a bit of a stream of consciousness here as we think about the remainder of the year and then 2023 and beyond. But to be clear, on the remainder of 2022, we've got near-term challenges. There's no doubt. And as we think about considerations for 2023 and then beyond the future is very bright, as I said, bullish.

是的。謝謝。我認為這是一個重要的問題，而且是一個煮沸的海洋問題。所以我希望你坐下來，因為當我們考慮今年剩餘時間以及 2023 年及以後的時間時，我可能會在這裡經歷一些意識流。但需要明確的是，在 2022 年剩下的時間裡，我們面臨著近期的挑戰。毫無疑問。正如我所說，當我們考慮 2023 年和未來的考慮時，非常光明，看漲。

So the remainder of the year, demand headwinds likely persist into the fourth quarter. Automotive has been more resilient. We expect flat to maybe slightly up shipments in the fourth quarter versus the third quarter. For appliance, impacted by consumer sentiment, and we saw some slowdown in shipments in the third quarter. Service centers and industrial and construction, they're cautious buying, saw shipment growth in industrial machinery and containers in the third quarter. There's a resilient demand from construction. Energy -- energy, it's a unique exposure and strong market for us today. Energy shipments increased over 10% in the third quarter for both flat-rolled and Big River. And so as we think about the remainder of the year, yes, there's the near-term challenges. But as we get into 2023 and beyond, things get better.

因此，今年剩餘時間，需求逆風可能會持續到第四季度。汽車更具彈性。我們預計與第三季度相比，第四季度的出貨量可能會略有上升。家電方面，受消費者情緒影響，第三季度出貨量有所放緩。他們謹慎購買的服務中心和工業和建築業在第三季度工業機械和集裝箱的出貨量有所增長。建築業需求強勁。能源——能源，對我們今天來說，這是一個獨特的曝光和強大的市場。第三季度平板軋材和大河的能源出貨量增長超過 10%。因此，當我們考慮今年剩餘的時間時，是的，存在近期的挑戰。但隨著我們進入 2023 年及以後，情況會變得更好。

Expect to see growth in steel demand in 2023. Recently, you probably saw the growth forecast from World Steel, which is up and modestly pockets of demand. We're uniquely positioned to serve in that uptrend. Energy is expected to remain strong. We think there's opportunities for us to grow share in appliance. And I think you know appliance is a strategic market for us, and we're a key supplier on several of popular appliances. We're encouraged by feedback from the automotive negotiations and optimistic there's pent-up automotive demand and build rates will be higher next year. Automotive customers already signaling higher steel consumption in 2023. So that's all good news.

預計 2023 年鋼鐵需求將增長。最近，您可能看到了 World Steel 的增長預測，該增長預測呈上升趨勢，且需求量不大。我們在這一上升趨勢中處於獨特的地位。預計能源將保持強勁。我們認為我們有機會在家電中增加份額。我想你知道家電對我們來說是一個戰略市場，我們是幾種流行家電的主要供應商。我們對汽車談判的反饋感到鼓舞，並樂觀地認為汽車需求被壓抑，明年的建造率將會更高。汽車客戶已經暗示 2023 年鋼材消費量將增加。所以這都是好消息。

We're uniquely positioned, we believe, to sell a portfolio of differentiated -- differentiated automotive products, advanced high-strength steel exposed to automotive steel solutions. verdeX Steels, our green steel and of course, now non-grain-oriented electrical steels that we're finishing up at Big River. Beyond the market-specific considerations, demand catalysts and CHIPS and Inflation Reduction Acts and Infrastructure, and there's some really good news coming, but that's probably longer term. Strategic market growth to outpace overall market growth, demand for green steel, rapid electrification, infrastructure, that kind of list goes on.

我們相信，我們具有獨特的定位，可以銷售差異化的汽車產品組合，以及適用於汽車鋼解決方案的先進高強度鋼。 verdeX Steels，我們的綠色鋼材，當然還有現在我們在 Big River 完成的非晶粒取向電工鋼。除了市場特定的考慮因素、需求催化劑和 CHIPS 以及通脹降低法案和基礎設施之外，還有一些非常好的消息即將到來，但這可能是長期的。戰略性市場增長超過整體市場增長，對綠色鋼鐵的需求、快速電氣化、基礎設施等等。

One of the key things that we've learned from the pandemic and the conflicts that we see geopolitically, is that there's onshoring and strengthening of regional supply chain should also positively impact demand. Well, the things we think about is where we must win are advanced high-strength steel automotive and nonautomotive applications. Electrical steels we feel great about this. We'll have the world-class NGL line this next year. And green steel with our verdeX line of sustainable steels this gives us important reductions in GHG.

我們從大流行和地緣政治衝突中學到的關鍵之一是，區域供應鏈的本土化和加強也應該對需求產生積極影響。嗯，我們考慮的事情是我們必須在汽車和非汽車應用領域取得先進的高強度鋼。電工鋼我們對此感覺很好。明年我們將擁有世界級的 NGL 生產線。綠色鋼和我們的 verdeX 系列可持續鋼，這使我們能夠顯著減少溫室氣體排放。

So to win, as you think about us in the future, we're building differentiated capability. We're not trying to be the biggest, what we want to be is the best. So we're building capabilities. We're focused on product and process innovation and the things we're doing in that space, we should be able to have some breakthroughs over time, and we're getting some top talent in the organization. We're working differently. We're more nimble. We're more flexible. We allow folks to work from wherever and we're attracting talent, we never would have had access to because we are so much more flexible in our work from wherever design. So our goal, basically, over this horizon, the future is profitable growth in the markets we serve. And as I said, near-term challenges, longer term, very bright.

因此，為了贏得勝利，正如您對我們未來的看法，我們正在建立差異化的能力。我們不是想成為最大的，我們想成為最好的。所以我們正在建設能力。我們專注於產品和流程創新以及我們在該領域所做的事情，隨著時間的推移，我們應該能夠取得一些突破，並且我們正在組織中獲得一些頂尖人才。我們的工作方式不同。我們更靈活。我們更靈活。我們允許人們在任何地方工作，我們正在吸引人才，這是我們永遠無法接觸到的，因為我們在任何地方的設計工作都更加靈活。所以我們的目標，基本上，在這個範圍內，未來是我們服務的市場的盈利增長。正如我所說，短期挑戰，長期挑戰，非常光明。

Okay. Thanks so much, Dave. Tommy, you may now queue the phone line for questions. (Operator Instructions)

好的。非常感謝，戴夫。湯米，你現在可以排隊等候提問了。 （操作員說明）

(Operator Instructions) And we'll get to our first question on the line from David Gagliano with BMO Capital Markets.

（操作員說明）我們將回答 David Gagliano 與 BMO Capital Markets 的第一個問題。

First, I just wanted to ask a little bit about Europe and [Cochiza] in particular, obviously. You've got 1 or 3 blast furnaces idled there. Given the operating headwinds that you flagged, what are your plans for the other 2 blast furnaces?

首先，很明顯，我只是想問一些關於歐洲和 [Cochiza] 的問題。你有 1 或 3 座高爐在那裡閒置。鑑於您指出的運營逆風，您對其他 2 座高爐有何計劃？

Well, David, thanks for that question. And there's no doubt that it's an increasingly challenged market backdrop over there. The broader macro considerations are clearly impacting the steel markets and buyers have been focused on destocking, limiting deal making, and that continues across, frankly, all of Europe. We got the continued raw material prices, elevated energy costs and the big wildcard there, Ukraine war. We have, I love a furnace there. And as we say, we will be nimble and adjust to whatever it takes to make sure that we continue to keep those operations robust and strong.

好吧，大衛，謝謝你的問題。毫無疑問，這是一個日益挑戰的市場背景。更廣泛的宏觀考慮顯然正在影響鋼鐵市場，買家一直專注於去庫存、限制交易，坦率地說，這種情況在整個歐洲都在繼續。我們得到了持續的原材料價格、不斷上漲的能源成本以及烏克蘭戰爭的巨大不確定性。我們有，我喜歡那裡的熔爐。正如我們所說，我們將保持敏捷並調整以確保我們繼續保持這些業務的穩健和強大。

But I have to pivot a bit here because at some point in time, there's going to be a great opportunity for that facility to expand and grow with the steel shut off from Russia and the damaged mills in Ukraine and U.S. Steel just 60 kilometers away from the border.

但我必須在這裡稍作調整，因為在某個時間點，隨著鋼鐵與俄羅斯的關閉以及烏克蘭和美國鋼鐵僅 60 公里以外的受損鋼廠，該設施將有一個很好的機會擴大和發展。邊界。

We're uniquely positioned to provide value to that construction market. So as far as shutting off another blast furnace, we'll see what the demand holds and what that looks like. But longer term, we should be in good shape. We're going to adjust and be as nimble as we can in the short term, manage these headwinds. But at some point, things turn around. And then it will be so robust our heads will probably snap back as we start to build -- rebuild Ukraine and the surrounding area there.

我們具有獨特的優勢，可以為該建築市場提供價值。因此，就關閉另一座高爐而言，我們將看到需求如何以及情況如何。但從長遠來看，我們應該處於良好狀態。我們將在短期內進行調整併盡可能靈活，管理這些逆風。但在某些時候，事情發生了轉機。然後它會變得如此強大，當我們開始建設時，我們的頭腦可能會回過頭來——重建烏克蘭和那裡的周邊地區。

Okay. And then I just have a two-part a two-part follow-up here. On capital returns, obviously, we've got elevated spending. We've got a stormy outlook near term. Part 1 is why not pause the capital returns to focus on making sure that balance sheet stays robust. And then the other part of my question, I was wondering if you could comment on the negotiations with the unions in the U.S.

好的。然後我在這裡只有一個兩部分的後續跟進。顯然，在資本回報方面，我們的支出有所增加。我們在短期內有一個暴風雨般的前景。第 1 部分是為什麼不暫停資本回報以專注於確保資產負債表保持穩健。然後我的問題的另一部分，我想知道你是否可以評論與美國工會的談判。

Yes, David, I'm not sure I completely understood the stock buybacks. We're committed to the stock buyback program and making sure, maybe, Jess, you can fill in the gap.

是的，大衛，我不確定我是否完全了解股票回購。我們致力於股票回購計劃，並確保，也許，傑西，你可以填補空白。

Sure. Sure.

當然。當然。

You heard her say earlier, the 38 million that we reduced so far. We are committed to this. This is part of our program. This is what we're doing. We're making sure we're rewarding stockholder. So Jess?

你剛才聽到她說，到目前為止我們減少了 3800 萬。我們致力於此。這是我們計劃的一部分。這就是我們正在做的事情。我們確保我們獎勵股東。那麼傑斯？

Great. Thanks, Dave. Yes, I think you can think about it as against a backdrop of a balance sheet that is, dare I say, strong as steel, against the opportunity that we have as we even think about looking forward into 2023 to continue to generate cash flow even in an environment where we are going to be spending frankly, the bulk of cash towards our strategic investments in 2023. We don't want to get ahead of ourselves as we go through the 2023 planning process, and we certainly don't want to get ahead of our Board. But we feel very comfortable that, listen, this is an and strategy. There is strength in the business and strength in the cash flow enough for us to feel very comfortable to continue to underwrite continued share repurchases at a minimum through the end of the year.

偉大的。謝謝，戴夫。是的，我認為您可以將其視為資產負債表的背景，我敢說，就像鋼鐵一樣強大，我們甚至可以考慮展望 2023 年繼續產生現金流的機會，甚至在我們將坦率地將大部分現金用於我們在 2023 年的戰略投資的環境中。我們不想在 2023 年規劃過程中超越自己，我們當然也不想領先於我們的董事會。但我們覺得很舒服，聽著，這是一個戰略。業務的實力和現金流的實力足以讓我們感到非常放心，至少在年底之前繼續承銷持續的股票回購。

And then as I mentioned, not getting ahead of the Board and not getting ahead of our planning process. But as we look forward into 2023, we feel very comfortable that we can continue to, frankly, afford our strategic initiatives without any trouble and be able to return excess cash to our shareholders. It's a very strong place to be.

然後正如我所提到的，不要領先於董事會，也不要領先於我們的計劃流程。但是，當我們展望 2023 年時，坦率地說，我們可以繼續毫無困難地負擔我們的戰略計劃，並能夠將多餘的現金返還給我們的股東，這讓我們感到非常自在。這是一個非常強大的地方。

And David, your second question was an update on the labor agreement. Is it -- did I hear that right?

大衛，你的第二個問題是關於勞動協議的更新。是不是——我沒聽錯？

Yes.

是的。

Okay. Yes. Well, we continue to bargain in good faith. I'll just say I'm optimistic about the framework being developed, and we're confident that we'll reach an agreement that is best for all, best for our employees, best for our customers and best for our stockholders which that enables us to make sure we fulfill our commitments on getting these strategic investments completed. We've made good progress so far. And we're taking the necessary time to make sure we get an appropriate agreement that is best for all. We'll give you an update as soon as we have an agreement.

好的。是的。好吧，我們繼續真誠地討價還價。我只想說我對正在開發的框架持樂觀態度，我們相信我們將達成一項最適合所有人、最適合我們的員工、最適合我們的客戶和最適合我們的股東的協議我們確保我們履行完成這些戰略投資的承諾。到目前為止，我們已經取得了很好的進展。我們正在花費必要的時間來確保我們獲得對所有人最有利的適當協議。達成協議後，我們會盡快為您提供更新。

We'll proceed to our next question on the line from Tristan Gresser PNB Paribas Exane.

我們將繼續討論 Tristan Gresser PNB Paribas Exane 的下一個問題。

Yes. The first one is in Europe. The European Commission has recently approved, I think, under EU state aid rules 2 Slovakian schemes for a budget of above EUR 1 billion to help company decarbonize in the country. So my question is, have you applied or do you plan to apply to those schemes? And if so, for what type of project facilities? And how confident are you to receive public funding there?

是的。第一個是在歐洲。我認為，歐盟委員會最近根據歐盟國家援助規則批准了 2 項斯洛伐克計劃，預算超過 10 億歐元，以幫助該國的公司脫碳。所以我的問題是，您是否已申請或打算申請這些計劃？如果是這樣，用於什麼類型的項目設施？你有多大信心在那裡獲得公共資金？

Yes. Thanks for the question. I'm going to turn it over to Rich Fruehauf here. One of the keys to our strategy is to make sure that we have a lot of optionality. That's why we have so much cash and so much liquidity. And so that's a key ingredient to the way we look at all things. Maybe, Rich, you could talk a little bit about the opportunity in Slovakia.

是的。謝謝你的問題。我將把它交給 Rich Fruehauf。我們戰略的關鍵之一是確保我們有很多選擇權。這就是為什麼我們擁有如此多的現金和如此多的流動性。所以這是我們看待所有事物的方式的關鍵因素。也許，Rich，你可以談談斯洛伐克的機會。

Yes. Thanks, Dave. So yes, you're absolutely right. The EU Commission did recently approve the Slovak schemes. Obviously, USSK is a major employer and source of CO2 in Slovakia. So we've been watching that process very carefully. There is an allocation towards decarbonizing heavy industry in Slovakia that we would anticipate being part of the scheme when the government of Slovakia issues the call for projects. We're pleased with the support towards decarbonization we've seen so far in Europe and in Slovakia.

是的。謝謝，戴夫。所以，是的，你是絕對正確的。歐盟委員會最近確實批准了斯洛伐克計劃。顯然，USSK 是斯洛伐克的主要雇主和二氧化碳來源。所以我們一直在非常仔細地觀察這個過程。當斯洛伐克政府發出項目呼籲時，我們預計會為斯洛伐克的重工業脫碳分配撥款。我們對迄今為止在歐洲和斯洛伐克看到的對脫碳的支持感到高興。

I think it's part of a comprehensive approach to decarbonizing these energy-intensive industries. And as I mentioned, USSK is a significant portion of the CO2 emissions that Slovakia needs to address. So we look forward to doing our part there. And we're looking at what's the best path forward for our Slovak operations. And obviously, we would look at any opportunity to see what's available to help that path forward from the government of Slovakia.

我認為這是對這些能源密集型行業進行脫碳的綜合方法的一部分。正如我所提到的，USSK 是斯洛伐克需要解決的二氧化碳排放量的重要組成部分。因此，我們期待在那裡儘自己的一份力量。我們正在研究斯洛伐克業務的最佳前進道路。顯然，我們會尋找任何機會，看看斯洛伐克政府有什麼可以幫助這條道路前進的方法。

So we're evaluating that right now, and we'll let you know where we head as we complete that evaluation.

所以我們現在正在評估它，當我們完成評估時，我們會告訴你我們的目標。

Yes. I think again, it's back to -- we want to make sure we preserve as much optionality as possible and that's the way we look at all these things that come our way.

是的。我再次想，這又回到了——我們要確保我們盡可能多地保留可選性，這就是我們看待所有這些事情的方式。

All right. That's very helpful. And just maybe a follow-up. Do you have any timeline regarding the approval process in Slovakia?

好的。這很有幫助。也許只是後續行動。你們有關於斯洛伐克審批流程的時間表嗎？

Well, I think that's really something that's up to the Slovakian government. Again, they have to issue as I understand their process, a call for projects. So really, that's the next step is how the Slovakian government moves forward with its process. And as I said, we'll be watching that very carefully. And as Dave said, evaluating the options under that call process from the Slovak government.

嗯，我認為這真的取決於斯洛伐克政府。再一次，他們必鬚髮出我理解他們的過程，一個項目的呼籲。所以說真的，下一步就是斯洛伐克政府如何推進其進程。正如我所說，我們會非常仔細地觀察。正如戴夫所說，評估斯洛伐克政府在該呼叫過程下的選項。

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。

Dave and Jess. My first is just a follow-up around sort of the cash flow questions that was heard so far this morning. Could you please help us with how you're expecting to see the working capital release perhaps in the fourth quarter and into 2023 and how that could help to support free cash flow generation?

戴夫和傑斯。我的第一個只是圍繞今天早上聽到的現金流問題的後續行動。您能否幫助我們了解您對可能在第四季度和 2023 年的營運資金釋放的預期，以及這將如何幫助支持自由現金流的產生？

Sure. Emily, I'll take that one. So we are seeing some amount of working capital release, particularly in AR and through inventory as we move into the fourth quarter. We do expect to have positive cash flow through the fourth quarter. And when you think about -- or I should say positive working capital through the fourth quarter. When you think about the continued spend, that will ramp up on the strategic projects, right? We feel very comfortable that the pace of that spend is something that we've planned for, something that we've prefunded frankly with the cash position that we have on the balance sheet.

當然。艾米麗，我要那個。因此，隨著我們進入第四季度，我們看到了一些營運資金的釋放，特別是在 AR 和庫存方面。我們確實預計到第四季度會有正現金流。當您考慮時-或者我應該說第四季度的營運資金為正。當您考慮持續支出時，這將增加戰略項目，對嗎？我們感到非常舒服的是，支出的速度是我們計劃好的，坦率地說，我們已經用我們在資產負債表上的現金狀況預先提供了資金。

And even as we look forward into 2023, right? Very comfortable that consistent with our capital allocation framework, right, our cash balances will remain robust even as we continue to spend what's necessary to move those strategic projects forward and closer to completion with 40% already behind us.

即使我們期待 2023 年，對吧？很舒服，與我們的資本分配框架一致，對，我們的現金餘額將保持強勁，即使我們繼續花費必要的資金來推動這些戰略項目並接近完成，我們已經落後了 40%。

Great. That's helpful, Jess. And just one follow-up, if I may. I wanted to dig deeper into the mini mill segment and the profitability during this segment. I know you did mention that a lot of the cost increases related to high-cost inventory. But perhaps are you able to share of the $200 a ton sequential increase in costs there, how much of that was related to the high cost material and how quickly should we expect that to reverse through the next couple of quarters?

偉大的。這很有幫助，傑斯。如果可以的話，只有一個後續行動。我想更深入地研究小型磨機細分市場以及該細分市場的盈利能力。我知道你確實提到了很多與高成本庫存有關的成本增加。但是，也許您能夠分享那裡每噸 200 美元的成本連續增長，其中有多少與高成本材料有關，我們預計在接下來的幾個季度中這種情況會以多快的速度逆轉？

Yes. Thanks for the question. I'd answer it this way. We definitely have some challenges here as we highlighted in the third quarter. That will continue into the fourth quarter and likely bleed into the first quarter of next year as we work it off. I mean, the good news is that's a temporary situation, and we'll work through that over time. And we'll have a lot better result.

是的。謝謝你的問題。我會這樣回答。正如我們在第三季度強調的那樣，我們肯定會遇到一些挑戰。這將持續到第四季度，並且隨著我們的努力，可能會持續到明年第一季度。我的意思是，好消息是這是暫時的情況，我們會隨著時間的推移解決這個問題。我們會有更好的結果。

Yes. And Emily, just to add to Dave's comments there. If you think sequentially, total metallics costs of the furnace, we probably saw up somewhere in the range of $50 to $60 a ton in the third quarter versus the second quarter. I would say in total of our total kind of HRC cost at Big River, about $650-or-so was related to metallics. So certainly at elevated levels, and we would look to, with maybe 6 to 7 weeks of metallics inventory on hand with more of a long-term target of 3 to 4 weeks. We'll have to work that off through year-end.

是的。還有艾米麗，只是為了補充戴夫的評論。如果您按順序考慮熔爐的總金屬成本，與第二季度相比，第三季度我們可能會看到每噸 50 至 60 美元的範圍內。我想說，我們在 Big River 的熱軋卷總成本中，大約 650 美元左右與金屬有關。所以肯定處於較高的水平，我們會期待，手頭上可能有 6 到 7 週的金屬庫存，而長期目標是 3 到 4 週。我們必須在年底前解決這個問題。

I think we remain selective in our buys for metallics and as we turn the page to 2023, we expect to be in a much more normalized position related to inventory levels and unit costs.

我認為我們在購買金屬產品時仍然有選擇性，當我們翻到 2023 年時，我們預計與庫存水平和單位成本相關的情況會更加正常化。

We'll get to our next question on the line from Curt Woodworth with Credit Suisse.

我們將與瑞士信貸的 Curt Woodworth 一起回答我們的下一個問題。

David and Jess. I just wanted to drill down more into, I guess, (inaudible). Historically, we always kind of view that facility as being among the lowest cost in Europe and generally speaking, fairly advantaged from an energy perspective. And you still have kind of the benefit of some of the semiannual contracts that were repriced over the summer. So I guess, question one is just what is the path do you think to get to profitability there? And then with respect to the guidance, you outlined $450 million of sequential EBITDA decline. Can you help break that out a little bit by segment? How much of that should we think about incremental decline into Europe sequentially?

大衛和傑斯。我想，我只是想深入研究一下（聽不清）。從歷史上看，我們總是認為該設施是歐洲成本最低的設施之一，一般來說，從能源的角度來看，它相當有優勢。而且你仍然可以從夏天重新定價的一些半年度合同中受益。所以我想，問題一是你認為在那裡實現盈利的途徑是什麼？然後關於指導，您概述了 4.5 億美元的 EBITDA 連續下降。你能幫忙逐段分解一下嗎？我們應該在多大程度上考慮連續下降到歐洲？

Yes. So Curt, this is Kevin. I appreciate the question. When it comes to USSK, certainly, historically, it's been a low-cost facility on a favorable side of the cost curve there in Europe, really advantaged by its streamlined access to raw materials coming out of Russia and Ukraine. But as we know, that dynamic has changed as a result of the conflict. So we've seen challenges related to sourcing and resulting impacts on transportation costs and raw materials.

是的。所以Curt，這是凱文。我很欣賞這個問題。就 USSK 而言，從歷史上看，它無疑是歐洲成本曲線有利一側的低成本設施，真正受益於其從俄羅斯和烏克蘭獲得原材料的簡化通道。但正如我們所知，這種動態由於衝突而發生了變化。因此，我們看到了與採購相關的挑戰以及對運輸成本和原材料的影響。

And then just broader energy headwinds have certainly impacted margins as well. So I think we're more optimistic that we'll be working our way through some of the raw material impacts through year-end, and we'll continue to monitor broader energy headwinds that I think are impacting our facility as well as well as many others in the region.

然後只是更廣泛的能源逆風當然也影響了利潤率。因此，我認為我們更樂觀地認為，我們將在年底前克服一些原材料影響，我們將繼續監測我認為影響我們設施的更廣泛的能源逆風，以及該地區的許多其他人。

Shifting to the fourth quarter, if you think about sequential declines, I mean, you should expect the pace of decline in our North American flat-rolled business to be the sharpest. We would see some step down from the mini mill segment, as Jess alluded to and then some strength, some sequential strength in our Tubular business, maybe order of magnitude, 15% to 20% up quarter-over-quarter, potentially approaching $200 million in the fourth quarter for the segment.

轉移到第四季度，如果您考慮連續下降，我的意思是，您應該預計我們北美平板軋材業務的下降速度最快。正如 Jess 所暗示的那樣，我們會看到小型軋機領域的一些下降，然後是一些實力，我們的管材業務的一些連續實力，可能是數量級，環比增長 15% 到 20%，可能接近 2 億美元在第四季度該細分市場。

So definitely not for given the flow-through of prices, as Jess described in her remarks, with some more modest step backs in other segments and then strength in Tubular.

因此，正如 Jess 在她的講話中所描述的那樣，鑑於價格的流動，絕對不是因為在其他領域有一些更溫和的退步，然後是 Tubular 的強勢。

And then just respect to the cash flow outlook, I believe Jessica you had a comment regarding 2023 that you do see still, I think, positive free cash flow, where you talked about generating free cash flow. So can you just confirm that. In the event that you would be free cash flow negative given the strength of the balance sheet, do you still feel like you could continue capital return. I know that's kind of a Board level decision, but if you can just speak to your confidence level on those issues?

然後就現金流前景而言，我相信傑西卡你對 2023 年發表了評論，我認為你確實看到了積極的自由現金流，你談到了產生自由現金流。所以你能不能確認一下。如果鑑於資產負債表的實力，您的自由現金流為負數，您是否仍然覺得可以繼續資本回報。我知道這是董事會層面的決定，但如果你能說出你對這些問題的信心水平？

Sure. Sure. So I really don't want to get ahead of the planning process for 2023 right now. I mean we're really knee-deep in that. So I don't want to go too far just in terms of getting specific around what that free cash flow could look like. What I will say is if the challenges continue and we're in a position where we would look to be unfavorable from or have negative free cash flow, if you will.

當然。當然。所以我現在真的不想提前計劃 2023 年的計劃。我的意思是我們真的深陷其中。因此，我不想在具體說明自由現金流可能是什麼樣子方面走得太遠。我要說的是，如果挑戰繼續存在，並且我們處於不利的位置或自由現金流為負，如果你願意的話。

The -- I think you said it best, there is confidence in our continuing without delay our strategic initiatives because of the opportunity we've had to prefund the balance sheet. So for sure, we know that 2023 cash flow for those strategic projects is going to be heavy, right? I mentioned in detail that we'll have about $1.7 billion of the $2.5 billion specific -- specifically spent towards those projects. So to the extent that we have obviously offsetting cash from the operations of the business, time will tell and we'll update you in January as we pull that budget together. But I think the bigger takeaway on cash flow and the bigger takeaway on the balance sheet is that we are very comfortable to keep going in the strategic processes that we know are going to enable that future of lower cost intensity, lower capital intensity, higher cash flow.

- 我認為你說得最好，我們有信心繼續毫不拖延地採取戰略舉措，因為我們有機會為資產負債表預先提供資金。所以可以肯定的是，我們知道這些戰略項目的 2023 年現金流量將會很大，對吧？我詳細提到過，在 25 億美元的專項資金中，我們將有大約 17 億美元——專門用於這些項目。因此，就我們顯然從業務運營中抵消現金而言，時間會證明一切，我們將在 1 月份匯總預算時向您更新。但我認為對現金流和資產負債表更大的收穫是，我們很樂意繼續進行我們知道的戰略流程，這些流程將實現更低的成本密集度、更低的資本密集度、更高的現金流動。

Curt, we've laid out the capital allocation process. We're following that capital allocation process, and we're going to get through these strategic investments and direct returns are a part of that. We have a lot of optionality. We've got a lot of cash. There's a lot of things that we can do with this. We can -- need to get through the planning process. And see -- have a better view of the future. There's massive uncertainty, as you know, related to geopolitical issues, macroeconomic issues. We're very fortunate to have the optionality that we do, but direct returns should be a part of our normal way that we reward our stockholders.

Curt，我們已經制定了資本分配流程。我們正在遵循資本分配過程，我們將完成這些戰略投資，直接回報是其中的一部分。我們有很多選擇。我們有很多現金。我們可以用這個做很多事情。我們可以 - 需要完成計劃過程。看看——對未來有更好的看法。如你所知，與地緣政治問題、宏觀經濟問題有關的不確定性很大。我們很幸運擁有我們所做的選擇，但直接回報應該是我們獎勵股東的正常方式的一部分。

We'll now proceed to our next question from the line of Carlos De Alba with Morgan Stanley.

我們現在將繼續討論 Carlos De Alba 與摩根士丹利的下一個問題。

Some of my questions have been answered already. But just on sustaining CapEx or the CapEx on your existing footprint. I think, Jess, you mentioned around $650 million in 2023. How should we think about this going forward, given the investments in the strategic projects that you have, the renewal, if you will, to some extent or a shift in your asset base? How should we think about this number going forward? And I understand that it might be early, but just maybe just a path that would be useful?

我的一些問題已經得到解答。但只是維持現有足蹟的資本支出或資本支出。我想，傑西，你提到了 2023 年大約 6.5 億美元。考慮到你對戰略項目的投資，如果你願意的話，在某種程度上或資產基礎的轉變，我們應該如何考慮這一點?我們應該如何看待這個數字的未來？而且我知道這可能還為時過早，但也許只是一條有用的路徑？

I think in basic, we have challenges we're doing our best to overcome. We're too cost intense, we're too capital intense, we're too carbon intense. And so over time, the problems we're trying to say at (inaudible) does it become less cost intensive and less capital intensive? So over time, those numbers will come down as we implement our strategic projects over the horizon here over the next 2 to 3 years so that the future is going to be a lot less [capital intensity].

我認為基本上，我們面臨著我們正在盡最大努力克服的挑戰。我們成本太高，資本太密集，碳太密集。因此，隨著時間的推移，我們試圖在（聽不清）上說的問題是否會降低成本密集度和資本密集度？因此，隨著時間的推移，隨著我們在未來 2 到 3 年內在地平線上實施我們的戰略項目，這些數字將會下降，這樣未來 [資本密集度] 將大大降低。

[We're going to turn the next] question on the line is with Karl Blunden of Goldman Sachs.

[我們將轉向下一個] 問題是高盛的卡爾布倫登。

Thanks very much for the time. Just a question on the footprint. You commented on recently idling some blast furnace operations in Gary and Mon Valley and an intent to bring them up back online. Depending on customer demand, are there specific signals you're looking at to bring those back? Is it a volume that customers want? Is it a price signal? Just some kind of visibility into how that will evolve would be very helpful?

非常感謝您的時間。只是關於足蹟的問題。您評論了最近在 Gary 和 Mon Valley 閒置的一些高爐操作，並打算讓它們重新上線。根據客戶的需求，您是否正在尋找特定的信號來恢復這些信號？這是客戶想要的數量嗎？是價格信號嗎？只是對這將如何演變的某種可見性會非常有幫助嗎？

It's obviously a multi-variant analysis, but we're always staying very close to the customers. And the priority is to make sure that we have the steel on time, high-quality, delivered safely to them. So the signals are pretty basic. We take a look at what their needs are, and we do our best to fill them. And when they tell us it looks like it's ramping up, we'll ramp up as well. And we're looking for those signals. We're working closely with them. We have ongoing daily conversations. And when they place the orders, we fill the book.

這顯然是一種多變量分析，但我們始終與客戶保持密切聯繫。而當務之急是確保我們按時、優質、安全地交付給他們的鋼材。所以信號是非常基本的。我們看看他們的需求是什麼，並儘最大努力滿足他們。當他們告訴我們它看起來正在加速時，我們也會加速。我們正在尋找這些信號。我們正在與他們密切合作。我們每天都在進行對話。當他們下訂單時，我們就填滿了書。

Should I just -- on the balance sheet. You recently extended some maturities and at a pretty attractive interest cost by using -- by accessing different parts of the debt market. Is there more opportunity for that? You don't have a lot of debt that's due near term, but a little bit of '29 debt that you could extend. Is there a goal to do some more of those kind of extensions when you think about liability management?

我應該 - 在資產負債表上。您最近通過訪問債務市場的不同部分，以相當有吸引力的利息成本延長了一些期限。有更多的機會嗎？你沒有很多近期到期的債務，但你可以延長一點 29 年的債務。當您考慮責任管理時，是否有做更多此類擴展的目標？

We're always looking at opportunities. I mean we have a fantastic treasury team that is always communicating with the market looking at opportunities to continue to tighten and strengthen our balance sheet going forward. There's nothing that I'd speak to specifically now in terms of looking for a near-term action on the balance sheet. But I guess the takeaway is we're always looking, we're always talking to the market, have very close relationships with the banks. And we'll take advantage of opportunities as they arise for us to, again, continue to strengthen that balance sheet.

我們一直在尋找機會。我的意思是，我們擁有一支出色的財務團隊，他們始終與市場溝通，尋找機會繼續收緊和加強我們未來的資產負債表。在尋找資產負債表的近期行動方面，我現在沒有什麼特別要談的。但我想關鍵是我們一直在尋找，我們一直在與市場交流，與銀行有著非常密切的關係。我們將利用出現的機會，再次繼續加強資產負債表。

Will preserve optionality and we'll be opportunistic.

將保留選擇性，我們將投機取巧。

We'll get to our next question on the line from Gordon Johnson with GLJ Research.

我們將回答 Gordon Johnson 與 GLJ Research 的下一個問題。

A lot of my questions have been answered. I know you talked about BRS, but can you talk a little bit about -- more about -- it seems like you guys are guiding to EBITDA there to roughly $40 million down -- I'm sorry that the result was $40 million, it was down again in Q4. Can you talk a little bit about -- I know there's higher costs associated, but can you talk a little bit about the underperformance there? And what should we expect looking into 2023? And then I have a follow-up.

我的很多問題都得到了解答。我知道你談到了 BRS，但你能談談 - 更多關於 - 看起來你們正在指導那裡的 EBITDA 降低大約 4000 萬美元 - 很抱歉結果是 4000 萬美元，它第四季度再次下跌。你能談談 - 我知道相關的成本更高，但你能談談那裡的表現不佳嗎？展望 2023 年，我們應該期待什麼？然後我有一個跟進。

I'm sorry, were you talking about BRS specifically? We couldn't hear parts of your question. Do you mind just repeating? We want to make sure we're answering you right on. Is the BRS you're asking about?

對不起，你是在說BRS嗎？我們無法聽到您的部分問題。你介意重複一遍嗎？我們希望確保我們能及時回复您。你問的是BRS嗎？

Yes. BRS specifically.

是的。特別是BRS。

And your question was about cost pressures or what we're looking BRS going forward into '23?

您的問題是關於成本壓力或我們對 23 年 BRS 的展望？

Yes. I guess just overall, a bit of underperformance this quarter and the guidance was a bit weaker than we expected. I wanted to get your thoughts on kind of what's driving that beyond cost pressures? Is it just cost pressures? And what you expect in 2023? And then I have a follow-up.

是的。我想總體而言，本季度的表現有點落後，而且指導意見也比我們預期的要弱一些。我想听聽您對超越成本壓力的驅動因素有何看法？僅僅是成本壓力嗎？您對 2023 年的期望是什麼？然後我有一個跟進。

Sure. Thanks, Gordon. This is Kevin. So as Jess articulated in the prepared remarks, right, the raw material headwinds certainly believe to be temporary, really persisting through year-end, but resetting towards the beginning parts of 2023. That had about an 800 basis point impact on margins. So if you add that back to the 6% of third quarter performance, that gets us back more towards the mid-teens goal that we've set for the business before executing projects like the nongrain-oriented electrical steel line and the additional galvanizing capabilities.

當然。謝謝，戈登。這是凱文。因此，正如 Jess 在準備好的評論中所闡述的那樣，對，原材料逆風當然認為是暫時的，確實會持續到年底，但會在 2023 年初重新出現。這對利潤率產生了約 800 個基點的影響。因此，如果您將其加回到第三季度業績的 6%，這將使我們更接近我們在執行非晶粒取向電工鋼生產線等項目之前為業務設定的青少年目標和額外的鍍鋅能力.

So what we saw in the third quarter, I think, was also impacted by just the mix there at Big River as we continue to mature that facility and increase its capabilities. Product mix in the third quarter was certainly more skewed towards HRC, which is about 60% to 65% of the book in the quarter. As we bring on projects like the NGO line, that will add additional volume, 200,000 tons of electrical steel as we add capabilities related to the galvanizing facility, which is another 300-plus thousand tons of downstream value-added product. We would see that mix really rebalancing to something more -- certainly more diversified, maybe 50% of the book being more hot-rolled with the remainder being downstream, value-added product, including 10% of the book being an NGO Steel going forward.

因此，我認為，我們在第三季度看到的情況也受到 Big River 的混合影響，因為我們繼續使該設施成熟並提高其能力。第三季度的產品組合當然更傾向於熱軋卷，約佔該季度賬面價值的 60% 至 65%。隨著我們推出 NGO 生產線等項目，這將增加 200,000 噸電工鋼，因為我們增加了與鍍鋅設施相關的能力，這是另外 300 多萬噸的下游增值產品。我們會看到這種組合真正重新平衡到更多的東西——當然更多樣化，可能有 50% 的書被熱軋，其餘的是下游的增值產品，包括 10% 的書是未來的非政府組織鋼鐵.

So to Dave and Jess's comments, we remain very, very confident in that business is financial and strategic impact on the enterprise. And as we continue to complete these projects on time and on budget, we see tremendous opportunity to continue to enhance the mix and drive margins even higher into the low 20% after the completion of those projects. So the fourth quarter, as you mentioned, we'll continue to be, I think, burdened by some of the high-cost raw materials. But as we turn the page into 2023, we're confident the business will be more normalized from a cost perspective and really, really excited for the second half of next year as the NGO line comes on, and we expect to meet really robust demand quite quickly.

因此，對於 Dave 和 Jess 的評論，我們仍然非常非常相信業務對企業的財務和戰略影響。隨著我們繼續按時按預算完成這些項目，我們看到了巨大的機會，可以在這些項目完成後繼續增強組合併將利潤率提高到 20% 的低位。所以第四季度，正如你所提到的，我認為我們將繼續受到一些高成本原材料的負擔。但是，隨著我們將這一頁轉入 2023 年，我們相信從成本的角度來看，業務將會更加正常化，並且隨著 NGO 線路的上線，我們對明年下半年非常非常興奮，我們希望能夠滿足非常強勁的需求太快了。

Yes. There's no doubt there are the short-term challenges here, and this temporary impact of the high cost raw material. But to Kevin's point there, we should be well into the mid- to high teens on Big River and then a low 20 percentile as we get the NGO and galvalume. We've got to get a better balanced book. We need to make sure we fill the mill. We need to make sure that we get this thing back on track. And I don't think there's any question the best days are ahead for this facility. We got great talent down there. We got great operations, and it's got a great future.

是的。毫無疑問，這裡存在短期挑戰，以及高成本原材料的暫時影響。但就凱文的觀點而言，我們應該很好地進入大河的中高青少年，然後隨著非政府組織和 galvalume 的加入而進入低 20 個百分點。我們必須得到一本平衡得更好的書。我們需要確保我們填滿了工廠。我們需要確保讓這件事重回正軌。而且我認為這個設施最好的日子已經到來，這是毫無疑問的。我們那裡有很棒的人才。我們有很好的運營，它有一個美好的未來。

And then just one last one on my end. Looking at imports, is it fair to assume that import prices are somewhat negatively affecting things now and if things shift there we could see a positive impact. And then you guys have done great with respect to capital allocation, in my view. But it seems like you guys are going full steam ahead with CapEx and share repurchases. Is there an HRC price at which you guys would accelerate that and/or decelerate that?

然後是我的最後一個。看看進口，假設進口價格現在對事物產生了一定的負面影響是否公平，如果情況發生變化，我們可能會看到積極的影響。在我看來，你們在資本配置方面做得很好。但看起來你們正在全力推進資本支出和股票回購。有沒有一個熱軋卷價格可以讓你們加速和/或減速？

For our top priority, of course here, is to make sure that we're pleasing these stockholders, right? And the way we do that is do it over the longer term. We've got to get this next mini mill in place. We've got to get the NGO line, the galvalume, these strategic projects on budget, on time. And those are really important for us to deliver the value that our stockholders expect and deserve. And along that path, we want to give them some direct returns. So that's what we're headed for. We're not setting a specific target on HRC or things like that. We let the marketplace, we let the economic environment, we let our customers tell us how good we are going to be here in the short term. But longer term, again, I'm just over the top bullish.

當然，我們的首要任務是確保我們取悅這些股東，對吧？我們這樣做的方式是從長遠來看。我們必須讓下一個小型工廠就位。我們必須在預算內按時完成 NGO 產品線、galvalume 和這些戰略項目。這些對於我們提供股東期望和應得的價值非常重要。沿著這條道路，我們想給他們一些直接的回報。所以這就是我們的目標。我們沒有在 HRC 或類似的事情上設定具體目標。我們讓市場，我們讓經濟環境，我們讓我們的客戶告訴我們，我們在短期內會有多好。但從長遠來看，我再次看漲。

Yes. And then Gordon, I think on imports, right, we've seen the global price gap continue to narrow, and we think that's going to have a positive impact on import penetration into the ...

是的。然後是戈登，我認為在進口方面，對，我們已經看到全球價格差距繼續縮小，我們認為這將對進口滲透到……

Yes. Imports are down. So it's a good place right now.

是的。進口下降。所以現在是個好地方。

And we continue to be very, very encouraged with various trade actions, reconfirmations of various policies that we talked about in our prepared remarks. So we're optimistic from that perspective.

我們繼續對各種貿易行動感到非常非常鼓舞，重申我們在準備好的講話中談到的各種政策。因此，從這個角度來看，我們是樂觀的。

And these trade cases, it's great to see this administration carry forward with understanding the #1 priority for any sovereign state is safety and security. And when you get that right and you have a strong manufacturing base, I'm bullish on the countries that understand that. So I'm bullish on the U.S.A. for sure.

而這些貿易案例，很高興看到本屆政府在理解任何主權國家的第一要務是安全和保障的情況下繼續前進。當你做對了並且擁有強大的製造基礎時，我看好那些理解這一點的國家。所以我肯定看好美國。

Thank you very much. And there are no further questions at this time. I'll now turn the call back to U.S. Steel's CEO, David Burritt for closing comments.

非常感謝。目前沒有進一步的問題。我現在將電話轉回美國鋼鐵公司的首席執行官 David Burritt 以徵求結束意見。

Thank you again for joining us this morning. We are on pace for the second best year in U.S. Steel history and are set up for success in 2023 and beyond. Thank you to our employees who come to work every day to make the steel our customers depend upon. When we do well, you do well, and we're demonstrating that again with another quarter of significant profit sharing. We are working towards a common goal to make U.S. Steel the best steel company and to provide our customers with profitable steel solutions for people and planet.

再次感謝您今天早上加入我們。我們正朝著美國鋼鐵歷史上第二好的一年邁進，並準備在 2023 年及以後取得成功。感謝我們的員工每天來工作，以生產我們客戶所依賴的鋼材。當我們做得好時，你做得好，我們再次證明了這一點，另外四分之一的可觀利潤分享。我們正朝著一個共同的目標努力，使 U.S. Steel 成為最好的鋼鐵公司，並為我們的客戶提供有益於人類和地球的鋼鐵解決方案。

We are pleased to safely and reliably provide high-quality steels to our customers. My thanks to each and every customer for your continued partnership. Thank you also to our investors. We are generating value by investing in the future, while rewarding you along the way with direct returns. We've already delivered record results in 2021 and 2022, and we're confident this business is better positioned than ever before to create long-term value for stockholders.

我們很高興能夠安全可靠地為我們的客戶提供優質鋼材。我感謝每一位客戶的持續合作。也感謝我們的投資者。我們通過投資未來創造價值，同時以直接回報回報您。我們已經在 2021 年和 2022 年取得了創紀錄的業績，我們相信這項業務比以往任何時候都更有能力為股東創造長期價值。

We look forward to proving the value of our Best for All strategy today and tomorrow. Now let's get back to work safely.

我們期待在今天和明天證明我們的 Best for All 戰略的價值。現在讓我們安全地回去工作。

Thank you very much. That does conclude the conference call for today. We thank you for your participation and ask you to disconnect your lines. Have a good day, everyone.

非常感謝。這確實結束了今天的電話會議。我們感謝您的參與，並要求您斷開線路。祝大家有美好的一天。