美國鋼鐵 (X) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to the United States Steel Corporation's First Quarter 2023 Earnings Conference Call and Webcast. As a reminder, today's call is being recorded.

大家早上好，歡迎收看美國鋼鐵公司 2023 年第一季度收益電話會議和網絡直播。提醒一下，今天的通話正在錄音中。

I will now hand the call over to Kevin Lewis, Vice President, Finance.

我現在將把電話交給財務副總裁 Kevin Lewis。

Good morning, and thank you for joining our first quarter 2023 earnings call.

早上好，感謝您加入我們的 2023 年第一季度財報電話會議。

Joining me on today's call is U.S. Steel President and CEO, Dave Burritt; Senior Vice President and CFO, Jessica Graziano; and Senior Vice President and Chief Strategy and Sustainability Officer, Rich Fruehauf.

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；高級副總裁兼首席財務官 Jessica Graziano；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 Investor page under the Events and Presentations section.

今天早上，我們發布了幻燈片以配合今天準備好的發言。這些可以在“活動和演示”部分下的“美國鋼鐵投資者”頁面上找到。

You'll note that we've streamlined our earnings materials, including today's call slides. They can now be found in the presentation posted this morning, accompanied by additional enterprise and business level financial data. Our segment and financial operational data packet, which we posted yesterday with our earnings release, also includes our regular disclosures.

你會注意到我們已經簡化了我們的收益材料，包括今天的電話幻燈片。現在可以在今天上午發布的演示文稿中找到它們，並附有其他企業和業務級別的財務數據。我們昨天隨收益發布發布的部門和財務運營數據包也包括我們的定期披露。

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，在本次電話會議中提供的一些信息可能包括前瞻性陳述，這些陳述基於某些假設並且受到許多風險和不確定性的影響，如我們在美國證券交易委員會的備案文件中所述，未來的實際結果可能大不相同。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發表的，我們不承擔在實際事件發生時更新它們的義務。

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 Dave Burritt，他將從幻燈片 4 開始。

Thank you, Kevin, and good morning to everyone joining us today. We appreciate your continued engagement with U.S. Steel. We delivered another strong performance in the first quarter, and we are staying strong on the things that truly matter, safety in our people, the environment and financials, all with a customer and stockholder focus.

謝謝你，凱文，早上好，今天加入我們的每個人。感謝您繼續與美國鋼鐵公司合作。我們在第一季度取得了又一次強勁的業績，我們在真正重要的事情上保持強勁，即我們的人員安全、環境和財務，所有這些都以客戶和股東為中心。

U.S. Steel coined the phrase "safety first" more than 100 years ago. So I'll follow that mantra and begin there. Safety is the linchpin of our operations. It enables everything we do. We had an extraordinarily safe first quarter, following record safety performances in 2020 and 2021 and 2022. When we say best operations, it clearly starts with best safety.

美國鋼鐵公司在 100 多年前創造了“安全第一”一詞。所以我會遵循這個口頭禪並從那裡開始。安全是我們運營的關鍵。它使我們所做的一切成為可能。繼 2020 年、2021 年和 2022 年創紀錄的安全表現之後，我們的第一季度非常安全。當我們說最佳運營時，顯然是從最佳安全開始的。

So as we begin, I'd like to extend a huge thank you to the U.S. Steel team for their stellar job, for our core workers, for our families and for our suppliers who are committed to putting safety first.

因此，在我們開始時，我要非常感謝美國鋼鐵團隊的出色工作，感謝我們的核心員工、我們的家人以及致力於將安全放在首位的供應商。

As a member of the National Safety Council, we strongly agree with their mission. No safety challenge will be too big for us to overcome from the workplace to any place. And as a member of Responsible Steel, with Big River Steel as the first Responsible Steel certified facility in North America, our commitment to safely operating for the environment is unwavering. Responsible Steel also provides an independent framework, and that's important. We believe an independent framework that is auditable, best shape standardization and certification for environmentally and socially responsible steelmaking.

作為國家安全委員會的成員，我們強烈同意他們的使命。從工作場所到任何地方，沒有什麼安全挑戰是我們無法克服的。作為 Responsible Steel 的成員，Big River Steel 是北美第一家獲得 Responsible Steel 認證的工廠，我們堅定不移地致力於為環境安全運營。 Responsible Steel 還提供了一個獨立的框架，這一點很重要。我們相信一個獨立的框架是可審計的，是對環境和社會負責的煉鋼的最佳形狀標準化和認證。

The first quarter was all about executing our strategy and investing in the future. Our transformative strategic projects are on track and on budget, and I'll discuss that in a bit. We remain confident in our ability to execute our best-for-all strategy safely. We're bullish for U.S. Steel's future as we look forward to an even stronger second quarter. We are pleased, but not satisfied.

第一季度的重點是執行我們的戰略和投資未來。我們的變革性戰略項目正在按計劃進行並符合預算，稍後我將對此進行討論。我們仍然相信我們有能力安全地執行我們最好的戰略。我們看好美國鋼鐵公司的未來，因為我們期待第二季度的表現更加強勁。我們很高興，但並不滿足。

Our main challenge, to transition to a less cost, capital and carbon-intensive business remains, and we're making progress. We know what it takes to be the best steel competitor, focus, focus, focus. We are focused on creating stockholder value. We believe U.S. Steel's opportunity to create value by improving our multiple and continuing direct returns is the best in the industry.

我們的主要挑戰仍然是向成本、資本和碳密集型業務轉型，我們正在取得進展。我們知道如何成為最好的鋼鐵競爭者，專注、專注、專注。我們專注於創造股東價值。我們相信美國鋼鐵公司通過提高我們的多重和持續直接回報來創造價值的機會是業內最好的。

When you buy U.S. Steel stock, you're buying into a steel company, a company deeply focused on our core, making and selling steel. And a company not yet been fully rewarded for our progress. That creates an opportunity for a tremendous value for you, the investor.

當你購買 U.S. Steel 股票時，你就是在購買一家鋼鐵公司，一家專注於我們的核心業務、製造和銷售鋼鐵的公司。一家公司還沒有因為我們的進步而得到充分的回報。這為投資者創造了一個獲得巨大價值的機會。

2023 is the pivotal investment year in delivering on our commitments to create value for our stockholders. With each passing quarter, we deliver on our best-for-all future, incremental EBITDA generation, improved free cash flow and increased earnings resilience through cycle.

2023 年是我們兌現為股東創造價值的承諾的關鍵投資年。在過去的每一個季度，我們都會實現我們最好的未來，增加 EBITDA 的產生，改善自由現金流，並通過週期提高盈利彈性。

We are committed to getting to the future faster. That's more than just a motto for us. It's the objective of every strategic decision we make as we unlock earnings and free cash flow growth and continued returns for our stockholders. That commitment is further supported by our excellent operational performance, a healthy market backdrop, strong trade enforcement and a solid balance sheet. We are well positioned to deliver on our best-for-all goals.

我們致力於更快地走向未來。這不僅僅是我們的座右銘。這是我們在釋放收益和自由現金流增長以及為股東帶來持續回報時所做的每項戰略決策的目標。我們出色的經營業績、健康的市場背景、強有力的貿易執法和穩健的資產負債表進一步支持了這一承諾。我們完全有能力實現我們最好的目標。

Let's move to Slide 5. This morning, we're going to provide an update on the tangible progress we are making on our best-for-all strategy, including some key milestones. Projects are taking shape and nearing completion. Our NGO electrical steel line starts up later this summer. The dual coating line at Big River is on track for next year, and so is Big River 2, a little more than a year away from its first coil.

讓我們轉到幻燈片 5。今天早上，我們將提供有關我們在最佳所有人戰略方面取得的切實進展的最新情況，包括一些關鍵里程碑。項目初具規模，接近尾聲。我們的非政府組織電工鋼線將於今年夏天晚些時候啟動。 Big River 的雙塗層生產線將於明年步入正軌，Big River 2 也是如此，距第一卷生產線還有一年多一點的時間。

We are excited about what's taking shape. Today, we want you to see and feel that excitement yourself. We'll also share some thoughts on the healthy market backdrop. What we're seeing today and how it supports strategy execution and why U.S. Steel is well positioned for where the market is headed.

我們對正在形成的東西感到興奮。今天，我們希望您親眼目睹並感受到那種興奮。我們還將就健康的市場背景分享一些想法。我們今天所看到的以及它如何支持戰略執行以及美國鋼鐵公司為何在市場走向方面處於有利地位。

Next, we'll go deeper to share what we're seeing in real time by end market in our balanced and diverse order book. The details I'll share will create a clear line of sight to real value for you, our stockholders.

接下來，我們將更深入地分享我們在平衡和多樣化的訂單簿中按終端市場實時看到的內容。我將分享的細節將為您，我們的股東創造一個清晰的視野，讓您看到真正的價值。

Let's start with an update on Slide 6 of Big River 2. This state-of-the-art mini mill remains on track for a 2024 startup and in line with its $3 billion budget. This is a game-changing investment that will bolster U.S. Steel's financial performance and environmental sustainability for years to come. Once complete, this cutting-edge facility, in combination with the existing Big River Steel, will form a green steel campus capable of supplying some of the most advanced and sustainable steels in North America.

讓我們從 Big River 2 的幻燈片 6 的更新開始。這家最先進的小型工廠仍有望在 2024 年啟動並符合其 30 億美元的預算。這是一項改變遊戲規則的投資，將在未來幾年提升美國鋼鐵公司的財務業績和環境可持續性。一旦完工，這個尖端設施將與現有的 Big River Steel 結合，形成一個綠色鋼鐵園區，能夠供應北美一些最先進和可持續的鋼鐵。

With the first use of endless casting and rolling technology in the United States, Big River 2 will bring significant energy and operational efficiencies and capability enhancement to our operations, a distinct competitive advantage.

Big River 2 首次在美國使用連續鑄軋技術，將為我們的運營帶來顯著的能源和運營效率和能力提升，這是一個明顯的競爭優勢。

Importantly, some of the primary strategic benefits will be financial. With the new mill online next year, we expect Big River portfolio will deliver annual through-cycle EBITDA of approximately $1.3 billion and annual through-cycle free cash flow generation of $1 billion plus by 2026. That is an unprecedented level of cash generation for U.S. Steel to invest in our business and reward stockholders.

重要的是，一些主要的戰略利益將是財務上的。隨著新工廠明年上線，我們預計到 2026 年，Big River 產品組合將實現約 13 億美元的年度全週期 EBITDA 和 10 億美元以上的年度全週期自由現金流產生。這對美國來說是前所未有的現金產生水平。鋼鐵投資我們的業務並回報股東。

We know that hitting these targets depends on solid execution, and we are delivering. With 85% of the project's budget committed, we remain confident in our progress. Equipment is on order and being delivered, structures are going up and we are hitting key milestones along the way. Every time I visit Big River 2, I marvel at the progress. What used to be a soybean field is really starting to feel like a steel mill.

我們知道，實現這些目標取決於紮實的執行力，而我們正在交付。由於項目預算的 85% 已承諾，我們對我們的進展仍然充滿信心。設備已訂購併正在交付，結構正在升級，我們正在實現關鍵的里程碑。每次我參觀大河 2 時，我都會驚嘆於它的進步。曾經是大豆田的地方真的開始變得像鋼廠了。

Let me show you what I mean on Slide 7. The water systems, for example, are critical for steelmaking. At Big River 2, key foundations are poured, and key equipment is on site, like the cooling towers and pipe structures. We've also progressed on the electrical substation that will power Big River 2 with renewable energy. Big River will be connected to the Entergy Arkansas driver solar project, a new 250-megawatt renewable energy facility that will be constructed directly adjacent to Big River Steel.

讓我向您展示我在幻燈片 7 中的意思。例如，供水系統對於煉鋼至關重要。在 Big River 2，關鍵基礎已澆築，關鍵設備已就位，如冷卻塔和管道結構。我們還在使用可再生能源為 Big River 2 供電的變電站方面取得了進展。 Big River 將連接到 Entergy Arkansas 驅動太陽能項目，這是一個新的 250 兆瓦可再生能源設施，將直接與 Big River Steel 相鄰建造。

And on Slide 8, you can see the foundation of what will become the endless casting and rolling line, the first-of-its-kind in the United States. Let's stay with Big River for a little while. We are on track for the third quarter launch of our new nongrain-oriented electrical steel line shown on Slide 9. The first test coils are scheduled. Once online, the new NGO line will empower U.S. Steel to play a pivotal role in the country's transition from traditional combustion engines to electric cars.

在幻燈片 8 上，您可以看到將成為連續鑄軋生產線的基礎，這在美國尚屬首創。讓我們在 Big River 呆一會兒。我們正按計劃在第三季度推出幻燈片 9 中所示的新型非晶向電工鋼生產線。第一批測試線圈已安排好。一旦上線，新的 NGO 生產線將授權美國鋼鐵公司在該國從傳統內燃機向電動汽車的過渡中發揮關鍵作用。

In fact, EVs cannot run without the kind of ultra-thin electrical steel that will be soon rolling off the line at Big River Steel to the tune of about 200,000 tons a year. The launch of our new Electrical Steel Index further strengthens our partnership with strategic customers. In this case, the growing numbers of manufacturers of EVs.

事實上，電動汽車離不開那種超薄電工鋼，這種電工鋼即將在 Big River Steel 下線，年產量約為 200,000 噸。我們新的電工鋼指數的推出進一步加強了我們與戰略客戶的合作關係。在這種情況下，越來越多的電動汽車製造商。

Index will also serve the booming market for green power generation. This specialized steel is in high demand from our customer base. In fact, we've already presold our first coil of electrical steel from Big River. It seems like not a day goes by that a customer isn't reaching out, inquiring about reserving time on the new line. The bottom line is steel has not only been essential to human society since the bronze age, it is essential to our green energy future. And U.S. Steel is the essential partner in making that transition happen.

指數也將服務於蓬勃發展的綠色發電市場。我們的客戶群對這種專用鋼的需求量很大。事實上，我們已經預售了 Big River 的第一卷電工鋼。似乎每天都有客戶聯繫我們，詢問是否可以在新線路上預留時間。歸根結底，自青銅時代以來，鋼鐵不僅對人類社會至關重要，而且對我們的綠色能源未來也至關重要。而美國鋼鐵公司是實現這一轉變的重要合作夥伴。

We are veterans of electrical steel, with current production already in Europe. Our NGO line allows us to bring that expertise and proven track record to the United States. We've executed major construction milestones on this project and remain on time and on budget.

我們是電工鋼的老手，目前已經在歐洲生產。我們的非政府組織系列使我們能夠將這種專業知識和可靠的業績記錄帶到美國。我們已經完成了該項目的主要建設里程碑，並按時按預算完成。

On Slide 10, you can see the ongoing cold commissioning of critical components of the line. For instance, we're cold commissioning the hydraulic systems that will power the NGO line. We're also cold commissioning the reversing cold mill and cleaning section of the line. The cleaning section, for instance, is essential to prepare the substrate before entering the furnaces. This is critical work, and we're making great progress.

在幻燈片 10 上，您可以看到生產線關鍵部件正在進行的冷調試。例如，我們正在冷調試將為 NGO 生產線提供動力的液壓系統。我們還在冷調試生產線的可逆式冷軋機和清潔部分。例如，清潔部分對於在進入熔爐之前準備基板至關重要。這是一項至關重要的工作，我們正在取得很大進展。

Now I'd like to turn our recently completed investment in pig iron at Gary Works. Slide 11 has the details. At Big River Steel, we consumed more than 25,000 tons of Gary pig in the EAFs in Q1. Our furnaces have seen a seamless transition as the Gary pig is high quality and a lower cost than external pig purchases.

現在我想談談我們最近在 Gary Works 完成的生鐵投資。幻燈片 11 有詳細信息。在 Big River Steel，我們在第一季度的電弧爐中消耗了超過 25,000 噸加里豬。我們的熔爐實現了無縫過渡，因為 Gary 豬質量高且成本低於外部採購豬。

This project is key to our metallic strategy. It's a tremendous opportunity for us to unlock significant benefits across U.S. Steel's entire footprint. Our Gary Works facility benefited from operational efficiencies and fuel rate savings in the first quarter as the project started several months ahead of schedule. It's an example of U.S. Steel's flexibility and creativity, repurposing our existing facilities to unlock tremendous value in our mini mills. This investment also creates surety of supply in a pig iron market that we know is vulnerable to supply chain shocks.

該項目是我們金屬戰略的關鍵。這對我們來說是一個巨大的機會，可以在 U.S. Steel 的整個足跡中釋放巨大的利益。我們的 Gary Works 工廠在第一季度受益於運營效率和燃料費率的節省，因為該項目比計劃提前幾個月開始。這是 U.S. Steel 的靈活性和創造力的一個例子，它重新利用我們現有的設施來釋放我們短流程鋼廠的巨大價值。這項投資還為我們所知易受供應鏈衝擊的生鐵市場提供了供應保證。

We remain on track for EBITDA benefits in 2023, with a run rate EBITDA of $30 million expected to be achieved by 2024. Once again, we're lowering our costs and making our business more resilient. Gary Works has been operating for more than a century, and Big River 2, of course, will be a brand-new mini mill. Innovation is happening at both and today, both are essential for our strategy. So the bottom line is this. We're telling you what we're doing, we're doing what we say, and we're doing it exceptionally well.

我們仍有望在 2023 年實現 EBITDA 收益，預計到 2024 年將實現 3000 萬美元的 EBITDA 運行率。我們再次降低成本，使我們的業務更具彈性。 Gary Works 已經運營了一個多世紀，而 Big River 2 當然將是一個全新的小型工廠。創新在今天和今天都在發生，兩者對於我們的戰略都是必不可少的。所以底線是這樣的。我們告訴您我們在做什麼，我們在做什麼，我們做得非常好。

Let's move to Slide 12. Despite macroeconomic uncertainty, especially in the back half of the year, the steel market backdrop remains healthy. Spot hot-rolled coil prices are over $1,100 per ton today, up over 75% since year-end, reflecting healthy market dynamics. The higher selling prices are supported by higher raw material inputs, like scrap steel cost as well as healthy customer demand.

讓我們轉到幻燈片 12。儘管宏觀經濟存在不確定性，尤其是在今年下半年，但鋼鐵市場背景依然健康。今天的熱軋卷現貨價格超過每噸 1,100 美元，自去年年底以來上漲超過 75%，反映出健康的市場動態。較高的原材料投入（例如廢鋼成本）以及健康的客戶需求支撐了較高的售價。

In addition, improvement in the domestic steel market appears to be taking hold, supported by diverse capabilities domestically to meet customer demand, a strong policy environment supporting domestic manufacturing and abundant natural resources, including green energy. Our business model aligns with where the domestic market is headed, and we're focused on the things we can control.

此外，在國內滿足客戶需求的多種能力、支持國內製造業的強大政策環境以及包括綠色能源在內的豐富自然資源的支持下，國內鋼鐵市場的改善似乎正在站穩腳跟。我們的商業模式與國內市場的發展方向一致，我們專注於我們可以控制的事情。

Our steelmaking footprint combines integrated and mini mill steelmaking and provide diverse capabilities for our customers. And our steel is mined, melted and made in the U.S.A., positioning us at the heart of the domestic manufacturing resurgence.

我們的煉鋼足跡結合了綜合和短流程煉鋼，並為我們的客戶提供多樣化的能力。我們的鋼鐵是在美國開採、熔煉和製造的，這使我們處於國內製造業復甦的核心。

We're also one of the few steel makers with access to our own iron ore natural resources and the only one with mini steel -- mini mill sheet production. We believe our iron ore is the lowest cost in Northern Minnesota and will be increasingly in demand.

我們也是為數不多的能夠使用我們自己的鐵礦石自然資源的鋼鐵製造商之一，也是唯一一家擁有小型鋼鐵——小型鋼廠薄板生產的公司。我們相信我們的鐵礦石是明尼蘇達州北部成本最低的，而且需求量會越來越大。

Let me elaborate. We believe as electric arc furnaces move up the value chain, they will need to consume more and more virgin iron units to produce the cleaner and thinner seals customers are demanding. Iron ore is finite, and we're one of the few steel producers that own iron ore mines. It's a competitive advantage today and will be an even greater advantage tomorrow.

讓我詳細說明。我們相信，隨著電弧爐向價值鏈的上游移動，它們將需要消耗越來越多的原鐵，以生產出客戶要求的更清潔、更薄的密封件。鐵礦石是有限的，我們是少數擁有鐵礦的鋼鐵生產商之一。這是今天的競爭優勢，明天將是更大的優勢。

At U.S. Steel, we know that diversity is also a competitive advantage. That applies to the diversity of our workforce, the diversity of our suppliers and the diversity of our customers. This diversity provides us a hedge against the ups and downs of various sectors in the economy. Again, our balanced order book means we serve many strategic markets. We aren't vulnerable to concentration risk. Instead, we leverage our diversity to create value for auto OEMs, appliance manufacturers, construction and energy customers and other important partners. We continue to welcome new volumes, new customers and new markets into our commercial pipeline.

在 U.S. Steel，我們知道多元化也是一種競爭優勢。這適用於我們員工隊伍的多樣性、我們供應商的多樣性和我們客戶的多樣性。這種多樣性為我們提供了一種對沖經濟中各個部門起伏的方法。同樣，我們平衡的訂單簿意味著我們服務於許多戰略市場。我們不容易受到集中風險的影響。相反，我們利用我們的多樣性為汽車原始設備製造商、家電製造商、建築和能源客戶以及其他重要合作夥伴創造價值。我們繼續歡迎新的數量、新的客戶和新的市場進入我們的商業渠道。

Now turning to specific customer end markets on Slide 13. We are encouraged by the balanced order book today and the trends we see in key end markets. Take automotive, for example. Q1 light vehicle sales are trending up, up nearly 7% versus last quarter and up 15% versus the quarter before that. We expect an additional 1 million auto sales in 2023 versus 2022.

現在轉向幻燈片 13 上的特定客戶端市場。我們對今天的平衡訂單和我們在關鍵終端市場看到的趨勢感到鼓舞。以汽車為例。第一季度輕型車銷量呈上升趨勢，與上一季度相比增長近 7%，與上一季度相比增長 15%。我們預計 2023 年汽車銷量將比 2022 年增加 100 萬輛。

Appliance sales are also robust, with 2023 expected to be roughly flat year-over-year. This is particularly encouraging after coming off 2 record years in appliance production. 2022 appliance production rates were the second best ever, outdone only by 2021's performance.

家電銷售也很強勁，預計 2023 年同比基本持平。在家電生產打破 2 年的記錄之後，這一點尤其令人鼓舞。 2022 年的家電生產率是有史以來第二好的，僅次於 2021 年的表現。

In energy markets, it remains stable. Rig counts are off their peaks of late 2022, but remain at healthy levels. If you dig a layer deeper, rig counts in strategic basis, like the Permian, like the Eagle Ford, are relatively unchanged. Service center statistics are strong as well. Q1 flat-rolled service center shipments were up about 10% year-over-year and above average seasonal volumes. This is an important indicator because it suggests a demand for end users of steel remains strong.

在能源市場，它保持穩定。鑽機數量已脫離 2022 年底的峰值，但仍處於健康水平。如果你挖得更深，戰略基礎上的鑽井平台數量，如二疊紀和伊格爾福特，相對沒有變化。服務中心的統計數據也很強大。第一季度平板軋製服務中心出貨量同比增長約 10%，高於平均季節性出貨量。這是一個重要指標，因為它表明對鋼鐵終端用戶的需求依然強勁。

We're encouraged by what we see in key end market statistics and continue to monitor the order book to ensure our melt capacity is in line with customer demand. We have limited visibility into the second half of the year, but know that we face risks. Lead times, while still robust, are beginning to inch lower and we face the risk of low-cost foreign steel coming into the marketplace.

我們對我們在關鍵終端市場統計數據中看到的情況感到鼓舞，並繼續監控訂單簿以確保我們的熔化能力符合客戶需求。我們對今年下半年的了解有限，但知道我們面臨風險。交貨時間雖然仍然強勁，但開始逐漸縮短，我們面臨著低成本外國鋼材進入市場的風險。

But we also know this. We have built flexibility, optionality and resilience into our business plan. We are focused on controlling what we can control, and we are poised to weather a potential downturn in the economy in a way we just weren't a few years ago.

但我們也知道這一點。我們在我們的商業計劃中建立了靈活性、選擇性和彈性。我們專注於控制我們可以控制的東西，我們準備好以幾年前的方式度過潛在的經濟衰退。

Perhaps you see now why it's an exciting time at U.S. Steel. Throughout the company, we are feeling excitement, excitement about our future, excitement about our execution and excitement about continuing to reward stockholders with direct returns. As we demonstrate strategic proof points, we're confident our multiple will increasingly reflect a re-rating of our stock.

也許您現在明白為什麼美國鋼鐵公司現在是一個激動人心的時刻。在整個公司，我們都感到興奮，對我們的未來感到興奮，對我們的執行力感到興奮，對繼續以直接回報回報股東感到興奮。當我們展示戰略證據時，我們相信我們的倍數將越來越多地反映出對我們股票的重新評級。

Let me summarize before I hand it over to Jess to go over the financials. We're focused on being the best, best operations and a continued focus on record safety and environmental excellence, best partners for our customers to create profitable steel solutions and best improvement in valuation, enabled by the best EBITDA multiple expansion potential for investors. And perhaps more than anything, we're focused on getting to our future faster. Jess?

在我將其交給 Jess 審查財務之前，讓我總結一下。我們專注於成為最佳、最佳運營並持續關注創紀錄的安全和環境卓越，為我們的客戶提供最佳合作夥伴，以創造有利可圖的鋼鐵解決方案和最佳估值改善，這得益於投資者最佳的 EBITDA 倍數擴張潛力。也許最重要的是，我們專注於更快地走向未來。傑斯？

Thanks, Dave, and thank you, everyone, for joining us this morning. I'll continue this morning's remarks on Slide 14.

謝謝戴夫，也謝謝大家今天早上加入我們。我將在幻燈片 14 上繼續今天上午的發言。

Our team delivered a solid first quarter that was better than expected, supported by a market backdrop that improved as the quarter progressed. Adjusted EBITDA in the first quarter of $427 million came at an EBITDA margin of about 10% on approximately $4.5 billion of revenue. As you know, our adjusted EBITDA for the quarter was better than the $375 million we guided to on March 16, which in large part, came from higher revenues in our Flat-Rolled and European segments, on stronger demand and pricing through quarter end. And we expect that momentum will continue into the second quarter.

我們的團隊在第一季度取得了好於預期的穩健表現，這得益於隨著季度進展而改善的市場背景。第一季度調整後的 EBITDA 為 4.27 億美元，EBITDA 利潤率約為 10%，收入約為 45 億美元。如您所知，我們本季度調整後的 EBITDA 好於我們在 3 月 16 日指導的 3.75 億美元，這在很大程度上來自我們的扁平軋材和歐洲部門的收入增加，以及季度末需求和定價的強勁。我們預計這種勢頭將持續到第二季度。

I'll mention that the $427 million of adjusted EBITDA excludes approximately $11 million of stock-based compensation, which was not contemplated in that mid-March press release. We've made a reporting change in adjusted EBITDA beginning with Q1 for stock-based comp, which was previously recorded in our North American Flat-Rolled segment. Take a look at the reconciliations towards the end of yesterday's press release for more information.

我要提到的是，4.27 億美元的調整後 EBITDA 不包括大約 1100 萬美元的股票薪酬，這在 3 月中旬的新聞稿中沒有考慮到。從第一季度開始，我們對基於股票的 comp 的調整後 EBITDA 進行了報告更改，這之前記錄在我們的北美平板軋製部門中。查看昨天新聞稿末尾的對賬以了解更多信息。

Let's talk about cash. As most of you know, this is a year where we will be investing a significant amount of cash towards the completion of the strategic initiatives Dave covered earlier. The pictures we've shared are a great way for you to see where your capital is being deployed for future growth and returns. And while the spend for these initiatives has been prefunded on the balance sheet, we will continue to offset that spending in part with this year's operating cash flow.

讓我們談談現金。正如你們大多數人所知，今年我們將投入大量現金來完成 Dave 之前提到的戰略計劃。我們分享的圖片是讓您了解您的資金用於未來增長和回報的最佳方式。雖然這些舉措的支出已預先計入資產負債表，但我們將繼續用今年的運營現金流部分抵消這些支出。

In the first quarter, we generated $181 million of operating cash flow. If we exclude the strategic CapEx spent in the quarter of $582 million, we generated investable free cash flow of approximately $25 million after all of our sustaining needs were met. Also, recall with the new collective bargaining agreement, we're able to use a portion of the overfunded OPEB investments as a direct cash offset to active medical expenses incurred by our represented employees in the year. So while that change for these medical expenses reduces EBITDA in the quarter, the impact on cash is offset by accessing these funds.

第一季度，我們產生了 1.81 億美元的運營現金流。如果我們排除本季度花費的 5.82 億美元的戰略資本支出，那麼在滿足所有持續需求後，我們產生了大約 2500 萬美元的可投資自由現金流。此外，根據新的集體談判協議，我們可以使用部分資金過剩的 OPEB 投資作為直接現金抵消我們所代表的員工當年發生的積極醫療費用。因此，雖然這些醫療費用的變化減少了本季度的 EBITDA，但通過使用這些資金抵消了對現金的影響。

In Q1, we offset about $19 million of active medical expenses, with the available funds on pace to offset about $75 million this year. That's $300 million of cash available to cover these expenses over the 4-year agreement. The balance sheet remains strong as steel. Cash at the end of the first quarter was a healthy $2.8 billion, and total liquidity was a robust $5.3 billion. Our leverage remains incredibly low, at 1.3x adjusted gross debt to trailing 12 months EBITDA. That is significantly better than our through-cycle targeted range of 3 to 3.5x.

在第一季度，我們抵消了約 1900 萬美元的積極醫療費用，今年可用資金有望抵消約 7500 萬美元。在為期 4 年的協議中，有 3 億美元的現金可用於支付這些費用。資產負債表依然堅固如鋼。第一季度末現金為 28 億美元，流動資金總額為 53 億美元。我們的槓桿率仍然非常低，調整後總債務為過去 12 個月 EBITDA 的 1.3 倍。這明顯好於我們 3 到 3.5 倍的全週期目標範圍。

Our approach to capital allocation remains unchanged, and we continue to allocate cash in line with our framework. That includes a focus on direct returns to you as a component of investing in our best-for-all strategy. In the first quarter, direct returns included dividends of $12 million and $75 million in stock repurchases. We remain committed to completing our current authorization with $225 million left to go on the program. We expect to complete the program in 2023.

我們的資本配置方法保持不變，我們繼續根據我們的框架分配現金。這包括關注您的直接回報，作為投資於我們的最佳策略的一個組成部分。第一季度，直接回報包括 1200 萬美元的股息和 7500 萬美元的股票回購。我們仍然致力於完成我們目前的授權，並留下 2.25 億美元用於該計劃。我們預計在 2023 年完成該計劃。

Our best-for-all strategy is focused on generating value for investors. So we know that generating resilient and material free cash flow is at the center of a capital allocation framework that can deliver both growth and returns. We also know that the investments we are making today, in large part, will position our mini mill segment as the engine for that free cash flow, with the ability to produce over $1 billion of annual through cycle free cash flow expected by 2026. That's a lean, green cash machine.

我們的最佳策略專注於為投資者創造價值。因此我們知道，產生有彈性的物質自由現金流是資本配置框架的核心，可以實現增長和回報。我們還知道，我們今天進行的投資在很大程度上將使我們的短流程鋼廠部門成為自由現金流的引擎，預計到 2026 年能夠產生超過 10 億美元的年度循環自由現金流。那是精簡的綠色提款機

On Slide 15, you'll see some of the highlights. On better capital intensity, our Mini Mill segment requires only $15 per ton of sustaining CapEx per year, significantly better than the approximately $30 per ton required by our legacy assets. That's the lean part.

在幻燈片 15 上，您會看到一些亮點。在更好的資本密集度下，我們的 Mini Mill 部門每年僅需要每噸 15 美元的持續資本支出，明顯優於我們傳統資產所需的每噸約 30 美元。那是瘦的部分。

On better carbon intensity, our electric arc furnaces produce steel with up to 70% to 80% lower greenhouse gas emissions than our traditional blast furnace steelmaking. These are the green steels our customers are increasingly requesting. That's the green part.

在更好的碳強度下，我們的電弧爐生產的鋼材與傳統的高爐煉鋼相比，溫室氣體排放量最多可減少 70% 至 80%。這些是我們的客戶越來越需要的綠色鋼材。那是綠色的部分。

And on better product mix and earnings resiliency, we're investing in best-in-class finishing capabilities at Big River to move up the value chain. For example, the Mini Mill segment's value-add mix of cold-rolled and coated tons in 2022 was about 34%. Once Big River 2 and the finishing investments reach run rate by 2026, this mix should expand to about 60% and drive 20% plus EBITDA margins.

在更好的產品組合和盈利彈性方面，我們正在投資 Big River 一流的精加工能力，以提升價值鏈。例如，到 2022 年，短流程軋機部門冷軋和塗層噸的附加值組合約為 34%。一旦 Big River 2 和完工投資在 2026 年達到運行率，這種組合應該會擴大到 60% 左右，並推動 20% 以上的 EBITDA 利潤率。

Once these investments reach run rate, the Mini Mill segment is expected to generate through-cycle annual EBITDA of approximately $1.3 billion in a conservative low $600 HRC pricing environment. This is a resilient earnings power we didn't have just a few years ago. That's the cash machine part.

一旦這些投資達到運行速度，在保守的 600 美元 HRC 定價環境下，Mini Mill 部門預計將產生約 13 億美元的全週期年度 EBITDA。這是我們幾年前所沒有的彈性盈利能力。那是提款機部分。

Let's move to the next slide and take a look now at segment performance in the first quarter. In our Flat-Rolled segment, typical seasonal mining headwinds and lower average selling prices contributed most of the change in EBITDA versus Q4 2022. The commercial environment improved throughout the quarter, supporting our decision to restart blast furnaces at the Mon Valley and Gary Works. These demand tailwinds are expected to be more fully reflected in our Q2 results for our Flat-Rolled segment, as extended lead times delayed pricing realization in Q1.

讓我們轉到下一張幻燈片，看看第一季度的細分市場表現。在我們的扁平軋材部分，典型的季節性採礦逆風和較低的平均售價是 EBITDA 與 2022 年第四季度相比變化的主要原因。整個季度商業環境有所改善，支持我們決定重啟 Mon Valley 和 Gary Works 的高爐。這些需求順風預計將更充分地反映在我們的平板軋製部門的第二季度業績中，因為交貨時間延長延遲了第一季度的定價實現。

In our Mini Mill segment, rising spot prices were a big driver of higher results for the quarter. These results were helped by normalized raw material costs as we cycled through remaining high-priced pig iron in the middle of the quarter.

在我們的 Mini Mill 部分，現貨價格上漲是本季度業績增長的一大推動因素。這些結果得益於標準化的原材料成本，因為我們在本季度中期循環使用剩餘的高價生鐵。

Over in Europe, we recently restarted two blast furnaces in response to an improving order book and spot prices. All three blast furnaces are running in Slovakia. Similar to what we've seen in the States, these commercial benefits built over the quarter, with the segment generating positive EBITDA in February and March and will be more apparent in Q2's results. I will note that more favorable raw material costs and efficiencies from running at higher levels of utilization more than offset lower prices for much of the first quarter in Europe.

在歐洲，我們最近重啟了兩座高爐，以應對訂單和現貨價格的改善。所有三個高爐都在斯洛伐克運行。與我們在美國看到的情況類似，這些商業利益是在本季度建立的，該部門在 2 月和 3 月產生了正的 EBITDA，並將在第二季度的結果中更加明顯。我會注意到，在更高的利用率水平下運行所帶來的更有利的原材料成本和效率抵消了歐洲第一季度大部分時間的較低價格。

Our Tubular segment continues to post strong results. The first quarter marked the tenth consecutive quarter of incremental EBITDA improvements. Higher prices in Q4 continued to flow through to Q1 and the Fairfield seamless pipe mill ran full out. The segment remains well positioned given in-sourced rounds for seamless pipe production, alignment with strategic basins and a suite of premium, semi-premium and API-grade connections to better serve customers.

我們的管狀部分繼續取得強勁業績。第一季度標誌著 EBITDA 連續第十個季度出現增量改善。第四季度較高的價格繼續流向第一季度，Fairfield 無縫管廠已滿負荷生產。考慮到無縫管生產的內源輪次、與戰略盆地的對齊以及一套優質、半優質和 API 級連接以更好地為客戶服務，該部門仍然處於有利地位。

Looking forward to Q2, favorable demand and pricing impacts that have been building over the first quarter should manifest in a healthy second quarter. Our current estimate of adjusted EBITDA for the second quarter is in the range of $750 million to $800 million.

展望第二季度，第一季度積累的有利需求和定價影響應該會在第二季度表現良好。我們目前對第二季度調整後的 EBITDA 的估計在 7.5 億美元至 8 億美元之間。

The strength we expect in Q2 results will be particularly apparent in our Mini Mill segment. Higher prices are expected to support EBITDA margin of 20% or better, and approximately 3.5x EBITDA dollar growth versus Q1. The segment's average selling price is expected to increase more than 40% in Q2 versus Q1. Our Flat-Rolled segment should see meaningful EBITDA improvement as well as higher prices continue to flow through to earnings and seasonal mining headwinds dissipate.

我們預計第二季度業績的強勁表現將在我們的 Mini Mill 細分市場中體現得尤為明顯。預計更高的價格將支持 20% 或更高的 EBITDA 利潤率，以及與第一季度相比約 3.5 倍的 EBITDA 美元增長。該細分市場的平均售價預計在第二季度比第一季度增長 40% 以上。我們的扁平軋材部門應該會看到顯著的 EBITDA 改善以及更高的價格繼續流入收益和季節性採礦逆風消散。

In Slovakia, our European segment should deliver positive EBITDA in Q2 as the improving market dynamics are increasingly reflected in the segment's average selling prices and the strengthening order book.

在斯洛伐克，我們的歐洲分部應在第二季度實現正 EBITDA，因為市場動態的改善越來越多地反映在該分部的平均售價和加強的訂單中。

In Tubular, end-user demand remains strong. However, softer pricing off elevated levels from Q4 2022, continued high import levels and customer inventory rebalancing are expected to impact Q2 performance.

在管材方面，最終用戶的需求依然強勁。然而，從 2022 年第四季度開始的高位價格走軟、進口水平持續走高以及客戶庫存重新平衡預計將影響第二季度的業績。

And with that, Dave, I'll turn it back to you.

有了這個，戴夫，我會把它還給你。

Thank you, Jess. Before we open the line for your questions, let me recap our prepared remarks on Slide 17.

謝謝你，傑斯。在我們開始提問之前，讓我回顧一下我們在幻燈片 17 上準備好的評論。

We are progressing on our best-for-all strategy. Our strategic projects are taking shape literally. You really must see what's being built. It's amazing. Construction of Big River 2, our NGO line and our coating line are well underway. Our Gary pig machine is already supplying iron to Big River.

我們正在推進我們的最佳戰略。我們的戰略項目正在真正成形。你真的必須看看正在建造什麼。太奇妙了。 Big River 2 的建設、我們的非政府組織生產線和我們的塗層生產線正在順利進行。我們的 Gary pig 機器已經在向 Big River 供應鐵。

We are making meaningful progress in transforming our business for long-term environmental and financial sustainability, and we're doing it on time and on budget. We are seeing a healthy market backdrop for Q2 and had strong financial performance in the first quarter. We expect to report even better things in July with a strong balance sheet, balanced order book and resilient strategic end markets.

我們正在為實現長期環境和財務可持續性而轉變我們的業務方面取得有意義的進展，而且我們正在按時按預算進行。我們看到了第二季度健康的市場背景，並且第一季度的財務表現強勁。我們預計 7 月份的報告會更好，資產負債表強勁，訂單平衡，戰略終端市場具有彈性。

We are operating from a position of strength. This is what it means to be truly best for all, for customers, for employees, for planet and for you, our stockholders. I have to say, we are bullish on U.S. steel, and we are grateful for your interest and support.

我們的運營處於有利地位。這就是真正為所有人、為客戶、為員工、為地球和為您——我們的股東——做到最好的意思。不得不說，我們看好美國鋼鐵，感謝大家的關注和支持。

Kevin, let's move to Q&A.

凱文，讓我們進入問答環節。

Thank you, Dave. Our first few questions come from the line of Say Technologies. And Dave, our first one -- we received several pre-submitted questions from investors on how U.S. feel is positioned today to navigate uncertainty. Dave, would you like to start with your thoughts on that?

謝謝你，戴夫。我們的前幾個問題來自 Say Technologies 的產品線。戴夫，我們的第一個——我們收到了投資者預先提交的幾個問題，這些問題是關於美國今天如何應對不確定性的看法。戴夫，你想從你的想法開始嗎？

Yes, Kevin, let me just kind of give you a little bit of a stream of consciousness on this one. I think it's a really good question. But hopefully, we've explained this to most of you, but let me be very clear.

是的，凱文，讓我給你一點關於這個的意識流。我認為這是一個非常好的問題。但希望我們已經向你們大多數人解釋了這一點，但讓我非常清楚。

We're -- we can confidently say we are stronger today than ever before, and we do believe we're very well positioned. And I could say that because we've made really good progress on our strategy on time, on budget, meeting milestones, the startup of the NGO line this summer.

我們——我們可以自信地說，我們今天比以往任何時候都更強大，我們確實相信我們處於非常有利的位置。我可以這麼說，因為我們在我們的戰略上取得了很好的進展，按時、按預算、達到里程碑，今年夏天啟動非政府組織。

I mean let's face it, that NGO line is going to be great. Let's face it, we've had 20 years of electrical steel experience in Europe. So we've got that capability to share and make sure that goes well. We have a healthy market backdrop, improved market dynamics, stronger domestic steel market, diverse U.S. steel order book that I talked about. And this balanced diverse order book, it shows up with the healthy trends in the market, a better Q2 expected and financial performance.

我的意思是讓我們面對現實吧，NGO 路線會很棒。面對現實吧，我們在歐洲擁有 20 年的電工鋼經驗。所以我們有能力分享並確保一切順利。我們有一個健康的市場背景，改善的市場動態，更強勁的國內鋼鐵市場，以及我談到的多樣化的美國鋼鐵訂單。這種平衡的多樣化訂單顯示了市場的健康趨勢、更好的第二季度預期和財務業績。

And frankly, we're gaining market share. We don't know what's going to happen, frankly, for sure, with certainty in the second half. The second quarter looks very good. Will it be a soft landing? Will rates continue to go up? Is there a geopolitical risk? There's all that stuff.

坦率地說，我們正在獲得市場份額。坦率地說，我們不知道下半場會發生什麼。第二季看起來很不錯。會軟著陸嗎？利率會繼續上漲嗎？是否存在地緣政治風險？有那麼多東西。

But again, I can say this. We're stronger than ever before, and we feel very confident that we'll be able to weather the storm no matter what could happen. That being said, it could very well be a soft landing as many people think that's the case.

但是，我可以再說一次。我們比以往任何時候都更強大，我們非常有信心無論發生什麼，我們都能渡過難關。話雖這麼說，但正如許多人認為的那樣，這很可能是一次軟著陸。

the Key for us is that we've got to execute, and we're doing that. We've got to execute, execute, execute. In fact, that's a key word for us here in 2023, and I feel really positive about our strategy, where we're headed, and confident that we're going to be executing these strategic projects on time, and we're doing it all very safely.

對我們來說，關鍵是我們必須執行，而且我們正在這樣做。我們必須執行，執行，執行。事實上，這是我們 2023 年的關鍵詞，我對我們的戰略、我們的前進方向感到非常積極，並且相信我們將按時執行這些戰略項目，而且我們正在這樣做一切都很安全。

Great. Thank you, Dave. Our second question and last question from Say Technologies was related to decarbonization, various green initiatives funded by Inflation Reduction Act, Infrastructure Act and other related opportunities for U.S. Steel here domestically.

偉大的。謝謝你，戴夫。我們的第二個問題和 Say Technologies 的最後一個問題與脫碳、由《通貨膨脹減少法案》、《基礎設施法案》資助的各種綠色倡議以及美國鋼鐵公司在國內的其他相關機會有關。

Rich, given your unique view of the strategy and our sustainability initiatives, would you please share some thoughts on that question?

Rich，鑑於您對戰略和我們的可持續發展計劃的獨特看法，您能否就這個問題分享一些想法？

Certainly, Kevin. Well, it's a great question and obviously relevant for our business. As Dave has said for a long time, public private partnerships are essential to addressing climate change. We are very pleased with this administration's commitment to assist with the country's green transformation.

當然，凱文。好吧，這是一個很好的問題，顯然與我們的業務相關。正如戴夫長期以來所說，公私伙伴關係對於應對氣候變化至關重要。我們對本屆政府致力於協助國家綠色轉型感到非常高興。

In fact, Dave and other CEOs met with the Biden administration recently to discuss these exciting opportunities. So under the Inflation Reduction Act, there are programs where the federal government can partner on green projects on a 50-50 basis, including grant funding. There's about $5.8 billion available for that kind of project for industrial decarbonization. And the interesting thing is the legislative language, which we've looked at specifically mentioned steel and iron is the kind of industrial projects that Congress was thinking about when they pass that law.

事實上，戴夫和其他首席執行官最近會見了拜登政府，討論了這些激動人心的機會。因此，根據《降低通貨膨脹法》，聯邦政府可以在 50-50 的基礎上合作開展綠色項目，包括贈款。大約有 58 億美元可用於此類工業脫碳項目。有趣的是立法語言，我們特別提到鋼鐵是國會通過該法律時正在考慮的工業項目。

So we're certainly looking at a number of options. And we continue to evaluate potential partnerships, projects with third parties, including to pursue government funding for things like decarbonization, hydrogen. There's the hydrogen hub applications going in under the bipartisan infrastructure law -- or for electrification.

因此，我們當然會考慮多種選擇。我們將繼續評估與第三方的潛在合作夥伴關係和項目，包括尋求政府對脫碳、氫氣等項目的資助。根據兩黨基礎設施法或電氣化，氫樞紐應用正在進行中。

Dave talked about the NGO line. Very exciting opportunities, or other operational benefits. So between the bipartisan infrastructure law, the IRA, the onshoring boom that Dave and Jess talked about, we see a lot of opportunities for us.

戴夫談到了非政府組織的路線。非常令人興奮的機會，或其他運營收益。因此，在兩黨基礎設施法、IRA、Dave 和 Jess 談到的在岸外包熱潮之間，我們看到了很多機會。

And just to wind up, I'd say, as we have for a long time, our strategy and sustainability programs are woven together all to create stockholder value. They're not separate.

最後，我想說的是，正如我們長期以來所做的那樣，我們的戰略和可持續發展計劃交織在一起，共同創造股東價值。他們不是分開的。

Great. Thank you, Rich, and thanks, Dave, again, for getting us started on those two questions. At this time, operator, could you please queue the line for questions? (Operator Instructions)

偉大的。再次感謝 Rich，也感謝 Dave 讓我們開始解決這兩個問題。這個時候，接線員，請您排隊提問好嗎？ （操作員說明）

(Operator Instructions) Our first question comes from Emily Chieng with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Emily Chieng。

My first question is just around Big River Steel. So there's clearly a lot of growth happening here that's coming online in short order. So I wanted to get your views as to how your conversations with the automotive OEMs have evolved? And with the assumptions underlying that 20% through cycle EBITDA margin, what's the thought around marketing your product differently? In other words, should we be thinking about a potential target mix between contracted volumes and spot or index-linked volumes going forward?

我的第一個問題是關於 Big River Steel。因此，很明顯這裡發生了很多增長，這些增長很快就會上線。所以我想听聽您對您與汽車原始設備製造商的對話如何演變的看法？假設 20% 的整個週期 EBITDA 利潤率，圍繞以不同方式營銷您的產品的想法是什麼？換句話說，我們是否應該考慮未來合同交易量與現貨或指數掛鉤交易量之間的潛在目標組合？

Maybe I'll start that, and then I'll pass it. Again, highlighting the 20% plus margins in the Mini Mill segment in the second quarter. That's all-good news. The biggest drivers of those prices rolling forward -- are rolling forward from where we saw the uplift, as you know. And it's continuing to the continued demand in the key markets.

也許我會開始，然後我會通過它。再次強調第二季度 Mini Mill 部門的 20% 以上的利潤率。這真是個好消息。如您所知，推動這些價格向前發展的最大驅動力是從我們看到價格上漲的地方向前滾動。並且它繼續滿足主要市場的持續需求。

I think some of the key things that we have to remember here with Big River is that their book of business includes big pipe and tube, and that continues. And it's geographically very well positioned as we think about the future. And of course, when we get into the strategic projects, it is opening up a lot more opportunity for us with the EV markets, particularly the motors that nobody else will be able to provide in a steel -- this capability of steel. So we feel really good about this. And then also the pricing.

我認為我們必須記住 Big River 的一些關鍵事情是他們的業務簿包括大管道和管子，而且還在繼續。當我們考慮未來時，它的地理位置非常好。當然，當我們進入戰略項目時，它為我們在電動汽車市場開闢了更多機會，特別是沒有其他人能夠在鋼鐵中提供的電機——鋼鐵的這種能力。所以我們對此感覺非常好。然後還有定價。

So Kevin, maybe a little bit more specific to your question about contracts.

凱文，也許你關於合同的問題更具體一點。

Yes, sure, Dave. Let me pick up with the NGO project that you just described. And Emily, if you take that in consideration, with the auto OEM's continued desire to have their AHSS or additional automotive grades produced more sustainably through the mini mill footprint, we believe we're in a very, very unique position in the broader domestic market to not only offer the differentiated grades from our integrated mills, like Gary Works, that can make the exposed automotive and most difficult advanced high strength steel grades.

是的，當然，戴夫。讓我來談談你剛才描述的非政府組織項目。艾米麗，如果你考慮到這一點，隨著汽車原始設備製造商繼續希望通過小型工廠足跡更可持續地生產他們的 AHSS 或其他汽車等級，我們相信我們在更廣闊的國內市場中處於非常非常獨特的地位不僅提供來自我們的綜合鋼廠（如 Gary Works）的差異化鋼種，這些鋼種可以製造暴露的汽車和最困難的先進高強度鋼種。

So we can combine it with the lower carbon intensity, mini mill automotive production, and then bring to market just this year coming up, the NGO capability. So if you think about the breadth of the automotive portfolio that we are building, in the diversity from a steel production perspective that we have going forward, we believe we're in a tremendously good position to continue to earn automotive market share and push the value-added mix at Big River higher.

因此，我們可以將其與低碳強度、小型工廠汽車生產相結合，然後在今年即將到來的時候將非政府組織的能力推向市場。因此，如果您考慮我們正在構建的汽車產品組合的廣度，從我們未來鋼鐵生產的多樣性來看，我們相信我們處於非常有利的位置，可以繼續贏得汽車市場份額並推動Big River 的附加值組合更高。

And that's evidenced, just recently announced a partnership with General Motors, and we've received other accolades that Big River like the Supplier Sustainability Award from Mercedes 1.5 years ago. So I think the automotive market continues to be an attractive outlet for our volumes from Big River, and customer qualifications continue with great success and with real urgency as the autos continue to want to move their volumes to OCL, Arkansas.

事實證明，最近剛剛宣布與通用汽車建立合作夥伴關係，我們還獲得了 Big River 的其他榮譽，例如 1.5 年前梅賽德斯頒發的供應商可持續發展獎。因此，我認為汽車市場仍然是我們 Big River 銷量的一個有吸引力的出口，並且隨著汽車繼續希望將其銷量轉移到阿肯色州 OCL，客戶資格繼續取得巨大成功和真正的緊迫性。

I'll add one point to that, and it's really a build on to the comment I made in prepared remarks on the move to more value-add tons as we think about the finishing lines coming online and what that overall portfolio mix is going to look like for Big River.

我要補充一點，這實際上是基於我在準備好的關於轉向更多增值噸的評論的基礎上，因為我們考慮了即將上線的終點線以及整體投資組合將要發生的事情看起來像大河。

The impact that we believe that will have ultimately on, let's call it, contract mix, right, in terms of -- to your question on spot and fixed or contract, we see that also moving in a way that will continue to provide the type of resilient margins that we believe the combined kind of Big River campus will be generating at 20-plus-percent through cycle.

我們認為這最終將對我們稱之為合同組合的影響，就您的現場和固定或合同問題而言，我們看到它也在以一種將繼續提供類型的方式移動我們相信 Big River 校園的組合類型將在整個週期內產生 20% 以上的彈性利潤率。

So it all sort of is a part of not just the contract mix, but the portfolio mix in those value-add tons that I think we need to consider as well.

因此，這不僅是合同組合的一部分，而且是我認為我們也需要考慮的那些增值噸中的投資組合組合的一部分。

Okay. That makes a lot of sense. A follow-up on the flip side of the equation then. Just around USSE, I mean I know the assets have been restarted more recently. But in terms of the growth outlook, that feels a little bit more muted compared to what's happening in the U.S. Can you remind us what your stance is on that segment and whether that remains a core asset within the U.S. Steel portfolio?

好的。這很有意義。然後是等式另一面的後續行動。就在 USSE 附近，我的意思是我知道資產最近已經重新啟動。但就增長前景而言，與美國正在發生的情況相比，這感覺有點溫和。你能提醒我們你對該領域的立場是什麼，它是否仍然是美國鋼鐵投資組合中的核心資產？

Well, USSE has been a vital part of U.S. Steel for a very long time. And you just saw the number is stronger in the first quarter. We got all three blast furnaces running full out now, and we expect stronger in the second quarter with profitability to exist there.

好吧，USSE 長期以來一直是美國鋼鐵公司的重要組成部分。你剛剛看到第一季度的數字更強。我們現在所有三個高爐都已滿負荷運轉，我們預計第二季度會更加強勁，盈利能力將存在。

So the business is running very well with the war right next door and just I can't say enough great things about our people in USSK who are providing support and help for the folks in Ukraine that are suffering through that tragedy. And all the while making sure they get the job done and making this business healthy.

因此，業務在隔壁的戰爭中運行得非常好，我不能說我們在 USSK 的員工為遭受這場悲劇之苦的烏克蘭人民提供支持和幫助的偉大事情。並一直確保他們完成工作並使這項業務健康發展。

We have, I guess, I'd say, higher prices. They're supported by tight supply and a good roll over into Q2 with profitability, as I said, expected. And you saw the improving conditions in the first quarter. This is a business that we continue to monitor, we continue to address, and it's been very good.

我們有，我想，我會說，更高的價格。正如我所說的那樣，它們受到供應緊張和良好的盈利進入第二季度的支持。你看到了第一季度的改善情況。這是我們繼續監控的業務，我們繼續解決，而且非常好。

It's in fact, if not the best integrated mill certainly one of the best and always has the superior safety records. I think they went something like 440 days without an OSHA recordable.

事實上，即使不是最好的綜合工廠，它也肯定是最好的工廠之一，並且始終擁有卓越的安全記錄。我認為他們有 440 天沒有 OSHA 記錄。

So it's a key part of our team. Everything we look at, at U.S. steel is everything is for sale all the time. But obviously, conditions would have to be right. But meanwhile, we're pretty happy with this asset. It's always been able to deliver. And with where the environment is headed and the support that we're likely able to get, I think this business could be booming in a few short years.

所以它是我們團隊的關鍵部分。在美國鋼鐵公司，我們所看到的一切都是隨時待售的。但顯然，條件必須是正確的。但與此同時，我們對這項資產非常滿意。它總是能夠交付。隨著環境的發展方向和我們可能獲得的支持，我認為這項業務可能會在短短幾年內蓬勃發展。

Our next question comes from Tristan Gresser with BNP Paribas Exane.

我們的下一個問題來自 BNP Paribas Exane 的 Tristan Gresser。

The first one is a follow-up on USSE. Looking at the Q2 guidance, now that you have all the three-blast furnace running. Are you going to be able to break about the 1-million-ton mark in terms of volumes? Do you expect any further relief on the cost side, maybe with energy prices coming off? And also, is there any reason why we should not -- you should not be able to reach a normalized margin level there in Q2? Because if we look at spot margins in Europe, they're really, really strong at the moment.

第一個是 USSE 的後續。查看 Q2 指南，現在所有三座高爐都在運行。能否突破百萬噸大關？您是否預計成本方面會進一步緩解，也許隨著能源價格的下降？而且，我們有什麼理由不應該——你不應該在第二季度達到正常的保證金水平嗎？因為如果我們看看歐洲的現貨利潤率，它們目前真的非常強勁。

Yes. Thanks, Tristan. This is Kevin. So -- you're correct, right? These three blast furnaces are more fully operational here. In the second quarter, we do believe we have the opportunity to push shipments above 1 million tons in the quarter. That obviously just to give us some good volume tailwinds.

是的。謝謝，特里斯坦。這是凱文。所以——你是對的，對吧？這三座高爐在這裡更加全面地運轉。在第二季度，我們確實相信我們有機會在該季度將出貨量推高至 100 萬噸以上。這顯然只是為了給我們帶來一些不錯的銷量順風。

We also would see margins begin to approach more normalized levels. Maybe still a bit more muted, but certainly positive in the quarter. So I think when it's all said and done, we could see the European business generate over $50 million of EBITDA in the quarter and benefit from the dynamics that you just described.

我們還將看到利潤率開始接近更正常的水平。也許仍然有點低調，但在本季度肯定是積極的。所以我認為當一切都說完之後，我們可以看到歐洲業務在本季度產生超過 5000 萬美元的 EBITDA，並從您剛才描述的動態中受益。

All right. That's really helpful. And if I could just follow up then, moving on to the other part, I think, of the guidance more on the tubular side. So yes, price has fallen quite heavily of late. What's the latest update you can give us on market conditions and on the demand side?

好的。這真的很有幫助。如果我可以繼續跟進，我認為，轉向另一部分更多關於管狀方面的指導。所以是的，最近價格已經大幅下跌。關於市場狀況和需求方面，您能給我們提供什麼最新消息？

And looking into Q2, is it fair to assume you have now reached kind of peak volumes? Or you see further upside just trying to square on the guidance you gave on the EBITDA level, at the group level, with a strong Europe, strong Mini Mill and strong Flat-Rolled?

展望第二季度，假設您現在已經達到某種峰值是否公平？或者你看到進一步的上升空間只是試圖根據你在 EBITDA 層面給出的指導，在集團層面，強大的歐洲，強大的 Mini Mill 和強大的 Flat-Rolled？

Well, tubular has been a very bright spot for us here, and we expect second half to be a bit off. As we said, inventory rebalancing with lower shipments. And prices are down, but they're still at very good levels, having probably peaked.

好吧，管狀對我們來說一直是一個非常亮點，我們預計下半年會有所不同。正如我們所說，庫存重新平衡與較低的出貨量。價格在下降，但仍處於非常好的水平，可能已經見頂。

But we have a new cost structure there. It's a good energy market through 2023. And I'll just say that the focus there is we're serving the strategic customers and the strategic basins with premium products, and that's serving us very well.

但是我們在那裡有一個新的成本結構。到 2023 年，這是一個良好的能源市場。我只想說，我們的重點是為戰略客戶和戰略盆地提供優質產品，這對我們來說非常好。

You recall, we revitalized our assets a few years ago. And the EAF that we put in place made a real difference for that business. So the -- whether it be Permian, Eagle Ford, Marcellus or Haynesville, all these markets have really good opportunities for us. And visibility beyond this year is going to be more difficult, but we feel very good about 2023. And while -- the second quarter may be off a bit; I think we're in pretty good shape.

你記得，我們在幾年前重振了我們的資產。我們實施的 EAF 對該業務產生了真正的影響。所以——無論是 Permian、Eagle Ford、Marcellus 還是 Haynesville，所有這些市場都為我們提供了非常好的機會。今年以後的可見性將更加困難，但我們對 2023 年感覺非常好。雖然 - 第二季度可能會有所不同；我認為我們的狀態非常好。

Our next question comes from Alex Hacking with Citi.

我們的下一個問題來自 Alex Hacking with Citi。

Yes, everyone. On the new NGO line, given the certification process required, what's your estimate of how long it takes you to get that up to capacity?

是的，每個人。在新的非政府組織生產線上，考慮到所需的認證過程，您估計需要多長時間才能達到產能？

Well, we expect this thing to go through commissioning at the end of this year. And we should be in a good run rate position as we enter 2024. I think the thing people I mentioned, and I hope people know this, is that we've been running electrical steels at USSK for 20 years.

好吧，我們希望這東西能在今年年底通過調試。當我們進入 2024 年時，我們應該處於良好的運行率位置。我認為我提到的人，我希望人們知道這一點，我們已經在 USSK 運行電工鋼 20 年了。

So we have this great collaboration with the folks there, and we have the capability to make this. We're able to go, I think it's 0.1 to 0.5 millimeters thin, which is pretty remarkable in the 200,000 tons capability. So we feel really good about being able to get this thing up and running. Obviously, you got to do some commissioning, but we'll be at full run rate as we get through 2024.

所以我們與那裡的人們進行了很好的合作，我們有能力做到這一點。我們可以去，我認為它有 0.1 到 0.5 毫米薄，這在 20 萬噸的能力中是非常了不起的。因此，我們對能夠啟動並運行這件事感到非常高興。顯然，你必須進行一些調試，但我們將在 2024 年之前以全速運行。

Okay. And then 1Q shipments, obviously, in the U.S., extremely strong. Does that primarily reflect underlying demand in your view? Or is there some restocking element there? I mean given that you've restarted your 2 Bs, I would assume that you see this as kind of sustainable underlying demand? But curious on your view.

好的。顯然，美國第一季度的出貨量非常強勁。在您看來，這是否主要反映了潛在需求？或者那裡有一些進貨元素？我的意思是，鑑於您已經重啟了 2 B，我假設您認為這是一種可持續的潛在需求？但對你的觀點很好奇。

Well, I think what I'd say is that -- and then I can pass it to somebody else for some more color. But flat-rolled results will push higher in the second quarter, and we're really in a good spot with this business.

好吧，我想我要說的是——然後我可以把它傳遞給其他人以獲得更多顏色。但第二季度的持平業績將推高，我們在這項業務中確實處於有利地位。

Customer demand is healthy. If you think about it, 8 weeks lead time, 75% utilization across the industry, good demand in key markets like auto and appliance and service centers. And so we really do have this very healthy backdrop. And with our balanced portfolio, I think that we find ourselves in really good shape as we move into the second quarter.

客戶需求是健康的。如果您考慮一下，8 週的交貨時間，整個行業 75% 的利用率，汽車和家電以及服務中心等主要市場的良好需求。所以我們確實有這個非常健康的背景。憑藉我們平衡的投資組合，我認為我們在進入第二季度時發現自己的狀態非常好。

What I'll add there, Alex, is we did definitely see some destocking as we started the year, right? But what's been really encouraging as you think about the volume that's moved through inventory levels at customers and frankly, lead times, right, as they've been extending is that the inventory is actually moving through, and the demand has been strong.

亞歷克斯，我要補充的是，今年年初我們確實看到了一些去庫存，對吧？但是，當你考慮到客戶庫存水平變化的數量時，真正令人鼓舞的是，坦率地說，交貨時間，因為他們一直在延長，因為庫存實際上正在變化，而且需求一直很強勁。

And again, we expect will continue to be stronger in Q2 given those extended lead times. So at the beginning of the year, we sort of thought, okay, well, at a minimum, this is going to be an inventory rebuild, but have been very encouraged to see that volume moving through.

同樣，鑑於交貨時間延長，我們預計第二季度將繼續走強。所以在今年年初，我們有點想，好吧，好吧，至少，這將是一次庫存重建，但我們非常鼓舞地看到這一數量的增加。

(Operator Instructions) Our next question comes from Carlos De Alba with Morgan Stanley.

（操作員說明）我們的下一個問題來自摩根士丹利的 Carlos De Alba。

Just regarding the market and the outlook, maybe a little bit beyond the second quarter. It seems that prices as of late, oil prices at least, have been plateau with some declines reported by some of the industry press. Lead times also may be coming down a little bit a week or so. Import pricing spreads also expanding.

就市場和前景而言，可能會超出第二季度。似乎最近的價格，至少是石油價格，一直處於平穩狀態，一些行業媒體報導說價格有所下降。交貨時間也可能會縮短一周左右。進口價差也在擴大。

So how do you see the outlook maybe a little beyond the second quarter for prices here in the U.S.? I mean demand, obviously, as you mentioned, is strong right now. But it does seem that the different pricing seating suggests that we may have reached a peak and maybe we come down from here. Your thoughts will be appreciated.

那麼，您如何看待美國這裡的價格前景可能會超過第二季度？我的意思是，正如你提到的，現在需求很強勁。但不同的定價座位似乎確實表明我們可能已經達到頂峰，也許我們會從這裡走下來。您的想法將不勝感激。

Yes. Thank you for that, Carlos. I think that -- we reiterate, -- we like where we are today, and we love where we're headed. The market support our order book is diverse and operations are humming. Near term, we're keeping a close eye on the back half of the year and all those potential risks. There's no doubt that imports are threat, given the strength here in the U.S. market.

是的。謝謝你，卡洛斯。我認為——我們重申——我們喜歡我們今天所處的位置，我們喜歡我們前進的方向。市場支持我們的訂單簿是多種多樣的，並且運營很活躍。近期，我們將密切關注下半年和所有這些潛在風險。毫無疑問，鑑於美國市場的實力，進口是一種威脅。

Macro uncertainty remains. We don't know what's happening with inflation, the rates there, the ability to have a soft landing. But for us, no matter what happens, we're going to be nimble, and we're going to adjust, adapt. And as I said before, I've never felt better about where we are in terms of our balance sheet.

宏觀不確定性依然存在。我們不知道通貨膨脹發生了什麼，那裡的利率，軟著陸的能力。但對我們來說，無論發生什麼，我們都會變得靈活，我們會調整、適應。正如我之前所說，我對我們的資產負債表狀況感到前所未有的好。

And no matter how ugly it gets; we're going to get our strategic projects completed. So longer term, where we're headed. This is where we're really excited. The structural improvements in the sector that are coming, our business model is stronger than ever.

不管它變得多麼醜陋；我們將完成我們的戰略項目。所以從長遠來看，我們要去的地方。這是我們真正興奮的地方。該行業的結構性改進即將到來，我們的商業模式比以往任何時候都更強大。

And again, what we said earlier, incremental demand drivers, like the Inflation Reduction Act, the infrastructure build, the chip set, all these things play strongly for steel. And the new projects that we have, when you think about the NGO, there's like a 7% growth.

再一次，正如我們之前所說，增量需求驅動因素，如《降低通貨膨脹法》、基礎設施建設、芯片組，所有這些因素都對鋼鐵產生了強烈影響。而我們擁有的新項目，當你想到非政府組織時，增長了 7%。

And it's again worth noting that we're making the thinnest NGO. And this means that the cars are going to be able to drive further with ours. So safer and lighter and advanced high-strength steels. I think it's 7% growth that we're seeing there.

再次值得注意的是，我們正在打造最薄的非政府組織。這意味著汽車將能夠與我們一起行駛得更遠。更安全、更輕、更先進的高強度鋼。我認為我們在那裡看到的是 7% 的增長。

So we're getting to the future faster. There may be some bumps along the way, but the future is incredibly bright. And we've got to manage the transition. But when we get these projects in place, and we've proven that we can do it on time, I believe the economy is going to be there right when we need it.

所以我們正在更快地走向未來。一路上可能會有一些顛簸，但未來是非常光明的。我們必須管理過渡。但是當我們把這些項目落實到位，並且我們已經證明我們可以按時完成時，我相信經濟會在我們需要的時候出現。

Right. And then just following up on the electrical steel line. Can you maybe provide some color as to how the certification process goes in terms of timing? Do you need to start producing in the line to get the products certified? Or can you take steps ahead of time so it expedites once you are up and running, and you can start delivering material to customers?

正確的。然後只是跟進電工鋼線。您能否提供一些關於認證過程在時間方面如何進行的顏色？您是否需要在生產線上開始生產才能獲得產品認證？或者您是否可以提前採取措施，以便在您啟動並運行後加快速度，並且您可以開始向客戶交付材料？

Yes. Well, I wish you could actually be live here because we have a thin piece of steel that demonstrates that we can make it and we've proven it.

是的。好吧，我希望你真的能住在這裡，因為我們有一塊薄薄的鋼材，可以證明我們可以做到，而且我們已經證明了這一點。

And because we have a partner in Europe, we feel extraordinarily optimistic that is going to work very well. The Big River folks and our folks in Europe travel back and forth. They spent a lot of time on this. So a lot of this journey is based upon preparedness. And I'll tell you, these folks, they know how to get -- not just build the facilities, but also make sure that it runs well. And Big River had all-time record in terms of productivity here just recently.

而且因為我們在歐洲有一個合作夥伴，我們感到非常樂觀，認為它會運作良好。大河人和我們在歐洲的人來回旅行。他們在這上面花了很多時間。因此，這段旅程的大部分內容都基於準備。我會告訴你，這些人，他們知道如何獲得 - 不僅是建造設施，而且還確保它運行良好。 Big River 在最近的生產力方面創下了歷史新高。

So we feel -- they know how to run these facilities. And they know how to make sure that the product is ready to go when we need it. So going through that commissioning process, we're already have been able to hold a piece of steel in our hands and see what that looks like. So pretty excited about it.

所以我們覺得 - 他們知道如何運行這些設施。他們知道如何確保產品在我們需要時隨時可用。因此，通過調試過程，我們已經能夠將一塊鋼拿在手中，看看它是什麼樣子的。對此非常興奮。

It's our cardless -- again, we're pretty bullish that we'll be able to get this done on time, on budget and get it fully commissioned and get to the 200,000 tons capability soon, sometime through 2024.

這是我們的無卡——再次，我們非常樂觀地認為我們能夠按時、按預算完成這項工作，並使其完全投入使用，並很快達到 200,000 噸的能力，到 2024 年的某個時候。

Mr. Burritt, I will now turn the call back over to you. Please continue with your presentation or your closing remarks.

Burritt 先生，我現在將把電話轉回給您。請繼續您的演講或結束語。

Thank you again for your interest in our company and our strategy. We're pleased with our strong performance in the first quarter, and we look forward to updating you again in July about an even stronger second quarter.

再次感謝您對我們公司和我們的戰略的興趣。我們對第一季度的強勁表現感到滿意，我們期待在 7 月再次向您更新更強勁的第二季度。

At U.S. Steel, we keep our key stakeholders in mind in everything we do. Our plant, our employees, our customers and, of course, you, our stockholders. To our employees, thank you for safely working for our customers and delivering quality sustainable and profitable steel solutions. You are the lifeblood of U.S. Steel.

在 U.S. Steel，我們所做的每一件事都牢記我們的主要利益相關者。我們的工廠、我們的員工、我們的客戶，當然還有您，我們的股東。對於我們的員工，感謝你們安全地為我們的客戶工作，並提供優質的可持續和盈利的鋼鐵解決方案。你是美國鋼鐵公司的命脈。

To our customers, thank you for your continued partnership. Your support motivates us every day to make U.S. Steel the best steel company and to provide you with the steel solutions you need.

對於我們的客戶，感謝您一直以來的合作夥伴關係。您的支持每天都在激勵著我們，讓 U.S. Steel 成為最好的鋼鐵公司，並為您提供所需的鋼鐵解決方案。

And thank you to our stockholders. We believe U.S. Steel is one of the best opportunities for stockholder value creation in the steel market today. We are delivering on every aspect of our best-for-all strategy, and are well on our way to creating the free cash flow engine that supports EBITDA multiple expansion. We look forward to getting to our future faster together. Now let's get back to work safely.

感謝我們的股東。我們相信美國鋼鐵公司是當今鋼鐵市場為股東創造價值的最佳機會之一。我們正在實現我們最好的戰略的各個方面，並且正在努力創建支持 EBITDA 倍數擴展的自由現金流引擎。我們期待著一起更快地走向我們的未來。現在讓我們安全地回去工作吧。

That does conclude the conference call for today. We thank you for your participation, and we ask that you please disconnect your lines.

這確實結束了今天的電話會議。我們感謝您的參與，我們請求您斷開您的線路。