美國鋼鐵 (X) 2023 Q2 法說會逐字稿

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

大家早上好，歡迎參加美國鋼鐵公司 2023 年第二季度收益電話會議和網絡廣播。提醒一下，今天的通話正在錄音。

I'll now hand the call over to Kevin Lewis, Vice President, Finance. Please go ahead.

現在我將把電話轉給財務副總裁凱文·劉易斯 (Kevin Lewis)。請繼續。

Okay. Thank you, Tommy. Good morning, and thank you for joining our second quarter 2023 earnings call. We hope everybody is having a great summer.

好的。謝謝你，湯米。早上好，感謝您參加我們的 2023 年第二季度財報電話會議。我們希望每個人都度過一個愉快的夏天。

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.

參加今天電話會議的有美國鋼鐵公司總裁兼首席執行官戴夫·伯里特 (Dave Burritt)；高級副總裁兼首席財務官傑西卡·格拉齊亞諾 (Jessica Graziano)；高級副總裁兼首席戰略與可持續發展官 Rich Fruehauf。

This morning, we posted slides to accompany today's prepared remarks. These can be found on the U.S. Steel Investor Relations page under the Overview section. We also recently launched a new Investor Relations website, which includes a quarterly investor and strategy presentation. We hope that you've had the chance to review the slide deck and have found it useful.

今天早上，我們發布了幻燈片以配合今天準備好的發言。這些可以在美國鋼鐵投資者關係頁面的概述部分找到。我們最近還推出了一個新的投資者關係網站，其中包括季度投資者和策略介紹。我們希望您有機會查看幻燈片並發現它很有用。

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，請允許我提醒您，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 SEC 文件中所述的許多風險和不確定性的影響，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言論均截至今天，我們不承擔隨著實際事件的發展而更新這些前瞻性陳述的義務。

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

我現在想將電話會議轉給美國鋼鐵公司總裁兼首席執行官戴夫·伯里特 (Dave Burritt)，他將在幻燈片 4 上開始今天上午的電話會議。

Thank you, Kevin, and good morning to all of you joining us. We are grateful for your continued interest in U.S. Steel and look forward to updating you on our business.

謝謝你，凱文，祝所有加入我們的人早上好。我們感謝您對美國鋼鐵公司的持續關注，並期待向您介紹我們的業務最新情況。

We delivered a strong second quarter, reflecting solid market fundamentals and strong operational performance. We generated $804 million in adjusted EBITDA and 16% EBITDA margin. This includes an industry-leading 23.5% adjusted EBITDA margin for our Mini Mill segment.

我們第二季度的業績表現強勁，反映出堅實的市場基本面和強勁的運營業績。我們的調整後 EBITDA 為 8.04 億美元，EBITDA 利潤率為 16%。這包括我們的小型工廠部門調整後 EBITDA 利潤率為行業領先的 23.5%。

Of course, strong performance begins with safe operations. Operations run best when safety is best. Frankly, if companies aren't talking about safety, that sends a strong message about not only how they treat their people and customers but also about how their operations are performing.

當然，強大的性能始於安全操作。當安全性最好時，運營才能達到最佳狀態。坦率地說，如果公司不談論安全，那麼這不僅會傳達出一個強烈的信息，表明他們如何對待員工和客戶，而且還表明他們的運營表現如何。

The summer has historically been a high-risk time of year for the steel industry. I'm pleased with our continued focus across the organization on working safely and would like to remind all of those listening today to stay safe, follow high-heat protocols and look out for others.

夏季歷來是鋼鐵行業一年中的高風險時期。我很高興我們整個組織持續關注安全工作，並想提醒今天所有聽眾保持安全，遵守高強度協議並留意其他人。

We are on pace for another record best year of safety performance following a record best in 2020, record best in 2021 and record best in 2022. I know of no other steel company that approaches our great safety results.

繼 2020 年、2021 年和 2022 年創下安全業績最佳記錄之後，我們有望再創安全績效最佳年份。 據我所知，沒有其他鋼鐵公司能與我們的安全業績相媲美。

So as we kick off the call, I'd like to thank the U.S. Steel team for always putting safety first for themselves, for their families, for their communities and for our company. Operations always run best when they are running safely and efficiently.

因此，在我們開始通話時，我要感謝美國鋼鐵團隊始終將自己、家人、社區和我們公司的安全放在第一位。當安全、高效地運行時，運營總是能達到最佳狀態。

Our Flat-Rolled segment ran at an adjusted utilization of 86%, and our Mini Mill segment ran at 91% utilization. These high levels of utilization drive efficiencies throughout the business.

我們的平軋部門調整後的利用率為 86%，而我們的小型軋機部門的利用率為 91%。這些高水平的利用率提高了整個企業的效率。

U.S. Steel's Best for All strategy is to provide customers with profitable steel solutions for people and planet to reward stockholders. And I'm pleased to say that we expect to continue rewarding stockholders as we continue to execute extraordinarily well. We have returned an outsized amount of cash to investors and stock repurchases since the fourth quarter of 2021, nearly $1.2 billion or approximately 18% of our market capitalization at quarter end.

美國鋼鐵公司的最佳戰略是為客戶提供有益於人類和地球的有利可圖的鋼鐵解決方案，以回報股東。我很高興地說，隨著我們繼續出色地執行，我們希望繼續回報股東。自 2021 年第四季度以來，我們已向投資者返還了大量現金並回購了股票，接近 12 億美元，約佔季度末市值的 18%。

Meanwhile, we are advancing strategic projects on time and on budget. No permitting delays, none. This team found ways to offset high inflationary pressures. On time and on budget is now standard work at U.S. Steel. Our strategy will reposition U.S. Steel to benefit from long-term macro trends, which we believe signal a renaissance for American steelmaking. More on this later.

與此同時，我們正在按時、按預算推進戰略項目。不允許延誤，絕不允許。該團隊找到了抵消高通脹壓力的方法。現在，按時按預算已成為美國鋼鐵公司的標準工作。我們的戰略將重新定位美國鋼鐵公司，使其受益於長期宏觀趨勢，我們認為這標誌著美國鋼鐵製造業的複興。稍後會詳細介紹這一點。

Said very directly, I am bullish on the United States, I am bullish on American steel, and I am very bullish on U.S. Steel. That's why we're looking forward to getting to our Best for All future faster. Yes, some challenges remain, but the challenge has become the way. We embrace this strong philosophy, what stands in the way becomes the way. And we are making great progress transitioning to a less cost, less capital and less carbon-intensive business model to become the best steel competitor. We're doing this by expanding existing competitive advantages, enhancing our balanced capital allocation and leveraging bipartisan support for strong trade enforcement. Our path is delivering on our Best for All strategy.

說得很直接，我看好美國，我看好美國鋼鐵，我非常看好美國鋼鐵。這就是為什麼我們期待更快地實現“最好的所有人”的未來。是的，一些挑戰依然存在，但挑戰已成為出路。我們擁護這一堅定的理念，阻礙就會成為道路。我們正在向成本更低、資本更少、碳密集度更低的商業模式轉型，從而成為最好的鋼鐵競爭對手，取得了巨大進展。我們正在通過擴大現有的競爭優勢、加強平衡的資本配置以及利用兩黨對強有力的貿易執法的支持來做到這一點。我們的道路是實現“最適合所有人”的戰略。

Let's get into today's discussion on Slide 5. To get to our Best for All future, we must focus on the things that we can control. We are ensuring we have best safety performance, best environmental performance, best operations and are the best partner to our customers, employees, suppliers, communities and, of course, our stockholders. At the same time, we're expanding best capabilities in the U.S. Steel portfolio to deliver the new U.S. Steel today.

讓我們進入今天關於幻燈片 5 的討論。為了實現“人人享有最好的未來”，我們必須專注於我們可以控制的事情。我們確保擁有最佳的安全績效、最佳的環境績效、最佳的運營，並成為我們的客戶、員工、供應商、社區，當然還有我們的股東的最佳合作夥伴。與此同時，我們正在擴展美國鋼鐵公司產品組合的最佳能力，以在今天交付新的美國鋼鐵公司。

Our strategic process is accelerating with favorable external megatrends and setting up a period of tremendous opportunity for U.S. Steel and for our stockholders. Broadly speaking, those external factors are decarbonization, deglobalization and digitization.

我們的戰略進程正在隨著有利的外部大趨勢而加速，並為美國鋼鐵公司和我們的股東創造了一個巨大機遇的時期。從廣義上講，這些外部因素是脫碳、去全球化和數字化。

Let me begin with the decarbonization on Slide 6. The push towards a greener future is undeniable. That's why we were an early industry adopter of interim and net zero emission goals. Our customers want to partner with companies that help them meet their own decarbonization targets. That's where our strategic investments come into play. Later this summer, we'll start producing nongrain-oriented or NGO electrical steel on time and on budget. We've combined our state-of-the-art sustainable steelmaking assets at Big River Steel with a model for next-generation NGO electrical steel right here in the United States.

讓我從幻燈片 6 上的脫碳開始。邁向綠色未來的推動力是不可否認的。這就是為什麼我們是行業中早期採用臨時目標和淨零排放目標的原因。我們的客戶希望與幫助他們實現脫碳目標的公司合作。這就是我們的戰略投資發揮作用的地方。今年夏天晚些時候，我們將開始按時、按預算生產非晶粒取向或非政府組織電工鋼。我們將 Big River Steel 最先進的可持續煉鋼資產與美國的下一代非政府組織電工鋼模型相結合。

Our investments in sustainable steels continue to strengthen domestic supply chains and bring an advanced manufacturing back to our shores. The attractive electrical steel market is one of the fastest-growing markets with considerable margin expansion potential. We forecast a 7% compounded annual growth rate just in NGO and in motor laminate compared with 1% for the broader sheet market. Our new InduX-branded electrical steel product will provide the most capable and efficient NGO steel in the market today.

我們對可持續鋼鐵的投資繼續加強國內供應鏈，並將先進製造業帶回我們的海岸。有吸引力的電工鋼市場是增長最快的市場之一，具有相當大的利潤擴張潛力。我們預計 NGO 和汽車層壓板的複合年增長率為 7%，而更廣泛的板材市場的複合年增長率為 1%。我們的新 InduX 品牌電工鋼產品將提供當今市場上最有能力、最高效的 NGO 鋼。

To those that think this is new to us, we've been making electrical steel in Europe for over 20 years with our Slovakian team providing essential support for the successful completion of our NGO project. I'm so confident in our ability to be not only successful but disruptive to the electrical steel market in the United States. You'll see what I mean on Slide 7.

對於那些認為這對我們來說是新鮮事的人來說，我們在歐洲生產電工鋼已經有 20 多年了，我們的斯洛伐克團隊為我們的非政府組織項目的成功完成提供了必要的支持。我對我們不僅能夠取得成功而且能夠顛覆美國電工鋼市場的能力充滿信心。您會在幻燈片 7 中明白我的意思。

These next-generation electrical steels will be unmatched in scale. We can produce 200,000 tons of NGO steel more than any other domestic competitor. Unmatched in capabilities, we'll be able to produce electrical steels that are thinner, able to go 0.1 to 0.8 millimeters thin, wider up to 1,650 millimeters wide and bigger up to 30 metric tons, better than what the domestic market can produce today.

這些下一代電工鋼的規模將是無與倫比的。我們可以生產 20 萬噸 NGO 鋼，比國內任何其他競爭對手都多。憑藉無與倫比的能力，我們將能夠生產更薄的電工鋼，厚度可達 0.1 至 0.8 毫米，寬度可達 1,650 毫米，重量可達 30 噸，優於目前國內市場的產量。

Why does that matter? Because it allows customers to improve their production yields and process efficiencies. Our NGO will also be unmatched in customer value, strategically located to support manufacturing concentration in the U.S., Canada and Mexico and producing next-generation steels that aren't widely available today.

為什麼這很重要？因為它可以讓客戶提高產量和工藝效率。我們的非政府組織在客戶價值方面也將具有無與倫比的優勢，其戰略位置將支持美國、加拿大和墨西哥的製造業集中度，並生產目前尚未廣泛使用的下一代鋼材。

When we set out to build this line, we went straight to the customers to hear what's most important to them, and here's what we heard. Customers want thinner steels. The thinner we can make our NGO steels, the further their electric vehicle motors can go between charges. Customers want bigger coils. Bigger coils mean more throughput and less downtime. And customers want wider coils. Wider coils mean less yield loss, more efficient stamping and optimized slitting for less waste. We'll be able to offer NGO electrical steel that can do all of this and more.

當我們著手建造這條生產線時，我們直接去找客戶，聽聽對他們來說最重要的是什麼，這就是我們所聽到的。客戶想要更薄的鋼材。我們製造的 NGO 鋼材越薄，電動汽車電機在充電之間的行駛距離就越遠。客戶想要更大的線圈。更大的線圈意味著更高的吞吐量和更少的停機時間。客戶想要更寬的線圈。更寬的線圈意味著更少的產量損失、更高效的沖壓和優化的分切以減少浪費。我們將能夠提供能夠實現所有這些以及更多功能的非政府組織電工鋼。

For instance, we'll go thinner than what electric vehicle manufacturers currently require. This means we can meet their requirements today and tomorrow. The future of electrical steel is combining state-of-the-art sustainable steelmaking with world-class electrical steel technology, and that future for customers starts now.

例如，我們將比電動汽車製造商目前要求的更薄。這意味著我們今天和明天都能滿足他們的要求。電工鋼的未來是將最先進的可持續煉鋼與世界一流的電工鋼技術相結合，客戶的未來從現在開始。

We are pleased and excited to recently have earned our first customer orders for industrial and X EV auto grades. Those are orders in hand before the assets are running. So not only are we confident in our NGO steels, so are our customers. The sales team tells me, when we make it, we take it, meaning we will take market share since no competitor comes close to our NGO steel.

我們很高興也很興奮最近贏得了第一批工業級和 X EV 汽車級客戶訂單。這些是資產運行之前手頭的訂單。因此，我們不僅對我們的 NGO 鋼材充滿信心，我們的客戶也同樣如此。銷售團隊告訴我，當我們製造它時，我們就拿走它，這意味著我們將佔據市場份額，因為沒有競爭對手可以與我們的非政府組織鋼材相媲美。

We are delivering the new U.S. Steel today. NGO is part of Big River Steel, our state-of-the-art mini-mill operation that is crucial to U.S. Steel's ongoing and accelerating decarbonization strategy. We're also constructing a new continuous galvanizing line at Big River Steel that is slated for startup next year. This project remains on time and on budget. We know that making our business more environmentally sustainable is the best thing to do for our customers, for our planet and for our bottom line. That's why we're building Big River 2 right next door.

我們今天交付新的美國鋼鐵公司。 NGO 是 Big River Steel 的一部分，Big River Steel 是我們最先進的小型鋼廠，對於美國鋼鐵公司持續和加速的脫碳戰略至關重要。我們還在 Big River Steel 建造一條新的連續鍍鋅生產線，預計明年啟動。該項目仍然按時、按預算進行。我們知道，讓我們的業務更具環境可持續性是對我們的客戶、我們的地球和我們的利潤來說最好的事情。這就是我們在隔壁建造 Big River 2 的原因。

The new state-of-the-art mini mill remains on track for a 2024 start-up and in line with its $3 billion budget. Once complete, this cutting-edge facility, in combination with the existing Big River Steel, will form a 6 million-ton mega mill, supplying the most advanced and sustainable steels in North America.

這家最先進的新小型工廠仍有望在 2024 年啟動，並符合其 30 億美元的預算。竣工後，這一尖端設施與現有的 Big River Steel 相結合，將形成一座年產 600 萬噸的大型鋼廠，供應北美最先進、最可持續的鋼材。

Slide 8 illustrates the considerable construction progress to date. 87% of the project spend has already been committed, and 59% of the project execution is complete. As you can see, we're past the peak execution risk phase and are approaching the equipment installation and commissioning milestones. So while others in the industry haven't started construction, we are well on our way to greater free cash flow for our stockholders from our mini mill investment.

幻燈片 8 顯示了迄今為止的可觀建設進度。 87%的項目支出已經承諾，59%的項目執行已經完成。正如您所看到的，我們已經過了執行風險高峰階段，正在接近設備安裝和調試里程碑。因此，雖然業內其他公司尚未開始建設，但我們正在順利通過小型工廠投資為股東帶來更多自由現金流。

25% to 30% of Big River 2 equipment is already on site, which again largely derisks the next phase of construction. Most of the critical equipment not on site has been physically inspected by the team to ensure the equipment is ready for installation once delivered. We have the best in-house construction project team in the industry by far, and they are proving their expertise time and time again.

Big River 2 號設備的 25% 至 30% 已到位，這在很大程度上又降低了下一階段施工的風險。大多數不在現場的關鍵設備均已由團隊進行了物理檢查，以確保設備在交付後即可進行安裝。我們擁有迄今為止業內最好的內部施工項目團隊，他們一次又一次地證明了自己的專業知識。

First, by successfully delivering Big River Steel under budget and ahead of schedule and by achieving world-class commissioning, then by successfully delivering NGO later this quarter. And today, Big River 2 is on track and on budget in spite of extraordinary supply chain and inflationary pressures. With an average of 25 years' experience across the team, there is considerable experience at the helm that you can't easily replicate. This is a true and differentiated competitive advantage for U.S. Steel.

首先，在預算範圍內提前成功交付 Big River Steel，並實現世界級的調試，然後在本季度晚些時候成功交付 NGO。如今，儘管面臨巨大的供應鍊和通脹壓力，《大河 2》仍在按計劃推進並符合預算。整個團隊平均擁有 25 年的經驗，掌舵人擁有難以復制的豐富經驗。這對美國鋼鐵公司來說是真正的差異化競爭優勢。

Our iron ore assets are also differentiated competitive advantage. We continue to see the success of our Gary pig production as it supports our overall metallic strategy. Our investment at Keetac to add DR-grade pellet capabilities during 2024 also remains on time and on budget.

我們的鐵礦石資產也有差異化的競爭優勢。我們繼續看到加里豬生產的成功，因為它支持我們的整體金屬戰略。我們在 Keetac 的投資在 2024 年增加 DR 級顆粒能力也仍然按時、按預算進行。

Let's move to Slide 9 to discuss another trend moving in our favor, deglobalization. As you can see, we're investing in the place we've called home for 120-plus years, America. For decades, the big global trend was outsourcing and overseas investment. We saw the expansion of global supply chains, and we also saw just recently how delicate those supply chains really are. The COVID-19 pandemic exposed the fragility when lockdowns and labor shortages led to product shortage and the worst inflation in more than a generation.

讓我們轉到幻燈片 9，討論另一個對我們有利的趨勢：去全球化。正如您所看到的，我們正在投資 120 多年來我們稱之為家的地方——美國。幾十年來，全球大趨勢是外包和海外投資。我們看到了全球供應鏈的擴張，最近我們也看到了這些供應鏈實際上是多麼脆弱。 COVID-19 大流行暴露了封鎖和勞動力短缺導致產品短缺和一代多以來最嚴重通貨膨脹的脆弱性。

The opportunity, companies, both American and foreign, have realized they need to have operations here to access American markets and keep their supply chains resilient. The Inflation Reduction Act and Bipartisan Infrastructure law also provide meaningful incentives for investing in America. I'd say the IRA is misnamed. It's a Manufacturing Renaissance Act. We applaud those that made it happen, and we look forward to the tailwinds we believe it will provide for the steel industry for years to come.

抓住機遇，美國和外國公司都意識到他們需要在這裡開展業務，以進入美國市場並保持供應鏈的彈性。 《降低通貨膨脹法案》和兩黨基礎設施法也為在美國投資提供了有意義的激勵措施。我想說愛爾蘭共和軍的名字是錯誤的。這是一項製造業復興法案。我們對那些實現這一目標的人表示讚賞，並期待著我們相信這將為未來幾年的鋼鐵行業帶來的順風車。

I believe our country has finally realized how important it is to our national security to have a strong and resilient manufacturing sector here at home supported by strong trade enforcement. Of course, U.S. Steel has always been here. For 122 years, our steel has been mined, melted and made right here in the U.S.A. So we say welcome back to the rest of these companies coming home and look forward to partnering with them, and they really are charging back.

我相信我們的國家終於意識到，在強有力的貿易執法的支持下，國內擁有強大而有彈性的製造業對我們的國家安全有多麼重要。當然，美國鋼鐵公司一直都在這裡。 122 年來，我們的鋼鐵一直在美國開採、熔化和製造。因此，我們歡迎其他這些公司回到家鄉，並期待與他們合作，他們確實正在反擊。

In 2022, construction spending related to manufacturing was over $100 billion in the United States. And encouragingly, you can't have a manufacturing boom without steel. U.S. Steel is poised to supply steel to builders of everything from automobiles to roofing in a brutally-competitive global marketplace advantage United States and advantage U.S. Steel because we are investing in new capabilities that expand our iron ore, mini mill and finishing line advantages.

2022年，美國與製造業相關的建築支出超過1000億美元。令人鼓舞的是，沒有鋼鐵就不可能有製造業的繁榮。美國鋼鐵公司準備在競爭激烈的全球市場中向從汽車到屋頂等各種行業的建築商供應鋼材。美國鋼鐵公司之所以具有優勢，是因為我們正在投資新的能力，以擴大我們的鐵礦石、小型鋼廠和精加工線的優勢。

I hope you can hear the excitement in my voice when I discuss these global trends, deglobalization, decarbonization and how they align with U.S. Steel strategy. These are long-term tailwinds that will provide uplift as we execute our strategic transformation to being a less cost intensive, less capital-intensive and less carbon-intensive business. The path to value creation is clear.

我希望當我討論這些全球趨勢、去全球化、脫碳以及它們如何與美國鋼鐵戰略相一致時，您能聽到我聲音中的興奮。這些都是長期的順風車，將在我們執行戰略轉型時提供提振，轉型為成本密集度較低、資本密集度較低和碳密集度較低的業務。創造價值的路徑是明確的。

I'm also energized by another trend on Slide 10, one where we've only begun to scratch the surface. That's digitization. New digital tools like generative AI provide us with tremendous opportunity to become a more productive and more profitable U.S. Steel. At U.S. Steel, we've been working with multiple forms of AI with a recent strong focus on generative AI. We're already seeing results.

我還對幻燈片 10 上的另一種趨勢感到興奮，我們才剛剛開始觸及皮毛。這就是數字化。生成式人工智能等新的數字工具為我們提供了巨大的機會，使美國鋼鐵公司變得更有生產力、利潤更高。在美國鋼鐵公司，我們一直在研究多種形式的人工智能，最近重點關註生成式人工智能。我們已經看到了結果。

Here's just a few examples. At U.S. Steel Europe, we've achieved a $5 million annual run rate savings by deploying energy cost optimization models based on market price and electricity purchase recommendations. Also, at U.S. Steel Europe, we're leveraging machine learning with exhaust gas sensors to predict final values for carbon temperatures to recommend process actions. The benefit has been a $3 million annual run rate savings.

這裡僅舉幾個例子。在 U.S. Steel Europe，我們通過部署基於市場價格和購電建議的能源成本優化模型，每年節省了 500 萬美元的運行費用。此外，在美國鋼鐵歐洲公司，我們利用廢氣傳感器的機器學習來預測碳溫度的最終值，以推薦工藝操作。這樣做的好處是每年節省 300 萬美元的運行費用。

At Gary Works, we're utilizing advanced analytics to reduce natural gas usage at our boilers by monitoring key performance indicators to improve boiler operations and reduce fuel consumption. The value, $4 million of savings. And at our mines in Minnesota, we are leveraging advanced analytic models for operator recommendations to increase productivity at our concentrator. This has achieved nearly $3 million of value. This is only the beginning of our digital and AI journey.

在 Gary Works，我們利用先進的分析技術，通過監控關鍵性能指標來減少鍋爐的天然氣使用量，從而改善鍋爐運行並降低燃料消耗。價值 400 萬美元的節省。在明尼蘇達州的礦山，我們正在利用先進的分析模型為操作員提供建議，以提高選礦廠的生產率。這已經實現了近 300 萬美元的價值。這只是我們數字和人工智能之旅的開始。

To accelerate our work, we also recently launched a partnership with Carnegie Foundry, a leading robotics and AI studio here in Pittsburgh. The Carnegie Foundry team are clear leaders and innovators in autonomy. And this partnership will ensure we are at the forefront of emerging innovation in robotics and autonomous solutions. The bottom line, we may be a 122-year-old company, but we are intensely future-focused, and we have a bias for speed.

為了加速我們的工作，我們最近還與匹茲堡領先的機器人和人工智能工作室 Carnegie Foundry 建立了合作夥伴關係。卡內基鑄造廠團隊是自主領域的明確領導者和創新者。這種合作關係將確保我們處於機器人和自主解決方案新興創新的前沿。最重要的是，我們可能是一家擁有 122 年曆史的公司，但我們非常著眼於未來，並且我們偏重速度。

Now before we turn to Jess to go over the numbers, I'd like to briefly recap my opening remarks. Been a terrific second quarter. We're making great progress on strategic projects and remain on time and on budget. And we're extremely well positioned for what we believe will be the best American steel market in a generation and to capitalize on global trends of deglobalization, decarbonization and digitization to build a stronger, more resilient and more profitable U.S. Steel.

現在，在我們請傑西回顧這些數字之前，我想簡要回顧一下我的開場白。第二季度非常棒。我們在戰略項目上取得了巨大進展，並按時按預算完成。我們處於非常有利的位置，我們相信這將是一代人中最好的美國鋼鐵市場，並利用去全球化、脫碳和數字化的全球趨勢，打造一個更強大、更有彈性和利潤更高的美國鋼鐵公司。

We are excited by and committed to a capital allocation framework that consistently rewards stockholders. We're executing with confidence, and incremental EBITDA from strategic projects will continue to strengthen our already strong balance sheet. We're building a stronger business for you, our stockholders. As we get stronger, you will see the direct returns.

我們對持續回報股東的資本分配框架感到興奮並致力於這一框架。我們充滿信心地執行，戰略項目帶來的增量 EBITDA 將繼續加強我們本已強勁的資產負債表。我們正在為您（我們的股東）打造更強大的業務。隨著我們變得更強大，您將看到直接回報。

We've returned nearly $1.2 billion of capital to stockholders through buybacks since 2021, and I expect that to continue. And as we continue to think about capital allocation, we'll consider opportunities for the dividend given our confidence in generating resilient cash flows. This is the power of our strategy. I'm bullish on the future of U.S. Steel, and I couldn't be more pleased to lead the steel company with United States right there in the name.

自 2021 年以來，我們已通過回購向股東返還了近 12 億美元的資本，我預計這種情況將持續下去。當我們繼續考慮資本配置時，鑑於我們對產生彈性現金流的信心，我們將考慮股息的機會。這就是我們戰略的力量。我看好美國鋼鐵公司的未來，而且我非常高興能夠領導這家以美國鋼鐵公司為名的鋼鐵公司。

Now let's turn it over to Jess, who will go over the financials. Jess?

現在讓我們把它交給傑西，她將負責財務事宜。傑斯？

Thanks, Dave, and good morning to everyone on the call. I'll pick up on Slide 11. We were very pleased with our second quarter performance with sizable sequential increases in both adjusted EPS and adjusted EBITDA. Adjusted EPS of $1.92 for the quarter is up nearly 150% sequentially, in large part from higher net income as well as a lower share count from our buyback activity in the quarter.

謝謝戴夫，祝所有參加電話會議的人早上好。我將繼續看幻燈片 11。我們對第二季度的業績非常滿意，調整後每股收益和調整後 EBITDA 均大幅連續增長。本季度調整後每股收益為 1.92 美元，比上一季度增長近 150%，這在很大程度上是由於淨利潤增加以及本季度回購活動帶來的股票數量減少。

Adjusted EBITDA of $804 million is up about 90% sequentially, in part due to higher steel prices across our Flat-Rolled and Mini Mill segments and in Europe. Adjusted EBITDA also increased due to better mix as we responded to customer demand with our diverse order book and from continued cost improvements we've seen across the segments.

調整後 EBITDA 為 8.04 億美元，比上一季度增長約 90%，部分原因是我們的扁軋機和小型軋機部門以及歐洲的鋼材價格上漲。調整後的 EBITDA 也有所增加，這是由於我們通過多樣化的訂單來滿足客戶需求，以及我們在各個細分市場看到的持續成本改善，從而實現了更好的組合。

Adjusted EBITDA margin for the quarter was a healthy 16% with our mini mill being a significant contributor. Robust EBITDA margin in our Mini Mill segment in the second quarter was 23.5% after we adjust for construction and some onetime costs. More on the segments in a minute.

本季度調整後的 EBITDA 利潤率為 16%，其中我們的小型工廠做出了重要貢獻。在我們對建設和一些一次性成本進行調整後，第二季度我們的小型工廠部門強勁的 EBITDA 利潤率為 23.5%。稍後將詳細介紹這些部分。

We translated this strong performance across the business into a lot of cash generating over $100 million of positive free cash flow in the second quarter, and that's after investing $476 million in strategic CapEx for our in-flight projects and another $136 million for sustaining projects across the business.

我們將整個業務的強勁表現轉化為大量現金，在第二季度產生了超過 1 億美元的正自由現金流，這是在為我們的飛行項目投資 4.76 億美元用於戰略資本支出以及另外 1.36 億美元用於維持整個業務的項目之後。這生意。

All that cash further strengthens our balance sheet, and we ended Q2 with approximately $3.1 billion of cash and total liquidity of $5.5 billion. Our leverage at June 30 was 1.8x adjusted debt to EBITDA, well below our through-cycle target range of 3 to 3.5x.

所有這些現金進一步增強了我們的資產負債表，第二季度末我們擁有約 31 億美元的現金和 55 億美元的總流動性。截至 6 月 30 日，我們的槓桿率為調整後債務與 EBITDA 的 1.8 倍，遠低於我們 3 至 3.5 倍的整個週期目標範圍。

We're checking the box on each of our capital allocation priorities, maintaining a strong balance sheet while we invest in and execute against our strategy. We're also checking the box on direct returns with $75 million in share repurchases and $11 million in dividends returned to stockholders in the second quarter.

我們正在檢查每項資本配置優先事項，在我們投資和執行我們的戰略的同時保持強勁的資產負債表。我們還檢查了直接回報，第二季度將進行 7500 萬美元的股票回購和 1100 萬美元的股息返還給股東。

As we near the completion of our current $500 million repurchase authorization and add to the nearly $1.2 billion of buybacks completed since Q4 2021, we'll continue to consider direct returns of priority in capital deployment with the potential for a new sizable repurchase authorization and a fresh review of our dividend policy.

隨著我們即將完成當前 5 億美元的回購授權，並加上自 2021 年第四季度以來完成的近 12 億美元的回購，我們將繼續考慮資本部署優先權的直接回報，並有可能獲得新的大規模回購授權和對我們的股息政策進行新的審查。

What's really exciting is seeing our key in-flight initiatives come online. We start to generate free cash flow in bigger and more resilient ways as we begin producing NGO coils at Big River this quarter, and we look forward to Big River 2's on time start in mid-2024.

真正令人興奮的是看到我們的關鍵飛行計劃上線。隨著本季度我們開始在 Big River 生產 NGO 線圈，我們開始以更大、更有彈性的方式產生自由現金流，我們期待 Big River 2 於 2024 年中期按時啟動。

Let's move to Slide 12. Remember last quarter, when I called Big River a lean, green cash machine. It's lean when you compare half of the sustaining CapEx needs per ton versus our legacy assets, producing green steel with 70% to 80% fewer GHG emissions versus blast furnaces. And with over $1 billion of annual through-cycle free cash flow we expect from the Big River Campus, once Big River 2 is at run rate, the cash machine continues to get closer and ring louder.

讓我們轉到幻燈片 12。還記得上個季度，當時我稱 Big River 為精益、綠色提款機。當您將每噸持續資本支出需求的一半與我們的傳統資產進行比較時，您會發現它是精益的，生產綠色鋼鐵的溫室氣體排放量比高爐少 70% 至 80%。我們預計 Big River 園區的年度全週期自由現金流將超過 10 億美元，一旦 Big River 2 達到運行速度，提款機就會繼續靠近並響起更大的聲音。

Let's spend a few minutes within the segments and get into the details of the second quarter on Slide 13. I'll then share our thoughts on Q3. Our Flat-Rolled segment delivered a sequentially strong second quarter with EBITDA of $377 million, up over 2.5x from Q1. The higher steel prices we saw building in Q1 were realized in Q2, coupled with a benefit and mix across a more diverse order book. Now for second quarter results were also helped by the absence of seasonal headwinds in the mining operation that affected Q1.

讓我們在各個部分中花幾分鐘時間，深入了解幻燈片 13 上第二季度的細節。然後我將分享我們對第三季度的想法。我們的扁材軋製業務第二季度表現持續強勁，EBITDA 達到 3.77 億美元，比第一季度增長超過 2.5 倍。我們在第一季度看到的鋼材價格上漲在第二季度得到了實現，同時訂單簿也更加多樣化，帶來了好處和組合。現在，第二季度的業績也得益於影響第一季度的採礦作業中沒有季節性逆風。

The Mini Mill segment was the star of the show this quarter with segment EBITDA of $173 million, up nearly 3.5x sequentially, in large part from higher steel prices. Reported margin for the quarter was 22%, but that includes certain start-up costs for the new lines and for BR2 as well as some onetime costs in the quarter. Now together, if we exclude those $12 million of cost, the second quarter mini mill margin was the 23.5% I mentioned earlier, a best across public peers.

小型鋼廠業務是本季度的明星，其 EBITDA 為 1.73 億美元，比上一季度增長近 3.5 倍，這在很大程度上得益於鋼材價格的上漲。報告的本季度利潤率為 22%，但這包括新生產線和 BR2 的某些啟動成本以及本季度的一些一次性成本。現在，如果我們排除這 1200 萬美元的成本，第二季度短流程鋼廠的利潤率為我之前提到的 23.5%，是公共同行中最好的。

Our European operations also saw a meaningful improvement in the second quarter. We delivered $97 million of EBITDA in Europe, reflecting price and volume tailwinds and lower energy costs. We also benefited from cost absorption and other efficiencies from running all 3 blast furnaces in Slovakia.

我們的歐洲業務在第二季度也取得了顯著的改善。我們在歐洲實現了 9700 萬美元的 EBITDA，反映出價格和銷量的順勢以及能源成本的降低。我們還受益於斯洛伐克運營所有 3 座高爐的成本吸收和其他效率。

And while Q2 results have moderated from sequential gains in our Tubular segment, second quarter EBITDA for the segment remained robust at $169 million due to historically strong pricing, cost control and a focus on premium connections. Tubular delivered a very healthy 42% margin for the quarter.

儘管我們管狀業務第二季度的業績有所放緩，但由於歷史上強勁的定價、成本控制和對優質連接的關注，該業務第二季度的 EBITDA 仍保持在 1.69 億美元的強勁水平。 Tubular 本季度利潤率為 42%，非常健康。

Now looking forward to the third quarter, where we will still see positive results, albeit slowing sequentially. The Flat-Rolled segment results should reflect lower steel prices than we experienced in Q2. Volumes are expected to be stable as we continue to focus on mix that keeps the segment nimble to changing market dynamics.

現在展望第三季度，我們仍將看到積極的成果，儘管增速逐年放緩。扁軋業務的業績應反映出鋼材價格低於第二季度的水平。由於我們繼續關注組合，使該細分市場能夠靈活地適應不斷變化的市場動態，因此預計銷量將保持穩定。

In the Mini Mill segment, we expect lower steel prices will impact third quarter results and lower sequential EBITDA. However, with a strong level of EBITDA expected, margins in this segment should remain strong, approaching mid-teens for the third quarter.

在小型鋼廠領域，我們預計鋼材價格下跌將影響第三季度業績並降低連續 EBITDA。然而，由於預期 EBITDA 水平較高，該細分市場的利潤率應保持強勁，第三季度接近 15 位左右。

In Europe, current market dynamics are expected to pressure both steel prices and demand, which we expect will impact third quarter results. We're continuing to monitor the order book to ensure our production schedule and forward demand remain balanced.

在歐洲，當前的市場動態預計將對鋼價和需求構成壓力，我們預計這將影響第三季度的業績。我們將繼續監控訂單，以確保我們的生產計劃和遠期需求保持平衡。

At our Tubular operations, we expect volumes and average selling prices to be negatively impacted by more muted demand as onshore rig counts decline and pipe inventory rebalances throughout the quarter.

在我們的管材業務中，我們預計，隨著整個季度陸上鑽機數量下降和管材庫存重新平衡，需求疲軟將對銷量和平均售價產生負面影響。

As we look forward for Tubular, we remain focused on keeping fundamentals extremely strong as we monitor the impact of higher imports, increasing inventory levels across the supply chain and lower rig counts. And we'll do that by serving our customers in strategic basins, leveraging our proprietary premium connections and enhancing our structurally-improved cost profile. Taken together, we expect third quarter adjusted EBITDA to be between $450 million and $500 million.

當我們展望 Tubular 時，我們仍然專注於保持基本面強勁，因為我們監控進口增加、整個供應鏈庫存水平增加和鑽機數量減少的影響。為此，我們將通過為戰略盆地的客戶提供服務、利用我們專有的優質連接並增強我們結構性改進的成本狀況來實現這一目標。總的來說，我們預計第三季度調整後 EBITDA 將在 4.5 億美元至 5 億美元之間。

I'll wrap up with this on Slide 14. Our stock provides a unique opportunity for investors to invest in a growing business with a transformed balance sheet and continued and meaningful direct returns to stockholders, all at a significant discount versus peers.

我將在幻燈片 14 上對此進行總結。我們的股票為投資者提供了一個獨特的機會，可以投資於不斷發展的企業，該企業的資產負債表已發生轉變，並為股東提供持續且有意義的直接回報，所有這些都比同行有大幅折扣。

Now I'll turn it back to Dave before we take your Q&A. Dave?

現在，在我們接受您的問答之前，我會將其轉回給戴夫。戴夫？

Thanks, Jess. So to recap on Slide 15. We delivered record safety performance during a strong second quarter while advancing strategic investments on time and on budget. With each passing quarter, we are saying what we're doing and doing what we say. We are focused on the things we can control to get to our Best for All future faster. By delivering our best every day, we ensure continuous improvement.

謝謝，傑西。回顧一下幻燈片 15。我們在強勁的第二季度實現了創紀錄的安全績效，同時按時按預算推進戰略投資。每過一個季度，我們都在說我們正在做的事情，做我們所說的事情。我們專注於我們可以控制的事情，以便更快地實現“美好的未來”。通過每天盡力而為，我們確保持續改進。

Our Best for All strategy is setting us up to capitalize on favorable external trends to create tremendous opportunity for U.S. Steel. I truly believe we're entering an exciting time in the domestic steel market, and I am very bullish for U.S. Steel's future.

我們的“最適合所有人”戰略使我們能夠利用有利的外部趨勢，為美國鋼鐵公司創造巨大的機會。我堅信國內鋼鐵市場正在進入一個激動人心的時期，我對美國鋼鐵公司的未來非常看好。

Kevin, let's move to Q&A.

凱文，讓我們進入問答環節。

Okay. Thank you, Dave. Our first question comes from Say Technologies. And just as a reminder, the Say Technologies platform is a platform that we use here at U.S. Steel that allows retail and institutional investors to submit questions to management ahead of our earnings call. We've seen this platform used across other public companies like Tesla, like Chevron and Pfizer, to name a few.

好的。謝謝你，戴夫。我們的第一個問題來自 Say Technologies。提醒一下，Say Technologies 平台是我們在美國鋼鐵公司使用的一個平台，允許散戶和機構投資者在我們的財報電話會議之前向管理層提交問題。我們已經看到這個平台在特斯拉等其他上市公司、雪佛龍和輝瑞等其他上市公司中使用。

So today, several of the pre-submitted questions that we saw from investors focused on the expected impact from the Inflation Reduction Act and Infrastructure Bill. This isn't a new question, but one I know continues to be top of mind. Dave, do you want to get us started with your latest thoughts on the topic?

因此，今天，我們從投資者那裡看到的幾個預先提交的問題集中在《減少通貨膨脹法案》和《基礎設施法案》的預期影響上。這不是一個新問題，但我知道這個問題仍然是首要問題。戴夫，你想讓我們開始談談你對這個話題的最新想法嗎？

Sure. I'll be happy to. The IRA and the Infrastructure Bill offer unique opportunities really validate some of the trends I spoke about earlier. We agree with what some of you have said, we are on the cusp of once in a generational steel cycle. Our strategic projects position us well to benefit from the favorable macro trends. The IRA bill should be renamed, as I said, the Manufacturing Renaissance Act. Critical for industrial decarbonization, includes steel and iron making, which is confirmation of the critical role our business plays in U.S. manufacturing. And it's all about reshoring. And our mantra of mined, melted and made in the U.S.A. And Rich, I know you've been living this every day. Anything you'd like to add?

當然。我會很樂意的。 IRA 和基礎設施法案提供了獨特的機會，確實驗證了我之前談到的一些趨勢。我們同意你們中一些人所說的，我們正處於一代鋼鐵週期的風口浪尖。我們的戰略項目使我們能夠從有利的宏觀趨勢中受益。正如我所說，愛爾蘭共和軍法案應該更名為《製造業復興法案》。對於工業脫碳至關重要，包括鋼鐵生產，這證實了我們的業務在美國製造業中發揮的關鍵作用。這一切都與回流有關。我們的座右銘是在美國開採、熔化和製造。Rich，我知道您每天都過著這樣的生活。您還有什麼要補充的嗎？

Yes. Thanks, Dave. On the Infrastructure Bill, we are well positioned. As you mentioned, mined, melted and made in the U.S.A., that's what we do here at U.S. Steel every day. Reshoring of manufacturing to the U.S. and regionalization of supply chains, that's right in our wheelhouse. As you noted, the Infrastructure Bill includes so-called buy American provisions, and there's no better American steel than the steel that we make here at U.S. Steel.

是的。謝謝，戴夫。在基礎設施法案上，我們處於有利地位。正如您提到的，在美國開採、熔化和製造，這就是我們在美國鋼鐵公司每天所做的事情。將製造業回流到美國和供應鏈區域化，這正是我們的職責所在。正如您所指出的，基礎設施法案包括所謂的“購買美國產品”條款，沒有比我們美國鋼鐵公司生產的更好的美國鋼鐵了。

And I think the industry is just really starting to see the benefit. About $220 billion of the Infrastructure Bill has been announced. It takes time for these projects to get into the hands of the construction teams, but we're going to see more of that likely in the second half as it filters into actual projects on the ground.

我認為這個行業才剛剛開始看到好處。大約2200億美元的基礎設施法案已經公佈。這些項目需要時間才能進入施工團隊的手中，但我們可能會在下半年看到更多這樣的項目，因為它會滲透到實地的實際項目中。

So a lot more to come from the government spending here to be announced. And I think that points to additional upside for the industry, and that's why we have increased confidence about this being the generational moment for steel that you mentioned before, and other analysts have talked about it. So a lot to be optimistic about here.

因此，這裡的政府支出還有很多待公佈的內容。我認為這表明了該行業的額外優勢，這就是為什麼我們對這是您之前提到的鋼鐵的世代時刻更有信心，其他分析師也談到了這一點。所以這裡有很多值得樂觀的地方。

And then you look at the $370 billion in climate investments in the Inflation Reduction Act, that's another policy support for the industry and another area of opportunity for us.

然後你看看《通貨膨脹減少法案》中的 3700 億美元氣候投資，這是對該行業的另一項政策支持，也是我們的另一個機會領域。

The government is working through the process through various funding opportunity announcements from the Department of Energy on where that spending is going to go, but certainly a potential tailwind for steel and also for the technologies that will be developed to allow the industry to decarbonize to lower its carbon intensity. Obviously, that's something we've been working on for a long time with our net zero goal and our 20% reduction of emissions intensity by 2030 goals.

政府正在通過能源部宣布的各種融資機會公告來完成這一過程，以確定支出的去向，但無疑對鋼鐵以及將開發的使該行業脫碳以降低碳排放的技術來說是一個潛在的推動力。其碳強度。顯然，這是我們長期以來一直在努力實現的淨零目標和到 2030 年排放強度減少 20% 的目標。

So we've positioned the company to benefit from these potential future funds, and we think those can be very supportive of future investments for us. So especially technologies that will lower our carbon intensity.

因此，我們將公司定位為從這些潛在的未來資金中受益，我們認為這些資金可以非常支持我們未來的投資。尤其是能夠降低碳強度的技術。

Okay. Well, thank you both, Dave and Rich. And with that, Tom, you may now queue the phone line for questions. (Operator Instructions)

好的。好吧，謝謝你們，戴夫和里奇。湯姆，現在您可以撥打電話詢問問題了。 （操作員說明）

(Operator Instructions) I will proceed with our first question on the line from Tristan Gresser with PNB Paribas Exane.

（操作員說明）我將繼續回答 Tristan Gresser 與 PNB Paribas Exane 在線提出的第一個問題。

The first one is maybe on the Q2 volume numbers, notably, the decline in external shipments at Big River, if you could provide a little bit of color there. And moving into Q3, I appreciate the color you gave on the moving pieces of the guidance. But what are the expectations for U.S. volume into Q3? And is the volume guidance by division that you provided at the start of the year still valid? Or does it look a little bit ambitious now for Big River? And also on volumes in Europe, could you confirm if there has been a shutdown of a blast furnace for maintenance? And also, what does that mean for the volume guidance? That's my first question.

第一個可能是第二季度的銷量數字，特別是 Big River 的外部出貨量下降，如果您能提供一些信息的話。進入第三季度，我很欣賞您對指南的移動部分所賦予的色彩。但對美國第三季度銷量的預期是什麼？你們在年初提供的按部門劃分的銷量指導仍然有效嗎？或者說 Big River 現在看起來有點雄心勃勃？另外，關於歐洲的產量，您能否確認是否關閉了高爐進行維護？另外，這對於成交量指導意味著什麼？這是我的第一個問題。

Yes. Thanks for that question. I'll turn it here to Kevin in a moment, but we appreciate you calling out Big River Steel just because of the great performance that they've had. They've demonstrated that they can be incredibly nimble and in a short period of time are competing with the best amongst the best. So Kevin, maybe if you can get into a volume question, and then I think you had a tack-on question related to Europe.

是的。謝謝你提出這個問題。我稍後會將其轉給凱文，但我們感謝您因為大河鋼鐵公司的出色表現而稱讚他們。他們已經證明，他們可以非常靈活，並在短時間內與最優秀的人競爭。凱文，也許你可以提出一個數量問題，然後我認為你有一個與歐洲相關的附加問題。

Sure. Sure, Dave. Thank you. Related to volumes, we did see a sequential decline, as you called out, in shipment volumes out of our Mini Mill segment. I think that's just really relative to how the order book transpired in the quarter and strong levels of shipments in Q1. So as we look forward to Q3, we'd see shipments slightly down likely within the Mini Mill segment, but certainly still north of the 0.5 million tons of volume that we kind of saw in Q2. So I think still a reasonable level of shipments coming out of that segment.

當然。當然，戴夫。謝謝。與銷量相關，正如您所說，我們確實看到我們的小型工廠部門的發貨量連續下降。我認為這與本季度的訂單情況和第一季度的強勁出貨量有關。因此，當我們展望第三季度時，我們會看到小型鋼廠的出貨量可能會略有下降，但肯定仍高於我們在第二季度看到的 50 萬噸的出貨量。因此，我認為該細分市場的出貨量仍然處於合理水平。

If you think about just shipments more broadly, I think as Jess mentioned in her comments, we do see the potential to see shipments decline in Q3 relative to Q2. I think that's probably just a little bit across the board if you think about all 4 of our segments and how we're seeing the order book shape up for Q3. So with that, I'm going to pass it to Jess, and she's going to comment on USSK and specifically your question around the blast furnace.

如果您更廣泛地考慮出貨量，我認為正如 Jess 在她的評論中提到的那樣，我們確實看到第三季度出貨量相對於第二季度下降的可能性。我認為，如果你考慮一下我們的所有 4 個細分市場以及我們如何看待第三季度的訂單簿，那麼這可能只是一個全面的情況。因此，我會將其傳遞給 Jess，她將對 USSK 發表評論，特別是您關於高爐的問題。

Tristan, thanks for the question. So we take advantage of seasonally slow summer kind of mid-Q3, let's call it a seasonally slow August, to do a planned outage in Slovakia. So we've just started that outage on July 17. That's going to run about 50 days and, again, is sort of normal timing for us, given the relatively slow summer.

特里斯坦，謝謝你的提問。因此，我們利用第三季度中期季節性緩慢的夏季（我們稱之為季節性緩慢的八月）在斯洛伐克進行計劃內的停電。因此，我們剛剛從 7 月 17 日開始停電。這將持續大約 50 天，考慮到夏季相對緩慢，這對我們來說也是正常時間。

So we'll take advantage of doing that planned outage on 1 of the 3 blast furnaces. So you can expect that because of that, shipments are going to be, let's call it, as much as 100,000 tons lower versus what we saw in Q2. But we do expect to get back over 1 million tons in Q4, right? Now as we mentioned in prepared remarks, we'll watch closely what's happening just to make sure demand and production stay on balance. But for right now, we're feeling pretty comfortable underwriting that we'll again get back over those million tons shipping in Q4 out of Košice.

因此，我們將利用對 3 座高爐中的 1 座進行計劃停運的機會。因此，您可以預期，正因為如此，我們可以這麼說，發貨量將比我們在第二季度看到的減少多達 10 萬噸。但我們確實預計第四季度將恢復超過 100 萬噸，對嗎？現在，正如我們在準備好的發言中提到的那樣，我們將密切關注正在發生的事情，以確保需求和生產保持平衡。但就目前而言，我們對承保感到非常放心，我們將在第四季度再次收回從科埃斯發貨的百萬噸運輸量。

I think the thing to remember on this, too, is that Europe's been exceptionally run well. And they are very nimble, up, down and everything in between with remarkable safety results. So these people know how to run operations. And when they need to accelerate, they can. And when they need to dial back, they can and do their best to ensure we're EBITDA positive.

我認為在這一點上還需要記住的是，歐洲的運行狀況非常好。它們非常靈活，無論上升還是下降，都具有顯著的安全效果。所以這些人知道如何運營。當他們需要加速時，他們就能做到。當他們需要回撥時，他們可以並儘最大努力確保我們的 EBITDA 為正值。

Right. That's very clear and very helpful. My second question is a bit bigger picture and more focused to Europe. I mean we've seen many of your peers in Europe unlocking vast sums of public funding to decarbonize. Do you have anything new to share about your operations there in Slovakia? I think you sent a plan to the authority and maybe got some approval. Have you made a decision on what you plan to do with the operations? And I think to your point you made in your presentation, that's also really relevant to the rerating story, the valuation story. We've seen many steelmakers in Europe, for instance, not rerate because of this decarbonization overhang. So if you could give us maybe a bit of color on the strategy and the plan there, that would be appreciated.

正確的。這非常清楚並且非常有幫助。我的第二個問題是一個更大的前景，更關注歐洲。我的意思是，我們已經看到許多歐洲同行釋放了大量公共資金來脫碳。關於您在斯洛伐克的業務，您有什麼新消息可以分享嗎？我想你向當局發送了一份計劃，也許得到了一些批准。您是否已決定計劃如何開展運營？我認為就您在演講中提出的觀點而言，這也與重新評級故事、估值故事確實相關。例如，我們看到歐洲許多鋼鐵製造商由於脫碳問題而沒有重新定價。因此，如果您能給我們提供一些有關戰略和計劃的信息，我們將不勝感激。

Yes. So thank you, Tristan. So this is Rich. Look, first of all, we're very pleased that the Slovakian government approved our grant application for EUR 300 million for decarbonization under the recovery and resiliency plan, but this is just one of several steps that needs to be taken for us to move forward with decarbonization of that facility. We need a time line extension for use of those EUR 300 million. We need more funding from the -- there's a second fund called the EU Modernization Fund, so we need additional funding there as well from the Slovakian government. And we've been clear, we want investment partners to join us in this project. And of course, if you're going to move to electric arc furnace technology, which is the obvious thing to do, you're going to need competitive, long-term electricity rates. And then, of course, obviously, this is all subject to our Board of Directors approving it.

是的。所以謝謝你，特里斯坦。這就是里奇。首先，我們很高興斯洛伐克政府批准了我們根據復甦和彈性計劃進行脫碳的 3 億歐元贈款申請，但這只是我們前進需要採取的幾個步驟之一隨著該設施的脫碳。我們需要延長這 3 億歐元的使用期限。我們需要來自第二個基金的更多資金，稱為歐盟現代化基金，因此我們也需要斯洛伐克政府的額外資金。我們已經明確表示，我們希望投資合作夥伴加入我們這個項目。當然，如果您要轉向電弧爐技術（這是顯而易見的事情），您將需要有競爭力的長期電價。當然，顯然這一切都需要我們董事會的批准。

But I mean, I think, as Dave said, that facility has been very profitable through cycle. It's dealt with the challenges that have come. And we look for the current government, which is, frankly, it's a caretaker government. So there will be elections in September, and we'll take it from there.

但我的意思是，我認為，正如戴夫所說，該設施在整個週期中一直非常有利可圖。它應對了隨之而來的挑戰。我們尋找現任政府，坦率地說，這是一個看守政府。因此，九月將舉行選舉，我們將從那裡開始。

Yes, this has been a great asset, and we do know it's challenged by the Ukraine war that's just 60 kilometers away, but the support the employees have provided to the folks in Ukraine are more than commendable. And we do know that at some point, there's going to be a massive rebuilding, and we're right next door to help.

是的，這是一筆巨大的資產，我們確實知道它受到僅 60 公里外的烏克蘭戰爭的挑戰，但員工為烏克蘭人民提供的支持非常值得讚揚。我們確實知道，在某個時候，將會進行大規模的重建，而我們就在隔壁提供幫助。

And we'll proceed with our next question on the line from the line of Carlos De Alba with Morgan Stanley.

我們將通過卡洛斯·德阿爾巴與摩根士丹利的電話線繼續我們的下一個問題。

First one would be, if we can comment maybe, Dave, on how you see the -- or, Kevin, right, or Jess. But a lot of debate on market share, particularly around auto sheet and the profitability of that share. So if you could maybe share your perspective on how your steel is doing in the market. Very important, really very important end market for you, and for other flat testing producers is doing quite well relative to others. So any color as to how you're seeing in there and your perspective would be great.

第一個是，如果我們可以評論一下，戴夫，你如何看待——或者，凱文，對，或者傑西。但關於市場份額的爭論很多，特別是圍繞汽車板材和該份額的盈利能力。因此，您是否可以分享一下您對您的鋼材在市場上的表現的看法。對於您和其他平面測試生產商來說，非常重要，非常重要的終端市場相對於其他生產商來說做得相當好。因此，任何關於你在那裡看到的東西和你的視角的顏色都會很棒。

Well, thanks for that question. And I'm sure it's no surprise to you or any others, especially not our customers, but we're focused on creating win-win opportunities with our customers. We've earned additional market share with auto OEMs by having a value-added mindset. Our customers see themselves in our strategy. They're right there with us. They want us to grow our capabilities with them.

嗯，謝謝你提出這個問題。我確信您或任何其他人（尤其是我們的客戶）對此並不感到驚訝，但我們專注於與客戶創造雙贏的機會。我們通過增值思維贏得了汽車原始設備製造商的額外市場份額。我們的客戶在我們的戰略中看到了自己。他們就在我們身邊。他們希望我們與他們一起提高我們的能力。

The customers, they see we're not standing still while others are. Others may not be investing in the future like we are to meet the specific needs of our customers. And when we invest in the future, it's a signal to those customers that we want them to be successful.

客戶看到我們並沒有坐以待斃，而其他人卻停滯不前。其他人可能不會像我們那樣投資未來來滿足客戶的特定需求。當我們投資未來時，這向那些客戶發出了一個信號：我們希望他們取得成功。

So we've got our balance sheet cleaned up. We've got a fully-funded strategic CapEx program, and our approach to the auto market is working very well. They're approaching us. They want us to do more. I'd just say that the loudest voices don't earn market share, but value-focused partners do.

所以我們已經清理了資產負債表。我們擁有資金充足的戰略資本支出計劃，而且我們在汽車市場的策略運作良好。他們正在接近我們。他們希望我們做得更多。我只想說，聲音最大的人並不能贏得市場份額，但注重價值的合作夥伴卻可以。

Fair enough. The second -- sorry, well, my second question is on the NGO line. Great to hear that is on time on budget. How should we think about the ramp up -- the pace of the ramp-up after it starts off later this quarter?

很公平。第二個問題——抱歉，我的第二個問題是關於非政府組織的。很高興聽到這一切都在預算之內。我們應該如何看待本季度晚些時候開始的增長速度？

Yes. Thanks for that question. Achieving the right product mix, as you know, is integral to realizing the true value of the NGO line. As I said before, we're listening to the customers. They wanted thin or higher silicon content. The demand is going to drive higher price premiums and things like this. This is reflective in our ramp-up, which we've said, is like $140 million of EBITDA by 2026. So Rich, I know you've got some comments you'd like to make on this.

是的。謝謝你提出這個問題。如您所知，實現正確的產品組合對於實現 NGO 產品線的真正價值至關重要。正如我之前所說，我們正在傾聽客戶的意見。他們想要薄或更高的矽含量。需求將推動更高的溢價等。這反映在我們的增長中，我們說過，到 2026 年，EBITDA 將達到 1.4 億美元。Rich，我知道您對此有一些評論。

Yes. No, I think that's right, Dave. So first of all, we're in a good spot ahead of the start-up in the coming weeks. As you said and Jess talked about in the opening remarks, that project is on time, on budget. It was one of the first things we did when we closed on the acquisition of Big River. The second part was approve the NGO project, and so now we're in a great position.

是的。不，我認為這是對的，戴夫。首先，我們在未來幾週的啟動之前處於有利位置。正如您和 Jess 在開場白中所說，該項目按時、按預算進行。這是我們完成收購 Big River 後首先做的事情之一。第二部分是批准非政府組織項目，所以現在我們處於有利地位。

So on commissioning and ramp-up. We've already cold commissioned critical components, the reversing cold mill, the hydraulics, the cleaning section. We've been working closely with our customer base for some time to accelerate trial and qualification time lines. The volume ramp-up schedule, the overall volume alignment is really great. We've actually, in fact, sold the first volumes just last week to industrial and auto customers because of all the prequalification work the team had done. The NGO and our transition teams have been working on this for months, obviously, to get these steel grades qualified for customers based on the end market.

調試和啟動也是如此。我們已經對關鍵部件、可逆冷軋機、液壓系統、清潔部分進行了冷調試。一段時間以來，我們一直與客戶群密切合作，以加快試驗和資格認證的時間。銷量增長計劃、整體銷量調整確實很棒。事實上，由於團隊已經完成了所有資格預審工作，我們上週才向工業和汽車客戶出售了第一批產品。顯然，非政府組織和我們的過渡團隊已經為此努力了幾個月，以便根據終端市場使這些鋼種符合客戶的要求。

And remember, this facility will supply both industrial and the higher quality, higher specification EV grades. And we -- and I think it's overlooked a lot, but we already make electrical steels in Europe. Our Košice facility has been making electrical steels for over 20 years. So we've leveraged that expertise and partnership in Europe so that we can be out of the gate fast once the new NGO line in Osceola comes online.

請記住，該工廠將供應工業級和更高質量、更高規格的電動汽車級產品。我們——我認為它被忽視了很多，但我們已經在歐洲生產電工鋼。我們的 KoÅice 工廠生產電工鋼已有 20 多年的歷史。因此，我們利用了歐洲的專業知識和合作夥伴關係，以便一旦奧西奧拉的新非政府組織線路上線，我們就可以快速走出大門。

So we didn't provide guidance. Dave talked about it for 2023, the contribution from the NGO line, but we're confident we can get some EBITDA off the line this year. We're on our way to probably $60 million or so in 2024, and then we'll get up to around run rate by 2026 of about $140 million.

所以我們沒有提供指導。 Dave 談到了 2023 年非政府組織的貢獻，但我們有信心今年能夠獲得一些 EBITDA。到 2024 年，我們的運行速度可能會達到 6000 萬美元左右，然後到 2026 年，我們的運行速度將達到約 1.4 億美元。

But it's going very well, this commissioning. These people know how to do this. And what we like to see is when we take the legacy people at U.S. Steel who have been around for a long time, they know how to do these things like electrical steel. The partnership in Europe that trips back and forth to Europe from our Big River team, it's a great environment for them to learn from one another. We're learning to be more nimble, and we're learning some expertise, and it's showing up very nicely in this because when you've been making electrical steels for 20 years, making that transaction, that transfer to the U.S., it really does make a difference.

但這次調試進展順利。這些人知道如何做到這一點。我們希望看到的是，當我們吸收美國鋼鐵公司長期存在的老員工時，他們知道如何做電工鋼等這些事情。我們 Big River 團隊在歐洲的合作夥伴往返於歐洲，這為他們提供了一個互相學習的良好環境。我們正在學習變得更加靈活，我們正在學習一些專業知識，這在這方面表現得非常好，因為當你生產電工鋼20年，進行交易，轉移到美國時，它真的確實有所作為。

We'll proceed with our next question on the line. It's from Curt Woodworth with Crédit Suisse.

我們將繼續討論下一個問題。這是來自瑞士信貸銀行的 Curt Woodworth。

My first question is just with respect to the metallic strategy. I was wondering if you could give us an update on the plans for Granite City, and there's a tentative agreement with SunCoke, too, I think, repurpose some of these furnaces into pig iron facilities. Is that still part of the framework? I know that's been a little while. And then I guess, within that idea, the $1 billion of free cash flow to the Mini Mill segment, is that -- does that assume any captive metallics in that number? Would that be a third party? And then how should we think about potential economics of what you would try to do to get more backward integration on metallics over at Big River 2?

我的第一個問題是關於金屬策略的。我想知道您能否向我們介紹花崗岩城計劃的最新情況，我認為，與 SunCoke 也達成了初步協議，將其中一些熔爐重新改造為生鐵設施。這仍然是框架的一部分嗎？我知道那已經有一段時間了。然後我想，在這個想法中，迷你工廠部門的 10 億美元自由現金流是——這是否假設這個數字中有任何自有金屬？那會是第三方嗎？那麼我們應該如何考慮在 Big River 2 上為獲得更多金屬後向整合而採取的措施的潛在經濟效益？

Well, thanks for calling out that competitive advantage that we have with our iron range. It's a low cash cost in North America iron range. And we are able to exploit that competitive advantage with the new pig facility in Gary and then also the [float] plant that's well underway. I might say both of those on time, on budget. And then of course, your more specific question is related to Granite City, which has been in discussions for some time. I know Rich is following that closely. I'm not sure we got a whole lot to update you on here. But Rich?

好吧，感謝您指出我們的熨斗系列具有競爭優勢。在北美鐵系列中，現金成本較低。我們能夠利用加里的新養豬場以及正在順利建設的[浮式]工廠來利用這種競爭優勢。我可以說這兩個都按時、按預算進行。當然，你更具體的問題與花崗岩城有關，這個問題已經討論了一段時間了。我知道里奇正在密切關注這一點。我不確定我們是否有很多要向您通報的最新情況。但是里奇？

Well, I think you kind of hit it, Dave. So first of all, we got the 500,000 tons coming out of Gary from that pig project. That's already flowing down to Big River, and we've seen some meaningful cost improvements coming from that project. And I think the Granite City conversations with SunCoke, we continue to have conversations with them. We think things are going well, and we hope to have a mutually acceptable agreement. But that's all I can say right now in terms of the Granite City project.

好吧，我想你有點成功了，戴夫。首先，我們從加里的養豬項目中獲得了 50 萬噸。這些水已經流向 Big River，我們已經看到該項目帶來了一些有意義的成本改進。我認為花崗岩城正在與 SunCoke 進行對話，我們將繼續與他們進行對話。我們認為事情進展順利，希望達成雙方都能接受的協議。但就花崗岩城項目而言，我現在能說的就是這些。

And I'll turn it to Kevin in terms of the free cash flow.

我將把自由現金流的問題交給凱文。

Sure. And Curt, great question. Thanks for highlighting the Big River free cash flow. We have not assumed in those projections that there are any incremental benefits from future metallics investments. So that really is just based off of being essentially a market participant for metallics across our metallic needs.

當然。柯特，好問題。感謝您強調大河自由現金流。在這些預測中，我們並未假設未來金屬投資會帶來任何增量收益。因此，這實際上只是基於我們本質上是滿足我們金屬需求的金屬市場參與者。

So to the extent that we can continue to build out pig capabilities, continue to leverage the phenomenal work that Gary team has done to ramp up that asset very, very quickly and supply the existing Big River operations with more cost-effective internally sourced pig iron, that would all be additional value creation within the Mini Mill segment and an additional opportunity for us to extract value from our mining assets. So I think a lot more to be had. And our assumptions currently -- our assumptions to underwrite our free cash flow projections currently do not include the benefits of those potential opportunities.

因此，我們可以繼續增強生鐵能力，繼續利用加里團隊所做的出色工作，非常非常迅速地擴大該資產，並為現有的大河業務提供更具成本效益的內部生鐵，這都將在小型工廠領域創造額外的價值，並為我們提供從採礦資產中提取價值的額外機會。所以我認為還有很多事情要做。我們目前的假設——我們目前對自由現金流預測的假設不包括這些潛在機會的好處。

Okay. And then as a follow-up, could you provide updated CapEx guidance for this year and next year? And then just given the liquidity profile and your leverage is well below your target, what would prevent you from -- you talked about the dividend -- increasing the dividend or becoming more aggressive on buyback. Is it simply you'd like to get closer to the finish line with respect to Big River 2? Or how should we think about capital return ahead?

好的。作為後續行動，您能否提供今年和明年更新的資本支出指南？然後，考慮到流動性狀況和你的槓桿率遠低於你的目標，什麼會阻止你——你談到了股息——增加股息或更加積極地回購。您只是想更接近《Big River 2》的終點線嗎？或者說我們應該如何思考未來的資本回報？

A great question. You can imagine we're talking about that every day because we're so excited about the future. And we keep putting up good numbers, we keep generating cash flow. Obviously, we're relooking this, as Jess said in her remarks. But I need to make sure we refer you to our capital allocation process, and we're going to have a refresh on that, as Jess had indicated. So Jess, maybe you just update the team on where we are on CapEx and how that fits into our capital allocation strategy. I know it's in the deck, but I think it bears repeating because it's serving us well.

這是一個很好的問題。你可以想像我們每天都在談論這個，因為我們對未來感到非常興奮。我們不斷創造良好的數據，不斷產生現金流。顯然，正如傑西在她的講話中所說，我們正在重新考慮這一點。但我需要確保我們向您推薦我們的資本分配流程，並且正如傑西所指出的那樣，我們將對此進行更新。 Jess，也許您只需向團隊通報我們的資本支出情況以及這如何適應我們的資本分配策略。我知道它在套牌中，但我認為它值得重複，因為它對我們很有幫助。

Sure. Thanks, Dave. And great question, Curt. Thank you. So let me take this in pieces here. So an update on 2023 capital spending. The CapEx is still going to run about $2.5 billion, which is consistent with the way we've been thinking about it even from the beginning of the year as we have a large slug, right, as you guys know, in the continued spend behind the strategic in-flight initiatives that we have. So you can assume that's still coming in around $2.5 billion for this year.

當然。謝謝，戴夫。這是一個很好的問題，柯特。謝謝。所以讓我在這裡把它分成幾個部分。這是 2023 年資本支出的最新情況。資本支出仍將達到約 25 億美元，這與我們從今年年初開始的思考方式是一致的，因為我們有一個巨大的障礙，對吧，正如你們所知，在持續的支出中我們擁有的戰略性飛行舉措。因此，您可以假設今年的收入仍約為 25 億美元。

Now for next year, I'd like to be helpful. It's still a little bit early for us to start underwriting those numbers. We're just starting our own forecasting process, but let me talk about it broadly for next year in the way that we're looking forward. So we've got that last slug of strategic CapEx for our in-flights. Big River 2, obviously, being the biggest chunk. So let's start with probably about $800 million of additional strategic CapEx next year in '24. Early read on sustaining at this point is probably something in the neighborhood of $600 million to $700 million of CapEx. So let's call it somewhere in the neighborhood of $1.4 billion to $1.5 billion for 2024. That's sort of where we're targeting right now. That's obviously going to change as we get further along in our budgeting process.

現在，明年，我想提供幫助。對於我們來說，現在開始承保這些數字還為時過早。我們剛剛開始自己的預測過程，但讓我以我們期待的方式廣泛地談論明年的情況。因此，我們已經為飛行中的戰略資本支出提供了最後的支持。顯然，《大河 2》是最大的一塊。因此，讓我們從明年 24 年大約 8 億美元的額外戰略資本支出開始。早期認為維持這一點可能需要大約 6 億至 7 億美元的資本支出。因此，我們將 2024 年的目標定為 14 億至 15 億美元左右。這就是我們目前的目標。隨著我們在預算過程中取得進一步進展，這種情況顯然會發生變化。

I think if I'm going to go that far very preliminarily, I'll also go far enough to say to the next part of your question, right? We have come at it a few different ways with the notes I just shared, and there is a path for us next year to be positive free cash flow, right? So just taking together, again, this last slug of capital that we have and thinking about our strategic initiatives continuing to, as I mentioned in my prepared remarks, starts to really ring that cash register. Again, a path to positive free cash flow in 2024.

我想如果我初步就講到這裡，我也會講到你問題的下一部分，對吧？我們根據我剛剛分享的筆記採取了幾種不同的方法，明年我們有一條途徑可以實現正的自由現金流，對嗎？因此，正如我在準備好的發言中提到的那樣，再次將我們擁有的最後一筆資本放在一起，並思考我們的戰略舉措將繼續，開始真正敲響收銀機。這也是 2024 年實現正自由現金流的途徑。

So what does that mean from a capital allocation perspective? That's optionality, right? We're going to go back to checking our boxes in terms of prioritizing how we think about capital deployment. Super strong balance sheet to start. I mean, obviously, all of this funding that I'm talking about is prefunded on our balance sheet when you think about the strength of the cash and liquidity we have on hand right now. Then we're focused on, to your point, focused on getting to the end of these initiatives, right? Continuing to deliver them on time and on budget and really remain focused on the processes that allow us to get to run rate EBITDA and generate run rate cash flow across the current in-flight initiatives.

那麼從資本配置的角度來看，這意味著什麼呢？這就是選擇性，對嗎？我們將重新審視我們對資本部署的優先考慮。超級強勁的資產負債表開始。我的意思是，顯然，當你考慮到我們現在手頭的現金和流動性的實力時，我所說的所有這些資金都是在我們的資產負債表上預先提供的。然後，按照您的觀點，我們的重點是完成這些舉措，對吧？繼續按時、按預算交付它們，並真正專注於使我們能夠在當前飛行計劃中實現 EBITDA 運行率並產生運行率現金流的流程。

And then direct returns. We've said it a few times today. I'll put a very much finer point on it. Direct returns are a priority for us in terms of being able to provide those returns back to our stockholders. And that's going to be -- we don't want to get ahead of our board. But our current authorization is winding down. And we feel very, very comfortable and positive about what's next in terms of a next share repurchase program and a fresh dust off to our dividend policy, given the resiliency of the cash flow that's coming, right? And that doesn't even touch on 2025, which pun intended is when the cash really starts flowing off of all of these investments.

然後直接返回。今天我們已經說過好幾次了。我會對此提出更詳細的觀點。直接回報是我們的首要任務，因為我們能夠向股東提供這些回報。我們不想領先於董事會。但我們目前的授權正在逐漸結束。考慮到即將到來的現金流的彈性，我們對下一次股票回購計劃的下一步以及我們的股息政策的重新調整感到非常非常放心和積極，對吧？這甚至沒有觸及 2025 年，雙關語的意思是現金真正開始從所有這些投資中流出。

And Jess, let me just kind of add to that because I want to make sure everybody understands the tone that we have on this. And we've got a great Board, very challenging board, but there's no distance between us and the Board. And they know our strategy, our Best for All strategy. And they know our 3 big goals are about best operations with safety and environment, quality, delivery, so on; best relationships with our customers and our employees and the communities where we live and work and also with the stockholders, which gets to the really key thing which you guys care about. We're going to have the best improvement in EBITDA multiple. I feel very strongly about this, and we're going to make the kinds of improvements that you're going to be very pleased with.

傑西，讓我補充一下，因為我想確保每個人都理解我們對此的基調。我們有一個很棒的董事會，非常具有挑戰性的董事會，但我們和董事會之間沒有距離。他們了解我們的戰略，我們的“最適合所有人”戰略。他們知道我們的三大目標是安全和環境、質量、交付等方面的最佳運營；與我們的客戶、員工、我們生活和工作的社區以及股東的最佳關係，這是你們關心的真正關鍵的事情。我們的 EBITDA 倍數將得到最大的改善。我對此深有感觸，我們將做出讓您非常滿意的改進。

We'll get to our next question on the line -- from the line of Alex Hacking with Citi.

我們將討論下一個問題——來自花旗銀行的 Alex Hacking 的電話。

Jess, just to quickly follow up on your last answer. So there would be virtually no CapEx from existing strategic projects that would carry over into 2025. Is that correct?

傑西，只是為了快速跟進您上次的回答。因此，現有戰略項目幾乎不會有任何資本支出延續到 2025 年。這是正確的嗎？

Yes, that's right. Listen, there may be some straggling in just in terms of the timing of some of that cash going out the door, but it will be substantially done in '24.

恩，那就對了。聽著，就部分現金流出的時間而言，可能會有一些滯後，但基本上會在 24 年完成。

Okay. And then a follow-up, just on the Tubular segment. If I look at the index price for welded, it's effectively fallen in half since the beginning of the year. And it suggests that -- with your comments around inventory and so on, it does suggest that there's going to be kind of a continued squeeze on tubular profits headed into the end of the year and into 2024, like we know this is historically a very cyclical segment. Could you maybe discuss the kind of longer term or the midterm outlook for that segment?

好的。然後是管狀部分的後續部分。如果我看一下焊接指數價格，自今年年初以來，它實際上已經下跌了一半。它表明，根據您對庫存等的評論，它確實表明，到年底和 2024 年，管狀利潤將持續受到擠壓，就像我們知道這在歷史上是一個非常嚴重的情況一樣。循環段。您能否討論一下該細分市場的長期或中期前景？

Yes. Just first, just kind of level set here. Just to remind everybody that the Tubular segment had the best first half in the recent history with $1,700 a ton EBITDA in the first half. And this showcases the improvements that we've made over the last few years. We've narrowed the footprint, become very focused. We improved the cost structure with the new electric arc furnace, and we've prioritized the strategic basis to capitalize on the strong market backdrop, especially with premium connections, which are performing very well. So Jess, maybe a little bit more, if you could, on what we expect here.

是的。首先，只是在這裡設置一個級別。只是想提醒大家，管材行業上半年的 EBITDA 為近期歷史上最好的，每噸 EBITDA 為 1,700 美元。這展示了我們在過去幾年中所做的改進。我們縮小了足跡，變得非常專注。我們通過新型電弧爐改善了成本結構，並優先考慮了戰略基礎，以利用強勁的市場背景，特別是在優質連接方面，表現非常出色。 Jess，如果可以的話，也許可以多介紹一下我們在這裡的期望。

Sure. Thanks, Dave. Appreciate that. So just to start, Alex, again, just to level set. So we don't make welded. We actually make seamless tube. And that -- a benefit for us, that's more differentiated across the market.

當然。謝謝，戴夫。感謝。所以，剛剛開始，亞歷克斯，再次，只是為了水平設定。所以我們不做焊接。我們實際上生產無縫管。這對我們來說是一個好處，它在整個市場上更具差異化。

Our Tubular segment, listen, it continues to perform at exceptionally high levels. We're benefiting from structural changes that we've seen across that business, right? You talk about the volatility through the cycle. But structurally, we've changed that business, right, focusing on those strategic basins, focusing on premium connections and this differentiation and, frankly, leveraging and continuing to enhance the improved cost base that we have with our Fairfield EAF, right? That's a game changer for us in the tubular business.

我們的管狀部分，聽著，它繼續以異常高的水平運行。我們正在從整個行業的結構性變革中受益，對吧？您談到了整個週期的波動性。但從結構上講，我們已經改變了這項業務，對吧，專注於這些戰略盆地，專注於優質連接和這種差異化，坦率地說，利用並繼續增強我們通過 Fairfield EAF 改善的成本基礎，對吧？這對我們管材行業來說是一個遊戲規則改變者。

So we're keeping our eye on all the things that are posing current headwinds, let's say, within tubular, the imports that are out there, those inventory levels that you mentioned and the rig counts. But as we think about maybe more nearer term, we're also keeping our eye and monitoring distributor inventories, specifically to your question. Right now, they're running around 7 months, which is a little high. So we think in the very near term, let's call it, Q3 volumes, probably weaker sequentially, but we do expect as the restocking happens out to the end of the year, we'll get back to 120,000, 130,000 tons per quarter as we see, again, that inventory rebalance. So we are very pleased with not only the recent results within Tubular, but even more pleased at what we believe our Tubular business is going to be able to generate for us in the near term.

因此，我們正在密切關注構成當前不利因素的所有因素，比如說，在管材內部、現有的進口、您提到的庫存水平和鑽機數量。但當我們考慮更近期的情況時，我們也會密切關注並監控經銷商庫存，特別是針對您的問題。目前，他們的運行時間約為 7 個月，這有點高了。因此，我們認為，在不久的將來，我們稱其為第三季度的銷量，可能會比上一季度有所疲軟，但我們確實預計，隨著年底的補貨，我們將恢復到每季度 120,000 噸、130,000 噸，因為我們再次看看庫存再平衡。因此，我們不僅對 Tubular 最近的業績感到非常滿意，而且對我們相信 Tubular 業務在短期內能夠為我們帶來的成果感到更加滿意。

Thank you very much, and there are no further questions at this time. I will now turn the call back over to U.S. Steel CEO, Dave Burritt, for closing comments.

非常感謝您，目前沒有其他問題了。現在，我將把電話轉回給美國鋼鐵公司首席執行官戴夫·伯里特 (Dave Burritt)，以徵求結束意見。

Thank you for joining the earnings call, everybody. Thank you to all the stakeholders for your partnership and your interest in U.S. Steel. We are delivering our best every day and remain focused on the things we can control.

感謝大家參加財報電話會議。感謝所有利益相關者的合作以及對美國鋼鐵公司的關注。我們每天都盡力而為，並繼續專注於我們可以控制的事情。

For our stockholders, our Best for All strategy will generate industry-leading growth and returns to our stockholders in the near term and long term, and that's true today. We are following our capital allocation framework.

對於我們的股東來說，我們的“最適合所有人”戰略將在短期和長期內為我們的股東帶來行業領先的增長和回報，今天也是如此。我們遵循我們的資本配置框架。

For our customers, we're providing the quality steels you've grown accustomed to while investing to grow together. We can't wait for you to see what our NGO steels can do. Customers will love it, too.

對於我們的客戶，我們提供您已經習慣的優質鋼材，同時投資以共同成長。我們迫不及待地想讓您看看我們的非政府組織鋼材能做什麼。客戶也會喜歡它。

For our employees, we are investing in our business to be the mine, melted, and made in the U.S.A. steel supplier of choice for a reshoring of the nation, the nation has never seen before. We are critical to the countries and communities where we operate.

對於我們的員工來說，我們正在投資我們的業務，使之成為美國前所未見的國家回流的首選鋼鐵供應商。我們對我們開展業務的國家和社區至關重要。

We are committed to each of our stakeholders, including our collective stakeholder Planet Earth. In the second quarter, we issued our 2022 ESG report reaffirming our commitment to sustainable steelmaking and a greener economy. Our continued progress on ambitious sustainability goals is just one way we're delivering the U.S. Steel today.

我們致力於每個利益相關者，包括我們的集體利益相關者地球。第二季度，我們發布了 2022 年 ESG 報告，重申我們對可持續煉鋼和綠色經濟的承諾。我們在雄心勃勃的可持續發展目標上不斷取得進展只是我們今天實現美國鋼鐵公司目標的一種方式。

Today, strategic projects are ramping on time and on budget. Today, our operations are generating significant cash, $894 million year-to-date. And today, we're rewarding investors with another $75 million of stock repurchases in Q2 with more to come. The future is now, and we look forward to creating stockholder value together. Now let's get back to work safely.

如今，戰略項目正在按時、按預算推進。如今，我們的業務已產生大量現金，年初至今已達 8.94 億美元。今天，我們將在第二季度再次回購 7,500 萬美元的股票，以獎勵投資者，而且後續還會回購更多股票。未來就在眼前，我們期待共同創造股東價值。現在讓我們安全返回工作崗位吧。

Thank you, and that does conclude the conference call for today. We thank you for your participation, and also disconnect your lines. Have a good rest of the day, everyone.

謝謝大家，今天的電話會議到此結束。我們感謝您的參與，並斷開您的線路。大家今天好好休息吧。