美國鋼鐵 (X) 2022 Q1 法說會逐字稿

Good morning, everyone, and welcome to United States Steel Corporation's First Quarter 2022 Earnings Conference Call and Webcast. As a reminder, today's call is being recorded.

大家早上好，歡迎來到美國鋼鐵公司 2022 年第一季度收益電話會議和網絡直播。提醒一下，今天的電話正在錄音中。

I'll now hand the call over to Kevin Lewis, Vice President of Investor Relations and Corporate FP&A. Please go ahead.

我現在將電話轉給投資者關係和企業 FP&A 副總裁 Kevin Lewis。請繼續。

Okay. Thank you, Tommy.

好的。謝謝你，湯米。

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

早上好，感謝您參加我們的 2022 年第一季度財報電話會議。和我一起參加今天電話會議的是美國鋼鐵公司總裁兼首席執行官 Dave Burritt；高級副總裁兼首席財務官 Christine Breves；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. The link and slides for today's call can be found on the U.S. Steel Investor page under Events and Presentations.

今天早上，我們張貼了幻燈片，以配合今天準備好的發言。今天電話會議的鏈接和幻燈片可以在美國鋼鐵投資者頁面的活動和演示下找到。

Before we start, let me remind you that some information provided during this call may include forward-looking statements that are based on a certain -- 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.

在我們開始之前，讓我提醒您，本次電話會議期間提供的一些信息可能包括基於某些假設的前瞻性陳述，並受到我們提交給美國證券交易委員會的文件中所述的許多風險和不確定性的影響，和實際的未來結果可能會有很大差異。

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. 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.

我們昨天發布的新聞稿中的前瞻性陳述以及我們今天的評論都是截至今天做出的，我們不承擔隨著實際事件的發展而更新它們的責任。我現在想將電話會議轉交給美國鋼鐵公司總裁兼首席執行官戴夫·伯里特，他將從幻燈片 4 開始。

Thank you, Kevin, and thank you, everyone, for your interest in U.S. Steel. Thanks for your time this morning. We appreciate your continued support of our company. With each quarter, we demonstrate our progress, and it is a pleasure to provide an update on yet another quarter of record-setting performance.

謝謝你，凱文，謝謝大家對美國鋼鐵公司的興趣。謝謝你今天早上的時間。感謝您一直以來對我們公司的支持。每個季度，我們都展示了我們的進步，很高興提供另一個季度創紀錄業績的最新信息。

But first and foremost, we set a record this quarter for safety performance. So far this year, our safety is better than the record set in 2021, which was better than the record set in 2020, which was better than the record set in 2019. The drumbeat of continuous improvement demonstrates our role as the industry leader, a position we take very seriously at U.S. Steel, where safety is always first. Thank you to the U.S. Steel team for continuing to work safely. We appreciate you.

但最重要的是，我們在本季度創造了安全績效記錄。今年到目前為止，我們的安全性好於2021年的紀錄，好於2020年的紀錄，好於2019年的紀錄。持續改進的鼓聲彰顯了我們作為行業領導者的角色，一個我們非常重視美國鋼鐵公司的立場，安全始終是第一位的。感謝美國鋼鐵團隊繼續安全工作。我們感謝您。

We all know when safety is great, operations run great. Your hard work and dedication are at the center of our success. Let's take a moment to recognize our colleagues in U.S. Steel Europe for being safety champions and embodying our S.T.E.E.L. principles. They exemplify our code of conduct. The human tragedy in Ukraine has hit very close to home in Eastern Slovakia, and on behalf of the entire leadership team at U.S. Steel, we are grateful for the support and aid you offer -- you've offered to your neighbors and for the resiliency you've demonstrated to overcome deeply disturbing and disruptive events over the past several months.

我們都知道，當安全性高時，操作運行良好。您的辛勤工作和奉獻精神是我們成功的核心。讓我們花一點時間來表彰我們在美國鋼鐵歐洲的同事，他們是安全冠軍並體現了我們的 S.T.E.E.L.原則。它們體現了我們的行為準則。烏克蘭的人間悲劇在斯洛伐克東部發生在離家很近的地方，我們代表美國鋼鐵公司的整個領導團隊，感謝你們提供的支持和幫助——你們向鄰居和復原力提供的支持和幫助在過去的幾個月裡，你已經證明能夠克服令人深感不安和破壞性的事件。

Looking across the enterprise, we expect 2022 to be another exceptionally strong year for U.S. Steel. We delivered our best ever first quarter and expect to do it again by delivering our best ever second quarter, expecting to beat last year's record second quarter EBITDA.

縱觀整個企業，我們預計 2022 年對美國鋼鐵公司來說將是又一個異常強勁的一年。我們提供了有史以來最好的第一季度，並希望通過提供我們有史以來最好的第二季度再次做到這一點，預計將超過去年創紀錄的第二季度 EBITDA。

Over the past 12 months, U.S. Steel has delivered EBITDA of $6.4 billion dollars and $3.7 billion dollars of free cash flow, enablers of our Best for All strategy and our balanced capital allocation framework. Best for All has us well positioned to continue our transition to a less capital and carbon-intensive business while becoming the best steel competitor.

在過去的 12 個月中，美國鋼鐵公司實現了 64 億美元的 EBITDA 和 37 億美元的自由現金流，這是我們的 Best for All 戰略和我們平衡的資本分配框架的推動力。 Best for All 使我們有能力繼續向資本和碳密集程度較低的業務轉型，同時成為最好的鋼鐵競爭對手。

To become the best, we are combining highly capable integrated facilities, low-cost and highly sophisticated mini mills, and our unique low-cost iron ore to create an economic engine that best serves our customers, best supports our employees and, of course, best rewards our stockholders.

為了成為最好的，我們將高能力的綜合設施、低成本和高度精密的小型磨機以及我們獨特的低成本鐵礦石相結合，以創造一個為客戶提供最佳服務、為員工提供最佳支持的經濟引擎，當然，最好的回報我們的股東。

And to become the Best for All, we need best from all, which includes from our colleagues, customers, communities and countries where we live and work. Specifically, we count on the continued strong support of the U.S. government to ensure a level playing field. We need strong trade enforcement to answer the administration's call to action to address climate change.

為了成為所有人的最佳，我們需要所有人的最佳，其中包括我們的同事、客戶、社區和我們生活和工作的國家。具體而言，我們依靠美國政府的持續大力支持來確保公平的競爭環境。我們需要強有力的貿易執法來響應政府為應對氣候變化而採取的行動呼籲。

We know the administration knows the role steel plays in our national and economic security, and the opportunity we have to continue to advance actions that makes steel more sustainable. We have been pleased with the work of our Commerce Secretary and U.S. Trade Representative. We expect their strong leadership and enforcement to continue.

我們知道政府知道鋼鐵在我們的國家和經濟安全中所扮演的角色，以及我們必須繼續推進使鋼鐵更具可持續性的行動的機會。我們對商務部長和美國貿易代表的工作感到滿意。我們希望他們的強有力的領導和執法能夠繼續下去。

Our customers, employees and stockholders are counting on it.

我們的客戶、員工和股東都指望它。

Our stakeholders are also counting on the best from us to continue to deliver by expanding our competitive advantages in lowest cost iron ore in North America, mini-mill steelmaking, and best-in-class finishing while executing our balanced capital allocation strategy.

我們的利益相關者還指望我們提供最好的服務，通過擴大我們在北美最低成本鐵礦石、小型鋼廠煉鋼和一流精加工方面的競爭優勢，同時執行我們的平衡資本配置戰略。

The work we have done on the balance sheet and our bullish outlook for 2022 puts us in a great position to deliver on our solution to expand our competitive advantages while maintaining a balanced capital allocation strategy, including the opportunity to significantly increase direct returns to stockholders.

我們在資產負債表上所做的工作以及我們對 2022 年的樂觀展望使我們處於有利位置，可以提供擴大競爭優勢的解決方案，同時保持平衡的資本分配戰略，包括顯著增加對股東的直接回報的機會。

We like to say, when we do well, you do well, and I'm pleased with our ability to continue to reward not only customers with great steel solutions and employees with record profit sharing, but also stockholders with more direct returns from stock buybacks. Now more than ever, delivering on our Best for All strategy is our path forward.

我們喜歡說，當我們做得好時，您也做得好，我很高興我們能夠繼續獎勵客戶，不僅為客戶提供出色的鋼鐵解決方案，為員工提供創紀錄的利潤分享，而且為股東提供更直接的股票回購回報.現在比以往任何時候都更重要的是，實施我們的 Best for All 戰略是我們前進的道路。

Let's turn to Slide 5, where I will introduce the key messages for today's call. First, we achieved record first quarter performance, and as mentioned, we expect record best second quarter performance, too. If we deliver expected second quarter performance, we will have executed the best 12 months of financial performance in our company's history.

讓我們轉到幻燈片 5，我將在其中介紹今天電話會議的關鍵信息。首先，我們實現了創紀錄的第一季度業績，如前所述，我們預計第二季度的業績也將創紀錄。如果我們提供預期的第二季度業績，我們將實現公司歷史上最好的 12 個月財務業績。

Next, as I mentioned earlier in my remarks, we had strong execution across the enterprise and are assembling a portfolio of differentiated assets to deliver profitable steel solutions for people and planet.

接下來，正如我之前在發言中提到的，我們在整個企業中都有強大的執行力，並正在整合差異化資產組合，為人類和地球提供可盈利的鋼鐵解決方案。

Finally, we are returning capital to stockholders in line with our capital allocation framework. Later, we'll take a few moments to summarize our competitive position and unique customer value proposition in each segment.

最後，我們根據我們的資本分配框架向股東返還資本。稍後，我們將花一些時間總結我們在每個細分市場中的競爭地位和獨特的客戶價值主張。

And lastly, as we continue to execute the transformation of our business model, demonstrate the resiliency of our strategy and maintain the financial strength that will allow us to complete our strategic investments on time and on budget. We continue to believe the market is significantly discounting our strategic position and valuation, making stock repurchases a continued source of tremendous long-term value creation.

最後，隨著我們繼續執行業務模式的轉型，展示我們戰略的彈性並保持財務實力，使我們能夠按時、按預算完成戰略投資。我們仍然相信市場正在大幅貶低我們的戰略地位和估值，使股票回購成為巨大的長期價值創造的持續來源。

Moving to our financial results on Slide 6. The first quarter presented challenges to our industry and our business, including normal seasonal impacts amplified by volatility and supply chain disruptions. And at U.S. Steel, we view each challenge as an opportunity, and we delivered record first quarter net earnings, record first quarter adjusted EBITDA and all-time record liquidity.

轉到幻燈片 6 上的財務業績。第一季度對我們的行業和業務提出了挑戰，包括波動性和供應鏈中斷放大的正常季節性影響。在美國鋼鐵公司，我們將每個挑戰視為機遇，我們實現了創紀錄的第一季度淨收益、創紀錄的第一季度調整後 EBITDA 和創紀錄的流動性。

And most importantly, we translated record earnings into strong free cash flow generation, over $400 million of free cash flow in the quarter. Our strong free cash flow positioned us at quarter end with $2.9 billion in cash to support our Best for All investments and our balanced approach to capital allocation.

最重要的是，我們將創紀錄的收益轉化為強勁的自由現金流，本季度的自由現金流超過 4 億美元。我們強勁的自由現金流使我們在季度末擁有 29 億美元的現金，以支持我們的 Best for All 投資和我們平衡的資本配置方法。

Looking ahead to the second quarter, we expect each of our segments to contribute to higher EBITDA generation in the second quarter. Given the anticipated upward trajectory of our business, I'll spend a few minutes on each of our operating segments outlined on Slide 7 to highlight how we are differentiating our business segments by leveraging our unique capabilities and how we're using U.S. Steel advantages to meet our customers' needs.

展望第二季度，我們預計我們的每個部門都將在第二季度為更高的 EBITDA 做出貢獻。鑑於我們業務的預期上升軌跡，我將花幾分鐘時間介紹幻燈片 7 中概述的每個運營部門，以強調我們如何通過利用我們獨特的能力來區分我們的業務部門，以及我們如何利用美國鋼鐵公司的優勢滿足我們客戶的需求。

Let's start with North American Flat-Rolled segment on Slide 8. Our North American Flat-Rolled segment is a critical element of our Best for All strategy as we continue to leverage our low-cost iron ore and our integrated steelmaking assets to serve a diverse mix of customers demanding increasingly differentiated grades of steel. We offer our customers steel that is mined, melted and made in the U.S.A. Our low-cost iron ore is a truly sustainable competitive advantage, the importance of which has been amplified by the recent disruptions in the global metallic supply chain.

讓我們從幻燈片 8 上的北美平板軋製部門開始。我們的北美平板軋製部門是我們“最佳化”戰略的關鍵要素，因為我們將繼續利用我們的低成本鐵礦石和我們的綜合煉鋼資產來服務於多元化客戶需求日益分化的鋼種。我們為客戶提供在美國開採、冶煉和製造的鋼材。我們的低成本鐵礦石是真正可持續的競爭優勢，最近全球金屬供應鏈的中斷加劇了這一優勢的重要性。

Our structurally long iron ore position is a source of long-term value creation as we continue to expand our competitive advantage to increasingly benefit our mini mill steelmaking operations. We announced the first step in our metallic strategy in February with the construction of a pig machine at our Gary Works facility. Our investment in pig iron capability at Gary is a capital-light investment that unlocks significant benefits across the enterprise.

我們的結構性長期鐵礦石頭寸是長期價值創造的源泉，因為我們將繼續擴大我們的競爭優勢，以使我們的小型鋼廠煉鋼業務越來越受益。 2 月份，我們宣布了金屬戰略的第一步，在我們的 Gary Works 工廠建造了一台養豬機。我們對 Gary 生鐵能力的投資是一項輕資本投資，可為整個企業帶來顯著收益。

First, it will utilize excess blast furnace capacity at Gary Works to produce pig iron without sacrificing steelmaking capability. Gary works is long iron, which means the facility can produce more liquid iron than the steel shop can consume to make steel. By installing a pig iron machine, we can increase blast furnace utilization and create efficiencies within our Flat-Rolled segment.

首先，它將利用加里工廠過剩的高爐產能來生產生鐵，而不會犧牲煉鋼能力。加里工廠是長鐵，這意味著該設施生產的液態鐵比鋼鐵廠生產鋼鐵的消耗量要多。通過安裝生鐵機，我們可以提高高爐利用率並在我們的平板軋機部門創造效率。

And second, this pig iron investment, with expected start-up in early 2023, will supply up to 50% of Big River Steel's ore-based metallics needs, meaning, it could replace up to 50% of third-party purchases of pig iron, DRI, HBI or prime scrap. U.S. Steel has a unique opportunity to translate ownership of a low-cost iron ore into feedstock for an expanding fleet of electric arc furnaces.

其次，這項生鐵投資預計將於 2023 年初投產，將滿足 Big River Steel 高達 50% 的礦石基金屬需求，這意味著它可以替代高達 50% 的第三方採購生鐵、DRI、HBI 或素廢料。美國鋼鐵公司擁有獨特的機會將低成本鐵礦石的所有權轉化為不斷擴大的電弧爐車隊的原料。

We continue to evaluate additional opportunities to further increase our self-sufficiency and unlock additional sources of differentiation. Our integrated steelmaking footprint is also being reshaped. We've made difficult but necessary decisions to reposition our integrated facilities by moving our blast furnace footprint down the cost curve and enhancing our capabilities.

我們將繼續評估更多機會，以進一步提高我們的自給自足能力並釋放更多差異化資源。我們的綜合煉鋼足跡也在重塑。我們做出了艱難但必要的決定，通過將高爐佔地面積降低成本曲線並提高我們的能力來重新定位我們的綜合設施。

Our enhanced capabilities include our best-in-class finishing lines to produce the high-end steels our customers, particularly automotive and packaging customers, demand when only the best will do. Auto OEMs have historically had the biggest need for advanced high-strength grades of steel, but our business and commercial development efforts are rapidly identifying other end markets that benefit from advanced high-strength steels.

我們增強的能力包括我們一流的精加工生產線，以生產我們的客戶，特別是汽車和包裝客戶，在只有最好的情況下才需要的高端鋼材。汽車原始設備製造商歷來對先進高強度鋼的需求最大，但我們的業務和商業開發工作正在迅速確定其他受益於先進高強度鋼的終端市場。

Our customers tell us time and time again that we're the leader in advanced high-strength steels, and we continue to grow share. And while supply chains experienced challenges last year, we shipped more advanced high-strength steel in the first quarter of 2022 than we did in the first quarter a year ago.

我們的客戶一次又一次地告訴我們，我們是先進高強度鋼的領導者，而且我們的份額還在繼續增長。儘管去年供應鏈遇到了挑戰，但我們在 2022 年第一季度運送了比一年前第一季度更多的先進高強度鋼。

The progress we've made in our North American Flat-Rolled segment has resulted in improved earnings power and resiliency. In the first quarter, we realized relatively flat average selling prices versus the fourth quarter of last year despite a decrease in spot prices of 34%. Our contract positioning allowed us to generate first quarter EBITDA that was over 2x higher than last year's first quarter performance and resulted in EBITDA margins of over 20%.

我們在北美平板軋機部門取得的進展提高了盈利能力和彈性。在第一季度，儘管現貨價格下跌了 34%，但與去年第四季度相比，我們實現了相對持平的平均售價。我們的合同定位使我們產生的第一季度 EBITDA 比去年第一季度的業績高出 2 倍以上，並導致 EBITDA 利潤率超過 20%。

Our Mini Mill segment on Slide 9, which includes Big River Steel, is the industry leader in electric arc furnace steel production. Yet again, Big River Steel delivered industry-leading financial performance. First quarter EBITDA margins for the segment were 38%, or 900 basis points better than the best Mini Mill competition. Big River Steel's unmatched process and product innovation, combined with its ability to produce sustainable steel with up to 75% fewer greenhouse gas emissions than traditional integrated steelmaking, makes Big River Steel a platform for growth with customers.

我們在幻燈片 9 上的小型軋機部門，其中包括 Big River Steel，是電弧爐鋼鐵生產的行業領導者。再一次，大河鋼鐵公司實現了行業領先的財務業績。該部門第一季度的 EBITDA 利潤率為 38%，比最好的 Mini Mill 競爭對手高 900 個基點。 Big River Steel 無與倫比的工藝和產品創新，加上其生產可持續鋼鐵的能力，其溫室氣體排放量比傳統的綜合煉鋼少 75%，使 Big River Steel 成為與客戶共同成長的平台。

We listened to our customers over a year ago in regards to electrical steel, and through this, we have demonstrated our commitment to serving the broader electrical steel market. It is the customer that drives our actions and informed our investment in non-grain oriented or NGO electrical steel. We are not skeptical about moving forward faster and don't need to wait to see what automotive customers will do.

一年多前，我們就電工鋼聽取了客戶的意見，通過這種方式，我們展示了我們對服務更廣泛電工鋼市場的承諾。是客戶推動我們的行動並告知我們對非晶粒取向或非政府組織電工鋼的投資。我們對更快地前進並不懷疑，也不需要等待汽車客戶會做什麼。

Our close relationships with OEMs have us eager and strongly convinced that the thinner and wider NGO electrical steels that will be made at Big River Steel will capture customers' demand because we know where they are headed. Customers are already reserving their time on the new world-class NGO line, construction of which is on time and on budget for a third quarter 2023 startup.

我們與原始設備製造商的密切關係使我們熱切並堅信，將在 Big River Steel 生產的更薄、更寬的 NGO 電工鋼將滿足客戶的需求，因為我們知道他們的發展方向。客戶已經在新的世界級 NGO 線路上預留了時間，該線路的建設按時並符合 2023 年第三季度啟動的預算。

We're also expanding our presence in value-add galvalume in galvanize capabilities, again, informed by our customers, to meet the growing demand expected in construction, appliance and automotive. This investment is also on budget and on time for a second quarter 2024 startup.

我們還在擴大我們在鍍鋅能力方面的增值鍍金鋅的影響力，再次根據我們的客戶的信息，以滿足建築、家電和汽車領域不斷增長的需求。對於 2024 年第二季度的初創公司來說，這項投資也符合預算和準時。

Given our well-timed acquisition of Big River Steel last year and the rapid success we've driven together, we broke ground earlier last quarter on Mini Mill #2, co-located at the existing campus of Big River Steel. Big River Steel plus Mini Mill #2, or what we call Big River Steel Works, combined is expected to deliver $1.3 billion dollars of annual through-cycle EBITDA by 2026 and will be capable of producing 6.3 million tons of raw steel.

鑑於我們去年適時收購 Big River Steel 以及我們共同推動的快速成功，上個季度早些時候，我們在位於 Big River Steel 現有園區的 Mini Mill #2 破土動工。 Big River Steel 加上 Mini Mill #2，或我們稱之為 Big River Steel Works 的公司，預計到 2026 年將提供 13 億美元的年度全週期 EBITDA，並將能夠生產 630 萬噸粗鋼。

And we've always said, it's not about getting bigger, it's about getting better. Investing in capabilities is what our customers need and what helps us to improve our through-cycle EBITDA performance, increase our free cash flow generation, and lower our capital and carbon intensity.

我們一直說，這不是變得更大，而是變得更好。投資能力是我們的客戶所需要的，也是幫助我們提高全週期 EBITDA 績效、增加我們的自由現金流產生並降低我們的資本和碳強度的方法。

We know what our customers want, high-quality steels made sustainably to help them meet their own decarbonization targets, that's why we are so pleased when Big River Steel achieved ResponsibleSteel Facility Certification, the first and only North American steelmaking facility to do so. Customers want rigorous standards that have been independently verified to inform choices on how they partner with suppliers, and ResponsibleSteel provides the common platform across the steel value chain.

我們知道我們的客戶想要什麼，以可持續的方式製造高質量的鋼材，以幫助他們實現自己的脫碳目標，這就是為什麼當 Big River Steel 獲得責任鋼廠認證時我們如此高興，這是北美第一家也是唯一一家這樣做的煉鋼廠。客戶需要經過獨立驗證的嚴格標準，以告知他們如何與供應商合作的選擇，ResponsibleSteel 提供了整個鋼鐵價值鏈的通用平台。

The ResponsibleSteel standard is based on 12 principles with a wide range of criteria covering core elements in environmental, social and governance, or ESG responsibility. This designation affirms our leadership role in delivering sustainable products and a process for our customers, and our commitment to ESG. We plan to seek ResponsibleSteel Facility Certification for Mini Mill #2 as well, in time for its planned start-up in 2024. As an innovator steel producer, Big River Steel is setting a new gold standard for North America.

ResponsibleSteel 標準基於 12 項原則，涵蓋範圍廣泛的標準，涵蓋環境、社會和治理或 ESG 責任的核心要素。這一稱號肯定了我們在為客戶提供可持續產品和流程方面的領導作用，以及我們對 ESG 的承諾。我們還計劃為 Mini Mill #2 尋求責任鋼鐵設施認證，以趕上其計劃於 2024 年投產的時間。作為創新型鋼鐵生產商，Big River Steel 正在為北美樹立新的黃金標準。

Now, let's talk about our European segment on Slide 10, the gold standard for integrated steel production in Eastern Europe. Over the past several months, our teams in Slovakia and in the United States have worked incredibly hard to mitigate the impact on our raw material supply chain caused by the Russian invasion of Ukraine. We are leveraging new and existing relationships to secure a supply of iron ore, coal and other raw materials, while continuing to profitably meet customer demand.

現在，讓我們在幻燈片 10 上談談我們的歐洲部分，這是東歐綜合鋼鐵生產的黃金標準。在過去的幾個月裡，我們在斯洛伐克和美國的團隊非常努力地減輕俄羅斯入侵烏克蘭對我們原材料供應鏈的影響。我們正在利用新的和現有的關係來確保鐵礦石、煤炭和其他原材料的供應，同時繼續以有利可圖的方式滿足客戶需求。

Despite the continuing conflict in Ukraine, our operations are running at high levels of utilization and remain a critical manufacturer of steel and a trusted supplier to customers in Slovakia, Czech Republic, Poland, Hungary and Western Europe. We will continue to support the Slovakian economy and communities by continuing to operate to serve those communities. Through the cycle, our Slovak operations have demonstrated consistent earnings and free cash flow, and their performance in the first quarter was their third best quarter in their history.

儘管烏克蘭的衝突持續不斷，但我們的業務仍在以高利用率運行，並且仍然是重要的鋼鐵製造商，也是斯洛伐克、捷克共和國、波蘭、匈牙利和西歐客戶值得信賴的供應商。我們將繼續為這些社區服務，繼續支持斯洛伐克的經濟和社區。在整個週期中，我們的斯洛伐克業務表現出穩定的收益和自由現金流，第一季度的表現是歷史上第三好的季度。

Finally, on our Tubular segment on Slide 11. Our Tubular segment has endured several years of difficult market conditions, but I'm so pleased with their ability to persevere. The team has worked diligently through the downturn to improve their cost position, fight unfairly traded tubular imports, and enhance their product offerings to better position once the recovery came. Well, that time is now, and our Tubular segment is profitably serving the U.S. energy market resurgence.

最後，關於幻燈片 11 上的 Tubular 部分。我們的 Tubular 部分經歷了幾年艱難的市場條件，但我對他們堅持不懈的能力感到非常滿意。該團隊在經濟低迷時期努力工作，以改善他們的成本狀況，打擊不公平交易的管材進口，並在復蘇到來時增強他們的產品供應以更好地定位。好吧，現在是時候了，我們的 Tubular 部門正在為美國能源市場的複蘇提供有利可圖的服務。

The EAF at Fairfield commissioned in 2020 is allowing for more efficient production by controlling the process from start to finish. This allows for faster response time to -- for customers instead of relying on third parties to provide the substrate necessary for seamless pipe production. In-sourced rounds production plus proprietary connections, including API, semi-premium and premium connections, creates a comprehensive suite of solutions for customers.

Fairfield 的電弧爐於 2020 年投入使用，通過從頭到尾控制整個過程來提高生產效率。這允許更快的響應時間——為客戶而不是依賴第三方提供無縫管生產所需的基材。內包輪次生產加上專有連接，包括 API、半高級和高級連接，為客戶創建了一套全面的解決方案。

In the first quarter, the Tubular segment doubled their EBITDA performance from the prior quarter, and we expect to demonstrate continued improvement in the second quarter.

在第一季度，Tubular 部門的 EBITDA 表現比上一季度翻了一番，我們預計第二季度將繼續改善。

I've said it before, and I'll say it again. This isn't your great, great grand pappy's U.S. Steel.

我已經說過了，我會再說一遍。這不是你偉大的、偉大的爺爺的美國鋼鐵公司。

Moving to capital allocation on Slide 12. Our capital allocation priorities are clearly on track. The balance sheet remains strong and aligned with our through-cycle adjusted debt-to-EBITDA objective. And our ending cash balance remains more than our next 12 months CapEx, ensuring our Best for All strategic investments are fully funded.

轉到幻燈片 12 上的資本配置。我們的資本配置優先事項顯然走上了正軌。資產負債表保持強勁，並與我們的整個週期調整後的債務與 EBITDA 目標保持一致。我們的期末現金餘額仍然超過我們未來 12 個月的資本支出，確保我們的 Best for All 戰略投資得到充分資金。

With our capital allocation objectives met, we expect to meaningfully increase our stock buybacks in the second quarter. We currently expect to return cash in excess of our currently projected second quarter free cash flow generation, and we'll continue to take advantage of our dislocated valuation.

隨著我們的資本配置目標的實現，我們預計第二季度將顯著增加我們的股票回購。我們目前預計返回的現金將超過我們目前預計的第二季度自由現金流產生，我們將繼續利用我們錯位的估值。

It is worth repeating. When we do well, you do well, and we're doing extremely well. Our best days are ahead. We know where we're headed, and we are assembling a portfolio of low-cost, highly capable assets and expanding our unique competitive advantages.

值得重複。當我們做得好時，你也做得很好，我們做得非常好。我們最好的日子即將到來。我們知道我們的發展方向，我們正在整合低成本、高能力的資產組合，並擴大我們獨特的競爭優勢。

Christie will now walk through our first quarter performance and expectations for the second quarter. Christie?

克里斯蒂現在將介紹我們第一季度的業績和對第二季度的預期。克里斯蒂？

Thank you, Dave. I'll begin on Slide 13.

謝謝你，戴夫。我將從幻燈片 13 開始。

Revenue in the first quarter was $5.2 billion dollars, which supported first quarter adjusted EBITDA of $1.337 billion, our most profitable first quarter ever. Enterprise EBITDA margins were 26% and adjusted earnings per diluted share was $3.05. Free cash flow for the first quarter was $406 million, including an investment in working capital of $462 million, primarily related to inventory.

第一季度的收入為 52 億美元，支持了第一季度調整後的 EBITDA 13.37 億美元，這是我們有史以來最賺錢的第一季度。企業 EBITDA 利潤率為 26%，調整後每股攤薄收益為 3.05 美元。第一季度的自由現金流為 4.06 億美元，其中包括 4.62 億美元的營運資金投資，主要與庫存相關。

At the segment level, Flat-Rolled report EBITDA of $636 million, or a 21% EBITDA margins. Fixed price contracts reset significantly higher for 2022, as reflected in our year-over-year average selling price increase, more than offsetting the typical first quarter seasonal headwinds from our iron ore operations. For the remainder of the year, our own low-cost iron ore and annually contracted coal have us well positioned in today's elevated raw material cost environment.

在細分市場層面，Flat-Rolled 報告的 EBITDA 為 6.36 億美元，或 21% 的 EBITDA 利潤率。正如我們的平均售價同比增長所反映的那樣，2022 年的固定價格合同重設顯著更高，這抵消了我們鐵礦石業務第一季度典型的季節性逆風。在今年剩下的時間裡，我們自己的低成本鐵礦石和年度合同煤炭使我們在當今原材料成本上漲的環境中處於有利地位。

Our Flat-Rolled operations continued to perform exceptionally well, and are on pace for another year of record quality and reliability performance in 2022. In our Mini Mill segment, we reported EBITDA of $318 million and EBITDA margins of 38%, representing another quarter of industry-leading Mini Mill margin performance. In Europe, our Slovakian operations delivered EBITDA of $287 million, more than double last year's first quarter performance, and as Dave mentioned, their third best ever quarter.

我們的平板軋機業務繼續表現出色，並有望在 2022 年再創歷史新高。在我們的小型軋機部門，我們報告的 EBITDA 為 3.18 億美元，EBITDA 利潤率為 38%，代表了另一個季度的行業領先的 Mini Mill 利潤率表現。在歐洲，我們在斯洛伐克的業務實現了 2.87 億美元的 EBITDA，是去年第一季度業績的兩倍多，正如戴夫所說，這是有史以來第三好的季度業績。

And in Tubular, we more than doubled last quarter's performance to generate EBITDA of $89 million dollars, largely due to pricing uplift in the OCTG market, new trade cases on OCTG imports and management actions over the past several years to improve the cost structure and expand the high-margin connections business.

在 Tubular，我們上一季度的業績翻了一番以上，產生了 8900 萬美元的 EBITDA，這主要是由於 OCTG 市場的價格上漲、有關 OCTG 進口的新貿易案例以及過去幾年為改善成本結構和擴大業務而採取的管理行動高利潤的連接業務。

Our first quarter performance is just the start of what is expected to be another exceptional year for U.S. Steel. In the second quarter, our Flat-Rolled segment should see the largest increase in our portfolio in EBITDA versus the first quarter. Higher spot selling prices and increased demand, fixed cost for iron ore and coal, and the absence of iron ore mining seasonality should all contribute to meaningful quarter-over-quarter EBITDA improvement.

我們第一季度的業績只是美國鋼鐵公司預計將是另一個特殊年份的開始。在第二季度，與第一季度相比，我們的扁平材部門的 EBITDA 投資組合增幅最大。更高的現貨銷售價格和增加的需求、鐵礦石和煤炭的固定成本以及鐵礦石開採季節性的缺失都應該有助於顯著改善季度環比 EBITDA。

Our Mini Mill segment is also expected to capture higher volumes and higher selling prices. We project higher raw material costs to largely offset the expected commercial tailwinds. In Europe, continued healthy demand and higher prices are expected to offset higher raw material costs, particularly for iron ore and coal coming from alternate supply routes. We currently expect second quarter EBITDA to be the all-time second-best quarter for our Slovak operations.

我們的小型磨坊部門也有望獲得更高的銷量和更高的售價。我們預計更高的原材料成本將在很大程度上抵消預期的商業順風。在歐洲，持續健康的需求和更高的價格預計將抵消更高的原材料成本，特別是來自替代供應路線的鐵礦石和煤炭。我們目前預計第二季度 EBITDA 將成為我們斯洛伐克業務的歷史第二好的季度。

And in our Tubular segment, we expect continued financial improvement primarily from higher selling prices, stronger trade enforcement and the continued benefit of structural cost improvements. This will only be offset partially by higher scrap costs for our EAF.

在我們的管材部門，我們預計財務狀況將持續改善，主要來自更高的售價、更強的貿易執法以及結構成本改善的持續收益。這只會被我們電弧爐更高的廢鋼成本部分抵消。

In aggregate, we currently expect higher second quarter adjusted EBITDA versus the first quarter and record best second quarter performance.

總體而言，我們目前預計第二季度調整後 EBITDA 將高於第一季度，並創下第二季度最佳業績。

Dave, back to you.

戴夫，回到你身邊。

Thanks, Christie. Before we open the line for questions, let me spend a few minutes on Slide 14.

謝謝，克里斯蒂。在我們開始提問之前，讓我花幾分鐘時間看一下幻燈片 14。

We are executing to reposition our business for the future, and executing our Best for All strategy is key to delivering on that opportunity for our customers, for our colleagues, for our stockholders and for the communities where we live and work. We are progressing on key elements of our strategy, on time and on budget projects, including expanding our competitive advantages in low-cost iron ore, mini mill steelmaking and best-in-class finishing capabilities.

我們正在執行以重新定位我們的未來業務，執行我們的 Best for All 戰略是為我們的客戶、我們的同事、我們的股東以及我們生活和工作的社區提供這一機會的關鍵。我們正在按時和按預算項目推進我們戰略的關鍵要素，包括擴大我們在低成本鐵礦石、小型鋼廠煉鋼和一流精加工能力方面的競爭優勢。

When we execute our announced strategic investments, we will deliver approximately $880 million dollars of additional annual through-cycle EBITDA, with benefits beginning in 2023 when our pig iron investment at Gary Works comes online. We are seizing the moment and building momentum day by day and have a strong team in place to deliver on our objectives. Our strategy is the right one, and 2021 was just the first step in our pursuit of best.

當我們執行我們宣布的戰略投資時，我們將提供約 8.8 億美元的額外年度全週期 EBITDA，並從 2023 年我們在 Gary Works 的生鐵投資上線時開始受益。我們每天都在抓住時機，建立動力，並擁有一支強大的團隊來實現我們的目標。我們的戰略是正確的，2021年只是我們追求最好的第一步。

With that, let's get into Q&A.

有了這個，讓我們進入問答環節。

Okay. Thank you, Dave.

好的。謝謝你，戴夫。

The global pandemic had a profound impact on how we engage with our key stakeholders over the last 2 years. At U.S. Steel, we've embraced distributed work to get closer to our customers and increase the productivity, satisfaction and retention of our employees. We've never been better connected as an organization, more deeply involved with our customers or more focused on finding new pools of talent to join our organization.

在過去的兩年中，全球大流行對我們與主要利益相關者的互動方式產生了深遠的影響。在 U.S. Steel，我們採用分佈式工作方式來拉近與客戶的距離，並提高員工的生產力、滿意度和保留率。作為一個組織，我們從未如此緊密地聯繫在一起，更深入地與我們的客戶互動，或者更專注於尋找新的人才庫來加入我們的組織。

It is in that spirit, and to ensure we create new ways to engage with stockholders, that we have partnered with Say Technologies to directly receive questions from our investors for today's call. Using the Say Technologies platform, investors were able to submit and upvote questions over the past week.

正是本著這種精神，為了確保我們創造與股東互動的新方式，我們與 Say Technologies 合作，在今天的電話會議上直接接受投資者的提問。使用 Say Technologies 平台，投資者能夠在過去一周提交和投票支持問題。

We have seen strong support and engagement on the platform, and received over 50 pre-submitted questions. For this morning's call, we have selected 2 top questions to kick off our Q&A session. So Dave, Christie and Rich, I will get us started with our first question.

我們在平台上看到了強大的支持和參與，並收到了 50 多個預先提交的問題。對於今天上午的電話會議，我們選擇了 2 個熱門問題來開始我們的問答環節。所以戴夫、克里斯蒂和里奇，我將讓我們從第一個問題開始。

We received several investor questions about dividends and stock buybacks, including from Scott A., Jayesh P., Luis L. and Steven S. So Dave, can you get us started by sharing your thoughts on how we're thinking about our quarterly dividend, and any additional comments on stock buybacks?

我們收到了幾個關於股息和股票回購的投資者問題，其中包括 Scott A.、Jayesh P.、Luis L. 和 Steven S. Dave，您能否先分享您對我們如何看待季度股息的看法，讓我們開始，以及關於股票回購的任何其他評論？

Sure, Kevin. And thanks, that's a great question. But let me just make one quick comment before we jump in.

當然，凱文。謝謝，這是一個很好的問題。但是，在我們開始之前，讓我快速發表一下評論。

I really appreciate the strong level of engagement we saw with this new Q&A platform, so I applaud you for looking for new ways to engage with stockholders. I think it's a really interesting tool, and we'll just see how it goes and get feedback from others as we move forward. So far, so good, and really good questions over the past week.

我非常感謝我們在這個新的問答平台上看到的強大參與度，因此我為您尋找與股東互動的新方式而鼓掌。我認為這是一個非常有趣的工具，我們將看看它是如何進行的，並在我們前進的過程中從其他人那裡獲得反饋。到目前為止，過去一周的問題非常好，而且非常好。

Now let's get back to the question on capital allocation. This is a really important topic, one we spend a lot of time thinking about. Investors trust us with their capital, and we want to reward everyone who has put their confidence in U.S. Steel. Obviously, the choices we make about dividends and buybacks are so important to long-term value creation.

現在讓我們回到資本配置的問題。這是一個非常重要的話題，我們花了很多時間思考。投資者以他們的資金信任我們，我們希望獎勵所有對美國鋼鐵公司充滿信心的人。顯然，我們對股息和回購的選擇對於長期價值創造非常重要。

You recall on the dividend, we planned -- we reinstated the dividend of $0.05, and we plan to maintain the $0.05 per share quarterly dividend. But to be clear, this is something we will continue to evaluate, and it could be a future opportunity. This is the power of our Best for All strategy, and we continue to do this well. So with our stockholders and future increases to the dividends are something we will continue to consider.

您還記得我們計劃的股息 - 我們恢復了 0.05 美元的股息，我們計劃維持每股 0.05 美元的季度股息。但需要明確的是，這是我們將繼續評估的事情，並且可能是未來的機會。這是我們的 Best for All 戰略的力量，我們將繼續做好這一點。因此，對於我們的股東和未來股息的增加，我們將繼續考慮。

What I think is most exciting is our progress on our stock buyback. Right now, we know the stock price is too low, and buybacks are the best way to return capital to stockholders. And good timing, I just received here an update that we completed our first $300 million authorization and are beginning our $500 million authorization now.

我認為最令人興奮的是我們在股票回購方面取得的進展。目前，我們知道股價太低，回購是向股東返還資本的最佳方式。好時機，我剛剛收到一個更新，我們完成了我們的第一個 3 億美元授權，現在開始我們的 5 億美元授權。

So as I mentioned in my remarks, we expect the pace of our buybacks to materially increase in the second quarter. So Christie, do you have anything else you want to add to that?

因此，正如我在講話中提到的，我們預計我們的回購步伐將在第二季度大幅增加。那麼克里斯蒂，你還有什麼要補充的嗎？

Well, thanks Dave. I think you gave a really good summary. But I would add a couple of points about how we got to where we are. In the last year, all of you have heard is how focused we've been on strengthening our balance sheet, and I think what we've done in the last year has truly been remarkable. As you know, we paid off more than $3 billion dollars of debt.

好吧，謝謝戴夫。我認為你給出了一個非常好的總結。但我要補充幾點關於我們是如何到達現在的位置的。在過去的一年裡，你們所有人都聽說過我們如何專注於加強我們的資產負債表，我認為我們在去年所做的事情確實非常了不起。如您所知，我們償還了超過 30 億美元的債務。

We now have an industry-leading net debt to leverage ratio and it's at 0.2x leverage, net leverage, so we're very pleased with that. We also pushed out our debt maturities. We have 80% that are 2029 or later. We also have record cash and liquidity, and that gives us a lot of confidence as we execute these strategic investments.

我們現在擁有行業領先的淨債務槓桿比率，它是 0.2 倍的淨槓桿，所以我們對此感到非常滿意。我們還推遲了債務到期。我們有 80% 是 2029 年或更晚。我們還擁有創紀錄的現金和流動性，這讓我們在執行這些戰略投資時充滿信心。

I think your sentence that you said several times today, it really summarizes it. When we do well, our stockholders do well. I think that kind of says it.

我覺得你今天說了好幾遍的那句話，真的概括了。當我們做得好時，我們的股東也會做得很好。我認為這種說法。

Great. All right. Thank you Dave and thank you Christie. The second and final question from Say Technologies that we'll address here this morning is related to U.S. Steel's ability to benefit from the Biden administration's infrastructure bill. This was a question submitted both from Elizabeth and Mina.

偉大的。好的。謝謝戴夫，謝謝克里斯蒂。我們今天上午將在這裡討論的來自 Say Technologies 的第二個也是最後一個問題與美國鋼鐵公司從拜登政府的基礎設施法案中受益的能力有關。這是伊麗莎白和米娜共同提出的問題。

So Dave, do you want to get us started with our opportunity -- the opportunity provided by the infrastructure bill?

那麼戴夫，你想讓我們開始利用我們的機會——基礎設施法案提供的機會嗎？

Yes, Kevin. I think that's another really good question, and I'm not at all surprised it finds its way to the top of the list. I think what the question highlights is how critical U.S. steel is to our country. Quite literally, steel is the backbone of America. Our infrastructure, our supply chains and the products we all use daily to keep our families safe and make progress possible.

是的，凱文。我認為這是另一個非常好的問題，我一點也不驚訝它找到了它的方式到列表的頂部。我認為這個問題強調的是美國鋼鐵對我們國家的重要性。毫不誇張地說，鋼鐵是美國的支柱。我們的基礎設施、供應鍊和我們每天都在使用的產品來確保我們的家人安全並讓進步成為可能。

In many ways, we believe it's our patriotic duty to support our country, whether it's through infrastructure and climate change or against international bad actors. So, we strongly support bipartisan action to invest in American infrastructure. We support the need to develop partnerships and advance policy that is responsive to climate change and supports the transition of our steelmaking footprint towards a more sustainable future, to help deliver on our 2030 and 2050 sustainability goals.

在許多方面，我們認為支持我們的國家是我們的愛國責任，無論是通過基礎設施和氣候變化，還是反對國際不良行為者。因此，我們強烈支持兩黨採取行動投資美國基礎設施。我們支持發展夥伴關係和推進應對氣候變化的政策的必要性，並支持我們的煉鋼足跡向更可持續的未來過渡，以幫助實現我們的 2030 年和 2050 年可持續發展目標。

We certainly support the administration's continued enforcement of trade policy against those countries not playing on a level playing field and damaging our essential industry. We're pretty passionate about this. And I guess I could spend a lot more time on this, but maybe I'll just pause here.

我們當然支持政府繼續對那些沒有在公平競爭環境中競爭並損害我們的重要產業的國家實施貿易政策。我們對此充滿熱情。我想我可以花更多的時間在這上面，但也許我會在這裡暫停一下。

And Rich, do you have anything to add?

Rich，你有什麼要補充的嗎？

Well, thanks, Dave. I mean, I think I fully agree with everything you've outlined. U.S. Steel is -- we're uniquely positioned to say that we are mined, melted and made in the U.S.A., and that's really an important differentiator for us. The infrastructure bill, it includes Buy American provisions that increased demand specifically for American-made steel. And as you highlighted, that's something we've been talking about for years.

好吧，謝謝，戴夫。我的意思是，我認為我完全同意你所概述的一切。 U.S. Steel 是——我們具有獨特的優勢，可以說我們是在美國開採、熔化和製造的，這對我們來說確實是一個重要的差異化因素。基礎設施法案包括“購買美國貨”條款，這些條款專門增加了對美國製造的鋼鐵的需求。正如你所強調的，這是我們多年來一直在談論的事情。

We're passionate about our ability to support our customers and the steel-intensive industries that produce the machinery, the equipment and the vehicles that our economy needs and do it with steel that is truly U.S. steel. And as a company, I don't think this could have come at a better time for us. Our operations are running exceptionally well. We're setting quality records and reliability records last year, and we're on track for this year as well to set new records.

我們熱衷於支持我們的客戶和鋼鐵密集型行業，這些行業生產我們經濟所需的機械、設備和車輛，並使用真正的美國鋼鐵來實現這一目標。作為一家公司，我認為這對我們來說來得正是時候。我們的業務運行得非常好。去年我們創造了質量記錄和可靠性記錄，今年我們也有望創造新的記錄。

We are also, as you highlighted in your opening remarks, we're advancing our metallics investments that leverage our low-cost iron ore in Northern Minnesota and the Mesabi. So yes, I think we'd say we absolutely expect U.S. Steel to be a continued winner as we re-shore manufacturing in the United States and increase the regional focus of our supply chains. And look, we've been talking about that for years, and I think now the market is catching up with these advantages that we have.

正如您在開場白中強調的那樣，我們也在推進我們的金屬投資，利用我們在明尼蘇達州北部和梅薩比的低成本鐵礦石。所以是的，我認為我們絕對希望美國鋼鐵公司繼續成為贏家，因為我們在美國重新生產製造並增加我們供應鏈的區域重點。看，我們多年來一直在談論這個問題，我認為現在市場正在追趕我們擁有的這些優勢。

So the strategy we are executing, it's just increasing our position of strength domestically. We know there are a lot of stakeholders that are counting on our success, and we look forward to continuing to prove to them that Best for All is best for our customers, our employees and, of course, the communities where we live and work.

所以我們正在執行的戰略，它只是增加我們在國內的實力地位。我們知道有很多利益相關者指望我們的成功，我們期待繼續向他們證明 Best for All 對我們的客戶、我們的員工，當然還有我們生活和工作的社區是最好的。

Great. Well, thank you, Dave, and thank you, Rich. So with that, once again, very appreciative of the strong response that we saw from investors through this new technology and look forward to the continued engagement on future calls.

偉大的。嗯，謝謝你，戴夫，謝謝你，里奇。因此，再次感謝我們通過這項新技術從投資者那裡看到的強烈反應，並期待繼續參與未來的電話會議。

So with that, Tommy, if you could please queue the phone line for questions. (Operator Instructions)

有了這個，湯米，如果你可以的話，請排隊等候提問。 （操作員說明）

(Operator Instructions)

（操作員說明）

And we'll proceed with our first question on the line from the line of David Gagliano with BMO Capital Markets. Go ahead.

我們將繼續回答 David Gagliano 與 BMO Capital Markets 的第一個問題。前進。

Okay. Great. Thanks for taking my question. Interesting shift in the Q&A format. I'm really looking forward to hearing the types of questions that are selected each quarter with that format. That will be interesting.

好的。偉大的。感謝您提出我的問題。問答形式的有趣轉變。我真的很期待聽到每個季度以這種格式選擇的問題類型。那會很有趣。

Just on my questions, I have 2, one and then one follow-up. First of all, my first one is actually a clarification. We flagged plans to accelerate buybacks in 2Q. I thought you mentioned you plan to return capital in excess of 2Q '22 free cash flow, but I didn't quite hear that. Is that the level of buybacks we should be thinking about in the second quarter? That's my first question.

就我的問題而言，我有 2 個、1 個和 1 個跟進。首先，我的第一個實際上是一個澄清。我們提出了在第二季度加速回購的計劃。我以為您提到您計劃返還超過 2Q '22 自由現金流的資本，但我並沒有完全聽到。這是我們應該在第二季度考慮的回購水平嗎？這是我的第一個問題。

Yes.

是的。

Easy. Okay.

簡單的。好的。

Next question, a follow-up. Europe. I wanted to drill down on Europe, I know Kevin is a little annoyed with me because I've been asking this question. But I've been to Košice, I've seen the mill. I've seen that the rail line that runs directly from, I think, Ukraine to the mill. I believe the mill is essentially, I think, landlocked. And I believe all the iron ore comes directly from Russia. And I also think it has a captive thermal coal-fired power plant, and that thermal coal comes from Russia. I know you've mentioned sourcing materials from other places.

下一個問題，後續。歐洲。我想深入了解歐洲，我知道凱文有點生我的氣，因為我一直在問這個問題。但我去過科希策，我見過磨坊。我見過直接從烏克蘭到工廠的鐵路線。我認為工廠基本上是內陸的。而且我相信所有的鐵礦石都直接來自俄羅斯。而且我還認為它有一個自備的動力燃煤發電廠，而動力煤來自俄羅斯。我知道你提到了從其他地方採購材料。

I wonder if you could just quantify how much iron ore, you're able to source from other places? And did I just get those facts correct? And if you could give us more detail essentially on the contingency plan? And ultimately, are you confident that mill will continue running at maximum utilization rates after the second quarter?

我想知道您是否可以量化有多少鐵礦石，您可以從其他地方採購？我只是把這些事實弄對了嗎？如果你能給我們更多關於應急計劃的細節？最終，您是否有信心工廠將在第二季度之後繼續以最高利用率運行？

Well, thanks for the question David, and we know that's top of mind for investors because it's certainly top of mind for us. And fortunately, we have an exceptional USSK team in Slovakia, along with our procurement team that got way out in front of all these possibilities so that we've been managing that supply chain extraordinarily well.

好吧，謝謝大衛的問題，我們知道這是投資者的首要考慮，因為這當然是我們的首要考慮。幸運的是，我們在斯洛伐克擁有一支出色的 USSK 團隊，以及我們的採購團隊，他們在所有這些可能性面前都取得了成功，因此我們一直在非常好地管理該供應鏈。

And so as far as Russia and Ukraine and the sourcing of materials, there's not so much coming from Russia anymore. We do have iron ore advantage coming from Ukraine with uninterrupted flow directly into our facility. We've also built -- I think it's 78 days, if I got the number right, something like that, of inventory. We even talked about, with this inventory build, is it time for us to start working off some of that inventory?

就俄羅斯和烏克蘭以及材料的採購而言，來自俄羅斯的東西已經不多了。我們確實擁有來自烏克蘭的鐵礦石優勢，可以不間斷地直接流入我們的設施。我們還建立了——我認為這是 78 天，如果我沒記錯的話，類似這樣的庫存。我們甚至談到，通過這個庫存構建，我們是時候開始處理一些庫存了嗎？

But for the time being, we have been building the working capital so that we have enough to make sure that we get through the second quarter. Speculating beyond the second quarter and what's happening with the Ukraine War is always hard.

但就目前而言，我們一直在建立營運資金，以便我們有足夠的資金來確保我們度過第二季度。猜測第二季度之後以及烏克蘭戰爭的情況總是很困難。

But I'll say that the teams in Slovakia, they're procuring raw materials from alternate sources including the seaborne market, and limiting our exposure to the conflict area while continuing to run this facility to meet customer demand. And of course, as you know, structurally shifting our raw material sourcing, it's no small feat.

但我要說的是，斯洛伐克的團隊正在從包括海運市場在內的其他來源採購原材料，並限制我們在衝突地區的接觸，同時繼續運營該設施以滿足客戶需求。當然，如您所知，從結構上改變我們的原材料採購，這可不是一件小事。

But we've secured alternative routes in transportation, establish new sites to offload raw materials, and we'll continue to maintain daily vigilance so that we can continue to operate this essential mill. Essential for our customers, essential for our employees and essential for the community there.

但我們已經找到了替代的運輸路線，建立了新的原材料卸貨地點，我們將繼續保持日常警惕，以便我們能夠繼續運營這家重要的工廠。對我們的客戶至關重要，對我們的員工至關重要，對那裡的社區也很重要。

So encouragingly, so far, we've seen the rise in raw material costs, and certainly, we felt that, but it's all supported by higher steel prices. And I just have to say, I'm incredibly grateful for our employees who are close to the border and providing support and assistance to refugees and others for this horrific thing that's going on in the Ukraine.

令人鼓舞的是，到目前為止，我們已經看到原材料成本的上漲，當然，我們也感覺到了，但這一切都受到鋼鐵價格上漲的支持。我只想說，我非常感謝我們靠近邊境的員工，他們為烏克蘭正在發生的這件可怕的事情為難民和其他人提供支持和幫助。

But the way we operate here is we are guided by our steel principles, our code of conduct, and we're taking care of the communities where we live and work. So we're following all the laws and the sanctions to ensure we protect the livelihoods of our colleagues and the people in Slovakia. We've received strong support from both the Slovakian government and the U.S. ambassador to keep the mill running.

但我們在這裡的運作方式是我們以鋼鐵原則和行為準則為指導，我們正在照顧我們生活和工作的社區。因此，我們遵守所有法律和製裁措施，以確保我們保護同事和斯洛伐克人民的生計。我們得到了斯洛伐克政府和美國大使的大力支持，以保持工廠運轉。

It's a large contributor to the economy, the largest employer in Eastern Slovakia. It's critically important to the region and critically important to us. So David, I guess, in a nutshell, it's running well, has been running exceptionally well all things considered, and we do have alternatives that we'll have to work through if conditions would get worse.

它是經濟的重要貢獻者，是東斯洛伐克最大的雇主。這對該地區至關重要，對我們也至關重要。所以大衛，我想，簡而言之，它運行良好，在所有方面都運行得非常好，如果情況變得更糟，我們確實有替代方案，我們將不得不努力解決。

But for the time being, we have enough inventory to see our way through, and we feel optimistic here about the second quarter.

但就目前而言，我們有足夠的庫存來度過難關，我們對第二季度感到樂觀。

And Christie, do you have something?

克里斯蒂，你有什麼事嗎？

Yes. I was just going to say, I think that contingency planning upfront made all the difference. I mean, really thorough contingency plans, built up inventories, develop new alternate supply chains, we leveraged relationships to have more port capacity storage all along the path going into Slovakia. I mean, there was a lot of advanced planning that really put us in a very strong position at the start of this.

是的。我只是想說，我認為前期的應急計劃讓一切變得不同。我的意思是，真正徹底的應急計劃，建立庫存，開發新的替代供應鏈，我們利用關係在進入斯洛伐克的道路上擁有更多的港口容量存儲。我的意思是，有很多超前的計劃讓我們在一開始就處於非常有利的位置。

So there you have it, David. Do you have a follow-up?

所以你有它，大衛。你有後續嗎？

Yes, sure. So if I could just hop in with one quick follow-up. I appreciate all the additional color on that.

是的，當然。因此，如果我可以快速跟進。我很欣賞所有額外的顏色。

So it sounds like -- and I don't -- can you just tell me what exactly is happening there? Are you trucking in iron ore and thermal coal from different locations? Is that how this is happening? And if so, what's the incremental cost of doing that?

所以聽起來——我不知道——你能告訴我那裡到底發生了什麼嗎？您是否正在從不同地點運輸鐵礦石和動力煤？這是怎麼回事？如果是這樣，這樣做的增量成本是多少？

And then secondly, again, a follow-up after 2Q. Once that inventory draw down happens, what's the thought if things stay the way they are with regards to utilization rates of that mill?

其次，第二季度之後的後續行動。一旦發生庫存下降，如果該工廠的利用率保持不變，您會怎麼想？

We have materials coming in on a narrow gauge rail from the West and steel white gauge rail from the East. So we still have materials moving in through ports because, as Dave said, that we developed seaborne sources coming in through the ports and then they come in through rail.

我們有來自西方的窄軌和來自東方的白色鋼軌的材料。所以我們仍然有材料通過港口進入，因為正如戴夫所說，我們開發了通過港口進入的海運資源，然後它們通過鐵路進入。

We are expanding our narrow gauge unloading capability, so we have a variety of sources. And again, a lot of it was that advanced planning before the war actually started.

我們正在擴大窄軌卸載能力，因此我們有多種來源。再說一次，其中很大一部分是戰爭真正開始之前的預先計劃。

Thank you very much. And we will proceed for our next question on the line from Seth Rosenfeld for BNP Paribas. Go right ahead with your question.

非常感謝。我們將繼續回答塞思·羅森菲爾德為法國巴黎銀行提出的下一個問題。繼續你的問題。

I guess a follow-up, please, with regards to the European raw material situation. I believe in response to last question because there's not very much coming from Russia. Can you just confirm if there's any procurement of Russian iron ore or coking coal? At least in the case of iron ore, of course, there's no formal sanction on that product from EU, in fact, many of your peers have ceased procurement entirely. Can you just confirm the current data play for that?

關於歐洲原材料的情況，我想請跟進一下。我相信回答最後一個問題，因為來自俄羅斯的東西並不多。您能否確認是否有採購俄羅斯鐵礦石或焦煤？至少在鐵礦石的情況下，當然，歐盟沒有對該產品的正式製裁，事實上，您的許多同行已經完全停止採購。你能確認一下當前的數據播放嗎？

We aren't receiving any more coal from Russia because that has stopped. And as Dave said earlier, we follow all sanctions and laws, so coal has been completely stopped. We are getting a little bit of iron ore, but as we were talking about, we really have diversified our sources and that's very small at this point in time.

我們不再從俄羅斯收到煤炭，因為那已經停止了。正如戴夫之前所說，我們遵守所有製裁和法律，所以煤炭已經完全停止。我們得到了一點鐵礦石，但正如我們所說，我們確實已經多元化了我們的來源，而且在這個時間點非常少。

There's not so much anymore coming in.

已經沒有那麼多人進來了。

No.

不。

Okay, thank you. And a follow-up, please. When I look at the shipment versus production data for Košice, I think this last quarter was the first time since 2006 that we saw shipments above production. Was that a conscious effort to draw on inventory? And does it reflect any production disruptions, perhaps tighten this raw material situation?

好的謝謝你。請跟進。當我查看科希策的出貨量與產量數據時，我認為上個季度是自 2006 年以來我們首次看到出貨量高於產量。這是有意識地利用庫存嗎？它是否反映了任何生產中斷，也許是原材料形勢收緊？

Yes, Seth, this is Kevin. I would say no production disruptions for sure. I think it just continues to speak to the high level of efficiency of the mill and the continued strong demand that we're seeing across the V4 region as well as Western Europe. So I think just, once again, this is representative of our USSK facility's ability to be extremely responsive and resilient to the dynamics that continue to unfold in Europe.

是的，賽斯，這是凱文。我會說肯定不會出現生產中斷。我認為它只是繼續說明工廠的高效率水平以及我們在 V4 地區和西歐看到的持續強勁的需求。因此，我認為，這再次代表了我們的 USSK 設施能夠對歐洲繼續展開的動態做出極其敏感和彈性的能力。

And as you saw, very, very strong results. Third best ever quarter, and we expect that momentum to continue into Q2. So, you should expect some pretty consistent shipment volumes looking in the second quarter for the European segment.

正如你所看到的，非常非常強大的結果。有史以來第三好的季度，我們預計這種勢頭將持續到第二季度。因此，您應該期待第二季度歐洲市場的出貨量相當穩定。

Thank you very much. And we'll proceed to our next question on the line from the line of Carlos De Alba from Morgan Stanley.

非常感謝。我們將從摩根士丹利的 Carlos De Alba 的行中繼續我們的下一個問題。

Good morning everyone. Questions on volumes or shipments from the North American business. We saw a drop year-on-year and quarter-on-quarter, which quite may be seasonal, but it was quite below the first quarter last year. Could you elaborate a little bit of what you're seeing in terms of your different end markets? And how do you expect the rest of the year to go in terms of your shipments?

大家，早安。關於北美業務的數量或出貨量的問題。我們看到同比和環比下降，這很可能是季節性的，但遠低於去年第一季度。您能否詳細說明您在不同終端市場方面看到的情況？你預計今年剩餘時間的出貨量會如何？

And then if I may also ask on your derivatives gains in the Mini Mill. How much hedge you have going forward that may isolate or reduce the impact of higher energy costs potentially into the mill?

然後，如果我還可以詢問您在 Mini Mill 中的衍生品收益。您未來有多少對沖措施可以隔離或減少更高能源成本對工廠的潛在影響？

Sure. So Carlos, on kind of Q1 shipments. You mentioned kind of seasonal weakness. I think that's absolutely the right way to think about the third quarter of this year. You really saw that across the -- our domestic steel book, order book.

當然。所以卡洛斯，關於第一季度的出貨量。你提到了季節性的疲軟。我認為這絕對是思考今年第三季度的正確方式。你真的看到了——我們的國內鋼鐵訂單，訂單。

But as we mentioned, I think, during the time of our guidance, we've seen order entry rates pick up towards the end of the first quarter and continue to find ourselves an ability where we are, I think, responding well to where demand is manifesting itself across our balanced portfolio of products.

但正如我們所提到的，我認為，在我們的指導期間，我們已經看到訂單進入率在第一季度末有所回升，並繼續發現自己有能力，我認為，能夠很好地響應需求在我們平衡的產品組合中體現出來。

So automotive demand remains consistent, certainly not back to the level that we had seen kind of pre-disruption. And I think given our diversified end market exposure in construction, service center, industrials, we've been able to kind of really optimize the mix of products to best serve our customers and to drive the highest levels of earnings and margins across the enterprise. So I think it just speaks to our diversification.

因此，汽車需求保持一致，當然不會回到我們看到的中斷前的水平。而且我認為，鑑於我們在建築、服務中心、工業領域的多元化終端市場敞口，我們已經能夠真正優化產品組合，以最好地服務於我們的客戶，並推動整個企業的最高水平的收益和利潤率。所以我認為這只是說明我們的多元化。

And as I mentioned, our ability to be responsive to customers with a great mix of operating assets, both on the integrated and Mini Mill side of the business. And on hedges for Big River Steel, I think we have some just natural hedges within our business, given how we operate. And I think that the -- you should expect the Big River segment to continue to perform in an extremely good levels of margin, pretty consistent with where they were in the first quarter.

正如我所提到的，我們有能力在業務的綜合和小型磨坊方面通過大量運營資產來響應客戶。關於 Big River Steel 的對沖，我認為鑑於我們的運營方式，我們的業務中有一些自然對沖。而且我認為 - 你應該期望大河部分繼續以非常好的利潤率表現，與第一季度的情況非常一致。

So navigating the metallics price increases and certainly looking to increase -- see a higher average selling prices in our Mini Mill segment next quarter, as well as significantly higher shipping volumes as well.

因此，隨著金屬價格上漲，當然希望價格上漲——下個季度我們的 Mini Mill 部門的平均售價會更高，出貨量也會顯著增加。

Thank you very much. And maybe just a follow-up, if I could, on price. Given the dynamics that we have seen with the correction in January and February, very strong rebound in March, April, and now sort of stabilization are coming down. Will you put that on top of the reset of the fixed price -- fixed price contracts that you have?

非常感謝。如果可以的話，也許只是價格上的後續行動。鑑於我們在 1 月和 2 月的修正中看到的動態，3 月、4 月的強勁反彈以及現在的穩定正在下降。你會把它放在固定價格的重置之上——你擁有的固定價格合同嗎？

You mentioned you're going to significantly increase your realization in 2022. But is -- when do you see this dynamics that we saw in January and February really affecting your realized price? Is it more in the third quarter where potentially you could see a little bit of a decline in quarter-on-quarter prices?

您提到您將在 2022 年顯著提高您的實現價格。但是 - 您何時看到我們在 1 月和 2 月看到的這種動態真正影響您的實現價格？在第三季度，您可能會看到價格環比略有下降嗎？

Certainly, we want to see how all the pricing environment plays out, Carlos. I think that we are -- we continue to be strongly convicted that demand where metallics prices and raw material costs are, we could really possibly see a plateauing effect in steel prices.

當然，我們想看看所有定價環境如何發揮作用，卡洛斯。我認為我們 - 我們繼續堅信，在金屬價格和原材料成本處於需求的情況下，我們真的可能會看到鋼鐵價格出現平台效應。

So, I think that we'll have to see ultimately how spot prices evolve, but we'd expect average selling prices to be up quarter over quarter in the Mini Mill segment, and I think you'll really start to see some positive momentum in average selling prices for the Flat-Rolled segment in the second half of the year.

因此，我認為我們最終將不得不看到現貨價格如何演變，但我們預計迷你磨坊領域的平均售價將環比上漲，我認為你真的會開始看到一些積極的勢頭今年下半年平板軋製部門的平均售價。

(Operator Instructions) Thank you very much. And we'll get to our next question on the line from Emily Chieng of Goldman Sachs.

（操作員說明）非常感謝。我們將從高盛的 Emily Chieng 那裡得到下一個問題。

Good morning Dave, Christie and team.

早上好戴夫、克里斯蒂和團隊。

My first question is just around raw material mix. Could you please share what your Mini Mill charge mix is currently? How that -- and how has that evolved since the Russia-Ukraine conflict? And then will the Gary Works pig machine be ultimately used internally only? Or are you having discussions on selling that to third parties over time?

我的第一個問題是關於原材料混合的。您能否分享一下您目前的 Mini Mill 收費組合？那是怎麼回事 - 自俄羅斯 - 烏克蘭衝突以來它是如何演變的？那麼 Gary Works 養豬機最終會只在內部使用嗎？或者您是否正在討論隨著時間的推移將其出售給第三方？

Sure. Let me start with your second question first, Emily. I think the Gary Works pig machine will certainly be used to advantage the U.S. Steel enterprise in our Big River Mini Mill operations. So at this point in time, as I think as Christie, Dave and Rich all mentioned during this morning's discussion, that is how we are going to unlock value for our business, and it's certainly something that we're going to use for the sole benefit of U.S. Steel.

當然。讓我先從你的第二個問題開始，艾米麗。我認為 Gary Works 養豬機肯定會在我們的 Big River Mini Mill 運營中為美國鋼鐵企業帶來優勢。所以在這個時候，正如克里斯蒂、戴夫和里奇在今天上午的討論中提到的那樣，這就是我們將如何為我們的業務釋放價值的方式，這當然是我們將唯一使用的東西美國鋼鐵的好處。

Since the crisis has emerged in Russia and Ukraine, I think Big River team has been extremely responsive to shift their mix of metallics, in particular, reducing some dependency on pig iron consumption and moving to more -- other virgin metallic units as a result of the -- securing some additional supply.

自從俄羅斯和烏克蘭出現危機以來，我認為 Big River 團隊對改變他們的金屬組合非常敏感，特別是減少了對生鐵消費的依賴，並轉向更多——其他原始金屬單位，因為- 確保一些額外的供應。

So I would say right now, we've seen the biggest maybe -- some decreases in pig iron consumption, which has been offset by some increases in HBI consumption across the -- across the electric arc furnaces in Osceola.

所以我現在想說的是，我們已經看到了最大的可能——生鐵消費量的一些下降，這被整個奧西奧拉電弧爐的 HBI 消費量的一些增長所抵消。

And to be clear, we've got no exposure to metallics from the Russian or Ukraine region with Big River.

需要明確的是，我們沒有接觸過來自俄羅斯或烏克蘭地區的 Big River 金屬礦。

Great. That's very clear. And my follow-up is just around your Flat-Rolled full year guidance. It looks like you have to be running your assets at about an 80% plus utilization consistently for the remainder of the year to get there. Curious, what level of confidence do you have that your Flat-Rolled assets can be run at these levels for an extended period of time?

偉大的。這很清楚。我的後續行動是圍繞你的平滾全年指導。看起來您必須在今年剩餘時間裡始終以大約 80% 以上的利用率運行您的資產才能達到目標。很好奇，您對您的 Flat Rolled 資產可以在這些水平上長時間運行有多大的信心？

Yes. I mean, I think we look at 80% utilization on blast furnaces, Emily, is at a really solid level. So based on our latest demand signals -- entry rates into our order book, we think our integrated footprint, our Mini Mill footprint domestically will continue to be highly utilized.

是的。我的意思是，我認為我們看到高爐 80% 的利用率，艾米麗，處於非常穩定的水平。因此，根據我們最新的需求信號——我們訂單的進入率，我們認為我們的綜合足跡，我們在國內的 Mini Mill 足跡將繼續得到高度利用。

Thank you very much. Our next question on the line is from Gordon Johnson with GLJ Research.

非常感謝。我們的下一個問題來自 GLJ Research 的 Gordon Johnson。

This is James Bardowski in for Gordon.

這是戈登的詹姆斯·巴多夫斯基。

So I'll keep it at 2. First one is just on the U.S. condition. We've noticed that lead times have come down, industry-wide inventories don't seem to be as low as they were earlier this year, and scrap prices seem to be kind of rolling over. Is there any concern there with regard to your prices?

所以我將它保持在 2。第一個只是在美國條件下。我們注意到交貨時間已經縮短，全行業的庫存似乎沒有今年早些時候那麼低，廢鋼價格似乎有點上浮。對你們的價格有任何顧慮嗎？

Yes. Listen, I think that like to my earlier comments, we continue to see generally good demand across the order book, and steel prices certainly could find themselves in a -- continue to be in a very strong position and really plateau from here. So we feel really good about where we are.

是的。聽著，我認為就像我之前的評論一樣，我們繼續看到整個訂單的需求總體良好，而鋼鐵價格肯定會發現自己處於 - 繼續處於非常強勁的位置，並且從這裡開始真正處於穩定狀態。所以我們對自己所處的位置感覺非常好。

Steel prices are ultimately extremely supportive at this point in time, so we'll continue to watch the market. We think there's a lot of steel positive sentiment out there, and we'll work our way through kind of some of the near-term considerations. So we feel pretty good about where the business is at, certainly.

鋼材價格在這個時間點最終具有極大的支撐作用，因此我們將繼續關注市場。我們認為那裡有很多鋼鐵積極情緒，我們將通過一些近期考慮因素來努力。因此，我們當然對業務所處的位置感到非常滿意。

Got it. That's helpful. Okay. And then just on the quick follow-up. Turning back to the Slovakia plant, you guys gave some great color on the current inventory situation. But how about the energy needs there? Can you just talk a little bit about what you're seeing in terms of your costs on your energy side and any effect on gross margins? Thank you.

知道了。這很有幫助。好的。然後只是快速跟進。回到斯洛伐克工廠，你們對當前的庫存情況給出了一些很好的說明。但是那裡的能源需求呢？您能否簡單談談您在能源方面的成本以及對毛利率的影響方面所看到的情況？謝謝你。

Sure, sure. Happy to do so. So on the energy front in USSK, I think we continue to see some impacts on electricity rates, et cetera. But I would say, quarter-over-quarter, we wouldn't expect a lot of changes at least on the energy front in the segment.

一定一定。很高興這樣做。因此，在 USSK 的能源方面，我認為我們繼續看到對電費等的一些影響。但我會說，與上一季度相比，我們預計至少在該領域的能源方面不會發生很多變化。

So, we continue to watch it at this point in time, not much of a change. And as Dave and Christie both mentioned in their remarks, given where steel selling prices are, certainly in the first quarter, you saw margins expand for the segment.

所以，我們在這個時間點繼續觀察它，變化不大。正如戴夫和克里斯蒂在他們的評論中提到的那樣，考慮到鋼鐵銷售價格，當然在第一季度，你看到該細分市場的利潤率有所擴大。

And we have no further questions at the time for Q&A. I'll now turn the call back over to U.S. Steel CEO, David Burritt, for closing remarks.

目前我們沒有進一步的問答問題。我現在將電話轉回給美國鋼鐵公司首席執行官大衛伯里特，以發表結束語。

Thank you.

謝謝你。

We are delivering record performance while continuing to invest in our business and reward stockholders. Thank you to our employees for another quarter of exceptional performance. We appreciate you and delivered record first quarter performance because of you. Record profits equal record pay, and that was certainly the case in 2021. We look forward to rewarding you again in 2022 with another year of exceptional profit sharing.

我們正在創造創紀錄的業績，同時繼續投資於我們的業務並獎勵股東。感謝我們的員工又一個季度的出色表現。我們感謝您，並因您而實現了創紀錄的第一季度業績。創紀錄的利潤等於創紀錄的薪酬，2021 年肯定是這樣。我們期待在 2022 年再次獎勵您，讓您再分享一年的卓越利潤。

And there is no joy in profits if we're not keeping our people safe. That's why I'm so pleased that we're on track for another record safety performance. Thank you for continuing to maintain operational excellence and keeping you and your colleagues safe.

如果我們不保護我們的人民安全，就沒有利潤可喜。這就是為什麼我很高興我們正朝著另一個創紀錄的安全表現走上正軌。感謝您繼續保持卓越運營並確保您和您的同事的安全。

To our customers, thank you for your continued partnership. Together, we are rewriting what is possible in steel. We are not standing still, and are investing in the next generation of capabilities to meet you where you're headed. Our ResponsibleSteel certification at Big River Steel is a great example of the transformation underway to increasingly supply the green steel you need to meet your own decarbonization goals.

致我們的客戶，感謝您一直以來的合作夥伴關係。我們一起改寫鋼鐵的可能性。我們並沒有停滯不前，而是投資於下一代能力，以滿足您的需求。我們在 Big River Steel 獲得的責任鋼認證是正在進行的轉型的一個很好的例子，以越來越多地供應滿足您自己的脫碳目標所需的綠色鋼鐵。

And to our investors, when we do well, you do well. Our stock is up over 35% year-to-date. We plan to significantly increase our second quarter stock repurchases, and we're investing in the business to deliver even stronger results in the future. We are executing on the strategy and look forward to our continued shared success.

對我們的投資者來說，當我們做得好時，你也做得很好。年初至今，我們的股票上漲了 35% 以上。我們計劃大幅增加第二季度的股票回購，我們正在對該業務進行投資，以在未來取得更強勁的業績。我們正在執行該戰略，並期待我們繼續共同取得成功。

As discussed, we take ESG seriously. We remove hyperbole on who has the best ESG with independent validations like being the only integrated steelmaker honored by Ethisphere's as one of the 2022 World's Most Ethical Companies. Our commitment to sustainable production was also independently recognized by Daimler who awarded Big River with their 2021 Global Sustainability Recognition Award.

如前所述，我們認真對待 ESG。我們通過獨立驗證消除關於誰擁有最佳 ESG 的誇張說法，例如成為唯一一家被 Ethisphere 評為 2022 年全球最具道德企業之一的綜合鋼鐵製造商。我們對可持續生產的承諾也得到了戴姆勒的獨立認可，戴姆勒授予 Big River 2021 年全球可持續發展獎。

And as mentioned earlier, safety is our #1 priority. So it has been particularly rewarding to see our organization deliver record quarterly safety performance as measured by the industry standard, Days Away from Work, and be on track for another year of record safety performance.

如前所述，安全是我們的第一要務。因此，看到我們的組織按行業標準“休假天數”衡量的季度安全績效創紀錄，並有望再創一年的創紀錄安全績效，這讓我們倍感欣慰。

U.S. Steel's best days are still ahead of us. Our future is incredibly bright. Now let's get back to work, safely.

美國鋼鐵公司最好的日子還在後面。我們的未來非常光明。現在讓我們安全地回去工作。

Thank you very much. And that does conclude the conference call for today. We thank you for your participation as you disconnect your lines. Have a good day.

非常感謝。這確實結束了今天的電話會議。我們感謝您在斷開線路時的參與。祝你有美好的一天。