STEEL DYNAMICS INC — Call Transcript 2026

Good day, and welcome to the Steel Dynamics Q1 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management's remarks, we will conduct a question-and -answer session, and instructions will follow at that time. Please be advised this call is being recorded today, April 21st, 2026, and your participation implies consent to our recording this call. If you do not agree to these terms, please disconnect. At this time, I would like to turn the conference over to David Lipschitz, Director, Investor Relations. Please go ahead. Thank you, Tom. Good morning, and welcome to Steel Dynamics' Q1 2026 earnings conference call. As a reminder, today's call is being recorded and will be available on our website for replay later today. Leading today's call are Mark Millett, Chairman and Chief Executive Officer of Steel Dynamics, Theresa Wagler, Executive Vice President and Chief Financial Officer, and Barry Schneider, President and Chief Operating Officer. The other members of our senior leadership team are joining us on the call individually. Some of today's statements, which speak only as of this date, may be forward-looking and predictive, typically preceded by believe, expect, anticipate, or words of similar meaning. They are intended to be protected by the Private Securities Litigation Reform Act of 1995, should actual results turn out differently. Such statements involve risk and uncertainties related to integrating or starting up new assets, the aluminum industry, the use of estimates and assumptions in connection with anticipated project returns, and our steel, metals recycling, fabrication, and aluminum businesses, as well as to general business and economic conditions. Examples of these are described in the related press release as well as in our annually filed SEC Form 10-K under the headings Forward-Looking Statements and Risk Factors, found on the Internet at www.sec.gov, and applicable in any later SEC Form 10-Q. You'll also find any referenced non-GAAP financial measures reconciled to the most directly comparable GAAP measures in the press release issued yesterday entitled Steel Dynamics Reports Q1 2026 Results. Now, I'm pleased to turn the call over to Mark. Super. Thank you, David. Good morning, everyone. Thanks for sharing your time this morning for our Q1 2026 earnings call. As reported, our teams achieved a very strong first-quarter financial and operational performance. Several highlights for the quarter included record quarterly steel shipments of 3.6 million tons. We saw significant progress within our aluminum operations. It really is exciting to see our vision coming to life there. We had adjusted EBITDA of $700 million, and again, most importantly, our teams continue to emphasize and keep safety top of mind. We have an amazing group of people that achieves best-in-class performance each and every day. Incredibly proud of the whole team. Our world-class safety culture continues to evolve and our team's dedication to our take control safety philosophy is extraordinary. Out of some 135 SDI locations, 94% operated in the Q1 without one lost time injury. I'm continually inspired by the commitment they have for one another. They consider themselves family and challenge the status quo each day. As always, we will never be satisfied until we achieve a zero-incident environment. Before I continue, I'd like to shift to Theresa and Barry for their commentary. Theresa? Thanks, Mark. Good morning, everyone. Thank you for joining us this morning. For the Q1 2026, our net income was $403 million, or $2.78 per diluted share, with adjusted EBITDA of $700 million. Q1 2026 revenues were $5.2 billion and operating income was $538 million, higher than sequential Q4 results, driven by higher realized steel pricing and record steel volumes. Our steel operations generated operating income of $557 million in the Q1, a 73% sequential increase as average selling prices per ton increased $86. From an index perspective, average HRC pricing increased from an average of $850 per ton in the Q4 to $975 per ton in the Q1 today. Excuse me, in the Q1. Today, it's over $1,000. Barry will talk more about the markets in a moment. Value-added spreads to HRC have also improved. As the largest coater in North America, this will especially be helpful to our forward performance. As a quick reminder, approximately 75%-80% of our flat-rolled steel business is linked to lagging price contracts, in aggregate, generally lagging two months. The most recent flat-rolled steel price increases will positively impact our Q2 results. Additionally, demand and related pricing for our long product steel is strong, with pricing also continuing to improve. From a metals recycling perspective, Q1 2026 operating income was $47 million, or 155% higher than sequential earnings, based on higher pricing for both ferrous and non-ferrous scrap. Shipments were modestly lower in the Q1 due to inclement weather for several weeks in January and February. Scrap flows are strong again, with expectations for seasonally increased shipments in the Q2 and Q3s, in addition to increases related to further support of our aluminum operations. Our steel fabrication team achieved Q1 operating income of $90 million, aligned with Q4 results as a benefit from higher shipments was offset by the increase in steel input prices. Our fabrication business generally maintains between 10-12 weeks of steel inventory, which can tighten margins in a rising steel price environment. Our steel joist and deck demand remains solid, evidenced by very strong order activity, with March representing the current high point. We were with the Aluminum management team last week, and things are going incredibly well. That said, a quick reminder that we are still constructing and commissioning while we are in operational startup. Mark will provide specifics in a moment. As for the related Q1 financial impact, earnings for aluminum were lower than we originally expected, with an operating loss of $65 million. Operating costs were significantly higher in January as the team experienced normal startup issues, necessitating a temporary pause in operations and a write-down of some inventory. Things were resolved quickly and are operating smoothly now, with increasing volumes already being realized. We generated cash flow from operations of $148 million in the Q1. Cash was reduced by $120 million related to our annual company-wide retirement profit-sharing funding and an additional $150 million related to working capital growth, specifically associated with our new aluminum investment. We also experienced significant working capital growth related to increased pricing across our businesses, increasing both customer accounts and inventory values. Our cash generation is consistently strong based on differentiated circular business model and highly variable low-cost structure. At the end of the quarter, we had liquidity of $2 billion, comprised of cash and investments of $800 million and our fully available unsecured revolver of $1.2 billion. During the Q1, we invested $138 million in capital investments. We believe total investments for the entirety of 2026 will be in the range of $600 million. In the Q1, we increased our cash dividend by 6% and repurchased $115 million of our common stock, with $687 million remaining authorized at the end of March. These actions reflect the strength of our capital foundation and consistently strong cash flow generation and our continued confidence in our future. Our capital allocation strategy prioritizes high-return growth, with shareholder distributions comprised of a base positive dividend profile that is complemented with a variable share repurchase program, while we remain dedicated to maintaining our investment-grade credit designation. Our free cash flow profile was fundamentally changed over the last number of years from an annual average of $540 million from 2011 to 2015 to $2.4 billion for the most recent five-year period. If you exclude our growth investments related to our Texas steel mill and our new aluminum investment, the average is $3.2 billion per year. There's more coming. We've invested over $5 billion in three primary organic growth investments, including our Texas mill, our value-added flat roll coating lines, and our aluminum investment. These projects have an estimated through-cycle annual EBITDA of approximately $1.4 billion. We placed ourselves in a position of strength to have a sustainable capital foundation that provides the opportunity for meaningful strategic growth and strong shareholder returns while maintaining our investment-grade metrics. I really want to give a shout-out also to our Biocarbon team. Last week, we did something that I think probably hasn't been done anywhere else in the world. We had, instead of a ribbon-cutting ceremony, we had a log-cutting ceremony. Kudos to that team. That's doing very well as well. Barry. Thank you, Theresa. Our steel fabrication operations performed well in the Q1 of 2026, delivering strong earnings. Steel joists and deck order backlog was solid at quarter end, with December through March representing some of the strongest order entry we have seen in the past 18 months. This backlog extends into the Q4 of 2026. We continue to have high expectations for the business this year due to positive customer sentiment and quoting activity, continued manufacturing onshoring, and public funding for infrastructure and other fixed asset investment programs. The uplift from this macro environment could be considerable. Our steel fabrication platform provides meaningful volume support for our steel mills, particularly critical in softer demand environments, allowing us to operate at higher through-cycle utilization rates than our peers. This also helps mitigate the financial risks associated with lower steel prices. Our metals recycling operations also performed well in the quarter as scrap prices increased during the quarter, more than doubling operating income. Congratulations to the team. They had some tough weather earlier in the year. The North American geographic footprint to our metals recycling platform provides strategic competitive advantage for both our steel mills and our scrap-generating customers. In particular, our Mexican operations strengthen the raw material positions of our Columbus and Sinton facilities. They also provide strategic support for aluminum scrap procurement for our flat rolled aluminum investments. Our metals recycling team is partnering even more closely with our steel and aluminum teams to expand scrap separation capabilities through enhanced processes and technology. This will help mitigate potential prime ferrous scrap challenges over time and provide a meaningful advantage in increasing recycled content in our aluminum flat roll products while expanding our earnings capabilities. The steel team delivered a solid quarter with record shipments of 3.6 million tons. During the Q1 of 2026, domestic steel industry operated at an estimated production utilization rate of 77%, while our steel mills operated at 89%. We consistently achieve higher utilization due to our value-added product diversification, differentiated customer supply chain solutions, and the support of our internal manufacturing businesses. This higher through-cycle utilization is a key competitive advantage, supporting our strong and growing cash generation and best-in-class financial metrics. Regarding the flat-rolled steel markets, conditions continue to improve, supported by strong demand and lower imports. Lead times remain elevated and customers remain optimistic about the outlook. Specifically in flat-rolled steel, we see improving value-added spreads returning with the impact of the core trade cases that we won in 2025. Long product steel markets continue to be strong in 2026, and we expect another solid year as demand and pricing remain favorable, particularly in structural steel and railroad rail, with our Columbia City and Roanoke both achieving record months in production. SBQ markets are also improving across the various sectors, with increasing manufacturing and energy product support. Regarding the steel market environments, North American automotive production estimates for 2026 are expected to be similar to 2025. Our specific automotive customer base has not only remained stable, but has provided opportunities for growth. We have become a supplier of choice for many U.S.-based European and Asian automotive producers, due in part to our lower carbon content capabilities. Non-residential construction remains strong, led by data centers and an increase in multifamily home building. Our platforms continue to benefit from ongoing onshoring activity and domestic manufacturing projects. In the energy sector, oil and gas activity has been strong with the pipe mills already booked well into the summer, with solar continuing to remain strong in our order books. Overall, we remain optimistic considering demand for our diversified value-added steel products in the coming year. With that, I'll return it to Mark. Barry, Theresa, thank you. As you can see, everyone, it's been an incredibly good quarter. Great performance by everyone. Something to celebrate for sure. We're also celebrating Barry's birthday today. I just want to interject, and it's rarely do we get donuts anymore in the office, and today was a special day. We're celebrating that too. Again, the consistently sustained, the positive results, it just doesn't happen, as I think you all realize, it's the result of the strategies implemented and executed by the teams over time. We've continually invested strategically to drive scale of business, product market diversification, unique customer supply chains, and we've been linking operating platforms to optimize market opportunities throughout economic cycles. When combined with our performance-driven incentive culture, we consistently achieve at the highest levels compared to our peers. Our foundational focus on market and product diversification into high margin value-added products drives higher through-cycle utilization and superior financial metrics. We optimize cash generation, allowing for a consistent and balanced cash allocation strategy that has consistently delivered strong shareholder returns. Our disciplined investment approach continues to support a strong and growing through-cycle cash generation profile, while maintaining one of the highest ROIC metrics among our industrial peers. At the moment, our largest such investment is in the aluminum flat-rolled products arena. When touring the facilities there, the excitement of the aluminum team is palpable as you watch them perform, now transitioning from construction and commissioning to production and serving the customers with high-quality products. They're also constructively navigating a roiling aluminum market, manifest by the tragic impacts of the Iranian war and the domestic supply chain challenges. Beyond these, hopefully near-term constraints, we're also experiencing a unique and very favorable long-term market environment. There's a significant and fundamental domestic supply deficit of over 1.4 million tons of aluminum sheet, and this deficit is forecasted to grow with additional demand in the coming years. In 2024 and 2025, that deficit was supplied through high-cost imports, which are now even higher as tariffs increased from 10% in 2024 to the current 50% level. This investment is a clear alignment with SDI's core competencies. Our construction capabilities have once again been proven, both Columbus and our cast house in San Luis Potosí are state-of-the-art facilities, and they were brought on in record time compared to other facilities, and at a very reasonable cost on budget. Well, near to budget. We're using SDI's deep operational know-how in combination with the technical expertise of aluminum industry experts, and our proven incentive-driven performance culture will drive higher efficiency and lower cost operations compared to our competitors. We also believe we have an advantaged commercial position. Two-thirds of our existing carbon flat-rolled steel customers also consume and process aluminum flat-rolled sheets. Our growth in the automotive sector will complement our existing steel position and provide customer material optionality. The beverage can market provides counter-cyclical market diversification, and a more stable earnings profile within the aluminum space will further enhance the consistency of our through-cycle cash generation. Our raw material platform will also facilitate high recycled content. We're the largest North American metals recycler, which includes aluminum, and we've successfully developed new separation technologies, allowing us to have more access to usable aluminum scrap at a lower cost. Production to date, even at its early stages, is already confirming our expected earnings differentiation. When the markets normalize, we're confident in the through cycle EBITDA expectation for normalized markets again, remains at $650-$700 million, plus a further $40 million-$50 million for our recycling platform. As we've spoken in the past, the four key areas of advantage from a labor efficiency standpoint, higher recycled content, high yield, and optimized logistics. It's all driven by a performance-based operating culture utilizing state-of-the-art equipment. This strategic investment is a cost-effective and high return growth opportunity, providing Steel Dynamics with additional chemical diversification while further stabilizing and growing our cash generation capabilities. We've seen that the customer base is hungry for a new market entrant, one that is known to be innovative, customer-focused, and responsive. We view business relationships as long-term, founded on trust with a continuous goal of creating mutual value. Not simply just financial value, but we will provide new supply chain solutions, new products with preferred quality and service. Many customers have already experienced this through the actions we have taken to help solve some of the recent supply chain challenges. This has been fortuitous for us, allowing us to help the market while accelerating material qualification. For all that said, all startups have their challenges and I would like to thank our customers for their patience as we fine-tune our operations and continue our ramp up. Today, we have received certifications from multiple customers for industrial and can sheet finished products, as well as certification for automotive aluminum hot band. What is incredible to me is that even finished automotive products are currently in the qualification process with several automotive customers. We believe we could receive acceptance in the coming weeks. This accelerated certification should allow us to shift our product mix to a higher margin mix this year, reaching the planned optimized mix of 45% can sheet, 35% automotive, and 20% industrial sometime in 2027. The hot side is fully operational now and has demonstrated the ability to run at full-rated capacity. The last of four preheat furnaces will be in service at the end of the Q2, and we have successfully rolled 3,000, 5,000, and 6,000 alloys. Two of our three cold mills are now ramping operations and producing prime product. The third cold mill is expected to begin producing in the Q3. The cold reversing mill, in particular, is successfully producing shippable 303 or 3003, 5052, and 3104 products. The first of two automotive continuous anneal and solution heat treat lines, CASH lines, is now operational and producing material for qualification for automotive customers. The team has brought that particular line on in absolute record speed, and it truly is testimony to the team we have there. We believe we should receive qualification from several customers in the coming weeks. The second CASH line is expected to begin commissioning in the Q3. The team is incredibly excited with the earlier-than-anticipated product certifications. Again, it is testament to the incredible talent we have been able to embed throughout the facility. There's great energy and great momentum. We're extremely excited by the physical production and quality capability of the mill today, especially this early in the startup. We're focused on achieving operational and quality consistency. We continue to believe we'll be exiting 2026 at a monthly rate of 90% capacity. As we continue to be impassioned by our current and future growth plans, as they will continue to drive the high return growth momentum we have consistently demonstrated over the years. The earnings growth of our most recent projects is compelling. The capital funding for Sinton, the four value add lines, and Aluminum Dynamics is basically complete with a projected future through cycle EBITDA contribution of $1.4 billion a year. I'm excited as our teams, customers, investors recognize the power and consistency of our strong cash generation, combined with our disciplined high return capital allocation strategy. It's our belief that the steel industry has undergone a paradigm shift in recent years, supported by the pervasive sense of mercantilism that will provide a level playing field through continued and appropriate trade mechanisms. Fixed asset investment will continue to grow, which directly correlates with increased metal products demand. Reshoring of manufacturing continues to increase, and along with AI and cloud computing, will support non-residential construction, further strengthening what is an already robust long products market. Decarbonization itself will materially steepen the global cost curve, providing Steel Dynamics with a huge competitive advantage to gain market share and increase metal spreads. Our highly diversified value-added product capabilities provide us with a very unique advantage to leverage this evolving business environment and amplify our relative earnings capability. In closing, I've said it a million times, I think, I never tire of saying it, that our people and our foundation are our foundation. I thank each of them for their passion and dedication. We're committed to them, and I remind those listening today that safety for yourselves, your families, and each other is the highest priority. I'd be remiss not to thank our loyal customers, many of whom have supported us since our inception. These partnerships are based on trust, on doing what we say we will do, and creating new solutions to enhance the value proposition. Our new aluminum partners are experiencing the same. Also to our suppliers and service providers who we value and trust and work with each and every day. Thank you. We look forward to creating new opportunities for all of us today, and in the years ahead. Thank you, and we'll take questions now. Thank you. If you would like to ask a question, please signal by pressing the star key followed by the digit 1 on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. If you pressed star 1 earlier during today's call, please press star 1 again to ensure our equipment has captured your signal. Also, we ask that you please limit yourself to one question to facilitate time for everyone. Any additional questions can be addressed upon reentering the queue. Please hold a moment while we poll for questions. The first question this morning is coming from Albert Realini from Jefferies. Albert, your line is live. Please go ahead. Hi. Good morning, all. Thank you for taking my question. Good morning, Albert. On aluminum, obviously a lot of external moving parts impacting fundamentals here. One, maybe if you could just talk through some of the impacts you expect to see on the business going forward from the recent change in tariff policy. Then I believe last quarter, you kind of briefly touched on mark-to-market margins being higher than what was used in calculating the guided through cycle EBITDA number for the business. Obviously since that point we've had some significant global supply impacts. Just wondering if you could provide any further color in terms of how much potential upside to those numbers you see at spot prices or margins. Thank you. Well, Albert, I'm not so sure our crystal ball is any clearer than yours far into the future. Obviously, the market today is absolutely phenomenal from a standpoint of entering a new facility. Qualifying our products quicker has been a very fortuitous thing. Margins today are obviously very, very strong, which is helping a startup ramp. I guess, from the performance today, looking at the yields, the efficiencies, et cetera, again, we would say we're more than confident with the $650 million-$700 million of EBITDA per year. We can't see any downside in the future. Yeah. You're spot on. The spreads that we use from a profitability standpoint, just market related for each of the product sets, are significantly lower than the spreads that are available today. Right now I think what we'd like to do is continue to have the teams perform incredibly well. There's a significant difference and a significant benefit that would inure to us in today's spread environment, that we think does have more of a structural shift. In the coming months, what we'd like to do is actually probably discuss what through cycle is. We think just like the steel industry went through a structural change and what that might look like, the aluminum industry as well. I would just say more to come on that. Thank you. Your next question is coming from Carlos de Alba from Morgan Stanley. Carlos, your line is live. Please go ahead. Yeah, thank you very much. Just staying on with the aluminum business. Congrats on the ramp up. I just wanted to maybe get a little bit more color on the issues that you faced in the past quarter, and related also to the inventory write-off that you had. Was that due to quality issues or maybe just more color in general on what happened in the business and what makes you feel comfortable that you have basically put those behind and will continue to ramp up the volumes? Thank you. Thank you, Carlos. Essentially, it was principally limited to the January. Leaked a little bit into February. You're right, it was a quality issue. It was a stain on the product issue. Should have caught it, should have seen it, but it's been resolved. It wasn't an equipment issue, Carlos. It was a practice issue. Got it. Okay. Maybe, if I may add, any views on how you might ramp up the volumes? Clearly, as you just mentioned, current prices are significantly above what everyone expected. The more you can produce and sell, the better. Any colors on that would be great. Thank you very much. Well, just as a ramp in Q4, we were around 14,000 tons, I think, of shipments, give or take a little bit. Q1, you saw it's around 22,000. We're expecting, with the exception of any unexpected qualify unexpected disruptions. We should be around, we think, 60,000-70,000 tons in the Q2. We have, obviously, the cold reversing mill was running pretty well in the Q1. We have the full addition of the first tandem mill, and that should change things dramatically down there. I think to speak to the quality, just to reemphasize that, a majority of what we actually produced or shipped, I should say more accurately in the Q1 and will be in the Q2 as well, is can sheet. It's high-quality material. Thank you. Your next question is coming from Timna Tanners from Wells Fargo. Timna, your line is live. Please go ahead. Yeah. Hey, good morning. Wanted to see if you could provide a little more color about your mix. I know with the coated lines ramping up, how is that progressing? I didn't hear the breakout. I don't know if you still provide that. If so, that'd be helpful. Then if I could, a second question, just I know a lot of interest in what you're thinking about in terms of uses of cash with the strong free cash flow outlook, the fall in CapEx. If you could provide some more color on that'd be great. Excellent. Good morning, Timna. I'm sorry I was remiss. I think you're specifically looking for the flat-rolled shipments. The Q1 flat-rolled shipments for hot band was 1,017,000 tons. Cold rolled was 151,000 tons, and coated was 1,530,000 tons. The four new value-added lines are actually operating incredibly well. Barry, percentage basis, do you have that? They're operating at full capacity right now, and the markets that they service are the markets that were the most impacted by the court cases. We are enjoying high-quality production and making our customers happier, and making sure that we have the right stuff in all of our mixes like we normally do. From a capital allocation perspective, we are focused on consistently doing what we've been doing, which we think has been really successful. It's growing the business as our priority and then complementing that with a progressively positive dividend profile, which is complemented by the share repurchase program, which we're still engaging in. I know we did take a bit of a pause in the Q1 related to the working capital growth that we saw coming, both for the new operations that we have, but also just because we've had increased pricing across the business. You should continue to expect to see the same. Thank you. Your next question is coming from Martin Englert, from Seaport Research Partners. Martin, your line is live. Please go ahead. Hello. Good morning, everyone. Good morning. I had a question on unit conversion costs. If you could just qualitatively touch on some of the positive, negative factors quarter-over-quarter, what moved higher, what moved lower? Curious if energy was any meaningful influence on the quarter? Martin, this is Barry. Yeah, we didn't see any huge increases. We have seen some structural increases in things like paint. As far as energy goes, there was small boosts here and there, but not to a level that we're concerned about. Despite what's happening around the world, we have very good relationships and we're very efficient with our energy. Our teams respond when there are immediate upsets in energy, but we're able to continue running at very high rates of production, and otherwise, it's not a major concern for what we've seen so far. To Barry's point, Martin, there's nothing to point out except remember that product mix really does have a pretty significant impact when you're viewing it from the outside in. Structural or long steel products just generally have higher conversion costs. As they continue to have really robust shipments and volumes because of demand, that does look from the outside in like our conversion costs are a bit higher. Thank you. Your next question is coming from Tristan Gresser from BNP Paribas. Tristan, your line is live. Please go ahead. Yes. Hi. Thank you for taking my questions, and happy birthday, Barry. The question I have is on pricing. I just wanted to have your view on the market at the moment. If we look at a chart with historical steel prices in the U.S., upcycles have always been very brutal, big swings in prices, and this time it's been very different. Very gradual price increases almost on a weekly basis. We'd like to have you, how do you explain that? And most importantly, is that improving, you think, the sustainability of the current rally? How do you view the supply and demand at the moment for flat-rolled and any risk of imports picking up, in the coming months and disrupt a bit the balance? Thank you. Tristan, when we look at the flat roll markets, we're seeing our customers have more confidence. Certainly the tariff world we've been living in the last two years has had impacts. I think more importantly, a lot of our customers have seen that supply chains are very important. When we have discussions with our customers, our supply chain position being so local to many of the businesses and having diverse products. It allows us to engage with them on a longer term frame than just what we see in a quarter, perhaps half a year. We do have confidence that this market is strong. It's demand driven. We do feel like the pricing has been responsive as capacity has gotten closer, ramped up across the industry. Getting imports that are unfairly dumped into this country were very significant. Those are so disruptive, and there's subsequent cases that have been filed regarding circumvention. All the steel tons that are at sea have to find a home. When you have a global interruption like we have right now, I'm very happy that we have Section 232 protections. The executive orders early in April that helped further define both steel products, aluminum products, as well as derivative products is very helpful because that encompasses the entire supply chain. I think we are feeling the results right now of our businesses in America picking up, and the supply chain excellence that we have is really taking hold. I feel like we have good position, and we're strong, and we're super excited about long products. There's so many big projects out there that engineering and ownership of those projects is getting involved early with our long products team. We continue to market our long products and our fabrication teams together. That allows us to establish positions with these projects, whether it's pharmaceuticals or electric vehicle production or energy. We have solutions that help them. It's a robust market we're in. We hope globally, things calm down a little bit. Other than that, we're doing our best to make our customers happy. Thank you. Your next question is coming from Katja Jancic. Katja, your line is live. Please go ahead. Hi. Thank you for taking my question. Maybe on the pig iron side, the prices are moving higher. Can you remind us how much of pig iron do you currently import? And are there any potential mitigating factors you're looking at taking? Katja, I'll give you a brief overview. We only use pig iron at our flat-rolled mills. Our Butler Mill has its own technology for making liquid iron that takes care of about 90% of Butler's needs. That liquid iron is actually produced from recycled iron oxide products, so it's also a very sustainable product. When we look at the Columbus Mill and Sinton Mill, that's our primary users of pig iron, and we will use anywhere between 12%-22%. We do that based on what the quality is required and the productivity is required for those products. What we do to mitigate that is really found through our relationships with OmniSource, our scrap provider. We have an incredible connection between the scrap and the steel side. The scrap is continually cleaning the SHRED-1 product we call it, so that we know exactly what we're going to get in the melting furnace when we want it. That's a big part of being able to capture value in that supply chain. What we do to mitigate it is we put very clean, shredded product, very clean busheling, intentionally when we need it. We use pig iron to supplement that. We look at the cost every day and availability. We've been very good at buying. I think we keep good positions of pig iron. We're aware of the working capital, so we also don't just binge on it for sure. But I'm really proud of what the teams do between OmniSource on the scrap side and what our melt shops do. We got a great iron team in the middle that helps coordinate that. It's really a benefit of having a team so closely connected and free to make those decisions quickly. It's real. Prices go up, but we continue to find better ways to minimize it and better ways to let our team do what they do best. Thank you. Your next question is coming from Samuel McKinney from KeyBanc Capital Markets. Samuel, your line is live. Please go ahead. Hey, good morning. Good morning. Hey, I think I'll ask a brief question for Barry after he called out the solid results in structural and rail. It put up the best quarterly shipment number in a couple of years, and you guys noted demand there remains very strong. Maybe dig a little deeper into what's driving the uptick in activity there and how the 2026 contract shook out versus last year. Well, on the long product side, I think the team even after all the years, our incentive-based system drives our people to make better things and more of them. That team has just been very efficient at putting together sequencing. Last month, the melt shop in cast was 200,000 tons, which is a difficult achievement in a long products mill because of the different sections they cast. The efficiency of operations helps them put the right backlog on the ground, put the right inventory in place. I can't say enough about how the sales team, through the long products group, is working together to make sure that Roanoke, Ceredo, West Virginia, and Columbia City are all equally represented to customers so that we can get the best positions to make what they need. I think the optimization is really a part of just the ongoing challenge our mills operate with incentive. There's been a shock to the railroad rail system over the last year. We were able to also increase some of those products with our customer base to help alleviate some other supply-side problems that existed in rail. It continues to be a good part of our product offering. We also, our SBQ mill with increased Sales and relationships through the automotive energy and other forging customers has also been purchasing from Columbia City. We're able to work all the long products very efficiently together. I tell the guys, "Good decisions you made two, three years ago, you get to enjoy today." They continue to make tough decisions when they have to so that we can run better when we have a market in front of us. We're excited about what we see. We don't see it slowing down, and we're happy to be engaging the projects early in the process. That helps with speccing and laying out the best solution through the fabricating networks. Thank you. Your next question is coming from Lawson Winder from Bank of America. Lawson, your line is live. Please go ahead. Fantastic. Thank you, operator. Good morning, Mark, Theresa, and Barry. Happy birthday, Barry. Thank you. Steel Dynamics. Look, you guys have never been one to pass up an opportunity for growth or expansion. I was just thinking, your prior discussion there of long products and all the opportunity there. Can you make a compelling case today for a material expansion in that long products market? I'm going to try and tack on a second sort of related question, which is, and I've brought it up on these calls before, but it's just like the aluminum rolling market in the U.S. is, I think, a great opportunity. Today, with the benefit of now being really active in the market, same question. Do you see a case for investment by Steel Dynamics into that market as well for new capacity? Well, I think you know our team perhaps. It's incredibly inspiring as to the opportunities and the ideas that they bring forth. We've got a broad pipeline of strategic opportunities, greenfield growth, for sure, across all the spaces. Aluminum Dynamics, for sure, has opportunity. We see an industry that was a little bit like the steel industry 30+ years ago, that they haven't been able to earn the cost of capital consistently and reinvest in their facilities and grow. We would like to take advantage of that. There are products for sure, certain product lines that we feel we could invest in long-term. Obviously, there's a massive supply deficit there, which will continue to grow. We do see tremendous opportunity in aluminum. At the same time, we're a steel company, and the steel guys have got their own innovative projects. We're assessing them, and as we see fit, we will invest accordingly. Thank you. Your next question is coming from Bill Peterson from JPMorgan. Bill, your line is live. Please go ahead. Good morning. This is Bennett Moore on for Bill. Thank you for taking my questions. Good morning. I wanted to ask about steel substitution amid the elevated aluminum price environment. Over the past few weeks, we've heard from companies in both sectors actually that this may be starting to unfold. Given that Steel Dynamics now uniquely sits on both sides of the fence, are you hearing about this from your customers? Are you seeing any evidence of it to date? Well, the good thing there is we do have that optionality and can take advantage of whatever direction the market may go. We have not seen or heard of any substantial substitution, to be honest, Bennett. I don't believe you're going to see it. The investments that the automotive companies have made in their production facilities is massive. You don't change that overnight. The pricing environment that we see today will change for sure and will revert to a more normalized level at some point, albeit at a high level and a very good opportunity for us for Aluminum Dynamics. I think even counter to the idea of substitution, there's just been recent announcements from a major automotive producer where they're adding additional aluminum in the auto bodies in the Midwest, and so they'll be increasing demand from that perspective. I think that further supports the idea of lack of substitution. Thank you. Your next question is coming from Tristan Gresser from BNP Paribas. Tristan, your line is live. Please go ahead. Yeah. Thank you for taking the follow-up. Just two quick one. I know you mentioned in December that the aluminum plant was EBITDA positive. I was wondering if you could share some information about March, if the plant was EBITDA positive in March already. Just regarding BlueScope, what is the situation at the moment? Are discussions still ongoing? What can you tell us? Yeah, that'd be it. Thank you. Thanks, Tristan. From an aluminum perspective, the plant was not on a full quarter basis, EBITDA positive, but it was basically break even combined February and March, because we had that pause in January that made it difficult. They're doing an incredible job now with full expectations for the remainder of the year to be very positive from an EBITDA perspective. Mark, do you want to handle the BlueScope question? Yeah. I think, obviously, we never talk with any great specificity as to what we're doing from a strategic standpoint. Suffice it to say, we have an incredibly strong partnership with Ryan Stokes and the SGH organization. As you know, we presented what we consider a best and final sort of joint offer. It's our belief it was absolutely full and fair, and that was back in February. As you have seen, that best and final offer was summarily rejected, and there's been no constructive engagement by the company since. Thank you. Your next question is coming from Timna Tanners from Wells Fargo. Timna, your line is live. Please go ahead. Yeah. Hey, I was going to also ask about BlueScope, and since you just addressed it, I guess I'll try another angle. I think it'd be interesting to hear how you think about downstream versus steel growth versus maybe organic projects. I know in the way past, a long time ago, there was talk of a new plate mill. Plate's really strong. Beams, I hear, are sold out. I think maybe are there other expansion opportunities there, or are you thinking about kind of more of a downstream approach? Just any color on how you're thinking about your growth options generally would be great. Thank you, Timna. I think, again, our strategic philosophy hasn't changed at all. We pursue and explore all opportunities. I can't remember ever saying there might be interest in plate. Barry, are you here with an interest in plate, mate? Well, Sinton does address some plate needs. It's part of the reason the technology was chosen. Yeah Yeah. Again, with Nucor's entry there, I think that the plate market is well served. I believe our focus has been and will be sort of downstream, innovative ways to improve and bring value to the supply chain in different products that we're not in today. Again, as you know, we're not in business just to grow, to get bigger. We like to continue our focus on sort of value add differentiating products and supply chains. The team has a myriad of opportunities that continue to get explored. We took a little bit of a hiatus given our CapEx for Sinton and Aluminum Dynamics. Now that's behind us. We will continue to explore those opportunities. In aluminum, it's phenomenal where we could go. Thank you. That concludes our question-and-answer session. I'd like to turn the call back over to Mark Millett for any closing remarks. Well, thank you very much. Thank you for those still on the call. Again, those that have supported us in the past and do so today, we will endeavor to do our best to spend your money wisely, and continue to have the best shareholder return in the steel business. Our team, again, phenomenal job. It's incredible what you do. You inspire me personally. Just make sure you're safe. Look after each other out there. For those that help us each and every day, both customers and service providers, we can't do it without you either. Thanks for your patience with us. I know we can be tough at times, but we're doing tough, challenging things, and together we will succeed. Thank you, everybody. Appreciate your support. See you next quarter. Once again, ladies and gentlemen, that concludes today's call. Thank you for your participation, and have a great and safe day.

Speaker 10: Good day, and welcome to the Steel Dynamics Q1 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management's remarks, we will conduct a question-and -answer session, and instructions will follow at that time. Please be advised this call is being recorded today, April 21st, 2026, and your participation implies consent to our recording this call. If you do not agree to these terms, please disconnect. At this time, I would like to turn the conference over to David Lipschitz, Director, Investor Relations. Please go ahead. Good day, and welcome to the Steel Dynamics Q1 2026 Earnings Conference Call. good day and welcome to the steel dynamics q1 2026 earnings conference call At this time, all participants are in a listen-only mode. at this time all participants are in a listen-only mode After management's remarks, we will conduct a question- and -answer session, and instructions will follow at that time. after management's remarks we will conduct a question- and -answer session and instructions will follow at that time Please be advised this call is being recorded today, April 21st, 2026, and your participation implies consent to our recording this call. please be advised this call is being recorded today april 21st 2026 and your participation implies consent to our recording this call If you do not agree to these terms, please disconnect. if you do not agree to these terms please disconnect At this time, I would like to turn the conference over to David Lipschitz, Director, Investor Relations. at this time i would like to turn the conference over to david lipschitz director investor relations Please go ahead. please go ahead

Speaker 5: Thank you, Tom. Good morning, and welcome to Steel Dynamics' Q1 2026 earnings conference call. As a reminder, today's call is being recorded and will be available on our website for replay later today. Leading today's call are Mark Millett, Chairman and Chief Executive Officer of Steel Dynamics, Theresa Wagler, Executive Vice President and Chief Financial Officer, and Barry Schneider, President and Chief Operating Officer. The other members of our senior leadership team are joining us on the call individually. Some of today's statements, which speak only as of this date, may be forward-looking and predictive, typically preceded by believe, expect, anticipate, or words of similar meaning. They are intended to be protected by the Private Securities Litigation Reform Act of 1995, should actual results turn out differently. Thank you, Tom. thank you tom Good morning, and welcome to Steel Dynamics' Q1 2026 earnings conference call. good morning and welcome to steel dynamics' q1 2026 earnings conference call As a reminder, today's call is being recorded and will be available on our website for replay later today. as a reminder today's call is being recorded and will be available on our website for replay later today Leading today's call are Mark Millett, Chairman and Chief Executive Officer of Steel Dynamics, Theresa Wagler, Executive Vice President and Chief Financial Officer, and Barry Schneider, President and Chief Operating Officer. leading today's call are mark millett chairman and chief executive officer of steel dynamics theresa wagler executive vice president and chief financial officer and barry schneider president and chief operating officer The other members of our senior leadership team are joining us on the call individually. the other members of our senior leadership team are joining us on the call individually Some of today's statements, which speak only as of this date, may be forward-looking and predictive, typically preceded by believe, expect, anticipate, or words of similar meaning. some of today's statements which speak only as of this date may be forward-looking and predictive typically preceded by believe expect anticipate or words of similar meaning They are intended to be protected by the Private Securities Litigation Reform Act of 1995, should actual results turn out differently. they are intended to be protected by the private securities litigation reform act of 1995 should actual results turn out differently Such statements involve risk and uncertainties related to integrating or starting up new assets, the aluminum industry, the use of estimates and assumptions in connection with anticipated project returns, and our steel, metals recycling, fabrication, and aluminum businesses, as well as to general business and economic conditions. Examples of these are described in the related press release as well as in our annually filed SEC Form 10-K under the headings Forward-Looking Statements and Risk Factors, found on the Internet at www.sec.gov, and applicable in any later SEC Form 10-Q. You'll also find any referenced non-GAAP financial measures reconciled to the most directly comparable GAAP measures in the press release issued yesterday entitled Steel Dynamics Reports Q1 2026 Results. Now, I'm pleased to turn the call over to Mark. Such statements involve risk and uncertainties related to integrating or starting up new assets, the aluminum industry, the use of estimates and assumptions in connection with anticipated project returns, and our steel, metals recycling, fabrication, and aluminum businesses, as well as to general business and economic conditions. such statements involve risk and uncertainties related to integrating or starting up new assets the aluminum industry the use of estimates and assumptions in connection with anticipated project returns and our steel metals recycling fabrication and aluminum businesses as well as to general business and economic conditions Examples of these are described in the related press release as well as in our annually filed SEC Form 10-K under the headings Forward-Looking Statements and Risk Factors, found on the Internet at www.sec.gov, and applicable in any later SEC Form 10-Q. examples of these are described in the related press release as well as in our annually filed sec form 10-k under the headings forward-looking statements and risk factors found on the internet at www.sec.gov and applicable in any later sec form 10-q You'll also find any referenced non-GAAP financial measures reconciled to the most directly comparable GAAP measures in the press release issued yesterday entitled Steel Dynamics Reports Q1 2026 Results. you'll also find any referenced non-gaap financial measures reconciled to the most directly comparable gaap measures in the press release issued yesterday entitled steel dynamics reports q1 2026 results Now, I'm pleased to turn the call over to Mark. now, i'm pleased to turn the call over to mark

Speaker 8: Super. Thank you, David. Good morning, everyone. Thanks for sharing your time this morning for our Q1 2026 earnings call. As reported, our teams achieved a very strong first-quarter financial and operational performance. Several highlights for the quarter included record quarterly steel shipments of 3.6 million tons. We saw significant progress within our aluminum operations. It really is exciting to see our vision coming to life there. Super. super Thank you, David. thank you david Good morning, everyone. good morning everyone Thanks for sharing your time this morning for our Q1 2026 earnings call. thanks for sharing your time this morning for our q1 2026 earnings call As reported, our teams achieved a very strong first-quarter financial and operational performance. as reported our teams achieved a very strong first-quarter financial and operational performance Several highlights for the quarter included record quarterly steel shipments of 3.6 million tons. several highlights for the quarter included record quarterly steel shipments of 3.6 million tons We saw significant progress within our aluminum operations. we saw significant progress within our aluminum operations It really is exciting to see our vision coming to life there. it really is exciting to see our vision coming to life there We had adjusted EBITDA of $700 million, and again, most importantly, our teams continue to emphasize and keep safety top of mind. We have an amazing group of people that achieves best-in-class performance each and every day. Incredibly proud of the whole team. Our world-class safety culture continues to evolve and our team's dedication to our take control safety philosophy is extraordinary. Out of some 135 SDI locations, 94% operated in the Q1 without one lost time injury. We had adjusted EBITDA of $700 million, and again, most importantly, our teams continue to emphasize and keep safety top of mind. we had adjusted ebitda of $700 million and again most importantly our teams continue to emphasize and keep safety top of mind We have an amazing group of people that achieves best-in-class performance each and every day. we have an amazing group of people that achieves best-in-class performance each and every day Incredibly proud of the whole team. incredibly proud of the whole team Our world-class safety culture continues to evolve and our team's dedication to our take control safety philosophy is extraordinary. our world-class safety culture continues to evolve and our team's dedication to our take control safety philosophy is extraordinary Out of some 135 SDI locations, 94% operated in the Q1 without one lost time injury. out of some 135 sdi locations 94% operated in the q1 without one lost time injury I'm continually inspired by the commitment they have for one another. They consider themselves family and challenge the status quo each day. As always, we will never be satisfied until we achieve a zero-incident environment. Before I continue, I'd like to shift to Theresa and Barry for their commentary. Theresa? I'm continually inspired by the commitment they have for one another. i'm continually inspired by the commitment they have for one another They consider themselves family and challenge the status quo each day. they consider themselves family and challenge the status quo each day As always, we will never be satisfied until we achieve a zero-incident environment. as always we will never be satisfied until we achieve a zero-incident environment Before I continue, I'd like to shift to Theresa and Barry for their commentary. before i continue i'd like to shift to theresa and barry for their commentary Theresa? theresa

Speaker 12: Thanks, Mark. Good morning, everyone. Thank you for joining us this morning. For the Q1 2026, our net income was $403 million, or $2.78 per diluted share, with adjusted EBITDA of $700 million. Q1 2026 revenues were $5.2 billion and operating income was $538 million, higher than sequential Q4 results, driven by higher realized steel pricing and record steel volumes. Our steel operations generated operating income of $557 million in the Q1, a 73% sequential increase as average selling prices per ton increased $86. From an index perspective, average HRC pricing increased from an average of $850 per ton in the Q4 to $975 per ton in the Q1 today. Excuse me, in the Q1. Today, it's over $1,000. Barry will talk more about the markets in a moment. Value-added spreads to HRC have also improved. Thanks, Mark. thanks mark Good morning, everyone. good morning everyone Thank you for joining us this morning. thank you for joining us this morning For the Q1 2026, our net income was $403 million, or $2.78 per diluted share, with adjusted EBITDA of $700 million. for the q1 2026 our net income was $403 million or $2.78 per diluted share with adjusted ebitda of $700 million Q1 2026 revenues were $5.2 billion and operating income was $538 million, higher than sequential Q4 results, driven by higher realized steel pricing and record steel volumes. q1 2026 revenues were $5.2 billion and operating income was $538 million higher than sequential q4 results driven by higher realized steel pricing and record steel volumes Our steel operations generated operating income of $557 million in the Q1 , a 73% sequential increase as average selling prices per ton increased $86. our steel operations generated operating income of $557 million in the q1 a 73% sequential increase as average selling prices per ton increased $86 From an index perspective, average HRC pricing increased from an average of $850 per ton in the Q4 to $975 per ton in the Q1 today. from an index perspective average hrc pricing increased from an average of $850 per ton in the q4 to $975 per ton in the q1 today Excuse me, in the Q1 . excuse me in the q1 Today, it's over $1,000. today it's over $1,000 Barry will talk more about the markets in a moment. barry will talk more about the markets in a moment Value-added spreads to HRC have also improved. value-added spreads to hrc have also improved As the largest coater in North America, this will especially be helpful to our forward performance. As a quick reminder, approximately 75%-80% of our flat-rolled steel business is linked to lagging price contracts, in aggregate, generally lagging two months. The most recent flat-rolled steel price increases will positively impact our Q2 results. Additionally, demand and related pricing for our long product steel is strong, with pricing also continuing to improve. From a metals recycling perspective, Q1 2026 operating income was $47 million, or 155% higher than sequential earnings, based on higher pricing for both ferrous and non-ferrous scrap. Shipments were modestly lower in the Q1 due to inclement weather for several weeks in January and February. As the largest coater in North America, this will especially be helpful to our forward performance. as the largest coater in north america this will especially be helpful to our forward performance As a quick reminder, approximately 75%-80% of our flat-rolled steel business is linked to lagging price contracts, in aggregate, generally lagging two months. as a quick reminder approximately 75%-80% of our flat-rolled steel business is linked to lagging price contracts in aggregate generally lagging two months The most recent flat-rolled steel price increases will positively impact our Q2 results. the most recent flat-rolled steel price increases will positively impact our q2 results Additionally, demand and related pricing for our long product steel is strong, with pricing also continuing to improve. additionally demand and related pricing for our long product steel is strong with pricing also continuing to improve From a metals recycling perspective, Q1 2026 operating income was $47 million, or 155% higher than sequential earnings, based on higher pricing for both ferrous and non-ferrous scrap. from a metals recycling perspective q1 2026 operating income was $47 million or 155% higher than sequential earnings based on higher pricing for both ferrous and non-ferrous scrap Shipments were modestly lower in the Q1 due to inclement weather for several weeks in January and February. shipments were modestly lower in the q1 due to inclement weather for several weeks in january and february Scrap flows are strong again, with expectations for seasonally increased shipments in the Q2 and Q3s, in addition to increases related to further support of our aluminum operations. Our steel fabrication team achieved Q1 operating income of $90 million, aligned with Q4 results as a benefit from higher shipments was offset by the increase in steel input prices. Our fabrication business generally maintains between 10-12 weeks of steel inventory, which can tighten margins in a rising steel price environment. Scrap flows are strong again, with expectations for seasonally increased shipments in the Q2 and Q3 s, in addition to increases related to further support of our aluminum operations. scrap flows are strong again with expectations for seasonally increased shipments in the q2 and q3 s in addition to increases related to further support of our aluminum operations Our steel fabrication team achieved Q1 operating income of $90 million, aligned with Q4 results as a benefit from higher shipments was offset by the increase in steel input prices. our steel fabrication team achieved q1 operating income of $90 million aligned with q4 results as a benefit from higher shipments was offset by the increase in steel input prices Our fabrication business generally maintains between 10-12 weeks of steel inventory, which can tighten margins in a rising steel price environment. our fabrication business generally maintains between 10-12 weeks of steel inventory which can tighten margins in a rising steel price environment Our steel joist and deck demand remains solid, evidenced by very strong order activity, with March representing the current high point. We were with the Aluminum management team last week, and things are going incredibly well. That said, a quick reminder that we are still constructing and commissioning while we are in operational startup. Mark will provide specifics in a moment. Our steel joist and deck demand remains solid, evidenced by very strong order activity, with March representing the current high point. We were with the Aluminum management team last week, and things are going incredibly well. our steel joist and deck demand remains solid evidenced by very strong order activity with march representing the current high point. we were with the aluminum management team last week and things are going incredibly well That said, a quick reminder that we are still constructing and commissioning while we are in operational startup. that said a quick reminder that we are still constructing and commissioning while we are in operational startup Mark will provide specifics in a moment. mark will provide specifics in a moment As for the related Q1 financial impact, earnings for aluminum were lower than we originally expected, with an operating loss of $65 million. Operating costs were significantly higher in January as the team experienced normal startup issues, necessitating a temporary pause in operations and a write-down of some inventory. Things were resolved quickly and are operating smoothly now, with increasing volumes already being realized. We generated cash flow from operations of $148 million in the Q1. As for the related Q1 financial impact, earnings for aluminum were lower than we originally expected, with an operating loss of $65 million. as for the related q1 financial impact earnings for aluminum were lower than we originally expected with an operating loss of $65 million Operating costs were significantly higher in January as the team experienced normal startup issues, necessitating a temporary pause in operations and a write-down of some inventory. operating costs were significantly higher in january as the team experienced normal startup issues necessitating a temporary pause in operations and a write-down of some inventory Things were resolved quickly and are operating smoothly now, with increasing volumes already being realized. things were resolved quickly and are operating smoothly now with increasing volumes already being realized We generated cash flow from operations of $148 million in the Q1 . we generated cash flow from operations of $148 million in the q1 Cash was reduced by $120 million related to our annual company-wide retirement profit-sharing funding and an additional $150 million related to working capital growth, specifically associated with our new aluminum investment. We also experienced significant working capital growth related to increased pricing across our businesses, increasing both customer accounts and inventory values. Our cash generation is consistently strong based on differentiated circular business model and highly variable low-cost structure. Cash was reduced by $120 million related to our annual company-wide retirement profit-sharing funding and an additional $150 million related to working capital growth, specifically associated with our new aluminum investment. cash was reduced by $120 million related to our annual company-wide retirement profit-sharing funding and an additional $150 million related to working capital growth specifically associated with our new aluminum investment We also experienced significant working capital growth related to increased pricing across our businesses, increasing both customer accounts and inventory values. we also experienced significant working capital growth related to increased pricing across our businesses increasing both customer accounts and inventory values Our cash generation is consistently strong based on differentiated circular business model and highly variable low-cost structure. our cash generation is consistently strong based on differentiated circular business model and highly variable low-cost structure At the end of the quarter, we had liquidity of $2 billion, comprised of cash and investments of $800 million and our fully available unsecured revolver of $1.2 billion. During the Q1, we invested $138 million in capital investments. We believe total investments for the entirety of 2026 will be in the range of $600 million. In the Q1, we increased our cash dividend by 6% and repurchased $115 million of our common stock, with $687 million remaining authorized at the end of March. These actions reflect the strength of our capital foundation and consistently strong cash flow generation and our continued confidence in our future. Our capital allocation strategy prioritizes high-return growth, with shareholder distributions comprised of a base positive dividend profile that is complemented with a variable share repurchase program, while we remain dedicated to maintaining our investment-grade credit designation. At the end of the quarter, we had liquidity of $2 billion, comprised of cash and investments of $800 million and our fully available unsecured revolver of $1.2 billion. at the end of the quarter we had liquidity of $2 billion comprised of cash and investments of $800 million and our fully available unsecured revolver of $1.2 billion During the Q1 , we invested $138 million in capital investments. during the q1 we invested $138 million in capital investments We believe total investments for the entirety of 2026 will be in the range of $600 million. we believe total investments for the entirety of 2026 will be in the range of $600 million In the Q1 , we increased our cash dividend by 6% and repurchased $115 million of our common stock, with $687 million remaining authorized at the end of March. in the q1 we increased our cash dividend by 6% and repurchased $115 million of our common stock with $687 million remaining authorized at the end of march These actions reflect the strength of our capital foundation and consistently strong cash flow generation and our continued confidence in our future. these actions reflect the strength of our capital foundation and consistently strong cash flow generation and our continued confidence in our future Our capital allocation strategy prioritizes high-return growth, with shareholder distributions comprised of a base positive dividend profile that is complemented with a variable share repurchase program, while we remain dedicated to maintaining our investment-grade credit designation. our capital allocation strategy prioritizes high-return growth with shareholder distributions comprised of a base positive dividend profile that is complemented with a variable share repurchase program while we remain dedicated to maintaining our investment-grade credit designation Our free cash flow profile was fundamentally changed over the last number of years from an annual average of $540 million from 2011 to 2015 to $2.4 billion for the most recent five-year period. If you exclude our growth investments related to our Texas steel mill and our new aluminum investment, the average is $3.2 billion per year. There's more coming. We've invested over $5 billion in three primary organic growth investments, including our Texas mill, our value-added flat roll coating lines, and our aluminum investment. Our free cash flow profile was fundamentally changed over the last number of years from an annual average of $540 million from 2011 to 2015 to $2.4 billion for the most recent five-year period. our free cash flow profile was fundamentally changed over the last number of years from an annual average of $540 million from 2011 to 2015 to $2.4 billion for the most recent five-year period If you exclude our growth investments related to our Texas steel mill and our new aluminum investment, the average is $3.2 billion per year. if you exclude our growth investments related to our texas steel mill and our new aluminum investment the average is $3.2 billion per year There's more coming. there's more coming We've invested over $5 billion in three primary organic growth investments, including our Texas mill, our value-added flat roll coating lines, and our aluminum investment. we've invested over $5 billion in three primary organic growth investments including our texas mill our value-added flat roll coating lines and our aluminum investment These projects have an estimated through-cycle annual EBITDA of approximately $1.4 billion. We placed ourselves in a position of strength to have a sustainable capital foundation that provides the opportunity for meaningful strategic growth and strong shareholder returns while maintaining our investment-grade metrics. I really want to give a shout-out also to our Biocarbon team. These projects have an estimated through-cycle annual EBITDA of approximately $1.4 billion. these projects have an estimated through-cycle annual ebitda of approximately $1.4 billion We placed ourselves in a position of strength to have a sustainable capital foundation that provides the opportunity for meaningful strategic growth and strong shareholder returns while maintaining our investment-grade metrics. we placed ourselves in a position of strength to have a sustainable capital foundation that provides the opportunity for meaningful strategic growth and strong shareholder returns while maintaining our investment-grade metrics I really want to give a shout-out also to our Biocarbon team. i really want to give a shout-out also to our biocarbon team Last week, we did something that I think probably hasn't been done anywhere else in the world. We had, instead of a ribbon-cutting ceremony, we had a log-cutting ceremony. Kudos to that team. That's doing very well as well. Barry. Last week, we did something that I think probably hasn't been done anywhere else in the world. last week we did something that i think probably hasn't been done anywhere else in the world We had, instead of a ribbon-cutting ceremony, we had a log-cutting ceremony. we had instead of a ribbon-cutting ceremony we had a log-cutting ceremony Kudos to that team. kudos to that team That's doing very well as well. that's doing very well as well Barry. barry

Speaker 2: Thank you, Theresa. Our steel fabrication operations performed well in the Q1 of 2026, delivering strong earnings. Steel joists and deck order backlog was solid at quarter end, with December through March representing some of the strongest order entry we have seen in the past 18 months. This backlog extends into the Q4 of 2026. We continue to have high expectations for the business this year due to positive customer sentiment and quoting activity, continued manufacturing onshoring, and public funding for infrastructure and other fixed asset investment programs. The uplift from this macro environment could be considerable. Our steel fabrication platform provides meaningful volume support for our steel mills, particularly critical in softer demand environments, allowing us to operate at higher through-cycle utilization rates than our peers. This also helps mitigate the financial risks associated with lower steel prices. Thank you, Theresa. thank you theresa Our steel fabrication operations performed well in the Q1 of 2026, delivering strong earnings. our steel fabrication operations performed well in the q1 of 2026 delivering strong earnings Steel joists and deck order backlog was solid at quarter end, with December through March representing some of the strongest order entry we have seen in the past 18 months. steel joists and deck order backlog was solid at quarter end with december through march representing some of the strongest order entry we have seen in the past 18 months This backlog extends into the Q4 of 2026. this backlog extends into the q4 of 2026 We continue to have high expectations for the business this year due to positive customer sentiment and quoting activity, continued manufacturing onshoring, and public funding for infrastructure and other fixed asset investment programs. we continue to have high expectations for the business this year due to positive customer sentiment and quoting activity continued manufacturing onshoring and public funding for infrastructure and other fixed asset investment programs The uplift from this macro environment could be considerable. the uplift from this macro environment could be considerable Our steel fabrication platform provides meaningful volume support for our steel mills, particularly critical in softer demand environments, allowing us to operate at higher through-cycle utilization rates than our peers. our steel fabrication platform provides meaningful volume support for our steel mills particularly critical in softer demand environments allowing us to operate at higher through-cycle utilization rates than our peers This also helps mitigate the financial risks associated with lower steel prices. this also helps mitigate the financial risks associated with lower steel prices Our metals recycling operations also performed well in the quarter as scrap prices increased during the quarter, more than doubling operating income. Congratulations to the team. They had some tough weather earlier in the year. The North American geographic footprint to our metals recycling platform provides strategic competitive advantage for both our steel mills and our scrap-generating customers. In particular, our Mexican operations strengthen the raw material positions of our Columbus and Sinton facilities. They also provide strategic support for aluminum scrap procurement for our flat rolled aluminum investments. Our metals recycling operations also performed well in the quarter as scrap prices increased during the quarter, more than doubling operating income. our metals recycling operations also performed well in the quarter as scrap prices increased during the quarter more than doubling operating income Congratulations to the team. congratulations to the team They had some tough weather earlier in the year. they had some tough weather earlier in the year The North American geographic footprint to our metals recycling platform provides strategic competitive advantage for both our steel mills and our scrap-generating customers. the north american geographic footprint to our metals recycling platform provides strategic competitive advantage for both our steel mills and our scrap-generating customers In particular, our Mexican operations strengthen the raw material positions of our Columbus and Sinton facilities. in particular our mexican operations strengthen the raw material positions of our columbus and sinton facilities They also provide strategic support for aluminum scrap procurement for our flat rolled aluminum investments. they also provide strategic support for aluminum scrap procurement for our flat rolled aluminum investments Our metals recycling team is partnering even more closely with our steel and aluminum teams to expand scrap separation capabilities through enhanced processes and technology. This will help mitigate potential prime ferrous scrap challenges over time and provide a meaningful advantage in increasing recycled content in our aluminum flat roll products while expanding our earnings capabilities. Our metals recycling team is partnering even more closely with our steel and aluminum teams to expand scrap separation capabilities through enhanced processes and technology. our metals recycling team is partnering even more closely with our steel and aluminum teams to expand scrap separation capabilities through enhanced processes and technology This will help mitigate potential prime ferrous scrap challenges over time and provide a meaningful advantage in increasing recycled content in our aluminum flat roll products while expanding our earnings capabilities. this will help mitigate potential prime ferrous scrap challenges over time and provide a meaningful advantage in increasing recycled content in our aluminum flat roll products while expanding our earnings capabilities The steel team delivered a solid quarter with record shipments of 3.6 million tons. During the Q1 of 2026, domestic steel industry operated at an estimated production utilization rate of 77%, while our steel mills operated at 89%. We consistently achieve higher utilization due to our value-added product diversification, differentiated customer supply chain solutions, and the support of our internal manufacturing businesses. This higher through-cycle utilization is a key competitive advantage, supporting our strong and growing cash generation and best-in-class financial metrics. Regarding the flat-rolled steel markets, conditions continue to improve, supported by strong demand and lower imports. Lead times remain elevated and customers remain optimistic about the outlook. Specifically in flat-rolled steel, we see improving value-added spreads returning with the impact of the core trade cases that we won in 2025. The steel team delivered a solid quarter with record shipments of 3.6 million tons. the steel team delivered a solid quarter with record shipments of 3.6 million tons During the Q1 of 2026, domestic steel industry operated at an estimated production utilization rate of 77%, while our steel mills operated at 89%. during the q1 of 2026 domestic steel industry operated at an estimated production utilization rate of 77% while our steel mills operated at 89% We consistently achieve higher utilization due to our value-added product diversification, differentiated customer supply chain solutions, and the support of our internal manufacturing businesses. we consistently achieve higher utilization due to our value-added product diversification differentiated customer supply chain solutions and the support of our internal manufacturing businesses This higher through-cycle utilization is a key competitive advantage, supporting our strong and growing cash generation and best-in-class financial metrics. Regarding the flat-rolled steel markets, conditions continue to improve, supported by strong demand and lower imports. this higher through-cycle utilization is a key competitive advantage supporting our strong and growing cash generation and best-in-class financial metrics. regarding the flat-rolled steel markets conditions continue to improve supported by strong demand and lower imports Lead times remain elevated and customers remain optimistic about the outlook. lead times remain elevated and customers remain optimistic about the outlook Specifically in flat-rolled steel, we see improving value-added spreads returning with the impact of the core trade cases that we won in 2025. specifically in flat-rolled steel we see improving value-added spreads returning with the impact of the core trade cases that we won in 2025 Long product steel markets continue to be strong in 2026, and we expect another solid year as demand and pricing remain favorable, particularly in structural steel and railroad rail, with our Columbia City and Roanoke both achieving record months in production. SBQ markets are also improving across the various sectors, with increasing manufacturing and energy product support. Regarding the steel market environments, North American automotive production estimates for 2026 are expected to be similar to 2025. Long product steel markets continue to be strong in 2026, and we expect another solid year as demand and pricing remain favorable, particularly in structural steel and railroad rail, with our Columbia City and Roanoke both achieving record months in production. long product steel markets continue to be strong in 2026 and we expect another solid year as demand and pricing remain favorable particularly in structural steel and railroad rail with our columbia city and roanoke both achieving record months in production SBQ markets are also improving across the various sectors, with increasing manufacturing and energy product support. sbq markets are also improving across the various sectors with increasing manufacturing and energy product support Regarding the steel market environments, North American automotive production estimates for 2026 are expected to be similar to 2025. regarding the steel market environments north american automotive production estimates for 2026 are expected to be similar to 2025 Our specific automotive customer base has not only remained stable, but has provided opportunities for growth. We have become a supplier of choice for many U.S.-based European and Asian automotive producers, due in part to our lower carbon content capabilities. Non-residential construction remains strong, led by data centers and an increase in multifamily home building. Our platforms continue to benefit from ongoing onshoring activity and domestic manufacturing projects. Our specific automotive customer base has not only remained stable, but has provided opportunities for growth. our specific automotive customer base has not only remained stable but has provided opportunities for growth We have become a supplier of choice for many U.S.-based European and Asian automotive producers, due in part to our lower carbon content capabilities. we have become a supplier of choice for many u.s.-based european and asian automotive producers due in part to our lower carbon content capabilities Non-residential construction remains strong, led by data centers and an increase in multifamily home building. non-residential construction remains strong led by data centers and an increase in multifamily home building Our platforms continue to benefit from ongoing onshoring activity and domestic manufacturing projects. our platforms continue to benefit from ongoing onshoring activity and domestic manufacturing projects In the energy sector, oil and gas activity has been strong with the pipe mills already booked well into the summer, with solar continuing to remain strong in our order books. Overall, we remain optimistic considering demand for our diversified value-added steel products in the coming year. With that, I'll return it to Mark. In the energy sector, oil and gas activity has been strong with the pipe mills already booked well into the summer, with solar continuing to remain strong in our order books. in the energy sector oil and gas activity has been strong with the pipe mills already booked well into the summer with solar continuing to remain strong in our order books Overall, we remain optimistic considering demand for our diversified value-added steel products in the coming year. overall we remain optimistic considering demand for our diversified value-added steel products in the coming year With that, I'll return it to Mark. with that i'll return it to mark

Speaker 8: Barry, Theresa, thank you. As you can see, everyone, it's been an incredibly good quarter. Great performance by everyone. Something to celebrate for sure. We're also celebrating Barry's birthday today. I just want to interject, and it's rarely do we get donuts anymore in the office, and today was a special day. We're celebrating that too. Again, the consistently sustained, the positive results, it just doesn't happen, as I think you all realize, it's the result of the strategies implemented and executed by the teams over time. We've continually invested strategically to drive scale of business, product market diversification, unique customer supply chains, and we've been linking operating platforms to optimize market opportunities throughout economic cycles. When combined with our performance-driven incentive culture, we consistently achieve at the highest levels compared to our peers. Barry, Theresa, thank you. barry theresa thank you As you can see, everyone, it's been an incredibly good quarter. as you can see everyone it's been an incredibly good quarter Great performance by everyone. great performance by everyone Something to celebrate for sure. something to celebrate for sure We're also celebrating Barry's birthday today. we're also celebrating barry's birthday today I just want to interject, and it's rarely do we get donuts anymore in the office, and today was a special day. i just want to interject and it's rarely do we get donuts anymore in the office and today was a special day We're celebrating that too. we're celebrating that too Again, the consistently sustained, the positive results, it just doesn't happen, as I think you all realize, it's the result of the strategies implemented and executed by the teams over time. again the consistently sustained the positive results it just doesn't happen as i think you all realize it's the result of the strategies implemented and executed by the teams over time We've continually invested strategically to drive scale of business, product market diversification, unique customer supply chains, and we've been linking operating platforms to optimize market opportunities throughout economic cycles. we've continually invested strategically to drive scale of business product market diversification unique customer supply chains and we've been linking operating platforms to optimize market opportunities throughout economic cycles When combined with our performance-driven incentive culture, we consistently achieve at the highest levels compared to our peers. when combined with our performance-driven incentive culture we consistently achieve at the highest levels compared to our peers Our foundational focus on market and product diversification into high margin value-added products drives higher through-cycle utilization and superior financial metrics. We optimize cash generation, allowing for a consistent and balanced cash allocation strategy that has consistently delivered strong shareholder returns. Our disciplined investment approach continues to support a strong and growing through-cycle cash generation profile, while maintaining one of the highest ROIC metrics among our industrial peers. At the moment, our largest such investment is in the aluminum flat-rolled products arena. When touring the facilities there, the excitement of the aluminum team is palpable as you watch them perform, now transitioning from construction and commissioning to production and serving the customers with high-quality products. They're also constructively navigating a roiling aluminum market, manifest by the tragic impacts of the Iranian war and the domestic supply chain challenges. Our foundational focus on market and product diversification into high margin value-added products drives higher through-cycle utilization and superior financial metrics. our foundational focus on market and product diversification into high margin value-added products drives higher through-cycle utilization and superior financial metrics We optimize cash generation, allowing for a consistent and balanced cash allocation strategy that has consistently delivered strong shareholder returns. we optimize cash generation allowing for a consistent and balanced cash allocation strategy that has consistently delivered strong shareholder returns Our disciplined investment approach continues to support a strong and growing through-cycle cash generation profile, while maintaining one of the highest ROIC metrics among our industrial peers. our disciplined investment approach continues to support a strong and growing through-cycle cash generation profile while maintaining one of the highest roic metrics among our industrial peers At the moment, our largest such investment is in the aluminum flat-rolled products arena. at the moment our largest such investment is in the aluminum flat-rolled products arena When touring the facilities there, the excitement of the aluminum team is palpable as you watch them perform, now transitioning from construction and commissioning to production and serving the customers with high-quality products. when touring the facilities there the excitement of the aluminum team is palpable as you watch them perform now transitioning from construction and commissioning to production and serving the customers with high-quality products They're also constructively navigating a roiling aluminum market, manifest by the tragic impacts of the Iranian war and the domestic supply chain challenges. they're also constructively navigating a roiling aluminum market manifest by the tragic impacts of the iranian war and the domestic supply chain challenges Beyond these, hopefully near-term constraints, we're also experiencing a unique and very favorable long-term market environment. There's a significant and fundamental domestic supply deficit of over 1.4 million tons of aluminum sheet, and this deficit is forecasted to grow with additional demand in the coming years. In 2024 and 2025, that deficit was supplied through high-cost imports, which are now even higher as tariffs increased from 10% in 2024 to the current 50% level. This investment is a clear alignment with SDI's core competencies. Our construction capabilities have once again been proven, both Columbus and our cast house in San Luis Potosí are state-of-the-art facilities, and they were brought on in record time compared to other facilities, and at a very reasonable cost on budget. Well, near to budget. Beyond these, hopefully near-term constraints, we're also experiencing a unique and very favorable long-term market environment. beyond these hopefully near-term constraints we're also experiencing a unique and very favorable long-term market environment There's a significant and fundamental domestic supply deficit of over 1.4 million tons of aluminum sheet, and this deficit is forecasted to grow with additional demand in the coming years. there's a significant and fundamental domestic supply deficit of over 1.4 million tons of aluminum sheet and this deficit is forecasted to grow with additional demand in the coming years In 2024 and 2025, that deficit was supplied through high-cost imports, which are now even higher as tariffs increased from 10% in 2024 to the current 50% level. in 2024 and 2025 that deficit was supplied through high-cost imports which are now even higher as tariffs increased from 10% in 2024 to the current 50% level This investment is a clear alignment with SDI's core competencies. this investment is a clear alignment with sdi's core competencies Our construction capabilities have once again been proven, both Columbus and our cast house in San Luis Potosí are state-of-the-art facilities, and they were brought on in record time compared to other facilities, and at a very reasonable cost on budget. our construction capabilities have once again been proven both columbus and our cast house in san luis potosí are state-of-the-art facilities and they were brought on in record time compared to other facilities and at a very reasonable cost on budget Well, near to budget. well near to budget We're using SDI's deep operational know-how in combination with the technical expertise of aluminum industry experts, and our proven incentive-driven performance culture will drive higher efficiency and lower cost operations compared to our competitors. We also believe we have an advantaged commercial position. Two-thirds of our existing carbon flat-rolled steel customers also consume and process aluminum flat-rolled sheets. Our growth in the automotive sector will complement our existing steel position and provide customer material optionality. The beverage can market provides counter-cyclical market diversification, and a more stable earnings profile within the aluminum space will further enhance the consistency of our through-cycle cash generation. Our raw material platform will also facilitate high recycled content. We're using SDI's deep operational know-how in combination with the technical expertise of aluminum industry experts, and our proven incentive-driven performance culture will drive higher efficiency and lower cost operations compared to our competitors. we're using sdi's deep operational know-how in combination with the technical expertise of aluminum industry experts and our proven incentive-driven performance culture will drive higher efficiency and lower cost operations compared to our competitors We also believe we have an advantaged commercial position. we also believe we have an advantaged commercial position Two-thirds of our existing carbon flat-rolled steel customers also consume and process aluminum flat-rolled sheets. two-thirds of our existing carbon flat-rolled steel customers also consume and process aluminum flat-rolled sheets Our growth in the automotive sector will complement our existing steel position and provide customer material optionality. our growth in the automotive sector will complement our existing steel position and provide customer material optionality The beverage can market provides counter-cyclical market diversification, and a more stable earnings profile within the aluminum space will further enhance the consistency of our through-cycle cash generation. the beverage can market provides counter-cyclical market diversification and a more stable earnings profile within the aluminum space will further enhance the consistency of our through-cycle cash generation Our raw material platform will also facilitate high recycled content. our raw material platform will also facilitate high recycled content We're the largest North American metals recycler, which includes aluminum, and we've successfully developed new separation technologies, allowing us to have more access to usable aluminum scrap at a lower cost. Production to date, even at its early stages, is already confirming our expected earnings differentiation. When the markets normalize, we're confident in the through cycle EBITDA expectation for normalized markets again, remains at $650-$700 million, plus a further $40 million-$50 million for our recycling platform. As we've spoken in the past, the four key areas of advantage from a labor efficiency standpoint, higher recycled content, high yield, and optimized logistics. It's all driven by a performance-based operating culture utilizing state-of-the-art equipment. This strategic investment is a cost-effective and high return growth opportunity, providing Steel Dynamics with additional chemical diversification while further stabilizing and growing our cash generation capabilities. We're the largest North American metals recycler, which includes aluminum, and we've successfully developed new separation technologies, allowing us to have more access to usable aluminum scrap at a lower cost. Production to date, even at its early stages, is already confirming our expected earnings differentiation. we're the largest north american metals recycler which includes aluminum and we've successfully developed new separation technologies allowing us to have more access to usable aluminum scrap at a lower cost. production to date even at its early stages is already confirming our expected earnings differentiation When the markets normalize, we're confident in the through cycle EBITDA expectation for normalized markets again, remains at $650-$700 million, plus a further $40 million-$50 million for our recycling platform. when the markets normalize we're confident in the through cycle ebitda expectation for normalized markets again remains at $650-$700 million plus a further $40 million-$50 million for our recycling platform As we've spoken in the past, the four key areas of advantage from a labor efficiency standpoint, higher recycled content, high yield, and optimized logistics. as we've spoken in the past the four key areas of advantage from a labor efficiency standpoint higher recycled content high yield and optimized logistics It's all driven by a performance-based operating culture utilizing state-of-the-art equipment. it's all driven by a performance-based operating culture utilizing state-of-the-art equipment This strategic investment is a cost-effective and high return growth opportunity, providing Steel Dynamics with additional chemical diversification while further stabilizing and growing our cash generation capabilities. this strategic investment is a cost-effective and high return growth opportunity providing steel dynamics with additional chemical diversification while further stabilizing and growing our cash generation capabilities We've seen that the customer base is hungry for a new market entrant, one that is known to be innovative, customer-focused, and responsive. We view business relationships as long-term, founded on trust with a continuous goal of creating mutual value. Not simply just financial value, but we will provide new supply chain solutions, new products with preferred quality and service. Many customers have already experienced this through the actions we have taken to help solve some of the recent supply chain challenges. This has been fortuitous for us, allowing us to help the market while accelerating material qualification. For all that said, all startups have their challenges and I would like to thank our customers for their patience as we fine-tune our operations and continue our ramp up. We've seen that the customer base is hungry for a new market entrant, one that is known to be innovative, customer-focused, and responsive. we've seen that the customer base is hungry for a new market entrant one that is known to be innovative customer-focused and responsive We view business relationships as long-term, founded on trust with a continuous goal of creating mutual value. we view business relationships as long-term founded on trust with a continuous goal of creating mutual value Not simply just financial value, but we will provide new supply chain solutions, new products with preferred quality and service. not simply just financial value but we will provide new supply chain solutions new products with preferred quality and service Many customers have already experienced this through the actions we have taken to help solve some of the recent supply chain challenges. many customers have already experienced this through the actions we have taken to help solve some of the recent supply chain challenges This has been fortuitous for us, allowing us to help the market while accelerating material qualification. this has been fortuitous for us allowing us to help the market while accelerating material qualification For all that said, all startups have their challenges and I would like to thank our customers for their patience as we fine-tune our operations and continue our ramp up. for all that said all startups have their challenges and i would like to thank our customers for their patience as we fine-tune our operations and continue our ramp up Today, we have received certifications from multiple customers for industrial and can sheet finished products, as well as certification for automotive aluminum hot band. What is incredible to me is that even finished automotive products are currently in the qualification process with several automotive customers. We believe we could receive acceptance in the coming weeks. This accelerated certification should allow us to shift our product mix to a higher margin mix this year, reaching the planned optimized mix of 45% can sheet, 35% automotive, and 20% industrial sometime in 2027. Today, we have received certifications from multiple customers for industrial and can sheet finished products, as well as certification for automotive aluminum hot band. today we have received certifications from multiple customers for industrial and can sheet finished products as well as certification for automotive aluminum hot band What is incredible to me is that even finished automotive products are currently in the qualification process with several automotive customers. what is incredible to me is that even finished automotive products are currently in the qualification process with several automotive customers We believe we could receive acceptance in the coming weeks. we believe we could receive acceptance in the coming weeks This accelerated certification should allow us to shift our product mix to a higher margin mix this year, reaching the planned optimized mix of 45% can sheet, 35% automotive, and 20% industrial sometime in 2027. this accelerated certification should allow us to shift our product mix to a higher margin mix this year reaching the planned optimized mix of 45% can sheet 35% automotive and 20% industrial sometime in 2027 The hot side is fully operational now and has demonstrated the ability to run at full-rated capacity. The last of four preheat furnaces will be in service at the end of the Q2, and we have successfully rolled 3,000, 5,000, and 6,000 alloys. Two of our three cold mills are now ramping operations and producing prime product. The hot side is fully operational now and has demonstrated the ability to run at full-rated capacity. the hot side is fully operational now and has demonstrated the ability to run at full-rated capacity The last of four preheat furnaces will be in service at the end of the Q2 , and we have successfully rolled 3,000, 5,000, and 6,000 alloys. the last of four preheat furnaces will be in service at the end of the q2 and we have successfully rolled 3,000 5,000 and 6,000 alloys Two of our three cold mills are now ramping operations and producing prime product. two of our three cold mills are now ramping operations and producing prime product The third cold mill is expected to begin producing in the Q3. The cold reversing mill, in particular, is successfully producing shippable 303 or 3003, 5052, and 3104 products. The first of two automotive continuous anneal and solution heat treat lines, CASH lines, is now operational and producing material for qualification for automotive customers. The team has brought that particular line on in absolute record speed, and it truly is testimony to the team we have there. We believe we should receive qualification from several customers in the coming weeks. The second CASH line is expected to begin commissioning in the Q3. The team is incredibly excited with the earlier-than-anticipated product certifications. Again, it is testament to the incredible talent we have been able to embed throughout the facility. There's great energy and great momentum. The third cold mill is expected to begin producing in the Q3 . the third cold mill is expected to begin producing in the q3 The cold reversing mill, in particular, is successfully producing shippable 303 or 3003, 5052, and 3104 products. the cold reversing mill in particular is successfully producing shippable 303 or 3003 5052 and 3104 products The first of two automotive continuous anneal and solution heat treat lines, CASH lines, is now operational and producing material for qualification for automotive customers. the first of two automotive continuous anneal and solution heat treat lines cash lines is now operational and producing material for qualification for automotive customers The team has brought that particular line on in absolute record speed, and it truly is testimony to the team we have there. the team has brought that particular line on in absolute record speed and it truly is testimony to the team we have there We believe we should receive qualification from several customers in the coming weeks. we believe we should receive qualification from several customers in the coming weeks The second CASH line is expected to begin commissioning in the Q3 . the second cash line is expected to begin commissioning in the q3 The team is incredibly excited with the earlier-than-anticipated product certifications. the team is incredibly excited with the earlier-than-anticipated product certifications Again, it is testament to the incredible talent we have been able to embed throughout the facility. again it is testament to the incredible talent we have been able to embed throughout the facility There's great energy and great momentum. there's great energy and great momentum We're extremely excited by the physical production and quality capability of the mill today, especially this early in the startup. We're focused on achieving operational and quality consistency. We continue to believe we'll be exiting 2026 at a monthly rate of 90% capacity. As we continue to be impassioned by our current and future growth plans, as they will continue to drive the high return growth momentum we have consistently demonstrated over the years. The earnings growth of our most recent projects is compelling. The capital funding for Sinton, the four value add lines, and Aluminum Dynamics is basically complete with a projected future through cycle EBITDA contribution of $1.4 billion a year. I'm excited as our teams, customers, investors recognize the power and consistency of our strong cash generation, combined with our disciplined high return capital allocation strategy. We're extremely excited by the physical production and quality capability of the mill today, especially this early in the startup. we're extremely excited by the physical production and quality capability of the mill today especially this early in the startup We're focused on achieving operational and quality consistency. we're focused on achieving operational and quality consistency We continue to believe we'll be exiting 2026 at a monthly rate of 90% capacity. we continue to believe we'll be exiting 2026 at a monthly rate of 90% capacity As we continue to be impassioned by our current and future growth plans, as they will continue to drive the high return growth momentum we have consistently demonstrated over the years. as we continue to be impassioned by our current and future growth plans as they will continue to drive the high return growth momentum we have consistently demonstrated over the years The earnings growth of our most recent projects is compelling. the earnings growth of our most recent projects is compelling The capital funding for Sinton, the four value add lines, and Aluminum Dynamics is basically complete with a projected future through cycle EBITDA contribution of $1.4 billion a year. the capital funding for sinton the four value add lines and aluminum dynamics is basically complete with a projected future through cycle ebitda contribution of $1.4 billion a year I'm excited as our teams, customers, investors recognize the power and consistency of our strong cash generation, combined with our disciplined high return capital allocation strategy. i'm excited as our teams customers investors recognize the power and consistency of our strong cash generation combined with our disciplined high return capital allocation strategy It's our belief that the steel industry has undergone a paradigm shift in recent years, supported by the pervasive sense of mercantilism that will provide a level playing field through continued and appropriate trade mechanisms. Fixed asset investment will continue to grow, which directly correlates with increased metal products demand. Reshoring of manufacturing continues to increase, and along with AI and cloud computing, will support non-residential construction, further strengthening what is an already robust long products market. Decarbonization itself will materially steepen the global cost curve, providing Steel Dynamics with a huge competitive advantage to gain market share and increase metal spreads. Our highly diversified value-added product capabilities provide us with a very unique advantage to leverage this evolving business environment and amplify our relative earnings capability. It's our belief that the steel industry has undergone a paradigm shift in recent years, supported by the pervasive sense of mercantilism that will provide a level playing field through continued and appropriate trade mechanisms. it's our belief that the steel industry has undergone a paradigm shift in recent years supported by the pervasive sense of mercantilism that will provide a level playing field through continued and appropriate trade mechanisms Fixed asset investment will continue to grow, which directly correlates with increased metal products demand. fixed asset investment will continue to grow which directly correlates with increased metal products demand Reshoring of manufacturing continues to increase, and along with AI and cloud computing, will support non-residential construction, further strengthening what is an already robust long products market. reshoring of manufacturing continues to increase and along with ai and cloud computing will support non-residential construction further strengthening what is an already robust long products market Decarbonization itself will materially steepen the global cost curve, providing Steel Dynamics with a huge competitive advantage to gain market share and increase metal spreads. decarbonization itself will materially steepen the global cost curve providing steel dynamics with a huge competitive advantage to gain market share and increase metal spreads Our highly diversified value-added product capabilities provide us with a very unique advantage to leverage this evolving business environment and amplify our relative earnings capability. our highly diversified value-added product capabilities provide us with a very unique advantage to leverage this evolving business environment and amplify our relative earnings capability In closing, I've said it a million times, I think, I never tire of saying it, that our people and our foundation are our foundation. I thank each of them for their passion and dedication. We're committed to them, and I remind those listening today that safety for yourselves, your families, and each other is the highest priority. I'd be remiss not to thank our loyal customers, many of whom have supported us since our inception. These partnerships are based on trust, on doing what we say we will do, and creating new solutions to enhance the value proposition. In closing, I've said it a million times, I think, I never tire of saying it, that our people and our foundation are our foundation. in closing i've said it a million times i think i never tire of saying it that our people and our foundation are our foundation I thank each of them for their passion and dedication. We're committed to them, and I remind those listening today that safety for yourselves, your families, and each other is the highest priority. i thank each of them for their passion and dedication. we're committed to them and i remind those listening today that safety for yourselves your families and each other is the highest priority I'd be remiss not to thank our loyal customers, many of whom have supported us since our inception. i'd be remiss not to thank our loyal customers many of whom have supported us since our inception These partnerships are based on trust, on doing what we say we will do, and creating new solutions to enhance the value proposition. these partnerships are based on trust on doing what we say we will do and creating new solutions to enhance the value proposition Our new aluminum partners are experiencing the same. Also to our suppliers and service providers who we value and trust and work with each and every day. Thank you. We look forward to creating new opportunities for all of us today, and in the years ahead. Thank you, and we'll take questions now. Our new aluminum partners are experiencing the same. our new aluminum partners are experiencing the same Also to our suppliers and service providers who we value and trust and work with each and every day. also to our suppliers and service providers who we value and trust and work with each and every day Thank you. thank you We look forward to creating new opportunities for all of us today, and in the years ahead. we look forward to creating new opportunities for all of us today and in the years ahead Thank you, and we'll take questions now. thank you and we'll take questions now

Speaker 10: Thank you. If you would like to ask a question, please signal by pressing the star key followed by the digit 1 on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. If you pressed star 1 earlier during today's call, please press star 1 again to ensure our equipment has captured your signal. Also, we ask that you please limit yourself to one question to facilitate time for everyone. Any additional questions can be addressed upon reentering the queue. Please hold a moment while we poll for questions. The first question this morning is coming from Albert Realini from Jefferies. Albert, your line is live. Please go ahead. Thank you. thank you If you would like to ask a question, please signal by pressing the star key followed by the digit 1 on your telephone keypad. if you would like to ask a question please signal by pressing the star key followed by the digit 1 on your telephone keypad If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. if you are using a speakerphone please make sure your mute function is turned off to allow your signal to reach our equipment If you pressed star 1 earlier during today's call, please press star 1 again to ensure our equipment has captured your signal. if you pressed star 1 earlier during today's call please press star 1 again to ensure our equipment has captured your signal Also, we ask that you please limit yourself to one question to facilitate time for everyone. also we ask that you please limit yourself to one question to facilitate time for everyone Any additional questions can be addressed upon reentering the queue. any additional questions can be addressed upon reentering the queue Please hold a moment while we poll for questions. please hold a moment while we poll for questions The first question this morning is coming from Albert Realini from Jefferies. the first question this morning is coming from albert realini from jefferies Albert, your line is live. albert your line is live Please go ahead. please go ahead

Speaker 1: Hi. Good morning, all. Thank you for taking my question. Hi. hi Good morning, all. good morning all Thank you for taking my question. thank you for taking my question

Speaker 8: Good morning, Albert. Good morning, Albert. good morning albert

Speaker 1: On aluminum, obviously a lot of external moving parts impacting fundamentals here. One, maybe if you could just talk through some of the impacts you expect to see on the business going forward from the recent change in tariff policy. Then I believe last quarter, you kind of briefly touched on mark-to-market margins being higher than what was used in calculating the guided through cycle EBITDA number for the business. Obviously since that point we've had some significant global supply impacts. Just wondering if you could provide any further color in terms of how much potential upside to those numbers you see at spot prices or margins. Thank you. On aluminum, obviously a lot of external moving parts impacting fundamentals here. on aluminum obviously a lot of external moving parts impacting fundamentals here One, maybe if you could just talk through some of the impacts you expect to see on the business going forward from the recent change in tariff policy. one maybe if you could just talk through some of the impacts you expect to see on the business going forward from the recent change in tariff policy Then I believe last quarter, you kind of briefly touched on mark-to-market margins being higher than what was used in calculating the guided through cycle EBITDA number for the business. then i believe last quarter you kind of briefly touched on mark-to-market margins being higher than what was used in calculating the guided through cycle ebitda number for the business Obviously since that point we've had some significant global supply impacts. obviously since that point we've had some significant global supply impacts Just wondering if you could provide any further color in terms of how much potential upside to those numbers you see at spot prices or margins. just wondering if you could provide any further color in terms of how much potential upside to those numbers you see at spot prices or margins Thank you. thank you

Speaker 8: Well, Albert, I'm not so sure our crystal ball is any clearer than yours far into the future. Obviously, the market today is absolutely phenomenal from a standpoint of entering a new facility. Qualifying our products quicker has been a very fortuitous thing. Margins today are obviously very, very strong, which is helping a startup ramp. I guess, from the performance today, looking at the yields, the efficiencies, et cetera, again, we would say we're more than confident with the $650 million-$700 million of EBITDA per year. We can't see any downside in the future. Well, Albert, I'm not so sure our crystal ball is any clearer than yours far into the future. well albert i'm not so sure our crystal ball is any clearer than yours far into the future Obviously, the market today is absolutely phenomenal from a standpoint of entering a new facility. obviously the market today is absolutely phenomenal from a standpoint of entering a new facility Qualifying our products quicker has been a very fortuitous thing. qualifying our products quicker has been a very fortuitous thing Margins today are obviously very, very strong, which is helping a startup ramp. margins today are obviously very very strong which is helping a startup ramp I guess, from the performance today, looking at the yields, the efficiencies, et cetera, again, we would say we're more than confident with the $650 million-$700 million of EBITDA per year. i guess from the performance today looking at the yields the efficiencies et cetera again we would say we're more than confident with the $650 million-$700 million of ebitda per year We can't see any downside in the future. we can't see any downside in the future

Speaker 12: Yeah. You're spot on. The spreads that we use from a profitability standpoint, just market related for each of the product sets, are significantly lower than the spreads that are available today. Right now I think what we'd like to do is continue to have the teams perform incredibly well. There's a significant difference and a significant benefit that would inure to us in today's spread environment, that we think does have more of a structural shift. In the coming months, what we'd like to do is actually probably discuss what through cycle is. We think just like the steel industry went through a structural change and what that might look like, the aluminum industry as well. I would just say more to come on that. Yeah. yeah You're spot on. you're spot on The spreads that we use from a profitability standpoint, just market related for each of the product sets, are significantly lower than the spreads that are available today. the spreads that we use from a profitability standpoint just market related for each of the product sets are significantly lower than the spreads that are available today Right now I think what we'd like to do is continue to have the teams perform incredibly well. right now i think what we'd like to do is continue to have the teams perform incredibly well There's a significant difference and a significant benefit that would inure to us in today's spread environment, that we think does have more of a structural shift. there's a significant difference and a significant benefit that would inure to us in today's spread environment that we think does have more of a structural shift In the coming months, what we'd like to do is actually probably discuss what through cycle is. in the coming months what we'd like to do is actually probably discuss what through cycle is We think just like the steel industry went through a structural change and what that might look like, the aluminum industry as well. we think just like the steel industry went through a structural change and what that might look like the aluminum industry as well I would just say more to come on that. i would just say more to come on that

Speaker 10: Thank you. Your next question is coming from Carlos de Alba from Morgan Stanley. Carlos, your line is live. Please go ahead. Thank you. thank you Your next question is coming from Carlos de Alba from Morgan Stanley. your next question is coming from carlos de alba from morgan stanley Carlos, your line is live. carlos your line is live Please go ahead. please go ahead

Speaker 4: Yeah, thank you very much. Just staying on with the aluminum business. Congrats on the ramp up. I just wanted to maybe get a little bit more color on the issues that you faced in the past quarter, and related also to the inventory write-off that you had. Was that due to quality issues or maybe just more color in general on what happened in the business and what makes you feel comfortable that you have basically put those behind and will continue to ramp up the volumes? Thank you. Yeah, thank you very much. yeah thank you very much Just staying on with the aluminum business. just staying on with the aluminum business Congrats on the ramp up. congrats on the ramp up I just wanted to maybe get a little bit more color on the issues that you faced in the past quarter, and related also to the inventory write-off that you had. i just wanted to maybe get a little bit more color on the issues that you faced in the past quarter and related also to the inventory write-off that you had Was that due to quality issues or maybe just more color in general on what happened in the business and what makes you feel comfortable that you have basically put those behind and will continue to ramp up the volumes? was that due to quality issues or maybe just more color in general on what happened in the business and what makes you feel comfortable that you have basically put those behind and will continue to ramp up the volumes Thank you. thank you

Speaker 8: Thank you, Carlos. Essentially, it was principally limited to the January. Leaked a little bit into February. You're right, it was a quality issue. It was a stain on the product issue. Should have caught it, should have seen it, but it's been resolved. Thank you, Carlos. thank you carlos Essentially, it was principally limited to the January. essentially it was principally limited to the january Leaked a little bit into February. leaked a little bit into february You're right, it was a quality issue. you're right it was a quality issue It was a stain on the product issue. it was a stain on the product issue Should have caught it, should have seen it, but it's been resolved. should have caught it should have seen it but it's been resolved

Speaker 12: It wasn't an equipment issue, Carlos. It was a practice issue. It wasn't an equipment issue, Carlos. it wasn't an equipment issue carlos It was a practice issue. it was a practice issue

Speaker 4: Got it. Okay. Maybe, if I may add, any views on how you might ramp up the volumes? Clearly, as you just mentioned, current prices are significantly above what everyone expected. The more you can produce and sell, the better. Any colors on that would be great. Thank you very much. Got it. got it Okay. okay Maybe, if I may add, any views on how you might ramp up the volumes? maybe if i may add any views on how you might ramp up the volumes Clearly, as you just mentioned, current prices are significantly above what everyone expected. clearly as you just mentioned current prices are significantly above what everyone expected The more you can produce and sell, the better. the more you can produce and sell the better Any colors on that would be great. any colors on that would be great Thank you very much. thank you very much

Speaker 8: Well, just as a ramp in Q4, we were around 14,000 tons, I think, of shipments, give or take a little bit. Q1, you saw it's around 22,000. We're expecting, with the exception of any unexpected qualify unexpected disruptions. We should be around, we think, 60,000-70,000 tons in the Q2. We have, obviously, the cold reversing mill was running pretty well in the Q1. We have the full addition of the first tandem mill, and that should change things dramatically down there. Well, just as a ramp in Q4, we were around 14,000 tons, I think, of shipments, give or take a little bit. well just as a ramp in q4 we were around 14,000 tons i think of shipments give or take a little bit Q1, you saw it's around 22,000. q1 you saw it's around 22,000 We're expecting, with the exception of any unexpected qualify unexpected disruptions. we're expecting with the exception of any unexpected qualify unexpected disruptions We should be around, we think, 60,000-70,000 tons in the Q2 . we should be around we think 60,000-70,000 tons in the q2 We have, obviously, the cold reversing mill was running pretty well in the Q1 . we have obviously the cold reversing mill was running pretty well in the q1 We have the full addition of the first tandem mill, and that should change things dramatically down there. we have the full addition of the first tandem mill and that should change things dramatically down there

Speaker 12: I think to speak to the quality, just to reemphasize that, a majority of what we actually produced or shipped, I should say more accurately in the Q1 and will be in the Q2 as well, is can sheet. It's high-quality material. I think to speak to the quality, just to reemphasize that, a majority of what we actually produced or shipped, I should say more accurately in the Q1 and will be in the Q2 as well, is can sheet. i think to speak to the quality just to reemphasize that a majority of what we actually produced or shipped i should say more accurately in the q1 and will be in the q2 as well is can sheet It's high-quality material. it's high-quality material

Speaker 10: Thank you. Your next question is coming from Timna Tanners from Wells Fargo. Timna, your line is live. Please go ahead. Thank you. thank you Your next question is coming from Timna Tanners from Wells Fargo. your next question is coming from timna tanners from wells fargo Timna, your line is live. timna your line is live Please go ahead. please go ahead

Speaker 13: Yeah. Hey, good morning. Wanted to see if you could provide a little more color about your mix. I know with the coated lines ramping up, how is that progressing? I didn't hear the breakout. I don't know if you still provide that. If so, that'd be helpful. Then if I could, a second question, just I know a lot of interest in what you're thinking about in terms of uses of cash with the strong free cash flow outlook, the fall in CapEx. If you could provide some more color on that'd be great. Yeah. yeah Hey, good morning. hey good morning Wanted to see if you could provide a little more color about your mix. wanted to see if you could provide a little more color about your mix I know with the coated lines ramping up, how is that progressing? i know with the coated lines ramping up how is that progressing I didn't hear the breakout. i didn't hear the breakout I don't know if you still provide that. i don't know if you still provide that If so, that'd be helpful. if so that'd be helpful Then if I could, a second question, just I know a lot of interest in what you're thinking about in terms of uses of cash with the strong free cash flow outlook, the fall in CapEx. then if i could a second question just i know a lot of interest in what you're thinking about in terms of uses of cash with the strong free cash flow outlook the fall in capex If you could provide some more color on that'd be great. if you could provide some more color on that'd be great

Speaker 12: Excellent. Good morning, Timna. I'm sorry I was remiss. I think you're specifically looking for the flat-rolled shipments. The Q1 flat-rolled shipments for hot band was 1,017,000 tons. Cold rolled was 151,000 tons, and coated was 1,530,000 tons. The four new value-added lines are actually operating incredibly well. Barry, percentage basis, do you have that? Excellent. excellent Good morning, Timna. good morning timna I'm sorry I was remiss. i'm sorry i was remiss I think you're specifically looking for the flat-rolled shipments. i think you're specifically looking for the flat-rolled shipments The Q1 flat-rolled shipments for hot band was 1,017,000 tons. the q1 flat-rolled shipments for hot band was 1,017,000 tons Cold rolled was 151,000 tons, and coated was 1,530,000 tons. cold rolled was 151,000 tons and coated was 1,530,000 tons The four new value-added lines are actually operating incredibly well. the four new value-added lines are actually operating incredibly well Barry, percentage basis, do you have that? barry percentage basis do you have that

Speaker 2: They're operating at full capacity right now, and the markets that they service are the markets that were the most impacted by the court cases. We are enjoying high-quality production and making our customers happier, and making sure that we have the right stuff in all of our mixes like we normally do. They're operating at full capacity right now, and the markets that they service are the markets that were the most impacted by the court cases. they're operating at full capacity right now and the markets that they service are the markets that were the most impacted by the court cases We are enjoying high-quality production and making our customers happier, and making sure that we have the right stuff in all of our mixes like we normally do. we are enjoying high-quality production and making our customers happier and making sure that we have the right stuff in all of our mixes like we normally do

Speaker 12: From a capital allocation perspective, we are focused on consistently doing what we've been doing, which we think has been really successful. It's growing the business as our priority and then complementing that with a progressively positive dividend profile, which is complemented by the share repurchase program, which we're still engaging in. I know we did take a bit of a pause in the Q1 related to the working capital growth that we saw coming, both for the new operations that we have, but also just because we've had increased pricing across the business. You should continue to expect to see the same. From a capital allocation perspective, we are focused on consistently doing what we've been doing, which we think has been really successful. from a capital allocation perspective we are focused on consistently doing what we've been doing which we think has been really successful It's growing the business as our priority and then complementing that with a progressively positive dividend profile, which is complemented by the share repurchase program, which we're still engaging in. it's growing the business as our priority and then complementing that with a progressively positive dividend profile which is complemented by the share repurchase program which we're still engaging in I know we did take a bit of a pause in the Q1 related to the working capital growth that we saw coming, both for the new operations that we have, but also just because we've had increased pricing across the business. i know we did take a bit of a pause in the q1 related to the working capital growth that we saw coming both for the new operations that we have but also just because we've had increased pricing across the business You should continue to expect to see the same. you should continue to expect to see the same

Speaker 10: Thank you. Your next question is coming from Martin Englert, from Seaport Research Partners. Martin, your line is live. Please go ahead. Thank you. thank you Your next question is coming from Martin Englert, from Seaport Research Partners. your next question is coming from martin englert from seaport research partners Martin, your line is live. martin your line is live Please go ahead. please go ahead

Speaker 9: Hello. Good morning, everyone. Hello. hello Good morning, everyone. good morning everyone

Speaker 2: Good morning. Good morning. good morning

Speaker 9: I had a question on unit conversion costs. If you could just qualitatively touch on some of the positive, negative factors quarter-over-quarter, what moved higher, what moved lower? Curious if energy was any meaningful influence on the quarter? I had a question on unit conversion costs. i had a question on unit conversion costs If you could just qualitatively touch on some of the positive, negative factors quarter-over-quarter, what moved higher, what moved lower? if you could just qualitatively touch on some of the positive negative factors quarter-over-quarter what moved higher what moved lower Curious if energy was any meaningful influence on the quarter? curious if energy was any meaningful influence on the quarter

Speaker 2: Martin, this is Barry. Yeah, we didn't see any huge increases. We have seen some structural increases in things like paint. As far as energy goes, there was small boosts here and there, but not to a level that we're concerned about. Despite what's happening around the world, we have very good relationships and we're very efficient with our energy. Our teams respond when there are immediate upsets in energy, but we're able to continue running at very high rates of production, and otherwise, it's not a major concern for what we've seen so far. Martin, this is Barry. martin this is barry Yeah, we didn't see any huge increases. yeah we didn't see any huge increases We have seen some structural increases in things like paint. we have seen some structural increases in things like paint As far as energy goes, there was small boosts here and there, but not to a level that we're concerned about. as far as energy goes there was small boosts here and there but not to a level that we're concerned about Despite what's happening around the world, we have very good relationships and we're very efficient with our energy. despite what's happening around the world we have very good relationships and we're very efficient with our energy Our teams respond when there are immediate upsets in energy, but we're able to continue running at very high rates of production, and otherwise, it's not a major concern for what we've seen so far. our teams respond when there are immediate upsets in energy but we're able to continue running at very high rates of production and otherwise it's not a major concern for what we've seen so far

Speaker 12: To Barry's point, Martin, there's nothing to point out except remember that product mix really does have a pretty significant impact when you're viewing it from the outside in. Structural or long steel products just generally have higher conversion costs. As they continue to have really robust shipments and volumes because of demand, that does look from the outside in like our conversion costs are a bit higher. To Barry's point, Martin, there's nothing to point out except remember that product mix really does have a pretty significant impact when you're viewing it from the outside in. to barry's point martin there's nothing to point out except remember that product mix really does have a pretty significant impact when you're viewing it from the outside in Structural or long steel products just generally have higher conversion costs. structural or long steel products just generally have higher conversion costs As they continue to have really robust shipments and volumes because of demand, that does look from the outside in like our conversion costs are a bit higher. as they continue to have really robust shipments and volumes because of demand that does look from the outside in like our conversion costs are a bit higher

Speaker 10: Thank you. Your next question is coming from Tristan Gresser from BNP Paribas. Tristan, your line is live. Please go ahead. Thank you. thank you Your next question is coming from Tristan Gresser from BNP Paribas. your next question is coming from tristan gresser from bnp paribas Tristan, your line is live. tristan your line is live Please go ahead. please go ahead

Speaker 14: Yes. Hi. Thank you for taking my questions, and happy birthday, Barry. The question I have is on pricing. I just wanted to have your view on the market at the moment. If we look at a chart with historical steel prices in the U.S., upcycles have always been very brutal, big swings in prices, and this time it's been very different. Very gradual price increases almost on a weekly basis. We'd like to have you, how do you explain that? And most importantly, is that improving, you think, the sustainability of the current rally? How do you view the supply and demand at the moment for flat-rolled and any risk of imports picking up, in the coming months and disrupt a bit the balance? Thank you. Yes. yes Hi. hi Thank you for taking my questions, and happy birthday, Barry. thank you for taking my questions and happy birthday barry The question I have is on pricing. the question i have is on pricing I just wanted to have your view on the market at the moment. i just wanted to have your view on the market at the moment If we look at a chart with historical steel prices in the U.S., upcycles have always been very brutal, big swings in prices, and this time it's been very different. if we look at a chart with historical steel prices in the u.s upcycles have always been very brutal big swings in prices and this time it's been very different Very gradual price increases almost on a weekly basis. very gradual price increases almost on a weekly basis We'd like to have you, how do you explain that? we'd like to have you how do you explain that And most importantly, is that improving, you think, the sustainability of the current rally? and most importantly is that improving you think the sustainability of the current rally How do you view the supply and demand at the moment for flat-rolled and any risk of imports picking up, in the coming months and disrupt a bit the balance? how do you view the supply and demand at the moment for flat-rolled and any risk of imports picking up in the coming months and disrupt a bit the balance Thank you. thank you

Speaker 2: Tristan, when we look at the flat roll markets, we're seeing our customers have more confidence. Certainly the tariff world we've been living in the last two years has had impacts. I think more importantly, a lot of our customers have seen that supply chains are very important. When we have discussions with our customers, our supply chain position being so local to many of the businesses and having diverse products. It allows us to engage with them on a longer term frame than just what we see in a quarter, perhaps half a year. We do have confidence that this market is strong. It's demand driven. We do feel like the pricing has been responsive as capacity has gotten closer, ramped up across the industry. Getting imports that are unfairly dumped into this country were very significant. Tristan, when we look at the flat roll markets, we're seeing our customers have more confidence. tristan when we look at the flat roll markets we're seeing our customers have more confidence Certainly the tariff world we've been living in the last two years has had impacts. certainly the tariff world we've been living in the last two years has had impacts I think more importantly, a lot of our customers have seen that supply chains are very important. i think more importantly a lot of our customers have seen that supply chains are very important When we have discussions with our customers, our supply chain position being so local to many of the businesses and having diverse products. It allows us to engage with them on a longer term frame than just what we see in a quarter, perhaps half a year. when we have discussions with our customers our supply chain position being so local to many of the businesses and having diverse products. it allows us to engage with them on a longer term frame than just what we see in a quarter perhaps half a year We do have confidence that this market is strong. we do have confidence that this market is strong It's demand driven. it's demand driven We do feel like the pricing has been responsive as capacity has gotten closer, ramped up across the industry. we do feel like the pricing has been responsive as capacity has gotten closer ramped up across the industry Getting imports that are unfairly dumped into this country were very significant. getting imports that are unfairly dumped into this country were very significant Those are so disruptive, and there's subsequent cases that have been filed regarding circumvention. All the steel tons that are at sea have to find a home. When you have a global interruption like we have right now, I'm very happy that we have Section 232 protections. The executive orders early in April that helped further define both steel products, aluminum products, as well as derivative products is very helpful because that encompasses the entire supply chain. Those are so disruptive, and there's subsequent cases that have been filed regarding circumvention. those are so disruptive and there's subsequent cases that have been filed regarding circumvention All the steel tons that are at sea have to find a home. all the steel tons that are at sea have to find a home When you have a global interruption like we have right now, I'm very happy that we have Section 232 protections. when you have a global interruption like we have right now i'm very happy that we have section 232 protections The executive orders early in April that helped further define both steel products, aluminum products, as well as derivative products is very helpful because that encompasses the entire supply chain. the executive orders early in april that helped further define both steel products aluminum products as well as derivative products is very helpful because that encompasses the entire supply chain I think we are feeling the results right now of our businesses in America picking up, and the supply chain excellence that we have is really taking hold. I feel like we have good position, and we're strong, and we're super excited about long products. There's so many big projects out there that engineering and ownership of those projects is getting involved early with our long products team. I think we are feeling the results right now of our businesses in America picking up, and the supply chain excellence that we have is really taking hold. i think we are feeling the results right now of our businesses in america picking up and the supply chain excellence that we have is really taking hold I feel like we have good position, and we're strong, and we're super excited about long products. i feel like we have good position and we're strong and we're super excited about long products There's so many big projects out there that engineering and ownership of those projects is getting involved early with our long products team. there's so many big projects out there that engineering and ownership of those projects is getting involved early with our long products team We continue to market our long products and our fabrication teams together. That allows us to establish positions with these projects, whether it's pharmaceuticals or electric vehicle production or energy. We have solutions that help them. It's a robust market we're in. We hope globally, things calm down a little bit. Other than that, we're doing our best to make our customers happy. We continue to market our long products and our fabrication teams together. we continue to market our long products and our fabrication teams together That allows us to establish positions with these projects, whether it's pharmaceuticals or electric vehicle production or energy. that allows us to establish positions with these projects whether it's pharmaceuticals or electric vehicle production or energy We have solutions that help them. we have solutions that help them It's a robust market we're in. it's a robust market we're in We hope globally, things calm down a little bit. we hope globally things calm down a little bit Other than that, we're doing our best to make our customers happy. other than that we're doing our best to make our customers happy

Speaker 10: Thank you. Your next question is coming from Katja Jancic. Katja, your line is live. Please go ahead. Thank you. thank you Your next question is coming from Katja Jancic. your next question is coming from katja jancic Katja, your line is live. katja your line is live Please go ahead. please go ahead

Speaker 6: Hi. Thank you for taking my question. Maybe on the pig iron side, the prices are moving higher. Can you remind us how much of pig iron do you currently import? And are there any potential mitigating factors you're looking at taking? Hi. hi Thank you for taking my question. thank you for taking my question Maybe on the pig iron side, the prices are moving higher. maybe on the pig iron side the prices are moving higher Can you remind us how much of pig iron do you currently import? can you remind us how much of pig iron do you currently import And are there any potential mitigating factors you're looking at taking? and are there any potential mitigating factors you're looking at taking

Speaker 2: Katja, I'll give you a brief overview. We only use pig iron at our flat-rolled mills. Our Butler Mill has its own technology for making liquid iron that takes care of about 90% of Butler's needs. That liquid iron is actually produced from recycled iron oxide products, so it's also a very sustainable product. When we look at the Columbus Mill and Sinton Mill, that's our primary users of pig iron, and we will use anywhere between 12%-22%. We do that based on what the quality is required and the productivity is required for those products. What we do to mitigate that is really found through our relationships with OmniSource, our scrap provider. We have an incredible connection between the scrap and the steel side. Katja, I'll give you a brief overview. katja i'll give you a brief overview We only use pig iron at our flat-rolled mills. we only use pig iron at our flat-rolled mills Our Butler Mill has its own technology for making liquid iron that takes care of about 90% of Butler's needs. our butler mill has its own technology for making liquid iron that takes care of about 90% of butler's needs That liquid iron is actually produced from recycled iron oxide products, so it's also a very sustainable product. that liquid iron is actually produced from recycled iron oxide products so it's also a very sustainable product When we look at the Columbus Mill and Sinton Mill, that's our primary users of pig iron, and we will use anywhere between 12%-22%. when we look at the columbus mill and sinton mill that's our primary users of pig iron and we will use anywhere between 12%-22% We do that based on what the quality is required and the productivity is required for those products. we do that based on what the quality is required and the productivity is required for those products What we do to mitigate that is really found through our relationships with OmniSource, our scrap provider. what we do to mitigate that is really found through our relationships with omnisource our scrap provider We have an incredible connection between the scrap and the steel side. we have an incredible connection between the scrap and the steel side The scrap is continually cleaning the SHRED-1 product we call it, so that we know exactly what we're going to get in the melting furnace when we want it. That's a big part of being able to capture value in that supply chain. What we do to mitigate it is we put very clean, shredded product, very clean busheling, intentionally when we need it. We use pig iron to supplement that. We look at the cost every day and availability. We've been very good at buying. The scrap is continually cleaning the SHRED-1 product we call it, so that we know exactly what we're going to get in the melting furnace when we want it. the scrap is continually cleaning the shred-1 product we call it so that we know exactly what we're going to get in the melting furnace when we want it That's a big part of being able to capture value in that supply chain. that's a big part of being able to capture value in that supply chain What we do to mitigate it is we put very clean, shredded product, very clean busheling, intentionally when we need it. what we do to mitigate it is we put very clean shredded product very clean busheling intentionally when we need it We use pig iron to supplement that. we use pig iron to supplement that We look at the cost every day and availability. we look at the cost every day and availability We've been very good at buying. we've been very good at buying I think we keep good positions of pig iron. We're aware of the working capital, so we also don't just binge on it for sure. But I'm really proud of what the teams do between OmniSource on the scrap side and what our melt shops do. We got a great iron team in the middle that helps coordinate that. It's really a benefit of having a team so closely connected and free to make those decisions quickly. It's real. Prices go up, but we continue to find better ways to minimize it and better ways to let our team do what they do best. I think we keep good positions of pig iron. i think we keep good positions of pig iron We're aware of the working capital, so we also don't just binge on it for sure. we're aware of the working capital so we also don't just binge on it for sure But I'm really proud of what the teams do between OmniSource on the scrap side and what our melt shops do. but i'm really proud of what the teams do between omnisource on the scrap side and what our melt shops do We got a great iron team in the middle that helps coordinate that. we got a great iron team in the middle that helps coordinate that It's really a benefit of having a team so closely connected and free to make those decisions quickly. it's really a benefit of having a team so closely connected and free to make those decisions quickly It's real. it's real Prices go up, but we continue to find better ways to minimize it and better ways to let our team do what they do best. prices go up but we continue to find better ways to minimize it and better ways to let our team do what they do best

Speaker 10: Thank you. Your next question is coming from Samuel McKinney from KeyBanc Capital Markets. Samuel, your line is live. Please go ahead. Thank you. thank you Your next question is coming from Samuel McKinney from KeyBanc Capital Markets. your next question is coming from samuel mckinney from keybanc capital markets Samuel, your line is live. samuel your line is live Please go ahead. please go ahead

Speaker 11: Hey, good morning. Hey, good morning. hey good morning

Speaker 2: Good morning. Good morning. good morning

Speaker 11: Hey, I think I'll ask a brief question for Barry after he called out the solid results in structural and rail. It put up the best quarterly shipment number in a couple of years, and you guys noted demand there remains very strong. Maybe dig a little deeper into what's driving the uptick in activity there and how the 2026 contract shook out versus last year. Hey, I think I'll ask a brief question for Barry after he called out the solid results in structural and rail. It put up the best quarterly shipment number in a couple of years, and you guys noted demand there remains very strong. hey i think i'll ask a brief question for barry after he called out the solid results in structural and rail. it put up the best quarterly shipment number in a couple of years and you guys noted demand there remains very strong Maybe dig a little deeper into what's driving the uptick in activity there and how the 2026 contract shook out versus last year. maybe dig a little deeper into what's driving the uptick in activity there and how the 2026 contract shook out versus last year

Speaker 2: Well, on the long product side, I think the team even after all the years, our incentive-based system drives our people to make better things and more of them. That team has just been very efficient at putting together sequencing. Last month, the melt shop in cast was 200,000 tons, which is a difficult achievement in a long products mill because of the different sections they cast. The efficiency of operations helps them put the right backlog on the ground, put the right inventory in place. I can't say enough about how the sales team, through the long products group, is working together to make sure that Roanoke, Ceredo, West Virginia, and Columbia City are all equally represented to customers so that we can get the best positions to make what they need. Well, on the long product side, I think the team even after all the years, our incentive-based system drives our people to make better things and more of them. well on the long product side i think the team even after all the years our incentive-based system drives our people to make better things and more of them That team has just been very efficient at putting together sequencing. that team has just been very efficient at putting together sequencing Last month, the melt shop in cast was 200,000 tons, which is a difficult achievement in a long products mill because of the different sections they cast. last month the melt shop in cast was 200,000 tons which is a difficult achievement in a long products mill because of the different sections they cast The efficiency of operations helps them put the right backlog on the ground, put the right inventory in place. the efficiency of operations helps them put the right backlog on the ground put the right inventory in place I can't say enough about how the sales team, through the long products group, is working together to make sure that Roanoke, Ceredo, West Virginia, and Columbia City are all equally represented to customers so that we can get the best positions to make what they need. i can't say enough about how the sales team through the long products group is working together to make sure that roanoke ceredo west virginia and columbia city are all equally represented to customers so that we can get the best positions to make what they need I think the optimization is really a part of just the ongoing challenge our mills operate with incentive. There's been a shock to the railroad rail system over the last year. We were able to also increase some of those products with our customer base to help alleviate some other supply-side problems that existed in rail. It continues to be a good part of our product offering. We also, our SBQ mill with increased I think the optimization is really a part of just the ongoing challenge our mills operate with incentive. i think the optimization is really a part of just the ongoing challenge our mills operate with incentive There's been a shock to the railroad rail system over the last year. there's been a shock to the railroad rail system over the last year We were able to also increase some of those products with our customer base to help alleviate some other supply-side problems that existed in rail. we were able to also increase some of those products with our customer base to help alleviate some other supply-side problems that existed in rail It continues to be a good part of our product offering. it continues to be a good part of our product offering We also, our SBQ mill with increased we also our sbq mill with increased Sales and relationships through the automotive energy and other forging customers has also been purchasing from Columbia City. We're able to work all the long products very efficiently together. I tell the guys, "Good decisions you made two, three years ago, you get to enjoy today." They continue to make tough decisions when they have to so that we can run better when we have a market in front of us. We're excited about what we see. We don't see it slowing down, and we're happy to be engaging the projects early in the process. That helps with speccing and laying out the best solution through the fabricating networks. Sales and relationships through the automotive energy and other forging customers has also been purchasing from Columbia City. sales and relationships through the automotive energy and other forging customers has also been purchasing from columbia city We're able to work all the long products very efficiently together. we're able to work all the long products very efficiently together I tell the guys, "Good decisions you made two, three years ago, you get to enjoy today." They continue to make tough decisions when they have to so that we can run better when we have a market in front of us. i tell the guys "good decisions you made two three years ago you get to enjoy today." they continue to make tough decisions when they have to so that we can run better when we have a market in front of us We're excited about what we see. we're excited about what we see We don't see it slowing down, and we're happy to be engaging the projects early in the process. we don't see it slowing down and we're happy to be engaging the projects early in the process That helps with speccing and laying out the best solution through the fabricating networks. that helps with speccing and laying out the best solution through the fabricating networks

Speaker 10: Thank you. Your next question is coming from Lawson Winder from Bank of America. Lawson, your line is live. Please go ahead. Thank you. thank you Your next question is coming from Lawson Winder from Bank of America. your next question is coming from lawson winder from bank of america Lawson, your line is live. lawson your line is live Please go ahead. please go ahead

Speaker 7: Fantastic. Thank you, operator. Good morning, Mark, Theresa, and Barry. Happy birthday, Barry. Fantastic. fantastic Thank you, operator. thank you operator Good morning, Mark, Theresa, and Barry. good morning mark theresa and barry Happy birthday, Barry. happy birthday barry

Speaker 2: Thank you. Thank you. thank you

Speaker 7: Steel Dynamics. Look, you guys have never been one to pass up an opportunity for growth or expansion. I was just thinking, your prior discussion there of long products and all the opportunity there. Can you make a compelling case today for a material expansion in that long products market? I'm going to try and tack on a second sort of related question, which is, and I've brought it up on these calls before, but it's just like the aluminum rolling market in the U.S. is, I think, a great opportunity. Today, with the benefit of now being really active in the market, same question. Do you see a case for investment by Steel Dynamics into that market as well for new capacity? Steel Dynamics. steel dynamics Look, you guys have never been one to pass up an opportunity for growth or expansion. look you guys have never been one to pass up an opportunity for growth or expansion I was just thinking, your prior discussion there of long products and all the opportunity there. i was just thinking your prior discussion there of long products and all the opportunity there Can you make a compelling case today for a material expansion in that long products market? can you make a compelling case today for a material expansion in that long products market I'm going to try and tack on a second sort of related question, which is, and I've brought it up on these calls before, but it's just like the aluminum rolling market in the U.S. is, I think, a great opportunity. i'm going to try and tack on a second sort of related question which is and i've brought it up on these calls before but it's just like the aluminum rolling market in the u.s is i think a great opportunity Today, with the benefit of now being really active in the market, same question. today with the benefit of now being really active in the market same question Do you see a case for investment by Steel Dynamics into that market as well for new capacity? do you see a case for investment by steel dynamics into that market as well for new capacity

Speaker 8: Well, I think you know our team perhaps. It's incredibly inspiring as to the opportunities and the ideas that they bring forth. We've got a broad pipeline of strategic opportunities, greenfield growth, for sure, across all the spaces. Aluminum Dynamics, for sure, has opportunity. We see an industry that was a little bit like the steel industry 30+ years ago, that they haven't been able to earn the cost of capital consistently and reinvest in their facilities and grow. We would like to take advantage of that. Well, I think you know our team perhaps. well i think you know our team perhaps It's incredibly inspiring as to the opportunities and the ideas that they bring forth. it's incredibly inspiring as to the opportunities and the ideas that they bring forth We've got a broad pipeline of strategic opportunities, greenfield growth, for sure, across all the spaces. we've got a broad pipeline of strategic opportunities greenfield growth for sure across all the spaces Aluminum Dynamics, for sure, has opportunity. aluminum dynamics for sure has opportunity We see an industry that was a little bit like the steel industry 30+ years ago, that they haven't been able to earn the cost of capital consistently and reinvest in their facilities and grow. we see an industry that was a little bit like the steel industry 30+ years ago that they haven't been able to earn the cost of capital consistently and reinvest in their facilities and grow We would like to take advantage of that. we would like to take advantage of that There are products for sure, certain product lines that we feel we could invest in long-term. Obviously, there's a massive supply deficit there, which will continue to grow. We do see tremendous opportunity in aluminum. At the same time, we're a steel company, and the steel guys have got their own innovative projects. We're assessing them, and as we see fit, we will invest accordingly. There are products for sure, certain product lines that we feel we could invest in long-term. there are products for sure certain product lines that we feel we could invest in long-term Obviously, there's a massive supply deficit there, which will continue to grow. obviously there's a massive supply deficit there which will continue to grow We do see tremendous opportunity in aluminum. we do see tremendous opportunity in aluminum At the same time, we're a steel company, and the steel guys have got their own innovative projects. at the same time we're a steel company and the steel guys have got their own innovative projects We're assessing them, and as we see fit, we will invest accordingly. we're assessing them and as we see fit we will invest accordingly

Speaker 10: Thank you. Your next question is coming from Bill Peterson from JPMorgan. Bill, your line is live. Please go ahead. Thank you. thank you Your next question is coming from Bill Peterson from JPMorgan. your next question is coming from bill peterson from jpmorgan Bill, your line is live. bill your line is live Please go ahead. please go ahead

Speaker 3: Good morning. This is Bennett Moore on for Bill. Thank you for taking my questions. Good morning. good morning This is Bennett Moore on for Bill. this is bennett moore on for bill Thank you for taking my questions. thank you for taking my questions

Speaker 8: Good morning. Good morning. good morning

Speaker 3: I wanted to ask about steel substitution amid the elevated aluminum price environment. Over the past few weeks, we've heard from companies in both sectors actually that this may be starting to unfold. Given that Steel Dynamics now uniquely sits on both sides of the fence, are you hearing about this from your customers? Are you seeing any evidence of it to date? I wanted to ask about steel substitution amid the elevated aluminum price environment. i wanted to ask about steel substitution amid the elevated aluminum price environment Over the past few weeks, we've heard from companies in both sectors actually that this may be starting to unfold. over the past few weeks we've heard from companies in both sectors actually that this may be starting to unfold Given that Steel Dynamics now uniquely sits on both sides of the fence, are you hearing about this from your customers? given that steel dynamics now uniquely sits on both sides of the fence are you hearing about this from your customers Are you seeing any evidence of it to date? are you seeing any evidence of it to date

Speaker 8: Well, the good thing there is we do have that optionality and can take advantage of whatever direction the market may go. We have not seen or heard of any substantial substitution, to be honest, Bennett. I don't believe you're going to see it. The investments that the automotive companies have made in their production facilities is massive. You don't change that overnight. The pricing environment that we see today will change for sure and will revert to a more normalized level at some point, albeit at a high level and a very good opportunity for us for Aluminum Dynamics. Well, the good thing there is we do have that optionality and can take advantage of whatever direction the market may go. well the good thing there is we do have that optionality and can take advantage of whatever direction the market may go We have not seen or heard of any substantial substitution, to be honest, Bennett. we have not seen or heard of any substantial substitution to be honest bennett I don't believe you're going to see it. i don't believe you're going to see it The investments that the automotive companies have made in their production facilities is massive. the investments that the automotive companies have made in their production facilities is massive You don't change that overnight. you don't change that overnight The pricing environment that we see today will change for sure and will revert to a more normalized level at some point, albeit at a high level and a very good opportunity for us for Aluminum Dynamics. the pricing environment that we see today will change for sure and will revert to a more normalized level at some point albeit at a high level and a very good opportunity for us for aluminum dynamics

Speaker 12: I think even counter to the idea of substitution, there's just been recent announcements from a major automotive producer where they're adding additional aluminum in the auto bodies in the Midwest, and so they'll be increasing demand from that perspective. I think that further supports the idea of lack of substitution. I think even counter to the idea of substitution, there's just been recent announcements from a major automotive producer where they're adding additional aluminum in the auto bodies in the Midwest, and so they'll be increasing demand from that perspective. i think even counter to the idea of substitution there's just been recent announcements from a major automotive producer where they're adding additional aluminum in the auto bodies in the midwest and so they'll be increasing demand from that perspective I think that further supports the idea of lack of substitution. i think that further supports the idea of lack of substitution

Speaker 10: Thank you. Your next question is coming from Tristan Gresser from BNP Paribas. Tristan, your line is live. Please go ahead. Thank you. thank you Your next question is coming from Tristan Gresser from BNP Paribas. your next question is coming from tristan gresser from bnp paribas Tristan, your line is live. tristan your line is live Please go ahead. please go ahead

Speaker 14: Yeah. Thank you for taking the follow-up. Just two quick one. I know you mentioned in December that the aluminum plant was EBITDA positive. I was wondering if you could share some information about March, if the plant was EBITDA positive in March already. Just regarding BlueScope, what is the situation at the moment? Are discussions still ongoing? What can you tell us? Yeah, that'd be it. Thank you. Yeah. yeah Thank you for taking the follow-up. thank you for taking the follow-up Just two quick one. just two quick one I know you mentioned in December that the aluminum plant was EBITDA positive. i know you mentioned in december that the aluminum plant was ebitda positive I was wondering if you could share some information about March, if the plant was EBITDA positive in March already. i was wondering if you could share some information about march if the plant was ebitda positive in march already Just regarding BlueScope, what is the situation at the moment? just regarding bluescope what is the situation at the moment Are discussions still ongoing? are discussions still ongoing What can you tell us? what can you tell us Yeah, that'd be it. yeah that'd be it Thank you. thank you

Speaker 12: Thanks, Tristan. From an aluminum perspective, the plant was not on a full quarter basis, EBITDA positive, but it was basically break even combined February and March, because we had that pause in January that made it difficult. They're doing an incredible job now with full expectations for the remainder of the year to be very positive from an EBITDA perspective. Mark, do you want to handle the BlueScope question? Thanks, Tristan. thanks tristan From an aluminum perspective, the plant was not on a full quarter basis, EBITDA positive, but it was basically break even combined February and March, because we had that pause in January that made it difficult. from an aluminum perspective the plant was not on a full quarter basis ebitda positive but it was basically break even combined february and march because we had that pause in january that made it difficult They're doing an incredible job now with full expectations for the remainder of the year to be very positive from an EBITDA perspective. they're doing an incredible job now with full expectations for the remainder of the year to be very positive from an ebitda perspective Mark, do you want to handle the BlueScope question? mark do you want to handle the bluescope question

Speaker 8: Yeah. I think, obviously, we never talk with any great specificity as to what we're doing from a strategic standpoint. Suffice it to say, we have an incredibly strong partnership with Ryan Stokes and the SGH organization. As you know, we presented what we consider a best and final sort of joint offer. It's our belief it was absolutely full and fair, and that was back in February. As you have seen, that best and final offer was summarily rejected, and there's been no constructive engagement by the company since. Yeah. yeah I think, obviously, we never talk with any great specificity as to what we're doing from a strategic standpoint. i think obviously we never talk with any great specificity as to what we're doing from a strategic standpoint Suffice it to say, we have an incredibly strong partnership with Ryan Stokes and the SGH organization. suffice it to say we have an incredibly strong partnership with ryan stokes and the sgh organization As you know, we presented what we consider a best and final sort of joint offer. as you know we presented what we consider a best and final sort of joint offer It's our belief it was absolutely full and fair, and that was back in February. it's our belief it was absolutely full and fair and that was back in february As you have seen, that best and final offer was summarily rejected, and there's been no constructive engagement by the company since. as you have seen that best and final offer was summarily rejected and there's been no constructive engagement by the company since

Speaker 10: Thank you. Your next question is coming from Timna Tanners from Wells Fargo. Timna, your line is live. Please go ahead. Thank you. thank you Your next question is coming from Timna Tanners from Wells Fargo. your next question is coming from timna tanners from wells fargo Timna, your line is live. timna your line is live Please go ahead. please go ahead

Speaker 13: Yeah. Hey, I was going to also ask about BlueScope, and since you just addressed it, I guess I'll try another angle. I think it'd be interesting to hear how you think about downstream versus steel growth versus maybe organic projects. I know in the way past, a long time ago, there was talk of a new plate mill. Plate's really strong. Beams, I hear, are sold out. I think maybe are there other expansion opportunities there, or are you thinking about kind of more of a downstream approach? Just any color on how you're thinking about your growth options generally would be great. Yeah. yeah Hey, I was going to also ask about BlueScope, and since you just addressed it, I guess I'll try another angle. hey i was going to also ask about bluescope and since you just addressed it i guess i'll try another angle I think it'd be interesting to hear how you think about downstream versus steel growth versus maybe organic projects. i think it'd be interesting to hear how you think about downstream versus steel growth versus maybe organic projects I know in the way past, a long time ago, there was talk of a new plate mill. i know in the way past a long time ago there was talk of a new plate mill Plate's really strong. plate's really strong Beams, I hear, are sold out. beams i hear are sold out I think maybe are there other expansion opportunities there, or are you thinking about kind of more of a downstream approach? i think maybe are there other expansion opportunities there or are you thinking about kind of more of a downstream approach Just any color on how you're thinking about your growth options generally would be great. just any color on how you're thinking about your growth options generally would be great

Speaker 8: Thank you, Timna. I think, again, our strategic philosophy hasn't changed at all. We pursue and explore all opportunities. I can't remember ever saying there might be interest in plate. Barry, are you here with an interest in plate, mate? Thank you, Timna. thank you timna I think, again, our strategic philosophy hasn't changed at all. i think again our strategic philosophy hasn't changed at all We pursue and explore all opportunities. we pursue and explore all opportunities I can't remember ever saying there might be interest in plate. i can't remember ever saying there might be interest in plate Barry, are you here with an interest in plate, mate? barry are you here with an interest in plate mate

Speaker 2: Well, Sinton does address some plate needs. It's part of the reason the technology was chosen. Well, Sinton does address some plate needs. well sinton does address some plate needs It's part of the reason the technology was chosen. it's part of the reason the technology was chosen

Speaker 8: Yeah Yeah yeah

Speaker 2: Yeah. Yeah. yeah

Speaker 8: Again, with Nucor's entry there, I think that the plate market is well served. I believe our focus has been and will be sort of downstream, innovative ways to improve and bring value to the supply chain in different products that we're not in today. Again, as you know, we're not in business just to grow, to get bigger. We like to continue our focus on sort of value add differentiating products and supply chains. The team has a myriad of opportunities that continue to get explored. We took a little bit of a hiatus given our CapEx for Sinton and Aluminum Dynamics. Now that's behind us. We will continue to explore those opportunities. In aluminum, it's phenomenal where we could go. Again, with Nucor's entry there, I think that the plate market is well served. again with nucor's entry there i think that the plate market is well served I believe our focus has been and will be sort of downstream, innovative ways to improve and bring value to the supply chain in different products that we're not in today. i believe our focus has been and will be sort of downstream innovative ways to improve and bring value to the supply chain in different products that we're not in today Again, as you know, we're not in business just to grow, to get bigger. again as you know we're not in business just to grow to get bigger We like to continue our focus on sort of value add differentiating products and supply chains. we like to continue our focus on sort of value add differentiating products and supply chains The team has a myriad of opportunities that continue to get explored. the team has a myriad of opportunities that continue to get explored We took a little bit of a hiatus given our CapEx for Sinton and Aluminum Dynamics. we took a little bit of a hiatus given our capex for sinton and aluminum dynamics Now that's behind us. now that's behind us We will continue to explore those opportunities. we will continue to explore those opportunities In aluminum, it's phenomenal where we could go. in aluminum it's phenomenal where we could go

Speaker 10: Thank you. That concludes our question-and-answer session. I'd like to turn the call back over to Mark Millett for any closing remarks. Thank you. thank you That concludes our question- and- answer session. that concludes our question- and- answer session I'd like to turn the call back over to Mark Millett for any closing remarks. i'd like to turn the call back over to mark millett for any closing remarks

Speaker 8: Well, thank you very much. Thank you for those still on the call. Again, those that have supported us in the past and do so today, we will endeavor to do our best to spend your money wisely, and continue to have the best shareholder return in the steel business. Our team, again, phenomenal job. It's incredible what you do. You inspire me personally. Just make sure you're safe. Look after each other out there. For those that help us each and every day, both customers and service providers, we can't do it without you either. Thanks for your patience with us. I know we can be tough at times, but we're doing tough, challenging things, and together we will succeed. Thank you, everybody. Appreciate your support. See you next quarter. Well, thank you very much. well thank you very much Thank you for those still on the call. thank you for those still on the call Again, those that have supported us in the past and do so today, we will endeavor to do our best to spend your money wisely, and continue to have the best shareholder return in the steel business. again those that have supported us in the past and do so today we will endeavor to do our best to spend your money wisely and continue to have the best shareholder return in the steel business Our team, again, phenomenal job. our team again phenomenal job It's incredible what you do. it's incredible what you do You inspire me personally. you inspire me personally Just make sure you're safe. just make sure you're safe Look after each other out there. look after each other out there For those that help us each and every day, both customers and service providers, we can't do it without you either. for those that help us each and every day both customers and service providers we can't do it without you either Thanks for your patience with us. thanks for your patience with us I know we can be tough at times, but we're doing tough, challenging things, and together we will succeed. i know we can be tough at times but we're doing tough challenging things and together we will succeed Thank you, everybody. thank you everybody Appreciate your support. appreciate your support See you next quarter. see you next quarter

Speaker 10: Once again, ladies and gentlemen, that concludes today's call. Thank you for your participation, and have a great and safe day. Once again, ladies and gentlemen, that concludes today's call. once again ladies and gentlemen that concludes today's call Thank you for your participation, and have a great and safe day. thank you for your participation and have a great and safe day