富士康周一表示，该公司计划与软银合作，在其位于美国俄亥俄州的前电动汽车工厂生产数据中心设 备，这是"星际之门(Stargate)"项目的一部分，旨在推进美国的人工智能基础设施建设。富士康董事长刘 扬伟表示，软银已收购了这家位于俄亥俄州洛兹敦的工厂，富士康将通过双方共同设立的合资企业继续 运营该工厂。 "星际之门"是由软银、OpenAI 以及甲骨文(ORCL.US)共同组建的合资项目。该项目于今年 1 月由美国 总统特朗普宣布，他称这些公司将投资高达 5000 亿美元。 刘扬伟补充说，软银和富士康早在半年多前就开始为该项目做准备工作。刘扬伟称："我们明白，对于 这个项目，首要考虑的因素是电力、场地和时间安排——不能拖延太久。综合考虑所有这些因素，我们 认为俄亥俄州是一个非常合适的地点，软银也持相同看法。" 富士康本月早些时候表示，已达成协议将以 3.75 亿美元的价格出售该工厂及其设备，但未透露买家身 份。 ...

Financial Data and Key Metrics Changes - CMC reported net earnings of $83.1 million or $0.73 per diluted share on net sales of $2 billion, with adjusted earnings of $84.4 million or $0.74 per diluted share, reflecting a decline from the prior year period [7][29] - Consolidated core EBITDA was $204.1 million with a core EBITDA margin of 10.1%, down from 12.3% in the prior year period [30] - North American Steel Group adjusted EBITDA decreased 24% year-over-year to $186 million, with an adjusted EBITDA margin of 11.9% compared to 14.7% in the previous year [30][31] Business Line Data and Key Metrics Changes - North American Steel Group experienced lower margins over scrap, impacting profitability, while Emerging Business Group's net sales increased by 4.7% year-over-year to $197.5 million, with adjusted EBITDA up 7% [30][34] - Europe Steel Group reported adjusted EBITDA of $3.6 million, a significant improvement from a loss of $4.2 million in the prior year, driven by increased shipment volumes and cost management efforts [35][36] Market Data and Key Metrics Changes - Finished steel shipments in North America increased by 3.2% year-over-year, with daily rebar shipments growing approximately 1.3% [33] - The construction and industrial activity remained resilient, with strong demand signals in both non-residential and infrastructure markets, despite economic uncertainties [9][10] Company Strategy and Development Direction - CMC is executing a strategy aimed at enhancing financial profiles and achieving higher, more stable margins and cash flows through operational excellence and strategic growth initiatives [6][22] - The company is focused on value-accretive organic growth, particularly through its micro mill projects, which are expected to contribute significantly to EBITDA [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook, citing strong structural drivers for construction activity, including infrastructure investment and reshoring trends [11][12] - The company anticipates improved financial results in the fourth quarter, driven by seasonal trends and higher steel product margins [41][42] Other Important Information - CMC's cash and cash equivalents totaled $893 million, with total liquidity exceeding $1.7 billion, providing flexibility for strategic growth and shareholder returns [37][38] - The company expects to invest between $425 million and $475 million in capital expenditures for fiscal 2025, down from previous guidance due to project delays [39][40] Q&A Session Summary Question: Steel products volumes in North America - Management acknowledged that steel product volumes were up only 7% sequentially due to outages and challenges in production, but expects a strong fourth quarter with volumes following normal seasonal trends [45][46][48] Question: U.S. rebar pricing - Management noted that while they do not discuss prices directly, they are focused on creating value over volume and will continue to monitor pricing dynamics [51][52][54] Question: Update on Arizona two utilization rate - Management reported good progress with Arizona two, expecting to exit the year at around 70% to 75% utilization and anticipates profitability in the fourth quarter [58][61] Question: West Virginia project delays - Management clarified that delays were due to tax credit compliance and weather issues, not market conditions, and expressed optimism about future demand [64][70] Question: Inorganic growth opportunities - Management indicated a good pipeline for potential acquisitions, emphasizing discipline in evaluating opportunities and the importance of achieving synergies to enhance value [75][79]

Group 1 - The implementation of the Private Economy Promotion Law is set to begin on May 20, 2025, which aims to support the healthy development of the private economy in China through measures related to investment financing, technological innovation, service guarantees, and rights protection [2] - The trade agreement between the United States and the United Kingdom includes concessions on U.S. tariffs on British cars and a reduction in U.K. tariffs on U.S. agricultural products, which is expected to lower global trade uncertainties [2] - Tianjin has introduced a computing power voucher policy to support the purchase of intelligent computing or supercomputing services, providing a subsidy of 10% of the contract amount, with a cap of 2 million yuan per enterprise annually, which is anticipated to accelerate regional computing infrastructure development [3] Group 2 - In April, the retail sales of passenger cars in China reached 1.791 million units, a year-on-year increase of 17%, indicating stable growth driven by vehicle replacement policies, which may boost demand for automotive parts [3] - Huawei's launch of the Harmony OS PC is part of its strategy to create a fully interconnected ecosystem, which could reshape the global operating system market as the Harmony ecosystem continues to evolve [3] - OpenAI plans to expand its $500 billion U.S. data center project "Star Gate" overseas, aiming to enhance AI infrastructure, driven by high demand for computing power and increased capital expenditures from domestic and international internet companies [4] Group 3 - The A-share market has a total market capitalization of 87.17 trillion yuan, with a year-to-date increase of 1.31 trillion yuan, and a price-to-earnings ratio (PE) of 19.00x [13] - The top three performing sectors are defense and military, automotive, and electric power equipment, indicating strong sectoral performance [17] - The net inflow of funds on a particular day was highest in the communication, banking, and defense sectors, reflecting investor interest in these areas [19]