On San Ciprián, Oplinger said the restart was progressing well, with about 65% of capacity in operation at the end of 2025, and reiterated expectations that the restart will be completed in the first half of 2026.Operationally, the company set annual production records at five smelters and one refinery. Oplinger highlighted 16 consecutive years of increased production at Deschambault in Canada and eight consecutive years of record performance at Mosjøen in Norway. He also said shipping performance improved ...

Financial Data and Key Metrics Changes - Revenue increased 15% sequentially to $3.4 billion, with the alumina segment's third-party revenue up 3% and the aluminum segment's third-party revenue up 21% [9][10] - Fourth quarter net income attributable to Alcoa was $226 million, slightly down from $232 million in the prior quarter, with earnings per share at $0.85 [9][10] - Adjusted EBITDA was $546 million, with a sequential increase of $276 million primarily due to higher metal prices [11][12] - Return on equity for the year was 16.4%, the highest since 2022, and free cash flow for the year was $594 million [14][15] Business Line Data and Key Metrics Changes - In the alumina segment, adjusted EBITDA decreased by $36 million due to lower alumina prices, despite higher shipping volumes [11][12] - The aluminum segment's adjusted EBITDA increased by $213 million, driven by higher metal prices and lower alumina costs [11][12] Market Data and Key Metrics Changes - FOB Western Australia alumina prices remained under pressure, with 60% of Chinese refineries facing margin pressures due to current pricing levels [21][22] - LME aluminum prices increased 8% sequentially, reaching $3,200 per metric ton, supported by strong demand and constrained supply [23][24] - The Midwest premium rose sharply, benefiting Alcoa's U.S. production, while the Rotterdam premium increased due to demand front-loading ahead of the CBAM implementation [27][28] Company Strategy and Development Direction - The company is focused on safety, stability, and operational excellence while advancing strategic initiatives to create value in 2026 [30] - Alcoa is negotiating to monetize remediation sites in the U.S. and expects to reach agreements in the first half of 2026 [7][8] - The company is not pursuing greenfield expansions due to high capital costs but is exploring brownfield opportunities for growth [87] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2026 production guidance, citing strong operational performance and ongoing restarts of smelters [33][34] - The company anticipates challenges in the alumina segment due to pricing pressures but maintains a low-cost position on the cost curve [42][43] - The outlook for 2026 includes expected alumina production between 9.7 and 9.9 million tons and aluminum production between 2.4 and 2.6 million tons [16][17] Other Important Information - The restart of the San Ciprián smelter is progressing well, with approximately 65% of capacity operational by the end of 2025 [6][8] - The company recorded a non-cash charge of $144 million to impair goodwill in the alumina segment due to current alumina prices not supporting the valuation [10] Q&A Session Summary Question: Confidence in 2026 production guidance - Management believes the 2026 guidance is attainable based on ongoing smelter restarts and strong production performance [33][34] Question: Domestic supply of alumina and gallium project updates - Management is open to using U.S.-based alumina supply if it reduces transportation costs and is making progress on the gallium project [36][37] Question: Alumina profitability and cost reduction initiatives - Management acknowledges the current cycle's challenges and emphasizes a low-cost position while exploring cost reduction initiatives [42][43] Question: Update on idle sites and monetization - Negotiations for a primary site are ongoing, with a focus on maximizing value through complex arrangements rather than simple land sales [45][46] Question: Current status of Alumar Smelter - Alumar Smelter faced power interruptions but is expected to maintain similar production levels in the first quarter [51][53] Question: Capital return and net debt considerations - Management aims to maintain a strong balance sheet while balancing debt repayment and potential shareholder returns [68][72]

Financial Performance & Outlook - Q1 Net Earnings reached $1773 million[15], while Adjusted Earnings were $2062 million[15] - Q1 Core EBITDA stood at $3169 million[15], with a Core EBITDA Margin of 149%[15] - The company aims to exit FY 2026 with an annualized run-rate EBITDA benefit of $150 million from TAG initiatives[14, 21] - Precast business is expected to contribute approximately $165 million to $175 million to Construction Solutions Group Adjusted EBITDA in fiscal 2026[34] Strategic Initiatives - The company launched new Transform, Advance, Grow ("TAG") initiatives with commercial opportunities in focus[14, 19] - The company rebranded Emerging Businesses Group to Construction Solutions Group to better reflect business composition and strategic role of segment[14, 28] - The company completed acquisitions of Concrete Pipe & Precast ("CP&P") and Foley Products Company ("Foley")[2, 34] Market Dynamics - Construction Solutions Group net sales were up 170% year-over-year, while adjusted EBITDA increased by 747%[52, 65] - Europe Steel Group shipments increased by 157% on a year-over-year basis[52, 72] - The company anticipates reducing net debt to adjusted EBITDA to below 2x within 18 months[14, 46]

Real Estate Sector - Former President Trump's proposal to ban large institutional investors from purchasing single-family homes has led to significant declines in stock prices for major real estate companies, with American Homes 4 Rent (AMH) down 4.7% and Blackstone (BX) falling as much as 9.3% before settling at a 5.4% decrease [2][3]. Artificial Intelligence Sector - AI startup Anthropic is in the process of raising $10 billion, which would increase its valuation to approximately $350 billion, following substantial investments from Microsoft and Nvidia [4]. Automotive Technology - Hyundai Mobis and Qualcomm Technologies, Inc. (QCOM) have entered into a broad agreement to collaborate on software-defined vehicle (SDV) architecture for Advanced Driver-Assistance Systems (ADAS), aiming to enhance vehicle capabilities through integrated technology [5]. Energy Sector - The U.S. Department of Energy has announced a selective rollback of sanctions on Venezuela, allowing the transport and sale of Venezuelan crude and oil products to global markets, with proceeds to be managed in U.S.-controlled accounts [6]. Financial Markets - UBS Group AG (UBS) successfully completed a €3 billion debt offering, structured in two tranches, attracting over $21 billion in investor bids [8].

Core Viewpoint - The European Union's Carbon Border Adjustment Mechanism (CBAM) is facing challenges as the default carbon emission values for imports from countries like China and Brazil are unexpectedly lower than those of some European producers, undermining the intended punitive measures [1][3][10] Group 1: CBAM Implementation and Impact - The CBAM is set to be enforced starting January 1, 2026, and aims to regulate carbon emissions from imported goods by establishing default values [1] - European industrial giants are reacting with alarm as the calculated default carbon emissions for Chinese steel are lower than those of some existing European production lines, contradicting the EU's protective narrative [3][6] - The EU's decision-making process is caught in a dilemma, balancing the need for stringent carbon tariffs against the economic pressures faced by local industries reliant on cheaper imports [6][8] Group 2: Implications for European Industry - The situation reveals a significant efficiency advantage for Chinese steel production, with billions of tons of capacity achieving energy efficiency benchmarks by the end of 2024, outperforming many outdated European industrial assets [8] - European industrial stakeholders are lobbying for administrative measures to artificially inflate the assumed pollution values of Chinese products, exposing the underlying political motivations behind the CBAM [8][10] - If the CBAM is manipulated for political purposes, it risks losing its legitimacy under WTO frameworks, threatening the EU's role as a rule-maker in global trade [10]

Financial Data and Key Metrics Changes - POSCO Holdings recorded consolidated revenue of KRW 17.3 trillion and operating profit of KRW 640 billion, showing improvement in operating profit for three consecutive quarters despite losses at POSCO E&C [1][3] - The operating profit margin for the quarter was 6.6%, driven by increased sales volume and proactive cost-cutting efforts [1][8] - Operating profit increased from KRW 322 billion in Q4 of the previous year to KRW 585 billion in Q3 of this year, despite a 1.7% drop in revenue due to declining sales prices [7][8] Business Line Data and Key Metrics Changes - In the steel sector, production volume increased by 4.9%, but sales prices dropped by approximately KRW 25,000 per ton, leading to a decline in revenue [8] - In rechargeable battery materials, losses narrowed significantly quarter-over-quarter due to increased cathode sales volume and a rebound in lithium prices [2][10] - POSCO E&C faced a one-time cost of KRW 288.1 billion due to the Sinansan incident, with an additional KRW 230 billion expected in Q4 [10][11] Market Data and Key Metrics Changes - The domestic steel market is normalizing, but imports have flooded the market prior to the anti-dumping ruling, affecting sales prices [8][9] - Overseas steel profits are expected to decline moderately due to slow performance in Mexico and other rolling mills, while profits in India shrank due to major repairs [9] - The lithium market is anticipated to see a price increase, with expectations of reaching $10-$15 per ton next year [30][51] Company Strategy and Development Direction - POSCO Group is focused on creating a safe workplace through comprehensive safety management innovations and plans to establish a group-wide safety master plan [3][6] - The company aims to ramp up new plants and improve process efficiency in lithium operations while ensuring disciplined execution to avoid additional costs [2][29] - Future investments will prioritize growth markets in the U.S. and India, with a focus on environmental investments and potential M&A opportunities [28][29] Management Comments on Operating Environment and Future Outlook - Management acknowledged the complexities in the external environment and expressed optimism for a recovery in steel profits in 2026 compared to the current year [9][11] - The company plans to address uncertainties related to the EU's Carbon Border Adjustment Mechanism (CBAM) and is committed to reducing its carbon footprint [20][21] - Management expects to return to normal levels of profitability in POSCO E&C next year after accounting for one-off losses [11] Other Important Information - POSCO Group has completed 63 portfolio management projects, generating KRW 1.4 trillion in cash [7] - The company has launched a safety task force and is implementing new safety technologies and practices to prevent future incidents [5][6] Q&A Session Summary Question: Steel market outlook for Q4 and guidance for next year - Management indicated that the impact of anti-dumping measures would be difficult to assess immediately due to prior imports and expected seasonal demand fluctuations [18][19] Question: Response to carbon-related costs and EU regulations - Management is developing guidelines to counter the CBAM initiative and is focused on reducing carbon emissions while engaging with the EU [20][21] Question: Update on Alaska LNG project and its impact on sales volume - The project is under review, and if realized, it could supply about 300,000 tons of steel from 2026 to 2028 [23] Question: Mid to long-term steel strategies and investment plans - Management confirmed plans to increase overseas capacity and shut down non-competitive domestic facilities while exploring new growth areas [27][28] Question: Update on lithium demand and production - Lithium demand is expected to rise significantly, with projections of 1.3 million tons of production next year, driven by EVs and other applications [45][51]

Financial Data and Key Metrics Changes - POSCO Holdings recorded consolidated revenue of 17.3 trillion and operating profit of 640 billion, showing improvement in operating profit for three consecutive quarters despite losses at POSCO E&C [1][2] - The operating profit margin for the quarter was 6.6%, driven by increased sales volume and proactive cost-cutting efforts [1][8] - Operating profit for POSCO improved from 322 billion in Q4 of last year to 585 billion in Q3 of this year, despite a 1.7% drop in revenue due to declining sales prices [7][8] Business Line Data and Key Metrics Changes - In the steel sector, production volume increased by 4.9%, but the average selling price dropped, leading to a decrease in revenue [8] - In rechargeable battery materials, losses narrowed sharply quarter-over-quarter due to increased cathode sales volume and a price rebound in lithium operations [2][10] - POSCO E&C faced significant one-time costs of 288.1 billion due to the Shenzhen incident, with an additional 230 billion expected in Q4 [10][64] Market Data and Key Metrics Changes - The domestic steel market demand is slowing, with imports flooding the market prior to the AD ruling, impacting sales prices [8][20] - Overseas steel profits are expected to decline moderately due to poor performance in Mexico and India, while steady performance is anticipated in Indonesia and Vietnam [9][10] - The lithium market is projected to see increased demand, with expectations of 14 million EVs next year, leading to a potential increase in lithium prices [51][52] Company Strategy and Development Direction - POSCO Group is focused on creating a safe workplace through comprehensive safety management innovations and plans to establish a safety master plan [3][6] - The company aims to ramp up new plants and improve process efficiency in lithium operations while ensuring disciplined execution to avoid additional costs [2][31] - Future investments will prioritize environmental projects and overseas capacity additions, particularly in high-growth markets like the U.S. and India [30][31] Management Comments on Operating Environment and Future Outlook - Management acknowledged the complexities of external uncertainties affecting the operating environment and expressed optimism for a recovery in steel profits in 2026 [1][9] - The company is preparing for the implementation of the EU's Carbon Border Adjustment Mechanism and is actively developing strategies to mitigate its impact [21][22] - Management expects to return to normal profitability levels in POSCO E&C by next year after accounting for one-time losses [10][64] Other Important Information - POSCO Group has restructured seven projects, generating 400 billion in cash, and completed 63 projects since early 2024, generating 1.4 trillion in cash [7] - The company is committed to enhancing safety measures and has launched a task force to improve workplace safety [4][5] Q&A Session Summary Question: Steel market outlook for Q4 and anti-dumping effects - Management indicated that the impact of anti-dumping measures would be difficult to assess immediately, but they expect some positive effects from the real estate market in late Q4 [19][20] Question: Response to carbon-related costs and EU regulations - Management acknowledged the potential increase in costs due to the EU's Carbon Border Adjustment Mechanism and emphasized ongoing communication with the EU to address uncertainties [21][22] Question: Update on Alaska LNG project and its impact - The project is under review, and if realized, it could supply about 300,000 tons of steel, with operations expected between 2026 and 2028 [24] Question: Mid to long-term steel strategies - Management confirmed plans to increase overseas capacity and shut down non-competitive domestic facilities while focusing on new growth areas [28][30] Question: Update on lithium operations and market demand - Management reported that ramp-up for lithium operations is expected to be completed by early next year, with anticipated increases in lithium prices and demand [55][59]

Group 1: Company Commitment and Investments - ArcelorMittal is dedicated to reducing carbon emissions in France, collaborating closely with the government for support [1] - The company plans to build its first electric arc furnace (EAF) in Dunkirk, with a significant investment of approximately €1.2 billion [4] - A broader investment strategy of €2 billion aims to strengthen ArcelorMittal's presence in France, including recent investments of €254 million for Dunkirk and €53 million for Fos [5] Group 2: Industry Context and Challenges - The European steel sector is facing its most severe downturn since the 2009 financial crisis, leading ArcelorMittal to postpone some decarbonization initiatives [2] - Updated steel safeguard measures effective from April 1, 2025, are seen as a positive step, but a more robust framework is needed to ensure fair competition [3] Group 3: Financial Performance - ArcelorMittal's shares have increased by 17.6% over the past year, contrasting with a 36.7% decline in the industry [6] - For 2025, capital expenditures are projected to be between $4.5 billion and $5 billion, with $1.4 billion to $1.5 billion allocated for strategic growth and $0.3 billion to $0.4 billion for decarbonization projects [7]

Core Insights - Scatec ASA signed a 25-year USD-denominated Power Purchase Agreement (PPA) with Egypt Aluminium for a 1.1 GW Solar PV and 100 MW/200MWh Battery Energy Storage System (BESS) project in Egypt, backed by a sovereign guarantee [1][2] Group 1: Project Details - The solar PV + BESS project aims to support Egypt Aluminium's decarbonization efforts and compliance with the EU's Carbon Border Adjustment Mechanism (CBAM) set to be implemented in 2026 [2] - The total estimated capital expenditure for the project is approximately USD 650 million, with around 80% funded by non-recourse project debt and the remainder by equity from Scatec and partners [5] - Scatec will act as the designated EPC service provider, responsible for about 90% of the total capex, and will also provide asset management and operations and maintenance services [5] Group 2: Strategic Importance - This project marks the first utility-scale PPA in Egypt with an industrial offtaker, highlighting Scatec's leadership in the renewable energy sector within the country [4] - The project is expected to reach financial close and commence construction within the next 12 months, pending land allocation, grid connection finalization, and financing [3]