Financial Data and Key Metrics Changes - Adjusted earnings for Q4 were $1.73 per share, with full-year earnings at $7.71 per share, while EBITDA totaled $918 million for the quarter and approximately $4.2 billion for the year [7][20] - The company returned $1.2 billion to shareholders through dividends and share buybacks, representing about 70% of net earnings, and ended the year with $2.7 billion in cash [8][25] - The steel mill segment generated pretax earnings of $516 million in Q4, down roughly 35% from the prior quarter, with shipment volumes declining 8% [21] Business Line Data and Key Metrics Changes - The steel products segment generated pretax earnings of $230 million, down from $319 million in the previous quarter, with volume declines across the portfolio [22] - The raw material segment's pretax earnings were approximately $24 million, compared to $43 million in the prior quarter, primarily due to outages at DRI facilities [22] Market Data and Key Metrics Changes - The foreign import share of the U.S. finished steel market dropped from approximately 25% last year to 16% in October and an estimated 14% in November [15][16] - Domestic steel demand is expected to be slightly up relative to 2025, with historically strong backlogs, up nearly 40% year-over-year in the steel mill segment [18] Company Strategy and Development Direction - The company has invested approximately $20 billion since 2020 to grow core steelmaking capabilities and expand into downstream businesses, while returning nearly $14 billion to shareholders [14] - The growth strategy focuses on generating more value for customers and shareholders, with significant investments in higher-margin products and steel-adjacent businesses [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting strength in primary end markets such as infrastructure, data centers, and energy, while noting limited improvement in interest rate-sensitive markets like automotive and residential construction [17][18] - The company anticipates higher consolidated earnings in Q1 2026, driven by improved results across all operating segments [26] Other Important Information - The company achieved the lowest injury and illness rate in its history in 2025, marking the eighth consecutive year of improvement in safety performance [4] - Management announced a promotion for Steve Laxton to President and COO, while acknowledging the contributions of retiring COO Dave Sumoski [6] Q&A Session Questions and Answers Question: CapEx outlook for 2027 - Management indicated that CapEx for 2026 is expected to be approximately $2.5 billion, with a focus on growth-oriented investments [23][36] Question: Potential expansionary projects - Management highlighted growth opportunities in data centers, energy infrastructure, and towers and structures, emphasizing a focus on lower capital-intensive projects [40][41] Question: Domestic steel demand and capacity - Management noted that domestic mills are operating at about 85% utilization, providing opportunities to capture market share from imports [50] Question: Trade policy expectations - Management expressed support for strong enforcement of trade policies to prevent illegally dumped steel and emphasized the importance of maintaining tariffs [58][59]