Core Insights - The company reported record fourth quarter adjusted EBITDA, driven by a significant recovery in recycling economics and strong operational execution at the Muscle Shoals facility [1] Segment Performance - The A&T segment experienced a 41% increase in TID shipments, supported by U.S. onshoring trends and the full recovery of the Valais plant after previous flood disruptions [1] - PARP achieved record quarterly results due to healthy packaging demand across North America and Europe, while automotive shipments stabilized despite regional supply chain interruptions [1] Market Dynamics - Management noted a net positive impact in North American automotive from capturing market share during a competitor's facility outage, despite facing production constraints on certain platforms [1] Financial Strategy - The company successfully reduced leverage to 2.5x by year-end 2025, reaching the upper end of its target range through disciplined capital allocation and share repurchases [1] Strategic Focus - The company maintains a strategic focus on high-value aerospace products, with demand for space and military applications offsetting stable but inventory-heavy commercial OEM segments [1]