Financial Data and Key Metrics Changes - The company reported a 23% EBITDA margin in Q3 2025, with over 20% year-to-date, and raised its full-year EBITDA outlook by 10% [4][20] - Reported operating income for Q3 was $49 million, an increase of approximately $36 million from $13 million in the prior year quarter [9] - Adjusted net income for Q3 2025 was $31 million, or $1.86 per diluted share, compared to $5 million, or $0.31 per diluted share in the prior year [12] Business Line Data and Key Metrics Changes - Aerospace and high-strength conversion revenue totaled $100 million, down $28 million, or approximately 22%, primarily due to a 30% decline in shipments [7][8] - Packaging conversion revenue totaled $138 million, up $9 million, or approximately 7% year-over-year, despite a 5% decline in shipments [8] - General engineering conversion revenue for Q3 was $81 million, up $5 million, or 6% year-over-year, on a 7% increase in shipments [8] Market Data and Key Metrics Changes - Demand in aerospace is trending positively, with expectations for improved conditions as destocking eases [6] - Packaging supply remains tight, with strong demand expected to continue [6] - Automotive conversion revenue increased 10% year-over-year, despite a 5% decrease in shipments due to tariff-related uncertainties [9] Company Strategy and Development Direction - The company is focusing on managing costs and restoring operating efficiencies as it nears the end of its major investment cycle [6] - Investments in aerospace and packaging are central to the company's strategy, with a shift towards higher-margin coated products [5][16] - The company aims to achieve mid to high 20% EBITDA margins as investments come online and market demand improves [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of aerospace shipments and conversion revenue, expecting a return to first-half levels in Q4 [25] - The company anticipates strong demand in packaging, with a full ramp-up of the new coating line expected by late Q4 2025 [16] - General engineering is expected to see continued growth, with full-year shipments and conversion revenue projected to be up approximately 5%-10% year-over-year [19] Other Important Information - The company incurred approximately $20 million in startup costs related to key strategic investments during the quarter [4] - As of September 30, 2025, the company had $577 million in total liquidity, with a net debt leverage ratio improved to 3.6x from 4.3x at the end of 2024 [13][14] Q&A Session Summary Question: Impact of aerospace shipment decline - Management confirmed that the 30% decline in aerospace shipments was primarily due to planned maintenance and expects a recovery to first-half levels in Q4 [25][26] Question: Packaging contract negotiations - Management indicated progress in contract negotiations, expecting a 300-400 basis points increase in EBITDA margins and finalization of a major customer contract by year-end [27][28] Question: Impact of tariffs on business - Management stated that tariffs have had a neutral to slightly positive impact, with better demand for domestic products and opportunities for price enhancement in general engineering [36][37] Question: Capacity and demand in packaging - Management noted strong demand for aluminum substrate products, particularly in food-related packaging, and confirmed that they are not seeing reductions in contracted capacities [38] Question: Ramp-up of new facilities in 2026 - Management expects a gradual ramp-up of new facilities in 2026, with strong demand anticipated to support operational execution [42][43]

Financial Data and Key Metrics Changes - The company reported a third-quarter conversion revenue of $351 million, a decline of approximately $11 million, or 3%, compared to the prior year period [7] - Adjusted EBITDA for the third quarter was $81 million, up approximately $35 million from the prior year period, despite an 8% year-over-year reduction in shipments [12][13] - Reported net income for the third quarter was $40 million, or $2.38 net income per diluted share, compared to net income of $9 million, or $0.54 net income per diluted share in the prior year quarter [12] Business Line Data and Key Metrics Changes - Aerospace and high-strength conversion revenue totaled $100 million, down $28 million, or approximately 22%, primarily due to a 30% decline in shipments [8] - Packaging conversion revenue totaled $138 million, up $9 million, or approximately 7% year-over-year, with shipments declining 5% over the prior year period [8] - General engineering conversion revenue for the third quarter was $81 million, up $5 million, or 6% year-over-year, on a 7% increase in shipments [8] Market Data and Key Metrics Changes - Demand in aerospace is trending positively, with expectations for improved conditions as destocking eases [6] - Packaging supply remains tight, with strong demand expected to continue for the foreseeable future [6] - Automotive conversion revenue was $32 million, increased 10% year-over-year, despite a 5% decrease in shipments due to tariff-related customer uncertainty [9] Company Strategy and Development Direction - The company is focused on managing costs, restoring operating efficiencies, and regaining best-in-class operating metrics as it nears the end of its major investment cycle [6] - The strategic investments in aerospace and packaging are expected to strengthen the company's market position and support long-term growth [5][15] - The company anticipates a shift towards higher-margin coated packaging products, with a full ramp-up of the Warwick fourth coating line expected by late fourth quarter of 2025 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of aerospace shipments and conversion revenue, expecting a decline of approximately 10% year-over-year for full-year aerospace due to destocking [16] - The outlook for packaging remains strong, with expectations for conversion revenue to be up 12% to 15% year-over-year [17] - The automotive outlook remains stable, with full-year conversion revenue expected to increase approximately 3% to 5% year-over-year [19] Other Important Information - The company incurred approximately $20 million in startup costs tied to strategic investments, which are expected to taper off as operations stabilize [4][13] - As of September 30, 2025, the company had $577 million in total liquidity, with a net debt leverage ratio improved to 3.6 times from 4.3 times at the end of 2024 [14] Q&A Session Summary Question: On the aerospace and high-strength, shipments down 30% quarter on quarter - Management confirmed that the decline was primarily due to planned maintenance and expects a recovery back to first half levels in Q4, with more clarity on 2026 expected in February [24][25] Question: On packaging, where do the last renegotiations stand? - Management indicated progress in contract negotiations, expecting a 300 to 400 basis points increase on the EBITDA margin side, with finalization of a major customer contract anticipated before year-end [27][28] Question: How are customers responding to tariffs? - Management stated that the impact of tariffs has been neutral to slightly positive, with better demand for domestic products and opportunities for price enhancement in the general engineering segment [35][36] Question: How do you think about the cadence of the ramp-up of new facilities in 2026? - Management expects a gradual ramp-up in the first half of 2026, with stronger demand anticipated in the second half as major growth investments come online [42][43]

Financial Data and Key Metrics Changes - The company reported a third-quarter EBITDA margin of 23%, with over 20% year-to-date, and raised its full-year EBITDA outlook by 10% [2][4][19] - Reported operating income for Q3 was $49 million, an increase of approximately $36 million from $13 million in the prior year quarter [9][10] - Adjusted net income for Q3 was $31 million, or $1.86 per diluted share, compared to $5 million, or $0.31 per diluted share in the prior year [11][12] Business Line Data and Key Metrics Changes - Aerospace and high-strength conversion revenue totaled $100 million, down $28 million, or approximately 22%, primarily due to a 30% decline in shipments [7][8] - Packaging conversion revenue totaled $138 million, up $9 million, or approximately 7% year-over-year, despite a 5% decline in shipments [8][9] - General engineering conversion revenue for Q3 was $81 million, up $5 million, or 6% year-over-year, on a 7% increase in shipments [8][9] Market Data and Key Metrics Changes - Demand in aerospace is trending positively, with expectations for improved conditions as destocking eases [6][14] - Packaging supply remains tight, with strong demand expected to continue [6][14] - Automotive conversion revenue increased 10% year-over-year, despite a 5% decrease in shipments due to tariff-related uncertainties [9][10] Company Strategy and Development Direction - The company is focused on managing costs, restoring operating efficiencies, and regaining best-in-class operating metrics [6][14] - Major investments in aerospace and packaging are expected to strengthen the company's market position [5][14] - The strategy includes shifting the majority of output to higher-margin coated products at the Warwick mill [5][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of aerospace shipments and conversion revenue, expecting a return to first-half levels in Q4 [22][23] - The outlook for packaging remains strong, with expectations for conversion revenue to increase by 12% to 15% year-over-year [15][16] - General engineering is expected to see continued growth, with shipments and conversion revenue anticipated to be up approximately 5% to 10% year-over-year [17][18] Other Important Information - The company had $577 million in total liquidity as of September 30, 2025, with a net debt leverage ratio improved to 3.6 times [12][13] - Capital expenditures for the full year 2025 are expected to be approximately $130 million, with free cash flow anticipated to be in the range of $30 to $50 million [12][13] Q&A Session Summary Question: Impact of planned maintenance on aerospace shipments - Management confirmed that the 30% decline in aerospace shipments was primarily due to planned maintenance, with expectations for recovery in Q4 [22][23] Question: Status of packaging contract negotiations - Management indicated progress in contract negotiations, expecting a 300 to 400 basis points increase in EBITDA margins [25][26] Question: Impact of tariffs on customer pricing and market share - Management stated that the impact of tariffs has been neutral to slightly positive, with better demand for domestic products [32][33] Question: Demand for packaging products amid cost inflation - Management noted strong demand for aluminum substrate products, particularly in food-related markets, which has held up well [37][38] Question: Ramp-up of new facilities in 2026 - Management indicated a gradual ramp-up of new facilities, with expectations for strong demand and operational readiness [39][40]

Financial Data and Key Metrics Changes - The company reported a third quarter conversion revenue of $351 million, a decline of approximately $11 million or 3% compared to the prior year period [12] - Reported operating income for the third quarter was $49 million, an increase of approximately $36 million from $13 million in the prior year quarter [15] - Adjusted net income for the third quarter was $31 million or $1.86 per diluted share, compared to adjusted net income of $5 million or $0.31 per diluted share in the prior year period [17] - Adjusted EBITDA for the third quarter was $81 million, up approximately $35 million from the prior year period [18] - The net debt leverage ratio improved to 3.6x from 4.3x at the end of 2024 [19] Business Line Data and Key Metrics Changes - Aerospace and high strength conversion revenue totaled $100 million, down $28 million or approximately 22% due to a 30% decline in shipments [12][13] - Packaging conversion revenue totaled $138 million, up $9 million or approximately 7% year over year [13] - General engineering conversion revenue for the third quarter was $81 million, up $5 million or 6% year over year [14] - Automotive conversion revenue of $32 million increased 10% year over year despite a 5% decrease in shipments [14] Market Data and Key Metrics Changes - Demand in aerospace is trending positively, with expectations for improved conditions as destocking eases [10][21] - Packaging supply remains tight with strong demand expected to continue [10] - General engineering continues to outperform the traditional 2% CAGR, reflecting solid demand [11] - Automotive production forecasts have varied, but the company expects stability moving forward [25] Company Strategy and Development Direction - The company is focused on managing costs, restoring operating efficiencies, and regaining best-in-class operating metrics [11] - Major investments in aerospace and packaging are central to the company's strategy, with a shift towards higher-margin coated products [9][22] - The company anticipates a full ramp-up of the new coating line to support 2026 shipments [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of aerospace demand and the normalization of supply chains [20][21] - The company expects full year aerospace shipments and conversion revenue to be down approximately 10% year over year due to destocking [21] - For packaging, conversion revenue is expected to be up 12% to 15% year over year, with shipments declining about 3% [22] - General engineering is expected to see shipments and conversion revenue up approximately 5% to 10% year over year [24] Other Important Information - The company generated cash flow from operations of $59 million during the third quarter, with capital expenditures totaling $25 million [19] - The company remains committed to funding its quarterly dividend of $0.77 per share [19] Q&A Session Summary Question: Impact of planned maintenance on aerospace shipments - Management confirmed that the planned maintenance significantly impacted shipments, but they expect a recovery close to first half levels in Q4 [28][30] Question: Status of packaging contract negotiations - Management indicated progress in contract negotiations, expecting a 300 to 400 basis points increase in EBITDA margins [33][34] Question: Impact of tariffs on pricing and market share - Management stated that tariffs have had a neutral to slightly positive impact, with better demand for domestic products [44][45] Question: Demand for packaging products amid cost inflation - Management noted strong demand for aluminum substrate products, particularly in food-related markets, which have outpaced beverage demand [48][49] Question: Capacity to fill in for competitors' outages - Management indicated that they are currently at full capacity and not positioned to assist significantly in the market for bare products [52] Question: Ramp-up of new facilities in 2026 - Management expects a gradual ramp-up in the first half of 2026, with stronger demand anticipated in the second half [56]

Financial Performance - The company's 3Q 2025 EBITDA reached $81 million, resulting in an EBITDA margin of 23.2%[18] - The company anticipates a 20% to 25% year-over-year increase in 2025 EBITDA[18] - The net debt leverage ratio improved to 3.6x [18] - The company expects FY 2025 Free Cash Flow to be in the range of $30 to $50 million [50] End Market Analysis - Aero/HS shipments decreased by 30% in 3Q25 compared to 3Q24 [23] - Aero/HS conversion revenue decreased by 22% in 3Q25 compared to 3Q24 [26] - Packaging shipments increased by 7% in 3Q25 compared to 3Q24 [23] - Packaging conversion revenue increased by 7% in 3Q25 compared to 3Q24 [26] - General Engineering conversion revenue increased by 6% in 3Q25 compared to 3Q24 [26] - Automotive conversion revenue increased by 10% in 3Q25 compared to 3Q24 [26] Outlook and Strategy - The company expects Aero/HS shipments and conversion revenue to decline approximately 10% year-over-year [48] - The company anticipates Packaging conversion revenue to increase by 12% to 15% year-over-year [48] - The company expects General Engineering shipments and conversion revenue to increase by 5% to 10% year-over-year [49] - The company anticipates Automotive conversion revenue to increase by 3% to 5% year-over-year, with a 5% to 7% decrease in shipments [49]

Core Insights - Alcoa reported $3 billion in revenue for Q3 2025, a 3.1% year-over-year increase, but an EPS of -$0.02 compared to $0.57 a year ago, indicating a significant decline in profitability [1] - The revenue fell short of the Zacks Consensus Estimate of $3.02 billion, resulting in a surprise of -0.96%, while the EPS exceeded expectations by 86.67% against a consensus estimate of -$0.15 [1] Financial Performance Metrics - Average realized price per metric ton of alumina was $377.00, slightly above the estimated $376.78, while aluminum was $3,374.00, exceeding the estimate of $3,340.11 [4] - Third-party alumina shipments were 2,205.00 Kmt, surpassing the estimate of 2,194.51 Kmt, but aluminum shipments were 612.00 Kmt, below the estimate of 627.41 Kmt [4] - Total sales for aluminum reached $2.05 billion, below the estimate of $2.11 billion, but represented a year-over-year increase of 13.2% [4] - Third-party sales for bauxite were $113 million, below the estimate of $138.59 million, but showed a year-over-year increase of 21.5% [4] - Total third-party sales amounted to $2.99 billion, below the estimate of $3.06 billion, reflecting a 3.3% year-over-year increase [4] - Intersegment sales for alumina were $474 million, exceeding the estimate of $451.6 million, but showed a year-over-year decline of 16.1% [4] - Total sales for alumina were $1.43 billion, slightly above the estimate of $1.4 billion, but represented a year-over-year decrease of 14% [4] Stock Performance - Alcoa's shares have returned +18.1% over the past month, significantly outperforming the Zacks S&P 500 composite's +1.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Revenue decreased 1% sequentially to $3 billion [11] - Net income attributable to Alcoa increased to $232 million from $164 million in the prior quarter, with earnings per share rising to $0.88 [11] - Adjusted EBITDA was $270 million, reflecting a sequential decrease of $43 million primarily due to increased U.S. Section 232 tariff costs and unfavorable currency impacts [12][13] - Cash flow activities showed a cash balance of $1.5 billion at the end of the quarter, with cash used for operations at $85 million [14] Business Line Data and Key Metrics Changes - In the alumina segment, third-party revenue decreased 9% due to lower volumes and bauxite prices [11] - In the aluminum segment, third-party revenue increased 4% driven by higher average realized prices, despite lower shipments [11] - Adjusted EBITDA for the alumina segment decreased by $72 million, while the aluminum segment saw an increase of $210 million due to higher metal prices [12][13] Market Data and Key Metrics Changes - Alumina prices have declined significantly, with recent prices around $315 per metric ton due to ample supply and refinery expansions [18] - LME aluminum prices rose approximately 7% sequentially, reaching $2,775 per metric ton, influenced by a weaker U.S. dollar and persistent supply tightness [20] - The Midwest premium increased, reaching import parity, reflecting declining inventories and reduced aluminum imports [20] Company Strategy and Development Direction - The company is focused on increasing profitability through higher shipments, improved operations, and strategic investments such as the Massena energy contract [10] - A new long-term energy contract for Massena operations was announced, along with a $60 million investment in anode bake furnace [8] - The company is exploring M&A opportunities across its product line, with no specific focus area currently identified [30] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety following a tragic incident at the Alumar smelter, reinforcing safety protocols [5] - The outlook for the fourth quarter includes expectations for improved performance in the alumina segment and potential unfavorable impacts in the aluminum segment due to restart inefficiencies [16] - Management noted that while demand remains steady in packaging and electrical sectors, the automotive sector is weak due to tariff uncertainties [21] Other Important Information - The company is progressing with the development of a gallium plant in Australia, supported by funding from the U.S. and Australian governments [7] - The Kwinana Refinery's permanent closure resulted in significant restructuring charges, but the company anticipates recovering closure costs through land sales [12][98] Q&A Session Summary Question: Capital allocation and M&A opportunities - Management indicated a priority to pay down debt while evaluating returns to shareholders and potential growth options [29][30] Question: U.S.-Australia Alcoa partnership - The partnership was initiated with Japanese entities seeking gallium offtake, providing a supply chain outside of China [34] Question: Canadian-U.S. negotiations regarding aluminum tariffs - Management is providing information to both governments to aid in decision-making regarding trade flows [41] Question: Interest in rolling business - Management confirmed no interest in re-entering the rolling business [57] Question: Gallium project economics and impact on mining permits - The gallium project will not impact ongoing mining permit processes, and the economics are still under negotiation [52] Question: Demand profile and market conditions - Management noted that demand remains stable in certain sectors, with automotive demand being weak, but not indicative of demand destruction [105]

Financial Data and Key Metrics Changes - Revenue decreased 1% sequentially to $3 billion, with net income attributable to Alcoa increasing to $232 million from $164 million in the prior quarter, resulting in earnings per share of $0.88 [10][11] - Adjusted EBITDA was $270 million, reflecting a sequential decrease of $43 million primarily due to increased U.S. Section 232 tariff costs and lower alumina prices [11][12] - The year-to-date return on equity was 14.5%, with cash flow activities showing $1.5 billion in cash at the end of the quarter [13][14] Business Line Data and Key Metrics Changes - In the alumina segment, third-party revenue decreased 9% due to lower volumes and bauxite prices, while the aluminum segment saw a 4% increase in revenue driven by higher average realized prices [10][12] - Adjusted EBITDA for the alumina segment decreased by $72 million, while the aluminum segment's adjusted EBITDA increased by $210 million due to higher metal prices and lower alumina costs [11][12] Market Data and Key Metrics Changes - Alumina prices have declined significantly, with recent prices around $315 per metric ton, while LME prices for aluminum rose approximately 7% sequentially to $2,775 per metric ton [17][18] - The Midwest premium has increased, reaching import parity, which reflects declining inventories and reduced aluminum imports [18][19] Company Strategy and Development Direction - The company is focused on safety, operational stability, and strategic investments, including a new long-term energy contract for Massena operations and a $60 million investment in anode bake furnace [7][9] - Alcoa is also developing a gallium plant in Australia, supported by U.S. and Australian governments, which will enhance its role in the critical minerals supply chain [6][29] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of safety following a workplace fatality and emphasized the commitment to improving operational performance and profitability [4][9] - The outlook for the fourth quarter includes expectations for higher shipments and improved performance in the alumina segment, while anticipating increased tariff costs [15][16] Other Important Information - The company announced the permanent closure of the Kwinana Refinery, which will impact asset retirement obligations and restructuring charges [11][14] - The approvals process for Australian mining operations is progressing, with expectations for ministerial approvals by the end of 2026 [8][9] Q&A Session Summary Question: Capital allocation and M&A opportunities - Management indicated a priority to pay down debt while evaluating returns to shareholders and potential M&A opportunities across the product line [23][25][27] Question: U.S.-Australia Alcoa partnership - The partnership was initiated with Japanese entities and aims to establish a gallium supply chain outside of China, with first production targeted by the end of 2026 [29][30] Question: Canadian-U.S. negotiations regarding tariffs - Management is providing information to both governments to facilitate understanding of trade flows, emphasizing the U.S. aluminum supply shortage [34][58] Question: Demand dynamics in the U.S. market - Management noted steady demand in packaging and electrical sectors, with weakness in automotive attributed to tariff uncertainties and potential substitution by electric vehicles [80] Question: Updates on aluminum safeguards in Europe - Management mentioned that the next significant regulations in Europe will be CBAM, expected to positively impact Alcoa by raising European premiums [82]

Financial Data and Key Metrics Changes - Revenue decreased 1% sequentially to $3 billion, with the Alumina segment seeing a 9% decrease in third-party revenue due to lower volumes and bauxite prices [16] - Net income attributable to Alcoa was $232 million, up from $164 million in the prior quarter, with earnings per share increasing to $0.88 [17] - Adjusted EBITDA was $270 million, reflecting a sequential decrease of $43 million primarily due to increased U.S. Section 232 tariff costs [18][19] - Year-to-date return on equity was 14.5%, and cash flow activities included a tax refund of $69 million from the Australian Tax Office [21][22] Business Line Data and Key Metrics Changes - In the Alumina segment, third-party revenue decreased 9% due to lower volumes and prices, while the Aluminum segment saw a 4% increase in revenue driven by higher average realized prices [16] - Adjusted EBITDA for the Alumina segment decreased by $72 million, while the Aluminum segment's adjusted EBITDA increased by $210 million due to higher metal prices and lower alumina costs [19] Market Data and Key Metrics Changes - Alumina prices have declined significantly, with recent prices around $315 per metric ton due to ample spot availability and refinery expansions in Indonesia and China [26] - LME prices rose approximately 7% sequentially, recently reaching $2,775 per metric ton, reflecting a combination of factors including a weaker U.S. dollar and persistent supply tightness [29] - The Midwest premium increased during the third quarter, reaching import parity, which reflects declining inventories and reduced aluminum imports [30] Company Strategy and Development Direction - The company is focused on increasing profitability through higher shipments, improved operations, and key investments such as the Messina Energy contract and anode bake furnace [14] - A new long-term energy contract for Messina operations was announced, along with a $60 million investment in the anode bake furnace to enhance operational efficiency [12] - The company is evaluating M&A opportunities across the product line but does not have a specific focus at this time [41] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety following a workplace fatality and reiterated their commitment to providing a safe working environment [5][6] - The outlook for the Alumina segment is expected to improve by approximately $80 million in 2025, while the Aluminum segment anticipates unfavorable impacts of about $20 million due to restart inefficiencies [23][24] - Management noted that demand remains steady across Europe and North America, with healthy growth in packaging and electrical sectors, while the automotive sector is weak [31][32] Other Important Information - The company announced a partnership with the U.S. and Australian governments to develop a gallium plant at the Wagerup alumina refinery, which is expected to provide strategic benefits [10][11] - The Kwinana refinery's permanent closure resulted in significant asset retirement obligations, impacting the financial results [8][17] Q&A Session Summary Question: Capital allocation and M&A opportunities - Management indicated that they are close to their net debt target and will prioritize debt repayment while evaluating returns to shareholders and growth options [40][41] Question: U.S.-Australia Alcoa partnership - The partnership was initiated with Japanese entities and aims to establish a gallium supply chain outside of China, with first production expected by 2026 [45][48] Question: Canadian negotiations and domestic capacity expansion - Management is providing information to both U.S. and Canadian governments regarding trade flows and noted that competitive energy prices for long-term contracts in the U.S. are still lacking [54][55] Question: Gallium project economics and mining permitting - The gallium project is not a large investment and will be financed by several governments, with no impact on the ongoing mining permitting process [66][67] Question: Interest in idled assets and data centers - Management confirmed ongoing interest in data centers and AI centers, with significant efforts to market sites with existing electrical infrastructure [120] Question: Demand profile and market conditions - Management does not see significant demand destruction but noted weakness in the automotive sector, attributing it to potential substitution by electric vehicles from China [122]

Joining us now before the earnings call first on CNBC is Alcoa CEO William Opinger. Uh Bill, it's great to have you back on the show. Welcome.>> Thanks, Morgan. How are you. >> Uh doing great.Want to talk to you about what you saw in the quarter and how that sets you up set you up sets you up for the rest of the year. Yo, the year though, especially since it looks like aluminina and aluminum production both increased. Uh but there is some noise because of trade dynamics.>> So let me let me talk about the qu ...