Core Viewpoint - Cleveland-Cliffs Inc. has announced a public offering of 75,000,000 common shares, aiming for gross proceeds of approximately $964 million before discounts and expenses, with a potential additional 11,250,000 shares available for purchase by the underwriter [1][2]. Group 1: Offering Details - The offering is expected to close on October 31, 2025, pending customary closing conditions [1]. - The net proceeds from the offering will primarily be used to repay borrowings under the company's asset-based credit facility, with any remaining funds allocated for general corporate purposes [2]. - UBS Securities LLC is acting as the underwriter for the offering, which will be available for sale on the New York Stock Exchange and other markets at prevailing market prices [3]. Group 2: Company Overview - Cleveland-Cliffs is a leading North American steel producer, focusing on value-added sheet products, particularly for the automotive industry [6]. - The company is vertically integrated, covering the entire process from iron ore mining to steelmaking and downstream processing [6]. - Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada [6].

2025 年 1-9 月经营数据公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性 和完整性承担个别及连带责任。 股票代码：600399 股票简称：抚顺特钢 编号：临 2025-054 抚顺特殊钢股份有限公司 | 产品名称 | 经营指标 | 2025 | 年 1-9 | 月 | 2024 年 | 1-9 月 | 增减情况（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | 合金结构钢 | 产量（万吨） | | 14.96 | | 16.47 | | -9.17 | | | 销量（万吨） | | 14.62 | | 16.06 | | -8.97 | | | 平均售价（元/吨，不含税） | | 10,702.66 | | 13,519.33 | | -20.83 | | 工具钢 | 产量（万吨） | | 6.68 | | 6.45 | | 3.57 | | | 销量（万吨） | | 6.79 | | 6.60 | | 2.88 | | | 平均售价（元/吨，不含税） | | 1 ...

A ship with 23 containers of radioactive zinc dust is stuck off the coast in the Philippines, unable to unload because there’s no site that has agreed to entomb the offending material, according to a top official.Port authorities aren’t allowing the ship, which arrived a few days ago from Indonesia, to offload in Manila unless there’s a local government that’s willing to take custody of the cargo for temporary storage or disposal, Carlo Arcilla, director of the Philippine Nuclear Research Institute, said on ...

Market Overview - The three major indices showed mixed performance in early trading, with the Shanghai Composite Index up 0.06%, the Shenzhen Component down 0.02%, and the ChiNext Index down 0.23%, while the North Stock 50 rose by 2.05% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.5591 trillion yuan, an increase of 125 billion yuan compared to the previous day [1] - Over 3,200 stocks in the market experienced declines [1] Sector Performance - Quantum technology, steel, battery, energy metals, software development, liquor, and port shipping sectors saw significant gains [1] - Conversely, precious metals, CPO, PCB, photolithography, education, and combustible ice sectors faced notable declines [1] Notable Stocks - Quantum technology stocks surged, with Fujida reaching a 30% limit up, and Hexin Instruments hitting a 20% limit up, alongside significant gains for Guodun Quantum, Keda Guochuang, and Weide Information [1] - The battery sector was active, with Hunan Youneng hitting a new high, and Tianji Shares, Penghui Energy, and Shida Shenghua reaching the limit up, while Xinnengda rose over 10% [1] - The steel sector also saw gains, with Anyang Steel, Dazhong Mining, and Ordos hitting the limit up [1] - Other sectors such as software development, liquor, and port shipping experienced rotation [1] Declining Stocks - CPO concept stocks faced declines, with Tianfu Communication dropping over 10%, and several others like Xinyi Sheng, Huilv Ecology, and Zhongfu Circuit also falling [1] - Innovative drug and CRO concept stocks performed poorly, with WuXi AppTec dropping over 9% at one point [1]

Core Insights - Tenaris S.A. reported revenue of $2.98 billion for the quarter ended September 2025, reflecting a 2.2% increase year-over-year and surpassing the Zacks Consensus Estimate of $2.81 billion by 5.94% [1] - The company's EPS for the quarter was $0.85, up from $0.81 in the same quarter last year, exceeding the consensus EPS estimate of $0.75 by 13.33% [1] Revenue and Sales Performance - Tubes sales volume for seamless products reached 780.00 Kmt, exceeding the average estimate of 735.55 Kmt [4] - Total tubes sales volume was 979.00 Kmt, significantly higher than the three-analyst average estimate of 887.03 Kmt [4] - Welded tubes sales volume was 199.00 Kmt, surpassing the average estimate of 151.47 Kmt [4] - Net sales for Tubes in North America were $1.45 billion, above the average estimate of $1.35 billion, marking a year-over-year increase of 13.9% [4] - Net sales for Tubes in Asia Pacific, Middle East, and Africa were $716 million, slightly above the average estimate of $694.14 million, but down 5% year-over-year [4] - Net sales for Tubes in Europe were $189 million, below the average estimate of $194.81 million, representing a significant decline of 32.5% year-over-year [4] - Net sales for Tubes in South America were $520 million, exceeding the average estimate of $436.01 million, with a year-over-year increase of 7.4% [4] - Other net sales were reported at $103 million, below the average estimate of $139.44 million, reflecting a year-over-year decline of 17.6% [4] - Total net sales for Tubes amounted to $2.88 billion, surpassing the average estimate of $2.67 billion, with a year-over-year increase of 3.1% [4] Operating Income - Operating income for Other segments was $5 million, significantly lower than the average estimate of $21.23 million [4] - Operating income for Tubes was reported at $592 million, exceeding the average estimate of $462.28 million [4] Stock Performance - Tenaris shares have returned +5.4% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Tenaris reported a surprising 2% increase in third-quarter net sales, driven by stable drilling activity in North America, despite warnings of margin impacts from tariff costs [1][3]. Financial Performance - Third-quarter net sales rose to $2.98 billion from $2.91 billion year-over-year, marking the first revenue increase in eight quarters, while analysts had anticipated a decline to $2.85 billion [2]. - Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 9% to $753 million, aided by a $34 million gain from the return of U.S. anti-dumping deposits on imports from Argentina [5]. Regional Performance - Sales in the U.S. and Canada remained stable, supporting the overall sales figures, while the Argentine fracking and coiled tubing services unit faced challenges due to reduced drilling activity [2][3]. - European sales were negatively impacted by lower demand in the North Sea, contributing to the overall regional weakness [3]. Market Conditions - The European steel industry is operating at only 67% capacity due to rising imports and U.S. tariffs, prompting the European Commission to propose significant cuts to tariff-free steel import quotas [4]. - The U.S. has implemented tariffs of 25% on most steel and aluminum imports, which were increased to 50% for many countries, affecting the competitive landscape for steel producers [4].

Core Insights - Algoma Steel Group Inc. reported third quarter financial results that were in line with previously announced expectations, facing ongoing trade-related challenges while advancing its electric arc furnace (EAF) transformation [1][4][5] Financial Performance - Third quarter revenue was $523.9 million, down from $600.3 million in the prior-year quarter, primarily due to lower steel shipments [5][6] - Steel revenue decreased to $473.3 million from $539.0 million, with revenue per ton of steel sold increasing to $1,250 from $1,153 [5][6] - The company reported a consolidated loss from operations of $651.5 million, including a non-cash impairment loss of $503.4 million, compared to a loss of $83.6 million in the prior-year quarter [6][7] - Net loss for the quarter was $485.1 million, significantly higher than the net loss of $106.6 million in the prior-year quarter, driven mainly by the impairment loss [8][6] - Adjusted EBITDA loss was $87.1 million, with an adjusted EBITDA margin of (16.6%), compared to an adjusted EBITDA of $3.5 million and a margin of 0.6% in the prior-year quarter [9][6] Operational Developments - The EAF project has progressed as planned, with stable performance metrics achieved since the first steel production in July 2025 [11][12] - EAF operations were maintained on a limited schedule to align with market conditions, with plans to transition to a five-day operating week by mid-November 2025 [12] - Following the EAF transformation, the facility is expected to have an annual raw steel production capacity of approximately 3.7 million tons and reduce carbon emissions by about 70% [13][29] Trade Environment - The company continues to face challenges from U.S. trade actions, including a 50% tariff on steel imports, which has restricted access to the U.S. market and led to oversupply in Canada [14][15] - Canadian transactional pricing was reported to be up to 40% lower than comparable U.S. levels, resulting in a revenue reduction of approximately $32 million for the quarter [15][16] Strategic Initiatives - Algoma's board approved a plan to accelerate the decommissioning of its blast furnace and coke oven operations, focusing on low-carbon steel production from the EAF facility [16] - The company has secured $500 million in government-backed liquidity support to enhance financial flexibility and support its transformation strategy [17][18] Liquidity Position - As of the end of the quarter, Algoma had total liquidity of $337.1 million, including $4.5 million in cash and $332.6 million available under its ABL credit facility [18] - The company amended its ABL credit facility to increase total availability by US$75 million, further strengthening its liquidity [18] Dividend Policy - The board suspended the regular quarterly dividend in July 2025 to preserve liquidity and financial flexibility amid evolving market conditions [19]

Core Viewpoint - Algoma Steel Group Inc. is undergoing a planned leadership transition with Rajat Marwah set to succeed Michael Garcia as CEO on January 1, 2026, while Michael Moraca will be promoted to CFO on the same date [1][2][4] Leadership Transition - Michael Garcia will retire at the end of 2025 after leading the company through significant transformation, initiating a comprehensive succession planning process in late 2024 [2][5] - Rajat Marwah, currently CFO, will take on the role of President and CFO effective November 1, 2025, and will become CEO on January 1, 2026 [3] - Michael Moraca, currently Vice President, will be appointed CFO effective January 1, 2026, bringing extensive experience in corporate finance and strategic planning [4] Company Strategy and Transformation - Rajat Marwah has been with Algoma since 2008 and has played a key role in shaping the company's long-term strategy and business transformation, particularly in advancing the transition to electric arc steelmaking [3][5] - The company is focused on becoming a leading low-carbon steel producer, with a significant transformation initiative aimed at reducing carbon emissions by approximately 70% through the adoption of electric arc furnace technology [9] Product Development - The transition to electric arc furnace steelmaking will introduce Volta™, a brand for all steel produced through this technology, which promises lower emissions while maintaining performance [10] - Algoma Steel is committed to investing in sustainable steelmaking practices, supporting critical sectors such as energy, defense, automotive, and infrastructure [8][10]

Company Actions - Cleveland-Cliffs, a US steel producer, will undertake a share offering [1] - The share offering aims to repay debt [1]

Core Viewpoint - Tenaris S.A. reported its financial results for the third quarter of 2025, showing mixed performance compared to previous periods, with net sales slightly increasing year-on-year but declining sequentially, while operating income improved. Financial Performance - Net sales for Q3 2025 were $2,978 million, a 2% increase from Q3 2024 but a 3% decrease from Q2 2025 [3] - Operating income rose to $597 million, up 11% year-on-year and 2% sequentially [3] - Net income decreased by 1% year-on-year to $453 million, and fell 16% from the previous quarter [3] - EBITDA for Q3 2025 was $753 million, reflecting a 9% increase year-on-year, with an EBITDA margin of 25.3% [3][11] Segment Analysis - Tubes segment net sales decreased by 2% sequentially to $2,875 million but increased by 3% year-on-year [10] - Seamless pipe sales volume decreased by 3% sequentially but increased by 5% year-on-year, while welded pipe sales volume increased by 11% sequentially [10] - The North America region showed a 3% increase in net sales compared to Q2 2025, while Europe experienced a 12% decline [10] Cash Flow and Liquidity - Free cash flow for Q3 2025 was $133 million, down from $373 million in Q3 2024, primarily due to a $312 million increase in working capital [5][18] - The net cash position decreased to $3,483 million, impacted by $351 million spent on share buybacks [5][18] Dividend Announcement - The board approved an interim dividend of $0.29 per share, totaling approximately $300 million, with payment scheduled for November 26, 2025 [6][7] Market Outlook - Oil prices have softened due to increased inventories and production, leading to a volatile market environment [6] - Despite a reduction in drilling activity in the U.S., overall drilling remains resilient as operators focus on long-term strategies [8] - The company anticipates sales for Q4 2025 to remain stable compared to Q3, although costs and margins will be affected by tariff increases [9]