Core Insights - Grupo Simec reported a decrease in net sales and net income for the first quarter of 2025 compared to the same period in 2024, primarily due to lower sales prices and shipment volumes [2][13]. Financial Performance - **Net Sales**: Decreased from Ps. 7,885 million in Q1 2024 to Ps. 7,783 million in Q1 2025, with a 1% decrease in steel finished goods shipments [2]. - **Cost of Sales**: Decreased from Ps. 5,876 million in Q1 2024 to Ps. 5,786 million in Q1 2025, representing 74% of net sales in Q1 2025 compared to 75% in Q1 2024 [3]. - **Gross Profit**: Decreased by 1% from Ps. 2,009 million in Q1 2024 to Ps. 1,997 million in Q1 2025, with gross profit as a percentage of net sales increasing from 25% to 26% [4]. - **Operating Income**: Slight increase from Ps. 1,419 million in Q1 2024 to Ps. 1,426 million in Q1 2025, maintaining an operating income percentage of 18% [7]. - **EBITDA**: Increased from Ps. 1,668 million in Q1 2024 to Ps. 1,692 million in Q1 2025 [8]. - **Net Income**: Decreased from Ps. 1,456 million in Q1 2024 to Ps. 1,305 million in Q1 2025 [9][13]. Expense Analysis - **General, Selling, and Administrative Expenses**: Increased by 6% from Ps. 595 million in Q1 2024 to Ps. 633 million in Q1 2025, representing 8% of net sales for both periods [5]. - **Comprehensive Financial Cost**: Net income from comprehensive financial activities decreased from Ps. 147 million in Q1 2024 to Ps. 57 million in Q1 2025, with an exchange loss of Ps. 156 million recorded in Q1 2025 [11][24]. Comparative Analysis - **Q1 2025 vs. Q4 2024**: Net sales decreased by 12% from Ps. 8,830 million in Q4 2024 to Ps. 7,783 million in Q1 2025, with a significant drop in sales outside Mexico by 21% [15]. - **Cost of Sales**: Decreased by 22% from Ps. 7,408 million in Q4 2024 to Ps. 5,786 million in Q1 2025, with the cost of sales as a percentage of net sales improving from 84% to 74% [16]. - **Gross Profit**: Increased from Ps. 1,422 million in Q4 2024 to Ps. 1,997 million in Q1 2025, with gross profit as a percentage of net sales rising from 16% to 26% [17]. - **Operating Income**: Increased by 66% from Ps. 861 million in Q4 2024 to Ps. 1,426 million in Q1 2025 [21]. - **Net Income**: Decreased from Ps. 1,901 million in Q4 2024 to Ps. 1,305 million in Q1 2025 [26].

First Quarter of 2025 Adjusted EBITDA April 30, 2025 First Quarter of 2025 Earnings Conference Call and Webcast 1 / 25 Forward-Looking Statements and Non-IFRS Alternative Performance Measures This presentation contains certain forward-looking statements and information relating to Ternium S.A. and its subsidiaries (collectively, "Ternium") that are based on the current beliefs of its management as well as assumptions made by and information currently available to Ternium. Such statements reflect the current ...

Core Insights - ArcelorMittal reported revenue of $14.8 billion for Q1 2025, a decrease of 9.1% year-over-year, but exceeded the Zacks Consensus Estimate by 1.08% [1] - The company's EPS was $1.04, down from $1.16 in the same quarter last year, but significantly surpassed the consensus estimate of $0.71 by 46.48% [1] Financial Performance Metrics - Steel shipments in North America were 2,643 Kmt, exceeding the average estimate of 2,560.44 Kmt [4] - Steel shipments in Brazil totaled 3,158 Kmt, slightly below the average estimate of 3,334.44 Kmt [4] - Steel shipments in Europe reached 7,528 Kmt, surpassing the average estimate of 7,355.4 Kmt [4] - Iron ore shipments were 8 Mmt, exceeding the average estimate of 7.75 Mmt [4] - Crude steel production in North America was 2,255 Kmt, above the average estimate of 2,200.9 Kmt [4] - Crude steel production in Brazil was 3,579 Kmt, below the average estimate of 3,661.61 Kmt [4] - Crude steel production in Europe was 7,987 Kmt, exceeding the average estimate of 7,836.73 Kmt [4] Revenue Breakdown - North America revenue was $2.88 billion, exceeding the average estimate of $2.71 billion, with a year-over-year decline of 14% [4] - Brazil revenue was $2.65 billion, below the average estimate of $2.78 billion, representing a year-over-year decrease of 13.2% [4] - Mining revenue was $735 million, slightly below the average estimate of $774.02 million, but showed a year-over-year increase of 0.8% [4] - Sustainable Solutions segment revenue was $2.58 billion, exceeding the average estimate of $2.22 billion [4] - Europe revenue was $7.22 billion, above the average estimate of $7.10 billion, with a year-over-year decline of 8% [4] Stock Performance - ArcelorMittal shares returned +4.1% over the past month, while the Zacks S&P 500 composite decreased by -0.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Financial Data and Key Metrics Changes - Ternium reported a sequential increase in EBITDA driven by improved margins and slightly higher shipments [6] - Net income for Q1 2025 stood at $142 million, including a $45 million provision adjustment charge related to ongoing litigation [18] - Adjusted net income, excluding the major charge, was $188 million, marking a significant improvement over the prior quarter [19] Business Line Data and Key Metrics Changes - The steel segment saw higher shipments in Brazil and other markets, partially offset by lower sales volumes in Mexico [19] - Mining segment shipments increased slightly quarter over quarter and rose 14% year over year, driven by higher production levels in Mexico and Brazil [22] Market Data and Key Metrics Changes - In Mexico, apparent consumption of steel decreased almost 5% in 2024, affecting demand [30] - Brazilian trade authorities reported a significant year-over-year increase in imports during Q1 2025, with ongoing anti-dumping investigations on imports from China [9] Company Strategy and Development Direction - The company aims to enhance competitiveness by increasing operational efficiency and reducing costs amid a challenging trade environment [10] - Ternium's expansion project in Mexico has a revised total CapEx of $4 billion, representing a 16% increase compared to previous estimates [12] - The company expects to achieve a double-digit EBITDA margin in Q2 2025, supported by increased realized prices and cost reduction initiatives [11] Management's Comments on Operating Environment and Future Outlook - Management noted that trade tensions and uncertainty are impacting global economic growth, but there is optimism regarding the Plan Mexico initiative to enhance industrialization [6][8] - The outlook for the steel sector in Argentina is improving, with expectations of a 20% increase in shipments in the upcoming quarters [56] Other Important Information - The company maintains a strong balance sheet with a net cash position of $1.3 billion as of March 2025 [23] - Ternium's CapEx for 2025 is projected to be around $2.5 billion, with significant investments in ongoing projects [23] Q&A Session Summary Question: Situation in Mexico and GDP impact - Management acknowledged the challenging environment in Mexico, with expectations for demand to improve in the following quarters, particularly in the commercial market [30][31] Question: Margins and profitability outlook - Management indicated that margins are expected to improve in Q2 2025, with a potential return to more reasonable levels compared to previous quarters [37][38] Question: Cost reduction and volume growth opportunities - Management confirmed ongoing cost reduction programs and highlighted the potential for volume growth in Mexico due to decreased imports [41][45] Question: Cash returns and dividend payments - Management expressed confidence in sustaining dividend payments despite ongoing CapEx plans, citing a solid financial position [54] Question: Argentina's steel sector outlook - Management noted improvements in Argentina's steel sector, with expectations for increased shipments and no immediate plans for capacity expansion [56] Question: CapEx increase reasons and timeline - Management explained that the CapEx increase was due to higher construction costs and inflation, with the additional costs expected to be distributed over the project timeline [64]

Financial Data and Key Metrics Changes - Ternium reported a net income of $142 million for Q1 2025, which includes a $45 million provision adjustment charge related to ongoing litigation [16] - Adjusted net income, excluding the major charge, was $188 million, marking a significant improvement over the prior quarter [16] - The company anticipates achieving a double-digit EBITDA margin in Q2 2025, supported by increased realized prices in Mexico and cost reduction initiatives [9][10] Business Line Data and Key Metrics Changes - The steel segment saw higher shipments in Brazil and other markets, partially offset by lower sales volumes in Mexico [17] - Mining segment shipments increased slightly quarter-over-quarter and rose 14% year-over-year, driven by higher production levels in Mexico and Brazil [20] Market Data and Key Metrics Changes - In Mexico, apparent consumption of steel decreased almost 5% in 2024, with ongoing challenges in the construction sector affecting demand [30] - Brazil's local market is showing resilient steel demand, but there has been a significant year-over-year increase in imports [7] - Argentina's macroeconomic situation is improving, which is expected to support increased shipments in the upcoming quarters [8] Company Strategy and Development Direction - Ternium aims to enhance competitiveness by increasing operational efficiency and reducing costs amid a challenging trade environment [8] - The company is focusing on a significant expansion project in Mexico, with a revised total CapEx of $4 billion, representing a 16% increase from previous estimates [11] - The expansion will integrate advanced technology to improve operational efficiency and product quality, enabling Ternium to meet growing demand in the USMCA region [11][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted that trade tensions and uncertainty are impacting global economic growth, but there is optimism regarding the reduction of reliance on Asian suppliers in North America [5][6] - The implementation of Plan Mexico is expected to enhance industrialization and strengthen the North American supply chain [6][13] - Management expressed confidence that the USMCA will become stronger and better prepared for future growth [14] Other Important Information - The company continues to maintain a strong balance sheet with a net cash position of $1.3 billion as of March 2025 [22] - Ternium's total CapEx for 2025 is projected to be around $2.5 billion, with significant investments in ongoing projects [22] Q&A Session Summary Question: Regarding the situation in Mexico and industrial customers - Management acknowledged the challenges in the Mexican market but expects demand to improve in the following quarters, particularly in the commercial sector [30][31] Question: On margins and profitability levels - Management noted that while margins have decreased, they expect a gradual improvement moving forward, with better margins anticipated in Q2 2025 [35][36] Question: On cost reductions and future volume growth - Management confirmed ongoing cost reduction initiatives and the potential for volume growth in Mexico, with a significant decrease in imports creating opportunities [41][42] Question: On cash returns and dividend payments - Management stated that despite uncertainties, they aim to sustain dividend payments due to a solid financial position [50] Question: On the outlook for Argentina's steel sector - Management expressed optimism about the improving outlook for the steel sector in Argentina, with expectations for increased shipments in the coming quarters [52] Question: On CapEx increase and project timelines - Management explained that the CapEx increase is due to higher construction costs and inflation, with the revised budget impacting the timeline of the expansion project [59][60] Question: On the U.S.-Mexico relationship and steel pricing - Management emphasized the need for a reasonable negotiation between the U.S. and Mexico regarding steel tariffs, expressing confidence in a favorable outcome [72][75] Question: On FX controls in Argentina and dividend payments - Management indicated that recent changes in FX controls are positive, allowing for more flexibility in dividend payments from Ternium Argentina [78][80]

Core Points - POSCO Holdings Inc. filed its Annual Report on Form 20-F for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] - The 2024 Annual Report can be downloaded from the company's website and the SEC's website [1] - Investors can request a hard copy of the 2024 Annual Report free of charge [1]

Core Insights - ArcelorMittal reported a net income of $805 million for Q1 2025, a significant recovery from a net loss of $390 million in Q4 2024, driven by higher operating income and foreign exchange gains [22][20][21] - The company achieved an EBITDA of $1.58 billion in Q1 2025, reflecting a decline of 4.5% from $1.65 billion in Q4 2024, primarily due to seasonal factors and negative price-cost effects in Europe [21][11] - The company’s sales remained stable at $14.8 billion in Q1 2025 compared to $14.7 billion in Q4 2024, with operating income increasing by 55.9% to $825 million [20][52] Financial Performance - The company generated $4.6 billion in net cash from operating activities over the past 12 months, with $2.7 billion allocated to maintenance and normative capex, resulting in an investable cash flow of $1.9 billion [2] - Free cash outflow for Q1 2025 was $1.4 billion, leading to an increase in net debt to $6.7 billion, while liquidity stood at $10.8 billion [2][24] - The company’s EBITDA per tonne was $116 in Q1 2025, which is favorable compared to the low points of previous cycles [2][11] Operational Highlights - Record production and shipments from Liberia's iron ore operations contributed to strong performance in the Mining segment, with total iron ore production of 11.8 million tonnes in Q1 2025 [7][44] - The company’s North American operations returned to normalized levels, with crude steel production of 2.26 million tonnes in Q1 2025 [25][26] - The company is on track with strategic growth projects, expecting an incremental EBITDA potential of $1.8 billion by 2027 [3][11] Strategic Focus - ArcelorMittal's optimized asset portfolio and repositioned balance sheet enhance its ability to navigate macroeconomic uncertainties while pursuing strategic growth [3] - The company is investing in decarbonization initiatives, with a capex envelope of $4.5-$5.0 billion planned for 2025, including $0.3-$0.4 billion for decarbonization projects [19][49] - The company has initiated a new long-term share buyback program, with the first tranche of 10 million shares commencing on April 7, 2025 [10][49] Market Outlook - The macroeconomic outlook remains uncertain, particularly regarding global trade disruptions, but the company has not altered its investment plans or capital return priorities [48][49] - The European Commission's Steel and Metals Action Plan is expected to support the company’s competitiveness against imports, while U.S. tariffs are aiding price stability [12][48] - Demand for low-carbon emission steel is anticipated to grow, supported by enhanced safeguards and anti-dumping measures [4][19]

Core Insights - Grupo Simec reported a significant decrease in net sales by 18% for the twelve-month period ended December 31, 2024, compared to the same period in 2023, primarily due to reduced shipments and lower average sales prices [2][37] - Despite the decline in sales, the company achieved a remarkable increase in net income, rising by 145% to Ps. 10,488 million in 2024 from Ps. 4,283 million in 2023 [13][37] Financial Performance - **Net Sales**: Decreased from Ps. 41,139 million in 2023 to Ps. 33,658 million in 2024, with shipments of finished steel products down 6% [2][37] - **Cost of Sales**: Reduced by 16% from Ps. 31,100 million in 2023 to Ps. 26,033 million in 2024, with the average cost of finished steel produced decreasing by 11% [3][37] - **Gross Profit**: Declined from Ps. 10,039 million in 2023 to Ps. 7,625 million in 2024, representing 23% of net sales in 2024 compared to 24% in 2023 [4][37] - **Operating Income**: Fell by 30% from Ps. 7,603 million in 2023 to Ps. 5,301 million in 2024, accounting for 16% of net sales in 2024 [7][37] - **EBITDA**: Decreased by 26% from Ps. 8,638 million in 2023 to Ps. 6,367 million in 2024 [8][37] Expenses and Income - **Operating Expenses**: Increased by 12% from Ps. 2,317 million in 2023 to Ps. 2,603 million in 2024, representing 8% of net sales in 2024 [5][37] - **Other Income (Expenses)**: Shifted from net expenses of Ps. 119 million in 2023 to net income of Ps. 279 million in 2024 [6][37] - **Income Taxes**: Increased from Ps. 1,740 million in 2023 to Ps. 2,060 million in 2024 [12][37] Quarterly Performance - **Fourth Quarter Net Sales**: Increased by 3% from Ps. 8,549 million in Q3 2024 to Ps. 8,830 million in Q4 2024, with total sales outside Mexico rising by 19% [15][37] - **Fourth Quarter Gross Profit**: Decreased by 34% to Ps. 1,422 million compared to Ps. 2,156 million in Q3 2024 [17][37] - **Fourth Quarter Operating Income**: Declined to Ps. 861 million from Ps. 1,524 million in Q3 2024 [20][37] - **Fourth Quarter Net Income**: Reported at Ps. 1,901 million, down from Ps. 3,152 million in Q3 2024 [25][37] Comparative Analysis - **Year-over-Year Sales**: Total sales in Mexico decreased by 25% from Ps. 24,325 million in 2023 to Ps. 18,270 million in 2024, while total sales outside Mexico decreased by 8% [2][37] - **Cost of Sales Comparison**: Increased by 9% from Ps. 6,795 million in Q4 2023 to Ps. 7,408 million in Q4 2024 [26][37] - **Net Income Comparison**: Increased significantly from Ps. 462 million in Q4 2023 to Ps. 1,901 million in Q4 2024 [36][37]

Core Insights - Algoma Steel Group Inc. reported a consolidated revenue of $517.1 million for Q1 2025, down from $620.6 million in the same quarter of the previous year, reflecting ongoing market challenges and lower pricing in the steel market [6][5][8] - The company experienced a net loss of $24.5 million in Q1 2025, compared to a net income of $28.0 million in Q1 2024, primarily due to lower realized pricing and higher input costs, partially offset by a $50 million insurance receivable [8][9][6] - Algoma is advancing its transition to Electric Arc Furnace (EAF) steelmaking, with first steel production expected in Q2 2025, which is anticipated to improve cost structure and reduce carbon emissions by approximately 70% [11][13][29] Financial Performance - Revenue for Q1 2025 was $517.1 million, a decrease of 16.6% from $620.6 million in Q1 2024 [6][8] - Steel revenue was $463.2 million, down from $568.1 million year-over-year, with the average realized price of steel dropping to $986 per ton from $1,260 per ton [6][9] - The company reported an Adjusted EBITDA loss of $46.7 million, resulting in an Adjusted EBITDA margin of (9.0%), compared to an Adjusted EBITDA of $41.5 million and a margin of 6.7% in the prior-year quarter [9][35] Operational Highlights - Shipments increased by 4.2% to 469,731 tons in Q1 2025, compared to 450,966 tons in Q1 2024 [9][6] - The company incurred tariff-related costs of $10.5 million during the quarter, contributing to operational losses [7][17] - Construction on the EAF project is progressing, with critical systems commissioned despite delays caused by harsh winter conditions [11][5] Market Environment - The North American steel market is experiencing significant volatility due to evolving U.S. tariffs, which have added uncertainty and increased imports into Canada [5][16] - The Canadian steel market is facing oversupply issues, leading to lower transactional pricing compared to the U.S. market [16][17] - The company is positioned to become a strategic force in the North American steel industry, focusing on safety, sustainability, and the production of green steel [5][29][28] Liquidity and Dividends - As of March 31, 2025, the company had cash of $226.5 million and unused availability under its Revolving Credit Facility of $360.9 million [18] - A quarterly dividend of US$0.05 per share has been declared, payable on May 30, 2025 [19]

Financial Data and Key Metrics Changes - Nucor generated EBITDA of $696 million and earned $0.77 of adjusted EPS in Q1 2025, despite lower results compared to prior quarters [7] - Net earnings were $156 million or $0.67 per share, including pretax charges of $29 million related to facility closures [19] - The company incurred $170 million in pre-operating and startup costs during the quarter [20] Business Line Data and Key Metrics Changes - The steel mill segment generated adjusted pretax earnings of $241 million, increasing approximately 43% from the prior quarter, with a volume increase of 14% [20] - The bar mill group saw shipments rise 21% compared to the prior quarter and 20% year over year [20] - The steel products segment generated adjusted pretax earnings of $37 million, with backlog growth of nearly 25% across all downstream products [22] Market Data and Key Metrics Changes - Backlogs rose over 30% in the steel mill segments and nearly 25% in steel products [15] - The company noted steady to improving demand for steel among customers engaged in rebuilding American industry [16] - The structural backlog is at the highest levels in Nucor's history, indicating strong future demand [76] Company Strategy and Development Direction - Nucor is focused on long-term growth plans, reinvesting nearly $860 million into the company, with two-thirds allocated to projects commencing operations in the next two years [7] - The company is advancing its "expand beyond" strategy and driving key acquisitions to strengthen and diversify its earnings profile [8] - Nucor aims to maintain a strong investment-grade credit quality and has raised $1 billion in senior notes to pre-fund upcoming debt maturities [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a robust order book and healthy demand across various sectors, including advanced manufacturing and infrastructure projects [16][78] - The company is well-positioned to capture domestic steel demand growth, with expectations for earnings to be meaningfully higher in Q2 2025 compared to Q1 [31] - Management acknowledged macroeconomic uncertainties but emphasized Nucor's strong capabilities and financial strength to navigate these challenges [17] Other Important Information - Nucor's greenhouse gas emission intensity is among the lowest in the global steel industry, and the company is advancing cleaner energy sources [18] - The company has made several acquisitions since 2022 to expand its construction products capabilities, establishing four distinct platforms with higher growth potential [24] Q&A Session Summary Question: Can you provide clarity on the magnitude of startup costs for 2025? - Management indicated that startup costs for the balance of the year would be similar to previous quarters, around $160 million to $170 million [36] Question: What are the expected utilization rates for the Brandenburg mill by year-end 2025? - Management expressed confidence in achieving EBITDA positive run rates by summer and highlighted significant production achievements [39] Question: Can you provide guidance on the second quarter outlook? - Management refrained from providing specific quantitative guidance but acknowledged strong order entry rates and backlogs [50] Question: How is Nucor mitigating tariff impacts on raw materials? - Management emphasized a diversified raw material supply strategy and noted that the impact of tariffs on raw materials is minimal [54] Question: What is the impact of Section 232 on downstream products? - Management noted that the extension of Section 232 is having a positive impact, with imports dropping below 20% for the first time in years [64] Question: Can you clarify the adjusted EPS compared to guidance? - The beat in adjusted EPS was driven primarily by volume increases in the steel segment, particularly in bar and sheet products [87] Question: What contributed to the gross margin squeeze? - Management identified higher energy costs and increased scrap costs as contributing factors to the margin squeeze [90] Question: Is there any speculation for tariffs included in the $3 billion CapEx? - Management confirmed that the CapEx does not include any speculation for tariffs [94]