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 returned nearly $430 million to shareholders during the quarter [7][28] 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 volume increasing 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 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][8] - The company is expanding its capabilities through acquisitions and organic growth investments, establishing four distinct platforms with higher growth potential [24] - Nucor aims to strengthen and diversify its earnings profile while addressing evolving customer needs [8] 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][17] - The company is well-positioned to capture domestic steel demand growth, supported by favorable trade policies [32] - Management acknowledged macroeconomic uncertainties but emphasized Nucor's strong financial position and capabilities to navigate 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 significant progress in reducing injuries over the past several years [18] Q&A Session Summary Question: What are the expected startup costs for 2025? - Management indicated that startup costs for 2025 would be similar to previous years, around $160 million to $170 million [36] Question: What is the expected utilization at Brandenburg by year-end 2025? - Management expressed confidence in achieving EBITDA positive run rates by summer and highlighted significant production achievements at Brandenburg [39] Question: Can you provide clarity on second quarter guidance? - Management refrained from providing specific quantitative guidance but acknowledged strong order entry rates and backlogs [50] Question: How is Nucor mitigating tariff impacts? - Management stated that the impact of tariffs on raw materials is minimal due to diversified supply strategies and ongoing monitoring of market conditions [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: What is the outlook for steel products pricing? - Management indicated that while pricing may decline in the short term, margins are expected to remain stable due to lower substrate costs [66] Question: How did the first quarter results compare to expectations? - Management attributed the earnings beat primarily to volume increases in the steel segment, particularly in bar and sheet products [87] Question: What is the current status of the West Virginia project? - Management confirmed that the West Virginia project is on track for a late 2026 startup, with significant progress made [111]

Financial Performance - Q1 2025 EBITDA was $696 million[10], compared to $1.503 billion in Q1 2024[10, 22] - Q1 2025 Net Earnings were $156 million, or $0.67 per diluted share[10], while adjusted net earnings were $179 million, or $0.77 per diluted share[10] - Nucor repurchased $300 million of its own shares (2.3 million shares) in Q1 2025[10] - Capital expenditures in Q1 2025 totaled $859 million[10], primarily allocated to growth projects[10] - Cash returned to shareholders in Q1 2025 amounted to $429 million[24] Operational Highlights & Projects - Steel Mills segment adjusted EBT was $241 million in Q1 2025, a 43% increase compared to $169 million in Q4 2024[27] - Steel Products segment adjusted EBT was $307 million in Q1 2025, a 7% decrease compared to $329 million in Q4 2024[27] - Raw Materials segment EBT was $29 million in Q1 2025, a 49% decrease compared to $57 million in Q4 2024[27] - Nucor expects to complete construction of the West Virginia Sheet Mill by the end of 2026[10] - The company projects capital expenditures of approximately $3 billion for 2025[46] Market Outlook - Nucor anticipates meaningfully higher consolidated earnings in Q2 2025 compared to Q1 2025[42]

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]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 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。 根据上海证券交易所《上市公司自律监管指引第3号——行业信息披露》《上市 公司行业信息披露指引第七号——钢铁》等相关要求，公司将2024年度主要经营数据公告 如下： 证券代码：600307 证券简称：酒钢宏兴 公告编号：2025-030 甘肃酒钢集团宏兴钢铁股份有限公司 2024年度主要经营数据公告 2025年4月30日 一、公司主要财务数据： 单位：元 币种：人民币 | 项 目 | 本报告期末 | 上年度末 | 本报告期末比上年度 末增减(%) | | --- | --- | --- | --- | | 总资产 | 47,187,699,382.09 | 44,358,487,527.95 | 6.38 | | 归属于上市公司股东的净资产 | 7,559,374,278.30 | 10,140,378,910.65 | -25.45 | | | 本报告期 | 上年同期 | 本报告期比上年同期 增减(%) | | 经营活动产生的现金流量净额 | 107,501,931.13 ...

根据上海证券交易所《上市公司自律监管指引第3号——行业信息披露》《上市 公司行业信息披露指引第七号——钢铁》等相关要求，公司将2025年第一季度主要经 营数据公告如下： 一、公司主要财务数据： 证券代码：600307 证券简称：酒钢宏兴 公告编号：2025-031 甘肃酒钢集团宏兴钢铁股份有限公司 2025年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 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。 二、报告期内，公司主要品种产量、销量、售价情况： | 主要产品 | 生产量 | 销售量 | 平均含税售价 | | --- | --- | --- | --- | | | (万吨) | (万吨) | (元/吨) | | 板带材 | 86.87 | 54.70 | 3,974.28 | | 线棒材 | 146.39 | 99.16 | 3,268.45 | | 不锈钢 | 14.17 | 11.69 | 9,887.66 | | 合计 | 247.43 | 165.55 | —— | 本公告经营数据未经审计，请投资者注意投资风险并审慎使用。 特此公 ...

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core View of the Report Affected by the domestic economy and global trade frictions, steel demand is weak. Although there is a certain restocking demand before the May Day holiday, concerns about the future still exist. Although domestic policies are temporarily supportive but not aggressive, the probability of subsequent efforts still exists. The industry supply and demand has entered a seasonal weakening state. Attention should be paid to short - selling opportunities after the post - holiday rebound ends [1]. 3) Summary by Relevant Catalogs Market Overview - On April 29, black - series commodity futures except iron ore fell across the board. The rebar closed at 3,100 yuan/ton, down 1.21%; the hot - rolled coil main contract closed at 3,210 yuan/ton, down 1.26%; the iron ore main contract closed at 709 yuan/ton, up 0.28%; coking coal and coke continued to decline [1]. Market Analysis - International trade: On April 24, South Korea imposed a four - month temporary anti - dumping duty on hot - rolled carbon or alloy steel medium and heavy plates originating from China, with a tax rate of 27.91 - 38.02% until August 23, 2025. Brazil made an affirmative preliminary anti - dumping ruling on color - coated sheets originating from China and India but did not recommend imposing a temporary anti - dumping duty. Canada launched an anti - dumping investigation into carbon steel wires and alloy steel wires originating from or imported from China, India and other countries. Multiple countries' increase in import tariffs on Chinese steel and anti - dumping investigations have impacted the "price - for - volume" model of net exports, and manufacturing demand has been revised down due to tariff adjustments [1]. - Domestic policy: After the recent Politburo meeting, no super - expected policies were released, and China will enter a policy window period before the May Day holiday [1]. - Supply side: Last week, the profitability rate of 247 long - process steel mills reached 57.58%, a five - month high. Steel mills remained actively producing. The blast furnace operating rate increased by 0.77% to 84.33%, the iron - making capacity utilization rate increased by 1.45% to 91.6% month - on - month, and the daily average pig iron output increased by 42,300 tons to 2.4435 million tons, the highest since October 2023, with the year - on - year increase expanding to 6.83%. The expectation of crude steel reduction has re - emerged. Some short - process steel mills are expected to cut production due to losses. Recently, long - process steel mills have been converting to producing billets with better profits, and the output of rebar in some steel mills has been diverted, resulting in a tight supply of certain specifications, and the short - term supply pressure has been alleviated, improving the supply - demand pattern [1]. Investment Advice - Iron ore: Pay attention to supply - demand changes and inventory levels, and avoid chasing high prices [1]. - Rebar: Investors are advised to adopt a volatile trading strategy in the short term and pay attention to the spread between hot - rolled coil and rebar [1]. - Hot - rolled coil: Investors are advised to adopt a high - level consolidation strategy in the short term and pay attention to supply - demand changes [1]. - Coking coal and coke: Pay attention to the oscillating market after the decline stabilizes or the strength relationship between coking coal and coke [1].