Financial Data and Key Metrics Changes - For the first half of 2025, the company reported an EBITDA of $19.1 million, a significant decrease from $46.6 million in the same period of 2024, reflecting industry-wide margin compression due to falling ferrosilicon prices [6][10] - The company recorded a loss per share of $0.0125 for the first half of 2025, indicating a challenging financial environment [6] Business Line Data and Key Metrics Changes - Revenue growth was modest, driven by higher manganese ore volumes, but was offset by lower alloy volumes and weaker prices, particularly for ferrosilicon [5][10] - Manganese alloys and silicon alloys are critical for steel production, with the Sarawak plant producing these alloys as additives to strengthen steel [4] Market Data and Key Metrics Changes - Ferrosilicon prices have decreased by approximately 10.4% year-on-year compared to the first half of 2024, driven by weaker downstream demand and increased competition from Russian-origin materials [7][8] - Silicon manganese prices have remained stable, supported by stable manganese ore prices, with expectations for firm prices throughout the rest of 2025 and into early 2026 [8] Company Strategy and Development Direction - The company focuses on sustainability initiatives, including repurposing by-products to support a circular economy and maintaining ISO certifications for operational standards [12] - The company aims to leverage its competitive edge through access to affordable renewable energy and a strong customer base, positioning itself as a beneficiary in the transition to renewables [13][14] Management's Comments on Operating Environment and Future Outlook - Management anticipates stabilization of ferrosilicon prices in the near term, as current prices are viewed as unsustainably low [8] - The company is actively monitoring the implementation of a carbon tax in Malaysia, which may impact production costs in the ferroalloy sector [16][17] Other Important Information - The Bootu Creek manganese mine in Australia remains under care and maintenance, with ongoing rehabilitation efforts [9] - The company has successfully refinanced its project finance loans and reduced total debt, aligning with its strategy to lower the debt profile [11] Q&A Session Summary Question: Will the carbon tax in Malaysia impact the ferroalloy sector? - Management indicated that the carbon tax will be introduced by 2026, and OM Sarawak will likely be included under the carbon levy, awaiting further details from authorities [16][17] Question: What are the tariffs on ferrosilicon and manganese alloys exports to the U.S.? - The U.S. does not apply reciprocal tariffs on manganese alloys, while ferrosilicon is subject to a 19% tariff from Malaysia. OM Holdings has a competitive advantage over Brazil and India due to lower tariffs [18] Question: Has OMH implemented any hedging policy on ferroalloy prices? - Currently, the company does not have any hedging policies on ferroalloy prices, as there are no relevant international futures markets [19] Question: How much does the manganese supply from Shippee and Braia contribute? - Shippee's manganese ore supply is primarily exported to China, with an annual traded volume of approximately 420,000 to 460,000 tons. Braia is still under exploration with no current production [20][22]

示 YONGAN FUTURES 联合会同居致优 研究中心黑色团队 2025/7/30 | | 提 | 点员H | | 棉点资讯 | | | 棉点资讯 | | | 0095/7/21 棉点员H | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 项目 | | 现货 | | | 仓車 | | | 盘面 | | | | | | 最新 | 日变化 | 周变化 | 月变化 | 出厂价折盘面 | | 最新 | 日变化 | 周变化 | 月变化 | | | 宁夏#72 内蒙#72 | 5700 5650 | 150 100 | 150 150 | 600 550 | 6000 6000 | 主力合约 01合约 | 6008 6140 | -102 -76 | 176 224 | 738 894 | | 硅铁自然块 产区汇总价 | 青海#72 | 5700 | 150 | 200 | 600 | 6030 | 05合约 | 6160 | -70 | 194 | 880 | | | 陕西#72 = | 5650 ...

钛铁是一种主要由铁和钛组成的合金。钛铁广泛应用于钢铁行业，有助于去除钢中的氧和硫杂质，从而精炼钢材。它还能作为晶粒细化剂， 提高钢的强度、硬度和韧性等机械性能。 炼钢用钛铁 全球市场总体规模 据 QYResearch 调研团队最新报告"全球炼钢用钛铁市场报告 2025-2031 "显示，预计 2031 年全球炼钢用钛铁市场规模将达到 3.9 亿美元，未 来几年年复合增长率 CAGR 为 4.8% 。 根据 QYResearch 头部企业研究中心调研，全球范围内炼钢用钛铁生产商主要包括 AMG Chrome 、锦州凯利特钛业、锦州恒泰特种合金、 VSMPO-AVISMA 、 Metalliage 、 Des Raj Bansal Group 、锦州光大铁合金、锦州国泰实业、 Cronimet 、 OSAKA Titanium Technologies 等。 2024 年，全球前五大厂商占有大约 58.0% 的市场份额。 就产品类型而言，目前钛含量 65%-75% 是最主要的细分产品，占据大约 83.3% 的份额。 就产品应用而言，目前不锈钢稳定剂是最主要的需求来源，占据大约 80.1% 的份额。 主要驱动因素 ...

Report Summary 1. Industry Investment Rating - Not mentioned in the report. 2. Core View - The report indicates that both silicon iron and manganese silicon are expected to experience wide - range fluctuations due to the upward shift in overseas mining companies' quotations [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: For silicon iron, the 2509 contract closed at 5754, down 78 from the previous trading day, with a trading volume of 259,485 and an open interest of 169,545; the 2510 contract closed at 5750, down 64, with a trading volume of 36,465 and an open interest of 44,277. For manganese silicon, the 2509 contract closed at 5948, up 10, with a trading volume of 329,748 and an open interest of 325,554; the 2510 contract closed at 5948, up 26, with a trading volume of 33,069 and an open interest of 26,210 [1]. - **Spot Data**: The price of silicon iron (FeSi75 - B) in Inner Mongolia was 5500 yuan/ton; the price of silicon manganese (FeMn65Si17) in Inner Mongolia was 5680 yuan/ton, down 70 yuan/ton from the previous trading day; the price of manganese ore (Mn44 block) was 39.5 yuan/ton - degree, down 0.5 yuan/ton - degree; the price of small - sized semi - coke in Shenmu was 550 yuan/ton [1]. - **Spread Data**: The spot - 09 futures spread of silicon iron was - 254 yuan/ton, up 78 yuan/ton; the spot - 09 futures spread of manganese silicon was - 268 yuan/ton, down 80 yuan/ton. The near - far month spread of silicon iron (2509 - 2601) was - 100 yuan/ton, down 16 yuan/ton; the near - far month spread of manganese silicon (2509 - 2601) was - 72 yuan/ton, down 22 yuan/ton. The cross - variety spread of manganese silicon 2509 - silicon iron 2509 was 194 yuan/ton, up 88 yuan/ton; the cross - variety spread of manganese silicon 2601 - silicon iron 2601 was 166 yuan/ton, up 94 yuan/ton [1]. 3.2 Macro and Industry News - **Price Information**: On July 24, the price range of 72 silicon iron in different regions was 5400 - 5600 yuan/ton, and that of 75 was 5700 - 5800 yuan/ton. The FOB price of 72 silicon iron was 1020 - 1040 dollars/ton (+20), and that of 75 was 1090 - 1110 dollars/ton (+10). The northern quotation of silicon manganese 6517 was 5650 - 5750 yuan/ton, and the southern quotation was 5700 - 5800 yuan/ton. A steel mill in Fujian set the price of silicon manganese at 5800 yuan/ton, up 354 yuan/ton from the early - June pricing [2]. - **Export Data**: In June 2025, the manganese ore exported through Port Hedland in Australia was 156,302 tons, with a month - on - month increase of 90.61% and a year - on - year increase of 51.49%. The total export volume in the first half of 2025 was 589,774 tons, a year - on - year decrease of 23.24% compared to 2024. In June, the exports were mainly redirected to China and Malaysia [3]. - **Quotation Information**: South32's September 2025 offer for South African semi - carbonate lumps (typical Mn36.9%) was 4.05 dollars/ton - degree, up 0.15 dollars/ton - degree month - on - month; the offer for Australian lumps (typical Mn42%) was 4.45 dollars/ton - degree, up 0.10 dollars/ton - degree month - on - month [3]. 3.3 Trend Intensity - The trend intensity of silicon iron is 0, and that of manganese silicon is also 0, indicating a neutral outlook [3].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The market sentiment for both ferrosilicon and silicomanganese remains strong, with a tendency for a bullish and volatile market [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: For ferrosilicon, the closing prices of contracts SF2508 and SF2509 are 5,652 and 5,668 respectively, up 162 and 160 from the previous trading day, with trading volumes of 6,857 and 307,634, and open interests of 8,912 and 193,447. For silicomanganese, the closing prices of contracts SM2508 and SM2509 are 5,906 and 5,914 respectively, up 110 from the previous trading day, with trading volumes of 1,330 and 390,134, and open interests of 11,185 and 360,025 [1]. - **Spot Data**: The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5,300 yuan/ton, up 50 yuan/ton; the price of silicomanganese FeMn65Si17 in Inner Mongolia is 5,680 yuan/ton, up 50 yuan/ton. The price of manganese ore Mn44 block is 39 yuan/ton - degree, and the price of semi - coke small material in Shenmu is 550 yuan/ton [1]. - **Spread Data**: The spot - futures spread of ferrosilicon (spot - 08 futures) is - 352 yuan/ton, down 112 yuan/ton; the spot - futures spread of silicomanganese (spot - 09 futures) is - 234 yuan/ton, down 60 yuan/ton. The near - far month spread of ferrosilicon 2508 - 2509 is - 16 yuan/ton, up 2 yuan/ton; the near - far month spread of silicomanganese 2508 - 2509 is - 8 yuan/ton, unchanged. The cross - variety spread of silicomanganese 2508 - ferrosilicon 2508 is 254 yuan/ton, down 52 yuan/ton; the cross - variety spread of silicomanganese 2509 - ferrosilicon 2509 is 246 yuan/ton, down 50 yuan/ton [1]. 3.2 Macro and Industry News - **Price Information**: On July 21, the price of 72 ferrosilicon in Shaanxi is 5,150 - 5,250 yuan/ton (+100), in Ningxia is 5,250 - 5,350 yuan/ton (+75), in Qinghai is 5,250 - 5,300 yuan/ton (+50), in Gansu is 5,300 - 5,350 yuan/ton (up 100), and in Inner Mongolia is 5,300 - 5,350 yuan/ton (+100). The price of 75 ferrosilicon in Shaanxi is 5,650 - 5,700 yuan/ton, in Ningxia is 5,600 - 5,650 yuan/ton, in Qinghai is 5,550 - 5,600 yuan/ton, in Gansu is 5,600 - 5,650 yuan/ton, and in Inner Mongolia is 5,600 - 5,650 yuan/ton. The FOB price of 72 ferrosilicon is 1,000 - 1,020 US dollars/ton, and the FOB price of 75 ferrosilicon is 1,080 - 1,110 US dollars/ton. The northern quotation of 6517 silicomanganese is 5,600 - 5,700 yuan/ton, and the southern quotation is 5,650 - 5,750 yuan/ton (+50) [2]. - **Procurement Information**: Zhongtian Iron and Steel in Changzhou has set the procurement price of 75B ferrosilicon at 5,780 yuan/ton in electronic vouchers, up 210 yuan/ton from the previous round, with a quantity of 500 tons. A steel mill in Jiangsu has a silicomanganese procurement price of 5,900 yuan/ton in electronic vouchers, with a procurement quantity of 1,000 tons; a steel mill in Jiangxi has a silicomanganese procurement price of 5,830 yuan/ton in discounted base acceptance and tax - included, with a procurement quantity of 4,000 tons [2]. - **Manganese Ore Import Data**: In June 2025, the national manganese ore import volume was 268.38 million tons, a decrease of 25.95 million tons (↓8.82%) compared with 294.33 million tons in May, and an increase of 54.01 million tons (↑25.19%) compared with 214.37 million tons in June last year. From January to June 2025, the cumulative manganese ore import volume was 1,444.49 million tons, an increase of 45.44 million tons (↑3.25%) compared with 1,399.05 million tons in the same period in 2024. In June 2025, the top five manganese ore importing countries were South Africa (158.31 million tons), Ghana (46.02 million tons), Australia (22.43 million tons), Gabon (19.08 million tons), and Brazil (7.66 million tons), accounting for 94.46% of the total import volume [4]. - **Manganese Ore Production and Sales Data**: South32's 2025 fiscal year fourth - quarter report shows that the cumulative production of Australian manganese ore in the 2025 fiscal year was 1.106 billion tons, completing 111% of the annual plan; the cumulative production of South African manganese ore was 2.151 billion tons, completing 108% of the annual plan. In the fourth quarter of the 2025 fiscal year, the production of Australian manganese ore was 467 million tons, and the sales volume was 253 million tons. The production guidance for Australian manganese ore in the 2026 fiscal year is 3.2 billion tons. The South African manganese ore production was 593 million tons, a 25% increase from the previous quarter and an 11% increase year - on - year; the sales volume was 601 million tons, a 48% increase from the previous quarter and a 9% increase year - on - year. The production guidance for South African manganese ore in the 2026 fiscal year remains unchanged at 2 billion tons [4]. 3.3 Trend Intensity The trend intensity of ferrosilicon is 1, and the trend intensity of silicomanganese is 1, indicating a relatively strong trend for both [3].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The silicon iron and manganese silicon in the black sector resonate and experience wide - range fluctuations [1]. - The trend strength of silicon iron is 0, and that of manganese silicon is 0, both indicating a neutral outlook [3]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Silicon iron 2507 has a closing price of 5258, up 62 from the previous trading day, with a trading volume of 122,143 and an open interest of 121,437. - Silicon iron 2509 has a closing price of 5146, up 66, a trading volume of 121,809, and an open interest of 204,082. - Manganese silicon 2506 has a closing price of 5460, up 76, a trading volume of 1,252, and an open interest of 13,118. - Manganese silicon 2509 has a closing price of 5502, up 80, a trading volume of 314,831, and an open interest of 487,679 [1]. - **Spot Data**: - The price of silicon iron FeSi75 - B in Inner Mongolia is 5200 yuan/ton, down 50. - The price of silicon manganese FeMn65Si17 in Inner Mongolia is 5550 yuan/ton, down 50. - The price of manganese ore Mn44 block is 36.3 yuan/ton - degree, down 0.2. - The price of small - sized semi - coke in Shenmu is 595 yuan/ton [1]. - **Price Difference Data**: - The spot - futures price difference of silicon iron (spot - 07 futures) is - 58 yuan/ton, down 112. - The spot - futures price difference of manganese silicon (spot - 09 futures) is 48 yuan/ton, down 80. - The near - far month price difference of silicon iron 2507 - 2509 is 112 yuan/ton, down 4. - The near - far month price difference of manganese silicon 2506 - 2509 is - 42 yuan/ton, down 4. - The cross - variety price difference of manganese silicon 2507 - silicon iron 2507 is 228 yuan/ton, up 34. - The cross - variety price difference of manganese silicon 2509 - silicon iron 2509 is 356 yuan/ton, up 14 [1]. 3.2 Macro and Industry News - On June 4th, the price of 72 silicon iron in Shaanxi was 5150 - 5250 yuan/ton (down 50), in Ningxia 5100 - 5200 yuan/ton, in Qinghai 5100 - 5200 yuan/ton (down 100), in Gansu 5200 - 5300 yuan/ton (down 50), and in Inner Mongolia 5200 - 5300 yuan/ton. The price of 75 silicon iron in Shaanxi was 5750 - 5850 yuan/ton, in Ningxia 5750 - 5800 yuan/ton, in Qinghai 5750 - 5800 yuan/ton, in Gansu 5800 - 5850 yuan/ton (down 50), and in Inner Mongolia 5700 - 5800 yuan/ton (down 100). The FOB price of 72 silicon iron was 1000 - 1030 dollars/ton (down 20), and that of 75 was 1090 - 1110 dollars/ton. The opening price of the main futures contract of 6517 silicon manganese was 5456. The northern region had a small number of quotes at 5350 - 5450 yuan/ton, and the southern region, with relatively tight supply, had a small number of quotes at 5450 - 5550 yuan/ton [1]. - Zhongtian Iron and Steel's Changzhou base set the price of silicon manganese at 5615 yuan/ton with an electronic voucher and a procurement volume of 500 tons. Its Nantong base procured 6500 tons of silicon manganese alloy at a price of 5550 yuan/ton (including tax and delivered by bank acceptance). A steel mill in Fujian set the procurement price of 75B silicon iron at 5530 yuan/ton (half - cash), down 200 yuan/ton from the previous round [1].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - Silicon iron shows a weak and volatile trend due to the resonance of the black - plate sector; manganese silicon shows a weak and volatile trend as Australian ore resumes shipping [2]. - The trend strength of silicon iron is 0, and that of manganese silicon is 0, both indicating a neutral trend [5]. Group 3: Summary by Related Catalogs 1. Fundamental Data Tracking Futures - Silicon iron 2507 closed at 5638, down 52 from the previous trading day, with a trading volume of 120,368 and an open interest of 218,280; silicon iron 2509 closed at 5552, down 42, with a trading volume of 44,480 and an open interest of 149,333 [1]. - Manganese silicon 2506 closed at 5722, down 62, with a trading volume of 3,148 and an open interest of 19,309; manganese silicon 2509 closed at 5778, down 66, with a trading volume of 212,202 and an open interest of 397,001 [1]. Spot - The price of silicon iron (FeSi75 - B) in Inner Mongolia was 5400 yuan/ton; the price of silicon - manganese (FeMn65Si17) in Inner Mongolia was 5630 yuan/ton, up 50 yuan/ton [1]. - The price of manganese ore (Mn44 block) was 37.5 yuan/ton - degree; the price of semi - coke (small material) in Shenmu was 620 yuan/ton [1]. Price Difference - The spot - futures price difference of silicon iron (spot - 07 futures) was - 238 yuan/ton, up 52 yuan/ton; that of manganese silicon (spot - 09 futures) was - 148 yuan/ton, up 66 yuan/ton [1]. - The near - far month price difference of silicon iron 2507 - 2509 was 86 yuan/ton, down 10 yuan/ton; that of manganese silicon 2506 - 2509 was - 56 yuan/ton, up 4 yuan/ton [1]. - The cross - variety price difference of manganese silicon 2507 - silicon iron 2507 was 100 yuan/ton, down 16 yuan/ton; that of manganese silicon 2509 - silicon iron 2509 was 226 yuan/ton, down 24 yuan/ton [2]. 2. Macro and Industry News - On May 20, the price range of 72 silicon iron in different regions was 5300 - 5450 yuan/ton, and that of 75 was 5850 - 6000 yuan/ton; the FOB price of 72 was 1020 - 1050 dollars/ton, and that of 75 was 1100 - 1120 dollars/ton. The mainstream price range of 6517 silicon - manganese in the north was 5600 - 5700 yuan/ton, and in the south was 5700 - 5750 yuan/ton [1]. - Hegang set the purchase price of 75B silicon iron in May at 5800 yuan/ton, down 150 yuan/ton from April, with a quantity of 2135 tons, up 435 tons from April. Several steel mills in different regions set their silicon - manganese purchase prices and quantities in May [1]. - In April 2025, China exported 3423.245 tons of silicon - manganese, and 8362.25 tons from January to April; imported 426.324 tons in April, and 4301.178 tons from January to April [3]. - In April 2025, the national manganese ore import volume was 297.12 million tons, a month - on - month increase of 104.01 million tons (↑53.86%) and a year - on - year increase of 82.7 million tons (↑38.57%). From January to April 2025, the cumulative import volume was 883.14 million tons, a year - on - year decrease of 59.41 million tons (↓6.30%) [3]. - The top five manganese ore importing countries in April 2025 were South Africa (145.65 million tons), Gabon (69.87 million tons), Ghana (55.40 million tons), Cote d'Ivoire (10.60 million tons), and Australia (6.30 million tons), accounting for 96.87% of the total import volume [3]. - South32 announced the resumption of Australian manganese ore export sales from its Groote Eylandt Mining Company (GEMCO). The first batch of manganese ore is being loaded and is expected to leave the newly rebuilt terminal in the next few days. Export sales are expected to increase in the June quarter of 2025 and normalize in fiscal year 26 [4]. - NMT announced the loading price of manganese ore for China in June 2025. The price of South African lump ore with a minimum Mn content of 36% is 3.85 dollars/ton - degree, and that of 35% is 3.75 dollars/ton - degree, unchanged from last month [4].

Financial Data and Key Metrics Changes - The company reported a negative adjusted EBITDA of $27 million for the first quarter, a decline of $37 million compared to the previous quarter [5][25][32] - Revenue decreased by 16% sequentially, driven by a 35% decrease in silicon metal revenue and a 5% decrease in manganese-based alloys [14][23] - The adjusted EBITDA margin was negative 9%, with raw materials as a percentage of sales increasing to 77.6% from 68.2% in the prior quarter [23][25] Business Line Data and Key Metrics Changes - Silicon metal shipments declined by 27% due to weak demand and increased imports, resulting in a 35% drop in silicon metal revenue [4][15][25] - Silicon-based alloys revenue increased by 7%, driven by a 9% increase in volume, while manganese-based alloys revenues decreased by 5% due to lower prices [19][23][28] - The manganese segment showed strong demand, but delays in receiving manganese ore negatively impacted volumes [21][22] Market Data and Key Metrics Changes - The US silicon metal index pricing decreased by 9% quarter over quarter and 22% from the third quarter [5] - Imports of silicon metal into the US grew by 68,000 tons year-over-year, significantly impacting pricing and volumes [16][17] - The European market is expected to benefit from a safeguard investigation into silicon metal and alloys, with a provisional ruling expected by June [9][10] Company Strategy and Development Direction - The company is maintaining its full-year 2025 guidance, anticipating a strong adjusted EBITDA recovery in the second quarter and continued momentum in Q3 [5][32] - Regulatory trade measures are being introduced to curb low-priced imports, which are expected to stabilize the market [6][10] - The company is focusing on improving demand forecasting and supply planning through sales and operational planning initiatives [12] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions have remained challenging, significantly impacting first-quarter results, but expressed optimism for recovery in the second half of the year [4][5][32] - The company believes it is at or near the bottom of the current cycle and expects positive adjusted EBITDA in the second quarter [5][32] - Management highlighted the importance of trade measures in creating a more balanced market and benefiting local producers [38] Other Important Information - The company generated $5 million of free cash flow in the first quarter, driven by a $25 million reduction in working capital [28] - The dividend was increased by 8%, and the company repurchased 720,000 shares at an average price of $3.75 [29][30] - Adjusted gross debt increased to $110 million from $94 million in the prior quarter [31] Q&A Session Summary Question: How should investors think about the cadence of improvement in Q2, Q3, and Q4 in 2025? - Management indicated that the negative results were expected and in line with the budget, maintaining guidance of $100 million to $170 million for adjusted EBITDA [37][38] Question: Can you provide an update on the outlook for the Asian polysilicon market? - Management noted that while there are measures blocking exports from certain Southeast Asian countries, other countries like Indonesia may see increased business opportunities [40][42] Question: What would be needed to increase the magnitude of shareholder returns? - Management emphasized the importance of maintaining enough cash to run the company and indicated that share repurchases would depend on cash availability and market conditions [44][46]

Financial Data and Key Metrics Changes - The company reported a negative adjusted EBITDA of $27 million for Q1 2025, a decline of $37 million compared to the previous quarter [5][25][32] - Revenue decreased by 16% sequentially to $307 million, driven by a 35% decrease in silicon metal revenue and a 5% decrease in manganese-based alloys [15][23] - The adjusted EBITDA margin was negative 9%, with raw materials as a percentage of sales increasing to 77.6% from 68.2% in the prior quarter [23][25] Business Line Data and Key Metrics Changes - Silicon metal shipments declined by 27% due to weak demand and increased imports, resulting in a 35% drop in silicon metal revenue [4][16][25] - Silicon-based alloys revenue increased by 7%, driven by a 9% increase in volume, while manganese-based alloys revenue decreased by 5% due to lower prices [23][26][28] - The manganese segment showed strong demand, but delays in receiving manganese ore negatively impacted volumes [21][22] Market Data and Key Metrics Changes - The US silicon metal index pricing dropped by 9% quarter over quarter and 22% from the third quarter [5] - Imports of silicon metal into the US increased by 68,000 tons year-over-year, contributing to pricing pressures [17][18] - The company anticipates that trade measures will stabilize the market and improve conditions in the US and Europe [6][10][11] Company Strategy and Development Direction - The company is focusing on sales and operational planning to improve demand forecasting and supply planning accuracy [12][13] - Strengthening commercial execution capabilities is a priority to enhance agility and effectiveness in sales [13][14] - The company is maintaining its full-year 2025 guidance, expecting a recovery in adjusted EBITDA in the second quarter and continued improvement in the second half of the year [6][32] Management Comments on Operating Environment and Future Outlook - Management noted that market conditions remain challenging but believe they are at or near the bottom of the current cycle [5][32] - The company is optimistic about the impact of regulatory trade measures on market dynamics and pricing [6][10][11] - Management expects a healthier and more balanced market as existing channel inventories are drawn down [8][12] Other Important Information - The company generated $5 million of free cash flow in Q1 2025, driven by a $25 million reduction in working capital [28][29] - The dividend was increased by 8% to 1.4 cents per share, and the company repurchased 720,000 shares at an average price of $3.75 [29][30] - Adjusted gross debt increased to $110 million from $94 million in the prior quarter [31] Q&A Session Summary Question: How should the cadence of improvement in Q2, Q3, and Q4 be viewed given the negative Q1 results? - Management indicated that the negative results were expected and aligned with their budget, maintaining guidance of $100 million to $170 million for the year, anticipating improvements in the second half [37][38] Question: Update on end markets and the outlook for the Asian polysilicon market? - Management noted that while demand in Asia is uncertain, they expect stable demand for alloys and improvements in aluminum demand in the US due to protective measures [42] Question: What would be needed to increase shareholder returns? - Management emphasized the importance of maintaining sufficient cash to run the company while continuing opportunistic share repurchases, with a focus on maximizing long-term shareholder value [44][48]