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    Alex Hacking • Citigroup

    Alex Hacking's questions to Nucor Corp (NUE) leadership

    Alex Hacking's questions to Nucor Corp (NUE) leadership • Q2 2025

    Question

    Alex Hacking of Citigroup Inc. confirmed the full-year CapEx guidance of $3 billion, which implies a second-half slowdown, and asked about major growth projects planned beyond those already nearing completion.

    Answer

    President and CEO Leon Topalian and COO David Sumoski confirmed the major project pipeline, adding two galvanizing lines, a third towers plant, and the CSI galvanizing line to the list of future investments. Mr. Sumoski also affirmed that capital spending will be lower in the second half, which, combined with lower working capital use, is expected to cause a 'pronounced change' in free cash flow generation.

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    Alex Hacking's questions to Nucor Corp (NUE) leadership • Q2 2025

    Question

    Alex Hacking of Citigroup asked for confirmation of the full-year capital expenditure guidance, its implication for second-half spending, and a list of major growth projects beyond those nearing immediate completion.

    Answer

    CEO Leon Topalian confirmed the project pipeline, adding two new galvanizing lines and a third towers plant. COO David Sumoski confirmed that CapEx will be lower in the second half, which, along with lower working capital use, is expected to drive a significant increase in free cash flow compared to the first half.

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    Alex Hacking's questions to GrafTech International Ltd (EAF) leadership

    Alex Hacking's questions to GrafTech International Ltd (EAF) leadership • Q2 2025

    Question

    Alex Hacking from Citigroup questioned the tangible progress on the long-discussed anode material opportunity and sought clarity on whether GrafTech is in active partnership discussions with the U.S. government.

    Answer

    CEO Timothy Flanagan acknowledged the long timeline but highlighted recent government actions, like the MP Materials deal, as a potential "game changer" creating a new model for public-private partnerships. He stated GrafTech is well-positioned to be an attractive partner but did not comment directly on active discussions, emphasizing the company will continue to explore all avenues.

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    Alex Hacking's questions to Reliance Inc (RS) leadership

    Alex Hacking's questions to Reliance Inc (RS) leadership • Q2 2025

    Question

    Alex Hacking of Citigroup asked about customer acceptance of significantly higher domestic aluminum prices, which have risen sharply in 2025. He also questioned whether customers are delaying purchases to await a potential resolution of Section 232 tariffs with Canada.

    Answer

    Executive VP & COO Stephen Koch stated that while the rapid price hikes are a shock for some customers, they are generally accepting them. He noted this leads customers to buy smaller quantities more frequently, a trend that benefits Reliance's next-day delivery model. President and CEO Karla Lewis added that Reliance prices based on an "all-in cost," which includes factors like the Midwest premium. Koch concluded that customers who need aluminum for manufacturing will continue to buy, even at higher prices, to meet their business requirements.

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    Alex Hacking's questions to Steel Dynamics Inc (STLD) leadership

    Alex Hacking's questions to Steel Dynamics Inc (STLD) leadership • Q2 2025

    Question

    Alex Hacking of Citigroup asked whether the expected inflection in the steel fabrication business would be driven by price or volume, and inquired about the opportunity to utilize more domestic aluminum scrap with advanced sorting technologies.

    Answer

    CFO Theresa Wagler stated that the fabrication inflection is primarily driven by higher volume, supported by price stability. COO Barry Schneider discussed how their OmniSource division is focused on extracting more value from scrap streams. CEO Mark Millett added that high primary aluminum prices enhance the economic advantage of using more recycled content.

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    Alex Hacking's questions to Alcoa Corp (AA) leadership

    Alex Hacking's questions to Alcoa Corp (AA) leadership • Q2 2025

    Question

    Alex Hacking followed up on the Western Australia mine delays, asking about the sustainability of mining lower-grade areas, and sought clarification on whether higher Midwest premiums were fully offsetting the increased Section 232 tariff costs.

    Answer

    President, CEO & Director William Oplinger stated that contingency plans cover up to a 15-month delay in Western Australia. EVP & CFO Molly Beerman clarified that while there was margin compression in Q2, at current prices the overall tariff impact is near neutral to slightly positive for Alcoa due to the benefit on its U.S. tons, though the Midwest premium has not fully adjusted to cover all costs.

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