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    Alex Hacking

    Research Analyst at Citigroup

    Alex Hacking is an Equity Research Analyst covering Americas Metals & Mining at Citigroup, with over two decades of experience specializing in equities for major mining and metals companies. He is known for his in-depth analysis of companies such as Barrick Gold and Alcoa Corporation, frequently providing actionable insights to institutional investors. Since joining Citi in 2004, Hacking has built a strong reputation for his sector expertise, although specific ranking or returns data are not publicly disclosed. He holds a Bachelor of Arts and maintains current professional credentials appropriate for his equity research role at Citi.

    Alex Hacking's questions to NUCOR (NUE) leadership

    Alex Hacking's questions to NUCOR (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 (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 (EAF) leadership

    Alex Hacking's questions to GRAFTECH INTERNATIONAL (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 (RS) leadership

    Alex Hacking's questions to RELIANCE (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 (STLD) leadership

    Alex Hacking's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

    Question

    Alex Hacking of Citigroup asked whether the expected inflection point in the fabrication business is driven by price or volume. He also inquired about the potential to increase the use of domestically sourced aluminum scrap.

    Answer

    EVP & CFO Theresa Wagler stated that the primary driver for the fabrication segment's inflection point is volume, supported by price stability. President & COO Barry Schneider explained that their scrap subsidiary, OmniSource, continuously invests in technology to extract more value from the scrap stream. Chairman & CEO Mark Millett added that higher primary aluminum costs amplify the benefit of using more recycled content.

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    Alex Hacking's questions to STEEL DYNAMICS (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 STEEL DYNAMICS (STLD) leadership • Q2 2025

    Question

    Alex Hacking of Citigroup asked whether the anticipated inflection point in the steel fabrication business would be driven by price, volume, or both. He also inquired about the potential to increase domestic aluminum scrap usage given new sourcing technologies and high tariffs.

    Answer

    EVP & CFO Theresa Wagler stated that the primary driver for the fabrication segment's inflection is increased volume, which is supported by price stability. On scrap, President & COO Barry Schneider highlighted the value of their integrated model, while Chairman & CEO Mark Millett noted that high tariffs on primary aluminum enhance the economic advantage of using recycled content.

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    Alex Hacking's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

    Question

    Alex Hacking of Citigroup asked about the drivers behind the expected inflection point in the steel fabrication business and questioned the potential for the company to increase its use of domestic aluminum scrap with new sorting technologies.

    Answer

    EVP & CFO Theresa Wagler identified higher volume as the primary driver for the fabrication segment's improvement, supported by stable pricing. President & COO Barry Schneider and Chairman & CEO Mark Millett elaborated on the aluminum scrap opportunity, highlighting the value created by their OmniSource subsidiary and the enhanced financial incentive from high primary aluminum tariffs.

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    Alex Hacking's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

    Question

    Alex Hacking of Citigroup inquired about the drivers behind the expected inflection point in the steel fabrication business, asking if it was due to price, volume, or both. He also asked about the potential for enhanced aluminum scrap sourcing technology to materially increase the use of domestic scrap.

    Answer

    EVP & CFO Theresa Wagler stated the fabrication inflection point is primarily driven by volume, with price stability also being supportive. President & COO Barry Schneider explained that their scrap subsidiary, OmniSource, provides a competitive advantage through advanced separation technologies and a captive loop, allowing them to maximize the value of recycled content.

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    Alex Hacking's questions to CLEVELAND-CLIFFS (CLF) leadership

    Alex Hacking's questions to CLEVELAND-CLIFFS (CLF) leadership • Q2 2025

    Question

    Alex Hacking from Citigroup requested more color on CEO Lourenco Goncalves's comment that 'foreign investment in Cliffs could be an attractive opportunity,' asking what types of transactions the company might potentially explore.

    Answer

    CEO Lourenco Goncalves responded that Cleveland-Cliffs is an asset-rich company that he believes is undervalued, making the sum-of-the-parts more valuable than the current stock price. He confirmed the company is in active conversations regarding the sale of non-core assets to generate cash for debt reduction and is also entertaining inbound interest from credible suitors for other potential endeavors.

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    Alex Hacking's questions to Alcoa (AA) leadership

    Alex Hacking's questions to Alcoa (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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    Alex Hacking's questions to ARCH leadership

    Alex Hacking's questions to ARCH leadership • Q2 2024

    Question

    The analyst asked about the market impact of recent competitor mine outages, particularly the Longview fire, and whether current market conditions indicate that Asian steel mills are destocking.

    Answer

    Management confirmed that recent competitor outages, like the Longview fire, have removed significant volume (2-3% of seaborne supply) from the market for an extended period. They agreed that the current market dynamics, with falling prices despite solid demand indicators, suggest a period of destocking by Asian mills, but noted that customers are still taking all their contracted volumes, indicating a relatively balanced market.

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