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    Alexander Hacking • Citigroup Inc.

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

    Alexander Hacking's questions to Nucor Corp (NUE) leadership • Q1 2025

    Question

    Alexander Hacking of Citigroup Inc. asked if Nucor has quantified the benefits from Section 232 tariffs being extended to downstream products and sought clarification on the outlook for steel products margins.

    Answer

    CEO Leon Topalian explained that while the impact of downstream tariffs is consequential, the company has not shared a public quantification. EVP John Hollatz clarified that while price increases were implemented in Q1, a lag in realization for products like joist and deck will lead to some normal margin compression. However, he noted that tubular products will see an immediate benefit in Q2.

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    Alexander Hacking's questions to Nucor Corp (NUE) leadership • Q3 2024

    Question

    Alexander Hacking asked for a breakdown of the $168 million in quarterly start-up costs, specifically how much was related to the Brandenburg mill. He also inquired about a breakeven target for Brandenburg and the demand outlook from the wind energy sector.

    Answer

    CFO Steve Laxton confirmed the vast majority of start-up costs were in the Steelmaking segment, with Brandenburg and West Virginia accounting for over 75% of the total. CEO Leon Topalian and executive Brad Ford stated that Brandenburg achieved an EBITDA breakeven run rate in September. They also noted rising activity for onshore wind and new orders from European offshore wind producers for their Elcyon plate.

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

    Alexander Hacking's questions to GrafTech International Ltd (EAF) leadership • Q1 2025

    Question

    Alexander Hacking inquired about the percentage of sales now coming from the U.S. and Western Europe, the supply chain balance for the U.S. market between Monterrey and European facilities, and the market's acceptance of the announced 15% price hike.

    Answer

    CEO Timothy Flanagan confirmed that the U.S. and Europe now represent "well over 50%" of volume and revenue combined. He described the supply chain as an integrated system, with a substantial portion for the U.S. coming from Monterrey but also supplemented by European facilities. Regarding the price hike, he noted that while many customers understand the need for a healthier industry, some pushback is expected, but he remains optimistic about driving pricing higher in the second half of the year.

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    Alexander Hacking's questions to GrafTech International Ltd (EAF) leadership • Q4 2024

    Question

    Alexander Hacking from Citigroup Inc. sought confirmation on whether the 60% of 2025 volume committed is firmly priced, asked for color on pricing trends, and requested a forecast for 2025 interest expense.

    Answer

    CEO Timothy Flanagan confirmed that the 60% of volume committed for 2025 is firm on both price and volume. While declining to give specific forward guidance on pricing, he noted that Q4 2024 spot prices were lower than Q4 2023, which will impact year-over-year comparisons. COO Jeremy Halford provided guidance for 2025 interest expense, estimating it to be approximately $90 million.

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    Alexander Hacking's questions to GrafTech International Ltd (EAF) leadership • Q3 2024

    Question

    Alexander Hacking of Citigroup Inc. asked about the current tenor of contract negotiations for the first half of 2025 and how a competitor's recently announced 20% price increase has affected the dynamic. He also inquired about any dialogue between GrafTech and HEG regarding their investment.

    Answer

    CEO Timothy Flanagan confirmed that GrafTech is in its key negotiation season and views the competitor's price increase as a positive and necessary step for the industry's health, although the ultimate realization of such an increase will vary by region and starting price point. Regarding HEG's investment, Flanagan stated it is a passive stake and that GrafTech views it as a strong endorsement of the company's assets and unique vertical integration.

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

    Alexander Hacking's questions to Reliance Inc (RS) leadership • Q4 2024

    Question

    Alexander Hacking from Citigroup asked about Reliance's exposure to materials from Canada and Mexico in the context of potential tariffs. He also questioned the accounting for the first quarter, asking if rising metal prices would create a LIFO headwind that might contradict the expected FIFO margin improvement.

    Answer

    Executive Karla Lewis noted that international business is a small part of Reliance's operations. Executive Stephen Koch specified that the company is 95-96% domestically sourced, and while some cross-border disruptions are possible, the overall effect of higher domestic prices from tariffs is viewed as a net positive. Executive Arthur Ajemyan clarified that the guided LIFO income for 2025 is not based on an expectation of falling prices but is a timing-related carryover of income from 2024 due to specialty product inventory.

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

    Alexander Hacking's questions to Steel Dynamics Inc (STLD) leadership • Q4 2024

    Question

    Alexander Hacking from Citigroup Inc. sought clarification on the aluminum mill's production ramp, asking if the 50% and 75% utilization targets were exit rates or annual averages. He also asked if the stable, elevated margins in the steel fabrication segment represent a 'new normal'.

    Answer

    CEO Mark Millett clarified the aluminum production targets are exit rates for the respective years. CFO Theresa Wagler explained that fabrication margins reflect a structural commercial shift in the industry, recognizing the value of engineering, and she expects margins to remain higher than historical pre-COVID levels, supported by future demand.

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    Alexander Hacking's questions to Freeport-McMoRan Inc (FCX) leadership

    Alexander Hacking's questions to Freeport-McMoRan Inc (FCX) leadership • Q4 2024

    Question

    Alexander Hacking sought clarification on the 2025 discretionary CapEx, asking if the Bagdad tailings infrastructure spending is tied to the expansion and if the Kucing Liar project will increase Grasberg's total production or sustain it.

    Answer

    President and CEO Kathleen Quirk clarified that the Bagdad tailings spending is discretionary and could be deferred if the expansion doesn't proceed, though it would be needed eventually. She explained that the Kucing Liar ore body is part of the long-range plan to sustain Grasberg's large-scale production as other ore bodies decline over time.

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    Alexander Hacking's questions to Commercial Metals Co (CMC) leadership

    Alexander Hacking's questions to Commercial Metals Co (CMC) leadership • Q1 2025

    Question

    Alexander Hacking questioned how much of the 1 million tons of new capacity from Arizona 2 and West Virginia represents net growth versus replacement, and if the company could grow into this new capacity.

    Answer

    Executive Peter Matt clarified that the Arizona 2 micro mill is considered a replacement for the previously idled California plant. The West Virginia mill represents some expansion in the Northeast, a market where CMC is underrepresented. He stressed that while they expect the market to grow, the company's primary focus is on "value over volume," and it will flex its production system to meet market demand rather than chasing volume.

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    Alexander Hacking's questions to Newmont Corporation (NEM) leadership

    Alexander Hacking's questions to Newmont Corporation (NEM) leadership • Q3 2024

    Question

    Alexander Hacking from Citigroup sought to clarify the 2025 production assumption for Nevada Gold Mines, given the outlook for flattish Tier 1 output. He also asked if the long-term target of 6 million ounces of gold production remains a valid midterm goal.

    Answer

    Executive Tom Palmer did not provide a specific figure for Nevada Gold Mines, stating that the assumption is for run rates from 2024 to continue into 2025 for the broader portfolio. He confirmed that he views the go-forward portfolio as capable of producing an average of around 6 million ounces of gold and 150,000 tonnes of copper over the long term, with a primary focus on expanding margins.

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