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    Andy Jones

    Senior Equity Analyst at UBS Group

    Andy Jones is a Senior Equity Analyst at UBS Group with a specialization in fundamental equity research across sectors including healthcare, biotechnology, and pharmaceuticals. He has provided coverage on companies such as Gilead Sciences, Vertex Pharmaceuticals, and Regeneron, earning recognition for his investment recommendations and research insights. Jones has achieved a documented track record with metrics available on platforms like MarketBeat, reflecting consistently strong success rates and competitive average returns for his stock calls. He began his analyst career in the early 2010s, advancing through junior roles at major investment banks before joining UBS Group, and holds relevant FINRA securities licenses that underscore his professional credentials.

    Andy Jones's questions to STEEL DYNAMICS (STLD) leadership

    Andy Jones's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

    Question

    Andy Jones from UBS Group inquired about the fabrication business's ability to pass on higher costs, sought specifics on Sinton's Q2 utilization, and asked what the aluminum business's EBITDA would be at current spot prices.

    Answer

    CFO Theresa Wagler noted that while substrate costs rise, the main driver of fabrication profitability is higher volume, which significantly compresses costs. She did not provide specific Q2 metrics for Sinton but pointed to lower overall coated volumes as an indicator of growth potential. She declined to provide a spot-based EBITDA for the aluminum business, reiterating the company's focus on its through-cycle guidance of $650-700 million.

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    Andy Jones's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

    Question

    Andy Jones from UBS Group asked about the fabrication business's ability to pass on higher substrate costs. He also requested figures for Sinton's Q2 utilization and value-add mix, and what the aluminum business's EBITDA would be at current spot prices.

    Answer

    EVP & CFO Theresa Wagler responded that while substrate costs will rise, the primary driver of improved fabrication profitability is volume, which provides significant cost compression. She did not provide specific metrics for Sinton but reiterated the company will stick to its $650-700 million through-cycle EBITDA forecast for the aluminum business rather than provide a spot-based figure.

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    Andy Jones's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

    Question

    Andy Jones from UBS Group asked about the fabrication segment's ability to pass on higher steel costs, requested specific utilization metrics for the Sinton mill, and inquired what the aluminum project's profitability would be at current spot prices.

    Answer

    EVP & CFO Theresa Wagler stated that while substrate costs are a factor, volume is the primary driver of fabrication profitability. She did not provide specific Sinton metrics but pointed to coated volume trends as an indicator. She declined to provide a spot-based profitability forecast for the aluminum project, reiterating the company's focus on through-cycle returns.

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    Andy Jones's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

    Question

    Andy Jones from UBS Group questioned if the fabrication business could pass on higher substrate costs through pricing. He also sought details on Sinton's Q2 utilization and value-add mix, and asked what the aluminum business's EBITDA could be at current spot prices.

    Answer

    EVP & CFO Theresa Wagler noted that while substrate costs will rise, the primary driver for fabrication profitability is volume, which significantly compresses costs, but did not rule out price increases. She declined to give specific Sinton metrics but pointed to overall coated volume trends as an indicator of room for growth. She also reiterated the through-cycle EBITDA guidance of $650-700M for aluminum, declining to provide a spot-based profitability figure.

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    Andy Jones's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

    Question

    Andy Jones from UBS Group AG asked if the fabrication business expects to pass on higher substrate costs through pricing, sought specifics on Sinton's Q2 utilization and value-add mix, and inquired what the aluminum business's profitability would look like at current spot prices.

    Answer

    EVP & CFO Theresa Wagler confirmed that higher substrate costs in fabrication will be passed on but emphasized that increased volume is the primary driver of profitability. She did not provide specific Sinton metrics. Regarding the aluminum business, she declined to provide a spot-based profitability forecast, reiterating the company's focus on its through-cycle guidance of $650-$700 million.

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