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    Bennett Moore • JPMorgan Chase & Co.

    Bennett Moore's questions to Carpenter Technology Corp (CRS) leadership

    Bennett Moore's questions to Carpenter Technology Corp (CRS) leadership • Q4 2025

    Question

    Bennett Moore from JPMorgan Chase & Co. asked about the potential for further product mix improvements in fiscal 2026 and whether to assume that SAO segment volumes would trend higher, particularly in the second half of the year.

    Answer

    President and CEO Tony Thene stated that he expects the product mix to continue to strengthen, driven by strong demand in the high-margin Aerospace, Medical, and Power Generation markets, which now account for over 80% of the business. He clarified that while volumes in these key markets will increase, the primary focus is on driving profitability, not overall shipment volume, as lower-margin product volumes may not see the same emphasis.

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    Bennett Moore's questions to Carpenter Technology Corp (CRS) leadership • Q3 2025

    Question

    Bennett Moore asked for color on why SAO volumes were flat despite more shipping days, whether there were order deferrals in lower-margin markets, and if the equipment for the brownfield expansion would face tariffs.

    Answer

    CEO Tony Thene explained that the company optimizes for profitability, not volume, shifting capacity to higher-value products, which can result in lower volumes but higher revenue. He expects volumes to increase in coming quarters as OEM production ramps. Thene noted that lower-margin markets are not material, with aerospace, medical, and IGT comprising nearly 80% of revenue. CFO Tim Lain confirmed that some specialized European equipment for the brownfield project will likely face tariffs, but this is a small part of the total project cost and is a moving target.

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    Bennett Moore's questions to Carpenter Technology Corp (CRS) leadership • Q2 2025

    Question

    Bennett Moore of JPMorgan Chase & Co. inquired if there's a level at which Carpenter would cap its A&D and Medical mix and whether the shift to these products could keep shipment volumes flat. He also asked for more color on the Energy market's performance and the impact of AI-related demand.

    Answer

    CEO Tony Thene reiterated that the company's goal is to maximize profitability, not volume, by shifting away from high-tonnage, low-margin products. He explained that this strategy can lead to volume changes that don't correlate with profit growth. On Energy, he described the power generation submarket as a valuable, high-margin business that provides flexibility to fill production gaps. He noted that demand was already strong before the AI data center boom, which has added another level of demand.

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    Bennett Moore's questions to Constellium SE (CSTM) leadership

    Bennett Moore's questions to Constellium SE (CSTM) leadership • Q2 2025

    Question

    Bennett Moore of JPMorgan Chase & Co. asked for details on operational improvements at the Muscle Shoals facility, the ability to pivot capacity to packaging, the outlook for the European auto business, and the expected impact of scrap spreads in the second half of the year.

    Answer

    CEO Jean-Marc Germain explained that Muscle Shoals' performance has stabilized due to better manning and maintenance, and weak auto demand allows for more mill time for the healthy packaging market. He noted no current engagement with Chinese OEMs in Europe. Regarding scrap, he confirmed that wider spreads are now beneficial and this positive impact is factored into the revised guidance, with scrap flows from Europe to the U.S. being immaterial.

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    Bennett Moore's questions to GrafTech International Ltd (EAF) leadership

    Bennett Moore's questions to GrafTech International Ltd (EAF) leadership • Q2 2025

    Question

    Bennett Moore from JPMorgan Chase & Co. inquired about GrafTech's U.S. market share, which is over 50% of revenue, and the potential for further gains, as well as the impact of Chinese anti-dumping duties on needle coke and electrode pricing.

    Answer

    CEO Timothy Flanagan confirmed the company's strong position in the Americas and its intent to continue growing share in the robust U.S. market. Both Flanagan and COO Jeremy Halford characterized the anode opportunity, spurred by tariffs, as a medium-to-long-term positive for the needle coke market that supports building a Western supply chain but does not have an immediate pricing impact.

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    Bennett Moore's questions to GrafTech International Ltd (EAF) leadership • Q1 2025

    Question

    Bennett Moore asked about the impact of U.S. tariffs on Indian graphite electrode imports on pricing pressure and questioned how much room for market share growth remains in the U.S. after recent gains.

    Answer

    CEO Timothy Flanagan responded that the tariffs on Indian imports could be a "landscape changer" for the U.S. market, creating a significant opportunity for GrafTech. He added that while the company has regained share, there is still considerable room to grow, especially with the introduction of the 800-millimeter product and the potential for overall market expansion from tariffs or organic growth.

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    Bennett Moore's questions to GrafTech International Ltd (EAF) leadership • Q4 2024

    Question

    Bennett Moore from JPMorgan inquired about customer feedback on the announced 15% price increase, when it might impact results, and the current pricing for petroleum needle coke.

    Answer

    CEO Timothy Flanagan clarified the price hike is 15% (not 50%) and is a necessary step to restore profitability, representing a minor cost increase for steel producers. He noted that early customer feedback has been understanding. The increase will apply to uncommitted volumes, with effects likely starting in Q2 2025, as many U.S. contracts are annual. COO Jeremy Halford added that super premium needle coke pricing remains stable in the $1,000 to $1,300 per metric ton range.

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    Bennett Moore's questions to Alcoa Corp (AA) leadership

    Bennett Moore's questions to Alcoa Corp (AA) leadership • Q4 2024

    Question

    Bennett Moore of JPMorgan asked about the reaction from the union and workforce to the San Ciprián MOU and sought an update on the permitting timeline for mining operations in Western Australia.

    Answer

    President and CEO William Oplinger reported that communication with employees about the MOU has been balanced, stressing that a smelter restart is not yet guaranteed. EVP and CFO Molly Beerman updated on Western Australia, expecting a public comment period to start late Q1 2025, which keeps the project on track for final approvals in 2026 and access to upgraded bauxite no earlier than 2027.

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    Bennett Moore's questions to Piedmont Lithium Inc (PLL) leadership

    Bennett Moore's questions to Piedmont Lithium Inc (PLL) leadership • Q3 2024

    Question

    Bennett Moore, on behalf of Bill Peterson at JPMorgan Chase & Co., asked about the mix of spot versus contract sales in Q3 and its impact on pricing, as well as the expected timing and potential barriers for Carolina Lithium's air and water permits.

    Answer

    CFO Michael White confirmed Q3 included spot sales and that the strong realized price was achieved by leveraging a trading partner to benefit from market contango, rather than direct hedging. He noted 2025 sales will be primarily to long-term contract customers. President and CEO Keith Phillips stated the Carolina permits are progressing well, with an expected completion in the first half of 2025, after which the company would proceed with the local rezoning process.

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    Bennett Moore's questions to Freeport-McMoRan Inc (FCX) leadership

    Bennett Moore's questions to Freeport-McMoRan Inc (FCX) leadership • Q3 2024

    Question

    Bennett Moore, on for Bill Peterson, requested updates on smaller discretionary projects, including the Lone Star stacking expansion, Atlantic Copper recycling, and Grasberg mill improvements, and also asked about progress on cleanup work at Grasberg.

    Answer

    President and CEO Kathleen Quirk provided updates, stating the Lone Star oxide project will be completed in 2025, the Grasberg copper cleaner will be commissioned in Q4 2024, and the Atlantic Copper recycling project is on track for production late next year. She also confirmed that operations at Grasberg are proceeding very well, with the team exceeding its Q3 forecast for tonnes milled and achieving strong grades.

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