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    Bill Peterson • JPMorgan Chase & Co.

    Bill Peterson's questions to Archer Aviation Inc (ACHR) leadership

    Bill Peterson's questions to Archer Aviation Inc (ACHR) leadership • Q2 2025

    Question

    Bill Peterson of JPMorgan Chase & Co. asked for the expected timing of a piloted transition flight (full VTOL), what steps are needed to de-risk it, and when FAA pilots might fly the aircraft.

    Answer

    Chief Technology Officer Tom Muniz stated that after focusing on conventional takeoff and landing (CTOL) tests, the company plans to return to piloted VTOL flying later this year. He emphasized that extensive unpiloted VTOL data has already de-risked this flight regime. The new aircraft being built are positioned to support TIA testing starting late this year and into next, with specific flight test objectives aligned with the FAA for each aircraft.

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    Bill Peterson's questions to MP Materials Corp (MP) leadership

    Bill Peterson's questions to MP Materials Corp (MP) leadership • Q2 2025

    Question

    Bill Peterson inquired about the approach to developing recycling technology, including the role of Apple, and asked about the technical readiness for commercial magnet production for its lead customer.

    Answer

    COO Michael Rosenthal revealed that MP has been collaborating with Apple on recycling technology for over five years and will continue to work with technical partners. CFO Ryan Corbett confirmed they are consistently producing on-spec magnets for demanding EV applications and that the final step is transferring this proven process from trial production to scaled commercial manufacturing.

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    Bill Peterson's questions to Joby Aviation Inc (JOBY) leadership

    Bill Peterson's questions to Joby Aviation Inc (JOBY) leadership • Q2 2025

    Question

    Bill Peterson of JPMorgan Chase & Co. asked about specific plans for expanding Blade's passenger business and what Joby intends to do with Blade's less synergistic jet business. He also questioned how the DoD's $9.4 billion budget for autonomous aircraft could translate into opportunities for Joby.

    Answer

    Executive Chairman Paul Sciarra responded that while Blade's existing business can be expanded, the primary goal is to leverage Joby's aircraft to expand the route map and increase margins. Regarding defense, he stated Joby is working with L3Harris to missionize its aircraft for key use cases, aiming to translate flight demonstrations into deployment quickly, leveraging their dual-use manufacturing approach.

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    Bill Peterson's questions to Blade Air Mobility Inc (BLDE) leadership

    Bill Peterson's questions to Blade Air Mobility Inc (BLDE) leadership • Q2 2025

    Question

    Bill Peterson from JPMorgan Chase & Co. asked about the timing of the passenger business sale, the growth outlook and steady-state margins for the standalone medical business, any near-term seasonality, and the tax implications of the transaction.

    Answer

    CEO Rob Wiesenthal explained the sale was timed to unlock shareholder value, as the market was discounting the passenger business, and to partner with Joby, whom he sees as the leader in the path to eVTOL certification. CFO Will Hayburn reiterated a long-term high-teens adjusted EBITDA margin target for the medical business, driven by technology adoption, new customer wins, and ancillary services. Hayburn noted minimal seasonality and stated that existing NOLs would largely offset the capital gain, resulting in an immaterial cash tax impact.

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    Bill Peterson's questions to Nucor Corp (NUE) leadership

    Bill Peterson's questions to Nucor Corp (NUE) leadership • Q2 2025

    Question

    Bill Peterson of JPMorgan Chase & Co. inquired about the drivers behind the expected margin compression in the steel products segment, the directional outlook for pricing, and which steel mill products offer the best opportunity to displace imports.

    Answer

    President and CEO Leon Topalian attributed the nominal margin adjustment in steel products to a lag effect from orders booked at lower prices in late Q4/early Q1, while affirming that underlying demand remains robust. He noted that opportunities to displace imports exist across sheet, plate, and rebar, with overall mill utilization at a healthy 85%. EVP John Hollatz added that the downstream businesses have successfully redefined their earnings profiles, separating pricing from raw material movements.

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    Bill Peterson's questions to Nucor Corp (NUE) leadership • Q2 2025

    Question

    Bill Peterson from JPMorgan Chase & Co. inquired about the drivers of margin compression in the steel products segment and asked which steel mill products have the most potential to displace imports.

    Answer

    President, CEO & Chairman Leon Topalian attributed the product margin pressure to a lag effect from earlier, lower-priced orders, not weak demand. EVP John Hollatz noted the downstream businesses have improved their earnings profile. Topalian also identified broad opportunities to increase utilization across sheet, plate, and long products to displace imports, which remain too high.

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    Bill Peterson's questions to Kaiser Aluminum Corp (KALU) leadership

    Bill Peterson's questions to Kaiser Aluminum Corp (KALU) leadership • Q2 2025

    Question

    Bill Peterson of JPMorgan Chase & Co. asked for details on the delay in commissioning the new packaging coating line, the timeline for the aerospace inventory destocking to conclude, and the expected EBITDA cadence for the second half of 2025.

    Answer

    CEO Keith Harvey explained that the packaging line delay is due to typical startup complexities, debugging, and customer qualifications, compounded by underperformance from third-party converters. He stated the aerospace inventory destocking should resolve by year-end as OEM build rates increase. Harvey also clarified that he expects Q2 was the EBITDA trough, with the second half's performance likely to be strong as the packaging ramp-up offsets a temporary dip in aerospace.

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    Bill Peterson's questions to Teck Resources Ltd (TECK) leadership

    Bill Peterson's questions to Teck Resources Ltd (TECK) leadership • Q2 2025

    Question

    Bill Peterson from JPMorgan Chase & Co. asked for a breakdown of the higher CapEx for the Highland Valley extension and whether this implied cost inflation for other projects like Zafranal or San Nicolas. He also requested an update on the NewRange project.

    Answer

    President & CEO Jonathan Price attributed the HVC CapEx increase to contingency, inflation, potential tariffs, and accelerated equipment procurement to de-risk the project. EVP & CFO Crystal Prystai added that while the same rigorous review process will apply to future projects, there is no direct read-through on costs. Price described NewRange as a longer-term option, with current work focused on defining the project's scope.

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    Bill Peterson's questions to Freeport-McMoRan Inc (FCX) leadership

    Bill Peterson's questions to Freeport-McMoRan Inc (FCX) leadership • Q2 2025

    Question

    Bill Peterson of JPMorgan Chase & Co. inquired about the recent change to the Grasberg mine plan, asking what prompted the update and for details on the modeling adjustments.

    Answer

    President & CEO Kathleen Quirk explained that after detecting a variance between modeled and actual gold grades, the company recalibrated its industry-standard block cave software to better match historical results, noting the issue is timing-related due to grade variability across 900 draw points. President & COO Mark Johnson added that estimating becomes more complex as mining deepens, with material flow affecting gold grades more than copper.

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    Bill Peterson's questions to Freeport-McMoRan Inc (FCX) leadership • Q2 2025

    Question

    Bill Peterson of JPMorgan Chase & Co. inquired about the specifics of the recent Grasberg mine plan change, asking what prompted the update and for details on the revised modeling.

    Answer

    President & CEO Kathleen Quirk explained that quarterly forecast updates revealed a differential between actual gold grades and the model's projections. She stated the model was recalibrated to better match historical results. President & COO Mark Johnson added that grade estimation becomes more complex as mining deepens due to material mixing, noting that while copper grades are stable, gold grades vary significantly.

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    Bill Peterson's questions to Steel Dynamics Inc (STLD) leadership

    Bill Peterson's questions to Steel Dynamics Inc (STLD) leadership • Q2 2025

    Question

    Bill Peterson of JPMorgan Chase & Co. asked about the outlook for overall steel mill utilization in Q3 and whether the demand environment supports a return to levels above 90%. He also inquired about any expected shifts in the product mix for the fabrication business.

    Answer

    CEO Mark Millett indicated that Q2 utilization was negatively impacted by the Sinton oxygen issue and scheduled maintenance at three mills, suggesting a significant portion of that volume should return in Q3. CFO Theresa Wagler stated that the fabrication product mix has been stable at approximately 50% joist and 50% deck, and she expects this to continue.

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    Bill Peterson's questions to Steel Dynamics Inc (STLD) leadership • Q4 2024

    Question

    Bennett, on behalf of Bill Peterson from JPMorgan Chase & Co., asked about the recent tightness in UBC scrap spreads, whether it could be a structural trend, the expected scrap intensity at the new aluminum facility (ADI), and the outlook for ADI's quarterly losses.

    Answer

    CEO Mark Millett stated that the scrap tightness is not a new norm and expects the market to normalize. He projected recycled content of ~95% for can stock and 60-65% for auto grades. CFO Theresa Wagler guided Q1 start-up losses for the aluminum project to be in the $30M-$35M range, with some increases in the first half of the year until sales commence.

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    Bill Peterson's questions to Alcoa Corp (AA) leadership

    Bill Peterson's questions to Alcoa Corp (AA) leadership • Q2 2025

    Question

    Bill Peterson asked about the status of the San Ciprian labor agreement following the force majeure declaration and inquired about Alcoa's commercial strategy in response to tariffs, including cost-sharing, redirecting shipments, and potential government relief.

    Answer

    President, CEO & Director William Oplinger confirmed that force majeure was declared on the San Ciprian agreement, pushing the full restart to mid-2026. Regarding tariffs, he highlighted extensive government advocacy and the redirection of 100,000 tons of Canadian metal, noting that the higher Midwest premium effectively passes most of the cost to customers.

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    Bill Peterson's questions to Commercial Metals Co (CMC) leadership

    Bill Peterson's questions to Commercial Metals Co (CMC) leadership • Q3 2025

    Question

    Bill Peterson of JPMorgan Chase & Co. questioned the sequential product mix in Europe and the overall shipment outlook. He also asked about pricing trends for new projects entering the fabrication backlog.

    Answer

    President & CEO Peter Matt stated that European shipments are expected to remain strong in Q4, with a continued focus on optimizing the product mix towards more profitable merchant bar (MBQ). Regarding the fabrication business, he noted that while booking prices were competitive in Q3, they are expected to increase in Q4. He also praised the fabrication team's discipline in managing duration risk and focusing on value over volume, making the business more resilient.

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