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    Christopher LaFemina • Jefferies

    Christopher LaFemina's questions to Peabody Energy Corp (BTU) leadership

    Christopher LaFemina's questions to Peabody Energy Corp (BTU) leadership • Q1 2025

    Question

    Christopher LaFemina from Jefferies questioned what makes the current Moranbah North incident a material adverse change given the mine's history of gas-related issues. He also asked about the timing and process for a potential MAC cure and long stop date extension, and whether Peabody would consider alternative deal structures.

    Answer

    President and CEO Jim Grech declined to compare the current incident to past events but reiterated the company's confidence in the MAC claim based on their analysis. He clarified the MAC cure process is distinct from the sale's closing process and that any path forward must recognize a "significant value impact" on Moranbah North and require a clear pathway to sustainable production.

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    Christopher LaFemina's questions to Peabody Energy Corp (BTU) leadership • Q4 2024

    Question

    Christopher LaFemina asked about the long-term outlook for Peabody's thermal coal segments beyond 2025, particularly concerning margin potential amid declining volumes and fixed cost deleverage. He also requested an update on the potential restart of the Grosvenor mine, referencing recent encouraging comments from Anglo American.

    Answer

    President and CEO Jim Grech addressed the U.S. thermal outlook, stating that PRB volumes can be flexed up to meet growing demand from policy tailwinds and data centers. CFO Mark Spurbeck added that while seaborne thermal volumes decline in 2025, Wilpinjong's export volumes are expected to remain stable long-term. Regarding Grosvenor, Jim Grech expressed optimism but stated it is too early to provide a timeline or cost estimate for a restart until Peabody takes ownership and can conduct a firsthand assessment.

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    Christopher LaFemina's questions to Peabody Energy Corp (BTU) leadership • Q3 2024

    Question

    Christopher LaFemina from Jefferies asked for the specific EBITDA contribution from the Wambo mine in the third quarter and questioned the company's stance on M&A, particularly whether the recent share buyback signals a decreased interest in potential asset acquisitions.

    Answer

    CFO Mark Spurbeck responded that he did not have the specific EBITDA contribution for the Wambo mine readily available. On the topic of mergers and acquisitions, CEO Jim Grech adhered to the company's policy of not commenting on M&A activity.

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    Christopher LaFemina's questions to Nucor Corp (NUE) leadership

    Christopher LaFemina's questions to Nucor Corp (NUE) leadership • Q1 2025

    Question

    Christopher LaFemina of Jefferies Financial Group Inc. questioned how Nucor distinguishes between genuine underlying demand and tariff-driven inventory building, given concerns about potential stockpiling.

    Answer

    CEO Leon Topalian responded that the company's fabricator customers do not build inventory speculatively and that service center inventories have remained flat. He pointed to strong, ongoing order entry rates and a record-high structural backlog filled with locked-in project orders as evidence of real, sustained demand.

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    Christopher LaFemina's questions to Vale SA (VALE) leadership

    Christopher LaFemina's questions to Vale SA (VALE) leadership • Q1 2025

    Question

    Christopher LaFemina inquired about capital allocation, asking if Vale would increase share buybacks given its inexpensive valuation once its net debt target is met. He also asked how Vale's operational strategy would change in a scenario of sustainably higher iron ore prices.

    Answer

    Executive Marcelo Bacci explained the priority is to lower expanded net debt to the $15 billion mid-range; after that, the choice between buybacks and dividends will depend on the share price. Executive Gustavo Duarte Pimenta stated that in a higher-price scenario, Vale's enhanced portfolio flexibility from new projects would allow it to fully leverage its 'value over volume' strategy to capture upside.

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    Christopher LaFemina's questions to Steel Dynamics Inc (STLD) leadership

    Christopher LaFemina's questions to Steel Dynamics Inc (STLD) leadership • Q1 2025

    Question

    Christopher LaFemina of Jefferies asked a strategic question about Steel Dynamics' future plans after its current growth projects, focusing on the balance between capital returns and the next phase of growth, and the company's dividend philosophy.

    Answer

    CEO Mark Millett confirmed a continued balanced capital allocation strategy, seeing future value-add growth opportunities in both aluminum and steel. EVP & CFO Theresa Wagler added that with major CapEx concluding, strong cash flow will support both robust shareholder returns and disciplined M&A. She clarified that the dividend grows with fundamental, through-cycle cash flow and is complemented by buybacks to ensure its sustainability.

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    Christopher LaFemina's questions to Alcoa Corp (AA) leadership

    Christopher LaFemina's questions to Alcoa Corp (AA) leadership • Q1 2025

    Question

    Christopher LaFemina inquired about the San Ciprián smelter restart, focusing on the financial outlook beyond 2025, the effectiveness of the hedging strategy, and whether it protects against a potential cash burn limit.

    Answer

    EVP and CFO Molly Beerman confirmed that hedges were secured to manage costs within the funding envelope and reiterated the 2025 guidance of a $70-$90 million EBITDA loss. She noted losses are higher in 2025 due to restart inefficiencies and deferred providing 2026 guidance. President and CEO William Oplinger added that a portion of the capital expenditure would have been necessary regardless of the restart.

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    Christopher LaFemina's questions to Alcoa Corp (AA) leadership • Q4 2024

    Question

    Christopher LaFemina from Jefferies sought clarification on modeling the full run-rate benefit of the profitability improvement program and questioned the drivers behind the higher 2025 CapEx guidance and its future trajectory.

    Answer

    EVP and CFO Molly Beerman pointed to the year-over-year EBITDA bridge in the appendix, which shows the program's net impact. Regarding the $700 million CapEx guidance, she explained the increase is driven by a $70 million rise for Australian mine moves and other major projects, such as an energy transition in Juruti. She indicated the elevated spending for mine moves would likely continue for approximately three years.

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    Christopher LaFemina's questions to Alcoa Corp (AA) leadership • Q3 2024

    Question

    Christopher LaFemina questioned the extent of Alcoa's financial commitment to the San Ciprian asset and asked if the company's $645 million profitability improvement target might be conservative given recent progress.

    Answer

    CEO William Oplinger clarified that the financial commitment to San Ciprian is contingent on receiving government support, including past CO2 compensation and access to restricted cash. Regarding the improvement program, CFO Molly Beerman noted they are ahead on raw materials, while CEO William Oplinger added the goal is to embed a continuous culture of competitiveness rather than just hitting a one-time target.

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    Christopher LaFemina's questions to Freeport-McMoRan Inc (FCX) leadership

    Christopher LaFemina's questions to Freeport-McMoRan Inc (FCX) leadership • Q4 2024

    Question

    Christopher LaFemina asked about Freeport's geopolitical risk profile, particularly its reliance on Indonesia, and whether M&A could be a path to de-risking the business, similar to the historic Phelps Dodge acquisition.

    Answer

    President and CEO Kathleen Quirk and Chairman Richard Adkerson responded. Quirk highlighted the significant, low-capital growth opportunities in the Americas, which naturally diversifies the portfolio. Adkerson added that while the company remains prepared for opportunistic M&A, it does not force transactions for strategic reasons, believing opportunity-driven M&A is more successful.

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    Christopher LaFemina's questions to Freeport-McMoRan Inc (FCX) leadership • Q3 2024

    Question

    Christopher LaFemina inquired about the insurance coverage for the Indonesian smelter fire, specifically asking about business interruption protection for export delays or royalty costs, and questioned if the restricted cash policy in Indonesia would persist after the smelter's ramp-up.

    Answer

    President and CEO Kathleen Quirk clarified that the construction insurance policy covers repair costs but not business interruption. She stated the company's focus is on expediting repairs and working with the Indonesian government to ensure export continuity, citing mutual economic interests. Quirk also confirmed the restricted cash policy applies to all Indonesian exports as a government currency measure and will continue unless regulations change, noting the funds earn returns and are released after 90 days.

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    Christopher LaFemina's questions to Teck Resources Ltd (TECK) leadership

    Christopher LaFemina's questions to Teck Resources Ltd (TECK) leadership • Q3 2024

    Question

    Christopher LaFemina from Jefferies asked about the cost implications of the additional work at QB2 in 2025, whether project CapEx is complete, and if the ramp-up delay would postpone the sanctioning of other growth projects.

    Answer

    CEO Jonathan Price confirmed that the QB2 project CapEx is complete and the additional work planned for 2025 is minor and will not significantly impact costs. CFO Crystal Prystai added that 2025 unit costs are expected to be lower than 2024. Price also stated that the QB2 ramp-up timeline does not affect the potential sanctioning of other projects in the second half of 2025.

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