Research Analyst at John Tumazos Very Independent Research, LLC
John Charles Tumazos is the Managing Director, Principal, and Director of Research at John Tumazos Very Independent Research, LLC, specializing in the metals and mining sectors with a focus on steel, aluminum, copper, gold, silver, and related industries. He has provided independent research on major mining and metals companies such as Grupo Mexico, Southern Copper, Hecla Mining, and EMX Royalty, earning a reputation for rigorous fundamental analysis and an unparalleled industry network. Tumazos began his career in 1979 at Morgan Guaranty Trust Co. and held analyst roles at Oppenheimer & Co., Donaldson, Lufkin & Jenrette, Sanford C. Bernstein, and Prudential Equity Group before founding his firm in 2007; he has received multiple top analyst rankings, including twelve No. 1 placements in his sector by Institutional Investor and has appeared 39 times in their research rankings. He holds a CFA charter, an M.S. in Industrial Administration, and a B.S. in Management Science and Economics from Carnegie Mellon University.
John Charles Tumazos questioned the impact of the U.S. Steel Coke accident on Worthington Steel's supply chain and the broader crude capacity market.
CFO Tim Adams confirmed no anticipated supply chain disruptions for Worthington Steel due to diversified mill relationships. He declined to speculate on U.S. Steel's specific mitigation strategies for crude capacity, ruling out slab purchases due to tariffs.
John Charles Tumazos asked about the impact of the August 11 U.S. Steel Coke accident on Worthington Steel's supply chain, specifically if Worthington, as a preferred customer, experienced any disruption. He also sought an interpretation of the accident's broader market implications, questioning whether it would remove 3 to 4 million tons of crude capacity or if U.S. Steel would procure third-party coke, prime scrap, or slabs.
Geoff Gilmore, CEO, President & Director, confirmed that the U.S. Steel Coke accident would not impact Worthington Steel's business, citing strong relationships with multiple mill sources and no anticipated supply chain interruptions. Regarding the broader market impact, Mr. Gilmore stated he did not have an answer, ruling out buying slabs due to tariffs but unsure about other procurement options for U.S. Steel.
John Charles Tumazos inquired about the long-term potential at Relief Canyon, specifically asking for a review of any data on sulfides beneath the oxides and what, if any, additional work the company has done to explore this later-phase potential, including data inherited from Pegasus.
President, CEO & Director Darren John Blasutti stated that the company has done almost zero new exploration work on deep sulfides, as the focus has been on constructing and commissioning the oxide mine. He mentioned plans to spend about $1.9 million in the current year on drilling to replace mined reserves and to bring in geological consultants to develop a foundational understanding of the system. COO Daren Dell added that unfortunately, all historical data from the previous operator, Pegasus, was lost.
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