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    Philip Gibbs • KeyBanc Capital Markets

    Philip Gibbs's questions to Olympic Steel Inc (ZEUS) leadership

    Philip Gibbs's questions to Olympic Steel Inc (ZEUS) leadership • Q2 2025

    Question

    Philip Gibbs of KeyBanc Capital Markets asked if Olympic Steel would realize discrete tax benefits in 2025 from new legislation, what the working capital expectations are for the second half of the year, and about the current M&A pipeline.

    Answer

    CFO Richard Manson clarified that the company will not receive bonus depreciation on its current major projects as they were initiated before the cutoff date. He also projected that debt levels would be 'flattish' in Q3, rather than seeing a typical paydown, due to opportunities in stainless steel. CEO Rick Marabito stated that the M&A pipeline, which had slowed, has picked up again in Q2, and while the company is actively looking at better-fitting candidates, it will remain disciplined in its approach.

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    Philip Gibbs's questions to ATI Inc (ATI) leadership

    Philip Gibbs's questions to ATI Inc (ATI) leadership • Q2 2025

    Question

    Philip Gibbs inquired about the direct cost impact from tariffs and asked about customer demand trends in the exotics business, particularly for nuclear and critical resource applications.

    Answer

    EVP & CFO Don Newman explained that ATI is well-positioned to recover tariff-related costs through contractual mechanisms and is 'very, very defensive' about protecting margins. President & CEO Kimberly Fields noted strong momentum in the exotics business, with nuclear demand up 24% year-over-year, and highlighted that ATI is repurposing capacity from softer industrial markets to serve this high-margin energy demand.

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    Philip Gibbs's questions to ATI Inc (ATI) leadership • Q1 2025

    Question

    Philip Gibbs inquired about the growth and headcount status of the isothermal forgings business and asked if the new titanium capacity was a drag on current earnings.

    Answer

    Kim Fields, President and CEO, stated that isothermal forging demand is very high with lead times into 2027, and the business is on track to exceed $1 billion in sales this year. She confirmed headcount additions are complete and crews are now in training. Donald Newman, EVP and CFO, clarified that the new titanium facility is a use of cash but not a drag on adjusted earnings and confirmed the new Airbus contract is largely for titanium.

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    Philip Gibbs's questions to ATI Inc (ATI) leadership • Q4 2024

    Question

    Philip Gibbs questioned if there was a revenue catch-up in Q4 from Q3's operational issues and asked for a breakdown of the $18 million non-operational EBITDA benefit, including where it was recorded.

    Answer

    Executive Vice President and CFO Don Newman confirmed a Q4 revenue benefit from both a ~$20 million catch-up from Q3 and a ~$25-30 million pull-forward from Q1. He explained the $18 million EBITDA benefit consisted of an ~$8 million oil and gas gain booked at corporate and a $10.4 million IRS tax credit recorded as an expense reduction in the AA&S segment.

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    Philip Gibbs's questions to ATI Inc (ATI) leadership • Q3 2024

    Question

    Philip Gibbs of KeyBanc Capital Markets asked for more detail on the backlog composition between segments and inquired about the specific products and channels affected by recent order pushouts and cancellations.

    Answer

    President and CEO Kim Fields stated the backlog is stable at approximately $4 billion, with about 75% in the HPMC segment and 25% in AA&S. She specified that pushouts and cancellations primarily affected airframe titanium products, largely from the distribution channel, citing a landing gear customer who pushed orders into 2025 to correct an over-inventoried position. EVP and CFO Don Newman also confirmed that the anticipated $40 million in Q4 divestiture proceeds are included within the company's free cash flow guidance.

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    Philip Gibbs's questions to Materion Corp (MTRN) leadership

    Philip Gibbs's questions to Materion Corp (MTRN) leadership • Q2 2025

    Question

    Philip Gibbs of KeyBanc Capital Markets inquired about the sustainability of the strong margins in Electronic Materials, the drivers behind the sequential pickup in consumer electronics, growth catalysts in the energy business, and the company's confidence in mitigating China tariff risks. In a follow-up, he asked about potential cash tax savings from recent legislation and any discussions around replenishing strategic beryllium stockpiles.

    Answer

    CEO Jugal Vijayvargiya explained that Electronic Materials has reached a new performance level due to cost optimization, and while Q2's 23.4% margin is a high point, he expects strong year-over-year margin expansion. He attributed the consumer electronics uptick to shipment timing for a key customer. For energy, he highlighted growth in both traditional oil & gas and significant momentum in new energy, with H1 sales already surpassing the full year of 2024. Regarding tariffs, he expressed confidence in the full-year guide due to strong order rates, record defense bookings, and a doubled space backlog offsetting risks. He also confirmed active discussions with the Department of Defense on beryllium stockpiles. CFO Shelly Chadwick added that potential cash tax savings are being evaluated, noting the production tax credit is now scheduled to wind down by 2031.

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    Philip Gibbs's questions to Materion Corp (MTRN) leadership • Q1 2025

    Question

    Philip Gibbs of KeyBanc Capital Markets Inc. asked for clarification on the company's 20% EBITDA margin target in light of potential tariff impacts, which business segments are affected by Chinese customers freezing orders, and how the potential EPS headwind from tariffs was calculated.

    Answer

    President and CEO Jugal Vijayvargiya stated the 20%+ EBITDA margin is a performance goal the company will strive for by offsetting tariff impacts, though he acknowledged uncertainty. He noted the $100 million in U.S. sales to China is split about 50/50 between semiconductor and other markets like auto and consumer electronics, with all being affected by order pauses. The estimated EPS impact is based on potential lost volume and related factory absorption issues, offset by cost actions. CFO Shelly Chadwick added that the company is conducting extensive scenario planning.

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    Philip Gibbs's questions to Materion Corp (MTRN) leadership • Q4 2024

    Question

    Philip Gibbs from KeyBanc inquired about the company's positioning regarding potential tariffs, R&D budget allocation for rejuvenating Precision Optics, and the management of rising tantalite prices and supply disruptions. He also asked about the key drivers for the 300 basis point margin improvement target, particularly the contribution from Precision Optics.

    Answer

    President and CEO Jugal Vijayvargiya detailed a multi-faceted tariff strategy, including evaluating second-source suppliers, leveraging their U.S. footprint, and working to exempt critical national security materials. He confirmed Precision Optics is a key contributor to the new 23% margin target and that R&D spending is targeted to support its turnaround. He also noted that restructured contracts and a diverse supply base help manage tantalum price volatility, with any impacts likely related to timing.

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    Philip Gibbs's questions to Materion Corp (MTRN) leadership • Q3 2024

    Question

    Philip Gibbs from KeyBanc Capital Markets questioned the trade-offs between top-line impact and margin improvement from recent rationalizations, asked about proceeds from the New Mexico divestiture, and sought outlooks for the Oil & Gas and Beryllium Nickel businesses.

    Answer

    President and CEO Jugal Vijayvargiya clarified that the only top-line impact is the ~$10M from the divested business, with the goal being growth from a more cost-optimized footprint. VP and CFO Shelly Chadwick stated the proceeds from the sale are immaterial but provide some cash flow. Vijayvargiya expressed cautious optimism that the Oil & Gas market is approaching a bottom and noted that while initial indications for Beryllium Nickel in 2025 are favorable after a Q4 lift, he wants to see Q4 results before commenting further.

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    Philip Gibbs's questions to Nucor Corp (NUE) leadership

    Philip Gibbs's questions to Nucor Corp (NUE) leadership • Q2 2025

    Question

    Philip Gibbs of KeyBanc Capital Markets Inc. inquired about any direct, near-term tax benefits from the new legislation for Nucor. He also asked about the cost impact of slab tariffs on the CSI facility and the general trend in energy costs.

    Answer

    CFO Stephen Laxton noted that benefits from the new bill are limited and forward-facing, with the main impact being the accelerated expensing of R&D. Management confirmed that tariffs on imported slabs are already in effect but are being mitigated through diversified international sourcing and internal supply. Mr. Laxton added that energy costs are expected to be relatively flat in the coming quarters.

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    Philip Gibbs's questions to Nucor Corp (NUE) leadership • Q2 2025

    Question

    Philip Gibbs of KeyBanc Capital Markets Inc. asked about direct tax benefits from new legislation and the cost impact of slab tariffs on the CSI business, as well as overall energy cost trends.

    Answer

    CFO Stephen Laxton noted limited direct tax benefits, with the main advantage being accelerated R&D expensing. CEO Leon Topalian and EVP Allen Behr confirmed slab tariffs are impacting costs but are being mitigated through flexible global and internal sourcing. Laxton stated energy costs are stable and expected to remain so.

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    Philip Gibbs's questions to Steel Dynamics Inc (STLD) leadership

    Philip Gibbs's questions to Steel Dynamics Inc (STLD) leadership • Q2 2025

    Question

    Philip Gibbs from KeyBanc Capital Markets requested details on the benefits of biocarbon technology and asked for the drivers of expected profit improvement at the Sinton mill in Q3, as well as the financial impact of its Q2 production loss.

    Answer

    CFO Theresa Wagler explained that biocarbon will replace anthracite coal, reducing emissions, and has long-term potential for low-carbon pig iron production. She identified higher volume and a richer product mix as key drivers for Sinton's Q3 improvement. CEO Mark Millett emphasized biocarbon's role in their differentiating sustainability strategy. COO Barry Schneider added that improved yields on value-added lines and favorable trade case rulings will also boost Sinton's profitability.

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    Philip Gibbs's questions to Carpenter Technology Corp (CRS) leadership

    Philip Gibbs's questions to Carpenter Technology Corp (CRS) leadership • Q3 2025

    Question

    Philip Gibbs asked if Carpenter Technology had issued or received any force majeure letters related to tariffs, sought clarification that Canadian nickel is not being tariffed, and inquired about the status of the backlog.

    Answer

    CEO Tony Thene stated that the company has not issued any force majeure letters and sees no need to, as it has established surcharge mechanisms to pass through any cost impacts from tariffs. He confirmed that nickel from Canada is currently not subject to tariffs. Regarding the backlog, Thene described it as very healthy, at over twice pre-COVID levels, and noted that its movement is less meaningful now because the company caps its order book, which effectively caps the backlog.

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    Philip Gibbs's questions to Carpenter Technology Corp (CRS) leadership • Q2 2025

    Question

    Philip Gibbs of KeyBanc Capital Markets asked for specific performance figures for jet engine sales, an update on the total backlog number, and elaboration on the nature of demand and customer conversations in the Defense market.

    Answer

    CEO Tony Thene and CFO Tim Lain clarified that jet engine sales were down 14% sequentially in Q2 but up 22% year-over-year, with a meaningful increase expected in Q3. Thene stated the backlog is approximately $1.9 billion, which is still about 2.5 times pre-COVID levels and provides significant strategic flexibility. Regarding Defense, he described the demand as 'urgent' and believes it reflects a long-term repositioning of the U.S. military that will persist regardless of current conflicts or administration changes.

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    Philip Gibbs's questions to Carpenter Technology Corp (CRS) leadership • Q1 2025

    Question

    Philip Gibbs asked about the drivers for the Q2 SAO profitability guidance and whether the potential to exceed full-year guidance was more dependent on volume or pricing. He also inquired about the source of the order acceleration seen late in the quarter.

    Answer

    Tony Thene, President and CEO, stated that the strong Q2 guidance reflects consistent production days relative to Q1. He noted that exceeding the full-year guidance would depend on all three key drivers: contract pricing, product mix optimization, and productivity improvements. Thene also confirmed that the acceleration in orders toward the end of the quarter was primarily from the aerospace market.

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    Philip Gibbs's questions to Reliance Inc (RS) leadership

    Philip Gibbs's questions to Reliance Inc (RS) leadership • Q1 2025

    Question

    Philip Gibbs questioned the revision of the LIFO calculation from a projected income to an expense, specifically asking if the outlook for the aerospace segment had changed. He also sought clarification on whether recent tariff announcements had incrementally accelerated reshoring discussions and requested a reiteration of the full-year cash CapEx forecast.

    Answer

    Executive Arthur Ajemyan clarified that the LIFO estimate was revised to an expense due to higher-than-anticipated carbon steel and aluminum costs, but the baseline assumption for the aerospace business remained relatively unchanged. Executive Karla Lewis added that rising prices causing LIFO expense is a positive indicator for the business. On reshoring, Lewis confirmed that discussions about bringing supply chains closer to U.S. operations have accelerated. She also reiterated the full-year 2025 cash capital spending forecast of $375 million to $400 million.

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    Philip Gibbs's questions to Reliance Inc (RS) leadership • Q4 2024

    Question

    Philip Gibbs from KeyBanc Capital Markets asked about the 4% rise in operating expenses despite lower FIFO gross profit, questioning opportunities for cost savings. He also requested the 2025 cash CapEx outlook, clarification on semiconductor market softness, and a more detailed explanation of the mechanics behind the 2025 LIFO income guidance.

    Answer

    Executive Karla Lewis acknowledged wage inflation but stated the company is always seeking efficiencies while retaining key employees. Executive Arthur Ajemyan added that operating cost per ton has been steady and the company aims to grow into its cost structure. For CapEx, Karla Lewis projected a $375 million to $400 million cash outlay in 2025. Regarding the LIFO credit, Arthur Ajemyan explained the $60 million income estimate for 2025 is a timing issue, effectively shifting income from 2024 due to delayed receipts of long-lead-time specialty products, which they expect to ship in 2025.

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    Philip Gibbs's questions to Reliance Inc (RS) leadership • Q3 2024

    Question

    Philip Gibbs from KeyBanc Capital Markets asked for clarification on why the LIFO reserve estimate was not increased despite lower-than-expected pricing. He also sought to confirm if Q4 gross margins are expected to be the trough and requested more context on signs of stabilization in the semiconductor market.

    Answer

    Executive Arthur Ajemyan and CEO Karla Lewis explained that a unique situation with long-lead-time specialty aerospace products is shifting some LIFO income from 2024 into 2025. Ajemyan clarified that Q4 gross margins are expected to be consistent with Q3, and whether it's a trough depends on Q1 2025 pricing. Lewis added that for semiconductors, they see slightly more activity in consumables as inventories are worked down, but infrastructure projects face some delays.

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    Philip Gibbs's questions to Worthington Steel Inc (WS) leadership

    Philip Gibbs's questions to Worthington Steel Inc (WS) leadership • Q3 2025

    Question

    Philip Gibbs asked for an update on March business trends following a strong February, questioned the strategy regarding market share in construction given the volume decline, and sought color on new automotive customer awards and their expected margin profile.

    Answer

    CEO Geoff Gilmore confirmed that positive momentum from February, driven by fundamental demand, continued into March, particularly in automotive as a large OEM customer began to normalize operations. He explained the 20% construction volume drop was against a difficult prior-year comparison when they intentionally targeted that market. Gilmore also noted that new automotive program wins are beginning to ramp up and will contribute more significantly to volume over the next six months, though some of this new business may not be as high-margin as that from their recovering OEM customer.

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    Philip Gibbs's questions to Worthington Steel Inc (WS) leadership • Q2 2025

    Question

    Philip Gibbs of KeyBanc Capital Markets Inc. questioned the abrupt sequential decline in EBITDA per ton, the specific financial magnitude of bad debt and professional fees, why these costs were not excluded from adjusted results, and the outlook for customer sentiment into early 2025, particularly concerning a key automotive customer's production cuts.

    Answer

    VP and CFO Timothy Adams attributed the EBITDA decline to three factors: a sharper-than-expected 7% sequential volume drop due to a major automotive customer's sudden production cuts, increased SG&A from bad debt and acquisition-related professional fees, and weaker performance at the Serviacero joint venture. Adams quantified the bad debt and professional fees at approximately $2 million each, explaining they were not excluded as they are considered normal course of business. President and CEO Geoffrey Gilmore added that he is 'cautiously optimistic' for 2025, noting that market share gains with other OEMs helped offset the volume loss and that the issue with the one OEM is a 'short-term frustration, not a long-term problem'.

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    Philip Gibbs's questions to Worthington Steel Inc (WS) leadership • Q1 2025

    Question

    Philip Gibbs of KeyBanc Capital Markets asked for an update on electrical steel contract wins and capacity allocation for the Mexico and Canada expansions. He also questioned the reasons for the sharp year-over-year decline in equity income and sought clarity on the expected returns from the Tempel business integration and ERP project.

    Answer

    COO Jeffrey Klingler confirmed new business wins for the Mexico expansion, with several presses already spoken for, and noted positive customer dialogue for both Mexico and Canada. CFO Tim Adams explained the drop in equity income from Serviacero was equally due to lower inventory holding gains and the negative impact of a depreciating Mexican peso. CEO Geoff Gilmore stated it is too early to quantify returns from Tempel, as the primary focus is on completing the ERP implementation to establish a reliable data baseline.

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    Philip Gibbs's questions to Ryerson Holding Corp (RYI) leadership

    Philip Gibbs's questions to Ryerson Holding Corp (RYI) leadership • Q4 2024

    Question

    Philip Gibbs inquired about the trend in core unit gross margins from Q4 2024 into Q1 2025 and asked how Ryerson is managing its business around potential tariffs, particularly in its non-U.S. operations.

    Answer

    President and CEO Edward Lehner explained that Q4 saw margin compression, especially in non-ferrous metals, but transactional margins began inflecting higher in mid-January 2025. He noted that contract business pricing should see favorable resets in Q2 and Q3. Nick Webb, Head of Risk Management, added that tariffs are causing replacement costs to rise for aluminum and carbon, with Midwest premiums and mill conversion prices increasing, which Ryerson is reflecting in its own pricing.

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    Philip Gibbs's questions to ArcelorMittal SA (MT) leadership

    Philip Gibbs's questions to ArcelorMittal SA (MT) leadership • Q4 2024

    Question

    Philip Gibbs asked for the 2025 outlook for the automotive markets in North America and Europe and inquired if any significant start-up costs for the Calvert mill were included in the current results.

    Answer

    CFO Genuino Christino stated that ArcelorMittal sees stability in the North American automotive market, where it gained some share in 2024. For Europe, the base case is for a modest decline in production in 2025, offset by growth in Brazil. He also confirmed that there were no meaningful start-up costs related to the Calvert EAF commissioning in the Q4 results, as it is a joint venture.

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    Philip Gibbs's questions to Commercial Metals Co (CMC) leadership

    Philip Gibbs's questions to Commercial Metals Co (CMC) leadership • Q1 2025

    Question

    Philip Gibbs requested insight into the specific end markets driving the expected construction recovery in the second half of the fiscal year and asked for visibility on January scrap pricing.

    Answer

    Executive Peter Matt expressed optimism for a second-half recovery, citing positive sentiment indicators and strength in infrastructure, reshoring-related manufacturing projects (LNG, chips), and a potential rebound in residential construction. Regarding scrap, he described the market as an "enigma" but noted the latest indications for January were flat to up $20, while stating a belief that prices are near a bottom, which would be a positive catalyst.

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    Philip Gibbs's questions to Commercial Metals Co (CMC) leadership • Q4 2024

    Question

    Philip Gibbs of KeyBanc Capital Markets asked for the fiscal 2025 capital expenditure budget details and inquired about the company's commitment level and strategy for pursuing inorganic growth opportunities.

    Answer

    Paul Lawrence, Senior Vice President and CFO, outlined the fiscal 2025 CapEx budget at $630 million to $680 million, with the majority allocated to the Steel West Virginia project. Executive Peter Matt addressed M&A, stating that CMC is committed but will prioritize discipline over pace, focusing on attractive adjacent product categories that offer higher margins and complement the existing business.

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    Philip Gibbs's questions to Hexcel Corp (HXL) leadership

    Philip Gibbs's questions to Hexcel Corp (HXL) leadership • Q3 2024

    Question

    Philip Gibbs of KeyBanc Capital Markets asked for the timing of when the key wide-body programs (A350, 787) stepped up to the current 7-per-month pull rate and inquired about the outlook for the Space & Defense segment.

    Answer

    CEO Tom Gentile detailed that the 787 rate progressively increased through 2023 to reach the 7-per-month level in 2024, while the A350 moved from the 4-5 range in 2022 to the 7 range in 2024. He affirmed a bullish outlook for Space & Defense, expecting continued strength in key programs like the F-35 and CH-53K.

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