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    William Peterson • JPMorgan Chase & Co.

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

    William Peterson's questions to Archer Aviation Inc (ACHR) leadership • Q1 2025

    Question

    William Peterson of JPMorgan Chase & Co. asked about the slight delay in commencing piloted flights and the potential for the hybrid powertrain, developed with Anduril, to be used in future civil passenger aircraft.

    Answer

    CEO Adam Goldstein attributed the 'modest delay' in piloted flights to unforeseen complexities with integrating the extensive flight test instrumentation system, but stated the first flight is now imminent. Regarding the hybrid powertrain, Goldstein confirmed the company is actively considering its potential for future civil applications beyond its initial defense focus.

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    William Peterson's questions to Archer Aviation Inc (ACHR) leadership • Q4 2024

    Question

    William Peterson of JPMorgan Chase & Co. asked if Archer's Agility Prime contracts would be modified due to the new Anduril partnership and inquired about the pace of FAA compliance document submissions, asking if it was slower than expected.

    Answer

    CEO Adam Goldstein explained that the focus has shifted from Agility Prime to larger programs because the DoD concluded pure-eVTOLs were not the right configuration, leading Archer to develop a hybrid vehicle. Regarding the FAA, Goldstein stated the working relationship is strong and that the recent focus on safety of flight preparations for the first piloted flight is generating data for submission. He characterized the submission process as 'lumpy' and expects the number of completed documents to increase throughout the year.

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    William Peterson's questions to Plug Power Inc (PLUG) leadership

    William Peterson's questions to Plug Power Inc (PLUG) leadership • Q1 2025

    Question

    William Peterson asked about the potential impacts of the proposed U.S. tax bill on the 45V hydrogen tax credit, the Texas facility, and the DOE loan. He also questioned if this would shift Plug's focus more toward Europe and inquired about the status of the ~8 gigawatt electrolyzer order pipeline.

    Answer

    CEO Andy Marsh acknowledged the need to accelerate construction on the Texas facility to qualify for the 45V safe harbor provision. He confirmed an existing and growing focus on Europe, which he sees as the biggest current opportunity. Regarding the pipeline, Marsh noted that while about 2 gigawatts are expected to reach FID by year-end, the complexity of these large-scale projects means some could slip into 2026.

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    William Peterson's questions to Plug Power Inc (PLUG) leadership • Q4 2024

    Question

    William Peterson asked for a broader view on the primary drivers for the Applications business over the next few years, given the revised outlook for Material Handling and challenges in other areas.

    Answer

    CEO Andrew Marsh identified Material Handling as the key near-term driver, emphasizing that its value chain and infrastructure are already established, unlike mobility or stationary power. He asserted that the company's restructuring and focus on financial health will build customer confidence and ultimately accelerate growth in this core market.

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    William Peterson's questions to Plug Power Inc (PLUG) leadership • Q3 2024

    Question

    William Peterson inquired about the expected gross margin exit rate for Q4, with a specific focus on the fuel business, and asked what steps remain for closing the DOE loan.

    Answer

    CFO Paul Middleton projected that Q4 gross margin improvement would be directionally consistent with the trend seen from Q2 to Q3, driven by higher sales volume and pricing benefits. CEO Andy Marsh stated there is a clear, scheduled path to close the DOE loan before any administration change, with no major obstacles remaining. Middleton also mentioned a parallel process to secure project-level equity partners.

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

    William Peterson's questions to MP Materials Corp (MP) leadership • Q1 2025

    Question

    William Peterson asked for an outlook on Stage 2 production and sales volumes for the second quarter and the back half of the year, and also inquired about the company's efforts in 'thrifting'—reducing or eliminating the use of heavy rare earths in magnets for various applications.

    Answer

    COO Michael Rosenthal indicated that MP Materials targets a slight increase in NdPr production in Q2 versus Q1, with further growth expected in Q3, suggesting a continued positive trajectory. CEO Jim Litinsky confirmed that a significant R&D focus is on thrifting heavy rare earths, highlighting the company's IP development and the structural cost advantage provided by its vertically integrated model, which allows for efficient recycling of manufacturing scrap (swarf).

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    William Peterson's questions to MP Materials Corp (MP) leadership • Q4 2024

    Question

    William Peterson sought an update on the timeline for the Midstream segment to achieve gross margin positivity. He also asked about the company's capacity to support additional OEM agreements and if there were active discussions with companies in emerging markets like robotics or eVTOL.

    Answer

    CFO Ryan Corbett confirmed that the company is still tracking towards achieving gross profit in NdPr production by the end of Q1, consistent with prior commentary. He also stated that while the immediate Magnetics focus is on executing for General Motors, conversations with other potential customers across automotive, robotics, and eVTOL have picked up meaningfully as they seek a trustworthy Western supplier.

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    William Peterson's questions to MP Materials Corp (MP) leadership • Q3 2024

    Question

    William Peterson asked for insights on end-market demand trends amid flat NdPr pricing and requested more detail on the customers requesting samples from the midstream operations, including their geography and markets.

    Answer

    CEO James Litinsky characterized the market as 'bouncing around the bottom' and noted that recently announced stimulus in China could have a positive, though lagged, impact on demand. He also mentioned a recent anecdotal uptick in customer inquiries. Regarding customers, Litinsky revealed that MP now sells directly to three of the five largest non-Chinese global OEMs, highlighting that these major players are now actively engaging further up the supply chain.

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    William Peterson's questions to Constellium SE (CSTM) leadership

    William Peterson's questions to Constellium SE (CSTM) leadership • Q1 2025

    Question

    William Peterson asked for a detailed breakdown of the net impact of tariffs, including benefits from price hikes and mitigation of costs. He also questioned the outlook for scrap spreads and the drivers behind the P&ARP segment's strong price/mix and operational performance at Muscle Shoals.

    Answer

    CEO Jean-Marc Germain explained that tariffs present a net opportunity, despite a $20 million headwind from Canadian extrusions which they are mitigating via customer pass-throughs and resourcing. He noted that wider scrap spreads are a positive and that tariffs make domestic production more competitive. CFO Jack Guo clarified the P&ARP price/mix gain was due to a favorable micro-mix in packaging. Mr. Germain added that improved operations at Muscle Shoals allow them to shift capacity to meet strong can sheet demand.

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    William Peterson's questions to Constellium SE (CSTM) leadership • Q4 2024

    Question

    William Peterson of JPMorgan Chase & Co. requested details on the market growth and shipment assumptions underlying the 2025 guidance across aerospace, packaging, auto, and industrial markets. He also asked for clarification on the impact of scrap spreads and foreign exchange on the 2025 and 2028 outlooks.

    Answer

    CFO Jack Guo outlined market assumptions: stable aerospace volume with weaker mix, continued weakness in automotive, improvement in TID (especially in North America), and continued growth in packaging. CEO Jean-Marc Germain added that the Valais facility's recovery would also help TID in Europe. Regarding scrap, Germain stated the impact is mainly a 2025 event and a North American issue, with the company assuming tight spreads will persist but not worsen. He also noted the guidance assumes the dollar remains at current strong levels.

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    William Peterson's questions to Constellium SE (CSTM) leadership • Q3 2024

    Question

    William Peterson asked for a detailed breakdown of the market-driven factors causing the significant shortfall from the original 2024 guidance, beyond the known flood and Muscle Shoals impacts. In a follow-up, he requested details on the flood's financial impact split by segment, the status of the 2024 free cash flow guidance, and the potential for impacts to extend into 2025.

    Answer

    CEO Jean-Marc Germain attributed the €80-€100 million negative variance to a sharp decline in North American industrial markets, a worsening automotive outlook, and aerospace demand shifting out due to OEM supply chain issues. CFO Jack Guo later clarified the flood's EBITDA impact is roughly two-thirds on the AS&I segment and one-third on A&T. He withdrew the 2024 free cash flow guidance due to timing uncertainties around working capital but noted some flood-related costs and offsetting insurance proceeds will carry into 2025.

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

    William Peterson's questions to Nucor Corp (NUE) leadership • Q1 2025

    Question

    William Peterson from JPMorgan Chase & Co. inquired about the impact of extra shipping days and potential demand pull-forward in Q1 on the Q2 outlook, and sought an explanation for intersegment eliminations.

    Answer

    CEO Leon Topalian acknowledged some initial demand pull-forward but stated order entry rates have remained strong, highlighting that the structural backlog is at an all-time high. CFO Stephen Laxton confirmed a 95-day quarter contributed to volume and noted that rising intersegment eliminations are expected given the strong pricing environment and broad-based backlog growth.

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    William Peterson's questions to Nucor Corp (NUE) leadership • Q4 2024

    Question

    William Peterson inquired about the downstream business, asking if pricing for joist and deck has bottomed and about pricing trends for other products. He also asked about market support for the recent plate price hike and its effect on the Brandenburg mill's ramp-up.

    Answer

    Executive John Hollatz noted that while the warehouse market moderated, the joist and deck business remains healthy with strong backlogs. Executive Brad Ford stated that lean inventories and strong bookings support the plate price increase. For the Brandenburg mill, Ford highlighted a 100% increase in Q4 production and expressed confidence in achieving consistent positive EBITDA by mid-2025.

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    William Peterson's questions to Nucor Corp (NUE) leadership • Q3 2024

    Question

    William Peterson questioned if Q4 seasonality could be more severe than historical averages and if Q1 could see a better-than-seasonal rebound. He also requested an update on Nucor's decarbonization efforts, including its investments in NuScale and Helion, and its carbon capture project.

    Answer

    CEO Leon Topalian avoided speculation on future quarters but stated they do not expect seasonality to be more severe than last year, noting tailwinds from infrastructure spending are still to come. On decarbonization, he and executive Greg Murphy detailed a multifaceted strategy, including advancing investments in SMR and fusion energy with NuScale and Helion, and moving forward with the ExxonMobil carbon capture project at their Louisiana DRI facility to create ultra-low carbon raw materials.

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

    William Peterson's questions to Teck Resources Ltd (TECK) leadership • Q1 2025

    Question

    William Peterson from JPMorgan Chase & Co. asked about the outlook for profitability at the Trail operations for the remainder of the year, particularly regarding byproduct contributions. He also inquired about the potential impact of the upcoming Canadian presidential election on the mining industry.

    Answer

    CFO Crystal Prystai explained that Trail's strong Q1 profitability resulted from embedded cash flow initiatives and processing a byproduct-rich stockpile, benefits that will continue through the year. CEO Jonathan Price added that he expects a positive outlook for the Canadian mining industry regardless of the election outcome, as both political sides are supportive of the resources sector.

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    William Peterson's questions to Teck Resources Ltd (TECK) leadership • Q4 2024

    Question

    William Peterson asked for a high-level overview of the 2025 growth projects, focusing on controllable factors versus external risks and the key requirements for a sanction decision on Zafranal. He also inquired about the run-rate cost impact from recent union negotiations and the expected cost trajectory for QB2.

    Answer

    CEO Jonathan Price explained that while studies and engineering are in Teck's control, permitting is an external factor requiring heavy engagement. He reiterated that all projects must meet compelling financial metrics (IRR, cash flow) to be sanctioned. CFO Crystal Prystai addressed costs, suggesting low single-digit inflation for labor and stating that QB2's unit cost per pound will decline throughout the year as production ramps up, describing it as a "tale of two halves."

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

    William Peterson's questions to Kaiser Aluminum Corp (KALU) leadership • Q1 2025

    Question

    William Peterson inquired about Kaiser's margin progression and the cadence implied by its full-year guidance, the shipment and contract dynamics in the Packaging segment, the resilience of the Automotive segment amid potential market softness, and the current status of the inventory destocking cycle within commercial Aerospace.

    Answer

    Executive Keith Harvey explained that Q1 margin strength was aided by a metal lag tailwind following an accounting method change, but the core business performed as expected. He reiterated the long-term goal of returning to mid-20% margins, driven by new investments, metal supply normalization, and aerospace recovery. For Packaging, Harvey noted that the new line qualification in Q2 will lead to a strong shipment ramp in the second half of 2025, with new contracts accelerating growth into 2026. He expressed confidence in the Automotive segment due to its focus on high-demand light truck and SUV platforms. Regarding Aerospace, Harvey stated the destocking cycle is about halfway complete, with aircraft build rates beginning to ramp up as anticipated.

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    William Peterson's questions to Kaiser Aluminum Corp (KALU) leadership • Q4 2024

    Question

    William Peterson inquired about the key assumptions for scrap spreads and tariffs within the 2025 EBITDA guidance, particularly for the packaging segment. He also sought more detail on the aerospace market's inventory correction, asking when customer buying might resume and if shipment declines could reverse by year-end. Lastly, he asked about the packaging segment's Q4 pricing, the status of legacy contract renewals, and potential pricing tailwinds.

    Answer

    Keith Harvey (executive) explained that the 2025 guidance assumes scrap spreads remain at the lower end of their improvement range, consistent with late 2024, and does not include any potential benefits from new tariffs, which he views as neutral to positive for Kaiser. Regarding aerospace, he noted that while destocking is impacting 2025 shipments, strong contracts provide stability, and he expects demand to pick up in the second half as OEM production rates increase. For packaging, he clarified that the Q4 pricing dip was due to mix and that the shift to higher-value coated products will drive a 20-25% conversion revenue increase in 2025 on a minimal shipment increase, with the full margin benefit materializing in late 2025 and into 2026.

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    William Peterson's questions to Kaiser Aluminum Corp (KALU) leadership • Q3 2024

    Question

    William Peterson asked for details on the packaging segment's Q3 shipment performance and Q4 outlook, the ramp-up timeline for the new roll coat line, the status of the metal sourcing strategy amidst tight scrap spreads, and the performance of the automotive segment.

    Answer

    CEO Keith Harvey explained that packaging was in 'catch-up mode' in Q3 but has a strong Q4 outlook. He detailed that the new coating line is in hot commissioning, with qualifications starting in early 2025 and a full ramp-up expected by the end of Q1 or early Q2. On metal sourcing, Harvey noted that while the strategy is being implemented, compressed scrap spreads are currently limiting the financial benefit. For automotive, he highlighted that Kaiser's focus on North American light trucks and SUVs has allowed the segment to outperform the broader market.

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

    William Peterson's questions to Steel Dynamics Inc (STLD) leadership • Q1 2025

    Question

    William Peterson of JPMorgan Chase & Co. asked about the outlook for downstream margins in Q2, particularly whether higher lagged steel input costs in the fabrication business might compress margins despite price stabilization.

    Answer

    EVP & CFO Theresa Wagler did not provide specific margin guidance but outlined key drivers. She noted that while fabrication faces higher input costs from rising steel prices due to its inventory position, this can also support higher product pricing. She emphasized that higher volumes, which are expected, are highly accretive to fabrication margins due to significant operating leverage.

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    William Peterson's questions to Steel Dynamics Inc (STLD) leadership • Q3 2024

    Question

    William Peterson of JPMorgan Chase & Co. asked about Sinton's profitability in Q3, the profitability of the new coating lines, and the status of the biocarbon project ahead of its planned start.

    Answer

    CFO Theresa Wagler confirmed Sinton was not EBITDA positive in Q3 due to outage costs but is expected to be in Q4. She stated the new lines' full financial benefit will be realized in 2025. Regarding biocarbon, she said the project is on track for a Q1 2025 start and will be integrated into steel production as a raw material substitute, not as a product commanding a specific premium.

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

    William Peterson's questions to Alcoa Corp (AA) leadership • Q1 2025

    Question

    William Peterson requested additional details on Alcoa's government engagement strategy regarding tariffs in the U.S. and Canada, and asked for an assessment of the current marginal cost support level for global alumina prices.

    Answer

    President and CEO William Oplinger described extensive engagement with both U.S. and Canadian governments, directly and via the U.S. Aluminum Association, stating the message about the need for Canadian aluminum is being heard. He also noted that with over 80% of Chinese refineries being unprofitable at current prices, there is a strong support level for alumina, reinforced by high bauxite prices.

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    William Peterson's questions to Alcoa Corp (AA) leadership • Q3 2024

    Question

    William Peterson inquired about the San Ciprian refinery restart decision in the context of high alumina prices and asked for details on the source and cadence of the remaining savings in the profitability program.

    Answer

    CEO William Oplinger stated the refinery restart depends on securing a key permit for the residue disposal area. CFO Molly Beerman provided a detailed breakdown of the profitability program, noting progress at Warrick and Alumar, overachievement on raw materials, and a slower-than-expected pace for savings from the Kwinana curtailment, which are now targeted for late 2025.

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

    William Peterson's questions to Blade Air Mobility Inc (BLDE) leadership • Q4 2024

    Question

    William Peterson from JPMorgan Chase & Co. questioned the slight year-over-year decline in seats flown and its impact on Passenger margins. He also asked about the long-term competitive differentiators for Blade's New York business and whether the heavy maintenance in the Medical segment should be considered seasonal.

    Answer

    Chief Financial Officer Will Heyburn explained the lower seat count resulted from a conscious strategy to optimize flight schedules for profitability, which improves margins as incremental seats on profitable flights have nearly 100% contribution. Founder & CEO Rob Wiesenthal added that Blade's incumbent infrastructure, including exclusive passenger terminals, provides a durable competitive advantage in New York. Regarding maintenance, both executives clarified it is time-based, not seasonal, and the cadence is unusually high in H1 2025 due to the specific lifecycle of purchased aircraft, with 2026 expected to be below average.

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

    William Peterson's questions to Joby Aviation Inc (JOBY) leadership • Q4 2024

    Question

    William Peterson questioned the scope of defense applications, asking if they include combat missions and about the impact of changes in the Agility Prime program. He also asked about the timeline implications of beginning TIA flight testing within 12 months, specifically for a U.S. service launch.

    Answer

    Executive Chairman Paul Sciarra positioned the defense opportunity as a significant modernization of the Army's large, aging rotorcraft fleet. He described Agility Prime as a successful stepping stone and noted Joby's demonstrated hybrid platform aligns with the government's priority for longer range. Regarding the timeline, he stated that beginning TIA flight testing means Joby is in the 'home stretch' with the 'finish line of type certification in our sights,' emphasizing strong momentum with the FAA.

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    William Peterson's questions to Piedmont Lithium Inc (PLL) leadership

    William Peterson's questions to Piedmont Lithium Inc (PLL) leadership • Q4 2024

    Question

    William Peterson of J.P. Morgan inquired about the potential impact of U.S. tariffs on shipments from Canada and the company's outlook on the lithium supply/demand balance for the coming years, including the role of government policy.

    Answer

    President and CEO Keith Phillips explained that a potential 10% tariff on critical minerals would be paid by the U.S. importer, who could divert shipments to other global locations to avoid it. Regarding the market, Phillips expressed near-term uncertainty for 2025 but long-term bullishness, citing the industry's volatility and new demand drivers like energy storage. He noted that while 30D tax credits might disappear, a potential Trump administration could strongly support domestic projects like Carolina Lithium under a 'national energy security' theme.

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    William Peterson's questions to Enovix Corp (ENVX) leadership

    William Peterson's questions to Enovix Corp (ENVX) leadership • Q4 2024

    Question

    William Peterson asked for more details on the defense opportunity, including battery format, the Korean site's production capacity, and expansion potential. He also sought an update on EV development agreements, asking what issues remain and what milestones to expect.

    Answer

    CEO Raj Talluri confirmed the Korean factory has capacity for current defense needs and can expand as demand becomes clearer through the year-long qualification process. Regarding EV partnerships, he stated that work is actively progressing. Materials from EV makers are now in the Malaysia facility, where the team is working to produce cells to demonstrate the architectural advantages, with further updates anticipated later in the year.

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    William Peterson's questions to Enovix Corp (ENVX) leadership • Q3 2024

    Question

    William Peterson asked about the EX-1M sampling program, seeking details on how many top smartphone OEMs have received samples, the initial feedback, and their geographic concentration. He also questioned the potential scale of production volumes for 2025.

    Answer

    CEO Raj Talluri confirmed high demand for samples but declined to name specific customers. CFO Farhan Ahmad added that the two disclosed strategic partners are top-5 OEMs prominent in China's premium smartphone market. Regarding volume, Raj Talluri explained that the ramp will follow a lengthy qualification process, starting small in late 2025 and building through 2026.

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    William Peterson's questions to Enovix Corp (ENVX) leadership • Q2 2024

    Question

    William Peterson of JPMorgan Chase & Co. asked for key milestones for the smartphone market over the next year, including sampling cadence and the potential for more formal agreements. He also inquired about the new Fortune 200 IoT deal's financial impact and later asked for drivers of the guided second-half revenue growth.

    Answer

    CEO Raj Talluri outlined the smartphone qualification process, with samples from Malaysia shipping in Q3, leading to a potential high-volume ramp in the latter half of 2025. He described the IoT deal as a milestone-based agreement for an established product. CFO Farhan Ahmad added that the IoT customer will pay a premium for energy density and explained that H2 revenue growth will be driven by both the Routejade business and new Malaysia revenue, though margins may be impacted by new factory depreciation.

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

    William Peterson's questions to Freeport-McMoRan Inc (FCX) leadership • Q4 2024

    Question

    William Peterson asked about the potential impact of U.S. tariffs on copper markets and Freeport's operations, and also requested more detail on the innovative leach program's Q4 performance and the drivers for its 2025 production target.

    Answer

    President and CEO Kathleen Quirk noted that since Freeport sells its U.S. production domestically, it could benefit from a U.S. price premium, but the main concern is the potential impact of tariffs on global growth and inflation. On leaching, she explained the 2025 target of a 300 million pound run rate is driven by scaling initiatives like deep raffinate injection and accessing new areas of stockpiles.

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    William Peterson's questions to GrafTech International Ltd (EAF) leadership

    William Peterson's questions to GrafTech International Ltd (EAF) leadership • Q3 2024

    Question

    William Peterson inquired about the near-term graphite electrode spot pricing environment in relation to needle coke costs, seeking expectations for the order book. He also asked about the drivers for recent cost reductions and the potential impact of government changes on GrafTech's battery market strategy.

    Answer

    CEO Timothy Flanagan acknowledged the challenging spot market, noting that electrode prices have declined while needle coke prices have been more stable, but he anticipates an eventual rebound in both. Flanagan and CFO Rory O'Donnell attributed significant cost improvements to a combination of variable cost controls, procurement strategies, and the full-year effect of prior cost-saving initiatives. Regarding the battery market, COO Jeremy Halford and CEO Timothy Flanagan emphasized that the strategic need for a domestic supply chain for automakers is a powerful driver that persists regardless of the political landscape.

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