2025 Market Outlook
Q: What if demand doesn't recover in 2025?
A: We are very constructive on the 2025 market, expecting a lower interest rate environment to boost nonresidential construction. Our customer base is positive, and we will produce according to their needs. Even in a pessimistic scenario, our diversified product mix and pull-through volume strategies enable us to maintain strong cash generation.

Dividend Expectations
Q: Will dividends increase significantly in February?
A: While the Board decides on dividends, we anticipate a positive move in the first quarter. With Sinton becoming a significant EBITDA contributor next year and our aluminum assets expected to be EBITDA positive in the second half of 2025, we foresee dividends reflecting this growth, possibly more in 2026.

Sinton Profitability
Q: When will Sinton be EBITDA positive?
A: Despite not being EBITDA positive in Q3 due to maintenance costs , we expect Sinton to be profitable in Q4 and certainly next year. We're reducing unplanned downtime and improving equipment reliability, which gives us confidence in reaching optimal utilization.

Trade Case Impact
Q: How will the galvanized trade case affect you?
A: Including ten countries, the trade case aims to address the surge of imports impacting fair trade. We anticipate success, especially against egregious offenders, which should allow us to adjust our product mix favorably. This process is necessary to ensure competitive markets in the U.S..

Value-Add Lines Ramp-Up
Q: What is the status of the new coating lines?
A: Our four new lines are operating at 65% to 75% utilization. Their earnings impact hasn't been significant yet, but with a $600 million investment and typical 2 to 2.5 years payback, we'll see more benefits in 2025 as they ramp up.

Biocarbon Project
Q: When will biocarbon be used in production?
A: Our biocarbon facility is on track for a Q1 2025 start. We'll begin integrating biocarbon into steel production in the first half of next year, aiding our decarbonization journey. While it's not for specific customers, it supports our use of lower-carbon raw materials.

Steel Fabrication Outlook
Q: What's the outlook for steel fabrication pricing and volumes?
A: We expect normal seasonality in Q4 but anticipate much stronger volumes next year, which should support pricing. We're feeling good about the steady demand over the last 6 to 9 months and believe 2025 will be robust.

Future Investments
Q: Where will you invest next?
A: We're focusing on value-add opportunities and products we don't currently make. While we don't see a need for another large greenfield steel site, we will expand our aluminum supply chain, as aluminum's volume growth is expected to be much stronger than steel.

Long Products Strength
Q: What's driving strength in long products?
A: Our ability to optimize our product mix and the diversification across all businesses keeps long products resilient. We benefit from our metals recycling platform and are excited about opportunities from investment and reshoring.

Contractual Business Mix
Q: Will 80% contractual business change with Sinton's ramp-up?
A: Contractual relationships remain important, keeping contract concentration around 70% to 80%. As we establish customer bases and supply chains in each region, this may slightly decrease but will stay significant.