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. "