Kaiser Aluminum Corporation

Kaiser Aluminum Corporation first quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ms. Kim Orlando, with Investor Relations. Thank you. You may begin.

Thank you. Hello, everyone, and welcome to Kaiser Aluminum's first quarter 2025 earnings conference call. If you have not yet seen a copy of our earnings release, please visit the investor relations page on our website at kaiseraluminum.com. We have also posted a PDF version of the slide presentation for this call. Joining me on the call today are Chairman, President, and Chief Executive Officer Keith Harvey and Executive Vice President and Chief Financial Officer Neil West. Before we begin, I'd like to refer you to the first four slides of our presentation and remind you that the statements made by management and the information contained in this presentation that constitute forward-looking statements are based on management's current expectations. For a summary of specific risk factors that could cause results to differ materially from the forward-looking statements, please refer to the company's earnings release and reports filed with the Security and Exchange Commission including the company's annual report on Form 10-K for the full year ended December 31, 2024. The company undertakes no duty to update any forward-looking statements to conform the statement to actual results or changes in the company's expectations. In addition, we have included non-GAAP financial information in our discussion. Reconciliations to the most comparable GAAP financial measures are included in the earnings release, and in the appendix of the presentation. Reconciliations of certain forward-looking, non-GAAP financial measures to comparable GAAP financial measures are not provided because certain items required for such reconciliations are outside of our control and or cannot be reasonably predicted or provided without unreasonable effort. Any reference to EBITDA in our discussion today means adjusted EBITDA, which excludes non-run rate items for which we have provided reconciliations in the appendix. Further, slide five contains definitions of terms and measures that will be commonly used throughout today's presentation. At the conclusion of the company's presentation, we will open the call for questions. I would now like to turn the call over to Keith Harvey. Keith?

Thanks, Kim, and thank you all for joining us for a review of our first quarter 2025 results. Turning to slide seven, we're off to a strong start to the year. Despite ongoing volatility driven by recent trade policy actions, our end markets are tracking in line with the expectations we outlined in February, and our full-year outlook has improved with our solid first quarter results. Operationally, we continue to drive positive results for our stakeholders with strengthening demand and effective cost management. A major focus for us is on optimizing overhead across the business, staying true to Kaiser's core principle of being a low-cost producer. Additionally, we've benefited from a favorable move in metal pricing, which Neil will expand on shortly. Overall, we're encouraged by the strong momentum we've established and remain confident in our ability to sustain it through the balance of 2025. A major component of the progress we are making is bringing to market two major investments which are instrumental to planned growth in several of our key end markets. First, our fourth coating line at our Warwick rolling mill is currently undergoing commissioning and will be moving into the customer qualification phase soon. This line plays a critical role in both our growth strategy and for the broader market. where demand for our products remains high and supply remains constrained. Our customers are eagerly awaiting these coated products, and we are fully committed to meeting that demand as fast as possible while upholding the exceptional quality standards that define Kaiser across all its end markets. Second, our Trentwood Phase 7 investment project is progressing smoothly. Equipment has arrived on site and the team is currently conducting prep exercises to facilitate a seamless installation. The Trent Wood team has mastered this process over the course of six major expansions over nearly two decades, expanding our aerospace and general engineering heat treated plate capacity by greater than two and a half times. The timing for this investment is ideal as our key end markets are expected to recover over the next several quarters. Together, these investments mark the next phase of growth for Kaiser. We expect the result of these projects to drive a step change in our EBITDA and margin performance that we've previously outlined for the coming years, along with the continued pace of deleveraging. Next, I'd like to address the topic of tariffs. In the near term, we believe Kaiser is well positioned to navigate market volatility in the current environment. Our geographic footprint and supply chain are predominantly North American, and our contracts are designed to be metal neutral. We're already seeing upside in markets where uncertainty of supply and rising import fees and cost have increased demand for domestic products. Additionally, our own supply lines have been reviewed and are well diversified, providing us with ample flexibility. Overall, we believe the current trade policy discussions taking place should have a neutral to modestly positive impact on Kaiser. We will remain nimble and act diligently on these issues as trade negotiations continue to evolve. Longer term, Reshoring is a trend we've been focused on since the COVID-19 pandemic, and we're witnessing credible and tangible signs this is occurring. Our geographic footprint gives us a strong advantage, and with the largest product offering of highly engineered aluminum products in the market, we are very well positioned to grow alongside our valued customers. Now, let me turn the call over to Neil for more details on our first quarter results. Neil.