Steel Dynamics, Inc.

Good day and welcome to the Steel Dynamics fourth quarter and full year 2023 earnings conference call. At this time, all participants are in a listen-only mode. After management's remarks, we will conduct a question and answer session, and instructions will follow at that time. Please be advised, this call is being recorded today, January 24, 2024, and your participation implies consent to our recording this call. If you do not agree to these terms, please disconnect. At this time, I would like to turn the conference over to David Lipschitz, Director, Investor Relations. Please go ahead.

Thank you, Holly. Good morning, and welcome to Steel Dynamics' fourth quarter and full year 2023 earnings conference call. As a reminder, today's call is being recorded and will be available on our website for replay later today. Leading today's call are Mark Millett, Chairman and Chief Executive Officer of Steel Dynamics, Theresa Wagler, Executive Vice President and Chief Financial Officer, and Barry Schneider, President and Chief Operating Officer. The other members of our senior leadership team are joining us on the call individually. Some of today's statements, which speak only as of this date, may be forward-looking and predictive, typically preceded by believe, expect, anticipate, or words of similar meaning. They are intended to be protected by the Private Securities Litigation Reform Act of 1995 should actual results turn out differently. Such statements involve risk and uncertainties related to integrating or starting up new assets, the aluminum industry, the use of estimates and assumptions in connection with anticipated project returns, and our steel, metals recycling, and fabrication businesses, as well as to general business and economic conditions. Examples of these are described in the related press release, as well as in our annual filed SEC Form 10-K under the headings, Forward-Looking Statements and Risk Factors, found on the Internet at www.sec.gov. and if applicable, in any later SEC form, thank you. You'll also find any reference non-GAAP financial measures reconciled to the most directly comparable GAAP measures in the press release issued yesterday entitled, CL Dynamics Reports Fourth Quarter and Full Year 2023 Results. And now I'm pleased to turn the call over to Mark.

Sorry. Thank you, David. Good morning, everyone. Thank you for being with us on our fourth quarter and full year 2023 earnings call. As you saw in our release, our teams achieved a strong annual 2023 financial and operational performance. I think most gratifying was achieving our best safety year with the lowest recordable incident rate ever. I want to applaud and congratulate all the teams because it was a monumental effort put in to get there. Steel shipments were a record 12.8 million tons. I think it needs to be emphasized that we've got 3 million tons yet of additional shipping capability to leverage. We had the second best year for revenues at $18.8 billion and cash flow from operations at $3.5 billion. Just the EBITDA was $3.7 billion. I think the year clearly demonstrated the through-cycle earnings resilience of our business model. It's manifest by a diverse value-add product portfolio supported by a superior operating culture driving world-class, low-cost operations. I can't be more pleased at Synton. Synton is showing significant operating improvement. It was EBITDA positive in December, with a clear path to profitability in the first quarter of 2024 and thereafter. We're also achieving fast-paced progress on our aluminum flat-rolled investments. There continues to be strong commercial support for a new and innovative supply chain solution from Steel Dynamics. who the aluminum industry is considering a well-known and highly regarded metals producer. I'm incredibly proud of the Steel Dynamics team. They are the foundation of our company, and they drive our success. And to be honest, they inspire me. Feeling their esprit de corps and commitment to the SDI family during the recent holiday parties was absolutely just simply humbling. And that is why we are so focused on providing the very best for their health, safety, and welfare. We're actively engaged in safety at all times and at every level, keeping it top of mind in an active conversation each and every day. As I already suggested, without focus, the team's safety performance was a record low incident rate in 2023. Obviously, though, there's more to do. We will not rest until we consistently achieve our goal of zero injuries. So that said, I will hand it to Teresa, who will then back the ball to Barry, and then back to me to finish up. So, Teresa.