Steel Dynamics, Inc.

day and welcome to the steel dynamics second quarter 2025 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 july 22nd 2025 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 Lipchitz, Director, Investor Relations. Please go ahead.

Thank you, Holly. Good morning, and welcome to Steel Dynamics' second quarter 2025 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, Teresa 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 the anticipated project returns, and our steel, metals recycling, and fabrication businesses, as well as the 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 10-Q. You will also find any reference non-GAAP financial measures reconciled to the most directly comparable GAAP measures in the press release issued yesterday entitled Steel Dynamics Reports Second Quarter 2025 Results. And now I'm pleased to turn the call over to Mark.

Super. Thank you, David. And good morning, everyone. Thank you for being with us on our second quarter 2025 earnings call. As evident in our release, our teams achieved a solid second quarter performance, Most fulfilling to me was the team's overall safety performance. They achieved an all-time low quarterly recordable and lost-time injury rate. In fact, 80% of our over 100 locations didn't even have a single recordable injury. It's a supreme achievement by the team. My sincere thanks to everyone involved. Although experiencing some challenges in the second quarter relating to vendor oxygen supply that inhibited steel production, the Sinton team continued their progress. They increased sequential earnings, achieving pre-tax break-even and another positive EBITDA quarter. We expect a steep acceleration of profitability for the remainder of this year and next. We believe we have reached an earnings inflection point for steel fabrication with expectations for increased profitability in the third quarter. We achieved record quarterly metals recycling shipments. Adjusted EBITDA was $533 million. Biocarbon is in the midst of commissioning with expectations for product shipments to begin later in the third quarter. We were awarded the Volkswagen Global Group Award for Sustainability. It's a testament to our low-carbon steel program and its associated impact on us becoming the supplier of choice for auto groups expanding in the U.S. And aluminum is here. We shipped our first commercial-quality aluminum flat-roll coils on June 16th. Congratulations to absolutely everyone involved. Phenomenal, phenomenal progress. We are successfully executing on many fronts. I'm proud of the entire Steel Dynamics team. There's no doubt they are the foundation of our company and remain our first and foremost priority. As such, we are focused on providing the very best for their health and safety. We're building a world-class safety culture. Our team's dedication to our Take Control of Safety program is absolutely extraordinary and resulted in the record metrics this quarter. Continually inspired by the commitment of our team members to one another, they consider themselves family and challenge the status quo each and every day. But that said, there will always be more to do as we strive for a zero-incident environment. So with that introduction, Teresa, some details on the quarter?