Steel Dynamics, Inc.

Good day and welcome to the Steel Dynamics third 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, October 21st, 2025, and your participants 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. Sir, please go ahead.

Thank you, Ali. Good morning, and welcome to Steel Dynamics' third 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, 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 in 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 Security 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 annually 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 referenced non-GAAP financial measures reconciled to the most directly compared GAAP measures in the press release issued yesterday entitled Steel Dynamics Reports Third Quarter 2025 Results. And now I'm pleased to turn the call over to Mark.

Super. Thank you, David. Well, good morning, everybody. Thank you for being with us on our third quarter 2025 earnings call. Some may suggest hyperbole, but I've often said that we have the best teams on the planet, and they proved it once again in the third quarter. Operationally, they executed incredibly well while keeping each other safe and achieved pivotal successes in furthering our significant growth projects. Financially, even with some interim market headwinds and flat roll, we achieved a number of key operational milestones. We had a record steel shipments of 3.6 million tons. Revenues were 4.8 billion. Adjusted EBITDA was 664 million. And we had a healthy cash flow from operations of 723 million. At Sinton, I believe consistent operational execution has been achieved. It was a record quarter for shipments. Downstream coating and pre-paint product quality has matured, and the value-add product portfolio is expanding nicely. Industry participants are recognizing that this is the mill of the future. Our aluminum team continues to make strong progress in commissioning and ramping operations, receiving a number of quality certifications in September and October. In particular, our CAN sheet has been performing extremely well, with equivalent results to competitive material. Much more to do, but incredibly exciting performance today. And our biocarbon team shipped their first product in September. We're extremely excited to have this new tool in our decarbonization journey that will further reduce our carbon footprint from an already industry-leading low level. I continue to be proud of the entire steel dynamics team because they are just the foundation of our company and they continue to amaze me. And so we're laser-focused on providing the very best for their health and safety. It is an everyday conversation at every level. Our world-class safety culture continues to mature, and our team's dedication to our Take Control of Safety program is extraordinary and continues to produce strong results. Their commitment is inspiring. They consider themselves family and challenge the status quo each day to keep each other safe. But that said, there will always be more to do as we drive toward a zero-incident environment, as there is nothing more important for us. So with that, I'll hand it to Teresa and to Barry to give some color to the quarter.