Steel Dynamics, Inc.

Welcome to the SEAL Dynamics Third Quarter 2026 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 that this call is being recorded today, October 20, 2026, 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, sir.

Thank you, Sylvie. Good morning, and welcome to Steel Dynamics' third quarter of 2026 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, and Theresa Wagler, Executive Vice President and Chief Financial 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, Fabrication, and Aluminum 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 reference non-GAAP financial measures reconciled to the most directly comparable GAAP measures in the press release issued yesterday entitled Steel Dynamics Reports Third Quarter 2026 Results. And now I'm pleased to turn the call over to Mark.

Well, good morning, everyone. Thank you for joining us this morning for the third quarter 2026 earnings call. Before I begin our report, I would like to take a moment to congratulate Theresa on her appointment to CEO at the end of this year. As most of you know, she's been with the company for 28 plus years, starting when we had just our first mill in Butler, Indiana. Back then, it was just a handful of people, and now we've got 14,000 strong in our team. In that time, she's built an incredible understanding of our markets, our customers, and our company. Most importantly, she understands our culture and is passionate about our people. She has been acutely involved with the strategic decisions and direction we have taken. These past 15 years, decisions that have driven tremendous growth and about 3,000% in shareholder value appreciation, a value that very few can claim. That success has also been supported by an incredible team of 14,000 people, as I said, and the best senior leadership on the planet, all of whom have been very keen, very key contributors of our growth. I just want to Very unusually, maybe, but I'd just like to signal them out. Miguel Alvarez, Jim Anderson, Matt Bell, Chad Bickford, Chris Graham, Barry Schneider, Tommy Scruggs, Rick Poinsette. These folks have been incredible, and with this team and with Theresa at the helm, we will undoubtedly drive SDI to even greater heights. So, that said, and congratulations, Theresa.