Worthington Steel, Inc.

Thank you for standing by and welcome to the Worthington Steel's first quarter fiscal 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. I'd now like to turn the call over to Melissa Dykstra, Vice President of Communications and Investor Relations. You may begin.

Thank you, operator. Good morning and welcome to Worthington Steel's first quarter fiscal year 2025 earnings call. On our call today, we have Jeff Gilmore, Worthington Steel's President and Chief Executive Officer, Jeff Klingler, Executive Vice President and Chief Operating Officer, and Tim Adams, Vice President and Chief Financial Officer. Before we get started, I'd like to remind everyone that certain statements made today are forward looking within the meaning of the 1995 Private Securities Litigation Reform Act. These statements are subject to risks and uncertainties that could cause actual results to differ from those suggested. We issued our earnings release yesterday after the market closed. Please refer to it for more detail on those factors that could cause actual results to differ materially. Unless noted as reported, today's discussion will reference non-GAAP financial measure, which adjusts for certain items included in our GAAP results and which are presented on a standalone basis. You can find definitions of each non-GAAP measure and GAAP to non-GAAP reconciliations within our earnings release. Today's call is being recorded and replay will be made available later today on WorthingtonSteel.com. Now I'd like to turn the call over to Jeff Gilmore.

Thanks, Melissa. Good morning, everyone, and thank you for joining us. The first quarter of fiscal year 2025 was solid for Worthington Steel, despite some headwinds. Our teams are focused on serving our customers and managing the dynamics of our industry and the markets we serve. Demand is stable, and we continue to find solutions for our customers in flat-rope steel processing, electrical steel laminations, and tailor-welded blank. Our solutions are unique and custom, making us a valued partner. In fact, more than 90% of the steel we transform will go through multiple processes, enabling our customers to improve their end products and solve challenging material needs. Today, we will share updates on how we continue to execute on our strategy for growth. By first, making focused investments in the rapidly growing electrical steel market, which supports the transition to a more electrified light vehicle fleet, including hybrid and battery electric vehicles, and transformer cores to support the modernization and growth of the nation's electrical infrastructure. Second, strategic growth via CapEx and selective acquisitions leading to margin accretive growth. And finally, utilizing transformation, our system of continuous improvement to increase margins, reduce working capital, and add capacity. When it comes to our electrical steel investments, we remain bullish on the electrified vehicle and transformer markets. Automakers continue to invest in both EV and hybrid technology, and while EV adoption is slower than some anticipated, we are seeing pockets of acceptance and continued growth. We believe the shift to hybrid technology in some models is a positive for Worthington Steel. because we can supply the specialty steel used in a hybrid's automatic transmission, as well as the electrical steel laminations used in a hybrid's traction motors. Electric vehicles, data centers, and AI continue to drive the need for electrical infrastructure, and there continues to be an 18- to 24-month backlog for transformers. We remain well positioned to capitalize on the decarbonization of transportation the energy transition to more renewable sources, and the much-needed investment in the U.S. infrastructure. Over the quarter, the transformation will continue improvements in efficiency and productivity. Jeff Klingler will share some examples of innovation and transformation in just a few minutes. Our employees, empowered by our philosophy and strong culture, drive this improvement, not only in our business, but also in our communities. Over the summer, teams across Worthington Steel came together to give back in many ways. From raising money for cancer research to maintaining a community garden to volunteering at a food bank, our employees exhibit our philosophy each day to support the areas where we live and work. Our commercial team continues to set the bar high for responding to customer needs. Last month, we had the opportunity to recognize their accomplishments, contributions to our growth, and embodiment of our philosophy at our national sales meeting i am honored to lead this team and i am excited about the progress we've made and the opportunities in front of us our breadth of value-added processing capabilities end-to-end supply chain management price risk management solutions and our experienced and dedicated employees continue to differentiate worthington steel in closing I'd like to thank each one of our employees for remaining focused on innovating for our customers and executing our strategy. Our strategy and our differentiation position us well to grow and deliver strong returns for our shareholders. Next, Jeff Klingler will comment on our operations.