Worthington Industries (WOR) 23 Mar 232023 Q3 Earnings call transcript

Good afternoon, and welcome to the Worthington Industries’ Third Quarter Fiscal 2023 Earnings Conference Call.

All participants will be able to listen only until the question-and-answer session of the call. This conference is being recorded at the request of the Worthington Industries. If anyone objects, you may disconnect at this time.

I'd now like to introduce Marcus Rogier, Treasurer and Investor Relations Officer. ahead. go Please

Good quarter Audra. welcome Worthington to Thank XXXX morning earnings third fiscal call. Industries' you, and

On our Chief call and today, we have Andy Officer Joe Chief Rose, and Hayek, Officer. Worthington's Financial Executive Worthington's President

of separation. also we we who the business Tim In the planned addition, Processing business have Steel the will Adams, become CFO complete after

subject issued is more XXXX the market details made being forward-looking within are replay will recorded the Before we to We risks like These differ are I'd available to cause Litigation remind closed. for everyone factors yesterday Act. those of that to it could and today actual on the that a to earnings Private website. uncertainties get started, our that Securities made our Reform worthingtonindustries.com on actual certain from could statements to results be and meaning those release call Please later Today's statements cause after results suggested. refer materially. differ

point, I financial results. At the over for of will Joe, call this discussion a turn the to

Thank then through I'll sustainable the solutions provide and results and products will Adams on go additional products, energy everyone. you, color Good consolidated some and the businesses, over Steel's building Marcus. results. go Tim morning, consumer

planned Officer you Financial as of for for Strategy our and the our the Company Tim, Corporate separation of know, Chief Vice Steel many we Development be businesses. will Steel currently is President the complete the of business when and

the business incurred related separation versus expense There in new early a impacting complete we or our were the million the expect results, company, which In items a QX, earnings share to a following. by Steel pretax of per prior the few we reported We quarter. Processing public year planned $X XXXX. calendar $X.XX including into $X.XX of $X.XX of unique share quarterly

share in charges losses, gains per the during compares as modest and also restructuring impairment non-recurring incurred other year. and of which to We and offset restructuring $X.XX quarter, the prior

per the $X.XX current we year. in share share these items, to in of generated the earnings prior Excluding per $X.XX quarter compared

we to share addition, losses compared estimated losses QX QX million $X.XX per to XXXX. $XX in or In per had million holding share inventory or holding in of $X.XX inventory $XX be

quarter to Consolidated sales as decreased to the year billion year. the average in in Processing prices the of selling XX% prior $X.X fell net due from prices compared significantly steel lower Steel prior

Steel a for year, of XX% the to profit QX $XXX favorable and increased in from to gross Gross quarter primarily in to margin last slightly mix building with million Processing XX% combined spreads in products. due our improved increased

EBITDA adjusted is million month down Our in year, and $XXX our XX million. EBITDA QX in was from last of now trailing $XX million $XXX QX adjusted

in cash cash quarter in was the we generated our million. With $XXX have million free flows three In first $XXX flow $XXX operations and balance from free was the million sheet, of cash respect flows. to cash quarters flow XXXX, in fiscal

projects, our $XX During we in on dividends the from million received million invested and dividends JVs. capital paid million unconsolidated quarter, $XX $XX in

unconsolidated JVs received prior from their normalized, million. not their fiscal that the distributed JVs have capital quarters, working exceeded year-to-date, pay were levels earnings the we to received year. from $XXX the them dividends earnings in two Fiscal equity As out we totaling have unconsolidated in prior as allowing dividends

quarter on income down cash end to decreased was million earned expense million of debt by sheet higher of balance sequentially. interest $XXX position million year-over-year, million Net lower $X our funded and at to average our and lesser interest balances Looking primarily liquidity a at debt extent $X due $X levels.

is trailing under leverage our net ratio and levels EBITDA to leverage low with operate to times. continue one We debt

revolving and $XXX credit we the that Board ample facilities. ending is million under our the $X.XX overnight declared liquidity are share currently a dividend in with for XXXX. payable QX government of cash in of in in Yesterday, well per with future AAA rated $XXX all funds. market the which quarter, is believe money very of held Nearly cash We availability for positioned million June

to I'll few were businesses. QX sales higher million for selling million the minutes the In $XXX was of driven Adjusted year cost compared million slightly by was last record was very comp a costs and Prior pressures. Whereas ago. in year. XX% business quarter inflationary a offset lower was of by in prices, impacted each Consumer last margin other now EBIT. negatively spend the Consumer $XX the EBIT XX.X% net as the beginning year year tough created increase on and implemented The and from up increases at $XX $XXX Products, volumes. resulted and a average were quarter which higher by partially EBIT price quarter million were current input

XX% at As destocking customers and volume of consumer. call, mentioned we our earnings on in and we sequentially million of growth been sequential EBIT our QX $X growth has saw strong largely completed

development. excellent to Our team added and continues job in products, an new our customers innovation delivering and product investing serving while value do

which We consumer strong usually into QX, seasonally are is a business. optimistic heading the period for

to QX offset adjusted and partially margin million favorable of in Products XX% the EBIT average by in EBIT and selling Building last million quarter. product QX, quarter mix of up Building sales year prior lower compared XX.X% $XXX from was increase generated driven The XX.X% in year. were the was million of $XX by prices, and net $XXX Products generated volumes. million a which $XX higher in

from slightly mix to selling improvements was year-over-year EBIT building less was combined million businesses, or equity $XX favorable by our our saw increased driven by product JVs, in or which the contributed $X contributions XX% increase million Increase in offset primarily average prior in million QX partially higher income operating wholly-owned earnings year. by products than lower This and which due prices. $X

uncertainty. ClarkDietrich markets economic well and solid delivering that to very have in interest have WAVE continued by impacted and Our rates results been perform end

in expected this improve. Consumer we that gradually destocking mentioned to our Products business, trend the with of were QX in many and that building we As customers

We from have of increased our to improvement and in see X% volumes QX. product started this many lines sequentially

to and Products growth. do volume quarters. good will a We sustainable focusing the Building continue Our teams that a levels believe normal we seasonally executing in job more see on coming long-term to return in

to of reported million year were $X driven in Solutions Sustainable compared in average up loss sales Energy million current EBIT selling year adjusted $XX to in higher in slightly quarter QX prior business the by million net of quarter. of $XX loss prices. million The the the prior compared a $X an

in facilities positioning very we is but solutions The increasingly hydrogen are well operating environment and that and challenging, be doing alternative excellent the adopted. have job capabilities to as in business made Europe team in leveraging our an investments continues fuel that

At over this point, Tim. to it I will turn

net of market $XXX million $X.X in last sales XX% QX Processing, the Joe. Thanks, selling billion In prices. were price last year, year, for of In average from per lower of this rolled a hot down resulting to QX prices. primarily Steel XX% ton price decrease in while in of selling $X,XXX just average per steel over our in averaged $XXX QX market ton year was the due

Jackson, X% part volume our tons joint decrease driven facility of Michigan. a in the in to were XX% by Total WSP divesture in due venture total shipped down

in were while sale the QX total XX% up shipped the Excluding quarter X%. of sale Direct XXXX. down up divestitures, in the to impact were current made XX% X% of tons tons mix compared direct tons of

production, in construction. in modest by and in some been rates experienced perspective, construction, non-residential From has related both slowdown and a seeing rising demand increases which we we're impacted automotive but interest the residential softness

QX, which million was $X Steel million or $XX Processing of prior per adjusted compared last had we the holding in million million up $XX Also inventory share share EBIT $X.XX in reported year. losses $X.XX QX, quarter. per or of estimated losses In $X from slightly to of year

calendar inventory quarter. steel increased per late prices over $XX ton, result, more will and gains than holding losses that swing QX could by anticipate estimated XXXX, a current the Since, in $XXX bottomed offset to million that in of we we we for as they've

environment our continues position laminations. EVs to recent and job as do lightweighting in excellent share and for well the acquisitions market Steel fluid world electrical us in an rapidly to pricing a embraces growing Our electrification, and the team increasingly demand gain and steel

it point, I over turn Andy. At to, will this

Tim. Good everyone. Thank you, morning,

despite Our losses late holding by itself prices $XXX ton per has were the solid since XXXX. quarter rising significant fiscal in This reversed from inventory during falling quarter. steel trend results current with swiftly third steel prices

expected, of our bottoming steel depleted our at demand As steady of many the prices inventories to customers along markets. end with across led

management that business our We our prices, a purchasing of for and our helps the we risk business minimizing our benefits price of job do and and key as and competitive these run cannot a fluctuations risk exposure While balanced a hedge We teams see this customers customers' prudent. our book advantage our and purchases customers. were minimize and to shareholders. both great of Worthington our volatility both purchases steel control

many impact have economy hikes. changes Although is the our banks to beginning rear the a continued yet impact of end to finance ugly on experience rate its Hopefully markets result The and will of companies Reserve's Federal as on head. material the be overall muted.

it But Act, the government Infrastructure certainly headwind Higher trillion you auto Inflation markets. and our of recently of employees and A to investment likely continued thank the continue businesses who financial the Investment will Reduction rates commercial more make Act potential customers and $X.X Act construction in CHIPS benefit many happen prices Jobs for road. Science a from chains, are approved commodity our financing. and supply projects demand spending the the for the and stimulate despite down volatility to our big and

in a electric named named quarter, and received this XXXX Supplier in and outstanding Work awards were two Partner-level John Deere a leading year Mahle, Best the more quarter. Place for Steel for row to last awards was Award XXth IT supplier ESG two by of After motors manufacturer Best Tempel during award Worthington a EVs. a We

employees with and commitment customers, suppliers every you and and their this our stakeholders congratulations. other Our dedication to earn Thank day. recognition

from complete, Our on Products, market Worthington leading company margins have with Building poised separate to Consumer capitalize sustainability, With well. financially growth strong brands should higher will Energy end multiples. and benefit fast trends technology, asset markets key in attractive outdoor XXXX in progressing sector premium Products, and plan is living. Once Sustainable we this intensity, construction growing two distinct business companies in premier lower a into and

to steel with growth continue advantage processor will take excellent opportunities laminations is automotive light best-in-class unique value in weighting and infrastructure steel positioned and and added opportunities a and in a be of capability sustainability expanding Steel set to spending. electrification, Worthington electrical

anticipation philosophy have by separation the Once balance our ample utilize and capital is with the building of rule both are planned cash sheet balanced to business liquidity likely businesses leverage principles of and shareholder positioned value. their we Worthington will modest been drive allocation complete, to our so be strategies. and companies golden with innovation system strengthening and and have that separation, our drive transformation, acquisitions continue In we Both to historical to strategy. growth run are the

We to are very for just I and that annual presentations finished shareholders the well the value our the money performing businesses and goal on to Board say of are of confidence increasing with of their making strategic investment. Directors, can well-positioned our and deliver

of While status institutions, equipped whatever the we next. cannot control and for well strong are the comes economy, we financially the or Fed financial

employees, partnership success all and look months and shareholders to you of other your coming and suppliers, thank continued shared the forward customers, To for stakeholders, years. our in we

take We'll questions. now

Partners. [Operator first We'll take Research Seaport Instructions]. Martin question Englert our you. Thank from at

morning, everyone. Good Hello.

Good morning, Martin.

trends markets a end some gains of some I some you of when demand volumes seen clearly in through the can markets activity end illustrated you exposure? know that of here discuss were many you some year-on-year segments positives But running here. the you of have and and negative across have seasonal key the and meaningful the where

saw little Steel growth that some Products. are Products lines headwind have construction was some have construction but transcends modest a markets end Building A that growth product some residential that of Sure. year-over-year we in Steel a In geared and in areas bit the the year-over-year the saw really a business, of automotive. towards Building seen we also there headwind. bit where

in I think the thing consumer business. is that true same

more Okay. Anything you broader like think specific industrial when about agriculture?

or I basis, -- Yes, fine will North The industrial but an hasn't not as year-over-year industrial impacted of mean everything a showing tech on in by I America a there's generally be to to-date extent is macro ag growth. been finance, little it. rates to the complex here impacted and think immune certainly has interest by bit as

likely losses, -- inventory a Okay. what gain said Thank holding that. goalposts might going helpful. What for I that noted be pivot from be? you that current you gain That's to would quarter. likely I you your framework in believe it's Any you're mean, regarding or the

Martin, is Yes, Tim. this

As can we gains look for visibility than out. months. could out quarter. losses about quarter about have three we're more at we the a estimated think now, the looking that it that this We We offset

and So it entire that we wipe could and think estimated $XX put way we million amount other the out.

could, reasonably the that going That's far other be commentary Okay. the I here quarter, mean, I one business helpful. is If on thus prior everything according and even to separation. to seems one plan your Any could far what's perhaps kind to here? well. make gone maybe Is meaning details than been continue expected share of as other better progress you as more or challenging?

agree is with sentiment. Andy. your would this I Martin,

we're the up file to but that's getting the with The people able that, as this next this believe probably point. SEC, confidential be Form-XX milestone as we to it won't kind ready be for major milestone. major of think I has gone to us, as next be will a could well see expected

would outside very has been hired the comments been followed And the control effective. process I We've is announced and the of One that while are leadership. well of to process of in expertise first us very of make making with it's kind think decisions, here. the help I level we we some the

We getting are I that. our there sort say, leadership the positions and would most of other being about so we're able major we're not to but closing on and announce excited of We're functions balance in quite yet, close. in of,

you're – excited milestone, any going arise into one been methodical we we've potential the to the had for to stopper when fear that are able a of It's that to quickly. in been these pretty I that us but have, the employees getting that things haven't you where process our not those to show we've we you solve know pretty of situations is think and that. dig I And and roadblocks, into have about run

good and early So as process. We're to for the continue we'll forward. of time about on XXXX feel now, we and schedule on push

with you to mentioned the sentiment the the leadership and folks next day-to-day working go excited the we're employees, steps, what's overall You see the through this, of as here.

and I on around guess this thoughts continued and there's is announced imagine then you messaging it what I it? As their

And also meetings, doing Yes, a spent employee we've employees, with amount that's councils. think feedback. our They folks would soliciting whether and solicit I the that we're doing to small number lunches we're nobody why actually uncertainty. really quarterly part, There's say a feedback communicating employees with for time fair from lunches think of understand what I our likes most We've doing. it makes employee through been of group sense.

I forward. does the drive I've about so that's process, people Which company we engage and absolutely will that in they the what's to happened. be outstanding learned at direction, me? XX of believe in mean company the anxiety is will around tell one when my it's and employee I And the base you is Worthington understand there think going years what have But an in? think I and for if it things more that And I am

a lot accomplish hard job new the are and seeing have their and XXXX doing us We day that one this very it. really on and And of the things project. And together. Worthington people into excel step-up help also rewarding embraced roles about they've this people is of working

speed been it's major. think -- along it's but a a way, process. hasn't So I It bumps been pretty without been nothing few good the

anything as been typical Interesting. here? challenging. issues a years I In just result if losing some of kind it these sound churn, know seats in solely this Or general. just the as trying recent but to you're of outside any of fill fill it's with And of or abnormal doesn't to like people seats

call, the Yes. normal within been what we've company There any, I observed. that hasn't would outside of course turnover

just in when One new you of that to up positions company separate you the of a thing don't that today. here with that need is does exist number happen business a populate company the stand public

nice sort opportunities for see. function, public to and mobility which function, examples so function, reporting for creates finance So, the tax legal would be upward people, is the it of

that to into the can people earned and there. they get have those do see what roles right You step

that from of come one this the rewarding that's So, things does process.

a desk Okay. -- seems well your work Excellent. all little considering color and separation, the like work extra appreciate you're bit with I yes. with on doing the

it, Martin. Thanks. We appreciate

next Katja We'll move Markets. to BMO Jancic at Capital

for Hi, thank you taking my questions.

Katja, good morning.

comes you your Can a more to margins? Building Products, bit about talk Consumer are when and and it the what expectations near-term specifically volumes

but and I and a the there of be bit to tend comment the don't be QX Consumer for and seasonally little on QX tends margins, a question. QX the and stronger and destocking saw in say it's really off business. to We growth and a sequential will coming So, Building slower Products QX fair both

this sequential expect So, kind to both in of growth quarter. those we of have businesses

Okay. And think we forward? level? about just the equity they come on normalized historical the more should to one them from the Should more dividends going investments. How

Over close working have are. approximate ago, about Yes, of of normalized. up in businesses pretty year to earnings tied making right. we Those levels exactly capital. lot be time, their working should XXX% were that equity a those and money, talked money capital had but this a you're what And

That's so pretty anticipate always the what those over that time will And are unconsolidated way dividends we much our seeing businesses they the outsized run. from JVs, approximate earnings we're are.

Okay. Thank you very much.

Thank you.

Independent Tumazos John to John Research. Tumazos next move Very at We'll

futures fall order Thank worse volume The at happy the the the prices have rolled loss. have was profitability. How you worse. holding wasn't how on notional secret of a just of Whether billion you sauce of would with weren't it peak tolling? I'm things the through been damage didn't with inventory used hot $X or that you probably Could walk maintaining so us almost and weathered you worse? dollars ton you. $X,XXX contracts, much sheet that's because excess the

very turnovers lap how explain But the we worst take inventory controlled Your victory see. were I you things please and probably steel to you hope downturn, a I well ever and price good. want so

to do would John. I we in Tim's, in and think the is remarks thank advantage we answers, don't of of that But historically heard that we things. we're which as our like we things that markets taken assets, fixed we -- a balanced feel prices take the I different think and you customers manages we our folks or Andy's is have Well, team our the of can what in And you, we just price best manage of have risk can offer can. best laps. kind one book, pieces victory inventories

care control to year in sheet Our P&L a steel down and of past good. can't line from their really we this we quarter are to inventories can we do customers, prices and were do our our markets, they said, as but are our were volatile balance markets pretty in everything own feel ago take days various obviously But ultimately, where but we Andy understand possibly also numbers when and protect markets. just peak,

it's customers ultimately it but things, can't as markets. also take because position are, and offer of us creates we to in kind good we sophisticated do things at those us lot that those we of for our leadership opportunities others to sometimes consolidate and offer to what a Honestly, share allows navigate difficult potentially as as are

the segment to split XX, billion corporate segments to which Steel $X.X the debt reasonable could I was billion and Is was billion at $X.X in proportional apportionment balances. asset If be of up other, other it November assume you. the another. the a The for cash for I cash assets? to expect three $X.X business for Thank ask allocation Processing

that business's not least but about debt much to it Not that going to will on leverage will that balance the that the on indicated, to that have is both set profitability. detail is But we're companies of good liquidity, to sheets Andy not at And way John. as be that se, exactly. the it. to build, cash portable ample most rest the assured plan flushed those The today our successful, that mean up per be thinking we we relative only is debt feel closer out low the actual But for spin. pretty and we're with

Thank you.

Processing, conventional the but prices two. be you'll with from question demerger a Steel might volatile or discounted separated patient and valuation, is another premium the the is are Steel in Maybe Processing. wisdom that have other steel If a business

at company, has or shrink by acquisitions into them you back custom plastic all bigger of of fell and acquisitions source acquisitions. acquisition look XX, two were the energy storage risk cabs work, go Company cars the universe I history there wayside. years made new the one companies how Consumer, a risk? the potential for away ago you Building Products of that a injection As and Worthington The tanks XX many molding tell Maybe policy for dashboards back about bit and the thinking of fast. areas. a really strengths when for us that's or the that And probably little these is these to and ideas hold Could didn't the you'll

Tim us this Yes. heard about one if I value for of you want companies can done. the three is exists think, he’d of be today like drivers will forward. John, M&A it and I grow we on both comment and how as tell business I'm you've will And when going to the talk

a where Steel organic is capital. to of they acquired Company, Tempel and about they electrical the are significant are will always Steel today opportunities steel or a that business will business, require welding in with great our year we ago. the growth that. and natural with so business to laminations are laser continue our that the that opportunistically that But look we've consolidator Processing space thing they positioned For believed do There

more while to they look think many to grow as expand growth transactions, to that continue will do business. so will organic I M&A equally they and opportunities And or be

not industry well-positioned excited been. very one things, and I'm growth has the is an That's what very historically of it to the be really business about actually that Steel Company, a

So that's exciting.

segments, three M&A Products, to operate Products Building segments of call going to there Consumer are that I transformative would in won't have will our the any the suggest opportunities consolidation with that either I we business is respect to acquisitions that doing Energy, what major operate what doing are and fits we looking where position Worthington, product be strategically portfolios new opportunities. consolidate we leadership in the be tuck-in or can Sustainable in, those buy that markets that we With be we acquisition attractive we brands would that new in.

-- don’t I I Consumer don't you anticipate in will just different cabs and significantly is you are us pretty see because the But Products referenced our than opportunity venturing doing from and into that substantial today, businesses we're what perspective. Building set

Andy, add I to that, Andy? can on

That's yes. Yes, good.

hit Andy it think head. on I right Yes, the

grown Processing in being to vehicles, selective be are also that be modernized forward in of how we lots which going disciplined to in the transformer Tempel involved be and we've EVs unit But able grid forecasted and will all market, related handle to future. The runway got go We acquisitions. in. about to needs electric the to these Steel business the is

capital So, think pretty strategic is the perspective. bright and we an growth organic from future

you. Thank

you straight we've $X in share we ended cash? three could XX without gone explain, even almost repurchases just a any share with though February Finally, quarters

paid a I have our where approach. historically, we've XX XX% over XX last of capital what around least at Yes. balanced John, you paying years out pursued to been We've as I or as mean, company allocation earnings. know a we historically dividend refer the

when think friendly activities sense repurchases. balanced -- when more heavier in we made growth then M&A. We more through with have thought we the We've and share leaned but that CapEx with we've complemented valuation was And it attractive. shareholder

We been nothing The in not that's tremendous why there's buying and year value do spin transaction. of now Worthington believe the has XX with amount to value. the last have a pursuing stock right reason we actually we're

believe one immense sure do and take them of our of very well front are are of launch make separate in the opportunities two to we capitalized for companies here when both priorities that advantage businesses. these that they is to opportunities the However, we

So, low on with we opportunities. sort of and want to out liquidity leverage lots jump start of to those

why lot much that's value we to because during generate do see focused actually think little so the a been a even past of on it's cash And we've building right think now, rewarding do though there's have frustrating cash. stock been I how our it's able in to we year.

a good thing So, been us. for it's

you Thank much. very

Gibbs at Keybanc. from our take We'll next question Phil

good morning. Hi,

good Hello, morning.

right? FIFO a on then, a get you're tailwind, having that plus $XX swing, wanted to risen aggressively a from is And just you're So, moving so relates headwind straight? basically And as saying to the million I million it this was part Processing steel you to months, potential rise last and have do that several of challenges non-Steel feel from you February sort the forward in there in the is any the like any quarter businesses in from pull margin may we've seen there the that $XX seen?

and $XX prices million of on we how what based couple steel have based we had on holding losses estimated A this Tim. of today, fast things, know is this Phil, one, Yes. quarter. risen,

to positive that do see So that a yes, quarter. this see expect plan to or we to flip we next

trying were we earlier. bit to what that's a yes, little get So across

see lot a a with prices and of of before. the lot because ahead, as price didn't to We would had steel far the pull that far so guys increases that contracts As related happen. contract thought spot were we they staying were negotiated

didn't we really ahead. pull a lot So, of see

costs, And input it's of Building question, Joe, hard we majority those Products, a on those hedge Consumer try then, purchases. Phil, really to and your to

on time it really that the do have of historically any negative in those over of we to months, year better And several last those impact end kind get been shouldn't prices so, than the on rise the we then last have decline the material at and hope we of hedges. steel prices. And

to look from just capital the working quarter the can declines, you all And was order this as use positive in end then source working of but for does like net what far you think that you steel the a as capital, tail it or price as nice see? relates for make I or

some QX bit steel should the working P&L. capital. to seasonally balance the pick that through with know There's little obviously see higher sheet, run of up is being as lag through volumes but higher QX typically prices you the stronger we and a offset a it The will

And anything then to bad all from the months an few or earnings, surprised that a outlook lastly, you nicely ago? all level Thanks. improved a for way that you were what good either February thinking relative had you anything in I high know surprise but quarter.

comment. one maybe Yes, just

steel February you If month-to-month XXXX, prices, been the sort latter anticipated at pick for and that way that and inventories of never of exactly was know it customers, take but little it but of January because take played we actually you bottoming sure our depleted bit up, of -- out. you would half the that's slow a that had December this happens, until

is a steel When a you business. normal think driven impact lot I hold the return down. lot, markets patterns because now, to noise financial a we And It's for you decline can, on a price to what big going economy. seasonal if maybe debate volatility, steel of the you with think a off haven't And of the around seen there mean and right? going the right by that's prices kind buying on impact and steel some around changes of as our going of it's

made the couple rise, then prices of we year. it calendar didn't people When at first where ton say, heard you and sense. typically of buy that, buy months try least of would a ahead -- But rapidly the steel see in Tim

curve. see we'll if going quarter at you futures the to to prices look the say. happens anticipate people that's interesting next steel what will that down, with so settle back two, Obviously, It'll or be over

Thank you. good Have a guys. day,

Phil. Thanks,

no turn any time. over conference Rose for are closing would there back at to Andy further this And I like to remarks. Instructions]. [Operator the questions

Great. to in day. and forward look Thanks Have everyone June. joining us great we'll a to for today speaking

Bye. Thanks.

conclude does for today's that you And participation. conference. Thank your

You may disconnect. now