Kaiser Aluminum (KALU) 21 Oct 212021 Q3 Earnings call transcript

Welcome to the Third Quarter 2021 Earnings Conference Call. My name is Jenny. I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Instructions]. [Operator turn to now Ellsworth. call the will Melinda over I

You may begin.

afternoon, Good months to call. everyone, Kaiser you. XXXX Aluminum's conference X welcome first and Thank and third earnings quarter

please copy website our kaiseraluminum.com. our a page at seen not Investor Relations you've earnings If release, visit the on of

this also have for PDF the slide version We of a presentation posted call.

Officer, Joining Officer, Officer, Vice Accounting Executive Chief Financial Huey. Keith Neal and the and Jennifer President today President President are call on Harvey; me and Executive Vice West; Chief and Chief

Before our you you management slides statements we are in to the to statements on refer by forward-looking contained based begin, I'd presentation. like management's this first three constitute expectations. presentation and made that of the information remind that And the current

of to and risk including cause the in XX-K specific annual those expressed company's could that filed the report differ Securities on Exchange reports forward-looking and from with summary statements, refer results the factors the earnings Commission, For please to company's year and results for materially conform a the the Form March XX, forward-looking XXXX. expectations. to to for any company XXXX to XX, statement undertakes XX-Q XXXX, in September The and update Form December XXXX, June ended no XX, statements quarters or duty the changes the actual full ended company's XX, release

are today the provided control measures reconciliations for of included measures to are included the appendix in GAAP information reconciliations we call addition, items in means to without Any release because outside Keith the now financial reference presentation, like Reconciliations to I provided appendix. in cannot and EBITDA, financial in for of measures or items the call we've excludes Keith? financial certain required for comparable will forward-looking turn non-GAAP or unreasonable non-GAAP the which in GAAP to the are comparable In the open predicted the we've of company's our of not our discussion. such most questions. to Harvey. our Reconciliations provided reasonably and would rate non-run EBITDA At conclusion be certain earnings presentation. which adjusted effort. over discussion the

strategies Melinda. us while and who safely customer XXXX the and to diligently our to joining our I quarter meet begin face the of to thanking requirements operating of execute us position increasingly in challenging for third results. Thanks, the long-term conditions acknowledging on market continue working growth want Kaiser you thank and dynamic a a quarter by to And for very environment. review team and during

our aggressively continue second entered quarter working challenges call, earnings third to several we to demand. as As during improving the meet prepared our to the costs we of quarter and in we impact discussed of mitigate inflationary addressing locations labor

going be we results proved into expectations adverse rising and robust While of facilities to demand quarter, operations the well anticipated. impacting the reduced during other remained continued more as particular, our and conditions that costs challenging than in our issues, as market, efficiencies supply challenges rapidly material quarter. well fell chain inflationary in contributed In to short the even labor

have We efficiencies in enabling labor addressing our made in increase challenges, as quarter. the progress our an significant third of output operations and

results and material, included chain impact issues points end million. persist quarter costs to of margin further basis costs as approximately through approximately EBITDA other the headwinds incentives by to year. plant manufacturing in at $X the a these quarter additional the labor for $X and compression an $X quarter of labor to the for transitory expect Collectively, the G&A from Higher costs, delayed we approximately per million least impacted other EBITDA. in accounted quarter unit third Supply by costs raw inefficiencies second inefficiencies negative resulting million. shipments These However, These were other offset the cost led lower and negatively disruptions. XXX compared these partially the quarter. disruptions the of to and in

We increases supply can we are and our terms agreements. these businesses the of transactional our costs aggressively where through additional in through through price passing

a While these is these pathway to our a can increases there effect mitigate and these to generally in costs, increased higher prices. costs adjustments additional provide exposure lag reflected before be

turning our end at now Looking the Slide X each presentation. of to markets and in

half Our of shipments in the first continue in year. half second the of the we up expect half the from XXXX the aerospace first shipments will XXXX. to of compared high-strength of and increase were XX% to And half XXXX second

recovery high XX% shipment primarily to Earlier operating challenging quarter. I the in which to in Although XX% to projected approximately results. than XX% value-added challenges expect approximately and in record year-over-year to we the see we aero are year, inefficiencies XXXX aero at and revenue to revenue now resulted previously the X% initially decline staffing attributed ability down for impacted our value-added increased demand would our to third the times to the facilities chain down environment slight our or compared in anticipated XX%, the high-strength revenue and down This X% be pleased strength from created delays. aerospace and underway, We meet in in supply projected our value-added XXXX. lead is year slightly worse be and year-over-year, noted, our some will issues

Turning IHS recovery declined X. chips. of impact Shipments second XX.X supply vehicles the for declined quarter to quarter. XX vehicles With global the due our the insufficient to value-added automotive did quarter chip North updated shortage. by million from expected and to third forecast the specifically the revenue vehicle to the year due America industry not for has to builds XX% respectively and semiconductor of continuing XX%, in the Slide respect for occur markets, from The

strong have meeting the facilities demand. facilities, revenue value-added fully which of meet been support demand, able higher anticipation a to forecasted customer staffed deal automotive efficient auto engineering while smaller manufacturing the levels market. the of our a previously overall those our of cost we of part divert portfolio, in While better the strong is XXXX capacity hampered impacted for this And the staffing portion negatively automotive have of and operation and our general pivot to good been

outlook XX% XX% for XXXX anticipated had automotive growth increase. our year current the up year-over-year to of in of applications full now to to when outlook our in XX% compared year, we Our revenue has value-added half XX% the first year-over-year automotive

we production our OEM support customers the significantly automotive are current in normal right to Although to remain until been the operations. programs moving and place has curtailed, return

to well And year-over-year more We both demand these XXXX. engineering be Slide to to value-added a note, continues we general to capture XX% in positioned and continue flat anticipated initially X. are positive to rolled up turning On long opportunities Now would compared be to robust. revenue XX% products.

quarter restoring However, to continuing demand, revenue in and heavy the value-added could than to down continued remain partly is inefficiencies accounting at these labor and of Demand end restocking an chains at quarter the of of of which year-over-year revenue now amount the due fourth products quarter, second of the OEM the with Shipments in into perspective. for through quarter. entire and recognize and we are from on we not quarter value-added pace normal strength increase the very strong products. from strength the material in-transit beginning larger our slightly due XX% supply a for than of were greater KaiserSelect

addition and Slide XX. Rolling of strong Turning our Mill growth now what to products as to of the for acquisition our of the to continues to anticipated acquisition continues profitability demonstrate packaging opportunities long-term business. ability our in the packaging margin with this beyond had demand at expansion increase. The significant portfolio our to Warrick strategic in remain confident we time We deliver

issues in labor planned in mentioned the converters, from continue however, by of the challenges myriad execute and volume to supply total site metal material of cost currently inefficiencies, continued our impact for which range. the supply our faced our including outside the training, the representing the negatively the approximately continue in and XXXX at the We We our and chain $X third outages a operating we With the comments. and $XXX output mitigate in and lower will value-added outlook unplanned remains one quarter of impact revenue issues full resulted was chain packaging, year of During of my demand, for to strength quarter, sources. million two power business. staffing $XXX into earlier million outages countermeasures supply of some costs, anticipate disruptions at higher million impacted to higher performance fourth quarter, unplanned EBITDA as these one in to

agreements running good with next X the the Warrick continue the integrating track the year. quarter end or first We transition on progress exit XXXX of make transition to are potential IT-related service and company X to service by agreements most of of into into

for up in to third total Slide we around third the be we impact supply a outlook quarter margins fourth quarter Magnesium the emerged digits quarter, in have expected EBITDA from and adjusted consolidated costs XX. And Turning as outlook. the of uncertainty has the material of results now chain the with through likely that low-single in similar fourth quarter. included recognizing to Summarizing XXXX, remains the ongoing particular, disruptions will some continuing headwinds value-added our balance year. the in fourth those quarter our revenue anticipate the us headwind recently for

to declaration from impact one failure recent the However, results. and China industry magnesium further equipment the situation production due our quarter issues supply The remains an fourth with majeure of could together fluid. suppliers from force domestic worsening

our to be these our earnings more balance interruptions We turn situation for in to quarter for presentation. and Neal? our our now and as opportunities the with quarter. the later over associated I'll the on And supply discussing for potential are discuss to markets implications working provide the with beyond quarter. Neal cost I'll potentially color to as the outlook and call better back the with our understand suppliers the of well customers'

morning, Good Keith. you, everyone. Thank

of XX. at was million reflecting addition value-added end first completed of Slide million XX% the $XXX the for compared XXXX period, $XXX Value-added year prior the business of third revenue the or increased million to the packaging our revenue from quarter. $XXX to of of Turning quarter which

Continued our ongoing due applications in vehicle America a $X underlying $XX production, chip improved $X strength million million Keith by for impact million, contributed offset decline in the increase, high semiconductor engineering the strength to as our partially North shortages approximately of revenue general for demand applications automotive mentioned. of value-added year-over-year while aero of

demand chip commercial third million revenue curtailments the the applications chain of has first $XXX approximately that XXXX, from and for the that general our from XXXX XXXX million of strong value-added $XX high million supply $XXX applications. nine as Keith third months year-over-year, to aerospace for chain the impacted shortages under of declined impact results first revenue patients contributed while and a $XX as multi-year and On of for quarterly ability declined our of for XXXX customer second automotive applications XXXX, increased of our strength the program declarations contracts. to while the included the continue of Value-added demand a approximately the quarter XXXX. Warrick months impacted quarter XXXX our to from revenue As of XXXX, of reflecting labor supply automotive aero new increased COVID-XX-related strong. reflecting strength to on revenue $XX acquisition. from our for and quarter remained quarter $XX demand recovery additional Demand continued high $XX revenue related of increasing occurred aero defense revenue XX% million million reminder, the second compared remained sequential by XXXX primarily million basis, months value-added from the million produce applications first have $XXX driven challenges the Value-added nine our to of improve launches COVID-XX noted, of million the engineering or for value-added impact pandemic in modifications

the Additional found applications detail and shipments appendix market this be revenue value-added can of by on end in presentation.

in our XX. offset quarter to and year addition XXXX the of noted, reflecting $XX and million Turning of to by compared and aerospace, increased previously inefficiencies. the prior as high Adjusted quarter, EBITDA strength costs third the engineering applications improvement general packaging for higher Slide the

revenue reminder, related a million third modifications $XX XXXX the adjusted declarations. the quarter EBITDA to customer the As includes to previously noted

of months the XX% EBITDA inefficiencies reflects quarter of X $X XXXX the second On a of discussed, sequential as XXXX. up third The XXXX increase basis, revenue EBITDA quarter the of period, labor Keith. declined the higher XXXX by and prior offset $XXX inefficiencies the reflecting higher impacted months million was million million higher quarter declined previously costs, of the and X to $XX in XXXX, value-added as of disruptions increase Adjusted the by our redundant $XX addition as an quantified incentives million, continue across EBITDA and as cost of chain Third year first supply margins from $X.X XX.X% incorporate in the platform unit approximately benefits overhead by costs discussed. impact labor, costs to XX.X% our costs for from we into other first Warrick specifically operations and freight, manufacturing to systems. million of compared and

quarter XXXX, a For to the the of additional months XX.X%. EBITDA margin benefit XX% of compared margin first pre-COVID first quarter the declarations noted. first margin customer previously XXXX, X of our nine modification XXXX to EBITDA record XXXX, adjusted and of in third million which of as EBITDA And months reflected XX.X% to related adjusted for $XX of the the

operations and increases, our our discussed, our businesses provisions agreements. through costs and inflationary Keith through through supply in are teams to commercial contract working to included pass in diligently our price identify and transactional customers As

also vendors our We minimize disruptions our with in supply are to to supply. cost ensure working and stabilize channels

have impact to in process the As of order an qualifying production mitigate schedules. increased and potential lead minimum example, to reorder suppliers our And times further points. the we are additional our

staffing In improved we addition, our while have significantly levels.

We some inefficiencies workforce. and the we fourth new train, into into as integrate will additional labor continue to costs our quarter hurt staff manufacturing

to of non-cash $X quarter Moving XX% to $X due in services charges. for integration million, the quarter charges Warrick previously prior to $XX Reported discussed. on XXXX million XX. operating of operating up costs purchase $XX of and for related as hedging increase related income million EBITDA, income professional from was million, non-run rate third in the Slide the additional third including million Adjusted $XX $X Adjusting accounting million was year primarily the of

net in impact includes purchase was quarter for XXXX million $XX and and operating compared incremental accounting $X approximately charges, million rate $X of inclusion Warrick non-run Reported quarter. net of to income in above, the primarily third loss adjusted items for addition, amortization the year of quarter the prior for was income the XXXX of the third of Adjusting of year the In income the depreciation approximately net million $X million reflecting net noted income the operation. $XXX,XXX compared to of quarter. adjusted prior

of million, impact approximately quarter tax reflecting recorded a XXXX, adjustments. we required third tax For the expense the $X of

the remain We For we the tax to will tax digits regulations. longer anticipate the believe single rate in which low until were be annual million. full current our tax continue effective year before XXXX that to and to XXXX, over consume of $XX the year-end the approximately cash items we as term, discrete NOLs, our in low our under rate mid-XX% federal range

compared quarter. quarter share quarter diluted quarter per rate of of the As $X.XX prior for the for for non-run third $X.XX Adjusting share to reported, third of share a the to earnings $X.XX diluted diluted loss XXXX. third XXXX share of compared adjusted per the per the items, in of per was the earnings earnings earnings dilute were adjusted $X.XX XXXX in of

borrowing than undrawn. million the As $XXX of of of our $XXX and total remains credit cash borrowings credit revolving the in approximately September million XX, more availability approximately million. facility during $XXX facility facility There and under no provided were quarter revolving liquidity of

to year full of XXXX certain spending the $XX our million the have chain million of for and capital projects. We timing supply lowered approximately to $XX planned due challenges to

our and Warrick will associated transition for work prepared by to staffing these effective TSAs ramping TSAs with continue IT also operations TSAs. as to year-end. fees agreements the to the support Higher and overhead And with continue Alcoa continues be Our back other while up the costs exit exit integration of handoff for support several planned. office we or of

non-cash noted, In occur approximately now Keith? also we some of higher an hedging back to the turn call through to services year. our $X Keith and purchase this discuss million to XXXX outlook. corporate accounting-related to non-run support to beyond to the charges addition overhead related rate over I'll and of business $X previously end as And costs, additional professional anticipate million charges

Thanks, Neal.

Turning to XX deck. in Slide the

clarity optimistic packaging, is potential strong focused provide on continue growth. and improving and year's next investment they remain about forecast we long-term for And as a And an businesses our increasing received our very automotive forward, customers. believe now Looking high-strength for aerospace There portfolio above for declarations aerospace, general to from demand products. requirements and XXXX in the for be demand and platform have significantly we continued to levels expect for engineering. we XXXX of

we outlook of the the contracts record by Once are in to large extended better gaining half we the that for least requirements to supply to the our determine as understanding commercial we future expansion and call. understanding environment frame. XXXX next be the the quarter at a years. the markets products demand discussed have in time or needed our Our of continue next commercial back in will requirements over decade, customers, being the is our are into continue expectation destocking year the products airframers recover a X levels. a a XXXX in said, general anticipate of earnings Phase we so, better return the will second levels we jet chain That to aerospace for Trentwood, Included for XXXX and the we engineering to several XXXX launched when the large our total of our at during back

has aerospace demand also remains outlook. contracts of and our a in our Military business plate to our the than in levels in strong industrial for and sooner aided confidence products and commercial business aerospace diversity us. XXXX recovery categories participation provide as in our has in these expect market XXXX-XXXX for the confidence Our is to of demand demand support position for return recovering jet for military, large And foundation strength demand And expected the faster outlook. than provide The and a other our continued our jets we jets. solid to markets period.

discussions automotive are customers chip to regular production engaged with our in related shortages. We continued cuts on a temporary to basis the assess

expect and XXXX support million XX.X and alleviated. the to become remains XXXX in have million we operations lower production components in interim, now forecast will approximately of demand build build historically, operate we programs American rates As flexing shift with prior as for noted, IHS I engineering supply down previously build vehicles growing forecast to for we in XX% critical to market In be Current our environment, general forecast we over and operations demand the IHS our rates demand. their rebound production XXXX. long-term in full The year. intact, North or XX in the bottlenecks once changes rates we from remain a where can show will additional of levels vehicles pivoting adjusting continue the to meet the strong,

XXXX, the general supplier our employee inclined ensure automotive Given when production shift at meet to in build our to skilled and begin we're to up. had rates facilities where retain ramp we've the for demand engineering possible labor automotive products to more strong base in challenges to order readiness

supply a the be demand major ensure to be high. these And Our products from interest contracts is expected our our automotive customers In for to particular, mix initiative on our long remains as disruption development supplier continues position EV in abates. chip strong. our vehicles once

growth our this general multiple expect programs, to and management and and anticipate for to on utilizing structural, XXXX. into further systems working EV are our well in years remain battery crash products trade In products in new engineering, ahead. We contribute the demand and will we safety strong chassis

And positions have lead mills center products. we times supply extended XXXX customers. Our these with been service our for negotiating have

heavy expect experience restocking early continue customers as year next We our demand. to into continue to

in allow We higher some these further us markets XXXX. offset will strong additional also support to increases, of expect costs price which the incurred to

in capacity support earlier, to commercial well expansion our positioned levels aerospace years. at several the project next Trentwood general stated as the and planned expected will recovers engineering facility, with we we increased demand As be

of outlook aluminum appears domestic since makers we of in any Over in empty due importing And to be to to regarding confident versus Finally, of the previous at very demand acquisition infinite is even an that meet we demand this our availability of that new customers Warrick's cans end American And pace are strong. faster to the drinks X% expectations. customers are Warrick continue with and market supply. packaging, XXXX, consumers, assess North XX% recyclability. introduced XXXX part will XXXX with remains the growing will its talk the for our container. to And through material utilized outlook. Can an no exceed to remain as billions X% signs of aluminum X% X% growth, concerned choice time soon.

will second we new XXXX. earnings we to shift in in As becomes the proceeding coated products coat as of discussed are the early towards our million us portion higher-margin operational $XXX with role during investment a allow which mix quarter larger call, our line, a equipment

new long-term customers beyond XXXX margins successful We [ph] been for for packaging securing capacity outlook investment and in the the further business. for RollCo new improved supporting contracts with and our have at our

a XX to Turning and of today's discussion. summary Slide

this are excited longer-term forward, remains view opportunities ahead. we the As the intact platform challenges, near-term we and our about look potential notwithstanding of for

across manage as end conditions our done, and change our ensure execute to our deploy capital continue operations are CapEx markets. business have aligned will with our thoughtfully We consistently anticipated strategy, we our our demand that as to decisions business flex

I'll allowed flexibility, and has long-term, business model. value open to a which call dividends for steadily over the approach Our is of financial now significant cornerstone create increase us the questions. maintain our

go you. ahead. question Emily from Goldman Thank And Instructions] Please first [Operator comes from Chieng our Sachs.

chain then and you've they to the digits? issues today. in that is been the And shortages? there? alleviating? chain be else anything Are first related into higher value-added and Keith to is question some the time around relation going supply quarter-over-quarter magnesium the assumptions taking in flagging. Good Are mid-single baking that there is to Neal. supply My revenue of for assumption in just silicon that, Or the morning Thanks specifically you issues what

you. Okay. Yes. Good Emily. morning, Thank

the the really or for not actually disruptions The impacted entail For dealt They shortage, I was Kitimat supply the around in strike quarter still which supply disruptions. magnesium referencing chain third mentioned at shortages and Warrick our did metal power chip silicon were or really impact, supply facility. we've outages, been impacted of And a British Tinto, it Columbia, a with the then fab at which number the auto dealing issues variant. with Rio Delta plants. There facility. some our we've of Trentwood

So quarantining, we which well into had continued and quarter. absenteeism the third

largest One inefficiencies and somewhat I second the those referred quarter, for our was areas, labor to And discussed and times in around it quarter. of our challenges inefficiencies. multiple the we were that

XXX And new the approximately hourly. those of During we quarter, hired were about XX% employees.

inflationary announced continue seen. to roughly we part rises will that beginning. during your workforce new ground second in were already through due so of speak. for we inefficiencies are costs we've yet to respect that the to for us. That quarter XX% pass Those and quarter led aggressively first be quarter the question, of the to on next our the quite year effect There So increases With of that had a challenges and of number training to for the increases to hit jobs. all X% the haven't output

in expansion do to value-added forward. we yes, pound expect revenue per continue as go we So our

quarter. third been We in costs with have interruptions inundated of a just number the these and

go that, we're as XXXX. that into seeing expect out to we of some continue And but so we

maybe as And a really follow-up. helpful then just color. That's it. Got

raw via magnesium and mentioned even at that including of that costs You thing. All issues? when passed leave likes of as that be it be I'll of the of of some supply through some some include higher chain pricing. and silicon the labor these can costs, some the well? through Does passed of material the that

the focus understanding commercial carefully. issues Yes, We how work our that in closely we're in Considering those and be together have those the Certainly. and teams and shortages been manufacturing on our analyzing should in And what very lately passed underway forward. cost intent, actively margins moving and mag our here. news well forward.

the in we anticipated is I my as player the source We've impacting as of ongoing fourth to begin China the enter especially have would of into had majeure There had confluence quarter. discussion quarter. which in mag. in in especially around force really challenges, factors we in of third those to quarter, We to quarter, some be fourth a the been Domestically, the points. mag around these supply mentioned us a fourth late start

So some already discussion that those we've highlights of the areas with. had

are about pass-through with of our discussing We costs. customers those

We in that. that type language have our contracts to of do

those you can which contain Others cost through basis. a on that cost-for-cost can those of of Some pass we formulas through pass costs over time.

those to customers XXXX. accordingly availability due of and are the event, the and of issues immediacy and we the the are our cost urgency However, discussing with the planning going into

Great. That’s helpful. Thank you.

the Benchmark. ahead. [Operator Instructions] Our Sullivan Please next question Josh from go comes from

afternoon. Good

Joshua. Hey,

little for 'XX. ahead they that Were of more expand be on aerospace great. a come you Just Can Just you the Did a quarter? would received little bit just they those? declarations on this color on that expectations?

Sure.

that year, that delays the And impact discussion concerned, have the in other what we about manage OEMs about talked the have that What base. we means As earlier of to knew COVID the concerned the we been how through. long do have their we been calls occurred. and supply in

So we've through in only but about the end not discussions the the all this the balance for year been that means XXXX year of through the having towards of meaningful decade. us, what way

the to 'XX-'XX. confidence our we outlook recovery in more on And We're lot that. by as gives towards path now. a measured us a through lot more So declaring full it have the the clarity XXXX standards

more discussing. And 'XX be right it dramatically now has 'XX. grow more favorable now what what that that we as for with significant have we'll to more outlook we've enjoyed visibility, in been demand will a But our February we So continuing XXXX. in confidence about have be means over talking

is the what just guys you telling and their maybe flowing? about repair domestic then might how mag magnesium it And supplier get long them equipment to take

something We point. equipment. underlying was appropriate understand have working We needs to the place. of which and now. equipment. details Well, the this quarter point. of situation this unless that we're don't of with around at currently fourth the our issue have other repair understand seeking on. in through that also takes We And an we're the we obviously else there cause bank this covered supplier, can their of better an the And feel other lot supply we've supplemented at we're allocation a through We some from timeliness do

the We to Warrick with majority has we there Warrick. pretty significant outlook. an from they're XXXX, an especially into supplier, us and exception at possibly good Going we're in next covered year also our for at feel have a but allocation a of supplier the businesses Warrick.

So and with at any, helps? impacts others this as we supplier the about with if on forward be XXXX. our looking talking we'll customers That dealing go and

And Yes, the or magnesium the it products. non-KaiserSelect aluminum Does any silicon, on more use then does. agents, products? less that KaiserSelect just or alloying

do got they so and a well What machine. on typically there react No, products. not. which process and perspective, more development goes Joshua. how the around how from mag what -- content. XXXX that work are more it's or XXXX those But do alloys, they a you've the X% differentiates aerospace, we It's That's that in there, they series

a Warrick. from impact series, and all do the experience on can we tab for the at which good less might food is what products there's and what So bit you X,XXX end at --

Are dynamics, a semi saying on maybe any OEMs which they're there just until then automotive one automotive what little versus shortages. the the products are accepting it. to noticeable last on clears bit? off up And the shortage differences the Got one hold between demand

the nod it's and most tend the get -- priority ones Well, to on for selling are they're the as products. vehicles you the that imagine, can profitable hottest

what our truck light And truck, in on we heavily products. of we're we're vehicle. the So on each know platforms of side the

So over We we the movement But shortage. see see will releases there time. those even disrupted been various during have weekly accordingly.

and the accordingly. So having that, on to you know on But when all do the appears platforms highest go margin we supply. the irregular problems alloy, an gaining we know across But right platforms are they're basis. it delay watch products now, the

time. Got you it. the Thank for

Joshua. Thanks,

call the turn this time. questions no over will at Keith to have CEO, Harvey. We further I

you, a our Aluminum. to XXXX. XXXX in time and plans day. results All as February call forward our full you And for Have I good Thank XXXX Thank outlook and right. year interest well during Kaiser our updating for in as quarter Jenny. for look fourth you and of on your

and Thank concludes conference. This for participating. ladies you, Thank you today's gentlemen.

disconnect. now may You