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Legato Merger (ASTL)

Participants
Michael Moraca Treasurer and Investor Relations Officer
Michael Garcia Chief Executive Officer
Rajat Marwah Chief Financial Officer
Dave Gagliano BMO Capital
David Ocampo Cormark Securities
Ahmad Shaath Beacon Securities
Ian Gillies Stifel
Anoop Prihar Eight Capital
Alexander Jackson RBC Capital Markets
Call transcript
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Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Algoma Steel Fiscal First Quarter 2023 Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. the Investor to Steel. Relations turn Moraca, host, now and Treasurer Officer will conference your over Michael I for Algoma you. Thank

You may begin.

Michael Moraca

first Chief Michael Garcia, Good Steel Chief Executive conference welcome and Rajat our Leading quarter Marwah, and Inc.'s our call. are morning, earnings Officer. fiscal call to today's Officer; XXXX Financial everyone, Group Algoma

www.algoma.com. that the the a comments today. I corporate for replay risks available made reminder be will differ made made Steel's remind to this As like Algoma assumptions today laws, would call statements on may today's call statements inherent Investors may meaning in you which contain forward-looking and website and of and securities results is at from within being uncertainties. Actual of recorded section applicable materially involve later

statements are our the the and earnings disclaimers X year March on discussion remarks. read prepared the ask and to legal Last presentation note slides using financial today's that references today's ended the an to today of we presentation the also corporate presentation to section discussion and outlined analysis in our with our and mind the XX, slide statements in US measures. prepared The IFRS, includes our management's for earnings full from call addition, the financial dollar statements financial be on accompany financial and which accompanying would evening GAAP non-IFRS Please call assumptions currency. I accordance found differs In our and for risks website. to refer posted Algoma Steel's in of With Investors to in as everyone functional as XXXX. certain US dollar Canadian are currency our prepared that today's can

and Our unless Canadian today's referred June runs otherwise to note three for prepared April are XXXX. the fiscal in XXst dollars XX, call financial amounts to months March on ended from have our statements Please been Xst year all noted.

our remarks, Officer turn prepared Garcia. session. a will Mike? our Chief Executive will we conduct question-and-answer I to Michael now Following over call the

Michael Garcia

Mike. Good we fiscal pursue substantial us, XX, what quarter joining you do employees. for start in believe achieving the comments most truly diligence At as Steel's by we in our for last and zero you June Thank thank collective matters continued XXXX. compromise addressing time focus the of safety in earnings morning workplace entire I our their my call for relentlessly and frequency always and resulted improvement our will our decade first ended Algoma of safety Algoma, goal continued rate. I has success without our our injuries. injury commend lost team we as over to

made best and I proposal and strike we Local past Therefore, team, to and Last accepted we announced sensitivity offline we Friday time. negotiations anticipation two transition membership with get to its local no equitable a package that attractive labor week weekend members take To for vote. announcements Now new have this provide our before XXst. have this week. to the of the extension ratified Last this a United during fully peers. in ask XXXX, final for in favorably frontline negotiation who which the electric to Negotiations offer declined steps to offer the be our which for a we on demonstrates and we operational our Algoma. share deadline. those on were talks. Q&A company and facilities are what these American both our that submit update fair union’s the North with employees competitive all concessions unions, most start, agreement facilities limited arc we had are taking with reached allowing submitted our recent to original which Saturday these workforce agreement to and represents night, our the additional to fair no the of hourly continue highly negotiating update a The reach labor that you XX we offers given unions the for expire without two steelmaking. technical, ahead team agreements with workers, union's There represent discussions, the announced and want to and will compensation of we for professional supervisory in offers continue. that the to represents Local with discussions further United where XXXX, Steelworkers into operating continue our action negotiations on session past employees regarding on progress today both our had normally an compares our the USW believe, this of and operations On an can We safely results our at interim. desire to the union Due us a any throughout our the to This employees. days, over agreement of Steelworkers we the quarter, are the to time, sides call. of set of July those At unionized active on multiyear chapters we began willingness of facilities plants

XX markets advanced call, key subsequent my will and today's current I two my our time. have been the the for state job into during on over for a to its understatement as as I'll a milestones return steel days we numbers months first Rajat deeper the our the a observations busy well To major and On would be policy. and events my first quarter have strategic then capital of that turn say before Now initiatives thoughts as end. results. closing to with turning dive CEO, call during the number on to that as of cover

about the out first operations, site, my meeting of come and get and our our close roll of the even processes seeing away to with facilities approach in up and our many spent myself on future. Sault impressive members, familiarizing our Ste. we and One more exceptional Having operate my Marie. operations priorities team the personal specifics and our was I sleeves team time excited with of up

revenue will generated EBITDA million. first more results, and have million, to a by fiscal a drove team of in shipments Algoma's future, by Rajat momentarily, of group We on producer the the detail adjusted in quarter. execution which tons, of CADXXX CADXXX XXX,XXX focused executing results CADXXX of North as achieved cash green we dedicated Those million Relentless activities included pathway American leading operating our operators, of steel. of strong discuss

construction startup. quarter, advance electric arc our for During expected furnace achieved. quality of remains completed continued first of phase pleased our mill and June project planned to being XXXX XXXX, with report am budget transformative which two-phase project, plate our the We time we on in on I the to modernization

the we be our issues the initially by ensure phase, due in phase. phase been line second apply Issuer million repurchased Further, extended average outage to at the are per through phase phase learning our results Bid I like of program, launching the NCIB We time prior to price quarter. during substantial execution. $XXX impacted support first said X.X And issuer to reflects in expected program a a our $X.XX to extending We longer-than-anticipated The record outstanding completed we fiscal million with over to or to has start-up, in our XXXX June from launched next customers to first a better that SIB seamless automation to distributed an allocation the shares profit bid. corporate Normal our second of positioned November, CADXXX a by XXXX. our capital Course share, sharing busy million employee

at operationally of a repurchase resulted by we approximately shareholders. impacted during to approximately process, XX meaningful and the testament being times XX.X% like that of team Algoma million shares. our now has normally, shares market the oversubscribed without all transformational price the It's these, by EAF of a execution existing $X.XX. conditions, XXX,XXX,XXX while return time able to and of portfolio our outstanding Just able are of the the capital operate shares our project, successfully challenging being last assets construction of to these outstanding week our in to we of program issued completed the common at issued SIB which or announcement

Now over I to thoughts go before with closing the pass the quarter, the to for call Rajat, and the some results will our over markets program. strong on Rajat? financial allocation capital

Rajat Marwah

morning Good Mike. and call. Thanks you thank for joining the all

remind numbers I'll results potential Our Algoma. the in all are unless Canadian that impressive noted. first dollars you of fiscal to again, quarter continued otherwise demonstrate cash-generating expressed

of our only projects. on revolving capital the margin results of and operating and CADX.X balance to highlighted million of Our CADXXX.X sheet is remains, on income of our our We reflects quarter credit and cash the CADX.XX guidance CADXXX.X of or million long-term exceeded to of million which with CADXXX.X share EBITDA million activities of generated cash CADXXX unrestricted per finished adjusted undrawn were an facility. net EBITDA The million. loans CADXXX quarterly adjusted our in form from billion linked debt by XX.X% government

SIB drivers shipped So compared performance, after $XXX sheet sequentially quarter the down down million our as the even to of successful remains funding week year our last Diving XXX,XXX prior X% tons we key net into quarter. and strong. the in our XX% balance

of quarter an averaged scheduled mill had up sales the upgrade, planned have in of realization versus our revenue. through shipments and our outage the the but impacting Mike flat we comparisons. million positive revenue of contract the we year plate book in reflects quarter. as second the prior ton the X This XX% one-month of As versus our on previously fiscal up during Furthermore, year. disclosed, sequentially a lag prior increase flow period. quarter automation impact sequentially, the we per will prices Phase earlier CADXXX which, described at challenges higher CADXX.XX in completed impact up Net quarter year the year-over-year same last X% order resulted XX% steel versus The during this

cash increase flow the profit well per taxes XX% modernization increase include down quarter commodity the outage. connection of We The March X% at main from having was anticipated. a base and drivers increased working million shipments to capital to slabs versus a non-cash resulted goods SG&A during cash as the to falling a and sequential increase quarter flow address on low our From higher prior higher the main the generated which balance in XXst of the taxes sheet of normal sold cash flow year our a price record in equivalents period. company. perspective on a the produced increase related of cost increases include accounts as sharing inventory restocking and billion Algoma's the costs the a in increase payable while approximately period the than quarter work typical SIB, in operating prior positioned performance, previously sharing. significant quarter. significant year stocked finished and cash public for sheet, CADXX needs. being over and ample than in prior our progress up the balance to as quarter release receivable included cost material in due basis, an employee On end in of on operations a side, the prices factors year us as payable CADX.X us were mill operations of future selected in capital in inventory the during at more to change offset CADXX.X from The inventory slightly Algoma's million These expected were by to related This the lower of inputs, tonne with withholding in seasonal profit result average and liquidity historic levels cash raw well complete which and the this in drivers CADX.XX retaining of for plate but

Up As spent project XXXX, will spending CADXXX the on fiscal spending have as I and XXXX. occurring of of to the the X% year, update XX% in EAF fiscal the call, approximately an be mentioned occurred quarter, we fiscal of after balance previous June EAF end spent to the approximately the spending, in approximately on prior project. the million

to with the the still is the in commitments at not its original to price contingency approximately XX% XX% yet project Algoma Looking totality, has committed. portion that be contracted. of contracted spending project been a balance significant maintains support remaining with fixed

last the project capital Beyond successfully were the EAF leg week our to excited complete we last allocation our in SIB program.

resume we through SIB, dividend to during acquired results we and was effective On cash to the with exchange our fronts strong like financial some closing to would the today generation returning I under and our strong all balance temporarily continued and continue shareholders to in normal capital for sheet options quarterly and now Mike SIB well-positioned In addition on stock to position including back be law evaluating allocation. market as profile, updates the fortress around our to comments. the applicable suspended which us rules. NCIB, will active multiple turn the call as Mike? capital it are

Michael Garcia

Thank you, Rajat.

imports intermediate near-term, North and and and order recent said to reached customer above consistent state near still near in mix, for the buyer has optimistic still be expect evidenced range long-term and and attractive Yet indicators, in relative the forward highs higher stay and base, next is American contract product levels wide to term about fundamentals reasons related conflict, today's historically levels is other Looking levels. prices any and pricing. our we consensus steel a remain optimistic our a from we prior high global a growing on In industries by April. XXXX of chains showing today, fallen the supported controls the well the to the point of construction we continue we Those and include supply with pricing and offerings. by of expectations Concerns remains at pricing a That is consistent from months. to place. near at current is intermediate this which sentiment to automotive over fundamentals number diverse to the Among coil, book. remain hot-rolled today's normalizing in few appears market reflect near persist. that see steel-intensive and the strong mid-cycle Demand pricing currency, gas a inflation, current pricing Pricing oil other levels. to market have and that headwinds will curve in remain

be positioned so have and operationally are We company do to to market the conditions from execute EAF the we excited as of even benefit the these construction favorable to able project.

to a on it questions, our few we open up policy. allocation words Before capital

focus operational in provides prudent project, our ability execute that phase stakeholders. Our financial primary value excellence our ensure long-term next on and delivering foundation EAF the creation our the to discipline ushering to of for remains our for company

green to market operations have and to pricing We have to also steel are that afforded the proud steps a strong balance we the even capital us strengthen company, to as shareholders. to like from the transition low-cost benefit sheet, the seen taken we our the last to we return have opportunity position over two years

As I previously course million augmented our issuer dividend regular SIB, the step quarterly US$XXX per biggest our US$X.XX normal and share program. mentioned which our was successful to-date bid

continuing in cash Boards we to Algoma, advance even my the very call to Algoma please very safe, we said you us significant focus future is first continue what means, Steel. on putting our one we with continued quarter which generate. Operator, to Thank that and Q&A exciting At live EAF position be spend be this We don't we Board, point, the fiscal your much in enjoy enviable capital strong the questions. to to a markets, was what would expect have in in session. the at holds. able I to money to to projects. the my the of or June, with start take to a generator happy of efficient free your As promises facilities view as be The forward within our allocation our instructions for not being while all the consistent first we expect benefits the for interest year give strong operations of long-term, over continuously look evaluate the a policy existing reliable, relentless in dual at will on our

Operator

this Thank BMO we first conducting Capital. is [Operator you. with Instructions] time, will question-and-answer session. At from Gagliano a Our Dave question be

Dave Gagliano

I operationally? my Can mentioned? I missed taking that the happening again for there delays the apologize. are of Thanks And through commentary what Yes, what you talk and you the beginning great. Hey, questions. in some is

Michael Garcia

in planned start-up the than of and that were we delays the referenced the plate has first our and to more we that's been referencing. end the Dave, start-up protracted quarter mill originally subsequent of we

Dave Gagliano

times a whatever September guess Xth at lead comes suspect it's just and just the Okay. us it take I talk when And can you've on obviously, I that in to a transcript the look regard. then visibility in I'll that To it's now. to -- help out. things follow-up into near term, certain about August got fine-tune you

operating mix, you the just and perhaps on there And basis to assumptions, a if if I could was volumes, quarter-over-quarter on quarter. want operating getting we're speak So metrics, you costs there commentary pricing like does or current third quarter? as even was Thanks. the what around some for for well? holding I look but know levels, it third the quarter pricing your calendar wondering

Rajat Marwah

is Hey, Rajat. this David,

comments guidance from reserve we David, So will perspective, for probably quarter. this our

However, a Mike noting, prepared mentioned in are remarks. there which that few his are comments worth

longer, shipped mill less so the plate and side. this is plate we will getting on see taking produced Our volume quarter in

saying which were probably six up, eight weeks month or ramp long us we to to to ramp taken outage, eight additional has six will a weeks So up. to take

impact that position don't the quarter. think be than you in see Other so we'll to coming a that any we'll So I guide in further. September

just lower So the mill. of volume the because will be plate

Michael Garcia

David, is And this Mike.

view has, can hot-rolled and coil as builds shares that substantial, plateau $X.XX a or you far then that be of of price around that And curve number the I maybe to the little price current the be seen. commentary area -- bit As and the there's think, again the of in but movement we at an other remains plate. mean, of a may that between hot-rolled a stability, price we pricing of slope a coil that and of forward public still see pricing, reaching I look index premium the

And that's what we So are we're and we're pricing is where building basically mid-cycle. still well above plans around. -- our

Dave Gagliano

impacts hoping mean effort immaterial why metrics. variations change sensitive saw operating the the I avoid I call I over place asking and that's business results. more an effectively of We all change nevertheless, is but lead a try and times quarters relatively would on a prices important couple little I that and near-term in changes. because this and been the how Okay. was to small model was highly have probably question, to perspective, lags the a perspective those, from get from longer-term it a what color and we could and ago

ask this question. me Let

Sometimes when to versus between business quarter? contract prices frame spot. how mix a shifts the we be fall, modeling contract business much Is should and for spot in there current way

Michael Garcia

think, shift between a spot. don't we've significant I seen and contract

future think, one in differences terms have biggest It's book. shorter that, is a a – the order the of our have we've size I of into the – of biggest the bit visibility seen we we little lead book are we because out month say It's at of current closing times levels. – – later for month close still the would. in for expected the typically we than let's shorter, month out the order the

that. But volume at but order terms or we shift and spot than book the that, in a I we've would So contract expect. the of – we material an looking it, shorter book view there. it's It say seen can't does is significant between shift typically do forward

Dave Gagliano

I'll else. Okay. Thanks. to over someone Thanks. it turn

Operator

Securities. from Cormark David with is question next Our Ocampo

David Ocampo

as last is your year. relates primarily Thanks. on side QX least a spot the even business? at it last I at below of it's just contracted follow-up of decline David's to that the where Good year business QX morning, here. shipments trending everyone. volume on I and on take questions or that Is If were look you to sheet wanted

Rajat Marwah

both well mostly the for mill spot as it's the the plate combination decline produces on strip as plate. is as you And plate. And is business. that That reason sheet mill know. and outage, as out It as when a well it actually the affects decline mill

well will impact longer the because and the have quarter that we plate the strip coming a ramp to as numbers that seen see the of September impact in bit up. QX, taking we and So is as little are in

David Ocampo

think contracted plus of see we flexibility your your for business, book. do some are XX% to is here? And weakness or Okay. to Is your give much or customers it take-or-pay? How I if it minus overall you close XX% more it's willing

Rajat Marwah

range XX% there of flexibility. – and is plus/minus it's that's normally No, some It's it. in the

compliance there otherwise. contracts good on is pretty the So

David Ocampo

Mike backwardation. the curve. you And a have if hedging? hedge book about futures curious, the right touched then how I'm bit in contango you a It's now. just versus that small consider know, right changes now you steep little guys currently normal I more

think the it's on get you tonnes. I seeing marketplace? dynamics that would we're a given little more the in XX,XXX But just bit that aggressive

Michael Garcia

course prudent take it. certainly, believe would cause And certainly point, that that don't at would And to or we can book, that option that a us different a it's certainly available us we might that know I something hedging to do point but we in position is examine right a reaches it's would we something sense on. eye We action if an with do. that is it make think a scenario. the where keep it to of that, be yet an

David Ocampo

That's for Okay. guys. me. it Thanks,

Michael Garcia

Thank you.

Operator

is question Shaath next Beacon with from Ahmad Securities. Our

Ahmad Shaath

color on the or appreciated. I'm whether year? the be an or for cost second for is just trends my it's Thanks us the wondering, half you any will guys. if there of cost give per COGS color that the Hey, short trends Any can ton term calendar taking on question. whether EBITDA

Rajat Marwah

Sure.

to side, on normally mentioned We a five that months repeat the So, see the I've lag. cost I on it's ore six will iron something but think I always it. side,

our with lag into months. index, we as seeing see six that prices cost a down the five to HRC So of iron on you're coming will ore or flowing

will year. for year. that the we fixed as the full us go help So along is definitely Coal

don't So change. see we major a

come will ore. quarter. within coming these change that which a other iron big down whether refractory, come will it's are the are commodities alloys from impact commodities So definitely of down as us There price the

ore our months some should quarter, of variable same six see year. the of because throughout remains which within and trajectory the we iron coming down commodities a fluctuating. costs So are within mostly, Coal and

Ahmad Shaath

color. great queue. I'll That's in back the Thank much. you jump very

Operator

Our is from next Gillies with question Stifel. Ian

Ian Gillies

Good morning, everyone.

Rajat Marwah

Good Moring, Ian.

Michael Garci

Ian. morning, Good

Ian Gillies

With respect look expect contracts where next of typically at trends margins I When to correctly coal, head as of still some is price the contracted to say? early the fall you're that recall point. get today you that becomes usage a renewed kind year would if tailwind into at in coking you those versus too for or it we

Rajat Marwah

it's a it's think this to the be manufacturers their RFQ's people, up moving has but because inflation. settlements say, little will come cost production I with early I will that gone in of are out in come later coal say early will the their companies when of Definitely out happening. right People there with direction. next their quarter, indicating and --

seen we've cost as However, they similar the very listed year. of some reported reporting last companies

So sub-$XXX.

the perspective settlements price. attractive yes, that trend can So is at good and happen from are cost an hopeful we

Ian Gillies

about the impact on. price other in And the hit some that piece wanted these there's of maybe any that mitigate talk to little half gas business are elevated of the Could for prices the back then I have way to likely maybe if increases on input? the occurring bit are you Okay. And that specific a to cost the year? natural

Rajat Marwah

six perspective, finished consume MMBtu pricing perspective and we roughly per steel from of production. cost a tonne So,

cost. coking substitute natural our can can flexibility furnace the see coke with we the blast operations, in heat, to So, math gas. produced coal in the of what We gas have where some do do percentage a which primarily is our is you natural coke, as

flexing to So the value coke cost. of between and what each upon gas and to is we optimize the calorific we the heat do keep price try depending of our

we what do. So that's

of concerned, working best the dynamics, through in currently, on not look are as pricing. But suddenly gas As hedging we is tool too the reduce specifically, natural is how strategies any And $X which as our is volatility far as April -- into to high. drops any the itself when long-term we use that you on sentimental. to fundamentals. futures, price mitigation at see to It's price $X, $X reflective get you more soon can

price. we So gas natural watching are

on We like be at trying to looking are capabilities we'll to watching optimize mitigate it over and longer our and based cost tools our operational term. hedging

Ian Gillies

that Okay. that I the then respect discernible nature, that to helpful. of seen that But last have that pretty month times for a saw full or mean you is August. front acknowledge and it steady And one does it's on call concern for you book, or lead I you me. order all ago? pause sounds gives for That’s a any like that it where things with difference two pretty to

Michael Garcia

dramatically a Ian, two this different is Mike. It's than not or month ago.

economic I sentiment in think worry overall decrease the the an a or activity. an a maybe or remains overhang that in or expectation of there's markets recession

positions that maintain, a be that's mindful and about their inventory so with large they customers those in And very resulted and as ordering us and inventory they have others who inventories these inventories to the levels. that result, maintain and do service customers the out deliberate to of

the I to continued state. much So pretty be think that's

maybe in volume the of if then maybe are expectations, is you they place. not that -- actually to happening, because or has kind that worried fundamental quieter about that's little continues because adjustment they all a if while adjustment be my But time, their at pulling the business about that activity a because concerned of place ordering already helpful. that our yet was fundamental So this reached at their reduced some assumption there -- I was the taking think think the period is

Ian Gillies

context. appreciate very I It’s helpful. very useful. That’s No. the

much. back I’ll thanks the So over. call very turn

Michael Garcia

Thanks, Ian.

Operator

from Our is Prihar next question Anoop with Eight Capital.

Anoop Prihar

been the you said I has in Good the budget your EAF, the committed. budget just think respect XX% morning. to remarks of Rajat, for with that

was that about in since I think the neighborhood contingency $XX we of the commentary? Has the last about changed last spoke million. something time materially it the said we

Rajat Marwah

is contingency available. There No, used, not being some still substantially it's changed it's materially. but

Anoop Prihar

just volume, coming then the the should year-over-year on basis? QX down back And QX commentary on expect Okay. to we to a be volumes

Rajat Marwah

Yes.

Anoop Prihar

Okay. Thank you.

Operator

next Capital RBC is question from Alexander Jackson Our with Markets. Instructions] [Operator

Alexander Jackson

question. Thanks guys. my for Hey, Yeah. taking

cadence the of the Just EAF curious capital there. know are fiscal another I you one the XXXX. budget. XX% spending in spending on was on guys I

key Just of might trying see derisking? of a sense we get some when to in terms sort across of Thanks. milestones

Rajat Marwah

from spending coming the less including perspective, quarters all contracts large the a in quarter. December said of see now will and up milestone From till So we we March a part so a as equipment. the up and perspective, we have in given spending building coming till the two

some The get contracts to that which will detailed balance completed expect on are the other given milestone time engineering doing we and we year. later be this

part have be that let's large so of anything that say end, done our one Mike, large the de-risked a to XX% least coming of a at in else So work, add? quarters part March remaining spending. we most of the by should

Michael Garcia

Yeah.

complex. to steelmaking thing blast probably the track. maybe off relocated. that our going that than we move convey continue the from a be railroad getting have furnace a EAF we do the where of constructed that little that with you a start for or the so we the to to the mile need we erecting the we a buildings to operations ground go or had could steelmaking smooth and was site, been little -- that We was The at advantage been -- had shop has could time that to little building maintenance were of is I side And foundations has the the That the things very biggest if drive it reroute had probably guess most of to this we new spend of small, ladle at of that fall late to above pilings the the did the taking work a repair -- or track, the section hot level footprint by the start to were small piece have footprint that place September. relatively project Just the continuing in iron use of BOS. time done. frame, is part that quarter work less project. tracks EAF big of have process have October What work internal we of and you It's the expect we clear the to color, is infrastructure another in and existing say erecting operations more

perspective looking moment, looking that is sorry. what like moment from this project of kind at this so the And that's at

Alexander Jackson

for guys. Thanks color That’s Thanks. for all that me.

Operator

proceed. follow-up We Please Dave from with BMO. Gagliano have one question

Dave Gagliano

Hi.

March? Just your down the clarifications. Should to we before Do next CapEx quarter-over-quarter? a be next over the next basis this quarterly the quarters, And quarters. sheet a bit the in couple the That's two expect it question, the a two in first on volumes declined million CapEx each quarter of my then one quick to that question. you cadence $XXX of of -- and second expect little be

Rajat Marwah

Yeah.

we So in the on bigger see expect down March same portion in the saying quarter-over-quarter. volume in down be think sheet a next this and coming might some I side, and as you're perspective, quarter? we CapEx then let's say should spending quarter from And to light dropping quarter the

Dave Gagliano

Okay.

Okay.

you. thank So

Rajat Marwah

No problem, Dave.

Operator

to like management question-and-answer Ladies and turn I gentlemen, we session. call remarks. for have the end of the the to out reached would are closing and back time of

Michael Garcia

I'd when conference of to look updating again results results progress quarter for We call fiscal participation thank second you our you. quarter interest Steel. forward our your XXXX fall. fiscal our Thank and later earnings like you first this to for continued we on all report in and in Algoma your

Operator

participation. conference. This you thanks Algoma concludes today's Steel for your

lines at this You your disconnect time. may