- **Operational Resilience**: Near-breakeven cash flow despite 2-year U.S. manufacturing recession.
- **Strategic Growth Drivers**: $40M+ EBITDA potential from metal recovery tech; 3PR services at 10%+ volume contribution.
- **Debt Management**: $35M asset sales to offset rising interest costs; 100bps rate cuts reduce borrowing expenses.
- **Market Outlook**: Anticipated correction in Chinese steel exports; U.S. manufacturing recovery poised to boost demand.
- **Sustainability Momentum**: 30% emissions reduction, 100% carbon-free energy, $M+ tech investments in sustainability.

**【CEO Opening Remarks】**
- Q1 2025 adjusted EPS loss of $1.33 due to deferred tax asset-related income tax detriment.
- Recycled metals business improved YoY: 6% SG&A cost reduction, 97% sites with 0 lost-time injuries.
- Key challenges: constrained scrap supply, elevated Chinese steel exports, U.S. manufacturing recession.
- Strategic initiatives: 
  - Advanced metal recovery tech ($40M+ EBITDA potential)
  - 3PR services (10%+ of recycled metals volumes)
  - Asset monetization ($35M+ proceeds expected Q3-Q4)

**【CFO Financial Review】**
- Q1 2025: Near-breakeven operating cash flow, $12M capital expenditures.
- FY25 CapEx guidance: $60M (20% growth, 80% maintenance/ESG)
- Debt: $430M (vs. $800M credit facility)
- Tax rate volatility due to valuation allowance; no cash taxes expected FY25.
- Legal costs elevated Q1 but expected to decline post-Q2.

**【Q&A Highlights】**
1. **Export Market Dynamics**
   - China steel exports up 25% YoY, suppressing global demand.
   - Expect correction as other nations push back on subsidized exports.
2. **Interest Expense Management**
   - FY25 interest costs reduced by 100bps due to Fed rate cuts.
   - $35M asset sales proceeds to bolster free cash flow.
   - Debt levels aligned with strategic investments in growth initiatives.

**【Sustainability Update】**
- 30% reduction in Scope 1/2 emissions vs. 2019 baseline.
- 100% carbon-free electricity usage for 4th consecutive year.
- Investments in emissions control tech driving sustainability goals.

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