Aperam Sa Ord (APMSF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hi. Good afternoon. Thank you very much for joining our conference call today. All our comments were contained in the podcast that we published this morning, which, you know, supports our quarterly financial reporting and where applicable, our disclosure of regulated information. We hope we can also save more time so you can ask pertinent questions during this call. Together with my colleague, Nicolas, I'm looking forward to this dialogue with you. So let's start right away with the q and a. Operator, can you please open the lines? Thank you. We will take the first question from Tristan Resser BNP Paribas. The first one is on Stainless Europe. We've seen U. S. Stainless price rising close to €600 per tonne since Q4. Scrap prices are also up maybe €400 per tonne. So it looks like you have a solid spread expansion year to date. But in your guidance, I've been surprised you don't mention any price cost effects into Q2. So maybe can you discuss the other elements of your cost base and if we should expect a positive cost effect in Q2 for stainless and electrical? Hey, Tristan. Let me start with, and then Nicolas can answer the spread question. Right? So the one thing you do see is obviously these two factors, but the second thing is obviously what we have clearly guided to, which is also valuation effects. Right? You have to understand that we do talk about the root cause of this rather than the effects. And the root cause, we have clearly mentioned in our podcast and everywhere else, is the utilization improvement in the European business. Right? So we clearly guide to that. And in the past, we have always been very explicit on the fact what happens when utilization goes up. And, so we thought it was obvious, but, Nicolas, go ahead. Yeah. Tristan, so, first, of course, p...