Aperam Sa Ord (APMSF) Q1 2026 Earnings Call

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WEBVTT NOTE Transcription provided by Deepgram Request Id: 01a0425f-4d61-78f1-9fcf-474ef39f1e8e Created: 2026-08-27T08:38:59.090Z Duration: 1501.176 Channels: 1 00:00:01.599 -- 00:00:04.720 Hi. Good afternoon. Thank you very much for 00:00:04.720 -- 00:00:06.720 joining our conference call today. 00:00:07.839 -- 00:00:10.080 All our comments were contained in the podcast 00:00:10.080 -- 00:00:12.000 that we published this morning, which, you know, 00:00:12.000 -- 00:00:14.160 supports our quarterly financial reporting 00:00:14.585 -- 00:00:18.105 and where applicable, our disclosure of regulated information. 00:00:18.665 -- 00:00:20.585 We hope we can also save more time 00:00:20.585 -- 00:00:23.225 so you can ask pertinent questions during this 00:00:23.225 -- 00:00:23.785 call. 00:00:27.545 -- 00:00:29.385 Together with my colleague, Nicolas, 00:00:30.990 -- 00:00:33.710 I'm looking forward to this dialogue with you. 00:00:34.190 -- 00:00:36.110 So let's start right away with the q 00:00:36.110 -- 00:00:38.830 and a. Operator, can you please open the 00:00:38.830 -- 00:00:39.390 lines? 00:00:40.030 -- 00:00:40.830 Thank you. 00:00:41.630 -- 00:00:44.030 We will take the first question from Tristan 00:00:44.030 -- 00:00:45.645 Resser BNP 00:00:45.645 -- 00:00:47.085 Paribas. The 00:00:52.445 -- 00:00:54.845 first one is on Stainless Europe. 00:00:55.325 -- 00:00:57.565 We've seen U. S. Stainless price 00:00:57.980 -- 00:01:01.260 rising close to €600 per tonne since Q4. 00:01:01.820 -- 00:01:04.459 Scrap prices are also up maybe €400 00:01:04.459 -- 00:01:06.700 per tonne. So it looks like you have 00:01:06.700 -- 00:01:08.700 a solid spread expansion year to date. 00:01:09.945 -- 00:01:11.865 But in your guidance, I've been surprised you 00:01:11.865 -- 00:01:15.30...