Construction has begun on the flat rolled products mill and the recycled aluminum slab centers with the flat rolled mill operations expected to begin mid-2025 and operations at the Mexico and Arizona recycled slab centers in late 2024 and mid-2025, respectively.

During the first quarter of 2024, our steel operations achieved near-record shipments of 3.3 million tons (2.9 million excluding intra-segment), including 467,000 tons from Sinton during the first quarter 2024.

The company increased its quarterly cash dividend by 8% to $0.46 per share and repurchased $298.1 million of shares during the quarter, demonstrating a commitment to returning capital to shareholders.

Despite a decrease in overall net sales, the steel operations segment achieved a 96% increase in operating income due to effective management of metal spreads and stable shipping volumes.

The 10-Q states that no material changes have occurred to the indicated risk factors as disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023.

Steel operations accounted for 72% of consolidated net sales during the three-month period ended March 31, 2024. Customer order activity and steel demand were solid during the quarter, supporting consistent shipping volumes.

Net sales for the steel fabrication operations decreased 48% during the first quarter of 2024 compared to the same period in 2023, as average selling prices decreased $1,880 per ton, or 37%, and volume decreased 17% from the first quarter of 2023.

The company invested $374.3 million in property, plant, and equipment, primarily within the steel operations segment and aluminum operations segment, demonstrating a commitment to long-term growth.

There were $298.1 million of share repurchases during the first quarter of 2024. As of March 31, 2024, the company had $1.1 billion remaining available to purchase under the November 2023 share repurchase program.