Ladies and gentlemen, thank you for standing by. I'm Konstantinos, your conference call operator. Welcome, and thank you for joining the Erdemir conference call and live webcast to present and discuss the first quarter 2025 financial results. All participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a question-and-answer session. Should anyone need assistance during the conference call, the necessary arrangements about the amounts and results of such information through its disclosure policy and has shared such policy with the public through the Erdemir website in accordance with the Capital Markets Board regulations. As stated in related policy, information contained in forward-looking statements, whether verbal or written, should not include unrealistic assumptions or forecasts. It should be noted that actual results could materially differ from estimates, taking into account the fact that they are not based on historical facts but are driven from expectations, beliefs, plans, targets, and other factors which are beyond the control of our company. As their Director, Ms. Ergin, you may now proceed. Thank you very much, Konstantinos. Good afternoon, everyone. Welcome to our website. You can also follow it through the webcast. Then, at the end of this presentation, there is going to be a Q&A session as usual. Let's take a look at the coking coal, iron ore, scrap, and HRC prices. Coking coal prices started at $197, dropped to as low as $166, and have currently risen to $191 per ton. Higher steelmaking profits and an increase in hot metal output supported the price increases. Operations at two major Australian mines have been suspended, which continues to raise concerns about short-term supply availability. Besides, there is uncertainty whether the price increases will be realized due to already high port inventories at mills and fluctuating steel prices caused by the ongoing tariff tensions. In the first quarter of 2025, iron ore prices fluctuated between $97 and $110 per ton. In early April, iron ore prices dropped rapidly from $105 to $95 due to uncertainty caused by the ongoing trade tensions between the U.S. and China. However, as some signs of tariff relief emerged, the market stabilized, and prices recovered to hundred dollar level. This rebound was also supported by supply-side factors, particularly the production costs from major miners in the first quarter, mainly due to seasonal conditions. The scrap prices, which started the year at $346, increased to $383 by the end of the first quarter due to the recovery in rebar sales in both domestic and foreign markets and the expectations of price increases, which triggered stockpiling activities. However, in April, a sharp decline in prices was observed in the Turkish imported scrap market. Scrap prices have fallen to the level of $325. The abundance of scrap in the market and declining rebar prices have led to increased pressure on imported scrap contracts. There are expectations that in the coming period, the demand for scrap in the U.S. domestic market will increase due to the impact of Trump tariffs, and the supply of scrap from the U.S. will tighten. On the bottom right, we show HRC prices in Black Sea, China, and South Europe. Due to weakening demand in China, Chinese HRC export prices have increasingly diverged downward compared to other global markets. China's export prices started the last quarter of the year at $470 per ton and continued to decline towards the end of the quarter. Under these current circumstances, prices have dropped to the level of $450 per ton. In the European domestic hot coil market, it is noted that market activity has significantly increased compared to the beginning of the year. Prices have continued to rise due to the key factors such as the improvement in market expectations, the review of quotas for protection measures, and the support of local prices by import prices due to concerns over quotas and taxes. On page four, you will see the production, consumption, exports, and import figures of the Turkish steel market for the first two months of 2025. The Turkish steel market maintained the high figures of the last year at the start of 2025, while consumption rose slightly by 2% and production increased by 1%. Exports of steel products grew by 10% in volume during the first two months of the year, reaching 2.3 million tons. Imports are also increased by 24% to 3.1 million tons over the same period, mainly driven by higher semi-finished product imports. As a result, the export-to-import coverage ratio remains at 74%. The tariffs imposed by Trump on steel imports have the potential to forcibly impact Turkish steel producers in the long term. As you all know, in March, Trump removed exemptions on steel tariffs to countries such as Canada, Mexico, E.U. countries, and South Korea, which together account for 80% of the total steel imports to the U.S. With the removal of these exemptions, Turkish steel manufacturers now have equal access to the U.S. markets compared to the other countries, opening up new opportunities and potentially increasing export volumes to the key markets. Additionally, a recent review of E.U. steel safeguard quotas has been conducted, and the conditions have been further tightened. When evaluating the quota outlook for HRC products, Turkey remains positioned as the largest quota holder and continues to be regarded as a primary import source. Let's take a look at the financial results and the operational metrics. On page six, you will see the brief summary of our three-month result. We achieved $1.5 billion revenue. Also, we generated $99 million EBITDA and $12 million net profit. On page seven, you will see the operational indicators of our company. The results achieved in the first quarter for sales and production are in line with our expectations. The capacity utilization ratio has decreased to 79%. However, this decline is entirely due to the planned maintenance activities in Erdemir plant. There are no negative reflections in sales figures, as you can see. Therefore, despite the temporary decrease in capacity utilization, we have maintained our sales targets in line with historical averages. As we shared in the last quarter's call, we expect total sales to be between 8 and 8.2 million tons in 2025. Let's take a look at the segmental breakdown of domestic sales and export volumes on page eight. As you can see from the pie chart, there has been a slight change between the sectors when we compare to last year's breakdown. There has been a transition from general manufacturing and auto to pipe and profile and distribution chains on a percentage basis. We see similar changes between sectors in the long product, although its share in total sales is relatively small. We achieved an export volume of 422,000 tons, representing a 22% export share in total sales. This figure, 22%, is the highest export rate in our history despite the challenging market conditions. Although our main focus is still domestic markets, we are also increasing the export share due to the attractive demand or good prices in the export markets. On page nine, you can find a breakdown of revenue for domestic and export sales. 72% of total revenue comes from domestic sales in line with domestic volume. We generate $51 EBITDA per ton in three months. As we shared in the last quarter's call, in 2025, we expect to see between $90 and $100 per ton due to the better outlook in the steel sector in the second half of the year. Despite import pressure in the domestic market, we achieved to generate $99 million EBITDA and $12 million net profit in the first quarter. On page ten, you can see how we reached net profit from EBITDA. One of the largest items was depreciation, which was $63 million in three months. The other major item in this chart was financial expenses of $62 million. After other expenses, net profit was $12 million. The inventory provision release of $15 million is not included in EBITDA calculations since it is one of the adjustments. While calculating the net profit, $50 million of consolidation classification arises from additional inventory provision release. In the graph below, you can see EBITDA to change in cash bridge. Our net working capital decreased compared to the fourth quarter due to decreasing inventories and value-added tax receivables. Also, we spent around $311 million on capital expenditures in three months. This amount also includes advances paid for the capital expenditures and sale of commercial offices for investment properties as well. That you will see the difference between the CapEx page in page 13 and this one. In Q1 2025, there was no cash outflow from tax payments. On page 11, you will see historical trends of financial borrowings and net debt. As you can see in the financial borrowings chart, the share of short-term debt in total debt decreased to 22% in Q1, with the support of $950 million Eurobond issuance. When we look at 2025, our net working capital decreased due to decreasing inventories and value-added tax receivables. Despite high capital expenditures, we succeeded to keep net debt EBITDA below 3 multiplier in the first quarter, and we expect to keep net debt EBITDA ratio below 3.3 multiplier for 2025. Slide 12 represents our cost- of- sales breakdown. There is no significant change in our cost breakdown since Q4. The composition of iron ore and coking coal in raw material costs has changed, and the percentage of coking coal costs decreased in the raw material basket, which is in line with the trend in raw material markets. Page 13 represents the historical capital expenditures. The total CapEx was $1.1 billion in 2024 and $311 million in the first quarter of 2025. The new blast furnace in İsdemir and number four coke battery in Erdemir will be commissioned in the second quarter of this year. Other than these investments such as pelletizing plants, solar power plants, and energy efficiency investments are included in the CapEx figure of 2025. We expect that CapEx will be around $800-$850 million in 2025 with maintenance and other ongoing investments. Maintenance will be around $50-$80 million per year as usual. As we announced last year, if the reserve in the gold mine is significant, it could rise up to $1 billion. So, page 14, as you know, we announced our net zero roadmap last year in January. We plan to spend $3.2 billion for transformational investments of Erdemir and İsdemir by the end of 2030. 78% of that amount will be sourced externally. Erdemir and İsdemir's cold steel capacity will reach 30 million tons by 2030. Now we may continue with the Q&A session. We will be delighted to answer your questions. Thank you for listening. Ladies and gentlemen, at this time, we will begin the question- and- answer session. Anyone who wishes to ask a question may press * followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press * and two. Please use your handset when asking your question for better quality. Anyone who has a question may press * one. The next question comes from the line of Jason Fairclough with Bank of America. Please go ahead. Good afternoon, İdil. Thanks for the presentation. It's excellent, as always. A couple of quick ones from me. First, on the working capital, I'm just wondering if you could talk to how permanent this is. Is this something where you're going to need to rebuild that working capital later on this year, or is this a new level of normal? Then I guess the second question is, maybe you could talk a little bit about the production and sales in Q1. They did look a little bit light versus, let's say, last year. So if any color would be really helpful. Hi, Jason. So the net working capital level, we will maintain that level actually during the year. So it is a sustainable level for us. Sorry, I just missed your second question. Could you please repeat that? Yeah. So the first quarter steel production and steel sales looked a little bit light versus what they normally are. And maybe you could just give a little bit more color on why those were a little bit lower than, say, last year. Yeah? Yeah, sure. I mean, the production is less than the previous quarters because of the planned maintenance activities. But it has no effect, no impact on sales because they are planned, and we just prepared the slab, the semi-finished goods, before we started the maintenance activities. So it's a temporary situation. But as I mentioned, there's no negative impact on the sales figures. So we still keep our expectation of 8-8.2 million tons of sales for the whole year. Okay. Could I just follow up on the working capital, please? So the working capital, how much of this is a price effect, and how much of this is a volume effect? So is it that you're running lower stockpiles, or is it the price is lower, or is it a little bit of both? Around 40% comes from the price, and the rest is because of the tonnage. Okay. Thank you. I'll go back in the queue. You're welcome. The next question comes from the line of Alain Gabriel with Morgan Stanley. Please go ahead. Thank you. And good afternoon, İdil. Good afternoon, everyone. I have two questions from my side. Firstly, İdil, can you please tell us a bit more about this gold deposit? What have you learned in the last few months on the size on the CapEx budget? How much confidence do you have in your ability to spend extra $200 million or so on CapEx to progress that project? Any color there? That's my first question. It would be much appreciated. Thank you. Well, actually, we are still working on it. So there isn't any news from the gold mine. But we mentioned that normally we are expecting CapEx will be around $800 million-$850 million in 2025. But if the reserve in gold mines is significant, it could rise up to $1 billion. So that's the general, let's say, CapEx only for this year. This is what we are expecting. But our reserve determination studies continue. So we will make an announcement as soon as the report, the UMREK report. UMREK is the National Resources and Reserves Reporting Committee. So as soon as the report is released, we will make an announcement. Did you have any rough estimates on timeframes? Is it two months? Is it one year? No, unfortunately. Sorry. Okay. No problem. And my second question is on the second quarter EBITDA. Do you mind giving us the building blocks for the EBITDA for the second quarter in terms of prices, costs, and then volumes? How should we think about the evolution of your EBITDA Q1 to Q2? Thank you. Actually, we are expecting very similar EBITDA numbers for the second quarter. There might be a slight increase in the prices. But again, it will be quite similar to the first quarter. Okay. Thank you very much. Thanks. You're welcome. The next question comes from Andrew Jones, Andrew with UBS. Please go ahead. Hi, İdil. Question on the export activity. I mean, clearly, the E.U. are tightening import restrictions. I guess, obviously, we've seen what's happening in the U.S. The 25% that Turkey faced on selling to the U.S. is still there. So I'm curious how your export activity is evolving in the current market conditions. Are you potentially looking at shipping more to the U.S. given, I guess, tariffs for you haven't changed and price levels are higher, or a view is the plan to sort of sell more domestically? How have your sales plans changed in light of all the tariff activity? Hi, Andy. So this quarter was the highest percentage of our exports in total sales. And we believe that the Turkish steel producers have some kind of opportunity both in the U.S. market and E.U. market. As I shared during the presentation, I mean, right now, there is an equal access to the U.S. market because they removed the exemptions on steel tariffs in Section 232. And also, we have the largest quota in the E.U. s o right now, we believe that there are some opportunities for the Turkish steel producers in general. But what we are doing, of course, we are trying to involve with every export market, including the U.S.. And of course, E.U. is always our number one export market. So we are trying to increase our share in these markets. Okay. No, that's great. And just on the second quarter, I mean, you mentioned similar levels of EBITDA, potentially prices increasing slightly. I mean, I would have thought that raw materials would provide a bit of a tailwind into the second quarter. Do you see much cost relief there? And I mean, if you do have some increase in pricing, could that provide some risk to the upside on the EBITDA particularly? Okay. So in the second quarter, as I shared, there are two new investments that we will commission. So this transition process might have some kind of additional cost. So that's the reason we expect similar EBITDA, although we are expecting slightly higher sales prices. Okay. Cool. Okay. That's clear. Thank you. You're welcome. The next question comes from the line of Erica Ivey with MetLife Investment Management. Please go ahead. Hello. Thank you for taking my questions. As a follow-up to working capital, when did you say same level? So shall I expect an inflow of $380 million for the year? Actually, we are not expecting any significant change. So what we announced as working capital in the first quarter will be very similar when we finish the year, actually. Yeah. But still, you added inflow of $380 million in the first quarter. So shall I assume that how you will finish the year, with an inflow or a neutral position, basically zero? Full position, actually. Excuse me, could you repeat? Neutral position. Neutral position. Okay. So basically, you expect some outflow in the following quarter, so you will have basically flat, zero working capital movement? Actually, what we are saying is that the number that we have in the first quarter as net working capital will be very similar at the end of the year. So that's why we are not expecting any significant movement in net working capital. Okay. Okay. And then I might have missed it. What is your expectation of EBITDA per ton for the year? Have you changed guidance at all, or you confirmed the $90-$100 per ton? Erica, we haven't changed the expectation on EBITDA per ton. So as we announced in the last quarter's call, as you mentioned also, $90-$100 EBITDA per ton expectation, we still keep that level. Thank you. And then when you're saying Q2, that's you expect a similar level of EBITDA in terms of absolute number or EBITDA per ton? Actually, both. Most probably, the sales tonnage will be similar, around 1.9-2 million tons. This is actually our yearly number also, 8-8.2 million tons. So each quarter, we expect to sell 1.9-2 million tons. So most probably, the sales tonnage will be similar. So both EBITDA and EBITDA per ton will be similar with the first quarter. Thanks. And also, one other thing I wanted to ask you is on interest paid. I have seen a sizable outflow, $160 million compared to $70 million in the previous year for the first quarter of the year. So I was wondering, what is the $160 million due to? Actually, we had Eurobond interest payments in Q1. I think you were mentioning this number, right? Yeah, the interest paid in the cash flow statement. I saw $159 million, which was quite high. That's the one. Yes. Yes, that's correct. Okay. And for the year, may I know how much interest payment do you expect? Sorry. Excuse me. I just couldn't understand your last question. Yeah. Yeah. Basically, given that you paid $160 million in the first quarter, how much do you expect? We don't have We don't have any payment in the second quarter. Okay. Okay. Makes sense. You're welcome. Right. Okay. I'll go back in the queue. Thank you very much. Okay. You're welcome. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Ms. Ergin for any closing comments. Thank you. Ms. Ergin, can you hear us? Yes, I can. There are no further questions at this time. Therefore, back to you, Ms. Ergin. Thank you. Thank you very much for joining us. We hope to meet you again in our second quarter call. Have a nice day. Thank you. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling. Have a good afternoon.