Reminder, this conference is being recorded. It is now my pleasure to introduce Megan Cochard, Director of investor relations. Thank you. You may now begin. Thank you. Good morning or evening, everyone. Welcome to Novelis's second quarter fiscal year 2025 earnings conference call. Hosting our call today is Steve Fisher, our President and Chief Executive Officer, and Dev Ahuja, our Chief Financial Officer. Following the presentation, the call will be open to analysts and investors for questions. This conference call is being broadcast on the internet at novelis.com in the Investors section. A replay of this call will also be available on our website. Before I turn the call over to Steve, let me remind you that today's earnings release and presentation include forward-looking statements as defined in the Private Securities and Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to, those factors identified in the release and in our filings with the Securities and Exchange Commission. Today's presentation also includes certain non-GAAP measurements. Reconciliation of these measurements is provided in the financial statements included with our earnings release, as well as in the appendix of our presentation. Now, let me turn the call over to Steve. Thanks, Megan. Good morning or evening, everyone, thanks for joining us today. Starting with the highlights on slide three, Novelis delivered a 1% year-over-year increase in shipments in the second quarter and a 5% decrease in Adjusted EBITDA, which was impacted by the historic flooding at our Sierre Switzerland plant at the end of June. Excluding the negative impact from the flood-related outage at Sierre, Q2 Adjusted EBITDA would have been up 1%. Demand for sustainable aluminum beverage packaging is strong. We leveraged our global footprint to meet customer demand for high recycled content beverage packaging sheets, achieving record shipments in what is our largest end market. Our global footprint and strong collaboration across regions were also key factors in our ability to partially mitigate the production outage at Sierre in the quarter. It took a tremendous effort and cooperation between our employees, customers, and suppliers to minimize the impact to customers while we worked through the natural disaster. I'm pleased to say we succeeded on both fronts. We were able to restart some of the key assets at Sierre in September. Q2 results were also negatively impacted by a relatively rapid increase in scrap aluminum prices, reducing the metal benefit we get from using scrap inputs in our production process. With customers increasingly demanding lower carbon products from their suppliers and sudden higher demand pull from China for scrap, aluminum scrap prices escalated faster than anticipated. Novelis has been working on a number of strategic initiatives to protect recycling profitability over time. However, given that the price increases have come faster and at a higher degree than expected, there will be a gap before those initiatives bear fruit. We also remain keenly focused on executing a number of strategic capital investments underway to drive long-term value creation, prioritizing projects to maintain balance sheet discipline. The Greenfield Bay Minette plant, as well as our highly returned brownfield capacity expansions and innovative recycling-related investments underway, continue to progress. Our new highly advanced automotive recycling center in Guthrie, Kentucky, is now in its initial production ramp-up phase. The advanced sorting and recycling capabilities at this U.S. facility will increase our ability to utilize new types of pre- and post-consumer automotive scrap, helping to provide customers with the more sustainable products they want. In our recently released sustainability report, we discuss our goal of becoming carbon neutral by 2050, highlighting a 27% reduction in absolute carbon emissions since fiscal 2016. Additionally, we ended fiscal 2024 with a 63% recycled content rate, a leading figure for the industry. Our success in these areas is the result of innovative approaches and technologies and strong relationships with our customers, who have ambitious sustainability objectives and are increasingly demanding higher recycled content and lower carbon aluminum products. One of the most visible ways we are working to supply this demand is with our state-of-the-art greenfield rolling and recycling investment underway in the U.S. Turning to slide four. Novelis is constructing a fully integrated rolling and recycling facility in the southeast region of the U.S. As a highly sophisticated and automated plant, Bay Minette will be a true plant of the future that we believe will improve efficiency, operating leverage, and the sustainability of our products. Construction at Bay Minette continues on track, with steel installation and equipment foundation work rapidly progressing. Our projected timeline remains intact, with commissioning of the plant expected to begin in the second half of calendar year 2026. Approximately 2/3 of the production at this 600 KT plant will support domestic beverage packaging customers, as local demand currently outpaces local supply. The remaining capacity will primarily be targeted to the automotive market, with flexibility for specialties production. Novelis has a proven record of delivering high-quality products and services to our customers, and we have secured long-term contracts for all the new beverage packaging capacity at this plant. Additionally, we continue to make good progress on the automotive contracting side and are confident that we will have this finished prior to the plant coming online. We have decades of experience expanding and ramping up rolling and recycling capacity through high-return investments across the world, and we are very excited for what Bay Minette will add to our business. With that, I'd now like to turn the call over to Dev for a more detailed review of our second quarter financial results. Thank you, Steve, and good morning or good evening. Let's turn to slide six and our Q2 financial highlights compared to the prior year period. Net sales increased 5% to $4.3 billion, primarily driven by higher average aluminum prices and a 1% increase in total flat roll product shipments to 945 kilotons. Strong customer demand drove a double-digit increase in beverage packaging shipments to a record level. This growth was partially offset by lower specialties shipments, as well as lower automotive shipments that were primarily impacted by the Sierre outage. Aerospace shipments were flat year-over-year. Q2 Adjusted EBITDA decreased 5% versus the prior year to $462 million. Adjusted EBITDA per ton was down 6% to $489. Excluding the $25 million negative impact from Sierre, Adjusted EBITDA would be up 1% year-over-year, and Adjusted EBITDA per ton would be $502. Net income attributable to our common shareholder was down 18% to $128 million. This includes $61 million in charges related to Sierre flooding, as well as higher restructuring and impairment, partially offset by favorable changes in metal price lag and derivatives versus the prior year. Net income, excluding special items, was down 1% to $179 million. Let's turn to Adjusted EBITDA bridge for Q2 on slide seven. We had favorable benefit from volume due to the overall increase in shipments, as well as favorable price, but this was partially offset by unfavorable product mix from lower automotive shipments due to the Sierre outage. The increase in operating costs primarily reflects less favorable metal benefit this year as a result of an unexpected acceleration of the rise in scrap prices. FX and other items provided some favorability in the quarter that was partially offset by higher SG&A, mainly coming from wage inflation. Let's look at Q2 performance year-over-year by segment, beginning on page eight. North America shipments were up 2% due to higher beverage packaging shipments on strong demand and share gains, partially offset by lower specialties and automotive shipments. Adjusted EBITDA declined 11%, mainly due to lower metal benefit caused by higher scrap prices, as well as unfavorable product mix. In Europe, flooding at the Sierre plant was the primary driver behind the 9% decline in shipments and the 27% decline in Adjusted EBITDA in Q2. Automotive shipments were down due to the Sierre outage. Shipments to other end markets were all roughly in line with prior year. In addition to the flood impact, the adjusted EBITDA decline was also partially due to less favorable metal benefits due to higher scrap prices. Turning to the next slide, India shipments were up 13% versus the prior year, driven mainly by higher beverage packaging shipments, including higher shipments to North America, to support robust demand in that region. In addition, automotive shipments were higher to support European customers, partially offset by lower specialty shipments. Adjusted EBITDA increased 11%, due mainly to the higher volume and favorable FX, partially offset by less favorable metal benefit and product mix. Lastly, South America shipments grew 13%, driven by strong beverage packaging demand, while Adjusted EBITDA was up 31% as a result of both the improved volume and favorable product mix, partially offset by unfavorable FX. Now, let's turn to cash flow on slide 10. For the first half of fiscal 2025, adjusted free cash flow was an outflow of $345 million compared to the prior year outflow of $300 million, mainly due to higher capital expenditures this year. Fiscal 2025 year-to-date capital expenditures total $717 million, primarily to support strategic investments underway. We continue to manage a strong and prudent balance sheet, guided by a balanced capital allocation framework that allows for strategic capital investment while maintaining net leverage and adequate liquidity. We ended the quarter with a net leverage ratio of 2.5 x, and total liquidity of $2.1 billion. For fiscal 2025, we continue to anticipate total capital expenditures will be on the lower end of a range of $1.8 billion-$2.1 billion, including approximately $300 million for maintenance CapEx. Before I turn the call back to Steve, I would like to provide an update on the flooding at Sierre that impacted our results in the second quarter on slide 11. Consistent heavy rainfall at the end of June caused the Rhone River to overflow and flood Novelis Sierre plant on June 30th. Through close cooperation with our customers, suppliers, and with other Novelis plants around the world, we largely mitigated the impact to customers. I commend all of our employees involved in the hard work to clean and restore the plant since the flooding occurred, and the tremendous effort to safely and quickly restart assets by the end of September. We expect production ramp-up will continue through the end of this calendar year. As a result of this event, we recognized $101 million in year-to-date charges, $61 million of which occurred in the second quarter. The plant is insured for property damage and business interruption losses related to such events, there will be some timing lag between the impact and our ability to recover the insurance claim. We continue to estimate the total net cash impact from this event after estimated insurance is $80 million. We also continue to estimate the impact to Adjusted EBITDA is $30 million, $25 million of which occurred in the second quarter. I'd now like to hand the call back to Steve for a market and business outlook. Thanks, Dev. Let's begin with the end market outlook on slide 13. Starting with our largest end market, near and long-term demand for beverage packaging sheet across regions is strong, driven by favorable consumption and sustainability trends. We continue to estimate long-term demand to grow at an approximately 4% compounded annual growth rate through 2031. The near-term outlook for automotive is a bit mixed. We will have some lingering impacts from the Sierre outage as we ramp up production through the end of this calendar year but also see some softening in the European automotive demand given the weaker macro environment in the region. Favorable vehicle mix provides a more steady to positive outlook for aluminum in North America, despite some moderated expectations for light vehicle build rates this year. Electric vehicles continue to gain share globally but are growing at a more tempered pace. Longer term, we estimate automotive aluminum sheet demand to grow at an approximately 6% compounded annual growth rate between fiscal 2025 and 2030, supported by the continued adoption of aluminum and favorable vehicle sales mix towards large, luxury and electric vehicles, which use a higher share of aluminum. Demand for premium aerospace plate and sheet remains solid over the long term, reflecting strength from growing OEM build rates supported by multi-year backlogs for aircraft deliveries. While there are some expected limitations to OEM production rates this year due to broader supply chain constraints and labor issues, favorable customer mix supports a more stable near-term demand outlook for Novelis. Lastly, for specialties, building and construction demand is improving, with declining interest rates to be a favorable catalyst ahead. Some of the softer automotive industry dynamics are impacting automotive specialty product demand, such as EV batteries and truck and trailers. Based on our portfolio mix, diverse product line, and geographic footprint, we believe Novelis is well positioned to navigate the current demand picture. The outlook for scrap aluminum pricing, however, is now less favorable than before. Turning to slide 14. Intensifying competition for scrap aluminum and the liberalization of scrap importation policies in China are significantly increasing the price of scrap aluminum inputs and reducing the financial benefit we get from utilizing scrap in our production process. Absent an increase in scrap supply, higher scrap prices were expected with higher demand, the unexpected import policy changes in China have accelerated the increase in scrap prices, driving them up higher and faster than previously projected. With over 60% average recycled content in our products, higher scrap prices lessen the cost benefit we get from using scrap instead of primary aluminum in our production process. We have been working on a number of initiatives for some time to protect our benefit from using scrap aluminum. Some examples include using new technologies that allow us to sort and utilize new and lower-cost scrap types from what we typically rely on. We also are increasing the amount of pre- and post-consumer aluminum scrap in our system. Among other things, this includes closed-loop recycling programs with customers, deepened supply chain partnerships, and enhanced capabilities in our recycling centers. In summary, market demand is broadly resilient, with strong growth in beverage packaging driven by underlying sustainability trends. The sudden and substantial increase in demand for scrap aluminum and higher scrap prices is impacting margins. We are working on initiatives to mitigate this and believe we are in an advantaged position, given our established global scrap supply network as the world's largest buyer of aluminum, as well as the efficiency of our recycling operations as the world's largest recycler of aluminum. We are, however, revisiting our near-term adjusted EBITDA per ton guidance until we have more clarity into metal market dynamics and the timing of our mitigation actions. Novelis' unmet scale, footprint, and sustainability attributes position us well to navigate today's market and provide the high recycled content products our customers want. At the same time, we continue to make great progress advancing our investment at Bay Minette and other high-return expansions underway that will further strengthen our ability to meet growing demand and drive shareholder returns. With that, we're happy to take any of your questions, and I'll turn it back over to the operator. Thank you. We'll now be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to withdraw your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. One moment please, while we poll for questions. Thank you. Thank you. Our first question is from the line of Sumangal Nevatia with Kotak Securities. Please proceed with your question. Sumangal, are you there? Sumangal, perhaps you're on- Sumangal, are you there on the line? Thank you. Hello? Yes, Sumangal- Hello. We can hear you now. Okay, I'm so sorry. Yeah, thanks for the chance, and good morning and good evening, everyone. Dev, my first question is on the outlook, where we've withdrawn our EBITDA per ton guidance for the near term. I just want to understand, is this largely because of the metals, scrap spreads, number one? Just like, to request for some more color as to how expensive the scrap has become in the last six months, and how do we see in the near term, next six months maybe, given we have more and more recycling demand and recycling capacities coming up in the market? Yeah. Sumangal, here is the color that we can provide to you on the overall scrap situation. First, as a reminder, the one thing that we have been saying pretty consistently is that we expect scrap prices to tighten, spreads to tighten and scrap prices to go up over time. That is something that we have been consistently saying, and we were prepared for it. However, with the rather sudden and intense change in the way China has started drawing scrap, the situation has actually kind of, you know, sort of really accelerated. This is about timing, about, you know, us expecting this to happen over some years, two-three years, while what has ended up happening is it has happened almost immediately. The reason why we want to kind of back away from giving any guidance is that we want to really get a grip of the situation over the next couple of quarters and see where it stabilizes, number one. Number two, that we were already taking a number of remediation actions with the expectation that spreads will tighten, and we are going to accelerate some of those actions. We want to really see the impact of our actions, and we want to see the market stabilizing a bit before we come back with a more well-thought-out guidance. At this moment, that is really what we can tell you. Sumangal, on the positive side, too, is the top line, right? Very strong market conditions, especially led by beverage packaging, 60% of our market or our portfolio. You know, a little bit of softness in the auto market and ramping up Sierre in the next couple of quarters back to full production levels. Overall, strong growth in the top line, too. To your question, as is this the reason for pausing a bit on providing more near-term guidance? Yes, even though we saw it, we want to see it stabilize, as Dev said. That's clear, Dev Ahuja. Steve Fisher, I just want to follow up on this. I mean, in the past communication, at least my understanding was that these headwinds are there, repricing of can contracts and also our mitigating factors are offsetting the pressure on the scrap spreads. Now, are we seeing this pressure to be more overwhelming, these mitigating factors than favorable demand, and that is the reason for withdrawal of near-term margin guidance? Let me just start with the near term. There's a bit of volatility in the near term, and we wanna see that stabilize a little bit more, and we wanna be able to be more concrete with our actions and timing of the actions. Again, as Dev said, the increased competition for scrap is not unexpected, by us at all. These tighter or higher prices were anticipated. It's the speed and extent of which they tightened, much faster, a little bit more significant than we had previously expected. It's hard for us to predict now exactly where those shake out over the next couple of quarters. As we thought through our longer term guidance, this was already factored into that 600, right? The actions that we put in, the repricing of contracts, the investments we've made in recycling, whether it be Guthrie or UAL and other places, the high return debottlenecking capacity expansions that we're making, significant Bay Minette project, as it comes up at a much higher level of pricing. All of these building blocks towards the longer term guidance are still intact. It's just this near term that we wanna see a bit more stabilization before we come back out with prudent near-term guidance. Got that. My second question is on the end market outlook. We see that the, at the margin, auto and aero outlook is becoming slightly more cautious than the previous quarter. Is it possible to give some more color and the impact on the margins and volume in the next, say, maybe coming few quarters? Start with aero. Aero, it's not due to the demand of aircraft. There's huge backlog. It's all about the challenges impacting the OEMs, you know, whether it be from a supply chain standpoint or a labor dispute. As I said in the prepared remarks, we have a favorable product mix towards Airbus, which is helpful in stabilization of our overall outlook for aircraft plate and sheet product. In automotive, you know, again, it's a mix a little bit between regions. We are seeing a bit of softness coming in the European market, primarily driven by German OEMs. There is still some strength in others in the marketplace. The German OEMs, due to the macroeconomic environment in Europe, are pulling back a bit. In North America, we are seeing a good mix towards the larger vehicles, SUVs, trucks, versus smaller vehicles, which is favorable to us in the position where aluminum sits on it. As we think about, you know, kind of, you know, outlook, really the place that the headwind that we're taking a caution about is on the scrap metal side. Overall, our, you know, end market, especially led by beverage packaging, stays intact, and we think we'll grow with that market in line with CRU forecast next year, this year. Understood. Just one last question. Is it possible to share the full year volume guidance for this year, given it's been quite a volatile year now? Yeah. We are pretty confident about the volumes being on track with the market growth, which is in the range of about 4%. As far as top line is concerned, we are pretty much going to be consistent with what we have been saying earlier. Okay. 4% growth for you. Got it. Thank you, and all the best, Dev and team. Thanks. Thank you, Sumangal. Thank you. Our next question is from the line of Indrajit Agarwal with CLSA. Please proceed with your questions. Hi, good morning. Thank Thank you for the opportunity. First, carrying forward with the North America issue, one, number one, particularly the scrap spread issue, does that make any change to our low double-digit IRR on Bay Minette project, assuming the current tightness continues over the medium term? In your low double-digit IRR, have you already factored that in? We will still be at double-digit IRR on Bay Minette. Once again, you know, we need to remind everyone that it was not like we did not expect spreads to tighten over time. This was a known thing, and Bay Minette is a bit far out. We knew that we will be under more competition as Bay Minette comes up. The impact that we are talking about is more in our short to mid-term situation. Nothing changes as far as the long term is concerned, either on contracts or on pricing, or even on metal. A number of actions on metal are in the pipeline, and they will start bearing fruit. We have just been caught by the timing of the spreads tightening much quicker. That's in summary, what it is. Sure. Thank you. That's helpful. Second is mainly on the regional mix. When I look at Asia and South America, while quarter-over-quarter volumes have improved, profitability or EBITDA pattern in both these geographies have gone down. Is it all, I'm assuming South America could be largely scrap spreads, but what is contributing to the weakness in Asia, and can we see some more improvement in the following quarters? Your question is on Asia. First of all, year-over-year, if you see in Asia, Q2 last year, Q2 this year, the EBITDA per ton has gone from $469- $460, that is basically a matter of product mix with more beverage packaging, less automotive, and that's more because of the higher momentum that we are getting on beverage packaging. Then the other thing is really on the metal. It is a scrap situation. Basically, the $469- $460 is a combined factor of these two things. That's what in Asia. Your other question was North America? South America. South America? South America. In South America, so South America, year-over-year, you see that we have had a fairly strong performance from an EBITDA per ton of $646-$753, that is because of higher volumes, which gives us operating leverage, we have price gains, and we have a more favorable mix. That is really what is helping us in getting this lift in South America, that should not be surprising. Last year, the performance in South America was muted, South America has started to recover back. No, I actually was referring more on the quarter-over-quarter decline in EBITDA per ton. Is it largely seasonality? Yeah. The quarter-over-quarter decline is because of metal. All right. Thank you. That answers my question. Thank you. As a reminder, we allow as many as possible to ask questions. We please ask you to limit your questions to two. You may rejoin the queue if you have any additional questions. Our next question comes from the line of Amit Dixit with ICICI. Please proceed with your question. Yeah, hi. Good evening, everyone, or good morning. I have a couple of questions. The first one is on the demand again. One of your peers highlighted in the phone call that the. We are not able to hear you. Yes. We are not able to hear you very well. Hello? Yeah, can you try again? Gentlemen, we have lost our call, our questioner. I'm moving along. The next question will be from the line of Satyadeep Jain with Ambit Capital. Please proceed with your question. Hi, thank you. Two questions. One, given the scrap spreads that you've seen and where they are, I just want to understand, is recycling that profit, both profitable at all in second quarter? Are we getting to a level where we are deciding that buying metal versus recycling, the trade-off, is there a significant difference right now? Tied to that, obviously, just trying to understand, because not giving guidance creates a lot of uncertainty for investors also, what to expect. We've already seen two months of this quarter. The quarter is done and dusted, the second quarter, but we already were into third quarter. Are we saying that there's a risk that even what you've achieved in the second quarter, even that cannot be achieved in the next two quarters? Just some kind of anxiety or uncertainty, if you can just provide some more color on what exactly are we stating it? That's the first question. Yeah. Yeah, no problem. First of all, it is still profitable to be in the recycling business, especially with our global footprint, you know, our world-class assets and our efficient processing technology, we are very well positioned to process scrap at a place and cost that makes this profitable to us. We certainly want to protect the overall margins that we had before. That's the number of actions of which we have already anticipated and have been working on to continue to strengthen this position. Certainly, we feel very good about the business we're in. Others that have lower efficiency in their furnace operations, we do see, in times where the spreads, or the scrap prices get to the place that they are now, that they are negatively impacted and therefore pull back, and this lessens the demand for scrap and, you know, causes prices to level out. That's what we're talking about, you know, as we want to pause for the next couple of quarters, is just to see where this is, because we want to give responsible guidance. We feel very strongly that this is absolutely what our customers want. They want high-recycle content products, they want low-carbon products, and the overall equation of being able to supply this to them at a profitable margin is something that we take seriously, and those are the actions that we're working on in order to make sure that we can get back to the longer-term guidance that we talked about and be able to give you a bit more clearer picture, in the nearer term. That I understand, that long term, given where current scrap prices are, you expect, $600 per ton, even at current scrap prices. Generally, the overall demand scenario seems to be worsening for auto scrap also. Are we just trying to get the mitigating actions, the price resets, and all you're saying is, are we saying that even the second quarter profitability might be difficult? Just, is it possible to give some insight on that, or just too early to say that? Yeah. We're going to see higher or lower profitability? Yeah. Maybe a little bit of color. First of all, this notion of demand destruction is not what we're seeing at all, as you think about aluminum, as it is in the products of which we are in the market with. Beverage packaging is in very good place, 60% of our portfolio. Automotive is softening, but this is not a disastrous scenario at all, because we are still effectively competing versus other materials on vehicles and penetrating, and see a 6% compound annual growth rate over the next 5 years on the automotive side, too. Building and construction will get some further tailwinds, we believe. It's stable right now, we'll have a catalyst as we see lower interest rates across US and Europe over the next couple of quarters. From a demand picture, that's not what we're seeing. As we talk about maybe a little bit more about Q3, again, directionally strong in market beverage packaging, a little bit softer European auto. We are still resuming production at Sierre, so that's a little bit of a headwind still as we go into Q3 and into Q4. I would also signal that Q3 is typically a seasonal lower quarter than others. We do see the scrap spreads of which we've seen today are not fully embedded into the Q2 results. Yes, we do see a bit worsening of what the scrap spreads will or the scrap prices will be in a full Q3- Q4 quarter. Again, we want to give prudent guidance and see some stabilization in that, so that we can give accurate understanding of that market. Okay, thanks for that. Just one more question on Bay Minette. Just want to understand, one of the peers talked about the profitability they are looking at as they look at that asset. Based on, they clearly specified that based 2017- 2021 pricing, they expect $1,000 per ton EBITDA. Most of the EBITDA bridge is coming from lower cost, lower productivity because they have 800 employees, 800 tons per employee, higher yield and favorable location closer to the demand centers. Your location is also right next to that. Just want to understand, when you talk about the double-digit IRR and all, what are you baking in compared to what I'm talking about for in terms of savings, efficiency, that one of the peers is talking about? Yeah. We can confirm that this is all in the right direction. Bay Minette is going to be an extremely efficient plant, low-cost plant. The headcount numbers that you mentioned, which compared to conventional plants, are much lower, applies. All in all, looking at an EBITDA per ton, which is over $1,000, is absolutely the thing. Yes, we confirm that all this that you are mentioning is in the right direction. Bay Minette will see that kind of profitability. Just confirming. But they- That's all embedded in the IRR. I was just trying to figure out, they're saying this is all driven by cost and based on only 2017- 2021 pricing. When you talk about this $1,000, does it bake in higher prices, or is it mostly some cost benefit? Just I'm trying to understand. It is both. No, it is both. It bakes in higher prices, it bakes in more efficient cost. It's a combination of both the things which leads to EBITDA per ton, which is well above $1,000. Thank you. Thank you so much. You're welcome. Thank you. As a reminder to our questioners using speaker phone, please pick up your handset before asking your questions. Thank you. The next question is from the line of Ashutosh Sonani with JM Financial. Please proceed with your question. Thanks for taking the question. Just a clarification on the adjusted EBITDA per ton number that you mentioned in your opening remarks. You mentioned a number of $502 a ton, on the adjusted EBITDA, of course, being that adjusted. Can you clarify how you have reached that number, if you can reconcile? Yeah. All that you need to do is, that to the reported number, you have to add 26 KT to the shipment and $25 million to the EBITDA, and what you will get is a $502 per ton, excluding Sierre impact. Sorry, sir, how much of the shipment did you say? If you just go to the slide in the presentation, if you go to slide 6, you will see that we have noted, you know, adjusted for Sierre, it is 971 kilotons versus the 945 reported number. Adjusted for Sierre, you will see on the Adjusted EBITDA that there is another $25 million, the number is $487 million. You will see the footnote under Adjusted EBITDA, therefore the resultant adjusted EBITDA per ton is $502. Slide six basically gives you the various components. Perfectly understood. Thanks. Thank you. Our next question is from the line of Ritesh Shah with Investec. Please proceed with your questions. Hi, sir. Thanks for the opportunity. Just wanted to understand on the scrap variable, what you indicated, is it possible to give some regional flavor on, say, LME scrap spreads or just the scrap procurement costs? How different is it for North America versus Europe, specifically putting into the context of the tariffs which are already in place? Yeah. I'll try to give you the best color. I think the real headwinds that we are facing are in North America and Asia. As yet, we have not seen as much sharp impact in Europe. It will come, and also in South America. Really, the biggest headwinds are in North America and Asia, so that's something to keep in mind. As I said, that in Europe, while we haven't seen the impact yet, but we do expect the situation there also to become a little more challenging in quarter three and also quarter four. As far as South America is concerned, the Brazilian market is actually, you know, pretty much protected because we basically have a full supply chain infrastructure there. We also import scrap into Brazil from places like Mexico, and some of those supply sources are facing some pressure from the Chinese imports. We do expect that things will get a little bit worse there. This is the color that we can give to you. As we said, that at this point in time- Right. we want to see some stabilization. The situation is still a bit of a moving situation. We want to see some stabilization. The stabilization will come, and, therefore, we just need to take a bit of a pause until we can come back with something which is more reliable. Right. Just to probe a little bit more, when you say stabilization, what are the variables that we are looking at? Is it a particular trade flow from a particular country to a particular country? The reason I question is, I was just looking at the NDRC recent targets. They've put a very ambitious target of nearly 11.5 million tons of aluminum scrap. Can you broadly give some gist on what are the variables that exactly we are looking at? We don't expect that, you know, scrap flows will keep on going unlimited because there is a limit, you know, on how much can be recycled based on the infrastructure that is already available in China. We think that beyond a point, it becomes uneconomical to keep importing. On our side, the dynamics that will help us is our ability to expand sources of supply. We will control what we can control, and what we can control is the various technologies that we are investing in terms of having the ability to work with lower grade and dirtier scraps. We are working on that. There are a number of initiatives to expand sources, to have the ability to use dirtier scrap, for example, and therefore ease the pressure. While we will see that China stabilizes, we are pretty confident that this cannot be kind of an unlimited flow. Also we are working to expedite our own actions, which are already in the pipeline, to be able to get more scrap flow into our own network. It's a combination of actions, and we feel like with a little bit of a time, we will get to a more stable position. Right. sorry, Dev, just to probe this. I understand the mitigating variables that we are looking at. The company has done a phenomenal job over the years working on that. When we say, what is it that has changed over last three months, which has resulted to this pressure specifically and, in North America and Asia? Asia, I presume, you're referring to China or is it South Korea? I'm just trying to understand the underlying variable, what has changed over the last three months. It is just the rate at which China has started importing scrap. It has been rather sudden. They have been making some policy changes, opening up, you know, imports of scrap, but it was not opening up direct sources of scrap. It was more like scrap used to be imported into other Asian markets like Malaysia, Indonesia, where it got converted into recycled sheet ingots and then exported into China. Now, with further policy changes, we are seeing direct imports of scrap opening up, you know. These are some of the things that are impacting us as we speak, when you talk about the last couple of months. ... It's not just the last three months. Just as a reminder, we did warn that we were seeing higher, some higher scrap prices on our last call, but it accelerated through this last quarter. You know, as Dev pointed out, driven primarily by policy and imports, or exports from certain regions towards China. It was more of the acceleration, but we had seen scrap prices moving for the last couple of quarters. Sure. Last question over here is: Would you expect some changes in tariff policies, specifically for North America, which restricts aluminum scrap exports? Because if I look at the numbers, U.S. exports to China, I think it's not so meaningful, it's 200,000. Is that something that a variable that we need to look at going forward, or would you look to lobby on? You know, it's probably a little bit early right now, but certainly this is a critical material to be able to keep in home countries around the world. If you have that ability to take in and recycle in a closed-loop recycling, yes, I think it's something that many places around the world are gonna be thinking about protectionist ways to hold the scrap flows inside of their jurisdictions. It's a little early right now to give any more specifics. That's useful. just a quick one: Any update on IRA? You had indicated in Q4 that we were quite hopeful of securing something under the second tranche, either under 45X or 48C. Any progress updates over there? No, no progress updates over there. With the election results that are coming in the U.S., it is very likely that IRA will be scrapped very, very quickly. That has been publicly said by the Republican side. Basically, we don't think that IRA will anymore be in existence, so that's what one should be expecting. Sure. Thank you so much for the answers. All the very best. You're welcome. Thank you. The next question is from the line of Amit Dixit with ICICI. Please proceed with your questions. Yeah, hi. Good morning or good evening, everyone. I hope, I'm audible now. Yeah. I have a couple of questions. The first one is, again, going back to the impact of the compressed scrap spread. Now, I just wanted to understand, out of $33 million that we highlighted in this quarter, how much of it was due to scrap? Have we seen the worst getting over, or directionally, it can get even worse in Q3 and possibly Q4? Just wanted your thoughts on that. Yeah. Again, you know, we do think that, we will see some more impact coming in Q3 and Q4. At this point in time, for us to be precise about the quantification of that is a bit premature. We are in a moving situation right now, and that's exactly why we want to step back and not give guidance until the time we fully understand the situation. How much of that $33 million was due to scrap? Well, a very, almost the entire portion, you can say. Okay. The second question is essentially, one of your peers in the Concall, had a rather solid commentary on demand, particularly auto and specialty, guiding that, you know, auto build rates are slowing down and all. Even on beverage can, their commentary was not very optimistic, which is fairly, different from what you have mentioned on beverage can, et cetera. Just wanted to understand in terms of, you know, the end market, where we differ, with the, with the peers? Well, on end market, I can tell you that on beverage packaging, it is very strong. It is more a capacity question. Today, we are using Asia to meet North America demand, but overall, across the globe, we are seeing strong momentum when it comes to beverage packaging, number one. Number two, on auto, as far as if you look at the various markets, in North America, we are seeing no slowdown when it comes to the platforms which we supply to, which is SUVs and pickups. We really see no slowdown. We do have one or two specific OEMs which have had a pullback, and we are seeing the impact of that, but the macros of the market are absolutely sound, and they will get even better as the interest rate environment improves. As far as Europe is concerned, the German OEMs are impacted by the German economy, but that is more like a macro issue for the time being, and we need the economic conditions to come back. Fundamentally, the markets will come back, and we will see momentum there. Outside of Germany, it is all looking very solid. As far as China is concerned, we know that the Chinese economy has been rather muted, so we are seeing some impact basically from the macros. As far as our platforms are concerned, as far as the value proposition is concerned, we have no concerns. Last but not the least, just to complete the picture on specialties, despite a very high interest rate environment, building and construction is looking very solid and stable, and it is going to take off as interest rates come down. As far as the other segments and specialties are concerned, again, with the improvement in the interest rate environment, we expect demand to take off. We are really not concerned about the market macros. As I said earlier, we are looking at a shipment growth of around 4% already this year. Top line and volumes really are not a big concern to us. Okay, thanks so much. That's very helpful end on to this. Thank you. You're welcome. Our last question is from the line of Ashish Jain with Macquarie India. Please assist you with your question. Hi, good morning and good evening, everyone. My first question was, you know, Dev, you alluded to the fact that we were factoring some tightness in scrap market in, let's say, in the medium term. Were we also factoring a change in China policy in that, or this is a complete surprise, you know, for us? In that case, the impact will be, you know, more sticky and much more than what you may be factoring earlier, right? As Steve also alluded to earlier, that we were watching policy changes in China, and we knew that China will liberalize the imports of scrap. The fact that they will notify all restrictions, removal on direct importation of scrap, was something that we did not predict to be happening as quickly as it happened, okay. All the factors that are impacting scrap today were foreseen factors. It's just the timing that we were not able to foresee, and we believe that it will happen a little more gradually as compared to what has actually ended up happening. That's the way one should understand it. Right. This is factored. Earlier in the call, you spoke about, you know, $1,000 EBITDA at Bay Minette. This is factored in that number for sure, right? Yes, because Bay Minette is going to come a couple of years down the line. you know, we always knew that over time, spreads will tighten, and that's why we started taking all the actions in order to open up more sources. Therefore, to your point, exactly, I mean, these are all things that were factored over a longer period of time. Remember that some of the macros in the scrap market, for example, auto end of life, you know, which is kind of something that we are working on, and that will be very margin accretive. That is coming. That is not gonna be impacted by everything that we are talking about now, because we are basically setting up supply chains, which we will be controlling with technology, with partnerships. We will be controlling that supply chain when it comes to auto end-of-life scrap, as an example. Really, some of the macros, will play out positively in our favor over time. We can only keep saying the same thing again and again, that what has impacted us is simply the timing of the way things have happened with China. Got it. Got it. You know, just two housekeeping questions. The CRF facility is currently operating at what level of utilization, and do we see it, like, going to 100% types by end of the calendar year, or that's more, that's very aggressive? Yeah. We're still ramping up. It's still at a high level of capacity available to us now. There's a few key assets that were still being commissioned in the or assets that are being commissioned in the third quarter, then we have to obviously ramp it up with our customers over the next couple of quarters. Yeah. I mean, just keep in mind that we are guiding to an impact of $30 million on EBITDA, net impact, post insurance of $30 million on EBITDA. In this quarter, we have reported $25 million impact. There may be some timing. You know, we may have some impact in quarter three and a little bit in quarter four, which will all be covered largely by insurance. Net, net, the worst is behind us with a $25 million impact in quarter two as assets ramp up and as, you know, our insurance coverage is now going to cover more or less most of the additional losses. That is something to keep in mind. Got it. Okay, thank you so much, and good luck. Thank you. Thank you. I would now like to turn the floor back to Mr. Fisher for closing remarks. Thank you, operator. Thanks again to everyone for attending our call today. I think as you can see, we are relatively well-positioned to navigate the shifting market dynamics we spoke of and leverage our global and diverse portfolio to capture the market growth we see in front of us. We also remain focused on our execution of capital investment, capital investments, the plans that are underway to continue to drive shareholder returns. I just want to thank you all for your support and look forward to providing another update on our business and financials on our Q3 earnings call in February. Thank you. This does conclude today's teleconference. We thank you for your participation. You may now disconnect your lines at this time.