Greetings. Welcome to Novelis's fourth quarter fiscal year 2025 earnings call. At this time, all participants are in listen-only mode. The Q&A session will follow the formal presentation. If anyone should require operator assistance during today's conference, please press star zero from your telephone keypad. Please note that this conference is being recorded. At this time, I'll now turn the conference over to Megan Cochard with Investor Relations. Megan, you may begin. Thank you, Rob, and good morning or evening, everyone. Welcome to Novelis's fourth quarter and full 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 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. Let me turn the call over to Steve. Thanks, Megan. Good morning, or evening, everyone, and thanks for joining us today. Our global business performance has demonstrated resilience in an evolving landscape and delivered 2% growth in full-year shipments. Beverage packaging shipments, which made up 60% of our shipments portfolio in fiscal 25, reached a record level this year on continued strong global demand. While adjusted EBITDA was down 4% versus the prior year, I'm proud of our team's ability to navigate challenging headwinds from elevated aluminum scrap prices, tariff uncertainty, and cautious consumer spending, which muted demand for automotive and specialty products. In this dynamic environment, the fundamentals of our business remain strong, and we are controlling what we can control. We believe the actions and technologies we are working on to expand scrap input types in our system can mitigate scrap cost challenges and allow us to continue to provide the high recycled content aluminum solutions customers prefer. To drive continuing margin improvements, we are highly focused on optimizing our cost structure and increasing operational efficiency through a number of actions that will streamline our business, allow us to move faster, and ensure we maintain a strong return on invested capital. We also continue to lead the industry in first-mover investments to capture growing market opportunities and support our vision to advance aluminum as a material of choice with circular solutions. In fiscal 2025, we had an average recycled content rate in our products of 63% and commissioned two new recycling centers that will allow us to increase scrap consumption this fiscal year. The advanced automotive recycling center in Guthrie, Kentucky, and the recycling capacity expansion at Ulsan in South Korea, both commissioned in fiscal 2025, are now ramping up casting production. Meanwhile, our greenfield rolling and recycling plant under construction in Bay Minette, along with other strategic debottlenecking investments and a U.K. recycling expansion, all remain on track. Now I'd like to turn the call over to Dev for a more detailed review of our financial results. Thank you, Steve. Good morning or good evening. Let's turn to slide six, our Q4 financial highlights compared to the prior year period. Net sales increased 13% to $4.6 billion, primarily driven by higher average aluminum prices and a 1% increase in total flat roll product shipments to 957 kilotons. We saw higher year-over-year shipments across the beverage, packaging, specialties, and aerospace end markets, partially offset by lower automotive shipments on muted market demand. Q4 adjusted EBITDA increased 8% versus the prior year to $473 million, was a 29% increase sequentially versus Q3. For the fourth quarter, adjusted EBITDA per ton was $494. The year-over-year decline in adjusted EBITDA was primarily driven by higher scrap prices, as well as less favorable product mix from lower automotive shipments. These headwinds were partially offset by higher volume, higher product pricing, and favorable SG&A and other items. Net income attributable to our common shareholder increased 77% to $294 million, primarily due to favorable metal price lag, gains in unrealized derivatives, and a lower income tax provision from a valuation allowance benefit. Let's look at Q4 performance year-over-year by segment, beginning on page six. North America shipments were down 4%, with lower beverage packaging and automotive shipments, partially offset by higher specialties shipments in the building and construction market. The relatively softer shipments in the quarter were mainly a function of timing, and demand for beverage packaging shipment remains very strong. Adjusted EBITDA declined 29%, primarily due to higher scrap prices, partially offset by higher product pricing. In Europe, shipments increased 8% due to robust demand for beverage packaging, driving record can shipments in the region, as well as higher specialty shipments, partially offset by lower automotive shipments due to softer demand. Adjusted EBITDA was up 41%, primarily driven by the volume and scale benefit from higher shipments. Turning to the next slide, Asia shipments were up 10% versus the prior year, driven mainly by higher beverage packaging, partially offset by lower shipments of automotive and specialty products. Adjusted EBITDA increased 6% due mainly to the higher volume and favorable foreign exchange, mostly offset by unfavorable product mix and some higher operating costs. Lastly, the South American beverage packaging market is very healthy and aluminum continues to win, but our shipments were flat year-over-year due to timing. Adjusted EBITDA was down 11%, primarily due to higher scrap prices and unfavorable foreign exchange. Turning to slide eight, a summary of our fiscal 2025 full-year financial highlights. Net sales increased 6% to $17.1 billion, primarily driven by higher average aluminum prices and a 2% increase in total flat roll product shipments to 3.8 million tons. Total shipment growth was driven by record beverage packaging and higher aerospace shipments, though partially offset by lower specialties and automotive shipments. Full year adjusted EBITDA decreased 4% year-over-year to $1.8 billion, resulting in an adjusted EBITDA per ton of $480. The year-over-year decline in adjusted EBITDA is primarily driven by higher operating costs, resulting from higher scrap prices, as well as less favorable product mix. These headwinds were primarily offset by higher volume, higher product prices, and favorable SG&A other items. Net income attributable to our common shareholder increased 13% to $683 million, primarily due to favorable metal price lag, gains in unrealized derivatives, and a lower income tax provision, partially offset by lower adjusted EBITDA. Net income, excluding special items, increased 11% to $764 million. Now let's turn to cash flow on slide nine. Adjusted free cash flow in fiscal year 2025 is an outflow of $737 million, compared to the prior year's outflow of $75 million, mainly due to higher capital expenditures and working capital pressure due to rising aluminum prices this year. Fiscal 2025 capital expenditures totaled $1.7 billion, primarily to support planned strategic investments underway. For fiscal 2026, we anticipate total capital expenditures will be in the range of $1.9 billion-$2.2 billion, including approximately $300 million for maintenance CapEx. We continue to manage a strong and prudent balance sheet, guided by a balanced capital allocation framework that allows for strategic capital investment while managing net leverage and adequate liquidity. During the fourth quarter, we issued $750 million in senior secured notes due January 2030. We also refinanced $1.25 billion through Term Loan B during the fourth quarter, with proceeds primarily used to repay two previously issued Term Loan As. We ended fiscal year 2025 with a net leverage ratio of 2.9 times and liquidity of $2.8 billion. Novelis has long been focused on maintaining a disciplined balance sheet. We intend to stay within a net leverage ratio of around 3.5x during our strategic investment cycle. I'd now like to hand the call back to Steve for a market and business outlook. Thanks, Dev. Turning to slide 11. Three years ago, Novelis announced a $5 billion multi-year organic capital investment program to strengthen our industry-leading position and grow with our customers. Of the $5 billion strategic capital expansion plan underway, $2.3 billion has already been spent through the end of fiscal 2025. Through great collaboration, our teams have already commissioned three of these projects, including a high-return debottlenecking investment in Yeongju, South Korea, and two recycling center expansions. These recycling expansions in the U.S. and South Korea, combined, will allow us to consume more scrap in our system, lowering our operating costs and reducing carbon emissions by approximately 1.5 million tons per year. This fiscal year, we are on track to commission three high-return debottlenecking projects in the U.S. and Brazil, which combined, will unlock approximately 175 kilotons of rolling capacity. In fiscal 2027, we expect to commission an expanded recycling center in the United Kingdom, as well as our large U.S. greenfield rolling and recycling investment in Bay Minette. The new low-carbon, state-of-the-art plant in Alabama allows us to address significant capacity constraints and grow in North America for decades to come. With finished goods capacity totaling 600 kilotons, Bay Minette will be a highly sophisticated and automated plant, which should yield higher operational efficiency and lower production costs. Approximately two-thirds of the new capacity will be utilized to support contracted domestic beverage packaging customers, with a balance to support the automotive and specialty markets. Through the end of fiscal 2025, $1.6 billion of CapEx has been spent, and engineering is now more than 90% complete. Construction continues to progress along our expected timeline, and we remain on track for commissioning in the second half of calendar 2026. The first phase at Bay Minette sets a strong foundation on which a capital-efficient second phase can be readily added to effectively double capacity. With beverage packaging capacity in the first phase contracted to mainly displace imports and a positive growth outlook for demand, driven by continued package mix shift to aluminum, we will be ready to quickly enact phase II of Bay Minette when the time is right. Let's take a look at our end market outlook on slide 12. We believe our portfolio mix, diverse product line, and geographic footprint position Novelis well to capture the favorable long-term fundamental demand for aluminum products across end markets, driven mainly by sustainability and lightweighting preferences. However, it is more difficult to predict near-term demand, given high levels of macroeconomic uncertainty and the evolving tariff landscape. That said, aluminum beverage packaging is our largest end market, making up 60% of our product shipments. Demand in this market across all regions continues to be robust, driven by favorable consumption and package mix shift towards aluminum. The near-term outlook for automotive is decidedly more uncertain. Automotive demand in Europe has been challenged by the soft European macroeconomic environment. The potential implications of tariffs drive further uncertainty on near-term demand in Europe as well as in North America. In addition, we are seeing slower growth in China due to less favorable vehicle and OEM customer mix, where aluminum penetration is lighter. While not a large portion of our portfolio, demand for aerospace plate and sheet broadly is positive, with OEM build rate constraints from supply chain instability beginning to ease. Lastly, for specialties, we are seeing the typical seasonal improvement in demand in the building and construction space and some potential tailwinds as specialties customers seek global supply. However, uncertain implications of tariffs are muting demand for some other subspecialty markets, particularly those related to automotive industries like EV batteries and truck and trailer, and suppressing the full potential demand for building and construction products. Turning to slide 13. In fiscal year 2025, we saw a rapid change in global scrap markets that we believe is more structural in nature and is creating margin pressure on our business. Higher scrap prices were not unexpected, but they occurred at a faster rate as our customers continued demand high recycled content, lower carbon products. Meanwhile, low recycling rates, particularly in the U.S., are limiting the supply of used beverage containers, or UBCs, and causing the price of those UBCs to increase. We believe it is unlikely that scrap prices will revert to the historically favorable rates of the past few years, but we also do not believe the price highs and sharp volatility we saw a few months ago are sustainable. We have seen some easing in scrap prices in recent months, including some benefit from higher Midwest premiums, but the market remains unsettled. Novelis has been working on a number of strategic initiatives to protect recycling profitability over time. However, there will be a gap before those initiatives can scale. These operational and buying initiatives include consuming post-consumer automotive scrap with the ramp-up of our new Guthrie Automotive Recycling Center, strengthening our supply chain and alliances to open more sources of scrap, and ongoing advocacy to increase recycling rates. We also are increasing our use of digital technology and making advancements to sort and consume contaminated scrap in our operations. For example, we are currently deploying advanced AI vision and robotic systems within our facilities that enable the utilization of a wide range of scrap qualities. While this is a challenging period to navigate, Novelis is in an advantaged position as a highly efficient buyer and low-cost processor of scrap. Our established global scrap buying network and world-class recycling assets position us well while we increase our capability to consume alternative scrap types and create more supply. We believe we have the right plan in place to mitigate the impact of higher scrap prices over time. With the structural change we were expecting materializing at a faster pace, we need to evolve as an organization on a structural basis as well. Above and beyond scrap initiatives, we will defend our margins by also driving operating efficiency, portfolio optimization, and cost reduction initiatives to reduce our fixed cost base. Operational efficiencies to reduce costs and unlock capacity is a continuous agenda for Novelis. To remain the industry leader, we must continue to be a pioneer and to reshape ourselves. We are already driving a number of different actions on cost savings and operational efficiencies, portfolio optimization, and procurement savings to structurally reduce our fixed cost base and defend our margins. We have set a minimum cost out target of $300 million to be achieved by the end of fiscal 2028. Approximately $200 million will come from operational efficiencies. We'll be doing this in a structured way, using our Novelis Operating System to determine opportunities at our plants where we can capture cost savings over the longer term, in areas such as labor productivity increases, energy and variable cost consumption optimization, leveraging our scale to drive procurement savings, and enhancing asset effectiveness by improving recovery and throughput. We are also looking at footprint optimization opportunities. With the change in automotive market dynamics in China, we will focus on running one of our two automotive finishing lines in China at full capacity and idle the other to reduce costs until market conditions improve. We also made the difficult decision to cease operations at two North American specialty plants in fiscal 2026. On the SG&A side, we are designing a new end-to-end operating model for our SG&A processes and activities. The model will cover both spending as well as organizational structure and processes. We aim to achieve approximately $100 million in sustainable SG&A cost reduction through a leaner organizational structure that leverages centers of expertise and technology to reduce overlap, streamline processes, and drive higher efficiencies. While these decisions are never easy, these actions will drive simplification, better leveraging technology and automation to gain efficiency, and free up resources to further invest. In summary, we are focusing on what we can control as we navigate market and tariff uncertainty. The substantial increase in scrap prices versus a year ago will challenge EBITDA this year. We believe we are doing the right thing in continuing to invest in the U.S. and onshore supply chains to reduce dependency on imports. Bay Minette is the first fully integrated aluminum plant being built in the U.S. in nearly 40 years, but tariff uncertainty remains a concern. Regarding scrap prices, we believe we are in a solid position given our established global scrap supply network and efficient recycling operations. Novelis has been working on new technologies and partnerships that expand the availability of scrap, as well as driving a number of different actions on cost savings and operational efficiencies to mitigate margin pressures from the tightness in scrap markets. They will take some time to scale. Meanwhile, 60% of our shipment mix is for the beverage packaging market, where we are seeing strong global demand that will support a future second phase capacity expansion at Bay Minette. In longer term, the fundamental demand drivers for aluminum flat rolled products across end markets remain intact. Novelis's unmatched scale, footprint, and sustainability attributes position us well to navigate today's markets 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 all your questions. Turn it back over to the operator. Thank you. We'll now begin the Q&A session. If you'd like to ask a question at this time, please press star one from 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. So we may address questions from as many participants as possible, we ask that you limit yourself to one question and one follow-up. If you have additional questions, you may re-queue, and time permitting, those questions will be addressed. One moment, please, for the first question. Thank you. Our first question is from Amit Dixit with ICICI Securities. Please proceed with your questions. Yeah, hi, good evening, everyone, thanks for the opportunity. Congratulations for a good set of numbers. My question is on slide five, where we have the waterfall chart from Q4 FY 2024 to Q4 FY 2025. I'm sorry, we've lost, our questioner. We'll move on to the next question. It's from Sonal Chauhan with Kotak Securities. Please proceed with your question. Hi, thank you for the opportunity, and congratulations on a good set of numbers. My first question is on the volumes. Given that large part of our debottlenecking projects are concluding in FY 2026, what sort of volume growth should we expect? The second one would be on your margin guidance. Given that the peak or the worst of scrap spreads are behind, I mean, are we in a position to share our FY 2026 outlook on margins? Maybe I'll start with the volume outlook. Clearly, short term is a little bit difficult to predict with some of the, you know, fundamental market conditions driven, you know, by different, you know, tariffs being put on. I think in the near term, very difficult for us to call the market. We have the capacity, as you highlighted, so we will grow with market or take even share where we see the opportunities. As the new capacity, 165 kilotons, comes in over the next 12 months, we'll focus primarily on beverage packaging, because we do see that market being very strong. That's a lot of the debottlenecking projects are focused in that area. We see that as a opportunity to grow, at or above market conditions there as well. On, you know, on the actual margin guidance, again, it's just very difficult, you know, right now in a very volatile market, so we're gonna stay away from giving near-term guidance. We still feel very comfortable with long-term growth of aluminum, several products. We feel very comfortable with, you know, a number of our in-market conditions, especially the beverage packaging market. We are seeing, you know, potential, difficult, choppy conditions in the automotive market. We're hoping for some tailwinds as it relates to some of the specialty markets, as some of the trade barriers, settle up a little bit more. Longer term, we stay committed to the overall $600 per ton, and the fundamentals that will get us to that $600 per ton. Understood. Steve, if I could just follow up on the margins, given that Midwest premium has been strong, we would have some visibility in the near term. Do we expect the uptrend, at least in the near term, given the tailwind from Midwest premium, to flow, and, we should see, the uptrend at least in the next one or two quarters, as far as margins are concerned? Yeah, as we said, we are seeing some settlement of scrap pricing versus kind of the peaks. We're still waiting to see where those ultimately settle out. Certainly a higher Midwest premium driven by the fact that the Section 232 duties have been put on, and two-thirds of aluminum flows from primarily Canada down into the U.S., has supported that Midwest premium. Certainly we have benefited a bit on the recycling side for that, but there's offsets to that as well, as it relates to the direct impact of tariffs on us. I think right now, we continue just to focus on what we can control, which is all the elements that we've talked about in cost initiatives, asset optimization, and continuing to find ways to process more types of scrap through our system. Got it. Got it. Thank you, and all the best. I'll hand it to you back. Thanks, Nanda. Our next question is from the line of Sanjeev Jain with Emkay Global. Please proceed with your question. Hi, thank you. First a follow-up to the margin guidance. Just want to understand, I can understand there are various puts and takes. All your peers have given a guidance, considering all the positives and negatives. Just want to understand what is holding you back. When you look at the cost product, it seems you're indicating some direct ones. I think for others, it's minute, but I understand for Novelis, there is Canada, there is products moving in and out of Canada. Maybe as we look at the EBITDA per ton, can you directionally talk about various variables, maybe kind of quantify the impact that you expect from cross border? All the others we can see, we just don't know what is the impact of this direct impact of cross-border flow. Yeah. Well, just continuing on the theme of what Steve said. If you look around in the environment, a lot of our end customers have, along similar lines, not being, kind of, you know, trying to predict the short term, the auto players have suspended their guidance, for example. In general, there is a lot of tone of caution, in the environment. Now, more specifically, you are talking about puts and takes. Let's just get to all the puts and takes. Market fundamentals are kind of, you know, in a very strong place for beverage packaging. Auto and specialties continue to be affected by the macro environment. That is as far as top line goes. As far as beverage packaging is concerned, I must say that the demand trends across every single region in the world are strong and positive. That is something to keep in mind. As far as other puts and takes are concerned, right now we see some settling and stability on the scrap market, as Steve already alluded to. China is no longer the headwind that it was in the third quarter of our fiscal. We feel like we are in a stable place. Still too early to be very predictive about everything out there. For the time being, we feel that we are in a very stable place. There is one input to keep in mind, and I think it will help your margin question, and that is regarding the impact of tariffs. Now, things keep moving every day. Just tonight, our time, we saw a statement coming out on China, and there has been a significant reduction of tariffs on China. There has been a deal with U.K. in the last couple of days. That's the unpredictable situation that we are really dealing with. Having said that, if one were to just go back to where tariffs were a couple of days ago, you know, without some of these new impacts, I have to say that we will be impacted by about $40 million net every quarter. Remember, that is if nothing changes and things just continue to be the way they have been, it will be a $40 million impact. Do we actually believe that that's the way it will be? We believe that the stage is set for trade deals to continue to happen over the next weeks and months, and it's very difficult to say when what final tariffs will come into play. In fact, or rather in short, that's the unpredictable element. I think it will be imprudent on our part to be too predictive about short-term guidance, given the number of factors, macroeconomic and tariff related, that are up in the air. This is the best visibility we can give on the puts and takes. Whatever I've not commented on is not something that, you know, deserves a comment, I would say. I mean, everything else is pretty much along stable lines. That's, that's what we can give to you. Okay. Maybe if I probe further, if I may, on this. As we look at the EBITDA per ton for FY 2025, it came at $480 per ton. Given where things are, I know it's volatile, is there a risk that we're looking at a lower EBITDA per ton than that also for next year? Just directionally, if you can, otherwise, I can move to the next question. No, I think that. Again, I go back to say that it will be imprudent on our part to try to be too predictive. It will not be responsible on our part to make comments, with particularly, the number of macroeconomic/tariff-related things which are up in the air. I don't think any statement by us, for the short term, will be very helpful. Very much. The second question on scrap. When we look at scrap, it seems like there's a lag in consumption compared to prices. Where the scrap has been, how do you see the consumption panning out? Do you see the impact of higher scrap prices in the second and third quarters? Also, just want to understand what you mentioned that China is not that big a force on the scrap side. The moderation we've seen in scrap, is it part seasonality because winter you anyway have less availability of scrap? Is it part seasonality or was there anything to do with tariffs? In the past cycle when you had tariffs, China also restricted import of scrap. Given we had this entire situation, we don't really know if China is importing directly or is it going to Southeast Asia and getting processed. Was there a decline in flow of ex-export of scrap in the last few months given the tariffs? Given now that we have a tariff situation, is there a possibility some of that opening up? Yeah. Okay, let me try to do the best possible job in giving you clarity. Number one, let's just tackle China here. you know that the VAT subsidy was withdrawn back in December, and we already told you at that time that we expect that to be a positive play once they have withdrawn the VAT subsidy, because it really has impacted the pull from China because it is a straight hit of about $450 per ton on an average. It had a very logical impact of muting some activity in terms of exports. There are other things that are happening, more, more protectionism and so on and so forth. It's not really helping. That is basically because of the demand moderation, it has naturally reduced the pull. Number one. Number two, you asked a volume question, and we feel very good about, number one, availability of scrap, and number two, our ability to process more scrap volumes. Why? A couple of reasons. First, that, in the fiscal year 25, there was a period of time when we were basically seeing some constraint of availability, China and other reasons. That constraint is no longer being felt. We are managing inventories well, i.e., making sure that we have some buffer, but overall availability of scrap has come to a way better place. Those constraints that affected us for a part of the period, more particularly Q3 of fiscal 2025, have actually vanished, and we feel good. Moreover, we have now ramped up capacity at Guthrie. Guthrie is getting to a better place month after month in terms of ramping up. Remember, it's a 240 kilotons scrap capability. That is another positive factor which will result in more absorption of scrap. We have also commissioned late last calendar year, early this year, we have commissioned our Ulsan, our Ulsan 100 kilotons additional recycling capacity. That is going to help volumes. All in all, feel good about volumes. Stable on the scrap prices, a little better than Q3. Q4 was a little better than Q3, and that persists. Pricing, we feel stable for the time being, and availability is not a constraint. China is not as big an issue. These are all the things that should help you understand the overall scrap situation. This commentary seems relatively more optimistic than the initial commentary, the opening remarks you had, which seemed more cautious. Is it because of all the capacities coming up, including from a competitor, that will heighten the work? The initial commentary seemed more guarded compared to current stage. Just want to understand, situation has improved, but despite that, you sounded more cautious. Why is that? I just wanted to understand. Well, it's cautious. I mean, if my statement, smelt optimism, then, you know, I just want to tell you that, no, I mean, the overall tone is meant to be cautious. Stable is what I said, means it is not getting worse, it is slightly better. I've just stated the fact that availability is not an issue. That's an absolute fact. We feel good about that, we are still continuing to sound a note of caution, because prices are far, particularly UBC prices are far from where they used to be historically, the first half of last fiscal and before. I still need to be cautious. One, one quick question, if I can squeeze, I've already taken a couple of questions, but I just want to understand, all your peers are talking about these tariffs being good as they incentivize indigenous capacity in U.S. How the side was not able to understand why, what is driving that comment? Because there are no duties on aluminum, flat roll aluminum alloys and all this, if I'm not mistaken. Just want to understand how with these tariffs, is it because it will ultimately incentivize more manufacturing in U.S., and that's what is leading to that outlook? We're a very different company than any of our competitors. We're much more global. We're the ones that are investing in the U.S. In the U.S. right now, there is not enough domestic can sheet to support the market that is growing. We've made the decision to bring manufacturing and that supply chain back into the U.S. with our investment in Bay Minette, Alabama. In the meantime, to support the market, we are importing can body and end into the U.S. from our Korean and Brazilian facilities, which comes with Section 232 tariffs. Additionally, we have a Canadian facility that supports the automotive and specialty markets, of which product goes back and forth between our Oswego facility in New York, and that Canadian facility and then back into the U.S. to support customers. That also is subject to Section 232. We're looking at solutions. We believe long term, we have the right, we're in a good place to discuss with the administration about rebates, exemptions for these, because we're doing, I think, exactly what the administration wants in bringing the supply chain and manufacturing back into the U.S. This will take time, so I don't look at what others have said versus Novelis, because we're just a very different company, and on all the specific impacts. Just a clarification on this. you're saying the can sheet you import from Ulsan, Korea, and all, they also now, there's a 25% Section 232 tariff on that also versus 10% earlier? No, no, it's the 232, 25% on it, not. Previously there was a 10%, and we were getting that exempted. When they, when the administration put back on an increase to 232, they also removed the exemption process at the Commerce Department. We're still working through that. Okay. Thank you. Thank you. All the best. The next question is on the line of Prateek Singh with DAM Capital. Please proceed with your question. Hi, good morning, everyone. Thanks for taking my question. Just to get this clarified, assuming scrap prices and the minimum prices stay constant, higher premiums, you are using benefits globally. Is that understanding correct? If you're asking with the increase of Midwest premium, if we benefit from that, from the scrap business, yes, we do. That is factored into the guidance that has provided as it relates to the overall impact of direct duty tariffs for on Section 232 for aluminum. Exactly. When I said $40 million, we took in all the factors, Pratik. We took in that we paid Section 232 duties of 25% from our inter-region imports, and there is a set off because of higher Midwest premium. That's all accounted for in that, in that $40 million current number. Remember, once again, that that is just if we take a snapshot of duties that were prevailing last week. Understood. The reason I'm asking is, the premiums have kind of diverged quite a bit. In Midwest, they're up quite a bit, but Rotterdam in Europe and Japanese premiums both are down quite a bit. So to get a sense globally, can I just get a ballpark share of, region-wise, share of our recycling capabilities as to how much is Americas, how much is Europe, and how much is Asia in terms of recycling? Yeah, I mean, we don't go that far. All that I can say is, I mean, you look at volumes, and volumes are clearly available to you, quarter, full year, and everything, and you know the average recycling%. There are some variations between regions, on the whole, I mean, if you use a macro number, you won't be too far in terms of% of recycling to volumes. You won't be too far, I'd say. Understood. When do we think we would be in a better position to give a guidance as to how much of Bay Minette production or sales can be done in 2027 or 2028? how much what? Sorry. Bay Minette. The upcoming Bay Minette Cap facility. Yeah. What kind of volumes can we get out of that in 27 or 28? When can we give that guidance? Yeah. Well, we have been saying that, number one, Bay Minette will be commissioned in the second half of next calendar. Number two, that you should assume that we will need, 18 months, plus, minus, to commission, Bay Minette to, you know, sort of, close to full capacity levels, the ramp-up period, I would say. That's the best guidance that, we can give to you, and that should help your question. Understood. Thanks. Thanks a lot. You're welcome. Our next question is from the line of Amit Dixit with ICICI Securities. Please proceed with your question. Yeah, I actually got dropped off earlier. Just a question on slide number five, where we have provided the waterfall chart. I wanted to understand that of this operating cost of $107 million negative, how much of this cost do you think is non-recurring in nature? There is not a non-recurring. This cost is essentially coming out of metal. The higher scrap prices, for the largest part, is how you should think about it. Yes, there is some inflation, and there are other factors. I think the way to think about this is that, the largest part of this, is driven by, basically the impact of, higher scrap prices. Non-recurring or recurring, I mean, I think that it all depends upon how the market moves. We have already said that, we want to, be very cautious about how the scrap market moves. Okay. The second one is on Europe. Keep in mind, yeah. Okay. Yeah. Amit? Sorry, yeah. Please go ahead. Yeah. Yeah. Keep in mind that this, and that, you know, I mean, this year, I'm just trying to complete the picture for you. Just keep in mind that for this year, we were affected by the elevated scrap prices for two quarters. As you think about the future, remember that, on a year-on-year basis, the next two quarters will be affected, and after that, we are level. To your point, non-recurring, I mean, it will kind of become a rollover cycle starting from the third quarter of fiscal year 2026. I think this should be a lot of good input for you to think future. Yeah, certainly it is. The second one is on Europe. If I look at the EBITDA pattern for Europe, it has jumped sharply to $392 per ton. I understand some of it would be because of fear coming back in the operation. Just wanted to get your thoughts on that. $392 per ton is something that we have not seen for quite a few quarters. What has brought about this improvement, and how do we think about it going ahead? Yeah. As we always keep reminding as many times as needed, that ours is a business which has a lot of operating leverage. Therefore, if you just see the volume pattern, I mean, that, for the most part, will answer your question. It is really operating leverage, number 1. Number 2, that beverage packaging prices continue to go up. And, you know, so that actually helps on margins. That is the second factor, which has resulted in a very smart recovery in margins. Third, there's a little bit of a timing element of some customer revenues, which happen to come, you know, in this quarter. The best way to answer your question is operating leverage, great can demand and higher prices in can, all this is really helping us. Wonderful. Thanks a lot there, and all the best. Thank you. Our next question is from the line of Ritesh Shah with Investec. Please proceed with your questions. Yeah. Hi, thanks for the opportunity. I understand the recycling content at Novelis is around 63%-64%, if it's correct, if that number is wrong, and that the target that we have given is 75% for 3 by 30. My question to Steve is, how sacrosanct is this number of 75%? The reason to ask is, basically you have scrap to melt, or you can probably even get an ingot and melt it and get to the same end product. Looking at how volatile the scenario is, are we okay to push out the 75% number if we get better economics on processing the metal versus the scrap? Yeah, absolutely. When we set our vision to get to a target of 75%, we understood that was ambitious. It's exactly what our customers have continued to ask for with low carbon products. We have to do it in a profitable manner, and we will always do it in a profitable manner. And it is still profitable as we ramp up our new capacities. Yes, as we think about the future, the third pillar of that 3 by 30 is to have a strong, be financially prudent, a strong return on invested capital. We will do it in the most prudent manner. All right. Just a related question. If one had to ask, I presume the company has around 1.5, 1.6 million tons of capacity in North America. If I had to understanding the sourcing for metal and scrap over here, would it be possible for you to give some color, like say, corresponding to 63% at the company level, what that number would be for North America? Yeah. Directionally, what I can tell you is that we depend on scrap flows from Canada. We depend on scrap flows from Mexico. It comes from neighboring countries, neighboring geographies. A good part of it is, of course, scrap that is available right in the U.S. For the most part, I can say that there is a fair distribution of availability, with the majority of it coming from within the U.S., but dependence on Canada and Mexico as well for some scrap flow. That's the way to think about it. Opportunistically, we may import it from other parts of the world, but that is really opportunistic as it happens. That's really the best answer. Where I was coming from is, say, over the last two quarters in this time, when the scrap prices moved up, was it at a point in time that processing the metal was far more economical or more profitable as compared to processing of scrap? And did we do that or we still stick our guns to processing our scrap, which is more ESG-friendly way? I'm just trying to understand how flexible are we on this number of 75%, given post Mr. Trump, things definitely in North America are very different. How do you look at this number of 63%? Like, clear up, I understand you have CBAM one needs to comply to it. Can there be a bit of variation on this number, wherein you can give a higher precedence to profitability, versus scrap usage, wherein the economics is not in our favor? Yeah. You know, as I said earlier, our assets, our recycling assets are some of the most efficient assets in this space. We continue to utilize technologies to ensure they continue to find different types of scrap to sort and process through our plants to achieve the increase in targeted 75%. I can also assure you that at no point in time did we process scrap at uneconomical conditions. You were just looking at it. What we're highlighting is year-over-year movement scrap prices, which is a headwind for Novelis on a comp standpoint, but we absolutely are doing it very efficiently and will continue to make appropriate trade-offs as it relates to pricing of scrap and through our process. Sure. My second question was on optimization of footprint. You indicated a closure of two finishing plants in North America, and I think rebalancing in China. Can you provide some more specifics over here? Yes. As we are Steve, basically, did talk about how we are really taking a hard look at things that we can manage, things that we can control, and one of the things we are looking at is footprint. Now, I'm right now talking about North America, to your point about the two plant closures. As we take a hard look at footprint, we have discovered opportunities to consolidate capacity. For example, you know, I mean, we are Richmond, which is one of the plants that we have announced, you know, that's a cold mill. We have, through continuous improvement, efficiency, and really, doing all the work that we are on overall operating efficiencies, we see the ability to reduce that site and basically consolidate capacity in other locations. you know, so that is one clear case where the economics are very, very strong. As far as Fairmont is concerned, again, we have taken some of the products, into other locations. It's basically a cold mill and finishing capacity. We have taken some part of the products, into other locations, but products which are like heat exchangers, we don't see the economics of continuing, in that category. Therefore, we have decided to make a decision to basically rationalize that category and come out of it. This is part of taking a hard look at footprint. We will keep doing that on a continued basis. As far as China is concerned, it's just the change of the market profile. I mean, basically, as the local players are gaining market dominance, some of the customers with whom we have our contract have lost some ground, and therefore we do not see the rationale of running two CAS lines there, and therefore we would like to idle one cash line as part of that. That's a pure, you know, market-based evaluation that we have made. That's really how one should think about it. Sure. Thank you, Dev. Thank you, Steve. Thank you. Our last question is from the line of Abe Landa with Bank of America. Please proceed with your questions. Good morning. Thank you for taking my questions. Okay. Maybe Okay. Maybe that $40 million per quarter tariff hit, is that all within the North America segment? Yes. I guess, is that why we're seeing this EBITDA per ton kind of below fiscal 2022 levels? Is that $40 million going to really start to hit next quarter? I mean, we have had an insignificant impact of tariffs in Q4. Really, the tariffs will come into play starting from this quarter, that is Q1 of fiscal year 26. My last question is, do you provide a CapEx guidance for fiscal 2026? Can you also just confirm your debt raising plans for this fiscal year? Absolutely can do that. Basically, for fiscal 2026, we have just given a guidance of $1.9 billion-$2.2 billion CapEx. Yeah. As far as debt raising plan is concerned, you can broadly expect that in fiscal year 2026, we could be raising about $750 million of debt, and that is to continue to finance Bay Minette. Remember what we have kept saying for some time now, that our net leverage target at peak is 3.5. We are at 2.9. We will not go over 3.5. Basically, for all your model, you can take that as a strong indicator of what we will be doing. Everything else, we will manage within that. Depending upon how the markets go and how EBITDA shapes up, we will schedule CapEx or reschedule CapEx and do what it takes. We are very clear that the balance sheet will stay disciplined, and 3.5 is where we have pitched it during this intense capital cycle. You also have some bonds that are due in late 26. Yeah. Is your plan to tackle that this year as well? Yeah. Absolutely. Absolutely. We will not falter on that. You can expect that within the first half of this fiscal, we will do the necessary refinancing. A good bulk of the refinancing is done. I mean, our debt maturities now are pretty far out for the most part because we did this Term Loan B of $1.25 billion in the March quarter. Basically, we have been doing everything that we need to do on the balance sheet front. Thank you for answering my questions. You're welcome. Thank you. We've reached the end of the Q&A session. I'll turn the call back to Mr. Fisher for closing remarks. Yeah. Thank you, operator. Thanks to everyone for attending our call today. I think it's clear that the macroeconomic environment is quite uncertain right now, we remain focused clearly on what we can control. We do have an advantaged, diverse product portfolio, leading recycling operations, we will continue to drive operational and cost efficiencies while executing on our capital investment plan. Thank you all for your support, we look forward to providing another business and financial update after we close our Q1 in August. Thank you. This will conclude today's conference. You may disconnect your lines to this time. Thank you for your participation.