Good afternoon, all. Thanks again for joining us at the Jefferies Industrials Conference today. I'd like to introduce Steven DiTommaso, VP of Finance and CFO, and Christopher Zimmer, EVP and COO at Universal Stainless. Thank you. So I've been with Universal Stainless for 16 years. We've got a very interesting story I'm going to take you through. We're a specialty steel producer, based in the Pittsburgh, Ohio, and New York area. A specialty steel producer, primarily supporting the aerospace market, 75% of our revenue. So I want to start the presentation by going through our backlog. As flights decreased, the aerospace industry corrected, our backlog went down, and we've seen a steady increase coming back. I want to talk about the components of this increase being driven, one, by demand, the execution of our product portfolio expansion, and as well as some of the different initiatives that we have, expanding on our prices, which is gonna lead to further margin expansion. So at Universal Stainless, we are very capital intensive. Pre-COVID, an employee count around 850 people, there was a significant reduction. As I saw in a lot of the presentations here over the past couple of days, challenges getting our labor force rebuilt and stabilized. It's created some challenges and some opportunities for us. During this downturn, we've used our capital and refocused some of our capital spending to try and modernize our plants, digitize the flow of orders through the plants, upgrading equipment, and taking steps to pull labor out of the process. Our capital is also driven towards growth initiatives, putting in some additional capacities that allow us to break through some of the bottlenecks that we experienced and limited growth back in the last surge of 2018. Plant activities do continue to improve. We're seeing sequential improvement every single quarter, and we have that expectation to continue to support this very strong market that we're seeing, particularly on the aerospace side. We're gonna talk a little bit about how we're well-positioned and speak about what that backlog means on a forward look. So at Universal Stainless, a quick overview of our business profile. 75% of our revenues are going to the aerospace market. If I carve that up, about 50%-55% is commercial aerospace, so people like Boeing, Airbus, Bombardier would be in that category there. A growing portion of that, with the specialty alloys that we've been developing and gaining approvals for, are on the defense side. Fighter jets, rotorcraft, missiles would be an expanding part of our portfolio and new revenues that we're building into the backlog. Industries like oil and gas, heavy equipment, which is largely tooling going to the automotive industry, power generation, a combination of those markets, which are very cyclically based, currently being in a down cycle, poised to return next year, and also a strategic decision to move some of our available capacities to the aerospace industry, where we're experiencing much better margins. Our product flows to market through distribution partners. It's the way that we've always managed our business, and it allows us to stay very close and in touch with our customer base. So as a leading producer of specialty steels, there's been a challenge and a stress in the supply chain lately. We see a lot of growth in build rates from Boeing and Airbus, discussions of going from the mid-30s to 40s and ultimately up into the 50s at Boeing on the 737 MAX. There is clearly not a demand issue. In the supply chain right now, it is in an absolute pull. So our service center customers, our forging customers, are not building inventories, which is typically something that we do see in an upcycle. This is still very much a pull environment. A little bit about some of the markets that we're serving into and the requirements that makes our story unique. Not only the equipment to produce the steels that we produce, but also the know-how to produce them, and the approvals that go along with them. Back in 2011, Universal Stainless made a significant $120 million investment, with subsequent significant capital investments at a plant out in North Jackson, Ohio, that helped to expand our remelting and melting capabilities, got us into larger diameter bars, which allowed us to participate more on the engine side of the business. As we developed those products, developed the approvals, it's allowed us to penetrate further into the aerospace market and have a more broad presence beyond the structural components, also getting into engine components. There's a listing here of some of the qualifications and certifications that are necessary, that are very high bars to be kept, and it really keeps a significant barrier to entry from both imports and domestic players. So throughout the airplane, we are participating, like I said, on the larger aircraft, single wide, double wide at Airbus and Boeing. They would be a great example of end customers. We do support all throughout the supply chain, components from landing gears to actuators, and again, as we elevate the portfolio of our products into the more higher-end products, you'll see us showing up more on the engine side. We've talked publicly about the LTAs that we have won at Rolls-Royce. We're now the leading steel supplier for their engines, and a lot of the recent approvals that we had at Boeing and at, excuse me, at GE and Pratt & Whitney are also expanding our engine participation there. So very well-positioned to enjoy this ramp that we're seeing in aerospace demand. Demand is being driven largely by passenger miles continuing to continuously be up. Domestic travel is above the levels that we saw pre-COVID. International travel is accelerating at a very high rate right now. Still not back to pre-COVID levels, but those passenger miles are already getting back on a net basis to pre-COVID levels. There's also a very heavy incentive for airlines to change out their fleets to the more fuel-efficient planes. This gives them the opportunity to have significant fuel benefits. So between the higher demand and the changing out of the fleets, there's a robust backlog at Boeing and Airbus right now that can be measured in 5 years-7 years, depending upon their ability to ramp production and the supply chain to support them. So the other markets that round out Universal's portfolio, tooling, oil and gas, general industrial, these markets all came back relatively strong out of COVID. But we're seeing a general softness in these cyclical markets, which generally has to do with a degree of destocking and a little bit of anxiety about what's to come. The good news is that for everything that we've got in our backlog that's largely aerospace-focused, these markets rebounding bring even further opportunity for us to round out our portfolio, and Steve's gonna talk a little bit more about what that means in revenue that's currently built into the backlog, and what these additional markets will bring when they do get back to their full potential in the upmarket. So the oil and gas market is still relatively robust from an exploration standpoint. Right now, there is some inventory that's being managed because of some overbuying. Our products go into offshore aggressive environments for downhole deep drilling rigs. The power generation market, this was one that was a very significant part of Universal's revenues back in the 2008 to 2011 time period when there was a very significant amount of capacity going into the market. That capacity has since largely been realized. So the maintenance side of the business is what drives our activities. The gas turbines these days are representing almost 40% of the generation of energy in the U.S., so the maintenance and the redesign of the existing turbines is what drives our business there. So here's an overview of our four facilities. They're located within a 2.5-hour range of each other, and they work on an integrated basis together. We have multiple melt shops, remelting, and hot working facilities. This team of plants works together in unison, producing everything from larger diameter semi-finished products that's used at forge shops, all the way down through precision micro components that are used in semiconductor and medical applications. Shifting a little bit to the numbers and what we're seeing, as we take a look forward, particularly on the targeted areas of growth. The VIM grades that we call our specialty products or the premium alloys have been a focus area of ours since we bought that plant in Ohio that I was talking about before. The grades that have been developed in this environment right now, that is a very strong pull environment. The approvals have come on board, and we've begun to load our backlog with these higher value products, higher margin products. When you look at the sales trends here in recent years and then see what we're experiencing as we left 2022 and through the first part of 2023, we are on track to set continuous records here quarterly as we move through the rest of the year. When we bought the North Jackson facility in 2011, we believed that there was upside to add an additional $100 million in revenue, and our backlog now supports our ability to do that in 2024. Here's a shot of some of the progress that we're making. We've talked recently about our big CapEx spend here in 2023. VAR, vacuum arc remelting, is a part of the specialty steel process that was, quite frankly, a pinch point for us back in 2018. We've made a significant investment this year to expand upon our melt shop. The two new VARs are in final assembly right now. They're going into commissioning here in the third and fourth quarter, and we will have them operational by the second quarter. What that means is an expansion of our remelt capacities by 20%, which is where all of our high-end product goes through, directly relating for an ability for us to ramp beyond those pre-COVID volumes. Steve's gonna talk now a little bit more on the financial outlook. So, as Chris mentioned, we have a recovery story going, coincides with the commercial airline recovery, air traffic recovery. We also have a growth story, and that growth is being driven by sales price increases and volume increases, and growth at the top line, but although also growth of gross margin. So we're laser focused on expanding our gross margin, expanding EBITDA, driving profitability, and driving operating cash flow. So if we look at the numbers a little bit in the recent trends over the past six years, you can see that in 2018, 2019, we hit a high point on the blue bars on this chart. So those are annual amounts, so $250 million in sales, on about 40-... 40,000 shipping tons, and recent highs on profitability in those years as well from a margin standpoint. The orange bars are year to date through June, so six months through the year, our revenue is of about $135 million. So on a run rate basis, we're at 270 annualized, which would be a record year at the top line for us, and driving toward back toward record profitability levels that we set as well at measured at a gross margin level. The VIM mix is a big part of that, so the slide that Chris just showed before showed about $40 million worth of premium alloy sales, which is original melt in our vacuum induction furnace or what I referenced as the VIM. So our premium alloys were at $40 million before the pandemic-induced downturn. We got back near that level in 2022. So in 2023, halfway through the year, we're at about $30 million. So again, premium alloys are growing, and on pace to, on a run rate basis, set a record level on premium alloy sales as well in the current year. So what that means from an EBITDA perspective and, cash flow from operations is that we are generating profitability, generating cash flow back to levels we last saw in the 2018-19 range, and this is just kind of the beginning in the midst of our recovery. We see incremental improvement happening over the next couple of quarters and in through 2024 as well. So the first half EBITDA run rate is near the 2018 level, delivering $15 million of EBITDA and cash flow from operations of $11 million. Eight of that was generated in the second quarter. So again, driving back into profitability, expanding that profitability going forward, coupling that with prudent working capital management. We continue to expect to generate incremental free cash flow as we maintain capital expenditures at the, you know, levels we've guided and executed the last two years, you know, right in that $15-$18 million range on an annual basis. So each quarter going forward, sequential improvements in sales, margin, generate cash flow, and pay down debt. So you can see our total debt right now at the end of June is $93 million. That does include a $5 million pay down in the first half of the year. We continue to look to make incremental pay downs over the next couple of quarters and expand our liquidity and cash availability organically through deploying that cash flow to pay down our revolving credit facility. So that's a brief summary of the numbers and where we're going, kind of putting together everything that Chris told in the operational story. We have plenty of time for questions, if anybody has questions. Thanks for taking the question. Just on that chart there, the difference between... Now, sorry, it was slide 16. Your average sales price per ton's gone from, you know, call it $5,900 a ton- $8,600 a ton. How much of that is price versus mix, right? 'Cause your mix has gone up towards more premium products, but at the same time, I think nickel prices are higher and you've raised price. So can you delineate that for us? Yeah, so the exact quantification I don't have in front of me, but the majority of that is sales price increases. So we announced nine price increases in 2022. You can see on the last two blue bars there, those price increases started to kick in in 2022, but only partially so. We've announced further price increases in 2023. We won't actually see the full benefit of all of those increases in our shipments until middle of 2024 or so. Yeah. So most of that is the pull-through of those base selling price increases. Over that time, the mix has shifted toward premium and toward more finished bar product. But when we talk about the mix shift, a lot of that is forward-looking. So in the backlog right now, the mix of what we have booked as premium product is much higher than what we've been shipping at. So the mix shift is, you know, some of it has happened already, but that's more forward-looking. What you're seeing there is mostly the benefit of those previously announced price increases coming through. You talked about the potential to finally fill North Jackson, and sounds like you have some of that backlog in hand. But how much incremental business is that? And, you know, if you kind of look out a few years pro forma, what could, you know, the, the EBITDA margins of a, you know, a more utilized USAP look like? So I think from a top line and a growth standpoint, selling prices have been the big driver there. 14 price increases, we haven't fully realized the benefit of them in a richer mix. When we talk about capacity utilization, we are now getting to the point where our lead times, and one of the reasons why that backlog had expanded so quickly, was because we have begun to fill up the VIM. So we're taking measures now to start looking at what we can do for additional capacity expansions there. The benefits that are gonna flow through from the pricing should largely drop to the bottom line. We did experience, in the COVID rebound, a number of inflationary impacts, so we had a bit of a pinch. The pricing layers into our backlog at lead time, which can range from 12 months-16 months. So a lot of the pricing initiatives that we've taken haven't yet been fully realized, but our numbers are showing all of the inflationary impacts, which we're starting to see moderate at a much more significant rate. So Steve, maybe you can comment on the EBITDA outlook and what that should- Yeah, so if we look at the slide that's up there, let's, we have an EBITDA there. So in the recent history, we posted an annual EBITDA of $37 million in 2018. In the second quarter, transitioning to the third quarter, on a run rate basis, our quarterly results are basically back near that level today. So as we expand our premium product sales, which is a part of our expanding gross margin, and we get to the end of 2023 and into 2024, we continue to expect sequential improvement, and we continue to expect, to expect EBITDA to grow as a result of that. So as we leave 2023, on a run rate basis, we expect to be above that $40 million of annualized EBITDA on a higher level of sales. From a margin perspective, you know, it's tempered, but we expect to set a new bar for EBITDA profitability at the company that we haven't seen in the recent past. Just wanna grab the mic before he got it again. Did you guys leave Denny at the airport or the train station? Yeah, he's out west with customers. Yeah, he's got a customer call. Okay. No, serious question, though. I know a couple of years ago, you guys announced some sort of a tolling arrangement or working arrangement with Haynes, and can you just update us on that? And also, is there any other opportunities as you add this, you know, higher, you know, capacity at these higher-end applications? Are there any ways to fill up the plant more quickly by, you know, doing some tolling for another specialty metals producer until your book gets to the point where you need it? Yeah, some of the relationship we had with Haynes in the early years before these approvals came on place was helping to, to utilize some of that capacity in the VIM. We're at the point right now, we have filled the VIM. So that capacity is being fully utilized with the areas that we'd rather it go to, which are our product sales that drive much better profitability. We do continue to have a relationship with them, toll work on some of our hot working facilities. They're a good organization, and we support each other as we can. So probably not to the extent that we were a few years ago, but still have a good working relationship with them. Any other questions? I'll take another stab at my North Jackson question. Yeah. You compared to 2018, how full was North Jackson in 2018? I mean, I'm just trying to get the incremental upside from North Jackson, you know, if we're running full out. Yeah. Do you go back to the slide on the VIM. The direction. Wrong direction. Okay. So back in 2018, for VIM product, this is the premium melted stuff, $41 million in sales. That expansion that is happening now, that's built into the backlog, is gonna drive a number north of $100 million in 2024, based upon what we've got in there, the richer mix of everything behind it. The real catalyst recently has been the supply chain being more willing than ever to come in and work with us, give us the approvals that we need to be able to sell into the supply chain. A lot of these, the products have been developed in the first three to four years of the North Jackson facility, but I think this strong environment of demand has been the catalyst for the primes to finally come in and give us those approvals that we've needed. Now that we've got them, they're either tied into LTAs with guaranteed business, or it essentially gives us a hunting license to go out and win this business.