Earnings beat expectations, primarily due to record shipments, improved product mix, and tariffs effectively suppressing imports.

Net income $743 million (beat guidance by nearly $0.50/share), shipments 7 million tons hit an all-time high, backlog 4.7 million tons (up 20% QoQ).

West Virginia sheet mill 85% complete, commercial ramp-up in early 2027; downstream mini-mill and galvanizing line achieved positive EBITDA in March. Tariffs reduced import share to 15%, management said it's the lowest in their careers.

Expects higher consolidated earnings in Q2, full-year shipments grow over 5%, 2026 earnings and cash flow significantly higher than 2025.

Management is extremely optimistic, stating that the investment "tsunami" has yet to materialize; attention needed on rising energy cost pressure.