Achieved record steel shipments of 13.7 million tons in 2025, a 9% increase compared to 2024. Consolidated net sales increased 4% to $18.2 billion in 2025, up from $17.5 billion in 2024. Consolidated operating income decreased 24% to $1.5 billion in 2025, compared to $1.9 billion in 2024. Net income attributable to Steel Dynamics, Inc. decreased 23% to $1.2 billion in 2025, from $1.5 billion in 2024. Diluted earnings per share attributable to Steel Dynamics, Inc. was $7.99 for 2025, down from $9.84 for 2024. Metals recycling operations' operating income increased 27% to $97.2 million in 2025, driven by higher ferrous volumes and increased ferrous and nonferrous pricing. Steel fabrication operations' operating income decreased 39% to $407.4 million in 2025 due to lower selling prices and volumes, and metal spread contraction. Aluminum operations commenced finished product shipments in the second half of 2025, totaling 15,000 metric tons, and achieved product certifications. Acquired the remaining 55% equity interest in New Process Steel, L.P. on December 1, 2025, for $229 million, expanding value-added manufacturing opportunities. Increased the quarterly cash dividend by 9% to $0.50 per share in the first quarter of 2025. Repurchased $900.9 million of common stock in 2025 under a $1.5 billion program, with $801.0 million remaining available. Total outstanding debt increased by $980.2 million to $4.2 billion, primarily due to the issuance of new senior unsecured notes. Cash flow from operations was $1.4 billion in 2025, a decrease from $1.8 billion in 2024. Invested $948.0 million in property, plant, and equipment in 2025, primarily in aluminum operations and steel operations segments. The biocarbon production facility in Columbus, Mississippi, began operations in the second half of 2025, with plans to reduce Scope 1 GHG absolute emissions by as much as 35%.