Improved MarginsMargins expanded materially in 2025, reflecting better cost control and pricing. Sustained higher gross and net margins enhance the firm's ability to fund capex, service debt and build reserves, improving resilience across steel cycles and supporting steadier long-term profitability.
Stronger Cash GenerationA return to positive free cash flow and a high operating-cash-to-income ratio indicate improved cash conversion. Durable cash generation reduces reliance on external financing, enables reinvestment or debt reduction, and provides buffer through cyclical downturns in steel demand.
Balanced Leverage And Equity BaseModerate leverage with a majority equity base provides financial flexibility. This structure supports capital allocation for maintenance and selective expansion while still allowing manageable debt servicing, lowering refinancing risk during industry slowdowns.