Conservative LeverageLeverage falling to ~0.19 signals a materially stronger balance sheet versus prior years, giving durable resilience through steel cycles. Lower debt reduces interest burden, preserves financial flexibility for capex, working capital and opportunistic investments in downturns.
Improved Cash GenerationA sharp pickup in 2025 operating and free cash flow indicates improved cash conversion and earnings quality that year, supporting internal funding for maintenance capex, debt reduction and shareholder distributions, and reducing reliance on external financing in the medium term.
Positive Core MarginsSustained positive operating and EBITDA margins show the core ferroalloys business can generate operating profits even in a tougher environment. This margin floor provides coverage of fixed costs and the potential to scale earnings as volumes or pricing recover over the medium term.