Jean-François Turgeon

“I think as we start new mines, obviously, there's the whole resource there, and we do optimize to bring out the higher value material earlier on, so we would expect and when those mines come online to see some positive benefit.”

“Turning to Slide 9, our adjusted EBITDA of $116 million represented a 53% decline year-on-year, driven by lower sales volume, lower product pricing, and unfavorable fixed cost absorption due to lower production rate.”

“Our adjusted EBITDA of $168 million represents a 39% decline year-on-year, driven by unfavorable fixed cost absorption due to lower production rates, lower sales volume, and lower pig iron pricing, partially offset by favorable exchange rates and lower freight costs.”

“Our adjusted EBITDA of $146 million represents a 39% decline year-on-year, driven by unfavorable fixed cost absorption due to lower production rate, higher processed chemical costs, higher mining site costs and lower sales volume.”

“Our adjusted EBITDA sequential decline was driven by lower sales volumes, higher costs, including freight and unfavorable pricing impact. FX rates were a favorable offset.”