| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q3'26 | October 19, 2026 | 8/12 | 4 medium flags | 2 | 2 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q3'26 | Pending | Expect to hit leverage target of sub-2.5x by this time next year Period has not ended. Management reaffirmed and slightly tightened the language to 'by the middle of next year', but this is a revision, not a resolution. |
| Q3'26 | Pending | Bulk of the $400 million proceeds from property sales expected in the second half of 2026, all under contract One small sale closed in Q3. Major properties are contracted for Q4 and some buyers received extensions. H2 remains open. |
| Q3'26 | Exceeded | Expect a $10 per ton reduction in costs into Q3 Actual cost decline was $17 per ton, 70% ahead of guide. |
| Q3'26 | Missed | Expect average price to increase another $55 per ton in Q3 Actual increase was $53 per ton; management characterized it as 'right in line' but it is technically below guide. |
| Q3'26 | Missed | Expect steel shipment volumes above 4.3 million tons in Q3 Actual shipments were 4.2 million tons, below the guided floor. |
| Q3'26 | Exceeded | Q3 2026 adjusted EBITDA guide of approximately $575 million Actual came in at $612 million, a $37M beat. |
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