¹ As of December 31, 2024
² Adjusted EBITDA = Conlidated Net Income (loss) before Interest, Other Income (Expense), Income tax and non-run-rate items plus Depreciation and Amortization
³ Cash and cash equivalents and borrowing availability under the Revolving Credit Facility net of Letters of Credit as of December 31, 2024
⁴ Net Debt / Adjusted EBITDA = Total Debt less Cash on hand / Adjusted EBITDA as of December 31, 2024
¹ Conversion Revenue = Net Sales less the hedged cost of alloyed metal
² Refer to 4Q24 Quarterly Earnings Presentation for the most direct GAAP measure and reconciliation for Conversion Revenue