¹ As of December 31, 2022
² Adjusted EBITDA = Conlidated Net Income (loss) before Interest, Other Income (Expense), Income tax and non-run-rate items plus Depreciation and Amortization
³ Liquidity = Cash and cash equivalents and borrowing availability under the Revolving Credit Facility net of Letters of Credit as of December 31, 2022
⁴ Net Debt / Adjusted EBITDA = Total Debt less Cash on hand / Adjusted EBITDA as of December 31, 2022
¹ Conversion Revenue = Net Sales less the hedged cost of alloyed metal
² Refer to the 4Q22 Quarterly Earnings Presentation for the most direct GAAP measure and reconciliation for Conversion Revenue