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I-Bytes
Resources
February Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................16
3. Rewards and Recognition Updates...................................................................................................................19
4. Partnership Ecosystem Updates.......................................................................................................................22

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Financial, M & A
Updates Resources Industry

Financial, M&A Updates
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First Quantum Minerals (Canada) Reports First Quarter 2020 Results
Financial Highlights
• Sales revenues for the quarter of $1,182 million, an increase of 38% from the comparable period of 2019 boosted by Cobre Panama
production.
• Realized price for copper of $2.56 per lb for the quarter was 8% lower than the same period in 2019. This compares to a decrease of
9% in the London Metal Exchange average copper price for the same period.
• The Company’s copper sales hedge program contributed $26 million ($0.06 per lb) to sales revenues in the quarter, compared to a $8
million sales hedge gain ($0.03 per lb) in the same quarter of 2019.
• $473 million of cash flows from operating activities ($0.69 per share3) generated during the quarter, an increase of over 197% from
the comparable period of 2019.
• Gross profit of $147 million for the quarter.
• Comparative EBITDA1 of $434 million for the quarter.
• The Company had unmargined copper forward sales contracts for: 175,525 tonnes at an average price of $2.59 per lb outstanding with
periods of maturity to January 2021
• Approximately half of expected remaining copper sales in 2020 are hedged to unmargined forward and zero cost collar sales contracts,
at an average floor price of $2.62 per lb.
• The Company issued $750 million in Senior Notes in January 2020, using the proceeds to repay and cancel the remaining $300 million
of 7.00% Senior Notes due February.
• Ended the quarter with $1,145 million in net unrestricted cash and cash equivalents and in full compliance with all financial covenants.
• On April 22, 2020, the Company announced the amendment of financial covenants under the senior term loan and revolving credit
facility in response to uncertainty related to COVID-19. The Net Debt to EBITDA ratio has been increased and the Debt Service Cover
Ratio has been decreased, for the remainder of 2020 and 2021
Executive Commentary
“The COVID-19 pandemic has brought unprecedented challenges to communities, industries and the global economy. Our
priority continues to be the health and safety of all of our employees and the communities where we work. We are managing the
restrictions and protocols implemented in each country where we operate to assist in the protection of all and particularly those
most vulnerable, commented Chairman and CEO. We have reduced our operating costs and capital spending to deal with the
current environment and have hedges in place to mitigate the uncertainty of the copper price. With the support of our banking
group, we have improved our flexibility and liquidity. We will continue to make the changes necessary to deal with this global
crisis.”
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Key Financial Highlights

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CNX (USA) Reports First Quarter Results and Provides Strategic
Long-Term Plan Update
First Quarter Highlights
• Reported a Net loss attributable to CNX shareholders of $329 million, or a loss of $1.76 per diluted
share compared to a first quarter 2019 Net loss attributable to CNX shareholders of $87 million, or a
loss of $0.44 per diluted share.
• Proceeds from asset sales were $14 million compared to $6 million for the first quarter of 2019.
• Consolidated free cash flow of $129 million, or an increase of 760% from the $15 million in the first
quarter of 2019.
• Received $55 million from restructuring portion of 2022-2024 NYMEX hedges.
• Completed $175 million project financing for the Cardinal States Gathering system at 6.5% interest
rate.
• Repurchased $71 million of senior secured 5.875% notes due in 2022, and following the end of the
quarter, repurchased an additional $8 million of notes.
• The company repurchased a total of $79 million of notes at an average discount to par of 85, which
has allowed CNX to further de-lever.
• Accelerated $51 million of our expected 2021 income tax refund into 2020, which the company
expects to receive in the second half of 2020. This brings total expected tax refunds in 2020 to $115
million.
"Although the times may be unprecedented, CNX has remained steadfast in its philosophy and
approach," commented President and CEO. First and foremost, we focus on optimizing the
long-term NAV per share of the company. Second, the best way we optimize NAV per share is to
generate free cash flow and then allocate that cash into the best risk-adjusted internal rates of
return. Currently, paying down debt across our various tranches looks compelling on the
risk-reward spectrum when compared to other capital allocation alternatives. This approach, over
the past few years, during Q1, and today is what differentiates CNX. Our hedging, numerous
strategic transactions, focus on being a low-cost producer, reining in overhead spend and capital
allocation have delivered a business model where CNX is a steady, substantial free cash flow
generator over the next seven years, year in and year out.”
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AURUBIS AG (Germany) receives European Commission’s unconditional approv-
al for Metallo Group acquisition
The EU antitrust authorities issued Aurubis AG unconditional approval for the acquisition of the
Belgian-Spanish Metallo Group. This concludes the merger control proceedings that have been
ongoing since August 2019. The formal closing of the transaction will take place on May 29.
Aurubis reported its intention to acquire recycling and refining company Metallo for a purchase
price of € 380 million. Metallo Group Holding is currently majority-owned by investment firm
TowerBrook Capital Partners. Metallo specializes in the recovery of non-ferrous metals from a
variety of material streams and employs about 540 employees at locations in Belgium and Spain.
Aurubis AG is a leading worldwide provider of non-ferrous metals and the largest copper recycler
worldwide. The company processes complex metal concentrates, scrap metals and metal-bearing
recycling materials into metals of the highest quality. Its main area of expertise is the processing
and optimal recovery of concentrates and of recycling raw materials with complex qualities. With
its range of services, Aurubis is a forerunner in the industry. The group of companies is oriented
towards growth, efficiency and sustainability: The main components of the strategy are the
expansion of the leading market position as an integrated copper producer, entering new markets
in the area of industries of the future, the highly efficient and optimal production of additional
metals and by-products from complex raw materials, as well as practicing a responsible attitude
when dealing with people, resources and the environment.
“We enthusiastically welcome the approval of the Metallo Group acquisition. The merger is
a key milestone in the implementation of our multi-metal strategy, said Executive Board
Chairman Roland Harings. Recycling is crucial for a sustainable society and, furthermore, is
an attractive global growth market. Metallo’s processing know-how and technical processes
perfectly complement Aurubis’ core expertise. Together, we will continue to expand our
capabilities and capacities for recycling important industrial and precious metals, making a
meaningful contribution to strengthening the circular economy. With their ‘zero-waste’
business model, Metallo and Aurubis already ensure that all input materials are processed
into products of value.”
Description
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Boliden Q1 (Sweden) Interim Report 2020
Q1 2020
• Revenues totaled SEK 13,210 m
• The operating profit totaled SEK 1,435 m
• The operating profit, excluding revaluation of process inventory, totaled SEK 1,504 m (2,048)
• Free cash flow totaled SEK -845 m
• Earnings per share totaled SEK 3.90
• High working capital due to the COVID-19 pandemic.
• Increased production and higher zinc treatment charges in Smelters.
• Production disruptions and lower grades in Mines.
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International Paper (USA) Reports First Quarter 2020 Results
First Quarter 2020 Highlights
• First quarter net earnings attributable to International Paper of $(141) million
($(0.36) per diluted share), compared with $165 million ($0.42 per diluted share)
in the fourth quarter of 2019 and $424 million in the first quarter of 2019.
• First quarter 2020 net earnings included an after-tax charge of $337 million
($0.85 per diluted share) for the impairment of the net assets and write-off of
foreign currency translation adjustment following the announcement of the sale
of our Brazil Packaging business.
• First quarter adjusted operating earnings of $226 million compared with $430
million ($1.09 per diluted share) in the fourth quarter of 2019 and $447 million in
the first quarter of 2019
• Cash provided by operations of $649 million
• Monetized $250 million of ownership position in Graphic Packaging
• Liquidity position was $3.5 billion at quarter end, which reflects cash and
committed credit facilities
"International Paper had a solid first quarter in a rapidly changing
environment as the impact of the COVID-19 pandemic and containment
measures accelerated, said Chairman and Chief Executive Officer.
International Paper entered this crisis in a position of strength due to our
committed employees, our diverse customer base, our world-class
manufacturing and supply chain capabilities and solid financial footing.
Given the unprecedented uncertainty regarding the ultimate economic impact
of COVID-19, we are taking prudent steps to further strengthen the
company's liquidity."
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Newmont (USA) Announces Solid First Quarter 2020 Results
First quarter 2020 Financial and Production Summary
• Net income: Delivered GAAP net income from continuing operations attributable to Newmont stockholders of
$837 million or $1.04 per diluted share and adjusted net income1 of $326 million or $0.40 per diluted share
• EBITDA: Generated $1,118 million in adjusted EBITDA2, an increase of 63 percent from the prior year quarter
• Cash flow: Reported consolidated cash flow from continuing operations of $939 million and free cash flow3 of
$611 million, increases of 64 percent and 75 percent over the prior year quarter, respectively
• Gold costs applicable to sales (CAS)4: Reported CAS of $781 per ounce, an increase of 11 percent over the
prior year quarter
• Gold all-in sustaining costs (AISC)5: Reported AISC of $1,030 per ounce, an increase of 14 percent over the
prior year quarter
• Attributable gold production6: Produced 1.5 million ounces of gold, an increase of 20 percent over the prior
year quarter
• Portfolio improvements: Completed divestiture of the Company’s 50 percent interest in Kalgoorlie
Consolidated Gold Mines (KCGM) in Australia; approved Autonomous Haulage at Boddington in Australia;
completed sale of investment holdings in Continental Gold; completed divestiture of Red Lake complex in
Canada.
• 2020 Outlook: On March 23, the Company withdrew its full-year 2020 guidance as some production could be
deferred into 2021, potentially impacting costs in 2020 if some operations are on care and maintenance for an
extended period. Newmont is well positioned to safely and efficiently ramp-up mining operations in a timely
manner. As of May 4, 2020, operations representing approximately 90 percent of our planned 2020 production
are operating.
“We are responding to COVID-19 from a position of strength, taking proactive steps to prioritize the
well-being of our employees and the communities in which we operate. These unprecedented times further
highlight the importance of a proven operating model, talented workforce and the ability to adapt to
dynamic circumstances quickly and with care for all stakeholders, said President and Chief Executive
Officer. Our world-class diversified portfolio of assets and resilient team delivered solid first quarter
performance with $1.1 billion in adjusted EBITDA and $611 million in free cash flow. Our robust balance
sheet provides us with significant financial flexibility to continue allocating capital where it is needed most
during this time of uncertainty, while maintaining our industry-leading returns to shareholders."
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NLMK Group (Russia) Q1 2020 IFRS Financial Results
Highlights
• Revenue grew by 6% qoq to $2.5 bn, supported by growth of sales, despite the
slowdown of demand for steel in the global markets due to the COVID-19
outbreak.
• EBITDA increased to $594 m due to the expansion of spreads in the first half of
the quarter and the devaluation of the ruble, as well as operational efficiency
gains. EBITDA margin grew to 24%.
• Free cash flow totaled $331 m, almost flat qoq, thanks to active working capital
management.
• Net profit grew by 45% qoq to $289 m, due to growth of revenue and FX risk
hedging, which enabled the Company to avoid significant losses related to the
devaluation of the ruble.
• NLMK Group’s Strategy 2022 implementation is on course. The impact of
Strategy 2022 operational efficiency gains on Q1 2020 EBITDA was $54 m
Comment from NLMK Group CEO, “I would like to begin by stressing that
we are placing the utmost focus on the safety and welfare of our people. For
more information on our countermeasures to minimize the risk of COVID-19
spreading at NLMK Group sites please visit our corporate website. Our key
markets saw an uptick in demand and growing prices in the first half of Q1.
However, the spread of the coronavirus pandemic resulted in slowing down
business activities and increasing uncertainty in the second half of the quarter
and in April. In Q2 2020, steel demand in EU and US could drop at double
digit rates yoy, analysts predict. In Russia we also expect consumer activity to
decline. On the whole, there is a high level of uncertainty in terms of the rate
at which demand for steel is going to recover across different regions.”
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Nucor (USA) Reports Results for First Quarter of 2020
Highlights
• Net earnings of $20.3 million, or $0.07 per diluted share, for the first quarter of
2020.
• Included in the first quarter of 2020 results are losses on assets of $287.8 million,
or $0.92 per diluted share, related to our equity method investment located in Italy,
• Nucor reported consolidated net earnings of $107.8 million, or $0.35 per diluted
share, for the fourth quarter of 2019 and consolidated net earnings of $501.8 million,
or $1.63 per diluted share, for the first quarter of 2019.
• Included in the fourth quarter of 2019 results were non-cash impairment charges of
$66.9 million, or $0.17 per diluted share.
• Included in the first quarter of 2019 results was a benefit of $33.7 million, or $0.08
per diluted share, related to the gain on the sale of an equity method investment in
the raw materials segment.
• The COVID-19 pandemic's impact on market conditions has been varied across our
different product groups.
"The global crisis caused by the COVID-19 pandemic has touched the lives of
almost everyone in some way, and we would be remiss not to acknowledge the
physical, mental and emotional toll so much of the world is experiencing, said
Nucor's President and Chief Executive Officer. Our thoughts and prayers are
with those who are fighting COVID-19 and our condolences are with the victims
of this terrible virus and the families and friends who mourn them. We are in awe
of those on the front lines – the healthcare workers and first responders - who are
tirelessly working to save lives and end this pandemic.”
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Olin (USA) Announces First Quarter 2020 Results
Highlights
• First quarter 2020 reported net loss was $80.0 million, or $0.51 per diluted share, which
compares to first quarter 2019 reported net income of $41.7 million, or $0.25 per diluted
share.
• First quarter 2020 adjusted EBITDA of $122.8 million excludes depreciation and
amortization expense of $146.5 million, information technology integration costs of $14.7
million, restructuring charges and other costs of $4.5 million.
• First quarter 2019 adjusted EBITDA was $270.1 million.
• Sales in the first quarter 2020 were $1,425.1 million compared to $1,553.4 million in the
first quarter 2019.
• Epoxy sales for the first quarter 2020 were $477.2 million compared to $524.0 million in
the first quarter 2019. The decrease in Epoxy sales was primarily due to lower product
prices. The first quarter 2020 segment income was $11.7 million compared to $10.5 million
in the first quarter of 2019.
• Winchester sales for the first quarter 2020 were $188.0 million compared to $157.2 million
in the first quarter 2019. The increase in sales was primarily due to higher commercial and
military sales. First quarter 2020 segment earnings were $10.5 million compared to $9.1
million in the first quarter 2019.
Chairman, President and Chief Executive Officer, said, "All Olin manufacturing
facilities worldwide are currently operating, with the exception of those undergoing
planned maintenance turnarounds. Planned maintenance turnaround costs were $49.7
million in first quarter 2020. The Chlor Alkali Products and Vinyls business experienced
overall demand in the first quarter 2020 similar to the fourth quarter of 2019. During the
first quarter, our Canadian chlor alkali facility was forced to reduce operating rates and
ultimately shut down for 10 days due to railroad transportation issues in Canada. During
the first quarter, caustic soda pricing continued to decline, falling approximately 8% in
Olin's system when compared to the fourth quarter of 2019. In second quarter 2020, we
expect sequential improvement in caustic soda pricing and sequentially lower ethylene
dichloride pricing. As a result of weaker customer demand and a high level of
maintenance turnaround activity, we expect second quarter 2020 Chlor Alkali Products
and Vinyls volumes to be meaningfully lower compared to first quarter 2020, despite
higher bleach volumes. We expect the volumes in the second half of 2020 to improve
from first half 2020 levels due to lower maintenance turnaround activity.
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Reliance Steel & Aluminum Co. (USA) Reports First Quarter 2020
Financial Results
Highlights
• Strong gross profit margin of 30.3%; non-GAAP gross profit margin of 31.9%
• EPS of $0.92, non-GAAP EPS of $2.45
• Includes pretax impairment and restructuring charge of $137.5 million, or $1.53
per diluted share
• Generated cash flow from operations of $170.8 million, an increase of 45.7%
year-over-year
• Repurchased $300.0 million of Reliance common stock
• Maintains quarterly dividend of $0.625 per share
• Reliance had total debt outstanding of $1.84 billion with $831.5 million
available for borrowing on its $1.5 billion revolving credit facility. The
Company’s net debt-to-total capital ratio was 25.4%.
• Reliance recorded a pretax impairment and restructuring charge of $137.5
million, or $1.53 per diluted share, in the first quarter of 2020
“We had a strong start to the year following several financial performance
records in 2019, said President and Chief Executive Officer of Reliance.
Overall demand levels were healthy through most of the first quarter of 2020.
Our strong non-GAAP gross profit margin of 31.9% was above our estimated
sustainable range of 28% to 30% and produced non-GAAP gross profit
dollars of $820.5 million on net sales of $2.57 billion, and non-GAAP pretax
income of $220.6 million. Our non-GAAP earnings per diluted share of $2.45
significantly exceeded our first quarter guidance.”
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SEVERSTAL (Russia) reports Q1 2020 financial results
Highlights
• Group revenue fell slightly by 3.3% q/q to $1,777 million due to lower average sales prices for steel products
which was partially offset by increased sales volumes.
• Group EBITDA declined by 7.8% q/q to $555 million, reflecting lower revenues, but partially mitigated by a
reduction in cost of sales. The Group’s vertically integrated business model delivered an EBITDA margin of
31.2%, maintaining its position as one of the highest in the industry globally.
• Free Cash Flow was $54 million, primarily reflecting lower earnings and an increased net working capital
requirement, which was partly offset by lower CAPEX q/q.
• Net profit totalled $72 million and includes a FX loss of $378 million, which mainly reflects an accounting loss
on the translation of USD debt balances as a result of the rouble’s devaluation. Cash CAPEX amounted to $344
million.
• Net debt declined to $1,528 million at the end of Q1 2020.
• Severstal is committed to returning value to its shareholders whilst managing and maintaining a comfortable
level of debt. Severstal’s financial position remains strong with a Net debt/EBITDA ratio of 0.6 as at the end of
Q1 2020. The Board of Directors has therefore recommended a dividend of 27.35 roubles per share for Q1 2020.
• The Group’s liquidity position remains strong, with $1,042 million in cash and cash equivalents in addition to
unused committed credit lines and overdraft facilities of $1,007 million, more than covering the short-term
principal debt of $23 million.
• The Company generated $54 million of FCF (Q1 2019: $389 million), mainly reflecting a decline in EBITDA,
CAPEX growth and an increased net working capital requirement y/y.
CEO of Severstal Management, commented, "Before commenting on Q1 2020 financial results I want to
emphasize that the health and safety of our employees is always our first thought and never more so than at
this challenging time in the face of the global coronavirus crisis. Maintaining the business and providing
humanitarian assistance to our employees and across our regions of presence are our key priorities. At the
same time, we continue our many business transformation initiatives in order to ensure we achieve our
long-term goals.”
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Steel Dynamics (USA) Reports First Quarter 2020 Results
Highlights
• First quarter 2020 operating income for the company's steel operations was $293 million, or 45 percent higher
than sequential fourth quarter results, as record quarterly steel shipments more than offset metal spread
compression.
• The company reported first quarter 2020 net sales of $2.6 billion and net income of $187 million, or $0.88 per
diluted share. Comparatively, prior year first quarter net sales were $2.8 billion, with net income of $204 million,
or $0.91 per diluted share.
• Sequential fourth quarter 2019 net sales were $2.4 billion, with net income of $121 million, or $0.56 per diluted
share, which included refinancing costs of $0.01 per diluted share and lower earnings of approximately $0.05 per
diluted share associated with planned maintenance outages at the company's two flat roll steel mills.
• First quarter 2020 operating income from the company's steel fabrication operations remained strong at $29
million, lower than near-record sequential fourth quarter results of $33 million, due primarily to seasonally lower
shipments.
• In the first quarter 2020, the company generated strong cash flow from operations of $211 million and
maintained strong liquidity of over $2.6 billion. The company repurchased $107 million of its common stock
during the first quarter of 2020.
• The first quarter 2020 average external product selling price for the company's steel operations increased $10
sequentially to $774 per ton. The average ferrous scrap cost per ton melted at the company's steel mills increased
$24 sequentially to $267 per ton.
"The team delivered a strong first quarter 2020 performance in a challenging operating and market
environment, said President and Chief Executive Officer. Solid underlying steel demand during the first
quarter combined with our value-added product capabilities, allowed us to achieve record quarterly steel
shipments. Our first quarter 2020 consolidated operating income was $274 million with adjusted EBITDA
of $356 million. Protecting the health and wellbeing of our teams is at the core of our company. We are
closely monitoring the COVID-19 situation and have implemented numerous additional practices
throughout our organization to protect each of us. I want to thank our more than 8,400 team members for
remaining steadfast and passionate. We continue to operate safely with a spirit of excellence, and I am
incredibly proud to work alongside each one during this unprecedented time. Our commitment is to the
health and safety of our people, our families, and our communities, while serving our customers. This
commitment is supported by the strength of our capital foundation and unmatched cash flow generation
capability that exists in both strong and weak demand environments."
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UPM (Finland) Interim Report Q1 2020
Q1 2020 highlights
• Sales decreased by 15% to EUR 2,287 million due to lower pulp and paper prices and lower
deliveries of graphic papers
• Comparable EBIT decreased by 26% to EUR 279 million (374 million)
• The industry-wide strike in Finland affected UPM's pulp and paper businesses for two weeks and
timber and plywood businesses for four weeks
• The COVID-19 pandemic did not materially impact UPM's operations in Q1 2020
• UPM implemented extensive precautions to protect the health and safety of its employees and to
ensure business continuity and progress of strategic projects during the pandemic
• UPM is planning to use shift arrangements, temporary layoffs, or reduced working hours as required
to adjust its operations in different scenarios
• UPM's transformative pulp project in Uruguay and biochemicals project in Germany are proceeding
in line with the planned start-up timeline
• Operating cash flow was EUR 137 million, as working capital increased seasonally
• Net debt decreased to EUR -405 million
• Cash funds and unused committed credit facilities totaled EUR 2.2 billion at the end of March
• AGM was held as scheduled with special precautions on 31 March and the dividend of EUR 1.30
per share was paid
President and CEO, commented, "The key foundation in implementing our transformation
strategy has been a very strong balance sheet and an agile and efficient operating model.
Therefore, we are well prepared for the current uncertainty and can continue implementing our
strategy and growth projects. The global socioeconomic outlook has changed dramatically since
January as the COVID-19 outbreak in China quickly developed into a worldwide pandemic. We
implemented extensive precautions to protect the health and safety of our employees and to
ensure business continuity and the progress of strategic projects. UPMers proactive and diligent
response to the pandemic has allowed us to run our operations uninterrupted. During the first
quarter our businesses were not significantly impacted by the pandemic—not even in
China—and we are able to report solid results. Our sales were EUR 2,287 million and
comparable EBIT was EUR 279 million. First quarter operating cash flow was seasonally low,
after the record level in Q4.”
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United States Steel Corporation (USA) Reports First Quarter 2020
Results
Highlights
• Net loss of $391 million, or $2.30 per diluted share
• Adjusted net loss of $123 million, or $0.73 per diluted share
• Adjusted EBITDA of $64 million
• Liquidity of $1.82 billion, including cash of $1.35 billion
• U. S. Steel granted Stelco Inc. at a purchase price of $100 million the
option to acquire a 25 percent interest in the company’s Minntac iron ore
mining operations for an aggregate purchase price of $600 million.
• Stelco will make an additional payment of $500 million to acquire its 25%
interest in the new cost-sharing joint venture.
“Our goal during these unprecedented circumstances is to protect lives
and livelihoods, which means keeping our employees and communities
safe and healthy and the business resilient, said U. S. Steel President and
Chief Executive Officer. Over the past several weeks, we have
announced a series of actions in response to the coronavirus pandemic
and the significant changes in the global oil and gas markets. We
continue to serve customers and the stakeholders who count on us as an
essential business. Challenging days are ahead, but I am confident in the
men and women at U. S. Steel who are continuing to make steel as a
critical part of our nation’s infrastructure and progress our 'best of both'
integrated and mini mill technology strategy. We remain calm and
focused to ensure a stronger U. S. Steel for all of our stakeholders.”
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Vulcan (USA) Reports First Quarter Results
Highlights
• First quarter revenues were $1.05 billion and net earnings were $60
million.
• Earnings from continuing operations were $0.45 per diluted share
• Adjusted EBITDA was $201 million.
• This year's first quarter earnings included a pretax foreign currency
balance sheet translation loss of $6 million, or $0.04 per diluted share,
resulting from the rapid devaluation of the Mexican peso.
• First quarter segment sales increased 4 percent, and gross profit
increased 5 percent to $194 million, or $4.31 per ton.
• For the quarter, freight-adjusted average sales price increased 4.5
percent versus the prior year's quarter.
Chairman and Chief Executive Officer, said, "Our first quarter earnings
improved across all segments and were in line with our expectations,
despite wet weather in certain key markets in the Southeast and
Southwest. These results demonstrated the strong long-term
fundamental position of our aggregates-led businesses and our
commitment to leading the industry in pricing and unit profitability. We
experienced minimal financial impact from the COVID-19 pandemic in
the first quarter. Our main focus right now is ensuring the health and
safety of our employees, maintaining our operational readiness,
preserving liquidity and supporting the communities in which we
operate. Our employees are engaged and ready to support one another,
service our customers, and meet the challenges of today as we prepare
for tomorrow.”
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Solutions Updates
Resources Industry

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Solution Updates
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Daikin (Japan) Introduces "Expert Ventilation Methods" on Website
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Solution Description
Daikin Industries, Ltd. added new content entitled "Expert Ventilation Methods" on its company website to provide the public with useful information
on home ventilation for Japanese residences in English. Amid the outbreak of the novel coronavirus, schools have closed, companies are promoting
telework, and many people are spending time at home without leaving the house. As a preventative measure against infection of the virus, the Japanese
government has warned against staying in closed spaces with poor ventilation, and this has led to even greater awareness for the need for ventilation.
Being an air conditioner manufacturer, Daikin has received many inquiries relating to ventilation, and as a “company that provides solutions with air,”
Daikin would like to help solve problems and publicize any information that may be useful in daily life. For this reason, it created the new content
“Expert Ventilation Methods” for its company website. For example, even though air conditioners commonly used in Japanese residences cannot
ventilate indoor spaces, there are cases when people mistakenly believe that an air conditioner is performing ventilation. To correct any misconceptions,
Daikin would like to provide accurate information relating to ventilation so that as many people as possible can expertly ventilate their living spaces.
The new website content Daikin is providing uses simple terminology and numerous illustrations to present basic information and effective methods on
home ventilation. In the future, the company plans to further expand content to include information relating to the ventilation of office buildings.

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amet, consectetuer
nonummy
nib
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Smurfit Kappa (Ireland) provides new Bag-in-Box filling solution for organic birch sap
drink
17
Smurfit Kappa is working with a company in France, Fée Nature, to provide the Bag-in-Box packaging solutions for a health drink made from
birch sap. The sap, which is harvested each spring in the wild forests of the Pyrenees mountains, is sold in organic shops in France and in other
European countries and is growing in popularity as a detox product for people looking to shed toxins after the Winter months. Fresh birch sap can
be kept for 90 days but to extend the shelf life, the sap is lightly pasteurized for a few minutes at 60°c while still maintaining the quality of the
product. Smurfit Kappa Bag-in-Box® was therefore able to create a perfect packaging solution for the drink that keeps it fresh for up to 24 months
before opening and 8 weeks after opening. What's more, the pack is environmentally friendly and easy to use. To increase its production capacity,
Fée Nature invested in a brand-new BIB 700 automatic machine that was installed in February, just in time for this season's harvest. To preserve
the maximum quality, the birch sap has to be packed very quickly; the whole production is done in just two months. The BIB 700 machine, which
has a new generation filling valve with two separate circuits for nitrogen and vacuum, can fill up to 15 3-litre BIB packs per minute so it can easily
facilitate the necessary speed and maintain the quality of this unusual product.

Lorem
ipsum dolor sit
amet, consectetuer
nonummy
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Solution Updates
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STORA Enso (Finland) launches Box Inc – a B2B marketplace for renewable
packaging
18
STORA Enso introduces Box Inc, a digital B2B marketplace for corrugated packaging made of renewable materials. Box Inc is a new
platform business designed to help companies source packaging easily online, while enabling suppliers to access new customers without
having to create their own digital presence. Box Inc has launched in Germany, the largest European market for corrugated packaging, with
plans to expand to other markets in Europe. Box Inc makes it easier for brands and companies to buy packaging that is low-carbon,
renewable, plastic-free and widely recycled. There are no fees associated with purchasing packaging on Box Inc and payments are
handled securely. Revenue is generated by charging a commission fee paid by the supplier based on actual orders. Box Inc is fully owned
by Stora Enso but operates as its own legal entity and brand. Stora Enso is a leading global provider of renewable solutions in packaging,
biomaterials, wooden constructions and paper. They believe that everything that is made from fossil-based material can be made from a
tree tomorrow. Stora Enso has some 25 000 employees in over 30 countries.

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R & R Updates
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Nadezhda Metallurgical Plant (Russia) Received BSI Certificate
19
Nadezhda Metallurgical Plant, the first among Russian enterprises of the mining and metallurgical industry to pass international
certification in the field of information security. The company received a certificate of compliance of its Information Security
Management System with the norms and requirements of the international standardISO/ IEC 27001: 2013. The document was issued
following an audit conducted by the British Standards Institution (BSI), an international leader in certification of management systems.
The Nadezhda Metallurgical Plant is one of the key enterprises of the Nornickel Group, which largely determines the stability of its
production cycle. The system, developed by specialists of the company's information security divisions, covers the processes of
operational production management, supply of raw materials and technological materials, as well as the implementation of plans for the
production and shipment of finished products. This is the second Norilsk Nickel enterprise whose corporate cyber defense system has
successfully passed an international audit. Last year, the BSI certificate was received by the Murmansk transport branch of Norilsk
Nickel.
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POSCO (South Korea) Named as World Champion of steelChallenge-14
20
POSCO won steel Challenge for the second consecutive year adding up to a total of three wins and currently holds the record for the
most wins by a single corporate. Steel Challenge is a simulated steelmaking competition organized by the World Steel Association.
As of this year, POSCO has won the competition for two years in a row, taking the World Champion title three times — the greatest
number of times for a single corporate. Since 2005, world steel has held steel Challenge annually for students and steel industry
people across the globe. Participants can test their skills and enhance their competency at the competition. By using sophisticated
online process simulations, they must produce a grade of steel meeting technical requirements at the lowest cost per ton. steel
Challenge is a world-class competition that takes place over two rounds — the Regional and then, the World Championship. The
regional round was held in five regions and participated by about 2,000 people from 60 steelmakers in 56 countries. So, Kim’s
achievement was enough to boost POSCO’s image as well as Korea’s image in the international community.
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Tata Steel (India) bestowed with Business Today 'Best Company to Work For'
recognition in 2020
21
Tata Steel’s best-in-class workplace practices has bagged Business Today's 'Best Company to Work For' recognition in 2020. This is the third time
the steel maker has been accorded this special recognition for its industry leading and progressive HR practices. Tata Steel is the only company
from the manufacturing sector in the 2020 list. The 2020 edition of the ‘Business Today Best Companies to Work For’ survey was conducted with
an aim to understand perceptions and aspirations of India's massive workforce across several industries. The survey offers an insight into how
industries at large and in specific sectors can align their employer brands to aspirations and thoughts of their workforce. The key parameters that
were captured and measured to make it to this coveted list include fairness and objectivity, learning opportunities, work-life balance and flexibility,
compensation and benefits, career growth path, communication, job security and company stability, challenging work opportunities, work
environment, culture of inclusion, culture of innovation and leadership's commitment to business. Tata Steel has been a pioneer in the field of
diversity and inclusion. Tata Steel’s vision is to be a world-class equal opportunity employer where everyone is respected, every voice is heard.
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Partner Ecosystem Updates
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BHP (Australia) forms alliance with organizations in Mexico to improve education in
Tamaulipas
22
BHP Petroleum has formed an alliance with Enseña por Mexico and the Ministry of Education of the state government of Tamaulipas, aimed at improving
education for the children in Tamaulipas by providing high-quality training to local teachers. This alliance, in addition to providing quality education, seeks to share
innovative practices and academic strategies, as well as the construction of collective learning spaces for teachers and administrators, which will better enable
educational opportunities for the students in the southern region of the state and their community. EPM, a non-profit organization that attracts the best professional
talent committed to working to resolve educational inequity, developed a program to directly impact the educational and social field of students in Basic and Upper
Middle Education through the teacher training: Proyecto Nuevo Maestro. The program was prepared to launch in schools. However, because of the COVID-19
pandemic and resulting school closures, EPM quickly adapted their approach and instead held virtual induction sessions with the participation of more than 130
teachers and directors from Tampico and Ciudad Madero who seek to improve the quality of life of the Tamaulipas communities through education. In coordination
with the Tamaulipas Ministry of Education, EPM managed to innovate the program quickly in the face of adversity and adapt to provide the necessary tools for
teachers to strengthen their leadership skills. In addition, each teacher and principal established goals for their respective schools in order to improve the academic,
social and personal success of the students.
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BHP (Australia) joins Responsible Steel
23
BHP has joined Responsible Steel, the international non-profit organization that brings together organizations from across the steel supply
chain, including steel makers, commodity producers and civil society groups. Responsible Steel works with these groups to increase
sustainability through the steel making supply chain. Responsible Steel has created a new standard and certification program that member
organizations sign up to. The standard seeks to enhance responsible sourcing, production, and use and recycling of steel. Responsible
Steel’s standard and certification is the first global standard for sustainable steel. BHP’s membership will ensure that as they further
develop their Responsible Steel standard to include three additional components: requirements for the responsible sourcing of raw
materials, requirements related to the measurement and reporting of GHG emissions, and the claims certified sites can make about the
steel products they produce. In BHP they will have additional input, expertise and experience from an organization committed to helping
the sector reach higher levels of sustainability.
Description

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Boliden (Sweden) signs agreement for fossil-free electricity supplies
24
Boliden has signed an agreement with Agder Energi for fossil-free electricity supplies in Sweden and Finland. The agreement covers a
total electricity supply of 1,000 GWh per year and runs for 15 years from 2022. Currently, electricity accounts for 70 percent of energy
consumption at Boliden's mines and smelters. This proportion has increased over the years as fossil energy types have been replaced. As
the remaining fossil fuels continue to be phased out gradually, the proportion of electricity will increase further. Boliden's goal is to reduce
the carbon dioxide intensity, CO2 emissions per unit of metal produced, by 40 percent by 2030. As a result of the agreement, it will be
possible to commission further fossil-free electricity production in both Sweden and Finland. Boliden is a metals company with a focus
on sustainable development. their roots are Nordic, our market global. their core competence lies within the fields of exploration, mining,
smelting and metal recycling. Boliden has around 6,000 employees and an annual turnover of SEK 50 billion. The share is listed in the
Large Cap segment on NASDAQ OMX Stockholm.
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Royal Flying Doctor Service and Rio Tinto (UK) partner to improve remote and rural
Queensland health services
25
The Royal Flying Doctor Service and Rio Tinto have formed a new partnership to improve emergency and remotely delivered health care services across regional
Queensland. Under the partnership, Rio Tinto has pledged A$1.25 million to RFDS Queensland over five years, underlining the company’s commitment to the
health and wellbeing of Queenslanders and to providing resources to combat the effects of the COVID-19 pandemic. This partnership adds to Rio Tinto’s
longstanding support of the Flying Doctor in Western Australia.
The new partnership will
• Improve remote delivery of primary health care and mental health services across the state through support of RFDS Queensland’s COVID-19 Emergency Fund.
• Fund construction and maintenance of a new patient transfer facility in Weipa and maintenance of the existing patient transfer facility in Gladstone. These transfer
facilities improve patient care and operational response times for critical patients and upgrade comfort levels for patients, crews and service-delivery partners.
• Contribute to construction of a world-class Aeromedical Retrieval Simulation Hub in Bundaberg. The hub will use virtual reality, augmented reality and
high-fidelity immersive training scenarios to attract and train aeromedical professionals for the benefit of the whole state.
• Rio Tinto Aluminum Pacific Operations managing director Kellie Parker said “We are proud to extend to Queensland our longstanding partnership with the Royal
Flying Doctor Service.
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STORA ENSO (Finland) and CORDENKA partner to develop bio-based carbon fiber
materials
26
Stora Enso and Cordenka have signed a joint development agreement to develop precursors for bio-based carbon fiber. The co-development is driven by the
need for high performance carbon fiber in transportation, construction and power generation. Stora Enso has been developing the technology for
manufacturing carbon fiber from wood-based raw materials, i.e. dissolving pulp and lignin, at laboratory scale. The agreement announced today with
Cordenka GmbH & Co KG, a leading producer of premium-quality industrial viscose fibers, aims at upscaling the precursor development process to
pilot-scale operation. The precursor development is carried out with specialized manufacturing spinning equipment at Cordenka’s Obernburg production site
in Germany. The venture is supported by BMC, owner of Cordenka, as part of their strategy to extend the reach of Cordenka into new growth markets and
Asia. Carbon fiber demand is increasing steadily at an annual growth rate of 10%. The target of the partnership will be on developing carbon fiber initially
for industrial applications requiring low weight and high mechanical performance, such as pultruded laminates used in manufacturing wind energy rotor
blades. 20% of the global carbon fiber supply is used by the wind energy industry. Nowadays, carbon fiber is made from PAN which is an oil-based raw
material. The raw materials for bio-based carbon fiber are cellulose and lignin, which come from trees. In the bio-based carbon fiber process, cellulose is
converted to viscose and mixed with lignin to form the spinning dope. The dope is spun into precursor fiber that is thermally converted to carbon fiber.
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