As it remains in a state of limbo, Kevin Costner’s four-part Western “Horizon: An American Saga” has already been marked for dead by some in the industry.

Yes, things aren’t looking too bright for Costner’s saga, and with the third film having only been partially shot, his wallet is already looking at financial losses in the excess of $75M, maybe more. These downer numbers still haven’t stopped Costner in seeking financing to complete the third and fourth films.

In an interview with Deadline, Costner admits having had meetings with some of the richest people in the world.

“I’m hoping, I’m dreaming, I’m meeting all the billionaires that we all hear about — they’re all hiding in the shadows,” Costner is now telling Deadline.

“I’m don’t know how I’m going to do it,” he added, “but I’m going to make [Chapter 3] and then I’m going to make the fourth one. And if you want to say ’the end’ at that point, then that’s the end.”

Costner describes the project, and its hopeful completion, to pushing the rock of Sisyphus up the mountain and, alternately, to searching for proof of extraterrestrial life.

“It’s my own private UFO,” he said. “I’ve seen it, and I will never forget it, and I chase it as long as I can. … I will figure out a way to bring you 3 and 4, because you’ve gone to 1 and you’re gonna go to 2, and we’re all gonna go west together.”

Earlier in the year, Costner had repeatedly stated that he would be shooting ‘Part 3’ this fall, but that clearly hasn’t materialized. He shot nine days’ worth of footage in April, but production had to “temporarily” shut down due to lack of funds.

There is currently no release date for ‘Chapter 2,’ which was pulled from Warner Bros’ summer schedule after the first instalment, which cost $110M, failed to lure an audience into theaters, earning just $29M domestically. ‘Chapter 2’ did end up world premiering at the Venice Film Festival in September, albeit to weak reviews which further complicated matters for potential distribution.

Is the dragon slain? Or just wounded?

Inflation has been the scourge of the economy for the last three years. It spiked from a benign 1.4% when President Biden took office in 2021 to a searing 9% some 18 months later. The Federal Reserve took aim with speedy interest rate hikes, and it seemed to work. By September, inflation was down to 2.4%, almost in the normal zone.

Then, an upward blip. The latest data shows inflation ticked back up to 2.6% in October. That could be a spot on the X-ray that turns out to be nothing. Or it could signal that inflation is making a comeback, which would scramble the outlook for interest rates, financial markets, and the policies of the incoming Trump administration.

The inflation uptick in October wasn’t a fluke based on hurricanes or other one-time anomalies. Most important goods and services categories rose, including food, energy, rent, and vehicles. This came one month after the Fed basically declared victory over inflation. In September, the Fed reversed monetary policy and started cutting interest rates, signaling that the time had come to worry more about keeping growth humming than about getting prices down.

The Fed is staying the course for now. It cut short-term rates again on Nov. 14 and may do so again at its next policy meeting in December. But the odds of more rate cuts are dropping, with policymakers waiting for more lab results in the form of forthcoming inflation data.

“Inflation might soon be front-page news again,” Capital Economics announced in a Nov. 13 analysis. The forecasting firm argues that the currently inflationary trend is OK, but the future outlook is more worrisome — in large part because of what Donald Trump plans to do once he takes office next January.

At least two elements of Trump’s agenda are inflationary: new tariffs on imports and the mass deportation of undocumented migrants. Tariffs are taxes that raise the cost of imported goods directly. Deporting migrants would reduce the size of the labor force, especially targeting lower-wage workers. Replacing them with workers who might demand higher pay — or with costly machines — would raise costs one way or another, with producers passing as much as they could on to consumers.

A third inflation concern is Trump’s desire to cut taxes further, which can have a stimulus effect by putting more money in people’s pockets, boosting spending and demand and sometimes leading to higher prices.

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“Given all that President-elect Trump has promised to do quickly — such as hike tariffs, cut taxes further and slash immigration — one can easily foresee a re-acceleration of inflation next year,” Bernard Baumohl, chief global economist at Economic Outlook Group, wrote on Nov. 13. “The Federal Reserve is now in a real quandary.”

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• EBITDA Margin: Maintained a healthy margin similar to previous quarters.

• Full Year EBITDA Outlook: Reiterated at EUR800 million to EUR850 million.

• Cash Generation: EUR130 million in Q3, reducing net debt for the eighth consecutive quarter.

• Net Debt Reduction: Over EUR1.2 billion reduction since 2022.

• Q3 Group EBITDA Margin: Close to 19%.

• Tubes Volumes: Reduced to 292 kilotons in Q3.

• Mine & Forest Segment EBITDA: Expected slightly below EUR100 million for the full year.

• Net Debt Reduction in Q3: EUR124 million.

• Full Year Mine Production Expectation: Approximately 5 million tonnes, down from 6 million tonnes.

• Q3 Cash Flow: Total cash generation of EUR130 million.

Release Date: November 15, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Vallourec SA (VLOUF) maintained a healthy EBITDA margin in Q3 2024, driven by strong international OCTG market performance.

• The company generated significant cash flow, reducing net debt for the eighth consecutive quarter, totaling a reduction of over EUR1.2 billion since 2022.

• Vallourec SA (VLOUF) announced its first strategic acquisition in nearly a decade with Thermotite do Brasil, enhancing its position in the offshore line pipe market.

• The company is progressing well with its optimization program in Brazil, which is expected to significantly contribute to closing the profitability gap.

• Vallourec SA (VLOUF) plans to announce a dividend proposal for its 2025 AGM, marking the first dividend in 10 years, reflecting strong financial health.

• The US OCTG market experienced softness, impacting Vallourec SA (VLOUF)’s overall performance.

• The global iron ore market softened in Q3, leading to lower prices and sales volumes in the Mine & Forest segment.

• Vallourec SA (VLOUF) lowered its full-year mine production expectations to approximately 5 million tonnes, down from 6 million tonnes.

• Q3 2024 saw a reduction in tonnage sold and a slight decrease in average realized prices, leading to a year-over-year decline in revenues and EBITDA.

• The company faces potential challenges from the new tax environment in France, which could impact shareholder remuneration strategies like share buybacks.

Q: Is a share buyback still an option for shareholder remuneration given the new tax environment in France? A: Philippe Guillemot, CEO: While we never exclude any ways to return excess cash to shareholders, the potential tax implications in France make share buybacks less attractive. We plan to return cash to shareholders with a payout ratio of 80% to 100%, starting from Q3. The dividend proposal will be announced in February, based on Q3 cash generation.

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