The ratings outlook bias in global metals and mining is modestly negative after balanced upgrades and downgrades in 2024. Earnings and cash flow are lower for a second consecutive year after a windfall in 2022, so flexible shareholder return policies are kicking in, preserving cash, and supporting credit quality. Total debt in the sector is lower than five years ago, and profits are about 20% higher since the 2021-2022 inflation spike.