Companhia Siderurgica Nacional SA (SID) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen. At this time, we would like to welcome everyone to CSN's conference call to present results for the second quarter 2024. We have the company executive officers with us.

早安，女士們先生們。此時，我們歡迎大家參加 CSN 電話會議，介紹 2024 年第二季的業績。我們有公司的執行官。

We would like to inform you that this event is being recorded and all participants will be in listen-only mode during the company's presentation. Ensuing this, there will be the question-and-answer section, at which time further instructions will be given. Today's event can be accessed at ri.csn.com.br, where the presentation is also available. The replay service will be available soon after the call.

我們謹通知您，該活動正在錄製中，所有參與者在公司演示期間都將處於僅聽模式。接下來是問答部分，屆時將給予進一步的說明。您可以透過 ri.csn.com.br 存取今天的活動，也可以在該網站上觀看簡報。通話後不久將提供重播服務。

Before proceeding, we would like to declare that some of the statements herein are mere expectations or trends and are based on the current assumptions and opinions of the company management, and that future results, performance, and events may differ materially from those expressed herein, which do not constitute projections.

在繼續之前，我們想聲明，本文中的一些陳述僅僅是預期或趨勢，並且基於公司管理層當前的假設和意見，未來的結果、業績和事件可能與本文中表達的內容存在重大差異，不構成預測。

In fact, actual results, performance, or events may differ materially from those expressed or implied by forward-looking statements as a result of several factors, such as overall and economic conditions in Brazil and other countries, interest rate and exchange rate levels, future scheduling or prepayment of debt denominated in foreign currencies, protectionist measures in the US, Brazil, and other countries, and competitive factors at a global, regional, or national basis. We will now turn over the floor to Mr. Antonio Marco Campos Rabello, the CFO and Investor Relations Executive Officer, who will begin the presentation. Mr. Rabello, you may proceed.

事實上，由於多種因素的影響，例如巴西和其他國家的整體和經濟狀況、利率和匯率水準、未來的發展、實際結果、表現或事件可能與前瞻性陳述中明示或暗示的結果、表現或事件有重大差異。我們現在將請財務長兼投資者關係執行長 Antonio Marco Campos Rabello 先生開始演講。拉貝洛先生，您可以繼續了。

Good morning, everybody. It's a pleasure to be here with you to present the earnings results for CSN for the second quarter of 2024. On slide number two, you see our highlights with great achievements for the company. We see better operations in all segments, highlighting the efficiency of operations, but the efforts to resume the profitability of our company, still looking at CSN consolidated.

大家早安。很高興與大家一起介紹南航2024年第二季的獲利結果。在第二張投影片上，您可以看到我們為公司取得的巨大成就的亮點。我們看到各部門的營運情況都有所改善，凸顯了營運效率，但我們公司恢復獲利能力的努力，仍然看南航合併。

We see that the growth of commercial activity generated an EBITDA of $2.6 billion in the second quarter, an increase of 35% versus the first quarter this year, and an EBITDA margin that goes from 19% to 23% this quarter. If we look at cash, we had a total amount of $26.6 billion at the end of June, an amount that brings significant comfort for the company's obligations.

我們看到，第二季商業活動的成長產生了 26 億美元的 EBITDA，比今年第一季成長了 35%，本季 EBITDA 利潤率從 19% 升至 23%。如果我們看一下現金，截至 6 月底，我們的現金總額為 266 億美元，這筆金額大大緩解了公司的債務負擔。

Regarding mining, with pride, we say that this was the best performance of owned production since 2016, the highest in history.

關於採礦業，我們自豪地說，這是自2016年以來自有產量的最佳表現，是歷史最高水準。

And this shows the efficiency we have been able to achieve, taking advantage of this drier period that is characteristic of the quarter. We also had a significant reduction in the cost of production that went from $25 per ton to $21.2 per ton, helping us reduce our fixed costs. If we look at the results of that segment, mining reached $1.6 million and EBITDA with a 48% margin, representing a growth of 8.1 percentage points vis-à-vis the first quarter this year.

這顯示了我們利用本季的乾燥時期所實現的效率。我們的生產成本也大幅降低，從每噸 25 美元降至 21.2 美元，幫助我們降低了固定成本。如果我們看一下該部門的業績，採礦業達到 160 萬美元，EBITDA 利潤率為 48%，較今年第一季成長 8.1 個百分點。

If we look at steel, we can see a resumption of the initiatives and investments of the company and the recovery of the segment as a whole. Commercially, we had sales volume above 1.1 million tons, which is something we didn't achieve since the second quarter 2022. Additionally, we had an improvement of 1.4% in average domestic price with a better mix of products for the period.

如果我們看一下鋼鐵業，我們可以看到該公司的舉措和投資的恢復以及整個行業的復甦。在商業方面，我們的銷量超過 110 萬噸，這是我們自 2022 年第二季以來從未實現的。此外，我們的國內平均價格提高了 1.4%，同時產品組合也有所改善。

While we have better volumes and price increases, this is the result of a growth of almost 40% of EBITDA in the segment. The margin is still compressed, but we can see a significant recovery this quarter. In cement, the results could not have been better. We had records in production as well as in sales with 3.6 million tons sold during the period.

雖然我們的銷售量和價格有所成長，但這是該細分市場 EBITDA 成長近 40% 的結果。利潤率仍然受到壓縮，但我們可以看到本季出現顯著復甦。在水泥方面，結果再好不過了。在此期間，我們的產量和銷售量均創歷史新高，銷量達 360 萬噸。

Net revenue grew 15%. Additionally, we made strides in capturing synergy and efficiency, reaching an EBITDA margin of 28% in the half of the year, the highest level since we acquired LafargeHolcim.

淨收入成長 15%。此外，我們在實現綜效和效率方面取得了長足進步，上半年 EBITDA 利潤率達到 28%，這是我們收購拉法基豪瑞以來的最高水準。

Finally, not less important, significant growth in the logistic segment. We don't speak about this very much, but we had extraordinary results with stronger trends for the coming years. Especially as we move along in the Transnordestina project, logistic had a sound growth of EBITDA plus 9.2% vis-à-vis the previous quarter, making the most of positive seasonality and diversification of products.

最後，同樣重要的是物流領域的顯著成長。我們不太談論這一點，但我們取得了非凡的成果，並且未來幾年的趨勢更加強勁。特別是隨著 Transnordestina 專案的進展，物流業務的 EBITDA 較上一季成長了 9.2%，充分利用了積極的季節性和產品多樣化。

We go on to the next slide, where we can observe the evolution of EBITDA for the quarter with a sound recovery of margin when compared to the first quarter '24, and compared with the same period last year. As mentioned, we reached 23.2% margin for the period. To the right of the slide, we have a positive contribution of all segments for these results.

我們繼續看下一張投影片，我們可以觀察該季度 EBITDA 的演變，與 24 年第一季和去年同期相比，利潤率恢復良好。如前所述，我們在此期間的利潤率達到了 23.2%。在幻燈片的右側，我們看到了所有部門對這些結果的積極貢獻。

With the exception of energy that did not have a favorable performance during the period because of the difficulties faced and extreme rainfall in Rio Grande do Sul. Once again, we offer our solidarity to all of those that were impacted, and we're deploying all efforts not only to maintain energy levels at the best levels, but to also help in the reconstruction of the state.

但由於南里奧格蘭德州面臨困難和極端降雨，能源在此期間表現不佳。我們再次向所有受到影響的人表示聲援，我們正在盡一切努力，不僅將能源水平維持在最佳水平，而且還幫助國家的重建。

In slide number 4, we show you the evolution of CapEx for the period with a significant evolution in the amounts invested, 69% higher than what we saw at the beginning of the year.

在第 4 張投影片中，我們向您展示了該期間資本支出的演變，投資金額發生了顯著變化，比我們年初看到的高出 69%。

This increase is the result of investments made in steel that had some planned stopovers during the period to increase efficiency in sintering and to bring efficiency to the Presidente Vargas plan to eliminate the bottlenecks that we face. We additionally had an increase in investment in mining to guarantee operating capacity and the maximum efficiency besides the resources made available for expansion projects, especially related to P15.

這一增長是鋼鐵投資的結果，在此期間有一些計劃中途停留，以提高燒結效率，並提高巴爾加斯總統計劃的效率，以消除我們面臨的瓶頸。除了為擴建項目（特別是與 P15 相關的項目）提供資源外，我們還增加了採礦投資，以確保營運能力和最大效率。

On the following slide, we see our working capital graph with a reduction in this quarter because of the drop in the line of suppliers and an increase in accounts receivable and inventory levels thanks to the good performance in the half of the year.

在下面的幻燈片中，我們看到本季的營運資金圖表有所減少，因為供應商數量減少，而由於半年的良好業績，應收帳款和庫存水準增加。

We now go on to slide number six where you see the adjusted cash flow with a negative result of $1.2 million impacted by working capital consumption and a higher level of investments made during the year and the impact of the exchange rate on financial results. This offset the stronger operating results for the half of the year and the hedge operations for mining.

現在我們繼續看第六張投影片，您可以看到調整後的現金流量，由於營運資本消耗和年內較高的投資水準以及匯率對財務績效的影響，產生了 120 萬美元的負結果。這抵消了上半年強勁的經營業績和採礦業的對沖操作。

When we look at leverage and we go on to the next slide, we had a one-time increase in the period with leverage going from 3.3 times to 3.36 times mainly due to the impact of the exchange rate for debts in dollars which occurred in the last days of this quarter. Besides the payment of dividends, jointly they offset the operating enhancements recorded by the company.

當我們看槓桿時，我們繼續看下一張幻燈片，我們在此期間出現了一次性增長，槓桿從3.3倍升至3.36倍，主要是由於美元債務匯率的影響。除了支付股息外，它們還共同抵消了公司記錄的營運改善。

It's important to reinforce that we're determined in our commitment to reduce leverage and we will obtain better results in the second half of the year with results that will aid and abet our capital. We're continuing our conversation in energy and the inclusion of strategic investors for mining among other areas.

重要的是要強調，我們決心致力於降低槓桿，我們將在下半年取得更好的業績，這些結果將有助於和促進我們的資本。我們正在繼續就能源以及其他領域的採礦業策略投資者的參與進行對話。

We now go on to the profile of our indebtedness on slide eight. We have the amortization schedule and you can see our sound cash position in the last few years with more than $16 billion available in our balance. Additionally, the company is very active in lengthening its debt focused on long-term operations and the local capital market.

我們現在繼續在第八張投影片上介紹我們的債務概況。我們有攤銷時間表，您可以看到我們過去幾年的現金狀況良好，可用餘額超過 160 億美元。此外，該公司非常積極地延長其債務，並專注於長期營運和當地資本市場。

Among the main moves of the second quarter 2024, we paid debts that matured in the short-term. The principle of some debts and here you see the composition of our debt, 64% respect to the dollar and exposed to the sudden exchange variations we have observed in the last few months. We now go on to an analysis by segment on slide number 10, you see the performance of steel.

在2024年第二季的主要措施中，我們償還了短期到期的債務。一些債務的原則，在這裡你可以看到我們債務的組成，64%以美元計價，並受到我們在過去幾個月觀察到的突然匯率變化的影響。我們現在繼續在第 10 號投影片上進行分段分析，您可以看到鋼材的性能。

This was the best quarter commercially since the second quarter of 2022. We had a sales volume above 1.1 million tons, representing a growth of 3% vis-à-vis the previous quarter and 7% vis-à-vis the same period in '23, reinforcing the return to normalcy in the operation and the dynamism of the local market. We had sound performance in the automotive, general industry and civil construction segment.

這是自 2022 年第二季以來商業表現最好的季度。銷量超過110萬噸，較上季成長3%，較23年同期成長7%，增強了營運恢復正常及活力當地市場。我們在汽車、一般工業和民用建築領域表現良好。

In the next slide, you see the revenue and EBITDA for the segment. What draws attention is the better commercial activity with an increase of share in higher added value products and an improvement in the average price in the domestic market with an improvement of 1.4% in the period.

在下一張投影片中，您將看到該細分市場的收入和 EBITDA。值得注意的是，商業活動有所改善，高附加價值產品的份額增加，國內市場平均價格提高，同期提高了 1.4%。

These are the main levers for an increase of 40% of EBITDA in steel and 150 base points in the company's profitability. Although the margin is still compressed, the results of this quarter point to better future results with an outlook for a more positive environment in the second half of the year in terms of demand, consumption of steel as well as in price with readjustments that were applied at the turn of the month.

這些是鋼鐵業務 EBITDA 成長 40%、公司獲利能力提高 150 個基點的主要槓桿。儘管利潤率仍受到壓縮，但本季的業績顯示未來業績會更好，預計下半年需求、鋼材消費以及價格調整後的環境將更加積極在月初。

If we look at production on slide 12, we can perceive a slight reduction in the total number of slabs produced in the quarter because of scheduled maintenance to streamline and bring greater efficiency to the operation. The stop had an impact on cost, a lower dilution of fixed cost. With the effect of exchange devaluation, we had an increase in the cost of production of slab for the period.

如果我們查看投影片 12 上的產量，我們可以發現本季生產的板坯總數略有減少，原因是為了簡化營運並提高營運效率而進行的定期維護。停止對成本產生了影響，固定成本的攤薄程度降低。受匯率貶值影響，本期板坯生產成本增加。

On the other hand, when you look at the performance per ton, there is a consistent growth of 35% in the segment because of the mixed effect that I remarked.

另一方面，當你觀察每噸的表現時，由於我所說的混合效應，該細分市場持續成長 35%。

We now go on to the mining segment where we can observe that we were able to make the most of this dry period. Characteristics of the second quarter, we produced the higher volumes in the history of the company. When we compare this with the same period last year, that slight drop in the volumes of production are true to a lower purchase of iron ore for third parties. Half of the sales were carried out vis-à-vis the same quarter last year. In terms of sales, we had a growth of 18% reflecting the operating enhancements in the operation.

現在我們進入採礦部分，我們可以觀察到我們能夠充分利用這個乾旱時期。第二季的特點是，我們的產量達到了公司歷史上最高的水平。當我們與去年同期進行比較時，產量的小幅下降是由於第三方鐵礦石採購量減少所致。一半的銷售額是與去年同期相比進行的。就銷售額而言，我們成長了 18%，反映出營運方面的營運增強。

In the next slide, we speak about revenue and EBITDA for the segment. There is a sound increase of 19% in net revenue despite a reduction of 5% in the prices realized. This points to the efficiency of the operation and the number of fitments in the period. Stronger sales with a strict cost control and dilution of fixed costs led EBITDA margin to 48% for the half of the year with an expansion of 8.1 percentage points when compared to the first quarter.

在下一張投影片中，我們將討論該細分市場的收入和 EBITDA。儘管實現價格下降了 5%，但淨收入卻穩健成長了 19%。這指的是該期間的營運效率和裝修數量。強勁的銷售加上嚴格的成本控制和固定成本的稀釋，使得上半年 EBITDA 利潤率達到 48%，較第一季擴大 8.1 個百分點。

Finally, we go to the slide on EBITDA and here we have a breakdown of components that led to this better operating performance. Now, we had the growth of volume with an improvement in mix favoring our own production and a stringent cost control along with a positive effect of exchange devaluation. This offset the cost of iron ore and a slightly steeper freight cost.

最後，我們來看 EBITDA 投影片，這裡我們對帶來更好營運績效的元件進行了細分。現在，我們的銷售量有所成長，產品組合的改善有利於我們自己的生產，嚴格的成本控制以及匯率貶值的正面影響。這抵消了鐵礦石成本和略高的運費。

We now go on to analyzing the cement segment. We have to praise the result achieved in this quarter when we see a record in production and sales and we made strides in terms of efficiency and synergy in the operation. Never before in the history of CSN had we sold so much cement, 3.6 million tons, 20% above the first quarter of this year.

我們現在繼續分析水泥領域。我們必須讚揚本季所取得的成績，生產和銷售都創歷史新高，我們在營運效率和協同方面取得了長足的進步。在CSN的歷史上，我們從未銷售過如此多的水泥，達到360萬噸，比今年第一季成長了20%。

Now, this strong commercial activity offset the lower price that we verified in the segment and led to an expansion of 15% of revenues. In EBITDA, we reached 346 million with a margin of 28%, the highest level since we integrated LafargeHolcim. We're very excited with this performance and we have high expectations for the second half of the year, especially because we will have higher prices for the coming months.

現在，這種強勁的商業活動抵消了我們在該領域核實的較低價格，並導致收入成長了 15%。EBITDA 達到 3.46 億美元，利潤率為 28%，這是我們整合拉法基豪瑞以來的最高水準。我們對這項業績感到非常興奮，並且對今年下半年抱有很高的期望，特別是因為未來幾個月我們將提供更高的價格。

Finally, the performance of logistics. And we think it is important to highlight this segment more as it offers us good results. It wasn't different this quarter. We took advantage of the prior period to enhance the amount of cargos. Now, we had cargos with higher diversification leading to an expansion of 11% in net revenue and the EBITDA for the period.

最後是物流績效。我們認為更多地強調這一領域很重要，因為它為我們提供了良好的結果。本季情況也不例外。我們利用前期的優勢，增加了貨量。現在，我們的貨物更加多樣化，導致該期間的淨收入和 EBITDA 成長了 11%。

With this, I would like to end the presentation of the segment and we will now go on to ESG to speak about the highlights of the last quarter.

至此，我想結束本部分的介紹，現在我們將繼續 ESG 來談談上季的亮點。

The highlight for the period was achieving the decarbonization goal for CSN. We have reduced our emissions in the cement segment. They represent 40% of the total emissions of CSN. And they're now aligned with what is necessary to comply with the Paris Accord and to reach the temperature of 1.5 degrees. We were elected for the FTC, an index of sustainability. We're speaking about a division of the London Exchange.

這段時期的亮點是實現南航脫碳目標。我們減少了水泥產業的排放量。它們佔 CSN 總排放量的 40%。他們現在已經與遵守《巴黎協定》和達到 1.5 度氣溫的必要條件保持一致。我們入選了 FTC（永續發展指數）。我們談論的是倫敦交易所的一個部門。

This FTC is made out of listed companies and based on stringent selection criteria with more than 300 indicators. We have advanced in health and safety. We ended the first half of the year with a 12% accident frequency rate reduction compared to the same period last year and a reduction of 7% when compared with 2023.

該FTC由上市公司組成，基於嚴格的篩選標準，包含300多項指標。我們在健康和安全方面取得了進展。截至今年上半年，我們的事故頻率比去年同期下降了 12%，與 2023 年相比下降了 7%。

We had a reduction of 76% in accident severity. In the environmental management aligned with the decarbonization goals, we continue to make strides in the intensity of emissions of CO2 with a reduction of 8% in steel and mining and 4% in cement production compared with the base year for these goals.

我們的事故嚴重程度降低了 76%。在與脫碳目標一致的環境管理方面，我們在二氧化碳排放強度方面持續取得長足進步，鋼鐵和採礦業二氧化碳排放強度較基準年減少8%，水泥產量較基準年減少4%。

Finally, we're making our company ever more diverse. This quarter, we had an increase of 63% in women representation in the CSN group. We have 34% representation of women in leadership vis-à-vis 4% when we set the goal. With this, we end the presentation of the company results.

最後，我們正在使我們的公司變得更加多元化。本季度，CSN 組的女性比例增加了 63%。當我們設定目標時，領導階層中女性的比例為 34%，而這一比例為 4%。公司業績介紹到此結束。

And before we move on to the question-and-answer session, I would like to turn the floor over to Mr. Benjamin Steinbruch, our Chairman, for his remarks.

在我們進入問答環節之前，我想請我們的主席本傑明·斯坦布魯赫先生發言。

Good morning to all of you. Thank you for your attendance at the CSN earnings result call.

各位早安。感謝您參加 CSN 財報電話會議。

I would like to share with you, as has already been mentioned in the presentation of cement, how satisfied we are with the data presented by mining. And they crown all of the effort that we are deploying in a continuous way to deliver more in quarters that have already been overlaid until we got to this quarter that was a true record, especially for mining. We are very satisfied to know that we have reached full production.

我想與您分享，正如水泥介紹中已經提到的，我們對採礦提供的數據有多滿意。它們是我們以持續方式部署的所有努力的頂峰，以便在已經重疊的季度中交付更多成果，直到我們達到本季度的真實記錄，特別是對於採礦業。我們很高興知道我們已經達到滿載生產。

We obtained more than the nominal production of the equipment. And this means, of course, that we're working very positively with a good outlook for the future. We have reduced the cost. We're working with a full production. And selling our production, purchasing less from third parties, and producing our own iron ore. Therefore, this is a growing curve, and we hope to continue this way.

我們獲得了超過設備標稱產量的產品。當然，這意味著我們正在非常積極地工作，並對未來抱持良好的前景。我們降低了成本。我們正在全力製作。並出售我們的產品，減少從第三方購買，並生產我們自己的鐵礦石。因此，這是一個不斷增長的曲線，我們希望繼續這樣下去。

Quarter-on-quarter, we show these enhancements, obtaining better figures. Regarding the steel mill, the end of 2022, we identified several investments that would necessarily need to be made. Regarding the lifespan of our main equipment, we know exactly what needs to be done.

我們按季度展示了這些增強功能，並獲得了更好的數據。關於鋼鐵廠，我們確定了幾項在 2022 年底必須進行的投資。對於我們主要設備的使用壽命，我們清楚知道需要做什麼。

We know how it needs to be done. And, of course, it's not a technological ignorance. There's no lack of knowledge. We know this is a long cycle. Some of the equipment, some of the spare parts of the equipment have been requested.

我們知道需要如何完成。當然，這並不是技術上的無知。並不缺乏知識。我們知道這是一個很長的周期。一些設備，一些設備的備件已經被要求了。

(technical difficulty) high furnace so that we can produce evermore with lower costs and a better level of engagement with the environment. Of course, although these are not complex issues, they do require time, they are being put in place and this quarter was the first one after many where we showed a very strong reaction. We are optimistic. We are highly aware of the difficulties that we need to live with during a short period going forward. But we are convinced that as we saw in mining quarter-on-quarter, we will be presenting better results.

（技術難度）高爐，使我們能夠以更低的成本和更好的環境參與水平進行生產。當然，雖然這些問題並不複雜，但它們確實需要時間，它們正在落實到位，本季是我們表現出非常強烈反應的第一個季度。我們很樂觀。我們高度意識到在未來的短時間內我們需要面對的困難。但我們相信，正如我們在採礦季度環比中看到的那樣，我們將呈現更好的結果。

We're focusing strongly on margins, which means what we have in terms of idle equipment will not produce more. We're going to carry out that production in a smart way, so that we can have a more competitive cost and maximal added value when it comes to our products. And ahead of us, we have at least two or three quarters of enhancements, constant improvements, so that we can comply with our final objective.

我們非常關注利潤，這意味著我們擁有的閒置設備不會產生更多的產量。我們將以智慧的方式進行生產，這樣我們的產品就能具有更具競爭力的成本和最大的附加價值。而在我們面前，我們至少還有四分之三的增強、不斷的改進，這樣我們才能實現我們的最終目標。

We're very convinced of this work, and we're also confident that we will be able to work at full steam with very positive results. We have the knowledge, and above and beyond that, we have the product diversification and verticalization of production.

我們對這項工作非常有信心，也相信我們能夠全力以赴，並取得非常正面的成果。我們擁有知識，除此之外，我們還擁有產品多元化和生產垂直化。

I'm reiterating more of the same. We're on a good path, and I'm convinced that the next quarter, as this one was better than the previous ones, the next one will continue to present enhanced results.

我重申了更多相同的內容。我們正走在一條良好的道路上，我相信下一個季度，由於這個季度比上一個季度更好，下一個季度將繼續呈現更好的結果。

Now, for the case of cement, we achieved a spectacular performance. We're very close to nominal production. We produced 3.4 million tons of cement this quarter. We believe that we can push this line even further. We will do so. Our challenge is to have a full production. We have been able to control costs well, and we are in an area that is quite diversified. And more and more, the value of productions of aggregate products will increase.

現在，在水泥方面，我們取得了令人矚目的業績。我們非常接近名義產量。本季我們生產了 340 萬噸水泥。我們相信我們可以將這條路線推得更遠。我們會這樣做。我們的挑戰是全面生產。我們能夠很好地控製成本，而且我們處於一個相當多元化的領域。而且，骨材產品的生產價值將會越來越高。

And it is our understanding that in cement, we are definitely on the right path, and we will be able to achieve the results that we have set forth for ourselves. I would like to praise the cement team, as I did with the mining team, because of their truly positive performance, helping us enter this market segment with better margins than the competition, displaying the capacity that we have in terms of distribution and adding value to products.

我們認為，在水泥方面，我們肯定走在正確的道路上，我們將能夠實現我們為自己設定的結果。我要讚揚水泥團隊，就像我對採礦團隊所做的那樣，因為他們真正積極的表現，幫助我們以比競爭對手更好的利潤進入這個細分市場，展示了我們在分銷和增值方面的能力到產品。

When it comes to logistics, as was mentioned by Antonio Marco, we had a very good result. We're also on the right path. The trend is that we will evermore obtain better results. We are convinced that logistics and infrastructure will become very valuable in Brazil in the short term. We need that infrastructure and logistics to allow ourselves to grow. And we know how important having an adequate structure will be. And for this, we have the energy segment that was hampered by what happened in Rio Grande do Sul.

在物流方面，正如安東尼奧·馬可所提到的，我們取得了非常好的結果。我們也走在正確的道路上。趨勢是我們將永遠獲得更好的結果。我們相信，物流和基礎設施在短期內將在巴西變得非常有價值。我們需要基礎建設和物流來讓自己成長。我們知道擁有適當的結構是多麼重要。為此，我們的能源部門因南里奧格蘭德州發生的事件而受到阻礙。

And our purchase of the 3EEE now, everything is being redressed. And I am convinced that once this critical moment is over, we will once again go back to having exceptional business, as we showed you in the first month of our acquisition. I would like to speak about the new CSN that has proven to be a very versatile, expeditious vehicle for the new technologies we will be using in industry, as well as for third parties. They're doing excellent work, seeking out new markets, new technologies.

而我們現在購買的3EEE，一切都在修正。我相信，一旦這個關鍵時刻結束，我們將再次恢復出色的業務，正如我們在收購的第一個月向您展示的那樣。我想談談新的 CSN，它已被證明是一種非常通用、快速的工具，適用於我們將在工業以及第三方中使用的新技術。他們做得非常出色，正在尋找新市場、新技術。

We have a footprint in the United States, and we're participating in the more compact nuclear plants, working on new, less aggressive projects when it comes to the environment, and competing with the larger projects that are being offered in the market, where we do have a footprint.

我們在美國有足跡，我們正在參與更緊湊的核電站，致力於環境方面不那麼激進的新項目，並與市場上提供的更大項目競爭，其中我們確實有足跡。

Now, we're also working strongly in terms of ESG. As you can see, our results are very strong, and we're ever more committed to that. And I would like to speak about our greatest challenge, which is that of acquiring assets outside of Brazil. We're working strongly on that front with our main goal, which is internationalizing our assets.

現在，我們也在 ESG 方面大力開展工作。正如您所看到的，我們的成果非常強勁，我們更加致力於實現這一目標。我想談談我們最大的挑戰，即收購巴西以外的資產。我們正在這方面大力努力，我們的主要目標是使我們的資產國際化。

And to conclude, I go back to leverage, which is a constant concern. We are aware that this period of strong investments has paused. We have had a drop of margins in the imported products, in the steel. This is penalizing for the short term. But I reiterate once again the full commitment of CSN to enhance it. Having said this, I would like to thank all of you, and I would like to acknowledge the effort being made at the steel plant.

最後，我回到槓桿問題，這是一個持續存在的問題。我們知道這段期間的強勁投資已經暫停。我們進口產品、鋼鐵的利潤率下降了。這對於短期來說是不利的。但我再次重申南航對增強這項能力的充分承諾。說到這裡，我要感謝大家，也要感謝鋼鐵廠的努力。

I'm convinced that this is the first quarter we were able to resume our work, and this will continue on in future quarters. And so we can have an equivalent segment, equivalent to all of our others.

我確信這是我們能夠恢復工作的第一個季度，而這種情況將在未來幾季繼續下去。所以我們可以有一個等價的部分，相當於我們所有其他的部分。

Thank you very much, and I will now return the floor to Antonio Marco to continue with the question-and-answer session.

非常感謝，我現在將發言權交還給安東尼奧馬可，繼續問答環節。

Thank you, Benjamin. Let us go on to our Q&A session.

謝謝你，班傑明。讓我們繼續我們的問答環節。

Well, thank you, and we will now begin the Q&A session for investors and analysts. (Operator Instructions)

好的，謝謝大家，我們現在開始投資人和分析師的問答環節。（操作員說明）

Daniel Sasson from Itau BBA.

來自 Itau BBA 的 Daniel Sasson。

Well, thank you, and a good afternoon to all of you. Congratulations for your results. My first question about that final part by Benjamin about the engagement with financial deleveraging. My question for Marco, if you could put in context all of the moving parts. You're still negotiating to acquire more cement assets, and after the judicial decision, that legal battle that you had in the last few years with Ternium, perhaps you have that possibility of selling a part of the stake of mining to a strategic partner to bring in a partner for the energy business. If you could remark on your steps and these drivers to reduce leverage.

好的，謝謝大家，祝大家午安。恭喜你的結果。我的第一個問題是關於本傑明關於參與金融去槓桿化的最後部分。我問 Marco 的問題是，你是否可以將所有活動部分放在上下文中。您仍在協商收購更多水泥資產，在司法判決之後，您在過去幾年與 Ternium 進行的法律鬥爭中，也許您有可能將部分採礦股份出售給戰略合作夥伴引入能源業務合作夥伴。如果您可以評論您的步驟和這些降低槓桿的驅動因素。

My second question, perhaps to Martinez. We have seen a recovery in the results of the steel plant with the volumes of CSN growing above and beyond those of the market, especially when we see the results for flat steel.

我的第二個問題，也許是問馬丁內斯的。我們看到鋼廠的業績有所復甦，CSN 的銷量成長超出了市場水平，特別是當我們看到扁鋼的業績時。

If you could speak further about prices, you mentioned very shortly that you will have increases at the turn of the half of the year. And speak about the new quota system and import levies, if perhaps in the third quarter we may have a more important impact from these measures of the government, or if they still continue to be somewhat innocuous in terms of allowing the price of steel to increase in the local market. Thank you.

如果您能進一步談談價格，您很快就提到，下半年將會上漲。並談論新的配額制度和進口稅，也許在第三季度我們可能會受到政府這些措施的更重要影響，或者它們在允許鋼材價格上漲方面是否仍然繼續無害在當地市場。謝謝。

Daniel, this is Marco. Thank you for your questions and thank you for joining us in our results call. Beginning in the second quarter, we saw the quarter impacted by the increase in the exchange rate in the last 10 days of the half of the year, and of course some benefit from that exchange rate increase as part of the drivers to deliver.

丹尼爾，這是馬可。感謝您提出問題，也感謝您參加我們的結果電話會議。從第二季開始，我們看到該季度受到半年最後 10 天匯率上漲的影響，當然，作為交付驅動因素的一部分，匯率上漲也帶來了一些好處。

The most important is the company operation. We have a production that is very representative in iron ore and cement, as I mentioned, where we will remain at these high levels during the second half of the year, and of course we will enjoy the good results in these two segments in terms of cash generation and results.

最重要的是公司的營運。正如我所提到的，我們的鐵礦石和水泥產量非常有代表性，下半年我們將保持在這樣的高水平，當然我們將在這兩個領域享受到良好的業績現金產生和成果。

In steel, we go on to a second half of the year where we will be able to harvest the results of the investments made this year and the previous year. We still have a great deal to do going forward, but when we look at the steel mill now, we have an enormous part of the EBITDA that normally takes place in the second half. Without giving you percentages, it is a considerable percentage of EBITDA. Cash generation and EBITDA are important drivers for deleveraging as strategic actions.

在鋼鐵方面，下半年我們將能夠收穫今年和去年的投資成果。未來我們還有很多工作要做，但當我們現在看看鋼鐵廠時，我們的 EBITDA 的很大一部分通常發生在下半年。雖然沒有給出百分比，但它佔 EBITDA 的比例相當大。現金產生和 EBITDA 是去槓桿化策略行動的重要驅動力。

We do have the goal of concluding both transactions still within this year. The goal is not to do this in 2025, but in 2024. It is difficult to mention the month.

我們的目標是在今年內完成這兩筆交易。我們的目標不是 2025 年，而是 2024 年。很難提及月份。

The M&A dynamic is very volatile, and both had an impact that led to problems in the negotiations. The flooding, of course, in Rio Grande do Sul, the parties interested wanted to better understand the impact. There was no relevant impact on materials, and in mining, the volatility of the mining crisis led to additional negotiations with a partner.

併購動態非常不穩定，兩者都會產生影響，導致談判出現問題。當然，南里奧格蘭德州發生洪水，有關各方希望更了解其影響。對材料沒有相關影響，而在採礦業，採礦危機的波動導致與合作夥伴進行了額外的談判。

We continue on with these two businesses to materialize them within 2024. Finally, to comment on cement, you are right. Many of the points in the acquisition of that company is the capital structure so that it will not impact the consolidated leverage of the group. That is why it is taking more time than is usual because of our commitment with the leverage of the group as a whole, and because of the size of that acquisition, we are being quite cautious in absorbing this company and the leverage that will come from it. The capital structure is an important discussion topic. That is all, Daniel.

我們將繼續開展這兩項業務，並爭取在 2024 年實現這些目標。最後，評論一下水泥，你是對的。收購該公司的許多要點是資本結構，因此不會影響集團的綜合槓桿率。這就是為什麼需要比平常更多的時間，因為我們對整個集團的槓桿作用的承諾，並且由於收購的規模，我們在吸收這家公司及其所產生的槓桿方面非常謹慎。資本結構是一個重要的討論議題。僅此而已，丹尼爾。

Thank you very much, Marco.

非常感謝你，馬可。

Daniel, to give you a broader overview for your question, the issue of prices, we have to look at this from several different angles. As I have always said, we have to look at the cost, the dollar-reais ratio that sometimes increases, decreases, the premium, the competitiveness of the value chain, imports and supply and demand.

丹尼爾，為了讓您更廣泛地了解您的問題，即價格問題，我們必須從幾個不同的角度來看待這個問題。正如我一直說的，我們必須專注於成本、時而上升、時而下降的美元兌雷亞爾比率、溢價、價值鏈的競爭力、進口和供需。

When we speak about demand and what Benjamin has just said, we had a very interesting result. The demand grew, apparent consumption in Brazil grew 9% in Brazil. It has been a while since that happened.

當我們談論需求和本傑明剛才所說的時，我們得到了一個非常有趣的結果。巴西的需求成長，表觀消費量成長了9%。那件事發生已經有一段時間了。

Domestic sales grew 7% and CSN luckily had a growth of 9%. We showed interesting recovery, helping us to recover some of the EBITDA, always within that cautious view we have on margins. If we look at the sectors, I can mention three sectors that have very positive outlooks.

國內銷量成長了 7%，幸運的是，CSN 成長了 9%。我們表現出了有趣的復甦，幫助我們收回了部分 EBITDA，始終保持我們對利潤率的謹慎看法。如果我們看一下這些行業，我可以提到三個前景非常樂觀的行業。

If you look at the assembly plant segment, we had a growth of 11% in the second quarter vis-à-vis the first quarter of this year, with sales growing even more. And this, of course, is very positive. Distribution itself, which is not a market but represents the sector as well, had a growth of 4% vis-à-vis the first quarter.

如果你看看組裝廠部門，我們第二季比今年第一季成長了 11%，銷售額成長更多。當然，這是非常積極的。分銷本身不是一個市場，但也代表了該行業，與第一季相比成長了 4%。

And other sectors that Marco mentioned, the white line, some industrial sectors like trucks and buses, with a growth of 20% to 25%, and civil construction that still has a significant multiplying effect on the economy from the viewpoint of employment, revenue, and the quality of labor. We estimate a growth of 3% to 4%. Now, regarding demand, if you compare what is happening worldwide, Brazil perhaps is in a very good condition vis-à-vis what is happening in China, USA, and Europe.

Marco提到的其他行業，白線，卡車和公共汽車等一些工業部門，增長了20％至25％，以及從就業，收入角度來看，對經濟仍然具有顯著乘數效應的民用建築，和勞動力品質。我們預計將成長 3% 至 4%。現在，就需求而言，如果您比較全球範圍內發生的情況，那麼與中國、美國和歐洲的情況相比，巴西的情況可能非常好。

In terms of the market, we are the shining star, and I hope this shining star will continue on in terms of its marketing. When it comes to cost, you have observed that our cost remains stable during the second quarter. It's important to mention that this stable cost was impacted by maintenance.

從市場上來說，我們是最閃亮的明星，我希望這顆閃亮的明星在行銷方面能夠繼續下去。在成本方面，您注意到我們的成本在第二季保持穩定。值得一提的是，這種穩定的成本受到維護的影響。

The cost outlook for Slab is that we reach values of 3,200, 3,000 BRLs. Now, we have to pursue those values. It's not simple, but that's what we want to do.

Slab 的成本前景是我們達到 3,200 到 3,000 巴西雷亞爾的價值。現在，我們必須追求這些價值觀。這並不簡單，但這就是我們想做的事。

And it's an important piece of information. In a simple account, if you imagine the price of BQ at 4,200, we're speaking about returning to a profitability of 20%, quite representative. In terms of premiums linked to import, premiums, if we think about BQ, it's not the BQ that is contaminated by the prices from Europe.

這是一條重要的訊息。簡單來說，如果你想像BQ的價格為4,200，我們所說的獲利能力將恢復到20%，很有代表性。就與進口相關的溢價而言，如果我們考慮 BQ，那麼受歐洲價格污染的並不是 BQ。

China is reluctant in terms of its effort of supplying to Europe and other regions. So, in CRI, the price is 480. The FOB price is 540, 550. And if we compare this with hot roll products of 4,200 to 4,300, this premium varies from 6% to 8%, a reasonable premium. What we did as of July 1st was to work more with a reduction of discounts. We're not working on price. We're focusing on discounts. And I believe we can continue to depend on a strong pillar, which is demand.

中國在向歐洲和其他地區供應的努力上並不願意。所以，在 CRI 中，價格是 480。FOB價格為540、550。如果我們將其與 4,200 至 4,300 的熱捲產品進行比較，該溢價在 6% 至 8% 之間變化，這是一個合理的溢價。截至 7 月 1 日，我們所做的就是加強減少折扣。我們不是在研究價格。我們專注於折扣。我相信我們可以繼續依賴一個強大的支柱，那就是需求。

Now, the issue of imports, although many are speaking about this, now what the government has done is in the right direction, but the intensity is innocuous. Imports in the second quarter grew. They went to 22% import penetration. And my diagnosis is that this should improve in some products for the second half of the year, not all products.

現在，進口問題，雖然很多人都在談論這個問題，但現在政府所做的事情是朝著正確的方向，但強度是無傷大雅的。第二季進口成長。他們的進口滲透率達到了 22%。我的診斷是，下半年某些產品的情況應該會有所改善，而不是所有產品。

We still have the forecast of having imported material. Brazil did the opposite than the rest of the world. We're legitimating quotas and the high imports made last year, this year.

我們仍有進口材料的預測。巴西的做法與世界其他國家相反。我們正在使去年和今年的配額和高進口量合法化。

So, basically, this is the price dynamic that we're working with. And throughout the year, depending on what happens with the exchange rate, it's at 5.7, 5.50 presently. And depending on the measures put in place by the government and others we have for anti-dumping in tin foil and others, perhaps we will have the opportunity to continue with the realignment of prices or reduction of discounts. So, basically, this is it, an encompassing vision of what is happening.

所以，基本上，這就是我們正在研究的價格動態。全年來看，根據匯率變化，目前為 5.7、5.50。根據政府和其他方面針對錫箔和其他材料採取的反傾銷措施，我們也許有機會繼續調整價格或減少折扣。所以，基本上，這就是它，對正在發生的事情的包容性願景。

Caio Greiner from BTG Pactual.

來自 BTG Pactual 的 Caio Greiner。

Good morning or good afternoon to everybody. We have two questions. First, about the position of CSN in the position with Usiminas. There's a comment that CSN will be obliged to sell its shares. Which is your stance in this? Are you in accordance with this stance? Will you continue on with the sale of the shares or does the company not agree with this and will you issue an appeal?

大家早安或下午好。我們有兩個問題。首先，關於CSN在與烏西米納斯的位置上的定位。有評論稱南航將有義務出售其股份。您對此持哪一種立場？你同意這個立場嗎？您會繼續出售股份，還是公司不同意這一點，您會提出上訴嗎？

The second question is to Martinez. Very quickly, Martinez, you spoke about cost and the reduction going forward. Now, how would you work with cost and margin looking upon the coming quarters? In the third quarter, will there be an exchange rate depreciation that will negatively impact the cost?

第二個問題是問馬丁內斯的。馬丁內斯，您很快就談到了成本和未來的削減。現在，展望未來幾個季度，您將如何處理成本和利潤？第三季匯率是否會貶值，對成本產生負面影響？

We also have a reduction in coal, a reduction in the cost of slab. You will no longer have the maintenance. So, how do we put together this puzzle to better understand the margin dynamic for steel in the third and fourth quarters? Thank you.

我們也減少了煤炭的使用，並降低了板坯的成本。您將不再獲得維護服務。那麼，我們如何整理這個謎題，以便更好地了解第三和第四季鋼鐵的利潤率動態？謝謝。

Well, thank you for the questions. Now, regarding the issue of Usiminas, we had a material fact about this recently.

嗯，謝謝你的提問。現在，關於烏西米納斯問題，我們最近有一個重要事實。

The position of CSN is that we're still within the period set forth by justice to sell these shares. We're observing the ideal moment to monetize the shares and obviously, we have internal discussions and discussions with the authorities in terms of when this will happen. Basically, we're reinforcing the message we conveyed in the material fact. We're not in a situation of noncompliance of periods up to present. This is the main message.

CSN 的立場是，我們仍在司法規定的期限內出售這些股票。我們正在觀察將股票貨幣化的理想時機，顯然，我們就何時發生進行了內部討論並與當局進行了討論。基本上，我們正​​在強化我們在重要事實中傳達的訊息。到目前為止，我們還沒有處於不遵守規定的情況。這是主要訊息。

Caio. this is Martinez once again. what we have done internally and Benjamin mentioned this, this was the first positive quarter for CSN in terms of cost compared to previous quarters. We have deployed enormous efforts towards operational efficiency, which is our mantra. It's always in the first quartile of cost and this is something we have to seek assiduously and this is happening.

凱奧.這又是馬丁內斯。我們內部所做的工作以及本傑明提到的這一點，與前幾季相比，這是 CSN 在成本方面第一個積極的季度。我們為提高營運效率付出了巨大的努力，這是我們的座右銘。它始終位於成本的前四分之一，這是我們必須孜孜不倦地尋求的東西，而這種情況正在發生。

I see that the results are appearing and are occurring. There's a great deal that we are doing in the day-to-day of the plant in terms of maintenance, upgrades, prioritizing products, prioritizing routes, so that at the end of the day, we can have a margin that will resume its historical levels. The cherry on the cake, of course, has to be a plane in the market for the purchase of slabs because this will also favor our cost and will take it to lower levels.

我看到結果正在出現並且正在發生。我們在工廠的日常工作中做了很多工作，包括維護、升級、確定產品優先級、確定路線優先級，以便最終我們能夠獲得恢復其歷史水平的利潤率。當然，蛋糕上的櫻桃必須是市場上購買板坯的飛機，因為這也有利於我們的成本並將其降低到較低水平。

What I foresee is that in the second half of the year, those costs will continue to drop. I don't doubt this. We are at $300,000, $400,000 presently. We should be working with figures closer to what we're seeking.

我預計下半年這些成本將持續下降。我對此並不懷疑。我們目前的價格是 30 萬美元、40 萬美元。我們應該使用更接近我們所尋求的數據。

In terms of prices, there is a recovery. The BQ price clearly has recovered. If you have observed, we're back to our best mix, which is the mix with added value that I always mention. Zinc, pre-painted products, and something remarked by Benjamin, we're going to focus on margin, quality, added value, selling more to less, position ourselves in several segments. The full production is not simply a helper.

從價格來看，目前已經出現復甦。BQ 價格明顯回升。如果您觀察過，我們又回到了最佳組合，這就是我經常提到的具有附加價值的組合。鋅、預塗產品以及本傑明所說的一些內容，我們將專注於利潤、品質、附加價值、多賣少賣，將自己定位在幾個細分市場。全程製作並不是簡單的幫手。

It's important, but we're going to work with that trade-off of working with a more expensive slab. This is an analysis we carry out daily. I truly believe in the work that we're doing with the commercial area and production in terms of operating efficiency to recover the historical levels of CSN.

這很重要，但我們將權衡使用更昂貴的平板。這是我們每天進行的分析。我堅信，我們在商業領域和生產方面所做的工作，在營運效率方面，能夠恢復南航的歷史水準。

In 2002, we were in the first cost quartile, and we should pursue this goal. That's what I wanted to remark. I don't know if it was clear, Caio.

2002年，我們處於第一成本四分位數，我們應該追求這個目標。這就是我想說的話。我不知道我說清楚了沒有，Caio。

Marcio Farid from Goldman Sachs.

高盛的馬西奧·法里德。

Good afternoon. Thank you for taking our questions. We have some follow-ups. The topic of leverage, for example, you spoke about the possibility of selling the stake at Usiminas, 3EEE, mining eventually. So there are some possibilities to help you with the leveraging and enhancing results, especially in steel. Now, 38 billion EBITDA for the last 12 months. It seems to be somewhat far from seeing the figures mentioned by Benjamin, 1 times 2 times EBITDA.

午安.感謝您接受我們的提問。我們有一些後續行動。例如，槓桿主題，您談到了最終出售 Usiminas、3EEE 股份的可能性。因此，有一些可能性可以幫助您利用和增強結果，尤其是在鋼鐵方面。現在，過去 12 個月的 EBITDA 為 380 億。似乎離Benjamin提到的數字，1倍2倍EBITDA有些遙遠。

I would like to know if you still have that expectation of eventually getting there, which would be the horizon for that. And if you could reach those levels faster, there's volatility in iron ore. It's not the best time to sell the Usiminas sales. In the meantime, the leverage is still high in a scenario of even higher interest rates. That's the first point.

我想知道您是否仍然抱持最終實現這一目標的期望，這將是實現這一目標的地平線。如果你能更快達到這些水平，鐵礦石就會出現波動。現在不是出售烏西米納斯的最佳時機。同時，在利率更高的情況下，槓桿率仍然很高。這是第一點。

Secondly, Martinez and Benjamin referred to the present-day market conditions in Brazil. In the first quarter call, you were more emphatic about the need to have measures, adopting measures in Brazil to bring back the competitiveness of industry. This hasn't been very discussed here. Martinez mentioned that Brazil went in the opposite direction vis-à-vis other countries.

其次，馬丁內斯和班傑明提到了巴西目前的市場狀況。在第一季的電話會議中，您更加強調需要採取措施，在巴西採取措施恢復工業競爭力。這裡還沒有對此進行太多討論。馬丁內斯提到，巴西與其他國家走的是相反的方向。

What are you doing alongside the government and other entities to help the industry? Or if you think that everything that could be done has been done and there will be few measures coming from regulators to bring about the competitiveness and to aid and abet you in terms of profitability?

您與政府和其他實體一起做什麼來幫助該行業？或者，如果您認為能做的一切都已經做了，監管機構將不會採取什麼措施來提高競爭力並在盈利能力方面幫助和慫恿您？

Marcio, I tried to be somewhat softer with my words to tell you the truth. Nothing has changed vis-à-vis the last call. We still receive a stock of material of very poor quality in Brazil without a control of performance, several materials entering the industry without any reason. They're not following the standards of the Brazilian market. This is very serious, only to speak about performance.

馬西奧，我試著用更溫和的語言來告訴你真相。與上次通話相比沒有任何變化。我們仍然在巴西收到質量非常差的材料庫存，而沒有對性能進行控制，有幾種材料無緣無故地進入該行業。他們沒有遵循巴西市場的標準。這個很嚴重，只談性能。

The other points I mentioned continue to be valid. They're even more valid. If you see what happened in Europe, they had set forth measures for commercial defense. They have measures against Egypt, Taiwan, Japan, and Vietnam now. Europe, in a short while, will only operate within Europe.

我提到的其他觀點仍然有效。它們甚至更有效。如果你看看歐洲發生的事情，他們已經制定了商業防禦措施。他們現在對埃及、台灣、日本和越南採取了措施。在短時間內，歐洲將僅在歐洲範圍內運作。

This is my feeling. In the USA, it's not necessary to mention what they did correctly. They value the employment industry and they're working with these import quotas. We don't know what will happen when there is a new government, but their assessment is correct. And do remember that in the USA, despite that hiccup they had in the last month of BQ, reaching a peak of $1,000, going to $760, $780, they have the infrastructure law, they have the employment law, everything positive so that the economy can remain calm. And there's a slight mismatch because the automotive industry is an exception.

這是我的感受。在美國，沒有必要提及他們做對了什麼。他們重視就業業，並且正在利用這些進口配額。我們不知道新政府上台後會發生什麼，但他們的評估是正確的。請記住，在美國，儘管他們在BQ 的最後一個月遇到了麻煩，達到了1,000 美元的峰值，達到了760 美元、780 美元，但他們有基礎設施法，他們有就業法，一切都是積極的，以便經濟復甦可以保持冷靜。由於汽車行業是一個例外，因此存在輕微的不匹配。

It continues to grow. When you look at this scenario, we are simply an outlet for China, the only place where China can send its material. We look at the lineups, and that is why I look forward, and I don't see positive things happening with these measures.

它繼續增長。當你看到這個場景時，我們只是中國的一個出口，是中國可以發送其材料的唯一地方。我們專注於陣容，這就是我展望未來的原因，但我認為這些措施不會產生積極的結果。

They're in the right direction, but they have the wrong intensity. It's even worse in the case of CSN. We decided not to deal with this politically, but technically, other countries set forth 25%.

他們的方向是正確的，但他們的強度是錯誤的。南航的情況更糟。我們決定不在政治上處理這個問題，但在技術上，其他國家規定了25%。

Now, where CSN is a market leader in metal sheets and others, we have an anti-dumping measure that was in deferred. It should have been approved in June. It was postponed, so there's still a great deal to be done. And that demand in the second quarter was very helpful, but it could help the industry further, not only in steel, but in other areas of the industry. We also have indirect imports coming in by hordes into Brazil, 5 million indirect, 10 million as a whole. So, to speak very clearly, the measure goes in the right direction.

現在，CSN 是金屬板材和其他產品的市場領導者，我們的反傾銷措施已被推遲。應該是六月就可以批准了。它被推遲了，所以還有很多事情要做。第二季度的需求非常有幫助，而且可以進一步幫助該行業，不僅在鋼鐵領域，而且在該行業的其他領域。我們還有成群的間接進口進入巴西，間接進口量為 500 萬，總計 1,000 萬。所以，說得很清楚，這項措施的方向是正確的。

There's a slight cooling in the third quarter, but in the fourth quarter, the year is over. This is a difficult year, and we have to work with an import penetration of 19% to 20%, unacceptable for Brazil as a whole. I'm not speaking of protectionism. I'm speaking of competitive isonomy. 10%, 12%, as it was in previous years, would be acceptable. And, of course, this is a scenario, and we can give you more color through details.

第三季度略有降溫，但到了第四季度，一年就結束了。今年是艱難的一年，我們必須在 19% 至 20% 的進口滲透率下工作，這對整個巴西來說是不可接受的。我不是說保護主義。我說的是競爭性的同質性。前幾年10%、12%是可以接受的。當然，這是一個場景，我們可以透過細節給你更多的色彩。

That's very clear. Thank you, Martinez.

這非常清楚。謝謝你，馬丁內斯。

This is Marcos to answer your question about leverage. Yes, the company is still very focused on the issue of the leverage, one to two times as we had in the past. This is the company intention. Now, we have in the guidance 2.5x at the end of the year. In the long term, it's difficult to say when we will go back to the leverage among factors for deleveraging. We need to understand some better the steel scenario, which we discussed here. We seem to have a turning point, a beginning of enhancements.

我是馬科斯，回答您有關槓桿的問題。是的，公司仍然非常關注槓桿問題，是我們過去的一到兩倍。這是公司的意圖。現在，我們在年底的指導值為 2.5 倍。從長期來看，去槓桿因素何時會回到槓桿作用還很難說。我們需要更好地了解我們在這裡討論的鋼鐵場景。我們似乎有一個轉折點，一個增強的開始。

This has to become a reality, and the iron ore price that has been at $100 in the last few days linked to the dubious decisions of China on whether there will be new incentives or not, and lead to a higher demand of iron ore. So, we don't know if there will be new incentives coming from China. It makes it difficult to speak about precise periods.

這必須成為現實，過去幾天鐵礦石價格一直在100美元左右，這與中國是否會出台新的激勵措施的可疑決定有關，並導致鐵礦石需求增加。因此，我們不知道中國是否會推出新的激勵措施。這使得談論精確的時期變得困難。

If we look at other actions, the ICM0 for the short term, during our discussions, the results of international benchmarks that are very relevant in our results, fixed cost synergies, they're all aligned under control. We're all obtaining better results in the short, medium, and long term in all of the companies, basically. The issue of Usiminas, as you mentioned, it will be a source of liquidity for the company, but we're undergoing that debate.

如果我們看看其他行動，短期的 ICM0，在我們的討論中，與我們的結果非常相關的國際基準的結果，固定成本協同效應，它們都在控制之下。基本上，我們所有的公司在短期、中期和長期都取得了更好的結果。正如您所提到的，Usiminas 的問題將成為公司的流動性來源，但我們正在進行辯論。

These shares don't have that liquidity in the market, so you need an adequate structure and period to monetize these shares. And, of course, the CapEx capital recycling in the company to seek our own peer leverage through the coming periods.

這些股票在市場上沒有流動性，因此您需要足夠的結構和時間來將這些股票貨幣化。當然，公司的資本支出資本回收是為了在未來一段時間內尋求我們自己的同儕槓桿作用。

Caio Ribeiro from Bank of America.

美國銀行的 Caio Ribeiro。

Good afternoon to everybody. First of all, to speak about the structure of CSN that encompasses several different divisions, deals, demand, mining.(technical diffiiculty) and mining, which is a potential of an IPO for these specific divisions in terms of timing and to help you on the company deleveraging.

大家下午好。首先，談談CSN的結構，它包含幾個不同的部門，交易，需求，挖礦（技術難度）和挖礦，這些特定部門在時機上有IPO的潛力，可以幫助您公司去槓桿化。

Secondly, to go back to the steel business, to speak about your sales mix in the domestic and foreign markets. Are there opportunities, given the depreciation of the exchange rate, to export more? And which is the profitability of this exported volume compared to what you sell in the domestic market? Thank you.

其次，回到鋼鐵業務，談談你們在國內外市場的銷售結構。鑑於匯率貶值，是否有機會增加出口？與你們在國內市場銷售的產品相比，這個出口量的獲利能力是多少？謝謝。

Caio, this is Marco. Thank you for the question. Yes, the company does have the intention of listing other companies in the stock exchange besides the (technical difficulty) and CSN.

凱奧，這是馬可。謝謝你的提問。是的，除了（技術難度）和南航之外，該公司確實有在證券交易所上市其他公司的意圖。

The next one in line would be the cement area. Now, we have two scenarios here. The M&A process in cement could help us adjust the M&A period. You can't have an IPO in the middle of the transaction, but there is no market for the IPO transaction. We continue to work with the M&A, which doesn't mean we won't seek an IPO in the first appropriate window that we find. The goal continues to be these companies, cement in the first place, logistics is the possibility, and perhaps the energy assets. But this is further along in time, depending on the acquisitions and evolutions in each of these.

下一個區域是水泥區域。現在，我們有兩種情況。水泥產業的併購過程可以幫助我們調整併購週期。你不能在交易中間進行IPO，但是IPO交易就沒有市場。我們將繼續進行併購工作，這並不意味著我們不會在找到的第一個合適的窗口尋求首次公開發行。這些公司的目標仍然是水泥，其次是物流，也許還有能源資產。但這是更進一步的時間，取決於每一個的收購和演變。

Caio, the mission of an executive in export is one of the most difficult in Brazil. If you imagine what is happening, and I broaden the analysis not only to steel, my export horizon, which has always been very generous throughout the steel industry, is practically closed. It's what we're saying, a deglobalization, decarbonization, and depopulation, the three Ds.

Caio 表示，出口高層的任務是巴西最艱鉅的任務之一。如果你想像正在發生的事情，並且我將分析範圍不僅擴大到鋼鐵，那麼我在整個鋼鐵行業一直非常慷慨的出口視野實際上已經關閉了。這就是我們所說的去全球化、脫碳化和人口減少，這三個D。

What is happening, the United States, I have a high added value product that I could export tenfold. The quota is 10,000 tons a year and enormous capacity in Brazil. Obviously, we're also working in the USA to hamper that quota for tenfold as the USA market by 50% of imports. And we could contribute more from CSN. We're the only producer.

正在發生什麼，美國，我有一個高附加價值的產品，我可以出口十倍。配額為每年1萬噸，巴西產能龐大。顯然，我們也在美國努力將美國市場的進口配額限制為十倍。我們可以從 CSN 做出更多貢獻。我們是唯一的製作人。

When you go to Latin America, Latin America is taken over by the Chinese everywhere. You have no competitiveness vis-à-vis the freight, the cost, the country cost, and risk, the risk in some countries of Latin America.

當你去拉丁美洲時，拉丁美洲到處都被中國人佔領了。相對於運費、成本、國家成本和風險，拉丁美洲一些國家的風險，你沒有競爭力。

Now, what is left over that is positive for CSN? First, when it comes to margins, and Benjamin mentioned this, what are we doing? We're sending BQ to Portugal, as we used to do, or supply Portugal would be healthy if we didn't have to pay €53 per ton. And this isn't subject to anti-dumping or a sanction as of 25%. So to export BQ to Europe is not feasible.

現在，還剩下什麼對南航有利的呢？首先，當談到利潤率時，本傑明提到了這一點，我們在做什麼？我們將像以前那樣將 BQ 發送到葡萄牙，或者如果我們不必支付每噸 53 英鎊的話，葡萄牙的供應將會很健康。而且該產品不會受到反傾銷或 25% 的製裁。因此將BQ出口到歐洲是不可行的。

We are discontinuing this. We have decided to buy BQ in Europe if they supply, which is another problem we're discussing at the European Community. If we look at the Louisville, Cedar plant, we bought it because it was a remedy from Arcelor.

我們將停止這種做法。如果他們供應的話，我們決定在歐洲購買 BQ，這是我們在歐洲共同體討論的另一個問題。如果我們看看路易斯維爾的雪松工廠，我們購買它是因為它是安賽樂的補救措施。

Nowadays, we cannot buy hot bobbins in the European market. In the USA, we're occupying the quota of galvanized material, coated, pre-painted. So we won't leave this aside, and we have comfortable margins. Despite the drop in BQ in the niches where we act in the USA, we can sell this product with a higher added value, perhaps adding or cutting something in the US. So we will continue. Aside all of this, Caio, there is no competitiveness.

如今，我們在歐洲市場買不到熱線軸。在美國，我們佔據了鍍鋅材料、塗層材料、預塗漆材料的配額。所以我們不會把這個放在一邊，而且我們有可觀的利潤。儘管我們在美國開展業務的利基市場的 BQ 有所下降，但我們可以以更高的附加價值銷售該產品，也許可以在美國增加或減少一些東西。所以我們會繼續。除了這一切，Caio，沒有任何競爭力。

It's not about Brazil. It's about what is happening worldwide. And we have to root and work to strengthen the domestic market, to strengthen domestic industry, give more strength to steel.

這與巴西無關。這是關於世界各地正在發生的事情。我們要紮根，做強國內市場，做強大國內產業，為鋼鐵注入更多力量。

And it's not only steel in that basket. There are other products, and the government has to be somewhat more aggressive to make sure that all of this will work. We cannot remain on this one-off situation. There is no competitive industry in the domestic market. If we're working with a minimum level of 80% of capacity, now for CSN to be practical, our margin will increase. All of the material that it was exporting will have better margins than the domestic market. And this is a pillar to increase our margins, as Benjamin mentioned.

籃子裡不僅有鋼鐵。還有其他產品，政府必須更積極地確保所有這些產品都能發揮作用。我們不能停留在這種一次性的情況。國內市場尚無競爭性產業。如果我們的運力水準至少達到 80%，那麼現在為了讓 CSN 切實可行，我們的利潤率將會增加。它出口的所有材料都將比國內市場獲得更好的利潤。正如本傑明所提到的，這是增加我們利潤的支柱。

Ricardo Monegaglia from Safra.

來自薩夫拉的里卡多·莫內加利亞。

Few questions, and I'll try to be brief. Now, cement going back to 30%, this was your performance of volumes. It's a good opportunity to have more details on the successful commercial operation. And to get to that 30% margin, do you depend on price or with the maturity of steel and usage?

幾個問題，我會盡量簡短。現在，水泥回到 30%，這就是你的銷售表現。這是了解更多有關成功商業運作的細節的好機會。為了達到 30% 的利潤，是取決於價格還是取決於鋼材的成熟度和使用情況？

I would, for the second question, something we have discussed with the market, internationalization of cement and steel. Does the company want to enhance its footprint in other regions of the Americas? Are there new countries, or do they continue to be the same? Thank you.

對於第二個問題，我想談談我們與市場討論過的事情，即水泥和鋼鐵的國際化。該公司是否想擴大在美洲其他地區的足跡？是否有新的國家，或者它們仍然是相同的嗎？謝謝。

Thank you for the question. Let's begin with the last one, the intention to internationalize.

謝謝你的提問。讓我們從最後一個開始，國際化的意圖。

While Benjamin referred to this, we are still focused on seeking greater expansion internationally. We have considered some opportunities, nothing at an advanced stage. We're thinking of steel in Europe as well as in the USA.

儘管本傑明提到了這一點，但我們仍然專注於尋求更大的國際擴張。我們考慮過一些機會，但沒有考慮到後期階段。我們正在考慮歐洲和美國的鋼鐵。

Yes, this is an activity that we continue to work on as part of the discussion for deleveraging. At which moment and how, this is something we will debate thoroughly. Without impacting the company leverage, it continues to be a strategic goal for CSN.

是的，這是我們繼續進行的一項活動，作為去槓桿化討論的一部分。在什麼時候、如何進行，這是我們將深入討論的問題。在不影響公司槓桿率的情況下，它仍然是南航的策略目標。

Ricardo, thank you for the question. I'm going to answer part of it, and then we will speak about the production. Regarding the commercial strategy, it's what Benjamin said. It's about joy. We're radiant in the cement market. It's a challenge. It was an enormous challenge for CSN. We began in 2009, the operation in Volta Redonda. And when we carry out a horizontal comparison in the market, I'm not looking at the largest players, but the more profitable ones that are smaller.

里卡多，謝謝你的提問。我先回答一部分，然後我們再談談製作。關於商業策略，本傑明是這麼說的。這是關於快樂的。我們在水泥市場上光芒四射。這是一個挑戰。這對南航來說是一個巨大的挑戰。我們於 2009 年開始在 Volta Redonda 開展業務。當我們在市場上進行橫向比較時，我關注的不是規模最大的企業，而是規模較小、利潤較高的企業。

I'm very happy because besides being as profitable as the small ones, we're growing as we had projected. And we also have a frowning commercial strategy that I learned at CSN with Benjamin. To sell less to more, to look for customers, not to depend on channels.

我很高興，因為除了像小公司一樣獲利之外，我們還在按照我們的預期發展。我們還有一個令人皺眉的商業策略，這是我在 CSN 和班傑明一起學到的。少賣多賣，尋找客戶，不依賴通路。

We depend much less on distributors. We go straight to the end consumers. We have 23,000 customers registered and 11,000 that buy regularly. This is our greatest asset, the customer base. Our distribution strategically was placed in places that maximize net FOB. This is logistics.

我們對經銷商的依賴要少得多。我們直接面向最終消費者。我們有 23,000 名註冊客戶和 11,000 名定期購買客戶。這是我們最大的資產，即客戶群。我們的分銷策略性地放置在能夠最大化淨離岸價的地方。這就是物流。

And from the viewpoint of another pillar, the operational pillar, I think Ed can speak more about what we did internally in production and in the operational part. Thank you, Martinez. Good afternoon, Ricardo.

從另一個支柱，即營運支柱的角度來看，我認為Ed可以更多地談論我們內部在生產和營運部分所做的事情。謝謝你，馬丁內斯。下午好，里卡多。

We're very happy with the evolution of the (inaudible) margin. And our goal is to operate with margins above 30%. This is what we had before the acquisition of LafargeHolcim.

我們對（聽不清楚）利潤的變化感到非常滿意。我們的目標是營運利潤率高於 30%。這是我們收購拉法基豪瑞之前的情況。

It's good to see that quarter on quarter since last year, we have been enhancing that margin thanks to capturing synergies, as Martinez mentioned, and synergies that we found in the acquisition of LafargeHolcim. We captured more than 100% of the synergies. We have implemented them.

很高興看到自去年以來的季度環比，我們一直在提高利潤率，這要歸功於馬丁內斯提到的協同效應，以及我們在收購拉法基豪瑞時發現的協同效應。我們獲得了超過 100% 的協同效應。我們已經實施了它們。

And with these gains, we begin to see ever better margins. And everything goes through our strategy, the commercial strategy mentioned by Martinez, of implementing a policy and the managerial control of CSN, logistic optimization, a significant gain of scale in terms of supplies, and also the operating management, where we're practically and pragmatically seeking to reduce the costs to become more sustainable with our assets. We're very satisfied with that evolution, but we will have to continue to do our homework, continue to seek a cost reduction, while Martinez will continue to work on fragmentation of customers and the control of prices.

有了這些收益，我們開始看到更好的利潤率。一切都貫穿我們的策略，馬丁內斯提到的商業策略，實施政策和 CSN 的管理控制、物流優化、供應規模的顯著增長以及營運管理，我們在這些方面實際上和務實地尋求降低成本，使我們的資產變得更永續。我們對這種演變非常滿意，但我們還得繼續做功課，繼續尋求降低成本，而馬丁內斯將繼續致力於客戶的碎片化和價格的控制。

In Brazil, if you carry out a comparison, the prices are lower, $50, $60 per ton compared to several other countries, including in Latin America, South America, operating at $120, $140. So this is necessary to remunerate the industry. We have an old industry that dates back to the 1960s, 1970s.

在巴西，如果進行比較，價格較低，為每噸 50 美元、60 美元，而其他幾個國家，包括拉丁美洲、南美洲，價格為每噸 120 美元、140 美元。因此，這是為行業提供報酬的必要條件。我們有一個可以追溯到 20 世紀 60 年代、1970 年代的老產業。

We have one of the best margins in the sector among large companies in Brazil, but with these reduced margins, it's very difficult to renew the industry that is necessary to contribute with decarbonizing. We're quite satisfied. The margins will continue to increase, and we're going to continue to seek a return to our former margins.

我們是巴西大公司中該行業利潤率最高的公司之一，但由於利潤率下降，很難更新為脫碳做出貢獻的行業。我們已經很滿意了利潤率將繼續增加，我們將繼續尋求恢復到以前的利潤率。

Camilla Bardem from Bradesco, BBI.

來自 BBI 布拉德斯科的卡米拉·巴登 (Camilla Bardem)。

My first question is a follow-up of the imports. If we look at the last date of the (inaudible), the import quota for some products, zinc sheets, for example, are complete now. Can you remember the quotas that you have, the products that have quotas? And if you foresee a reduction of imports for the short term? My second question, the cost of lab, you have a target to reach 3,000, 3,200. Would this be possible for this year, or is it something for 2024? Thank you.

我的第一個問題是進口的後續情況。如果我們看一下（聽不清楚）的最後日期，某些產品（例如鋅板）的進口配額現已完成。您還記得您擁有的配額以及擁有配額的產品嗎？如果您預計短期內進口會減少？我的第二個問題，實驗室的成本，你的目標是達到 3,000、3,200。今年可能實現嗎，還是 2024 年可能實現？謝謝。

This is Martinez. Well, in truth, the issue of imports, and we follow up on how these quotas are being fulfilled, and they're misleading because these quotas are renewed every quarter, basically.

這是馬丁內斯。嗯，事實上，是進口問題，我們追蹤這些配額的履行情況，它們具有誤導性，因為這些配額基本上每季都會更新。

What happened there? And there's a different speed. It's difficult to analyze the dynamic of the business. Several people anticipated the imports. They did not bring this inside because of the peak of the dollar, and they gave the impression that there will be a drop, which is not the case. If we look at the shift with a drop of the dollar to $5.50, some importers are beginning to sell more products in the market, and of the 11 NCMs that were placed, some do have a quota that has been fulfilled, which conspires in our favor, especially for BQ. The Zinc mark will depend on the volumes, but this is something we have to analyze every quarter. Otherwise, we're not able to understand the dynamic. What I understand is that we need to be more stringent in these measures until we stabilize imports to levels of 10% to 13%, which will not happen this year still if we are able to approve the anti-dumping policies we have.

那裡發生了什麼事？而且速度也不同。分析業務動態很困難。有些人預計進口。他們沒有把這個帶進去，因為美元已經達到頂峰，他們給人的印像是會下跌，但事實並非如此。如果我們看一下美元貶值至 5.50 美元的變化，一些進口商開始在市場上銷售更多產品，並且在放置的 11 個 NCM 中，有些確實已經完成了配額，這與我們的青睞，尤其是對於BQ 。鋅的標記將取決於數量，但這是我們每個季度都必須分析的內容。否則，我們無法理解動態。我的理解是，我們需要在這些措施上更加嚴格，直到我們將進口穩定在10%至13%的水平，如果我們能夠批准我們的反傾銷政策，那麼今年就不會發生這種情況。

In all products, we're working with anti-dumping because anti-dumping lasts. It's the cure. It lasts for five years. Any sanction is September, I will say it will last six months, one year. We want to fight in the technical field, and this is what we're seeking in the World Trade Organization.

在所有產品中，我們都在應對反傾銷，因為反傾銷是持久的。這是解藥。它持續五年。任何制裁都是九月份的，我會說它將持續六個月，一年。我們要在科技領域戰鬥，這也是我們在世界貿易組織中所尋求的。

We have people focused at the ministry to work on our segment. This is a segment that Brazil did not have so many problems in terms of imports, but now it is the segment for the Ministry of Industry and Development of Trade. We need to contribute positively so that the industry will become a main player again in Brazil.

我們有專人負責我們的部門。這是巴西在進口方面沒有那麼多問題的部分，但現在是工業和貿易發展部的部分。我們需要做出積極貢獻，使該行業再次成為巴西的主要參與者。

Industrialization in Brazil is not good. It's not compatible with the size that a country like Brazil should have, 20%. At present, we have 11%. So this is a challenge of the government so that the industry can evolve. So too many doubts in terms of imports so far. The other point I think refers to cost.

巴西的工業化進程並不好。這與巴西這樣的國家應有的20%的規模不相容。目前，我們有11%。所以這是政府的一個挑戰，以便產業能夠發展。到目前為止，進口方面存在太多疑慮。我認為另一點是關於成本的。

I don't think we can count upon victory here. We have to seek for the right path in this case, and I have said this in other calls. We have to find a path to receive $3,000 per ton within the cost parameters. This year we are on a positive path, but I don't believe that this year we can attain those levels. But the path will be easier and it will be leveraged by this drive that we are using with prices through reducing discounts.

我認為我們不能指望在這裡取得勝利。在這種情況下，我們必須尋求正確的道路，我在其他電話中也說過這一點。我們必須找到一條在成本參數範圍內獲得每噸 3,000 美元的途徑。今年我們正走在積極的道路上，但我不相信今年我們能夠達到這些水準。但這條路會更容易，我們透過減少折扣來調整價格的驅動力將發揮作用。

(technical difficulty)

（技術難度）

Congratulations for your results in mining and cement. I have simply one question to refer back to what was said on cement. Do you think that there is anything else that you could extract from Lafarge, something that has not happened so far? And if you could speak more about the rate of utilization of the Lafarge assets specifically.

恭喜您在採礦和水泥領域的成果。我只有一個問題想回顧一下關於水泥的內容。您是否認為您還可以從拉法基獲得任何迄今為止尚未發生的事情？能否具體談談拉法基資產的利用率。

This is Edvaldo. As I said, we have obtained more than 100% of the synergies we had thought about originally, and we have been able to incorporate additional synergies.

這是埃德瓦爾多。正如我所說，我們已經獲得了超過 100% 的最初設想的協同效應，並且我們已經能夠整合額外的協同效應。

Now, the process is dynamic. The assets acquired from Lafarge, we had to make good investments in some cases to recover the assets, eliminate bottlenecks, make them more efficient, and we're annualizing the synergies we have already captured. That is why I mentioned that we're going to continue to reduce our costs, and we hope to continue to grow in the percentages of EBITDA margin.

現在，這個過程是動態的。對於從拉法基收購的資產，我們必須在某些情況下進行良好的投資，以回收資產，消除瓶頸，提高其效率，並且我們正在對已經獲得的協同效應進行年度化。這就是為什麼我提到我們將繼續降低成本，並且我們希望 EBITDA 利潤率的百分比繼續成長。

Igor, to complement what Edvaldo said, and in terms of operations, well, he said we reached 100% here. There are some points that can be improved in Brazil and at CSN in terms of logistics, so we do still have some upsides that we're working on to maximize the plant part, the distribution center, net FOP, the cost of freight, and we should attempt to have the lowest logistic cost possible in the field of cement. This is what we're pursuing now.

Igor，為了補充 Edvaldo 所說的，在營運方面，他說我們在這裡達到了 100%。巴西和 CSN 在物流方面還有一些可以改進的地方，所以我們仍然有一些優勢，我們正在努力最大化工廠部分、配送中心、淨 FOP、貨運成本和我們應該努力在水泥領域實現盡可能最低的物流成本。這就是我們現在所追求的。

The operating excellence pillar has been complied with, but logistics is still at a primary stage in Brazil when it comes to using all of the models. We have used railroads considerably to be able to distribute cement through the valley of Paraíba. It is an alternative.

卓越營運支柱已得到遵守，但在使用所有模型方面，巴西的物流仍處於初級階段。我們大量使用了鐵路，以便能夠透過帕拉巴山谷分發水泥。這是一種替代方案。

The cement leaves the plant goes directly, (technical difficulty) and for the customers at the end, these costs are important to allow them to compete in the sellout. So, it's something we should take into account, and we're thinking of all models where it's best to outsource, where it's best to work with your primary assets. This is what we're working on as well.

水泥離開工廠後直接進入（技術難度），對於最終的客戶來說，這些成本對於他們在銷售上的競爭非常重要。因此，這是我們應該考慮的事情，我們正在考慮最好外包、最好使用您的主要資產的所有模型。這也是我們正在努力的方向。

[Eliseo Félix]

[埃利塞奧·費利克斯]

I would like to ask you if you are still under an exclusivity agreement with (technical difficulty), and of not, are you still negotiating, even not with exclusivity, with Inter-Cement?

我想問一下，你們是否仍然與Inter-Cement有排他性協議（技術難度），或者是否仍在與Inter-Cement進行談判，即使沒有排他性？

Eliseo, I think the connection was not very good, but I believe we understood the question. Exclusivity in your discussion. Well, CSN no longer has exclusivity with the sellers of InterCement as of today.

Eliseo，我認為聯繫不是很好，但我相信我們理解了這個問題。您的討論具有排他性。嗯，從今天開始，CSN 不再擁有 InterCement 賣家的排他性。

To complement your answer, this does not mean that we're not continuing our dialogue and discussion with the selling party. It's normal to continue the discussions, even though we don't have this exclusivity for the time being.

為了補充您的答案，這並不意味著我們不會繼續與賣方進行對話和討論。繼續討論是正常的，儘管我們暫時沒有這種排他性。

Tina Gauda from VDF

VDF 的蒂娜·高達

She thanks you for the call and she asks, with the lower price of iron ore and the mining division representing two-thirds of your EBITDA, can you explain the path to reach that target of 2.5 times? The steel segment will have to compensate for part of that difference. Do your prices support that at present? Which are your plans regarding InterCement as your exclusivity is no longer being extended?

她感謝您的來電，並詢問，由於鐵礦石價格較低，且採礦部門佔您 EBITDA 的三分之二，您能否解釋一下實現 2.5 倍目標的途徑？鋼鐵業將必須彌補部分差異。目前你們的價格支持嗎？由於您的獨家經營權不再延長，您對 InterCement 有哪些計劃？

Thank you for the question. Well, part of this we already remarked upon in previous questions. Yes, in iron ore, this is linked to incentives and the decisions of China and the Chinese government. It's at the level of $100. To continue the leveraging, we have not only the steel price, which has reached a tipping point, but also the operations of the Presidente Vargas plant that has enhanced the production of slab and steel very generally.

謝謝你的提問。嗯，我們已經在之前的問題中評論過其中的一部分。是的，在鐵礦石方面，這與中國和中國政府的激勵措施和決策有關。其價格為 100 美元。為了繼續發揮槓桿作用，我們不僅要考慮已經達到臨界點的鋼材價格，還要考慮總統瓦爾加斯工廠的運營，該工廠普遍提高了板坯和鋼材的產量。

We spoke about other leverages, the 3EEE, and all of these actions jointly will support us in our search for deleveraging. This is not an attempt, it's a goal for the company. We're going to reach this deleverage in the periods ahead of us. And even without exclusivity, we continue to have interaction and negotiations with the selling party of InterCement.

我們談到了其他槓桿，3EEE，所有這些行動共同將支持我們尋求去槓桿化。這不是一次嘗試，而是公司的目標。我們將在未來一段時間內實現這種去槓桿化。即使沒有排他性，我們也會繼續與 InterCement 的賣方互動和談判。

I would like to remind you that if you wish to pose a question, please click on the raised hand icon or send your question in writing through the Q&A icon. Please hold while we pull for more questions.

我想提醒您，如果您想提出問題，請點擊舉手圖示或透過問答圖示以書面形式發送您的問題。請稍候，我們將詢問更多問題。

As we have no further questions, I would like to return the floor to Antonio Marco Campos Rabello, CFO and IRO for his closing remarks.

由於我們沒有其他問題，我想請 CFO 兼 IRO Antonio Marco Campos Rabello 作總結發言。

Thank you all for attending our results call. I would like to thank all of the members of the CSN Group that have contributed for delivering excellent results this period. We thus end the earnings call for the second quarter 2024. We wish you a very good day. Have a good day.

感謝大家參加我們的結果電話會議。我要感謝南航集團的所有成員，感謝他們為本時期的優異成績做出了貢獻。我們就此結束 2024 年第二季的財報電話會議。我們祝福您有個愉快的一天。祝你有美好的一天。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本筆錄中的英語陳述是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。