Companhia Siderurgica Nacional SA (SID) 2024 Q3 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 third-quarter 2024. Today, we have with us the company's executive officers.

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 年第三季的業績。今天，我們有公司的執行官。

We would like to inform you that this event is being recorded. (Operator Instructions) Today's event can be accessed at the CSN Investor Relations website at ri.csn.com.br. The replay of the event will be available soon after closing.

我們謹通知您，該事件正在被記錄。（操作說明）今天的活動可透過南航投資者關係網站ri.csn.com.br 存取。活動結束後不久即可重播。

Before proceeding, please bear in mind 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，請記住，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，這不構成預測。

In fact, actual results, performance, or events might differ materially from those expressed or implied by the forward-looking statements as a result of several factors, overall and economic conditions in Brazil and other countries, interest rate and exchange rate levels, future rescheduling or prepayment of debt denominated in foreign currencies, protectionist measures in the US, Brazil, and other countries, changes in laws and regulations, and general competitive factors at a global, regional, or national level.

事實上，由於多種因素、巴西和其他國家的整體和經濟狀況、利率和匯率水準、未來的重新安排，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、表現或事件存在重大差異。

I'll now turn the conference over to Mr. Marco Rabello, CFO and Investor Relations Executive Officer, who will present the operating and financial highlights of CSN during the period. You may proceed.

我現在將會議交給財務長兼投資者關係執行長 Marco Rabello 先生，他將介紹 CSN 在此期間的營運和財務亮點。您可以繼續。

Well, good morning, everybody. It is a pleasure to be here to present the CSN earnings call for the third-quarter '24. I begin on slide 2, where we have the main highlights.

那麼，大家早安。很高興能夠在這裡介紹 CSN '24 年第三季財報電話會議。我從幻燈片 2 開始，其中有主要亮點。

We had a growth in production and sales in all of these segments. Besides a significant trend towards cost reduction, this highlights our operational excellence and shows that we're doing everything within our control to have a stronger performance.

我們在所有這些領域的生產和銷售都有成長。除了降低成本的顯著趨勢之外，這還凸顯了我們的卓越運營，並表明我們正在盡一切努力來獲得更強勁的業績。

Every quarter, we expand our industrial capacity with positive impacts on the part of costs. Now the only pressure during the period refers to international prices outside of our control. Despite this, we do everything to control the impact. If operationally, we are on the right path, financially, we have several initiatives carried out during the quarter to strengthen our cash, credit for exports, new prepayment contracts, and the payment of receivables.

每個季度，我們都會擴大工業產能，並對成本產生正面影響。現在這段期間唯一的壓力是指我們無法控制的國際價格。儘管如此，我們仍盡一切努力控制影響。如果在營運上，我們走在正確的道路上，那麼在財務上，我們在本季度採取了幾項措施來加強我們的現金、出口信貸、新的預付款合約和應收帳款的支付。

We reached BRL3.7 billion additionally in our cash, bringing more comfort to our operation. Now all of this was offset with a weaker international prices and a drop of EBITDA recorded in the quarter, with a slight reduction in the group's leverage. Now let's go on to the highlights per segment. I begin with mining.

我們的現金額外達到了 37 億雷亞爾，這讓我們的營運更加舒適。現在，所有這些都被國際價格疲軟和本季 EBITDA 下降以及集團槓桿率略有下降所抵消。現在讓我們繼續了解每個部分的亮點。我從採礦開始。

They had the most robust performance, with a record of their own production and the highest production record. The production cost was around $19, $9 below the last quarter, and has reinforced the company cash.

他們的表現最為強勁，創下了自己的產量記錄和最高產量記錄。生產成本約為 19 美元，比上個季度低 9 美元，增強了公司的現金儲備。

On the part of steel, we had a very strong sales dynamic in the domestic market. Commercial activity grew 9% in the quarter. We had a drop of 5% in the slab cost produced. This led to an increase of 20% of EBITDA in the period.

鋼鐵方面，我們在國內市場的銷售動力非常強勁。本季商業活動成長 9%。我們生產的板坯成本下降了 5%。這導致該期間 EBITDA 成長了 20%。

In cement, we have had new sales records one after the other. And the third quarter was not different. The sales volume reached 3,600 tons. The EBITDA was 37% above last year with a profitability of 28% above the average for the sector. And finally, in logistics, we continue to deliver sound results with seasonality [positively] impacting the EBITDA of the quarter by 4%.

水泥銷售不斷創下新紀錄。第三季也不例外。銷量達3600噸。EBITDA 比去年高出 37%，獲利能力比行業平均高出 28%。最後，在物流方面，我們繼續提供良好的業績，季節性因素[正面]影響了本季 EBITDA 4%。

In energy, we had a quarter of recovery, normalizing the operation in Rio Grande do Sul and the company benefiting from this stronger price movement we observed in the market. Let's go on to the next slide, where I will refer to relevant subsequent events we had in these last few weeks, with a positive impact on the fourth quarter.

在能源方面，我們實現了四分之一的復甦，南里奧格蘭德州的營運正常化，該公司受益於我們在市場上觀察到的強勁價格走勢。讓我們繼續看下一張投影片，我將在其中提到過去幾週我們發生的相關後續事件，對第四季度產生了積極影響。

Let's begin with the most important. We concluded the CMIN stake sale, bringing in more than BRL4.4 billion to our balance and showing the commitment of the company regarding its leverage. It's important to mention that this occurred with a strategic partner of the company that has been with us in the development of CMIN during some time. Besides having confidence in the company, they also paid a significant price.

讓我們從最重要的開始。我們完成了 CMIN 股權出售，為我們的餘額帶來了超過 44 億雷亞爾的收入，並表明了該公司對其槓桿率的承諾。值得一提的是，這發生在該公司的策略合作夥伴身上，該合作夥伴在 CMIN 的開發過程中與我們合作一段時間。除了對公司有信心之外，他們也付出了巨大的代價。

At the beginning of the quarter, we received very important news. The Brazilian government is working on provisional antidumping duty for exports from China to Brazil for tin-plated and chromium-plated sheets for the range of NCMs. This will enable us to recover our position even in other products. We also announced that we're in the midst of the issuance of new debentures, representing BRL500 million, strengthening cash for the fourth quarter.

在本季度初，我們收到了非常重要的消息。巴西政府正在研究對從中國出口到巴西的一系列NCM鍍錫和鍍鉻板材徵收臨時反傾銷稅。這將使我們即使在其他產品中也能恢復我們的地位。我們也宣布，我們正在發行價值 5 億雷亞爾的新債券，以加強第四季的現金狀況。

Finally, we're still evolving in terms of our strategic projects that will be important for the investment and growth of CSN in coming years. Let's go on to slide number 4, where we analyze adjusted EBITDA and the adjusted margin for EBITDA. We had BRL2.3 billion EBITDA in the third-quarter '24 with a 20% margin.

最後，我們的策略項目仍在不斷發展，這對 CSN 未來幾年的投資和成長非常重要。讓我們繼續看第 4 張投影片，我們在其中分析調整後 EBITDA 和調整後 EBITDA 利潤率。2024 年第三季我們的 EBITDA 為 23 億雷亞爾，利潤率為 20%。

We had a weaker dynamic in the iron ore price in international markets, pressing the consolidated results. In the graph to the right, you see the performance of CMIN, the only detractor in the period despite the commercial activity we recorded.

國際市場鐵礦石價格走勢疲軟，對綜合業績造成壓力。在右圖中，您可以看到 CMIN 的表現，儘管我們記錄了商業活動，但它是該時期唯一的批評者。

On the following slides, we present to you the investments for the period with a CapEx in line with what was presented in the previous quarter. Now investments in the steel mill are proceeding at full steam to increase efficiency as a whole. We had a significant stride in mining with the beginning of the works in P15 that has 3,000 employees devoted to the development of that project.

在下面的幻燈片中，我們向您展示了該期間的投資，其資本支出與上一季的情況一致。現在，對鋼廠的投資正在全速進行，以提高整體效率。隨著 P15 工程的開始，我們在採礦方面取得了重大進展，有 3,000 名員工致力於該專案的開發。

Let's go on to the working capital slide, where we observe that the advance during the period impacted the cash production. And we had a reduction of inventories because of the good industrial performance of units during the period. Speaking about cash flow on cash -- on slide number 7, we see the main impacts that resulted in BRL986 million of free cash flow.

讓我們繼續觀察營運資本幻燈片，我們觀察到該期間的預付​​款影響了現金生產。由於期內單位工業表現良好，我們減少了庫存。談到現金的現金流 - 在第 7 號幻燈片上，我們看到了導致 9.86 億雷亞爾自由現金流的主要影響。

Besides a lower operational result, the cash flow was negatively impacted by the higher levels of CapEx, increase in financial expenses, and a disbursement in income tax greater than what was observed in the second-quarter '24. If we look at net debt and leverage in the next slide, we can see there was a significant reduction in net debt.

除了營運績效下降外，現金流還受到資本支出水準較高、財務費用增加以及所得稅支付高於 24 年第二季觀察到的水準的負面影響。如果我們查看下一張投影片中的淨債務和槓桿比率，我們可以看到淨債務大幅減少。

It went from BRL37 billion in the second quarter to BRL34 billion this quarter, allowing for a reduction in the leverage. Now this is thanks to the intense work carried out in the period to reinforce some initiatives in the company cash. Now management of cash, combined with the sales of CMIN, show our commitment to reduce leverage in its projects to recycle capital and in its operational results.

從第二季的 370 億雷亞爾增至本季的 340 億雷亞爾，從而降低了槓桿率。現在，這要歸功於在此期間為加強公司現金的一些舉措而進行的緊張工作。現在，現金管理與 CMIN 的銷售相結合，表明我們致力於降低其資本回收項目及其營運績效的槓桿率。

We go on to slide number 9, where we observe the profile of indebtedness and the amortization schedule. This cash [reinforcements] with almost BRL20 billion allows the company to be in a comfortable position to comply with the short- and midterm obligations.

我們繼續看第 9 張投影片，我們在其中觀察債務概況和攤銷時間表。這筆近 200 億雷亞爾的現金[增援]使公司能夠輕鬆履行短期和中期義務。

And we have a lengthening in the amortization schedule with a focus on long-term projects. The main movements for the third-quarter '24 were funding for the year 2027, 2029. We also see the breakdown of our debt, where you can observe that 64% are pegged to the dollar exposed to exchange variations, something we have seen recurrently in the last months.

我們延長了攤銷時間表，重點關注長期專案。24 年第三季的主要變動是 2027 年、2029 年的資金。我們還看到了我們債務的細目，您可以觀察到 64% 的債務與美元掛鉤，並受到匯率變化的影響，這是我們在過去幾個月中經常看到的情況。

We'll now go on to the analysis per segment on slide 11. The performance of the steel plant, where we see that the sales volume once again was above the quarter of 1.1 million tons with strong dynamism in the domestic market. In comparison with other quarters, we had a growth of 4% in total sales vis-a-vis the second-quarter '25 and 15% in the same period last year.

現在我們將繼續對幻燈片 11 上的每個片段進行分析。從鋼鐵廠的表現來看，我們看到季度銷售再次突破110萬噸，國內市場活力強勁。與其他季度相比，我們的總銷售額比 2025 年第二季度增長了 4%，比去年同期增長了 15%。

Only the domestic market is responsible for a growth of 9% and an annual growth of 16%. This demonstrates the effectiveness of our commercial strategy, with the use of a higher steel consumption and an assertive movement we have in our operations.

光是國內市場就貢獻了9%的成長，年增率為16%。這證明了我們商業策略的有效性，透過使用更高的鋼材消耗和我們在營運中採取的積極行動。

In the next slide, we present net revenue and EBITDA for the segment. Once again, we see an improvement in our results. The strong sales volume, along with price readjustments applied, ended up with a growth of 20% of EBITDA in the period, with an EBITDA margin of 5.8% to 6.4%, a growth of 3 percentage points when compared with the same quarter last year.

在下一張投影片中，我們展示了該部門的淨收入和 EBITDA。我們再次看到結果有所改善。強勁的銷售量加上價格調整，期內 EBITDA 成長 20%，EBITDA 利潤率為 5.8% 至 6.4%，較去年同期成長 3 個百分點。

Although the margin is still compressed, we observed better profitability in the segment. And we will continue advancing as we see better outlooks for volumes and prices. When we look at slide 13, referring to production, we see strong growth in the number of slabs produced, an operational resumption after the stops that we had in the last quarters.

儘管利潤率仍然受到壓縮，但我們觀察到該領域的獲利能力有所改善。當我們看到更好的銷售和價格前景時，我們將繼續前進。當我們查看幻燈片 13 時，提到生產，我們看到生產的板坯數量強勁增長，在上幾個季度的停工後，運營已恢復。

We had a growth of 13% in production, allowing us a reduction in cost -- fixed costs, and we had a drop of 5% in the production cost. Additionally, when we observe the performance per ton, we see a constant growth of 15% in the quarter and almost doubled during the same period vis-a-vis the year 2023.

我們的產量增加了 13%，這使我們能夠降低成本——固定成本，並且我們的生產成本下降了 5%。此外，當我們觀察每噸的表現時，我們發現該季度持續成長 15%，與 2023 年同期相比幾乎翻了一番。

Let's go on to mining on slide 15. This was a very special quarter. We were able to take advantage of the drier period in the Southwest to record -- records in our own production. And in sales, we reached 11.5 million tons in the quarter, creating a new level of delivery and reinforcing the efficiency we have reached in production.

讓我們繼續幻燈片 15 上的挖礦。這是一個非常特別的季度。我們能夠利用西南地區的乾旱時期來記錄我們自己的製作中的記錄。在銷售方面，本季我們達到了 1,150 萬噸，創造了新的交付水平，並增強了我們已達到的生產效率。

We would also like to highlight, when we speak about the drop of production compared to last year, this is due to a lower volume of purchases from third parties because our own production has reached its maximum level. In the next slide, we see net revenue and EBITDA.

我們也想強調，當我們談到產量與去年相比下降時，這是由於我們自己的產量已達到最高水平，因此從第三方的採購量減少。在下一張投影片中，我們看到淨收入和 EBITDA。

There's a drop of 11% in net revenue due to the fall in the price of ore, which offset the entire increase in volume. And this is also the reason for a lower EBITDA for the quarter. The price drop offset an important reduction in cost with C1 in the company reaching $19.2 per ton for the quarter.

由於礦石價格下跌，淨收入下降了 11%，抵消了銷量的全部成長。這也是本季 EBITDA 較低的原因。價格下跌抵消了成本的大幅下降，該公司 C1 本季達到每噸 19.2 美元。

And finally, we go to slide 17 for adjusted EBITDA. Here, we have a breakdown of the components that led to this drop in results. And this was for the performance of the segment. All other variables contributed to a stronger performance.

最後，我們轉到投影片 17 調整後的 EBITDA。在這裡，我們對導致結果下降的因素進行了詳細分析。這是為了該部門的表現。所有其他變數都促成了更強勁的表現。

Let's go on to analyze the cement segment on slide 19. This is another segment representing historical records with new levels attained regarding production sales, invoicing, and EBITDA. CSN continues to capture synergies in the operation as a whole, expanding our commercial activity in a difficult environment when it comes to price dynamics.

讓我們繼續分析幻燈片 19 上的水泥部分。這是另一個代表歷史記錄的部分，在生產銷售、發票和 EBITDA 方面達到了新的水平。CSN 繼續在整體營運中發揮協同效應，在價格動態困難的環境中擴大我們的商業活動。

Despite this, we had an increase of 3% in revenues, maintaining EBITDA margin at 28%, well above what the sector has delivered. This is one of the competitive differentials of our business.

儘管如此，我們的營收成長了 3%，EBITDA 利潤率維持在 28%，遠高於該行業的水平。這是我們業務的競爭優勢之一。

On slide 21, we show you the sound growth in the logistics segment that has been becoming more representative in our consolidated results. In this quarter, the drier period led to a higher volume of movements in EBITDA and billing with a growth of 6% and 4%, respectively.

在投影片 21 中，我們向您展示了物流領域的穩健成長，該領域在我們的綜合業績中變得更具代表性。本季度，乾旱時期導致 EBITDA 和帳單變動增加，分別成長 6% 和 4%。

With this, we end the presentation of the segments. And I invite Helena Guerra to speak about the ESG highlights.

至此，我們就結束了各部分的介紹。我邀請 Helena Guerra 談論 ESG 亮點。

Good morning, everybody. Now regarding the highlights for the period, in the last quarter, we were trying to maximize the opportunities that we have linked to the company.

大家早安。現在，關於這段時期的亮點，在上個季度，我們試圖最大限度地利用與公司相關的機會。

We signed a contract with Petrobras to supply natural gas to Volta Redonda. We are back to the free gas market. This makes us the largest industrial consumer in Brazil and brings about the possibility of partnerships that could make feasible several projects using natural gas, adhering to our decarbonization agenda.

我們與巴西國家石油公司簽署了向 Volta Redonda 供應天然氣的合約。我們又回到了免費天然氣市場。這使我們成為巴西最大的工業消費者，並帶來了建立夥伴關係的可能性，使多個使用天然氣的項目變得可行，並遵守我們的脫碳議程。

Still speaking about this topic, we're trying to comply with the goals in each of the segments where we act. The great highlight is the steel segment, where we had 10% reduction in CO2 emissions. Now the emissions will have to be achieved by 2030. This is thanks to several investments geared towards the operational efficiency.

仍然在談論這個話題，我們正在努力遵守我們所採取行動的每個細分市場的目標。最大的亮點是鋼鐵領域，我們的二氧化碳排放量減少了 10%。現在必須在 2030 年之前實現排放。這要歸功於多項旨在提高營運效率的投資。

And we're using disruptive technologies in a pioneer way at Presidente Vargas plant, that will support us on our path towards complying with the goals. In mining, we also had a positive reduction in emissions, a reduction in the intensity of CO2 in the production of iron ore.

我們在巴爾加斯總統工廠以開創性的方式使用顛覆性技術，這將支持我們實現目標。在採礦業，我們也積極減少了排放，降低了鐵礦石生產中的二氧化碳排放強度。

We are the company with the lowest emission of CO2 per ton of cement worldwide and in Brazil. We have advances in the safety of our workers. We had a year without any fatalities, thanks to a program implemented this year.

我們是全球和巴西每噸水泥二氧化碳排放量最低的公司。我們在工人安全方面取得了進展。由於今年實施的一項計劃，我們今年沒有發生任何死亡事件。

We have reduced the severity of accidents and the day of absence of employees. 70% reduction in September along with our schedule for dam management, we had the renewal of our declarations of stability at all of the company's dams.

我們降低了事故的嚴重程度和員工缺勤的天數。 9 月減少了 70%，隨著我們的大壩管理計劃，我們更新了公司所有大壩的穩定聲明。

And finally, something that is growing constantly in the search of our diversity goal, we are beyond having 7,000 women working in the company, 25% of our total workforce, and an increase of women in leadership positions. Thank you very much for your attention.

最後，在追求多元化目標的過程中，我們不斷發展壯大，目前公司已擁有 7,000 名女性員工，佔員工總數的 25%，而且擔任領導職位的女性人數也有所增加。非常感謝您的關注。

Thank you, Helena. And we will now go on to the remarks by the Chairman. We reinforce our invitation for CSN Day that will be held on December 11, where we will be able to update you on the main strategic projects for the group. I give the floor to Benjamin Steinbruch, the Chairman of the Group.

謝謝你，海倫娜。我們現在繼續主席的演講。我們再次邀請您參加將於 12 月 11 日舉行的 CSN 日，屆時我們將向您通報該集團主要戰略項目的最新情況。我請該集團主席本傑明·斯坦布魯赫發言。

Good morning, everybody, and thank you for your attendance at the CSN call. I'm going to go through a very quick review based on what was said by Marco Rabello.

大家早安，感謝您參加 CSN 電話會議。我將根據 Marco Rabello 的發言進行快速回顧。

Let's begin with mining, where everything was positive in terms of the increase of production, a reduction of cost, increase of sales, well within what we can control, cost and sales. We offered our very best. We saw a drop of prices in international commodities, and there's very little we can do to that respect.

讓我們從採礦業開始，在產量增加、成本降低、銷售增加方面一切都是正面的，完全在我們可以控制的成本和銷售範圍內。我們竭盡全力。我們看到國際大宗商品價格下跌，對此我們無能為力。

With the cost reduction, we are prepared for these fluctuations we observed in the price of iron ore commodities. We believe that it will remain at a level of 100 to 120, fluctuating in that range. And we're awaiting new measures that will come from China.

隨著成本的降低，我們已經做好了應對鐵礦石商品價格波動的準備。我們認為它將維持在100至120的水平，並在此範圍內波動。我們正在等待中國採取新措施。

We received good news with the increase of the purchase of homes, something that had not been happening. And because of the interest rate, I think they will come out with something stronger that should favor the use of iron ore and steel.

我們收到了房屋購買量增加的好消息，而這是以前沒有發生過的事情。由於利率的原因，我認為他們會推出更強大的產品，有利於鐵礦石和鋼鐵的使用。

It's difficult that they maintain their prices below 100 because of the stop of production of some of their mines. And while we don't know what the countries will be doing because of the election of Trump, in terms of geopolitics, each country will have to defend themselves more.

由於部分礦場停產，他們很難將價格維持在100以下。雖然我們不知道川普當選後各國會做什麼，但從地緣政治角度來看，每個國家都必須加強自衛。

And I believe that China will have to respond to this as well, respond to the new model we will be living with beginning in January of 2025. We're optimistic with the investments. We're optimistic with P15. With our product in mining, well, the issue is price.

我相信中國也必須對此做出回應，回應我們將從 2025 年 1 月開始採用的新模式。我們對投資持樂觀態度。我們對 P15 持樂觀態度。對於我們的採礦產品，問題是價格。

Whatever you produce can be sold. And if you have the appropriate product for the market, we can sell it more easily, and this is our future. So mining had very good results. And we hope to maintain and enhance the performance in the coming quarter.

無論你生產什麼，都可以出售。如果你有適合市場的產品，我們可以更輕鬆地銷售它，這就是我們的未來。所以採礦取得了非常好的效果。我們希望在下個季度保持並提高業績。

Regarding cement, the same holds true. The production of cement was a production record. We have been able to work at full speed at full production capacity, practically. We're also working on added value products. We're focusing on new products, diversifying and attempting to grow in terms of added value products.

對水泥來說，也是同樣的道理。水泥產量創歷史新高。實際上，我們已經能夠以滿載生產的方式全速工作。我們也致力於開發增值產品。我們專注於新產品、多元化並試圖在增值產品方面實現成長。

We know that cement has the right future in Brazil, and we will continue to need popular homes. That sector is doing very well, surprisingly well. We did not expect that sales would be so good in the popular segment, even among class A. And we're awaiting infrastructure work that certainly will come about.

我們知道水泥在巴西有美好的未來，我們將繼續需要受歡迎的房屋。該行業表現非常好，出奇地好。我們沒想到大眾市場的銷量會如此之好，甚至在 A 級車中也是如此。

The country requires a better infrastructure. And of course, cement will be used in this case. So in cement, we have to produce to our utmost at the best price and work with diversification. It is a product that is missing. If we were not -- if we were able to produce more, we could sell more. So it's now an issue of production capacity. We're quite optimistic with the cement market going forward.

該國需要更好的基礎設施。當然，在這種情況下會使用水泥。所以在水泥方面，我們必須以最優惠的價格最大限度地生產，並進行多元化經營。這是一個缺失的產品。如果我們不這樣做——如果我們能夠生產更多，我們就可以銷售更多。所以現在是產能的問題。我們對水泥市場的未來相當樂觀。

Logistics went through a good period. The seasonality is positive. And this is a segment with a future promise with a good logistics infrastructure. This will be part of our investment priorities in Brazil.

物流業經歷了一段美好時期。季節性是積極的。這是一個擁有良好物流基礎設施、未來前景廣闊的細分市場。這將是我們在巴西投資重點的一部分。

And we believe that it is a very promising sector. In terms of energy, there has been a significant change in prices. We have already overcome the difficulties of the flooding in Rio Grande do Sul. With the updated prices, we're going through an excellent moment for the energy segment.

我們相信這是一個非常有前途的行業。在能源方面，價格發生了重大變化。我們已經克服了南里奧格蘭德州洪水的困難。隨著價格的更新，我們正在經歷能源領域的絕佳時刻。

Finally, in terms of the steel segment, it has pointed towards an improvement, a reduction of cost, and an increase of production. This is a sector that we have great knowledge about. We suffered significantly during 2023 and 2024, as we mentioned in our previous conversations.

最後，在鋼鐵領域，它指出了改進、降低成本和增加產量的方向。這是一個我們非常了解的領域。正如我們在之前的談話中提到的，我們在 2023 年和 2024 年遭受了巨大的損失。

We suffered because of maintenance. We had a significant number of problems that began in 2022, remained during 2023, 2024, as we had mentioned previously. And well, even if we want to do things, the timing to replace parts and equipment tends to be quite lengthy. And we, sometimes, have a delay of 12 to 18 months in the delivery of the necessary equipment and parts.

我們因維護而受苦。正如我們之前提到的，我們有大量問題從 2022 年開始，一直持續到 2023 年、2024 年。而且，即使我們想做一些事情，更換零件和設備的時間往往很長。有時，我們會延遲 12 至 18 個月交付必要的設備和零件。

However, we're committed with this. We're working intensely, and we're on the right path. And I believe that at the end of the year, because of a better third quarter and better fourth quarter, we will begin 2025 in a better position than '22, '23, and 2024. Well, we're doing our very utmost.

然而，我們對此做出了承諾。我們正在緊鑼密鼓地工作，而且我們正走在正確的道路上。我相信，到今年年底，由於第三季和第四季的表現更好，我們將以比 22 年、23 年和 2024 年更好的位置開始 2025 年。嗯，我們正在竭盡全力。

And if you look at everything we began to do in 2022, doubtlessly, the positive results will begin to appear. Everything is under the control of technology. And it's simply a matter of time until we can implement what we already know and what we have brought down.

如果你看看我們在 2022 年開始做的一切，毫無疑問，正面的結果將會開始顯現。一切都在科技的掌控之中。我們能夠實施我們已經知道的和我們已經廢除的東西只是時間問題。

Basically, these are my comments. We are on a positive path. We're doing whatever we can. We try to live with the market fluctuations, fluctuations of currency, of the market and price itself. But this holds true for everybody.

基本上，這些是我的評論。我們正走在正面的道路上。我們正在盡我們所能。我們嘗試忍受市場波動、貨幣波動、市場波動和價格本身的波動。但這對每個人都適用。

So we're doing the best we can where we do have control so that we can better take up the market opportunities. We're quite confident with the year 2024. We will improve because of the enhancements we made.

因此，我們正在盡我們所能，在我們有控制權的情況下，以便我們能夠更好地抓住市場機會。我們對 2024 年充滿信心。我們會因為我們所做的改進而改進。

Thank you very much for your attendance, and I'm at your disposal. I return the floor to Marco.

非常感謝您的出席，我隨時為您服務。我把發言權還給馬可。

Thank you, Benjamin. Let's go on to the question-and-answer session.

謝謝你，班傑明。我們接下來進入問答環節。

(Operator Instructions) Barbara Soares, Itau BBA.

（操作員說明）Barbara Soares，Itau BBA。

Good morning, everybody. Thank you for taking my questions. I have two doubts regarding the steel mill. First, about cost. This quarter, we have seen a margin recovery. In the last quarter, you mentioned that these margins could reach two digits. There is an improvement in the slab production cost. Could you give us more color in terms of what happened this quarter? And what we can expect for the next quarter in terms of cost?

大家早安。感謝您回答我的問題。我對鋼廠有兩個疑問。首先，關於成本。本季度，我們看到利潤率有所回升。在上個季度，您提到這些利潤率可能達到兩位數。板坯生產成本有所改善。您能給我們更多關於本季發生的事情的資訊嗎？我們對下一季的成本有何預期？

The second question refers to price. In the domestic market, the price has been flat. By speaking to market customers, there is a problem. The entry of imported material is still very high. It stands at 24%. In flat steel, it is higher, 30%. Could you help us understand how you foresee this price dynamic for the coming quarter and for the coming year with all of the factors I have just mentioned?

第二個問題涉及價格。國內市場，價格一直持平。透過與市場客戶交談，發現有一個問題。進口材料的進入仍然很高。該比例為 24%。在扁鋼中，該比例更高，為 30%。您能否幫助我們了解您如何預測下一個季度和明年的價格動態以及我剛才提到的所有因素？

Hello, Barbara. Good morning. It's good that you know so much about the sector. We meet at events, and you follow up on what is happening. You have helped us to answer some questions impacting the market.

你好，芭芭拉。早安.很高興您對這個行業了解這麼多。我們在活動中見面，你跟進正在發生的事情。您幫助我們回答了一些影響市場的問題。

In steel, I have read some reports that have mentioned that there are strong signs across the board. I prefer to focus on that. In 2024, the apparent consumption stood at 9% to 10%. CSN growth -- sales grew 11%. What we had to do was [then] our cost. Although we see that the cost increased 4%, more important than that is that the slab cost dropped 5%. So this enables us to look at the fourth quarter and other quarters with better margins.

在鋼鐵方面，我讀過一些報告，其中提到全面出現強烈跡象。我更喜歡專注於此。2024年，表觀消費量將達9%至10%。CSN 成長－銷售額成長 11%。我們要做的就是[然後]我們的成本。雖然我們看到成本增加了4%，但更重要的是板坯成本下降了5%。因此，這使我們能夠看到第四季度和其他季度的利潤率更高。

Regarding the production volume of slabs, another important data, we went from 880,000 tons to 1 million tons practically, which had not happened for some time. In terms of price, Barbara, we implemented an increase. What happened was that we captured the increase, but the mix was not favorable. If we eliminate mix, the increase would be 3.5% to 4% in the third quarter.

關於板坯產量，另一個重要數據，我們實際上從88萬噸增加到了100萬噸，這已經有一段時間沒有發生了。在價格方面，芭芭拉，我們實施了上漲。發生的情況是，我們捕捉到了成長，但組合並不理想。如果我們消除混合，第三季的增幅將為3.5%至4%。

Let's go back to the steel outlook and talk about the fourth quarter. The outlook is very positive. This year, we were close to historical records in the terms of flat steel in Brazil in 2025. This scenario will also materialize. Our sales are firm going forward for the fourth quarter.

我們回到鋼鐵展望，談第四季。前景非常樂觀。今年，我們已接近 2025 年巴西扁鋼產量的歷史記錄。這種情景也將成為現實。我們第四季的銷售額將保持穩定。

We're negotiating contracts for the coming year. And generally, in terms of operational excellence, the slab cost will drop and go to levels of BRL3,000 per ton, which is our end goal. Now if we mix that cost with the price and with the enhancement of our mix, I'm not speaking about price increases.

我們正在談判來年的合約。一般來說，就卓越營運而言，板坯成本將下降至每噸 3,000 雷亞爾的水平，這是我們的最終目標。現在，如果我們將成本與價格以及我們的組合的增強結合起來，我不是說價格上漲。

To give you an idea, what we have prepainted in Brazil are two CSNs. And we have Arcelor and CSN also fighting against imports. Import penetration has grown. It should end the year at 3.5 million tons and will continue very strong at 23%. This is a variable we have to work with. We were successful in tinplates. We have a provisional antidumping policy.

為了讓您了解一下，我們在巴西預先繪製的是兩個 CSN。我們還有Arcelor 和CSN 也在對抗進口產品。進口滲透率有所增加。年底產量應為 350 萬噸，並將繼續保持 23% 的強勁成長動能。這是我們必須處理的變數。我們在馬口鐵方面取得了成功。我們有臨時反傾銷政策。

And when they check China, this will be made permanent. We have to work on other products. It's not a matter of protectionism. We have to have full isonomy. Now in terms of operational excellence, this is positive, consolidated with what we presented in the third quarter. We have no control of what happens with prices.

當他們檢查中國時，這將成為永久性的。我們必須致力於其他產品。這不是保護主義的問題。我們必須具有完全的同源性。現在就卓越營運而言，這是積極的，與我們在第三季提出的情況相結合。我們無法控制價格的變動。

And to corroborate what Benjamin said, we have a more positive vision of China. We speak about civil construction. But industry, the white line and automotive industry are doing better. Another important point, there's employability. Everything will be done to reach a reasonable level to resume their economy.

為了證實本傑明所說的，我們對中國有更正面的看法。我們談論土木建築。但工業、白線和汽車業表現較好。另一個重要的一點是就業能力。將盡一切努力達到恢復經濟的合理水準。

The election of Trump in the United States will certainly change that price dynamic. Our outlook for the coming year is that the price curve of 430, 420 for China -- perhaps, this is the floor for the business -- is now at 490, 500 with a very low premium, 6% to 8%, because of some sanctions that were put in place.

川普在美國當選肯定會改變這種價格動態。我們對來年的展望是，中國的 430、420 ​​價格曲線（也許這是該業務的底線）現在為 490、500，溢價非常低，為 6% 至 8%，因為實施了一些制裁。

Now to give you more color of what we have ahead of us, the color is blue positive. All of the pillars are working in favor of what we saw in 2023, 2024 maintenance, operational cost. We're beyond that phase, and we can now capture more value and increase our EBITDA share for the company.

現在，為了給您更多關於我們前面的內容的顏色，顏色是藍色正值。所有支柱都在有利於我們在 2023 年、2024 年所看到的維護和營運成本。我們已經超越了這個階段，現在可以為公司獲取更多價值並增加 EBITDA 份額。

Thank you. That was very clear. Thank you, Marco.

謝謝。這非常清楚。謝謝你，馬可。

Ricardo Monegaglia, Safra.

里卡多·莫內加利亞，薩夫拉。

Good morning, everybody. Thanks for taking our questions, we have two. If we could go back to the issue of leverage, Marco spoke about 2.5 times until the end of the year for leverage. If you could put this in context, all of the parts that make up this account at the end of the year, are you acquiring to obtain more cement?

大家早安。感謝您提出我們的問題，我們有兩個問題。如果我們可以回到槓桿問題，Marco 到年底就槓桿問題談了大約 2.5 次。如果您可以將其放在上下文中，那麼在年底構成該帳戶的所有部分，您是否會購買更多的水泥？

Will you be receiving money? Perhaps, you will find a partner for energy. This is another fact that could help to help you if there will be another relevant prepayment. So which are the steps to get to that leverage goal and if this is still the case, of course?

你會收到錢嗎？也許，你會找到能源合作夥伴。如果還有其他相關的預付款，這是另一個可以為您提供幫助的事實。那麼，要實現這一槓桿目標需要哪些步驟？

My second question here refers to investments. And there will be investments in steel for an increase of operational efficiency. The investments are higher than those in mining. Think about that investment going forward for steel, specifically, and if there's a relevant delivery in the short term.

我的第二個問題是關於投資的。此外，還將對鋼鐵進行投資，以提高營運效率。投資額高於採礦業。具體來說，考慮一下未來對鋼鐵的投資，以及短期內是否有相關交付。

We know that there is a long period for the delivery of equipment and parts. Is there an important delivery in the coming 12 months? Or do you expect that the return on investment will be distributed more gradually during the coming months? Thank you for taking my questions.

我們知道設備和零件的交付週期很長。未來12個月有重要的交付嗎？或者您預計未來幾個月投資回報將更加逐步分配？感謝您回答我的問題。

Hello, Ricardo. This is Marco. Thank you for the questions. Regarding leverage, yes, until the end of the year, we do have some levers that we're working with, as we mentioned in other calls. Strategic or financial partners, this discussion is still underway.

你好，里卡多。這是馬可。謝謝你的提問。關於槓桿，是的，直到今年年底，我們確實正在使用一些槓桿，正如我們在其他電話會議中提到的那樣。戰略或金融合作夥伴，這一討論仍在進行中。

We have time to close that operation until the end of the year. Another important level that did not impact the third quarter but will impact the fourth quarter are subsequent events. The sale of the stake of 10.7% of mining that has already been disclosed, it is more than BRL4 billion that entered the company yesterday. And they will be part of our figures and net leverage for the fourth quarter of 2024.

我們有時間在年底前關閉該業務。另一個不影響第三季但會影響第四季的重要水平是後續事件。已揭露的礦業10.7%股權的出售，昨天進入該公司超過40億雷亞爾。它們將成為我們 2024 年第四季數據和淨槓桿的一部分。

The operational evolution we had in the second quarter and in the third quarter, we're celebrating all these records in the three main segments: steel, mining, and cement. We will continue with this evolution in the fourth quarter to enhance operational results and leverage. But seasonality of the fourth quarter that does not allow the best operation for mining and cement will have an impact.

我們在第二季和第三季的營運演變，我們正在慶祝三個主要領域的所有這些記錄：鋼鐵、採礦和水泥。我們將在第四季度繼續這一演變，以提高營運業績和槓桿率。但第四季的季節性因素不允許採礦和水泥達到最佳運作狀態，這將產生影響。

However, we still have the expectation of having average prices for iron ore, how they will behave until the end of the year, $89. They went up to $110. They're now at $100. We'll see how the 1.5 months until the end of the year will behave along with the price of steel. This doesn't help us in leverage.

然而，我們仍然預計鐵礦石的平均價格將在年底前達到 89 美元。他們漲到了110美元。現在價格是 100 美元。我們將看看截至今年年底的 1.5 個月內鋼材價格將如何變化。這對我們的槓桿作用沒有幫助。

Another event, which is the exchange rate. At the end of the first quarter, the dollar was BRL4.99. We have hit BRL6. We expect that until the end of the year, the level will drop. And this will help us to define our leverage for the end of the year. 2.5 times is our guidance, as you know, we mentioned this a few months ago.

還有一個事件，那就是匯率。第一季末，美元兌巴西雷亞爾4.99。我們已經達到了 6 雷亞爾。我們預計到今年年底，該水準將會下降。這將有助於我們確定年底的槓桿率。 2.5 倍是我們的指導，如你所知，我們幾個月前提到過這一點。

The challenge -- it is challenging because of all the factors we have mentioned here up to this moment. When it comes to investments and the steel plant investments will continue this year and the coming year towards streamlining of our steel mill.

挑戰—由於我們到目前為止所提到的所有因素，它具有挑戰性。在投資方面，今年和明年將繼續對鋼廠進行投資，以精簡我們的鋼廠。

We have another level of investment that will be made when we turn on the coke battery. But that will be at the end of our engineering study so that we can bring it down here. We still don't have amounts that we could mention here, but it's -- it will be discussed at our CSN Day on December 11.

當我們啟動焦炭電池時，我們將進行另一層次的投資。但這將在我們的工程研究結束時進行，以便我們可以將其帶到這裡。我們仍然沒有可以在這裡提及的金額，但它將在 12 月 11 日的 CSN Day 上進行討論。

Thank you, Marco.

謝謝你，馬可。

Gabriel Simoes, Goldman Sachs.

加布里埃爾·西蒙斯，高盛。

Thank you for your time for taking my questions. The first is a follow-up on the question of leverage. We see the different levers you're working with to decrease the company leverage. There's a sale of CMIN and the prepayment at CMIN, giving you some breathing space in your financial leverage.

感謝您抽空回答我的問題。首先是槓桿問題的後續。我們看到您正在使用不同的槓桿來降低公司的槓桿率。CMIN 的出售和 CMIN 的預付款為您的財務槓桿帶來了一些喘息的空間。

Are you monitoring the leverage number, also taking into account the prepayments and if there is a limit in the prepayments? In the CMIN call, we spoke about this somewhat. But from the viewpoint of CSN, is there a limit for those prepayments because it could increase the leverage?

您是否監控槓桿數量，同時考慮預付款以及預付款是否有限制？在 CMIN 電話會議中，我們對此進行了一些討論。但從南航的角度來看，這些預付款是否有限制，因為它會增加槓桿？

The second question refers to the antidumping for tinplate. What is happening with all of those issues if you have other requests advancing in terms of antidumping? It's been some time since we hear something about this. And I think it's important to hear about it because of the relevance of this product in Brazil. What is it that impedes new requests considering the high level of imports that we see and the low margins in China? Thank you.

第二個問題涉及馬口鐵的反傾銷問題。如果您在反傾銷方面提出其他要求，那麼所有這些問題會發生什麼？我們已經有一段時間沒有聽說過這件事了。我認為了解它很重要，因為該產品在巴西具有相關性。考慮到我們看到的高進口水準和中國的低利潤率，是什麼阻礙了新的要求？謝謝。

Well, thank you for the question -- for the questions to answer the first part regarding the prepayments, prepayments, as other tools, are used in the balance of several companies. There are tools for liquidity used by companies, and they're used as a routine.

嗯，謝謝你提出的問題——回答第一部分有關預付款的問題，預付款與其他工具一樣，用於多家公司的餘額中。公司使用一些流動性工具，並且它們已被用作常規工具。

They have a low net effect on the company, and the liquidity happens initially when the prepayment volume is higher. It has not been taken into account in our leverage indicator, not in the [covenants] that we published. But it is accompanied by rating agencies who work with reports for CSN periodically.

它們對公司的淨影響較低，且流動性最初發生在預付款量較高時。我們的槓桿指標以及我們發布的[契約]中都沒有考慮到這一點。但同時，評級機構也會定期與 CSN 的報告合作。

I believe that was your question. We look at the volume and the capacity available in mining at each period to carry out the payment within a very responsible, comfortable rate -- range for mining. Now, Gabriel, to answer about antidumping, I'll speak about the scenario of what is happening, as Barbara mentioned, and as I reinforced.

我相信這就是你的問題。我們會查看每個時期的挖礦量和可用容量，以便在非常負責任、舒適的挖礦費率範圍內進行支付。現在，加布里埃爾，為了回答有關反傾銷的問題，我將談論正在發生的情況，正如芭芭拉所提到的，正如我所強調的。

The measures that the government has put in place, the [quotas] for 10 or 11 NCMs are in the right direction, with a very timid intensity. Nonetheless, with this measure, we practically accepted what was imported in 2023 and allowed for an increase in imports. The direction the government is following is correct.

政府採取的措施，10或11個NCM的[配額]，方向是正確的，但力度非常謹慎。儘管如此，透過這項措施，我們實際上接受了2023年的進口，並允許進口增加。政府的方向是正確的。

And the government is very sensitive, especially the Vice President and the Minister of Industry and Trade. We have spoken about the competitiveness agenda in the country, and they're more attentive along with the advisers about this issue. Now the positive side -- and this was a victory for the sector, not a victory only for CSN -- we were able to implement three items for tinplate.

而且政府非常敏感，尤其是副總統和工貿部長。我們已經談到了該國的競爭力議程，他們和顧問們更加關注這個問題。現在積極的一面是——這是該行業的勝利，而不僅僅是 CSN 的勝利——我們能夠實施馬口鐵的三個項目。

The antidumping is temporary or provisional. It varies from $250 to $320 per ton for China. Without a doubt, this amount would be sufficient today to protect. It's not the wall that we expect, but it already protects our market against unloyal import, the import of low-quality material. And it is a performance control.

反傾銷是暫時的或暫時的。中國的價格從每噸 250 美元到 320 美元不等。毫無疑問，這個金額在今天足以提供保護。這不是我們所期望的隔離牆，但它已經保護我們的市場免受不誠實進口、低品質材料的進口。這是一種性能控制。

What we're doing with tinplate now is that there was an in-local verification in Brazil. The government deferred this and has implemented it now. Technicians have to go to China to verify what is happening in Chinese plants. When this process is carried out in local in the plant that is causing dumping in the country, these figures will increase. So the trend is that this antidumping will increase.

我們現在對馬口鐵所做的事情是在巴西進行了當地的驗證。政府推遲了這項計劃，現在已經實施了。技術人員必須前往中國核實中國工廠的情況。當這一過程在當地工廠進行，並在該國造成傾銷時，這些數字將會增加。所以趨勢是這種反傾銷還會增加。

It has an advantage. It follows the rules of the World Trade Organization. It has a political influence, and it is a remedy. It can extend for five years. It's not a short-term effect.

它有一個優勢。它遵循世界貿易組織的規則。它具有政治影響力，也是一種補救措施。它可以延長五年。這不是短期效應。

Now regarding the other products and making it very clear that there is a new line of approval on the part of the government, the government deals with 60 antidumping suits per year. And they are able to resolve 15 or 20 at the utmost.

現在關於其他產品，並明確表示政府有新的批准範圍，政府每年處理 60 起反傾銷訴訟。他們最多能夠解決15個或20個。

Vice President Alckmin has spoken about repatriating people for this process that is disseminated throughout Brazil. In prepainted products, the government has already carried out the in-local verification at CSN. In the coming two or three months, they will be assessing which will be the antidumping margin for that sector, higher than for tinplate.

副總統阿爾克明談到了為這一進程遣返人員的問題，這一進程已在巴西各地推廣。在預塗裝產品方面，政府已經在CSN進行了本地驗證。在未來兩三個月內，他們將評估該行業的反傾銷幅度將高於馬口鐵。

What we have coming into Brazil are two entire lines of CSN. Prepainted products are underway. We're speaking with government technicians at CSN this week for cold rolling products. In a few months, we will work with the galvanized product.

我們進入巴西的是 CSN 的兩條完整生產線。預塗產品正在進行中。本週我們正在與 CSN 的政府技術人員就冷軋產品進行討論。幾個月後，我們將使用鍍鋅產品。

Now if the government speeds up, if they focus on this, Brazil will be more protected industrially until May, June of 2025. All of the antidumping policies should be in place. In the world of decarbonization, globalization, we don't have competitive isonomy.

現在，如果政府加快步伐，如果他們專注於此，那麼到 2025 年 5 月、6 月之前，巴西的工業將受到更多保護。所有的反傾銷政策都應該到位。在脫碳、全球化的世界裡，我們不存在競爭性的一致性。

We're betting all of our chips on this technical part, the use of antidumping for products, for galvanized products for CSN. And because of this, I have to fight against all of these imports. I cannot allow them to increase the levels that we see today, that are absurd. Do forgive me, I have extended myself a bit. But I gave you a notion of what is happening in all other products.

我們把所有的籌碼都押在這個技術部分，對產品、對CSN的鍍鋅產品使用反傾銷。正因為如此，我必須與所有這些進口作鬥爭。我不能允許他們提高我們今天看到的水平，這是荒謬的。請原諒我，我已經擴展了一點。但我向您介紹了所有其他產品中正在發生的情況。

Thank you. Thank you very much.

謝謝。非常感謝。

[Camilla Barder], Bradesco BBI.

[卡米拉·巴德]，布拉德斯科 BBI。

Good afternoon. We have two questions here. The first for cement. The segment has shown sound performance, volumes reaching margin records above 20% above the sector, which is the expectation for the segment for '25 and 2026. If you could also speak about the maintenance CapEx for cement.

午安.我們這裡有兩個問題。第一個用於水泥。該細分市場表現良好，銷量達到高於該行業 20% 以上的利潤記錄，這是該細分市場 25 年和 2026 年的預期。您還可以談談水泥的維修資本支出嗎？

The second quick follow-up in terms of the steel plant, you said that the volume is doing well with an outlook for improvement. Do you believe that the margin in the fourth quarter could reach a double digit, or will it increase more gradually? Thank you.

第二個快速跟進的鋼廠方面，您說產量表現良好，有改善的前景。您認為第四季的利潤率會達到兩位數，還是會逐漸增加？謝謝。

Barder, this is Martinez. Well, cement is a strange gem at CSN. It accounts for 10% of revenues and 15% of EBITDA. Some years ago, nobody would have imagined that it's a reason of pride for the group, for all people, and for the team.

巴德，這是馬丁內斯。嗯，水泥對 CSN 來說是一塊奇怪的寶石。它佔收入的 10% 和 EBITDA 的 15%。幾年前，沒有人會想到這是一個讓團隊、所有人、團隊感到自豪的理由。

Now without a doubt, cement -- and I can say this very proudly -- we have the highest EBITDA margin. It is not 20%. In truth, we have 28% for two consecutive quarters, working to improve this. We had a record in the quarter and for the year. What is important -- and I will give the floor to Edvaldo -- we have a virtuous process of consolidation with LafargeHolcim.

現在，毫無疑問，水泥——我可以非常自豪地說——我們擁有最高的 EBITDA 利潤率。這不是20%。事實上，我們已經連續兩個季度達到 28%，並且正在努力改善這一情況。我們在本季和全年都創下了記錄。重要的是──我將請艾德瓦多發言──我們與拉法基豪瑞有一個良性的整合過程。

We attempted to get the very best of Lafarge. We added our management characteristics, commercial aggressivity, selling more, increasing the customer base, increasing the number of channels. This has been a successful strategy, and it appears in the figures. We have the highest margin in the sector.

我們試圖充分利用拉法基。我們增加了我們的管理特色、商業侵略性、銷售更多、增加客戶群、增加管道數量。這是一個成功的策略，也體現在數字上。我們擁有該行業最高的利潤率。

Another important point mentioned by Benjamin is the idea of having new products. We're expanding our base. We have the agricultural line, an aggressive growth in added value products. We will have a sounder base. And to facilitate all of this, a very positive vision of Brazil. The market this year, despite everything, cement will grow 4.3%, CSN will grow between 7% to 9%, consolidating what we are seeing.

本傑明提到的另一個要點是新產品的想法。我們正在擴大我們的基地。我們擁有農業產品線，附加價值產品的積極成長。我們將擁有更堅實的基礎。為了促進這一切，巴西提出了非常積極的願景。今年的市場，無論如何，水泥將成長 4.3%，CSN 將成長 7% 至 9%，鞏固我們所看到的情況。

For 2025, the scenario is highly optimistic based on facts and data. Civil construction will grow 3.5%. New business -- new buildings are being launched constantly. Funding has increased 20%. Infrastructure in the government side, we have BRL1.7 trillion scheduled for infrastructure and popular housing.

根據事實和數據，對於 2025 年的情況非常樂觀。民用建築將成長3.5%。新業務－新樓盤不斷推出。資金增加了20%。基礎建設方面，政府方面，我們計劃有1.7兆雷亞爾用於基礎設施和大眾住房。

Look at what is happening with MRV and other builders from the outlook viewpoint for 2025. We will ever more consolidate our strategy, capture all of the upsides commercially. Edvaldo will speak about the operational part, and our link with civil construction is umbilical.

從 2025 年的前景來看，看看 MRV 和其他建築商正在發生什麼。我們將更加鞏固我們的策略，抓住商業上的所有優勢。埃德瓦爾多將談論營運部分，我們與土木建築的連結是臍帶式的。

We work with slabs, cement, rod. So we want to become a one-stop shop, and we want to make the most of that to crown our share in the market. In the last four months, we inaugurated 27 stores in the [forcado] network, 100% CSN. Until March, we will have two or three of our own stores additionally. So this is our commercial strategy.

我們使用板坯、水泥、棒材。因此，我們希望成為一站式商店，並希望充分利用這一點來擴大我們的市場份額。在過去四個月中，我們在 [forcado] 網路（100% CSN）中開設了 27 家商店。到三月份，我們還會有兩到三個自己的商店。所以這就是我們的商業策略。

I will give the floor to Edvaldo to speak about the commercial part and synergy that we have with plants and the logistics part.

我將請埃德瓦爾多談談商業部分以及我們與工廠和物流部分的協同作用。

Well, Martinez, I think, has fully covered the strategy of cement. To complement this, I reinforce that for the year, we had a growth of 37% of EBITDA in an environment of more difficult prices.

嗯，我認為馬丁內斯已經完全涵蓋了水泥的策略。為了補充這一點，我強調，今年在價格更加困難的環境下，我們的 EBITDA 成長了 37%。

And all of this, thanks to the enhancement in the sales process, fragmentation of the sales, the synergies with LafargeHolcim, and the synergies that have already been mentioned. They will be annualized through time and through the coming months. All of the synergies were above what we expected, and we're now annualizing them.

所有這一切，都得益於銷售流程的增強、銷售的分散化、與拉法基豪瑞的協同效應以及已經提到的協同效應。它們將隨著時間的推移和未來幾個月進行年度化。所有的協同效應都超出了我們的預期，我們現在正在對它們進行年度化。

We do have a competitive differential -- Benjamin mentioned this at the beginning -- more streamlined plants than the rest of the industry, their capacity [canyons in truth] with a good production scale, low consumption of electric and thermal energy, which means that we have a differentiated cash cost compared to the industry. We don't stop working, of course. This year, we have reduced the cost by almost 15% vis-a-vis 2023. Our homework is eternal, continuous.

我們確實有競爭優勢——本傑明一開始就提到了這一點——比行業其他公司更精簡的工廠，它們的產能（事實上是峽谷）具有良好的生產規模，電力和熱能消耗低，這意味著與業界相比，我們的現金成本有所不同。當然，我們不會停止工作。今年，我們的成本比 2023 年降低了近 15%。我們的作業是永恆的、持續不斷的。

In the field of new products, at the beginning of the year, we entered a new segment, agricultural lime. We're already marketing this from the plant at Arcos. We have three additional projects in the pipeline that will be implemented as soon as possible. We're waiting for the maturity of these projects to become a relevant player in the lime segment. This is a complementary business for cement with a good EBITDA margin.

在新產品領域，年初我們進入了一個新的細分領域－農業石灰。我們已經在阿科斯工廠銷售這款產品。我們還有另外三個項目正在籌備中，將盡快實施。我們正在等待這些項目的成熟，以成為石灰領域的相關參與者。這是水泥業務的補充業務，具有良好的 EBITDA 利潤率。

Martinez already spoke about the aggregates. We have a base of aggregates, small one, but highly competitive for the furnace in Sao Paulo. And we're working to eliminate the bottleneck of the plant to increase capacity. And we could have a growth through M&A as well if it makes sense for the company.

馬丁內斯已經談到了總量。我們擁有一個骨​​材基地，規模雖小，但對於聖保羅的熔爐來說極具競爭力。我們正在努力消除工廠的瓶頸，以提高產能。如果併購對公司有意義的話，我們也可以透過併購來成長。

So the outlook is very positive in cement, and we have done our homework. And if the country continues to grow, this will reflect on a growth of demand for cement.

因此，水泥的前景非常樂觀，我們已經做好功課了。如果該國繼續成長，這將反映在水泥需求的成長上。

Camilla, regarding your last question about margin. It is important to mention that our strategy is highly robust. We will continue to work on horizontal integration, vertical integration, of our long-term projects with customers, with users, with partnerships on the pillar of operational excellence. I think the situation is a given. We were consistently reducing the cost of slab that will, of course, lead to more sustainable and higher EBITDA level.

卡蜜拉，關於你最後一個關於保證金的問題。值得一提的是，我們的策略非常穩健。我們將繼續致力於與客戶、使用者以及以卓越營運為支柱的合作夥伴關係的長期專案的橫向整合、縱向整合。我認為情況是既定的。我們不斷降低板坯成本，這當然會帶來更永續和更高的 EBITDA 水平。

Now the cost issue is very important. We can't imagine anything in the steel market if it doesn't have operational excellence. When it comes to production, finally, I will be able to work with my ideal mix. We should be able to enhance the mix of products.

現在成本問題非常重要。如果鋼鐵市場沒有卓越的運營，我們就無法想像它會發生什麼。當談到製作時，我最終將能夠使用我理想的組合。我們應該能夠增強產品組合。

We had problems in the last two quarters. I did not add value because of our mix. This will change. The focus is in the domestic market. There is nowhere to export this. We're going to focus on value added, value fragmentation. And something that I always remark, CSN will privilege, not spot markets necessarily, but not putting all of our eggs in the same basket.

過去兩個季度我們遇到了問題。我並沒有因為我們的組合而增加價值。這將會改變。重點是國內市場。沒有地方可以導出這個。我們將專注於增值和價值碎片化。我總是說，CSN 會優先考慮現貨市場，但不會把所有雞蛋放在同一個籃子裡。

We still work with three to six months contracts that give us flexibility in terms of negotiations. We're not tied to a possible increase in iron ore or other products. What is uncomfortable, of course, is the import issue, a variable that is not under control. But we have taken the right measures, and the government is now awake and will help us in that sector.

我們仍然簽訂三到六個月的合同，這使我們在談判方面具有靈活性。我們不受鐵礦石或其他產品可能增加的影響。當然，令人不舒服的是導入問題，一個不受控制的變數。但我們已經採取了正確的措施，政府現在已經覺醒，並將在該領域幫助我們。

Finally, the price issue. If you look around and see what is happening in China in terms of price, the valuation of hot rolled reel with the election of Trump in the USA, the market will be -- more of a buyer -- will increase price. In Brazil, perhaps, in the third quarter of the coming year, we will be able to see a price recovery because the premiums are very low. And with the government measures, low premium, and high cost, we will go back to margins at historical levels of 15% to 25%.

最後，價格問題。如果你環顧四周，看看中國在價格方面正在發生什麼，隨著美國川普當選，熱軋捲材的​​估值，市場將會——更多的是買家——將提高價格。在巴西，也許明年第三季度，我們將能夠看到價格回升，因為保費非常低。隨著政府的措施、低溢價和高成本，我們的利潤率將回到15%至25%的歷史水準。

That was wonderful. Thank you.

那太棒了。謝謝。

[Nicholas], Jefferies.

[尼古拉斯]，傑弗里斯。

Thank you for the call. Regarding the current leverage and the capital structure, after the mining stake sale, I see leverage goes from 3.3 to 2.9. And you're talking about 2.5 guidance for year-end. So I just wanted to check there if those are the numbers you're using? And if that is enough to stabilize the negative outlook you have with the rating agencies?

謝謝您的來電。關於目前的槓桿率和資本結構，在出售礦業股權後，我看到槓桿率從3.3升至2.9。您正在談論年底的 2.5 指導。所以我只是想檢查一下這些是否是您正在使用的號碼？這是否足以穩定評等機構對您的負面看法？

And then in this quarter, we saw that the cash burn was offset by the prepay. In the English release, it says MFE prepay of BRL3.5 billion, such that you were able to reduce net debt. I'd like to ask for a little bit more color there on the prepay terms, volumes.

然後在本季度，我們看到現金消耗被預付款抵消了。在英文版中，它表示 MFE 預付了 35 億雷亞爾，這樣您就能夠減少淨債務。我想要求對預付款條款和數量進行更多說明。

And then just sort of a general point on your prepays, how much of your total mining sales volumes are now tied up in these prepays? And if you can explain again, as you've done in the past, the economics of these prepays where you receive the cash upfront and then give up profitability in the future, that would be great. Thanks.

然後，關於您的預付款的一般問題是，您的總採礦銷售量中有多少現在與這些預付款相關？如果你能像過去那樣再次解釋一下這些預付款的經濟效益，即你預先收到現金，然後在未來放棄盈利能力，那就太好了。謝謝。

[Nicholas], thank you for the question. We're going to answer in Portuguese as you have translation into English.

[尼可拉斯]，謝謝你的提問。我們將用葡萄牙語回答，因為您已翻譯成英語。

Yes, your account on the effect of the entrance of the sale of the stake into CSN is correct. Now the EBITDA has to be compared for the last 12 months and the fourth quarter of 2024 compared with the fourth quarter of 2023. And it depends on the other variables. We mentioned the growth of iron ore and exchange rate until the end of the year.

是的，您的帳戶對股權出售進入 CSN 的影響是正確的。現在必須將過去 12 個月以及 2024 年第四季的 EBITDA 與 2023 年第四季進行比較。這取決於其他變數。直到年底我們都提到了鐵礦石的成長和匯率的成長。

The goal of the sale of the stake was to focus on deleveraging and bring the EBITDA ratio closer to our guidance, although it is challenging to get to 2.5 times, as I already mentioned. From the total volume of prepays open, we have 10 million tons from a total of more than 40 million tons per year, which is the volume of sales of mining, a comfortable volume.

出售股權的目標是專注於去槓桿化，並使 EBITDA 比率更接近我們的指引，儘管正如我已經提到的，達到 2.5 倍具有挑戰性。從預付款總量來看，我們每年總共超過4000萬噸，有1000萬噸，這是採礦的銷售量，一個舒適的量。

As part of the company's strategy in the last quarter, we worked with $750 million of prepayments for exports. This is a decision of mining, when to do it, how to do it. It depends on market conditions, and the company offers that have worked with prepayment for some time with mining already.

作為公司上季度策略的一部分，我們處理了 7.5 億美元的出口預付款。這是挖礦的決定，什麼時候做，怎麼做。這取決於市場狀況，該公司提供的預付款服務已經與挖礦合作了一段時間。

Our next question is in writing from Joaquin Santa Maria from PICTON. And we also have the question of Constanza, FSA.

我們的下一個問題是來自 PICTON 的 Joaquin Santa Maria 的書面提問。我們還有關於 FSA 康斯坦薩的問題。

Hello, everybody. Thank you for the presentation. What can you mention about the assets of InterCement? Is the company interested in acquiring those assets?

大家好。謝謝您的介紹。關於 InterCement 的資產，您能提一下什麼嗎？公司有興趣收購這些資產嗎？

As we disclosed, on a material fact some weeks ago, nowadays, we do have an exclusivity contract signed with the company and with the InterCement shareholder. It was extended with the last term extension that we also presented, and the term will end at the end of this week on November 16.

正如我們在幾週前披露的一個重大事實，如今我們確實與該公司以及 InterCement 股東簽署了一份獨家合約。我們也提出了最後一次延期，該期限將在 11 月 16 日本週末結束。

We continue to be engaged in the discussion with the stakeholders of this process. Because of a process of this dimension and because of the characteristics of the company, the process is more complex. We have creditors, shareholders, the company itself involved. So the negotiations are taking significant time until we get to a satisfactory conclusion of this transaction for all parties involved.

我們將繼續與該流程的利害關係人進行討論。因為這個維度的流程，也因為公司的特點，所以流程比較複雜。我們有債權人、股東、公司本身參與其中。因此，談判需要花費大量時間才能為所有相關方達成滿意的交易結果。

The next question is from (inaudible). He says, which is the percentage of steel volumes sold in Brazil? Is it covered by the antidumping measures approved so far?

下一個問題來自（聽不清楚）。他說，巴西鋼鐵銷售的百分比是多少？是否屬於迄今為止所批准的反傾銷措施的範圍？

No, we have a very low percentage that is covered by antidumping measures. The measures adopted by the government were insufficient. They legitimated what was imported in 2023. There were very steep volumes.

不，我們受到反傾銷措施覆蓋的比例非常低。政府採取的措施還不夠。他們使 2023 年進口的產品合法化。體積非常陡峭。

The measure that CSN was able to approve for tinplate, a technical antidumping measure, will be applied to other products. And this will depend on the speed of the team of the Ministry. This is what we did. We convinced the industry, the stakeholder, the Ministry of Industry and Trade. And we will push so that this happens quickly. We have the worst import penetration ever seen before in Brazil.

CSN針對馬口鐵核准的措施是一項技術性反傾銷措施，將適用於其他產品。而這就要看部會團隊的速度了。這就是我們所做的。我們說服了業界、利害關係人、工貿部。我們將推動這一切盡快發生。巴西的進口滲透率是有史以來最糟糕的。

The next question is from [Gabriel Horsha] from [AKI Asset]. Which is the outlook for production cost dollar per ton of iron ore?

下一個問題來自 [Gabriel Horsha][AKI 資產]。每噸鐵礦石的生產成本前景如何？

As we saw this quarter, there was a very positive effect, $19.2 per ton. The long-term guidance fluctuates between $21 to $23 per ton. Because of the recent impacts, cost control, mining should be closer to $21 for the long term, which is the lower part of the guidance.

正如我們在本季看到的，有非常積極的影響，每噸 19.2 美元。長期指導價在每噸 21 美元至 23 美元之間波動。由於近期的影響、成本控制，從長期來看，採礦價格應接近 21 美元，這是指導意見的下部。

(Operator Instructions) As we have no further questions, we will return the floor to Mr. Marco Rabello, the CFO, for the closing remarks.

（操作員指示） 由於我們沒有其他問題，我們將請財務長 Marco Rabello 先生做總結發言。

Thank you, all, for another earnings results call. This was a call with several historical records in several companies of the group. I would like to congratulate all of the CSN [areas] for their results in the third-quarter 2024. Thus, we conclude our earnings call and wish all of you a very good week. Thank you very much.

謝謝大家再次參加財報電話會議。這是一個在集團旗下多家公司都有多項歷史記錄的通話。我謹祝賀 CSN 所有領域在 2024 年第三季的成果。我們的財報電話會議到此結束，祝大家有個愉快的一週。非常感謝。

The earnings results for CSN ends here. Have a very good day.

南航的財報到此結束。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。