Companhia Siderurgica Nacional SA (SID) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for holding. We would like to welcome everyone to CSN's conference call to present results for the fourth quarter and full year 2024. Joining us today are the company's executive officers. We would like to inform you that this event is being recorded. (Operator Instructions) You can access this event at ri.csn.com.br, where the presentation is also available. The replay will be available after the conclusion.

女士們、先生們，早安，謝謝你們的出席。我們歡迎大家參加 CSN 的電話會議，報告 2024 年第四季和全年業績。今天與我們一起參加的是公司的執行官。我們想通知您，該事件正在被記錄。（操作員指示）您可以造訪 ri.csn.com.br 存取此活動，同時也可在那裡查看簡報。比賽結束後將提供重播。

Before proceeding, we would like to state that some of the forward-looking statements are expectations or trends and based on current assumptions and opinions of the company management. These performances and events may differ materially from those expressed herein as they do not constitute projections. 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 general and economic conditions in Brazil and other countries; interest and exchange rate levels; future rescheduling, or prepayment of debt 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 basis.

在繼續之前，我們想聲明一下，一些前瞻性陳述是預期或趨勢，基於公司管理層當前的假設和意見。這些表演和活動可能與本文所表達的大不相同，因為它們不構成預測。事實上，由於多種因素，例如巴西和其他國家的一般和經濟狀況，實際結果、業績或事件可能與前瞻性陳述表達或暗示的結果、業績或事件存在重大差異；利率和匯率水準；未來重新安排或提前償還外幣債務；美國、巴西和其他國家的保護主義措施；法律法規的變化；以及全球、地區或國家範圍內的一般競爭因素。

I would now like to turn the floor over Mr. Marco Rabello, the CFO and Executive IR Officer, who will present the company's operating and financial highlights for the period. You have the floor, Mr. Rabello.

現在，我想請財務長兼執行投資者關係長 Marco Rabello 先生發言，他將介紹公司本季的營運和財務亮點。請您發言，拉貝洛先生。

Good morning, everybody. It is a pleasure to present the results of CSN for the fourth quarter and full year 2024. We begin on slide 2, where we have highlights of an exceptional quarter, the strongest in the year, with a strong EBITDA evolution, cost control and enhancement of prices in all segments. We have the highest cash of our history, almost reaching BRL25 billion, of course, enabling us to control the leveraging of the group.

大家早安。我很高興地宣布南美航空 2024 年第四季和全年業績。我們從第二張投影片開始，其中我們重點介紹了一個特殊季度，也是今年以來最強勁的一個季度，其 EBITDA 表現強勁，成本得到控制，並且各個部門的價格都有所提升。我們擁有歷史上最高的現金，幾乎達到 250 億雷亞爾，當然，這使我們能夠控制集團的槓桿率。

Now the leverage of this semester is the impact of the exchange rate variation and our debt in dollars. Otherwise, the leverage would have been closer to 3.2 times showing the operational enhancement and the projects to recycle capital in the group. With the coming of CMIN, that brought in BRL4.4 billion to the cash of CSN at the end of 2024.

現在本學期的槓桿是匯率變動的影響和我們的美元債務。否則，槓桿率將接近3.2倍，反映出集團營運的增強和資本循環利用項目。隨著CMIN的加入，到2024年底，CSN的現金將達到44億雷亞爾。

If we look at the highlights in mining, the fourth quarter of '24 was a period confirming the operational excellence. The company reached its production guidance and CI cost with operational records for the year despite the rainfall at the end of the year. They did not have the impact that we had expected. We also had a strong price increase of 35% vis-a-vis the previous quarter, leading the EBITDA margin to a level above 50%.

如果我們看看採礦業的亮點，24年第四季是確認卓越營運的時期。儘管年底降雨，但該公司仍達到了當年的生產目標和 CI 成本以及營運記錄。它們並沒有產生我們所期望的影響。與上一季相比，我們的價格也大幅上漲了 35%，使 EBITDA 利潤率達到 50% 以上的水平。

In steel, our plan for normalization and recovery of results continued at full steam. In the fourth quarter 2024, we had the best commercial results since 2021. We offset the negative seasonality at the end of the year with a 10% increase in sales when compared to the same period last year. This shows that the steel consumption continues a favorable trend and that we're making the most of that trend.

在鋼鐵領域，我們的業績正常化和恢復計畫正在全速推進。2024年第四季度，我們取得了2021年以來最好的商業表現。與去年同期相比，我們的銷售額成長了 10%，抵消了年底的負面季節性影響。這表明鋼鐵消費繼續呈現良好趨勢，我們正在充分利用這一趨勢。

It was possible to present a recovery of EBITDA with the margin reaching 11% in the fourth quarter, the first time in the year that we surpassed a double-digit level. This enhancement of the environment allowed for a price readjustment of 5% at the beginning of the year. This should give greater thrust to the results of the segment in 2025.

第四季度，EBITDA 利潤率實現回升，達到 11%，這是今年以來首次超過兩位數。由於環境改善，年初價格調整了5%。這將為 2025 年該部門的業績帶來更大的推動力。

On the part of cement, we had a better price environment, offsetting the negative seasonality that is typical for the quarter. And the costs enabled us to reach a new EBITDA record margin. We have 33% margin, the highest margin since we purchased LafargeHolcim with margins much higher than those of the market.

就水泥方面而言，我們擁有更好的價格環境，抵消了本季典型的負面季節性影響。這些成本使我們的 EBITDA 利潤率創下了新高。我們的利潤率為33%，這是我們收購拉法基豪瑞以來的最高利潤率，遠高於市場水準。

Finally, if we look at the highlights of other segments, we had sound results in logistics, especially because of the negative factors during the period. In energy, a lower EBITDA compared to the previous setter is due to the migration of systems after the acquisition, and this should not be repeated during the period.

最後，如果我們看看其他部門的亮點，我們在物流方面取得了良好的業績，特別是考慮到期間的負面因素。在能源領域，與先前的設定者相比，EBITDA 較低是由於收購後系統的遷移，且這種情況在本期間不應重複出現。

We go on to the next slide. To speak about the commitment, we have towards deleveraging and a more comfortable capital. We have some important actions that are part of this trajectory. First, the sale of a stake in cement, 10% in an operation with very attractive values. And that was only carried out to help us in deleveraging, reinforcing our cash by BRL4.4 million. This is a best example of our commitment and how conservative we are in the financial management of the company.

我們繼續看下一張投影片。說到承諾，我們要去槓桿，實現更舒適的資本。我們採取了一些重要行動，這些行動是這條軌跡的一部分。首先，出售水泥業務的股份，佔 10%，價值非常具有吸引力。這樣做只是為了幫助我們去槓桿，為我們增加 440 萬巴西雷亞爾的現金。這是我們的承諾以及我們在公司財務管理方面多麼保守的最佳例證。

The second movement, another strong example of diligence that we have adopted in our growth opportunities. We have a clear limit in the deleverage and the acquisitions carried out in cement. We have decided not to continue with some of these operations to enhance deleveraging. We have complementary assets in our operation and so we now have new avenues for organic growth, and we're investing in cement with great efficiency in our return yields.

第二個動作，這是我們在成長機會中採取的另一個勤奮的有力例證。我們對水泥產業的去槓桿和收購有明確的限制。我們決定不再繼續進行一些操作以加強去槓桿。我們的營運資產具有互補性，因此我們現在有了新的有機成長途徑，而且我們在水泥方面的投資效率非常高，回報率也很高。

The chapter about capital recycling. We have been very impacted in underscoring the quality of the assets of the group. We have several assets that, of course, could have (technical difficulty) referring to infrastructure (technical difficulty) now there is a value that has now been (technical difficulty) we have other alternatives as was mentioned at other times. The energy assets and the steel plant itself where we could have a minority (technical difficulty) now all the possibilities are being analyzed carefully and should be implemented at the right time.

關於資本循環利用的章節。我們對集團資產品質的強調受到了很大的影響。我們有幾項資產，當然，可能有（技術難度）指的是基礎設施（技術難度），現在有一個價值，現在已經（技術難度），我們還有其他選擇，正如其他時候提到的。能源資產和鋼鐵廠本身我們可能擁有少數股權（技術難度），現在所有可能性都在仔細分析中，應該在適當的時候實施。

And finally, regarding the dividends for 2024, we understand that the result of this year, and the deleveraging is one of the goals. We have decided not to distribute dividends in the first quarter of 2025 as we usually do. This reinforces our commitment towards the leveraging, and this has been approved at the Board of CSN yesterday.

最後，關於 2024 年的股息，我們了解今年的結果，去槓桿是目標之一。我們決定不像往常一樣在 2025 年第一季分配股利。這加強了我們利用槓桿作用的承諾，而這項舉措昨天已經得到了南航董事會的批准。

We go on to slide number 4, where we have the EBITDA result for the fourth quarter and for the full year 2024. In that quarter, we had a relevant evolution of EBITDA with more than BRL1 billion compared to the previous quarter, with the best prices held in mining and cement allowing for this performance but with a significant improvement in cement and steel. It shows us we're on the right path to show even better performance in 2025.

我們繼續看投影片 4，上面有第四季和 2024 年全年的 EBITDA 結果。該季度，與上一季度相比，我們的 EBITDA 成長了超過 10 億雷亞爾，這得益於採礦和水泥產業的最佳價格，同時也得益於水泥和鋼鐵業的顯著改善。這表明我們正走在正確的道路上，並將在 2025 年取得更好的表現。

When we analyze the performance of the year, we had operational records in all segments, offset by a lower dynamic in the iron ore price. Now if we take away the issue of international price that we follow up on, 2024 was an extraordinary year where we showed impressive operational efficiency with high volumes obtained during the year.

當我們分析全年業績時，我們發現所有部門的營運記錄均有所改善，但鐵礦石價格的較低波動抵消了這一影響。現在，如果我們拋開我們關注的國際價格問題，2024 年是一個不平凡的一年，我們在這一年中表現出了令人印象深刻的營運效率，並獲得了很高的銷售量。

On slide number 5, we present the evolution of investments. As we tend to do at CSN, you can see a significant evolution of disbursement concentrated at the end of the year to unleash the growth potential of the group. Especially for products that will allow for the growth of the company, we have P15 and resources destined to UPV.

在第五張投影片上，我們展示了投資的演變。正如我們在南非航空所做的那樣，你可以看到，支出的顯著變化集中在年底，以釋放集團的成長潛力。特別是對於能夠促進公司發展的產品，我們有 P15 和指定給 UPV 的資源。

Now the increase of CapEx in the fourth quarter is according to expectations we had already announced. Since the third quarter 2024, the company has been obtaining good results because of its investment, and investments have increased the pace to determine the performance we should have in the year 2025.

現在第四季的資本支出成長符合我們已經宣布的預期。自2024年第三季以來，公司一直因其投資而獲得良好的業績，並且投資步伐加快，決定了我們2025年應有的業績。

Let's go on to the next slide where we analyze our net working capital. We see a significant expansion this quarter with an evolution of accounts receivable due to the operational improvement and a reduction in the line of suppliers given the adequacy of the drawn risk and forfeiting lines.

讓我們繼續下一張投影片，分析我們的淨營運資本。由於營運的改善以及考慮到提取的風險和沒收額度的充分性而導致的供應商額度的減少，我們看到本季應收帳款出現了顯著的成長。

On slide number 7, we present the adjusted cash flow for the fourth quarter. We can see that even though we have a stronger operational result, we had a negative cash flow due to the effect of exchange rate on financial expenses and the volumes of investments carried out in the period. This will be offset with the stake cement of BRL4.4 billion that still have not been contemplated in the flow that you see on the slide.

在第 7 張投影片上，我們展示了第四季的調整後現金流。我們可以看到，雖然我們的經營業績較強勁，但由於匯率對財務費用和期間投資量的影響，我們的現金流為負。這將透過幻燈片中所示的尚未考慮的 44 億巴西雷亞爾股權投資來抵消。

Let's go on to slide number 8, the net debt and leverage of the group. As mentioned, this increase in indebtedness for the period is a direct consequence of the exchange rate variation on the debt in dollars. This canceled out our operational improvement and the efforts made to strengthen cash and the company. Now because of the exchange rate variation, the leverage should be closer to 3.2 times. And we show all the efforts carried out during the semester and also having a record of cash of BRL25 billion as we mentioned at the beginning of the presentation.

我們繼續看第 8 張幻燈片，該集團的淨債務和槓桿率。如上所述，該時期債務的增加是美元債務匯率變動的直接結果。這抵消了我們的營運改善以及加強現金和公司的努力。現在由於匯率的變化，槓桿應該更接近3.2倍。我們展示了學期期間所進行的所有努力，並且還創下了 250 億巴西雷亞爾的現金記錄，正如我們在演講開始時所提到的。

Now we're moving on to the next slide to look at the indebtedness profile. We have a comfortable position because our debts are in the medium and short term. We can comply with our obligations for the coming three years. CSN remains active in its objective of extending the amortization period with a focus on long-term operations. We have a flow of amortization between the years 2027 and 2029. More than 70% of the maturities of 2025 have already been addressed, reinforcing our commitment with deleveraging. Well, with this, we conclude the session on consolidated results, and we will now analyze each of the segments.

現在我們看下一張投影片來查看負債狀況。由於我們的債務都是中短期的，所以我們的狀況比較舒適。我們能夠履行未來三年的義務。智利國家航空仍積極致力於延長攤銷期，並著眼於長期營運。我們在 2027 年至 2029 年之間有一個攤銷流。2025年到期的債務中超過70%已經解決，這增強了我們去槓桿的承諾。好了，關於合併結果的會議到此結束，現在我們將對各個部分進行分析。

On slide number 11, we see the sales of our steel mill and we have the best commercial performance since the second quarter of 2021. We overcame the negativity seasonality of the year, presenting [1.06 million] tons of steel sold, and there are several relevant facts there. Despite the skepticism that we have, the consumption of steel continues to be great, and we have an increase of 10%.

在第 11 張投影片上，我們看到了我們鋼廠的銷售情況，我們取得了自 2021 年第二季以來最好的商業表現。我們克服了今年的季節性負面影響，實現了鋼材銷售量[106萬]噸，這有幾個相關事實。儘管我們心存懷疑，但鋼鐵消費量仍然很大，成長了10%。

Secondly, with that result, despite all of the pressure and unloyal competition that the country suffers today with imported material and the strength commercial activity is aligned with the recovery of the steel mill in CSN. We carried out several investments in the last few years to streamline the operation and to eliminate relevant bottlenecks in the last few years.

其次，儘管目前該國面臨進口材料的壓力和不忠誠的競爭，但強勁的商業活動與 CSN 鋼廠的復甦保持一致。我們在過去幾年中進行了多項投資，以簡化營運並消除相關瓶頸。

When we go on to the following slide for steel production, we see that small drop in quarter is due exclusively to seasonality. When compared to the same period last year, we had a growth of 8% aligned with the normalization and greater efficiency with which the company is running after efforts to improve the operations. If we look at the graph to the right, we have the cost of production with a significant drop in the year, also impacted by the exchange variation.

當我們看下一張有關鋼鐵產量的幻燈片時，我們看到本季的小幅下降完全是由於季節性因素。與去年同期相比，我們實現了8%的成長，這符合公司在努力改善營運後營運的正常化和更高效率。如果我們看右邊的圖表，我們會發現生產成本在今年大幅下降，這也受到了匯率變動的影響。

Additionally, the fourth quarter was benefited by provision adjustments and cost from the previous quarter. It's impressive to see the improvement per ton, with CSN having a strong recovery in this last quarter of the year. We still have to continue on with this to have a better profitability that is adequate for steel production.

此外，第四季也受惠於上一季的撥備調整和成本。令人印象深刻的是，每噸價格的改善，CSN 在今年最後一個季度實現了強勁復甦。我們仍需繼續這樣做，以獲得更好的獲利能力，以滿足鋼鐵生產的需求。

We go on to the financial performance for steel on slide 13. Once again, sound evolution of revenue, price and EBITDA, all positively impacted by a greater commercial activity and the price increases that we had in long steel. It's the first time that the EBITDA margin of steel reached two digits profitability, 11% vis-a-vis 6% in the previous quarter, showing the recovery we presented in the previous slide. Although the margin is still somewhat compressed, there is a favorable trend in terms of volume and price which should lead to greater profitability in the segment for 2025.

我們在第 13 頁繼續討論鋼鐵業的財務表現。再次，收入、價格和 EBITDA 的良好變化，都受到了商業活動的增加和長材價格上漲的正面影響。這是鋼鐵業的 EBITDA 利潤率首次達到兩位數的盈利水平，從上一季的 6% 增長至 11%，顯示出我們在上一張幻燈片中呈現的復甦跡象。儘管利潤率仍然有所壓縮，但產量和價格呈現良好趨勢，這將使 2025 年該領域的獲利能力提高。

We go on to speak about mining. We have on slide 16 the results of production and sales in the last quarter. Now we complied with the guidance for 2024 despite important drop in purchases from third parties. This shows the strong performance the company has in the segment with several records in terms of the shipments and others. When you look at the performance during the quarter, there is a drop that is due to the beginning of rainfall on the operation, fully in line with the seasonality of the period.

我們繼續談論採礦。投影片 16 展示了上個季度的生產和銷售結果。現在，儘管第三方採購量大幅下降，我們仍遵守了 2024 年的指導方針。這表明該公司在該領域的表現強勁，在出貨量和其他方面創下了多項記錄。從本季的表現來看，業績有所下降，這是由於降雨開始影響運營，這完全符合本季的季節性。

Regarding the financial performance on slide 16, the main highlight is the price operation that we had in the period, offsetting the problem with volume and the margins of EBITDA going beyond 50%. On the following slide, we have adjusted EBITDA of the fourth quarter vis-a-vis the previous quarter. And despite lower volumes and the worsening of mix, the impact of price, the lower freight costs, and the provisional costs are much more relevant to give us the EBITDA we recorded in the period.

關於幻燈片 16 上的財務業績，主要亮點是我們在此期間進行的價格操作，抵消了銷售問題，並且 EBITDA 利潤率超過 50%。在下圖中，我們調整了第四季相對於上一季的 EBITDA。儘管銷售量下降且產品組合惡化，但價格的影響、較低的運費和臨時成本對於我們在該期間記錄的 EBITDA 更為重要。

Let's now go on to speak about cement. On slide 19, we see the sales volume that we had for the quarter. Once again, the impact of seasonality to justify a drop of 11% with lower or fewer working days and higher incidents of rainfall. When compared with the fourth quarter of '23, there is a growth of 4%, showing the resiliency of the company to capture ever more efficiency in terms of logistics and to enter new markets. We see the performance of the year, and we can see that 2024 was another extraordinary year for CSN cement with a very assertive commercial strategy.

現在我們繼續談論水泥。在投影片 19 上，我們可以看到本季的銷售量。再一次，由於季節性因素的影響，工作日減少或減少，降雨次數增多，導致產量下降 11%。與 23 年第四季相比，成長了 4%，顯示出公司在物流方面獲得更高效率和進入新市場的韌性。我們看到了這一年的表現，我們可以看到2024年對於擁有非常自信的商業策略的中南水泥來說又是一個不平凡的一年。

In the following slide, we have the financial performance for the segment. We are proud to present the highest EBITDA ever recorded in the history of CSN cement with a margin of 33%. In the fourth quarter, we not only had a level much higher than the average of the sector, but it shows the competitive edge of the company, higher operational efficiency, a logistics network that enhances the competitiveness of our business.

在下面的幻燈片中，我們有該部門的財務表現。我們很榮幸能夠呈現 CSN 水泥史上最高的 EBITDA，利潤率達 33%。第四季度，我們的業績不僅遠高於行業平均水平，而且顯示出公司的競爭優勢、更高的營運效率、增強我們業務競爭力的物流網絡。

There was always a more favorable price trend for the quarter. When the prices are more aligned with the international market, we can deliver ever more robust results. During the year, we had BRL1.4 billion corresponding to 13% of the results of the group. We have new avenues for growth, and we are improving our risk diversification.

本季的價格趨勢始終更為有利。當價格與國際市場更一致時，我們可以提供更強勁的業績。本年度，我們的利潤為 14 億雷亞爾，佔集團利潤的 13%。我們有新的成長途徑，並且我們正在改善風險分散化。

Finally, I would like to refer to the logistics segment on slide 22 where we show you our financial performance. The drop that we see in invoicing and EBITDA for the fourth quarter is reflecting the seasonality of the business with lower shipments, both by railroad and port. Now the EBITDA margin was about 40%, showing the efficiency and safety of the operations.

最後，我想參考第 22 張投影片上的物流部分，我們向你們展示我們的財務表現。我們看到第四季度發票和 EBITDA 的下降反映了業務的季節性，鐵路和港口的出貨量均有所下降。現在EBITDA利潤率約為40%，顯示出營運的高效性和安全性。

During the year, the performance is even better. We benefited from higher cargo volumes because of the supply of iron ore that we had in the last quarter. And along with the good performance of other assets, we had a growth in revenue of more than 11%. With this, we conclude the presentation on the segments, and I would like to give the floor to Helena Guerra to speak about ESG highlights.

年內業績表現更為出色。由於上個季度鐵礦石供應充足，貨運量增加，讓我們受益匪淺。而且加上其他資產的良好表現，我們的收入成長了11%以上。至此，我們結束了各部分的演講，我想請 Helena Guerra 來談談 ESG 亮點。

Well, this is our performance for the last quarter 2024, where we had excellent performance in terms of all of the material issues. Well, we implemented a program to reduce the rate of potential excellence. We ended the year without fatalities, but we also had a 63% reduction in loss days, reaching the lowest rate in 10 years. And we had 66.3% reduction in the accident severity rate. Now all of this in a year, where we work the most in our history with more than 106 million hours, worked 10% more than in 2023.

好吧，這是我們 2024 年最後一個季度的表現，在所有重大問題方面，我們都表現出色。嗯，我們實施了一項計劃來降低潛在優秀率。今年，我們實現了零死亡事故，損失天數也減少了 63%，達到 10 年來的最低水準。事故嚴重程度發生率降低了66.3%。這一年是我們歷史上工作時間最長的一年，工作時間超過 1.06 億小時，比 2023 年多 10%。

In the last quarter of '24, we had positive results in our agenda, where we focused on investments in projects to enhance our competitiveness to reduce costs. And the results of these investments were expressive reduction in the emission of CO2, 7% reduction in the steel mill, very close to the goal we have for 2030 and also because of the record production year and other programs to increase the use of diesel.

在24年最後一個季度，我們的議程取得了積極成果，我們專注於專案投資，以增強我們的競爭力並降低成本。這些投資的結果是二氧化碳排放量顯著減少，鋼廠排放量減少了 7%，非常接近我們 2030 年的目標，同時也因為創紀錄的產量和其他增加柴油使用量的計劃。

In the social part, we continue to advance in terms of diversity. We have 75% female representation since we set up this goal, and we reaffirm the diversity policy of the company. We're not moving back; we're simply moving forward. We want to have a more representative, more diverse company, and this is associated to the pillars of efficiency and meritocracy. These pillars are convergent.

在社交方面，我們在多元化方面不斷進步。自我們設立此目標以來，女性代表比例已達到 75%，我們重申了公司的多元化政策。我們不會後退；我們只是繼續前進。我們希望擁有一家更具代表性、更多元化的公司，這與效率和精英管理的支柱有關。這些支柱是匯聚的。

We had investments in the CSN Foundation, BRL60 million invested in social work. And this simplifies the positive impact of our operations, maintaining that constant dialogue with society so that we can renew our social policy. And of course, for another year, and thanks to all of this, CSN is recognized as industry top rated. We are a benchmark in our sector, and we were awarded with the top-rated steel for 2024.

我們對CSN基金會進行了投資，在社會工作方面投資了6000萬巴西雷亞爾。這簡化了我們營運的正面影響，並保持了與社會的持續對話，以便我們能夠更新我們的社會政策。當然，憑藉這一切，南航又連續一年被評為業界頂級航空公司。我們是業界的標桿，並榮獲 2024 年頂級鋼鐵獎。

Very well. These are the highlights, and I would like to return the floor to Marco.

非常好。這些就是亮點，現在我想將發言權交還給馬可。

Thank you very much, Helena. We will now go on to the question-and-answer session. Benjamin Steinbruch, our CEO, is present with us and the rest of the executive officers are also at your disposal for your questions. Thank you.

非常感謝，海倫娜。我們現在進入問答環節。我們的執行長 Benjamin Steinbruch 也出席了會議，其他執行長也隨時準備回答您的問題。謝謝。

(Operator Instructions) Caio Ribeiro, Bank of America.

（操作員指示） Caio Ribeiro，美國銀行。

Good morning, everybody. Thank you for taking my question. The first question refers to the expansion projects the company is working on. In mining, you have several projects like P15, the port expansion and options for organic growth in cement. If you could give us an overview of the priorities of this expansion that you are contemplating, and at which stage they are. This would be very helpful.

大家早安。感謝您回答我的問題。第一個問題是關於公司正在進行的擴建工程。在採礦業方面，有幾個項目，例如 P15、港口擴建和水泥有機成長的選擇。請您向我們概述您正在考慮的此次擴張的優先事項以及目前所處的階段。這會非常有幫助。

Now moving towards the steel production. If you could give us an update on the parity premium that you foresee for Brazil and how this effects your strategy in terms of price readjustment. And if we keep in mind that tariffs announced by the United States, which is your expectation regarding the anti-dumping suit that have been analyzed in Brazil and the changes in the quota and tariff system in Brazil as well.

現在正轉向鋼鐵生產。請向我們介紹您預期的巴西平價溢價的最新情況，以及這將如何影響您的價格調整策略。如果我們記住美國宣布的關稅，這是您對巴西已經分析的反傾銷訴訟的預期，以及巴西配額和關稅制度的變化。

Caio, thank you very much for the questions. If I skip one of them, please repeat it at the end. Now in terms of our investment plan, what is important is that 2025 is a very important year. More than 60% of our CapEx is devoted to priority projects and expansion. We have done this in the past, of course. But 2025 and onwards, most of our CapEx will be devoted to growth, which is part of the transformation of the CSN Group.

Caio，非常感謝您提出這些問題。如果我跳過了其中之一，請在最後重複一次。現在就我們的投資計畫而言，重要的是2025年是非常重要的一年。我們的資本支出有 60% 以上用於優先項目和擴張。當然，我們過去也這樣做過。但從2025年起，我們的大部分資本支出將用於成長，這是CSN集團轉型的一部分。

When we speak about priority projects, without a doubt, P15 is a significant priority for the year. The forecast is that it will come into operation until the end of 2027 to have a full year of operation in 2028, more than 50 million tons high-grade iron ore, phenomenal EBITDA for the group. In steel, we have a plan, a reorganization that extend for the next 6 to 10 years. It's a lengthy project that began in 2024, and it continues in 2025.

當我們談論優先項目時，毫無疑問，P15 是今年的重要優先事項。預計該項目將於2027年底投產，2028年全年投產，年均產量將超過5000萬噸高品位鐵礦石，為集團帶來驚人的EBITDA。在鋼鐵領域，我們有一個計劃，一個持續未來6至10年的重組計劃。這是一個長期項目，於 2024 年開始，並將持續到 2025 年。

This year, we will focus on centering with several investments there. The mini reform of Furnace 2 that was announced to the market and other significant reorganizations in 2025, all of which are geared to enhancing performance and reducing cost at the steel mills. When we speak about cement, we have Edvaldo here and I will allow him to speak about the cement expansion plan.

今年，我們將重點關注那裡並進行幾項投資。2025年向市場宣布的2號爐小規模改革和其它重大重組，都是為了提高鋼廠的表現、降低成本。當我們談論水泥時，埃德瓦爾多在這裡，我會讓他談談水泥擴建計劃。

Good morning, Caio. In terms of cement, we're considering three green fields that we had spoken about in previous meetings. We have a project in Parana and other in Sergipe and a third one in Para.

早安，Caio。在水泥方面，我們正在考慮先前的會議上談到的三個綠地。我們在巴拉那州有一個項目，在塞爾希培州有一個項目，在帕拉州還有第三個項目。

Now these projects are in medium to high priorities. We have acquired the main equipment. We have paid it and paid for them and stocked them in Brazil. They will be assembled when it makes sense for the company.

目前這些項目處於中、高優先。我們已經購置了主要設備。我們已經付款了，並且把它們存入巴西。他們將在公司認為合理的時候進行集合。

And the main highlight is a project from Parana. We're working on engineering. We have worked with basic engineering. We have progressed to higher engineering, and we're very optimistic that we will have the environmental license to set up the plant this year. It's a plant with a capacity of 3 million to 5 million tons per year, and this makes sense for the company as we are now present in a significant market, which is in the south.

其中最主要的亮點是來自巴拉那的一個項目。我們正在從事工程工作。我們已經開展了基礎工程工作。我們已經取得了更高程度的工程進展，我們非常樂觀地認為我們將在今年獲得建立工廠的環境許可證。該工廠的年產能為 300 萬至 500 萬噸，這對公司來說很有意義，因為我們目前在南方的重要市場。

We're working on the maturity of these projects. And of course, our purpose is to continue forward. And when it makes sense for the company, we will begin allocating capital to these projects.

我們正在致力於這些專案的成熟。當然，我們的目標是繼續前進。當這對公司有意義時，我們將開始為這些項目分配資金。

Hello, Caio. This is Martinez. I will begin with a question referring to anti-dumping, the trade protection, United States. Despite everything, despite China, we're still here, we're surviving. Now what is important is that during the last six or nine months, successively, we have had several meetings with Vice President (inaudible) practical viewpoint, this was innocuous, nothing was done to resolve the problem of competitiveness. It is not a protectionist measure.

你好，Caio。這是馬丁內斯。我將首先問一個有關反傾銷、貿易保護和美國的問題。儘管發生了這一切，儘管有中國，我們仍然在這裡，我們仍然生存著。現在重要的是，在過去的六個月到九個月裡，我們先後與副總統（聽不清楚）舉行了幾次會議，從實際角度來看，這是無害的，沒有採取任何措施來解決競爭力問題。這不是一個保護主義措施。

Now when we think about the import parity, this continues. You spoke about the quota system Brazilian import. This cycle is innocuous. What we have done is to legitimate what was important in 2023 based on the average of 2021, 2022. Well, the system, the government set forth did not work.

現在，當我們考慮進口平價時，這種情況仍在繼續。您談到了巴西進口的配額制度。這個循環是無害的。我們所做的是根據 2021 年和 2022 年的平均值，使 2023 年的重要事項合法化。那麼，政府制定的製度就沒有發揮作用。

With this movement today linked to the US, we see that, in the market, we have communicating vessel, and China has suffered anti-dumping from countries in Asia, such as Vietnam and Thailand, and they're also holding back on the imports of Chinese material. So in Brazil, you cannot survive with this import, representing 25%. And they could increase depending on the imbalance in the international market.

隨著今天這一動向與美國聯繫起來，我們看到，在市場上，我們擁有溝通的管道，中國遭受了越南和泰國等亞洲國家的反傾銷，他們也在抑制中國材料的進口。所以在巴西，靠25%的進口量是無法生存的。而且，根據國際市場的不平衡，這一數字可能會增加。

Once again, this is not an issue of protectionism. It is one of isonomy, and we're very competitive in the country. When we think about trade protection and still speaking about dumping, in the case of tinplate, CSN was successful in implementing a provisional anti-dumping for tinplate. This should be extended for the coming months and should become permanent.

再次強調，這不是一個保護主義的問題。它是平等的，而且我們在國內非常有競爭力。當我們考慮貿易保護並且仍然談論傾銷時，在馬口鐵案件中，CSN 成功實施了馬口鐵的臨時反傾銷。這項措施將在未來幾個月內延續，並成為永久性措施。

It's a technical issue. And well, it was proven, and it was implemented. Yesterday, we had a decision on coal lamination, something unexpected. We had everything that you can imagine in terms of competition. There was dumping, there was damage, there was just cost jumping of $600. And the government did not create a provisional anti-dumping for cold drawing, which, of course, is a concern. It makes competition unloyal.

這是個技術問題。並且，它已被證明，並且已被實施。昨天，我們對煤炭層壓做出了決定，這是意料之外的事。在競爭方面，我們擁有你所能想像的一切。有傾倒，有損壞，成本還增加了 600 美元。政府並未針對冷拉產品實施臨時反傾銷，當然令人擔憂。這使得競爭對手變得不忠誠。

When we look at the scenario of China that we have remarked on, what is standing out is that Brazil is the last country in the world. It is an outlet for China to send its material. We're speaking of 3.5 million as volume, not very much for China, but it floods the Brazilian market.

當我們回顧我們已經評論過的中國的情況時，最引人注目的是巴西是世界上最後的國家。它是中國輸出物質的一個出口。我們說的數量是 350 萬，對中國來說不是很多，但卻充斥著巴西市場。

When we speak about the USA, we have export representing 250,000 to 300,000 tons, and we have complied with that quota. What is happening in the US is that the price has increased, the BQ price is $1,500. I carried out a preliminary account here to simulate the material in the domestic market, putting 25% and exporting putting freight. It's neutral to sell in the domestic market or to sell in the American market paying 25% for the BQ.

說到美國，我們的出口量為25萬至30萬噸，而且我們已經遵守了該配額。美國的情況是價格上漲，BQ 價格為 1,500 美元。我這裡進行了初步核算，模擬該材料在國內市場，放25%，出口放運費。在國內市場銷售或在美國市場銷售並支付 25% 的 BQ 費用都是中性的。

Now with a lower intensity, the same happens with higher added volume products to increase the price in the USA. There could be an opportunity, of course, depending on the negotiations that government has with US. The greatest opportunity for CSN to export to US is for tinplate. US exports, 50% of tinplate, we don't sell any of that. And I believe that in the next two months, in the coming two months, we could open up a negotiation as we had in 2018 with a system of quotas.

現在強度降低了，同樣的情況也發生在美國，產品附加價值更高，導致價格上漲。當然，可能存在機會，這取決於政府與美國的談判。CSN 向美國出口的最大機會是馬口鐵。美國出口的50%是馬口鐵，我們一點都不賣。我相信，在接下來的兩個月裡，我們可以像2018年一樣，開啟配額制度的談判。

Now the fact is that the US is a net importer, not only of tinplate, 3.5 million. They're a net importer of other coated products, coil, for example. So trade dynamics goes through pillar, the dumping issue and China. What is more important for us at CSN is that the government has to issue protection measures against the unloyal imports from China.

現在的事實是，美國是馬口鐵淨進口國，進口量達 350 萬。他們是其他塗層產品（例如線圈）的淨進口國。因此，貿易動態貫穿兩個支柱：傾銷問題與中國。對我們南美航空來說，更重要的是政府必須推出保護措施，打擊來自中國的不誠實進口。

The issue of the US is secondary because we're worried about the imbalance in the market. You asked about the BQ. Presently, the premium is 15% to 20%. In this new level of dollars of 2.8, that's a premium that if we are able to maintain it, it's excellent.

美國問題是次要的，因為我們擔心的是市場的不平衡。您詢問的是 BQ。目前溢價率為15%至20%。在 2.8 美元這一新水平下，如果我們能夠維持這一溢價，那麼這是非常好的。

In the first quarter, we implemented a price increase in civil construction and distribution. In assembly plant, it went to 5% to 6.5%. So we should have a price increase of 3% to 5% for the [drawn] products. Basically, this is the scenario for imports for the BQ internal market and our trade defense measures.

一季度，我們對土木工程、配送實施了漲價。在組裝廠，這一比例上升至5%至6.5%。因此，我們應該將[拉製]產品的價格提高 3% 至 5%。基本上，這是魁北克內部市場進口和我們的貿易防禦措施的情況。

Very clear. Thank you very much for your details and on the quota.

非常清楚。非常感謝您提供的詳細資訊和配額。

Rafael Barcellos, Bradesco BBI.

拉斐爾·巴塞洛斯（Rafael Barcellos），Bradesco BBI。

Good morning, everybody. Thank you for taking my question and congratulations for your results. My first question is to have more details on the strategic plan of the company. We're undergoing a trade war. And I would like to understand which will be the impact, not only on tariff on CSN, but how this changes your vision regarding the investment for the company?

大家早安。感謝您回答我的問題，並祝賀您所取得的成績。我的第一個問題是關於公司策略計畫的更多細節。我們正在經歷一場貿易戰。我想了解這會產生什麼影響，不僅是對 CSN 關稅的影響，而且這會如何改變您對公司投資的看法？

I understood that the priority is to continue on with mining, steel, and efficiency projects. Now if you could give us more color in terms of the projects you have greater flexibility on, if you're going to postpone them or not, and if there is a possibility of M&A in the steel segment.

我明白當務之急是繼續推進採礦、鋼鐵和效率項目。現在，如果您可以向我們詳細介紹您在哪些項目上有更大的靈活性，是否會推遲這些項目，以及是否有可能在鋼鐵業併購。

Second question is follow-up for Martinez in steel. Steel had a significant evolution of its results in this quarter. Could you connect what you've said initially and the evolution of these results in the first half of the year, cost and margin?

第二個問題是馬丁內斯在鋼鐵方面的後續情況。本季鋼鐵業績出現了顯著的變化。您能否將您最初所說的內容與今年上半年的業績、成本和利潤的變化聯繫起來？

Rafael, to go to the second part of your question linked to cost margin and evolution, as I mentioned, last year was an interesting year. In the case of the steel plant, we were able to grow more than the market. And especially in the fourth quarter that theoretically or has always been a seasonable period, we were able to neutralize the drop and remain stable in terms of volume.

拉斐爾，回到你問題的第二部分，即成本利潤和發展，正如我所提到的，去年是充滿趣味的一年。就鋼鐵廠而言，我們的成長速度超過了市場成長速度。特別是在第四季度，從理論上講，或者說一直是季節性時期，我們能夠抵消下降並在銷售方面保持穩定。

The market had a 7% drop. This shows that our strategy, and we say this in all the calls, is working and is on the right path. The most significant path in the steel mill, as you have all perceived, what justified this increase in EBITDA is linked to cost. We have been referring to cost, the search for operational excellence. And it is our understanding that it will continue until the first quarter of the coming year.

市場下跌了7%。這表明我們的策略（我們在所有電話會議中都這麼說）正在發揮作用，並且走在正確的道路上。大家已經意識到，鋼廠最重要的成長路徑是，EBITDA 的成長與成本有關。我們一直在談論成本、追求卓越的營運。據我們了解，這種情況將持續到明年第一季。

In some of the calls, I mentioned that we have to pursue figures of 3,000, 3,100 tons per ton of slab, we have to head to that. In terms of price, we were able to recover in the first quarter the increase in higher added value products among assembly plants. This will have a positive result. We hope that the market will continue to grow. We have a portfolio despite all of this, a very good portfolio that still needs to improve when it comes to added value. We're seeking to enhance the added value of our portfolio, and we will continue with that two-digit EBITDA for the first quarter and grow above the market.

在一些電話會議中，我提到我們必須追求每噸板坯 3,000 噸、3,100 噸的數字，我們必須朝著這個目標前進。價格方面，我們第一季能夠恢復裝配廠高附加價值產品的成長。這會產生正面的結果。我們希望市場能夠持續成長。儘管如此，我們還是擁有一個非常好的投資組合，但在附加價值方面仍需改進。我們正在尋求提高我們產品組合的附加價值，並且我們第一季的 EBITDA 將保持兩位數並且高於市場的成長。

This is a scenario we foresee for the first quarter. In terms of guidance for the coming year as we work with full production, it won't be very different from this year, but we will focus more on the cost pillar and optimization of products maintaining the added value strategy, the positioning in different segments and much more. I'll give the floor to Marco to answer the first part of the question regarding investments.

這是我們預計第一季的情況。就明年的指導而言，由於我們將全力生產，因此與今年不會有太大不同，但我們將更加關注成本支柱和產品優化，保持增值策略、不同細分市場的定位等等。我將請馬可來回答有關投資的問題的第一部分。

We have two questions. One about the company's strategy, how we look upon the future, the issue of tariffs, steel, mining, and much more. Now the group has begun the diversification of segment for some time already. It represents 13% of the cash of the group. In steel, we will continue to increase its share in the company cash.

我們有兩個問題。一個是關於公司策略、我們如何看待未來、關稅、鋼鐵、採礦等議題。目前，該集團已經開始了業務多元化策略。其持有的現金佔集團現金的13%。在鋼鐵方面，我們將繼續增加其在公司現金中的份額。

We're going to improve our average EBITDA margin as part of future strategy. And we had mentioned this in the CSN Day in December about infrastructure that will add value to our logistics network. Just this alone has the potential of having the highest equity in the group. They are the two main value segments for the CSN Group. And in a future line of diversification of EBITDA, deleveraging and growth, they will be very important for the future of the company.

作為未來策略的一部分，我們將提高平均 EBITDA 利潤率。我們在 12 月的 CSN 日上提到過，基礎設施將為我們的物流網路增值。僅憑這一點就有可能擁有集團中最高的股權。它們是南航集團的兩個主要價值部分。而在未來EBITDA的多元化、去槓桿和成長方面，這些對公司的未來都非常重要。

You spoke about tariffs and probably referring to steel. And I think this has been clearly explained. The price of steel in the US makes it worthwhile selling there even with the 25%. And in Brazil, what we exported to the US was a very small part of our production. We can accommodate this in the local market differently from other companies with reasonable results.

您談到關稅，可能也提到了鋼鐵。我認為這已經解釋得很清楚了。即使上漲了 25%，美國的鋼鐵價格也值得在那裡銷售。在巴西，我們出口到美國的產品僅占我們產量的一小部分。我們可以以不同於其他公司的方式適應當地市場，並且取得合理的結果。

Regarding investment, to complete the question, we do have good flexibility among all of the projects we have set forth. We have a road map for the coming five years. For the year 2025, we see a level of CapEx very similar to that of 2024. We can still make adjustments, subsequent adjustments. But our focus is P15 and the reorganization of the steel plant.

關於投資，回答這個問題，我們在所有提出專案中確實具有很好的靈活性。我們有未來五年的路線圖。對於 2025 年，我們看到資本支出水準與 2024 年非常相似。我們還可以做出調整，後續的調整。但我們的重點是P15和鋼鐵廠的重組。

This shows how important the steel plant is in the company profitability and in risk diversification. We're not going to postpone these projects. Other minor projects, we will be flexible in terms of postponing them depending on how the year unfolds. What we want in terms of results for 2025 should be more than sufficient to have the right CapEx, taxes, interest rates, and further deleverage CSN.

由此可見鋼廠對公司獲利能力及分散風險的重要性。我們不會推遲這些項目。對於其他小型項目，我們將根據今年的進度靈活地推遲。就 2025 年的結果而言，我們所希望的應該是足以擁有正確的資本支出、稅收、利率，並進一步去槓桿化 CSN。

Daniel Sasson, Itau BBA.

丹尼爾·薩森（Daniel Sasson），伊塔烏 BBA。

Thank you and a good day to all of you. My first question goes to Marco. If you could further detail your deleveraging plans, if that guidance to get to the end of the year below 3 times, about which would be the main drivers for that? And perhaps you have a significant improvement of EBITDA implicit in these figures, or does the guidance imply an increase in CapEx vis-a-vis 2024?

謝謝大家並祝大家有愉快的一天。我的第一個問題是問馬可的。如果您可以進一步詳細說明您的去槓桿計劃，如果指導目標到年底達到 3 倍以下，那麼主要的驅動因素是什麼？也許這些數字隱含著 EBITDA 的顯著改善，或者該指引是否暗示 2024 年資本支出將增加？

And well, as a follow-up to previous questions, how much of that is in your hands to eventually postpone disbursements of 2025 or 2026? If this year proved to be somewhat more challenging in the second half of the year than it is now, the outlook seems to be very good according to Martinez for the steel plant.

那麼，作為前面問題的後續，您能採取多少措施來最終推遲 2025 年或 2026 年的付款？馬丁內斯表示，如果今年下半年的挑戰比現在更大一些，那麼該鋼鐵廠的前景似乎非常好。

My second question, and Martinez, thank you for your explanation on protectionist measures. Could you speak about the environment of steel in the Brazilian market comparing that moment where things are better for flat steel compared to long steel. What you expect? And in theory, long steel, perhaps has more space, but the supply and demand dynamic seems to be more challenging. If you could compare these two segments, I would be very grateful.

我的第二個問題，馬丁內斯，謝謝你對保護主義措施的解釋。您能否談談巴西鋼鐵市場的狀況，並比較一下目前扁平材的狀況優於長材的情況。你期望什麼？而從理論上來說，長材或許擁有更大的空間，但供需動態似乎更具挑戰性。如果您能比較一下這兩個片段，我將非常感激。

Hello, Daniel. This is Martinez. Last year was an interesting year because when we began the year, we could not imagine that we would get to 15.6 million tons of flat steel. Last year, we had some markets. To give you more details, well, some things were better than we expected in the automotive market.

你好，丹尼爾。這是馬丁內斯。去年是充滿趣味的一年，因為當我們年初的時候，我們無法想像我們會達到1560萬噸的扁鋼產量。去年，我們有一些市場。為了給您更多細節，嗯，汽車市場的一些情況比我們預期的要好。

The market grew 16%. The bus market and truck market with 30% to 40% growth, recovery from other years of very low growth. And the white line, an interesting surprise, people were buying more. They were renewing the equipment, civil construction.

市場成長了16%。客車市場和卡車市場均實現30%至40%的成長，擺脫了其他年份的極低成長。而白線則是一個有趣的驚喜，人們購買的更多了。他們正在更新設備和土木工程。

We still have a significant backlog of works that are underway. Something will happen with infrastructure. In distribution, it follows the segment. It was present in all channels. In a very balanced fashion, the only sector that was more impacted last year were agriculture machines. Because of investments in agribusiness, they came to a standstill.

我們仍有大量正在進行的工作積壓。基礎設施將會發生一些變化。在分佈上，它遵循細分。它存在於所有管道中。非常平衡的是，去年受影響較大的唯一產業是農業機械。由於對農業綜合企業的投資，它們陷入了停滯狀態。

Now this year, to give you more detail, we began the year with a good portfolio, a well-positioned portfolio. In the second half of the year, perhaps, I'm not sure, but we could have different signal in terms of what is happening. But I do believe that in the first half of the year, it's a given.

今年，為了給你們更詳細的信息，我們以良好的投資組合、定位良好的投資組合開始了新的一年。或許是在下半年，我不確定，但就正在發生的事情而言，我們可能會得到不同的訊號。但我相信，在上半年，這是肯定的。

There's not very much to do in terms of the market. The market continues a buying market. But of course, there are other variable, economy, inflation, interest rate. I'm not taking that into account. We're riding the wave, and we'll prepare ourselves for whatever is ahead.

就市場而言，沒有什麼事情可做。市場持續呈現購買市場。但當然，還有其他變量，經濟、通貨膨脹、利率。我沒有考慮到這一點。我們正在乘風破浪，為未來做好一切準備。

When we speak about long steel, what is happening in the domestic market, we suffered this with flat steel before. Because in long steel, we have several market players, higher additional capacity. In the domestic market, we have Gerdau, Arcelor, (inaudible), a huge fight for market share nowadays. Contrary to flat steel, long steel is presenting a drop, a minor drop in terms of prices. And CSN has ever more focused on other markets removing itself from that fight because our market is stable at 250,000, 300,000 tons.

當我們談論長材時，國內市場正在發生什麼，我們以前在板材市場上也遭遇過這種情況。因為在長材方面，我們有幾個市場參與者，附加產能較高。在國內市場，我們有蓋爾道集團（Gerdau）、阿塞洛集團（Arcelor）（聽不清楚），目前市佔率爭奪十分激烈。與板材相反，長材價格呈現下跌趨勢，且跌幅較小。而且，CSN 越來越注重其他市場，從而退出了這場競爭，因為我們的市場規模穩定在 25 萬噸至 30 萬噸之間。

So the beginning of the year is not very different from what it was last year. Despite the China effect or Trump effect, we have good opportunities of continuing to grow and to maintain the levels of 2024 this year.

因此，今年年初的情況與去年並沒有太大不同。無論存在中國效應或川普效應，我們今年仍有很好的機會繼續成長並維持 2024 年的水準。

Daniel, I'm migrating to another part of your question, our leverage plan for the year, our deleveraging plan for the year. We're focused on what is more structural when it comes to deleveraging, which is the operational result of the CSN group. We showed you how the fourth quarter of the year was strong based on the good operations we had in all of the segments and the stringent cost control.

丹尼爾，我現在要談談你問題的另一部分，即我們今年的槓桿計劃，以及我們今年的去槓桿計劃。在去槓桿方面，我們關注的是更具結構性的部分，這是CSN集團的營運成果。我們向您展示了今年第四季的強勁表現，這得益於我們在所有部門的良好營運和嚴格的成本控制。

Now this is the pace, this is the rhythm. We're entering 2025 with -- we have an EBITDA guidance for 2025 that is higher than that of 2024. And the fourth quarter will point to that increase in pace. Just this alone will be sufficient to face the cash disbursements, CapEx, interest rates, taxes and will allow the company to continue to deleverage.

現在這就是步伐，這就是節奏。我們即將邁入 2025 年—我們對 2025 年的 EBITDA 預期將高於 2024 年。第四季將會加快這一步伐。僅此一點就足以應對現金支出、資本支出、利率和稅收，並使公司繼續去槓桿。

This is the main point. Our internal projection will allow us to work with that guidance of less than 3 times that we offered at the end of the year. Now above that, we have other structural projects that we have spoken about. We have a project that can generate value and liquidity for the CSN Group. CSN Builder, it's still part of 2025.

這是重點。我們的內部預測將使我們能夠按照年底提供的指導金額的三倍以下進行工作。除此之外，我們也討論了其他結構性項目。我們有一個可以為CSN集團創造價值和流動性的項目。CSN Builder，它仍然是2025的一部分。

There are other possibilities for other assets that could attract capital. Perhaps only in 2026, each will have their own moment, and we have internal discussions at CSN regarding this. But the future for the short term has to become a reality and help us to bring additional deleveraging to the guidance we gave last year. And this will enable us to make other important investments.

其他資產也有可能吸引資本。或許只有到2026年，每個人都會有自己的時刻，我們在CSN內部也對此進行了討論。但短期內的未來必須成為現實，並幫助我們在去年給予的指導基礎上進一步去槓桿。這將使我們能夠進行其他重要投資。

Speaking about investment, and this shows the flexibility we have in terms of investment. Of course, we can generate several investments, one of them and Edvaldo mentions that is the investment in cement. We're developing green field projects. We have three of them, and we can better define when they will be carried out.

談到投資，這顯示了我們在投資方面的靈活性。當然，我們可以進行多項投資，Edvaldo 提到的其中一項就是對水泥的投資。我們正在開發綠地專案。我們有三個目標，而且我們可以更好地確定它們何時實施。

Our present-day cement asset has the capacity to deliver more volume without new production sites. We delivered more than 12 million tons in 2023, 13 million tons in '24, and 2025 will be even greater without a new site. So the present-day sites are highly elastic.

我們現有的水泥資產無需新建生產基地就能提供更多的產量。2023年，我們的運輸量超過1,200萬噸，2024年運輸量達到1,300萬噸，而2025年，在沒有新廠的情況下，運輸量將會更大。因此，當今的網站具有高度的彈性。

And another topic that aids and abets us that we have surveyed since last year, our partnerships for specific investment, some important items in our portfolio of investment and CapEx. We started doing this in partnership with some investors who could invest in the asset and be owners of that part of the assets for long periods of time, so that we can bring benefit for their operations without having to have any disbursements in the company. This grants us significant flexibility in this year of transformation, but we also need to deleverage, and we will do this simultaneously.

自去年以來，我們還對另一個有助於和支持我們的主題進行了調查，即我們的特定投資合作夥伴關係、投資組合和資本支出中的一些重要項目。我們開始與一些投資者合作，他們可以投資該資產並長期擁有該部分資產，這樣我們就可以為他們的營運帶來利益，而無需在公司進行任何支出。這給了我們在今年轉型的極大彈性，但我們也需要去槓桿，我們會同時進行。

Yuri Pereira, Santander Bank.

尤里·佩雷拉，桑坦德銀行。

About the anti-dumping issue, once again, after the decision of cold drawing, which is a product you're monitoring for the coming government decision, there is a schedule that the government does not always follow that schedule. If I could get an idea of which is the product that you are monitoring for the next government decision. And if you could speak about the very noisy news, the very volatile news about judicial decisions and a sale of stake at Usiminas, simply to clean up this issue a bit if possible.

關於反傾銷問題，再次重申，在冷拔產品的決定之後，我們正在關注政府即將做出的決定，但政府並不總是遵循這個時間表。如果我能知道您正在監控哪些產品以用於政府的下一個決策，那該怎麼辦？如果您可以談論那些非常吵雜的新聞，那些關於司法判決和出售 Usiminas 股份的非常不穩定的新聞，如果可能的話，只是為了稍微澄清一下這個問題。

Good morning, this is Martinez. To speak about the anti-dumping, specifically, what is happening in these trade defense processes, it is very difficult to separate what is technical and what is political. Last year, I had mentioned this in other calls, our decision was to opt for something technical and to work with the product that CSN is most interested in. We based ourselves on tinplate, underwent the process We're successful and put in provisional amounts.

早上好，我是馬丁內斯。說到反傾銷，具體來說，在這些貿易防禦過程中發生的事情，很難區分什麼是技術性的，什麼是政治性的。去年，我在其他電話會議中提到過這一點，我們的決定是選擇一些技術性的東西，並研究 CSN 最感興趣的產品。我們以馬口鐵為基礎，經歷了過程，我們成功了，並投入了臨時金額。

We have the challenge for the government to maintain that anti-dumping and something definite at the end of April. Cold drawing, this is very bad news in my opinion. It's a sign that despite the scenario of trade defense linked to dumping, a causal link and damage with expressive values of $500 to $600. I simply cannot understand, which is the reason why they only have a temporary anti-dumping.

我們面臨的挑戰是政府是否能維持反傾銷，並在四月底做出明確的決定。冷拉，在我看來這是非常壞的消息。這表明，儘管貿易保護與傾銷有關，但因果關係和損害的表達價值高達 500 至 600 美元。我簡直不能理解，這就是他們只實施暫時反傾銷的原因。

This makes sense technically. It leads me to understand, and this is not a precipitated decision that there is interest in another market, another sector. And well, we came in with the anti-dumping requests for all of the other products. We will have the pre-painted products. CSN has led this along with [Tecno]. In terms of terms, we have one or two months for this to happen. And the government, after 120 days, will approve this.

從技術上來說這是有道理的。這讓我明白，這並不是因為對另一個市場、另一個領域感興趣而倉促做出的決定。我們也對所有其他產品提出了反傾銷請求。我們將提供預塗產品。CSN 已領導這項工作[特克諾]。從條款上來說，我們還有一兩個月的時間來實現這個目標。120 天后，政府將批准該提案。

And in prepainted products, this is an insane business. We're making investments in another production line of prepainted in Porto Real. And what we have is 2 times what CSN had. In terms of import, it's inadmissible. We cannot imagine that we can continue with the industry at those levels.

對於預塗產品而言，這是一門瘋狂的生意。我們正在波爾圖雷亞爾投資另一條預塗生產線。我們擁有的數量是南航的兩倍。從進口方面來說，這是不可接受的。我們無法想像我們能夠繼續以這樣的水準發展這個產業。

And what we have together is sum of Arcelor and CSN together, and all companies are increasing capacity in the market. Arcelor is doing this so that anti-dumping issue go down in terms of what can happen with other products, the prepainted one, the galvanized one, and BQ as well.

我們的合併是安塞洛和 CSN 合併的結果，所有公司都在增加市場產能。安賽樂此舉是為了減少反傾銷問題對其他產品（彩塗板、鍍鋅板和BQ板）的影響。

What the government should do immediately when I answered the other question and said that it was innocuous. There have been positive attempts to hold back on imports, but the quota did not work. What Brazil has to do now is do what the rest of the world have done. The Asian countries themselves have a 25%, Colombia has 25% for long steel, India has this as well.

當我回答另一個問題並說這無害時，政府應該立即做什麼。雖然曾經做出積極的嘗試來抑制進口，但是配額政策並沒有發揮作用。巴西現在要做的就是效法世界其他國家的做法。亞洲國家本身的長材產能佔比為25%，哥倫比亞的長材產能佔比為25%，印度也有同樣的產能。

There's no other exit when it comes to a trade defense for Brazil. What has helped a great deal is that the market has cooperated, it has grown. But we have to get ready for a future scenario, a scenario in the near future. Well, because of the Trump measures, they will foster imbalance in world markets.

對巴西來說，貿易防禦沒有其他出路。最有幫助的是市場得到了合作並且成長。但我們必須為未來的情況、不久的將來的情況做好準備。嗯，由於川普的措施，它們將加劇世界市場的不平衡。

This is a follow-up we have done. In another three months, we should get to the end of the anti-dumping issue. What would resolve things is a safeguard measure of putting in those 25% to see what is happening with other business.

這是我們所做的後續工作。再過三個月，反傾銷問題就該結束了。解決問題的方法是採取保障措施，投入 25% 觀察其他業務的狀況。

Yuri, you asked a question on Usiminas, I believe, correct. Now this is a very lengthy topic, and as a whole, it's something that extends for 10 or 12 years. Basically, it was a justice decision, the local justice in Minas Gerais. The company will continue with its resources and the last two market communicates were in February on this issue. Despite the shares of Usiminas, the active shares for sale are there, but there is a right time to do this. We're going to continue to work with resource on this issue. Was that your question?

尤里，你問了一個關於烏西米納斯的問題，我認為是正確的。這是一個非常冗長的話題，總的來說，它會延續10年或12年。基本上，這是一個司法裁決，是米納斯吉拉斯州地方司法機構的裁決。該公司將繼續投入資源，最近兩次市場溝通都是在二月關於這個問題。儘管 Usiminas 的股票中存在活躍的待售股票，但現在才是做這件事的正確時機。我們將繼續投入資源解決這個問題。這是你的問題嗎？

Yes, yes.

是的，是的。

Our next question is in writing from Mr. Marcio Farid from Goldman Sachs. He says, in terms of dividends and execution of CapEx, these are changes of paradigm pointing to the need of deleveraging discipline in M&A. It helps, but M&A should not be out of the agenda until you have executed your CapEx or deleverage.

我們的下一個問題來自高盛的馬西奧·法里德先生的書面提問。他說，就股利和資本支出的執行而言，這些都是範式的變化，顯示需要在併購中去槓桿。這會有所幫助，但在你執行資本支出或去槓桿之前，併購不應該被排除在議程之外。

Marcio, thank you for the question. As we showed you yet, the cutting of dividends will lead to deleveraging. All of our strategy flexibility with CapEx follow along those lines of M&A are in accordance with your company. The company did not follow through with an important M&A in 2024, precisely because of our deleveraging due to the commitment of CSN with deleveraging. And that is why we did not follow up on this M&A.

馬西奧，謝謝你的提問。正如我們之前所展示的，削減股息將導致去槓桿化。我們所有的資本支出策略彈性都遵循併購路線，符合貴公司的要求。正是由於南航致力於去槓桿，我們才進行了去槓桿，因此公司在 2024 年沒有進行重要的併購。這就是我們沒有跟進此次併購的原因。

Now this analysis of M&A last year had extended for 24 months in the company. But when the transaction came about, the conditions at CSN were different. And we decided not to pursue that operation, although there was great synergy with the group. You're right, at that point in time, we took that out of our strategy. And I would say that nowadays, the company does not have any material M&A for the year 2025.

現在去年併購的這個分析在公司已經延續了24個月。但當交易發生時，南美航空的情況卻有所不同。儘管與該集團有很大的協同作用，但我們還是決定不進行這項業務。你說得對，在那個時候，我們就把它從我們的策略中剔除了。我想說的是，目前公司還沒有任何針對 2025 年的重大併購計畫。

The next question in writing comes from [Felipe], an investor. He said, good day, the company, is it assessing the sale of minority stakes in MRS Logistics?

下一個書面問題來自投資者[Felipe]。他說，您好，公司是否正在評估出售 MRS Logistics 的少數股權？

Thank you for the question. No, we are not holding discussions on a sale of minority stakes at MRS. This is a very important asset for operations, especially for steel and mining. And we're very happy with investments and the results that MRS has delivered. So there is no decision, therefore, to sell a minority stake at MRS.

感謝您的提問。不，我們沒有討論出售 MRS 少數股權的事。這對於營運來說是一項非常重要的資產，特別是對於鋼鐵和採礦業來說。我們對 MRS 的投資和成果非常滿意。因此，沒有決定出售 MRS 的少數股權。

The next question from Mr. Luciano Costa from TC. How is the process of selling a stake in your energy assets. This process has been mentioned in some calls. Has it been difficult to find investors interested in that profile of hydric assets?

下一個問題來自 TC 的 Luciano Costa 先生。出售能源資產股份的流程是怎麼樣的？一些電話會議中已經提到了這個過程。要找到對此類氫能資產感興趣的投資者是否很困難？

Luciano, thank you for the question. In truth, we made adjustment in the schedule for the transaction. Before bringing an apartment, we looked at the financial decisions we had at C3. Of course, there was a debt in the company. The financial team worked on an infrastructure debenture that was made public. It represents BRL1.2 billion at a very efficient cost. And this helped us to sell off the operation, and we have debenture without the stakeholders of C3E, our energy assets.

盧西亞諾，感謝您的提問。事實上，我們對交易的時間安排做了一些調整。在購買公寓之前，我們研究了 C3 所做的財務決策。當然，公司有債。財務團隊致力於制定一項已公開的基礎設施債券。它的成本非常低，達到 12 億巴西雷亞爾。這幫助我們出售了業務，並且我們擁有沒有 C3E 利益相關者（我們的能源資產）的債券。

So once we bring partners to this deal, it can be done in a more independent way, if this is a strategy of the company. Now the sale was finalized last week on Friday, which means that the road has been paved to continue on or to go back to the discussion of bringing in a strategic financial partner for the company. And we're going to prepare the company during the year 2025.

因此，如果這是公司的策略，一旦我們讓合作夥伴參與這筆交易，我們就可以以更獨立的方式進行。目前，該交易已於上週五完成，這意味著繼續或重新討論為公司引入戰略金融合作夥伴的道路已經鋪平。我們將在 2025 年為公司做好準備。

This is an important decision. It is part of the company plans, but it is not very impactful in terms of deleveraging for the CSN Group as the asset has very little debt. But of course, we will continue on with all of our deleveraging actions at the company.

這是一個重要的決定。這是公司計劃的一部分，但由於該資產的債務很少，因此對於南美航空集團的去槓桿作用而言影響並不大。但當然，我們將繼續在公司採取所有去槓桿行動。

Our next question comes from [Constanza Urmeneta] who says, could you speak about what we can expect from the cement business, news on acquisitions of intercement prices, cement IPO, and costs?

我們的下一個問題來自 [Constanza Urmeneta]，她說，您能談談我們對水泥業務的期望、有關水泥價格收購、水泥 IPO 和成本的消息嗎？

I will begin speaking about intercement, its news that we mentioned during the call. This is a transaction that we're not following up on. Since the end of last year, we're not considering this transaction at present. I think they have taken the route of a judicial recovery. We don't have other details on this.

我將開始談論調解，這是我們在通話中提到的訊息。這是一個我們尚未跟進的交易。從去年年底開始，我們目前就沒有考慮過這項交易。我認為他們已經採取了司法追償的途徑。我們沒有關於此事的其他詳細資訊。

The information can be obtained from the company. IPO for cement, yes, we do want to hold a cement IPO. The company is ready in terms of figures, governance, control framework to undergo an IPO. We wanted to list the company some years ago. We weren't able to do it successfully.

該資訊可從該公司獲得。水泥 IPO，是的，我們確實想進行水泥 IPO。該公司已在資料、治理、控制框架等方面做好 IPO 的準備。幾年前我們就想讓公司上市。我們沒能成功地完成這件事。

The company is even larger now and more ready to undergo an IPO. The difficulty is having a window in the equity market. Because of the higher interest rate, it will be somewhat more challenging. But the company will, but there is that window to carry out an IPO under the conditions the company deserves. But it is part of our deleveraging actions of doing the IPO for cement and do this in other units with minority partners.

如今，該公司規模更大，並且更準備好進行 IPO。困難在於在股票市場上尋找機會。由於利率較高，這將更具挑戰性。但公司會這樣做，但是公司可以在應有的條件下進行 IPO。但這是我們去槓桿行動的一部分，對水泥進行首次公開募股，並在其他有少數股東的部門中也進行同樣的操作。

(Operator Instructions) As there are no further questions, we will return the floor to Mr. Marco Habelo, CFO and Executive IRO for the closing remarks.

（操作員指示）由於沒有其他問題，我們將把發言權交還給首席財務官兼執行稅務顧問 Marco Habelo 先生，由他作結束語。

Well, first of all, I would like to make a comment about some of the questions made regarding all of the investments we have to help us deleverage the company and have a more diversified CSN. We didn't speak about the [Nordestina] that we do not consolidate in our balances, but we have been working with that company for some time. The investments were debated by the market, and this is a very propitious moment.

首先，我想就一些問題發表一下看法，這些問題涉及我們為降低公司槓桿率、實現更加多元化的 CSN 而進行的所有投資。我們沒有談到我們沒有合併資產負債表的[Nordestina]，但我們已經與該公司合作了一段時間。這些投資受到了市場的熱議，這是一個非常有利的時機。

We received all of the acceptance of financing to conclude the funding of Nordestina. All of the funding has been prepared with long-term funding at a very low cost and with authorization of the government. Half of the debt that will be captured will be transformed into equity for the project.

我們收到了全部融資同意，從而完成了 Nordestina 的融資。所有資金都是以極低的成本和政府授權的長期融資方式準備的。所欠債務的一半將轉化為專案股權。

In more than two years, Nordestina will arise as a state-of-the-art railroad, highly deleveraged and very equipped. We have BRL600 million in the cash of Nordestina. In the first half, they should receive BRL4 billion more from these fundings that we refer to, and at the end of the year, an additional BRL1 billion.

再過兩年多的時間，Nordestina 將崛起為一條技術最先進的鐵路，高度去槓桿、裝備精良。我們在 Nordestina 有 6 億雷亞爾現金。今年上半年，他們應該會從我們所提到的這些資金中獲得 40 億雷亞爾，年底則將獲得額外的 10 億雷亞爾。

For the first part of the Nordestina, we have contracted 18%. We're missing 20%, so everything has evolved significantly. It will become mature in a little more than two years. I simply wanted to add this about another asset that is very important, but we don't have control of our figures of Nordestina, but it will become an important asset in our future equity as well.

對於 Nordestina 的第一部分，我們已經承包了 18%。我們缺少了 20%，所以一切都發生了重大變化。再過兩年多一點的時間它就會成熟。我只是想補充一點，另一個非常重要的資產，但我們無法控制 Nordestina 的數字，但它也將成為我們未來股權的重要資產。

If there are no further questions, I would like to conclude. Thanking all of the members of the CSN Group that have contributed to the excellent results of the year 2024, especially for the last quarter, and thank all of those who attended this conference call with us.

如果沒有其他問題，我的發言就到此結束。感謝CSN集團所有成員為2024年，特別是最後一個季度的優異業績做出的貢獻，也感謝所有與我們一起參加本次電話會議的人。

With this, we conclude our conference call for the last quarter of 2024 and the full year 2024. Thank you. The CSN conference call ends here. Have a very good day.

至此，我們結束 2024 年最後一個季度和 2024 年全年的電話會議。謝謝。CSN電話會議到此結束。祝您有個愉快的一天。

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.

本記錄中的英文陳述是由現場翻譯說出的。翻譯由贊助此活動的公司提供。