Companhia Siderurgica Nacional SA (SID) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. At this time, we would like to welcome everyone to CSN's earnings conference call for the fourth quarter '25 and full year. Today, we have with us the company's executive officers. We would like to inform you that this event is being recorded. (Operator Instructions) The event can be accessed at ri.csn.com.br, where the presentation is also available. There will be a replay service for this call on the website.

各位女士、先生，下午好。此刻，我們歡迎各位參加 CSN 2025 年第四季及全年財報電話會議。今天與會的有公司執行長官團隊。我們在此提醒各位，本活動將被錄音。(接線員指示) 本活動可於 ri.csn.com.br 收聽，簡報亦可於該網站取得。本次電話會議亦將於網站提供重播服務。

Before proceeding, we would like to state that some of the forward-looking statements or trends are based on current assumptions and opinions of the company's management. They may differ materially from those expressed herein, which do not constitute projections. In fact, actual results, performances 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 rates 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 and national basis.

在開始之前，我們想聲明，部分前瞻性陳述或趨勢係基於公司管理層目前的假設與觀點。其結果可能與本文所述有重大差異，且本文內容不構成預測。事實上，實際結果、表現或事件可能因多項因素而與前瞻性陳述所表達或暗示者有重大差異，例如巴西及其他國家的整體與經濟情勢、利率與匯率水準、以外幣計價債務未來的展期或提前償還、美國、巴西及其他國家的保護主義措施、法律與法規變更，以及全球、區域與國家層面的整體競爭因素。

We would now like to turn the floor over to Marco Rabello, Investor Relations Executive Officer, who will present the company's operating and financial highlights for the period. You may proceed, Mr. Rabello.

接下來我們把時間交給投資人關係執行長官 Marco Rabello，由他介紹本期間公司的營運與財務重點。Rabello 先生，請開始。

Good morning, everybody, and thank you for participating in another earnings call for CSN. We're here to speak about the results for the fourth quarter '25 and full year, a very special period for the company where we achieved important goals. The third quarter had been very good, and the fourth quarter was not different.

各位早安，感謝各位參加 CSN 的另一場財報電話會議。我們今天將說明 2025 年第四季及全年業績；這對公司而言是非常特別的一段期間，我們達成了重要目標。第三季表現非常好，而第四季同樣不遑多讓。

We begin with the highlights on slide 2. We have a quarter marked by negative seasonality of the rain period and weaker rains and CSN was able to present a stronger results for the year. We have enormous operational resiliency and with cement and logistics presenting consistent results. The Mining was impacted by nonrecurring events. We had 15% increase in our EBITDA. All of this because of record volumes in mining and logistics, lower cost in steel and the price environment that began to recover in the cement market. Now despite our operational resiliency, we saw our leverage increasing for the first time of the year only in this exercise because of an increase in investments and other expenses.

我們先看第 2 頁的重點。本季受到雨季負面季節性影響，且降雨偏弱，但 CSN 仍能交出全年更強勁的成果。我們具備極高的營運韌性，水泥與物流也呈現穩健一致的表現。礦業則受到一次性事件影響。我們的 EBITDA 成長 15%。這主要來自礦業與物流的創紀錄出貨量、鋼鐵成本下降，以及水泥市場價格環境開始回升。然而，儘管營運韌性強，我們的槓桿在本年度首次上升，僅在本期出現，原因是投資增加及其他費用上升。

On January 15, CSN announced a strategic movement that was necessary to improve the capital structure of the group. We are working with assets that will enable us to raise until BRL18 billion to reduce leverage and to open the path for the growth of the group, and this should continue on until the end of the year. So the leverage is a onetime effect that is being addressed definitely in the group.

1 月 15 日，CSN 宣布一項策略性動作，這對改善集團資本結構是必要的。我們正推動可使我們籌集最高達 180 億雷亞爾的資產方案，用以降低槓桿並為集團成長開路，且預計將持續至年底。因此，槓桿上升屬一次性影響，集團正以明確方式加以處理。

We now go on to the highlights of mining. In the fourth quarter of '25, we had the second largest volume of production and sales in the company's history despite a weaker seasonality and the weaker rainfall period. This reflects the efficiency of the company in terms of its production capacity and its logistic model.

接著看礦業重點。在 2025 年第四季，儘管季節性較弱且降雨期偏弱，我們仍創下公司史上第二高的產量與銷量。這反映公司在產能效率與物流模式方面的優勢。

In 2025, the sales volume for the first time went beyond 45 million tons going beyond the guidance in 5%. Since the IPO in 2021, the volume has had a growth of 8.4% every year without investments in capacity during the period, showing the capacity of our logistics structure and the efficiency of the production. The combination of record results and maintaining the prices at a high level allowed us to grow 9% in EBITDA for the year. In mining -- I'm sorry, in steel, we had a new drop in the production cost, reaching the lowest level since 2021.

2025 年，銷售量首次突破 4,500 萬噸，較指引高出 5%。自 2021 年 IPO 以來，在期間未新增產能投資的情況下，銷量每年仍以 8.4% 成長，顯示我們物流架構的能力與生產效率。創紀錄的表現加上價格維持高檔，使我們全年 EBITDA 成長 9%。在礦業——抱歉，在鋼鐵方面，我們的生產成本再度下降，達到自 2021 年以來最低水準。

We had significant strides in operational production, of course, an optimization in the use of raw material. This continuous reduction of cost reinforces the structural complexity of the operation and contributes towards maintaining margins in a period of a difficult commercial structure. We are trying to support the antidumping measures being put in place in the last few months, and this is important for local producers. This is reflected in the results of 2026, allowing steel to be an important growth vector for this year. In the cement market, we continue to observe strong performance and the company is able to pass through prices even in a period of weaker commercial operations.

我們在營運生產上取得顯著進展，當然也優化了原料使用。這種持續的降本強化了營運的結構性競爭力，並有助於在商業環境艱困的期間維持利潤率。我們正努力支持近幾個月推動的反傾銷措施，這對本地生產商非常重要。這將反映在 2026 年的成果，使鋼鐵成為今年重要的成長動能。在水泥市場方面，我們持續觀察到強勁表現，即使在商業活動較弱的期間，公司仍能推動價格傳導。

This shows the resiliency in the market, and we have a more positive commercial environment due to the capacity of local producers. We also have a new strategy and the priority is results in detriment of volume with a strict control of costs, the company had another year with an EBITDA margin reaching 30% for the fourth quarter '25. And finally, looking at the right of the slide, we have the highlights of logistics and energy. We had record EBITDA for the year 2025.

這顯示市場的韌性；由於本地生產商的供給能力，我們也看到更為正向的商業環境。我們亦採取新策略，優先追求成果而非量的成長，並嚴格控管成本；公司在 2025 年第四季的 EBITDA 利潤率再度達到 30%。最後，請看投影片右側的物流與能源重點。我們在 2025 年創下全年 EBITDA 新高。

In energy and logistics, this is one of the main pillars for the verticalization of CSN and one of the vectors for greatest growth in the group. Now we have a new logistics subsegment in the railroad area, adding freight of trucks to dry ports and STK presented record cargo volumes during the year with impeccable operations.

在能源與物流方面，這是 CSN 垂直整合的主要支柱之一，也是集團最重要的成長向量之一。目前我們在鐵路領域新增一個物流次分項，將卡車貨運導入乾港；STK 全年貨運量創新高，營運表現無可挑剔。

In the fourth quarter of '25, we were positively impacted by the excellent operational performance for the year, enabling the company to maintain an EBITDA margin stable vis-a-vis last year of 42% in energy. This is another year of strengthening with growth of 79% in EBITDA impacted by an improvement in prices. Now let's go on to the next slide. We show you our EBITDA margin and adjusted EBITDA for 2025.

在 2025 年第四季，我們受惠於全年卓越的營運表現，使公司能源業務的 EBITDA 利潤率得以維持在與去年相當的 42%。這是又一個強化之年，受價格改善帶動，EBITDA 成長 79%。接下來我們看下一頁。我們將向各位展示 2025 年的 EBITDA 利潤率與調整後 EBITDA。

This was the best result of the year with an EBITDA of BRL3.3 billion and a margin of almost 28%. This performance shows a strong resiliency in mining, logistics and cement and nonrecurrent events that we observed in steel. To the right, you can see the positive evolution that almost all segments enabled us to have with EBITDA with the only exception in cement, where there was price pressure with raw material in the first half of the year. In the other segments, the growth of EBITDA and profitability are the result of the extraordinary efforts put forth by the company, especially in mining and logistics. Besides the assertive strategy that we applied in steel, we stopped one of our furnaces to enhance the efficiency of the operation.

這是全年最佳單季表現，EBITDA 為 33 億雷亞爾，利潤率接近 28%。此表現顯示礦業、物流與水泥具備強韌性，同時也反映我們在鋼鐵業務中觀察到的一次性事件影響。右側可見幾乎所有事業部門帶來的 EBITDA 正向演進，唯一例外是水泥，上半年因原料帶來的價格壓力所致。其他部門的 EBITDA 與獲利成長，來自公司付出的卓越努力，尤其是在礦業與物流。此外，配合我們在鋼鐵採取的精準策略，我們停掉其中一座高爐以提升營運效率。

The EBITDA of BRL11.8 billion during the year represents a sound growth of 15% vis-a-vis the previous year, pointing to the potential of the company to further advance capturing results. For 2026, cement and steel, of course, will increase, while mining and logistics will benefit from the operational efficiency, maintaining the iron ore cost at very high levels. In the following slide, we share with you our investments during the period. You can observe a growth of 42.4% of CapEx vis-a-vis the previous quarter. This is a seasonal concentration of disbursements during the year besides strategic projects such as P15 in mining, the recovery of the UHE in Jacui and the renovation of our fleet in the logistics multimodal.

全年 EBITDA 達 118 億雷亞爾，較前一年穩健成長 15%，顯示公司進一步提升並擷取成果的潛力。展望 2026 年，水泥與鋼鐵當然將提升，而礦業與物流將受惠於營運效率，並使鐵礦石成本維持在非常高的水準。在下一頁投影片中，我們將與各位分享本期間的投資。各位可看到資本支出（CapEx）較前一季成長 42.4%。這反映全年支出在季節性上的集中，並包含策略性專案，例如礦業的 P15、Jacui 的 UHE 修復，以及物流多式聯運的車隊更新。

We had a higher disbursement of investments at the end of the year. When compared with the same period 2024, the figure in truth was not altered. The total investments for the year added up to BRL5.9 billion, in line with the advance in the infrastructure of P15 and as part of the guidance set forth for the year.

我們在年底的投資支出較高。與2024年同期相比，該數字實際上並未改變。全年總投資合計達59億巴西雷亞爾（BRL），與P15基礎設施推進一致，並符合本年度所提出的指引。

We go on to slide number 5. Here, we have our working capital where we can observe an important release during this quarter, once again, because of seasonality with lower commercial activity in steel and cement impacting receivable accounts. We had a growth of 8.5% in the quarter, reflecting a higher volume of purchase of iron ore from third parties.

我們繼續看第5頁。在這裡，我們展示營運資金情況；可以觀察到本季度出現了重要的釋放，再次是因季節性因素，鋼鐵與水泥的商業活動較弱，影響了應收帳款。本季度我們成長8.5%，反映出向第三方採購鐵礦石的量增加。

In the next slide, we share with you our adjusted cash flow that was negative in BRL261 million, a significant improvement vis-a-vis the results of the previous quarter because of a slowdown in investments for the period. This shows the resiliency of the operation and the release of working capital. The company has been able to reduce the impact of cash burn throughout 2025. Now the outlook for the future of cash is more favorable as we expect a very good evolution in 2026.

在下一頁，我們與各位分享調整後現金流為負2.61億巴西雷亞爾（BRL），相較上一季度顯著改善，原因是本期投資放緩。這顯示了營運的韌性以及營運資金的釋放。公司已能在2025年期間降低現金消耗（cash burn）的影響。目前對未來現金狀況的展望更為有利，因為我們預期2026年將有非常良好的改善。

Besides the reduction in inventory levels and the gradual decrease in the interest rate levels. In the next slide, we share with you the situation of our indebtedness and leverage and the behavior of our debt during the quarter. To the left, the main message here is that we have increased indebtedness because of the concentrated investments at the end of the year and the cash flow during the period. Now the leverage indicator for the last 12 months reached 3.47x with the first increase after three consecutive quarters of drop.

此外，庫存水位下降以及利率水準逐步下行。在下一頁，我們將與各位分享負債與槓桿狀況，以及本季度債務的變化。左側的主要訊息是：由於年底投資集中以及本期現金流的影響，我們的負債增加。過去12個月的槓桿指標達到3.47倍（3.47x），在連續三個季度下降後首次回升。

Despite this onetime increase in leverage, the company is committed to reducing its debt and shows its commitment towards social capital. On January 15, 2026, we presented to the market a strategic plan to speak about liquidity and leverage of the group using the cement asset and assessing routes and other strategic movements for the development of our steel plant. All of this will contribute to strengthening the company and significantly reduce the leverage. To the right, you see the main vendors during the period, the extraordinary impact of the steel mill, amortization of prepayment contracts for steel, the renewal of new operations of prepayment during the period and the effects of the exchange rate.

儘管槓桿出現這次一次性上升，公司仍致力於降低負債，並展現對社會資本的承諾。2026年1月15日，我們向市場提出一項策略計畫，說明集團的流動性與槓桿，內容包括運用水泥資產、評估各種路徑及其他策略性動作，以推動我們鋼廠的發展。這些措施將有助於強化公司並顯著降低槓桿。右側可看到本期主要變動因素：鋼廠的非常態影響、鋼鐵預付款合約的攤還、本期新增預付款操作的續作，以及匯率影響。

Let's go on to slide number 8. We present to you our indebtedness profile. We have a very high level. And in the short term, we have banking debt, and we will be able to honor these without difficulties. We have been working actively towards lengthening a significant part of the curve. And presently, we're speaking with banking institutions to anticipate the payment and to reduce our gross debt that will be achieved through the sale of our assets.

我們繼續看第8頁。我們向各位呈現負債到期結構。我們的負債水準非常高。短期方面以銀行負債為主，我們將能夠毫無困難地履行償付。我們一直積極推動將到期曲線中相當一部分延長。目前我們也正與銀行機構洽談提前償付，並透過出售資產來降低總負債。

With this, we end the presentation of consolidated results, and we can go on to slide 10 to speak about the highlights of the steel plan. In this first slide, we see the results of our commercial activity with a reduction of 6% in the quarter sales because of the typical seasonality of the period. This retraction is also due to the high level of inventory among local distributors, increasing the volume of imported material in the domestic market. Now it's important to note that most of the reduction of commercial activity mainly came from the foreign market. There's a reduction of 7.5% in the pace of sales vis-a-vis the previous year due to the foreign pressure mentioned and the strategies adopted by the company during the year where we are prioritizing profitability instead of volume.

至此，我們完成合併業績的簡報，接著可到第10頁談鋼鐵計畫的重點。在第一張投影片中，我們看到商業活動的結果：由於該期間典型的季節性因素，本季度銷量下降6%。這一下滑也與本地經銷商庫存水位偏高有關，導致國內市場進口材料量增加。需要強調的是，商業活動下降的大部分主要來自海外市場。相較去年，銷售節奏下降7.5%，原因是前述的外部壓力，以及公司在本年度採取的策略——我們優先追求獲利而非銷量。

In the following slide, for production, we see that the result of the fourth quarter is the highest quarterly volume for 2025. We have been able to obtain greater efficiency at our production center. The strong drop in annual comparison is due to a stop for maintenance of our furnace without further consequences for the products of produced and the price per tonne.

在下一頁的生產方面，我們看到第四季度是2025年單季產量最高的一季。我們在生產中心取得了更高的效率。與去年相比的大幅下滑，主要是因為我們的高爐停爐維修；對產出產品及每噸價格未造成進一步影響。

To the right of the slide, you can see that the cost of production dropped once again in this quarter, reaching the lowest level in the last four years, reflecting an increase of efficiency in our production process with a better use of raw material. Now the performance per ton also had a significant improvement because of the positive dynamic of cost and the positive effects recorded in the period. A lower level of use of our installed capacity also helped.

在投影片右側可以看到，本季度生產成本再次下降，達到過去四年最低水準，反映我們生產流程效率提升以及對原料的更佳利用。每噸表現也因成本的正向變化及本期記錄的正面效應而顯著改善。較低的裝置產能利用率也有所助益。

We go on to the financial performance of the steel mill on slide 12. That strategy of prioritizing profitability instead of volume during part of the year 2025 was assertive. We had consolidated growth of 2.6% in the annual average price despite the difficulties with imported material. On the other hand, we're still being pressured by the struggle of the company against imports and the stop of the furnace number 2.

我們在第12頁進入鋼廠的財務表現。在2025年部分期間採取「優先獲利而非銷量」的策略是正確的。儘管面臨進口材料的困難，我們的全年平均價格仍實現2.6%的合併成長。另一方面，我們仍受到公司對抗進口的壓力以及2號高爐停爐的影響。

To the right, the story is different. We had an increase in profitability in the quarter and for the year. You see the operational efficiency and the commercial discipline that is very consistent with prices despite the highly competitive environment. We also had the positive impact of the extraordinary effect that I mentioned previously. Now also because the profitability is the result of a very assertive productive efficiency that we have adopted for the local market. Now to address that pressure of imported material with the competitive measures being adopted, the steel mill will be an important vector of growth for the results of 2026.

右側的情況則不同。我們在本季度及全年獲利能力均有所提升。可以看到營運效率與商業紀律，即使在高度競爭的環境下，仍能使價格表現非常一致。我們也受到我先前提到的非常態效應的正面影響。此外，獲利能力也來自我們為本地市場採取的非常有效的生產效率措施。為了因應進口材料的壓力並採取競爭性措施，鋼廠將成為2026年業績成長的重要驅動因素。

Let's now go on to the Mining segment. On slide number 14, we have the results of production and sales. 2025 was a special year for CSN with records in purchases and production. For the first time, we went beyond 45 million tons produced in the period.

接下來我們進入礦業事業部。在第14頁，我們呈現產量與銷量結果。2025年對CSN而言是特別的一年，採購與產量均創下紀錄。我們首次在該期間的產量突破4,500萬噸。

This performance shows the high efficiency in production and our logistic efficiency. Now we reached the guidance and went beyond it for the year. This was the second-best quarter in the history of the company, only behind the previous quarter because of the beginning of rainfall. For the year, we had a volume of 45.9 million tons sold, which represents the best results in the company's results, showing the strengthening of our logistics platform and our capacity per shipment. With the 2025 results, the company was able to record an average growth of 8.4% since the IPO with extraordinary operational efficiency.

這項表現顯示我們在生產效率與物流效率方面都很高。我們達成並超越了本年度指引。這是公司史上第二佳季度，僅次於上一季度，原因是降雨季開始。全年銷量達4,590萬噸，為公司最佳成績，顯示我們物流平台的強化以及單次出貨能力的提升。憑藉2025年的成果，公司自IPO以來錄得平均8.4%的成長，展現卓越的營運效率。

Now regarding the financial performance on slide 15, the reduction of net revenue during the quarter reflects a combination of a lower volume of shipment with a slight reduction in price. Nevertheless, the results of the year shows some growth of 18% with operational records and maintaining the iron ore prices at high levels. In EBITDA, we also had a strong performance with an increase of 9% for the period with an adjusted margin of 41%. The annual result is due to the sales volume and a better performance here in the efficiency and the cost efficiency. This shows the structural robustness of the sector of mining.

關於第15頁的財務表現，本季度淨營收下降反映出出貨量較低與價格小幅下滑的組合影響。然而，全年結果仍顯示18%的成長，受惠於營運紀錄以及鐵礦石價格維持在高位。在EBITDA方面，我們同樣表現強勁，本期成長9%，調整後利潤率為41%。全年表現主要來自銷售量，以及在效率與成本效率方面更佳的表現。這顯示礦業部門的結構性韌性。

Here, we have adjusted EBITDA for the fourth quarter compared to the previous quarter. In this case, we can see the impact of seasonality of the period with lower volumes because of the beginning of rainfall. Now additionally, the performance was also impacted by a worsening in the cost of freight, more purchases from third parties and because of the effect of cargoes exposed to future periods.

在此，我們呈現第四季相較前一季的調整後 EBITDA。在這個情況下，我們可以看到由於降雨季開始、出貨量較低所帶來的季節性影響。此外，績效也受到運費成本惡化、向第三方採購增加，以及部分貨載暴露於未來期間影響的衝擊。

Let's go on to analyzing cement. On slide 18, we see the sales volume for the quarter and for the year. In cement, seasonality is even more marked at the end of the year. Because of the rainfall, we have a lower number of working days. We also have the holidays at the end of the year. This justifies the impact on sales for the year. Now in the yearly performance, we see stability despite the price increase in the second half of the year.

接著我們來分析水泥業務。在第 18 頁投影片，我們看到本季與全年銷售量。在水泥業務中，年末的季節性更為明顯。由於降雨，我們的工作天數較少。同時年末也有假期。這些因素解釋了全年銷售所受到的影響。而在全年表現方面，儘管下半年價格上調，我們仍看到整體維持穩定。

This shows a good level of consumption of cement in the Brazilian market despite the high interest rates in the country. This also proves the resiliency of the demand and the commitment of the company of preserving volumes in a highly competitive environment. In the next slide, we see the financial performance of the segment with a drop of 6% in net revenue because of the seasonality offsetting the price increase for the period. On the other hand, the results for the year shows the highest level of revenue recorded for the company. Now we have scale, logistic efficiency, and operational discipline, enabling us to capture opportunities associated to additional demand.

這顯示即使巴西利率處於高檔，巴西市場的水泥消費仍維持良好水準。這也證明需求的韌性，以及公司在高度競爭環境中維持出貨量的承諾。在下一頁投影片，我們看到該事業部的財務表現：由於季節性因素抵銷了本期的漲價效果，淨營收下滑 6%。另一方面，全年結果顯示公司錄得史上最高營收水準。目前我們具備規模、物流效率與營運紀律，使我們能掌握與額外需求相關的機會。

As regards to EBITDA, we had a slight drop because of the increase of raw material observed in the first half of the year that were normalized throughout 2025. This allowed us to have profitability close to 30% in the second half of the year, the highest margin in the entire sector, reinforcing the competitive edge of our operation because we're working with newer plants and a fully verticalized system.

就 EBITDA 而言，由於上半年觀察到的原物料上漲並在 2025 年逐步正常化，我們出現小幅下滑。這使我們在下半年達到接近 30% 的獲利率，為全產業最高毛利率，並強化我們營運的競爭優勢，因為我們採用較新的廠房以及完全垂直整合的系統。

We go on to analyzing the logistics segment on slide 21. Here, we see new records attained during the year 2025. Net revenue and EBITDA were increased through efficiency that ended up in the highest EBITDA ever recorded. This also was helped by the Grupo Tora working with railroad and because we now have control over the entire logistics chain. We have railroad logistics, this is the main driver of the results, sustained by a strong movement of cargo, especially sustained by MRS. EBITDA reached almost BRL2 billion with a margin of 44%, a level slightly below 2024 because of the lower contribution of the port model and lower margins from the Tora Group.

接著我們在第 21 頁投影片分析物流事業部。在此，我們看到 2025 年創下新的紀錄。淨營收與 EBITDA 透過效率提升而增加，並帶來公司史上最高的 EBITDA。這也受惠於 Tora 集團在鐵路業務的運作，以及我們如今已掌控整條物流鏈。鐵路物流是成果的主要驅動因素，在強勁貨運量帶動下，尤其是由 MRS 所支撐。EBITDA 接近 20 億巴西雷亞爾，利潤率 44%，較 2024 年略低，原因是港口模式貢獻較低，以及 Tora 集團利潤率較低。

Finally, we go on to slide 23 to speak about energy, another segment presenting historical records. Here, the financial performance was driven by the operational robustness and the price of the sale of energy during the year. We had a growth of 79% in '25 with an adjusted EBITDA margin of 54%.

最後，我們到第 23 頁投影片談能源業務，這也是另一個創下歷史紀錄的事業部。此處的財務表現主要由營運韌性以及年度售電價格所驅動。我們在 2025 年成長 79%，調整後 EBITDA 利潤率為 54%。

With this, I would like to end the presentation of the segment, and I invite Helena Guerra to present our ESG highlights.

以上我想結束各事業部的簡報，並邀請 Helena Guerra 介紹我們的 ESG 重點。

Well, good morning, everybody. When we speak about the strides in our ESG agenda, I think the main point is very simple. We're not dealing with a simple agenda. All of the achievements are in the operational area, in the financial area and others. Now we have increased the security of our dams.

各位早安。談到我們在 ESG 議程上的進展，我認為重點其實很簡單。我們面對的不是一個單純的議程。所有成果都體現在營運面、財務面以及其他領域。目前我們已提升尾礦壩的安全性。

We began 2025 with our dams being fully certified besides the advances in our schedule of decharacterization of the dams. This, of course, is fundamental in mining to reduce our environmental liabilities. Despite that heavy volume of rains that we have recorded, our operations maintain their conditions stable and secure with all of the company operating under safety. This shows the robustness of our platform. In terms of operational security, the rate of accidents stands at 1.9%, stable during the year.

我們在 2025 年開始時，尾礦壩已全面取得認證，同時也推進尾礦壩去特徵化（decharacterization）時程。這對採礦業而言當然至關重要，有助於降低我們的環境負債。儘管我們記錄到大量降雨，我們的營運仍維持穩定且安全的狀態，公司所有作業皆在安全條件下運行。這展現了我們平台的韌性。在營運安全方面，事故率為 1.9%，全年維持穩定。

We had a reduction of more than 10% in events with the potential of being lethal, serious consequences with a reduction of 67%. This means more secure operations and less operational losses. In environmental management, we continue to advance in our investments -- what is important is to streamline everything we have. We have BRL750 million invested with relevant impacts in the quality of Volta Redonda and in areas surrounding our operations. And this also reduces our regulatory risk of our main assets.

我們將具致命風險的事件降低超過 10%，而嚴重後果事件則降低 67%。這代表營運更安全、營運損失更少。在環境管理方面，我們持續推進投資——重點是將既有的一切流程更精實化。我們已投資 7.5 億巴西雷亞爾，對 Volta Redonda 的環境品質以及營運周邊區域帶來顯著影響。同時也降低我們主要資產的法規風險。

Now we have advanced in the reduction of CO2 in our cement operation. We are the best company when it comes to the price of carbon among global companies. And we had a relevant evolution in the main ESG indicators in 2025, of course, we have improved our position in all of the global entities. We are among the best assessed worldwide. And we have joined the CDP for climate in terms of risk management.

此外，我們也在水泥營運的二氧化碳減量方面取得進展。在全球同業中，我們在碳價相關表現方面是最佳公司。而在 2025 年，我們在主要 ESG 指標上也有顯著提升，當然，我們在各全球評比機構中的排名皆有所改善。我們名列全球評等最佳之列。同時，我們也加入 CDP 氣候評比，以強化風險管理。

Another important point, I'm almost concluding here. We have reached our goal and diversity goal set forth in 2020. Now we have reached 28%. This is an important achievement, but it also helps us to retain our employees, especially in a sector that is so labor intensive. And it also generates operational gains.

另一個重要重點，我也快要結束了。我們已達成 2020 年所設定的多元化目標。目前我們已達到 28%。這是一項重要成就，也有助於留任員工，尤其是在一個高度勞力密集的產業。同時也帶來營運上的增益。

In 2025, our program for continuous improvement -- well, invested more than BRL120 million per year. All of this reinforces what we have always wanted. Our ESG agenda does not happen in isolation from our operations. We have worked to have less regulatory risk, less environmental risk, and this means better stability and competitiveness for the company as a whole. Thank you very much.

在 2025 年，我們的持續改善計畫——每年投資超過 1.2 億巴西雷亞爾。這一切都強化了我們一直以來所追求的方向。我們的 ESG 議程並非與營運脫節、孤立進行。我們致力於降低法規風險、降低環境風險，這意味著公司整體更穩定、競爭力更強。非常感謝。

I will return the floor to Marco.

我把發言權交還給 Marco。

Thank you. We will now give the floor to our CEO, Benjamin Steinbruch for his remarks.

謝謝。接下來我們把發言權交給我們的執行長 Benjamin Steinbruch，請他致詞。

Good morning, everybody, and welcome to the CSN earnings results. I will begin by the segments, beginning with mining. We had a very good year in 2025 with all of the records achieved in terms of production, purchases, shipment, working arduously on cost. We were able to maintain a lower guidance in cost that was set forth for the year 2025 and month after month, attaining the necessary production with an important follow-up of the shipments at the port. Now the forecast with investments, especially regarding P15 are materializing according to the schedule.

各位早安，歡迎參加 CSN 財報結果說明。我將從各事業部開始，先談採礦。2025 年對我們而言是非常好的一年，在產量、採購、出貨等方面都創下紀錄，並且持續努力控管成本。我們得以維持 2025 年所設定的較低成本指引，並且月復一月達成所需產量，同時對港口出貨進行重要追蹤管理。目前投資的預期，特別是關於 P15 的部分，正依照時程逐步落實。

We're following on the evolution closely of this project is one of the main projects for mining. The prices are higher than the market expected. This contributed to our results as well as contributing for our performance in 2026. We had that outlook of a price increase because of the war, because of China. We had significant increases in prices very recently.

我們正密切追蹤該專案的進展，這是採礦業務的主要專案之一。價格高於市場預期。這不僅貢獻了我們的業績，也將支撐我們在 2026 年的表現。我們原先預期因戰爭以及中國因素而帶動價格上升。而近期價格確實出現顯著上漲。

And of course, we have our commitment with cost. This is part of the lower range of the guidance, a commitment that we have made and we are following up on the increase of production at the ports month after month with good results. Therefore, I think the results are better than we had expected, not only in terms of production, but also in terms of shipments, purchases and reducing costs. I would say that we're doing the same this year. We're challenging ourselves ever more in production, in mining and the shipments at the port with a constant cost reduction.

當然，我們也有在成本方面的承諾。這屬於指引區間的較低端，是我們已做出的承諾；我們正逐月跟進港口產量的提升，且成果良好。因此，我認為結果比我們預期更好，不僅在產量方面，也包括出貨、採購以及降本。我會說今年我們也在做同樣的事。我們在生產、採礦以及港口出貨方面持續自我加壓，同時不斷降低成本。

In terms of steel, we began important work in the second half of last year to reduce costs, to have more predictable production. And quarter-on-quarter, we work to obtain these results. We have already reached the lower cost -- lowest cost in the steel mill in the last few years, and we're working on this to make it something constant so that we can ever more have a cost reduction with the measures adopted by the government in terms of antidumping that had an enormous impact on our value-added products on our coated products that were coming in, in volumes higher than 60% to 70% in the market. And with the present-day measures, we believe the Brazilian market can go back to normalcy working without these aggressive measures and the turbulence due to the excessive imports we were facing. We believe that prices will slow down, and this will lead to an improvement.

在鋼鐵方面，我們從去年下半年開始推動重要工作，以降低成本並讓生產更可預測。我們逐季努力以取得這些成果。我們已達到鋼廠近幾年來的最低成本，並正努力把它變成常態；同時，政府在反傾銷方面採取的措施也讓我們能進一步降本——這些措施對我們的高附加價值產品、尤其是塗鍍產品影響巨大，因為先前進口量在市場中高達60%到70%。在目前的措施下，我們相信巴西市場可以回歸正常，在不需要這些激進作法、也不再受我們先前面對的過度進口所造成的動盪影響下運作。我們相信價格將趨於放緩，這將帶來改善。

We're also strongly working towards reducing our inventories. With this, we're going to harness an enormous amount of cash. We have BRL12 billion in inventory. We hope to be able to reduce this soon through the sale of finished products of all types of products and also in terms of raw material and products that are under production. All of this, of course, will enhance our values in terms of parts and equipment.

我們也正大力推動降低庫存。藉此，我們將釋放大量現金。我們目前有120億雷亞爾的庫存。我們希望能很快透過銷售各類成品，以及降低原材料與在製品，來減少這些庫存。當然，這一切也將提升我們在零件與設備方面的價值。

Well, there will be an increase because of the P15 project. As you know, all of the parts are coming in. They have had an increase, but we're also working with what we have from other sectors that -- well, do not refer to the P15. We believe that the steel mill will continue to deliver very good results. We're working with furnace 3, producing the same amount we produce with furnace 2 or producing practically the same amount.

嗯，因為P15專案，將會有增加。如各位所知，所有零件都正在到貨。它們確實有所增加，但我們也在運用其他部門現有的資源——也就是與P15無關的部分。我們相信鋼廠將持續交出非常好的成果。我們正使用3號高爐運轉，產量與2號高爐相同或幾乎相同。

And of course, this has a significant cost reduction. And this is something that we want to put in place. This is what all of our workers at Volta Redonda would like to achieve. We hope that the steel plant will continue on with this evolution of reducing cost, but maintaining production with a price improvement in the domestic market because with the antidumping measures, we believe that the market will begin -- will become, I'm sorry, ever efficient. Now we are working quarter-on-quarter in terms of good production with prices under evolution.

當然，這帶來顯著的成本降低。這也是我們希望落實的事情。這是我們在Volta Redonda的所有員工都希望達成的目標。我們希望鋼廠能在維持產量的同時，持續沿著降本的演進前進，並且在國內市場價格改善；因為有了反傾銷措施，我們相信市場將開始——抱歉，是將變得——更加有效率。目前我們逐季推進良好產量，同時價格也在演進。

We had a timely problem with raw material for energy. The price had increased considerably. Well, this had an impact on our cost line item, but we do believe that the margin evolution that we are practicing can perhaps become annualized, and you will have a view of which would be our results for this year for cement and the results will be much higher than those we had in 2025. We had a very strong price evolution in the Northeast, more specifically and a positive price increase in the Southeastern market, especially for bulk products. So this will reiterate the good performance in 2025.

我們在能源用原材料方面曾遇到一個短期問題。價格大幅上升。這確實影響了我們的成本項目，但我們相信目前所推動的利潤率改善，或許可以年化；屆時你們將能看到我們今年水泥業務的成果，且結果將遠高於我們在2025年的表現。我們在東北部的價格走勢非常強勁；更具體而言，在東南部市場也出現正向的價格上調，尤其是散裝產品。因此，這將再次印證2025年的良好表現。

In logistics, this is the segment that has the greatest potential of valuation for CSN. We have created a company of logistics, which will enable us to have all of our assets properly priced for mining and steel. Now the price is practically 50% less than you normally see in logistics companies. We believe that the contribution of this will be enormous for the company once our investments in logistics become fully operational, which we believe will happen in the third quarter of this year. Now regarding energy, there's another important pillar for us for growth, of course.

在物流方面，這是CSN最具估值提升潛力的業務板塊。我們成立了一家物流公司，這將使我們所有資產能夠為採礦與鋼鐵業務得到合理定價。目前的定價幾乎比一般物流公司低50%。我們相信，一旦我們在物流方面的投資全面投入運營，將對公司帶來巨大的貢獻；我們預期這會在今年第三季發生。至於能源，當然也是我們成長的另一個重要支柱。

We had the positive growth of last year with very good margins. We have an asset that will strongly contribute to the results of CSN for the year 2026. We had an EBITDA that was higher than that of last year, 15% higher, reaching almost BRL2 billion. This is an expressive figure, BRL2 billion in EBITDA is a significant amount. We had a timely problem of an increase in debt.

我們去年實現了正向成長，且利潤率非常好。我們有一項資產將對CSN在2026年的業績做出強力貢獻。我們的EBITDA高於去年，增加15%，接近20億雷亞爾。這是一個相當可觀的數字，20億雷亞爾的EBITDA是很大的金額。我們曾遇到一個短期的負債增加問題。

Marco can perhaps clarify this subsequently. But it was a onetime effect due to the nonrenewal of the prepayments for mining, the exchange issue that favored mining considerably. And of course, Marco can give you further explanation on this. Now that -- this is simply a onetime effect, and we will recover this with the exchange rate without a doubt in the first quarter and the renewal of the prepayment for the export of iron ore that we carry out in large volumes. This is not something we do every month or every two months because we need to have the necessary volumes to obtain the prepayment, but Marco subsequently can fully explain to you what happened regarding our debt in the fourth quarter.

Marco之後或許可以進一步說明。但這是一次性影響，源於採礦預收款未續作，以及匯率因素大幅有利於採礦業務。當然，Marco可以就此提供更多解釋。這只是一次性影響；毫無疑問，我們將在第一季透過匯率回補，並續作我們以大宗量進行的鐵礦石出口預收款而恢復。我們不會每個月或每兩個月都做，因為需要達到必要的量才能取得預收款；但Marco之後可以完整向各位說明第四季負債方面發生了什麼。

Speaking very generously, I can say that CSN is doing very well in all of its production sector, logistics, mining, steel, and others. And the steel segment is also converging towards this with the efforts that we are doing. And what we want is not to have significant cash burn. We see this in 2025 vis-a-vis 2024. We're going to put a halt to this in 2026. Along with the deleveraging measures we have announced, we believe that in the second quarter, we will begin to show very good results.

坦白說，我可以說CSN在所有生產領域都表現得非常好：物流、採礦、鋼鐵以及其他業務。鋼鐵板塊也在我們所做的努力下朝這個方向收斂。而我們想要的是不要出現顯著的現金消耗。我們在2025相較於2024已看到這一點。我們將在2026年讓這件事停止。配合我們已宣布的去槓桿措施，我們相信在第二季將開始展現非常好的成果。

This is what I wanted to share with you, and I return the floor to Marco Rabello. Thank you very much for your attention.

以上是我想與各位分享的內容，接下來把時間交還給Marco Rabello。非常感謝各位的關注。

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

謝謝你，Benjamin。現在我們進入問答環節。

(Operator Instructions) Rafael Barcellos, Bradesco BBI.

(接線員指示) Rafael Barcellos，Bradesco BBI。

The first question regarding your disinvestment plan presented about a month ago. If you could share with us the details of the negotiation and which is the timing for seeing to begin the operations?

第一個問題是關於你們大約一個月前提出的資產處置計畫。能否與我們分享談判細節，以及預計何時能開始看到相關營運啟動？

My second question regarding the steel plant. We have observed some price initiatives. I believe there is a 5% increase set forth for April. So which is your view of the dynamic of demand, inventory price and the efficacy of the recent measures adopted for the market protection measures announced recently.

第二個問題是關於鋼廠。我們觀察到一些價格調整的動作。我認為4月將有5%的調漲。那麼你們如何看待需求動態、庫存與價格，以及近期所採取、用於市場保護的措施之有效性（這些措施是最近宣布的）？

Thank you for the question. This is Marco Rabello. I will address your first point. As you heard on January 15, we're highly focused. As Benjamin mentioned in his comments, we want to have the signing of all of these processes in the third quarter of this year.

感謝您的提問。我是 Marco Rabello。我將回應您的第一點。如您在 1 月 15 日所聽到的，我們高度聚焦。如 Benjamin 在他的評論中提到的，我們希望在今年第三季完成所有這些流程的簽署。

Now in the case of the sale of the control of cement, this is a very healthy process. We have received several proposals after the presentation of January. We have potential buyers from different geographies, several from Asia, from Europe as well as Brazilian ones. So we believe we will have a highly healthy and competitive process for the sale of cement. We have Morgan Stanley with a mandate to head this operation.

至於出售水泥控股權的情況，這是一個非常健康的流程。在 1 月的簡報之後，我們已收到多份提案。我們有來自不同地理區域的潛在買家，包括多家來自亞洲、歐洲以及巴西本地的買家。因此，我們相信水泥出售將是一個非常健康且具競爭性的流程。我們已委任摩根士丹利（Morgan Stanley）主導此項作業。

We have been working with them for some time. The entire process for the preparation of material BDR information package is well advanced. We believe we will have a speedy process in the coming months. And to give you more color, the signing will be in the third quarter. In two months, we will have several proposals and everything is quite feasible.

我們與他們合作已有一段時間。整個用於準備材料的 BDR 資訊包流程已相當成熟。我們相信未來幾個月流程會很迅速。再補充一些細節，簽署將在第三季完成。兩個月內，我們將收到多份提案，一切都相當可行。

Regarding the infrastructure, the process is advancing positively. As support, we have Bradesco and Citibank. We have advanced in a different way. We spoke with the potential buyers before the transaction. In 2025, we were testing the potential of this vehicle and the results were positive.

關於基礎設施方面，流程正面推進。在支援方面，我們有 Bradesco 與花旗銀行（Citibank）。我們以不同方式推進。我們在交易前就與潛在買家進行了溝通。在 2025 年，我們測試了此載體（vehicle）的潛力，結果是正面的。

The appetite of the market for this infrastructure platform that we have created with these seven assets is important. The dynamic has been very strong from the viewpoint of discussion with the buyers, but it does have a structural complexity that is different from cement. We're creating something new using different assets of the group for something novel. And of course, we have regulatory institutions involved in the process such as the CADE and others. For the third quarter, the commitment continues to be valid, and we will get there.

市場對我們以這七項資產所建立的基礎設施平台之興趣相當重要。從與買方討論的角度來看，互動動能非常強，但其結構性複雜度與水泥不同。我們正利用集團的不同資產，打造一個全新的事物。當然，流程中也涉及監管機構，例如 CADE 以及其他單位。對於第三季，我們的承諾仍然有效，我們會達成。

Rafael, this is Martinez to speak specifically about prices. Let's give you a more complete scenario that we have imagined for steel for the first half of the year and the second as well. If we analyze what happened in those pillars that I mentioned, cost, operational excellence, imports premiums, competitiveness, value price in the last two years, CSN was hit very strongly. We had higher costs. We were bombarded by imports.

Rafael，我是 Martinez，專門談一下價格。我來提供我們對今年上半年以及下半年的鋼鐵更完整的情境假設。如果我們分析我提到的那些支柱——成本、營運卓越、進口溢價、競爭力、價值定價——在過去兩年，CSN 受到非常嚴重的衝擊。我們的成本更高。我們受到進口的猛烈衝擊。

There still are some imports, and we have to follow the market to be able to compete. Now the opportunity is to change this curve completely. In the first quarter, we should have stable volumes in steel. And in the second quarter we're already foreseeing an expressive increase in our portfolio in added value materials that represent 50% of our output. Still in the first quarter of 2026, our forecast is that the price presented will be between 4.5% and 6% for the first quarter, keeping in mind the other initiatives that we have for the higher added value products.

目前仍有一些進口，我們必須跟上市場才能具備競爭力。現在的機會是徹底改變這條曲線。第一季，我們的鋼鐵出貨量應會保持穩定。第二季，我們已預見高附加價值材料的產品組合將顯著增加，這些產品占我們產量的 50%。另外，在 2026 年第一季，我們的預測是，第一季呈現的價格將介於 4.5% 到 6% 之間，同時也考量我們針對更高附加價值產品所推動的其他措施。

We have reduced the discount. We still have not begun that stage of price increases. I think the reduction of discounts is more important. And to reinforce what Benjamin said about antidumping measures regarding China and coated products, the initiative of CSN against antidumping is important because it will extend for five years. The entire antidumping process will extend for five years.

我們已降低折扣幅度。我們仍尚未進入那個調漲價格的階段。我認為折扣的降低更為重要。並且呼應 Benjamin 對中國及塗鍍產品反傾銷措施的說法，CSN 推動反傾銷的行動很重要，因為它將延續五年。整個反傾銷流程將延續五年。

Against China, I think those problems have been resolved. We now have the attention of the entire industry, not only of steel, but upstream industries as well. We have the issue of circumvention and the impact on trade. If you look at the exports of China to Vietnam, they ended the year with 7 million that could be also derailed to Brazil, Korea with -- so we have to be attentive to this. Another initiative is supervision of the IRS and INMETRO to guarantee that the products reaching Brazil have the proper specifications for Brazil, ensuring this will not compromise work or the performance of equipment.

針對中國，我認為那些問題已經解決。現在整個產業都在關注，不僅是鋼鐵業，也包括上游產業。我們面臨的是規避（circumvention）問題及其對貿易的影響。如果你看中國對越南的出口，去年年底達到 700 萬，這些也可能轉向巴西；還有韓國的——因此我們必須保持警覺。另一項措施是加強 IRS 與 INMETRO 的監督，以確保進入巴西的產品符合巴西的適用規格，並確保不會影響工程或設備性能。

In this first half of the year, this is our forecast for price between 4.5% and 6%. Other factors can also help us to increase prices because of the events in China, the finance, the spike in iron ore, coal that went from $200 to $250. Now -- if we put this together with operational excellence, the cost of slab dropping from BRL3,300 to BRL3,100 with those initiatives, our margin will end up with a positive two-digit figure. So these are the opportunities we foresee in the market for the first and second quarters.

在今年上半年，我們對價格的預測是介於 4.5% 到 6%。其他因素也可能幫助我們提高價格，例如中國的事件、金融因素、鐵礦石的飆升，以及煤價從 200 美元上升到 250 美元。現在——如果把這些與營運卓越結合起來，透過這些措施使板坯成本從 33,00 雷亞爾降至 31,00 雷亞爾，我們的利潤率最終將呈現正向的兩位數。因此，這些就是我們在第一季與第二季所預見的市場機會。

Martinez, a follow-up at the end of last year, when we were speaking with market participants, I understood that there was a slowdown in demand along with a higher inventory level in the market, along with the ports. Now which is the evolution of that dynamic, especially when we're at the end of the first quarter and looking at the second quarter.

Martinez，追問一下：在去年年底我們與市場參與者交流時，我理解到需求放緩，同時市場與港口的庫存水位較高。那麼這個動態的演變如何，特別是在第一季末、展望第二季的時候？

An excellent question, Rafael. Allow me to mention a third point. Last year, the apparent consumption of flat steel in Brazil that ended at 16,500 was a record an absolute record. The only problem was that the internal sales of plant was BRL12.2 million compared with BRL14 million in 2013. We still have not gone back to that level.

很好的問題，Rafael。請允許我補充第三點。去年巴西的扁鋼表觀消費量收在 16,500，創下紀錄、絕對的紀錄。唯一的問題是，國內鋼廠內銷量為 1,220 萬雷亞爾，相較 2013 年的 1,400 萬雷亞爾。我們仍尚未回到那個水準。

I have made some calculations to see what the year will be like. Imports closed last year around 25%. It's worthwhile remembering that CSN was hit by a storm, 50% aluminum, 60% metal, [feed] 43%. If we are able to reduce this and go back to a level of 30 million in the domestic market. Now there will be coming into the market, 1.5 million to 2 million. And I think this is what will happen in the domestic market.

我做了一些計算來看今年會是什麼樣子。去年進口占比約在 25% 左右。值得記住的是，CSN 遭遇了一場風暴，50% 鋁、60% 金屬、[feed] 43%。如果我們能降低這些並回到國內市場 3,000 萬的水準。那麼將會有 150 萬到 200 萬進入市場。我認為這就是國內市場將會發生的情況。

Steel will also have a strong growth, the steel consumption in Brazil, that is at a very interesting level. At the end of last year, the beginning of this year, what happened was an anticipation of the import purchases so much so that in February, according to government data double the amount was imported. So I'm saying that the opportunities are there to recover margin through the reduction of discounts and a slight price increase. This will allow us in the first and second quarters to have the inventories in Brazil to be consumed a part of them at least.

鋼鐵也將強勁成長，巴西的鋼鐵消費處於非常有吸引力的水準。去年年底到今年年初，發生的是進口採購的提前，因此根據政府數據，2 月的進口量是平常的兩倍。所以我說，透過降低折扣並小幅調漲價格，市場上存在恢復利潤率的機會。這將使我們在第一季與第二季，至少能消化巴西庫存的一部分。

What is more important is that the figure for demand continues to be strong, very healthy. And the main goal is to recover the purchase of imports for the domestic market and to have CSN recover everything in terms of the coated products.

更重要的是，需求數據仍然強勁、非常健康。而主要目標是把原本由進口供應的國內市場採購拉回來，並讓 CSN 在塗鍍產品方面全面恢復。

Daniel Sasson, Itau.

Daniel Sasson，Itau。

My first question is for Marco. I know you gave us more color in terms of your strategies that we will have novelties in the coming three months with a signing for operation in the third quarter, but some things are perhaps outside of the control of the company, market conditions, for example, which are the alternatives -- strategic alternatives you have in mind as your B or C plan? If you will have a bridge loan, a temporary financial structure to calm down the market and buy you some time to analyze that competitive process that seems to be very healthy for the cement assets, especially. It would be interesting to understand your mindset regarding those alternatives. A follow-up for Martinez about the previous question.

我的第一個問題是給 Marco 的。我知道你在策略方面給了我們更多細節，提到未來三個月會有新進展，並且在第三季會有一項營運簽約，但有些事情可能不在公司可控範圍內，例如市場狀況；那麼你們心中有哪些替代方案——也就是你們的 B 計畫或 C 計畫的策略性替代方案是什麼？你們是否會採用過橋貸款（bridge loan）、一個暫時性的財務架構，來安撫市場並爭取一些時間，以便分析那個看起來對水泥資產尤其非常健康的競爭流程？了解你對這些替代方案的思維會很有意思。另外也請 Martinez 針對前一個問題做個追問回應。

Martinez referred to the volumes coming from China. They are now more protected, the five-year extension of the antidumping law. Are you concerned with volume coming from other places, for example, volumes coming in from Korea. And are you going to request that investigation be begun for products coming in from other countries? Is this something we can see happening in the short term?

Martinez 提到了來自中國的出貨量。現在它們受到更多保護，也就是反傾銷法的五年延長。你是否擔心來自其他地方的量，例如從韓國進口的量？你們是否會要求對來自其他國家的產品啟動調查？這是否可能在短期內發生？

In May, you have the maturity of that second year of that hybrid system of quotas and tariffs. Will this system be replaced a 25% import tariff for everybody? Or would this not happen simply so that we can better understand your mindset?

在 5 月，你們那個配額與關稅混合制度的第二年將到期。這個制度是否會被「對所有人一律課徵 25% 進口關稅」所取代？或者不會發生？只是想更好地理解你們的想法。

Daniel, this is Marco. Thank you for the question. Well, first of all, you know how all companies work, especially companies of the size of CSN. Financial management has a myriad of options, alternatives, and strategies, not only to address the liquidity of the company, but also the debt of the company. And we have an entire hallmark at our disposal that we are building to be able to use.

Daniel，我是 Marco。謝謝你的提問。首先，你也知道所有公司如何運作，尤其是像 CSN 這種規模的公司。財務管理有無數的選項、替代方案與策略，不僅用來處理公司的流動性，也用來處理公司的負債。而且我們手上有一整套工具箱（hallmark），我們正在建構，以便在需要時使用。

And because of our company profile, we will only bring to the market something when the operation has been signed, closed, and has become fully formal. We will disclose this to the market with great isonomy. We avoid bringing in intermediate operations about financial operations that the company is considering. Now to answer your question, and because of media, there is a great deal of information on media about the operations the company is working on. Yes, as you mentioned, and I said during the presentation, we do believe on the sale of assets of the company.

基於我們公司的特性，只有在交易已簽署、已完成並且完全正式化之後，我們才會向市場發布資訊。我們會以高度一致性與公平性（isonomy）對市場揭露。我們避免在公司仍在考量中的財務操作上，向市場拋出中間階段的交易訊息。現在回到你的問題，因為媒體的關係，媒體上有大量關於公司正在推進之交易的資訊。是的，如你所提到、也如我在簡報中所說，我們確實相信公司資產出售。

This has been very healthy. Cement stands out. Cement has a higher check involved in the operation. It's more emblematic and it draws more attention of the market. They mentioned in the market that we were carrying out an operation with that asset.

這一直是非常健康的作法。其中水泥特別突出。水泥交易涉及的支票金額更大。它更具代表性，也更吸引市場注意。市場上曾提到我們正在就該資產進行一項交易。

Now our priority is a structure where the sale of cement is a collateral to the operation. We were very close to concluding that operation a few weeks ago. We had negative events, including other companies that were not CSN. And this generated a great deal of noise in the credit market private credit funds, banks as well.

目前我們的優先事項，是建立一個以水泥出售作為該交易擔保品（collateral）的結構。幾週前我們非常接近完成那筆交易。但我們遇到了一些負面事件，其中包括其他公司（並非 CSN）發生的事件。這在信貸市場造成了大量雜音，包含私募信貸基金與銀行也是如此。

Now if we speak about the war, we're all following up on this. We ended up not signing at that moment. We have waited a few more days waiting for the dust to settle. We are now back with this operation in the market. The same group of banks that was with us is presently working with us again.

如果談到戰爭，我們都在持續關注。因此我們當時最終沒有簽約。我們多等了幾天，等待塵埃落定。現在我們已經把這筆交易重新帶回市場。先前與我們合作的同一組銀行，目前也再次與我們一起推進。

And the operation at this point is very mature. In a matter of days, very few days, this operation should be signed and fully closed. Once it is closed, the company will formally disclose this to the market to inform all the stakeholders directly. Of course, we have other options. I focus more on this one because of its media presence.

而且這筆交易目前已非常成熟。在幾天內、非常短的幾天內，這筆交易應該就會簽署並完全完成交割。一旦完成，公司將正式向市場揭露，直接告知所有利害關係人。當然，我們也有其他選項。我之所以更聚焦在這一項，是因為它在媒體上的能見度較高。

I prefer to give you more color on that operation that is very close to the closing. And it will be a highly healthy operation, bringing about qualitative and financial benefits for CSN for the sale process and for our creditors as well.

我更希望就這筆非常接近完成的交易，提供你更多細節。這將是一筆非常健康的交易，無論在出售流程上，或對 CSN 以及我們的債權人而言，都會帶來質化與財務上的效益。

Daniel, that's an important question. There's a piece of data that I would like to reinforce here. The participation of the government has been decisive at this point in time. We need to thank the participation of Minister Alckmin and Mr. Rosa.

Daniel，這是一個重要的問題。這裡我想強調一個數據點。在這個時間點，政府的參與具有決定性。我們必須感謝 Alckmin 部長與 Rosa 先生的參與。

After a long time, we were able to convince them that we cannot compete with China. Secondly, there's an issue of the industrialization that could happen faster than we imagined and that measures have to be put in place with a greater speed. In the last four or five months, we were able to achieve this. Regarding the antidumping, when we began the process, we worked on antidumping because this is a system that will extend for five years. In metal sheet.

經過很長一段時間，我們終於說服他們：我們無法與中國競爭。第二，還有一個問題是，工業化的衝擊可能比我們想像的更快發生，因此必須以更快的速度推出措施。在過去四到五個月，我們做到了這一點。關於反傾銷，當我們啟動流程時，我們選擇以反傾銷著手，因為這是一個可延續五年的制度。在金屬板材方面。

First of all, we worked with China, and I'm referring to margins simply to give you an idea, margins of $300 to $500 in dumping margins in Brazil. And a month ago, the government also approved the antidumping project for prepainted and galvanized with very high margins of $300 to $700 in the case of galvanized products in metal sheets and the end of the investigation will be in four, five months against Germany, Holland, and Japan. It's not only China working with dumping in Brazil. In tinplate, we found margins of $500 to $800 per ton of tinplate.

首先，我們針對中國採取行動；我提到的幅度只是讓你有概念，在巴西的傾銷幅度（dumping margins）約為 300 到 500 美元。而在一個月前，政府也核准了對彩塗與鍍鋅產品的反傾銷案，幅度非常高；以金屬板材中的鍍鋅產品為例，幅度約為 300 到 700 美元；而針對德國、荷蘭與日本的調查將在四到五個月內結案。在巴西進行傾銷的不只有中國。在鍍錫板（tinplate）方面，我們發現每噸 500 到 800 美元的幅度。

Now regarding the derailing circumvention, route of escape for trade, it's important to highlight that in coal roles, the main problem here is Korea. We're working with the government to observe in those countries and with other products, what could be done. Another country that entered Brazil in tinplate without a background is India. So there are some countries we have our eyes on so that we can lead to a fore encompassing discussion regarding antidumping. We have India, Korea and more. Another important matter, we have to be careful with this, and it comes from Paraguay.

至於規避（circumvention）、也就是貿易的逃避路徑，重要的是要強調：在冷軋捲（coal roles）方面，這裡的主要問題是韓國。我們正與政府合作，觀察這些國家以及其他產品，看看可以採取什麼措施。另一個在鍍錫板方面無預警進入巴西的國家是印度。因此有一些國家是我們正在關注的，以便推動更全面的反傾銷討論。包括印度、韓國等。另外一個重要議題是，我們必須小心，因為它來自巴拉圭。

There are some companies that could bring the products to Paraguay and bring them to Brazil without tariffs. We're closing up this operation to be fully competitive in this sense. Regarding China, nowadays, the premiums with imported material nationalized coming from China are already negative. So as I mentioned, we began to carry out some reductions in discounts. They are very timely for coated products. And throughout this quarter, beginning of next quarter, we will begin to recover a more equal level of imports and premiums.

有些公司可能把產品先運到巴拉圭，再免關稅運到巴西。我們正在把這個漏洞補起來，以便在這方面具備完全的競爭力。至於中國，目前來自中國、完成報關國內化的進口材料，其溢價（premiums）已經是負的。因此如我所提到，我們開始進行一些折扣的下調。這對塗鍍產品非常及時。而在本季期間、以及下季初，我們將開始恢復到一個更為均衡的進口水準與溢價水準。

Thank you very much, Martinez. Regarding the possibility that the government will abandon that system of tariffs and quotes in May, well, what was simpler was to put a 25-import levy for everything. It's not long lasting like the antidumping. So the great victory was to put for the main products of CSN, the antidumping mechanism the government has 14 systems under the quota and tariff system.

非常感謝你，Martinez。關於政府在5月可能會放棄那套配額與關稅制度的可能性，嗯，更簡單的做法其實是對所有進口一律課徵25%的進口附加稅。它不像反傾銷那樣具有長期性。因此，最大的勝利是：針對CSN的主要產品，採用了反傾銷機制；政府在配額與關稅制度下有14套機制。

And there is pressure from the steel companies that this should become 25% for all. Now finally, there are 7 million of steel coming to Brazil through direct imports. Of the 6 million that comes into Brazil, there's an additional BRL7 million coming in indirectly.

而鋼鐵公司方面也有壓力，希望這能變成對所有產品一律25%。目前最終有700萬噸鋼材透過直接進口進入巴西。在進入巴西的600萬噸之外，還有額外700萬雷亞爾是以間接方式進來的。

And in the stream changes, the government sees an increase in imports, home appliances, machines, equipment. Last year, there were 500,000 cars imported into Brazil. So the industry as a whole has understood that this is not a problem for steel. It refers to competitive isonomy for the industry as a whole.

而在貿易流向的變化中，政府看到進口增加的包括家電、機械、設備。去年有50萬輛汽車進口到巴西。因此整個產業已經理解，這不只是鋼鐵的問題。這關乎整個產業的競爭對等（isonomy）。

Tatiana Canceini, J.P. Morgan.

Tatiana Canceini，摩根大通（J.P. Morgan）。

First of all, a follow-up. You're speaking a great deal about investments. I would also like to hear a follow-up on partners in steel. We saw that the result of this quarter, independent of the adjustments show that this is a very challenging industry. What is happening to these partnerships in the steel sector? And if you have news of a potential sale, is this part of the pipeline and which is the partnership?

首先，一個追問。你們談了很多投資。我也想追問一下鋼鐵業務的合作夥伴。我們看到本季的結果，即使不考慮調整，也顯示這是一個非常具挑戰性的產業。鋼鐵部門的這些合作關係目前進展如何？另外，如果你們有潛在出售的消息，這是否在規劃管線中？以及是哪一項合作？

The second question for steel again refers to imports. What do you foresee as being different vis-a-vis what has been approved in antidumping compared to tinplates. Is there a different protection for tinplates? Do you have to speak to the government? Is this the only path open to you?

第二個問題同樣是關於鋼鐵的進口。你們預期在反傾銷已核准的措施相較於鍍錫板（tinplates）會有哪些不同？鍍錫板是否有不同的保護？你們是否需要與政府溝通？這是否是你們唯一可行的途徑？

Tatiana, this is Marco. I will answer the first part of the question. First, referring to the steel plant. We had a significant cost reduction during the year. In the fourth quarter, we had the lowest cost of production for slab in the last four years. So everything referring to the competency capacity of the company, well, we're delivering this. Now with the antidumping measures approved and with the prices, we do have this new equation of price recovery, and this will enable the steel plant to continue growing its EBITDA to appropriate levels.

Tatiana，我是Marco。我先回答問題的第一部分。首先，談到鋼廠。我們在一年內大幅降低了成本。在第四季，我們達到過去四年來板坯（slab）最低的生產成本。因此，凡是與公司能力與產能相關的部分，我們都在交付成果。現在隨著反傾銷措施獲准以及價格回升，我們確實有了新的價格修復方程式，這將使鋼廠能夠持續提升EBITDA至合理水準。

Regarding strategic alternatives and plans, we have a plan from January 15, we're carrying out an in-depth assessment process in-house that will take some more months to discuss the type of partnership we want, the projects we will work with, with those partners to reach an EBITDA margin that is even higher already aided and updated by the prices. This is the assessment we're carrying out at present.

至於策略性替代方案與規劃，我們自1月15日起，在公司內部進行深入評估流程，還需要再花幾個月，來討論我們想要的合作型態、要與合作夥伴推進的專案，以達到更高的EBITDA利潤率，而這也已經在價格上行的幫助下有所改善與更新。這就是我們目前正在進行的評估。

Regarding your question about the company's sale, there is no definition in the company until we are able to assess investment routes, possible partnerships to support a better profitability in the steel plant. As soon as we have something, of course, we will broadly disclose this to the market regarding imports. What I am forecasting for the year is a drop of BRL1.5 million to BRL2 million in imports. What happened in January and February was simply an anticipation of purchases.

關於你問到公司出售的問題，在我們能夠評估投資路徑、以及可能支持鋼廠提升獲利能力的合作夥伴方案之前，公司尚未做出任何定義。一旦有進展，當然我們會就進口相關事項向市場充分揭露。我對今年的預測是，進口將下降150萬雷亞爾到200萬雷亞爾。1月與2月發生的情況，單純是提前採購。

For the first point, we're going to be directly impacted because this volume of imports coming to the domestic market will further benefit CSN. We have more added value products. We're focused on construction compared to other companies that have spot prices. This is important. Let's think of a prepainted product that we obviously produce in Brazil. There's a new line that is ready to be assembled that is in Porto Real.

就第一點而言，我們會直接受到影響，因為進入國內市場的這些進口量下降，將進一步讓CSN受益。我們有更多高附加價值產品。相較於其他以現貨價格為主的公司，我們更聚焦於建築領域。這很重要。以預塗（prepainted）產品為例，我們顯然是在巴西生產。在Porto Real有一條新產線已準備好組裝。

We're going to work with that line as well. There will be a demand for this. If we look at a prepainted product, our margin presently is BRL900 per ton with a slight cost reduction, nothing expressive of BRL200 per ton and a correction in our discounts, we could increase that margin to $300 per ton. So the issue of profitability will bring us interesting surprises when it comes to the drop of imports that will impact us directly.

我們也會運用那條產線。對此會有需求。如果看預塗產品，我們目前的毛利約為每噸900雷亞爾；在成本小幅下降（並非顯著，約每噸200雷亞爾）以及我們折扣修正之後，我們可以把該毛利提高到每噸300美元。因此，隨著進口下降直接影響我們，獲利能力方面會帶來一些有意思的驚喜。

When it comes to tinplate, for example, what is coming here will no longer come from China. And in the countries where we have antidumping Germany, Holland and Japan, there will be an increase in imports. Now the growth in the domestic market will be stronger in tinplate in the first market. So we should increase sales by 20% in Brazil in a product where we have a very high margin. So the scenario is very positive, very different from what we have faced in the last two years. I think this situation is here to stay. There are other situations we have no control over, but we can recover margins because of the prices.

以鍍錫板為例，未來進來的貨將不再來自中國。而在我們已採取反傾銷的國家——德國、荷蘭與日本——進口將會增加。同時，國內市場的成長在鍍錫板的第一市場會更強。因此，我們在巴西的該產品銷量應可增加20%，而這是一個毛利非常高的產品。所以情境非常正面，與過去兩年我們面對的狀況非常不同。我認為這個情況會持續。還有其他我們無法控制的因素，但我們可以因為價格而修復利潤率。

Marcelo Arazi, BTG Pactual.

Marcelo Arazi，BTG Pactual。

We have two questions. The first, I would like to discuss that increase in net debt in the company. You published a negative cash flow of almost BRL300 million, but net debt increased close to BRL4 billion. If we could better understand this gap, there are BRL900 million in prepayment, monetary variation. We also have business combinations, something that is not very clear to me. If you could give us more clarity here regarding these two points.

我們有兩個問題。第一個，我想討論公司淨負債的增加。你們公布的現金流為負，接近3億雷亞爾，但淨負債卻增加了接近40億雷亞爾。如果我們能更好理解這個落差：其中有9億雷亞爾的預付款、匯率變動。另外還有企業合併（business combinations），這點我不是很清楚。能否就這兩點提供更清楚的說明？

If you allow me a second question, there's a relevant impact in the EBITDA of the steel mill this quarter. If you could give us more clarity in terms of those impacts and if this should continue going forward?

如果允許我再問第二個問題，本季鋼廠的EBITDA受到一個顯著影響。你們能否更清楚說明這些影響的內容，以及未來是否會持續？

Marcelo, thank you for the question. This is Marco once again. Regarding the slide of net debt, I'm looking at it here. The two main impacts -- we have a discussion of exchange variation, BRL900 million, the payment of iron ore, BRL900 million.

Marcelo，謝謝你的提問。我再次是Marco。關於淨負債那張投影片，我正在看。兩個主要影響——我們有匯率變動的討論，9億雷亞爾，以及鐵礦石付款，9億雷亞爾。

And of course, the exchange variation. We had a devaluation of exchange at the end of the year. Now we had the valuation of the real as a strong currency at the beginning of the year and the prepayment of iron ore, Benjamin explained this very clearly.

當然，還有匯率變動。我們在年底出現匯率貶值。而在年初，雷亞爾作為強勢貨幣出現升值；以及鐵礦石的預付款，Benjamin已經非常清楚地解釋過。

As always, these are operations of $300 million, $400 million, $500 million at a single time, and we do this in midyear. We did this in the third quarter of '25. We didn't do it in the fourth quarter. We're going to do it between the first, second or third quarter. We're looking for the best market moment to carry out this assessment. But our cash position will vary during the year. And as we didn't do it then, this amortize the operation, the amortization goes throughout the year, and we have that drop in our cash. So these two events are events that come back very clearly for the beginning of 2026.

一如往常，這些都是一次性3億、4億、5億美元規模的操作，我們通常在年中進行。我們在25年的第三季做了。第四季沒有做。我們會在第一、第二或第三季之間進行。我們正在尋找最佳的市場時點來做這個評估。但我們的現金部位在一年中會波動。由於當時沒有做，這筆操作的攤銷會貫穿全年，因此我們的現金會出現下降。所以這兩個事件，會在2026年初非常清楚地再度出現。

You speak about BRL1.2 billion. We do have some events with a very clear impact. If we add them up among them, we have variation in the MRS accounts. If we consolidate those figures, we had an increase in the debt of MRS, a reduction in cash of MRS, the impact of BRL200 million to BRL300 million that you mentioned. There was an event for operational performance, and that will explain the BRL1.2 billion and a carrying out of a large number of surveys in the company for a monetization plan for our inventory, something we have already remarked on at the end of last year, amounting to BRL1.2 billion as a whole. We reassessed, restated this amount for inventories, this had to be adjusted. It's a second-line inventory and this brought about a significant impact on our indicators at the end of last year.

你提到BRL12億。我們確實有一些事件帶來非常明確的影響。如果把它們加總起來，其中包括MRS帳目上的變動。若將這些數字合併來看，我們看到MRS負債增加、MRS現金減少，以及你提到的BRL2億到BRL3億的影響。另外還有一個與營運表現相關的事件，這將解釋BRL12億；以及公司內進行了大量盤點/調查，以推動我們庫存的變現計畫——這點我們在去年年底已提過——合計約BRL12億。我們重新評估並重述了這筆庫存金額，因此需要調整。這是二線庫存，並在去年年底對我們的指標造成了顯著影響。

Now for the inventories, we have begun to amortize in 2026, we will have positive results. Now another impact on steel also comes from the BRL1.2 billion. It's an adjustment of factors that are from outside of the company, an adjustment of onetime effects based on the costing and external factors for the company. This is a factor referring to other operations. It's part of the net revenue of the company.

至於庫存，我們將從2026年開始攤銷，屆時會有正面結果。另外，鋼鐵方面也有一項影響同樣來自這BRL12億。這是對公司外部因素的調整，屬於一次性影響，基於成本計算以及公司外部因素所做的調整。這個因素歸屬於「其他營運」。它是公司淨營收的一部分。

Now some of this was generated by the shutdown of furnace 2 as well, quite extensive. And now this is put in the line item, other operations, something done in the fourth quarter. It wasn't done during the other quarters. We do this at the end of the year. And we ended up having the total impact of the year only on the fourth quarter. To answer your question, this is not a factor that will be repeated in 2026 because this type of classification of event only happens with temporary factors for factors that will remain in place for longer periods. They are not part of that accounting law CP 16. I hope this has been explained clearly.

其中一部分也由2號高爐停爐所造成，而且影響相當大。目前這被列在「其他營運」的科目中，這是在第四季做的處理。其他季度並沒有這樣做。我們是在年底才進行這項處理。因此全年總影響最後都集中反映在第四季。回答你的問題，這不是會在2026年重複發生的因素，因為這類事件的分類只會用於臨時性因素，或是將在較長期間內維持的因素。它們不屬於CP 16那項會計準則的範圍。希望我已經說明清楚。

Guilherme, XP.

Guilherme，XP。

I also have two questions. The first question in terms of cash generation and all of the topics we discussed here. Is there the opportunity of reducing or making CapEx more flexible for the project B15 in mining? Could we see lower figures in your business plan going forward?

我也有兩個問題。第一個問題是關於現金創造以及我們在這裡討論的所有議題。在礦業B15專案方面，是否有機會降低或讓資本支出（CapEx）更具彈性？未來在你們的商業計畫中，我們是否可能看到更低的數字？

And my second question refers to steel and the antidumping them. Is there any update in terms of the antidumping of BQ, any timing referring to the products that have already come in, the prepainted and galvanized products. When will we see this scenario of volumes being reduced from China and a better context of supply and demand in the domestic market so that you can pass through better prices in these product lines impacted by the antidumping here.

第二個問題與鋼鐵及反傾銷有關。關於BQ的反傾銷是否有任何更新？就已經納入的產品（預塗與鍍鋅產品）而言，時程如何？我們何時會看到來自中國的進口量下降、國內市場供需環境改善，從而使你們能在這些受反傾銷影響的產品線上更好地傳導（提高）價格？

I will address the first part. We have a company with five segments of the size of CSN. It's obvious that we're quite flexible in holding that CapEx to manage the company or in moments of difficult liquidity. We do have that possibility when we define strategic route for the steel mill and bringing in partners, we want to improve that discussion of reducing CapEx for the steel mill. Now the space we have in midyear should be for investments of 45% to 50% of investment or still that was contemplated in the plan of January 15.

我先回答第一部分。我們是一家像CSN這樣規模、擁有五個事業部門的公司。很明顯，我們在保留/調整這些CapEx上相當有彈性，以便管理公司或在流動性較吃緊的時刻應對。當我們為鋼廠制定策略路徑並引入合作夥伴時，我們希望推進降低鋼廠CapEx的討論。目前我們在年中可運用的空間，應該是投資額的45%到50%，或仍是1月15日計畫中所考量的水準。

Now all of this should bring a benefit in the use of cash of the company and CapEx as a whole. And the sale of the cement segment that will also bring about a reduction in CapEx to answer with -- in shorter terms, yes, we do have that flexibility. The discussion in the company does have that focus on CapEx. And the -- at the end of the year, we should have a better situation in CapEx. Guilherme in tinplate galvanized and cold-rolled lamination, The discussion is over in hot-rolled products, the government came to a preliminary determination, but has not applied provisional rights that have opted to do this because of the red tape referring to control. There are margins that vary from $230 to $300 in BQ.

這些都將有助於改善公司現金使用以及整體CapEx。此外，出售水泥事業也會帶來CapEx的下降；用更簡短的方式回答：是的，我們確實有這樣的彈性。公司內部的討論確實聚焦在CapEx上。而且在年底，我們的CapEx狀況應該會更好。Guilherme，關於鍍錫板、鍍鋅與冷軋（壓延）方面，討論集中在熱軋產品上；政府已做出初步裁定，但尚未徵收臨時稅（臨時反傾銷稅），因為在管控方面存在官僚程序。BQ的（反傾銷）幅度介於230到300美元。

Now the legal term of 18 months will be in December. Based on the conversations we have with the government, the final determination should be implemented until June or July at the most. And this is positive regarding China, another important case that could be used as tour prudence for the other antidumping problems we're looking at for tinplate for Germany, Japan and Holland, the legal term is December of 2026. But the government has already set forth a preliminary of $315, but this has not been enforced yet. It should be enforced in the next two or three months.

法定的18個月期限會落在12月。根據我們與政府的對話，最終裁定最晚應在6月或7月前後落地實施。這對中國相關案件是正面的；另一個重要案件也可作為我們在處理其他反傾銷議題時的審慎參考，例如針對德國、日本與荷蘭的鍍錫板，法定期限是2026年12月。但政府已提出315美元的初步裁定，不過尚未執行。預計會在接下來兩到三個月內執行。

This is the portfolio that we have for trade defense and competitive isonomy. We're always looking at the damage, the cause and the antidumping proven in these cases. Now the tariff program has helped us. It could be more effective if we increase the number of items.

這就是我們在貿易救濟與競爭等同（competitive isonomy）方面的案件組合。我們一直在檢視損害、原因，以及在這些案件中反傾銷是否被證實。目前關稅計畫對我們有所幫助。如果能增加品項數量，它會更有效。

Now what we're going to do during the year in the first quarter, there were no reductions of imports, quite the contrary. There was a strong increase in February. So a more expressive reduction should come about in the second half of the year. My expectation is that we will have a reduction during the year of 1.5 million to 2 million tons of the products that impact CSN. There's a question that Marcelo Arazi posed that was not answered.

至於我們今年會怎麼做：第一季進口並沒有下降，反而相反。2月出現了強勁增長。因此，更明顯的下降應該會在下半年出現。我預期今年會減少150萬到200萬噸、對CSN有影響的相關產品進口量。Marcelo Arazi提出的一個問題尚未被回答。

The CSN margin and what will happen going forward. We had a very difficult scenario despite this and comparisons are hateful but necessary. If we take away the nonrecurrent effect, of the idle capacity explained by Marco, we would have an EBITDA margin of 7.6% to 8% higher than the average of the sector. And it was a huge challenge for us. Imagine competing with products that have 50% imports.

關於CSN的利潤率以及未來走勢。我們面臨非常困難的情境；儘管如此，比較令人不快但仍有必要。如果剔除Marco所解釋的閒置產能這項非經常性影響，我們的EBITDA利潤率會是7.6%到8%，高於行業平均。這對我們來說是巨大的挑戰。想像一下要與進口占比達50%的產品競爭。

We had to be very creative to capture and bring in those results, although these are not the final results we imagine in the second quarter and until the end of the year, we should recover margins, bring them close to two digits or somewhat above two digits, depending on the incoming imports, they should drop expressively in my understanding.

我們必須非常有創意才能取得並交出這些成果；雖然這還不是我們所期望的最終結果，但在第二季以及到年底，我們應該能恢復利潤率，把它拉回到接近兩位數或略高於兩位數，這取決於進口的流入；在我看來，進口應該會明顯下降。

Henrique Marquez, Goldman Sachs.

Henrique Marquez，高盛。

Simply a quick follow-up regarding steel. For the first quarter, you will have an increase of 4% to 6%. That wasn't very clear for me. Or is it simply a reduction of discounts for the first quarter. Now given that outlook of a potential improvement in volume and a drop in imports, is there any planning? Are you thinking of potentially reconnecting your furnace 2? Is this part of your short-term planning? Or are you going to wait for the Volta Redonda furnace?

只是針對鋼鐵做一個快速追問。第一季你們會有4%到6%的上調。這點我不是很清楚。還是說這只是第一季折扣的減少？另外，考量到潛在的量增與進口下降的展望，是否有任何規劃？你們是否在考慮可能重新點火/重啟2號高爐？這是否屬於你們的短期規劃？或者你們會等待Volta Redonda的高爐？

Now regarding the prepayment -- this fourth quarter, was this a onetime effect? Are you having a difficulty in rolling the prepayment contracts? Is there any type of concern that you have or not? You mentioned that it should come back in the first or second quarter. But once again, as these are large contracts with a relevant impact in cash generation, I would better like to understand the timing of the rollover of these contracts.

現在關於預付款——在第四季，這是一個一次性的影響嗎？你們在續作預付款合約方面是否有困難？你們是否有任何疑慮或沒有？你提到它應該會在第一季或第二季回來。但再一次，因為這些是大型合約，對現金創造有相當影響，我更希望了解這些合約續作的時間點。

In truth, Henrique, in the first quarter, between the improvement in mix and reduction of discounts, we should stand between 4.5% and 6%. This is not the impact of a price increase, but this will positively impact our results in the first quarter. Regarding the top furnace 2, I would like to underscore this. We have a strategy to complement our production with the purchase of slabs. If we look at the track record in 2023, we brought down 400,000 in '24 -- almost 700,000 tons.

事實上，Henrique，在第一季，介於產品組合改善與折扣降低之間，我們應該會落在4.5%到6%。這不是漲價的影響，但會在第一季對我們的業績帶來正面影響。關於2號高爐，我想強調這一點。我們有一項策略：透過購買板坯來補充我們的產量。如果回顧2023年的紀錄，我們在2024年把它降了40萬——接近70萬噸。

And in 2025, we were more creative as we stop the top furnace 2, we brought in more BQD. That had a cost performance ratio that was more interesting. We ended the year with 500,000, BRL200,000 in slabs, the rest in PDQ. And this strategy proved to be successful. We are following up to see what will happen with the situation of slabs. There has been an increase in price vis-a-vis Europe. But I believe we will still during 2026, live with the purchase of imported raw material and perhaps from the domestic market if the conditions are correct to be able to compete. Henrique, about the prepayment question.

而在2025年，當我們停掉2號高爐時，我們更有創意，增加了BQD。其成本效益比更具吸引力。我們在年底以50萬（其中20萬雷亞爾）為板坯，其餘為PDQ收尾。而這項策略證明是成功的。我們正在持續追蹤板坯市場的情況會如何發展。相較於歐洲，價格有所上升。但我相信在2026年期間，我們仍會維持採購進口原料，並且在條件合適、能夠具競爭力的情況下，也可能從國內市場採購。Henrique，關於預付款的問題。

As I mentioned during the call, there is no link with a difficulty in funding in the issuance of new prepayments. Quite the contrary, we have a large number of trading companies interested in carrying out the prepayment.

如我在電話會議中提到的，這與在發行新的預付款融資方面遇到困難無關。恰恰相反，我們有大量貿易公司有興趣進行預付款。

Last year, we had two additional companies looking out for the company to do this with better prices than that we have now companies wanting to work with a prepayment line with CSN. There is no concern. It's simply due to the amount of iron ore involved in those transactions that makes sense for them. Sometimes it's not justified to carry out operations below BRL800,000 for the fourth quarter, maybe have operations of BRL2.5 billion to BRL3 billion. And that is why we do this operation twice a year, not more than twice. We could do this 3 times, but not more than twice a year. This is what we did last year and in previous years. Of course, no difficulty in this case.

去年，另外有兩家公司主動接洽，希望以比我們目前更好的價格與公司合作；現在也有公司希望與CSN合作預付款額度。沒有任何疑慮。這純粹是因為那些交易所涉及的鐵礦石數量，對他們而言才有意義。有時候，低於8億雷亞爾的操作不太值得；第四季可能會有25億到30億雷亞爾的操作。這也是為什麼我們一年做兩次這類操作，不會超過兩次。我們可以做三次，但不會超過一年兩次。這就是我們去年以及過去幾年所做的。當然，在這方面沒有任何困難。

Pedro Melo, Citi.

Pedro Melo，花旗。

Several questions have already been answered. I would like to go back to deleveraging plans among the alternatives that you mentioned, the sale of assets, cement, steel, perhaps there's another relevant cash source. This is important for the market when we think about amortization of BRL1.4 billion in 2026. Would you have another plan besides the one we have already discussed?

有幾個問題已經被回答了。我想回到去槓桿計畫：在你提到的替代方案中，出售資產、水泥、鋼鐵，或許還有其他相關的現金來源。當我們考慮2026年14億雷亞爾的攤還時，這對市場很重要。除了我們已經討論過的方案之外，你們是否還有其他計畫？

Pedro, thank you for the question. Now to attempt to answer your question in a very clear way. Proposals for strategic deleveraging in the company goes through the sale of assets, generating capital within the company. And based on that, of course, we're going to incentivize the entire market to reduce net debt and continue on with the refunding in the company. Now deleveraging of $14 million, $15 million, $16 million as we have been mentioning, we have title securities that are easily discounted in the market. But the strategy when it comes to using the capital that will be raised with this financial activity is to do things in the most friendly way possible. This is the company mindset.

Pedro，謝謝你的提問。我現在嘗試以非常清楚的方式回答你的問題。公司策略性去槓桿的提案，主要是透過出售資產，在公司內部產生資本。基於此，當然，我們會推動整個市場來降低淨負債，並持續推進公司的再融資。至於我們一直提到的1,400萬、1,500萬、1,600萬美元的去槓桿，我們有一些在市場上容易貼現的票據證券。但就運用這項金融活動所募集的資金而言，我們的策略是以最友善的方式來進行。這就是公司的思維。

Now simply to add to this, it's a strategy, the sale of assets and monetization of assets the company has. Besides these assets, as everybody knows, this is in our balance. There are several other assets the company has that could be also sold further ahead that could be used for deleveraging, but these two assets show that because of the size of the check, they will be sufficient to comply with the intended deleveraging.

再補充一點：這是一項策略，也就是出售資產並將公司持有的資產變現。除了這些資產之外，大家都知道它們已反映在我們的資產負債表上。公司還有其他若干資產，未來也可能出售並用於去槓桿；但就支票金額的規模而言，這兩項資產足以滿足我們預期的去槓桿目標。

The next question comes from [Nicolas F from Bernad].

下一個問題來自[Bernad的Nicolas F]。

I simply have a follow-up on the liquidity of the holding specifically. If you could give us more color on your present-day cash for the entire holding and how you look upon liquidity for the maturity of the bond in 2026, rolling of the other debt in 2026 and the draw risk that we saw during the quarter simply to comfort the market that is a bit under stress because of liquidity.

我只是想追問一下控股公司本身的流動性。你是否可以提供更多細節，說明目前整個控股的現金水位，以及你們如何看待2026年到期債券的流動性、2026年其他債務的展期，以及本季我們看到的提用風險（draw risk），以便讓市場更安心——因為市場因流動性而有些緊張。

Thank you for the question, Nicolas. The cash -- to speak very clearly, we spoke of BRL16 billion consolidated. If we take away the cash of mining, cement, and other smaller companies, if we focus on the holding cash, BRL5.5 billion a comfortable cash for the company indeed.

謝謝你的問題，Nicolas。現金——說得非常清楚，我們提到合併口徑為160億雷亞爾。如果扣除礦業、水泥以及其他較小公司的現金，聚焦在控股公司的現金，則為55億雷亞爾，對公司而言確實是相當充裕的現金水位。

Now to answer to the bond for 2026, BRL1 billion maturing in a little more than one month at the end of April. The 2028 bond, of course, is our main goal. We're focusing on this. We want to reduce this with cash and with liability management with refunding as is normal for an amount of this size.

至於回答2026年的債券：有10億雷亞爾將在4月底、也就是一個多月後到期。而2028年到期的債券，當然，是我們的主要目標。我們正聚焦在這上面。我們希望透過現金以及負債管理（以再融資方式），以符合這種規模金額的常規作法來降低這部分。

And as some have asked, it will be very important because of this strategy that we have now, even the bond for 2028, we will have sufficient material, a good base and we will work in a friendly and intelligent way with the market to reduce the 2028 bond. There is an important increase of suppliers at the end of the year, but this is linked to the purchase of iron ore from third parties for mining. This is not draw risk. I don't know if this has answered your question.

正如有些人所問的，基於我們目前的策略，即使是2028年的債券，我們也會有足夠的資源與良好的基礎，並將以友善且理性的方式與市場合作，來降低2028年債券。年底供應商款項有顯著增加，但這與礦業向第三方採購鐵礦石有關。這不是提用風險。我不知道這是否回答了你的問題。

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

(接線員指示) 由於沒有進一步的問題，我們將把時間交還給Marco Rabello先生——財務長（CFO）兼投資人關係主管（IRO）——作結語。

Thank you all for your questions. Of course, we are at your entire disposal to clarify any doubts that you may have in the coming days and weeks. And of course, we will always meet at these call earnings.

感謝各位的提問。當然，未來幾天與幾週內，如有任何疑問需要釐清，我們隨時為各位服務。當然，我們也會一如既往在這些財報電話會議上與各位見面。

I will now return the floor to our CEO, Mr. Benjamin Steinbruch, for the closing remarks.

我現在把時間交還給我們的執行長Benjamin Steinbruch先生，請他做結語。

I would like to thank all of you for your attendance at the CSN earnings call. We do hope that the government will continue to support Brazilian industry as a whole, especially the steel plant, which was the most impacted. And I would like to add that we are going to do our homework. We have been delivering what we have promised. We're working arduously in the steel plant. We have obtained good results, and we will continue to work in this way.

我要感謝各位出席 CSN 的財報電話會議。我們確實希望政府能持續支持整體巴西產業，特別是受影響最嚴重的鋼鐵廠。我也想補充，我們會把該做的功課做好。我們一直在交付我們所承諾的成果。我們在鋼鐵廠非常努力地工作。我們已取得良好成果，並將持續以這種方式努力。

As regards supplies, this part has been fully mobilized. We're purchasing in a better way at a lower cost. In terms of our commercial part, this has been very well set up. We're reducing our inventories. Beginning in March, we think there will be a significant improvement in the market. January and February perhaps was not very good, but March has already shown very strong results in terms of sales commercially. Now our greatest commitment, deleveraging, we reaffirm our commitment here as we have been doing, we have committed the company to doing this in the shortest term possible.

就供應而言，這一部分已全面動員。我們以更好的方式、以更低的成本進行採購。在商業端方面，我們的布局已非常到位。我們正在降低庫存。從 3 月開始，我們認為市場將有顯著改善。1 月與 2 月可能不太理想，但 3 月在商業銷售方面已展現非常強勁的成果。至於我們最大的承諾——去槓桿，我們在此再次重申承諾，正如我們一直在做的，我們已承諾公司將在最短時間內完成。

There was a question from Guilherme from XP regarding CapEx. We're working not only on CapEx, but also focusing on OpEx. We do have sufficient flexibility in terms of investments. We're scanning all of our contracts, and we will have good results.

XP 的 Guilherme 就資本支出（CapEx）提出了一個問題。我們不僅在資本支出上努力，也同時聚焦於營運支出（OpEx）。在投資方面我們確實具備足夠的彈性。我們正在檢視所有合約，並將取得良好成果。

Regarding all of this, we should not be working with a high inventory of 2 million, but regarding investments and maintenance, we have to be very determined to have an efficient and rapid reduction so that this can also help us in the part of deleveraging, not only through the sale of assets, but enhancing the capital structure.

關於上述各項，我們不應維持 200 萬的高庫存；但在投資與維護方面，我們必須非常堅決、有效且快速地降低，讓這也能協助我們去槓桿，不僅透過資產出售，也透過強化資本結構。

Of course, we have short, medium, and long-term alternatives, alternatives for deleveraging and negotiation of different ways of deleveraging, not only the structure that was mentioned by Marco, the one that is best known in the market. We do have other alternatives that can be put into action as soon as we conclude with this one, then we have a second one, a third alternative that has already been contracted. So it is our obligation to have alternatives, and we do have them and the increase of debt that timely increase of debt, this is a onetime effect, and there will be a reversion in the first half.

當然，我們有短期、中期與長期的替代方案，也有不同方式的去槓桿與協商方案，不僅是 Marco 提到的那個、也是市場最熟知的架構。我們確實還有其他替代方案，一旦我們完成這一項，就可以立即啟動；接著還有第二個、第三個替代方案也已簽約。因此，擁有替代方案是我們的責任；我們確實有。而債務的增加——那次及時的債務增加——屬於一次性影響，上半年將會回轉。

Now the issue of the prepayment, perhaps this will extend to the second quarter. Now we have been favored by the exchange rate. We already see an improvement in that direction as well as everything else that was explained to you by Marco.

至於預付款的議題，可能會延續到第二季。目前我們受惠於匯率。我們也已看到在這個方向上的改善，正如 Marco 向各位說明的其他各項一樣。

I would like to thank all of our employees for their work, and I invite them to do even more. I invite them to be ever more determined so that we comply with what we have committed to do, the deleveraging and in other areas. We have very good assets. We're going to do our utmost to get the most out of them. I thank all of you for your attendance, and we're at your entire disposal for any questions that you may have.

我要感謝所有員工的付出，也邀請大家做得更多。我邀請大家更加堅定，確保我們履行所承諾要做的事，包括去槓桿以及其他領域。我們擁有非常優質的資產。我們將竭盡所能，最大化其價值。感謝各位出席，如有任何問題，我們隨時為各位提供協助。

I will return the floor to Marco for the closing.

我將把發言權交回給 Marco 進行結語。

Thank you all for attending this conference call. We will now conclude our earnings call for the fourth quarter full year 2025. Have a very good week. The CSN earnings call ends here. Have a very good afternoon.

感謝各位參加本次電話會議。我們現在將結束 2025 年第四季暨全年財報電話會議。祝各位本週愉快。CSN 財報電話會議到此結束。祝各位下午愉快。

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.

本逐字稿中的英文陳述由現場電話會議的口譯員口譯。該口譯員由主辦本活動的公司提供。