Companhia Siderurgica Nacional SA (SID) 2026 Q1 法說會逐字稿

Japan com suing the company's remarks, we will go on to the Q&A section when further instructions will be provided, the event today can be accessed at IRCSN.com.br where the presentation is also available.

日本 com 起訴該公司的言論，我們將進入問答環節，屆時將提供進一步指示；今天的活動可於 IRCSN.com.br 存取，簡報亦可於該網站取得。

The replay of the event will be available soon after closing, before proceeding, please bear in mind that some of the forward Looking expectations or trends are based on current assumptions and opinions of the company management, future results, performance, and events may differ materially from those expressed herein which 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 genomic conditions in Brazil

本活動的重播將於收盤後不久提供。在繼續之前，請注意，部分前瞻性預期或趨勢係基於公司管理層目前的假設與觀點；未來結果、表現與事件可能與本文所述（屬於預測）存在重大差異。事實上，由於多項因素，實際結果、表現或事件可能與前瞻性陳述所表達或暗示者有重大差異，例如巴西的經濟狀況

And other countries, interest rates and exchange rate las future rescheduling or prepayment of debt pegged in foreign currencies, protectionist measures in the US razil and other countries, changes in laws and regulations and general competitive factors at a global regional or national base. I would now like to turn the floor over to Marco Habeo Investor Relations Executive Officer who will Present the highlights of CSN for the period, you may proceed, sir.

以及其他國家、利率與匯率、以外幣計價債務的未來展期或提前償還、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、區域或國家層面的整體競爭因素。現在我想把時間交給投資人關係執行長 Marco Habeo，他將介紹 CSN 本期重點。先生，請開始。

Well, a good day to all of you. I would like to thank you for your attendance at another call of CSN. We have joined her to present the results of the 1st quarter 26, we had a growth in ebi that despite the heavy rainfall we had during that period and intense competition of imported material in the

各位大家好。感謝各位出席 CSN 的另一場電話會議。我們在此呈報 2026 年第一季的業績；儘管該期間降雨量很大，且在

First two months of the year, despite this, the pea grew 5.5% visa be the same period last year, that shows the importance of having a diversified operation and a good portfolio, the main contributions came from yment and Logistics, which ended up offsetting the effects of the exchange rate drop and the more challenging environment.

今年前兩個月進口材料競爭激烈，儘管如此，EBITDA 較去年同期成長 5.5%，顯示多元化營運與良好產品組合的重要性。主要貢獻來自水泥與物流，最終抵銷了匯率下跌與更具挑戰性的環境影響。

In logistics, another consolidated result was a drop in leverage with the indicator reaching 3.36 times in the first quarter 226. A drop of 3% points visa VWs period. Now, this goes beyond the focus of the company regarding projects that continued on the company is still working with several initiatives to organically improve its leverage, the performance for the quarter is a consequence of that with operational improvements, new prepayment contracts and the payment of debt

在物流方面，另一項合併成果是槓桿下降，該指標於 2026 年第一季降至 3.36 倍。較上一期間下降 3 個百分點。此外，這也反映公司對專案的持續聚焦；公司仍在推動多項措施，以有機方式改善槓桿。季度表現正是其結果，包含營運改善、新的預付款合約以及償還債務，

All contributing to the reduction of indebtedness.

皆有助於降低負債水準。

Finally, in April, we signed a bridge loan representing $1.2 billion that could be extended to $1.4 billion.

最後，在四月，我們簽署了一筆 12 億美元的過橋貸款，可延展至 14 億美元。

This loan has the goal of anticipating part of the money bill of assets and be put to work immediately for short and medium term operations, this loan will also show the market that the

此貸款旨在提前取得部分資產貨幣化的資金，並立即投入短中期營運；同時也向市場顯示，

Company is still quite sound without an immediate pressure for liquidity.

公司仍相當穩健，短期內並無流動性壓力。

Let's go on to the highlights for mining in the 1st quarter of 2026, we had a record owned production despite the rainfall in the state, with some situations of public calamity in adjacent areas to our mind.

接著看 2026 年第一季採礦業務重點：儘管該州降雨，我們仍創下自有產量新高，且在鄰近礦區的部分地區出現公共災害情況。

This is a demonstration of the operational excellence and the ability to mitigate weather related

這展現了營運卓越，以及緩解天候相關

Challenges [teca] reached a new shipment record for the period, totaling 8.7 million tons, 1,000 tons, I'm sorry, reinforcing the robustness of this asset, the price dynamic of iron ore, neutralize the impact on cost, especially because of the freight.

挑戰的能力。[teca] 本期出貨量亦創新高，合計 870 萬噸，1,000 噸——抱歉——進一步強化該資產的穩健性。鐵礦石價格動態中和了成本面的影響，特別是運費。

This helped us to dissipate greater pressure on results when or prices present a

這幫助我們在價格呈現

Favorable trend so far and should help us in the performance of the segment for the rest of the year and still we had a challenging beginning of year with importers anticipating measures to avoid the protective measures that were put in place in March despite that challenge and with a negative seasonality of the period, sales increased 12% when compared to the previous quarter, part of that growth

有利趨勢時，減輕對業績的更大壓力；迄今為止趨勢仍然有利，應可支持該部門在今年剩餘期間的表現。此外，年初我們面臨挑戰：進口商為避免三月實施的保護措施而提前採取行動。儘管如此，且在本期負面季節性影響下，銷量較上一季增加 12%，其中部分成長

Is the result of the performance achieved in March responsible for 50% of the sales.

來自三月的表現，三月貢獻了 50% 的銷售。

This shows that the commercial trend is quite favorable for local producers with a positive dynamic in volume and price.

這顯示本地生產商的商業趨勢相當有利，量與價皆呈正向動能。

Another factor that contributed positively to sales was the performance of blood and the resumption of exports that gave thrust to the results regarding the prices, we

另一個對銷售有正面貢獻的因素，是 blood 的表現以及出口恢復，推動了價格面的成果；我們

Observed in the domestic market with a readjustments implemented at the beginning of the year, offset, offsetting the pressure of imported products.

觀察到國內市場在年初實施的調價，抵銷了進口產品的壓力。

Now there will be appreciation of the hell and of course this exerted pressure on the conversion of results.

現在將會出現 hell 的升值，當然這對成果換算造成壓力。

The company has carried out a new chessman in April and the trend in the international is favorable for these increases.

公司於四月進行了新的 chessman，而國際趨勢有利於這些漲價。

They should contribute to the results In the second quarter and full year in the ce market. We see exceptional performance company they transfer prices even in a period of rainfall and a weaker markets we prioritize results and this shows the result of the cement market that has proven to be quite resilient. There is incredible labor market, a new salary mass and the real estate

這些應可在第二季及全年於 ce 市場的業績中有所貢獻。我們看到公司表現卓越，即使在降雨與市場較疲弱的期間仍能轉嫁價格；我們以成果為優先，這也反映在水泥市場的結果上，該市場已證明相當具韌性。勞動市場表現亮眼，薪資總額增加，以及房地產

Constructions from Miya Casa Miavida that continued to increase demand for cement, the company reached the highest epi in all of its history, even in a quarter that seasonally is weaker. This shows that 2026 can be extraordinary year for cement. If we analyze the results of the first quarter, we would have a potential above 1.6 billion for the year. And if we use the seasonality of this segment during the year, the results could go beyond 2 billion results.

來自 Miya Casa Miavida 的建案持續推升水泥需求；公司創下歷史最高 EBITDA，即使在季節性較弱的一季亦然。這顯示 2026 年可能是水泥業務非凡的一年。若分析第一季結果，全年潛力可達 16 億以上。若再考量該部門全年季節性，結果可能超過 20 億。

This is not a formal guidance of the company but shows the potential of the cementer alongside profitability, CSN has an epit margin above 30% reaching 31.2% in the first quarter 26.

這並非公司正式指引，但顯示水泥業務在獲利能力上的潛力；CSN 的 EBITDA 利潤率超過 30%，於 2026 年第一季達到 31.2%。

This shows the competitive edge of the operation that is now Fully verticalized with full price also with new plants, strong brands and operational and logistic operations that truly mark the difference we have received more than 7 proposals for the divestiture process, all of which are qualified.

這顯示該營運的競爭優勢：目前已完全垂直整合，具備完整定價能力，同時擁有新廠、強勢品牌，以及真正帶來差異的營運與物流作業。我們已收到超過 7 份針對撤資流程的提案，且皆具資格。

This shows the qualification of the asset and we should on our expected schedule for this. If we look at the right of the s Li de we have the logistics on energy segments, logistics in the 1st quarter also had a negative seasonality because of the rainfall on the rails this impacted the volume of cargos despite this segment had a growth of 26% in ebeta vis a vis the same period last year, and maintained profitability above 40%, showing the resilience of this

這顯示該資產的品質，我們應可依照預期時程推進。若看投影片右側，我們有物流與能源部門；物流在第一季也因鐵路降雨而呈現負面季節性，影響貨運量。儘管如此，該部門 EBITDA 較去年同期成長 26%，並維持 40% 以上的獲利能力，顯示此

Platform in and this is another quarter of strong growth with an epitaph rising more than 92% vis a vis the previous quarter impacted by in liability and an improvement in prices.

平台的韌性。此外，這也是強勁成長的另一季，EBITDA 較上一季上升逾 92%，受 in liability 影響並受惠於價格改善。

Let's go on to the next slide where we present the Ebi results and the epidda margin or the first quarter 2026, we see the effects of seasonality vis a vis the previous

接著看下一張投影片，我們呈現 2026 年第一季的 EBITDA 結果與 EBITDA 利潤率；相較上一

Quarter, especially if we consider the intensity of the rainfall that was higher, despite this, the company had a growth of 5.6% on an annual comparison with a margin expansion of 1.8% points.

季，我們看到季節性影響，尤其考量降雨強度更高。儘管如此，公司在年度比較下仍成長 5.6%，利潤率擴張 1.8 個百分點。

This performs the importance of having a diversified operation. We had cement and logistics giving thrust to the growth in the graph to the right We can see the contribution of each segment compared to the previous quarter. We see the effects of seasonality and extraordinary effects.

這凸顯多元化營運的重要性。水泥與物流推動了成長；在右側圖表中，我們可看到各部門相較上一季的貢獻。我們也看到季節性與一次性因素的影響。

The difference reflects a non-recurring effect presented in the previous quarter, referring to idleness if we exclude the $314 million of that effect presented in the previous quarter and still we would have a growth of bi and the first quarter in

差異反映上一季出現的一次性影響，與閒置相關；若排除上一季該項 3.14 億美元的影響，我們在第一季仍會呈現 EBITDA 成長。

Mining besides the new volumes, the performance for the period were impacted by the strong appreciation of the held during the period. On the following slide, we show you our investment activities, we see a drop of 49% of CapEx vis a vis the previous quarter, showing the what the company tends to do to invest at the end of the year, but there is a stability in terms of investments with more disbursements in mining because of the advance of the civil works for P 15

採礦方面，除新增出貨量外，本期表現亦受到本期所持有資產大幅升值的影響。在下一張投影片中，我們向各位展示投資活動；可見資本支出（CapEx）較上一季下降49%，反映公司通常在年底進行投資的模式；但整體投資仍維持穩定，且因P 15土建工程進度推進，採礦相關支出增加。

Let's go on to slide 5, where we analyze our working capital, we can see an increase of 54.4% vis a vis the previous quarter because of higher accounts receivable due to increased commercial activity in the steal segment concentrated in March and a lower volume of in investors and suppliers reduced third-party iron ore purchases

接著看第5張投影片，我們分析營運資金；可見較上一季增加54.4%，主要因應收帳款上升，原因是鋼鐵事業部商業活動增加且集中於3月；同時，投資人與供應商的量較低，第三方鐵礦石採購亦有所減少。

Regarding inventories beginning in April, we initiated the liquidity programs to take advantage of Finished products and other materials in the group, especially in the steel segment, this will be a to release working capital for the year and help us in cash generation for on the following slide, we will be speaking about our free cash flow with a new opening

關於存貨，自4月起我們啟動流動性計畫，以盤活集團內成品及其他物料，尤其是鋼鐵事業部；此舉將有助於釋放本年度營運資金並提升現金創造。下一張投影片我們將談到自由現金流，並提供新的拆解。

To show all of the packs we had during the period. As you can observe, the free cash flow was negative in 1.6 million eyes in the quarter. The main factors that led to this were seasonality with lower operating performance, working capital consumption still elevated financial expenses and significant debt amortization thereof during the period were going to

用以呈現本期所有影響因素。如各位所見，本季自由現金流為負1.6百萬雷亞爾。導致此結果的主要因素包括：季節性造成營運表現較弱、營運資金消耗仍偏高、財務費用偏高，以及本期顯著的債務攤還，期間我們將會……

Use the cash to reduce our net debt as part of its leveraging goals, the outlook for the next quarter improves as we expect to improve financial indicators.

運用現金降低淨負債，作為去槓桿目標的一部分；下一季展望將改善，因我們預期財務指標將有所提升。

We will have a favorable seasonality besides this, we will have an improvement in working capital at crop and financial expenses during the year. Payment of debt and all of this will accelerate our dele Ing You can see the steps of Craig gash flow, and we are going to add tracking points to generate a positive and sustainable cash flow in the midterm on slide number 7, we show you the situation of our net and leverage as well as the payment of debt during the quarter in the graft to the left, the main mass here was the reduction in the leverage going 0.47 times the 3.36 Times. This improvement shows the efforts carried out since the beginning of the year to improve the capital structure of the group, the company main policy of maintaining a high cash generation 2.6 billion has a volume that is more than sufficient for our part term in the graph to the right, we see that the main points that contributed to the net debt were a new contract for

我們將迎來有利的季節性；此外，年內營運資金與財務費用也將改善。債務償付以及上述因素將加速我們的去槓桿。各位可以看到現金流的步驟拆解；我們也將加入追蹤重點，以在中期產生正向且可持續的現金流。在第7張投影片，我們展示淨負債與槓桿狀況，以及本季債務償付；左側圖表中，主要重點是槓桿下降，從0.47倍降至3.36倍。此改善顯示自年初以來為優化集團資本結構所做的努力；公司維持高現金創造的主要政策，使現金水位達26億，足以覆蓋我們的短期需求。右側圖表中，我們看到影響淨負債的主要因素包括一份新的合約，用於……

The prepayment of iron ore that will cover some of the amortizations this year and the positive effect of exchange fluctuation, so most of the points that had caused problems in the previous quarter were reversed. Now, regarding future outlook, the sale assets as a plan announced in January continues at full speed with better results than expected.

鐵礦石預付款，將覆蓋今年部分攤還金額，以及匯率波動帶來的正面影響；因此，上一季造成壓力的大多數因素已出現反轉。至於未來展望，1月公布的資產出售計畫仍全速推進，且成果優於預期。

This Shows how attractive the assets are and how the management is focusing on the financial structure of the group.

這顯示資產具吸引力，也顯示管理層正聚焦於集團的財務結構。

We're going on to slide number 8. Presenting our indebtedness profile, we can observe that we're keeping a high level of cash despite debt amortization during the period. The short-term maturities refer to banking debts, where C S N has been able to address the problem without greater difficulties.

接著看第8張投影片。在呈現我們的負債結構時，可以觀察到即使本期進行債務攤還，我們仍維持高水位現金。短期到期主要為銀行借款，CSN已能在不造成更大困難的情況下處理相關問題。

There were negative news that came out on the sustainability of CS. The situation is not this way, this and is still very active in terms of amortizations and we're working with the bank syndicate, been able to increase the visibility of the group and anticipate part of the fund so that we can continue working

市場上曾出現關於CS永續性的負面消息。實際情況並非如此；公司在攤還方面仍非常積極，並與銀行聯貸團合作，提升集團能見度並提前取得部分資金，以便我們能持續推進相關工作。

We are going to address our short and medium-term debts, so the environment expected going forward will lengthen the maturity going forward, ensuring that the company can execute its plan for divestiture.

我們將處理短中期債務；因此，預期未來環境將使到期結構拉長，確保公司能執行其資產剝離計畫。

This, we conclude the analysis of our consolidated results.

至此，我們完成對合併業績的分析。

We can go on to slide 10, where we see the highlights for the steel segment here we see our commercial activity with the growth of 12% in the sales for the quarter, despite the weaker seasonality of the year and pressure of imported material. Now importers are trying to avoid protective measures, part of the growth Presented is because of the performance achieved in March where 50% of the sales were carried out. There's a resumption of exports and consumption of steel in Europe in terms of March. March already shows the results of the better price environment and this will help us to increase the performance of the steel plant going forward.

我們可以進到第10張投影片，這裡是鋼鐵事業部的重點；可見本季銷量成長12%，儘管本年度季節性較弱且面臨進口材料壓力。目前進口商正試圖避免保護性措施；本次呈現的部分成長來自3月的表現，當月完成了50%的銷售。3月歐洲鋼鐵出口與消費出現復甦。3月已反映較佳的價格環境，這將有助於我們未來提升鋼廠的表現。

When we look at the following S li de on steel preion, we see that the results of the first quarter, 2026 reflects the BF to shut down and a reduction of inventory levels for this year. That slide increase verified in the period is due to an increase in raw material and energy exclusively and this reduced the performance per ton, mainly with the goal of a rever S al the coming quarter thanks to the price readjustment that was already practiced.

當我們看下一張關於鋼鐵價格的投影片時，可見2026年第一季的結果反映高爐（BF）停爐以及今年庫存水位下降。本期確認的成本上升主要來自原料與能源上漲，進而降低每噸績效；我們的目標是在下一季因已實施的價格調整而出現反轉。

We go on to the financial performance of steel on slide 12 on the graph to the left, we see an increase in their revenue thanks to a greater commercial activity in the period relating to operations abroad on the year over year basis, revenue was impacted by the prime observed in the period and in

接著看第12張投影片的鋼鐵財務表現；左側圖表顯示，因本期商業活動增加（包含海外業務），營收上升。以年對年來看，營收受到本期觀察到的溢價影響，並且在……

Additional negative foreign exchange, there was a slide drop in price in the quarter that offset the readjustment practice at the beginning of the year, going to the graph to the right, there is stability in the epida with non-recurring effects from the previous quarter atbidamartin was pressured by non-recurring effects because of market pressure and one of effects. There are signs of improvement in the domestic market and the month of March shows us clearly the benefit of the protective measures that are being put in place.

另有不利匯率影響；本季價格略有下滑，抵銷了年初已實施的調價。再看右側圖表，EBITDA大致穩定，上一季的非經常性影響已不再；EBITDA受到市場壓力及一次性因素影響而承壓。國內市場已有改善跡象，3月清楚顯示正在落實的保護性措施所帶來的效益。

Now, what we see in the 1st quarter are effects that we observed in the last quarter of 25, we will have stronger volumes beginning in March of the year 2026 to go on to mining on slide 14, we see the result of productions and sales.

目前我們在第一季看到的，是我們在25年第四季已觀察到的影響；自2026年3月起，出貨量將更為強勁。接著到第14張投影片的採礦，我們看到產量與銷售結果。

Here we see the typical seasonality affects her the period and the effects of rainfall, despite this, we were able to present a growth of 6.4% year on year in our own production, which demonstrational excellence and full capacity.

此處可見本期典型的季節性影響以及降雨效應；儘管如此，我們自有產量仍年增6.4%，展現營運卓越與滿載產能。

Another highlight for the period was a new shipment record set By Techar in the 1st quarter showed a robustness and efficiency of the company's logistic structure with consistent evolution quarter on quarter.

本期另一項重點是，Techar在第一季創下新的出貨紀錄，展現公司物流結構的韌性與效率，並在季度間持續演進。

We also consider the sales volume that is stable vis a vis the previous quartering the financial performance on slide 15, we observed that the revenue decline reflects lower volume ship because of season Al ity and the negative impact of exchange variation, this factor that impacts revenues in the annual comparison because volume eye have remained at a stable level.

我們也看到銷售量相較上一季維持穩定。至於第15張投影片的財務表現，我們觀察到營收下滑反映因季節性導致的出貨量較低，以及匯率變動的負面影響；在年度比較中，該因素影響營收，因為出貨量仍維持在穩定水準。

Iron ore has proven to be quite resilient despite the conflicts in the Middle East, helping to offset the increase in freight and in oil.

儘管中東衝突持續，鐵礦石仍展現相當的韌性，有助於抵銷運費與油價上升。

Now the increase of activity in the quarter is a direct consequence of A better performance and how the company is able to preserve value despite these conflicts.

本季活動增加，直接源於更佳的營運表現，以及公司在衝突環境下仍能維持價值的能力。

We have an improvement in the mix exported with a higher share of our own production in the following slide, we see the adjusted epita for the first quarter 26 vis a vis the previous quarter. There's a direct impact of seasonality, and that afraid, and the negative impact of Freight costs. Now this pri

我們的出口組合有所改善，自有產量占比提高。在下一張投影片中，我們看到2026年第一季的調整後EBITDA相較上一季的表現。其中受到季節性、運費以及運費成本負面影響的直接衝擊。現在這個價……

Let's go on to analyze the cement segment on slide 18, we see the sales volume observed in the court.

讓我們繼續分析第18頁的水泥業務，我們可以看到本季觀察到的銷售量。

Here we observe stimulative vis a vis the previous quarter and a small drop in the annual comparison. This reflects a period with higher rainfall and the company's strategy of prioritizing alum over volume to capture the favorable market dynamic without entering into a price war. There's a favorable trend, the segment has been resilient and will be sustainable for operation in 2026.

在這裡我們看到相較上一季有所回升，而在年對年比較上則小幅下滑。這反映出一段降雨量較高的期間，以及公司採取優先考量獲利而非追求量的策略，以在不陷入價格戰的情況下把握有利的市場動態。趨勢正向，該業務具韌性，並可在2026年維持可持續的營運。

Here we see the segmential performance, a growth of revenue of 14% in the annual comparison and stability vis a vis the 4th quarter 25.

在這裡我們看到分部表現：年對年營收成長14%，且相較25年第四季維持穩定。

This reflects the price readjustments applied in recent months, and the resilient demand in the Brazil market. Intern, adjusted epita was the highest in the company's history with an ebot of almost 400 million and a margin that went beyond 30%, all of this profitability reflects a favorumable moment for the operation and underscores the competitive is the company, as we have a fully vertically integrated management

這反映了近幾個月所採取的價格調整，以及巴西市場具韌性的需求。在內部方面，調整後EBITDA創公司歷史新高，EBITDA接近4億，利潤率超過30%；這些獲利能力反映營運正處於有利時點，也凸顯公司競爭力，因為我們擁有完全垂直整合的管理模式。

Now to deliver almost 400 million EBITDA in a seasonable impacted quarter shows that we will have a further increase of EBITDA going forward.

如今在一個受季節性影響的季度仍能交出接近4億的EBITDA，顯示未來EBITDA還會進一步提升。

Finally, we will analyze the logistics segment when it comes to revenue that drop in revenue is due to the reseasonal rainfall effects on cargo truncation.

最後，我們將分析物流業務；就營收而言，營收下滑是由於季節性降雨對貨運量造成影響。

Now, the S eg ment has presented a very good evolution on the epitta graph to the right, even with a negative seasonality, we have to maintain profitability above 40% in the quartervidencing the operational resiliency and the strength of the integrated model.

此外，該業務在右側的EBITDA圖表上呈現非常好的演進；即使面臨負面的季節性因素，我們仍在本季將獲利率維持在40%以上，顯示營運韌性以及整合模式的強勁。

With this, I would like to conclude the presentation on the segments and I turned the floor to Eleenn Aque have to present the EG highlights.

至此，我想結束各分部的簡報，並把時間交給Elena Aque來介紹ESG重點。

Good morning everybody I would like to, resume what I mentioned in the last call. This is the base of how we look upon this agenda in the company. This is not part of her agenda or something linked to operational efficiency or value generation and regulatory and financial risks.

各位早安，我想回顧我在上次電話會議中提到的內容。這是我們公司看待這項議程的基礎。這不只是某個部門的議程，也不僅與營運效率或價值創造有關，同時也關聯到法規與財務風險。

We have a very strong connection with the business, and we also evolve in terms of our reports.

我們與業務之間有非常緊密的連結，同時也在報告揭露方面持續演進。

We have A full report bringing updates on indicators, cos, and results. And so it connects this indicator with the main EG risk of the company and our strategy to mitigate these potential risks and the resiliency of our ESG performance.

我們發布完整報告，更新指標、承諾與成果。因此，能將這些指標與公司主要的ESG風險連結起來，以及我們降低這些潛在風險的策略，並展現我們ESG表現的韌性。

So we have that double materiality integrated and CSN and Cin. We have publication of that integrated report and these reports once again followed the main frameworks of the market.

因此我們將雙重重大性納入整合，並與CSN及其相關單位整合。我們已發布整合報告，而這些報告再次遵循市場主要框架。

What we have now is a more integrated version speaking about risk and value, and this will be applied during the year. Our performance and this transparency of our reports has improved success

目前我們推出更整合的版本，聚焦於風險與價值，並將在今年內落地推行。我們的表現以及報告透明度已成功提升。

Excessively in terms of EG and where poss 10% of the companies with the lowest CG risk once again, we CI rating upgraded from B to B have stability in terms of our tailing dams, all of this was renewed in March, and we have had great efficiency in our plan to

在ESG方面提升幅度非常顯著；我們再次位列CG風險最低的前10%公司之列，我們的CI評級也從B升至B+；尾礦壩方面維持穩定，這些在3月均已完成更新；同時我們在計畫上也展現很高效率，以

Contain the rainfall. This was mentioned by all of the speakers we had a period of intense rainfall, but that did not impact our dams and did not have significant impact on our operations in terms of health and safety.

因應降雨。正如所有講者所提到的，我們經歷了一段強降雨期，但並未影響我們的壩體，且在健康與安全方面對營運沒有造成重大影響。

We had a very challenging quarter, despite stro advances and reduction in thirdpar accidents we had certain gravity Or seriousness in terms of the accidents we had, of course, we have full focus on this issue, and we celebrate important achievements this quarter, the certification in ISSO 485,001 certification in the environmental front.

本季非常具挑戰性；儘管在進展與第三方事故降低方面有強勁改善，但事故的嚴重程度仍然存在。當然，我們對此議題保持高度聚焦；同時我們也慶祝本季的重要成果，包括取得ISO 45001認證，以及在環境面向的認證。

We are reducing greenhouse gas emissions in steel production and Ce ment productions vis a vis our baseline years.

相較於基準年度，我們正在降低鋼鐵生產與水泥生產的溫室氣體排放。

This, of course, is very important. It allows our company to become more competitive when it comes to carbon regulations and a potential increase of cost related to climate transition and in terms of women, we continue to advance in terms of diversity increasing female representation

這當然非常重要。這使公司在面對碳相關法規時更具競爭力，也能因應氣候轉型可能帶來的成本上升；在女性方面，我們持續推進多元化，提升女性代表性。

In the workforce and 7% increase in female representation in leadership positions. Of course, we're making heavy investments in retention to reduce operational risks, the scarcity of labor and increase our sustainability through time.

在整體員工中，以及在領導職位中女性代表性提升了7%。當然，我們也在留任方面投入大量資源，以降低營運風險、因應勞動力短缺，並在時間推移中提升我們的永續性。

Thank you very much for your attention.

非常感謝各位的關注。

Thank you, Elena. I will now give the floor to our Chairman Benjamin for his

謝謝你，Elena。接下來我把時間交給我們的董事長Benjamin，請他

Good day to all of you and thank you for your attendance at the C and earnings call. I would like to very quickly review what was presented now, per sector, are commitment with the leveraging and basically,

各位大家好，感謝各位出席本次C與財報電話會議。我想非常快速地回顧剛才按部門所呈現的內容：我們對去槓桿的承諾，基本上，

Working, in two different ways.

以兩種不同方式推進。

First, an operational enhancement of all of the sectors and with a reduction of debt, which of course is our priority from the viewpoint of our operational segments, mining had extraordinary results in my opinion, despite the heavy rain

第一，是提升各部門的營運表現；第二，是降低負債，這當然是我們的優先事項。從營運分部的角度來看，我認為採礦業務的成果非常出色，儘管遭遇強降雨。

Fa ll and when we speak about rainfall, it truly was impressive to see how this hampers production and shipment in all of our operational activities and the characteristic of this first quarter 26 was not only the intensity of the rainfall, but the very long rainfall that we observed in one day, we would have

而談到降雨，確實令人印象深刻的是，它如何在我們所有營運活動中阻礙生產與出貨；而26年第一季的特徵不僅是降雨強度，還包括我們在單日觀察到的降雨時間非常長；一天的降雨量甚至超過我們在10天內應有的降雨量。

More rain that we should have in 10 days.

降雨量甚至超過我們在10天內應有的水準。

This of course has caused several problems and we have been able to overcome the problem and continue producing, it was truly exceptional when it comes to mining, steel, and cement segments, all of which suffered from the effects of these unbalanced, rainfall in the first quarter.

這當然造成了多項問題，但我們已能克服並持續生產；就採礦、鋼鐵與水泥業務而言，面對第一季這些失衡的降雨影響，我們的表現確實非常出色。

Des

儘

Pi te this, the car also reached a record in terms of cost.

管如此，成本也創下紀錄。

Well, we had a cost reduction of significant reduction, I would say therefore that mining, according to our assessment and our outlook worked in an external fashion presenting exceptional results in steel, once again, despite the impact of rainfall, causing not only Flooding problems or energy problems.

我們的成本顯著下降，我會說降幅相當可觀。因此，依我們的評估與展望，採礦業務在外部環境下仍交出卓越成果。鋼鐵方面，再次地，儘管降雨帶來影響，不僅造成淹水問題或能源問題。

We eventually had significant energy it's because of the rainfalls. Of course, this hamper not only production but flow. We were able to overcome this in January and February, we had weak results in March. We observed significant improvements responsible for 50% of the results of production in the quarridor.

我們最終也因降雨而面臨顯著的能源問題。當然，這不僅阻礙生產，也影響物流流轉。我們在1月與2月克服了這些問題，但3月表現較弱。我們觀察到顯著改善，約占本季產量成果的50%。

With all of these efforts that are being deployed, especially in steel from the operational viewpoint and from the rationalizing methods and systems and working systems and reduction of everything that we can do.

在推動所有這些努力之下，特別是鋼鐵業務，從營運角度、從方法與系統的精簡、工作系統的優化，以及我們能做的一切降本措施。

Well, we, were able to have a much better march and April Also has a positive outlook.

我們在3月的表現明顯改善，而4月的展望也偏正向。

We observe growing results and we should have significant improvements in the second quarter and steel, well, in cement, we had an exceptional consistent and stable path during the entering exceptional results in the first court, we had an ebi of 400 million annualized, it would represent 1.6 billion

我們看到成果成長，第二季鋼鐵業務應會有顯著改善；至於水泥，我們在第一季走出一條非常出色、連貫且穩定的路徑，第一季EBITDA達4億，若年化將代表16億。

Are challenge is greater than that, and we're committed to that delivery in logistics and energy log chest x we see one of the business of greatest potential and the CSN group. We're dealing with this very rationally with a great deal of devotion to obtain ever more better results and energy also had excellent performance, from the operational

我們的挑戰高於此，我們也承諾達成。在物流與能源方面，物流是CSN集團最具潛力的業務之一。我們以非常理性的方式推進，並投入大量心力以取得更好的成果；能源業務在營運面也有優異表現。

Viewpoint of activities, we had a significant improvement in all of our segments, a cost reduction with a very strong cost control, working on the reduction of OE where working daily to systematically reduce whatever can be reduced in OpEx. This is a challenge for the entire team That is devoted to this, each unit is focusing on this, and we begin to see results beginning in March. We were able to obtain practical results went into the reduction of OpEx and inventories.

從營運活動角度來看，我們所有分部都有顯著改善；在強力成本控管下實現降本，並致力於降低OPEX，我們每天都在系統性地削減所有可削減的營運費用。這是整個團隊共同投入的挑戰，各單位都聚焦於此，我們從3月開始看到成果。我們在降低OPEX與庫存方面取得了實際成效。

In December, we had $12 billion in inventory between raw material and products under production and finished Products. It hurts and we're working strongly to obtain cash enhancements, improvements in liquidity offering us immediate results.

在12月，我們在原材料、在製品以及成品之間的庫存合計達到120億美元。這對我們造成壓力，我們正全力推動現金改善、提升流動性，並已帶來立即的成果。

It has been an enormous challenge in 2026 to truly reduce OE and reduce our Inventories. I would like to take the opportunity to thank the work of all of our employees.

在2026年，真正降低OE並減少我們的庫存是一項巨大的挑戰。我想藉此機會感謝所有員工的努力。

Thank the teams from mining, Augusto, Eneas, Energy Edivaldo in cement at Martinez in the operational part and others As they're focusing on our operations now in 2026, we will obtain the necessary results to enhance the company's structural part, capital allocation We are being pressured to offer good results, most important part.

感謝採礦團隊、Augusto、Eneas、能源團隊，以及在Martinez水泥事業營運端的Edivaldo等人，以及其他同仁。由於他們在2026年正專注於我們的營運，我們將取得必要成果，以強化公司的結構面與資本配置。我們正承受壓力必須交出良好成果，這是最重要的部分。

Now regarding the sale of assets where rigorously following the schedule we're not advancing faster or slower as there's a great deal to do from the viewpoint of cement, we have received several non-ending proposals to proposals that are higher than we expected, and presently we're in the subsequent process

至於資產出售方面，我們正嚴格依照時程推進，不會更快也不會更慢，因為從水泥的角度來看仍有大量工作要做。我們已收到數個非約束性提案，其中一些出價高於我們預期，目前我們正進入下一個流程。

To get to a binding offer, we have a short trip forward it, enabling us to focus on and accommodate these proposals, to come to a favorable conclusion in terms of what we will do with cement in the sector of logistics, we also have a schedule.

為了達成具約束力的報價，我們還有一小段路要走，這也讓我們能專注並整合這些提案，並就我們在水泥業務上的處置做出有利結論。在物流領域，我們也有一個時程表。

We have been working strongly And we're going to continue on with this to hold negotiations with a strategic partner in the coming months. Regarding our working capital Our greatest priority is to reduce inventories as I mentioned, and we're working in a more intelligent way to manage our Capital You can observe this through the reduction of indebtedness, these are the priorities we have set forth, operational and our commitment with the leveraging and the reduction of inventory.

我們一直在全力推進，並將持續如此，以在未來幾個月與策略夥伴進行談判。關於營運資金，我們最大的優先事項是如我所提到的降低庫存；我們也正以更聰明的方式管理資本。你們可以從負債降低看出來。這些就是我們設定的優先事項：營運面，以及我們對去槓桿與降低庫存的承諾。

This is work that is being carried out consistently with grade seriousness, bringing about insults as of March, and I'm convinced that they will greatly contri Bu te so that this year, we can see positive results.

這項工作正以高度嚴謹的態度持續推進，自3月起帶來成效；我相信它們將大幅貢獻，讓我們今年能看到正面結果。

We have opportunities in the non-operational field we're trying to proceed with speed, and this will enable us to have a special year when it comes to our capital structure were also very optimistic regarding these changes and regarding the results.

在非營運領域我們也有機會，正努力加速推進；這將使我們在資本結構方面迎來特別的一年。我們對這些變化以及對成果也都非常樂觀。

Prices are being ascertained the mining price, $111 is much higher than we had foreseen. Of course, there's also the cost ofportation and the increase in the price of oil we're dealing with that, but the margins have been maintained and have been improved From the viewpoint of Price in mining in steel that we began to see in March because of the anti-dumping measures put in place. This will favor the second quarter going forward. We can reduce the amounts, improve price, perhaps minimally, but this will enable us to better perform and have better margins.

價格正在被確認中；採礦價格111美元遠高於我們先前預期。當然，我們也面臨運輸成本以及油價上漲的影響，但利潤率已維持並有所改善。從採礦與鋼鐵的價格角度來看，由於已實施反傾銷措施，我們自3月開始看到改善。這將有利於第二季及之後的表現。我們可以降低數量、或許小幅改善價格，但這將使我們表現更好並取得更佳利潤率。

All of the other sectors, logistics and energy working with the very good outlook we're quite enthusiastic. I'm not trying to push non-existent optimism on anybody. Quite the contrary, we're living through a highly realistic period in the company so that we can move away from that situation That we have become an excess of assets, and excess of inventory. We want to go more balanced situation in terms of capital structure to continue on with our business, I would like to thank everybody.

其他所有部門——物流與能源——在非常好的展望下運作，我們相當振奮。我並不是要把不存在的樂觀情緒強加給任何人。恰恰相反，我們正處於公司一個高度務實的時期，以便擺脫我們已變成資產過剩、庫存過剩的狀況。我們希望在資本結構上走向更平衡的狀態，以持續經營我們的業務；我想感謝大家。

I especially thank our own employees for the Herculean efforts that they're deploying were working together, working strongly with A very clear goal in mind. Thank you very much for your participation.

我特別感謝我們的員工所付出的巨大努力；我們正攜手合作、全力以赴，心中有非常清晰的目標。非常感謝各位的參與。

Thank you, Benjamin. Very well. Let's go on to the question-and-answer and we will now begin the question-and-answer session for investors and analysts should you have a question please click on the race hand icon or send your question through the Q&A icon.

謝謝你，Benjamin。很好。我們接下來進入問答環節，現在開始投資人與分析師的問答時間。如您有問題，請點擊舉手圖示，或透過Q&A圖示送出您的問題。

Our first question comes from Daniel Sasson from Itau BBA. You may proceed.

我們的第一個問題來自Itau BBA的Daniel Sasson。請開始。

Good afternoon to everybody. Thank you for taking my question. My first question goes to Martinez, for the operations in Stele. Martinez, if you could help us by commenting on the use of capacity presently you were importing bQ if there has been an increase in capacity, something that could do in the dilution of fixed cost.

各位下午好。謝謝讓我提問。我的第一個問題想請教Martinez，關於鋼鐵業務的營運。Martinez，能否請你協助評論目前的產能利用率？你們當時在進口bQ；是否有產能提升，或有助於攤薄固定成本的作法？

And if there's room to increase your volumes and which has been the impact of the anti-dumping measures, if you could comment on the internal surveys of volumes that are being rerouted to other regions such as South Korea, a more direct question referring to prices, Martinez, you're trying to increase the price 5

另外，是否還有空間提高出貨量？反傾銷措施帶來了哪些影響？也請你評論一下內部對於部分量被改道至其他地區（例如南韓）的調查。再一個更直接關於價格的問題：Martinez，你們正嘗試把價格提高5

Again. How is this working? How is the demand reacting to this. This would help us to understand the gradual recovery of margins in steel. Thank you very much.

再次上調。目前進展如何？需求對此的反應如何？這將有助於我們理解鋼鐵利潤率的逐步復甦。非常感謝。

Hello. Once again, thank you for the question. Very broad question indeed, as always, I will give you an overview of what we see in the market, a speak little about the first quarter and TRY to speak

你好。再次感謝你的提問。確實是一個非常廣泛的問題；一如往常，我會先給你我們對市場的整體觀察，談一點第一季的情況，並嘗試談談

About what we see for the rest of the year. In the first quarter, we had an important mission to reduce our inventory. We did this in a relevant way.

我們對今年剩餘時間的看法。在第一季，我們有一項重要任務是降低庫存。我們以相當顯著的方式做到了。

Production delivered less products of added value, then we needed. So with this, we got to the edge and the strategy we had a value over volume. We had to keep the prices in line. Which is when we stopped and volume eye were highly aligned, which was very possible, but we also fostered a great inventory which also happened in the International market.

生產端交付的高附加價值產品少於我們所需要的。因此，我們走到一個臨界點，而我們的策略是「價值優先於量」。我們必須讓價格保持一致。當時我們停止了，並且在量的部分高度對齊，這本來是很可行的，但我們也累積了大量庫存，國際市場也出現了同樣情況。

We took advantage of what was happening in you ex for 2,025,000 tons of tinplate to EUR. This could be good news because of the geopolitical scenario in the coming Months for the continuance of operations. We've spoken about March, January and February were very difficult months because of the beginning of the year that in truth began in March, we focused on the sales of mart, and we were able to increase volumes considerably as well as prices.

我們利用了你們在……的情況，將2,025,000噸的鍍錫板出口到歐元區。考量未來幾個月的地緣政治情勢，這對營運的延續可能是個好消息。我們談到3月；1月與2月非常困難，因為年初的狀況其實到3月才真正開始。我們把重點放在……的銷售，並且能夠大幅提升出貨量以及價格。

Without a doubt in the second quarter, we will have A better results, and I'll give you the reasons for this regarding the international market, which is an important variable in China.

毫無疑問，第二季我們會有更好的結果；我會說明原因，先從國際市場談起，其中一個重要變數是中國。

The prices that were at 450 $430 of BQ. We now see prices $500. The highest price for the last year and a half years in China. This is a very positive piece of information.

價格原本在450美元、430美元的BQ水準。我們現在看到價格來到500美元。這是中國過去一年半以來的最高價格。這是一個非常正面的資訊。

In Europe Belosa cedar operation, we were able to increase the price by €100 there benefiting from the reduction in Europe, reducing supply and offering opportunities for products that were not feasible in the past and now are in the USA there's a great deal of discussion, a great deal of complaint, but the fact is I says

在歐洲，Belosa……的營運方面，我們成功把價格提高了100歐元，受惠於歐洲的減產、供給下降，並為過去不可行、但現在可行的產品帶來機會。而在美國，有很多討論、很多抱怨，但事實是我說

Increased, there is a problem of inflation, a problem of affordability, 200 $300 of increase. And we can be, we don't need to be different from the rest of the world. We're going to quickly catch up on winning in other regions of the world. Now to speak about American steel plants, their margins are good as steel, for example, beside

價格上升了；存在通膨問題、可負擔性問題，上漲了200到300美元。而我們可以……我們不需要與世界其他地方不同。我們將很快追上並在全球其他地區取得勝利。現在談到美國鋼廠，它們的利潤率不錯，就鋼鐵而言，例如，旁邊

S the flat screen, they're producing 16 in flat steel, 12 in 2, 1,213, which is what we want for the second quarter. I'm going to speak about how we can go back to a two-digit epitomemargin. Well, when it comes to cost cost with operational excellency, Benjamin mentioned this teams are trying to reduce that

至於平板螢幕，他們在平板鋼方面生產16，在2方面12，1,213，這正是我們第二季想要的。我將談談我們如何回到兩位數的EBITDA利潤率。嗯，談到透過營運卓越來降低成本，Benjamin提到這些團隊正試圖降低那個

Cost despite our blast furnace #2, that is on shutdown. We continue to observe interesting opportunities for the purchase of BQD and slabs, we used less iron plate, 2000 slabs as well, and our goal for the second quarter is to work so that cause that is at 3,200.

成本，儘管我們的2號高爐目前停爐。我們持續觀察到採購BQD與鋼胚的有趣機會，我們也使用了較少的鐵板，還有2,000塊鋼胚；而我們第二季的目標是努力讓成本達到3,200。

Throughout the second and 3rd quarters can reach 3,000 reiss per ton. This would be a very expressive result, and of course, we could have the issue of the dollar that will benefit us on the supply and demand pillar in general, the sectors have a stable demand, some

在第二與第三季期間可達到每噸3,000雷亞爾。這將是非常顯著的成果；當然，我們也可能面臨美元的因素，整體而言它會在供需支柱上對我們有利。各產業需求穩定，有一些

Incursions of the Brazilian government to offer funding in the tool sector implement sector with a funding of 8% interest rates a year for the businesses that have come to a standstill because of agribusiness.

巴西政府的介入，為工具產業、設備產業提供融資，對於因農業綜合企業而陷入停滯的企業，提供年利率8%的融資。

We also have the inventories of the National Institute of Steel. This is, these are inventories for domestic steel And the automotive and white line products that are continued the positive trend when it comes to imports, the set, they drop and imports is given is a given You wrote a report at Ita BBA really shows what the exports of Korea to Brazil would represent and we

我們也有國家鋼鐵研究所的庫存。也就是說，這些是國內鋼材的庫存；而汽車與白色家電產品在進口方面仍延續正向趨勢，整體來看，進口下滑，而進口下降是既定事實。你在Itaú BBA寫的報告確實顯示韓國對巴西的出口將代表什麼，而我們

See that the lineups of 600,000 tons, the lineups now are of two ships, I imagine that in the second and 3rd quarter, we will have interesting demand because of this incredible drop in imports, China no longer gets to Brazil with the measures correctly applied by the government for commercial defense.

看到排隊量為60萬噸，目前排隊的只有兩艘船；我想在第二與第三季，因為進口出現驚人的下滑，我們將有不錯的需求。隨著政府正確採取商業防衛措施，中國不再能進入巴西。

Well, it's impossible To get to China. What we're avoiding today. And with the new minister of Trade and Industry taking on his position, we have spoken further on trade defense on circumvention and change to be able to classify some items and not bring them in with these carrots.

嗯，根本不可能讓中國進來。這就是我們今天正在避免的。隨著新任工業與貿易部長就任，我們進一步討論了貿易防衛、規避行為與變更，以便能夠對某些品項重新分類，而不是用這些「胡蘿蔔」把它們帶進來。

Besidesneau's free zone, which is also a place that has increased imports through Manaus. So this is the scenario. It is a given, it will take place and CSN will be highly privileged because up to present. We had more imports of coded material and we suffered more than any other company in Brazil and in my order book, I see a positive trend that tends to continue for the second and 3rd quarters, the premium of Chinese material today. There's very little of this, but the premium is 10 perhaps lower in terms of the coded products.

此外還有自由區，這也是一個透過瑪瑙斯增加進口的地方。所以這就是情境。這是既定的，將會發生，而CSN將會非常受惠，因為截至目前為止，我們有更多鍍層材料的進口，因此比巴西任何其他公司都更受影響；而在我的訂單簿中，我看到正向趨勢，預期在第二與第三季會持續。今天中國材料的溢價非常少，但就鍍層產品而言，溢價大約是10，或許更低。

It's no Longer worthwhile importing anything from China and were using our value-added strategy in the main downstream lines, increasing the product, tin plate the tool of the crown in Brazil with the old crisis, we have seen increases of 30, 40%, making it possible to use tinplate packaging and several

從中國進口任何東西都不再划算；我們正在主要下游產品線採用加值策略，提升產品，例如馬口鐵——巴西的皇冠上的明珠——在過去的危機中，我們看到30%、40%的成長，使得能使用馬口鐵包裝以及多個

Industries my expectation for steel for the second quarter is a return of two digit margins at the last call, I said we would increase price 3 to 4%.

產業。對於第二季鋼鐵業務，我的預期是回到兩位數利潤率；在上次電話會議我說過我們會把價格提高3%到4%。

We have caught up on prices that, but they were influenced by mix and inventory, we're going to work with prices of 3, 150, 3, 180 for the second quarter and there's an April was implemented an increase of 5

我們已經把價格追上來了，但它們受到產品組合與庫存的影響；第二季我們將以3,150到3,180的價格運作，而在4月已實施了5%的上調。

We have another price increase in May with higher resistance from the market, but we should and the second quarter with an increase of 5 to 8% for coded material, mainly in the second quarter, we're going to continue to work with inventory.

我們在5月還有一次漲價，但市場阻力更大；不過我們預期第二季鍍層材料將上調5%到8%，主要在第二季，我們將繼續以庫存方式運作。

I have tinplate inventories. Obviously we're going to TRY to reduce The inventory without compromising margins and this will help us in deleveraging and debt reduction. I think that is all, Danielle. I don't know if I forgot everything. Anything?

我有馬口鐵庫存。顯然我們會嘗試在不損害利潤率的情況下降低庫存，這將有助於我們去槓桿與降低負債。我想就這些，Danielle。我不知道我是不是把所有都忘了。還有什麼嗎？

I think I have fully covered your question. This scenario for steele is quite positive. It's based on facts and data in the reports that you have prepared and I have read them all, especially the one that you Prepared. There was clearly that this is the trend for the second and 3rd quarters if demand aids and abets us, we will recover our margins, and this is associated to the reduction of discounts, and they should increase and perhaps we can even have a price increase.

我想我已完整回答你的問題。這個鋼鐵情境相當正面。它是基於你們準備的報告中的事實與數據，我都讀過了，尤其是你準備的那份。很明顯，若需求也幫助我們，這將是第二與第三季的趨勢；我們會恢復利潤率，這與折扣的降低有關，而折扣應該會上升，或許我們甚至還能再漲價。

That is all, Danielle, if you have another question, please pause it. Our next question Comes from Mr. [Hahao Barcellos] from Bradesco BBi.

就這些，Danielle；如果你還有其他問題，請提出。我們下一個問題來自Bradesco BBI的[Hahao Barcellos]先生。

Good afternoon. Thank you for taking the question a follow-up, Martinez on your answer and overview, simply to check if we understood properly 5% increase in a rele carryover from the movement in March, 7% for the second quarter simply to confirm this fact.

下午好。謝謝讓我提問。我想追問一下，Martinez，針對你剛才的回答與概覽，只是確認我們是否理解正確：5%的上調是來自3月動作的遞延影響，而第二季是7%，只是想確認這個事實。

Now, based on What you said of the global movements and domestic movement of trade defense, and to better understand your vision. There's that global side scene since the beginning of the conflict in the Middle East, they cost a still increased as it did in Brazil.

另外，基於你提到的全球動向與國內貿易防衛動向，為了更好理解你的看法。自中東衝突開始以來，全球那一端的情境是成本仍在上升，就像在巴西一樣。

In your vision with this quota tariff with anti-dumping is Help to change the sector in a more structural way and which is the information or expectation you'll have for the renewal of the quota tariff in May or June. My second question, an update on the divested your process of the announced at the beginning of the year.

以你的觀點，這個配額關稅加上反傾銷，是否有助於以更結構性的方式改變產業？以及你對5月或6月配額關稅續期的資訊或預期是什麼？我的第二個問題是，關於你們年初宣布的資產剝離流程的最新進展。

If there's a more relevant update additional de T ail that you can share for the cement operation. And it's been broadly spoken about and if you have assessed any additional structure in the meantime.

是否有更重要的更新或你能分享的額外細節，關於水泥業務。這已被廣泛討論；同時你們是否評估了任何額外的架構安排。

Thank you for the possibility of reinforcing some points about the steel segment half fio at the close of April, our price already increased in April And this comes from a stronger march, the increase was 5 to 6.5%, depending on the product line in May, we have a scheduled increase for the second fortnight of May, and I'm being quite surgical, very cautious because I don't want to ruin a positive equation that we have at present, which is the recovery.

謝謝你讓我有機會強化鋼鐵部門的一些重點：截至4月底，我們的價格已在4月上調，而這來自3月更強勁的走勢；上調幅度為5%到6.5%，取決於產品線。5月我們安排在5月下半月再上調一次；我會非常精準、非常謹慎，因為我不想破壞我們目前的正向方程式，也就是復甦。

Of the volume of coded material as an example, 8,000 done at Galvao for the United States, which were no longer doing.

例如鍍層材料的量，在Galvao為美國做的8,000噸，我們之前已不再做了。

We're bringing these volumes in Brazil and tin plate 10, 15,000, 20,000 were already at 17,000, reducing inventory as well. So we're working strongly so that this Scenario can materialize between 5 and 7% for the second quarter.

我們把這些量帶回巴西；馬口鐵方面，10,000、15,000、20,000噸——我們已在17,000噸，同時也在降低庫存。因此我們正強力推動，讓這個情境在第二季落實為5%到7%。

I'm not concerned about volumes for some time already, we haven't had such an interest in your book. I have 2 months and 13 days of portfolio, this allows me a certain comfort for planning, and we don't put all of the eggs in the same basket were very divided among secular

我對一段時間以來的銷量並不擔心，我們的訂單簿從未有過這麼高的興趣。我有2個月又13天的訂單組合，這讓我在規劃上有一定的安心感；而且我們不把所有雞蛋放在同一個籃子裡，我們在各個長期

Definitely increasing the number of clients. We have doubled our fragmentation in the market, and we will attain the results expected both in price and in volumes regarding the global movement defense, an important piece of information.

面向上確實在增加客戶數。我們在市場上的分散度已經加倍；而就全球動向與防衛而言，我們將在價格與銷量兩方面達成預期結果，這是一個重要資訊。

It took us 2 years to adopt measures, those anti-dumping activities for tinplate for co Laminated products and others certainly have for China outside of Brazil when it comes to competitiveness, there's no doubt about that.

我們花了2年時間採取措施；那些針對鍍錫板（tinplate）、共層壓（co-laminated）產品及其他產品的反傾銷行動，對於中國在巴西以外市場的競爭力而言，無疑產生了影響。

What we're expecting now until July is that the anti-dumping be put in for hot rolled products, and to put dumping on tin plates against German Netherlands and India, that is

我們現在預期到7月之前，反傾銷措施會適用於熱軋產品，並且對來自德國、荷蘭和印度的鍍錫板課徵傾銷稅，也就是說

Appearing as a possible importer from Brazil. Without speaking of those countries like Egypt that Heral agreement with Brazil. So we're working strongly on this. Another important point, and I would like to stress the word strong, the internal revenue were holding conversations so they can supervise imports from Vietnam and other countries to

使其成為巴西可能的進口來源。更不用說像埃及這些與巴西有協議的國家。因此我們正在大力推進這件事。另一個重要點，我想強調「大力」這個詞：國稅局（internal revenue）一直在進行對話，以便他們能監督來自越南及其他國家的進口，來

Ensure that there is the bee form that has to be filled up so that the origin can be preserved. We're trying to combat illegal activity and imports as convention or derailing of trade, and in the higher added value material were working with in metro to see if they can create a technical barrier also

確保必須填寫的表格（bee form）到位，以便保全原產地。我們正試圖打擊非法活動與進口中的慣例操作或貿易偏離；而在我們所從事的更高附加價值材料方面，我們正與 Inmetro 合作，看看他們是否也能建立一道技術性貿易障礙

To help us in this. If this will be sufficient or not, this is what we have at present, the renewal of the quota tariff could happen at present, what would be more effective would be for the government to put a tariff for all products because Hafael, there's another movement that is more serious than we imagine.

來協助我們。這是否足夠，目前還不得而知；我們目前掌握的是：配額關稅的續期現在可能會發生。更有效的做法，是政府對所有產品加徵關稅，因為，Rafael，還有另一股動向，比我們想像的更嚴重。

It's interesting because several associations were

這很有意思，因為有好幾個協會都在

Criticizingste, blaming stee and the imports of steel associations that said there was no import of steelsoever what is happening besides the well-known case of automobiles is that there are other products like machines or whiteli that are coming ready made to Brazil.

批評鋼鐵業，指責鋼鐵進口；而鋼鐵協會則說根本沒有任何鋼鐵進口。除了眾所周知的汽車案例之外，實際正在發生的是，還有其他產品，例如機械或白色家電（whiteli），正以成品形式進入巴西。

The Finnish products are coming to Brazil, something that normally Happens in these processes of invasion of China in other markets. So in terms of industry and in terms of clients at present because of the pain and more than the love, we can TRY to join together to work against this and to work on the industrial chain more fully, more wholly, we're going to do

成品正在進入巴西——這通常發生在中國「入侵」其他市場的過程中。因此，就產業端與客戶端而言，眼下因為「痛」多於「愛」，我們可以嘗試團結起來共同對抗，並更完整、更全面地推動產業鏈的協作；我們將在

What we have to do in the second quarter, but continue to other countries, the geopolitical scenarios highly relevant, it is changing, and we will follow-up on those changes.

第二季做我們必須做的事，同時也持續關注其他國家。地緣政治情勢高度相關，正在改變，我們也會跟進這些變化。

Hahael, you spoke about the cement operation and and knee operations or the industrial, production of cements.

Rafael，你提到了水泥業務以及……（knee operations）或工業、水泥的生產。

I'm speaking of the divestiture process if you have additional Information besides what you said at the beginning of the call. As I mentioned and as Benjamin reinforced the processes on track based on our original schedule. We continue to believe that we will sign an SBA at the beginning of the year. We have received a high number of proposals, non-binding off for the acquisition of this asset. It surprised us.

我想談的是撤資（divestiture）流程，看看你是否有除了你在電話會議一開始所說之外的其他資訊。如我所提、也如 Benjamin 所強調，流程正依照我們原先的時程推進。我們仍然相信會在年初簽署一份 SBA。我們已收到大量針對該資產收購的非約束性提案（non-binding offer）。這讓我們感到驚訝。

We know the quality of CSN cements.

我們知道 CSN 水泥的品質。

It's the best platform of growth in Brazil, we know the quality of the aciets, high generation of energy, the best margin of eed and the sector, the first quarter simply is proof of that, the coming week we begin the phase of the binding offers, and among the group of players that have made Proposals in the last few days, we're going to call upon a small number of players that will go on to the second phase.

它是巴西最好的成長平台；我們了解資產（aciets）的品質、能源的高自發電能力、以及該產業中最好的 EBITDA 利潤率，而第一季就是明證。下週我們將開始進入具約束力報價（binding offers）階段；在過去幾天提出提案的參與者群體中，我們會挑選少數幾家進入第二階段。

We will then go on to doing the due diligence technical visits and presentations 2 or 3 months from now, we will get to the end of this phase, and with the binding offer presented to the company SPA fully discussed. So in the second half of the sale of this Asset should be signed. We're speaking of a migration to a second phase because we have highly qualified proposals, not only from the viewpoint of players, but also the valuation.

接著我們會進行盡職調查、技術訪查與簡報；約2到3個月後，我們將完成此階段，並在公司收到具約束力報價後，完整討論 SPA。因此，該資產的出售應會在下半年簽署。我們談的是進入第二階段，因為我們收到的提案品質很高，不僅在參與者層面，也在估值層面。

Rafael, I'm not going to refer to the full strategy of cement. You always know that we have been able so more for less having operational excellence in the 1st quarter of this year vis a vis the first quarter 2025, we had a price recovery of 18%.

Rafael，我不會談水泥的完整策略。你一直知道，我們能以更少做到更多，並在今年第一季展現了營運卓越；相較於2025年第一季，我們的價格回升了18%。

So I'm stating that in the second quarter, besides the volume that will Continue the best possible, we will have a price increase as part of our risk second quarter and the margins that we expect for the cement sector in the second quarter are better than the ones we've presented in the first quarter.

因此我想說的是，在第二季，除了銷量會盡可能維持最佳之外，我們也會進行漲價，作為我們第二季策略的一部分；而我們對水泥部門第二季的利潤率預期，會優於第一季所呈現的水準。

The scenario cement is highly positive. ll of the programs Miyakaa mia vida, projects For new buildings, all of these are proceeding strongly. This is a secretary resilient to interest rates, and we have several launches in Brazil in states, for example, that previously had not become important even with the pri increase and we're suffering with this in Ted Coke, we will observe a price increase with the price realignment in the market.

水泥的情勢非常正面。「Minha Casa Minha Vida」等各項計畫、新建案專案，都在強勁推進。這是一個對利率相當具韌性的板塊；我們在巴西多個州有多個新案推出，例如一些過去並不重要的州。即使有價格上調，我們在石油焦（pet coke）方面仍承受壓力；隨著市場價格重新對齊，我們將觀察到價格上升。

This is a very interesting moment in this business, a business that would, so strongly in the last few years.

這是這項業務非常有意思的時刻——這項業務在過去幾年表現非常強勁。

Thank you. Thank you very much. A question comes from Mr. Gillerinips from X. You may proceed.

謝謝。非常感謝。接下來的問題來自 X 的 Guillerme Nips 先生。請發言。

Brigade, thank you for taking my question. I have 2 questions. My first question referring to the leveraging, you have remarked broadly on the working capital management, flexibility and holding by CapEx and some investments and much more. If you could speak about this sale of the cement segment.

Brigade，謝謝讓我提問。我有兩個問題。第一個問題關於槓桿：你們已廣泛談到營運資金管理、彈性、以及對資本支出（CapEx）和部分投資的延後/保留等。能否談談這次出售水泥事業部的交易。

But which are the other alternatives that you have. And in the part of infrastructure in divestments, if there are any updates that you could share with us. My second question again in the line of cements, you have just spoken about the performance of results and initially you spoke about a normalized EBITDA way above multipLy ing the habit of the first quarter by 4.

除此之外，你們還有哪些其他替代方案？另外在基礎設施撤資方面，是否有任何最新進展可以與我們分享？第二個問題同樣關於水泥：你剛談到業績表現；一開始你提到，常態化 EBITDA 遠高於把第一季乘以4的水準。

Now it's better how do you expect the performance and volume for the second quarter. Pri evolutin and the cost evolution for the increase of pet coke that you have just mentioned.

那麼第二季的表現與銷量你們預期如何？以及你剛提到的石油焦（pet coke）上漲下，價格演變與成本演變會如何？

These are my questions. Guillerme, I'll be a cements. I think we've already remarked on for this year. Cash will also depend On agency Kadi, but this is the first relevant movement for the deleveraging of the company, and, of course, there's everything we announced on January 15th.

以上是我的問題。Guillerme，我先談水泥。我想我們今年已經說過：現金也會取決於（agency Kadi），但這是公司去槓桿的第一個重要動作；當然，還包括我們在1月15日所宣布的一切。

Much better, qualityly that we had expected in the call as part of working capital, the company created a company that we discussed in March and began in April to

（情況）比我們在電話會議中預期的要好得多；在營運資金方面，公司成立了一個（團隊/公司），我們在3月討論過，並在4月開始運作，以

Improve the debt of the company and in terms of working capital of the company to a material alums that could represent some billions of BRLs and whose main focus is the reduction of inventory, fo intermediate productsin products from all segments that have a higher contribution.

改善公司的負債狀況；在公司營運資金方面，推動一項重大行動，可能代表數十億巴西雷亞爾（BRL），其主要重點是降低庫存——包括中間產品與各事業部的產品，並優先針對貢獻度較高的品項。

This is a mass of BRL12 billions. So all of this would contribute to the company cash, and this asset is very relevant and undergoes the weekly follow-up of the company and will contribute to our cash flow for the year.

這是一筆約120億巴西雷亞爾的規模。因此，這些都將有助於公司的現金；這項資產/專案非常關鍵，公司每週都會追蹤，並將對我們今年的現金流做出貢獻。

Now, of course, we're working on the company CapEx were holding back the CapEx well, similar to 2025. Now, of course, there is a growth because of P 15 That will have to be concluded until the end of 2027 when we compare this quarter with the same quarter last year.

當然，我們也在資本支出（CapEx）上努力；我們把 CapEx 控制得很緊，與2025年類似。不過，當然，因為 P 15 的因素會有成長；該項目必須在2027年底前完成，當我們把本季與去年同季相比時就會看得出來。

Investments were similar with a reduction in steel and an increase in because of the speed up in P 15. These are a few billion BRLs. Now, if the flow cash of the year is not what we want. We can continue managing this

投資水準大致相近，鋼材投入有所下降，而由於 P 15 的加速推進而有所增加。這些金額是數十億巴西雷亞爾。現在，如果本年度的現金流不是我們想要的水準。我們可以繼續管理這件事

In other calls. They commitment of the company is a material deleveraging Benjamin mentioned this as we did ourselves in our call. We have the cement process, the infrastructure process that is doing very well in the last few months, we have devoted a great deal of time to long-term contracts fors and costs tariffs and other Conditions so that the potential buyers can receive a full package of information that is highly detailed in the second quarter, we will speed up the infrastructure process. And the next call we should be offering you very good news.

在其他電話會議中。公司的承諾是實質性去槓桿；Benjamin 也提到過，我們在電話會議中也談到了。我們有水泥流程、基礎設施流程，過去幾個月表現非常好；我們投入大量時間在長期合約、運費與成本費率以及其他條件上，讓潛在買家能在第二季收到一整套非常完整且高度細節化的資訊；我們將加速推進基礎設施流程。而在下一次電話會議上，我們應該能帶給各位非常好的消息。

Besides these two topics in the leveraging the company has non-core assets that can also be used to complement

除了這兩個去槓桿的主題之外，公司也有非核心資產可用來補充

Or increase the deleveraging pace of the company, we have real estate.They're not operational. We have several billion BRs of assets that could be monetized in the short and medium term, besides other activities, of course, that are not core for the company. Fo focus therefore is on speeding up as much as possible.

或提高公司的去槓桿速度；我們有不動產，這些並非營運資產。我們有數十億巴西雷亞爾的資產可在短中期變現，此外當然還有其他對公司而言非核心的業務活動。因此重點是盡可能加速推進。

What we see this year besides cement and infrastructure, we're working on working capital that will provide positive results, and other sales initiatives of assets of the company that we will announce further ahead in the next call, we should have good news on that front.

我們今年看到的，除了水泥與基礎設施之外，我們也在著手營運資金，將帶來正面成果；以及公司其他資產的出售計畫，我們會在之後、下一次電話會議上再宣布；在那方面我們應該也會有好消息。

Guilleme, this is Edivaldo to TRY to answer your que on supply, I believe. It's important to highlight that we have a resilient market. Last year, Brazil was at 3.7% and this quarter, we are above 2% of positive outlook in that sense, as was mentioned here. We have a significant cost pressure at present on the entire sector.

Guilleme，我是 Edivaldo，嘗試回答你關於供給的問題，我想是這個。重要的是要強調，我們的市場具有韌性。去年巴西是 3.7%，而本季我們在這方面的正向展望超過 2%，如同剛才提到的。目前整個產業都面臨顯著的成本壓力。

Not only in our company because of the international geopolitical scenario and all of this brings about a price increase in raw material in Brazil, we have diesel, minimum freight increases and of course this leads to a cost increase as Martinez mentioned in the trade strategy and profit

不僅是我們公司，因為國際地緣政治情勢等因素，這些都推升了巴西原物料價格；我們還有柴油、最低運費上調，當然這會導致成本上升，正如 Martinez 在交易策略與獲利

Ability strategy, we're working towards offsetting cost increase in the market where using our plants at above 70%. And of course this will facilitate the recovery of prices. The new companies in Brazil is quite low, and this will be one of the main drivers for cement during the year.

能力策略中提到的，我們正努力在市場中抵消成本上升，讓工廠稼動率維持在 70% 以上。當然，這將有助於價格回升。巴西新增產能相當低，這將是今年水泥業的主要驅動因素之一。

In the first quarter, we had a historical record for the company. It was a record that normally was slow, but without objections we have the expectation that in coming quarters, these figures will be even stronger.

第一季我們創下公司歷史紀錄。這通常是淡季的季度卻創下紀錄；在沒有異議的情況下，我們預期接下來幾季這些數字會更強。

All of this based on our inual competencies differentials are competitive edge. The fragmentation of sales, as Martinez mentioned, a very assertive quest of activity, a focus on better quality.

這一切都建立在我們的內在能力差異化與競爭優勢之上。銷售端的分散化，如 Martinez 所提到的，非常果斷的行動追求，以及對更高品質的聚焦。

We are the greatest user of railroad for the distribution of cement in Brazil. This, of course, is very important, streamlined plants on the average compared to the rest of the sector with a low energy consumption and optimized struct Of people with great competency a strong cost management in the company.

我們是巴西使用鐵路運輸來配送水泥的最大用戶。這當然非常重要；相較於產業其他公司，我們的工廠平均更精實、能耗更低，且人員結構已最佳化，團隊能力很強，並且公司具備強而有力的成本管理。

So we have all of those in-house elements that allow us to have a positive and resilient market, to deliver the levels mentioned by Marco and Benjamin in the coming quarters.

因此，我們具備所有這些內部要素，使我們能在具韌性且正向的市場中，於未來幾季交付 Marco 與 Benjamin 所提到的水準。

Thank you very much. Nosaros next question comes from Hiardomonnealia from Zafraanumaan continue.

非常感謝。我們的下一個問題來自 Zafraanumaan 的 Hiardomonnealia，請繼續。

Good afternoon to everybody. Thank you for taking our two questions. Perhaps more geared to Marco Habeo, first, the bridge loan, you said that there is a potential expansion of the 1.2 initial billion to 1.4 billion

各位下午好。感謝讓我們提兩個問題。第一個問題可能更針對 Marco Habeo：關於過橋貸款，你提到初始的 12 億可能擴大到 14 億

BRLs, which are the conditions for this expansion. You also mentioned that the cash of the loan, we earmarked for short-term amortizations, which are the priorities in this sense to reduce your loan.

巴西雷亞爾，擴大的條件是什麼？你也提到貸款的現金我們會指定用於短期攤還；在這方面，降低你們借款的優先順序是哪些？

If you could give us more color in the means we can see here an NPG for The reduction of debt. There is a positive impact in terms of your financial expenses that are big. The second question is follow-up on the cement em and, which is the company mindset. Does it make more sense for the company to sell to a strategic partner of financial partner, how much of the company will be sold out 60, 50, or 100%.

如果可以請提供更多細節：我們在這裡可以看到一個用於降低負債的 NPG。在財務費用方面會有正面影響，而你們的財務費用很高。第二個問題是追問水泥業務的 M&A，也就是公司的想法：對公司而言，賣給策略夥伴或財務夥伴哪個更合理？會出售公司多少比例：60%、50%，或 100%？

And the brown fields because part of the equipment has already been purchased. How much is included in the valuation that you're working with these different stakeholders at present. Hiardo, thank you for the question.

以及 brownfield（既有場址擴建），因為部分設備已經採購。你們目前與不同利害關係人討論的估值中，包含了多少這部分？Hiardo，謝謝你的提問。

Let's begin with the bridge loan here. The bridged loan is a bridge loan. It's in the format of a committed loan where withdrawal we need, we don't want to pay unnecessary interest rates, we withdraw the money as we use it in refunding the expansion to one port for

我們先從過橋貸款開始。這筆過橋貸款就是過橋貸款。它採用承諾式貸款的形式，我們按需提用；我們不想支付不必要的利息成本，我們會在用於再融資時才提取資金；擴大到 14 億的部分將

Billion will be based on the company decision. This operation was important for some reasons.

取決於公司的決策。這項操作之所以重要，有幾個原因。

One, to show the bankability of and how it is supported by the financial markets, we have several banks that have joined here and there are 4 more banks that want to be part of this and for the $1.4 billion.

第一，是為了展示其可融資性（bankability），以及金融市場對它的支持；我們有多家銀行加入，另外還有 4 家銀行希望參與，對應到 14 億巴西雷亞爾。

I'm not going to use All of the resources to pair more commitment fees and use the company resources. Once again, the decision depends on us.

我不會把所有資源都用掉，以免支付更多承諾費，並動用公司的資源。再次強調，決策取決於我們。

If the decision to sell cement proceeds rapidly and efficiently. I won't have to use that funding line, the cement will do its job. We don't want financial inefficiency. But we will take the decision in terms of what to do. And if we could do away with the deaths of 27, 28, and going forward, we could refinance that resource. Now, our decision will take into account the less efficient that those that have a structure.

如果出售水泥業務的決策推進得快速且有效率。我就不必使用那條融資額度，水泥業務會完成它的任務。我們不希望出現財務上的低效率。但我們會就該怎麼做作出決定。如果我們能消除 27、28 年到期的債務並往前推進，我們就可以為那筆資源再融資。現在，我們的決策會考量那些結構上較沒效率的部分。

We don't want to remain in or where the on due for the company And of course the best negotiations at banks where to roll the dead, we can the lowest installment of the debt and roll it under better conditions of other banks.

我們不想讓公司處於到期壓力之下；當然，在與銀行談判時，最好的做法是展期債務，我們可以把債務的分期付款降到最低，並在其他銀行以更好的條件進行展期。

Now, the banks that will offer the best conditions will be a priority in the use cash. We want the longest dead at the lowest cost.

因此，能提供最佳條件的銀行，將會是我們動用現金時的優先對象。我們希望在最低成本下取得最長的期限。

Those that offer the more efficient conditions Will privilege physician. We have the bond for 2028 $1.3 billion with maturity in 2028. We want to decrease that as soon as possible and use part of the cash and the refunding of this bond. And whatever we do will be relevant. It's important part of the company plan to Do this as soon as possible. We don't want to get to 2027 to deal with this.

那些提供更有效率條件的將會被優先考量。我們有一筆 2028 年到期的債券，金額 13 億美元，於 2028 年到期。我們希望盡快降低這筆金額，並用部分現金來再融資這筆債券。而我們所做的任何事情都將是重要的。這是公司計畫中很重要的一部分，要盡快完成。我們不想等到 2027 年才來處理這件事。

We want to do this in the next months of the year 2026. The NPD of that line.

我們希望在 2026 年的接下來幾個月就完成。那條額度的 NPD。

We haven't carried out a financial exchange. We don't know the condition of the debt. We have worked on a calculation of NPV for cement. We should receive a very large volume of binding offers and some days, all of the players on the table are strategic in any M&A probably they always have the best acquisition proposals for the assets, the sales percentage we're selling the control of the company, but they sales

我們尚未進行金融交換。我們不了解債務的狀況。我們已就水泥業務做了淨現值（NPV）的計算。我們應該會收到非常大量具約束力的報價；而且在某些時候，桌上的所有參與者在任何併購（M&A）中大概都是策略型買家，他們通常會對資產提出最佳收購方案；至於我們要出售的股權比例，我們是在出售公司的控制權，但他們出售

Percentage will be defined by the buyer. They will define if they want to acquire 70, 80, or 100%, we're selling the the goal is to raise sufficient funds to deleverage the group as a whole, regarding the greenfield projects, I will allow Edi Valda to comment on this.

比例將由買方決定。他們將決定是否要收購70%、80%或100%；我們出售的目標是籌集足夠資金以降低整個集團的槓桿。至於綠地（greenfield）專案，我會請Edi Valda就此評論。

I think the question was if the green fields are included in the transaction, yes.

我想問題是綠地專案是否包含在交易中，是的。

Of course These are very interesting mature projects. We have worked strongly on them in the last few years. We have mines, land, environmental licenses that have already been approved or approval.

當然，這些是非常有吸引力、已成熟的專案。過去幾年我們在這些專案上投入了大量工作。我們擁有礦山、土地，以及已獲核准或正在核准中的環評許可。

This increases the value. Now, We have to see what we're truly expecting as part of this process.

這提高了價值。現在，我們必須看看在這個流程中我們真正期待的是什麼。

Excellent. Thank you very much. Besides the green fields that had Evalddo remarked on the property does belong to CSN. We have two power plants that are generating energy and for important and a huge volume of mining rights and others, that transforms CS

很好。非常感謝。除了Evalddo提到的綠地專案之外，該等資產的所有權屬於CSN。我們有兩座發電廠正在發電，並且擁有重要且龐大的採礦權量等其他資產，這使CS

N on the best growth platform in the entire country.

N成為全國最佳的成長平台。

Thank you very. Our next question come from Mr. Pedro Melo from C. You may proceed.

非常感謝。下一個問題來自C的Pedro Melo先生。您可以開始。

Good afternoon. Pedro, you can unmute your microphone. Very well. Can you hear me? Thank you for taking our questions.

下午好。Pedro，您可以將麥克風解除靜音。好的。你聽得到我嗎？感謝讓我們提問。

First of all, congratulations results in cement My question once again will be about some points on the vertical that have not been explored. Variables that will better help us understand the transactions it helped to think about the evolut Ion 1.6 to 2 billion valuation and your reviewing your expectations for the year for this vertical is, well, is evaluation closer to 1.6 or 2.6.

首先，恭喜水泥業務的業績。我的問題再次會聚焦在這條垂直業務上尚未被充分探討的一些點。有哪些變數能更好地幫助我們理解這筆交易？這也有助於我們思考估值從16億到20億的演變；而你們對今年這條垂直業務的預期在調整後，嗯，估值更接近16億還是20億？

This is my question. If you can confirm the net dead of this vertical expected for the end of the year. This could help us to add the sales multiples. Third of all, How long-lasting can this cement movement be in your opinion, given the expectation of a drop of interest rates at some point of time. Thank you. Pedro, well, let's, answer the questions between Martinez and Ivaldo and myself.Yes, the sector as a whole is recognizing that the year 2026 is a good year and the evaluation of the epida varies from quarter to quarter, perhaps Martinez can reinforce this.

這是我的問題。第二，能否確認預期到年底這條垂直業務的淨負債？這可以幫助我們計算銷售倍數。第三，考量到未來某個時間點利率可能下調，您認為這波水泥行情能持續多久？謝謝。Pedro，好，我們會由Martinez、Ivaldo和我一起回答。是的，整個產業都認為2026年會是好的一年，而EBITDA的估值會隨季度而變動，也許Martinez可以補充。

It's connected to final Ly having a price recovery and the cement sector in Brazil, it was almost $100 in Brazil and the US, our price was 1/3.

這與最終價格回升有關；巴西的水泥產業，水泥價格在巴西和美國幾乎都是100美元，而我們的價格只有其三分之一。

o there's enormous room for recovery and the price of cement and Before han that dead at the end of the year and cement, BRL2.8 billions of net debt. I'll correct myself, he says. We're not leveraging the company anymore. We're holding back on this 2.8 billion if we use the assumption of the epital last year. Well, you can look at the difference and take this away From our net debt.

所以水泥價格有很大的回升空間；至於年底的淨負債，在水泥業務方面是28億雷亞爾的淨負債。我更正一下，他說。我們不再提高公司的槓桿。如果以去年EBITDA的假設來看，我們會把這28億保留下來。嗯，你可以看差額，並把它從我們的淨負債中扣除。

The rest will be transformed into cash generation, $618 million in working capital and this could go up to 2 billion vRLs. This is not company guidance.

其餘部分將轉化為現金創造，營運資金有6.18億雷亞爾，這可能上升到20億雷亞爾。這不是公司指引。

You would have to do this exercise. Pedro regarding the question about the market, a parenthesis here in Edivaldo can complement this. He clearly mentioned that the

你需要自己做這個推算。Pedro，關於市場的問題，我在這裡補充一下，Edivaldo也可以補充。他清楚提到

Level of utilization of the industry is 75 to 80%, which is very relevant.

產業的產能利用率為75%到80%，這非常關鍵。

You can say it's far from 100, but it is not above that capacity the cost does not make it feasible to compete and all of this underscored by the issue of freight.

你可以說這離100%還很遠，但在那個產能之上，成本使得競爭不可行，而這一切又被運費問題所凸顯。

No. The result is in that FOB you want to sell as close as possible to have the best margin all of this has an influence and leverages us a great deal. As we are positioned in locations we selected to serve the market as a whole.

不。結果是，在FOB條件下，你希望盡可能就近銷售以取得最佳毛利；這些都會產生影響並大幅槓桿化我們的成果。因為我們的據點是我們選定用來服務整體市場的位置。

A clear example, 2013th and 2014 World Cup and Olympic Games. Consumption was supplement1 72 million tons a year after that, there was a drop in 215

一個明確的例子是2013年與2014年的世界盃和奧運。當時年消費量約為7,200萬噸；之後在2015年出現下滑，

It dropped to a low level of 53 million were now back at 65 or 66 million, not at the level of 71, 72 million from the market viewpoint, this year, we don't see any reversal in this if we look at projections ofindu and other entities, people from Abracon, from concrete, dustrialized construction.

最低降到5,300萬噸；我們現在回到6,500萬或6,600萬噸，但還沒回到市場角度的7,100萬、7,200萬噸水準。今年我們看不到這個趨勢有任何反轉；如果看indu及其他機構的預測、Abracon的人士、以及預拌混凝土與工業化建築等領域，

The projections

這些預測

Are all positive.

都偏正面。

The GDP for civil construction is 2 to 2.5% for coming years.

未來幾年土木建築的GDP成長率約為2%到2.5%。

Funding, which is expensive, is still strong and resilient, especially in Miyakaaavida, sale of new buildings from some ranges, continues to be normal, regionalized with different demands among states, so from the viewpoint of the market

資金成本雖高，但仍然強勁且具韌性，尤其是在Miyakaaavida；某些價位帶的新建案銷售仍維持正常，且各州需求不同、呈現區域化差異，因此從市場角度來看，

I do believe we have a robust equation at least for this year, and to speak a price recovery in the second quarter at the end of April, he corrects himself we're going to have an ebi of 380 million every quarter, much more expressive than what we had in the first quarter.

我確實相信至少今年我們有一個穩健的方程式；至於第二季的價格回升，在4月底，他更正自己，我們每季將有3.8億的EBI，遠比第一季更為亮眼。

I'll give the floor to adi Valdo to

我把時間交給adi Valdo來

Add to this quickly, they drivers of the sector are first of all, volume.

快速補充：這個產業的驅動因素，首先是量。

We said the market is growing.

我們說過市場正在成長。

We're going to follow-up on the market growth with a focus on profitability, of course.

我們會跟進市場成長，當然會以獲利能力為重點。

Another point that is under pressure, is cost, and through a strong man

另一個承受壓力的點是成本；透過強力的成本管理、把能控制的都內部化，以及營運效率，我們希望能緩解這些影響；當然還有價格議題。

Of cost in-house of whatever they can control an operational efficiency, we hope to mitigate those impacts, and of course the price issue.

這是必要的。

That is necessary.

巴西的水泥價格是全球最低之一。

The price of cement in Brazil is one of the lowest in the world.

而且在產能利用率75%到80%的情況下，產業已無法再更精簡地運作。

And there is no more streamlined industry operating at 75 80% of its capacity.

因此價格回升空間很大；這正在發生，我也希望它能持續，並抵消成本上升。

So there's significant space for price recovery, which is happening now, and I hope it will continue to take place and offset the cost increases.

這三個驅動因素將帶來我們在此提到的數字，並使第一季之後的表現更佳。

These three drivers will lead us to the figures that we mentioned here with better results on the 1st quarter.

非常感謝。

Thank you very much.

祝您下午愉快。

Have a good afternoon. Our next question comes from Mr. Ehique Braga from Morgan Stanley. You may proceed, sir.

下午愉快。下一個問題來自Morgan Stanley的Ehique Braga先生。先生，您可以開始。

Good afternoon. Thank you for taking my questions. A question to Martinez, referring to the quota tariff, it's about to expire this month. If you could give us some color in terms of the discussions with the government if the idea is to renew it based on the same parameters, expanded to other products.

下午好。感謝讓我提問。想請教 Martinez，關於配額關稅，本月即將到期。可否請您就與政府的討論提供一些說明：是否打算依照相同參數續期，或擴大適用到其他產品。

What is it that you see Regarding that system if it will be canceled, if it will be renewed. How were they discussions proceeding.

您對該制度的看法是什麼：會被取消，還是會續期？相關討論進展如何？

Thank you for the question. And he came, this system of commercial defense is still under discussion.

謝謝你的問題。這套商業防衛制度仍在討論中。

The government has several levers, and they have a broader outlook that they had in the past. They're looking at the links of the production chain as a whole to avoid the Deindustrialization of the company import impacts all other industrial chains, and this will help us make decisions.

政府有多種工具可運用，而且他們的視角比過去更為宏觀。他們正從整體生產鏈的連結來看，避免去工業化；因為進口對公司造成的衝擊會影響其他所有產業鏈，而這將有助於我們做出決策。

They're analyzing expanding this system even further and there's a possibility that we're working with putting a tariff for other products that are still on the outside to neutralize imports that

他們正在分析進一步擴大這套制度，並且我們也在推動對其他目前仍未涵蓋的產品加徵關稅，以中和那些進口，

Have an enormous dumping margin of other countries other than China, the cold world process against Korea clearly shows that there are margins that are equal or higher than in China and that it needs to be combated the more important part is that the government is more receptive and more interested in continuing to have a growing

這些進口來自除中國以外的其他國家，具有非常高的傾銷幅度；針對韓國的冷軋製程（產品）案例清楚顯示，其幅度與中國相當甚至更高，因此需要加以遏制。更重要的是，政府更願意傾聽，也更有興趣持續推動國內產業與整個產業部門的成長。

Industry and the entire sector in the country. Nosa Our next question comes from Mr. Nicholas from Jeffrey's You may proceed, sir.

以及國內整個產業部門。我們的下一個問題來自 Jefferies 的 Nicholas 先生。先生，請發言。

Good morning. Thank you for the call. 2 quick questions. First, about the cement bridge loan, if you could confirm how much of the loan they been withdrawn? How much that you expect to disimburse

早安。感謝這通電話。我有兩個簡短問題。第一個，關於水泥的過橋貸款，能否確認目前已動用多少？預計在這條額度上還會撥付多少？

On that line. 2 conversations on the refunding of the bond 2028, proposal for an exchange offer if you could update us on that process for the refunding of the 2028 bond loan.

第二個，關於 2028 年到期債券的再融資，先前提到可能提出交換要約；能否更新一下 2028 年債券貸款再融資流程的進展？

Thank you very much, Nicolas, thank you for the question regarding the bridge loan. We have already withdrawn for use about 1/3

非常感謝你，Nicolas，謝謝你的問題。關於過橋貸款，我們目前已經提用約三分之一。

So there's quite a bit of space, for further discussion, there's still important space to work on good refunding for the company, and it depends on whether we will expand it or not if we expand it.

因此仍有相當大的空間可供後續運用與討論；在為公司爭取良好的再融資方面，仍有重要的操作空間。至於是否擴大額度，取決於我們是否會把它擴大到 16 億。

To 1.6 billion. now for the 2021, we still have not made a refunding proposal were discussing this in-house, acting with people who are always looking for us with analysts, but we haven't a formal proposal and we don't know which will be the format of the proposal, whether it is an exchange or not, we would like to do that in the short

至於 2021（應為指相關到期債務/再融資項目），我們仍未提出再融資方案；目前正在內部討論，也與一直與我們接觸的人士及分析師保持互動，但尚未有正式提案，也不確定提案形式是否為交換。我們希望能在短期內完成，

Term, nevertheless

不過如此。

No. Our next question comes from Mr. Julian Maltenstein from Oaktree. Hello, which is your amortization schedule per quarter. We know that you paid a great deal for 2026. What will happen for the in that rest of the year. Into the Julian, how are you?

沒有。我們的下一個問題來自 Oaktree 的 Julian Maltenstein 先生。你好，你們每季的攤還（償還）時程是怎樣？我們知道你們已經為 2026 年支付了相當多。那今年剩餘期間會如何？Julian，你好嗎？

Thank you for the question, for the maturity of the year as we have in the presentation and in the release, we have $6 billion that will have to be renegotiated to be paid for and renegotiated, the amortization is stable during the quarters.

謝謝你的問題。關於今年到期部分，如同我們在簡報與新聞稿中所示，我們有 60 億美元需要再協商、以便支付並重新談判；攤還在各季度之間相對穩定。

There is no concentration on a specific quarter, the highest installment was the Bonn 2. 026 paid last month in April.

沒有集中在某一特定季度；最大的一筆是 2026 年到期債券，上個月四月已支付。

So now we have bank debts paid throughout the year. No enormous concentration on any quarter to answer part of Nicolas's question that will be of help here our idea is to use the 1.2 billion bridge loan fully in the coming 4 months.

因此，接下來我們的銀行債務會在全年分散償付。任何季度都沒有非常集中的到期壓力。也回應 Nicolas 問題的一部分：我們的想法是在接下來 4 個月內把 12 億的過橋貸款全數用完。

Now, the anatomy of the amortization in 2026, 2027, could the coming 4 months, we're going to be very active in refunding our debt.

至於 2026、2027 年的攤還結構，在接下來 4 個月，我們將非常積極地進行債務再融資。

Our next question comes from Mr. Charles Walters from Sandlass. Could you please explain the status of the bank rolling for 2026, 2027.

我們的下一個問題來自 Sandlass 的 Charles Walters 先生。能否請您說明 2026、2027 年銀行展期（續作）的狀態？

Charles, thank you for the question. Aligned with what we've remark Here recently, they did schedule is what we presented, with our dead maturity chart were negotiating simultaneously with several creditors.

Charles，謝謝你的問題。呼應我們最近的說明，時程就是我們所呈現的內容；依照我們的債務到期圖表，我們正同時與多位債權人進行談判。

Now we'll see how this graph will change where actively speaking with several different players, some back des have already been rescheduled counterparts or partial.

接下來我們會看到這張圖如何變化；我們正積極與多個不同的參與方溝通。有些銀行債務已經完成展期（重新排程），無論是對應項目或部分。

Payments, they're being fully rescheduled and we're speaking with banks that work very closely with us. We're doing this in a very natural way, lengthening the debts, new debts are being, contracted with other players without part to show payment, so we will have a better vision in 3 or 4 months as I answered in the previous quote by Julian

相關款項正在全面重新排程；我們也在與與我們合作非常密切的銀行洽談。這些工作以非常自然的方式進行：拉長債務期限；同時也與其他參與方簽訂新的債務，而不需要先行支付部分款項。因此，如同我在前面回覆 Julian 時所說，我們在 3 到 4 個月後會有更清晰的視野。

We would like to remind you that should you wish to pose a question, please click on the raise hand icon. Send your question through the Q&A icon.

提醒您，如欲提問，請點擊「舉手」圖示。也可透過 Q&A 圖示送出您的問題。

Thank you.

謝謝。

As we have no further questions, we will return the floor to Mr. Boo. How about executive director for the closing remarks while to make the most of the end of the presentation and by reinforcing the gratitude that Benjamin expressed for all of the employees, we would like to thank all of you who attended this conference.

由於沒有其他問題，我們把時間交還給 Boo 先生。請執行董事做結語；在簡報結尾之際，並再次強化 Benjamin 對全體員工所表達的感謝，我們也要感謝各位出席本次電話會議。

Thus we conclude our earnings call for the 1st quarter to 6. Thank you very much. Thank you. The CSN earnings call ends here. Have a very good day.

至此，我們結束 2026 年第一季的法說會。非常感謝。謝謝。CSN 法說會到此結束。祝各位有美好的一天。

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

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