Companhia Siderúrgica Nacional (SID) Q2 2025 Earnings Call August 01, 2025 08:30 AM ET Speaker0Good morning and thank you for holding. At this time, we would like to welcome everyone to CSN's Earnings Conference for the 2025. Today, we have with us the company's Executive Officers. We would like to inform you that this event is being recorded and all participants will be in listen only mode during the company's presentation. Ensuing this, we will go on to the question and answer session.We have simultaneous ...

2Q25 Conference Call August 1, 2025 00 2Q25 – HIGHLIGHTS | | Business diversification and | Quarterly growth of 5% in | Solid cash and gross debt | | --- | --- | --- | --- | | | an assertive commercial | adjusted EBITDA in 2Q25, reaching | management resulted in | | | strategy generate resilience | | further deleveraging in the | | | and solid performance | R$ 2.6 billion | quarter | | | EBITDA growth in all segments | Adjusted EBITDA margin of 23.5% | Indicator reached 3.24x, down 9 | | | except mining due ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of July, 2025 Commission File Number 1-14732 COMPANHIA SIDERÚRGICA NACIONAL (Exact name of registrant as specified in its charter) National Steel Company (Translation of Registrant's name into English) Av. Brigadeiro Faria Lima 3400, 20º andar São Paulo, SP, Brazil 04538-132 (Address of principal executive office) Indicate ...

Company Overview - Companhia Siderúrgica Nacional (CSN) is one of the largest steel producers in Brazil and the second largest iron ore producer, following Vale SA [1] Analyst Insights - The analyst focuses on undercovered stocks primarily in Brazil and Latin America, occasionally covering global large caps [1]

Core Viewpoint - LG Display showcases its leadership in OLED technology at SID Display Week 2025, unveiling a comprehensive OLED lineup aimed at future markets [1][2]. Group 1: OLED Technology Advancements - The exhibition features three zones: Large OLED, Automotive Display, and Sustainable Innovation, highlighting the evolution of OLED technology [3]. - LG Display's fourth-generation OLED panels utilize a proprietary Primary RGB Tandem structure, achieving a maximum luminance of 4,000 nits, the highest in the industry [4]. - The fourth-generation OLED TV panel enhances energy efficiency by approximately 20% compared to the previous generation, based on a 65-inch panel [6]. - A comparison of third-generation and fourth-generation 27-inch Gaming OLEDs demonstrates significant improvements in brightness and color gamut [7]. - The 45-inch 5K2K Gaming OLED offers the highest resolution of 5120×2160, featuring around 11 million pixels for superior picture quality [8]. - LG Display introduces Dynamic Frequency & Resolution (DFR) technology, allowing optimization for various game genres on a single monitor [9]. - The company presents blue phosphorescent OLED technology for IT devices, achieving about 15% lower power consumption than existing OLED panels [10][11]. Group 2: Automotive Display Innovations - The Automotive Display Zone features a Stretchable display and a concept car equipped with a full lineup of automotive display technologies [12]. - The concept car includes an ultra-large Pillar-to-Pillar (P2P) display and an 18-inch Slidable OLED for Rear Seat Entertainment [14]. - The 57-inch automotive P2P display is the largest single panel in the world, designed for advanced infotainment systems [15]. Group 3: Sustainable Innovations - Under the theme "Sustainable Innovation," LG Display showcases next-generation displays with low power consumption and eco-friendly components [16]. - The 16-inch Neo:LED panel for laptops achieves high color reproduction while being energy efficient, suitable for professionals [17]. - A 14-inch laptop panel incorporates 41% eco-friendly materials, with a goal to increase this to 50% by 2030 [18]. Group 4: Research and Development - LG Display presents 16 early-stage research papers on next-generation display technologies, including advancements in fourth-generation OLED [19].

Company Overview - Companhia Siderúrgica Nacional (CSN) held its Q1 2025 earnings conference call on May 9, 2025, at 10:30 AM ET, featuring key executives including the CFO, ESG Director, and CEO [1][2]. Conference Call Structure - The conference call was structured to include a presentation followed by a Q&A session, with participants initially in listen-only mode [2]. Management Expectations - The management provided forward-looking statements regarding expectations and trends, emphasizing that actual results may differ due to various factors including economic conditions and regulatory changes [3].

[1Q25 Earnings Release](index=5&type=section&id=1Q25%20Earnings%20Release) This report details CSN's financial and operational performance for the first quarter of 2025, highlighting key segment results and capital market activities [Financial and Operational Highlights](index=5&type=section&id=Financial%20and%20Operational%20Highlights) CSN's Q1 2025 saw net revenue decline QoQ due to seasonality but grow YoY, while Adjusted EBITDA decreased sequentially but increased year-over-year, and leverage improved 1Q25 Consolidated Highlights (vs. 4Q24 and 1Q24) | | 1Q25 | 4Q24 | 1Q25 vs 4Q24 | 1Q24 | 1Q25 vs 1Q24 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Steel Sales (Thousand Tons)** | 1,143 | 1,175 | -2.7% | 1,086 | 5.2% | | **Iron Ore Sales (Thousand Tons)** | 9,640 | 10,731 | -10.2% | 9,145 | 5.4% | | **Consolidated Results (R$ million)** | | | | | | | Net Revenue (R$ million) | 10,908 | 12,026 | -9.3% | 9,713 | 12.3% | | Adjusted EBITDA (R$ million) | 2,509 | 3,335 | -24.8% | 1,966 | 27.6% | | EBITDA Margin (%) | 22.1% | 26.8% | -4.7 p.p. | 19.3% | 2.8 p.p. | | Adjusted Net Debt (R$ million) | 35,830 | 35,704 | 0.4% | 33,431 | 7.2% | | Net Debt / Adjusted EBITDA (x) | 3.33x | 3.49x | -0.16x | 3.13x | 0.20x | [Consolidated Financial Performance](index=6&type=section&id=Consolidated%20Financial%20Performance) CSN reported a net loss of R$732 million in Q1 2025, significantly wider QoQ due to seasonality and negative FX impact, despite a 20.5% QoQ decrease in SG&A expenses - Net Revenue totaled **R$10,908 million**, a **9.3% decrease QoQ** due to seasonality and rain in mining, but a **12.3% increase YoY** from higher volumes and prices[16](index=16&type=chunk) - The company reported a Net Loss of **R$732 million**, a **52.3% wider loss** compared to the previous quarter, reflecting operational downturn and negative FX impact on financial expenses[19](index=19&type=chunk) - The financial result was a negative **R$1,850 million**, a **46.6% increase in expenses QoQ**, mainly due to a **R$705 million negative impact** from exchange rate variation[17](index=17&type=chunk)[18](index=18&type=chunk) - Selling, general and administrative expenses fell **20.5% QoQ** to **R$1,278 million**, demonstrating effective cost control measures despite higher sales volumes compared to 1Q24[16](index=16&type=chunk) [Adjusted EBITDA](index=8&type=section&id=Adjusted%20EBITDA) Q1 2025 Adjusted EBITDA was R$2,509 million, decreasing 24.8% QoQ due to seasonality, but growing 27.6% YoY, reflecting operational improvements and cost control Adjusted EBITDA Reconciliation (R$ Millions) | R$ Millions | 1Q25 | 4Q24 | 1Q25 vs 4Q24 | 1Q24 | 1Q25 vs 1Q24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Profit (Loss) for the Period (R$ million) | (732) | (85) | 761.2% | (480) | 52.5% | | Finance Income (R$ million) | 1,850 | 1,262 | 46.6% | 1,125 | 64.4% | | EBITDA (RCVM 156/22) (R$ million) | 1,859 | 2,255 | -17.6% | 1,458 | 27.5% | | **Adjusted EBITDA (R$ million)** | **2,509** | **3,335** | **-24.8%** | **1,966** | **27.6%** | - The YoY increase in adjusted EBITDA highlights consistent operational improvement, volume growth, higher prices, and enhanced cost control, paving the way for stronger results throughout the year[22](index=22&type=chunk) [Adjusted Cash Flow](index=9&type=section&id=Adjusted%20Cash%20Flow) Q1 2025 Adjusted Cash Flow was negative R$173 million, a significant improvement from the prior quarter due to lower CAPEX and working capital recovery, despite ongoing pressure from high financial expenses - Adjusted Cash Flow was negative **R$173 million**, a substantial improvement from negative **R$1.7 billion** in 4Q24[26](index=26&type=chunk) - The improvement reflects solid operating performance, lower CAPEX, and working capital recovery, though cash flow remains pressured by high financial expenses[26](index=26&type=chunk) [Indebtedness and Capital Management](index=9&type=section&id=Indebtedness%20and%20Capital%20Management) CSN reduced its leverage ratio to 3.33x and gross debt by R$3.6 billion in Q1 2025, actively extending debt maturities, including a R$1.2 billion debenture issuance, while maintaining a strong cash position - Consolidated net debt stood at **R$35,830 million**, with the net debt/EBITDA leverage ratio decreasing to **3.33x**, a reduction of **16 basis points** from the previous quarter[29](index=29&type=chunk) - The company is actively extending debt maturities, with key movements in 1Q25 including a **R$1.2 billion**, 17-year debenture issuance by subsidiary CEEE-G. These initiatives reduced the 2025 debt tower by **66%**[36](index=36&type=chunk) - Total investments (CAPEX) in 1Q25 were **R$1,127 million**, a **45.2% decrease QoQ** but a **40.5% increase YoY**, reflecting progress on the P15 mining infrastructure and maintenance at the steel mill[43](index=43&type=chunk) [Net Working Capital](index=11&type=section&id=Net%20Working%20Capital) Net working capital applied to the business was R$2,286 million in Q1 2025, a 5.2% QoQ reduction driven by lower accounts receivable, reduced inventory, and supplier balances due to seasonality Net Working Capital (R$ Millions) | R$ Millions | 1Q25 | 4Q24 | 1Q25 vs 4Q24 | 1Q24 | 1Q25 vs 1Q24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Assets (R$ million) | 14,351 | 14,975 | -4.2% | 14,679 | -2.2% | | Liabilities (R$ million) | 12,065 | 12,563 | -4.0% | 15,536 | -22.3% | | **Net Working Capital (R$ million)** | **2,286** | **2,412** | **-5.2%** | **(857)** | **-366.7%** | [Business Segments Results](index=13&type=section&id=Business%20Segments%20Results) In Q1 2025, the Mining segment was the largest contributor to Adjusted EBITDA despite a seasonal decline, while Steel's EBITDA more than doubled YoY, Logistics showed strong QoQ growth, Cement declined due to price pressure, and Energy grew significantly on better prices 1Q25 Adjusted EBITDA by Segment (R$ million) | Segment | Adjusted EBITDA (1Q25, R$ million) | Adjusted EBITDA Margin (1Q25, %) | Adjusted EBITDA (4Q24, R$ million) | Adjusted EBITDA Margin (4Q24, %) | | :--- | :--- | :--- | :--- | :--- | | Steel | 485 | 7.9% | 656 | 10.6% | | Mining | 1,401 | 40.8% | 1,972 | 50.1% | | Logistics (ports) | 34 | 39.6% | 32 | 35.4% | | Logistics (Railway) | 321 | 46.9% | 273 | 40.9% | | Energy | 79 | 44.2% | 39 | 24.1% | | Cement | 241 | 21.9% | 386 | 32.8% | | **Consolidated** | **2,509** | **22.1%** | **3,335** | **26.8%** | [Steel Results](index=15&type=section&id=Steel%20Results) The Steel segment's Q1 2025 sales volume slightly decreased QoQ but increased YoY, with net revenue stable QoQ and up YoY, while Adjusted EBITDA fell QoQ due to seasonality but more than doubled YoY - Total steel sales reached **1,144 thousand tons**, down **2.6% QoQ** but up **5.3% YoY**. Domestic sales grew **7.8% YoY** to **789 thousand tons**[64](index=64&type=chunk) - Net Revenue in Steel was **R$6,107 million**, nearly flat (**-0.9%**) QoQ but up **13.4% YoY**, as price increases almost offset lower seasonal volume[72](index=72&type=chunk) - Adjusted EBITDA reached **R$485 million**, down **26.1% QoQ** but up **107.2% YoY**. The adjusted EBITDA margin was **7.9%**, a **3.6 percentage point improvement YoY**[77](index=77&type=chunk) [Mining Results](index=17&type=section&id=Mining%20Results) Q1 2025 Mining production decreased QoQ but increased YoY, with sales volume reaching a first-quarter record, and Adjusted EBITDA growing 25.7% YoY driven by higher volumes and lower C1 costs - Iron ore production (including third-party) was **10,210 thousand tons**, down **7.2% QoQ** but up **11.8% YoY**[83](index=83&type=chunk) - Sales volume reached a record for a first quarter at **9,640 thousand tons**, up **5.4% YoY**[85](index=85&type=chunk) - Adjusted EBITDA was **R$1,401 million** with a **40.8% margin**. This was a **25.7% increase** compared to 1Q24, driven by higher volumes and lower C1 costs[90](index=90&type=chunk) - C1 cash costs reached **US$21.0/t**, a significant **10.6% decrease** compared to 1Q24, highlighting growing competitiveness[90](index=90&type=chunk) [Cement Results](index=19&type=section&id=Cement%20Results) The Cement segment's Q1 2025 sales volume grew YoY, outperforming the Brazilian market, but net revenue and Adjusted EBITDA declined QoQ due to seasonality, price pressure, and higher costs - CSN's cement sales volume grew **6.2% YoY**, slightly outpacing the Brazilian market's growth of **5.9%**[87](index=87&type=chunk)[88](index=88&type=chunk) - Net Revenue was **R$1,102 million**, down **6.4% QoQ** due to seasonality and price pressure, but up **2.1% YoY** supported by higher sales volume[95](index=95&type=chunk) - Adjusted EBITDA reached **R$241 million**, a decrease of **37.6% QoQ** and **13.3% YoY**, due to a more challenging competitive environment and higher costs[95](index=95&type=chunk) [Logistics Results](index=20&type=section&id=Logistics%20Results) The Logistics segment delivered strong Q1 2025 results with net revenue increasing QoQ, and Adjusted EBITDA growing 16.4% QoQ with margin expansion, driven by higher rail shipments - Total Net Revenue for Logistics reached **R$770.7 million**, up **1.7% QoQ**. Adjusted EBITDA rose **16.4% QoQ** to **R$355 million**[93](index=93&type=chunk) - In Railway Logistics, Adjusted EBITDA grew **17.6% QoQ** to **R$321 million**, with a margin of **46.9%**[94](index=94&type=chunk) - In Port Logistics, Net Revenue grew **1.7% YoY** to **R$85.6 million**, and Adjusted EBITDA margin increased by **7.5 p.p. YoY** to **39.6%**[96](index=96&type=chunk) [Energy Results](index=20&type=section&id=Energy%20Results) The Energy segment's Q1 2025 net revenue increased 9.3% QoQ, with Adjusted EBITDA surging by 20.2 percentage points to 44.2% due to better energy prices - Net Revenue increased **9.3% QoQ** to **R$178 million**[92](index=92&type=chunk) - Adjusted EBITDA was **R$78.9 million**, with the margin increasing by **20.2 p.p.** to **44.2%** due to better prices[92](index=92&type=chunk) [ESG – Environmental, Social & Governance](index=21&type=section&id=ESG%20%E2%80%93%20Environmental%2C%20Social%20%26%20Governance) CSN has transitioned to a new ESG disclosure format, providing individualized quarterly performance indicators on its Investor Relations website for agile monitoring, with comprehensive data available in its 2024 Integrated Report - CSN now discloses ESG performance indicators on a quarterly, individualized basis via its IR website for more agile monitoring[97](index=97&type=chunk) - Detailed historical data and initiatives are available in the 2024 Integrated Report, released in April 2025[99](index=99&type=chunk) [Capital Markets](index=22&type=section&id=Capital%20Markets) In Q1 2025, CSN's common shares appreciated 6.9% while its NYSE-listed ADRs rose 16.0%, significantly outperforming the Dow Jones Index, with the company's market capitalization at R$12.6 billion 1Q25 Stock Performance | Security | Performance in 1Q25 (%) | | :--- | :--- | | CSNA3 (BRL) | 6.9% | | SID (USD) | 16.0% | | Ibovespa (BRL) | 8.3% | | Dow Jones (USD) | -1.6% | - The average daily trading volume was **R$123.2 million** for CSNA3 on B3 and **US$3.5 million** for SID ADRs on the NYSE[102](index=102&type=chunk) [Financial Statements (Appendix)](index=23&type=section&id=Financial%20Statements%20(Appendix)) This section provides detailed unaudited consolidated financial statements for Q1 2025, including the Income Statement showing a net loss of R$732 million, the Balance Sheet with R$99.8 billion in total assets, and the Cash Flow Statement indicating a net cash outflow from operating activities of R$1.15 billion Key Financial Statement Figures (1Q25, R$ Thousands) | Statement | Metric | Value (R$ Thousands) | | :--- | :--- | :--- | | Income Statement | Net Sales Revenue | 10,907,629 | | | Net Profit (Loss) for the Period | (731,580) | | Balance Sheet | Total Assets | 99,758,272 | | | Total Liabilities | 83,498,210 | | | Equity | 16,260,062 | | Cash Flow Statement | Net Cash Flow from Operating Activities | (1,153,595) |

Core Viewpoint - LG Display is set to showcase its next-generation automotive display technologies at SID Display Week 2025, emphasizing innovations that cater to future mobility and automotive infotainment systems [1][2]. Group 1: Product Innovations - LG Display will present a Stretchable automotive display that can expand by up to 50% while maintaining a high resolution of 100 ppi, allowing for seamless integration of display and controls [3][4]. - The company will introduce a 57-inch Pillar-to-Pillar display, the largest single panel in the world, designed for Software-Defined Vehicles (SDVs) [5][6]. - A new 18-inch Slidable OLED display will be showcased, which extends downward from the ceiling only when needed, enhancing the in-vehicle entertainment experience [7]. Group 2: Safety and Functionality - LG Display will highlight its Switchable Privacy Mode (SPM) technology, which allows front passengers to enjoy entertainment content without compromising the driver's visibility [8]. - The new display solutions are designed to operate in extreme temperatures, ranging from -40°C to 85°C, ensuring reliability and durability for automotive applications [7]. Group 3: Industry Leadership - LG Display has established itself as a leader in premium automotive displays, being the first to commercialize Tandem OLED technology for automotive use in 2019 [9]. - The company aims to solidify its status as the global leader in automotive displays by showcasing differentiated technologies that create customer value [10].

Financial Performance - The steel segment contributed significantly to the company's financial performance, accounting for 66.1%, 50.0%, and 53.1% of net revenues in 2022, 2023, and 2024, respectively[548]. - In 2022, 2023, and 2024, the mining segment represented 28%, 38%, and 30% of the company's net revenues, respectively[558]. - The cement segment accounted for 6.4%, 9.9%, and 10.9% of net revenues in 2022, 2023, and 2024, respectively[564]. - Total net operating revenues for 2024 were R$43,687 million, a decrease from R$45,437 million in 2023[571]. - The company reported a net loss of R$2,592 million for 2024, compared to a net loss of R$318 million in 2023[571]. - Total net revenue decreased by R$1,751 million, or 4%, from R$45,438 million in 2023 to R$43,687 million in 2024, primarily due to lower average iron ore prices[576]. Production and Sales - Crude steel production in Brazil reached 33.7 million tons in 2024, representing a 5.4% increase compared to 2023, while apparent domestic consumption of steel products rose by 8.7% to 26.0 million tons[551]. - Domestic steel sales increased by 8.7% to 21.2 million tons in 2024, reflecting strong local demand[551]. - The company maintained self-sufficiency for iron ore used in steel production, extracting approximately 3.5 million tons in 2024[567]. - Steel net operating revenues rose by R$461 million, or 2.0%, from R$22,717 million in 2023 to R$23,179 million in 2024, with sales volume increasing by 9.2%[578]. - Cement sales volume in 2024 increased by 3.4% year-over-year, reaching 64.7 million tons[565]. Costs and Expenses - Gross profit for 2024 was R$11,696 million, down from R$11,962 million in 2023[571]. - Selling expenses increased to R$5,453 million in 2024 from R$3,729 million in 2023[571]. - Selling, general and administrative expenses surged by R$1,819 million, or 58.7%, from R$4,490 million in 2023 to R$6,309 million in 2024, mainly due to increased freight rates[596]. - Gross profit decreased by R$266 million, or 2.2%, from R$11,963 million in 2023 to R$11,697 million in 2024, reflecting a 0.5 percentage point decline in gross margin[590]. Market Dynamics - The steel prices are sensitive to supply and demand dynamics, influenced by broader economic cycles and production capacity[552]. - The Brazilian government has implemented protectionist measures, including an import quota system on alloy products, which may impact the company's operations[546]. - Global crude steel production totaled 1,882.6 million tons in 2024, a decrease of 0.81% compared to 2023, with China accounting for 53.4% of global output[549]. - China's steel production is expected to decline in the next five to ten years, impacting demand for lower-grade iron ore[672]. - The new US import policies, including tariffs on Chinese steel, may disrupt global steel supply chains and demand[674]. Financial Position - As of December 31, 2024, total debt increased to R$56,915 million, representing 368.2% of shareholders' equity[621]. - Cash and cash equivalents increased to R$23,310 million as of December 31, 2024, compared to R$16,046 million as of December 31, 2023[609]. - Cash provided by operating activities increased by R$1,358 million, or 18.6%, from R$7,293 million in 2023 to R$8,651 million in 2024[611]. - Cash used in investing activities decreased by R$3,469 million, or 75.6%, from R$4,589 million in 2023 to R$1,120 million in 2024[613]. - Cash used in financing activities varied by R$1,428 million, or 107.8%, from cash provided by financing activities of R$1,324 million in 2023 to cash used of R$104 million in 2024[614]. Strategic Initiatives - CSN Inova has 80 initiatives underway, with a 27% increase in scaled projects compared to 2023, resulting in gains of approximately R$700 million from cost reductions[659]. - New technological routes for processing steel slag and mine tailings were developed in 2024 to reduce clinker content[660]. - The company expects to fully pay or refinance portions of its indebtedness due in 2024 to 2026 using cash flows from operating activities or new financings[638]. Future Outlook - Demand for high-grade iron ore is rising due to the shift towards greener steelmaking technologies, with a focus on producing iron ore with 67% or more iron (Fe) content[676]. - Iron ore prices are expected to decline in 2025 due to an economic slowdown in China and increased supply from the upcoming Guinea Project mine[677]. - Brazilian steel production is projected to grow by 5.3% in 2024, driven by operational normalization and consumption in sectors like automotive and infrastructure[678]. - The Brazilian government is interested in strengthening federal housing programs, which may provide growth opportunities for the steel and cement segments[678].

Core Viewpoint - National Steel (SID) reported a narrower loss per share in Q4 2024 compared to estimates, but overall financial performance showed significant challenges, including a net loss for the year and declining revenues in key segments [1][7]. Financial Performance - Q4 2024 loss per share was 8 cents, better than the Zacks Consensus Estimate of 9 cents, and down from earnings of 13 cents in the prior-year quarter [1]. - Net revenues for Q4 2024 were R$12 billion ($2.06 billion), a slight increase of 0.2% year over year, while the company incurred a net loss of R$85 million ($14.95 million) [2]. - For the full year 2024, National Steel reported revenues of R$43.68 billion ($7.69 billion), down 3.9% year over year, but exceeded the Zacks Consensus Estimate of $7.44 billion [7]. Segment Performance - Steel segment revenues increased by 13% year over year to R$6.16 billion ($1.08 billion), with steel sales rising to 1,175 thousand tons, up 10.4% from the previous year [3]. - The mining segment saw a significant revenue decline of 21.8% year over year, generating R$3.93 billion ($0.69 billion) [4]. - The energy segment experienced a robust growth of 30.4% year over year, with revenues totaling R$163 million ($28.6 million) [4]. Margins and Costs - Cost of sales decreased by 1.1% year over year to R$8.24 billion ($1.45 billion), while gross profit increased by 3.1% to R$3.78 billion ($0.67 billion), resulting in a gross margin of 31.5% compared to 30.6% in the prior year [5]. - Adjusted EBITDA improved by 16.1% year over year to R$3.33 billion ($0.58 billion), with an EBITDA margin of 26.8%, down from 29.1% in the previous year [6]. Cash Position - At the end of 2024, the company had cash and cash equivalents of R$23.31 billion ($4.10 billion), an increase from R$16.04 billion at the end of 2023 [8]. Stock Performance - National Steel's shares have declined by 36.4% over the past year, compared to a 16.4% decline in the industry [9].