Financial Data and Key Metrics Changes - The company reported the strongest quarter of the year with significant EBITDA growth and cost control, achieving nearly BRL 25 billion in cash, the highest in its history [6][7] - The leverage ratio was impacted by exchange rate variations, with an adjusted leverage closer to 3.2 times without these effects [7][25] - EBITDA for Q4 2024 increased by more than BRL 1 billion compared to the previous quarter, driven by strong performance in mining, cement, and steel [19][20] Business Line Data and Key Metrics Changes - In mining, the company achieved production guidance with a 35% price increase compared to the previous quarter, resulting in an EBITDA margin above 50% [9][35] - Steel sales increased by 10% year-over-year, with an EBITDA margin reaching 11%, marking the first time it surpassed double digits in the year [10][32] - Cement segment achieved a record EBITDA margin of 33%, the highest since acquiring Lafarge Holcim, despite typical seasonal challenges [12][38] Market Data and Key Metrics Changes - The company noted a favorable trend in steel consumption, with a 10% increase in sales compared to the same period last year, indicating strong market demand [10][29] - The logistics segment experienced a drop in invoicing and EBITDA due to seasonal factors, but overall performance improved with higher cargo volumes throughout the year [40] Company Strategy and Development Direction - The company is focusing on deleveraging and capital recycling, with significant actions including the sale of a stake in CMIN to enhance cash reserves [13][18] - Future CapEx will prioritize growth projects, particularly in mining and steel, with over 60% of CapEx allocated to priority projects in 2025 [51][83] - The company is exploring organic growth opportunities in cement and has plans for several greenfield projects [54][56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about operational efficiency and market conditions, expecting continued growth in EBITDA for 2025 [94] - The company is committed to maintaining a flexible investment strategy while focusing on deleveraging and operational excellence [96][100] - Management acknowledged challenges from international competition and trade policies but remains confident in the company's competitive position [60][82] Other Important Information - The company decided not to distribute dividends in Q1 2025 to reinforce its commitment to deleveraging [18][116] - The company has made significant progress in ESG initiatives, achieving a 63% reduction in lost days and a 7% reduction in CO2 emissions [42][43] Q&A Session Summary Question: Overview of expansion projects in mining and cement - Management highlighted that over 60% of CapEx in 2025 will focus on priority projects, with P15 being a significant priority expected to start operations by the end of 2027 [51][52] Question: Update on steel production and pricing strategy - Management indicated that the steel segment is expected to maintain a two-digit EBITDA margin, with price adjustments anticipated in the first quarter [77][78] Question: Strategic plan amidst trade wars and investment flexibility - Management confirmed that while the focus remains on mining and steel, there is flexibility in postponing less critical projects depending on market conditions [82][83] Question: Antidumping measures and market dynamics - Management discussed ongoing efforts to address antidumping issues and the competitive landscape in the Brazilian market, emphasizing the need for protective measures against unfair imports [60][61] Question: Future of cement business and IPO plans - Management confirmed readiness for a cement IPO but noted challenges due to market conditions, indicating a desire to proceed when favorable [127]

4Q24 and 2024 Earnings Release Conference Call 4Q24 – HIGHLIGHTS | | Best quarter of the year and | Cash of | Leverage impacted by | | --- | --- | --- | --- | | | solid earnings evolution Price improvements and | R$ 24.9 bi | exchange rate variation One -off increase does not take | | | cost control helped boost | Historic record due to strong | away commitment to | | | the result | cash management increased liquidity | deleveraging | | | Operational excellence : C1 cost and production | +35% | 50.1% | | MI ...

Core Viewpoint - National Steel (SID) is identified as a strong value stock with a Zacks Rank of 2 (Buy) and an "A" grade in the Value category, indicating it is likely undervalued in the current market [4][3][8] Valuation Metrics - The current P/E ratio of SID is 5.86, significantly lower than the industry average of 10.55, suggesting potential undervaluation [4] - SID has a P/B ratio of 0.77, compared to the industry average of 1.49, indicating a favorable valuation relative to its book value [5] - The P/S ratio for SID stands at 0.24, which is lower than the industry's average of 0.33, reinforcing the notion of undervaluation based on sales [6] - SID's P/CF ratio is 4.49, well below the industry average of 14.88, highlighting its attractive cash flow valuation [7] Historical Performance - Over the past 12 months, SID's Forward P/E has fluctuated between a high of 20.46 and a low of 5.32, with a median of 9.73, indicating volatility but also potential for recovery [4] - The P/B ratio for SID has ranged from a high of 1.33 to a low of 0.63, with a median of 0.96, showing variability in market perception [5] - SID's P/CF ratio has varied from a high of 6.93 to a low of 3.52, with a median of 5.51, suggesting consistent cash flow performance [7]

[Form 6-K: Report of Foreign Private Issuer](index=1&type=section&id=Form%206-K%3A%20Report%20of%20Foreign%20Private%20Issuer) [Filing Information](index=1&type=section&id=Filing%20Information) This Form 6-K was filed by Companhia Siderúrgica Nacional (CSN) for December 2024, confirming annual reports under Form 20-F - The registrant is Companhia Siderúrgica Nacional (CSN), a foreign private issuer[1](index=1&type=chunk) - The report is a Form 6-K for the month of December 2024, filed with the SEC under Commission File Number 1-14732[1](index=1&type=chunk) - The company indicates it will file its annual reports under Form 20-F[2](index=2&type=chunk) [Material Fact: Acquisition of Estrela Comércio e Participações S.A.](index=2&type=section&id=MATERIAL%20FACT) On December 30, 2024, CSN announced an agreement to acquire a 70% stake in Estrela Comércio e Participações S.A., the holding company of Tora Transportes Group, for a total of R$742.5 million, pending regulatory approvals - CSN entered into an agreement to acquire **70%** of the share capital of Estrela Comércio e Participações S.A. ("Estrela")[4](index=4&type=chunk) Acquisition Financial Details | Term | Value (R$) | Payment Schedule | | :-------------------- | :------------------- | :--------------------------------------------- | | **Total Price** | 742,500,000.00 | - | | **Payment at Closing**| 300,000,000.00 | Paid at the closing of the transaction | | **Remaining Balance** | 442,500,000.00 | To be paid in 3 (three) annual instalments | - The target, Estrela, is the holding company of Tora Transportes Group, a major Brazilian logistics operator with over **50 years** of experience in road-rail integration[5](index=5&type=chunk) - The strategic goal of the acquisition is to drive growth in intermodal operations and strengthen CSN's position in the logistics sector, leveraging a **35-year** commercial relationship with the Tora Group[5](index=5&type=chunk) - The completion of the transaction is subject to regulatory approvals, notably from the Administrative Council for Economic Defense (CADE), and other standard conditions[6](index=6&type=chunk) [Signatures and Forward-Looking Statements](index=3&type=section&id=Signatures%20and%20Forward-Looking%20Statements) The report was signed on December 30, 2024, by the company's CEO and CFO, including a standard cautionary statement regarding forward-looking information - The report was signed by Benjamin Steinbruch (Chief Executive Officer) and Antonio Marco Campos Rabello (Chief Financial and Investor Relations Officer) on December 30, 2024[10](index=10&type=chunk) - The document contains a disclaimer for forward-looking statements, noting they are not historical facts and are subject to numerous risks, assumptions, and uncertainties, with no guarantee that expected events or results will occur[11](index=11&type=chunk)

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of R$2.3 billion for Q3 2024, with a margin of 20% [17] - Net debt decreased from R$37 billion in Q2 to R$34 billion in Q3, indicating a reduction in leverage [21] - Free cash flow for the quarter was R$986 million, impacted by higher CapEx and financial expenses [20] Business Segment Performance - **Mining**: Achieved record production of 11.5 million tons, with production costs at $19.2 per ton, down from previous quarters [28][30] - **Steel**: Domestic sales volume increased by 9% in Q3, with a 20% rise in EBITDA due to a 5% drop in slab production costs [11][25] - **Cement**: Sales volume reached 3,600 tons, with EBITDA up 37% year-over-year and a profitability margin of 28% [12] - **Logistics**: Positive seasonality contributed to a 4% increase in EBITDA, benefiting from improved market prices [13][33] Market Data and Key Metrics Changes - The company noted a weaker dynamic in international iron ore prices, impacting consolidated results [17] - Domestic market dynamics showed a 9% growth in steel sales, reflecting effective commercial strategies [24] Company Strategy and Industry Competition - The company is focused on operational excellence and cost reduction across all segments, with ongoing investments in mining and steel efficiency [8][18] - Strategic partnerships and the sale of a stake in CMIN are part of the company's efforts to strengthen its financial position and reduce leverage [14][65] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the recovery of the cement market and infrastructure projects in Brazil, anticipating continued demand [47][82] - The company is preparing for potential price fluctuations in iron ore and steel, with expectations of improved margins in the coming quarters [42][60] Other Important Information - The company is actively pursuing anti-dumping measures to protect its market against high levels of imports, particularly in the tin plate sector [73][76] - The company has made significant strides in ESG initiatives, including a 10% reduction in CO2 emissions in the steel segment [36][37] Q&A Session Summary Question: Insights on steel mill costs and price dynamics - Management noted a recovery in margins and a drop in slab production costs, with a positive outlook for the fourth quarter [55][57][58] Question: Context on leverage and investment strategies - Management confirmed a target leverage of 2.5 times by year-end, with ongoing discussions for strategic partnerships and expected cash inflows from recent asset sales [63][65][66] Question: Updates on anti-dumping measures - Management provided details on the provisional anti-dumping measures for tin plate and ongoing discussions for additional products, emphasizing the need for government support [70][73][76] Question: Expectations for cement segment performance - Management highlighted strong performance in the cement segment, with expectations for continued growth and high margins [79][81][82] Question: Production cost outlook for iron ore - Management indicated a production cost of $19.2 per ton for iron ore, with long-term guidance between $21 to $23 per ton [94][95]

Group 1 - The article discusses the potential for initiating a long position in GOOGL stock within the next 72 hours, indicating a positive outlook for the company [1] - It emphasizes that the author has no current stock or derivative positions in any mentioned companies, ensuring objectivity in the analysis [1] - The article expresses personal opinions and does not represent any business relationship with the companies discussed [1] Group 2 - The content clarifies that it does not provide investment advice or recommendations, highlighting the importance of due diligence by investors [2] - It states that past performance is not indicative of future results, cautioning readers about the inherent risks in trading and investing [3] - The article notes that the views expressed may not reflect the opinions of the platform as a whole, indicating a diversity of perspectives among contributors [3]

Group 1 - Arista Networks (ANET) is identified as a top stock for short-term buying on weakness, with a target to retest previous high resistance levels [1] - The proprietary SID score indicates a strong buy signal for ANET, with a projected 12-month return of 15% [1] - Technical signals show a transition from supply to demand, with positive indicators such as the Chaikin money flow and MACD suggesting upward price movement [2][3] Group 2 - SA Quant ratings for ANET are strong in Growth, Profitability, Momentum, and Revisions, but weak in Valuation, leading to an overall Hold rating [2] - Recent technical analysis indicates that ANET's price is attempting to reach its old high, with a breakout being a positive signal [3] - The conclusion emphasizes confidence in ANET's price movement towards previous highs, despite potential market downturns in the coming months [4]

Core Viewpoint - National Steel (SID) reported a smaller loss per share of 8 cents, outperforming the Zacks Consensus Estimate of a loss of 26 cents, compared to a profit of 4 cents in the same quarter last year [1] Financial Performance - The company recorded a net loss of R$222.6 million ($41 million) in Q2 2024 [1] - Domestic revenues decreased by 4.3% year over year to R$5.5 billion ($1.01 billion), while international business revenues increased by 2.7% year over year to R$5.38 billion ($0.99 billion) [1] - Total net revenues for the quarter were R$10.88 billion ($1.99 billion), down 1% year over year [1] Segmental Performance - Steel segment revenues were R$5.59 billion ($1.02 billion), down 5.9% year over year, with steel sales increasing by 6.8% to 1,122.6 thousand tons [2] - Iron ore sales decreased by 4.1% to 10,792.2 thousand tons [2] - Mining segment revenues fell by 7.8% year over year to R$3.35 billion ($0.61 billion) [2] - Logistics segment revenues increased by 16% year over year to R$839 million ($154 million) [2] - Energy segment revenues decreased by 35% year over year to R$103 million ($19 million) [2] - Cement segment revenues improved by 8.4% year over year to R$1.2 billion ($0.28 billion) [2] Margin & Costs - Cost of sales decreased by 9.8% year over year to R$7.89 billion ($1.45 billion) [3] - Gross profit increased by 33.2% year over year to R$2.99 billion ($0.55 billion), with a gross margin of 27.6% compared to 20.4% in the prior year [3] - Adjusted EBITDA improved by 16.9% year over year to R$2.65 billion ($0.73 billion), with an EBITDA margin of 24.3% [3] Balance Sheet & Cash Flow - Cash and cash equivalents at the end of Q2 2024 were R$15.54 billion ($2.85 billion), up from R$11.97 billion ($2.19 billion) at the end of the prior year [4] - The net debt to adjusted EBITDA ratio was 3.6 at the end of Q2 2024 [4] Price Performance - National Steel's shares declined by 3.2% over the past year, while the industry experienced a decline of 13.8% [5] Peer Performance - Commercial Metals Company (CMC) reported adjusted earnings per share of $1.02, down 48.5% year over year, with revenues of $2.08 billion [7] - ArcelorMittal S.A. (MT) reported a net income of $504 million, down from $1,860 million year over year, with total revenues falling around 13% to $16,249 million [7] - Nucor Corporation (NUE) reported earnings of $2.68 per share, down from $5.81 year over year, with revenues of $8,077.2 million, down around 15% [8]

Financial Data and Key Metrics Changes - The company reported an EBITDA of R$2.6 billion for Q2 2024, a 35% increase compared to Q1 2024, with an EBITDA margin rising from 19% to 23% [6] - Cash at the end of June was R$26.6 billion, providing significant comfort for the company's obligations [6] - Leverage increased slightly from 3.3x to 3.36x due to exchange rate impacts and dividend payments [13] Business Line Data and Key Metrics Changes - **Mining**: Achieved the best performance since 2016 with production costs reduced from $25 per ton to $21.2 per ton, resulting in an EBITDA margin of 48%, up 8.1 percentage points from Q1 2024 [7][18] - **Steel**: Sales volume exceeded 1.1 million tons, a 3% increase from Q1 2024 and a 7% increase year-over-year. EBITDA in this segment grew by almost 40% [8][15] - **Cement**: Sold 3.6 million tons, a 20% increase from Q1 2024, with net revenue growing by 15% and an EBITDA margin of 28%, the highest since acquiring LafargeHolcim [8][20] - **Logistics**: EBITDA grew by 9.2% compared to the previous quarter, benefiting from positive seasonality and product diversification [9] Market Data and Key Metrics Changes - Apparent consumption in Brazil grew by 9%, with domestic sales increasing by 7% [38] - The company noted a 22% import penetration in the second quarter, indicating a competitive market environment [41] Company Strategy and Development Direction - The company is focused on reducing leverage and enhancing operational efficiency across all segments, with a commitment to strategic investments in steel and mining [13][30] - Plans for potential IPOs in the cement and logistics sectors are being considered, contingent on market conditions [61] - The company aims to maintain high production levels in iron ore and cement while managing costs effectively [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2024, expecting improved results driven by operational enhancements and market demand [26][27] - The company is aware of challenges in the energy segment due to adverse weather conditions but remains committed to maintaining energy levels [10][28] Other Important Information - The company achieved decarbonization goals in the cement segment, aligning with the Paris Accord [22] - There was a significant reduction in accident frequency and severity rates, reflecting improvements in health and safety measures [22] Q&A Session Summary Question: Context on financial deleveraging and potential asset sales - Management discussed ongoing negotiations for cement asset acquisitions and potential sales of mining stakes to strategic partners to reduce leverage [33][37] Question: Recovery in steel plant results and price dynamics - Management highlighted a 9% growth in CSN's sales, with expectations for price increases and the impact of government measures on the local market [34][38] Question: Position regarding Usiminas shares - Management confirmed they are observing the ideal moment to monetize shares and are not in noncompliance with judicial timelines [44][46] Question: Cost and margin outlook for steel - Management indicated that operational efficiency efforts are yielding positive results, with expectations for continued cost reductions in the second half of the year [48][49] Question: Leverage expectations and market competitiveness - Management reiterated the goal of achieving 1x to 2x leverage in the long term, while acknowledging current challenges in the market [51][57] Question: Internationalization of cement and steel - Management confirmed ongoing efforts to expand internationally, particularly in the Americas, while maintaining a focus on domestic market strength [68][70]

CS CSN 2Q24 Earnings Release August 13, 2024 CSNA B3 LISTED SID LISTED NYSE 2Q24 – HIGHLIGHTS CEMENT LOGISTICS 2 Adjusted EBITDA Operational | --- | --- | --- | |------------------------------------------|--------------------|-----------------------------------| | improvements in practically all segments | + 34.5% | R$ 16.6 billion | | | 2Q24 VS 1Q24 | Strong commitment to deleveraging | | Excellent operational | C1 cost reduced by | | | performance : | 10% to | | | | USD 21.2/t | | Versus USD 23,5 in 1Q24 ...