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 ...

Financial Data and Key Metrics Changes - The company reported a consolidated EBITDA margin of 19% for Q1 2024, impacted by lower iron ore prices and seasonality [8][10] - There was a negative cash flow of BRL 636 million, influenced by lower operating results and interest rates [9] - Net debt increased by BRL 1.2 billion compared to Q1 2023, attributed to commodity price drops [10] Business Line Data and Key Metrics Changes - Mining achieved record sales of over 9 million tonnes, with an EBITDA margin of 40% despite a significant price drop [7][14] - Steel production increased by 5.7%, but the company faced challenges with pricing due to competition from imports [12][13] - Cement maintained stable revenue despite lower volumes, achieving an adjusted EBITDA margin surpassing 25% for the first time [15] Market Data and Key Metrics Changes - The domestic steel market faced pressure from imports, with a significant portion of flat steel coming from China [36][39] - The Brazilian cement market is projected to grow by 2% this year, with April showing positive volume reactions [66] - The company noted a stable demand in the Brazilian market, particularly in civil construction, with expectations for aggressive growth in Q2 [59] Company Strategy and Development Direction - The company aims to reduce leverage below 3 times while pursuing significant capital expenditures in mining and steel [24][46] - Strategic partnerships in energy and minority stakes in mining are being explored to diversify operations [11] - The focus remains on operational excellence and capturing synergies post-acquisition of Lafarge Holcim in the cement sector [68] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering EBITDA in Q2 due to rising prices and improved production control [22][25] - Concerns were raised about the slow governmental response to import competition, particularly from China [30][31] - The company is committed to maintaining operational efficiency and leveraging its competitive advantages in the market [39][68] Other Important Information - The company published its 2023 integrated ESG report, highlighting advances in emissions control and safety measures [8][18] - A significant investment program is underway, focusing on infrastructure and operational improvements [12][24] Q&A Session All Questions and Answers Question: Impact of government measures on import competition - The management discussed the recent government quota system and its potential effects on stabilizing margins in the steel sector, emphasizing the need for more robust measures against unfair competition [34][36] Question: Growth opportunities and capital structure - Management addressed the balance between pursuing growth opportunities and maintaining leverage below 3 times, emphasizing cautious investment strategies [34][46] Question: Overview of the cement industry and investment analysis - The management provided insights into the cement market dynamics, including pricing strategies and operational efficiencies post-acquisition of Lafarge Holcim [63][66] Question: Future margin recovery in steel operations - Management discussed strategies for increasing profitability in the steel sector, focusing on cost reduction and price adjustments in response to market conditions [64][71]

Economic Indicators - Inflation rates measured by the IPCA index were 10.1%, 5.8%, and 4.7% for the years 2021, 2022, and 2023, respectively[532]. - The CDI rate was 4.4%, 12.4%, and 13.0% for the years 2021, 2022, and 2023, respectively[533]. Revenue and Production - The steel segment represented 62.8%, 66.1%, and 50.0% of net revenues in 2021, 2022, and 2023, respectively, with gross profit contributions of 45.3%, 45.7%, and 14.3%[534]. - In 2023, 72.7% of steel revenues were from domestic sales in Brazil, compared to 70.2% in 2022[534]. - Domestic crude steel production in Brazil was 31.9 million tons in 2023, a 6.5% decrease from 2022[536]. - Domestic steel product consumption in Brazil increased by 1.5% to 23.9 million tons in 2023, while domestic sales decreased by 4.4% to 19.4 million tons[537]. - Global crude steel production was 1.89 billion tons in 2023, a slight decrease of 0.0% compared to 2022[535]. - In 2023, the mining segment represented 38% of net revenues and 60% of gross profit, with 89% of mining revenues coming from exports[548]. - Mining net operating revenues increased by R$4,610.5 million, or 36.8%, from R$12,525.1 million in 2022 to R$17,135.6 million in 2023, driven by a 28% increase in sales volume[564]. - Iron ore production reached 42.7 million tons in 2023, a 26.6% increase compared to 2022[564]. - Cement segment revenues increased by 60.0%, from R$2,819.6 million in 2022 to R$4,510.6 million in 2023, due to a 75.8% increase in sales volume[565]. - Energy segment revenues rose by 86.2%, from R$293.0 million in 2022 to R$546 million in 2023, primarily due to the consolidation of CEEE's operations[566]. Financial Performance - Total net operating revenues decreased from R$30,091 million in 2021 to R$22,718 million in 2023[546]. - Total net operating revenues increased by R$1,075 million, or 2.4%, from R$44,362 million in 2022 to R$45,437 million in 2023[561]. - Steel net operating revenues decreased by R$6,623.5 million, or 22.6%, from R$29,341.0 million in 2022 to R$22,717.5 million in 2023[563]. - Domestic operating revenues decreased by R$1,879 million, or 8.5%, from R$23,957 million in 2022 to R$22,078 million in 2023[561]. - Net income for the year plummeted by R$1,764.7 million, or 81.4%, from R$2,167.7 million in 2022 to R$403.0 million in 2023[595]. - Operating income decreased by R$2,455 million, or 47.3%, from R$7,641.5 million in 2022 to R$5,186.7 million in 2023[589]. - Cash provided by operating activities increased by R$5,250 million, or 257.0%, from R$2,042 million in 2022 to R$7,292 million in 2023[602]. - Cash and cash equivalents rose to R$16,046 million as of December 31, 2023, compared to R$11,991 million as of December 31, 2022[600]. - As of December 31, 2023, cash and cash equivalents were R$16,252 million, an increase from R$11,991 million in 2022[609]. - Selling, general and administrative expenses rose by R$1,240.0 million, or 27.6%, from R$3,249.9 million in 2022 to R$4,490.0 million in 2023[584]. Costs and Expenses - Cost of products sold increased by R$2,421 million, or 7.2%, from R$31,054 million in 2022 to R$33,475 million in 2023[568]. - Steel costs of products sold decreased by 9.7%, from R$23,256.3 million in 2022 to R$21,008.0 million in 2023, primarily due to lower sales volume[569]. - Gross profit in the steel segment decreased by R$4,375.2 million, or 71.9%, from R$6,084.7 million in 2022 to R$1,709.5 million in 2023[578]. - Mining costs of products sold increased by R$2,826.5 million, or 39.8%, from R$7,105.4 million in 2022 to R$9,931.9 million in 2023, driven by a sales volume increase of 9,332 tons[573]. - Cement segment costs of products sold increased by R$1,669.9 million, or 328.5%, from R$1,974.4 million in 2022 to R$3,644.4 million in 2023, due to a 75.8% increase in sales volume following the acquisition of LafargeHolcim[574]. - Gross profit in the energy segment surged by R$98.8 million, or 1,734.5%, from R$5.7 million in 2022 to R$104.5 million in 2023[582]. Debt and Financing - Total debt increased from R$40,919 million in 2022 to R$44,859 million in 2023, representing 227.9% of shareholders' equity[611]. - As of December 31, 2023, short-term debt was R$7,613 million and long-term debt was R$37,245 million[611]. - The debt maturity profile indicates that R$6,816 million is due in 2024, with total long-term debt obligations amounting to R$44,859 million[625]. - Cash provided by financing activities decreased by R$3,423 million in 2023, primarily due to a R$939 million decrease in debt amortization payments and a R$4,549 million decrease in new borrowings[605]. Contracts and Agreements - The company entered into a long-term supply agreement with Glencore for the prepayment of up to US$500 million for 13 million tons of iron ore over four years starting in 2024[619]. - In March 2023, the company signed a pre-payment export financing agreement for US$1.4 billion to support long-term projects, including a new pellet feed plant[620]. - In 2023, the total "take-or-pay" contractual obligations amount to R$10,038 million, with significant payments scheduled for the years 2023 to 2026[631]. - The guaranteed payment for iron ore and pellets transportation is at least 85% of the forecast annual revenue, with a set volume of 6.8 million tons for iron ore and pellets, and 3.2 million tons for coal and coke in 2023[632]. - The volume set for iron ore transportation for export from Itaguaí in 2023 is 40.5 million tons, with a payment guarantee of at least 85%[633]. - The transportation agreement for steel products in 2023 has a set volume of 1.8 million tons, with a payment guarantee of at least 80%[634]. - Cement transportation in 2023 has a set volume of 1,147.5 thousand tons, also with a payment guarantee of at least 80%[635]. Innovation and Future Outlook - CSN Inova has 73 ongoing initiatives in 2023, with 33 in planning, 23 piloted, and 17 scaled, indicating a mature innovation portfolio[646]. - CSN Inova Ventures ended 2023 with nine companies in its portfolio, with investments ranging from R$1 million to R$10 million, and new contributions expected in 2024[650]. - In 2023, significant advancements were made in projects utilizing green hydrogen in the steel industry, with the first application of Utis technology scheduled to start in the first semester of 2024[654]. - The Brazilian cement sales reached 62 million tons in 2023, remaining stable compared to 2022, with positive growth opportunities anticipated due to government housing programs[662]. - The outlook for iron ore prices in 2024 is expected to remain above historical averages due to tight supply-demand dynamics, despite challenges in the Brazilian steel market[661].

Shares of National Steel (SID) fell 3% since it reported fourth-quarter 2024 results on Mar 6, delivering earnings per share (EPS) of 13 cents, which missed the Zacks Consensus Estimate of 19 cents. It reported an EPS of 3 cents in the prior-year quarter.Domestic revenues decreased 7.3% year over year to R$5.48 billion ($1.1 billion). The company’s international business revenues improved 25.1% year over year to R$6.52 billion ($1.31 billion).For the December 2023-end quarter, net revenues were R$12 billion ...

Companhia Siderúrgica Nacional (NYSE:SID) Q4 2023 Earnings Conference Call March 7, 2024 9:30 AM ET Company Participants Marcelo Ribeiro - Executive Director of Finance and Investor Relations & Member of Executive Board Benjamin Steinbruch - President of Executive Board, Chairman and Chief Executive Officer Helena Guerra - ESG and Sustainability Director Luis Martinez - Executive Director of Commercial and Logistics Area & Member of Executive Board Divaldo Oliveira - Production Supervisor, Process Engineer ...

Financial Data and Key Metrics Changes - The company reported a 25% increase in capital despite pressures in the global steel market, achieving over R$1 billion in cash generation, which contributed to deleveraging and a reduction in net debt by 4.8% [5][10][11] - EBITDA saw a significant drop of 64% in the steel segment, while mining EBITDA increased by over 76%, reaching nearly R$2 billion [7][15] - The company achieved a working capital evolution of R$1 billion, leading to an operating cash flow of more than R$1 billion for the quarter [8][9] Business Line Data and Key Metrics Changes - The steel segment faced challenges due to imported steel competition, resulting in a slight reduction in total volume sold, although domestic market demand remained positive [13][14] - The mining segment experienced record production and strong price realization, contributing to a 45% increase in EBITDA [15][16] - The cement sector achieved its highest EBITDA in history, with a 4% increase in volumes despite a declining market [16][17] Market Data and Key Metrics Changes - The domestic steel market is experiencing mixed demand, with sectors like construction showing positive trends, while overall market conditions remain challenging due to imported steel [13][14] - The international prices of iron ore positively impacted the mining segment, with the company benefiting from a higher proportion of its own iron ore in sales [15][16] Company Strategy and Development Direction - The company is focused on deleveraging and improving its financial health, aiming for a leverage ratio below two times by 2024 [10][11][28] - There is an emphasis on maintaining a robust liquidity position, with over R$15 billion available to cover short-term indebtedness [11][12] - The company is exploring opportunities for growth through potential mergers and acquisitions in the cement sector, despite regulatory challenges [52][53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the mining segment's performance, anticipating continued improvements in production and pricing [22][24] - The company highlighted the need for government intervention to address unfair competition from imported steel, advocating for protective measures to support the domestic industry [25][26][28] - The outlook for the cement market remains positive, with expectations of price recovery and increased consumption in the fourth quarter [24][48] Other Important Information - The company reported significant advancements in ESG initiatives, including a reduction in accident rates and water consumption [19][20] - The completion of a sustainable linked finance operation for R$500 million was noted, reflecting the company's commitment to sustainability [20] Q&A Session Summary Question: Capital allocation and buyback strategy - Management indicated a preference for buybacks to support share price recovery while maintaining a consistent dividend policy [30][31] Question: Steel price negotiations and market conditions - The company expects stable demand and prices in the fourth quarter, with ongoing negotiations for price increases amid challenges from imported materials [32][34] Question: Margin outlook for steel production - Management anticipates improvements in margins due to cost reductions and stable pricing, with expectations for a positive performance in the coming quarters [40][41][43] Question: Cement sector growth opportunities - The cement market remains fragmented, presenting potential for future M&A activity, although regulatory hurdles may complicate negotiations [52][53]

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 October, 2023 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) Indica ...