Latin America Metals & Mining： Good 2Q24； Leverage Concerns and Weak Capex Execution Remains
Goldman Sachs·2024-08-14 02:55
13 August 2024 | 10:29AM BRT Latin America Metals & Mining: Good 2024; Leverage Concerns and Weak Capex Execution Remains CSNA3 (Sell) EBITDA of R$2.6B (+35% α/q and +17% γ/γ) was 4% above GSe (+13% vs. Bloomberg consensus) mostly due to stronger steel earnings (beat on cost and product mix). CMIN3 (Sell) EBITDA of R$1.6B (+44% q/q and +47% y/y) came broadly in line with GSe, but 8% above consensus. We expect a slightly positive reaction for both CSN and CMIN. Steel weakness has been driven by a combination ...