Second Quarter 2025 Performance - Adjusted EBITDA increased by 25% sequentially in 2Q25, driven mainly by higher realized steel prices in Mexico, with a slight offset from higher steel costs[10] - Net income in 2Q25 includes a provision adjustment charge of $40 million accounting for interest accrual and the appreciation of the BRL vs the US dollar in connection with the ongoing litigation related to the acquisition of a participation in Usiminas in 2012[14] - Steel segment shipments decreased sequentially in 2Q25, but higher realized steel prices, mainly in Mexico, contributed to financial performance[20] - Steel Cash Operating Income increased to $350 million in 2Q25, compared to $276 million in 1Q25[22] - Steel Cash Operating Income per Ton increased to $94/ton in 2Q25, with a margin of 9%[25] - Mining shipments increased sequentially, driven mainly by higher iron ore production, but international iron ore prices decreased[29] - Mining Cash Operating Income decreased to $54 million in 2Q25, compared to $57 million in 1Q25[32] - Mining Cash Operating Income per Ton decreased to $16/ton in 2Q25, with a margin of 19%[30] Cash Flow and Balance Sheet - Cash from operations reached $1044 million in 2Q25, a significant increase compared to $207 million in 1Q25[34] - Net cash position declined in 2Q25 to $1 billion, after a $353 million dividend payment and a significant increase in CAPEX[36]