Q2 2025 Companhia Siderurgica Nacional SA Earnings Call (English, Portuguese) Transcript
Key Points
- Companhia Siderurgica Nacional (SID) achieved an EBITDA growth in all segments except mining, demonstrating strong cost management and diversification of investments.
- The company reduced its gross debt by BRL5.7 billion this quarter, moving closer to its deleveraging goals.
- The steel segment showed a 79% year-on-year increase in EBITDA, with a focus on value over volume, despite intense competition from imports.
- The cement segment experienced an 8% growth in sales volume and a 10% increase in net revenue, resulting in a 2.3 percentage point increase in profitability.
- The logistics segment set a new EBITDA record, driven by strong performance and the incorporation of Tora, achieving an EBITDA margin of 41.4%.
- The mining segment's EBITDA dropped due to a correction in iron ore prices, despite achieving the second-highest sales volume in history.
- The steel segment faced significant challenges from a flood of imported materials, impacting market share and necessitating a focus on higher-value products.
- The company's adjusted cash flow was negative by BRL1.4 million, pressured by increased investments and financial expenses.
- The company is facing difficulties in implementing anti-dumping measures, with slow government response affecting competitiveness against imports.
- The sale of a stake in Usiminas was driven by antitrust requirements, indicating ongoing regulatory pressures.
(spoken in French) (Operator Instructions)
We have simultaneous webcast that may be accessed at ri.csn.com.br where the presentation is also available. The replay of the event will be available after closing. Before proceeding, we would like to state that some of the forward-looking statements made herein are mere expectations or trends based on current assumptions and opinions of the company's management, future results, performance, and events may differ materially from those expressed herein, which do not constitute projections. In fact, actual results, performance or events may differ materially from those expressed or implied by forward-looking statements due to several factors such as general and economic conditions in Brazil and other countries, interest rates and exchange rate levels, or pre-payment of debt pegged in foreign currencies, protection measures in the US, Brazil, and other countries, changes in laws and regulations and general competitive factors at a national and international level.
We will now turn the conference over to Mr. Marco Rabello, who will begin the
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