What does National Steel do and what are its main business segments?

What is the revenue and EPS growth rate for National Steel year over year?

What is National Steel's latest dividend and current dividend yield?

What were the key takeaways from National Steel’s earnings call?

What guidance did National Steel's management provide for the next earnings period?

Did National Steel beat or miss consensus estimates last quarter?

What is National Steel's gross profit margin?

What were the key takeaways from National Steel's earnings call?

- **Record Operational Performance**: Mining (12M+ tons shipped), steel (lowest costs in 4 years), and cement (29% EBITDA margin) all hit new highs.
- **Strategic Shift to Margins**: 4.4% sales growth in steel despite 28% import penetration, with 5% price increase in October.
- **Leverage Reduction Progress**: 3.1x leverage ratio (from 3.5x in 2024), targeting 3.0x by year-end. CSN Infrastructure spinoff to generate BRL 1-2B in 2026.
- **Antidumping Measures**: Expected approvals for galvanized and prepainted steel by end-2025, countering 63% import share in prepainted market.
- **Cement Resilience**: 3.6M tons sold, EBITDA of BRL 388M driven by infrastructure spending and housing programs.


**【CEO Summary Section】**
- CEO highlights record operational performance across all segments, including mining (12M+ tons shipped), steel (lowest production costs in 4 years), and cement (highest EBITDA margin at 29%).
- Emphasizes commercial strategy shift to prioritize margins over volume, resulting in 4.4% sales growth in steel despite 28% import penetration.
- Calls for government action on antidumping measures to counter subsidized imports, citing 63% import share in prepainted steel.
- Outlines Q4 outlook: double-digit margins in steel, sustained EBITDA growth, and potential for 30%+ EBITDA margin in cement.

**【CFO Financial Commentary】**
- Q3 EBITDA of BRL 3.3B (27% margin), up 26% YoY, driven by mining (57% EBITDA growth) and logistics (record BRL 550M EBITDA).
- Leverage ratio reduced to 3.1x (from 3.5x end-2024), with plans to reach 3.0x by year-end through organic cash flow and asset monetization.
- Capital expenditures maintained at BRL 1.4B, focused on P15 steel modernization project.
- Interest rates remain stable at 10% CDI, with BRL 14B debt maturities in 2026-2027 being refinanced with bilateral banks.

**【Q&A Highlights】**
- **Leverage Reduction**: CSN Infrastructure project to spin off 7 logistics assets, expected to generate BRL 1-2B in 2026. Energy division monetization discussions ongoing.
- **Steel Strategy**: 5% price increase in October, targeting double-digit margins in Q4. Antidumping measures for galvanized and prepainted steel expected by end-2025.
- **Cement Resilience**: 3.6M tons sold (2nd-highest on record), EBITDA of BRL 388M driven by Minha Casa Minha Vida program and infrastructure spending.
- **Cash Flow Management**: Q3 cash burn of BRL 815M (vs. BRL 1.4B prior quarter), with focus on working capital optimization and inventory reduction.
- **Debt Refinancing**: 2026 maturities fully refinanced, 2027 maturities 50% pre-funded. No exposure to 2028 bond until Q1 2026 refinancing.


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