Good morning, everyone. I would like to thank you for attending our conference call of CSN Mineração.

I'll start the presentation with the highlights of the fourth quarter of 2025 and the year 2025. CSN made R$11.

[unclear] million reais in adjusted EBITDA, R$1,661 million adjusted EBITDA, 42.9% EBITDA margin, and R$1.194 million of net income, the best indicator. The year of 2025 was marked by records.

On the fourth quarter, we sold 11.9 million tons, the best fourth quarter, and we sold 45.8 million tons in 2025. That was the first time the company exceeded the level of 45 million tons of sales in a single year.

The volume of production plus sales—production plus purchases—was 11.8 million, the best quarter on the history of the company, and 45.5 million tons in 2025, a new record for the year. With these figures, the guidance for production plus procurement, which used to be 42 to 43.5 million tons for 2025, was exceeded by 4.6%.

Here again, the largest volume of CMIN. These strong volumes helped the company to reach the C1 of 2025 of 21.5 tons dollars per ton, in line with the guidance for the year, which was $21.5 to $23 per ton.

The volume of production plus purchase of ore was grew by 7.3% when compared to the same period of the previous year. That's the best fourth quarter in the history, and also in production and sales of the company, even in a quarter that's seasonally lower, which reinforces the strong efficiency level attained in all the operations.

The guidance for production of purchases of ore from 43 to 43.5 million tons for the year was exceeded by 4.6%, exceeding 45.5 million tons, which means a growth of 8.4% regarding 2024. The inventories of the company, despite the strong production volume plus purchases, dropped 15% and ended the year with 2.9 million tons.

That reflects the strong sales volume throughout the period. With regard to sales, in the fourth quarter of 2024, we reached 11.98 million tons, which is a growth of 11.7% with regard to the same period of 2024.

The sales volume for the first time exceeded 45 million tons in a single year, reaching 45.8 million tons in 2025, which is a growth of 7.7% compared to the previous year. I would like to highlight that since the IPO in 2021, the company's volume has a CAGR of 8.4%, reflecting the structural development of the operation and the strengthening of the logistics infrastructure of the company.

In the year—or rather in the quarter—the small drop, which was R$4.1 billion in the fourth quarter of 2025, is a result of seasonality, with a lower volume of shipments because of the rainy season, in addition to the lower price realized in the period. There was a lower impact of price quotations.

On the other hand, the result for the year grew 17.9% in revenue, which reflects the record volumes recorded in the period plus the increase of net revenue per unit. With regard to the realization of price, we had in the quarter $106 per ton for Platts 62.

In quality, we had better figures as well, with a price adjustment with the lowering quality was $3 compared $13 compared to $14.1 in the previous quarter. Despite these two positive indicators, net revenue per unit dropped from to $63.3 in the fourth quarter.

This drop is explained by the basket of QPs that was positive compared to the previous quarter, and also by the impact of cargoes that had exposure to future quotes, which in the previous quarter has $13.9, and this quarter -$0.3 per ton. In the following slide, we present the cost of goods sold and adjusted EBITDA.

The growth annual growth of cost of goods sold sold reflects higher volume of sales, and also increases of purchases from third parties. It reached R$6.9 billion and was 9.4% higher than 2024, a result of combination of record sales volumes, a resilient sales environment, and discipline in cost management.

When comparing the EBITDA of the third quarter 2025, which amounted R$1,991 million, with the EBITDA of the fourth quarter of 2025, was R$1,761 million, we see that the drop in EBITDA when compared to the previous quarter is a result of seasonality, as expected, with a lower volume presented in the period. In addition, I would say that overall, the performance was impacted by the negative impact of cargoes exposed to future quotation periods, a negative impact of R$19 million, compared to the positive impact that those exposed cargoes had in the previous quarters of positive R$265 million.

With regards to investments, as we had said in the call of the previous quarter, we expected a large growth in the fourth quarter, given the good advancement of P15 works. The expansion, or the growth CapEx, reached a good figure, compared to R$240 million compared to the previous quarter.

The increase of 32% in the 2025 CapEx is a direct result of advancement in structuring projects, especially infrastructure P15 works, in addition to disbursements to increase operational efficiency. If we compare the fourth quarter 2025 in the growth CapEx to the first quarter, the CapEx was 3.5 times higher, which shows the acceleration of P15 works, as we had told the market.

With regards to working capital, in the fourth quarter of 2025, the net circulating capital was negative, as an increase of the increase in trade receivables and because we had to purchase more ore from third parties. On the following slide, we show the indebtedness profile of the company.

CSN Mineração ended 2025 with R$8.9 billion in cash, a reduction of 34.6% regarding the third quarter 2025, reflecting mainly the acquisition of more than 11% of shares of MRS Logística made in the end of the year. With that, the company now has a net a net debt of R$725 million and a leverage of 0.11 times.

Despite that, the company continues with a solid and comfortable capital structure, capable to sustain its advances and growth. Now, the adjusted cash flow: it had reached a positive figure of R$253 million in the fourth quarter of 2025, which is a solid figure, but reflects a 10% drop regarding the previous quarter, given the seasonality and the higher investment in the period because of P15 works.

With regard to net income, CSN Mineração had its best result for a quarter in 2025, reaching R$1.2 billion, which represents a sequence advancement of 72%, boosted by the solid operational performance combined to the positive impact of the financial results of the period. In 2025, net income totaled R$1.65 billion, a drop of 63% compared to the previous year.

That was mainly caused by a foreign exchange variation, which offset all operational records. The R$1.2 billion of net income in the quarter accounted for 72.4% of the net income of the year of 2025, which made this quarter the best one, by far.

As usual, we conclude our presentation with the ESG highlights. In governance, we had the development of from 55 to 82 points in S&P ESG score, exceeding more than 93% of the companies assessed in our segment.

In the social and diversity front, we reached one year in advance a diversity goal, with women accounting for 27% of CSN Mineração staff. We had the stability of all the dams, and also with the recognition of de-characterization of Vigia Dam by FEAM, which is environmental regulatory agency of Minas Gerais.

In safety, we had 93% recirculation of water. In health and safety, it's the 12th year in a row with no fatal accidents, despite the risk of our operations, with a staff of 10,000 people.

We had a drop of 47% in the rate of accident frequency regarding the goal of 2021. I would like to highlight that the board has approved to submit to the to the general meeting dividends that plus the interest on equity will total R$1.2 billion of dividends to be paid in 2026.

I would like to complete the presentation: the team, because this all the records we broke this year would not have been possible without the help of all the staff. Now I conclude the presentation.

I turn the board to the Chairman, Mr. Steinbruch, the Chairman of the Board.

Thank you, Pedro. Good morning, everyone.

Thank you for attending our presentation for CMIN for the fourth quarter of 2025 and the year 2025. I would like to emphasize what Mr.

Oliva said in terms of all the records broken in 2025, in particular the sales volume record-high, the record of volume of productions and purchases, and the significant shipments in ports, the improvement in shipments in ports that grew enough to ship the extra ore that was produced and purchased. Costs: we were able to keep the guidance at the lower end of $21.5, and saying that from the strategic point of view, and also in terms of challenges we posed ourselves in 2025, all of them were exceeded.

We exceeded our production levels every quarter, based on what we had foreseen, we were always exceeding our goals and targets. For this year, we expect to continue with improvement in productions and shipments at ports.

We will continue to control costs at the lower level of the guidance given. We were, during 2025, with a price level better than everyone expected in terms of iron ore and Platts.

We believe that, once again, prices are higher than those expected for iron ore. The operation is going quite well, and investments we proposed to make at P15 are within schedule, and they are scheduled to take place within the timeframe proposed.

Therefore, we believe that CMIN is in line with everything we proposed to do, even better than we proposed to do, and it was an excellent year for 2025, the year of 2025. I believe that things are well defined in terms of investments, cost control, improvement in production, port improvements, and therefore we're quite optimistic for the year of 2026.

Basically, this is what I had to say, and I would like to thank all our employees and associates that always accepted this challenge of producing more, shipping more at that low cost, and also in the environmental terms. We are evolving quite well in all the fronts that were open, and we are completing some of them, and we continue to work to improve safety and to meet environmental demands and rules.

I would like to thank all of you individually for your efforts in order to attain these figures. Now I turn the floor back to Mr.

Pedro Oliva, and I'll be here for the Q&A session.

We can now start the Q&A session. Thank you.

We'll now start the Q&A session for investors and market analysts.

Thank you for the opportunity. My question is an update on the schedule of the growth programs to expand mining, especially for P15, especially the disbursement schedule for coming years, for us to have a better understanding of the disbursement peak and whether the scope of the project remains unchanged.

The second question is if you could give us some more detail on how do you expect the contribution of CSN Mining for the new vehicle of infrastructure of CSN? For example, you would enter with assets and CSN as well, and have a stake in this new company.

How would the carveout of Tecar work? You published that there was a record volume going through Tecar operations in the quarter, and what is the rationale behind it?

What could be the rearrangement of assets at CMIN? You bought a stake of CSN in the last quarter.

What was the rationale to have a part of this stake still remaining as CSN? Are you thinking of renegotiating the rest of this stake?

This would help us think of the next steps of the company. Thank you.

Sasson, thank you for the questions. Regarding the P15 schedule, as Benjamin said, it's within the startup target for 2027.

Everybody looked at what happened in Minas Gerais. It's not so distant from our operations, but despite the difficulties of this rainy season with very heavy rainfall, the schedule is advancing as predicted.

The disbursements will naturally go up to deliver on this schedule. We have disbursed slightly above R$2 billion, and we have still R$6 billion to disperse in this project.

R$1 billion in growth CapEx last year was disbursed. This growth CapEx should more than double now in 2026.

Naturally, there is a mismatch between physical and financial figures, because financial goes beyond because you have to make the measurements, and there's technical discussions and pay suppliers. Part of this CapEx still falls in 2028.

Now in other projects, we have announced in CSN since 2024 a partnership to development of the Pires project. We are quite advanced.

All the tests of equipment are being made, and it should start to produce in the coming weeks. From the point of view of CMIN, there's a third party that built the plant, but we'll have a better margin for purchase of ore than compared to the price we pay for third parties ore.

This project is quite mature. The 2 million tons divided in two phases, but there is no final delivery or resolution, this is not being updated for the market.

The total disbursement up to 2030 is 2.6 billion per year, and we have no updates of this figure. In the next CSN Day, we'll share any news with you.

Regard to the infrastructure vehicle, CMIN will propose and defend whatever is best for our shareholders. We see opportunity to have an unlocking of value regarding higher multiples for the infrastructure when compared to mining industry.

When making this carveout of these new assets in the new infrastructure vehicle of the company, we believe we'll unlock an important value for shareholders. The final design of this structure has not yet been defined, and naturally it will mature with the counterpart that will be part of this vehicle with the new investment.

As for MRS, we believe that's one of the best railroad companies of the country, with an exceptional performance, and quite strategic for CMIN. That's the only railroad that connects our mine to the port that had a record in volume, this port, with 40 million tons.

CMIN will always wanted to have a higher stake at MRS. Since this consortium was formed 10 years ago, no important sales of stake was made.

CSN had its own rationale to want to reduce its stake, but we never wanted to sell 100% of our stake. The stake that it wanted to bring to the market, CMIN was interested in.

The price negotiation was negotiated by an independent party, with a direct participation with an independent board members that represents 20% of shareholders of the company. Thank you, Pedro.

Just a quick follow-up regarding Tecar, which seems to be the bottleneck: do you have any more detail about the total CapEx and the schedule for this part? With this calculation or creation of this new infrastructure vehicle, this will be defined.

At CMIN, we have hired the expansion of the pier to build a new berth. We ship the total tons on a single berth, it's a bottleneck of volume.

We have hired offshore expansion from pier to the second berth. With this creation of the vehicle, the management will continue with that.

This is a project that would take some years to be completed. The gain of capacity doesn't come only at the end of the project.

There is a series of bottlenecks that are all open, and capacity that is unlocked as investments take place.

Good morning, everyone. Thank you for the question.

I have three questions. The first is if you have changed the strategy regarding P15.

We are at a market that pays a lower premium for ore, given the degrading of the industry and the tighter margins Chinese. Do you foresee any change in the strategy of products for P15, using a lower grading ore so you can be able to maximize premiums?

A second point: an update regarding the exposure of the company in terms of freight, how much is on spot, and how much is made with medium- and long-term agreements, and if you have any hedge agreement. Also, regarding the prepayment of ore, we see that in the third quarter, the balance dropped by R$700 million approximately.

We also saw some agreements, intercompany agreements, that add up to $1.6 billion for approximately 40 million tons. I would like to understand what is the impact of these prepayments that were made by subsidiary entities within CMIN, given that it's all staying dropped, and we don't have any information about the rolling of contracts.

If you could give us some color on these figures, thank you.

Thank you for the questions. Regarding P15 strategy, it is maintained.

I think you are right in highlighting the negative margins compared to Chinese, because the premiums were under pressure. The truth is that for this niche of direct reduction, it follows a demand that has difficulty being met, given the lack of supply, and continues with interesting premiums.

To be honest, last Friday, the premium expected for 15 was above $30, even higher than what we consider in our projections, precisely because of quite higher premium for this pellet feed of direct reduction. Regarding freight, spot is high.

We have 1.8 million tons contracted for 2026 at an average price of $21.1 per ton, but we have purchased freight and mostly on spot market. We've been skillful.

Our team that purchases freight is locking the cargoes in the windows given by the market, and we've been able to buy freight and slightly below C3 Index on average. Regarding your prepayment questions, they have dropped because rollings happened previously, and they are concentrated in some quarter.

In the fourth quarter, no rolling, there was a drop in the balance. This year, there will be $660 million maturing, which is the volume we intend to make for new prepayments of third parties.

Last year was $550 million of prepayments, and we made the contracts that we wanted to roll contracts maturing during the years. We have been operated with a fully-owned subsidiary of the company in Europe, which is a trading company.

We reinforce our team there, and we made most of our prepayments recently with this trading company that's owned by us. Probably you saw intercompany transactions with the payments of this with CMIN Brazil to bring those funds when we believe it's the time to do so.

There is a mismatch of prepayment with third parties, the last Glencore and Vitol, and this in-house prepayment within related parties, which is the fully-owned subsidiary of CMIN, with CMIN Brazil.

Pedro. Just a follow-up: this intercompany prepayment was a way to bring funds from this foreign subsidiary to Brazil?

Yes, that's it. Thank you.

That's very clear.

Hello. I have two questions.

First, about costs: you've given a cost guidance for 2026 slightly above our estimate, we would like to understand the rationale behind that figure. The second point is more about market: we saw significant spike in the ore price today, and some news from Chinese government giving a recommendation for purchasers not to buy from Newman fine from BHP.

That's following the discussions from last year. I would like to have your view of how that could impact the market this year.

Marcelo, regarding costs, our guidance is from $22 to $23.5 per ton. Last year was $33.

We delivered on the guidance. If you see the evolution of C1, which was $21 in '24, $21.5 in '25, the growth close to inflation, despite the appreciation in exchange rate.

We have costs essentially in reais, and we report C1 in dollar. This appreciation is a challenge, because we have to attain the defined targets when the exchange rate was higher.

This year, we should have some more movement in mines, and the average transportation to bring the ore to the plant will be a bit higher, which will generate higher consumption of diesel, with an impact that happens to explain the marginally higher C1 projection, but basically in line with inflation for the period. Obviously, we'll always try to work and to deliver the lowest possible value of C1.

The group has shown a very high discipline in costs. This will not change, will become even stronger, given the entire context we're facing now.

We'll continue to tighten cost controls to deliver the best possible result. Regarding ore prices, Marcelo, to focus on your question, specifically the CMRG policy, the Jinba of BHP was restricted to be used by Chinese metal companies.

If you see the growth in ports of inventories, it grew. If you compare to today's date, it's at 171.2 million tons.

This growth is basically explained by the cargoes of BHP that are blocked, the Jinbas, 15 to 20 million tons. With this ban, according to today's market information, and this volume could have an impact of 100 million tons or above that for BHP.

That is quite significant, and I don't know if the market was expecting that. If you look at the beginning of the conflict in Iran, Platts 62 was $102.65 per ton.

Platts today went to $112.2. That's a growth of $9.55 per ton since the beginning of the war, while C3, given the relevance of cost of oil has on the pricing of freight between Brazil and China, the C3 went to $21.5 to $29, a growth of 5.55%.

We saw Platts growing $4 more than the freight increase in the period. In addition to the war impacts, there is an impact of CMRG dispute with BHP that removes the supply of ore to the Chinese market.

That's very clear. Thank you.

The next question comes from Guilherme from XP.

Good morning, Benjamin and Pedro. Thank you for the question.

I have a question regarding third-party ore and the inclusion that you've given for the guidance of production plus purchase for 2026. If you could comment on what we could expect for these volumes for 2026: would it be around the same levels that we've seen during 2025?

Also, the second question now, within the context of the iron ore dynamics: how do you see this dynamics for the Chinese market? We've seen some concern regarding the inventory levels, prices relatively higher within the current context with BHP, but I would like to hear from you about your expectations for the year 2026.

Thank you.

Ladies and gentlemen, please hold. The CSN Mining call will return shortly.

I'm sorry, we had a technical problem. We had a power outage here from Faria Lima, we're now speaking from a mobile phone.

If you could please repeat your question, Guilherme, when you started talking, our connection dropped. Of course,

I'll repeat it. The first question is about third-party ore: how should we expect the development of these volumes for 2026?

Does the strategy continue to maintain the volume similar for 2026 as they were in '25? The second question is: you mentioned some dynamics about the supply and demand of iron ore in China, considering the BHP situation, but I would like to understand what do you expect for 2026 ex this situation with BHP.

Thank you for the questions. As we said throughout the presentation, the company has grown its volume for every year at higher than 8% rates since the IPO.

We have P15 projects whose works are well-advanced, we expect very close to the limit of capacity in some months, even surpassing the theoretical capacity of our assets. Our in-house challenge is always to do more than we've done in the previous period.

That's why we give a guidance for 45 to 47 million tons. I'd say that we are already running at a very efficient level.

Your question about purchases: they are a part of the total volume that we transport. In 2025, we made 2.4 2.5 million tons in 2025, compared to 10 million.

The share of 21%, we should expect similar volumes in 2026, and that would impact the margins very much in line as we did in 2025. With regard to your question about the market, on the demand side, we always take a closer look on China.

We expect indirect exports to grow. We talk a lot about the direct exports of steel, which was very high last year, and the market expected to go back to something closer to '24 when China made 116 million tons.

People don't talk about the direct export of steel in products. In last year, indirect export was higher than direct by 150 million tons.

The expectation is for it to grow 4 to 5%. This expectation existed before the drop in tariffs of the US government that were announced recently, and so that could have an even more positive impact on these figures that are around 150 million tons.

The trade-in policies to encourage consumption, buying new cars, new automobile, or new white line, are very strong in China. They're selling lots of white line goods and cars, and we believe it will continue in 2026.

Other drivers in growth for steel demand is naval construction that is predicted to grow in 2026. Two session that happened a week ago signaled a growth in expenditures with infrastructure.

The real estate market, although it is running at a much lower level than its peak in 2025, new constructions dropped by 74% compared to the peak figures, they're much less relevant than they were in this segment. With the end of the policy of the Three Red Lines that made it hard for real estate developers to access funding, and the fact that the government will be more active in social housing, this should bring some tailwind to the segment.

From the side of demand, the change in the mix of the type of steel produced, with flat steel that uses more ore and less scrap, is also a driver to support demand for ore. The percentage of flat steel was 32%, and then it went to 52% in 2025, and we expect it to be 55% in 2026.

From the supply side, the year started with a strong supply, a growth of 21.5 million tons from January to February, bringing from Australia with a growth of 7.5 17.5 tons. If you look at expectations in other markets, we talk a lot about China, of course, but there is a prospect of growth of at least 10 million tons of imports in iron ore, coming especially from Europe with the CBAMs, and India and Southeast Asia, despite the steel expected drop from Japanese and South Korean markets.

If you think about the numbers, Guilherme, on today's date, the average price for the futures market for 62 iron is $108.9, which is quite close to $110 in last quarters. We have kept our view.

The prices should stay close to $110, and this is happening, and above the consensus expectation of the market.

Good morning, everyone. Thank you for taking my questions.

I have two questions. First, about dividends: we've seen a high dividends at CMIN with payouts close to 100%, and I understand that given the current leverage of the holding company, it would make sense to keep such levels from now on.

With the CapEx of P15 increasing in the next quarters, probably you need more capital at CMIN. How do you see this balance between dividends and CapEx at CMIN, and what's the room for paying dividends in the next quarters?

The second question is about costs, is a follow-up on Marcelo's question. We believe that the rise in costs was a bit higher than what we expected.

Could you give us some color on what made such costs go up in this quarter, and what should be the behavior in coming quarters? We should see costs dropping in the next quarters, in line with your guidance.

Would it be reasonable to say that the cost performance in the second quarter in 2022 2026 will be better than the first one?

Matheus, regarding dividends, since the IPO now more than five years ago, we've always announced to the market that we would pay dividends between 80 and 100% of net income. As you said, we've been closer to 100%.

Regarding the holding company, it's always been aligned with this vision. That's one of the different shaders of CMIN, to be a good payer of dividends.

With a leverage of 11.1 times, we don't see any reason to change that policy, despite the CapEx we will need in the future. This is something we've always defended as part of the thesis for investing in the company: the combination of being a stronger dividend balance payer with growth, especially with P15 becoming operational in the end of 2027.

Regarding costs, I think it's okay to have an increase in costs in the rainy season. That means that the fourth quarter and the first quarter of each year usually have higher costs.

I'm sorry, Pedro. We stopped hearing you.

There is a need... I'm sorry...

with the interesting... and this combined...

there was a preparation... so it's natural that this would happen in this period...

as we did last year to get the guidance. I'm sorry, I can barely hear him.

Pedro, we could not hear your answer about the costs. The microphone was very low.

If you could repeat it, please. I'm sorry, we could not hear your answer about costs.

The microphone was very low. If you could repeat it, please.

I'm sorry, Matheus. We have technical issues, unsolved, but I'll repeat it.

Now I can hear you. Can you hear me?

Yes. Regarding dividends, since the IPO, we've communicated to the market that CMIN would be a strong payer of dividends, 80 to 100% of net income.

As you said, we're operating close to 100% payout, and the price of ore has stood at a level slightly above what the market expected. I'm sorry, the microphone has dropped again.

With a leverage of 11.1 times throughout we want not to change this practice. Regarding costs, there was basically a higher need of movement to open part of the mine for the mining project that was defined for 2026.

This situation of a higher movement and average distance for transportation that's higher than 2025 will be the reality for 2026, and that's something that will put a pressure on costs. On the other hand, we'll continue to execute initiatives to control and offset this cost increase in this front.

That's very clear. Thank you.

The next question comes from Pedro Melo from Citi. Good morning.

Thank you for taking my questions. I would like to make two follow-ups.

First, regarding the CapEx of P15: I would like to confirm what is the level of physical progress of the project, and what is the expected total CapEx for the company for 2026, considering maintenance and growth? The second is a follow-up on costs: I would like to understand how do you see the oil price level today, and if an increase of oil prices what could be your guidance if there are any further readjustments in the diesel prices, or if you consider that this is included already?

Regarding CapEx, I don't know if it's clear in the previous questions, but we have disbursed about R$2 million, and in P15, we have something about R$6 billion to complete the project. The trend is to start running at this higher quarter 2025, above 15 million for growth CapEx.

As for the physical advancement, we've exceeded 40% of the project, and we are completing the infrastructure works. We've starting civil engineering works, and this year we'll have to make the assembly of the electrical and mechanical parts.

The project is advancing as expected, and the target date of the end of 2027 is maintained. Regarding oil, we're clearly going through a moment of very high volatility in prices, and that has impacted the cost of freight at $5.55 per ton since the conflict started on February 28.

It's curious that the TC, which is the price of renting the ship basically, has dropped 11% to $26.6 per day, which is quite high still. The bauxite volume is very high that's being shipped.

As we mentioned, the iron ore exports volume in January and February were also higher than last year. Despite that, the Platts is going up materially more than C3.

Our costs projection reflect the current diesel costs that is known by everyone that there is a risk, yes, and the transfer of costs of price rise, and so regarding we don't know what will be the impact on the iron ore prices. In these last days, it has gone up more than the cost of sea freight, which has a higher impact.

Thank you. The next question was sent by Márcio on text: "Good morning.

Congratulations, everyone, on the excellent results. I would like to know if there is a possibility of making a secondary public offering of selling CSN Mineração to reduce its indebtedness?"

Technically, it is possible. This offer could be made at any time according to a decision of shareholders.

Today, this is not something that's being discussed according to the communications of the holding company. The holding made it clear that it decided to divest in other assets of its portfolio, especially cement, and a minority stake in infrastructure assets.

A secondary offering is technically possible, but it's not being currently discussed by the company. We remind you that in order to ask a question, please click on raise hand or send it by text on the Q&A icon.

Thank you. Since there are no further questions, I now turn the floor to Mr.

Pedro Oliva, CFO and IRO, for his final remarks.

Good morning. I would like to thank you once more for your questions and for attending the CSN Mineração earnings conference call.

We're very proud to be able to communicate all these quarter and annual records in production, sales, and the delivery on the guidance within the range we had communicated to the market. I thank once more each and every one of our employees.

Without them, none of this would have been possible. Thank you, and have a good day.

Thank you. The CSN Mining conference call has now ended.

Have a good day.