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    Daniel Sasson • Itaú BBA

    Daniel Sasson's questions to Suzano SA (SUZ) leadership

    Daniel Sasson's questions to Suzano SA (SUZ) leadership • Q2 2025

    Question

    Daniel Sasson asked about the market impact of the new 10% tariff on U.S. pulp imports, including its effect on order books and who bears the cost. He also requested an update on the Kimberly-Clark joint venture timeline and integration planning.

    Answer

    EVP of Pulp Commercial & Logistics, Leonardo Grimaldi, reported that order books for the U.S. are normalized and that Suzano successfully negotiated for customers to bear the cost of the 10% tariff. EVP of Consumer Goods & Corporate Relations, Luis Renato Costa Bueno, confirmed that dedicated teams are in place for the KC deal, with the project on track for a 2026 closing.

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    Daniel Sasson's questions to Suzano SA (SUZ) leadership • Q1 2025

    Question

    Daniel Sasson followed up on the mentioned $3 billion in potential capital allocation, asking if this figure represents a target for revenue diversification or simply the sum of current opportunities. He also asked about potential positive catalysts for pulp prices and where the market might be underestimating a potential recovery, such as from logistics constraints.

    Answer

    Beto Abreu, an executive, clarified that Suzano has a target for value creation, not revenue diversification, and will only pursue opportunities with high returns. Leonardo Grimaldi, an executive, identified several potential positive catalysts for pulp prices: 1) commercial downtimes from high-cost European producers, 2) logistics disruptions creating opportunities for Suzano's differentiated network, 3) a potential downward revision of tariffs boosting demand, and 4) integrated Chinese producers becoming market buyers.

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    Daniel Sasson's questions to Suzano SA (SUZ) leadership • Q4 2024

    Question

    Daniel Sasson of Itaú BBA asked about the potential impact of a more protectionist U.S. administration on Suzano's growth strategy and M&A. He also inquired about the market impact of a major Chinese competitor's shutdown and Suzano's own inventory levels.

    Answer

    Executive Marcos Assumpcao stated that Suzano's long-term U.S. strategy is unchanged, viewing the market as robust and not expecting new pulp tariffs. Executive Leonardo Grimaldi confirmed the competitor's halt creates over 200,000 tons of monthly hardwood demand, viewing the situation as complex but likely temporary. He acknowledged Suzano's inventories are tight, creating short-term challenges.

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    Daniel Sasson's questions to Suzano SA (SUZ) leadership • Q2 2024

    Question

    Daniel Sasson asked about the current state of pulp demand from China following recent price drops and the strategic rationale behind the Pactiv and Lenzing acquisitions, including potential for fiber-to-fiber substitution and growth in dissolving pulp.

    Answer

    Leonardo Grimaldi, an executive, addressed the pulp market, stating that customers likely cannot skip more purchases due to low inventories and that the recent price adjustment was intended to reactivate the market. Executive Marcelo Bacci explained the Lenzing deal is a strategic, learning-focused entry into the textile market with no immediate plans for pulp mill conversion. He and executive Fabio Almeida Oliveira described the Pactiv acquisition as a move into a growing U.S. market with potential for operational improvements and future fiber-to-fiber substitution.

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    Daniel Sasson's questions to Vale SA (VALE) leadership

    Daniel Sasson's questions to Vale SA (VALE) leadership • Q2 2025

    Question

    Daniel Sasson asked about the drivers behind declining pellet premiums and whether Vale is interested in renegotiating its gold streaming agreements to increase its exposure to gold, given higher prices.

    Answer

    Rogério Nogueira, EVP of Commercial & Development, attributed weak pellet premiums to lower demand in key markets caused by high steel exports from China. Shaun Usmar, CEO of Vale Base Metals Ltd, stated that the gold streaming deals are long-term financing contracts that will be honored, emphasizing that the focus is on optimizing overall production, from which Vale benefits from the residual gold.

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    Daniel Sasson's questions to Vale SA (VALE) leadership • Q1 2025

    Question

    Daniel Sasson requested more details on Vale's strategy for purchasing iron ore from third parties, particularly how it would be affected by the production ramp-up of the Vargem Grande and Capanema projects.

    Answer

    Executive Rogério Nogueira clarified that third-party ore is only purchased if it is value accretive. He expects volumes to be around 25 million tons, similar to last year, assuming current price levels. He emphasized that if market prices decrease, Vale will gradually cut non-profitable ore purchases to protect margins.

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    Daniel Sasson's questions to Vale SA (VALE) leadership • Q4 2024

    Question

    Daniel Sasson inquired about Vale's sales mix, the impact of increased quality concentration on inventory levels, and the company's 'value over volume' strategy. He also asked if the flat 2025 production guidance, despite new projects, implies lower third-party purchases and what the cost evolution might look like.

    Answer

    Executive Gustavo Duarte Pimenta explained that new projects like Vargem Grande and Capanema have a ramp-up period and provide more flexibility for the 'value over volume' strategy. Executive Rogério Nogueira added that the focus is on maximizing cash flow, which currently involves beneficiating more ore, leading to a short-term increase in inventories but ultimately higher value.

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    Daniel Sasson's questions to Vale SA (VALE) leadership • Q2 2024

    Question

    Daniel Sasson of Itaú BBA inquired about the status of the Samarco resell negotiations with the government and sought clarification on Vale's strategy for its high silica iron ore products in the second half of the year.

    Answer

    Executive Gustavo Duarte Pimenta stated that Vale remains optimistic about reaching a resolution on the Samarco agreement in the next couple of months. Executive Marcello Spinelli explained that the company has a structural high silica component in its portfolio post-Brumadinho and manages it based on market conditions, aiming for a 10% share in the portfolio but gradually reducing it to 0% by 2026-2027.

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    Daniel Sasson's questions to Companhia Siderurgica Nacional SA (SID) leadership

    Daniel Sasson's questions to Companhia Siderurgica Nacional SA (SID) leadership • Q2 2025

    Question

    Daniel Sasson from Itau BBA requested an update on the milestones for the P15 mining expansion project. He also asked about the cement business, specifically the key levers for adding value given low capacity utilization and prices in Latin America.

    Answer

    Marco Hebello confirmed the P15 project is proceeding at a fast pace and is on track for a 2027 delivery, with major equipment contracted and key civil works packages being finalized. An executive, Martinez, explained that the cement strategy is focused on "volume and volume," leveraging a competitive platform to maximize potential. He noted a significant opportunity for price recovery in Brazil and expects cost benefits from lower pet coke prices in the second half of the year.

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    Daniel Sasson's questions to Companhia Siderurgica Nacional SA (SID) leadership • Q1 2025

    Question

    Daniel Sasson of Itaú BBA inquired about CSN's leverage targets for 2026-2027, particularly with accelerating CapEx, and asked for an outlook on the competitive steel market given the government's stance on Chinese imports.

    Answer

    Executive Director Antonio Marco Rabello explained that while specific guidance for 2026-27 is not set, the goal is to keep leverage below 3x, supported by transformational infrastructure projects. An unnamed executive (identified as Martinez) detailed the severe challenges from subsidized imports, which have a 27% market penetration, and outlined CSN's strategy of product diversification and price increases, noting a 3.2% price hike in long steel in Q1.

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    Daniel Sasson's questions to Companhia Siderurgica Nacional SA (SID) leadership • Q2 2024

    Question

    Daniel Sasson inquired about CSN's deleveraging strategy, including the status of cement M&A, a potential energy business partner, and the sale of its Usiminas stake. He also asked about the steel segment's recovery, focusing on pricing power and the impact of new import quotas.

    Answer

    Executive Director Antonio Marco Rabello confirmed the company's commitment to deleveraging, highlighting strong operational cash flow from mining and cement as the primary driver. He noted that deals for an energy partner and a mining stake are targeted for 2024, while the cement acquisition is being structured carefully to not increase consolidated leverage. Executive Luis Martinez added that steel demand grew significantly, but government import measures remain 'innocuous' in intensity, limiting pricing power despite some reductions in discounts.

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    Daniel Sasson's questions to Cemex SAB de CV (CX) leadership

    Daniel Sasson's questions to Cemex SAB de CV (CX) leadership • Q2 2025

    Question

    Daniel Sasson from Itau BBA asked two follow-up questions: the potential size of the share buyback program that could start in 2026, and which specific countries in the SCAC region are under review for divestment.

    Answer

    CEO Jaime Muguiro stated it was too early to specify an amount for the 2026 share buyback but confirmed it would be part of a progressive shareholder return program, noting a $500 million program is already approved by shareholders. He declined to name specific countries for divestment in the SCAC region due to ongoing negotiations but expects transactions to occur between October 2025 and late 2026.

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    Daniel Sasson's questions to Gerdau SA (GGB) leadership

    Daniel Sasson's questions to Gerdau SA (GGB) leadership • Q1 2025

    Question

    Daniel Sasson followed up on capital allocation, asking about the flexibility to revisit previously approved projects and the criteria for approving new ones versus executing share buybacks. He also asked for an outlook on the Brazilian market if no effective trade defense measures are implemented.

    Answer

    CEO Gustavo Werneck stated that critical competitiveness projects like mining will proceed, but the company is actively debating future capital allocation, with share buybacks being a strong alternative. He expressed frustration with the Brazilian government's inaction on trade defense and said that if nothing changes, Gerdau would have to consider measures like hibernating production lines or further reducing fixed costs. He also noted Gerdau is positioning itself robustly in the rebar market.

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    Daniel Sasson's questions to Gerdau SA (GGB) leadership • Q4 2024

    Question

    Daniel Sasson requested details on the BRL 6 billion CapEx guidance for 2025, asking what it includes (such as energy assets), the expected spending curve, and the outlook for 2026. He also inquired about the new hot coil rolled strip project's expected shipment volume and ramp-up curve for the year.

    Answer

    CFO Rafael Japur clarified that the BRL 6 billion CapEx for 2025 will be spent more evenly throughout the year compared to prior years and includes approximately BRL 400 million for Gerdau's own solar energy projects. CEO Gustavo Werneck added that the new hot coil mill is projected to ship 250,000 tonnes in its first year, primarily to existing clients, as part of a strategy to shift from semi-finished exports to higher-value products.

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    Daniel Sasson's questions to Gerdau SA (GGB) leadership • Q1 2024

    Question

    Daniel Sasson asked for more details on the cost and headcount reduction efforts in the Brazil operation, including the timing of their financial impact. He also sought a qualitative comparison of sustainable EBITDA margins between the U.S. and Brazil operations.

    Answer

    CEO Gustavo Werneck stated that the company is actively working to make the Brazil operation more competitive, with a goal of bringing its margins closer to the higher levels seen in North America. He explained this involves optimizing assets like the Cosigua mill and reducing exposure to low-margin exports. CFO Rafael Japur added that cost reduction efforts have upfront investments and take time to flow through the P&L, but the improved domestic sales mix in Q1 already had a positive impact on profitability.

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    Daniel Sasson's questions to CSNA3.SA leadership

    Daniel Sasson's questions to CSNA3.SA leadership • Q4 2024

    Question

    Daniel Sasson requested more detail on CSN's deleveraging plans, including the drivers for the sub-3x target and the flexibility to postpone CapEx if needed. He also asked for a comparison of the market environment for flat steel versus long steel in Brazil.

    Answer

    Luis Martinez, an executive, explained that the flat steel market is performing well, driven by automotive and construction, while the long steel market is more challenging due to multiple players and a fight for market share. Antonio Marco Rabello, an executive, detailed the deleveraging plan, emphasizing that it is primarily driven by structural operational improvements. He confirmed the guidance of reaching below 3x leverage, supported by strong operations and potential liquidity from projects like 'CSN Builder', while maintaining flexibility on non-essential CapEx.

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