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Marcelo Arazi

Marcelo Arazi

Research Analyst at Banco BTG Pactual S.A.

State of São Paulo, Brazil

Marcelo Arazi is an Associate Director of Equity Research at BTG Pactual, specializing in coverage of Latin American industrial and infrastructure companies. He covers firms such as Dexco, Aeris, and Ecorodovias, regularly participating in earnings calls and providing detailed sector insights, though public performance metrics or TipRanks rankings are not disclosed. Arazi has built his career within BTG Pactual’s research division, advancing to his current senior analyst position after joining the firm and is recognized for his research on key industry players in Brazil. While specific securities licenses or FINRA registrations are not listed, his role reflects significant expertise and leadership in industrials equity research for one of the region’s leading investment banks.

Marcelo Arazi's questions to NATIONAL STEEL (SID) leadership

Question · Q2 2025

Marcelo Arazi from BTG Pactual asked for specifics on the cost efficiency measures in the steel division and inquired about potential CapEx flexibility and other short-term asset sales to improve the company's cash flow.

Answer

An executive, likely Marco Hebello, detailed that shutting down Blast Furnace 2 enabled operational improvements and new raw material loads in Blast Furnace 3, leading to significant cost reductions. He noted CapEx is targeted at the low end of the BRL 5-6 billion range and is critical for growth projects like P15. He also revealed discussions are underway for a partnership in the energy segment. Chairman Benjamin Steinbruck added that all deleveraging options are being pursued for the short term.

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Marcelo Arazi's questions to IOCJY leadership

Question · Q4 2023

Questioned the company's strategy for managing its high leverage while pursuing new investment projects, and asked about the ideal product mix, as the Q4 mix had negatively impacted margins.

Answer

The executive explained that leverage is expected to decrease as EBITDA recovers with the rebound in the Brazilian commercial vehicle market. He also mentioned improvements in working capital and lower interest costs. On product mix, a 50/50 split between commercial and light vehicles is considered healthy. The drop in the Brazilian commercial market skewed the mix in 2023, but they expect to return closer to the 50/50 target as the market recovers.

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