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    Rafael Barcellos • Bradesco BBI

    Rafael Barcellos's questions to Suzano SA (SUZ) leadership

    Rafael Barcellos's questions to Suzano SA (SUZ) leadership • Q2 2025

    Question

    Rafael Barcellos asked for confirmation on the potential 100-150k ton production increase at the Ribas mill without new CapEx, its timing, and the outlook for the U.S. packaging business, including its path to positive EBITDA and future investment plans.

    Answer

    CEO João Alberto Fernandez de Abreu confirmed the Ribas mill's potential for higher production with no CapEx, contingent on market conditions. EVP of Paper & Packaging, Fabio Almeida de Oliveira, stated the U.S. packaging business is on track for positive EBITDA in Q3, driven by cost reductions, contractual price hikes, and market expansion, with full benefits expected by 2026.

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    Rafael Barcellos's questions to Suzano SA (SUZ) leadership • Q1 2025

    Question

    Rafael Barcellos inquired about pulp sales volumes, asking for the scale of the inventory buildup in Q1 and the outlook for sales in April, May, and the full year 2025. He also asked for an evaluation of the Hibas mill's operational performance post-maintenance and whether any debottlenecking or brownfield projects are being considered.

    Answer

    Leonardo Grimaldi, an executive, confirmed an inventory rebuild of approximately 200,000 tons in Q1. While not providing specific forward guidance, he noted that with inventories normalized and the Cerrado project online, sales volumes are expected to be higher than in corresponding quarters of previous years. Beto Abreu, an executive, reported that the Hibas mill is performing very well and meeting all planned metrics. He stated that while short-term brownfield investments are not being considered, they are generally more attractive than greenfield projects for long-term capacity expansion.

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    Rafael Barcellos's questions to Suzano SA (SUZ) leadership • Q4 2024

    Question

    Rafael Barcellos of Bradesco BBI asked about the operational progress at the Ribas mill, specifically regarding debottlenecking opportunities and cost evolution. He also followed up on capital allocation, inquiring about preferences for M&A across business lines like packaging, tissue, or pulp.

    Answer

    Executive João Fernandez de Abreu stated that the company is agnostic regarding business lines for M&A, with decisions driven by scalability, differentiation, and strategic fit. Executive Aires Galhardo noted it is too early to discuss debottlenecking at Ribas but expressed optimism about the asset's robust performance, having completed its learning curve ahead of schedule.

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    Rafael Barcellos's questions to Suzano SA (SUZ) leadership • Q2 2024

    Question

    Rafael Barcellos asked new CEO Beto Abreu for his initial conclusions on the company's strengths and areas for improvement. He also requested an outlook on cost evolution for the second half of the year, particularly with the Cerrado project coming online.

    Answer

    CEO Beto Abreu shared positive initial impressions, highlighting the company's strong execution, operational focus, cost discipline, and reliable facilities, stating his focus would be on people, strategy, and capital allocation. Executive Aires Galhardo projected a low single-digit increase in cash cost for Q3 due to FX and the Cerrado start-up, but expects improvement in Q4 and beyond as the new mill ramps up.

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    Rafael Barcellos's questions to Vale SA (VALE) leadership

    Rafael Barcellos's questions to Vale SA (VALE) leadership • Q2 2025

    Question

    Rafael Barcellos asked how new volumes from the Capanema and Serra Azul projects will impact Vale's commercial strategy and requested the company's outlook on the iron ore market for the second half of the year.

    Answer

    Rogério Nogueira, EVP of Commercial & Development, explained that the new volumes will be integrated into the broader portfolio to enhance flexibility and value optimization. On the market outlook, he described the global iron ore market as 'balanced,' noting that while Chinese steel exports are impacting other regions, strong demand growth in India is providing a positive offset.

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    Rafael Barcellos's questions to Vale SA (VALE) leadership • Q1 2025

    Question

    Rafael Barcellos inquired about the current health of the iron ore market, particularly feedback from China, and how macroeconomic uncertainties are influencing Vale's capital allocation strategy. He also asked for details on Vale's evolving commercial strategy regarding its product mix.

    Answer

    Executive Gustavo Duarte Pimenta stated that Vale's capital allocation is focused on cost efficiency and discipline amid a fluid macro environment. Executive Rogério Nogueira provided a detailed market outlook, describing China as a mix of 'confidence and caution' with improving steel margins but a struggling property sector. He noted that the global supply-demand for iron ore appears balanced, expecting prices to hold around $100 per ton.

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    Rafael Barcellos's questions to Vale SA (VALE) leadership • Q4 2024

    Question

    Rafael Barcellos asked for management's perspective on the company's evolution in cost performance, commercial strategy, and institutional relationships. He also requested more detail on the strategy behind the expected increase in iron ore inventories.

    Answer

    Executive Gustavo Duarte Pimenta expressed high optimism, citing the best operational performance in five years, which allows for a stronger focus on cost and capital allocation. Executive Rogério Nogueira explained that the inventory increase is a temporary result of maximizing cash flow by concentrating more ore outside Brazil, which has a longer production-to-sale cycle. This strategy provides flexibility and is not indefinite.

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    Rafael Barcellos's questions to Ternium SA (TX) leadership

    Rafael Barcellos's questions to Ternium SA (TX) leadership • Q2 2025

    Question

    Rafael Barcellos of Bradesco BBI inquired about Ternium's CapEx cycle, asking when the peak spending would occur and for an update on the Pesqueria project's execution. He also asked about the broader capital allocation strategy, including the outlook for dividends and the company's appetite for further investment in Brazil given current market difficulties.

    Answer

    CEO Máximo Vedoya confirmed that Q2 2025 was the peak quarter for the current CapEx cycle and provided a declining forecast for subsequent years, affirming the Pesqueria project is on time. CFO Pablo Brizzio reiterated the commitment to sustaining the current dividend level while funding the significant CapEx plan. CEO Vedoya added that Brazil needs to address unfair trade before attracting more investment.

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    Rafael Barcellos's questions to Ternium SA (TX) leadership • Q2 2025

    Question

    Rafael Barcellos from Bradesco BBI inquired about Ternium's CapEx cycle, asking when the peak would occur and for an update on the Pesqueria project's execution. He also asked about the company's broader capital allocation strategy, including the potential for dividend increases and the appetite for further investment in Brazil given its market challenges.

    Answer

    CEO Máximo Vedoya identified Q2 2025 as the peak CapEx quarter, with spending projected to be $2.5-$2.6 billion for the full year before declining in 2026 and 2027. He confirmed the Pesqueria project is on schedule. CFO Pablo Brizzio stated the capital allocation priority is funding the current investment plan while sustaining the dividend. Vedoya added that Brazil must address unfair trade before attracting further investment.

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    Rafael Barcellos's questions to Gerdau SA (GGB) leadership

    Rafael Barcellos's questions to Gerdau SA (GGB) leadership • Q1 2025

    Question

    Rafael Barcellos asked for details on the new rolling mill's ramp-up in Ouro Branco, including operational costs and market impact. He also inquired about the competitive scenario for long steels in April and Gerdau's strategic view on the rebar segment, including potential divestment.

    Answer

    CEO Gustavo Werneck expressed confidence in the Ouro Branco ramp-up, expecting costs to normalize by Q3 and stating the added volume is not large enough to pressure market prices. Regarding rebars, he clarified it's a shrinking part of the portfolio but that Gerdau is strategically focused on regaining market share in its traditional distribution space. He asserted that the company's strong balance sheet allows it to prioritize market share over short-term profitability in this segment.

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    Rafael Barcellos's questions to Gerdau SA (GGB) leadership • Q4 2024

    Question

    Rafael Barcellos asked for Gerdau's strategic view on the Brazilian market, particularly concerning new rebar capacity from competitors and the potential for market consolidation. He also followed up on U.S. tariffs, seeking an update on potential investments in Mexico and Gerdau's growth prospects in the United States.

    Answer

    CEO Gustavo Werneck stated that the Brazilian rebar market is challenging and not a focus for new capacity investments; instead, capital is being directed towards flat steel and mining to enhance competitiveness. CFO Rafael Japur noted that the new tariff environment makes a greenfield project in Mexico more difficult, with a decision expected by June. He emphasized that North American growth is centered on special steels and merchant bars through investments in the Monroe and Midlothian plants.

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    Rafael Barcellos's questions to CSNA3.SA leadership

    Rafael Barcellos's questions to CSNA3.SA leadership • Q4 2024

    Question

    Rafael Barcellos asked about CSN's strategic plan amid the global trade war, questioning the flexibility on project timelines and the possibility of M&A in the steel sector. He also requested a follow-up on the steel segment's expected performance, focusing on costs and margins for the first half of the year.

    Answer

    Luis Martinez, an executive, stated that the steel segment's EBITDA improvement was driven by cost reduction, a focus that will continue. He expects to maintain double-digit EBITDA margins in the first quarter. Antonio Marco Rabello, an executive, added that the group's strategy involves diversification into cement and infrastructure. He confirmed that while there is flexibility to postpone minor projects, the P15 mining project and the steel plant reorganization remain top priorities and will not be delayed.

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    Rafael Barcellos's questions to Southern Copper Corp (SCCO) leadership

    Rafael Barcellos's questions to Southern Copper Corp (SCCO) leadership • Q3 2024

    Question

    Rafael Barcellos requested an overview of the regulatory environments in Mexico and Peru, particularly concerning growth initiatives and potential restrictions on open-pit mining in Mexico. He also asked for the company's copper production forecast for 2025.

    Answer

    Executive Raul Jacob described Peru's regulatory environment as improving, with efforts to shorten permit times. In Mexico, he stated that recent changes have not affected SCCO's existing concessions and that any new open-pit mining rules are not expected to apply retroactively. For 2025, he forecast copper production at 978,300 tons, with significant increases in zinc and silver production as well.

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