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    Ricardo Monegala

    Research Analyst at Sattra

    Ricardo Monegala is an analyst at Sattra, known for his active coverage of companies in the steel and industrial sectors, including recent coverage of Companhia Siderúrgica Nacional. He is recognized for delivering nuanced insights into operational strategies and market developments, frequently participating in earnings calls and industry discussions. Monegala began his career focusing on Latin American markets and has established himself as a thoughtful commentator on sector trends and regulatory impacts. His professional credentials and specific performance metrics, such as rankings or returns generated, are not publicly disclosed, but he is regarded for his detailed sector analysis and engagement with key industry players.

    Ricardo Monegala's questions to NATIONAL STEEL (SID) leadership

    Ricardo Monegala's questions to NATIONAL STEEL (SID) leadership • Q2 2025

    Question

    Ricardo Monegala of Sattra inquired about the status of anti-dumping cases for coated and hot-rolled products and asked for an explanation of the steel segment's surprisingly strong margins, as well as the outlook for future margin expansion.

    Answer

    An executive, likely Head of Steel Martinez, stated that while there is a clear technical case for anti-dumping duties with margins of 25-75%, the government has been slow to act. He attributed the strong 10.8% EBITDA margin to a strategy of prioritizing value over volume, focusing on high-value products, and cost control. He sees potential for further margin expansion in Q3 from lower slab costs and a potential price recovery.

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