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    Tatiana Canceini

    Research Analyst at JPMorgan Chase & Co.

    No verifiable public information about Tatiana Canceini's professional profile at JPMorgan Chase & Co. is currently available. No evidence of her exact job title, specific companies covered, performance metrics, career timeline, professional credentials, or recognitions could be found in search results or public registries. The requested details about her analyst specialization and career history cannot be confirmed without additional direct or proprietary information.

    Tatiana Canceini's questions to NATIONAL STEEL (SID) leadership

    Tatiana Canceini's questions to NATIONAL STEEL (SID) leadership • Q2 2025

    Question

    Tatiana Canceini from JPMorgan Chase & Co. requested the rationale behind the timing and price of the Usiminas stake sale. She also questioned the long-term sustainability of CSN's 'value over volume' strategy in the steel segment amid intense competition.

    Answer

    An executive explained the Usiminas sale was a rare opportunity to find a buyer for a large, illiquid block of shares and represented a significant step in complying with the CADE antitrust agreement. Head of Steel Martinez defended the steel strategy's sustainability, citing ongoing cost optimization, a focus on the domestic market, diversification to over 50% more customers, and a strategic shift to higher-margin products like tinplate and galvanized steel as key drivers for maintaining two-digit margins.

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