Tatiana Canceini's questions to Companhia Siderurgica Nacional SA (SID) leadership • Q2 2025
Question
Tatiana Canceini from JPMorgan Chase & Co. followed up on the Usiminas stake sale, asking for the rationale behind the timing given market conditions. She also questioned the long-term sustainability of the "value over volume" strategy in the steel segment.
Answer
An executive explained the Usiminas sale was a rare opportunity to transact a large, illiquid block of shares with a single buyer, representing a key step in complying with the CADE (antitrust agency) agreement. Regarding steel strategy, he affirmed its sustainability through operational excellence, cost reductions, a diversified customer base, and a focus on the domestic market. He expects these factors to help maintain double-digit margins.