Unknown Analyst • JPMorgan Chase & Co.

Question 1

Unknown Analyst's questions to Companhia Siderurgica Nacional SA (SID) leadership • Q1 2025

May 9, 2025

Question

An analyst from JPMorgan Chase & Co. asked about the expected evolution of margins for the remainder of the year given the complex macroeconomic environment and inquired about potential future deleveraging opportunities similar to the CEEE-G project finance.

Answer

An executive (Martinez) stated that despite a disorganized market, CSN's margin strategy involves optimizing its diversified product portfolio, maximizing blast furnace efficiency, and reducing slab purchases, aiming for stable to higher prices and lower costs. He also confirmed that other project finance opportunities are being structured for two steel projects and one mining project, with a target to close these operations in 2025.

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Question 2

Unknown Analyst's questions to Medical Properties Trust Inc (MPW) leadership • Q3 2024

Nov 7, 2024

Question

An analyst from JPMorgan Chase & Co. asked about the potential cost at which Medical Properties Trust could issue new secured and unsecured debt and inquired about the company's early plans for its 2025 term loan maturity.

Answer

CFO R. Hamner responded that the company is not currently testing the debt markets but is hopeful that resolving tenant issues and improving macro conditions will lower its cost of capital. Regarding the 2025 maturity, he stated that current liquidity and anticipated transactions provide multiple options, including extension, partial extension, or full repayment.