LATEST COMPANY NEWS. - Free Online Library (2023)

Link/Page Citation

Financial Times - New Vale base metals boss Cutifani to focus on margins, marketing and potential IPO - 3/5/2023

The incoming chair of a newly created base metals business at mining group Vale said he wants to focus on margins and marketing, with a mandate to prepare it for a possible public listing.

For the complete story, see:

https://www.ft.com/content/a9a0bc98-98b1-4674-a137-c37d89104c44

BNamericas - Lavras Gold discovers new surface gold at LDS Project in Brazil - 2/5/2023

Assay results from maiden drilling on the Vila Marieta claim block suggest that Lavras Gold Corp. (TSXV: LGC, OTCQB: LGCFF) has identified the southwest surface extension of its Cerrito Gold Deposit. Vila Marieta and Cerrito are among the 23 known gold targets on the company's LDS Project in southern Brazil.

For the complete story, see:

https://www.bnamericas.com/en/news/lavras-gold-discovers-new-surface-gold-at-lds-project-in-brazil

SteelOrbis - Usiminas posts net profit for the first quarter - 2/5/2023

Brazilian steel and iron ore producer Usiminas has achieved a net profit of BRL 544 million ($108 million) in Q1 2023, reversing a net loss of BRL 839...

For the complete story, see:

https://www.steelorbis.com/steel-news/latest-news/usiminas-posts-net-profit-for-the-first-quarter-1288552.htm

https://investinbrazil.biz/news/brazilian-exports-grow-56-may

Mining Positioning on the Climate Change Agenda in Brazil

Contextualization

The mining industry is essential for providing resources aimed at boosting production and contributing to economic development and social welfare. And, in the light of the new demands of a changing society, the mining industry has faced the challenge of rethinking how it creates and shares value with its stakeholders.

The Brazilian Mining Association (IBRAM), an entity that represents 85% of the mining sector players in Brazil, directs its actions towards building a favorable environment for business on a sustainable basis. It also coordinates mitigation and adaptation actions related to Climate Change with its associates, both nationally and internationally. In the international landscape, this topic has been coordinated with the International Council on Mining and Metals (ICMM).

Although Brazil is characterized by a predominantly renewable energy matrix and a low global contribution of emissions, the Climate Change issue should be analyzed and understood considering the agreements signed in December 2015, during the COP 21 (21st Conference of the Parties) of the United Nations Framework Convention on Climate Change (UNFCCC). On that occasion, governments from about 190 countries met in Paris to seek an agreement on the global climate change.

Each of the countries represented was asked to submit their targets for reducing domestic Greenhouse Gas (GHG) emissions, called Nationally Determined Contributions (NDCs). The goal is to limit the temperature increase on the globe to a maximum of 2ÂºC by 2100. Brazil, in 2015, committed to reduce GHG emissions, by 2025, by 37% compared to 2005 levels and, as a subsequent indicative contribution, to reduce GHG emissions, by 2030, by 43% on the same basis of comparison.

It is worth noting that Brazil´s NDC encompasses the whole economy and is based on flexible pathways to achieve those goals. In other words, the goals can be achieved in a variety of ways, with different contributions from economy and government sectors.

A relevant aspect to be mentioned is the impact of Climate Change on mining. The mining industry, as well as other productive sectors, can be affected both by financial impacts - derived from the imposition of GHG emission reduction targets, without due consideration of the contribution of sources - and by extreme climate events, such as changes in rainfall patterns, which can result in floods, droughts, or cold and heat waves. In the case of Brazil, there is an additional risk associated with the dependence of the electric matrix on hydroelectricity, subject to the effects of droughts.

The main risks for the mining industry are:

Increased competition for climate sensitive resources, such as water and energy;

Interruption of port, rail and road activities, resulting in higher raw material prices and delayed deliveries;

Increased cost of energy and biofuel production;

Various physical damages to industry assets, due to extreme events;

Reduced equipment efficiency, requiring operational changes, even influencing demand for specific services; and

Impacts on critical infrastructure related to energy, transportation, telecommunications and water supply, which would result in negative consequences to the Brazilian industry.

Since this is a strategic agenda for Brazil, which goes far beyond environmental aspects, it is urgent to implement concerted actions among the various players in society, in order to ensure the commitments made by Brazil in International Agreements, and especially, to ensure the sustainability of the global climate system.

Therefore, and focusing on the mining industry, it is important that the government establishes:

Internal legal framework with regulations that fill legal gaps about topics related to Climate Change, such as governance, normative and administrative powers, voluntary and compulsory targets, and economic instruments;

Integration of initiatives on the Climate Change agenda in the federal government, making sectoral policies compatible and seeking harmonious coexistence between the different regulatory frameworks in the three governmental levels;

Development of existing financial mechanisms for a low carbon economy, in order to ensure that the flow of resources permeates the Brazilian industrial sector and mining, inducing effective actions to reduce GHG emissions;

Investment in infrastructure and logistics seeking to integrate the links of production chains and mitigate climate risks;

Simplification of access and expansion of the industry´s participation in financial resources to promote low carbon investment;

Destination of financial resources from future carbon pricing mechanisms for investment in Research and Development (R&D);

Effective expansion, support and maintenance of monitoring networks of hydrological, meteorological and climatic variables to enable the deepening of prospective studies, considering such variables in a systematized way, including vulnerability studies;

Implementation of infrastructure with greater resilience to Climate Change, especially in the urban, transportation, port, telecommunications, energy generation and distribution, and land use change sectors;

Creation of incentives to increase the capacity to manage and prevent climate risks in areas of greater vulnerability to extreme events resulting from Climate Change in Brazil;

Expansion of energy conservation and efficient use programs;

Encouragement of scientific research and education by public and private agencies;

Investment in R&D&I for studies related to the capture and removal of CO2, energy efficiency, and the effects of adaptation to Climate Change; and

Monitoring mechanisms and actions against deforestation as exclusive attributions of public agencies.

In this regard, the mining industry, under the coordination of the Secretariat of Geology, Mining and Mineral Transformation of the Ministry of Mines and Energy of Brazil (SGM/MME), supervised by members appointed by the Brazilian Forum on Climate Change (FBMC), with representatives from the Brazilian Mining Association (IBRAM), and by the Brazilian National Confederation of Industry (CNI), developed, in 2012, the Low Carbon Mining Sector Plan (MBC Plan).

The MBC Plan presented in its scope the Base-Scenario, initiatives for GHG emission abatement and their respective abatement potentials, in addition to other items previously defined in Decree 7.390/2010, with structuring based on IBRAM´ s Greenhouse Gas (GHG) Inventories for the Mining Industry.

The abatement initiatives focus on three main emission reduction programs:

Change of the energy source used in processes - program consisting of initiatives to replace high carbon fuels with renewable fuels;

Optimization of mining assets - program consisting of initiatives to change equipment or install parts that optimize fuel or electricity consumption; and

Use of new technologies in mining - program consisting of initiatives to change mine design and use of advanced mining equipment.

Minerals and metals play a key role in the transition to a low carbon economy future and are crucial to how energy is generated, transported, stored and used. The shift underway has enormous potential to change the scale and composition of global demand for minerals and metals.

The decarbonization trend of the economy and the world energy matrix points out to new opportunities for the mining industry, particularly with the supply of new materials, also adding the possibility of nuclear energy generation, which marks the indispensability of the mining industry, considered strategic for this evolution, with the contribution of minerals, especially Thorium (Th), for the 4th generation of nuclear plants.

As for Climate Change Adaptation, Article 7 of the Paris Agreement establishes it as a global challenge faced by all in the local, subnational, national, regional and international levels. This article recognizes the importance of international cooperation in adaptation efforts, taking into consideration the needs of developing countries, especially those that are particularly vulnerable to the negative effects of Climate Change.

At COP 26 UN Climate Change Conference, to be held in Glasgow, Scotland, November 1-12, 2021, the main topic to be addressed during another important round of discussions will be the regulation of article 6 of the Paris Agreement, about a carbon market mechanism at global level, considered one of the main instruments to achieve the goal of containing the increase in global average temperatures to below 2°C. The regulation of this article has been discussed since 2016.

Currently, even adding up all the commitments made by different nations under the Paris Agreement (NDCs), the reduction of emissions has not been enough to curb global warming.

Carbon pricing, especially in the form of markets, is universally seen as an efficient mechanism to enable the achievement of the announced emission reduction targets, to foster others and to enable and ensure solutions that contribute to contain global warming below 2 °C.

Positioning

The Mining industry defends carbon pricing as an economic mechanism to enable the transition to a low carbon economy. This requires a robust, creditworthy and regulated carbon market, in order to promote the effective compensation of emissions, that is, through the purchase of carbon credits in (cap and trade) robust markets.

We support the regulation of Article 6 of the Paris Agreement, in order that the environmental integrity of the pricing mechanism is ensured and that emission reduction commitments are strengthened, establishing price levels appropriate to the required transformations.

We support the regulation of Article 6.4 on the Sustainable Development Mechanism (SDM) and the Global Carbon Market, which will contribute to the increase of competitiveness and the consolidation of the low carbon economy in Mining.

We encourage the adoption of regulatory frameworks, aimed at driving a Carbon Neutral agenda for the sector, regarding the Payment for Environmental Services* and promotion of a Voluntary Carbon Market resulting from these services and integrated to the regulated Carbon market (*Forest+, Forest+ Carbon and Brazilian National Policy for Payment for Environmental Services - PNPSA).

We support the mobilization and increase of climate finance, from developed countries, for the effective application in R&D&I and implementation of new low carbon emission technologies in processes and activities in all phases of the mineral enterprise.

We support and encourage Training and Technology Transfer in the global transition to a low carbon emission economy, through real incentives for technological development in the use of strategic minerals and energy efficiency equipment and renewable energy, in order to contribute to a fair energy and mobility transition.

We support the Brazilian National Adaptation Plan (NAP) and the global funding for Climate Adaptation as a way to reduce risks and adverse impacts to the mining industry, as well as encourage effective practices and adaptation needs of the sector.

This positioning of IBRAM, together with its associated companies, aims to contribute to the Brazilian government in the COP 26 negotiations, as well as to inform stakeholders of the mining industry´s efforts in the pursuit of a low carbon economy in Brazil.

Source: Instituto Brasileiro De Mineracao

https://ibram.org.br/en/noticia/mining-positioning-on-the-climate-change-agenda-in-brazil/

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Leading Companies

Bardella SA (BVMF: BDLL4)

BARDELLA SA Indústrias Mecânicas is a company founded in 1911 by the Italian immigrant Antônio Bardella. Like so many immigrants who arrived in Brazil at the beginning of the 20th century, Antônio Bardella brought in his mind the dream of a better life for himself and his family. Antonio also brought in his DNA, the vocation to face challenges and this vocation was the motivation to found Officinas Bardella. Initially the manufacture was gratings for stoves, windows and gardens. An important ally in this endeavor was his wife, Dona Josefina, who, in addition to her time, already worked giving classes in cutting and sewing at a school for girls in Brás in São Paulo. Her work didn't stop there, as in her spare time she helped Antonio Bardella by creating new designs of garden railings, which Antonio skillfully turned into pieces of iron.

BARDELLA grew and soon its history would merge with the history of Brazil itself. In 1907, the first Brazilian industrial census indicated the existence of only 3 thousand companies in the country. The economy of the time was guided by sugar mills, cotton weaving companies, foundries and sawmills and BARDELLA, focused on the development of the time, started its activities contributing with the supply of machinery and equipment for these sectors. The First World War, which began in 1914, boosted the growth of Brazilian industry. The need for consumer goods to be produced locally meant that in 1920, in the second Brazilian industrial census, the number of industries jumped to 12,000 - four times more. Antônio Bardella, challenged himself to build the first Brazilian overhead crane,

From the 1930s onwards, with the government of Getúlio Vargas and the industrialization policy, BARDELLA was once again challenged to keep up with the country's growth. The National Petroleum Council (1938), the National Steel Company (1941), the Vale do Rio Doce Company (1943) and the São Francisco Hydroelectric Company (1945) were created. BARDELLA starts supplying cranes, machinery and equipment for all new sectors of the economy: steel, metallurgy, mining and energy.

An important characteristic of the time was that most companies were just equipment assemblers. Antônio Bardella, a visionary, chose to develop and acquire technology in partnership with abroad and with the beginning of the Second World War, his strategy was presented as duly correct. Brazil could not import the parts and equipment it needed for its growth. This highlighted the importance and necessity of having a technologically capable and independent national industry in the capital goods sector.

From 1950 to the end of the 20th century, there was an enormous diversification of Brazilian industry driven by government plans. It was then that BARDELLA established and consolidated its position as a leader in the supply of equipment for the industrial sectors of metallurgy, steel, energy, mining and ports with its own technology or supported by agreements with world-renowned foreign companies: VOITH, DRESSER, SCHULER, MITSUBISHI, SOREFAME, ALSTOM, SIEMENS, ROLLS ROYCE and GE to name just a few. It was at the end of the century that BARDELLA expanded its facilities to the city of Guarulhos (1970), becoming an important generator of employment and income for the region. In partnership with the Portuguese company SOREFAME, a specialist in engineering and manufacturing of equipment for hydroelectric plants, built a specialized plant in the city of Sorocaba, in the interior of São Paulo. The growth did not stop there. At the same time, Bardella acquired a shareholding in Prensa Schuler (1974), a traditional manufacturer of presses for the world market. It was at this time, with accelerated Brazilian growth, that the Government invested in expanding the energy supply to meet the country's growing demand. As an example, in 1975 the construction of the Itaipú hydroelectric plant began, which enabled one of the greatest feats of Brazilian engineering - the manufacture of the largest crane in the world with a capacity of 1,000 tons in 1980 with BARDELLA engineering and manufacturing. traditional press manufacturer for the world market. It was at this time, with accelerated Brazilian growth, that the Government invested in expanding the energy supply to meet the country's growing demand. As an example, in 1975 the construction of the Itaipú hydroelectric plant began, which enabled one of the greatest feats of Brazilian engineering - the manufacture of the largest crane in the world with a capacity of 1,000 tons in 1980 with BARDELLA engineering and manufacturing. traditional press manufacturer for the world market. It was at this time, with accelerated Brazilian growth, that the Government invested in expanding the energy supply to meet the country's growing demand. As an example, in 1975 the construction of the Itaipú hydroelectric plant began, which enabled one of the greatest feats of Brazilian engineering - the manufacture of the largest crane in the world with a capacity of 1,000 tons in 1980 with BARDELLA engineering and manufacturing.

In the 1990s and the beginning of the 21st century, the country experienced a new cycle of growth in all economic sectors: the world steel industry was expanding to meet Chinese demands, Brazilian mining in full expansion also to meet the growing demands of China. , oil and gas actively developing, greater energy demand in Brazil and wind energy gaining momentum as a source of low environmental impact. BARDELLA once again took the lead and, in addition to operating in all its traditional segments, entered the new developing markets in the country. It supplied equipment to practically all refineries in the country: RLAM, RPBC, REVAP, REDUC, RECAP, REPLAN, REGAP, in addition to the main offshore platforms. BARDELLA once again becomes the owner of technology that only the big playersworldwide companies in the sector have and also enters the wind power market by supplying boiler parts for wind turbines to be installed in Brazil and abroad. BARDELLA's portfolio reached approximately R$ 1 billion at this time.

The 21st century has brought great challenges to the Brazilian industry. Worldwide political, economic and health crises have demanded from industries much more than quality products and services. The focus shifts from improving production to the economy. Industries have to take austere and unpopular measures that guarantee their survival. The liberal governments that succeed each other do not understand the importance of national industry and government bodies that should support and preserve the social function of industries, leave them to their own devices.

In the midst of so many challenges, Bardella completes 110 years of existence in 2021. The challenges in this century of life have never been small, but the company has always counted on the most important thing to continue: its employees. More than a common industry, in this century of existence, Bardella is proud to have also transformed life dreams into reality for the thousands of employees who somehow had or are pleased to experience the experience of being a Bardella employee. . It will never be just one company. We are much more than that. #somostodosbardella.

http://www.bardella.com.br/a-bardella

Camargo Correa SA

WE ARE INNOVATION IN INFRASTRUCTURE

Camargo Corrêa Infra was created in October 2017 on the pillars of Transparency, Excellence and Innovation, within the modern concepts of integrity and governance adopted internationally.

Integral subsidiary of Construções e Comércio Camargo Corrêa is born with a legacy of 80 years of excellence in more than 500 works of high complexity, like hydroelectric power plants, metro system, railways and urban mobility solutions among others , with recognition both in Brazil and abroad. This pioneering actions started with our founder Sebastiao Camargo. Learn the beginning of this story.

The company contributed with the renewal of the market of heavy construction , based on its legacy of eight decades of excellence in Works and initiatives developed from solid , structured , intelligent and visionary corporate decisions for a better quality of life.

https://camargocorreainfra.com/en/who-are-we/

Companhia Siderurgica Nacional - CSN (BVMF: CSNA3)

Founded on April 9, 1941 by the then President Getúlio Vargas, CompanhiaSiderúrgicaNacional began operations on October 1, 1946. The Company pioneered the production of flat steel in Brazil, which is a milestone in the Brazilian industrialization process.

The Presidente Vargas Steelworks, CSN's main steel plant, is located in Volta Redonda, in the state of Rio de Janeiro. It underwent three major expansions in the 1970's and 80's, increasing its annual production capacity to 4.5 million tonnes of crude steel.

Following privatization in 1993, when the Brazilian government sold its 91% interest in the Company, output from the Presidente Vargas facility increased to 5.6 million tonnes per year.

Corporate Profile

A publicly traded company, with shares traded on the São Paulo (B3) and New York (NYSE) Stock Exchanges and with more than twenty thousand employees, CSN is a multinational with businesses in steel, mining, cement, logistics and energy. .

The Company operates in the entire steel production chain, from the extraction of iron ore to the production and sale of a diversified line of high value-added steel products, including galvanized coated flat steel and sheet metal. The integrated production system, combined with the quality of management, makes CSN one of the lowest production costs in the steel industry worldwide.

CSN's steel is present in several industry segments, including: Automotive, Civil Construction, Packaging, White Goods and OEM. The Company's steel sales are concentrated in the domestic market.

http://ri.csn.com.br/a-companhia/historico-e-perfil-corporativo/

4Q22 AND 2022 FINANCIAL RESULTS

São Paulo, March 8, 2023 - Companhia Siderúrgica Nacional ("CSN") (B3: CSNA3) (NYSE: SID) discloses its fourth quarter of 2022 (4Q22) and 2022 yearly financial results in Brazilian Reais, with all financial statements consolidated in accordance with accounting practices adopted in Brazil issued by the Accounting Pronouncements Committee ("CPC"), approved by the Brazilian Securities and Exchange Commission ("CVM") and the Federal Accounting Council ("CFC") and in accordance with international financial reporting standards ("IFRS"), issued by the International Accounting Standards Board ("IASB").

The comments address the Company's consolidated results in the fourth quarter of 2022 (4Q22) and the compared are for the third quarter of 2022 (3Q22), the fourth quarter of 2021 (4Q21) and the year 2021. The price of the dollar was BRL 5.58 at 12/31/2021; BRL 5.41 on September 30, 2022, and BRL 5.22 on 12/31/2022.

4Q22 Operational and Financial Highlights

15% GROWTH IN ADJUSTED EBITDA FOR THE QUARTER, SUPPORTED BY THE MINING SEGMENT AND THE INTEGRATION OF THE LATEST ACQUISITIONS

Despite a quarter marked by seasonality and greater economic uncertainties, CSN was able to show growth in operating results, with the mining segment offsetting the weaker performances recorded in the steel industry.

As a result, 4Q22 Adjusted EBITDA reached BRL 3.1 billion and with an EBITDA margin of 27%. In the year, Adjusted EBITDA was BRL 13.8 billion, with a margin of 30%.

STEEL INDUSTRY MARKED BY SEASONALITY ON 4Q22, BUT THE YEAR'S PERFORMANCE SHOWS A MUCH MORE RESILIENT COMPANY

Even with a lower production cost, the steel industry's result was impacted by a weaker trading pace at the end of the year and lower price dynamics.

On the other hand, CSN's performance throughout 2022 reinforces the Company's resilience by delivering an over 20% margin, even considering the pressures in raw material costs and a decrease in international market prices.

CIMENTOS BRASIL (EX-LAFARGEHOLCIM BRASIL) CONSOLIDATON GENERATES A RECORD RESULT IN THE CEMENT SEGMENT

Net revenue reached an all-time high of BRL 1.2 billion in 4Q22, driven by the consolidation of the latest acquisitions and a further pulverized sales channel. On the other hand, the period profitability wasimpacted by higher production costs and pressures on raw material costs.

The expectation for 2023 is to accelerate the capture of synergies and take advantage of the favorable dynamics of the sector.

STRONG COMMERCIAL DYNAMISM ON MINING GENERATED THE BEST QUARTER OF THE YEAR IN TERMS OF SALES, WITH IMPROVEMENT IN REALIZED PRICES

The quarter was marked by strong sales volume and favorable price dynamics. As a result, mining segment accrued an Adjusted EBITDA of BRL 1,779 million and with a profitability that exceeded the 50% mark.

For 2023, the perspective is for production growth, with a greater iron ore quality and prices that are surprising positively.

CEEE-G INCORPORATION IN THE ENERGY SEGMENT

The incorporation of CEEE-G opens up a new avenue of opportunities for CSN's energy segment and the benefits of self-production and the sales of energy surplus will be even more relevant throughout 2023.

On the other hand, the closing of the acquisition and the disbursement with the concession concentrated in 4Q22, ended up temporarily pressuring CSN leverage.

ESG

CSN received a new rating from Sustainalytics, reducing from 39.1 to 26.0 the ESG risk score. Of the 155 steel and mining companies evaluated globally, CSN achieved the 4th best score in the industry.

CSN was also the only Brazilian company in the steel, mining and construction sectors named in the S&P Global Sustainability Yearbook 2023, ranked as the company in the steel industry that has made the most progress in ESG practices in the world, receiving the stamp of "Industry Mover".

Consolidated Results

Net revenue totaled BRL 11,129 million in the 4Q22, which represents a 2.1% increase when compared to 3Q22 as a consequence of the higher volume of iron ore sold in the period, in addition to the higher realized price and the positive effect of the incorporation of Cimentos Brasil (ex-Lafarge Holcim Brasil) in the consolidated results. These factors eventually compensated for the weaker dynamics observed in the steel market at the end of the year. In 2022, net revenue totaled BRL 44,362 million, an annual reduction of 7.4% due mainly to operational challenges in mining, related to a high volume of rainfall observed at the beginning of the year, in addition to all the instability in international iron ore prices. The result, however, was partially offset by important acquisitions made by the Company, such as Cimentos Brasil and CEEE-G, both with their results consolidated now in 4Q22.

The cost of goodssold (COGS) totaled BRL 7,847 million in 4Q22, a reduction of 6.2% compared to the previous quarter, as a result of the reduction in the costs of some raw materials such as coke and coal, in addition to a greater dilution of fixed costs due to the increase in mining sold volumes. In 2022, the COGS totaled BRL 31 billion, representing an increase of 20% compared to 2021, due to higher raw material costs throughout the year, mainly in the steel industry.

As a consequence of lower cost pressure, the gross margin for the quarter reached 29.5%, meaning an increase of 6.2 p.p. compared to 3Q22. This performance mainly reflects the operational improvement observed in the mining segment and the reduction of raw material costs in the steel industry. In 2022, however, gross margin reached 30% and was 16.1 p.p. lower than in 2021, a year marked by extraordinary results due to the strong commodities prices.

Sales, general and administrative expenses totaled BRL 1,213 million in 4Q22, 52% higher than in the previous quarter as a consequence of the higher volume of iron ore traded and the incorporation of Cimentos Brasil's operations, which ended up compensating for a seasonal weaker quarter on sales for the Brazilian market. In 2022, expenses totaled BRL 3,250 million, 9.8% higher than in 2021.

The group of other operating income and expenses was negative in BRL 952 million in 4Q22, mainly as a result of the cash flow hedge accounting operations that totaled BRL 640 million in the period. In the year, the net result was negative in BRL 2.7 billion, a reversal of results when compared to 2021, which was positively impacted by the iron ore hedge that was not continued in 2022.

In 4Q22, the financial result was negative in BRL 1,181 million, representing an increase of 271% compared to the previous quarter, as a consequence of a higher costs of debt, in addition to the negative effect of exchange variation. In the year, the financial result was negative by BRL 3.5 billion, mainly impacted by the increase in interest paid in the period and the negative adjustment in Usiminas' share value observed in the year.

The equity result was positive at R$ 71 million in 4Q22, a reduction of 24% compared to the last quarter, as a consequence of seasonality with a weaker performance of MRS, caused by the constant rains recorded in the quarter. In 2022, equity reached R$ 238 million, an annual increase of 30% due to MRS's solid operating performance throughout the year.

In 4Q22, CSN recorded a Net Income of BRL 197 million, even considering the greater impacts with financial expenses and exchange variation verified in the period. In 2022, net income was R$ 2.2 billion, a reduction of 84% compared to 2021, a period marked by the Company's historical record of profitability and by the effect of CSN Mineração's IPO.

Adjusted EBITDA in 4Q22 was BRL 3,123 million, with an adjusted EBITDA margin of 27.1% or 3.2 p.p. above the one recorded last quarter. This operational increase is a direct consequence of the improvement in mining results, which accounted for 57% of the quarter's performance and more than offset the weaker dynamics observed for the steel segment. In 2022, Adjusted EBITDA reached BRL 13,817 million, a 30.1% lower result than in 2021, due to lower operating results for the year, reflecting price reductions in iron ore and higher raw material costs in the steel segment.

Adjusted Cash Flow

Adjusted Cash Flow in 4Q22 was negative in BRL 146 million, affected mainly by the higher volumes of Capex and financial expenses, in addition to the increase in taxes paid in the period.

Indebtedness

As of December 31, 2022, consolidated net debt reached BRL 30,471 million, with the leverage indicator measured by the Net Debt/EBITDA ratio reaching 2.2x. This increase on leverage is a consequence of a series of disbursements made through the period, mainly those related to the acquisition of CEEE-G like the disbursement of BRL 2.0 billion regarding the concession payment, in addition to distribution of dividends. However, when considering the resources with prepayment of iron ore obtained in January in the debt at the end of the year, the leverage would be 2.0x and within the guidance disclosed by CSN, which reinforces the transitory and exceptional effect of this leverage above the ceiling. Additionally, even with the largest volume of financial disbursements, CSN maintained its policy of carrying a high cash, which in this quarter reached the level of BRL 12 billion.

The Company remains active in its goal of extending the amortization period, focusing on long-term operations and the local capital market. Among the main movements of 4Q22, the 12th and 13th debentures were issued, in the amount of BRL 1.9 billion, with maturities in 2027, in addition, the conclusion of the 1 st issue of debentures from the Company's subsidiary Prada in the amount of BRL 130 million maturing in 2024 and the 1st debenture issue of the State Electric Power Generation Company - CEEE-G, in the amount of BRL 1.9 billion. also maturing in 2024.

Foreign Exchange Exposure

The accumulated net foreign exchange exposure in the 2022 balance was USD 779 million, as shown in the table below, resulted from the increase in the Hedge Accounting operations and in line with the company's policy of minimizing the impacts of exchange rate volatility on the result.

The Hedge Accounting adopted by CSN correlates the projected flow of dollar exports with future debt maturities in the same currency. Thus, the exchange variation of the dollar debt is temporarily recorded in the equity, being brought to the result when the dollar revenues from said exports occur.

Investments

A total of BRL 1,036 million were invested in 4Q22, a performance 23% higher than the amount invested on last quarter, as a consequence of the acquisition of large equipment's for cement operations and the incorporation of current investments on the operations of Cimentos Brasil. In the year, BRL 3,413 million were invested, an increase of 16% compared to 2021, mainly impacted by the Cimentos Brail incorporation and the acceleration of Capex at the end of the year.

Net Working Capital

The Net Working Capital (NWC) applied to the business totaled BRL 2,480 million in 4Q22, an increase of 85% when compared to 3Q22 as a consequence of the punctual increase in inventories and accounts receivable, partially offset by the increase with suppliers. Compared to the same period last year, the Company's NWC was 66% higher, mainly impacted by the increase in receivables due to longer receipt times.

Dividends

As disclosed on the Material Fact published on November 21, 2022, through the Asset Restructuring Agreement entered into between Rio Purus Participações S.A. and CFL Participações S.A. ("CFL"), the shareholders committed to vote in favor of the distribution of dividends of up to BRL 2.3 billion at the 2023 Annual General Meeting. Therefore, the proposal for the allocation of results for the year 2022 reflects this amount, already considering the R$ 700 million declared as interest on equity on December 23, 2022.

Closing of the CEEE-G

On October 21, 2022, the Company concluded the acquisition process of 66.23% of the shares issued by the State Companhia Estadual de Geração de Energia Elétrica - CEEE-G for the total price of BRL 928 million. The process also included the disbursement of more BRL 2.0 billion for the grant bonus. Additionally, on December 22, 2022, CSN acquired another 32.74% stake of CEEE-G, for the transfer of shares held by Centrais Elétricas Brasileiras S/A, in the amount of BRL 367 million. As a result, CSN now holds 99.0% of CEEE-G, adding 910Mw of Installed Capacity, with 15 own assets, 11 minority interests and 3 wind projects.

For the full release, see:

https://api.mziq.com/mzfilemanager/v2/d/29633c00-23f7-4765-9594-926012179477/63a2685c-65d0-3247-6fc8-67732f30ba08?origin=1

Companhia de Ferro Ligas da Bahia - Ferbasa (BVMF: FESA4)

Founded on Feb 23, 1961 by The engineer José Corgosinho de Carvalho Filho, FERBASA began its operations in Campo Formoso, state of Bahia, as a mining company with the purpose of producing ferrochrome. Being the current leader in its sector, FERBASA is among the 500 largest companies in Brazil and the 10 largest in Bahia, with annual revenue of more than U$500 million.

Renowned for its high-quality products and many social initiatives, the Company is the largest producer of ferroalloys in Brazil and the sole integrated ferrochrome producer in the Americas, and its operations include mining, reforestation and metallurgy.

With the vertical integration of its operations, Ferbasa holds mining rights over nearly 95% of Brazil's chromite-a raw material for the production of ferrochrome- reserves, which associated with a sustainable production of vegetable charcoal and a metallurgical plant with 14 reduction furnaces allow the Company to produce top-quality chromium and silicon alloys, continuously striving for efficiency in its processes and maximum quality in everything it does.

The Company's purpose is to manufacture and sell several types of ferroalloys, all of them with their specific characteristics and business sectors, namely:

High-Carbon Ferrochrome (HC FeCr) - This product is an alloy of iron, chrome, silicon and other elements. As an alloy, high-carbon ferrochrome, or charge chrome, is used in the production of stainless steel and special alloys. Its main characteristic is carbon content of more than 4%. Its main uses are in the production of corrosion-resistant steel, steel with high electrical resistivity, high-alloy steel (car industry) and especially in the production of stainless steel.

Low-Carbon Ferrochrome (LC FeCr) - This product is an alloy of iron, chrome, silicon and carbon (maximum content of 0.15%). It is used in steel production to correct chrome content without causing undesirable variations in carbon content. Like HC FeCr, it is used to produce stainless and special steels, with a wide range of applications in the consumer goods industries.

Ferrochrome Silicon (FeSiCr) - This product is an alloy of iron, chrome, silicon and other elements. It is the main raw material in the production of low-carbon ferrochrome.

Ferrosilicon 75% (FeSi 75%) - FeSi 75% is produced from high-purity quartz, vegetable charcoal, iron ore, mill scale and scrap. FeSi 75% Standard is used as a deoxidizing agent and as an alloy element in steel production and as a graphitizing agent in the casting industry. High-purity FeSi 75% is used in the manufacture of oriented grain and non-oriented grain silicon steels.

http://www.ferbasa.com.br/conteudo_en.asp?idioma=1&conta=44&tipo=55707

3Q22 Earning Release

November 14th, 2022

Cia de Ferro Ligas da Bahia - FERBASA (B3: FESA3 and FESA4), Brazil's main supplier of ferroalloys and the only producer of Ferrochrome in the Americas, discloses the results related to the financial performance of the third quarter of 2022, whose individual and consolidated quarterly interim information was prepared in accordance with accounting practices adopted in Brazil, based on the Lei das Sociedades por Ações (a Model Business Corporation Act - MBCAlike law), and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB). This document contains forward-looking statements and information regarding FERBASA, based on assumptions and expectations that may or may not materialize, and are therefore not a guarantee of the Company's future performance. Although FERBASA believes that the assumptions and expectations used are reasonable, we caution investors that such information is and will, as the case may be, subject to risks and other factors related to the Company's operations and business environments, so that actual results may differ from the projections, express or implied, contained in this material. Thus, FERBASA expressly disclaims the duty to update the statements, prospects and expectations contained in this document.

PRODUCTION -224.2 tons of ferroalloys were produced in 9M22, a decrease of 3.4% compared to 9M21, a reflection of the 5.5% decline in chromium alloys and the 1.3% increase in silicon alloys. It is important to highlight the 6.4% growth in the production of FeSi HP. It is also important to highlight that a portion of the ferroalloys produced is consumed internally as a productive production source.

SALES VOLUME - 203.1 thousands of tons of ferroalloys were sold in 9M22, a volume 3.4% lower than in 9M21. Such variation has been influenced by the retraction of 15.3% in the sales for the Domestic Market (MI - Domestic Market, in Portuguese: Mercado Interno) and for the 13.0% increase in the volumes destinated to the Foreign Market (ME - in Portuguese: Mercado Externo), which reaffirms the Company's ability to adapt its sales mix to market fluctuations.

NET REVENUE - In 9M22, net revenue has reached a total of R$ 2,424.8 million, an amount 42.0% higher than in 9M21. This result was mainly due to the increase of 58.7% in the average price, in US dollars, of ferroalloys, from the 3.4% decrease in sales volume and from the depreciation of 3.0% in the average US dollar practiced.

COST OF GOODS SOLD - The consolidated COGs have reached a total of R$ 1,252.0 million in 9M22, incorporating an increase of 19.8% compared to 9M21, impacted by the 3.4% reduction in sales volume and by the pressure in the cost with reducers, chromium ore and energy that, for the most part, accompany the inflationary process seen in the world. The ratio between COGS and revenue, considering only the ferroalloys segment, was 49.7% in 9M22, compared to 58.3% achieved in 9M21.

SALES AND GENERAL/ADMINISTRATIVE EXPENSES - Sales expenses, in 9M22, have shown an increase of 9.2% compared to 9M21, whereas the general/administrative expenses increased 21.5%, due to the expressive increase in the profit, which proportionally impacts the provisions for equity interests in the results. Without considering these provisions and management compensation, the general and administrative expenses increased from R$ 54.9 million in 9M21 to R$ 65.7 million in 9M22, an increase of 19.7%.

OTHER OPERATING INCOME/EXPENSES - In 9M22, the line other operating expenses/revenues totaled an expense of R$ 26.9 million, an increase of 6.3% compared to the R$ 25.3 million registered in 9M21. The main factors responsible for the increase were the increase in drilling services and the transfer of energy. Additionally, there was the positive effect of the contractual amendment to the health care plan, with a consequent change in actuarial obligations and an expense recovery of R$ 22.0 million in 1Q22.

ADJUSTED EBITDA - Operating cash generation, measured by EBITDA, reached R$ 1,095.9 million in 9M22 (R$ 43.5 million related to the BWG wind farm). This amount is equal to the 45.2% of the EBITDA margin, an increase of 76.3% compared to 9M21, when the EBITDA reached an amount of R$ 621.6 million (R$ 45.7 million related to BWG) and margin of 36.4%.

CASH GENERATION - The generation of cash and cash equivalents and financial investments was R$421.3 million in 9M22, with a consolidated financial reserve of R$1,234.9 million in the same period. Thus, net cash increased from R$403.8 million in 4Q21 to R$889.4 million in 9M22. It is worth mentioning an expressive disbursement with the payment of dividends and interest on equity in the amount of R$ 293.5 million.

FINANCIAL RESULTS - The financial result was positive in R$ 48.2 million in 9M22, facing a negative of R$ 87.9 million in 9M21, highlighting the 408.4% growth in financial income and the 88.3% improvement in the result of derivative and non-derivative financial instruments

CAPEX - In 9M22, R$ 156.5 million was invested, an increase of R$ 83.3 million related to the one practiced in 9M21, an amount 113.8% higher, configuring a resumption of the Company's investment pace, after the restraints that occurred in the pandemic period.

NET PROFIT - Consolidated net profit has reached a total of R$ 910.5 million, an increase of 124.1% compared to 9M21. The historical record for the 9-months period was influenced by the events mentioned before, which will be detailed in the following sections of this report.

CORPORARE PROFILE

FERBASA has an integrated and verticalized production cycle in the areas of mining, metallurgy, forest resources and renewable energy. Holder of 95% of the national resources of chromite, national leader in the production of ferroalloys and only producer of ferrochrome in the Americas, the Company keeps as main products of its portfolio the alloys of high carbon ferrochrome (HC FeCr), low carbon ferrochrome (LC FeCr), ferrosilicon (FeSi75), high purity ferrosilicon 75 (HP FeSi) and ferrosilicon chromium (FeSiCr), aimed mainly at the steel sector and the manufacture of stainless and special kinds of steel, domestic and foreign markets, mainly China, Japan, the United States and the European Union. Additionally, it sells chromium ore to the foreign market, and to the domestic market, it sells chromate sand, electricity and reforestation wood when not consumed in its industrial process.

The mining company has two chromium ore extraction units (one underground and one in the open), two quartz mines and a plant focused on the production of quicklime, all located in the North Center of Bahia. In the context of these activities, it is important to highlight that the monitoring of the Company's dams is based on a permanent diagnostics management, focused on minimizing the risks involved. The extracted ores are directed, in large part, to the metallurgical unit located in Pojuca/BA, where ferroalloys are produced in its 14 electric furnaces equipped with baghouse filters designed to neutralize the release of particulate matter into the atmosphere. The Forest Unit is composed of 64,000 hectares (about 158000 acres), of which 45% are classified as a reserve of native forests, including legal reserve and permanent preservation areas. Added to the springs, riverbanks and steep slopes, the reserves exceed the minimum limit of 20% established by the legislation. This asset also includes 1,243 hectares (about 3070 acres) of approved areas as a Private Natural Heritage Reserve (PNHR - in Portuguese: RPPN - Reserva Particular do Patrimômio Natural).

Within this verticalization strategy, the BW Guirapá Wind Complex, located in the municipality of Caetité-BA, has an installed capacity of 170 MW, with 07 parks that will have their clean and renewable energy available to meet part of FERBASA's own consumption from 2034 on, when the current supply contract concluded with the Electric Energy Trading Chamber - CCEE (in Portuguese - Câmara de Comercialização de Energia Elétrica).

The Company's corporate office is in Salvador/BA, where the services to all the operational units of the group are concentrated. Today, FERBASA is one of the 10 largest companies in operation in Bahia, guided by an Integrated Management System certified in ISO 9001, ISO 45001, and ISO 14001 standards, which cover all own and outsourced employees of Metallurgy, Mining and Forestry.

Moreover, its trajectory as a citizen company distinguishes and forges its culture, reflecting in a conscious action in favor of the socioeconomic development of the communities located around the regions where it maintains its activities, always with the objective of going far beyond the mitigation of possible environmental impacts of its operations, and of making the company a strong element of wealth generation for the whole society. In this sense, the initiatives of its Social Responsibility Program Ferbasa Is Here, provide significant resources that reflect, in a practical way, a genuine social concern manifested since the beginning of its activities, whose main basis of action will always be the elevation of the educational level.

MARKET AND BUSINESS ENVIRONMENT

Strong global inflationary pressures (especially those related to energy) and the increase in basic interest rates have put markets at attention, as their effects are felt in the consumption of steel and ferroalloys in all regions, especially in Europe. Logistical obstacles and structural problems were themes present in 3Q22 and added to the general trend of depreciation of commodity prices.

CRUDE STEEL: according to data from the World Steel Association - WSA, in 8M22 the world production of crude steel reached 1,253.9 Mt, a decrease of 5.1% compared to 8M21. Of this total, China participated with 639.2 Mt, which represents a decline of 5.7%. Among the 10 largest world producers, Iran and India grew 7.8% and 7.1% respectively while South Korea (-3.0%) and the USA (-3.7%) registered the smallest declines. The worst performers were Turkey (- 8.8%), Russia (-5.8%), China (-5.7%), Japan (-5.2%) and Germany (-4.8%).

This performance reflects, amid other issues, the reaction of governments to increase interest rates to fight global inflationary pressure, potentiated after the conflict between Russia and Ukraine had started, causing a retraction in world steel consumption. The inflationary outlook is also reflected in the increase in production costs. Additionally, the lockdowns further contributed to the restriction of domestic consumption and steel production in China during 9M22.

In South America, the volume produced in 8M22 was 29.2 Mt, a decrease of 2.8% compared to the previous year's result. Brazil followed the same downward trend and contributed with 23.1 Mt, volume 4.5% below 8M21. According to statistics from the Instituto Aço Brasil - IABr (Brazilian Institute of Steel), Brazilian crude steel production in the current year has been boosted by external demand - an inversion of the logic verified in 2021, when the country recorded record volumes of domestic sales and apparent consumption. In August, apparent national consumption decreased 15.3% compared to 8M21, while exports advanced 22.9%.

FeSi: in China, the country responsible for around 70% of the world's supply of FeSi, production reached 4.5 Mt in 9M22, a slight decrease (1.1%) compared to 9M21, according to specialized reports. After two quarters of growth, FeSi production in China showed a sharp drop of 20.2% in 3Q22 compared to 2Q22. It is worth mentioning that, in August/22, Chinese production reached the lowest level since November 2021, influenced by the reduction in domestic consumption and FeSi exports between 2Q22 and 3Q22. Even so, due to the strong performance of the 1st half, in 8M22 Chinese exports of FeSi advanced 35.9% in relation to 8M21. This result was due to the increase in demand for Chinese material due to the war scenario involving Russia, the 2nd largest exporter of silicon alloys in 2021.

With the slowdown in international consumption and the apparent normality of operations in Russia, supply chains show signs of imminent accommodation. This analysis corroborates the behavior of FeSi 75% prices, which since the highs recorded between March and April have been showing a downward trend in the three main markets. As a result, in 3Q22, the average price of FeSi, in dollars, decreased by 27.8% in Europe and 18.4% in the US, while in China prices decreased by 21.9% for the domestic market and 18.9% for exports, all compared to 2Q22.

STAINLESS STEEL: specialized reports estimate that the world stainless steel production registered 37.5 Mt in 8M22, a volume 6.1% lower than in 8M21. Of this total, China accounted for 21.2 Mt (57%), which represented a decline of 8.8%. Also noteworthy are the estimated productions of 2.4 Mt from India and 3.4 Mt from Indonesia, which grew 5.7% and 5.0% respectively compared to 9M21. In Brazil, the estimates point to a production of 208 thousand tons, with a reduction of 4.3%.

In Europe, estimated production was 4.6 Mt in 8M22, a decrease of 7.8% compared to 8M21. In the US, in the same period, 1.4 Mt of stainless steel were produced, a decrease of 15.5%.

FeCr: the world production of HC FeCr, which normally remains in line with the production of stainless steel, has summed 11.3 Mt in 9M22 and increased 9.2% compared to 9M21, according to specialized publishing. Of this total, China was responsible for 4.9 Mt (43% of the total in 9M22) - an increase of 18.0% compared to 9M21. It's worth noticing that the growth in production in 9M22 is related to restrictions on energy consumption and CO2 emissions (dual control) that occurred in important FeCr producing regions in 1Q21 and 3Q21. In addition, in line with lower demand and price, Chinese production of HC FeCr dropped 17.3% in 3Q22 compared to 2Q22.

In 3Q22, chromium alloy prices declined in line with the easing of cost pressures (especially due to the drop in chromium ore prices) and with the deceleration in the pace of world stainless steel production (consumption), relative to the 2Q22. As a result, between 2Q22 and 3Q22, Chinese prices in dollars declined by 21.1% (imports) and 17.7% (domestic), while in Europe and the US prices dropped by 16.2% and 11.8% respectively, based on market publications.

Furthermore, the war has also affected expressively the prices of LC FeCr, whose major world exporter is Russia, and which reached the highest historical level in May of the current year, showing a downward trend since then. As a result, according to market publishing, the average price of this product, in 3Q22, decreased by around 7% in the US and 8% in Europe compared to the average rates of 2Q22.

We reiterate that the prices charged by FERBASA are based on a "basket" of international prices, including those charged by the European, North American, and mainly Asian markets.

PRODUCTION

In 9M22, 224.2 thousand tons of ferroalloys were produced, a decrease of 3.4% compared to 9M21. This performance is due to the 5.5% decrease in chromium alloys and the 1.3% increase in silicon alloys. The production of HP FeSi increased 6.4% in the same period and reached 40.6% of the total silicon alloys produced.

When comparing 3Q22 to 2Q22, the same level of production of ferroalloys can be seen, with a small variation of 0.4%, resulting from the 0.9% decrease in chromium alloys and the 3.3% increase in silicon. Regarding HP FeSi, between the periods there was a 22.4% reduction due to maintenance stops, installation of the gas capture in oven 12, in addition to the execution of works to improve the operation, which has impacted the movement of the manufacturing area.

The variations in the production are aligned to the conditions of the stocks and the marketing plan. It is worth mentioning that a portion of the ferroalloys manufactured is consumed internally, as an input in other production chains.

The installed capacity, measured based on the amount of electric energy that can be consumed in MWh, has as premises the daily and uninterrupted operation of the furnaces in normal power (without power reduction or shutdowns of any nature) and the mix of products that enables the operation of the ovens at maximum power.

The use of installed capacity may be affected by: (i) power reduction, or furnace stop, during peak hours (6 p.m. to 9 p.m.); (ii) furnace shutdown, or power reduction, for maintenance, renovation, or operational intervention; (iii) production of alloys requiring power reduction; and (iv) the commercialization of part of the energy contracted on the Free Market.

In 9M22, FERBASA used 82.5% of its installed capacity (based on energy consumed in MWh). The 0.8% retraction compared to 9M21 is due to the combination of some scheduled shutdowns in the FeCr furnaces.

As it follows, we present the production of ferroalloys production between 1Q21 and 3Q22.

For the full release, see:

https://api.mziq.com/mzfilemanager/v2/d/e71f73d4-4d0a-41fb-8e5b-8d7f3660b6ad/cfa49556-ab72-e6ff-22f4-3f9ee946bdab?origin=2

Eternit S.A (BVMF: ETER3)

Eternit is the largest manufacture of corrugated fiber cement roofing sheets and water tanks in the Brazilian market - one of the largest construction markets in the world, with an annual demand of more than 250 millions square metres of corrugated roofing sheet and 3.3 million water tanks.

The company has had a presence in Brazil since 1940. Being the leader in the sector, it is also the brand to have won the most awards in the sector in the category of fiber cement roofing sheets and water tanks. The Eternit Group today has over 2500 employees (in all its units and subsidiaries SAMA, PreconGoiás and TégulaSoluções para Telhado), 11 of its own plants, 6 sales affiliates (strategically located in the Southeast, Central West, South and Northeast of the country), as well as more than 14,000 sales agents throughout Brazil - present in Brazil's main consumer centres. Its line of products is composed of a wide range of solutions for the building segment, with models of fiber cement corrugated roofing sheets, concrete tiles, metallic roofing tiles, fiber cement and polyethylene water tanks, Wall panels, Eterplac cement slabs and metal shapes, bathroom chinaware, lavatory seats and water pipe filters, . Its subsidiary SAMA extracts processes, benefits and sells chrysotile asbestos in the domestic and international market. TegulaSoluções para Telhados was acquired in February 2010, leader segment in concrete tiles, has a diversified portfolio of produts. Eternit is an publicly listed company, with shares traded on the São Paulo Stock Exchange on the Novo Mercado, a segment of the market which brings together companies which voluntarily commit themselves to the highest level of corporate governance practices.

http://ri.eternit.com.br/

Eternit operates in line with market demand and posts 13.2% reduction in SG&A in 3Q18

São Paulo, November 14, 2018 - Eternit S.A. - under Court-Supervised Reorganization (B3: ETER3) announces today the results for the third quarter of 2018 (3Q18). Except where stated otherwise, the operating and financial information of the Company is presented on a consolidated basis in Brazilian real, in accordance with the Brazilian Corporation Law and International Financial Reporting Standards (IFRS). All comparisons in this press release are with the third quarter of 2017 (3Q17), except where stated otherwise.

Highlights

Economy continues to recover: decline in industrial activity, cutbacks in investments and slowdown in household consumption.

In view of the economic scenario, the Company operated in line with market demand in its operating segments.

Despite the drop in fiber-cement and concrete roofing panel sales in the periods under analysis, a recovery in demand compared to 1Q18 and 2Q18 is already noticeable.

Healthy performance of chrysotile exports driven by foreign exchange variation.

Decline of 16.5% in net operating revenue, mainly reflecting the lower sales volume in the domestic market, partially offset by chrysotile exports and stronger US dollar.

Due to the above factors, adjusted EBITDA came to negative R$15.8 million and adjusted net loss was R$39.5 million in 3Q18.

As from October 29, 2018, the shares of the Company are traded in lots, in the ratio of 6 to 1.

Regarding the court-supervised reorganization, the General Meeting of Creditors will be held on November 27, 2018, on second call, to approve the plan.

Economy and Market

According to Brazil's Monetary Policy Committee (Copom)1, the economy continues to recover. On the supply side, the highlights were the sharper decline in industrial activity, reflected in from low capacity utilization and in the level of unemployment; and, on the demand side, the impacts of cutbacks in investments and the slowdown in household consumption were the highlights, in line with the decline in consumer and business confidence indices. Regarding construction, Copom emphasized that fiscal restrictions and still high inventories of new properties continue to limit the consistent recovery of this segment. In line with these scenarios, the forecasts for GDP and construction GDP were revised downward: 1.4%2 and -1.0%3, respectively, resulting in a more gradual pace than was expected at the start of the year. The ABRAMAT4 index reported 1.2% year-to-date growth in sales of construction materials compared to the same period in 2017. Maintaining the growth recovery trend in the sector, ABRAMAT estimates growth of 1.5% in 2018. Despite the improved performance by the sector mentioned above, construction material retail declined in September compared to August, according to ANAMACO5, due to the approaching October elections combined with high unemployment and slow economic growth, as people began to plan spending more carefully until the direction of the economy is better defined, in addition to the effects on the sector caused by the new freight pricing table implemented by the National Road Transportation Agency (ANTT), resulting in hikes in freight rates.

Management Comments

As demonstrated in previous periods, the Company sought to maintain the level of operations in line with market demand in all its operating segments. The main factors impacting performance this quarter were the transition from asbestos to synthetic fibers for producing fibercement roofing panels and economic factors, discussed above, which affected demand for the Company's products and negatively affected operations. The weak performance compared to 3Q17 was, partially, offset by chrysotile exports and the appreciation of the US dollar against the Brazilian real. Efforts remain focused on recovering operating margin, on continuously reducing operating costs and expenses, and on adequate pricing of products in order to increase profitability in line with the reorganization plan. With regard to the legal aspects of chrysotile asbestos, the production chain has been employing the necessary efforts at the Supreme Court so that a minimum period is granted for it to be able to comply with the legal requirement of the mine closure plan, which would occur normally after its depletion. As part of the court-supervised reorganization, the General Meeting of Creditors ("GMC") of the Eternit Group will be held, on second call, on November 27, 2018, to approve the plan. The GMC will be held with the presence of any number of creditors. The court-supervised reorganization is a preventive measure to protect the Company's operations and ensure the continuance of its restructuring process and perpetuity of its activities. It was one way of acting in advance of a possible situation in which the financial obligations of the Company could not be fulfilled, making its operations unviable. Eternit will continue all its operations in an organized manner and with predefined deadlines and procedures, coordinating with all parties involved in the restructuring process. These actions are aimed at protecting the Company's corporate interests, preserve its employees and ensure the same commercial conditions with its clients and suppliers, with minimum impact on its daily operations.

Operational and Financial Aspects

Sales

Fiber-cement roofing panels

Fiber-cement sales totaled 127,400 tons in 3Q18, declining 24.6% from the same period last year. Performance was marked by lower availability of products due to the transition from asbestos to synthetic fiber, changes to the freight pricing table and to economic factors that still directly affect this segment. In the first nine months of 2018, sales volume decreased 30.7%, due to the factors mentioned above. Eternit is focusing its efforts on improving production efficiency and, consequently, the availability of products for sale. An improvement can already be observed in this quarter compared to 1Q18 and 2Q18, as well as evolution in production indicators.

Concrete Roofing Tiles

Sales volume in 3Q18 fell 17.3% compared to 3Q17, due to the lower share of the B2B channel in the Federal Government's My Home My Life ("MHML") Program, in addition to the aforementioned economic factors. In 9M18, sales totaled 12.3 million tiles, down 15.6% from 9M17, affected by the truck drivers' strike and the other factors already described. The Company expects sales volume to improve through the B2C channel in the medium term as a result of the restructuring of the "Architects Club" program, as well as the resumption of MHML projects through construction companies.

Chrysotile

In 3Q18, chrysotile mineral sales volume was 28,400 tons, a 5.3% decline from 3Q17, impacted by the lower utilization of chrysotile fiber in the production of roofing panels in the domestic market. Exports increased 6.1%, driven by the targeted commercial initiatives. Sales in 9M18 totaled 84,700 tons, down 21.5% from 9M17.

Net Operating Revenue

Net revenue amounted to R$141.7 million in the quarter, down 16.5% from 3Q17. Sales volume in the domestic market fell by 22.1%, neutralizing the effects from the price repositioning initiatives for fiber-cement tiles and asbestos. Export revenues rose 6.3% from 3Q17, reflecting the higher sales volume and the 24.9% appreciation of the US dollar against the Brazilian real (comparison of average PTAX in 3Q18 vs. 3Q17), partially offset by the price decrease in US dollar terms. In 9M18, net revenue fell 22.3% in relation to 9M17. Exports totaled R$101.9 million, up 1.2% from 2017, while the domestic market amounted to R$287.1 million, down 28.3%.

Cost of Goods, Products and Services Sold

Adjusted costs of goods, products and services sold totaled R$122.2 million in 3Q18, virtually stable compared to 3Q17. In 9M18, such adjusted costs amounted to R$312.5 million, down 10.8% from 9M17. Said cost reduction stems from a combination of factors such as lower sales volume, changes in the manufacturing process of fiber-cement roofing panels, adjustment of industrial capacity in line with market demand (idleness of plants that operated only partially) and inflationary pressures on costs. Consequently, adjusted gross margin declined 10 p.p. to end the period at 20%.

Equity Pickup

Equity pickup refers to gain or loss from the bathroom chinaware plant in the state of Ceará. On April 27, 2018, the Eternit Group formalized the acquisition of the entire interest in Companhia Sulamericana de Cerâmica S.A. - under CourtSupervised Reorganization ("CSC"), in accordance with the Share Purchase Agreement ("Agreement").

Despite fully acquiring CSC, the Eternit Group will consolidate 100% of CSC only after approval is given to the courtsupervised reorganization plan at a General Meeting of Creditors, since the payment conditions of this operation are governed by a covenant.

In 3Q18, equity pickup was a negative R$4.1 million, as against a negative R$5.9 million in the same year-ago period. CSC posted better industrial performance, marked by continuous gain in productivity and the acquisition of new clients. However, sales are still stifled by the current economic situation in Brazil, which weighs on clients and drives them to consume products with lower value added. The improvement can also be seen in the 9M18 amount, which was a negative R$12.8 million, as against a negative R$20.7 million in 9M17.

CSC has been gradually expanding its market share in the bathroom chinaware segment, redesigning its product portfolio targeted at the medium and medium-luxury segments to tap new clients in the Northern and Northeastern regions.

Net Financial Result

Net financial result in 3Q18 was an expense of R$9.5 million, up 140.3% from 3Q17, mainly due to higher financial charges due to the renegotiation of federal and state taxes stemming from the court-supervised reorganization process.

In 9M18, the net financial result was 37.4% higher compared to 2017, as discussed above, and also due to the net effect of exchange variation on the Company's foreign currency operations.

EBITDA

In 3Q18, adjusted EBITDA stood at a negative R$15.8 million as a result of low industrial capacity utilization and a drop in sales. As a result, adjusted EBITDA margin fell by 19 p.p. from 3Q17 to end the quarter at -11%. However, note that it increased by 5 p.p. from 2Q18.

In order to minimize the negative effects on EBITDA, the Company maintains the process of reducing SG&A expenses to adjust its structure to the new scenario, which resulted in an 11.0% reduction in adjusted operating expenses in 3Q18 vs. 3Q17.

Adjusted EBITDA in 9M18 totaled a negative R$30.7 million, with a -8% margin.

Net Loss

In the period, Eternit posted adjusted net loss of R$39.5 million, due to the factors commented in the EBITDA section, despite the improvement in equity pickup. Adjusted net margin declined by 22 percentage points to end the period at -28%.

In 9M18, adjusted net loss amounted to R$82.4 million, with adjusted net margin of -21%, compared to loss of R$24.1 million and -5% in 9M17, respectively.

Indebtedness

The Company ended 3Q18 with gross debt of R$120.7 million, up 23.8% from December 2017. Of this amount, R$41.2 million refer to new debt contracted after the request for Court-Supervised Reorganization to finance the operations of the Eternit Group, the installment totaling R$79.5 million will be amortized as per the conditions set forth in the court-supervised reorganization plan. On September 30, 2018, Eternit's cash equivalents stood at R$23.6 million, compared to R$28.8 million in December 2017. The decrease in cash equivalents is linked to the change in the financial cycle.

On September 30, 2018, 30.5% of the debt was denominated in foreign currency and 69.5% in domestic currency. In 3Q18, 100% of the foreign currency debt was naturally hedged by accounts receivable on chrysotile exports.

Capex

Capex of Eternit and its subsidiaries in 3Q18 amounted to R$1.6 million, and in 9M18 to R$5.0 million, up 42.5% and 38.3%, respectively, compared to the same periods in 2017, with the funds allocated for the maintenance and modernization of the Group's industrial facilities.

Capital Markets

Eternit has been a listed company since 1948 and since 2006 its stock has been traded on the Novo Mercado, the highest corporate governance segment of the São Paulo Stock Exchange (B3) under the stock ticker ETER3.

With highly fragmented ownership and no shareholders' agreement or controlling group, the Company's shareholder base had a high concentration of individual investors, who accounted for 78.2% of the shareholder base on September 30, 2018, while legal entities, clubs, investment funds and foundations accounted for 21.3% and foreign investors and legal entities accounted for 0.5%. On that same date, only four shareholders held more than 5% interest, totaling approximately 41.7% of the capital stock, and Eternit stock was quoted at R$0.50 while the Company's market capitalization was R$89.5 million. Visit the Company's IR site for more information.

Shareholder Remuneration

The Bylaws of Eternit establish a minimum mandatory dividend of 25% on the year's net income after deductions required by law and the Bylaws. In view of the results registered in 3Q18, there was no distribution of earnings in the period. Note that the Company's dividend policy, as determined in the Bylaws, remains unchanged, but fresh distributions will be made in accordance with the provisions set forth in the court-supervised reorganization plan.

Legal issues involving chrysotile mineral

The use of chrysotile asbestos in Brazil is regulated by Federal Law 9,055/95, Decree 2,350/97 and regulations of the Ministry of Labor and Employment. It is also envisaged in Convention 162 of the International Labour Organization (ILO).

On December 21, 2017, Eternit informed the market that the effects of the decision of the Federal Supreme Court ("STF") on November 29, 2017, regarding the effectiveness erga omnes of the declaration of unconstitutionality of article 2 of Federal Law 9,055/95 were suspended. Until the filing of any motion for clarification, the declaration of unconstitutionality will apply only to the states that prohibit or ban the use of asbestos as a raw material. In view of the permission for other states, the Company resumed operations at SAMA (mining company) and Precon Goiás (manufacturer of fiber-cement roofing panels) until the appellate decision is published and the period to file motions for clarification, in accordance with the court order.

The production chain has been employing the necessary efforts at the Supreme Court so that a minimum period is granted for it to be able to comply with the legal requirement of the mine closure plan, which would occur normally after its depletion.

Until the disclosure of the 3Q18 results, the decision of the Supreme Federal Court, in the case records of ADI 3406 which ruled on the use of asbestos in Brazil in November 2017, had not been published and hence the operations of SAMA and Precon Goiás continue normally.

Reverse Stock Split

On April 30, 2018, the Company received an Official Letter from the Superintendent of Company Oversight and Equity Offerings of B3 - Brasil Bolsa Balcão S/A ("B3"), informing that between March 16, 2018 and April 27, 2018, the shares of the Company were quoted at below one real (R$1.00), which represents a breach of the Listing Regulation for Issuers and Admission for Trading of Securities ("Regulation") and of items 5.1.2 (vi) and 5.2 of the B3 Issuer Manual ("Manual").

In light of this fact and in compliance with the B3 requirements, the Company held on September 27, 2018, an Extraordinary Shareholders Meeting ("ESM") that approved the reverse stock split of all the 179,000,000 book-entry common shares issued by the Company, all registered and without par value, at the ratio of six (6) common shares to one (1) common share, without any change to the capital stock, pursuant to article 12 of Federal Law 6,404/76.

The shareholding position to be considered for the reverse stock split of common shares issued by the Company was that of October 26, 2018. As from October 29, 2018, shares are traded with no right to reverse split. In case of share fractions, the same will be grouped into whole lots and auctioned at B3. Through the broker Planner Corretora, the Company will hold an auction at B3 to sell such share fractions.

The proceeds of the sale will be apportioned among the holders of share fractions, and Banco Itaú Unibanco S.A. (stock transfer agent) will do one of the following: I. credited - for known shareholders; or II. make the amount available - for unknown shareholders.

The purpose of the reverse stock split was to comply with B3 requirements. The Company will keep its shareholders and the market informed of any developments related to the reverse stock split, in accordance with the rules and timeframes established by applicable laws.

Election of Financial, Administrative and Human Resources Officer

At the Board of Directors meeting held on October 22, 2018, Vitor Manuel Cavalcanti Mallmann was elected the Financial Administrative and Human Resources Officer of the Eternit Group.

As of that date, Rodrigo Lopes da Luz, who served as Financial and Administrative Officer, will exclusively exercise the role of Investor Relations Officer of the Company.

Vitor Mallmann has bachelor's and master's degrees in chemical engineering from UFRJ, as well as an Executive and Finance MBA. He has also completed a specialization course in Economic Engineering and Industrial Administration, as well as the formal program for Directors at the Brazilian Corporate Governance Institute (IBGC). His vast experience includes serving as the CEO of Quattor and Vice President of UNIPAR, as well as at Petroquisa and Grupo Ultra.

Subsequent events

General Meeting of Creditors

According to the Material Fact notice published on October 19, 2018, a call notice was sent on that date for a General Meeting of Creditors ("GMC"), on first call, on November 8, 2018. Due to lack of quorum, the GMC, on second call, will be held on November 27, 2018. The purpose of the GMC is to present the Eternit Group's Court-Supervised Reorganization Plan to the creditors for their approval, rejection or modification.

See more information on the court-supervised reorganization plan on the Company's IR website (

www.eternit.com.br/ri

Tax deficiency notice for failure to comply with ancillary obligation on exports of the subsidiary SAMA

The subsidiary SAMA was served a tax deficiency notice on October 2, 2018, for failure to comply with the ancillary obligations regarding the registration of export data in the Export Control System (SISEXP) between August 2017 and March 2018, resulting in a fine of R$13,438 thousand. The Company filed a tax appeal at the administrative level on November 1, 2018, since there was no loss to the tax authorities. In the opinion of the lawyers, this contingency is classified as likelihood of possible loss.

https://ri.eternit.com.br/Download.aspx?Arquivo=qYyYnKwIvVfaUTbORgiBRg

Eucatex SA Industria e Comercio (BVMF: EUCA4)

Eucatex is one of Brazil's largest manufacturers of laminated flooring, wall partitions, doors, MDP/MDF/T-HDF panels, fiberboard, and paints and varnishes. It operates four modern plants in the cities of Botucatu and Salto, located in the inland region of São Paulo state. Its products are exported to more than 37 countries.

www.eucatex.com.br

4Q22 Earnings Release

24 March 2023

Eucatex (B3: EUCA3 and EUCA4), one of the largest manufacturers of panels in Brazil, with operations also in the paint, varnish, laminated flooring, partitions and doors segments, announces today its results for the 4th quarter of 2022 (4Q22). The consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS). Except where stated otherwise, the amounts are in millions of Brazilian real (R$ million) and comparisons are with the same period the previous year.

Highlights

4Q22

Net Revenue of R$639.1 million (-9.9%)

Recurring EBITDA of R$117.7 million (-19.9%), with Margin of 18.4%

Recurring Net Income of R$86.2 million (-44.7%)

2022

Net Revenue of R$2,510.6 million (+2.5%)

Recurring EBITDA of R$485.7 million (-13.1%), with Margin of 19.3%

Recurring Net Income of R$260.2 million (-31.4%)

Management Comments The 4th quarter of 2022 was marked by a more visible slowdown in economic activity, reflecting the monetary policy that raised the basic interest (Selic) rate to 13.75%, and the loss of purchasing power due to persisting inflation. During 2022, the Company's operating segments saw a decline in demand. The most probable hypothesis for the negative performance in the Company's operating segments is that the service sectors, which resumed their activities with the end of restrictions on the circulation of people due to the COVID-19 pandemic, combined with the decrease in disposable income, took away funds that in 2021 were used for home-related purchases and spending. A situation similar to that seen in Brazil is also playing out in the United States, the main destination for the Company's exports.

In 2022, the Company sought to maintain the pace of its operations and did not halt production at any of its units, despite the drop in domestic demand already in the initial months of the year. The strategy was to increase exports, which were still buoyant in the first half of the year. Despite the efforts in this regard, the problems caused by higher sea freight and lack of ships, in addition to the increase in costs, also led to an increase in the lead-time of exports, causing significant delays in arrivals at destinations. In case of the U.S., the main destination for the Company's exports, the economy was already cooling down. In such a scenario, the Company's inventory levels increased to much higher than planned forcing it to take steps to adjust them, which should produce results in 1Q23.

Costs with exports remained high, as evident from the increase in selling expenses, due to both sea freight and distribution expenses, which increased significantly in relation to 2021. Moreover, the drop in demand "pushed" the Company to products with lower margin per unit and did not allow it to transfer the increase in costs to prices.

In this context, the Company has been focusing on developing and launching new products, reducing the costs of current products and pursuing closer commercial relations with clients, all of which should reflect in the results of the coming quarters.

The slowdown in the economy affected the markets where the Company operates. The ABRAMAT (Brazilian Construction Materials Industry Association) index, which measures the performance of construction materials industries, ended 2022 down 7.0%, with a projected growth of 2% in 2023.

Indicators for the panels market, which includes MDF/HDF/MDP/Fiberboard sales, according to data from IBÁ (Brazilian Tree Industry) and the Company, dropped 15.6% in the domestic market and 44.0% in the export market between 4Q21 and 4Q22. In the year, domestic sales fell 14.9% but exports increased 7.1% compared to 2021.

In February 2023, the Company signed a mediation agreement the Municipal Government of São Paulo and the São Paulo State Prosecution Office, bringing to end a dispute in multiple jurisdictions. As consideration and to discharge Eucatex from all related lawsuits, the Company undertook to pay approximately US$ 7 million to the government as soon as the accord is approved by the courts, which is expected to occur in April this year.

At the same time, Banco BTG Pactual undertook to acquire a significant interest of around 33% of the preferred shares of the Company, until then held by some foreign investment funds.

The Company's control group will not change with the entry of BTG Pactual and a shareholders' agreement was signed outlining the issues related to corporate governance and transparency towards all market players, including migration to the Level 2 special listing segment of B3.

Operating Performance and Results

Net Revenue

Total Net Revenue in 4Q22 was R$639.1 million, compared to R$709.6 million in 4Q21, down 9.9%, but increased 2.5% year on year.

Furniture Industry and Resale Segment

In the Industry and Resale Segment, composed of MDP/MDF/THDF panels and Fiberboard, revenue declined 13.5% in the quarter, reflecting the 12.7% decline in average price on account of a "poorer" sales mix in relation to 4Q21. Compared to 2022, revenue declined 6.8% due to the same reason.

The Furniture Industry and Panel dealers faced a difficult year and the IBÁ figures reflect it. Industries and the entire chain sought to adjust their inventory levels and orders across the industry decreased.

Construction Segment

In 4Q22, Net Revenue from the Construction Segment - composed of Laminated Flooring, Doors, Wall Partitions and Architectural Paints - decreased 2.1% in relation to 4Q21 but increased 13% in 2022 in relation to 2021. Highlights include the Company's initiatives to expand its portfolio, including the launch of new products and expansion of its client base.

For 2023, the Company has planned the launch of the Eucatex Porcelain Flooring line, among other products, which drive revenue growth in the segment.

According to data from the Brazilian Tree Industry (IBÁ), the Laminated Flooring market decreased 33.6% in 4Q22 in relation to 4Q21, while the full year decrease was 23.7%.

According to ABRAFATI (Brazilian Paint Manufacturers Association), the Paint Market decreased 2.9% in 4Q22 and 6.7% in 2022 compared to the same periods in the previous year.

These are the two main markets served by the Construction sector and show how challenging the year was.

Export Segment

Revenue from the Export Segment decreased 26.6% and 2.4% in 4Q22 and 2022, respectively, compared to the same periods in 2021, due to lower sales volume and an unfavorable mix. Most of the export revenue comes from the U.S., where, like Brazil, demand increased significantly in 2021 due to the physical distancing policy and the sharp focus on home improvements, which did not repeat in 2022.

Recurring Cost of Goods Sold (COGS)

COGS decreased 8.0% in 4Q22 compared to 4Q21, due to lower shipments of panels and lower costs. However, while costs of raw materials decreased, some items, such as fuel and wood, are still expensive, the latter due to high demand in the state of São Paulo. In 2022, COGS increased 7.4% despite the lower volume, which shows that the effects of higher costs were more significant in the initial months of the year.

Fair Value of Biological Assets

In 4Q22, the fair value of biological assets was R$27.2 million, mainly affected by the increase in wood prices, among others.

Recurring Gross Profit and Gross Margin

Gross Profit was R$214.3 million in 4Q22, compared to R$247.5 million in 4Q21, down 13.4%, reflecting the higher increase in costs than in prices.

Recurring Operating Expenses

In 4Q22, operating expenses corresponded to 18.0% of Net Revenue, increasing 3.7 p.p. In nominal terms, Operating Expenses increased 13.2% in 4Q22 compared to 4Q21, mainly impacted by the increase in domestic and export logistics costs and marketing expenses.

Recurring EBITDA and EBITDA Margin

As a result of the above, Recurring EBITDA totaled R$117.7 million, down 19.9% from 4Q21. Recurring EBITDA Margin in 4Q22 reached 18.4%, decreasing 2.3 p.p. from the same period last year.

Recurring Net Income

Recurring Net Income in 4Q22, excluding the effect of non-recurring expenses and net of income tax, totaled R$86.2 million, down 44.7% from 4Q21. In 2022, net income was R$260.2 million, down 31.4% from the previous year.

In 4Q22, Non-recurring Events caused expenses of R$6.4 million related to labor lawsuits and employment terminations.

Debt

The Company's net debt at the end of 2022 was R$530.2 million and was equivalent to 1.1 times its annualized recurring EBITDA. The increase in debt was chiefly due to the investment in working capital, notably for the increase in inventories at approximately R$145 million and the reduction in the "Trade Payables" account by R$52 million, in addition to the increase in "Trade Receivables" account by almost R$18 million, when compared to the balances in December 2022 and December 2021.

Investments

Investments in 4Q22 and 2022 totaled R$68.9 million and R$241.3 million, respectively, and were allocated to maintaining the Company's industrial and, chiefly, forest operations. For 2023, investments of around R$251.0 million are planned, an increase of 4.0% from 2022, due to the significant increase in the plantation of new forests and the increase in prices of imported parts and services.

Sustainability

Eucatex's forest sustainability is assured by 42,200 hectares of forests, all located in the state of São Paulo.

The Company is recognized for its sustainable development practices and was the first in the industry to obtain the ISO 9001 certification, in 2000. It also holds the ISO 14001 certification and the Green Seal awarded by the Forest Stewardship Council (FSC), which certifies that its forests are managed in accordance with rigorous environmental, social and economic standards.

In another pioneering initiative, Eucatex became the first in the industry in South America to build a woodchip recycling line on an industrial scale. Its state-of-the-art equipment enables materials obtained within a radius of approximately 120 kilometers from the Salto (São Paulo) unit to be used as raw material for producing panels and as biomass for firing its boilers. Its total processing capacity is 240,000 metric tons/year, which is equivalent to approximately 2 million trees, 470,000 m3 of standing timber or 1,500 hectares of planted forests. Investments in land and planting to maintain this volume of wood, considering a seven-year cycle, would be around R$200 million. Not only does it generate cost benefits, but recycling woodchips also prevents this material from being deposited in local landfills.

Capital Markets

Eucatex's common and preferred shares, listed on the B3 under the tickers EUCA3 and EUCA4, closed 2022 quoted at R$11.95 and R$8.47, respectively. The Company's market capitalization at the end of the period was R$893.3 million, around 39% of its book value.

About Eucatex

Eucatex S.A. Indústria e Comércio, which completes 72 years in 2023, is one of Brazil's largest manufacturers of flooring, wall partitions, doors, MDP/MDF/T-HDF panels, fiberboard, and paints and varnishes. It operates six plants in Botucatu and Salto (both in São Paulo) and Cabo de Santo Agostinho (Pernambuco), employing 2,949 people. Its products are exported to more than 37 countries. For more information, visit www.eucatex.com.br/ri.

https://ri.eucatex.com.br/wp-content/uploads/sites/61/2023/03/Eucatex_ER_4T22_EN.pdf

Gerdau Group (BVMF: GGBR4)

Gerdau is the leader in the segment of long steel in the Americas and one of the main suppliers of special long steel in the world. Recently it has also started to operate in two new markets in Brazil-its own production of flat steel and the expansion of iron ore activities-initiatives that are expanding the product mix offered to the market and improving the competitiveness of its operations. With over 45,000 employees, Gerdau has industrial operations in 14 countries in the Americas, Europe, and Asia, which together represent an installed capacity of over 25 million metric tons of steel per year. Furthermore, it is the largest recycler in Latin America and in the world, and transforms each year millions of tons of scrap steel, reinforcing its commitment to sustainable development in the regions where it operates. With over 120,000 shareholders, the shares of Gerdau's companies are listed on the stock exchanges of São Paulo, New York, and Madrid.

http://www.gerdau.com/

Gerdau reaches its best historical result in the first 9 months of 2022

11/09/2022

The company's solid financial results mainly reflect strong performance in North America in the period

Adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) reaches R$5.4 billion, with an adjusted Ebitda margin of 25.4%.

Adjusted Ebitda for the North America Business Operation amounts to R$2.6 billion, with an adjusted Ebitda margin of 32.9%, both historic records for a third quarter.

Debt level reaches its lowest historical level, with the ratio between net debt and adjusted Ebitda decreasing from 0.41x to 0.16x compared to the third quarter of 2021.

The Company obtained certification from Gerdau Summit as a B Corp. The organization is a joint venture with the Japanese Sumitomo Corporation and Japan Steel Works focused on the supply of rolling cylinders and parts for the generation of wind energy. In this way, Gerdau Summit becomes the first steel company to become a B Corp in the world.

Gerdau ended the third quarter of 2022 with an adjusted Ebitda of R$5.4 billion, with an adjusted Ebitda margin of 25.4%. The result reflects the high levels of demand for steel from the construction and industrial sectors in North America. Operational Ebitda in the region reached R$2.6 billion, with an adjusted Ebitda margin of 32.9%, both historical records for a third quarter.

Gerdau's adjusted net income totaled R$3.0 billion in the third quarter of 2022. In turn, the Company's net revenue totaled R$21.1 billion between July and September, with physical steel sales reaching 2.9 millions of tons.

"Gerdau maintained, in the third quarter of 2022, a strong financial performance, the result of a continuous quest to generate value for our customers through investments in technology and innovation, amid a scenario of maintenance of steel consumption in high levels, especially in North America. This performance helped us to register, in the first nine months of 2022, the best adjusted Ebitda in the company's history, totaling R$ 17.9 billion. Furthermore, I highlight the approval by the Economic Defense Administration Council (CADE) for the creation of a joint venture between Gerdau and Randon Companies, to provide rental services for trucks, semi-trailers and other transport-related products, reinforcing the Gerdau Next's strategy of developing new businesses thinking about the future of mobility",

"Gerdau's financial leverage reached its lowest historical level with the ratio between net debt and adjusted Ebitda, reducing from 0.41x to 0.16x in September 2022 compared to the same month of the previous year. The reduction is due both to the significant amount of adjusted Ebitda recorded in the period and to the significant reduction in net debt. I also emphasize that the company's net debt reached its lowest level at the end of the third quarter, totaling R$ 4.3 billion, which reinforces our commitment to the Company's financial solidity", says Rafael Japur, CFO of Gerdau.

Investments reach R$ 1.1 billion in the 3rd quarter

During the third quarter of 2022, Gerdau invested R$1.1 billion, of which R$654 million in maintenance and R$402 million in expansion initiatives and technological updating. Of the total invested in the period, R$ 190 million include expansion of forest assets, updating and improving environmental controls, technological increments that result in energy efficiency and reduction of greenhouse gas emissions.

As a highlight, Gerdau recently started operations for the new continuous casting of blocks and billets at the Pindamonhangaba (SP) plant, an investment of R$ 700 million. The equipment will allow the company to have a more automated process and with better metal yield, resulting in the delivery of differentiated products and an even higher level of quality for demanding markets. The unit's technological upgrade is in line with future prospects for increasing the matrix of electric and hybrid vehicles in Brazil.

Payment of dividends will be made on December 14 and 15, 2022

Gerdau SA and Metalúrgica Gerdau SA will pay dividends and interest on equity, respectively, as of December 14 and 15, 2022. Gerdau SA will pay R$3,576.6 million (R$2.15 per share ) and Metalúrgica Gerdau SA will pay R$516.9 million (R$0.50 per share) on the position of shares held on November 21, 2022.

Return to shareholders

By October 24, 2022, Gerdau SA and Metalúrgica Gerdau SA had repurchased 44,564,000 GGBR4 shares and 44,144,420 GOAU4 shares, respectively. As a result, the companies have carried out, to date, 81% and 68% of the share buyback programs approved on May 4, 2022. Adding the amount invested in share buybacks during the third quarter with the amount to be distributed as dividends and interest on own capital on the results of the third quarter, the companies will have distributed R$4,170 million and R$754 million to their shareholders in the period, respectively, reinforcing both their commitment to generating value for their shareholders and the confidence in the capacity of the Gerdau to generate cash and deliver solid results over time.

Sustainability

Gerdau obtained the certification of Gerdau Summit, its joint venture with the Japanese Sumitomo Corporation and Japan Steel Works focused on the supply of rolling cylinders and parts for the generation of wind energy, as a B Corp. In this way, Gerdau Summit passes to be the first steel industry to become a B Corp in the world. The certification reflects Gerdau's commitment to the B Movement Builders program and its ambition to certify all its operations, in the nine countries where it is present in the Americas, by 2025.

As part of its sustainability agenda, certification recognizes that Gerdau follows good sustainability practices and that it effectively connects the business with its purpose of empowering people who build the future, leaving a legacy in society. Certification as a B Corp is rigorous, given by an independent, non-profit international organization - B Lab, represented in Brazil by Sistema B -, which is able to tangibly and measurably verify how Gerdau Summit has worked to build an environment business even more sustainable, diverse and inclusive.

For the Portuguese language, see:

https://www2.gerdau.com.br/noticias/gerdau-atinge-o-seu-melhor-resultado-historico-nos-9-primeiros-meses-de-2022/

IndustriasRomi SA (BVMF: ROMI3)

The Company

Founded by AméricoEmílioRomi in 1930 as an automobile repair shop in Santa Bárbara d'Oeste, São Paulo, Brazil, IndústriasRomi S.A. has grown to become a global leader in Machine Tools, Plastic Processing Machines and Rough or Machined Castings. Its products and services are marketed domestically and exported to five continents for industries such as automobile and automotive components manufacturing, consumer goods, agricultural machinery and implements, and industrial machinery and equipment. Our brand name is synonymous with quality, technology and reliable products and services.

Products

We manufacture Machine Tools (metal cutting machines and metal removal equipment such as CNC Lathes, Conventional Engine Lathes, and Machining Centers); Plastic Processing Machines (Plastic Injection Molding Machines and Blow machines) and Rough or machined grey, ductile and vermicular castings.

Technology

Romi invests about 4% of its annual net earnings into developing new products and technologies. It holds over 60 patents and has a further 30 patents pending in Brazil and overseas. In addition to developing its proprietary technologies, Romi supplements its technological strength through cooperation agreements with industry leaders like EmagMaschinenfabrik GmbH (Germany), Kira Corporation (Japan) and Colombo Filippetti Torino SRL (Italy).

Manufacturing Facilities

The IndústriasRomi S.A. plant is located in Santa Bárbara d'Oeste, about 130 km from São Paulo city. It comprises over 140,000 m² of built area and nine manufacturing facilities, whose advanced, integrated CAD/CAM systems provide flexibility and high performance throughout the manufacturing process.

Marketing

Our products are marketed directly to domestic customers through more than 30 branches and sales offices nationwide. This distribution system allows Romi to deliver a wide range of before and after-sales engineering services, technical assistance and replacement parts. Romi has been active internationally since 1944, and today its products are marketed through a worldwide distribution network. The Company also has sales and services subsidiaries in the U.S.A. and Germany to grow Romi's positions in these important markets.

Certified Quality

Romi's Quality Management System has been certified since 1994, and we earned an ISO 9001 (2000) certification from ABS Quality Evaluations for:

the design, development, production, sales and services related to machine tools, processing plastic machines and

the manufacture and sales of castings, machined parts and machining services.

Romi's products and services also meet a wide range of stringent international technical quality and safety standards, including an EC certification for the European Common Market.

Integrated Corporate Management System

As a global company providing products and services to countries and markets worldwide, each of Romi's business units are linked by an integrated corporate management system.

Environment

Combining environmental responsibility with a commitment to sustained growth, Romi has long invested in more efficient infrastructure and technologies to prevent pollution in every aspect of its activities. Thanks to these ongoing efforts, on August 12, 2005 Romi became ISO 14001 certified and on June 2008 Romi received the recertification.

Human Resources

Romi constantly invests in the development of its people, who are the fundamental element of the Company's results and growth. Romi also provides benefits for the health and welfare of its employees and their families.

Social Stance

To underline the Company's position that its people are its most valuable asset, in 1957 founder Américo Emilio Romi and his wife OlimpiaGelliRomi created a foundation to help provide healthcare, education and recreation benefits to staff members and their dependents. More recently, this foundation's efforts have been increasingly directed toward educational and cultural activities which are available free of charge to the community.

http://www.romi.com.br/

1Q23 Earnings Release

April 18, 2023

Highlights

Adjusted EBITDA in 1Q23 was R$45.4 million (+13.3% over 1Q22), with a margin increase of 17.5%

Gross margin in 1Q23 grew by 3.1 p.p. compared to the same period of 2022, with emphasis on the ROMI Machines and B+W Machines Business Units. Operating profit also grew by 1.9 p.p.;

The B+W Machines Unit, in 1Q23, presented an important evolution in operating margins, reflecting gains in operational efficiency and the increase in revenues from services and spare parts;

At the ROMI Machines Unit, order intake in 1Q23 grew by 3.6% compared to 1Q22, with emphasis on the domestic market and the machine rental business;

Current Economic Scenario

Average Installed Capacity Utilization (UCI)

Market

Operational Performance

Net Operating Revenue by Business Unit

The net operating revenue posted in 1Q23 reached R$259.2 million, a 9.2% decrease in comparison with 1Q23, especially at the ROMI Machines and Rough and Machined Cast Iron Parts Business Units.

ROMI MACHINES

BURKHARDT + WEBER MACHINES

ROUGH AND MACHINED CAST IRON PARTS

Gross and Operating Margins

ROMI MACHINES

BURKHARDT + WEBER MACHINES

ROUGH AND MACHINED CAST IRON PARTS

EBITDA and EBITDA Margin

In 1Q23, the operating cash generation as measured by adjusted EBITDA amounted to R$45.4 million, representing an EBITDA margin of 17.5% in the quarter...

Adjusted Profit for the Period

Financial Position

As at March 31, 2023, the Company recorded R$203.4 million as cash and cash equivalents and shortterm investments.

The balances recorded under "Finame Manufacturer Financing" are not used in the calculation of the Company's net debt.

As at March 31, 2023, the Company did not have any derivative transactions.

Capital Markets

The Company's market capitalization on April 17, 2023 was R$1,226.1 billion. The average daily trading volume during 1Q23 was R$17.3 million.

Vila Romi Residence

(i) Net operating revenue/EBIT/EBITDA: R$6.3 million; and (ii) profit for the period: R$6.1 million.

For the full release, see:

https://www.romi.com/wp-content/uploads/2023/04/RELEASE_1Q23.pdf

Iochpe-Maxion SA (BVMF: MYPK3)

COMPANY OVERVIEW

Iochpe-Maxion is a global company, the world leader in the production of automotive wheels and a leading producer of automotive structural components in the Americas.

We have 32 manufacturing plants located in 14 countries and approximately 17,000 employees, which enables us to serve our customers around the world according to their delivery terms, quality standards and competitiveness requirements.

Our Company holds a high level of technical knowledge, and permanently seeks to provide innovative solutions in the areas in which it operates, using global macro-trends that guide the development of new products and technologies, whether independently or in cooperation with strategic partners.

We operate our core business through two divisions: Maxion Wheels and Maxion Structural Components.

At Maxion Wheels, we produce and sell a wide range of steel wheels for light and commercial vehicles and agricultural machinery and aluminum wheels for light vehicles.

At Maxion Structural Components, we produce side rails, cross members and full frames for commercial vehicles and structural components for light vehicles.

In addition, through AmstedMaxion (joint venture), we produce railway wheels and castings, industrial castings and freight cars.

https://www.iochpe.com.br/en/the-company/history-overview/

4Q22 and 2022 Earnings Release

MARCH 21st, 2023

4Q22 Highlights

Net Revenue

R$ 4.2 billion in 4Q22, an increase of 9.8% compared to 4Q21, and R$16.9 billion in 2022, an increase of 23.8% compared to 2021

Leverage

Net Debt/EBITDA of 2.26x in 4Q22, compared to 2.33x in 4Q21 and 2.27x in 3Q22

Net Debt

Reduction of 8.9% (R$ 382.5 million) in net debt in 4Q22 compared to 4Q21 and 6.1% (R$ 252.4 million) compared to 3Q22, supported by cash generation

Liquidity

Total liquidity of R$ 2,787.1 million¹ in 4Q22 compared to R$ 2,104.3 million in 3Q22 and R$ 1,088.0 million in 4Q21

Dividends

Distribution of R$ 105.2 million in dividends for the year 2022, of which R$ 59.7 million in interest on equity net of taxes and R$ 45.5 million in dividends

ESG

Participation, for the second consecutive year, in B3's ISE and Signature of the UN Global Compact

For the full release, see:

https://api.mziq.com/mzfilemanager/v2/d/aa331a3b-0a4a-4acc-a70e-512ff88e3c02/6e261804-da1e-2e3e-43bc-024e3a629728?origin=1

LitelParticipacoes, SA (BZ: LTEL3B)

LitelParticipacoes SA is a Brazil-based holding company primarily engaged in the steel industry. Through its investment in Vale SA, the Company is involved in the extraction of iron ore, manganese and ferroalloys; pellet manufacture; production of non-ferrous minerals, including nickel, copper and aluminum; manufacture of various fertilizers, such as potash, phosphate and nitrogen; cargo transportation services, which are divided into rail transport and port and shipping services; generation of electrical energy, and investments in joint ventures, among others. As of December 31, 2011, the Company had two wholly owned subsidiaries, LitelaParticipacoes SA and Litel B Participacoes SA, and it held stakes in Valepar SA and Vale SA.

https://www.google.com/finance?cid=567863919394942

Report 2nd ITR 2021 Litel

30/06/2021

For the Brazilian language, see:

http://litelbrasil.com.br/media/uploads/litel__2t2021_vf.pdf

MagnesitaRefratarios SA (BVMF: MAGG3)

MagnesitaRefratários S.A. (MAGG3) is a public company listed on the Novo Mercado of the stock exchange in Brazil (BM&FBovespa). The Company is one of the global leaders in providing refractory solutions, services and industrial minerals, and has served these markets for over 100 years.

Magnesita's mission is to provide integrated solutions in services, refractories and minerals that maximize our clients' results in order to create profitable, long term partnerships. Magnesita Refractories is present around the world, with operations in 4 continents, comprising 28 mining and production sites in Brazil, Argentina, U.S., Germany, Belgium, France, Taiwan and China, and sales offices in many locations around the world.

Magnesita is a vertically integrated company, and is self-sufficeint with respect to approximately 80% of its total raw material needs, allosing the Company to be one of the lowest cost producers of refractories in the world. Magnesita has some of the largest and best magnesite and dolomite mines in the world, essential minerals for refractory production. Magnesita has an installed refractory production capacity of 1.4 million tons per year, and the Company maintains long-term relationships with the world's major steel and cement producers that are the largest consumers of refractory solutions and services.

Besides mining and processing DBM (dead burned magnesite) for refractory production, Magnesita also commercializes its surplus inventory for sale to third parties. As part of the industrial minerals business, the Company processes and sells talc and caustic magnesia to customers for various applications including plastics, fertilizers, cosmetics, pharmaceuticals and automotive, among others. Magnesita has a portfolio of undeveloped mineral rights in Brazil, and the Company is leveraging its mining expertise in order to expand its minerals operations.

Magnesita operates three Research and Development Centers (R&D) in Brazil, United States and Germany. The goal is to develop in-house technology and enable the Company to provide the best products and technical assistance to its customers. Magnesita's R&D operations are concerned with not only the finished refractory product, but every step in the life of refractories, from raw materials, to manufacturing, to performing post-mortem testing of used products. The R&D centers maintain a dialogue with the mining, production, and commercial teams within Magnesia, as well as with external industry experts, in order to provide the best solutions to our customers.

In 2007, GP Investments acquired a controlling stake in Magnesita. Since 2007, Magnesita has undergone transformational growth with the acquisition of LWB, has been listed in the Novo Mercado segment of the BM&FBovespa, and has become a truly global company.

In 2012, the Company posted sales of more than 1 million tons of refractories, achieving revenues of R$ 2.5 billion. Magnesita ended 2012 with a total of 6,431 employees.

http://ri.magnesita.com/

RHI Magnesita 2022 Half Year Results: Strong earnings and market share gains

01. August 2022

RHI Magnesita, the leading global supplier of refractory products, systems, and solutions, today announces its results for the first half year 2022; the company expands its leadership position in sustainability and reports strong top line and earnings performance.

Strong revenue growth offsets cost inflation

RHI Magnesita delivered a strong performance in terms of volumes, market share and pricing power in the first half of 2022. With [euro]188 million of EBITA, RHI Magnesita is on track to meet market expectations for the full year.

Freight, energy and raw material costs increased significantly, reflecting global inflation due to supply chain disruption and energy shortages resulting from the rapid recovery of global demand following the COVID-19 pandemic, geopolitical instability and continuing lockdowns affecting port capacity and logistics in key locations. Against this backdrop, revenue increased by 33% to [euro]1,594 million. RHI Magnesita's steel business outperformed with a 4% increase in refractory volumes compared to a global decrease in steel production volumes of 5%.

Commenting on the results, Stefan Borgas, CEO RHI Magnesita, said: "In the first half of 2022 we further demonstrated the benefits of prioritizing customer deliveries in an environment of continued supply chain volatility. Our investment in inventories to ensure our customers remain supplied with essential refractories has underlined the importance of supply reliability and has enabled us to simultaneously increase prices and gain market share. Following major investments in our production network, SG&A reduction, and progress on our sales strategies, we are in a strong position to maintain our leadership position in the refractory industry and to navigate future challenges."

Substantial progress on recycling strengthens sustainability leadership

The company builds on its sustainability leadership with a further increase in the use of secondary raw materials. In June, RHI Magnesita exceeded its 2025 target and recorded a recycling rate of more than 10%. Each tonne of recycled raw material used avoids the release of approximately two tonnes of CO2 which would otherwise be emitted in the manufacturing process. As such, increasing the usage of recycled raw materials is the fastest route to reduce CO2 emissions in the short term. RHI Magnesita opened a new recycling facility at Mitterdorf in Austria and agreed a joint venture with Horn & Co. Group, the largest collector of secondary raw material in the refractory industry in Europe. This agreement gives RHI Magnesita access to additional quantities of secondary raw material, thus increasing vertical integration and strengthening the company's local-for-local supply chain. In the longer term, it is intended to grow the business to become a leading supplier of high-quality recycled materials to the broader refractory industry in Europe.

The company's [euro]50m R&D program on new technology for carbon capture and other solutions is also proceeding according to plan. RHI Magnesita has initiated 9 pilot projects which are in various stages of development. The award of a 'Gold' ESG rating by EcoVadis additionally underlines RHI Magnesita's industry leading capabilities and transparency in sustainability.

Strategic initiatives: Growth in new markets and production optimization programme

Growth in new markets continued, with revenues increasing by 41% and 32% in India and China, respectively. In the first half of 2022, RHI Magnesita's [euro]46 million investment at Hochfilzen, Austria, was completed, transforming the plant into a new European hub for dolomite-based raw materials. Capacity was also transferred from Kruft to the newly expanded Urmitz plant in Germany, with the ramp up of production ongoing. The company's investment in its plant in Radenthein is delivering efficiency benefits with further savings expected as new systems are implemented during 2022.

Outlook

Expectations for full year earnings in 2022 remain unchanged, based on strong demand and order books with six months of visibility for steel and approaching one year for industrial. The outlook for global growth faces challenges from inflation and monetary policy response, labour and energy market tightness and ongoing supply chain disruption.

Following investments in its production network and progress on sales strategies, RHI Magnesita is well positioned to navigate future volatility with a lower cost base and enhanced cash generating potential.

https://www.rhimagnesita.com/rhi-magnesita-2022-half-year-results-strong-earnings-and-market-share-gains/

Mangels Industrial SA (BVMF: MGEL4)

Mangels Industrial SA (Mangels) is a Brazil-based company engaged in the manufacture of metal products. The Company divides its business into four segments: Steel, Wheels, Cylinders and Galvanizing. In the Steel segment, the Company is involved in the production of steel strips and stamped parts for the automotive, home appliances and civil engineering sectors, among others. In the Wheels segment, it produces aluminum wheels for automobile manufacturers. In the Cylinders segment, Mangels is engaged in the production of cylinders for liquefied petroleum gas (LPG), compressed air and fuel tanks for trucks and buses. In the Galvanizing segment, it is mainly active in the production of highway guardrails and industrial flooring, as well as in the provision of hot dip galvanizing services for steel parts. On November 1, 2013 the Company filed a bankruptcy request to the District of the Capital of Sao Paulo State.

http://www.reuters.com/finance/stocks/companyProfile?symbol=MGEL4.SA

MMX Mineracao e Metalicos SA (BZ: MMXM3)

MMX Mineracao e Metalicos (MMX) is a Brazilian iron ore miner engaged in the extraction, processing, transformation and sale of iron ore. In 2012, MMX was granted environmental and operational licenses authorizing the start of construction works for the expansion of the Serra Azul iron ore complex, part of its Sudeste system. Serra Azul currently produces 8.7Mt/y of iron ore. The licenses allow MMX to build a new processing plant with a 29Mt/y capacity. To export the iron ore, MMX is also developing the Sudeste port in Rio de Janeiro state. MMX, controlled by Brazilian tycoon Eike Batista's EBX group, was founded in 2005 and is based in Rio de Janeiro, Brazil.

MMX is the mining company of the EBX Group founded in 2005. It is engaged in the extraction, beneficiation and sale of iron ore and minerals in Brazil and Chile. The company was filed for bankruptcy in 2016, and it is part of the current investigation of fraud and money laundering linked to its owner Eike Batista.

http://www.bnamericas.com/company-profile/en/Mineracao_e_Metalicos_S,A,-MMX

"Portuguese language results announcement for the second quarter 2019"

http://www.mmx.com.br/Download.aspx?Arquivo=YN3f5Ou5qSCuVm9z7b9t+g

Paranapanema SA (BVMF: PMAM3)

Brazilian company operating in the copper segment, being the largest non-integrated producer of refined copper, rebar, drawn wire, rolled steel, bars, tubes, fittings and their alloys. It currently accounts for 94% of the volume of copper produced in the country. The company has four industrial plants, one of which is a refined copper (or primary copper) producer located in Dias d'Ávila (BA) and three of copper products and their alloys - two in Santo André (SP) and one in Serra (ES). ). Distribution logistics is carried out by the subsidiary CDPC - Copper Products Distribution Center -, with units in Bahia and Rio de Janeiro.

https://ri.paranapanema.com.br/show.aspx?idCanal=R8Eg/jDW7sWriXMW3IZjdQ

EARNINGS RELEASE - 3Q22

Dias d'Ávila, November 11, 2022 - PARANAPANEMA S.A. ("Paranapanema" or "Company", B3 S.A Brasil, Bolsa, Balcão: PMAM3), Brazil's largest non-integrated producer of refined copper and its byproducts (rods, drawn wires, laminates, bars, pipes, connections and their alloys) hereby presents its results for the third quarter of 2022 (3Q22). The quarterly information is prepared in compliance with the International Financial Reporting Standards (IFRS) issued by IASB and are presented in Reais, Brazil's official currency and the Company's functional currency.

Highlights

Positive Operating Cash Generation of R$ 91 million in 3Q22, R$ 82 million higher than in 3Q21. The Company generated R$ 255 million in cash year-to-date through its operations and the sale of non-operating assets, R$ 237 million more than in the first nine months of the previous year.

Reduction of 6% in Fixed Costs and Idleness in 3Q22 compared to 3Q21, despite the inflationary scenario for the period.

Reduction of 5% in Selling, General and Administrative (SG&A) Expenses in 3Q22 when compared to the same period of the previous year.

Increase in the use of recyclable raw material in the production process, which increased from 23.4% in 3Q21 to 34.0% in 3Q22.

MESSAGE FROM MANAGEMENT

In 3Q22, the Company's main focus was to ensure cash generation through working capital efficiency.

Through its operations, in 3Q22, the Company obtained a positive operating cash flow of R$ 91 million, totaling R$ 255 million in 2022.

Regarding cost reduction, despite the inflationary scenario, the Company reduced its fixed costs and idleness in relation to the same period of the previous year, which represented savings of 6%, approximately R$ 8.5 million, compared to 3Q21.

Primary copper revenue was R$ 190.2 billion in 3Q22, representing 40.1% of total revenues, providing faster inventory turnover, contributing to the improvement of the cash conversion cycle, which was the company's focus.

Adjusted Gross Loss was R$ 2.4 million in 3Q22, accounting for an improvement of R$ 36 million compared to the previous quarter (2Q22).

In 3Q22, the Company recorded Net Loss of R$ 317.0 million, strongly impacted by the effects of the exchange-rate change on the debt and other balance sheet positions in dollar. When these effects are excluded from the result, as well as depreciation and amortization, financial charges and other positions that impacted the result, there is an Adjusted Net Loss of R$ 109.6 million for the period.

In this context, it is worth highlighting that all the Company's sales use the US currency as a reference in the price composition, which naturally brings protection to said exchange-rate change.

Although operating cash generation, cost reduction and the monetization of non-operating assets have been the main highlights and made operations and payment of debt installments feasible throughout 2022, the Company remains highly dependent on financing for its working capital needs. The Company expected the inflow of funds from a development bank in 3Q22, a fact that has not occurred so far. This situation may indicate the existence of a material uncertainty that may raise significant doubt as to the Company's ability to continue as a going concern and which makes Management express its concern in view of the facts presented.

The Company projects that it will not comply with covenants as of December 31, 2022 and that it intends to request a waiver from creditors regarding the global agreement. However, it is not sure whether it will be granted.

ECONOMIC PERFORMANCE

Net revenue

Total Net Revenue in 3Q22 decreased 61% when compared to 3Q21, partially explained by the Scheduled Maintenance Shutdown carried out in July, due to the decrease in sales volume and reduction of copper prices in relation to the same period of the previous year.

The Company's Net Revenue is negatively impacted by Other Comprehensive Income - OCI, which corresponds to the non-monetary effect of deferred 2015 exchange-rate change due to adjustments in hedge accounting and negatively impacted the Company's Revenue in the amount of R$ 12.2 million in 3Q22.

Gross income

Adjusted Gross Loss was R$ 2.4 million in 3Q22, against an adjusted Net Income of R$ 6.0 million in the same period of the previous year, impacted by the reduction in total sales volume, product mix with a relevant proportion of Primary Copper, and reduction in volume of By-products.

Adjusted Gross Income eliminates the effects of hedge accounting used to update the inventories amount to the present value of LME and Dollar and which, as a result of not being absorbed by the stock, impact the income (loss). In 3Q22, the adjusted impact was a negative by R$ 5.1 million. It also eliminates the effects of OCI, and the impact in 3Q22 was a negative by R$ 12.2 million.

Fixed Costs (including Idleness)

In 3Q22, Operating Expenses amounted to R$ 123.8 million, explained mainly by the increase in idleness due to the lowest production in the quarter. Selling Expenses, as well as General and Administrative Expenses, were reduced by 22% and 1%, respectively, when compared to 3Q21.

EBITDA

Adjusted EBITDA, which excludes the effects of the LME and dollar on inventory, OCI, contingencies and other non-recurring effects, closed 3Q22 negative by R$ 86.0 million, impacted by the decrease in total sales volume, product mix with a relevant proportion of Primary Copper, reduction in the volume of By-products.

Net Income and Adjusted Net Income

In 3Q22, the Company recorded a Net Loss of R$ 317.0 million, mainly impacted by the exchange-rate change on its balance sheet positions and its debts in foreign currency.

On the basis of R$ 317.0 million of Net Loss, R$ 12.2 million of OCI, R$ 29.1 million of depreciation and amortization and R$ 75.7 million of foreign exchange of the debt in dollars were adjusted, in addition to other positions.

After the exclusions and adjustments, the Company presented an Adjusted Net Loss of R$ 109.6 million in 3Q22.

Operational Cash Generation

In 3Q22, Operating Cash Generation was positive by R$ 91.0 million due to the improvement in the management of the Company's cash conversion cycle.

Indebtedness

In addition to the guarantees provided by the Company in the debt restructuring carried out in 2017, already provided for in the Global Agreement, the Company provided other guarantees involving operating and non-operating assets and has committed to endeavor its best efforts to carry out the monetization of non-operating assets, with the purpose of amortizing the amounts subject to the new restructuring. The sale of assets is subject to a governance process defined with the creditors. In addition, the Company's operations will be monitored by the creditors through advisors hired for this purpose.

For the full release, see:

https://ri.paranapanema.com.br/Download.aspx?Arquivo=6T3i2Ba8+hEMgoLnvzCZbQ

Vale SA (BVMF: VALE3)

Vale is one of the Brazil's largest private sector companies. Besides being the leader in the country's mining sector, the company also has major operations in the areas of logistics, energy and steelmaking.

Vale has four major production systems in Brazil: the North, South, Southeast and Centre-West systems. Together, they encompass a series of mines, processing facilities and pelletizing plants that produce a wide range of minerals, including iron ore, pellets, manganese and copper.

http://www.vale.com/brasil

Vale's performance in Q3 2022

Rio de Janeiro, October 27th, 2022. "Our operational performance in the quarter was solid across our portfolio, with iron ore production reaching 90Mt and nickel and copper greatly increasing volumes. While the world is facing growing inflationary pressures, we remain focused on cost discipline and improving operational reliability. In Sudbury, our nickel production reached the highest quarterly level since 1Q21. We have also made progress in growing our supply of lowcarbon nickel and other critical minerals for the energy transition. We have successfully delivered the first phase of the Copper Cliff Complex South Mine Project, which will nearly double ore production at Copper Cliff Mine. We achieved an important milestone in safety by delivering on the commitment to de-characterize 5 dams this year, totaling 12 structures so far, 40% of our program. We are delivering on our commitments to a safer and more reliable company.", commented Eduardo Bartolomeo, Chief Executive Officer.

Highlights

Business Results

Proforma adjusted EBITDA from continued operations of US$ 4.002 billion, US$ 1.532 billion lower than 2Q22, mainly reflecting the decline in iron ore and nickel prices.

Free Cash Flow from Operations of US$ 2.164 billion, stable q/q, reaching a cash conversion of 54% of the proforma EBITDA, versus 41% in 2Q22. The better cash conversion is mainly explained by the positive impact of working capital in the quarter and the lower income tax paid.

Disciplined capital allocation

Capital expenditures of US$ 1.230 billion, including growth and sustaining investments, down US$ 63 million from 2Q22, mainly due to lower disbursement in Sol do Cerrado solar project due to equipment deliveries last quarter.

Gross debt and leases of US$ 12.204 billion as of September 30, 2022, US$ 404 million lower q/q, largely due to bank loans amortization (US$ 300 million).

Expanded Net Debt of US$ 13.3 billion, following a revision of its concept to be more aligned with market practices and better inform management on capital allocation decisions. The revision was to exclude operating and regulatory commitments yet keeping the target leverage range of US$ 10-20 billion

Value creation and distribution

Dividends and interest on capital of US$ 3.1 billion paid in September, as part of our Shareholder Remuneration Policy.

Share buyback 25% complete, with around 126 million shares1 repurchased, for a total of US$ 1.9 billion, as of the date of this report.

Focusing and strengthening the core

Approval of the Bahodopi nickel project, in July. The project is expected to start-up in 2025. The RKEF front of the project is a partnership between PTVI, Tisco & Xinhai with 73 ktpy capacity. PTVI ownership in the processing facility is 49%, and 100% of the mine. The mine will supply ore in accordance with PTVI equity stake in the JV. The project estimated CAPEX is around US$2.2 billion2 for the RKEF plant and around US$ 400 million for the mine.

Reorganization of base metals operations in Brazil to combine copper and nickel assets into two entities, enabling more efficient processes and management. Both copper and nickel assets will continue to be consolidated and wholly owned by Vale.

Approval for the construction of Onça Puma's 2nd furnace, with an investment of US$ 555 million for a capacity addition of 12-15 ktpy of nickel. The project is expected to come online in 1H25.

Opening of the first phase of the C$ 945 million Copper Cliff Complex South Mine Project in Sudbury, Canada. More than 12km of tunnels were developed to reunite the south and north shafts of Copper Cliff Mine. Phase 1 is expected to nearly double ore production at Copper Cliff Mine, adding roughly 10 ktpy of contained nickel and 13 ktpy of copper.

New pact with society

The upstream dam de-characterization program is 40% concluded. Since 2019, Vale has eliminated 12 structures, 5 in 2022.

Emergency-level removal of 5 dams in Minas Gerais. The structures also received the declaration of stability (DCE), attesting the safety of the structures. Since the beginning of the year, 7 structures had their emergency level revoked.

Continued progress on the decarbonization agenda:

Sol do Cerrado solar project is commissioning, and its electrification will ramp up until July 2023. The solar park is comprised of 17 sub-parks with an installed capacity of 766 MWp, one of the largest solar energy projects in Latin America. The project meets 16% of Vale's electricity needs in Brazil in 2025 and is part of the initiatives to reduce 33% of scopes 1 and 2 emissions by 2030.

Vale and the Germany steelmaker Stahl-Holding-Saar signed a Memorandum of Understanding to pursue solutions focused on carbon-neutral steelmaking process. Since 2021, Vale engaged with around 30 ironmaking clients representing approximately 50% of company's Scope 3 emissions.

Vale received in Brazil and Indonesia two battery-powered 72t off-road trucks. Emissions from off-road trucks running on diesel represent about 9% of Vale's total scope 1 and 2 emissions. The electric trucks do not emit CO2 as they replace diesel with electricity from renewable sources. They also minimize the noise impact to the surrounding communities.

For the full release, see:

https://api.mziq.com/mzfilemanager/v2/d/53207d1c-63b4-48f1-96b7-19869fae19fe/b3b2786c-902d-2ee3-5beb-4f6349b8776a?origin=1

VicunhaSiderurgia SA UsinasSiderurgicas de Minas Gerais SA - USIMINAS (BZ: USIM81)

Usiminas started up its operations in 1962. Since then, it has become one of the largest Brazilian steelmakers, with operations in several segments of the steel value chain, such as mining and logistics, capital goods, service and distribution centers and customized solutions for the industry.

The first company to be privatized as part of the Federal government's privatization program in 1991, Usiminas undertook a vigorous management and technological modernization process.

The Company continuously seeks to expand the industrial efficiency of its operations and work in an integrated fashion with its customers, aiming to contribute to the development of the Brazilian industrial chain.

In 2015, company figures accounted sales of 4.0 million tons of steel products, net sales of R$ 10.7 billion and net profit of R$ 315 million.

Usiminas is a publicly-traded company with shares traded on the BM&FBovespa, the Over-the-Counter Market (OTC) and the Madrid Stock Exchange (Latibex). At present, it has around 40 thousand shareholders.

Other important information about Usiminas:

It has a complete line of flat rolled steel, which serves varied sectors of Brazilian and worldwide industry;

It has a nominal production capacity of 9.5 million tons/yr;

It adheres to advanced corporate governance standards, with a permanent fiscal council and Statutory Auditing and Human Resources Committee;

Its plants are strategically located in the country's main industrial axis in Ipatinga, MG and Cubatão, SP, and its sales and distribution force is present in all of Brazil's regions;

It possesses a wide services portfolio in the steel transformation segment, capital goods manufacturing and logistics, offering customized solutions to the market.

http://ri.usiminas.com/enu/overview

2023 Earning Release

20 April 2023

1Q23 HIGHLIGHTS

Adjusted EBITDA of R$783 million, 35.2% higher than in the 4Q22;

Net profit of R$544 million, R$1.4 billion higher than in the 4Q22;

Steel sales of 1,035 million tons, 7.4% higher than in the 4Q22;

Cash of R$5.8 billion, 15% higher than the previous quarter;

Net debt of R$284 million, 75% lower than the previous quarter.

Operating and Economic-Financial Performance

Consolidated Operating Results

Net Revenue

Cost of Goods Sold - COGS

Gross profit

Gross profit was R$885 million in 1Q23, 14.4% higher than in the 4Q22 (R$773 million).

Operating Income and Expenses

Sales expenses in the 1Q23 were R$109 million, 13.8% lower than the previous quarter (4Q22: R$126 million), with lower sales expenses in all the Business Units.

In the 1Q23, General and Administrative Expenses totaled R$140 million, 18.2% lower than the previous quarter (4Q22: R$171 million), mainly with lower expenses in the Steel Unit.

Thus, the Operating income (expenses) were a negative R$389 million in the 1Q23, against negative R$1.9 billion in the 4Q22.

Adjusted

EBITDA reached R$783 million in the 1Q23, 35.2% higher than in the 4Q22 (R$579 million). Adjusted EBITDA margin was 10.8% in the 1Q23, compared to a 7.6% margin in the previous quarter.

Consolidated Financial Result

Net Income (Loss)

Working capital

In the 1Q23, working capital was R$9.8 billion, 6.9% lower than in the 4Q22 (R$10.6 billion).

The main variations are related to the themes below:

Increase in payment terms to suppliers (Accounts Payable - advances to suppliers) by R$498 million, R$299 million of which from Forfaiting.

Reduction of R$130 million in Taxes Recoverable, mainly PIS/COFINS.

Investments (CAPEX)

In the 1Q23, CAPEX totaled R$580 million, 33.0% lower than the 4Q22 (R$867 million), of which 93.5% was in the Steel Unit, 5.7% in the Mining Unit, and 0.8% in the Steel Processing Unit.

Cash and Financial Indebtedness

On 03/31/23, consolidated Gross debt was R$6.1 billion, 1.3% lower than the gross debt on 12/31/22 (R$6.2 billion), with the effect of the appreciation of the Real against the Dollar in the period.

Business Unit - Mining

Operational and Sales Performance

Comments on the Results - Mining

Cost of Goods Sold (COGS) in the 1Q23 was R$493 million, 17.3% lower than in the previous quarter (R$596 million), mainly due to the lower export sales volume.

Sales Expenses totaled R$65 million in the 1Q23, an 11.1% decrease in relation to the previous quarter (4Q22: R$73 million), due to the lower volume exported.

General and Administrative Expenses totaled R$12 million in the 1Q23, up 10.7% in relation to the amounts presented in the previous quarter (4Q22: R$11 million).

Adjusted EBITDA reached R$ 254 million in the 1Q23, a 48.2% increase compared to the 4Q22 (R$171 million). Adjusted EBITDA margin was 32.4% in the 1Q23 (4Q22: 21.1%).

Investments (CAPEX)

Business Unit - Steel

Operational and Sales Performance

Comments on the Results - Steel

Sales expenses totaled R$39 million in the 1Q23, 9.5% lower than in the 4Q22 (R$43 million), mainly as a result of lower expenses with distribution costs and commissions in the period.

Thus, Adjusted EBITDA reached R$438 million in the 1Q23, 65.9% higher than that accounted in the 4Q22 (R$264 million). Adjusted EBITDA margin was 6.9% in the 1Q23, against 4.0% in the 4Q22.

For the full release, see:

https://api.mziq.com/mzfilemanager/v2/d/5dcf459c-823d-4c02-ac4b-a2aa54a63486/c3259591-d531-a37c-52fa-2ce37ac595b3?origin=1

Votorantim Cimentos

Votorantim Cimentos has been in the construction materials business (cement, concrete, aggregates and mortars) since 1933 and is one of the largest companies in the sector

Growth with a focus on the long term. For almost a century, we have expanded our businesses and markets, and crossed borders; today we are one of the largest companies in the industry in the world.

Our history began in Brazil in 1933. Since then, we have built many plants, expanded our businesses and markets, and crossed borders, and today we are one of the largest companies in the building materials industry in the world. We are present in 11 countries: Argentina, Bolivia, Brazil and Uruguay (South America); Canada and the United States (North America); Luxembourg and Spain (Europe); Turkey (Europe / Asia); Morrocos and Tunisia (Africa). Peru, Spain, Tunisia, Turkey, United States, and Uruguay. Our cement production capacity is 31.1 million tons/year and revenues of R$ 12,6 billion in 2018.

Votorantim Cimentos is part of Votorantim S.A., a 100% Brazilian company, which is present in 19 countries and celebrated 100 years of activity in 2018.The eight companies that make up the Group are: Votorantim Cimentos, NEXA, CBA (Companhia Brasileira de Alumínio), Acerbrag, Paz del Rio, Votorantim Energia, Citrosuco and Banco Votorantim. They are part of a business that includes more than 485 operating and administrative units and employs over 36,000 people.

http://www.votorantimcimentos.com/en-US/company/Pages/who-we-are.aspx

Votorantim Cimentos 2022 Earnings

31 December 2022

Highlights

Votorantim Cimentos' net revenue in 2022 was BRL 25.8 billion and the Adjusted EBITDA was BRL 4.9 billion, an increase of 16% and a 6% drop respectively compared to 2021, mainly due to relatively stable volumes, price increases in all regions partially mitigating cost pressure and the negative impact of exchange rate appreciation during the period.

The EBITDA Margin in 2022 was 19%, compared to 24% in the previous year, due to the inflationary impacts of the international environment on the company's costs.

The leverage ratio closed 2022 at 1.55 x, at the same level as 2021, despite the increase in investments (Capex), dividends and acquisition of a new plant in Spain.

In 2022, Votorantim Cimentos completed the acquisition of Heidelberg Materials' operations in Southern Spain. Over the past two years, VC has reinforced its presence in the Iberian Peninsula and North America, in line with the company's long-term strategy.

In December 2022, Votorantim Cimentos announced stricter decarbonization targets considering 475 kg of CO2 per ton of cement by 2030. The new commitment was approved by SBTi (Science Based Target Initiative).

Votorantim Cimentos received the recognition of Sustainalytics' Top-Rated Industry Ranking, referring to the ESG rating analysis performance of 2022 as the only company in the construction materials sector in Latin America present in the ranking. Additionally, the Company received a rating upgrade to "A" by MSCI ESG Ratings reflecting an evolution from the "BBB" rating of previous years.

Net Revenue

Consolidated net revenue adding up to BRL 5.8 billion in 2022, a 16% increase when compared to 2021, mainly due to favorable price dynamics that mitigated the slight drop in volumes and the negative effect of the appreciation of the real compared to the exchange rate in the consolidation earnings from operations abroad.

VCBR's net revenue increased 23%, BRL 12.7 billion in 2022 compared to BRL 10.3 billion in 2021, mainly due to the increase in prices, which offset the slight drop in market volume during the period. The drop in cement demand was due to the slowdown in the self-construction sector, impacted by the macroeconomic situation. It was partially offset by the real estate and infrastructure sectors.

At VCNA, net revenues reached R$ 7.4 billion in 2022, an increase of 4% over 2021. The increase was mostly driven by higher prices in the US and in Canada supported by positive demand and a full year of McInnis volume (acquisition concluded at the end of April 2021).

In Europe, Asia and Africa (VCEAA), net revenue increased 16% in 2022 compared to 2021, reaching BRL 3.4 billion, mainly due to better prices in all countries, solid sales volume in the consolidated results due to the positive impact of the increase in export volumes in Tunisia and Spain, both organic as well as due to the additional volume from the Alconera plant, acquired in October 2021. These effects mitigated the volume drop in Turkey and Morocco, which had more challenging markets.

VC Latin America's net revenue decreased 17% in 2022 compared to 2021, from BRL 978 million to BRL 812 million, mainly due to Uruguay's market dynamics after a new competitor entered the market mid-2021 and last year's comparative base being more favorable. Market dynamics in Bolivia were more challenging due to popular demonstrations and strikes in the last quarter in the region where Votorantim Cimentos operates, impacting volume and price transfers.

Cost of Goods Sold, Sales and Administrative

The consolidated cost of goods sold and services provided (COGS) increased 23% in 2022 compared to 2021, reaching BRL 21.0 billion, mainly due to pressure from the sector's cost inflation. The international situation has impacted all countries where Votorantim Cimentos has operations, mainly in fuel, freight, energy, and raw material costs, all of which play a significant role in the industry's cost structure. The appreciation of the real partially mitigated the increase in COGS compared to the euro during the period.

Consolidated sales expenses were BRL 826 million in 2022, an increase of 18% mainly due to adjustments linked to inflation, investments in marketing, and the consolidation of recent acquisitions in the balance sheet, when compared to the 2021 period. Regarding general and administrative expenses, we had costs equivalent to 2021. Marketing expenses (new brand) and other commercial expenses, in addition to adjustments for inflation, were factors that negatively impacted expenses in Brazil, which were mitigated by the exchange rate appreciation that mitigated the impacts in regions outside Brazil, in addition to the efficient management of administrative costs to contain the impacts of inflation and implementation of synergies. Consolidating these two expenses resulted in an increase of 7% in 2022 compared to 2021.

Adjusted EBITDA

Consolidated adjusted EBITDA added up to BRL 4.9 billion in 2022, 6% lower compared to 2021. Consolidated operating income was negatively impacted by cost pressure and the real appreciation during the period, while the price dynamics were responsible for partially mitigating the previously mentioned impacts.

The consolidated EBITDA margin was 19%, representing a five percentage points drop compared to 2021.

In 2022, VCBR presented an adjusted EBITDA of BRL 2.4 billion, a slightly higher operating profit compared to 2021, due to the increase in prices in the period and growth in adjacent businesses, contributing to the recovery of margins throughout the year and mitigating the impacts from the drop in volumes and pressure from variable costs, mainly fuel, freight, and raw materials.

The adjusted EBITDA results at VCNA declined 15% to R$ 1.6 billion in 2022 versus R$ 1.8 billion in the prior year. The decline in adjusted EBITDA was mainly due to inflationary impacts on variable costs, particularly raw materials, process fuels, energy, and diesel fuel as well operational impacts and the appreciation of the Real.

The adjusted EBITDA at VCEAA grew 20% in 2022 compared to 2021, adding up to BRL 676 million. This increase in the operating results is a consequence of the price transfer management in all countries of the cluster due to high inflation, especially for fuel and energy, and a reversal of the provision for other liabilities linked to CO2 credits carried out in 2021, as well as the volume of additional cement from the Alconera plant, acquired in October 2021. The euro depreciation negatively impacted the region's consolidated earnings during the period.

Adjusted EBITDA at VCLatam fell 42% from BRL 237 million to BRL 138 million in 2022. Earnings in Bolivia were impacted due to the drop in volume and the impact of popular demonstrations and strikes in the region where Votorantim Cimentos operates. In Uruguay, dynamics were challenging with the new player in the local market, impacting volume, and challenging price transfers due to inflationary pressure.

Net Income/Loss

Net income was BRL 1,145 million in 2022 compared to BRL 1,627 million in the previous consolidated year. Two thousand twenty-two earnings are mainly due to lower operating profit impacted by cost pressure and higher depreciation, referring to recently acquired assets.

Depreciation increased 11% compared to 2021, adding up to BRL 1.8 billion in 2022 due to the inclusion of business acquisitions completed in 2021 and 2022, which were partially mitigated by the appreciation of the real compared to the exchange rate in the period.

The financial results represented BRL 1.3 billion as expenses compared to BRL 1.5 billion in 2021, a 13% drop, mainly due to the appreciation of the real during the period, but partially offset by the increase in the interest rate and debt amortization in the period related to liability management.

Income tax and social contributions added up to BRL 534 million in 2022, mainly due to the taxation of profit in the period and the write-off of accumulated credit from the taxation of profits abroad.

Leverage and Liquidity

At the end of 2022, gross debt2 added up to BRL 11.2 billion, a drop of approximately 11% compared to the end of 2021, due to the appreciation of the exchange rate (BRL 5.58 in December 2021 and BRL 5.22 in December 2022) and by the debts prepayments. As of December 31, 2022, the average debt maturity was approximately seven years, with 98% of the gross debt considered long-term (noncurrent).

Votorantim Cimentos has two credit facilities available. The first credit facility, worth USD 300 million and reaching maturity in June 2027, supports the Company´s need for short-term cash liquidity during seasonal periods in the Northern Hemisphere. The second revolving credit facility aims to provide liquidity to the Company and its subsidiaries in scenarios with more significant uncertainty and volatility. This line of credit adds up to USD 250 million, maturing in 2026. Both revolving credit facilities were 100% available for withdrawal in December 2022.

In April 2022, the Company and subsidiary VCNNE renegotiated the terms of two debt agreements under Law 4,131/1962, the first one added up to USD 100 million, and the second added up to USD 50 million, respectively. Both contracts had their maturities postponed to 2028 and had a swap with the same financial institution to mitigate interest rate and currency exposure.

In May 2022, Votorantim Cimentos held its 14th public issuance of debentures in the local market, adding up to BRL 1 billion, due in 2029. The debenture has sustainability indicators linked to it and may have its characteristics changed according to the Company's performance in these indicators. As described below, the funds raised were used to a public tender offer of Voto41 by the subsidiary Votorantim Cimentos International (VCI).

In May 2022, VCI had a Public Tender Offer (tender offer) of its bonds maturing in 2041, a debt outstanding in the international market. VCI has received and accepted valid offers, which add up to approximately USD 224 million, including the principal, premium, and accrued interest. This operation aligns with the Company's strategy for managing liabilities and balancing currency exposure.

In June, the subsidiary Itacamba renegotiated its loan agreement with a Bolivian financial institution to reduce the cost of debt and postpone maturity to 2034.

In July 2022, Votorantim Cimentos issued a new debt contract under Law 4,131/1962, adding up to USD 80 million, reaching maturity in 2028, and has a swap with the same financial institution to mitigate interest rate and currency exposure. The proceeds in this contract were used for prepaying bilateral agreements in euros through the subsidiary in Europe, Asia, and Africa (VCEAA), adding up to EUR 80 million and originally due in 2026 and 2027.

At the end of 2022, Votorantim Cimentos kept solid liquidity, reaching BRL 4.9 billion, which allows the Company to cover its financial obligations for the next four years.

In December 2022, the Company had a net debt per adjusted EBITDA (leverage) of 1.55x, which is stable compared to the end of 2021. The leverage evolution aligns with the improvement in generating operating profit throughout the year and financial discipline, despite an increase in investments (Capex), dividends, and the acquisition of a plant in Spain. The metric is still aligning with the investment level indicators and complies with the Company's financial policy.

Investments and Divestments

At the end of 2022, Votorantim Cimentos' (Capex) investments added up to BRL 2.0 billion, 36% higher than in the same period in 2021. This increase is mainly due to the more extensive asset base from the acquisitions made last year, the inflationary increase, and the global strategy for modernization investments, such as projects linked to our decarbonization commitments and the project in Uruguay, which had its startup in October 2022. Non-expansion projects represented 94% of the total CAPEX.

Expansion projects account for 6% of the total investments invested in 2022. The principal investments are related to the final acquisition in the Pecém (VCBR) expansion, the adjacencies growth projects in Brazil, and the marginal optimization of the cement production capacity in North America.

In 2022, Operating Cash Flow was positive, representing BRL 3,058 million, a 34% drop compared to 2021. This result is due to lower operating profit and working capital combined with more significant investment in Capex.

In 2022, working capital was negatively impacted, compared to 2021, by the operational slowdown and market stabilization.

In 2021, investment/disinvestment was impacted by the acquisitions at VCNA and VCEAA, while in 2022, we only had the completion of the purchase in southern Spain, resulting in a minor impact during the year.

The financial result was higher in 2022 compared to 2021 due to the impact of an interest rate increase in the countries we operate in, in addition to the already mentioned Public Tender Offer of bonds.

In 2022, dividends were paid to Votorantim S.A., the majority shareholder, adding up to BRL 1,075 million, following the Company's financial policy.

Free Cash Flow was BRL 229 million, 88% lower than the previous year. In a year marked by challenges arising from the international scenario, the Company was able to reverse the negative cash generation at the first half, increase reinvestments in the Company itself, compensate shareholders, and deliver positive cash generation.

ESG Environment, Social and Governance

Votorantim Cimentos made important advances in 2022 in its ESG journey. As part of this evolution, the Board of Directors approved the creation of a Sustainability and Innovation Committee that aims to support the Board on decarbonization and environmental, social, and governance aspects, which will start in March 2023. The new Committee will also monitor the implementation of key innovation initiatives.

In line with the Company's competitiveness and sustainability strategy, in December 2022, Votorantim Cimentos announced a revision of the decarbonization target to 475 kg of CO2 per ton of cement by 2030. The new target is 8.7% lower than previously reported, which was 520kg of CO2 per tonne of cement. The SBTi (Science Based Target Initiative) approved the new commitment. This initiative gathers the private sector and financial institutions as they lead actions to help fight the effects of climate change.

With the new target announced, we align the commitment to reduce CO2 emissions with the ambitions in the Paris Agreement, which aims to contain global warming below two degrees Celsius from pre-industrial levels and pursue efforts to limit the temperature rise to 1.5°C.

The Company has implemented several innovative actions to contribute to the decarbonization plan, including using alternative fuels and cementitious materials, increasing use of renewable energy sources, and developing new technologies.

VCEAA signed an agreement with the Veolia Group to deploy an industrial waste pre-treatment platform in Morocco and Spain. In Brazil, the Company began expanding the waste pretreatment unit in Itaperuçu, Paraná.

In March 2022, after fulfilling the initial conditions that were signed in December 2020 between VCSA and Auren, VCSA completed the acquisition process of 49% of the share capital and 98% of the voting capital at Ventos de Santo Ângelo Energias Renováveis (SA), which proposed an energy supply agreement with three special purpose companies (SPE), which enabled the authorization to operate wind farms for power generation. The wind farms are part of the Ventos do Piauí II complex, located in Piauí, with 55.45MW of installed capacity, and the energy operation is expected to begin in 2023.

In Europe, Asia, and Africa, two solar projects have been deployed in Toral de los Vados and Alconera. Both projects were signed as long-term PPA (Power Purchase Agreement) contracts; that is, they do not require investments from the company and have fixed prices and, are expected to begin operations in 2023. Completing the operations, the Company reinforces its assets towards the diversification of renewable energy sources.

To contribute to the evolution of the voluntary carbon market, Votorantim Cimentos joined the holding company Votorantim S.A. and other companies from different sectors in the "Brazilian Initiative for the Voluntary Carbon Market." The group's objective, coordinated by McKinsey & Company, is to contribute to the development of the sector in Brazil and boost the country's position in international markets. Among the main deliverables foreseen by the group is the proposal of practical actions to mitigate the most significant barriers in this market, including mechanisms to activate highintegrity supply and demand as well as governance actions.

Votorantim Cimentos joined the GCCA (Global Cement and Concrete Association) initiative called the Innovandi Open Challenge Consortia, which consists of formal working group partnerships between startups and GCCA members to accelerate breakthrough technologies that will help the cement and concrete industry achieve zero CO2 emissions. The Company is supporting an initiative focused on carbon capture technologies. In North America, Votorantim Cimentos joined "Plug and Play," an innovation platform to leverage emerging technologies in early incubation stages in Silicon Valley.

In line with the business transformation pillar, the Company launched Motz, a digital transportation company. Motz operates independently and seeks to connect carriers and independent drivers through its digital platform. This innovation combines the agility and innovation of a startup with the Votorantim Cimentos footprint.

Subsequent Events

For information on Subsequent Events, please access the Financial Statements published by VCSA 2022, note 34.

Macroeconomic Scenario Global

The global economy was impacted in 2022 by high inflation, Russia's invasion of Ukraine, and contractionary monetary policies, with the first two factors tending to be present in 2023.

The IMF5 forecasts a global slowdown from 3.4% in 2022 to 2.9% in 2023. There are possible positive impacts to the IMF5 projection, namely a faster slowdown in inflation and an increase in domestic consumption; the points that may negatively impact are a possible escalation of the Russia-Ukraine conflict, in addition to the combination of high levels of indebtedness in countries due to the pandemic, lower growth and higher borrowing costs which increase economic vulnerability.

Brazil

Maintaining Brazil's primary interest rate (Selic) at high levels (13.75%), increasing indebtedness among families, and a slow recovery of wages make it difficult to access loans and credit. With lower purchasing power, people direct their spending to essential items such as food and clothing, postponing investments in construction projects and renovations, drastically reducing one of the sales vectors of the inputs that took place between 2019 and 2020 in the self-construction segment.

The cement market ended 2022 with a 2.8% reduction compared to the previous year, according to the country's National Cement Industry Union (SNIC).

Although the scenario is uncertain, the cement industry remains optimistic about the resumption of investments in infrastructure and the possibility of increasing cement presence in housing, sanitation, and highway infrastructure programs. Therefore, the Brazilian association forecasts a 1% growth in cement consumption in 2023.

United States and Canada

Cement demand in North America remained solid in 2022 with demand outpacing supply in most markets. The Portland Cement Association (PCA) however, is estimating that cement consumption in 2022 will be flat year-over-year. The economy continues to remain relatively strong with Central Banks in both the United States and Canada maintaining a focus on contractionary monetary policies to reduce inflation.

For 2023, the PCA Spring Forecast estimates a drop in cement consumption of 4.4% from the previous year as geopolitical events, inflation, higher interest rates and other adverse events could impact economic growth and construction activity, especially the residential sector, in the second half of 2023. In the United States, President Biden's infrastructure project is expected to have some positive impacts on the industry towards the end of 2023.

Spain

Cement consumption in 2022 fell slightly by 0.8% compared to 2021, according to the country's cement association, Oficemen (Agrupación de fabricaciones de cemento de España). A slowdown in growth was observed throughout the year due to inflationary peaks in the supply chain as a result of the Russian invasion of the territory of Ukraine. For 2023, the association expects a negative beginning of the year due to the strong start of 2022; there is a positive expectation throughout the year driven by economic stimuli in the country. Due to the uncertain scenario, the cement association in Spain is projecting a cement demand to be anywhere between stable and 3% lower compared to 2022.

Morocco

According to the local cement association, L'Association Professionnelle des Cimentiers (APC), in 2022, cement sales fell 10.7% compared to 2021, mainly due to inflationary increases and impacts on the agriculture sector, an essential economic lever in the country. According to the IMF5 report issued in October /22, the country's growth forecast was revised from 1.1 % to 0.8 % in 2022 due to cost pressure from the UkraineRussia war. There is an expectation that 2023 will provide greater geopolitical stability and that the pressure on costs will slow down. Thus, the IMF5 is projecting economic growth of 3.1% for 2023.

Turkey

The upward trend in inflation since June 2021 and the sharp devaluations of the Turkish lira were triggered by successive interest rate cuts in the country, along with cost pressure in commodities, electricity, and gas due to the Russian invasion of Ukraine. Interest rate cuts came as most central banks tightened their monetary policy, making Turkey an exception with a profoundly negative real rate.

According to the association for cement manufacturers in the country, cement consumption is being impacted by the macroeconomic context and other sectors. Demand in the first 11 months of 2022 dropped 12% compared to the same period in 2021.

In early 2023 there was an earthquake considered one of the deadliest of this century in the southern region of Turkey. Our plants, located far from the areas impacted by the earthquake, continue to operate. VC Turkey is coordinating support actions, donations of essential items, and blood donations for the affected region.

Tunisia

Cement consumption in 2022 fell 6% compared to the previous year's consolidated numbers, according to the local association, Chambre Nationale des Producteurs de Ciment (CNPC). With rising inflation and unemployment, in addition to the unstable political landscape and volatile commodity prices, the country already had a challenging track record, adding more significant risk to the region due to current macroeconomic factors.

Bolivia

According to the latest data made available by INE (National Institute of Statistics), in the 2022 consolidated earnings, there was a 6% increase in cement demand compared to the 2021 period. The cement consumption market declined yearly due to cost pressure and geopolitical, external, and internal challenges. The IMF's 5 October/22 report forecasts growth for the country of 3.8% and 3.2% for 2022 and 2023, respectively.

Uruguay

The cement market in the country has shown a slight decrease in 2022 compared to the excellent base in the previous year. On the other hand, the country's economic prospects are positive. The IMF's 5 October/22 report forecasts growth of 5.3% and 3.6% for the government for 2022 and 2023, respectively.

Argentina

The dynamics of the cement market were positive, with substantial volumes. In 2022, cement consumption grew 7.3% compared to 2021, according to the local association, Associación de Fabricantes de Cemento Portland (AFCP). The local construction materials sector remains resilient despite macroeconomic fluctuations.

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Why is it illegal to download music from the Internet? ›

Most songs and movies that appear on download or file–sharing websites are copyrighted. It is illegal to download any music or movies that are copyrighted. Downloading or file-sharing a copyrighted song or movie could expose you to a lawsuit for money damages that could cost you hundreds or even thousands of dollars.

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Who is behind Internet Archive? ›

Brewster Kahle founded the Archive in May 1996 around the same time that he began the for-profit web crawling company Alexa Internet.

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What is the most extensive library? ›

The Library of Congress, founded in 1800, is a book lover's dream. With 164 million items and 1,350 kilometers of bookshelves, it's the world's largest library.

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What is the largest collection of free ebooks? ›

"Project Gutenberg is the first and largest single collection of free electronic books, or eBooks." The database contains millions of copyright free books and speeches, all available for free download. Project of the U.S. Library of Congress and UNESCO.

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What online library has everything ever written? ›

The Library of Babel is a website created by Brooklyn author and coder Jonathan Basile, based on Jorge Luis Borges' short story "The Library of Babel" (1941).

What is the largest single collection of free electronic books? ›

Project Gutenberg is the first and largest single collection of free electronic books.

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What is the largest library in the United States? ›

The Library of Congress is the largest library in the world with more than 173 million items. View detailed collection statistics.

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What is the largest public library in the United States? ›

The largest public library in the United States and the second largest library in the world is the Library of Congress in Washington, D.C., which is the de facto national library of the United States.

Which site has one of the greatest library in the world? ›

The Great Library of Alexandria in Alexandria, Egypt, was one of the largest and most significant libraries of the ancient world. The Library was part of a larger research institution called the Mouseion, which was dedicated to the Muses, the nine goddesses of the arts.

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Is the Z-Library legal? ›

The organization describes itself as "the world's largest e-book library", as well as "the world's largest scientific articles store", and operates as a non-profit organization sustained by donations. The Z-Library project and its activities are considered illegal in many jurisdictions.

Who is the biggest ebook provider? ›

1. Amazon. Amazon's ebook store is the largest on the internet. Aside from its huge choice of books, there are plenty of other features that keep customers coming back for more.

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How to get all ebooks for free? ›

Project Gutenberg provides access to over 30,000 free ebooks that you can either view on your computer or download to a device. Some of these ebooks include many of the classic works from the 17th, 18th and 19th centuries. Obooko is another place that offers free ebook downloads.

What is the most secretive library? ›

What library has every book possible? ›

"The Library of Babel" (Spanish: La biblioteca de Babel) is a short story by Argentine author and librarian Jorge Luis Borges (1899–1986), conceiving of a universe in the form of a vast library containing all possible 410-page books of a certain format and character set.

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What library has the most rare books? ›

The Beinecke Rare Book & Manuscript Library (/ˈbaɪnɪki/) is the rare book library and literary archive of the Yale University Library in New Haven, Connecticut. It is one of the largest buildings in the world dedicated to rare books and manuscripts.

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What is considered the oldest digital library with over 50 000 items in its collection? ›

LATEST COMPANY NEWS. - Free Online Library (2023)

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