Strong EBITDA Improvement
Consolidated EBITDA of BRL 653 million in Q1 2026, a 56% increase versus the prior quarter, driven by a better sales mix (automotive + exports) and reduced costs.
Revenue per Ton and Mix Improvements
Steel net revenue per ton increased by nearly 5%, supported by a higher share of automotive sales and improved export mix (exports improved ~9%).
Cost per Ton Reduction
Reported cost savings around USD 15 per ton attributed mainly to lower maintenance/major repairs and retrofitting efficiencies; management expects these savings to be largely permanent.
Positive Cash Generation and Liquidity
Operating cash flow of BRL 370 million and free cash flow of BRL 84 million in the quarter; net cash position remained similar to prior quarter and net debt/EBITDA was stable, reflecting a comfortable debt profile.
CapEx Discipline
CapEx of BRL 285 million in Q1 2026, a 23% reduction versus the previous quarter, supporting near-term cash generation while continuing priority project execution.
Progress on Efficiency / Capital Projects
PCI project nearing completion with benefits already being captured (full benefit expected progressively, with major impacts into H2 2026 and beyond); coke plant hot repair 50% complete and gas holder works progressing to improve thermal recovery and reduce external coke purchases.
Mining Pricing Stability per Ton
Mines maintained net revenue per ton at USD 87 (stable vs prior quarter); reference prices were nearly flat (+0.9%) though discounts/differentials affected realized prices.
First-Time Consolidation/Functional Currency Conversion
Q1 results are the first converted to reals from dollars; company reported positive FX-related accounting impacts in the quarter (see lowlights for reversal risk) and improved comparability on consolidated reporting.