Good morning, ladies and gentlemen. At this time, we would like to welcome everyone to CSN Mineração's conference call to present the results for the third quarter 2022. Today, we have with us the company's executive officers. We would like to inform you that this event is being recorded and all participants will be in listen only mode during the company presentation. In this, we will go on to the Q&A session when further instructions will be given. Should any participant require assistance during this call, please press star zero to reach the operator. We have a simultaneous webcast that may be accessed through CSN Mineração's investor relations website at ri.csnmineracao.com.br, where the presentation is also available. The replay of this event will be available soon after the close for one week. Now you can flip through the slides at your own convenience. Before proceeding, we would like to state that some of the statements made herein are mere expectations or trends, and they are based on the current assumptions and opinions of the company management. Future results, performance and events may differ materially from those expressed herein, which do not constitute projections. Actual results, performance or events may differ materially from those expressed or implied by these forward-looking statements as a result of several factors, such as the general and economic conditions in Brazil and other countries, interest rates and exchange rate levels, future rescheduling or prepayment of debt denominated in foreign currencies, protectionist measures in the U.S., Brazil and other countries, changes in laws and regulations, and general competitive factors at a global, regional or national basis. I will now turn the conference over to Mr. Pedro Oliva, CFO and Investor Relations Officer, who will present the company's operating and financial highlights for the period. Mr. Oliva, you may proceed with the conference. Good morning, I would like to begin by thanking you all for your presence in the results release of the third quarter for CSN Mineração. It was marked by a resumption of production and an increase in sales volume and a strong reduction of C1 cost from $24.3 to $19.4, along with a drop in the freight. This means that our cash cost to China is below $19, which is quite competitive in this new environment. The company will continue to work towards reducing costs and enhance the quality of the products to sustain our margins. Our positive free cash flow was BRL 522 million. It reinforces the company's ability to generate cash even in periods with a decrease in iron ore prices. We ended with a cash of BRL 9.7 billion and net cash of BRL 1.2 billion. In terms of ESG, we would like to highlight the conclusion of the dams, the Vigia dam, moving forward in the decharacterization of our dams. Regarding the production volume, we had a growth of 16% vis-à-vis the previous quarter, reaching 9.6 million tons. Because of the better rainfall and also because of a better performance of the integrated projects with the main plant that had an impact this year in spirals and other products. Our inventories increased an additional 10% at the end of the period. The sales volume grew 20% vis-à-vis the second quarter, reaching 9.1 million tons. Net revenues was 2.5 million per ton due to a pressure in the drop of tons, partially offset with a better mix of products, a readjustment in quality during the period, and a reduction in freight costs for the quarter. In the slide where we show you our price realization in a graph, what merits a highlight is the reduction and adjustment in quality. The reduction was $16.2. In the third quarter, this was only $7.2. That is to say, an improvement of $9 in quality adjustment, a drop of $3 in sea freight, and the average for the period was $24.7. Since then, there has been an additional drop of $5, a significant drop. One of the factors impacting the unit net revenues during the period was the readjustment of cargo based on future prices, 5 million tons at an FOB price of $72, realization of $48.3. When it comes to COGS during the period, we had BRL 1.5 billion, a drop compared to the previous quarter, thanks to an improvement in mix with a lower railway cost, a reduction of port leases, and the reduction of demurrage. The adjusted EBITDA was BRL 926 million, with a margin of 36.9%, a reflection of the reduction of cost and the volume increase that offset the drop in the price of iron ore. In the adjusted EBITDA graph, what I would like to highlight is that all indicators had an improvement except prices. We had an increase in volumes and enhancement in the product mix, a reduction in the freight cost and a reduction in C1. This is one of the factors with a negative impact was Platts for the sales within the quarter, also impacting the cargoes that are based on future prices. Investments for the quarter totaled BRL 296 million. A highlight for the spare parts and advance in the P15 projects and phase three of the waste filtering or the tailings filtering. The net working capital observed a reduction in accounts receivable impacted by the devaluation in iron ore. Once again, additionally to the effects of the price adjustment, this allowed us to release cash for the company. Well, the company is in a very comfortable position vis-à-vis its obligations to amortize debts, which is quite a lengthy process. We have net working capital of BRL 1.2 billion, a rather strong balance to be able to face the present day structure and continue to move on in our expansion projects. Free cash flow was positive in BRL 522 million, supported by operational enhancements, cost reduction and an increase in volume as well as a variation in the net circulating capital. Now, the conclusion of the acquisition of the Quebra-Queixo plant is very relevant for us. We continue on this agenda to reduce production costs. With this plant, CSN Mineração will be self-sufficient in energy and of course have greater competitiveness going forward. In the ESG agenda, I would like to highlight the decharacterization of the Vigia Dam with the conclusion of the structural work, a statement of stability in all of the dams of the country. There is no emergency level whatsoever. In terms of diversity, what merits attention is the progress the company continues to do in the percentage of women that went from 17.08% in 2021 to 19 and some percent for September of 2022. I would like to conclude by highlighting the creation of the corporate university with the goal of fostering and having advances in the training of our workers. Now, with this, we would like to conclude the presentation, and we will now go on to Q&A. I would like to inform you that with us today we have the Chairman of the Board, Mr. Benjamin Steinbruch, and Danilo Dias, our superintendent director. We will now go on to the question and answer session for investors and analysts. Should you wish to pose a question, please press star one. If at any moment your question has been responded, you can withdraw from the queue by pressing star two. Please pick up your phones from the hook when posing your question. This will enable us to have optimal sound quality. Please hold while we poll for questions. Our first question is from Isabella Vasconcelos, from Bradesco BBI. Hello and good morning to all of you, and thank you for taking my question. I have several questions. The first, referring to the delay in CapEx that you mentioned. It has yet to be consolidated, but if I understood, there were delays in delivery relating to your mining expansion plans. I would like to know if you could offer us more color regarding what relates to the delays and if this will have an impact on the fulfillment of the project. The second question regarding the Quebra-Queixo consolidation, if you could explain the cost benefits that you're expecting for 2023 and going forward. These are my questions. Thank you very much. Isabella, thank you for the question. Now, when it comes to the CapEx delay, we are going to present an update on the projects on CSN Investor Day. That will take place in a month during the second fortnight of December. We did have some timely delays in the P15 projects, but they are being delivered now in the fourth quarter. We're quite enthusiastic with the advance of this project, even though among the projects we do have some priorities. This is a highly strategic project for the company and will be part of the update that we will be presenting in December regarding Quebra-Queixo. Isabella, there is a relevant benefit in Brazil, the high production benefits. When you own the asset, you begin to enjoy a cost reduction in terms of social costs of approximately BRL 60 per megawatt-hour. Besides, benefits in the cost of energy, compared to what we had up to present. Well, at the end of the day, this will generate a gain of approximately BRL 2 per ton produced of iron ore. Okay, that was very clear. Thank you very much. Our next question is in English. Comes from Carlos De Alba from Morgan Stanley. Yeah. Good morning, everyone. Thank you very much. Just wanted to see if you can comment in more detail about what is the cost per ton that you paid in the third quarter, sorry, for railway, port and freight. That would really help us better understand the very good performance that you had in cost. The other question is if you could comment on your cash generation, which was very good this third quarter. There was an advance of energy contracts of BRL 400 million. If you could provide some comments that would be useful. Finally, despite the very strong cash flow generation in the quarter, there were no dividend paid, presumably because you did a very high dividend payment in the second quarter. If you could also, you know, explain what the rationale was, that would be useful. Thank you. Well, Carlos, thank you first for the question. Now, when it comes to the cost per ton, the structure is somewhat challenging in terms of price, and we have a very constructive vision going forward. We're optimistic when it comes to the resumption of the Chinese economy in the third mandate of Prime Minister Xi. Now, of course, this has impacted the level of confidence and consumption of Chinese families. This should become more flexible during the coming months. When it comes to cost, what is it that we are foreseeing? A drop in cost in exchange for higher volumes. In the port, a drop of 9% in BRL per ton for variable payment because of the drop of Platts, a direct impact on the amount that we pay per ton loaded at our port. This allows us to work with this lower cost going forward. There is another factor, which is the substitution of the lower size trucks of 40 tons to 60 tons to be able to move our tailings or waste. This will help us reduce the cost of diesel and the need for labor per ton of diesel. This will give us self-sufficiently, so we have a cost reduction, an increase in efficiency and productivity, and an enhancement in quality that you were able to observe during the third quarter to be able to bear everything. Now, when it comes to cash generation, beginning on the prepayment of energy, yes, this was a very simple and efficient way of financing the acquisition of the Quebra-Queixo plant. This was the underlying rationale. It was a component of the operation that enabled us to have cash to acquire the asset. Now, regarding the dividends, we fully agree with your vision. We are generating a great deal of cash, and very briefly, this will be appreciated by the board of management. That is to say, a new payout of dividends. Thank you very much, Pedro. Our next question is from Marcio Farid from Goldman Sachs. Hey, good morning to all of you. Thank you for taking my question. I have two questions. The first referring to the quality discounts. You said you had a reduction from $36 to $7.2. Is this due to a market condition or an improvement in your quality, or a combination of all of these factors because of your quality adjustments? Secondly, your vision on China. We have heard about the iron ore production during the last three years. Which is your outlook for China in terms of steel and iron ore? Thank you very much. Marcio, thank you for the questions. When it comes to quality, yes, it does refer to the two factors you asked about. The market is working with curves that are closer, 65, 58, closer to 62 because of the very low margins, sometimes negative margins of the Chinese steel industry. All of this in detriment of an increase in production. Now, the adjustments because of quality have had a drop in the market. Now, all of this additionally to the homework that we carried out and the better performance of the assets connected to our main plant. All of this has allowed us to have an increase of more than 1% in the iron ore content vis-à-vis the last quarter and 61% content of iron ore with a drop in silica and alumina, 7.9% in silica and 6% drop in alumina in our products on average. We still have an inventory that will impact the coming quarter, but the outlook for the coming years, an enhancement in quality as well as an enhancement in volume. Now, regarding China, our reading is quite constructive. On the supply side, we're going into a period of seasonality. In China, in the northern regions of the country, with the negative impacts of the winter months, the low temperatures and restrictions related to emissions. This will favor the Brazilian iron ore as an alternative solution for the control of alumina. Brazil will also be impacted, and Australia due to the impact of cyclones because of their intensity. Of course, this will impact logistics and the shipment of iron ore. Now, because of the COVID zero policy, the restrictions are ongoing, and there have been stronger measures to support the real estate market, but this will disappear in the short term. We're quite confident that more flexible restrictions for COVID will happen in the coming months, and this will have a significant impact on the confidence level of families on consumption, and will support a larger industrial production of steel and the demand for iron ore. Now, the utilization of the furnaces in China continues to be quite steep at 37% close to the peaks we had this year. The iron ore stocks in steel industry are quite low. We're referring in the last four years to 18 days. This could be a factor that will support the demand going forward as the inventories are supported by that increase in confidence in the Chinese economy. Now, we do continue with an increase in demand in the steel production. Europe still highly impacted, and that eventual replacement is with steel from other regions. The drop in the production of Europe, of course, will have to be replaced with the production in China, and there will be a migration to other high furnaces. This could end up increasing the demand of iron ore as part of the replacement. We're thinking of a spot price aligned or somewhat below what we have. That's our vision. There's a very strong trend for the marginal producers to leave the market as this happens and as we have a rebalancing of demand. There will be a growth in the near future. Well, thank you very much, Pedro. Our next question is from Caio Greiner from BTG Pactual. Hey, good morning to all of you. A very quick question. First, a follow-up on the previous question. You spoke about the content of iron ore, the quality, but you also spoke about a drop in the purchase of iron ore. How much of this is truly due to an enhancement? If you could give us an idea. The amount of this as part of your total production. Another question refers more to cost. You said that the C1 cost in China was $39 cost. Please correct me if I am wrong. I'm trying to understand that this is C1 plus freight. If you could help us with other elements to work with accounts here, royalty, quality. I've come to a result of somewhat below $55 per ton. Additionally, to the purchase of third parties that you carry out. Which would be a proper figure at present, therefore? Thank you, Caio, for all those questions regarding the quality. That effect in the reduction of the proportion of purchases, what's the impact of our production, a drop in the purchase from third parties? Now, we went from a level of 37% in the previous quarter to 29% during this quarter. Now, we should have a purchase volume of approximately 9 million tons for the year. Now, regarding cost, you're quite right in terms of the methodology that we spoke about those $39 C1 plus freight. To this, we have to add the items that you mentioned. The present day level of price in terms of our own production is of about $20. It will depend on the cargo, the type of quality, and much more. These are the levels that we are working at, and the purchase was what's your question is an additional volume with incremental margin gains. We had a positive margin, of course, and this also had an impact in the dilution of fixed costs in our production, better rates at the port, for example, and G&A. We look upon this as a marginal incremental effect in the results of the company. Well, thank you, Pedro. Ladies and gentlemen, we would like to remind you that should you wish to pose a question, please press star one. As we have no further questions, we will return the floor to Mr. Pedro Oliva, CFO and Investor Relations Officer for his closing remarks. I would like to conclude by once again thanking all of you for your participation. I will give the floor to the chairman of the board, Mr. Benjamin Steinbruch, for the closing remarks. Good morning to all of you. I would like to thank all of you for attending our results call at CSN Mineração. To mention that we're undergoing a period of significant changes. The level of business finds itself in a different situation and completely different from what we had last year. We tend towards an accommodation, and the level will be different. We're foreseeing a drop of prices in everything, raw material, services, everything that refers to production. Which means that we're working very strongly to reduce our costs and to have productivity gains, in whatever is part of our control. We have been very successful with that policy of gaining in terms of productivity and making the least amount of errors possible, enabling a reduction in several aspects, maritime freight and also internal processes and much more. Always seeking out that cost reduction that is before us and that we want to take full advantage of so that we can be competitive and have high margins regardless of the final cost of the product. We are working arduously in the quest for a better quality, which means that our margins have increased substantially. We will not have any sudden movement in the reduction of purchases from third parties or increase in our own production. We do believe that search for better results is another obligation that we have. We have to produce to make more, and this is what we are attempting to do. Now, investments, referring to the supply of the mine are being done, and very soon we will have results with an enhancement in the product and greater efficiency in production. Always working very strongly in contracting freight, as this represents a high opportunity for gain. We have taken all the market opportunities as we believe that things are beginning to fit in properly in this period of change that is happening globally, in all aspects. We also believe in business opportunities. The acquisition of assets in production is something that will be much more competitive than making our own investments in the increase of production and the search for quality. We do believe that there could be a consolidation of assets in the southeastern region where we have a foothold and we have the railroad and port logistics guaranteed. Therefore, it's interesting to carry out a more in-depth study on these opportunities. We are quite satisfied with our performance. We believe that China, in a very progressive fashion, will also increase or enhance its production and the demand for iron ore. The spots are low, and we believe in a slow recovery, but a continuous one in Chinese demand for iron ore and especially for high quality iron ore. I simply wanted to share this very quickly with you. In terms of what we have to do, we're very attentive and working persistently in that search for better quality, lower costs, productivity gains, and maintaining that priority of ours, which is, security in terms of the environment, security when it comes to all of our employees. We're quite optimistic when it comes to the performance of CSN Mineração. I would like to thank all of you once again, and I do hope to see you personally at our next presentation, which will conclude the year of 2022. Thank you again to all, and we'll be together very soon. Thank you.