[Foreign language] Good afternoon, and thank you for holding. At this time, we would like to welcome everyone to CMIN 's earnings conference call for the second quarter 2025. 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 doing this, we will go on to the question and answer session when further instructions will be provided. You can access this event at ircsn.com.br, where the presentation is also available. The replay of the event will be available soon after closing. Before proceeding, we would like to state that some of the forward-looking statements herein are mere expectations or trends based on the current assumptions and opinions of the company's management. Future results, performance, and events may differ materially from those expressed herein, which do not constitute projections. In fact, actual results, performance, or events may differ materially from those expressed or implied by forward-looking statements as a result of several factors, such as general and economic conditions in Brazil and other countries, interest and exchange rate levels, future rescheduling or prepayment of debt pegged to other currencies, protectionist measures in the U.S., Brazil, and other countries, and laws and regulations, and general competitive factors at a regional and national level. We will now turn the floor over to Mr. Pedro Oliva, CFO, who will refer to the highlights of CMIN during the period. You may proceed, sir. [Foreign language] Thank you. Good afternoon. I would like to thank all of you for your attendance at the earnings call for CMIN. We'll begin with the highlights for the second quarter 2025, where the company reached a new production record with 11.6 million tons, representing a growth of 11.3% vis-à-vis the second quarter 2024. CMIN reached a sales volume of 11.8 million tons, record sales for a second quarter, and the second-best indicator in the company's history regarding sales, with a growth of 9.6% versus the same period last year. The company had a C1 of $ 20.8 per ton, a drop of 1% compared to the $ 21 per ton in the first quarter 2025. This was possible despite the valuation of the exchange rate because of the cost control of the company. I would like to underscore that between January and June of this year, the company is working with less than $21, when the guidance is between $ 21 and $ 23. The combination of these positive factors, cost control, and the drop of iron ore led to an adjusted EBITDA of BRL 1.268 million, with a margin of 37.2% and an adjusted free cash flow of BRL 768 million. In the next slide, we have production volume and inventories. We produced 11.6 million tons in the second quarter of 2025, a growth of 13.6% vis-à-vis the first quarter of 2025 and 11.3% year-on-year. This represents a new record and reflects the company's operational efficiency and the higher purchasing volume during the period. Compared to the first quarter of 2025, the 13.6% increase was driven by a drier period that is characteristic for the quarter. Even with a record production, the decline in inventories was 7.4% in the quarter to 3.6 million tons, reflecting the strong sales volume in the second quarter. On the following slide, we have the sales information for the company. We reached $ 11 million, a growth of 11% vis-à-vis the same period last year and 7% growth when compared with the previous quarter. This figure represents a historical record for the company for the second quarter and the second-best in its history for any quarter, reflecting the company's operational excellence and logistics optimization. Net revenue of BRL 3.4 million was 5% higher than the second quarter 2024 and stable compared to the previous quarter. This was possible because of the operational enhancement that offset the decline in iron ore prices. In the next slide, we see price realization. Unit cost was $ 10 lower than the same period and the previous quarter, explained by a drop in Platts. Platts dropped $5.8 to $97.76, and Platts also had an impact of $1.6, negative in the QP basket and the same for previous periods. Besides this factor, the quality was $1 greater of adjustment, 14.6 to 15.6 in the period, and sea freight increased $1.11 per ton to $20 per ton. In the next slide, we see the COGS and depreciation of BRL 2.66 billion, a growth of 6.3% vis-à-vis the previous quarter, showing a higher production pace and an increase in third-party purchases and sales during the period. Unit cost dropped because of the higher sales volume, with a greater volume of owned production that dropped 29% to 26% in the period. The EBITDA: we have a drop of 11.5 percentage points in the margin compared to the same period in the second quarter 2024. This is due to a decline in the price of iron ore, offset with excellent operating results, production records, logistics efficiency, and a sound cost control. The reconciliation of adjusted EBITDA shows that the drop of EBITDA in the period vis-à-vis the previous quarter occurred despite an increase in volume and improvement in mix, larger owned production, and the cost reduction, especially because of the drop in prices with an impact of BRL 506 million and the impact of BRL 98 million at the price provision from previous quarters, but also due to the increase in sea freight. As we mentioned, there was a growth of $1.11 per ton with an impact of BRL 85 million negative. Now, regarding our investment, it's important to underscore that the company reached BRL 500 million in the quarter. We had anticipated this at the last earnings call. The growth of 32.6% had been foreseen, and the highlight was the growth of CapEx for business expansion of BRL 141 million in the first quarter to BRL 214 million in the second quarter, a growth of 50%, which can be explained because of the progress in the P15 works. Now, regarding the networking capital, the company went from BRL 188 million in the previous quarter negative to BRL 981 million, explained by the increase in suppliers and a reduction in accounts receivable. The impact of the drop of Platts and a valuation in the exchange rate. In the following slide, we see our indebtedness profile, which is quite lengthened for the company. To the right, the net debt and leverage. CMIN ended the second quarter with a total of BRL 14.4 billion as availability, stable vis-à-vis the previous quarter, and because of a greater cash generation and a new prepayment contract, the net cash position went on to BRL 4.6 million with a negative leverage of 0.80x. The adjusted cash flow was positive by BRL 768 million because of the release of working capital and lower impacts in our financial result. On the next slide, we present to you the information on net income. CMIN recorded BRL 116 million for the quarter, reversing the net loss recorded in the previous quarter. This is primarily due to the lower impact of the exchange variation on cash in foreign currency and higher sales volume. Despite the impact of exchange variation that was lower, it was still very representative with an impact of BRL 528 million. The exchange rate went from 5.74 to 5.60, and because of our cash position of BRL 2.46 million at the end of the second quarter 2025. As we usually do, we conclude the presentation with the ESG highlights. In governance, I think it's worthwhile underscoring an evolution of the FTSE Russell from 2.9 to 3.4 and maintaining the listing of put safe for goods, 26% of women's representation, surpassing the goal we had set forth for 2025, and a 7% increase in women in leadership vis-à-vis the second quarter 2024. In occupational health and safety, we have over 11 years with no fatalities at CMIN. Despite the danger involved in our activity, we work at heights and much more. In environmental management, a reduction of 11% in GHG emissions in terms of iron ore produced. Now, with this, we would like to conclude the presentation for the second quarter. Next to me, I have Carlos Mello, the Superintendent Director of CMIN, and I turn the floor over to Benjamin Steinbruch, the Chairman of the Board and CEO, for his considerations before the question and answer session. [Foreign language] Good afternoon, everybody. Thank you for attending the CMIN earnings call. As part of what was presented by Pedro, I would like to emphasize three points: the results of this second quarter, positive results for the quarter. Basically, we have our production, the increase in production, the cost that is quite competitive, and the investments that are being made in the mining operation, especially the P15 expansion project. Now, we believe that we are very insistent on this point of having a higher production, lower cost, higher shipments at the port, and of course, the investments that have been scheduled are still underway for the P15 expansion project and peripherals, which basically mean that we're using the tailings from our dams. We're very satisfied with the performance of the second quarter. We had the penalty in terms of the iron ore cost. Unfortunately, this is not under our control. It's something that emanates from the market, and it refers to Platts and the appreciation of the real, which went against our availabilities. However, the quarter was within what we had foreseen, and the continuity of this positive operational management with a cost reduction and the beginning of our secondary projects, the recovery of tailings, for example, are an additional motivation for the second half of the year. In the case of Platts, our idea is that it remains between $100 and $110. It should fluctuate within that range. We're awaiting a message from China that should have made a manifestation this week regarding their plan on higher investments in infrastructure. However, nothing has been announced so far. As we all know, the iron ore price depends a great deal on the performance of the Chinese economy. I would like to thank all of our workers who are working arduously. We have motivated them, considerably challenging them to obtain cost reductions and production enhancements, and of course, a satisfactory flow of investment. We have concluded the hiring of civil construction for the P15 expansion project. We're on schedule, and we will still have to do more because the challenges are enormous. In the present-day confusion that we see, the economy of China will only help us have a clear definition. We have to live with this lack of stability, but we are sure that we're doing what we can. We're producing well. We're producing at a low cost. We're very attentive to the prices in the iron ore market. If we end up being lucky in terms of price, and price means a great deal for us, each dollar per ton can make a significant difference in terms of our results. We count upon a price improvement, nothing beyond what is normal, but within that margin of $100 - $110. This will enable us to harvest the results because of price. We're doing what has to be done. We're on the right path. We would like to thank all of our employees working at CMIN, and we will continue going forward. This quarter was better than the first quarter where we reversed our losses, and the third quarter will be better than the second quarter. Let's go on to the question and answers. We're at your entire disposal. Thank you. [Foreign language] We will now begin the question and answer session for investors and market analysts. Should you have a question, please click on the raise hand icon or send your question through the Q&A icon. The first question is from Rafael Barcellos from Bradesco BBI. You can continue with your question, Rafael. [Foreign language] Good afternoon, and thank you for taking my question. My first question is a strategic one for Benjamin. I go back to his initial words. I would like to hear from you your vision on options, the assets for the company, and what you said about the market. What is your vision on the strategic positioning of assets in the midst of all of this uncertainty that we're going through, a macro uncertainty? The second question is to Pedro from the viewpoint of cost. What are the trends for the following quarters, and what is your strategy for purchases from third parties? Thank you. [Foreign language] Regarding the first part of your question, Rafael, I would say that the mine Casa de Pedra is a magician's thing. When you pull something out, only good things come out. We have a billionaire reserve of iron ore. We have a high-grade iron ore in the form of pellet feed with a very high content of iron ore. As we're working with the first P15, we will work with a second P15, a third P15 to fully exploit that iron ore that we have of good quality. Of course, we will make the necessary investments to raise our production according to the results of the operation. We have a very low cost compared to all mining companies. We're in the first quartile worldwide, and in terms of Brazil, even more so, we're extremely competitive. With this iron ore that has present and future demand, high-grade iron ore, all of the projects will become feasible. Of course, we have to have order, a guidance in terms of the sequence of our investments so that we can continue to work based on the company results. For this, as you all know, we have the tailings recovery, which is mandatory for us, and we are decommissioning the dams. The deeper we go, the more we find high-grade iron ore, the one that is extracted initially at the beginning of mining. As a consequence, it has greater quality and a higher iron content. This is not something that just happens. We have 100,000 tons to be extracted. We're beginning to work on that. This is part of a higher production with a very low cost, with a high-grade product. We have enormous potential of increasing our production, and of course, everything will be done very judiciously. We will self-manage the need for resources, but with a great deal of comfort because we are aware of the quality we have, of the costs we have, and the amounts we have. It's a challenge for us to have the highest production in the shortest amount of time, of course, but we truly believe that from the viewpoint of secondary investments, which are already being made in the recovery of dams, and in the way that we're seeking strategic partners to explore that peripheral potential we have at Casa de Pedra, and eventually for a second and third P15. We are on the right path. We're on a good track. We're doing the right thing. We're highly motivated with the operation of Casa de Pedra, and we should refer to the port. Every quarter, we ship more iron ore. It's not just a matter of production. The shipment is also important. We're performing very well. We have the expansion of the port to 45 million tons. Therefore, the mining strategy for Casa de Pedra will come about by itself. Casa de Pedra shows us several paths. We have to choose our alternatives, but truly, it is a mine with fantastic potential, and we will make all the necessary investments to increase production. If this is well done, the mine will be managed by the results of the operation per se. I think it's simple what we have to do, and the speed will depend on the business itself and the partnerships that we are seeking to anticipate investments in these peripheral operations and Casa de Pedra itself. [Foreign language] Thank you for the questions, Rafael. To go into the second part of your question, the cost trend, as the Chairman of the Board has just said, we think that CMIN has a competitive edge, and we're going to keep this competitive edge. Of course, there is pressure from inflation, and we offset this increasing the production and efficiency of our resources. Regarding our third-party purchase strategy in the first half of the year, we acquired 5.9 million tons. We should maintain that level in the second half of the year. We have incremental gains here with a trading operation where we need to pay off our logistic assets that are at the service of these volumes. We operate our assets at cost strides, but we have significant investments allocated to the port. In the railroad, we have long-term contracts and obligations with the clients for their services rendered at the port. We have a competitive cost, but we need to pay off the capital that has been invested. We try to have minimum margins in the purchases, not only to have higher volumes. We want to add value for our shareholders. Thank you. Thank you very much. [Foreign language] Our next question comes from Guilherme Nippes from XP. You may proceed with your question. [Foreign language] Good afternoon, Pedro, Benjamin. Thank you for taking our question. My first question is about the prepayment of iron ore contracts. I would like to better understand if you think there is room to increase your exposure, and if you could comment on the volumes that you have closed and the deadlines of terms looking forward. My second question refers to capital allocation. How are you going to balance that mix between CapEx, the payback of dividends, payouts going forward from the viewpoint of deleveraging the holding and a potential slowdown of business in the domestic market in Brazil? These are my two questions. [Foreign language] Thank you for the questions, Guilherme. Regarding the prepayments last year, we ended with BRL 11.6 billion opened. Regarding payments, if you look at the close, we're standing at BRL 11.5 million, showing you the execution we had communicated to the market, rolling out the amounts due expected for every year. This year, in the first half of the year, we had the maturity of $50 million. At the end of the semester, we made an operation of $240.9 million. This concept of rolling out our exposure is our solution. There is room to increase this, but we don't intend to do this. Now, regarding volumes and deadlines term, this year, we have 13.1 million tons in prepayment in 2023, 14.7 and 13.3 million tons for 2027, and 9.9 for 2028. After this, it will drop to 3.9 million tons. There is a concept to roll over that maturity every year. When it comes to capital allocation, CapEx, dividend payout, and buybacks, we have a buyback program open until 100 million shares that mature in December of this year. We have already bought back 53 million of this amount approved by our board. In the recent past, we haven't been very active in working with this open buyback. We have prioritized CapEx allocation and the payout of dividends. Of course, we're always attentive to this alternative of the buyback regarding the CapEx. The plan that we communicated at the last CSN day is maintained. The Chairman of the Board mentioned that all of this depends on the P15 and the expansion to have higher volumes. It also depends on interesting opportunities in the reutilization of dam tailings, circular economy to produce at a competitive price with good financial returns, and of course, with that social environmental look that is very well received by the communities that do want the advance of characterization of dams. Now, given that net cash position that we mentioned in the presentation, we have 0.8 x leverage at present, which gives us the comfort of maintaining our payout of dividends 100% of net profit and alongside this execute this growth plan that we have mentioned here. Now, it's an efficient, profitable operation with a sound balance that allows us to continue working this way. It's very difficult to see a player paying out dividends and having growth. It's usually one thing or the other in the market. CMIN is an exception for the reasons I have just mentioned. In the holding, there are public plans regarding transactions that would involve our infrastructure assets among other alternatives. There are very clear alternatives that are being addressed by the marketing team of CSN. [Foreign language] Thank you. Thank you very much, Pedro. [Foreign language] To complement this, Pedro, today we presented the earnings results of CSN, and we were asked about the deleveraging not only for CSN but also for the holding. I would like to repeat what we said in the call. We're working arduously on the infrastructure package and the logistics package. We have seven assets, five in the southeast, two in the northeast, which are the Transnordestina FTL and the Port of Pecém. Our idea is to capture BRL 8 billion for the project in the southeast that is more advanced in terms of its valuation and our desire and search for a strategic partner or another way of attracting partners, be it in the market or further northeast as well. They're packages with similar values. We don't know if we're going to monetize them jointly or separately. First, we will begin with the southeast that is operating at full steam, and secondly, the northeast that is very close to conclusion. We are working arduously on this project for infrastructure and logistics. Along with this, we have several other alternatives that are under study, and our greatest priority, of course, is the deleveraging of the company. This was mentioned in the CSN earnings call this morning. As part of all of the assets, what we have is high-quality assets. The one that is most advanced with a higher value is the infrastructure and logistics package. We are selecting our advisors to continue with this until the end of the year. We are working towards this. [Foreign language] That was very clear. Thank you. Our next question comes from UBS. From Artur, you can proceed with your question. [Foreign language] Good afternoon. I have two questions here. My first about the commercial strategy and your iron ore strategy. You said that you're selling low-grade iron ore until the coming into operation of P15. Now, this lower quality strategy was implemented because of what is happening in the Chinese steel plant. I would like to know how CMIN has positioned itself to capture the premium as we have a scenario of growing spreads and more restrictive policies worldwide. My second question regarding cost. I would like to understand your next steps to maintain or deepen your cost advantage compared to other companies because of the projects of P15 and your recovery of tailings. [Foreign language] Thank you for the questions, Artur. Regarding our commercial strategy, this is something we mentioned this morning, and I underscore it again. We will not have a relevant change of level in the quality discounts in the near future. Of course, this is subject to market adjustments that have their own dynamic. We had an adjustment of $15.6 per ton in the first half of the year. For the second half of the year, the trend is to have an improvement, not very considerable. We will have minor adjustments in the third and fourth quarters. The low margins of the Chinese steel plant is a fact. It's a market consensus, and that means that they are seeking low-grade more dynamically, and there are enrichment plants in China with low utilization rates, and this results in lower discounts for lower-grade material. Looking forward, the coming into operation of P15 will be a transformation. If we look at the present-day market conditions, the products would have a premium higher than $30 compared to Platts two. We would leave that level of $15.6 per ton this quarter to $16.5 per ton with a premium of $30 per ton or more. Now, the plant has been foreseen for the fourth quarter of 2027 with a ramp-up of 12 months, and materially, this should allow us to enhance the quality and the premiums that CMIN will obtain. You asked about how we are capturing that premium with that quality. In general, those pet feed contracts follow what is done with pellets, and the negotiations are based on a benchmark defined every quarter in the contract. This will be the model that we will tend to follow in most of our contracts. Regarding the costs, we always have several initiatives. I'll mention only one example that is underway: displacement of dry operation we have in our production mix into Casa de Pedra. This avoids more complicated displacements in 60-ton trucks of capacity. It ends up reducing the DMT. By reducing DMT, you can produce more with the same resources that you have. This cost control and the increase in efficiency and productivity is one of the initiatives we have had throughout the years. Other initiatives include the development of movable posts within the mine to save on diesel, increasing the volume of displacement. This eliminates lines and the time it takes to go to these service stations, basically. We also have had an increase in fleets that have increased from 40 tons- 60 tons of fleet. If we look at the future, there are other opportunities that we are surveying. The automation of the fleet itself is something that has been ever more adopted in our sector and is a real possibility for Casa de Pedra. When I speak about cost control, I'm not even thinking of more strategic movements for the near future. [Foreign language] That was very clear. Thank you very much. [Foreign language] Our next question comes from Eugenia Cavalheiro from Morgan Stanley. You can proceed with your question, ma'am. [Foreign language] Hello, everybody. Good afternoon. My question refers to the CapEx disbursement for CMIN. regarding the P15. When can we expect an increase in that CapEx? You mentioned it in the guidance in CSN Investor Day, and you mentioned it in the last call. Will we have a pickup in those expenditures in the coming quarters? If you could give us an update in the progress of the construction of this project. Thank you. [Foreign language] Eugenia, thank you for the question. Regarding the CapEx, I mentioned an exponential growth, if I recall well, a growth of 50% for the first quarter. We're forecasting something similar for the second and third quarter, and in the fourth quarter, we will end up with more than BRL 500 million for expansion CapEx. We began with BRL 141 million, BRL 214 million. There is a ramp-up, which is, of course, desirable and directly associated to the positive advance of the works at P15. We had an important milestone in the supplies of P15. Recently, a definition of the suppliers responsible for the civil work at the plant. The next important hiring, Eugenia, are underway. We have several specifications. We have begun speaking to suppliers, and because of electromechanical assembly and route, iron ore should only take place at the beginning of 2026. We're going to be taking iron ore from the plant to filtering. That is very close to the loading area, and we have the displacement of the tailings and the return of the water towards the plant. [Foreign language] Thank you, Pedro. Thank you for the questions. [Foreign language] Our next question comes from Yuri Pereira from Santander. You may proceed with a question. [Foreign language] Thank you. Good afternoon. I want to go back to the first question on purchases from third parties to get an idea of the profitability of producers that supply this iron ore. Have you been able to make money with this? Is there anything you can share about this process? [Foreign language] Yuri, that's a very pertinent question. At the level of $100 or $110, yes, they do have healthy margins. The Brazilian iron ore has a simpler grade than the Australian iron ore, but in the present-day market conditions and with the logistics available, RMS and the port, I would say that the margins are healthy. This will vary from one supplier to another. You have suppliers nowadays that do have a certain scale. They have projects for high-content iron ore feed. They tend to be more competitive, and they're working with equipment that is smaller than the larger mining companies and an interesting price realization. This does not hold true for the entire sector. We have simpler producers with higher costs, with products that perhaps are poor in quality and that are more sensitive to price. Presently, this has not become a touchy point when it comes to the origination of volumes. It hasn't been so far. It shouldn't be going forward. With iron ore $90, what will happen with that volume from third parties? When the market tested $90 iron ore, we see that the margin decreased, but the volumes did not leave the market. I don't see players making decisions based on the prices of the spot market. The decisions are made for the long term, and all of the players in our market had relevant results in the last few years with the iron ore. I think they have a good balance to withstand this price fluctuation in the coming years. If it comes close to $90, these products will not come out of the market. However, their margins are more compressed. [Foreign language] Thank you. Thank you very much. [Foreign language] Our next question comes from Marcelo Arazi from BTG Pactual. You may proceed with a question. [Foreign language] Hello, everybody. I would like to see your market vision. At the beginning of the call, you said that the iron ore will be at $100, $110 per ton. Perhaps you can break down this vision you have, knowing that China has data of a falling consumption of steel. The volumes have changed, so I would like to know your vision regarding this market. You commented on China at the beginning, saying that there has been no relevant message in the last meeting of the Chinese government. What do you foresee in terms of this potential side reform being debated by the market? How could this impact the iron ore cost? [Foreign language] Thank you for the question, Marcelo. There are some data. We have solid foundations in our sector. The use of blast furnaces in China, we spoke about this in the morning. Their use is 90.2% higher than it was a year ago. Their inventories have dropped. They're at the lowest level in the port since February of 2024, 136.6 million tons, 16 million tons below what they were a year ago. Despite the margin being low, that favors the low-grade iron ore. For some time already, there hasn't been such a large number of profitable Chinese steel operations, 16.5%. Last year, there were 15% of steel plants with a positive margin. That statistic has increased fourfold when we look at their inventories. The steel are 5.5 million tons below what they were a year ago. There's a curious information here. The retail sales of home appliances are at 30% what they were in the first quarter of last year. If you look, the consumption of steel is not that relevant. They consume what Brazil consumes in terms of steel for their home appliances. They had an expressive growth, and this shows the success of the program that they implemented called training and incentive for the population. Now, sales at the plant have not grown that much, 9% for air conditioning, 8% for washing machines, but there was a lack of product in the retail market. There is an involution, and when you have an involution, what is happening in the market is that inefficient competition, an excess of capacity, and a price war. This shows that potential side reform that you mentioned. This is not only for steel but for cement, the production of cars, and much more. All of this could lead to healthier margins in sectors that consume steel. All of this will strengthen the demand for steel. You have the construction of the largest hydroelectric in the world, and the steel consumption is not material. They estimate 200 million tons- 600 million tons per year, not relevant for the Chinese market. Perhaps it's just one more indicator that the large infrastructure projects will continue to be part of the Chinese development. They do consume a great deal of cement and steel. If we look at the iron ore supply between January and June, it's 3 million tons below what we had in 2024. The demand for steel is healthy for the Chinese. Now, the supply of iron ore shows a greater retraction in the market vis-à-vis last year. It's not the case of Brazil that is growing by 100,000 tons. We had an event of force majeure in Peru, what is happening in Ukraine, and they're all holding back on their supply. All of this is relevant. There is no natural depletion in the sector, and capital allocation has to exist to offset what is leaving the market. They won't go in with 100,000 tons overnight, and this is the level they will reach in 2030. They have a relevant reserve the coming year. They're speaking of 20 million tons. Now, if we speak about P15, it's 16.5 million tons. If 20 million tons is relevant, yes, but it won't happen overnight. It won't be immediate. This will happen throughout a certain number of years, and you have the natural depletion, of course, that continues to exist. [Foreign language] Thank you. Thank you very much. A highly detailed answer. Thank you. [Foreign language] Our next question comes from Ricardo Monegaglia from Safra. You can proceed with a question. [Foreign language] Good afternoon. Thank you for taking my question. The first question, Pedro, refers to volume in production and third-party purchases. In my account, the volume of third-party purchases was stable in the first half of the year. This leads me to think that your own production has attained higher levels. I don't know if it's time, but could we have a discussion if the guidance of this year for production and C1 should be updated? What you developed in the first half, if it will be the same of what you developed in the second half of the year, will be above the guidance. Perhaps you should review this, and if it is the case, which are the factors that made your internal production grow so much year on year? [Foreign language] Thank you for the questions, Ricardo. Regarding the production volume and purchases of 42 million tons- 43.5 million tons from third parties, we produce 20.8 million tons. If we were to double that volume in the second half, we would be somewhat above the range of our guidance. That excellent performance of the first half of the year allows us to be in a comfortable position to comply with the guidance we disclosed to the market. We're in the half of the year. Of course, we will review this. We have operational difficulties with the coming into operation of P15, but we're confident that we will deliver our guidance, and eventual discussions of a review will only take place after the end of the third quarter. Regarding our own production and the factors, our own production has grown, but the amount purchased from third parties has also grown. It was 19.5 million tons in the first half of 2024. We now have 20.4 million tons. There is a growth in own production and purchase from third parties, and the trend is to maintain that strong volume of own production and purchases in the second half of the year. Now, what allowed for this better position, an excellent performance of our system? When I spoke about cost reduction, one of our CFs in Casa de Pedra, this is one of the initiatives we were able to implement in the first half with positive results. [Foreign language] Thank you, Pedro. If you allow me another question, the expectation for quality, which is the evolution we can expect for the coming two quarters vis-à-vis your delivery levels in the first half of the year? [Foreign language] We shouldn't have significant variations in the quality levels until the coming into operation of P15. We do hope to have a marginal enhancement with a positive twist in terms of quality, with a higher iron ore content and lower silica content, which will support our price realization. Now, if we take a picture today with a higher Platts level, remember that at the end of the quarter, we had 6.8 million tons at the Platts of June that was at $94. Now, with the Platts above that level of $100, where we hope it will remain for a short period of time, it means we will have a better mark-to-market, a positive impact. The exchange rate that has appreciated also plays in our favor, and it will be 59% ore content or around that. [Foreign language] Thank you. Thank you very much, Pedro. [Foreign language] Our next question is in writing for Carlos Rodriguez, an investor. Is there the possibility for CMIN to close its capital? [Foreign language] Thank you. Carlos, thank you for the question. Nowadays, we don't discuss that possibility in-house. The movement in the company is part of a broader strategy of our Chairman and CEO for the group, Mr. Benjamin Steinbruch. In truth, we're attempting to strengthen each of the business units, allow for these businesses to have their own currency of exchange, to become more consolidated, to become listed in the stock market. We may be listing other businesses, but we won't be closing the capital of CMIN. [Foreign language] Our next question is in writing from Daniel Lindoso, investor. Congratulations to the results for the quarter. I have two questions. In the scenario that we see presently, a depreciation of quality of iron ore, if there's a premium paid for better quality, as happened in 2018, can CMIN still work with a product mix as it did in 2018, and can you comment on your freight strategy? [Foreign language] Thank you for the questions regarding quality. We have our levers. We can change our commercial strategy. In the past, a not distant past, different players adopted the strategy of value over volume. This trade-off will always be on the table, and they may focus on different fronts. CMIN will always have those trade-offs to analyze and optimize its strategy depending on the market conditions. Now, regarding freight, we did have a strategy of closing higher volumes than we historically had. For the second half of the year, we have a volume of 7.1 million tons already contracted with an average price of $21 per ton, quite competitive if you look at C3 presently. The company has adopted that strategy of closing annual contracts, different contracts that will total this volume. We have been paying attention to that cost item line as a business opportunity and the opportunity to enhance the management of that variable. It is the main variable presently. When we look at the cost that exists in China, $20.8 and a C3 of $40 some, it costs more to take it from our port to China than to produce the port and produce it at home and operate our own port. This has gained significant traction in-house, and with the long-term prices and with the market levels, it doesn't make sense to have these contracts for the very long term. That is why there are yearly contracts. Without a doubt, we will make the most of the market opportunities on that front. [Foreign language] The question and answer session ends here. We're going to return the floor to Mr. Pedro Oliva, the CFO, for the closing remarks. [Foreign language] I would like to thank all of you once again for your attendance at our earnings call. I would also like to thank each and every one of the employees at CMIN. This quarter, once again, they helped us to reach that new record in volume and production and in sales volume for the second quarter. I share this result for each and every one of you. Good afternoon and have a very good weekend. [Foreign language] The conference call for CMIN ends here. Have a very good day.