Good morning, and thank you for waiting. Welcome to CSN Mineração's conference call to present its results for the second quarter of 2026. The company's executives are here with us today. Please note that this event is being recorded and that all participants will be in listen-only mode during the company's presentation. We will then begin the Q&A session when additional instructions will be provided. Today's event can be accessed on CSN Mineração's investor relations website, ri.csnmineracao.com.br, where the presentation is available. A replay of this event will be available shortly after its conclusion. Before proceeding, we would like to clarify that some of these statements contained herein are merely expectations or trends and are based on the current assumptions and perspectives of the company's management. There may be material variations between actual results, performance, and future events, and these statements do not constitute projections. Actual results, performance, and events may differ significantly from those expressed or implied by these statements as a result of various factors such as general and economic conditions in Brazil and other countries, interest rate and exchange rate levels, future renegotiations or pre-payment of obligations or credits in foreign currency, protectionist measures in the U.S., Brazil, and other countries, changes in laws and regulations, and general competitive factors on a global, regional, or national basis. We would now like to give the floor to Mr. Pedro Oliva, Chief Financial Officer and Head of Investor Relations, who will present CSN Mineração's operational and financial highlights for the period. Please, Mr. Oliva, you may proceed. Good morning. I would like to thank you for attending our earnings call of CSN Mineração. We will start with the highlights of the second quarter of 2026. We reached the fourth highest volume of sales of our history, even with a 15-day maintenance shutdown carried out in the period. We also reached a monthly record of production and sales for the months of April and June, highlighting the operational efficiency of the company. The net income of BRL 219 million was 89% higher than in the second quarter of 2025, even with the pressures on logistics costs and with a more appreciated exchange rate. The adjusted free cash flow exceeded the BRL 1 billion mark and was supported by a strong release of working capital. The buyback program was extended by another 50 million shares after the company repurchased almost all of the original volume. The production volume, plus iron ore purchase totaled 10.8 million tons. We also had an increase of 8.2% in production and also purchases that reflects the seasonality of the drier period and a strong efficiency. The drop against the second quarter of 2025 is related to the scheduled 15-day maintenance shutdown at the mine and at the port, and that was done in May. Inventories ended the second quarter of 2026 at 2.7 thousand tons, representing a decrease of 12.9% compared to the first quarter of 2026 and 20.5% compared to the second quarter of 2025, reflecting the company's effort to release working capital. This is the lowest level of iron ore inventories of CMIN in the past five years. In the following slide, we also have the information from sales volume and net revenue. The sales volume of 11.8 million tons in the second quarter of 2026 was the fourth highest in the company's history, with an increase of 23% over the previous quarter. That shows the stability compared to the second quarter of 2025. Tecar shipped 9.7 million tons, a volume 11.7% higher than in the first quarter of 2026, even though we were idle for 15 days for a maintenance. The adjusted net revenue of BRL 2.8 billion represents a decrease of 9.4% compared to the first quarter of 2026 and a 15.8% decrease compared to the second quarter of 2025. Despite the strong sales volume and the price of iron ore maintaining its levels high, the result was impacted by the exchange rate appreciation and the increase in freight costs. As a result, net unit revenue reached only $49 per ton, 21.5% below the first quarter of 2026 and 5.4% below the second quarter of 2025. Moving to the next slide, we can analyze the price realization data for the company. Our unit revenue had a drop of $3.5 compared to the $62 we had in the previous period. Platts of 105.3 grew in US dollars, but the quality adjustment was higher, $14.5 per ton, also bigger. Both factors that explain this drop in the net unit revenue was the impact on the QP basket from $3.8 negative compared to $1.3 positive in the previous quarter. This means a $5 variation, which is explained by the fact that Platts had a lower average in the quarter. Also, maritime rate was the main variable that explains this drop in the unit revenue and a growth of $8.2 when you compare quarter against quarter. In the following slide, we also have the information on adjusted COGS that increased 4.1% against the first quarter of 2026, given the higher sales and higher purchasing volumes. Against the second quarter of 2025, this 15.4% drop reflects an improved product mix with a higher share of own production. C1 was $24 per ton, compared to $23 per ton in the first quarter of 2026, pressured by a higher exchange rate. The adjusted EBITDA reached BRL 1 billion with a margin of 35.5% in the period. This decrease occurred despite a period of operational excellence driven by the impact of a 15-day maintenance shutdown, logistics costs, and a more appreciated exchange rate. In the second quarter of 2026, a drop in the EBITDA vis-à-vis the previous quarter is a direct result of the ocean freight and the realized price. In the first quarter, EBITDA was BRL 1.4 billion. The second quarter is BRL 1 billion. The ocean freight was responsible for most of these variation because since the beginning of the war in February, that has caused pressure on oil prices and fuel prices in general. This is why ocean freight in this route between Brazil and China has increased. As to investments, as we had expected and explained in the last earnings call, we reached BRL 687 million, a 59% growth vis-à-vis the first quarter of 2026, and a 37% growth vis-à-vis the second quarter of 2025. The progress in the execution of P15, with emphasis on the evolution of civil works and disbursement related to the large annual maintenance shutdown, explained the increase in the amount it invested in the quarter. There was an 82% growth in the CapEx for business expansion, and that relates to a good progress of P15. We have the data for working capital in the second quarter of 2026. The net working capital applied to the business was negative by BRL 6.4 million, a significant reduction compared to the first quarter of 2026. This variation is the result of the strong reduction in inventories because our desire to release working capital as the company as a whole. Also, a reduction in accounts receivable because of the reduction in Platts, and also an increase in the supplier account because of the volume of purchases in the period. At the end of the first half of 2026, we had BRL 7.9 billion available. This is a 10% reduction vis-à-vis the previous quarter and a net debt of BRL 1.4 billion, with leverage measured by the net debt over LTM EBITDA ratio rising from 1.11 times to 0.23 times. The increase in net debt is due to the amortization of prepayment agreements and share buybacks in the period. The company continues to have a solid capital structure to meet its growth projects needs. The adjusted free cash flow was positive at BRL 1.1 billion, reversing the negative cash generation recorded in the first quarter of 2026. This variation is a consequence of the release of working capital in the period, which ended up compensating for the lower operating result and the increase in CapEx in the period. The strong growth in net income in the annual comparison is the result of the lower impact of the exchange rate variation on the financial result of the company and the recovery of tax credits in the period. The relative stability compared to the first quarter of 2026 is explained by higher volumes that helped offset the pressure of the increase in ocean freight costs. As usual, we conclude our presentation with the ESG highlights of the quarter. In governance, it's important to highlight that our company was assigned as industry leader by Sustainalytics, one of the key ESG agencies in the world. We reached the ninth position among 147 companies in the iron ore and steel sector in the world. Related to diversity, we had a 7% increase in female representation in leadership positions compared to the second quarter of 2025. In environmental management, we had a 22% reduction in greenhouse gas intensity in ore production compared to the base year of the target, which was 2020, and an 18% reduction in water intensity by ore production compared to the same period of last year. That concludes my presentation, and now I would like to turn over to our board director's leader, Mr. Benjamin. Good morning. Thank you for your participation in this earnings call of CMIN. I would like to make some brief comments on this presentation. First, I'd like to say that this quarter had excellent operational performance. It had the fourth highest volume in sales of their history with the two best monthly results in April and June. We reached record levels of production and sales in the history of our company. Our performance was not even better because of the 15-day scheduled maintenance shutdown, both in the mine as well as in the port, and that happened in May. This is the longest shutdown that we have, and it needs to be done at the same time in the port and in the mine. That is the most complex shutdown that we have to make during the year. It was performed and completed as scheduled without any problems. For the rest of the year, we are free to produce. As usual, we are working strongly on costs. Costs are under control. C1 had a slight increase only because of the exchange rate effect, as you well know. I believe that we can go back to other levels, and they will probably be stable in the second quarter. The EBITDA drop in mining business was a consequence of exogenous factors. We had the impact of the war on the ocean freight prices and also the exchange rate impact on the realized price. At the end of June, we had a one-off effect of the exchange rate because during the month, the exchange rate was rather stable, but then at the end of the month, we had a lot of pressure on the exchange rate. Even with these pressures related to exchange rate and to the freight costs, the EBITDA margin was above 35% for CMIN. We expect the second half of 2026 to see the normalization of freight costs so that they will go back to previous levels. We also expect the war to end, and we also expect the iron ore prices to be capped at a level of $100 or higher. I would like to thank our team for their operational performance. Every quarter, the team shows to be more and more efficient. We can see that in quantitative terms. We also aim improvements in operation performance also in qualitative terms because we aim at improving the quality of the iron ore so that we can provide a product of higher quality to the market. In sales, since we sold the entire production plus what we had purchased, we reduced the inventory levels, as you could see in the presentation. As to the port, despite this long maintenance shutdown of 15 days, the port shows to be increasingly efficient. I would like to congratulate the efforts made and the accomplishments that we had in the second quarter. We believe that in the third quarter will reflect the improvements in our performance. That is basically what I had to share with you. Now I would like to turn over to Pedro Oliva again. Thank you, Mr. Chairman. Now we will move to the Q&A session. Thank you. We will now begin the question- and- answer session for investors and market analysts. If you have any questions, please press the Raise Hand button or submit your question using the Q&A button. Our first question is from Tathiane Candini from JP Morgan. Go ahead, ma'am. Good morning. First, I thank you for taking my question. I would like to understand a little bit about costs. You explained that you expect the freight costs to be normalized again and also iron ore prices to go up. But I would like to understand whether you could break down the impact factors on this second quarter. What we have seen from mining companies is that they are having some impact on costs of energy, and that is true for Brazil as well. So, could you give us some idea of the size of the highlight of these effects in this quarter, and also how you prepared your budget and how you expect to see this impact from now on? That was my first question. My second question is that we are talking about returning the P15 project. CapEx is going faster. At the end of 2025, we also acquired a logistics company. Do you believe that it makes sense today to have more exposure, maybe more volume from P15? Are these projects you would be interested in now that you have higher volumes, or you believe that the levels you have put you in a very comfortable position? That is it. Thank you. Thank you for your questions, Tathiane. From the cost perspective, the exchange rate itself explained the $1 variation of C1, which is higher than the $0.90 cents variation that we had. Indeed, the exchange rate was the major offender of cost. On the other hand, we had an increase in maintenance costs because of this major shutdown. Those are not recurring costs. We had higher volumes of production because despite the fact we had a shutdown, we produced more in the second quarter than in the first quarter. These were the main drivers. The exchange rate had the greatest impact that we have even more than others. From now on, this is an election year, so of course, we expect the exchange rate to be more volatile. In the past days, we have seen a reduction of the BRL, the appreciation of the BRL vis-à-vis the USD. So if that trend continues in the upcoming month, then that will help in our USD prices and also our price realization in BRL. The exchange rate is more appreciated in our budget because that raises the bar in terms of management challenges. We want to mitigate this impact with other cost control measures because we want to deliver a guidance at C1. It is at $22.25. We maintain this level, and we expect to reduce costs in the second half of the year. As to the MRS question, this is an asset that is very strategic to us. It is the only railroad that connects our mine to our port. In our understanding, since we had this recent acquisition, that made perfect sense to CMIN, but in the future, if you want to have more exposure, we have no current discussions on our board related to that. So, this is not a hot topic for us today in the company. Thank you. Next question from Guilherme Nippes with XP. Go ahead, sir. Good morning, Pedro and Benjamin. Thank you for taking my questions. I have two questions. First one relates to cash generation. When look at the debt variation, it was about a BRL 700 million variation in that debt. Part of that variation is explained by the prepayment of contracts and also repurchase of shares. Which of these initiatives do you think could help generating more cash, considering the iron ore context at lower levels, higher freight costs in the second half of the year, and also this impact on price? Do you believe you could expedite repayment contracts, any internal initiative to reduce inventories or any other initiatives that could help generating more cash considering the market conditions that we have today? I believe that they are challenging conditions and are of your control. I have a second question related to capital allocation. I've seen that you've accelerated the repurchase program in the second half. Do you believe that from now on, this is a strategy you will prioritize vis-à-vis payment of dividends? Will you keep your dividend policy? Also related to the context of disbursements related to the P15 project. Thank you for your questions. As to the cash generation in the quarter, on one hand, we had a strong release of cash because of the release of working capital, also reduction in inventories, reduction in accounts receivables, and increase in payments of suppliers. Another impact on cash generation, as you correctly mentioned, is the non-rolling of payments. We do not roll out in all quarters. We announced to the market an operation in the first quarter. We expected to roll out also these investments of BRL 26. What we want in the second half of the year is to roll out additional debts so that the impact is going to be practically zero. As to other cash generation opportunities, we have made a significant effort in reducing inventories. We have reached the lowest inventory level in the past five years. This does not mean that we do not have other opportunities aligned to it, but of course, there is a limit to what can be done in operation. Of course, if we keep very low inventory levels in the port, this could have a negative impact on shipment. From the financial perspective, that doesn't make a lot of sense. But considering the inventory levels we had in the mine at Pires, they are being reduced, so to focus on cash. As to capital allocation, we believe that with the current levels of shares, it makes sense to repurchase them. This is the management and board's perspectives right now. 50 million shares have been repurchased. This is how the company reacted to the prices that we had, and we understand that at the current levels, this still makes sense. This is why we will keep on implementing the share repurchase program that is still open and will last until next year. Thank you. Our next question is from Henrique Marques with Goldman Sachs. Go ahead, sir. Good morning, and thank you for taking my question. I would like to learn more about costs, Pedro, to go deeper into this topic. I think that this quarter had a highlight in terms of improvement of other costs. In terms of dollars per ton, there was an increase of $1 in C1. But in terms of other costs, anything within cash costs X C1, they would be from $10- $13. But in this quarter, these levels came down to $5. What has led to such a significant reduction in cost in this quarter? From now on, how sustainable is this level? Is this the new expected level, or was it a one-off result? Do you believe that costs will go up to the levels of $10- $13 per ton? You also talked about the prepayment, and it's going to be rolled out for the second quarters. Do you believe that this is going to be done in the third quarter or fourth quarter? I think that this is important to do that because, of course, it's important not to burn cash. That's it. Thank you for your points. As to improvements in cost, the most relative cost C1 related to port or mining are the purchase of iron ore from third parties. In the past years, we changed our methodology in terms of these purchases. We no longer focus so much on current prices, but more on future prices. That has to do with the exposure of ore because we purchase the ore, we take that to the port, we ship that. There is the time until it gets to China, and oftentimes, the spot exposure has to do with this date when it is being transported close to Singapore. In some cases, we also need to make adjustments later on. We started to purchase iron ore with price adjustment, looking at the final price because we need to take into account the day when it gets to China. Just for your reference, if I buy iron ore in May, and I ship that, and it is going to China, and there is a drop in iron ore price, that provisional price is going to be adjusted down, which in practice mean a lower cost of purchase of ore. That is a very important relevant of our COGS. When you look at the average Platts of $105, I know that in May or in June it was $100, so a $5 drop. Our rollover was a little bit higher. We ran a little bit higher than that in May. I don't know if we can call this a one-off variation, because that depends on the volatility of prices from now on. Personally, I believe that we are at the lowest FOB prices since October 2022 if you take Platts minus three, C3. I do not think that these levels will be sustainable. I believe that we are going to see a reduction in volume at different prices. I believe that since the beginning of the war, Brazil has seen a reduction in the FOB reference in about $16. It is a lot of materials. We see some suppliers that are not so resilient, so they are holding down a little bit of the volumes. As a consequence, as Benjamin mentioned during his comments, we see a trend to make adjustments at Platts and to make a correction to take it up to increase the FOB prices in Brazil. That was very clear. This change in methodology was implemented when? What is your question again? How far back can I look and see this change in methodology about the purchase from third parties in QP? We did that over 12 months ago. I think that this was the correct strategy that we chose because our margin is practically fixed once you purchase the ore. We see that this margin provides a good price considering the infrastructure we have and the cost that we implement. The port needs to be properly paid for their services and also the CapEx that it requires for maintenance and also expansion. As to the second half of the year and the strategy we are going to use to roll out investments, roll over investments, we will do some things in the third quarter. Some activities will be implemented in the fourth quarter. Some trading companies have called me interested in doing something already in the third quarter. Yes, this is possible, but it's not a final decision on our side yet. Thank you very much. Next question is from Carlos De Alba with Morgan Stanley. Go ahead, sir. Carlos, you can proceed. Yes, that's right. We expect to roll over the debts that are going to be maturing in the second half of the year. As we did that in the first quarter, a little bit less than 50% of what would be mature in the second half of the year. In the second half of the year should be marginally positive. Regarding the purchase of iron ore in the second quarter of 2026, we purchased 2.7 million tons. Despite the price challenges we had and the expectations we have of getting improvements in the second half of the year, we believe that there will be an increase in the volume purchase from third parties. It should reach a level a little bit higher than 10 million tons. As to P15, we keep working. Also is our project and investment manager, and he can confirm that. Our expectation is to start up the plant in the end of 2027 and test the entire line running dry. The ramp-up is to be done along the year of 2028, so that we can reach full operation of the plant in 2029. Next question is from Ricardo Monegaglia with Safra Bank. Go ahead, sir. Good morning and thank you for taking my calls. I have two, three questions. Well, I'm thinking about CSN Mineração. If you sell the logistics initiative, how do you see that? You have Tecar, MRS. I would like to understand if we should expect CSN Mineração to be a minority shareholder of this new logistics infrastructure, or do you expect a different composition if the logistics sales goes forward? My second question, actually, a follow-up in the share repurchase. We have seen several buyback programs being announced, but not all of them were fully implemented or have advanced significantly. The one that had some significant advancement was before there was an important sale. Are you going to sell some stake to a strategic player? Is that what you plan to do? My third question, in terms of CapEx, you said that you were looking for partners to implement smaller projects related to waste and logistics, and I would like to have some update on that. Does that make sense? Is that something you're actively looking forward to? Thank you for your questions. From the logistics perspective, as the market knows, this process is ongoing. We expect to get non-binding proposals during August. I believe that one of the possible configurations of this transaction is to have a spin-off of these assets so that the shareholders of CMIN would still have share in this vehicle, but not necessarily CMIN directly. But this is something, an idea that we're still getting more mature. Also depends on the profile of the investors in the proposals we get and the negotiations we have with those parties. This is still being designed. We hope that this process will become more mature in August, during August. As to the buyback program, this is good capital allocation. At the current level, we have seen a good advancement of P15. It's good progress, and this leap in volume and quality that this asset is going to provide to the company is reflected in the pricing of shares. There is some rationale of capital allocation of CMIN. I cannot comment on any plans related to potential sale. Of course, this is a decision of shareholders. As to the waste program, we already have a project underway that we had in partnership with a third party that is running the waste processing in the Pires site with a good ramp-up. This project is running well. There is another project that we are working very hard on. We are discussing some alternatives that we have, both in terms of size and potential partnership, which is the B4 project. It is likely that we'll have some news about this project by the end of this year. Thank you. Can I just relate your last comment to another question? Can you give us more details on how the economics of these share projects work when it involves a third party? The detailed terms of the project are confidential. I cannot share them with you. But in terms of structure, we sell ROM and we purchase. So that's waste. So we sell the waste, and we purchase a product at a significant discount compared to the market prices. In practice, we share the profit of that operation without investing CapEx. So it's kind of a trade-off between bringing a partner. There is also time and focus of the manager dedicated to P-15 and also to the company's balance sheet. We believe that for various reasons, that was the best way to go. That was clear. Thank you. Our next question is from Rafael Araujo with Itaú BBA. Go ahead, sir. Thank you for taking my questions. My first question is related to the CapEx schedule for the next quarters. I see that you've advanced a lot with P15, but I would like to hear more about the CapEx schedule for the next quarters. My second question relates to the market. How do you see the market conditions today considering the current iron ore prices, fuel prices, oil prices, freight costs, the war? Do you believe that some producers are reaching their capacity levels? How do you see CMIN's competitiveness in this scenario, especially if this challenging scenario remains for the next quarters? Thank you. As to CapEx, similarly to the growth we had from the first quarter to the second quarter, we expect that its upward trend will continue. For the next quarters, we see an increase in CapEx, especially related to P15, plus a growth in the CapEx for expansion. And it's very material for the next quarters. As to the market, I think that it depends on the proxy of iron ore consumption in China at a high rate of 94.9%, a little bit lower than last year, but still very high. And the percentage of steel workers that have profitability above zero, less than one-third of them is making money. This is less than half of this indicator. So a pressure on the coal prices. And once this is corrected, that would open more space for mining to move forward. The mining inventories at ports are still high, with a 32% increase, and two-thirds of this inventory increase is explained by the increase in supply. We see the exports from January to July all over the world have grown by 22 million tons with an inventory increase of 32 million. All discussions around China explain the two-thirds of variation there. This has to do with an increase in supply in the transoceanic market. We've been through that in the past years several times. Sometimes there are weaker values in China, and some might see that as a trend and price drop, but I see those signals differently. I believe that it was frustrating for some markets in China, and we expect more public bonds to be issued there, and more projects will be executed, and new tax incentives also to increase growth in China. This is why we see a sustained demand for our ore in China and also price correction. If we look back to the beginning of the war, the freight costs had gone up. Platts also had maintained, had amortized, or made up for these changes. But now the Platts, as ground C3 went up $12 with an impact on producers in Brazil. This is a $16 worse scenario, so to speak. Going back to your question, I agree that some people see that less resilient players in Brazil sometimes are still producing but not selling. They're increasing their inventories, expecting improvements in price. Some important suppliers to us, the quality they had did not provide the proper margin that they wanted. They stopped the operations in their plant, fired people, and they're investing to improve qualities. Not every player has this flexibility, but this is something that our supplier has, and that's what they're doing. In the specific case of CMIN, fortunately, our costs are under control. Also, the scale of our operations, the efficiency of our operations, and the logistic integration gives us more resilience that other players lack. We are at a comfortable position right now. We are now internally discussing the value over volume ratio because we are at a lower FOB price level compared to 2022. In some cases, it made sense to us to maximize EBITDA and to make some adjustments to value over volume ratio. That's something we're discussing right now at CMIN. Thank you very much. Next questions are in writing. The first is Julian Lotterstein. He says, "Good results, considering all the headwinds." And I have a few questions. First, what was the third-party volumes? Second question looks like iron ore prepayments were an outflow in the third quarter. What prepayments have you done since June? And his third question: What are your perspectives for the third and fourth quarters, given declines in the Platts index vis-à-vis the still elevated freight costs? Thank you for your questions, Julian. As to the third-party volumes, we totaled 2.7 million tons in the second quarter. We expect those levels to increase in the second half of the year, supporting our guidance and also fulfilling Tecar, as mentioned previously by Benjamin. We are setting new records in the port, opening spaces so that we can work with higher volumes. As to prepayments, we rolled over $300 million this year. We probably will reach higher levels than that by the end of the year. We expect a positive net effect from now on related to prepayments. That's what we expect for the second half of 2026. As to Platts index versus the freight cost, it relates to the comments we have just made. Indeed, the FOB prices are as low as we've ever had. In our opinion, these low costs are not sustainable, so we expect from now on that these FOB costs will be corrected both on the supply side, some smaller producers with less resilience are taking out volume from the market, and on the demand side, maybe a weaker Q2 in China will be accompanied by some tax incentives, and that will support the demand side. Next question, also in writing from Bruno Cataldi. He's an investor. He says, "Good morning, and thank you for this opportunity. I would like to understand a little bit better the evolution of P15. In the release document, you highlight the advancement in civil works, and we see a significant acceleration in the expansion CapEx of this quarter. Could you give us an update on the percentage of physical advance of this project, and if the schedule and budget are as expected? Looking into 2027 and 2028, how should we think about the ramp-up of P15 contribution for volume growth and especially potential of additional generation of EBITDA once the project is mature? When does the administration of the company expect P15 to materially contribute to EBITDA and the free cash flow?" Thank you for your questions, Bruno, about P15. Indeed, this project is transformational for the company. We see good evolution. The infrastructure works will be completed throughout this year. They're way ahead. In civil works, we even put a few pictures in the release. I think that those pictures show how well those civil works are doing. We are now in the final stages of negotiation with suppliers for the electrical and mechanical assembly, both of the processing plants and also filtering of waste plants. We'll probably hear good news until the next earnings call. Fortunately, this project is doing very well, both in terms of its advances and also in terms of an adherence to the CapEx levels we had initially assigned to it. The startup of the dry part of the plant will start next year, so we are talking about less than one year and a half from now. Ramp-up will be done throughout 2028. So, you're asking about when we have some material impacts to the company? We expect that to be achieved along 2028, and we expect to fully benefit from that as of 2029. That plant will add 13.5 million tons with an average content of iron of over 67%. That is probably going to help to take us to a premium of about $30 related to the index compared to the quality adjustment that we have of -14. So, in terms of adding net unit revenue, this is very relevant to the company, and this will probably take us to a significant level with a good premium. In terms of EBITDA generation and cash flow, we believe that we are going to have significant results and will help us a lot in terms of price. In the long term, we expect the EBITDA generation to go beyond BRL 4 billion. Let me remind you that if you want to ask questions, you should click on Raise Hand. If you want to send your question in writing, then please write your question in the Q&A button. Since there are no further questions, I would like to turn over to Pedro Oliva, CFO and Head of Investor Relations for his closing remarks. I would like to thank once again the CMIN team, and Claudio and Carlos Mello really have supported these record levels of production, sales, and the work in the port for all the shipment. And during both in the first month of the quarter, also in June, this is a team that has put a lot of effort on it. And now we have a new commercial director, Cícero. He worked for more than 10 years in Wood Mackenzie. He is an expert in this area, and he is joining our team. Once again, I would like to thank all the attendees to this earnings call, and I wish you a nice day. Thank you. The CSN Mineração earnings conference call is now over. We wish you a good day.