Good morning, and thank you for holding. Welcome to the CSN's conference call to present Strategic Updates for the year 2026. Joining us today are 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. Ensuing the company's remarks, there will be a Q&A section when further instructions will be given. This event can be accessed at the site for CSN, where the presentation is also available. The replay 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 and are based on current assumptions and opinions of the company management. Future results, performance, and events may differ materially from those expressed herein, as they 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 rates and exchange rate levels, future rescheduling or prepayment of debts denominated in foreign currencies, protectionist measures in the U.S., Brazil, and other countries, or changes in regulation and competitive factors at global, regional, or national basis. We will now turn the floor over to Mr. Marcelo Ribeiro, Investor Relations Executive Officer, who will begin the presentation. You may begin, sir. Good morning, everybody. It is a pleasure to be with you at this Strategic Update call. This is a very important day for all of us. We have shared reflections with the board, and the company would like to announce its strategic plan. We have already presented our strategies in the last CSN Day, with a focus on deleveraging, speaking about our infrastructure, and of course, unlocking our value potential. Now, to make the most of the improvement of prices in practically all of our segments, operating evolutions, and as a consequence of cash evolution, the board has approved some necessary movements to be able to work properly with the company's cash. The main goal, of course, is to unlock the enormous value potential of the CSN group through the development of mining and infrastructure projects that are already under the CSN's control and offer high returns. In this strategy, CSN is going to pursue the divestment of certain assets in 2026 to reduce leverage by approximately BRL 16 billion and BRL 18 billion. By this step of deleveraging, the company can enter a new cycle of growth of eight years while maintaining leverage around BRL 1.8. We now go on to the next slide, where we will give you an overview of our segments and the strategic actions that are part of this plan and this important movement carried out by CSN. CSN Mining, a high-performance group and the main growth avenue of the group. It is the seventh-largest iron ore exporter worldwide, with a strong EBITDA generation and high profitability, and we will have new records ensuing 2026. It is an extended mine life supported by BRL 3 billion of reserves. There is an accelerated expansion of P15, and the EBITDA will have an uplift of approximately BRL 4 billion per year. We have robust, mature, and highly profitable projects focused on high-grade products that will take CSN to a completely new level. Now, in the graph below to the left, you see our background of margins, stable and relevant results, contribution margins between 40% and 50%, showing you the full capacity of the company. To the right, we have the ramp-up curve of production of the company, backed by all of our phase one projects that more than sustain the growth that we show you in this graph to the right, where the company will very quickly attain approximately BRL 10 billion in EBITDA. CSN Infrastructure, we have world-class assets with a clear and scalable growth path aligned with the market demand, integrated with a complementary portfolio with seven best-in-class railway, port, and multimodal assets. We have a unique infrastructure that cannot be replicated. We have incomparable edge here. Now, balanced growth and profitability supported by mature assets and brownfield projects. This is a highlight. The expansion projects will have an impact on EBITDA and profitability underpinned by proven execution capabilities. If we look at the graph to the left below, we have a breakdown of our results, our growing results with EBITDA margins between 40% and 50%. And to the right, our growth of EBITDA graph sustained by vehicles that are already part of the CSN group, some of which are in the final stage of execution, several of which are undergoing expansion. Altogether, they will allow the CSN Infrastructure to reach more than BRL 60 billion in the near future. Now, for CSN Infrastructure, what is part of our plan is to sell a relevant share of some assets until 2026. We have a vehicle that will become the best enterprise in the entire group. Now, CSN Cement is the main player in the cement production in Brazil. We have a leadership in this integrated cement production at a competitive cost and the highest margins. We have unique growth potential with a greenfield project and brownfield project at advanced stages. We have differentiated access to mining reserves and rights, energy benefits, and a highly efficient logistics, thus consolidating CSN Cement as the best platform in the sector. The market growth, while we have seen the price recovery already in 2025, and this, of course, will support the new results that we will have throughout 2026. If we look at the graph at the bottom of the slide, we see highly interesting, very resilient results with EBITDA margins reaching 30%, which is the best in the sector. The short-term strategy for CSN Cement is to seek the sale of controls till in 2026. Now, along with the infrastructure and other potential projects, in a very calm way, this will allow us to deleverage between BRL 16 billion and BRL 18 billion. CSN Steel, it is clearly recovering its profitability, one of Brazil's largest integrated flat steel producers in Brazil, irreplicable asset with a strategic positioning. It is diversified and has high value-added products and integrated solutions. It is present in key markets in Europe as well as in the United States. At the bottom, we can see the recovery of the EBITDA margin that has taken place in past quarters. If we look at the short-term strategy, according to the CSN plan, we're going to assess strategic alternatives and partnerships aimed at maximizing short-term cash generation for CSN Steel. Now, this initiative will allow us to deleverage and, of course, make feasible investments in infrastructure and other assets, as mentioned previously in CSN Energy, one of the largest and most competitive renewable energy platforms in Brazil. High-return, low-risk business profile, self-sufficiency since 2023. We have a significant reduction in energy costs. It delivers resilient results with strong cash generation. And since 2024, we have a gas segment with industrial competitive and full commitment with energy transition. At the bottom in the graph, you will see EBITDA margins between 30% and 40%, and of course, growing profitability results during the years. Now, on that roadmap towards deleveraging, the focus is on execution. The main strategy identified is CSN Infrastructure. We will be selling a relevant CSN stake in MRS, CSN Infrastructure. This will begin in January on this date. We're beginning this project today, and the signing should take place between the third and fourth quarter of this year. CSN Cement, sale of control of CSN Cement. Once again, this begins today, and the signing will be in the third and fourth quarters of this year. We already have partners engaged for all of these projects. Now, let's speak about an important topic when we speak about deleveraging. To the left, we have the pro forma leverage based on our latest results. Deleveraging of BRL 15 billion-BRL 18 billion, we could get to one times net debt or below 2x for 2026, better operational results that we foresee for this year. And this effect could be even higher. If we look to the right, we have our indebtedness profile that is well known. Now, we will raise funds to allow us to reduce BRL 1.5 billion-BRL 2 billion per year, and amortization and others will take place recurrently with this entry of resources, with a focus on the first two or three years, and this will redesign our structure, our stock structure in the company. Now, based on the strategic line of the company, CSN reinforces its focus on profitability across core businesses to maximize cash flow generation, material reduction in the CSN group growth, debt, and leverage, and of course, efficient and disciplined capital allocation with a strict leverage target. Now, with this, we end this very short presentation of the Strategic Update for CSN, and I would like to give the floor to our chairman, Mr. Benjamin Steinbruch. Good morning, everybody, and welcome to the presentation of our Strategic Update for the CSN Group. We wanted to do this in a very transparent, objective, and transparent fashion, and I would like to add that we find ourselves at the most important moment of CSN. Our priority, of course, is to resolve the problem of leverage and the capital structure, and we have carried out work throughout the last 32 years in this. We have accrued excellent assets. We have increased what we had originally. We're making the most of the verticalization that we see within the group. We have created truly fantastic companies. We do not have any poor companies, and presently, we have a significant moment in our economy, this challenge of the truly extremely high interest rates, competition from imported products, something that comes into the country in an unnecessary and chaotic fashion, compromising the growth and the investment of companies. The companies are true entrepreneurs, and they have to continue forward. So this is a crucial moment, and the benefit will befall those who will make commitment towards investment and growth of their companies. And we have been highly insistent, perhaps for longer than was necessary, believing that the interest rates would fall to a reality that would favor the companies that are producing, that are offering employment, not favoring those that take advantage of the moment of exaggerated mining of capital without looking at the risks entailed here. And we have finally decided that it would not be recommendable to continue to insist on this expectation for a drop in interest rates and an improvement in the general economic environment for those who are working in Brazil. It's not because this is not a good business or that the business is not profitable. Quite the contrary. We truly believe firmly that all of our assets will be better in 2026 because of the work we carried out in 2025, especially in terms of profitability. We're managing very closely everything that is connected to production cost and market, but despite having the certainty of an improvement in 2026, as we witnessed in the last quarters of 2025, a more positive price trend in the domestic market and enhancements, improvements in the cost situation when it comes to internal production, but we believe that waiting for more time no longer makes sense, and we have therefore taken on these decisions to deleverage approximately BRL 16 billion-BRL 18 billion, equivalent to 50% of our debt. We have already begun with BRL 3.35 billion, which is the sale of shares to MRS that will, of course, be complemented with the sale of other assets. Assets that will prove to be interesting for this specific period of time. Our intention is to move quickly during 2026, and we're doing this with an enormous flexibility of options of how to work on this deleveraging, as this represents less than 20% of what we have in terms of assets that we accumulated in our very long existence. We believe that with this deleveraging, almost immediate deleveraging, we will have an enhancement in our equity as well as in our indebtedness, bringing about value and new ways of funding, of raising funds at a lower cost for the investments that we deem to be a priority. We are thinking of having high margins in our logistics business. We already have these high margins. We work with the railway transportation at levels of 50%-60%. This, of course, will extend to the new infrastructure and logistics projects we have in the Northeast. In mining, despite the investment, we do have truly fantastic projects that will be carried out as part of that potential of reserves that we have and the products that we have at Casa de Pedra in the energy segment. As you are aware, we were not active in this. We have entered more aggressively just recently. Our vision is that the future will be excellent in terms of growth and margins. We work with clean energy and an enormous potential to continue growing. As part of this scenario, we still have the steel mine. We require equipment, technological support, and we will have to seek out the best way to update our productivity to enhance our production in general. As part of this process, and as part of our deleveraging, and as part of our new goals, we're going to have a certain balance of value that will enable us to attain that deleverage and will enable us to continue generating resources to grow in the priority sectors that we have carefully pointed out. All of this will make more sense at the opportune time. I'm addressing you specifically to explain what we're going to do, that we're going to deliver this deleveraging. We are going to enhance the future capital of CSN. We're fully convinced that with this minor part that we are deleveraging, we are disposing of, we will have gains in terms of value, expressive gains, and a drop in cost in the resources that we require for our priority investments. All of this will enable us to invest in the long term in a more appropriate fashion without having to be blunted by these truly extortive interest rates we see in the market. This is our commitment of what we're going to be doing. This commitment has never been as pragmatic and transparent. We're going to ensure that this will happen. We have an enormous portfolio of assets that will enable us to grow, to add value, and to carry out the work that we have committed to, the generation of employment, the generation of wealth for our employees and for the population at large. So we're going to adjust to the reality, enabling all entrepreneurs who still exist in Brazil to continue to work in a less risky fashion and perhaps with a little more comfort to have a return on their investments that are so necessary for the country. This is what I wanted to share with you. Thank you so much for your attendance, and we are at your disposal. Thank you. With this, we end the presentation. We will now move on to the Q&A session. Thank you. We will now begin questions and answers for investors and analysts. Should you have a question, please click on the Raise Hand icon or the Q&A icon. The first question is for Rodolfo Angele from J.P. Morgan. Well, good morning, and thank you for taking my question and to be able to converse about this initiative that is under execution. Which was the rationale that you used to define that sale of control for cement, for example, and infrastructure that will still have a situation of control, but where you will sell minority shares in terms of steel, which is my second question? If you could explain in greater detail which are the opportunities you have. Benjamin spoke about strategic partnerships. If we could have more details of what you are imagining for the segment. Rodolfo, thank you very much. This is Marcelo. Thank you for the question. Well, let's speak about cement and infrastructure assets that are very important. Infrastructure is an important segment for the group. It allows us to have more resiliency. We, of course, have other commodities in the group, steel and mining, but infrastructure has more stable results and is well acknowledged by the market. This brings us a balance in the CSN group portfolio. Now, these are assets from among the seven where we have invested in throughout the years, and we would now like to begin to extract value from them. In the case of infrastructure, what is being done now is only the first cluster. We have four potential clusters, and well, the results will be very high. The sale, that minority sale, complies with our goals of raising significant capital and complies with control in such an important segment, in such an important platform, and will allow a more harmonious result for the group. Now, cement, on the other hand, we're going to begin the M&A process. We're beginning now, moving away from that inertia. If we look at recent transactions in other markets, we will see that the multiple of transactions in cement is quite high, and we will have the sale of control. Now, this multiple compared to the deleveraging and what we could lose in it, of course, is very high. So this will be an efficient transaction geared towards further deleveraging the company. When it comes to steel, our quest is very simple. We're seeking a partner. We're seeking more investments, more technology, helping the steel plant to have a more adequate cash generation. If we compare the investment and the number of assets we have in that sector, now, I don't have a clear data for steel as we have for cement and infrastructure. This is an assessment we're going to begin with other advisors that are supporting us, and very soon we will share that result with you. Marcos, you said that in infrastructure, you're going to sell a stake in the asset itself, and of course, we know that these are strategic stakes. You don't seem to have this for energy. I understand you want to maintain the status quo, maintain your balance. Energy is a sector we're keeping, and in infrastructure as well, it enables us to have fixed income, fixed results with a very low risk, and allows us to obtain better results. It will bring a better balance to the other commodity businesses we have. Energy will remain in the portfolio. In infrastructure, yes, it is the sale of a share in the holding. We have received several proposals during the last years, but we do want to create that important platform for a logistics infrastructure for the country as a whole. So yes, we are selling an important stake at the holding, but it is a minor stake, as you can see. And very pragmatically, and to respond to your question, Rodolfo, I would say that in energy, besides thinking that this is a highly important and positive business for us with a huge growth potential, clean energy in Brazil, we also use this in self-production. And as producers, we benefit from costs that can be shared with production. We believe, therefore, that there is enormous potential of growth for third parties as well. As we grow with investments in the production sector, it also helps us bring about significant benefits, a reduction of costs for the production. In the case of infrastructure, we're selling a minority stake because this is highly connected to mining and truly cannot be completely severed or separated. Mining has huge benefits in terms of the ports and the railway system. And of course, because of the growth we have set forth for mining, it has that need of still being connected to this asset. This for the Southeast in the Northeast, which is another project we will have in 2027. We have the same value, the same potential, and we have been working on this for some time, carrying on the investments that were truly not a priority for CSN. We were able to bear incredible pressure for the last 15 years. Today, everything has become more stable. We have more than BRL 1.5 billion in cash, and all of the works will be concluded properly. So this is an enormous value for us. We're going to make the most of it in 2027. Although this is not linked or something strategic for us, it will bring us a great deal of value because we're working with margins that are 60% for Brazil. I think this makes sense, therefore, to speak about cement, the majority stake. We're attempting to maximize value here. In my opinion, the problem is our indebtedness. So we're seeking this potential, and we know there is a surplus. We have that obligation of maximizing value, and based on the surpluses, we will see what we do. We're going to seek out different partners, each with different characteristics, and attempt to resolve these movements with a silver bullet, a single shot. I didn't mention this in the presentation, but we're also working not only on the issue of deleveraging. We're also focusing on operations and inventories. We have BRL 12 billion in terms of inventory with finished products and others, and we're focusing to reduce this capital. We're also working towards enhancing the cost to improve our image, and wherever we are burning cash, we're going to devote special attention to resolve this problem. In-house, we're working wherever we deem that we have to work to achieve the deleveraging of assets to once and for all resolve that problem of capital balance and the reduction of leverage. When it comes to the steel plant, it's not a problem for CSN. It's a problem of the steel plant in the Southeast. This is not a problem in the Northeast. All of the steel plants need to become updated in terms of equipment, of technology. They need to ramp this up. These are steel plants that were made in the last century, and there is that need and the obligation, if one wants to be competitive, to invest in equipment and technology and to become updated when it comes to the environment. So all of these steel plants need to grow through intensive growth, and we have to find a way to do this outside of Brazil. We're going to seek this in Asia or Europe, find the possibility to streamline everything in a fashion that will be competitive with the survival of the business. That is my answer. Excellent. Thank you, Benjamin. Thank you, Marcelo. The next question comes from Rafael Barcellos from Bradesco BBI. Good morning, everybody. Thank you for taking my question. We have two questions. First, when you speak about those amounts of BRL 15 billion-BRL 18 billion, what is included there? You have included MRS, cements, and infrastructure. Are there any other initiatives that would be included in this deleveraging? And if you would give us an idea of the magnitude that infrastructure represents in that amount. The second question in mining, if there's the possibility of another sale of a stake in mining. Thank you. Rafael. Thank you for the question. In those BRL 15 billion-BRL 18 billion that we mentioned, MRS is outside of that. We already have an amount of BRL 3 million-- BRL 3.35 billion that have already been realized in 2025. They were additional to those BRL 15 billion-BRL 18 billion. Those BRL 15 billion-BRL 18 billion include a movement from cement and another from infrastructure. One, a majority sale of stake, the other a minority, as mentioned in the presentation. In our accounts, these two movements will be sufficient to get to this value, perhaps more than what was estimated. We're taking all of the necessary moves to resolve this in 2026. Instead of doing this in steps, step by step, we would like to do this simultaneously, as we have just mentioned. Nowadays, we don't have the approval of the board for an additional sale of stake in mining, and these are investments that the company needs. The value is enormous. We are making new investments, so the sale of a stake in mining will be left for a future discussion. This is not part of the debate today. Thank you. Thank you very much. The next question comes from Daniel Sasson from Itaú BBA. Good morning, everybody. Thank you for taking my questions and for discussing deleveraging once again. It is an important point for investors. If you could share your rationale on the IPO or a sale to a strategic player, especially in the case of cement, and if you could share with us how much debt has been allocated specifically in CSN Cement? If you sell this 60%-70%, if you don't sell control, this would enable us to better calculate how much deleverage you will have. The second point, moving away from the initiatives referring to disinvestment, if you could speak about your CapEx flexibility because of that focus on deleveraging. You have an important pipeline of investments for the long term of the company, 65 million tons of production at the end of the decade. How much of this has already been contracted and which will be the disbursement vis-à-vis the need to keep the business growing? That short-term pressure for deleveraging vis-à-vis the need to make investments: will these investments be further postponed or not? And if you could give us a figure for CapEx in 2026, this would be very helpful. Daniel, thank you for the question. Regarding cement, well, the company some years ago waited to carry out the IPO. Unfortunately, way back then, we could not ensure success. Well, now we have to have an open window with the right valuation to carry out an IPO. And as a counterpart, we received important signals for a private purchase. Companies interested in this vehicle with important multiples. However, this private sale will bring the company the valuation that we expect, even though it will not be an IPO. The debt in cement: BRL 3 billion, the gross debt. Now, regarding the CapEx, we're working with CapEx. We work in a very assertive way. And because of this strategic plan that has been announced today, we're going to have to review our CapEx estimate, our CapEx allocation during the year. And regarding CapEx for mining, this will be part of that new review we're going to carry out. Speaking strategically, of course, we have a diversity of projects that will take part in the coming months and in-house. Once we move forward in terms of deleveraging, if we are successful in the sale of some assets, well, in mining, we have significant growth. We will accelerate some projects such as the P15, for example, BRL 4 billion as soon as possible that will be offered by the CSN group. Wonderful. Thank you very much, Marcelo. The next question is from UBS. Good morning, everybody. Thank you for taking my question. I would like to speak about the evolution of the strategic plan, long-term plan for CSN. It began with the IPO for cement, and that strategic plan had a holding that was delisted with all of these subsidiaries being listed. This should bring about value, and as Marco mentioned, the infrastructure segment has very high multiples as well as cement, and perhaps now the multiples will be more similar to mining and others, well, this plan evidently did not evolve. The leverage increased. The market is closed for IPOs, and it seems to be a moment to increase the pace to proceed with this. My question is, is this still an ambition for you, partnerships in the steel plant, a listed steel plant, or is this ambition no longer part of your desire? I'm attempting to understand how we should think strategically about CSN in the mid and long term. The second question, once again, a very practical one. Are there more assets that you will divest from presently? Is there any specific asset that could help you accelerate the deleveraging process? We were speaking about some assets in Europe. Perhaps there are other assets that we have not foreseen. Thank you very much. Caio, thank you for the question. Well, yes, with the IPO and what happened in the past, the company, of course, continues with a great deal of flexibility. It has no objection when it comes to listed companies. But nowadays, to raise capital, you have to have that window that will justify carrying out an IPO for one of the assets. In these two movements that we have mentioned, and to speak more specifically about infrastructure, if a private partner leaves, we could go on to an IPO in the future. We're going to see how to do this. But it is a way out for somebody who enters the company as a partner. They will want to withdraw at the right time and with the right conditions. So that ambition continues to exist. Now, what CSN will be like in the future, mining, infrastructure, and energy offer high margins, 30%, 40%, 50%. In the case of infrastructure, sometimes above 50%. So there's a focus on the growth of these three segments, infrastructure, mining, and others. This will help the consolidated vision of the company. And in steel, I think we're going to have to await the assessment that is underway. It will take us some months to conclude this before we can give you a more objective answer. It is an alternative to have a partner that will help us making the investments in technology for this segment to have a better flow of cash, something that is more adequate and not have to compete in terms of capital with our other segments. If we have other assets for sale, obviously, the company has very valuable assets, those in Europe, as you mentioned, a handful of them in Brazil. Those assets presently are not for sale. What we have is more than sufficient for the deleveraging we would like to achieve. Of course, it could happen if anything changes. As the chairman has mentioned, we will do whatever is necessary to definitely and once and for all make adjustments in our capital. What we have presented here has proven to be more than sufficient. Thank you. Thank you very much, Marcelo. The next question is from Marcio Farid from Goldman Sachs. Good morning, everybody. Thank you for taking our questions and for the details. I would like to close a gap here. Marco, you just mentioned that what is on the table at present is more than sufficient to reach the deleveraging you want. But in Slide 8, you have a pro forma, Slide 10, I'm sorry. And you said that you want to get to 1.5x net debt EBITDA. So perhaps your need for cash generation will be higher. And obviously, you have a plan for growth of EBITDA through mining and other businesses. That gap of 1.8-1, is this to materialize in a much longer horizon depending on market conditions? It seems that those BRL 18 billion are not necessary to get to where you want to go. It's half of your needs. The other half will have to be closed to get to the 1.5x. So how did you get to that one times net debt to EBITDA, which seems to be your target in the coming years? And if all of this will truly depend on the growth that you're going to deliver. Thank you. Marcel, thank you very much for the question. 1.8x in the simulation that we carried out can be better based on the figures of 2026. This is for the short term with a direct impact on our deleveraging actions. Now, 1.5 is something that pertains to the long term, eight years for the long term. So everything will be impacted by the enhancement in EBITDA and the investments in mining and infrastructure as we presented in the slide for each segment. That's excellent. That's simply to confirm that 1x net debt to EBITDA will not be achieved with the sale of assets, but instead through the growth throughout the years. These are additional investments we're already making in-house. They're enhancing performance already. Part of that CapEx is part of the company's debt already. It's not a greenfield project or an acquisition. All of these actions are being carried out, and the company carries this in its CapEx and as part of its debt. We're going to unleash this amount through the sale of the vehicles we mentioned. What have you used in terms of the long-term cost of iron ore to specify the potential of mining or other segments? In the very long term, we're using a metric between 85 and 88. Thank you. Thank you very much. The next question comes from Mr. Correa from BTG Pactual. Good morning, everybody. Good morning, Benjamin, Marcelo. Basically, two remaining points as we're getting to the end of the call. I'll be as brief as possible. The first point to insist on cement. In the past, it was the jewel of the crown very clearly, and it was the silver bullet, the asset that would resolve the capital structure. Well, you haven't focused very much on this effort. If I understand correctly, Marcelo, this would be a B plan. If cement and infrastructure don't materialize, you could go back to mining to resolve this issue. I simply wanted to confirm my understanding. It's somewhat different from what the market imagined. Mining is always above expectations. The price scenario is excellent. It would be perhaps easier to make movements with this. Along those lines in the CSN, in the past, CSN carried out prepayments in iron ore to raise financial resources. I think you have more than 10 billion BRL in your payment balance. Is there anything else about to come? Are you still contemplating this, or are you not thinking about prepayment? Secondly, and very quickly, Marcelo, which is the engagement of investors and which is the rationale of this soft guidance for the third and fourth quarters? I would like to see the enthusiasm and engagement of investors going forward. Thank you for the questions. Now, regarding mining, we want to be able to invest more and very quickly in mining to increase the pace of some of the projects we have. We have the P15. We have smaller projects for fines and others we can carry out through time. A second P15 that we could carry out. It's not only the volume important in this ramp-up, but a migration to high-grade mineral or enhancing the quality, and this is very probable for the company, and mining, therefore, is not an asset where we would like to further reduce our stake, where at 69%-70%, an important stake, and to justify the development, we're going to continue to invest in this asset. Besides cement, that helps us pay dividends. It's a cash generation for the group, and we're not going to dispose of additional stake here. The focus for this asset is growth, and in CSN Infrastructure, where we have several assets, we still have a relevant stake, and it makes sense to do this now, given the characteristics, the anatomy of the infrastructure segment. We will be able to raise relevant values because this asset has the potential of having returns higher than mining. It's the most efficient sale for us at present. We're going to maintain the level of preparedness we have. We have nothing additional for this year. The company is working on other fronts of liquidity that are important. We're going through our balance, our inventory, and other line items in our inventory to maximize our balance as much as possible. Now, regarding the appetite of investors, well, the answer will come in the coming months, coming weeks. What the company is doing now is not only what the company thinks is correct. We have aligned this with their shareholders. Investors have come to us requesting to join us in the last few months. We will discover how this will play out in the coming weeks. Thank you. Thank you very much. The next question is from Henrique Braga from Morgan Stanley. Good morning. Thank you for taking my question. I would like to speak about your vision of cement and the sale of a majority stake. It's very clear why you're attempting to sell a majority stake to absorb higher multiples. In my understanding, the company has a preference for the operation of its assets. My question, therefore, is if you're considering a full sale of cement, and why are you maintaining a minority stake? If you could give us more details on that sale, if there's a local player that is interested, which would be the reaction of the antitrust agency, the CADE, or if you could sell the totality of your assets through a single sale, or are you going to work through different deals? To speak about the division of infrastructure, as Marcelo mentioned, you have four assets that you're going to sell off. Now, if you could tell us which these assets are, there's a total of seven assets in that division. Which are the assets that are available now? What would be left outside? And you spoke about the clusters. One will be sold now, the other subsequently. If we could have more details, that would be very helpful. Henrique, thank you for the questions. In cement, the discussion on the percentage, which is your question, that's something we will see going forward. It will depend on the engagement of the potential acquirer and the valuation we will hold now with the buyer, the valuation. When we see the strategy of the buyer, we will see the percentage of the company that we will be keeping and the one that we will monetize. Yes, based on multiples and interest, we will see what will happen going forward. Based on valuation and the interest of the proposal of the buyer, the reaction of the antitrust agency is difficult to foresee. Some have sought us out with an interest in this asset in the last few months. We don't know how CADE will react. If we're speaking about a consortium, the decision of the antitrust company may be longer. We truly don't know which will be their reaction. When it comes to infrastructure, as mentioned, we have two clusters, one in the Southeast, one in the Northeast. In the Southeast, this represents more than 60% of the GDP of Brazil. Iron ore, steel, there are four assets. They have railway transportation, Tecon, that works with containers, TEK. They work with iron ore, carbon, and MRS. That full stake we have on those four assets. In the northeast, we have two railways, and they're very important. Now, the discussion on the sales in the southeast has a reason. In the northeast, we have two assets in the final stage of construction. We're going to have a more extended schedule in the northeast, and for a buyer to do a technical due diligence in seven assets will take much longer than doing this in four assets. Now, notwithstanding this, in the future, CSN wants to have a single holding. That second cluster will be offered to the market, but we're going to converse about this with the majority owner of the first cluster. Now, and the premises of valuation of the second cluster will depend on the present-day process. That was very clear. Thank you very much, Marcelo. The next question comes from Alesandri from PNBC. Alesandri, we have unmuted your microphone. The next question is from Julian from Oaktree. It came in writing. Which are the taxation impact of this sale? Are those 18 million separate from the taxes associated? Julian, thank you for the question. We have estimated that, yes, this will be net of taxation. And as in the last two years, we have a significant amount of expenses in the company, financial expenses linked to the debts that we will be deleveraging now. And they generate an important tax shield for the sale of these assets. The operation of MRS at the end of the year also made the most of that tax shield. And that decreased the impact. We also had a sale of 10% of cement at the end of 2024. So the answer is yes. The next question by text comes from Olga from Evli Fund Management. Hello. Can you explain based on how you will pay the debt, which are the sources? The sources who pay the debts will be the resources that we raise in the operations that we have mentioned, the part of cement and infrastructure, the debts that will be paid. And I don't know if this is your question. Are there short-term debts? And we will have a mixture of debt amortization and liability management and the rolling of the debt as well. Of course, we're going to focus on the less efficient debts and those that have shorter terms. We showed you a graph. After the third year, our maturity rates are quite low, and they're very efficient. The next question comes from Isidoro from The Bais Company. Thank you for the presentation. For the sale of assets, do you need some regulatory authorization? If everything works well, you should receive these funds in the third and fourth quarter of this year. And the final share will be around 40%, or will it be less? Well, the regulatory authorization, yes, for the entire process. And we have other approvals for the creation of the future CSN. Depending on the sale, you will need the approval of these agencies. Besides, of course, the authorization of the antitrust agency. This is what our in-house and external attorneys have advised us on. But there is no red light in terms of approvals. It's simply a procedural issue. Another question regarding the percentage for cement. This will depend on the valuation of the buyer, the interest of the buyer in the cement operation to see which will be the final percentage for each party, for CSN and for the buyer. I believe that answers the question. We would like to remind you that should you wish to pose a question, please click on raise hand or send your question through the Q&A icon. As we have no further questions, I will return the floor to Mr. Marcelo Ribeiro, the Executive Director of the IR group for the closing remarks. Thank you all for attending this very important call for CSN. Our company and IR teams are at your entire disposal to clarify any doubts you may have about the call today, and we will meet once again in the calls to speak about the company trajectory. We're going to be giving you updates on each of the movements, of course, that we mentioned here at the calls. I would like to thank all of you. Have a very good week and have a good end of the day. Now, the call for strategic updates for CSN ends here. Have a very good day.