Good morning. Welcome to the conference call of Usiminas, in which the results of the first quarter of 2026 will be discussed. I'm Leonardo Karam, Investor Relations officer at Usiminas. To those who wish to follow the presentation in English, a free translation of the webcast presentation is available on Usiminas investor relations website. We also have an interpreter providing simultaneous translation. Please select the audio channel using the icon at the bottom of your Zoom screen. All participants are connected in listen-only mode, and your question can be submitted in writing through the Zoom's Q&A feature. Click on icon at the bottom of your screen. Participants listening in English may also submit their question directly in this section. This conference call is being recorded and simultaneously broadcast on the Usiminas YouTube channel. We would like to remind you that this conference call is intended exclusively for investors and market analysts. We kindly ask you to identify yourself so that your question can be addressed. We also request that any questions from journalists be directed to the media relations team at Usiminas via email, imprensa@usiminas.com. Before proceeding, I would like to clarify that any forward-looking statements that may be made during this conference call regarding the prospects of the company's business, as well as projections, operational, and financial goals related to its growth potential, constitute forecasts based on management's expectations regarding the future of Usiminas. These expectations are highly dependent on the performance of the steel sector, the country's economic situation, and the situation on international markets, so they are subject to change. With us here today is our President, Marcelo Chara, the Vice President of Finance and Investor Relations, Diego García, and our commercial Vice President, Miguel Homes. First, Marcelo will make a few initial remarks, then Diego will present the results. Afterwards, the questions asked and the Q&A section will be answered. Now I give the floor to Marcelo. Please, Marcelo. Thank you, Leonardo. Ladies and gentlemen, good morning, everyone. It's a pleasure to be here with you to share the results of the first quarter of 2026. We started the year with an improvement in the results of our company, recording a consolidated EBIT of BRL 653 million. That accounts for a growth of 56% in relation to the previous quarter. As to steel sector, there was an increase of 5% in the net steel per ton, especially as a result of the better mix of sales, the better share in the automotive sector, and the reduction of the COGS. This was driven by the appreciation of the real and the higher efficiency in our industrial activities. In mining, we had a reduction as a result of the rainy season in the region that impacted the production and the logistics. Also due to the prioritization of mining activities with better performance. Considering the present moment, we see a challenging scenario for the next quarters, especially due to the adverse effect of the Iran war at the global economy. This is due to the expressive increase in the natural gas and oil prices, higher inflation, and lower speed in the drop of interest rates, and also the maritime aspects that have been impacted. In spite of this complex scenario, we have expectation of consolidated results, relatively stable. In steel sector, volumes of sales should remain at the same levels, maintaining the segment in the automotive due to the high level of imports. The increase of costs, especially of energy and in logistic inputs, should be accompanied by the increase in the net- revenue- per ton. We expect the sales volumes to be recovered and also considering the freight prices and the fuel prices. There are positive measures that were imposed by the government with anti-dumping duties related to coated steel, and this should strike a balance in the future. Considering the perspective of the changes, importers responded, internalizing an expressive volume of steel in February and March that increased the inventory levels of imported materials in the Brazilian market. In addition to the measures that have been implemented, there is an investment in China, and we believe that we are going to close them in July 2027. It's important to mention that there's a risk of the oversupply at the structural level with an increase of imports of steel from Asia and China, and with an increase of 78% when compared to the first quarter of 2025, especially from South Korea and Vietnam, in addition to Egypt. Internally, we continue with our focus in safety and a continuous improvement in our environmental performance in our operations, increasing competitiveness so as to reduce costs and also have a higher industrial efficiency. Basically with a stronger financial discipline. In relation to investments, we continue executing priority projects of the company, such as the PCI plant, which is to completed in the second half of 2026. The benefits have already been captured in the first half of 2026, and also the retrofitting of the coke oven, and also all the activities underway. We would like to thank all our employees for the efforts, for the engagement, as well as the suppliers, clients, and shareholders and the community at large for the confidence and for the solid relationship we have been building along those years. Thank you very much, and I turn the floor to our CFO, Diego. Thank you, Marcelo. Good morning, everyone, and before beginning the presentation of the results, I would like to remind you that these are the first results that were converted into reais from dollars. Let's move on to the highlights. Steel sales decreased by 7% in relation to the fourth quarter 2025. This is a result of the strategy of giving more importance to the most effective activities. There was a lower production due to the stronger rains during the period. EBITDA shows a significant momentum in relation to the previous quarter. This was driven by a better mix of products in the steel sector and higher profitability that more than offset the drop in volumes. This improvement in the mix is reflected in an improvement of nearly 5% of the revenue per ton in the steel sector. EBITDA increase more than offsets the drop in the mining activities. The cost per ton had a slight drop due to the expenses with retrofitting, and this is an impact of the appreciation of the real against the dollar. Let's move on, Leo, to talk about the consolidated results. With net revenues reflects the significant reduction in the iron ore and also steel products that were not totally offset by the increase per ton. This is an improvement of the steel unit as a result of the better mix, reaching these levels that the company hadn't reached since the first quarter of last year. Consolidated net income reflects, in addition to the best operating results, the positive FX fluctuation in relation to our operations, and also accounting impact and non-cash of deferred taxes due to the appreciation of the real as well. Steel sales recorded a drop of 6.9%, concentrated in industry, distribution, and exports, and partially offset with a significant increase in the automotive area, leading to a better sales mix. There was also a better mix in exports due to a better share in the Argentinian autos market. This better mix led to a better mix of revenue per ton. As for exports, there was an improvement of nearly 9%. Adjusted EBITDA more than improved and was very much in line with the first quarter of 2025. This was a result of the better mix, as we mentioned, and the best cost per ton. A better cost per ton. Here we can see the effect of the improvement in the mix over EBITDA. COGS was positively impacted by reduction of maintenance cost and major retrofitting, as we mentioned. In addition, we have a better mix that was offset by the lower exchange rate when converting to reals. This positive result applies especially by lower sales prices and costs, and higher volumes. In the Mining sector during the quarter, we had a significant reduction of 21% in the sales volume, as it was driven by the seasonal rainfall on production and also on logistics. We also prioritized some areas with best operating performance. Net revenue reflects this drop in volume, and the net revenue per ton was maintained stable at BRL 87, the same level as last quarter. The reference price were practically stable with a slight increase of 0.9%, but they were offset by the higher level of discounts and the differentials as specified by the market. Adjusted EBITDA per ton reflects especially the impact of the absorption of fixed costs as a result of lower sales. Now in relation to the financial indicators for the quarter, Usiminas' positive operating cash flow of BRL 387 million was driven by the EBITDA generation, partially offset by the increase of working capital of BRL 120 million. The working capital variation is associated to a lower of accounts payable and an increase of receivable accounts, and also due to a reduction in inventory levels. We had a reduction of BRL 67 million in inventory in order to reduce the cost of expenses for the company. It's a movement that we want to continue implementing along the next quarter. We had CapEx of BRL 285 million, a reduction of 23% in relation to the previous quarter. As a result, we ended the quarter with a free cash flow of BRL 84 million. We ended the quarter maintaining a net cash position at levels which were very similar to the previous quarter. This movement reflect a proportional reduction in the gross debt and also to the cash level influenced by the appreciation of the real in relation to the dollar, considering the conversion in the statements. The indicator of net- debt- over EBITDA also remains stable, reinforcing the consistency in our capital structure. Finally, we have a debt profile, which is very comfortable without relevant maturity in the next years, and with the cash and investments enough to cover the indebtedness of the company. Leo, over to you. Thank you, Diego. Now we're going to start our Q&A session. Our first question is for you, Diego. Now, we have most questions about costs, so we are going to try to address them all, breaking them down so that we can avoid confusion. The first question comes from Caio Ribeiro from Bank of America and this is what they ask from XP. Could you provide more color about the cost evolution of the inputs of the second quarter in relation to the first quarter? Which are the main drivers? How do you expect the cash per ton to increase? Guilherme completes, asking for more details about the impacts in the context of increase in inputs and raw materials and freight that you mentioned in the outlook. Diego, over to you. Thank you very much for the question. In relation to the inputs for the next quarter, all raw materials will have an increase. We have already been seeing in slabs, and this caused no impact in the previous quarter due to the timing, considering the moment when the slabs were purchased, but there will be an impact for the next quarter. We also see that a higher price in coke and also in the coal. Marcelo has mentioned that we see an impact caused by the freight increases that would affect mining activities, especially. However, as of the second quarter, they will start to cause the impact on the supply of raw materials. These are the main drivers. Thank you. Still about costs, Rafael Barcellos, Bradesco, Gabriel Barra from Citi, and Emerson Vieira from Goldman Sachs, they ask the following. What's the magnitude of cost reduction when you reduce maintenance costs? Is this something we are going to have an impact in the next half of the year, and the retrofitting will be offset in the next quarters? Or do you see that the cost will have some level of sustainability? And is there room for better performance in the operations in terms of energy and raw materials? Diego? The cost per ton was at $15 per ton. Divided by ton, we made some savings. In relation. Sorry Diego. Just to specify that you're talking specifically about major repairs, right? Yes, major repairs and maintenance. Yes, these are the two factors that explain the savings that we had. I mentioned we have $15 per ton, so it's an intertemporal or permanent effect. This was the question. We believe that this is going to be permanent. We have no expectations of anything changing unless something unexpected change happens, so the cost may come back in the future, and this will be reflected in the activities. These are the activities we are trying to do more efficiently. To add Diego's comment, as I had mentioned in the previous calls, we are deeply focused in improving industrial efficiency, and we started important initiative in order to improve efficiency. We have adopted tools to optimize and make all the repairs in a more effective way, especially the planned repairs. In terms of cash control and in terms of asset controls, we have redimensioned all the dimension in order to optimize all the flows and all the related costs. We can see the results because we have been doing this for more than two years, and this is a continuous process. The expectation is to continue improving efficiency along those lines. We have here another question related to cost, but I believe it's more directed to Miguel. Caio Ribeiro from Bank of America. He asks if the price increases were enough to offset the cost pressure, or do you think more increases will be necessary? Good morning, Caio. I think your question is very important so that we can clarify and apply the dynamics that we use for our prices along the quarter and also for the present moment. The increase of January had the purpose of improving the margins of the steel sector after a long period of lean margins, considering we were in conditions of unfair competitions, as we have observed in the last three years in Brazil. After the beginning of the Iran war on February 28, we saw the pressure on costs, as Marcelo and Diego mentioned, and this leads the need for increasing prices as of April. As of now, we are always mentioning the negotiations in relation to spot businesses and distribution. We are in a scenario of high volatility and uncertainties. We are going to be analyzing very cautiously the profitability of each operation in terms of imposing new prices for the spot prices. The industrial sectors will continue this trend. We'll continue making adjustments in the spot prices as we renew the agreements. Thank you, Miguel. Diego, still related to costs, now focusing on the Forex. We have questions by Gabriel Barra and Ricardo Monegaglia from Safra. He says, Should we expect two-digit levels, or should there be any pressure should the Forex fluctuation revert? The functional currency helped us in non-recurrent manner. What were the changes and what were the exchange rate used? Ricardo adds, saying the following: What was the estimated impact on the COGS price for the first quarter, considering this FX rate? And can we think about the add of BRL 50 million in the EBITDA of the quarter compared to the previous methodology? And what's the evolution that we can expect in relation to the FX fluctuations? Thank you, Gabriel and Ricardo. In relation to the margins that what we are estimating for the next quarter, as Marcelo has mentioned, we are expecting an EBITDA level which should be stable, and we are likely to have an improvement in the steel sector to offset the mining activities. In relation to the functional currency effects, the main effects that we can see is, on the one side, we should consider the net position in reals in a consolidated way, because that will lead to FX gain of BRL 110 million. Also there is an impact in the deferred credits, which was something very significant, amounting to BRL 450 million, which is a very large share of the net income, and that will depend on the future FX variation. If there's no variation, we're going to see the effect on the results. If the FX is maintained, what we saw yesterday, for sure we are going to have a very similar result. The type of exchange rate used. If I'm not mistaken, at the end of December it was 5.5, and at the end of March it was 5.2. It had impact on the cash cost of the steel sector in dollars. If it's cash cost, it's in dollars, so there will be no changes. When we're converting to reals, we use the FX rate, which was lower in relation to the previous period. There was another question. No, no, that's it. Okay. The next question is still about costs. Diego, Edgar, and Danielle from Itaú, Marcelo Arazi, and Gleb Nebis would like to understand this line in our cost of others. They are asking us to give more color because when we look at the history track, there may be a seasonality influencing. What can we expect for the second quarter? Is this already considering the outlook of the cost increase that was shared with us? From BRL 240, we saw a drop of BRL 89 in a line and what can we expect? They want details about this reduction and this is what Guilherme asks us. Diego? This line is very pulverized. We are not likely to see a seasonality influence. Now answering your last question in relation to the bonus payment. Except for this, all the others are very pulverized. Okay, thank you. Now Miguel, about third party slabs. It's got in the news with Itaú, they say, it attracted attention the level of purchases that you made of slabs. How has slab price impacted the production of rolled steel in Cubatão? How do you use the blast furnaces of Ipatinga, and can we expect that the slab price level be maintained at the same level? The question is the level of prices likely to be maintained? Of course, you have been following the international indicators for slabs. We have been suffering a lot of pressure since the Iran war started. Based on this, we can simulate the allocation of our production between Ipatinga and Cubatão. Of course, this will be a result of the best economic decision. Obviously, we have to meet the need of each client at a certain moment. What to expect for the future, we can expect our production to increase in Ipatinga with the blast furnaces and a reduction of activities in Cubatão in the short term. We are going to continue monitoring the market opportunities and alternatives so that we can go back to the levels at Cubatão that we want or to look for profitable alternatives for the company. Thank you, Miguel. Marcelo, there's a question by Gabriel Barra from Citi about the Iran conflict. This is his questions. The effect of conflict did not affect the quarter of the steel sector is not so affected by the war. Marcelo, could you answer this? Gabriel, thank you very much for the question. We all know the impacts of the gas, of the oil barrel, which had a significant increase. This impacts the costs of transportations and energy in all the logistic and production chain in general. In the first quarter, we hadn't seen this reflected on the results yet. As we update all the indicators and all the contracts related to the indicators, we are sure to see those impacts. All industrial sector will have this impact, and other sectors in the economy will also have the impact. The freights will have a significant impact. The maritime transportations, imports and exports will be impacted. I would say that this is inevitable. The cost will be impacted eventually. Thank you, Marcelo. Miguel, now about sales. We have many questions about sales, and I will try to concentrate them. Emerson Vieira of Goldman Sachs, Guilherme of XP, and Caio Graner of UBS ask the following questions: Considering the stable volume of production, considering the strategy of the company, is there room for gain in market share? The focus would be in maximizing the revenue per ton and profitability. The expectation. What's the expectation to imports to drop and why to expect stable volumes? The first quarter was lower than we expected. Do you see any deterioration of the demand? Guilherme adds about the performance of the domestic market, and if we already have a tighter scenario for some specific products, especially those related to anti-dumping. Caio Graner also asks about the strategy. Are you going to continue with the same strategy, or are you going to go for a higher market share? Are you going to prioritize the old over volume? I'm going to give answers, and Leo, you can help me if I did not answer some questions. In relation to the market, we see a very important resilience of the main consuming sectors of steel. The first would be the automotive sector, with an increase in production of auto and also in the formalization of those cars. ANFAVEA estimates a 4% increase in production. Sectors related to consumption has a very resilient level with the expectations of growth. Not very high, but following the macroeconomic indicators of the country. On the other hand, we have sectors that are being affected more in relation to consumption, and they have been facing tough times, especially the sector related to the agribusiness. Road implements, agricultural machineries, which have seen drops in consumption. Considering this context, and since imports have been increasing in the first quarter, in spite of the measures that have been implemented by the government, especially anti-dumping and cold rolling mill and coated rolling mill, but we see that the inventories will be very high. As a consequence, there will be instability in the apparent consumption of steel that could be better in the second half of the year when the inventory levels are more normalized. Then we expect a stability in the sales in the second quarter. In relation to the share, it would be fair to think we can talk about the second half of the year. We can talk about import of steel, especially those with unfair competition will have some improvements. Usiminas will then be a very important player in increasing the share of supply of local or domestic market. In relation to the prioritization of value over volume and profitability, it's fair to think that in a scenario of high volatility after the Iran war, we tend to be more demanding in our decisions, so that we can make spot negotiations and also in relation to important projects in the medium and long terms. Thank you, Miguel. Diego, there's a follow-up on the functional currency. Ricardo Banega, Aglis, Afram, and Marcelo Arazi from BTG. What would be a follow-up on the cost and the functional currency, especially those which have higher consumption. For example, the change of a functional currency helped to reduce the cost of the raw materials after the conversion in reais. Marcelo asks us to quantify the effect or this variation should the functional currency remain intact. If there were no changes, what would be the evolution of the cost? What would be the cost behavior? Yes, Diego. Thank you, Ricardo and Marcelo. The costs are in dollar. The slab cost, coal, they were all converted into dollars. The costs are accounted for. Then what happens is a conversion into real, and that happens every month. If the currency is lower, the cost will be shown in reals. It doesn't mean that the functional currency helped to reduce the cost. We convert into real, that will show this effect. In relation to the second question, if we are going to make a quantification, it's something very complex to be done, because we would have to redo the previous quarter that used a different functional currency. It's not something that is required to be done. It's very complex to redo the previous accounting of the previous quarter. Thank you, Diego. Miguel, now about exports. Tati Candini with JPMorgan and Igor Guedes from Genial asks about exports. Steel sector volumes were lower. What to expect for the next periods? Igor asks more details about the prices. He says that there was a better mix, especially what happened in Argentina. Are you going to continue with this price over volume now in the external market? Are you going to apply this as well to the external market? What are the expectations for exports? Thank you, Leo. Our expectations for the second quarter of this year is to maintain stability both in terms of mix and the exports market. We don't see a lot of changes, a lot of variations in this regard. The higher average price is a result of the better mix. As we anticipated in the fourth quarter of last year in the call, we ended the deliveries of oil and gas that we had in the past. We maintain a positive expectation in the sector of oil and gas, especially in Argentina. In the short term, we do not see any closures. For the second half of the year, we have been negotiating important projects that we hope to be very successful in the negotiations. Thank you, Miguel. Miguel, still about imports. Gabriel Barra, Citi, Tati Candini, JPMorgan, they ask the following: In spite of the expectation of normalizing the exports, galvanized products have high levels still. So how do you see the competitive dynamics in this specific segment? Should we expect an accommodation of exports in the short term? Igor says he understands that there was a raise of importers in order to go for the volumes before the measures were applied. How long do you believe that the market will absorb this excess volume? Lastly, Tati asks about cold rolling products. We saw that the volumes dropped, but we still have some inventories in the chain. Some volumes in other regions were also coming in, and we heard about volumes coming in in other regions. Could you provide some more information about this? Gabriel, Igor, and Tati, for sure, imports of the first quarter were very high, increasing by 30% when we compare to the previous quarter. This suggests a very big pressure in the inventories in the chain, and this will cause impact in the apparent consumption of steel, especially in the domestic market in the next months. The inventory levels cannot be calculated very accurately, but there is an expectation of increasing consumption. We believe it will take some levels. We believe that these inventory levels will be normalized in the second half of the year. At that moment, the steel industries, including Usiminas, will have more chances of opportunities in relation to the steel consumption in Brazil. What was the other question, Leo? Please help me. The question was very relevant. In addition to the increase in imports, we can see an increase of imports, especially in Southeast Asia. It's very relevant to understand that the world oversupply will be maintained, even though the Chinese steel in March stands at 120 million per year and generates an imbalance in different countries. This situation generates an indirect impact in the Southeast Asia countries. That is to direct those oversupply to Brazil. It's very important to continue monitoring together with the government, and we must take the right measures so that we can avoid the indirect impacts generated by the Chinese oversupply. Miguel, still for you, a question about the automotive. Emerson Vieira from Goldman Sachs, Ricardo Monegaglia from Safra had two questions. The stronger sales mix is sustainable. What are the negotiations of the agreements related to prices? What were the agreements for the automotive industry in April, and what are the impacts of the coated and galvanized products in relation to agreements? In the first quarter, we had the big influence of the automotive sector. How do you expect this to play out in the future? Let's start from the agreements. The agreements have indications showing reductions of 2% or 3%, similar to what we negotiated with the agreements that we had in January. We expected the automotive sector to continue the way it is. March was a very relevant month in production, especially in the first 15 days of April. We see this materializing, and ANFAVEA expects an increase of 4% for the year. However, it's very important to mention that both the steel sector and the automotive sector and other sectors of the economy and the Brazilian industry have been facing similar challenges in relation to imports, both for final products and also in relation to business models that are coming to Brazil. We have a lower impact and lower impact in the production chains in Brazil. It's important, therefore, to continue with our agenda of re-industrialization and also with the public policies to reinforce the productive chain in different sectors. The galvanized products in the auto sector and also the coated products account for 70% of our installed capacity. 30% of this is impacted by spot businesses and also other industrial sectors that follow their own agreements. In relation to the favorable mix of the first half of the year, the expectation is to maintain this favorable mix for the second half of the year. In the second half of the year, we have to understand the dynamics of different sectors, the potential reduction of imports in Brazil after the implementation, and also the inspection of the measures that were to be implemented by the government. Thank you, Miguel. Miguel and Diego now. In relation to the outlook that we provided, Rafael Barcellos with Bradesco and Ricardo Monegaglia with Safra ask the following, what is the magnitude of price increase and costs in the steel sector as we're projecting in the outlook? It's the same questions. They want to know the magnitude. They want to know about the cost and the price for the next quarter. I'll start, Diego. In terms of price, we have already mentioned there was an increase in price as of April the 1st for the distribution and the spot prices, as we mentioned previously. In relation to the industry, the industrial agreement as of April will follow the trend of the dynamics of spot prices as we observed in the first quarter of the year. In the automotive sector, we continue with the agreements that we mentioned previously, according to the negotiations that have been completed. We are looking at the raw materials, especially plates and also coke and coal. This will have an impact that we will try to handle. However, I cannot provide you with the exact numbers or precise magnitude. Still about outlook, related to prices, Guilherme Nippes and Tati from JP Morgan and Carlos from Morgan Stanley, they said, What is the domestic performance in the second quarter, and do you see a more positive impact for the local industry considering the anti-dumping measures? So when will the price pass-through will happen, and how has this been impacted by the imported products? Carlos asks for more color about the increases in April that you have already mentioned and if you expect any price changes for May and June. Do you expect movements to happen, Miguel? Thank you, Leo. In relation to the positive scenario for the local industry based on the commercial measures, we do not see the impact of the measures that were defined in the beginning of the year. Why? Because as we mentioned previously, there was an increase of imports, there was an increase of the inventory level, so the results will take a bit longer. There was a drop in the local production. As the local mills cannot increase their share in the apparent consumption of steel in the country, of course, the measures will then have the expected results. In relation to prices, we implemented a 5% increase in the spot sector as of April the 1st, and we are going to continue monitoring the pressure of costs in the international market, the cost of energy, and based on that, we will see what will happen to the new adjustments for the next months. We still do not have the adjustments already defined, but we are monitoring the situation very closely, and this will also be related to a higher volatility in our local costs. Leo, did I miss anything? No, I think you answered his questions. I said that cost would be the most successful question, but no, there's a very long section about the commercial aspects. Carlos asks if you could mention the percentage of increase in April for the spot prices distribution and industrial segment, industrial agreements. For the distribution sector, the adjustments implemented was at 5% as of April the 1st. The industrial agreements that start as of April should follow the dynamics that was observed in the spot price in the first quarter that had a very similar level of 5% or 6% in the distribution sector. Not all the agreements are updated on April the 1st. Some of them will have the update only on July the 1st. Thank you, Miguel. We're moving towards the end, and I still have a lot of questions here with me, so I'm going to try to select the main ones. Miguel, about price parity. Caio Graner and Marcelo asked about what's the import parity for the cold rolling and coated product, and what are we to expect for the future? The calculation of the parity is very interesting. Why is that? Because different from what we saw in the past when we talked about parity, the calculation used to be made based on market prices and outside of unfair competition and oversupply situation. When we compare, for example, the domestic market price against the domestic price in Europe and United States, we still are at lower levels that have commercial defense so as to balance the commercial market internally. You can make the calculations. It could be about 15% nowadays, but with the impact on this price, which is a price which is impacted by the oversupply conditions of the international market now. Miguel, commercial defense. Gabriel Barra, [Marcelo Arazi], Caio Graner of UBS ask the following. Gabriel asks about the hot rolling products. When the anti-dumping was not implemented, can we see this reflected in imported volumes? Do you think there will be other drop in hot coils, and what are the measures to be implemented along the year? Marcel completes, asking about the share. If you have seen alternative routes for the imports of steel, such as Korea or Vietnam, and have the prices been more competitive than those of Chinese products, and could this increase the parity of the industries? Caio Graner completes, asking about the vision about the implementation of the anti-dumping measures. After the implementation of anti-dumping measures, we will see an increase of prices and how you see the import parity of a coated product. Yes, please. It's very relevant to implement the anti-dumping measures for hot rolling product. We see what we saw in the cold rolling and the coated products that have been very important. We still do not see a reduction in the results. We are likely to see this when there was a race for anticipating those purchases of those materials in terms of Vietnam and Korea as an alternative route. We have been observing a significant increase of imports from other origins, not China, especially Korea, Vietnam, and other countries from Southeast Asia in commercial conditions very similar to those offered by China. This is a result of the high pressure that China has in the local market, leading those countries or leading those industries to have unfair competition in their exports. This is very relevant, and we are very attentive to those cases so that we can activate the tools that we have for commercial defense, so as to avoid the impacts that we have seen in last three years with a high increase of Chinese imports. It's very important to keep monitoring and working with the local authorities so that we can adopt the right measures of defense. In relation to the price, I think I answered previously in relation to the parity and how we see the prices to play out in the future. Thank you, Miguel. There is a follow-up, but I think you have already answered. Luis asks about the price of Asia. You have already mentioned about Vietnam and Korea. We are moving towards the end. Let's try to be quick. Diego about deferred. Gabriel Barra says, The income was very favored by deferred tax credits and effects. How can we expect the effective tax rate for Q1 for the next quarter? How can you see that? Gabriel. The impact of the tax credits with the deferred taxes will depend on the type of FX rate, because the accounting base is in dollars. When the real is appreciated against the dollar, there's an increase, and then this credit is increased. We have the inverse movement. We would have a negative result on this alíquota or rate. That would depend the kind of FX. In relation to the financial result, and this is more related to net position in reals, will also depend on the evolution of net cash in reals that we have. We are going to continue monitoring this so that we can minimize the effects. Marcelo, one question for you about Compact. Rafael Barcellos with Bradesco, Gabriel Haberk from Citi, Ricardo from Safra ask the following: What's the analysis of Compacto? Analysis can be done in phases. Which is the most likely scenario? And the friables, what's the duration of the life of the mine? Is there any decision to be made still this year? And the environmental permitting and all the documents at Musa, what would be the expected timing for those and for the FID and board approval? Marcelo, can you answer that? Thank you, Leo, Rafael, Gabriel, and Ricardo. I'm going to try to summarize. As we have been mentioning, the permitting is working well according to the timeline, considering the magnitude and complexity of the project. In 2026, we believe we can have the confirmation so that we complete all the permitting process. In relation to the friables, we have been making a new sizing of all the reserves. By using different strategies, we have been able to extend the useful life of the friables. This is very important for us, the strategic view in addition to optimizing the assets that are already existing for the operation of friables. I would say that these are the main components. As we evolve and we continue with the process of permitting, so at the end of 2026 and the beginning of 2027, we expect to have a proposal and also to analyze the alternatives. This is a highly complex project, and we have different alternatives. We have very good engineering team in order to optimize each of the possible steps. We are very likely to have a very competitive and efficient split so that this proposal can be escalated in phases. Thank you, Marcelo. Marcelo And Diego. We have questions about projects. Gabriel Barra, Igor Guedes from Genial. Gabriel asks about the advances of the PCI project. Can it give an additional upside in the margins still this year? Can you comment on the evolution of other projects of efficiency of the company, such as coke batteries, and the gas holders? How can we think about the PCI implementation leading to lower cost per ton? What can we expect in terms of efficiency after the implementation? Would it reduce the purchase of coking coal from third parties? The PCI project is a project that is in the final stage. As I mentioned in the remarks, we are already capitalizing on it because there's a part in the blast furnace that has already been completed, and that helps us to make the distribution of fuel in the blast furnace in a very efficient manner. We have been able to implement our PCI and our Blast Furnace 3 is where this investment is mostly concentrated. We have already started to capitalize on the efficiency of the fuels as of this quarter, the second quarter. We are likely to capitalize it on full as of the fourth quarter without a doubt. This will allow us to reduce the purchase of external coke. Because this is going to be a replacement from this coal to coke because this is a fuel that we are going to be applying internally. The other projects are moving in alignment to our plan in a very efficient manner. For example, our coke plant has two main sectors. One of the sector is undergoing a hot repair. We have already advanced by 50% in this activity. This will improve our environmental performance. We also have a very good thermal efficiency. There is a complete reconstruction of the other section of the coke plant. Next month, we'll be able to see the construction works. We had the auction process and also the technical parts or the technical dimensions in order for the implementation to happen. The engineering side is also very advanced. In two years' time, 2.5 years' time, we will have a very good improvement. Also for gas holders, we'll see a very important evolution of the gas holders that will allow us to recover a large quantity of internal gas, and will improve the overall efficiency. The sum of all those projects will be capitalized in a progressive manner in the next quarters until the full completion. In the calls, we are going to share with you the progression of all those activities. Marcelo, in fact, the hot repair and the PCI plant used up most of the CapEx for the quarter. Okay. Our last question now. We are running out of time. It's about sales at Musa. Caio Ribeiro with Bank of America and Igor Guedes with Genial, they ask the following. In the mining sector, with increase of cost and freight, will there be a decrease in the shipments to the external market? MUSA operations were affected in the volumes because of the rainfalls. In the second and third quarters, which are drier periods, do you believe that you can recover the volumes at the same levels that we had in 2025? Yes, Diego. In fact, we exported to Asia. Those cost increases impacted our profitability, but it's still profitable, as we can see in the results of MUSA. The diesel cost impact has not had a significant increase. The higher consumption was associated with internal movement. In terms of volume, as was mentioned at the beginning of the presentation, we expect a recovery of volumes, especially due to higher production. We are going to prioritize the area with higher grades so that we can continue exporting. Thank you, everyone. We end the Q&A session now. We would like to thank you for taking part in this event. If you have any questions, we would like to remind you that the IR team is available to take your questions. Have a good day, everyone.