To the conference call of Usiminas, in which the results of the second 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 the icon at the bottom of your screen. Participants listening in English may also submit their questions 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 the management's expectation 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. They are subject to change. With us here today is our President, Marcelo Chara, the Vice President of Finance and Investor Relations, Diego Garcia, and our Commercial Vice President, Miguel Homes. First, Marcelo will make some initial remarks. Diego will present the results. Afterwards, the questions asked in the Q&A section will be answered. Now I'll give the floor to Marcelo. You may proceed, sir. Thank you, Leonardo. Ladies and gentlemen, good morning, everyone, and welcome to the conference call of Usiminas. It's a pleasure to be here once again to discuss the results and the advances of the company for the second quarter of 2026. This quarter was marked by the continuity of the evolution of our management, with a focus on the maximization of the profitability, prioritizing operations with larger margins, increase of operational efficiency in reduction of costs, and in the discipline in the allocation of capital. Together with that, we advanced in the implementation of CapEx projects, reinforcing our competitiveness agenda and ensuring a solid basis for the sustainability of the business in the medium and long terms. We reached an EBITDA of BRL 761 million with the margin of 12%, accounting for a recovery of the previous periods. In steel sector, there was an increase of 5% in net revenue in relation to the first quarter of 2026. This was driven by better prices and the better sales mix. In the mining area, we had an increase of 27% in the sales volume when compared to the previous quarter after the end of the rainy season in the region. However, with margins impacted by the higher prices of maritime freight as a result of the world geopolitical situation. In this quarter, we completed the new plant of PCI, Pulverized Coal Injection, in the blast furnace of Ipatinga to mitigate the increase of rate of pulverized coal as a replacement of coke. The project represents an important structural advance for the company, providing operational efficiency and lower intensity of GEE. This initiative reinforced the commitment of Usiminas with sustainability and the competitiveness of its operation. In the business environment, we still have a challenged situation marked by the structural excess of the global market due to the uncertainties as well in relation to the growth of the main economies. Considering this context, the main markets that consume our products have been adopting measures of commercial defense to preserve their local industries. This has contributed to higher volatility and pressure on the flows of the world's commercialization of steel. In Brazil, even though some tech sectors continued showing resilient demand, the industrial activity is still pressurized by the high volume of imports of manufactured products and also by the high levels of the interest rates. This limits consumption, reduce investments, and affect the productivity of a domestic industry, also job generation. The major defense adopted by the Brazilian government in the first quarter of 2026 have generated gradual effect on the market, contributing to the reduction of the flat steel. The rate of penetration of imports reached 22% in the first half of 2026, about five percentage points below the level observed in the same period of the previous year. However, the imports remain at levels which are historically high, sustained by the increase of the shipments from other origins, alternative origins, in addition to China. In parallel, the inventory levels in the chain remain high. This was due to the anticipation of imports that were made before the anti-dumping measures were implemented. The replacement of manufactured goods have been intensifying in several consuming segments. This includes auto parts, machines and equipment, vehicles, and also metal products. This affects the sustainability of the transformation industry in Brazil and reduces the installed capacity and limits the realization of investments in the country. This impacts negatively the job generation, income, and value added in Brazil. In this context, we consider to be fundamental the continuation of the investigation of anti-dumping of hot-rolled steels, as well the strengthening of the inspection and the effective application of the commercial defense measures already implemented. Technical and effective measures are essential to reestablish the more balanced competition conditions in Brazil. For the next quarter, the expectation is to remain stable in the steel unit operation activities, excluding the extraordinary effect of the last periods. An increase of steel in the second quarter in comparison to the previous period, shows a mix of product which is similar to what we observed previously. In addition, the higher price in the industrial segment. On the other hand, we expect higher costs, especially of those associated with coal, coke and plates as a result of higher operational efficiency. We estimate an elevation of iron ore and the logistics costs are likely to remain high, especially those related to the maritime freight, especially in the Route C3, which account for 33% of global reference of iron ore. This level points compared to the recent historical average. We continue making advances in our industrial excellence, environment performance, safety of our personnel, competitiveness, and financial discipline. We continue executing our priority project, especially the reconstruction and the hot repair of Coke Batteries. We would like to thank all the employees, clients, suppliers, shareholders, and the community at large for the confidence, trust, and partnership. We continue moving on together. I'll turn the floor to Diego, who will continue the presentation. Thank you, Marcelo. Good morning, everyone. Thank you very much for attending our results conference call. We are going to start with the highlights of the quarter. Steel sales had a reduction of 2% when compared to the previous quarter, showing that we are implementing our strategy to have operations more focused on higher margin. There was an increase in the automotive segment. Iron ore sales was 27% higher when compared to the previous quarter. It's driven by the normalization of the shipments after the rainy season that affected the first quarter. Consolidated EBITDA shows an increase which is significant in comparison to the previous quarter, supported by the steel operations that had better results and a better mix as a result of legal agreement and non-operational assets. It more than offset the drop in the mining activity. Net steel revenue increased by 5%, showing outline of the industrial network. In addition to sales mix, which was favorable, which was driven by the automotive sector. In the external market, there was a positive evolution with a growth of 16% as a result of a better mix. EBITDA of steel increased by 26%, driven by better mix prices and extraordinary results that we have already mentioned. This effect more than offset the negative impact of the reduction in volumes and also the increase of the COGS. The margin was of 13%, 2.4 percentage points above the previous period. Our consolidated results. Net revenue advanced 4% when compared to the first quarter of 2026, driven by higher prices, as we have already mentioned, and also by the higher volumes in the mining segment. Adjusted EBITDA had an improvement in relation to the previous quarter, supported by the steel area that more than offset the steel segment. Net income repeats what happened as it decreased by 52%, reflecting the weaker financials, something that was not repeated in the other quarter. In addition to worse financial results. Sales of steel was partially offset by the significant increase of the automotive segment, leading to a better sales mix. This better mix, together with higher prices, led to a net revenue per ton almost 4% higher. The increase of adjusted EBITDA reflects this higher net revenue that more than offset the light drop in volume. Here we can see, as we mentioned previously, the significant impact of the improvement in the mix and the improvement in prices. The COGS was higher, excluding depreciation and amortization, explained by higher cost of coal and slabs. Other operational expenses shows the non-recurring effects, especially the recovery of values coming from legal lawsuits in the amount of BRL 57 million. Also, the sale of non-operational assets that added another BRL 130 million. Let's move on. The volume of sales of iron ore was 27% higher than the previous quarter, leading to a more normalized level. The first quarter was affected by the rainy season. Net revenues of the mining unit dropped 11%. In addition to the higher volume and the valuation of 1.2% of the reference price of iron ore, the result was impacted by the higher level of 35% of the maritime freight and by the appreciation of Brazilian real against the U.S. dollar. The drop of adjusted EBITDA reflects those effects in particular. For the quarter, we show an operational cash flow of BRL 358 million. The variation of working capital of BRL 184 million was affected by the payment of BRL 360 million in operations of forfaiting. The CapEx was 13% higher than the previous quarter, especially in relation to the finalization of PCI injection that will ensure better operation efficiency. In line with the discipline of execution of the CapEx, Usiminas reduced the guidance of a CapEx for the year from BRL 1.4 billion to BRL 1.2 billion-BRL 1.4 billion. In spite of the strong reduction in operation of forfaiting when implementing CapEx when compared to the previous quarter, the free cash flow was positive in BRL 35 million. Therefore, Usiminas closes the quarter with a net cash of nearly BRL 500 million in comparison to the BRL 390 million of the previous quarter. An evolution of more than BRL 100 million reflecting the better EBITDA of the period. Net gross debt ended at BRL 6.8 million, stable in relation to the previous quarter. Finally, with amortization, we are not very significant for the year, for the next two years. Usiminas maintained its financial discipline with a low leverage and a solid cash position. Leo, over to you. Thank you, Diego. We are now going to start our Q&A session. The first question is about the change in the guidance of CapEx that we issued today. Daniel Sasson from Itaú, Lucas Vello of Genial, Ricardo Monegaglia, Safra, Gabriel Barros, Citi, Rafael Barcellos, Bradesco, they all ask about the same topic. You reduced the guidance of CapEx for 2026 to BRL 1.4 billion. What would justify this reduction? Was there a delay for some projects? How can we think about the CapEx for 2027? As a complement, would the reforms of Coke and The Gasometer would maintain the initial schedule or not? Thank you very much for the question. The projects that are being delayed are all projects of sustaining CapEx, a large number of projects, with the purpose of maintaining financial discipline, maintaining a stronger cash position, and allowing us to focus on the project with better value added, such as The Coke Battery Project, which maintains its original schedule. There were no migrations or changes. As a complement, as Diego mentioned, we have improved significantly the execution of our projects, also we have improved the optimization of costs. As Diego said, the main priority is to maintain the projects according to schedule, and they are all aligned with our prospects and projections. We have made a redistribution of other projects that will not affect the reliability of the activities, and also has the purpose of ensuring a better efficiency in terms of costs. A complement that Daniel had asked, how can we think about the CapEx for 2027 in relation to what has happened? We do not provide a guidance for 2027. In relation to 2027, we can say that we are expecting the completion of the Gasômetro project. The completion will happen in the middle of next year. Okay, great, Diego. Thank you. Miguel, the next block of questions is related to price. I am going to break down into two blocks, smaller blocks. Gabriel Barros, Citi, Ricardo Monegaglia, Safra. Guilherme Nippes asked about the strategy of prices for the third and fourth quarters of this year. Is there room for new adjustments should the scenario of imports change in considering the anti-dumping process? Usiminas managed to make new adjustments in July. Is there room for additional increases? Will there be other effects of the adjustment of prices? Guilherme says, could you make some comments on the product where the dynamics would be more constrained, but that would be more room for further price pass-throughs? Thank you. Thank you very much for the question. Good morning, everyone. Our pricing strategy basically does not change from what we have seen since the beginning of the year. We have been very stringent in pricing in order to recover the margins and profitability that we need in order to ensure the sustainability of the operations. Since the beginning of the year, we have led the increase of prices, basically based on the pricing policy defined by the company. This may have generated some distortions in the beginning of this first quarter. We understand that the distortions were decreasing along the time, along the quarters, and now we believe it is already balanced. In relation to the increases, in July, we have updated with industrial contract renewals. We had some adjustments, there is some lag in relation to what we did. As of the 1st of July, we have updated some contracts, we have made some specific adjustment that had some price lag in relation to the margins that we had as an objective for the company. The other question was in relation to products, right? We have not seen any differences in the dynamics of prices in the market today. We see cold-rolled coils with more gains in profitability. Of course, based on the fact that they have sectors with more specific demand for this product, such as the automotive sector. There are also products with more value added, which have less pressure in relation to exports, not only from China, but from other origins, of which we have noticed some more growth, such as in the Southeast Asia. BQ has a higher price in relation to the offer, it has also impacted by the demand of other sectors that consume this in the domestic market. That would be transport and agricultural product that are not so heated in relation to the other products' demand. Thank you, Miguel. Miguel, still for you in relation to price. Caio Ribeiro and Bank of America and Rafael Barcellos with Bradesco asked this question: What was the average price per ton in the last month of the quarter in relation to the average of the whole quarter, and what are your expectations for additional increases in the future? Caio, answering this question directly, the price of the last month was very similar to the average price of the quarter because the adjustments were implemented in the beginning of the current quarter. In relation to the expectations for the future, we separate our sales in three segments. Automotive sector, we are going to continue following the contract for this quarter and onwards. In terms of industry, we expect an update of prices following the trend of the distribution sector, and the lag may vary from one quarter or five or six months. We're also going to be monitoring the price cost, so that we're going to monitor for margins to be recovered. Thank you, Miguel. Marcelo. There is a block of questions about the Compactus project for the mining unit. Caio Ribeiro, Bank of America, Daniel Sasson with Itaú, Guilherme Nippes, XP, Tathiane Candini of J.P. Morgan, and Rafael Barcellos ask the following question: In relation to the mining unit, could you provide more color on the extension life of the assets? Do you have deeper studies? What would the timing, the CAPEX, the incremental volume, the effects on the cost? Rafael completes, asking if this decision can be made still this year. Marcelo, over to you. Okay. Thank you. Caio, Daniel, Guilherme, Tathiane, and Rafael, all of you. As you know, we have been providing you with information. We have an environmental permitting process for the Compactus project. This is running according to schedule. We might have some news, some updates until the end of 2026. When we are going to be able to do a more deeper analysis of everything. This is likely to happen in the end of this year or the beginning of next year. Together with that, we have developed some initiatives to optimize the current life of friables with some initiatives that we have already been implementing until we make the decision for the next step. Thank you, Marcelo. Still about Compactus. Diego. Gabriel Barros with Citi asks if there will be the need of a partner for the Compactus project, and if Usiminas would be able to finance its part without additional leverage. Yeah, I think you're referring to something additional. We already have a minority partner, and you're asking if we need something additional in relation to the finance capacity. Well, even though we haven't defined completely the project as a whole, we are sure that what Usiminas can do. In relation to leverage levels, our leverage is negative nowadays. For sure, if we implement this project, we are going to have a level of leverage which is going to be positive. However, always within reasonable levels, healthy levels for the company. Thank you, Diego. Miguel. There's a question about demand. Steel demand. Rafael Barcellos, Ricardo Monegaglia. How do you see the demand for steel in the main segment for the second quarter? Is there any sector that shows more strength or more weakness than expected? Miguel, please. Without a doubt, the major player is the automotive sector. There are some important numbers for us to show because the segment grew by 100%, and the new vehicles registration increased about 27%. Imports grew than the registrations of new cars. This is eye-catching because we have been closely monitoring together with authorities because this is very relevant to the sector, so that we cannot miss the consumption opportunities that we can see in the market. This happens not only in the automotive sector, but also in other sectors such as industrial equipment, agricultural machines. The biggest challenge that we have ahead of us as a sector, as a country, as a chain, the expectations according to an ANFAVEA report is to maintain these dynamics and this increase in automotive sector. Usiminas as a leader of supply of steel in the sector will be important. Another important is something that increased more than the average, which is the transportation machines that showed very important numbers. This shows some weakness for the future. There was an increase when compared to the previous year. The segment that continues suffering in terms of consumption is the agricultural machinery that is facing a very delicate situation because manufacturers have given longer collective vacations, and this has been affecting the chain and the sector. Transportation equipment has also been affected, and they are all undergoing a very weak demand in relation to the previous periods. Appliances has positive demand based on the consumption. Another sector that has a lot of pressure of impacted manufactured products is the appliance as well. This is a little what we have seen as a dynamic, both for the second quarter and also for the future quarters of 2026. Okay, great, Miguel. Now, Miguel, in relation to prices, still talking about prices. Ricardo Monegaglia with Safra and Tathiane Candini of J.P. Morgan say the following: "We observed that the outlook of results, which is stable in steel unit, includes higher volumes. Can we assume that this drives to a lower profitability quarter-on-quarter? What are the drivers for the loss of profitability? Domestic numbers were very stable. Is it a strategy of value over volume? Is it likely to be the main strategy down the road?" It's important to clarify this for the future. Without a doubt, our pricing policy will not change in terms of strategy. Now it's important to say the following. When we say that we have a higher volume for the future, we have to separate the sales in three segments. Automotive sector with more added value and higher profitability in relation to the rest of the sector. The rest of the industrial sectors, as we mentioned before, have been showing weakening signs and less activity. This is a trend that's likely to be maintained in the short term. In distribution sector, without a doubt, our policy of price relates to discipline, and it impacted the volume sold to the sector along the quarter. That generated a certain level of distortion. Today, we see that those distortions are less prevalent, and so we can increase the expectation of sales. We also have to understand that imports should continue with a downward trend for the next months. Talking about imports, important to mention that in spite of the drop of imports coming from China, based on the policies and the anti-dumping definitions that were approved by the government, we have been observing a strong increase, especially from the Southeast Asia. When we talk about Vietnam or Korea, for example, we have interesting data that we have been monitoring, and we have been telling them, the government and the World Steel Association have published those data. Korea and Vietnam have shown a strong production in 2026. The demand does not present this growth, however, which is similar to the production. Without a doubt, this has been generating some pressure for those countries to increase their share, in many cases, in conditions of unfair competition for countries that do not have aggressive policy that we can see in the U.S. and Europe. We can feel this pressure in the domestic market in Brazil. Thank you, Miguel. Now, the next block is going to be directed to Diego in relation to the outlook that we showed in the release. Tathiane Candini, J.P. Morgan, and Henrique Braga of Morgan Stanley, they ask the following: "Can you provide more details on the quantitative part of the steel area? What is the price% that was realized quarter-on-quarter, and which would be enough to offset the price increase? Is there any initiative of efficiency underway that would help the results for the next quarters? When we mentioned that the cost will be driven by operational effect, does it reflect anything related to the PCI plant? Can we quantify the PCI plant contribution on the EBITDA?" Thank you very much for the questions. Again, for the next quarter, we expect an increase in prices and increase in costs. Costs more than prices. Especially for coal. We have expectation of a higher volume that will offset this per ton. So per ton, we are going to have a slight drop of yield in relation to the increases of prices of the raw materials. The positive and additional impact will be on the COGS and the best operations that has two sides. On the one hand, we are estimating lower cost in maintenance. On the other hand, we are expecting operational improvements that are connected to the PCI Project. If we hadn't completed the PCI Project, our EBITDA for the next quarter would be to maintain a similar level, or it would be much worse. That was an excellent timing for the completion of the project, as mentioned by Diego. I am going to complement his idea. The new plant allows us to increase by 15% our injection rate for this quarter when compared to the previous one. In the next quarter, we estimate to have an additional 15%. If you compare the third quarter with the first quarter, we are going to have a 30% additional injection rate and an improvement in efficiency and also operating costs. The plant is working well. The project was a success, and it is in full operation now. Marcelo, I am going to add. I am going to change the order of the questions because there are many questions about investments, PCI, Gasometer. They come from Gabriel Barros, Daniel Sasson, Itaú, Lucas from Genial, Tathiane from J.P. Morgan, Gabriel Barros from Citi, Sasson from Itaú, Lucas from Genial, Tathiane Candini. I think I have already mentioned those names. Those are the questions from those people. In relation to the PCI Project that has just been completed with the incremental addition to what has happened, could you quantify the margins and the costs related to The Coke Battery and The Gasometer? In which quarter are you going to capture in full the benefits of the PCI Project? Marcelo, please. I have mentioned, but you are talking about 100% yield. In the third quarter, we expect to have the full contribution of the project. We saw part of it in the second quarter that helped us offset the increase of raw materials. For the third quarter, we expect to have the full benefit of the project. The other project are aligned with the schedule, as we have already mentioned. The Gasometer is moving according to the schedule, according to plan. We have two Coke Batteries. Half of it is being repaired, hot repaired, and the other project is advancing at a very high efficiency and efficacy. The advance has been gradual quarter-on-quarter. The full construction of the second battery will happen within three years. It's a long-term project because this intervention is quite major. Our industrial strategy, as defined by the company, is being executed. The impact will be gradual in the efficiency and the environmental impact, and the effects are going to be seen in the next quarters. Thank you, Marcelo. Diego, a follow-up from Daniel Sasson related to the outlook. What's the biggest risk you see for this outlook today? Possibility of price reduction and the reduction of demand in the country would scare you in a way or concern you. There are two points I would like to mention. One is related to the geopolitical situation that may cause a higher impact than what we had anticipated on the costs of raw materials and freight costs. The other is the behavior of imports that continue to be an important challenge or an important threat for us. In relation to prices, I'll ask Miguel to mention. In relation to prices, the only possible scenario would be to come from a reduction of costs because our policy is to continue recovering the margins and the profitability of the company. The only way would be the reduction of costs. In relation to maintenance, this is related to the impact that imports can have in the whole chain. That would affect the industrial chain and also the steel sector, and it will affect the whole country, we have to make the necessary measures in order to protect the economy and also the jobs. In the country. Okay, great. Thank you. Diego, two questions about forfaiting and the working capital, okay? Gabriel, Citi, the reduction of forfaiting operations was BRL 360 million, had a significant impact on the working capital for this quarter. Can we consider that this was an one-off effect, or is not likely to repeat at the same magnitude in the next quarters? Looks complete. The remaining balance would come to zero in forfaiting. Could we consider this to be normalized as of now? Thank you Gabriel and Lucas for the question. We are going to continue canceling the forfaiting operation. In July, we have zeroed those operations in the amount of BRL 140 million additional in the amount. We can consider this to be normalized, yes. It had a financial cost that was higher than the yield of investment. This was allowed by the strong generation of cash that the company had, with the very low levels of leverage. That was the strategy we adopted, and as of now, we can consider that the situation is more normalized with the working capital helping us with these operations. Thank you, Diego. Now, Miguel, there's a block about imports and anti-dumping measures of hot-rolled product. Marcio Farid, Goldman Sachs, and Rodrigo Gotardo from BTG. What's the most updated view of the anti-dumping process for hot-rolled product after the meeting with the ministry? How are you likely to make a decision about the hot-rolled products? The anti-dumping pressures of hot-rolled coil advanced. There was a technical note that was published by the ministry confirming this decision with a margin of more than 35%. This led us to trust because we still need to follow the following processes, and the completion date is likely to be the end of August, beginning of September, to have this confirmation of this margin, and also the effective application of the anti-dumping measures for hot-rolled coils. Thank you, Miguel. Still for you, a block about imports, okay? Gabriel Barros, Citi, Rafael Barcellos, Bradesco, Henrique of Goldman Sachs, Marcio Farid, Goldman Sachs, and Rodrigo, BTG. Do you believe that the recent increase of imports of flat steel is related to a market perception that decision on the tariffs can be delayed for the end of the year? How have you seen the dynamics of imports, and what's the effect of indirect imports that grows nearly 20% year-over-year? We saw important imports coming from Vietnam, how sustainable it is, and what are the risks related to this? A complement. After the announced anti-dumping measure, how have been the advance of the conversations of increasing the numbers of NCM codes related to the triangulations and the reclassification of tariffs? Please, Miguel. Let's go and answer little by little. Imports have presented a very volatile dynamics, of course, with high level of speculation on the part of the importers, and the expectations in relation to decisions of anti-dumping measures by the government. Those measures related to old and new additional tariffs. We need to continue monitoring very closely together with the Brazilian authorities what would be the impact of those important variations which grow at an important level. You asked about triangulation. They continue. The imports from Southeast Asia continue, and we understand that this come from the over-offer from China, and other countries do not have any other option, but direct those products to markets such as in Brazil. Europe continues implementing protection measures. Recently, there was a safeguard focused on stopping the over-offer of steel. This is something positive to the European market, but it's a risk for markets such as Brazil. In relation to Vietnam, as we were answering in previous questions, your information is very accurate. When we look at the production statistics and consumption expectations, we see that Vietnam is an important player because the consumption is not growing according to the capacity increase in that country. That shows that there is increase of imports from Vietnam, and this is a point of attention also by the ministry, so that we can together understand what can be the effective measures so that we can somehow balance the game and avoid the negative impact as we have seen in the past two years based on the imports coming from China. Indirect imports is a major challenge that we have in the sector. As a relevant sector in the industrial chain in Brazil, we have the obligation of position ourselves and provide support to the chain as a whole. This is a very important negotiation that we have been having, also with other industrial chains in Brazil, so that we can understand which are the measures that can be adopted by Brazil. Thank you, Miguel. Still for you, Miguel. There are two questions related to imports. One in relation to coated cold-rolled products, and the other is about imports storage. Lucas Vello from Genial says the measures are applicable. Do you notice any replacement of imported and at what level? There is another question about inventories. What is your view about the inventories of imported materials, and how long do you think they can last? What would be the impact on the final consumer? Please, Miguel. In relation to cold-rolled products, coated products, yes, we have seen important opportunities about those products. As we mentioned previously, considering the high level of inventory that we saw, especially until the end of the first half of the year, we see that the sale will happen along the second half of this year, most likely. The inventories are a bit related to the previous answer. Before we said that the inventories would last about one year with a very high level. Those inventories have started to reduce and possibly at the end of the third quarter and the beginning of fourth quarter, we will start to see better opportunities for us to play in the period. Thank you, Miguel. Now a question about costs, Diego. Henrique Braga of Morgan Stanley is asking the following. In relation to the fourth quarter of 2026, what do you expect for in terms of costs of steel on the fourth quarter of 2026? Do you expect an increase of prices of raw materials until the end of the year? Yes, Diego, please. Henrique, thank you very much for the question. We do not provide a guidance for the fourth quarter, only for the next quarter. For the next quarter, we have seen an increase in the price of raw materials, especially coke and coal. We hope we can offset with operational improvement as a result of the PCI Project. Thank you, Diego. Diego, now about mining and freight. There is a block. Rodrigo from BTG, Tathiane from J.P., and Carlos from Morgan Stanley. They are asking about the negative impact of maritime freights. When prices normalize, sea freight and road freight is something that crosses the mind of the company. Is there an alternative in relation to freight? Is there an option? Can we balance those costs in a way? Yes, Diego. In relation to the first question by Rodrigo, it is a topic we are looking at, maritime freight. Sometimes we think about the future hiring or contracting. You ask if the market arrived by sea freight. Yes, we have started seeing it, considering the volatility that we face, but it is something very difficult to do now. This is something that we are going to consider for the future. In relation to what we can do about the freight, this is a question we ask every day. We ask ourselves every day. We are focusing on what we can control, which are the internal costs. The cash cost that we had in mining for this quarter was better, and we continue focusing on mining activities and the impact on freight more than offset all those effects. So it is a topic that we follow very closely. As mentioned, there are some components for the IR. There are some publications. There has been a significant increase as a result of the geopolitical situation. Today, this impacts the profitability of all the segments of the mining sector. What we have to do fundamentally is to reduce costs, internal costs. This is our top priority. We have short-term strategies so that we can control costs as much as possible. We have already seen this reflected in the result of this quarter. We are always getting ready for a more efficient operation. We have two more questions before we wrap up. Diego, please. Mining volume. Henrique Braga from Morgan Stanley asks, "What is behind the expectation of the drops in the volumes of mining? Could you explain what would be the magnitude expected of this reduction?" Within this scenario of highly volatility and very reduced margins, we are prioritizing operations with higher margin in the mining activities. We are not focusing on the mining of lower grade. This explains the lower volume expected. In terms of the magnitude, we are not going to provide more details about it. Thank you, Diego. The last question comes from Lucas Vello with Genial about non-recurring items. He asks if the BRL 57 million that was recovered, recorded in other revenues, is it a one-off event, or is that an expectation of other releases for the next quarters? Is this considered in the recurring EBITDA? That was an isolated effect, a one-off event. We do not expect it to happen again in relation of recovery of the resources. In relation to the sales of assets, we still have some non-operational assets that may be sold. We do not have any definite expectation in terms of the timing, when we are going to have this completed, nor about the values. This is something that we have been doing as we can and in an opportunistic manner. Now, answering your question, we should not expect for the next quarters any event such as this. Thank you, Diego. We've finished the Q&A session now. We would like to thank everybody for the participation, in case of any questions, the IR team is available to take your questions. Have a good day, everyone.