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Companhia Siderurgica Nacional's CEO Discusses Q2 2012 Results - Earnings Call Transcript

On the one hand, EBITDA was positively impacted by higher average mining prices and upturn in prices in Real due to the appreciation of the dollar; and second, the increase to sales abroad. However, it is a fact we're partially offset by lower iron ore sales volume and higher SG&A expect.

Now let's go to the Slide No. 5. On this slide we can see net revenue and EBITDA for CSN operational segment. Mining accounted for 27% of net revenue and 6% of the EBITDA in the second quarter 2012, while Steel was responsible for 62% of net revenue and 39% of the EBITDA.

Let us move now to the Slide No. 6, which shows the results from the few segments. We will begin with the graph on the top left, to sales totaled 1.4 million tons in the second quarter, 7% more than the first quarter, mainly due to the increases in Steel sales abroad, thanks to the German subsidiary SWC, whose results were fully consolidated in the second quarter. 74% of the sales came from domestic market, 23% from our subsidiaries abroad, and 3% from exports.

As you can see in the graph at the top right, net revenue from two operations totaled R$2.7 billion, 11% more than in the first quarter in 2012. At the bottom, we’ve our EBITDA figures. Few segment EBITDA totaled at 470 million in line with the first quarter 2012, and the EBITDA margin was of 18%.

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