I'm Leonardo Caran, 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 Uzi Minas 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 at 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 expectation regarding the future of Lusinian S. These expectations are highly dependent on the performance of this civil 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 Garcia, and our commercial vice president, Miguel Homes. First, Marcelo will make some initial remarks, then 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 UZININES. 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 the CAPEX project, 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 R$761 million, with a margin of 12%, accounting for a recovery of the previous period. In steel sector, there was an increase of 5% in net revenue in relation to the first quarter of 2026, and this was driven by the 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 marches impacted by the higher prices of maritime freight as a result of the world geopolitical situation. In this quarter, we completed the new plans of PCI, power coal injection in the blast furnace of Ibaquinga, to mitigate the increase of the rate of pulverized coke as a replacement of coke. The project represents an important structural advance for the company, providing operational efficiency and lower intensity of GPE. This initiative reinforces the commitment of the Minas with sustainability and the competitiveness of its operation. In the business environment, We still have a challenge 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, and this has contributed to Thank you very much. The major defense adopted by the Brazilian government in the first quarter of 2026 have generated gradual effects on the market, contributing to the reduction of the flat steel. and the rate of penetration of imports reached 22% in the first half of 2026, about 5 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 shipment 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 the manufactured goods have been intensifying in several places. This includes auto parts, machines and equipment, vehicles, and also metal products. And this affects the sustainability of the transformation industry in Brazil and reduces the installed capacity and limits the realization of investments in the country. And 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 re-establish the more balanced competition For the next quarter, the expectation is to remain stable in the steel unit operation activities, excluding the extraordinary effects of the last period. An increase of steel in the second quarter, in comparison to the previous period, shows a mix of products which is similar to what we observed previously. Thank you very much. Thank you very much. and the logistics costs are likely to remain high, especially those related to the maritime freight, especially in the road C3, which accounts for 33% of global reference of iron ore. And this level is 10 points compared to the recent We continue making advances in our industry excellence, environment performance, safety of our personnel, competitiveness, and financial discipline. And we continue executing our priority project, especially the reconstruction and the hot repair of coca repair 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. And I'll send 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're going to start with the highlights of the quarter. The 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 margins. There was an increase in the automotive segment. Our 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 the legal agreement and the non-operational assets. It more than offset the drop in the mining activity. Fuel revenue increased by 5%, showing an outline of the industrial network, in addition to a sales mix which was favorable, which was written 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. Evda of Steel increased by 26%, driven by better mixed 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. As a result, the margin was of 13%, 2.4 percentage points above the 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 a decrease by 52% reflecting the weaker financials, something that was not repeated in the other quarter, in addition to worse financial results. Sales deal was partially offset by the significant increase of the automotive segment. This better mix, together with higher prices, led to a net revenue per ton almost 4% higher. The increase of adjusted EBITDA reflects the 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 appreciation and amortization, explained by higher cost of coal and slabs. Other operational expenses show the non-recurring effect. So let's move on. The volume of sales of INR 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 INR, The result was impacted by the higher level of 35% of the maritime freight and by the appreciation of Rio against the dollar. The drop-in of adjusted EBITDA reflects those effects in particular. For the quarter, we show an operational cash flow after $130,000. The variation of the working capital of 184 million was affected by the payment of 360 million in operations of forfeiting. 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, Uzi Minas reduced the guidance of a CAPEX for the year from 1.4 to 1.2 to 1.4 billion reals. In spite of the strong reduction in operation operating when implementing CAPEX when compared to the previous quarter, the cash flow, the brief cash flow was positive in 35 million. Therefore, UFMN closes the quarter with a net cash of nearly 500 million in comparison to the 390 million of the previous quarter, an evolution of more than 100 million reals, reflecting the better end of the period. Net gross debt ended at 6.8 million, stable in relation to the previous quarter. With amortization, we are thought very significant for the year, for the next two years, with the Minas maintaining 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 Velo from Vigilial, Ricardo Monegaglia, Safra, Gabriel Barros, Citi, Rafael Barcelos, Bradesco, they all asked about the same topic. Reduce the guidance of CAPEX for 2026 to 1.4 What would justify this reduction? Was there a delay for some projects? How can we think about the CAPEX for 2027? And 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 the 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. So there were no migrations or changes. As a complement, as Diego mentioned, we have improved significantly the execution of our projects and also we have improved the optimization of costs. Diego said, the main priority is to maintain the projects according to schedule and they are all aligned with our prospects and projections and 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 cost. A compliment that Daniel had asked us 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 Gasol Metro project.

The completion will happen in the middle of next year.

Okay, great, Diego, thank you. Miguel, the next book of questions is related to price. Okay, I'm going to break down into two blocks, smaller blocks. Gabriel Baus, C.T. Ricardo Gaglia S.A. The Pilevnits ask about the strategy of prices for the third and fourth quarter of this year. Is there room for new adjustments? Should the scenario of imports changes in considering the anti-dumping process? Does the Minas manage to make new adjustments in July? Is there room for additional increases? Will there be other effects of the adjustment of prices? And Guilherme says, could you make some comments on the product? Thank you very much for the question. Good morning, everyone. Our crisis strategy basically doesn't change from what we have seen since the beginning of the year. Basically, we have been very... Thank you very much. The distortions were decreasing along the time, along the quarters, and now we believe it's already balanced. In relation to the increases, in July we have updated with industrial contract renewals. We had some adjustments and there is some lag. In relation to what we did. So, as of the 1st of July, we have updated some contracts and we have made some specific adjustments 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 haven't seen any differences in the dynamics of prices in the market. Today, we see... Thank you very much. More Growth, such as in the Southeast Asia. BQ has a higher price in relation to the offer, but it has also been impacted by the demand of other sectors that consume this in the domestic market, that would be transport and agricultural products 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 Banco America and Rafael Barcelos with brothers to ask 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 quarter, the current quarter. In relation to the expectations for the future, we separate our sales in three segments. Automotive factor, we are going to continue following the contract for this quarter and onwards. and 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. And 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 lot of questions about the compactus projects for the mining units. Caio Ribeiro, Banco of America, Daniel Sasson, Itaú, Guilherme Nipsa, XP, Tad Cancini of J.D. Morgan, and Rafael Barcelo ask the following question. In relation to the mining units, could you provide more color on the extension life of the assets? Do you have deeper studies and work with the timing, the capex, the incremental volume, the effect on the cost? and Rafael Komplitz asking if this decision can be made still this year. Marcelo, over to you. Okay, thank you. Caio, Daniel, Guilherme, Tati and Rafael, all of you.

As you know, we have been providing you with information.

We have an environmental permitting process. For the compact project. This is running according to schedule. We might have some news, some updates until the end of 2026. And when we are going to be able to do a more deeper analysis of everything, and this is likely to happen at the end of this year and beginning of next year. Together with that, we have developed some initiatives to optimize the current life of cereals with some initiatives that we have already been implementing until we make the decision for the next step. Thank you, Marcel. Still about compactors, Diego. Gabriel Berra, Banwit City, asks if there will be the need of a partner for the compact project and if the Wusunitas would be able to finance its parts 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. Even though we haven't defined completely the project as a whole, we are sure that Uzi Minas, what Uzi Minas can do in relation to leverage levels Our leverage is negative nowadays, and 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 is a question about demand.

Rafael Barcelos, Ricardo Monegaria How do you see the demand for fill 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%. The imports grew than the registrations of new cars. And this is eye-catching because we have been totally monitoring together with the authorities 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. And the biggest challenge that we have ahead of us as a sector, as a country, as a chain, The expectations, according to a FOVIA report, is to maintain this dynamics and this increase in the automotive sector, and the Minas Gerais leader of supply of fuel in the sector will be important. Another important is something that increases more than the average, which is the and many other transportation machines that showed very important numbers, but this shows some weakness for the future, but there was an increase when compared to the previous year. And the second that continues suffering in terms of consumption is the agricultural machinery that is facing a very delicate situation. because manufacturers have given long 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 period. And 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, Rastafra and Tash Candini of J.P. Morgan say the following. We observed that the outlook of results, which is stable in steel units, includes higher volumes. Can we assume that it is likely What are the drivers for the loss of profitability? Domestic numbers were very stable. What is the strategy of value over volume? And 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. But 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 portability in relation to the rest of the sector. The rest of the industrial sectors, as we mentioned before, have been showing weakening signs. Thank you very much. Today we see that those distortions are less prevalent, and so we can increase the expectation of sales. And we also have to understand that imports should continue with a downward trend for the next month. Talking about imports, important to mention that in spite of the drop of imports coming from China, Based on the policies and the 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 the interesting data that we have been monitoring and we have been telling that the government and the World Steel Association have published those data. Korea and Vietnam have shown strong production in 2026. But 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 of our countries that do not have aggressive policy that we can see in the United States and Europe. And we can feel this pressure in the domestic market in Brazil. Thank you, Miguel. Now, in the next block, it's going to be directed to Diego in relation to the outlook that we showed in the release. Tadj Kandini, JP Morgan, Enrique Baglet, Morgan Stoney, they ask the following. Can you provide more details on the quantitative part of the steel area? What's the price percentage that was realized quarter to quarter and which would be enough to offset the price increase? Is there an 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? And can we quantify the PCI plant contribution on the EBITDA? Thank you very much for the questions. So, again, for the next quarter, we expect an increase in prices and increasing costs.

Gino Eugenio Ritagliati

In relation to the increases of prices of the raw materials, the positive and additional impacts will be on the cogs and the best operations that have two sites. On the one hand, we are estimating lower cost and 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. So that was an excellent timing for the completion of the project. As mentioned by Diego, I'm going to compliment his idea. The new 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%. So, 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's in full operation now.

Marcelo, I'm going to add. I'm going to change the order of the questions because there are many questions about investments. They come from Gabriel Barra, Daniel Sasson, Itaú, Lucas from Genial, Tati from JP Morgan, Gabriel Barra from Citi, Sasson from Itaú, Lucas from Genial, Tati 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, what's the incremental addition to what has happened? Could you quantify the margins and the costs related to the battery and the gasometer? In which quarter you're going to capture in full The benefits of the PCI project.

Marcelo, please. I have mentioned that you're 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 material, but for the third quarter we expect to have the full benefits of the project. The other projects are aligned with the schedule as we have already mentioned. The meter is moving according to the schedule, according to the plan. and we have two cook batteries half of it is being hot repaired and the other project is advancing at a very high efficiency and efficacy the advance has been gradual quarter on quarter and the full construction of the second battery will happen within three years. It's a long-term project.

This intervention is quite major. Our industrial strategy as defined by the company is being executed

and the impact will be gradual in the efficiency and environmental impact. And the effects are going to be seen in the next quarters. Thank you, Marcelo. A follow-up from Daniel Sasson. 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. And the other is the behavior of imports that continues 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. So the only way would be the reduction of costs. And in relation to maintenance, this is related to the impact that imports can have in the whole chain. So that would affect the industrial chain and also the steel sector, and it will affect the whole country, and then 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 forfeiting and the working capital, okay? Gabriel, city and... The reduction of forfeiting operations was 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? And looks complete. Remaining balance would come to zero in forfeiting, so 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 forfeiting operation, and in July we have zeroed those operations in the amounts of $140 million. A 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. And this was allowed by the strong generation of cash that the company had

and with 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 its operations. Thank you, Diego. Now, Miguel, there's a block about imports and anti-dumping measures of hot-rolled products. Marco Farid do Goldman Sachs Rodrigo Gotardo from BTG What's the most updated view of the anti-dumping process for hot road products after the meeting with Ministry? How are you likely to make a decision about the hot road products? The anti-dumping process of and the Hot Road Coil Advance. So there was a technical note that was published by the Ministry confirming this decision with a margin of more than 35%. This leads 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-row coils. Thank you, Miguel. Still for you, a blog about imports, okay? Gabriel Barra, Citi, Rafael Barcelos, Bradesco, Henrique of Goldman Sachs, Márcio Farid, Goldman, and Rodrigo, BTG. Do you believe that the recent increase of imports of flat steel is related to a market perception that the 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 on year? We saw important imports coming from Vietgam. How sustainable it is and what are the risks related to this? And a complement to 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 risk classification of terrorists? Please, Miguel. Okay, let's go and answer little by little. INCORS has 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. Of course, we need to continue monitoring very closely together with the Brazilian authorities what would be the impact of those important variations. Gino Eugenio Ritagliati, Bruno Lage de Araujo Paulino, Julio Mendez Arroyo, Diego Eduardo Garcia Direct those products to markets such as in Brazil. Europe continues implementing protection measures. Recently, there was a safeguard focused on stopping the 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. So that shows that there is increase of imports from Vietnam and this is a point of attention by 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 import is a major challenge that we have in the sector. As a relevant sector in industrial chain in Brazil, we have the obligation of position ourselves and provide support to the chain as a whole. And this is a very important negotiation that we have been having, and also with other industrial chains in Brazil, so that we can understand which are the 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 roll products, and the other is about import storage. Lucas Dela from Genial says, The measures are applicable. Do you notice any replacement of imported and at what level? And there's another question about inventories. What's your view about the inventories of imported materials? And how long do you think they can last? And what would be the impact on the final consumer? Please, Miguel. Thank you. in relation to cold roll products, coated products. Yes, we have seen important opportunities about those products, but 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 Thank you, Miguel. Now, a question about cost, Diego. Enrique Braga of Morgan Stanley is asking the following. In relation to the fourth quarter of 2026, what do you expect in terms of costs of steel in the fourth quarter of 2026? Do you expect to increase the prices of raw materials until the end of the year? Yes, Diego, please. Enrique, thank you very much for the question. We do not provide the guidance for the fourth quarter, only for the next quarter. And for the next quarter, we have seen an increase in the price of raw materials, especially coke and coal. And we hope we can affect with operational improvement as a result of the TCI project.

Thank you, Diego.

Diego, about mining and freight. There's a blog. They're from BPG, Tati from GP, and Carlos from Morgenstern. They're asking about the negative impacts of maritime freight. When prices normalize, sea freight and road freight is something that crosses Is there an alternative in relation to freight? Is there an option? Can we balance those costs in a way? Yes, Diego?

Well, in relation to the first question by Rodrigo, it's a topic we are looking at, maritime freight,

Sometimes we think about the future hiring or contraction. You ask if the market arrived by sea freight. Yes, we have started seeing it considering the volatility that we face, but it's something very difficult to do now. But 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 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 the best, was better, and we continue focusing on the mining activities and the impact on freight more than offset all those effects. So that is a topic that we follow very closely.

And as mentioned, there are some components for the IR and there are some publications. There has been a significant increase as a result of the geopolitical situation.

And 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. And this is our top priority.

We have short-term strategies so that we can control costs as much as possible.

And we have already seen this reflected in the results of this quarter. So we're always getting ready for a more efficient operation. We have two more questions before we wrap up. Diego, please. Mining volume, Enrique Gaglia 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?

In this scenario,

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.

and in terms of the magnitude, we are not going to provide more details about it. Thank you, Diego. And the last question comes from Luca Velho, Virginia, about non-recurring items. He asks if the 57 million that was recovered recorded other revenues. Is it one of expenses? or is there an expectation of other releases for the next quarters? Is this considered in the recurring editor? 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 time and when we are going to have this completed, nor about the values. And 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 events such as this. Thank you, Diego. We finish the Q&A session now. We would like to thank everybody for the participation. And in case of any questions, the IR team is available to take your questions. Have a good day, everyone.