Presentation 4Q17. Apresentação Usiminas 2T11 - APIMEC. Classification of the information: Public
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1 Presentation 4Q17 Apresentação Usiminas 2T11 - APIMEC Classification of the information: Public
2 2 Agenda Usiminas Profile Market Outlook Usiminas and its business units Financial Results
3 3 Company Profile Complete solution for products and services Steel company with the largest number of patents rights in Latin America Largest Research Center in the steel sector in Latin America First Brazilian steel company to have its quality system certified by ISO 9001 in 1992 First Brazilian steel company and second in the world to achieve the ISO environmental management certificate in 1996 Founded of the most enduring environmental education project of the private sector since 1984
4 4 Timeline Operation Start Up Cosipa privatization Listing on LATIBEX stock exchange section Creation of Soluções Usiminas One CNPJ: Usiminas incorporates Cosipa Selling of Ternium stake Joint Mining Agreements with MBL e Ferrous Automotiva Usiminas Divestment Temporary shutdown of the primary areas in Cubatão R$ 1 billion Mineração Usiminas capital reduction Usiminas privatization Listing on BOVESPA Launch of ADR I program on the OTC Market (New York) Acquisition of iron ore mines Acquisition of Zamprogna Creation of Mineração Usiminas Acquisition of Codeme and Metform stake Entrance of Ternium / Tenaris into Usiminas Control Group (New shareholders agreement) Friables Project conclusion on Mining (increasing the capacity to 12 million tons/year) R$ 1 billion capital increase Debt Renegotiation
5 Shareholding Composition Total Capital 1,253,079,108 Voting Capital Preferred ON 56.28% 705,260,684 PN 43.72% 547,818,424 Nippon Group 11.31% Nippon Group 21.10% Control Group: 45.75% of Voting Capital Nippon Group 0.57% Ternium/Tenaris Group 1.79% Others 23.19% Usiminas Pension Fund 4.84% Ternium/Tenaris Group 19.76% Ternium/Tenaris Group 19.81% Others 97.64% Usiminas shares are traded on B3 (São Paulo), on the OTC Market (New York) and on a LATIBEX exchange section (Madrid). 5
6 6 Complete Solution for Products and Services Business Units Steel Processing Capital Goods Steel Soluções Usiminas Usiminas Mecânica Ipatinga Plant Mining Cubatão Plant Unigal Usiminas Mineração Usiminas UPSTREAM DOWNSTREAM
7 Strategically Located Mining Steel Steel Processing Capital Goods 7
8 8 Social and Environmental Initiatives Usiminas Cultural Institute Usiminas invested over R$260 million, encouraging around 2,000 social projects São Francisco Xavier School First educational institution in Brazil to obtain ISO 9001 Márcio Cunha Hospital Reference center in healthcare all over Brazil Xerimbabo Usiminas Project Promotes protection and environmental education free of charge for more than 2 million young people
9 Shares Quotation on B3 R$/share - Up to 12/31/ USIM3 USIM5 Note: The prices are adjusted by removing the effects of events such as Bonus and Unfolding 9
10 10 Agenda Usiminas Profile Market Outlook Usiminas and its business units Financial Results
11 World Crude Steel Market in 2016 Million Tons China Japan India 95.6 USA 78.6 Russia 70.8 South Korea 68.6 Germany Turkey Brazil Ukraine Nominal Capacity 2,351 Excess of Capacity 721 Production 1,630 Source: World Steel Association/OECD 11
12 World Crude Steel Production % 2% 7% 3% 2% 1% 6% 11% 4% 34% China Asia and Oceania* European Union North America South America 10% 7% 50% Europe (others) 16% Africa Others 23% 24% +31% 1,244 million tons 1,630 million tons *Except China Source: World Steel Association 12
13 Crude Steel Consumption per Capita Kg per habitant China South Korea Japan United States Germany Spain Brazil Mexico World Average Source: World Steel Association 13
14 Brazilian Flat Steel Market Million Tons 22% 7% 11% 14% 13% 12% 15% 15% 8% 13% Production Consumption Imports Source: Instituto Aço Brasil / Usiminas Excludes Slabs 14
15 Brazilian Flat Steel Apparent Consumption Evolution Quarterly - Thousand Tons 2,740 2,659 2,419 2,452 2, ,138 2,141 2,209 2,347 2,351 4Q16 1Q17 2Q17 3Q17 4Q17 Source: Usiminas Commercial Planning Sales of the Plants Imports Total 15
16 Brazilian Flat Steel Apparent Consumption Evolution Yearly - Thousand Tons 14,262 1,780 14,736 1,671 13,213 2,039 10,594 1,623 9, ,373 1,313 12,483 13,065 11,175 8,972 8,536 9, Source: Usiminas Commercial Planning Sales of the Plants Imports Total 16
17 17 Flat Steel Consumption Markets Auto Industry and Autoparts Household Appliances Agricultural and Road Machinery Civil Construction Oil and Gas Pipelines Hot Rolled, Cold Rolled and Galvanized Cold Rolled and Galvanized Heavy Plates and Hot Rolled Heavy Plates, Hot Rolled, Cold Rolled and Galvanized Heavy Plates and Hot Rolled Heavy Plates and Hot Rolled
18 18 Agenda Usiminas Profile Market Outlook Usiminas and its business units Financial Results
19 Theoretical nominal capacity * of production and sale Thousand Tons Crude steel capacity of 9.5 million tons, being 5 million tons in Ipatinga and 4.5 million in Cubatão, which had the operation of its primary areas temporarily suspended and currently processes acquired plates. Galvanized Heavy Plates Hot Rolled Cold Rolled Electrogalvanized HDG Total Total production capacity of products for sale 1,900 4,200 2, ,020 9,670 Generation of products for sale with the equipment in operation ** 900 2,070 2, ,620 * According to the theoretical mix of sales in the implementation of the line; ** Excluding the temporarily suspended capacities of Heavy Plates and Hot Strip Laminator #1 in Cubatão. 19
20 Sales Volume Steel Business Unit Quarterly - Thousand Tons 1, , Q16 1Q17 2Q17 3Q17 4Q17 Exports Domestic Market 20
21 Sales Volume Steel Business Unit Yearly - Thousand Tons 6,881 6,220 1, , ,915 1,325 3, , ,044 5,407 4,572 3,590 3,176 3, Source: Usiminas Commercial Planning Domestic Market Exports Total 21
22 Exports Main Markets Steel Business Unit 3Q17 Argentina 4Q17 5% 4% 6% 2% 4% 2% 1% 42% Germany United Kingdom Spain Belgium Portugal Mexico 4% 4% 2% 3% 1% 3% 3% 1% 29% 3% 1% China Poland 10% Chile 30% France Italy Switzerland 13% 28% USA Others 22
23 Exports Main Markets Steel Business Unit Germany 1% 1% 3% 2% 13% 5% 13% 7% 3% 24% 28% Argentina United Kingdom Spain Mexico USA Portugal Belgium China Switzerland Poland Italy Colombia 4% 7% 2% 2% 2% 3% 4% 7% 1% 1% 2% 1% 2% 31% 32% France Others 23
24 24 Cost of Goods Sold - COGS Steel Business Unit 3Q17 4Q17 6% 9% 6% -1% 9% 3% 29% Other Raw Materials Labor (direct and indirect) Coal and Coke Energy and Fuels Iron Ore and Pellets Spare Parts Depreciation 5% 6% 8% -4% 3% 10% 35% 9% 14% 15% Structural Expenses Inventories Variation Others 9% 13% 15%
25 Adjusted EBITDA and EBITDA Margin Steel Business Unit Quarterly - R$ Million (23) (71) (1) (14) (13) (7) (3) (34) (14) 4T16 1T17 2T17 3T17 4T17 25
26 Adjusted EBITDA and EBITDA Margin Steel Business Unit Yearly - R$ Million 35 1,193 1,827 1,546 1,017 1, (45) (13) (2) (15) (1) (71) (128) (50) (13) ,806 (19) 26
27 27 Investments Steel Business Unit Heavy Plates Hot dip galvanized Electrogalvanized Slabs Hot Rolled Cold Rolled Capacity increase to generate finished products 7.2 million t 9.7 million t (2010) (2014)
28 28 Investments Steel Business Unit CLC Technology (Accelerated Cooling Process for Heavy Plates) Start up in 2010 Meets the requirements of Petrobras, focused on presalt, besides the shipbuilding sector Galvanizing Line Start up in 2011 Double the capacity to 1 million tons /year Higher expertise in ultraresistant steel production (dual phase)
29 29 Investments Steel Business Unit Hot Strip Mill Start up in 2012 Capacity to process 2.3 million tons / year Improving products portfolio (beams, ultra resistant wheels, higher grades API s) Pickling Line Start up in 2013 Capacity to process 1.7 million tons / year Better thickness tolerance, flatness and surface controls of materials for wheels, beams and compressors
30 30 Mainly Investment Concluded in 2015 Steel Business Unit Coke Plant Revamp - Ipatinga o Met coke with adequate specifications for pig iron production in the blast furnace process o Reduction of particle emissions, gases and volatile substances o Coke gas to be used in the operational facilities of Ipating Mill and electric energy production o Coke plant total capacity of 1,1 million tons/year o Started up on May 2015
31 31 Description Mining Business Unit o Located in Serra Azul/Minas Gerais state o 4 mining sites, acquired from J. Mendes in February, 2008 o Reserves of 2.6 billion tons of iron ore o It has 20% of voting shares of MRS Logistica, being part of the Control Group o Retroarea in Itaguaí Port Shareholder Composition Production Capacity 70% 30% Lump 2 million Sinter Feed 4 million Pellet Feed 6 million
32 Location Mining Business Unit Igarapé São Joaquim De Bicas Minerita MUSA Central MUSA Leste MMX MUSA Pau de Vinho MUSA Oeste Arcelor Mittal Ferrous (Santanense) Comisa Emicon Ferrous MBL Itatiaiuçu Mineração Usiminas 32
33 33 Investments Mining Business Unit Friables Project Increased capacity from 8 million to 12 million tons / year of iron ore Iron ore with better quality, higher concentration of iron content and lower impurity level Two iron ore processing plants
34 Sales Volume Mining Business Unit Quarterly - Thousand Tons 1, % Q16 1Q17 2Q17 3Q17 4Q17 Sales to 3rd parties - Domestic Market Exports Sales to Usiminas 34
35 Sales Volume Mining Business Unit Yearly - Thousand Tons 6, ,623 2, ,219 4,110 3, ,511 3, % 3, ,403 2, Sales to 3rd parties - Domestic Market Exports 35
36 36 Iron Ore Price PLATTS (62% Fe CFR China) US$/ton Q16 1Q17 2Q17 3Q17 4Q17
37 Adjusted EBITDA and EBITDA Margin Mining Business Unit Quarterly - R$ million 253% 30% 48% 25 22% 20% (4) 4T16 1T17 2T17 3T17 4T17
38 Adjusted EBITDA and EBITDA Margin Mining Business Unit Yearly - R$ million (112) (89) (5) (4)
39 39 Description Soluções Usiminas - Steel Processing o o 6 industrial units in different Brazilian states: MG, SP, RS, ES and PE Processing capacity of 2 million tons of steel/year o Net Revenue of R$2.5 billion in 2017 Suape Santa Luzia Betim Taubaté Guarulhos Porto Alegre
40 Adjusted EBITDA and EBITDA Margin Steel Processing Quarterly - R$ million 7% 5% 3% 3% 2% Q16 1Q17 2Q17 3Q17 4Q17 Reported EBITDA Reported EBITDA Margin 40
41 Adjusted EBITDA and EBITDA Margin Steel Processing Yearly - R$ million 4% 4% 3% % (4) (17) -1% EBITDA Reportado Margem de EBITDA Reportado 41
42 Description Usiminas Mecânica - Capital Goods o o Facilities in Ipatinga/Minas Gerais state, Congonhas/Minas Gerais state and in Cubatão/São Paulo state Market Segments: Steel Structures, Shipbuilding and Offshore, Oil and Gas, Industrial Assembly and Equipment, Foundry and Railcars o Net Revenue of R$288 million in 2017 Steel Structures Brasília 3rd Bridge 42
43 Adjusted EBITDA and EBITDA Margin Capital Goods - Quarterly - R$ million (7) (4) (2) (2) -2% (25) -7% -5% -4% -35% 4T16 1T17 2T17 3T17 4T17 43
44 Adjusted EBITDA and EBITDA Margin Capital Goods - Yearly - R$ million 10% 6% 1% 2% (33) -12% EBITDA sem efeitos extraordinários Regularize EBITDA Reportado Margem de EBITDA Reportado 44
45 45 Agenda Usiminas Profile Market Data Usiminas and its business units Financial Results
46 Adjusted EBITDA and EBITDA Margin Consolidated Quarterly - R$ million 547 (12) 349 (71) 234 (33) 1 (23) (40) 3 (4) (1) (16) (7) (3) 4T16 1T17 2T17 3T17 4T17 46
47 Adjusted EBITDA and EBITDA Margin Consolidated Yearly - R$ million 1,679 1,806 1,490 1,863 2,036 2, (17) (9) (57) (133) (1) (18) (55) (24) (71) (40)
48 48 Debt Profile (Principal) Consolidated - R$ Million 2,314 Duration: R$: 48 months US$: 37 months 1, ,085 1,082 1,082 1, Local Currency Foreign Currency
49 49 Cash Position and Indebtedness (with interest money) Consolidated - R$ Million Duration: R$: 48 months US$: 37 months 6,942 6,879 6,950 6,860 6,656 4,684 4,464 4,998 4,722 4,342 2,257 2,416 1,951 2,138 2,314 4Q16 1Q17 2Q17 3Q17 4Q17 Net Debt Cash Gross Debt
50 50 CAPEX Consolidated - R$ Million , Others Mining Steel
51 G&A Evolution Consolidated - R$ million 4.3% 4.0% 3.8% 3.9% 3.5% +2% Q16 1Q17 2Q17 3Q17 4Q17 G&A G&A/Net Revenues 51
52 Working Capital Consolidated - R$ Billion Q16 1Q17 2Q17 3Q17 4Q17 52
53 53 Working Capital Steel Inventories Thousand tons Inventory turnover (days) Q16 1Q17 2Q17 3Q17 4Q17
54 Gross Profit, EBIT and Net Income - Quarterly Consolidated - R$ million * 367 ** *** 71 (45) (195) 4Q16 1Q17 2Q17 3Q17 4Q17 USD/BRL End of period Gross Profit EBIT Net Income *Reversion of impairment in the Mining Unit of R$357.7 million ** Porto Sudeste Agreement of R$132 million *** Payment of R$ 39 million related to the Regularize Program 54
55 Gross Profit, EBIT and Net Income Consolidated - R$ million 1,635 1, (364) 315 (577) (3,685) (3,725) USD/BRL End of Period Gross Profit EBIT Net Income 55
56 Income Statement Per Business Unit R$ million - Quarterly Income Statement per Business Units - Non Audited - Quarterly R$ million Mining Steel* Steel Processing Capital Goods Adjustment Consolidated 4Q17 3Q17 4Q17 3Q17 4Q17 3Q17 4Q17 3Q17 4Q17 3Q17 4Q17 3Q17 Net Revenue ,761 2, (608) (674) 3,077 2,737 Domestic Market ,329 2, (608) (674) 2,500 2,386 Exports COGS (154) (83) (2,371) (2,209) (629) (639) (54) (66) (2,662) (2,379) Gross Profit (Loss) (4) 7 (62) (56) Operating Income (Expenses) (49) (50) (266) (142) (28) (24) (3) (36) 2 1 (344) (251) EBIT 3 (12) (7) (28) (60) (55) Adjusted EBITDA (2) (25) (12) (5) Adj.EBITDA Margin 20% 22% 15% 17% 3% 3% -4% -35% 2% 1% 15% 17% *Consolidated 70% of Unigal Note: All intercompany transactions are made at arm s length basis 56
57 Income Statement Per Business Unit R$ million 2017 Income Statement per Business Units - Non Audited R$ million Mining Steel* Steel Processing Capital Goods Adjustment Consolidated et Revenue ,980 7,518 2,497 1, (2,556) (1,852) 10,734 8,454 Domestic Market ,635 6,609 2,496 1, (2,556) (1,852) 9,207 7,469 Exports , , OGS (343) (296) (8,489) (7,080) (2,328) (1,731) (278) (529) 2,339 1,669 (9,099) (7,967) ross Profit (Loss) , (217) (184) 1, perating Income (Expenses) (759) (877) (99) (103) (62) (59) 5 5 (906) (852) BIT (439) (53) (20) (212) (178) 729 (364) djusted EBITDA , (33) 12 (33) (60) 2, dj.ebitda Margin 66% 12% 18% 8% 4% 3% -12% 2% 1% 3% 20% 8% Consolidated 70% of Unigal Note: All intercompany transactions are made at arm s length basis 57
58 Highlights 4Q17 +17% +8% USIM5 USIM3 12MONTHS +122% +31% USIM5 USIM3 S&P CCC+ B+ Moody s Caa1 B2 Fitch CCC B 58
59 Leonardo Karam Rosa IR Manager Phone: ADR Level I Declarations relative to business and perspectives of the Company, operating and financial results and projections, and references to the growth of the Company constitute mere forecasts and were based on Management s expectations in relation to future performance, these expectations are highly dependent on market behavior, on Brazil s economic situation, on the industry and on international markets, and are therefore subject to change.
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