Escolar Documentos
Profissional Documentos
Cultura Documentos
Apresentao Usiminas
2T11 - APIMEC
1Q15
Classification of the information: Public
Agenda
Usiminas
Profile
Market
Outlook
Financial
Results
Company Profile
Time Line
Operation
Start Up
Cosipa
privatization
Usiminas
privatization
Listing on
BOVESPA
Creation of
Solues
Usiminas
Listing on
LATIBEX
stock
exchange
section
Listing on
ADR I on
the OTC
Market
(New York)
Selling of
Ternium stake
One CNPJ:
Usiminas
incorporates
Cosipa
2008
Acquisition
of iron ore
mines
Acquisition
of
Zamprogna
2009
Automotiva
Usiminas
Divestment
Joint Mining
Agreements
with MBL e
Ferrous
Agreement
with Porto
Sudeste
2010
Creation of
Minerao
Usiminas
Codeme
and Metform
partneship
2011
2012
2013 2014
Entrance of
Ternium/Tenaris
into Usiminas
Control Group
(New
shareholders
agreement)
Friables
Project
conclusion on
Mining
(increasing
the capacity
to 12 million
tons/year )
Shareholding Composition
Total Capital
1,013,786,190
Voting Capital
ON 49.84% 505,260,684
36,14%
PN 50.16% 508,525,506
29,45%
Grupo Nippon
Ternium/ Tenaris
Previdncia Usiminas
Free Float
6,75%
27,66%
Usiminas shares are traded on BM&FBovespa (So Paulo), on the OTC Market (New York) and
on a LATIBEX exchange section(Madrid).
5
Steel Processing
Steel
Solues Usiminas
Capital Goods
Usiminas Mecnica
Ipatinga Plant
Cubato Plant
Mining
Unigal Usiminas
Minerao Usiminas
UPSTREAM
DOWNSTREAM
Strategically Located
Mining
Steel
Steel Processing
Capital Goods
7
25.13
24.44
22.21
18.26
21.93
21.41
21.50
21.78
17.53
10.45
11.80
11.62
10.55
12.40
8.81
12.30
10.12
6.72
10.52
4.97
6.15
5.05
2.59
2004
3.67
2005
2006
2007
2008
2009
2010
USIM3
Note: The prices are adjusted by removing the effects of events such as Bonus and Unfolding
2011
2012
2013
2014
2015
USIM5
9
Agenda
Usiminas
Profile
Market
Outlook
Financial
Results
10
China
Japan
882.7
110.7
USA
88.3
India
83.2
South Korea
Russia
Germany
71
70.6
Turkey
34
Brazil
33.9
Ukraine
Excess of
Capacity
611
42.9
27
Capacity
Production
Consumption
2,248
1,637
1,681
11
2014
2003
20%
24%
European Union
18%
10%
8%
Europe Others
2%
2%
Others
North America
7%
South America
12%
3%
1%
Africa
China
Asia and Oceania*
23%
13%
50%
2% 4%
*Except China
Source: World Steel Association
12
ArcelorMittal
Baosteel Group
POSCO
Shagang Group
Ansteel Group
9
10
Shougang Group
JFE
49
Usiminas
4,587
3,681
Usiminas
CSN
ArcelorMittal
94
34
Aperam
Gerdau
13
1980
2000
2013
34.1
97.9
515.1
160.0
817.7
1.057.4
610.5
600.5
516.4
United States
376.0
425.3
300.2
Germany
469.4
474.8
460.2
Spain
202.1
434.8
221.0
Brazil
100.6
92.6
131.4
Chile
56.4
96.7
155.3
120.2
141.5
158.1
151.7
132.9
216.9
China
South Korea
Japan
Mexico
World Average
14
22%
14%
11%
5%
12%
15%
7%
15.7
15.2
14.3
12.5
13%
14.5
13.1
14.3
14.9
13.6
13.8
15 14.5
14.3
13.6
11.9
10.2
2007
2008
2009
Production
2010
2011
Consumption
2012
2013
2014
Imports
15
Auto Industry
and Autoparts
Household
Appliances
Hot Rolled,
Cold Rolled and
Galvanized
Agricultural and
Road Machinery
Civil
Construction
Heavy Plates,
Hot Rolled,
Cold Rolled and
Galvanized
Pipelines
16
Agenda
Usiminas
Profile
Market
Outlook
Financial
Results
17
Galvanized
Slab Caster
Slabs
Placas
Heavy Plates
Hot Coils
Laminados a
Quente
Cold Coils
EG
Eletrogalvanizados
HDG
Ipatinga Plant
5,000
1,000
3,600
2,500
360
Cubato Plant
4,500
1,000
4,400
1,200
Nominal
Capacity
9,500
2,000
8,000
3,700
360
1,050
1,900
4,200
2,200
350
1,020
Optimized
Rolling
Capacity
1,050
-
18
Sales Volume
Steel Business Unit Thousand tons
1,437
1,456
12%
15%
1,401
24%
1,247
19%
88%
1Q14
85%
2Q14
Exports
76%
81%
3Q14
4Q14
1,256
12%
88%
1Q15
Domestic Market
19
1Q15
4Q14
3%
2%
5% 1%
7%
3%
6%
5%
7%
40%
5%
45%
5%
7%
34%
25%
USA
Argentina
India
Panama
Venezuela
Taiwan
Colombia
Mexico
Others
Chile
20
COGS
Steel Business Unit
1T15
4T14
4.1% 5.2%
2.2%
5.0%
3.0%
-4.1%
20.5%
20.2%
9.5%
8.9%
9.8%
9.6%
14.8%
14.9%
11.9%
10.4%
10.0%
14.9%
14.2%
15.2%
Spare Parts
Depreciation
Inventories Variation
Structural Expenses
Others
21
17%
16%
13%
13%
11%
477
457
343
337
268
1Q14
2Q14
3Q14
Adjusted EBITDA
4Q14
1Q15
Investments
Steel Business Unit
Heavy Plates
Hot Rolled
Placas
Electrogalvanized
Cold Rolled
7.2 million t
(2010)
9.7 million t
(2014)
23
Investments
Steel Business Unit
Start up in 2010
Meets the requirements of
Petrobrs, focused on presalt, besides the
shipbuilding sector
Galvanizing Line
Start up in 2011
Double the capacity to 1
million t /year
Higher expertise in ultraresistant steel production
(dual phase)
24
Investments
Steel Business Unit
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
25
Investments in progress
Steel Business Unit
26
Description
Mining Business Unit
It has 20% of voting shares of MRS Logistica, being part of the Control Group
Shareholder Composition
Production Capacity
Lump
2 million
70%
Sinter Feed
4 million
30%
Pellet Feed
6 million
27
Location
Mining Business Unit
Igarap
So Joaquim
De Bicas
Minerita
MUSA
Central
MUSA
Oeste
Arcelor
Mittal
MUSA
Leste
Ferrous
(Santanense)
MMX
Comisa
Emicon
MUSA
Pau de Vinho
Ferrous
MBL
Itatiaiuu
Minerao Usiminas
28
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
29
Sales Volume
Mining Business Unit Thousand tons
1,767
1,457
509
171
1,238
1,161
199
1,139
298
297
39
91
960
989
1,039
1,122
1,048
1Q14
2Q14
3Q14
4Q14
1Q15
Exports
Sales to Usiminas
30
51%
37%
33%
27%
11%
175
67
1Q14
2Q14
11
24
3Q14
4Q14
Adjusted EBITDA
43
1Q15
Description
Solues Usiminas - Steel Processing
Recife
Serra
Porto Alegre
32
Description
Usiminas Mecnica - Capital Goods
Market Segments: Steel Structures, Shipbuilding and Offshore, Oil and Gas, Industrial
Assembly and Equipment, Foundry and Railcars
Steel Structure
33
33
Agenda
Usiminas
Profile
Market
Data
Financial
Results
34
21%
18%
12%
12%
14%
655
549
357
1Q14
2Q14
Adjusted EBITDA
3Q14
380
302
4Q14
1Q15
Duration: R$ : 31 months
US$:29 months
2,621
1,256
1,531
1,599
1,723
1,357
330
605
523
1,333
821
68
1,365
1,027
926
1,076
753
118
3
390
114
Cash
2015
2016
2017
Foreign Currency
2018
2019
2020 on
Local Currency
36
6,835
6,708
6,658
7,149
6,702
2.9
2.1
1.8
1.7
1.7
2,914
2,894
3,057
2,852
2,621
1Q14
2Q14
3Q14
4Q14
1Q15
Cash
Gross Debt
Capex
Consolidated - R$ million
343
261
238
11
29
8
28
268
10
16
24
21
232
10
25
298
198
1Q14
225
242
2Q14
3Q14
Others
197
Mining
4Q14
1Q15
Steel
38
Working Capital
Consolidated R$ billion
3.0
3.1
2.8
2.4
1Q14
2Q14
3Q14
4Q14
2.7
1Q15
39
1059.0
995
883
886
933
66
61
57
64
67
1Q14
2Q14
3Q14
4Q14
1Q15
40
Income Statement
Per Business Unit R$ million
Mining
1Q15
Net Revenue
Steel
Processing
Steel*
4Q14
1Q15
4Q14
1Q15
Capital Goods
4Q14
1Q15
4Q14
Adjustment
1Q15
Consolidated
4Q14
1Q15
4Q14
118
87
2.556
2.457
540
574
211
190
(744)
(723)
2.680
2.585
Domestic Market
118
87
2.230
2.033
536
573
211
190
(744)
(723)
2.350
2.160
Exports
327
424
(2.316)
(2.364)
(527)
(573)
COGS
(111)
(100)
(12)
(15)
(4)
EBIT
(9)
(16)
Adjusted EBITDA
43
24
Adj.EBITDA Margin
36%
27%
(185)
(176)
241
93
13
(152)
(66)
(24)
(17)
88
27
(11)
(16)
(2)
337
268
(4)
(6)
14
13%
11%
-1%
-1%
26
14
(18)
(16)
7%
2%
331
425
702
685
(2.437)
(2.527)
(42)
(38)
(41)
(36)
(11)
-
11
-
244
(208)
35
380
14%
58
(101)
(43)
302
12%
Income Statement
Per Business Unit R$ million
Mining
2014
Net Revenue
Steel*
2013
2014
Steel Processing
2013
2014
2013
Capital Goods
2014
2013
Adjustment
2014
Consolidated
2013
2014
2013
743
1,136
10,929
11,336
2,341
2,464
794
972
(3,065)
(3,079)
11,742
12,829
Domestic Market
617
1,024
9,327
10,185
2,333
2,443
786
960
(3,065)
(3,079)
9,998
11,533
Export Market
126
112
1,602
1,151
21
12
1,744
1,296
(503)
(503)
(10,076)
(10,570)
(922)
2,861
2,869
240
633
852
767
Operating Income
(Expenses)
(92)
(124)
(260)
(567)
EBIT
148
509
592
200
(43)
Adjusted EBITDA
277
582
1,546
1,151
(4)
COGS
Adj.EBITDA Margin
37%
51%
14%
10%
(2,271)
70
(113)
0%
(2,229)
(716)
235
78
51
(198)
(54)
(72)
37
25
(21)
90
50
4%
6%
(204)
5
1,037
(11,355)
1,476
(514)
(956)
(199)
(205)
523
520
(6)
(23)
1,863
1,806
6
1%
(210)
(10,705)
16%
14%
IR Manager
leonardo.rosa@usiminas.com
Phone: 55-31-3499.8550
IR Manager
diogo.goncalves@usiminas.com
Phone: 55-31-3499-8710
IR Analyst
r.couto@usiminas.com
Phone: 55-31-3499-8619
www.usiminas.com/ri
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 Managements
expectations in relation to future performance, these expectations are highly
dependent on market behavior, on Brazils economic situation, on the industry
and on international markets, and are therefore subject to change.