USINAS SIDERURG MINAS-SP ADR Business Summary

Usiminas (USNZY) operates as a vertically integrated steel and mining company, generating revenue primarily through the production and sale of flat-rolled steel products and iron ore. The company’s business is structured into four primary segments: Steel, which produces hot-rolled, cold-rolled, and galvanized products for the automotive and construction sectors; Mining (Musa), a joint venture with Sumitomo that extracts iron ore for internal use and export; Steel Processing, providing customized solutions via Soluções Usiminas; and Capital Goods, through Usiminas Mecânica. As of Q2 2026, the company reported consolidated net revenue of R$6.13 billion, driven by a strategic shift toward high-margin automotive applications and pricing discipline in the domestic market. Usiminas maintains a dominant position as Brazil's leading flat steel producer, competing directly with Gerdau, Companhia Siderúrgica Nacional (CSN), and ArcelorMittal Brasil while differentiating itself through its specialized focus on ultra-high-strength steels and integrated logistics. The company is led by CEO Marcelo Chara, a metallurgical engineer and veteran of the Techint Group who previously served as Executive President of Ternium Brasil. He is supported by CFO and Investor Relations Officer Diego Garcia, who brings over 20 years of financial expertise from Ternium, including roles in global treasury and cost management. The executive team also includes Industrial Vice-President Américo Ferreira Neto and Commercial Vice-President Miguel Angel Homes Camejo. Usiminas’ governance is anchored by its controlling group, which saw a major consolidation in early 2026 as Ternium Investments increased its stake to approximately 83.1% of the control group, alongside long-term strategic partner Nippon Steel. This leadership structure reflects a deep pedigree in Latin American industrial operations and a strategic alignment with the global Techint ecosystem, focusing on operational turnaround and decarbonization initiatives.