Usinas Siderurgicas de Minas Gerais S A Usiminas : 3Q22 Valuation Model

COVER

&1#&"Calibri"&10 Classificação da informação: Pública

Valuation Guide

Usiminas

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Shareholding Coposition

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Production and Capacity

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Raw Materials and Energy

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End Markets Share of Volume

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Mineração Usiminas' Production and Sales

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Income Statement per Business Units Quarterly

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Income Statement per Business Units Annually

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Income Statement Consolidated Quarterly

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Income Statement Consolidated Annually

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Balance Sheet

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Cash Flow Quarterly

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Cash Flow Annually

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CAPEX

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Working Capital and Steel Inventories

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Debt

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FAQ

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Contact and Disclosure

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Main Indicators

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Sales by product

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Steel Unit CPP

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Mineração Usiminas' Sales by product

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Exports

/xl/drawings/drawing1.xml#'Steel%20Exports'!A1

Usiminas

To know our production flow,	click here
Annual Report
Reference Form
Bylaws
Shareholders Agreement
Integrity Program

&1#&"Calibri"&10 Classificação da informação: Pública

Much more than steel, Usiminas offers solutions to the country's greatest industrial challenges. In cars, in ships. In refrigerators, in stoves. In offshore platforms, in tractors. In industrial machinery and much more. It is not by chance that it is Latin America's biggest flat steel producer and market leader in Brazil. Steel from Usiminas is present where Brazil progresses, where knowledge and innovation dictate the future. For this reason, it invests in the modernization of its plants and in products with differentiated technology content. At the base of it all is a qualified team that joins experience with constant development. Whoever seeks excellence knows that development can be shared. For this reason, Usiminas operates with sustainability and social responsibility. By means of the Fundação São Francisco Xavier, it invests in education and health. With the Usiminas Cultural Institute, it supports culture and sports. Furthermore, it promotes environmental initiatives, such as the Xerimbabo Project, with more than two million visitors over almost three decades. With technology, knowledge and quality. This is the way Usiminas builds the future. Doing it always better.

Our companies of the group (Click the logo to access each company's website*):

Acts in the steel industry. It has two mills, in Ipatinga (MG) and Cubatão (SP). It focuses on flat laminates with high technological content.

Located in the region of Serra Azul, in the Quadrilátero Ferrífero of Minas Gerais, it produces and sells iron ore.

Joint venture with Nippon Steel & Sumitomo Metal Corporation, its main activity is hot dip galvanizing steel, adding even more value to Usiminas steel.

One of the largest in the steel distribution and transformation segment, Soluções Usiminas has a wide portfolio of customized products.

Usiminas

Products and Market

Usiminas continuously improves customer service structure, expanding business opportunities. For this, it has a differentiated product line and a high technology degree. The integration of Usiminas' range of products and services guarantees unique and competitive solutions to various market segments, strategic to the economy, such as:

Automotive and Autoparts

Civil Construction

Machinery and Equipments

Oil and Gas

Household Appliances

Distribution

Hot Rolled Cold Rolled Galvanized

Heavy Plates Hot Rolled Cold Rolled Galvanized

Heavy Plates Hot Rolled

Heavy Plates Hot Rolled

Cold Rolled Galvanized

Heavy Plates Hot Rolled Cold Rolled Galvanized

Important Documents

INDEX

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Shareholding Coposition

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INDEX

/xl/drawings/drawing2.xml#COVER!A1

INDEX

/xl/drawings/drawing2.xml#COVER!A1https://api.mziq.com/mzfilemanager/v2/d/5dcf459c-823d-4c02-ac4b-a2aa54a63486/16fed16a-85da-1719-6ce1-4301fbfa9a50?origin=1http://ri.usiminas.com/en/results-and-disclosures/reference-form/http://ri.usiminas.com/en/corporate-governance/shareholders-agreement-bylaws-and-policies/http://ri.usiminas.com/en/corporate-governance/shareholders-agreement-bylaws-and-policies/http://ri.usiminas.com/enu/integrity-programhttps://www.youtube.com/watch?v=mdLwjRpZucMhttp://ri.usiminas.com/en/corporate-governance/integrity-program/

Shareholding Composition

Total Capital
1,253,079,108
Voting Capital	Preferred
ON	56.28%	705,260,684	PN	43.72%	547,818,424

&1#&"Calibri"&10 Classificação da informação: Pública

Shareholding Composition

INDEX

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Raw Materials and Energy

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Usiminas

/xl/drawings/drawing3.xml#Usiminas!A1

INDEX

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Raw Materials and Energy

Steel	Quantity (KT)	Steel	Quantity (KT)
Ferrous Materials	7,894.0	Ferrous Materials	1,626.9
Carbonaceous Materials	2,589.3	Carbonaceous Materials	120.8
Others	981.1	Others	13.7
Total	11,464.4	Total	1,761.4
Note: Complete list of raw materials available in the Annual Report
Steel	Quantity (T)
Metal Load (Iron Ore)	1.6
Mineral Coal	0.6
Coke and PCI	0.5
Note: Approximate values ​​based on observed by Usiminas in 2020
Electric energy consumption (MWh)	Steel	Mining	Steel Processing	Total
Total electric energy	18,742,063	740,410	42,883	19,525,356
*2020 Data

&1#&"Calibri"&10 Classificação da informação: Pública

The segments of mining, manufacturing and processing of steel require the use of large volumes of raw materials and inputs. In 2020, the Ipatinga plant consumed 11.5 million tons, considered the main raw materials and non-renewable inputs required for production.

Materials used and energy consumed*

Energy Purchased and Generated

Non-renewable materials

Recycled materials

In 2020, the Ipatinga Plant used approximately 1.8 million tons of recycled material in its production process.

Composition of the main inputs for the production of one ton of pig iron

INDEX

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Production and Capacity

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Shareholding Composition

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INDEX

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Production and Capacity

The total crude steel generation capacity is 5 million tons and is located in Ipatinga. Current capacity for generating finished products, considering the galvanizing lines (EG and HDG) and heavy plates at their maximum capacities.
Galvanized
Heavy Plates	Hot Rolled	Cold Rolled	Eletrogalvanized	HDG	Total
Total production capacity of products for sale	1,000	1,800	2,710	360	1,030	6,900
*As of September 2021, at the Cubatão Plant, the assets of the blast furnaces and sinter plants were written off due to their obsolescence; The assets of the steelworks were not written off and remain temporarily shut down;
At the same plant, due to the lack of visibility of demand, the heavy plate mill and the number 1 hot strip mill, which had already been shut down, were also downsized;
Production
Thousand tons	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22	Thousand tons	2013	2014	2015	2016	2017	2018	2019	2020	2021
Crude Steel Total	737	769	760	747	715	813	845	714	800	833	845	797	771	533	696	760	780	751	924	723	677	671	660	Crude Steel Total	6,859	6,055	5,007	3,143	3,013	3,087	3,264	2,760	3,178
Rolled Total	965	1,000	983	1,096	1,072	1,058	1,066	1,048	977	1,110	1,066	944	1,075	676	801	1,143	1,292	1,324	1,213	1,166	1,091	1,072	1,037	Rolled Total	6,306	5,524	4,848	3,618	4,044	4,244	4,064	3,695	4,995
Purchased Slab Processed	313	279	356	433	423	405	343	324	356	384	309	223	368	116	240	521	670	652	502	462	451	482	512	Purchased Slab Processed	799	1,381	1,495	1,272	1,245	2,286

&1#&"Calibri"&10 Classificação da informação: Pública

Theoretical nominal capacity * of production and sale

INDEX

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End Markets Share of Volume

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Raw Materials and Energy

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INDEX

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End M.S. of Volume

Percentage	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22	Percentage	2013	2014	2015	2016	2017	2018	2019	2020	2021
Automotive	31.8%	33.9%	36.7%	39.8%	35.1%	42.4%	36.7%	37.2%	35.9%	34.9%	37.5%	32.4%	36.7%	22.8%	27.2%	33.0%	35.5%	31.5%	30.7%	33.3%	38.1%	36.0%	32.7%	Automotive	31.0%	30.0%	29.0%	31.0%	35.7%	37.7%	35.2%	31.0%	32.3%
Distribution	37.1%	33.0%	33.4%	30.0%	34.0%	30.4%	34.2%	34.9%	38.6%	36.8%	31.3%	38.8%	31.7%	38.6%	35.2%	33.1%	32.9%	34.9%	35.7%	25.4%	29.4%	28.9%	25.3%	Distribution	36.0%	37.0%	37.0%	38.0%	33.4%	33.5%	36.3%	34.1%	33.4%
Industrial	31.1%	33.1%	29.9%	30.2%	30.9%	27.2%	29.1%	28.0%	25.4%	28.3%	31.2%	28.8%	31.6%	38.6%	37.6%	33.9%	31.5%	33.6%	33.5%	41.3%	32.5%	35.1%	42.0%	Industrial	33.0%	33.0%	34.0%	31.0%	31.0%	28.8%	28.5%	34.9%	34.3%
Total Sales	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	Total Sales	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Por mercado:
Thousand tons	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22	Thousand tons	2013	2014	2015	2016	2017	2018	2019	2020	2021
Domestic Market	825	840	882	894	919	834	992	905	885	949	945	903	902	506	801	1,093	1,167	1,250	1,085	792	867	948	938	Domestic Market	5,407	4,572	3,590	3,176	3,441	3,650	3,682	3,302	4,294
Exports	105	150	134	196	170	143	115	120	119	110	88	107	145	102	133	40	87	65	104	272	267	141	109	Exports	813	968	1,325	477	585	548	424	421	529
Total	930	990	1,016	1,090	1,089	977	1,107	1,026	1,004	1,059	1,033	1,009	1,048	608	934	1,133	1,254	1,315	1,189	1,064	1,135	1,088	1,047	Total	6,220	5,541	4,915	3,652	4,026	4,198	4,105	3,723	4,823

&1#&"Calibri"&10 Classificação da informação: Pública

End Markets Share of Volume

INDEX

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Production and Capacity

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INDEX

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Sales by Product

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Sales by product

Sales Total (thousand tons)	1T17	2T17	3T17	4T17	1T18	2T18	3T18	4T18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22*	Sales Total (thousand tons)	2013	2014	2015	2016	2017	2018	2019	2020	2021
Heavy Plates	112	126	131	112	111	98	149	113	117	112	129	96	108	80	87	90	138	124	121	101	112	118	Heavy Plates	1,278	1,217	890	518	481	471	453	365	485
Hot Rolled	266	288	299	286	338	302	320	312	259	340	325	322	278	185	307	423	438	485	405	367	406	424	Hot Rolled	2,165	1,863	1,580	975	1,139	1,273	1,245	1,193	1,695
Cold Rolled	296	308	311	404	368	320	329	324	353	317	277	290	338	163	240	319	373	390	357	293	281	255	Cold Rolled	1,462	1,309	1,125	1,155	1,319	1,341	1,236	1,060	1,413
Galvanized	232	257	264	276	260	253	301	271	269	270	282	286	300	154	284	288	295	303	298	263	319	284	Galvanized	911	878	850	919	1,028	1,086	1,107	1,026	1,159
Slabs	23	10	11	12	12	4	6	5	5	20	19	16	24	25	16	13	11	13	8	40	17	7	Slabs	405	274	466	84	58	27	64	78	72
Total	930	990	1,016	1,090	1,089	977	1,107	1,026	1,004	1,059	1,033	1,009	1,048	608	934	1,133	1,254	1,315	1,189	1,064	1,135	1,088	Total	6,220	5,540	4,911	3,652	4,025	4,198	4,105	3,723	4,823
Domestic Market (thousand tons)	1T17	2T17	3T17	4T17	1T18	2T18	3T18	4T18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3T21	4Q21	1Q22	2Q22	3Q22*	Domestic Market (thousand tons)	2013	2014	2015	2016	2017	2018	2019	2020	2021
Heavy Plates	107	118	114	95	103	90	117	106	94	100	120	88	94	68	71	79	122	117	112	91	93	106	Heavy Plates	1,150	968	775	491	434	416	400	312	442
Hot Rolled	256	273	280	276	304	285	298	299	251	330	310	311	266	171	289	420	433	483	390	294	315	375	Hot Rolled	1,910	1,521	1,025	885	1,084	1,187	1,201	1,146	1,600
Cold Rolled	242	238	253	268	283	230	295	266	296	257	260	266	259	140	211	311	335	374	316	199	216	209	Cold Rolled	1,343	1,163	978	968	1,000	1,075	1,079	921	1,224
Galvanized	200	202	227	247	224	225	275	229	238	250	248	229	272	113	216	270	265	266	262	200	227	251	Galvanized	802	785	717	764	876	953	965	871	993
Slabs	20	10	8	7	6	4	6	5	5	12	6	9	12	14	13	13	11	9	6	8	16	7	Slabs	202	135	92	68	46	20	36	52	34
Total	825	840	882	894	919	834	992	905	885	949	945	903	902	506	801	1,093	1,167	1,250	1,085	792	867	948	Total	5,407	4,572	3,587	3,176	3,441	3,650	3,681	3,302	4,294
Exports (thousand tons)	1T17	2T17	3T17	4T17	1T18	2T18	3T18	4T18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3T21	4Q21	1Q22	2Q22	3Q22*	Exports (thousand tons)	2013	2014	2015	2016	2017	2018	2019	2020	2021
Heavy Plates	5	9	17	16	8	9	32	7	23	12	9	8	14	12	16	12	16	8	10	10	18	12	Heavy Plates	128	249	115	27	47	56	53	54	43
Hot Rolled	10	16	20	10	34	17	23	13	8	10	14	11	13	14	18	3	4	1	15	73	91	49	Hot Rolled	254	342	555	91	55	87	44	48	94
Cold Rolled	54	70	59	135	85	89	33	58	56	60	18	23	79	24	29	8	38	16	40	94	65	47	Cold Rolled	119	146	147	187	318	266	157	140	189
Galvanized	32	55	36	29	36	28	27	42	31	19	34	57	28	41	68	18	30	37	36	63	92	33	Galvanized	109	93	133	155	152	133	142	155	166
Slabs	3	- 0	3	5	7	- 0	- 0	- 0	- 0	8	13	7	12	11	3	- 0	-	3	3	32	0	- 0	Slabs	203	139	374	16	12	7	28	26	38
Total	105	150	134	196	170	143	115	120	119	110	88	107	145	102	133	40	87	65	104	272	267	141	Total	813	968	1,324	477	584	548	424	420	528
* Data made available with a quarter lag

&1#&"Calibri"&10 Classificação da informação: Pública

Sales by Product

INDEX

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End Markets

/xl/drawings/drawing7.xml#'End%20M.S.%20of%20Volume'!A1

INDEX

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CPP Steel Unit

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CPP Steel Unit

Cost of Produced Product (CPP - %)	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22*	Cost of Produced Product (CPP - %)	2017	2018	2019	2020	2021
Coke and Coal	16.0%	18.3%	16.1%	13.9%	14.1%	14.3%	15.0%	16.5%	19.2%	17.4%	17.1%	18.4%	14.9%	18.5%	14.7%	10.2%	8.0%	7.9%	9.2%	12.1%	18.9%	20.9%	Coke and Coal	16.0%	15.0%	18.0%	13.8%	9.3%
Depreciacion and idleness	6.8%	6.5%	6.4%	5.8%	5.8%	5.3%	5.0%	5.0%	5.1%	4.7%	4.8%	5.2%	5.0%	5.5%	4.3%	3.7%	3.0%	2.5%	2.4%	2.7%	1.9%	1.1%	Depreciacion and idleness	6.8%	5.3%	4.9%	4.5%	2.6%
Energy and Fuel	9.6%	9.3%	10.1%	9.3%	9.3%	8.6%	9.4%	9.7%	10.3%	10.3%	10.4%	11.4%	10.5%	10.7%	9.0%	8.3%	7.0%	6.8%	6.4%	8.2%	9.4%	9.3%	Energy and Fuel	9.6%	9.3%	10.6%	9.4%	7.1%
Maintenance / General Costs	8.5%	8.4%	8.3%	7.6%	8.2%	8.1%	7.8%	8.3%	8.3%	8.1%	9.0%	10.5%	8.8%	10.1%	8.7%	7.4%	6.1%	6.0%	6.4%	7.8%	8.2%	7.4%	Maintenance / General Costs	8.4%	8.1%	8.9%	8.5%	6.6%
Labor Force	16.4%	17.1%	17.0%	15.9%	12.1%	11.7%	11.1%	12.1%	10.4%	10.4%	11.2%	12.0%	11.1%	14.3%	11.1%	8.6%	7.0%	6.7%	6.6%	8.4%	8.2%	7.9%	Labor Force	13.6%	11.8%	11.0%	10.8%	7.2%
Iron Ore	11.5%	11.4%	9.6%	9.2%	8.2%	8.3%	9.0%	10.2%	10.6%	12.9%	14.5%	14.2%	12.9%	13.4%	17.2%	14.7%	14.3%	14.4%	19.1%	11.1%	11.2%	10.0%	Iron Ore	10.3%	9.0%	13.1%	14.6%	14.9%
Other Raw Materials	31.1%	29.0%	32.5%	38.3%	42.2%	43.7%	42.7%	38.1%	36.1%	36.3%	33.0%	28.5%	36.8%	27.6%	35.0%	47.1%	54.6%	55.8%	49.8%	49.8%	42.3%	43.4%	Other Raw Materials	35.3%	41.7%	33.6%	38.4%	52.4%
R$/ton	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22	R$/ton	2017	2018	2019	2020	2021
Cash Cost	1,614	1,727	1,649	1,770	1,870	2,015	2,109	2,274	2,127	2,292	2,336	2,318	2,279	2,594	2,445	2,724	3,152	3,827	4,032	4,208	4,425	5,146	5,292	Cash Cost	1,686	2,063	2,267	2,588	3,784
CPP	1,732	1,847	1,761	1,879	1,985	2,127	2,220	2,395	2,241	2,405	2,455	2,445	2,399	2,744	2,556	2,828	3,249	3,926	4,133	4,324	4,510	5,204	5,337	CPP	1,808	2,178	2,384	2,706	3,887
COGS	1,933	2,133	2,174	2,176	2,259	2,445	2,606	2,801	2,784	2,765	2,932	2,997	2,821	3,235	3,066	3,258	3,556	4,335	4,825	5,128	5,129	5,647	6,640	COGS	2,109	2,526	2,868	3,123	4,428
* Data made available with a quarter lag
Note: Other raw materials consist of: Processed acquired plates, fluxes, alloys, among others.	Effects of the lower availability of Coke Plants	2Q22	3Q22
CPP/ton	8.6%	11.4%
COGS/ton	4.7%	8.0%

&1#&"Calibri"&10 Classificação da informação: Pública

Cost of Production - Steel Unit

INDEX

/xl/drawings/drawing8.xml#COVER!A1

Sales by product

/xl/drawings/drawing8.xml#'Sales%20by%20product'!A1

INDEX

/xl/drawings/drawing8.xml#COVER!A1

Steel Exports

/xl/drawings/drawing8.xml#'Steel%20Exports'!A1

Steel Exports

Percentage	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
South and Central America	31%	20%	30%	90%	63%	59%	44%	34%	28%	57%	78%
Argentina	25%	16%	25%	78%	60%	59%	44%	15%	17%	46%	77%
Chile	0%	0%	0%	0%	0%	0%	0%	6%	6%	0%	1%
Ecuador	0%	0%	0%	0%	0%	0%	0%	0%	3%	0%	0%
Bolivia	0%	0%	0%	0%	0%	0%	0%	1%	3%	1%	0%
Dominican Republic	1%	1%	0%	0%	0%	0%	0%	1%	0%	0%	0%
Paraguay	1%	2%	0%	1%	0%	0%	0%	0%	0%	0%	0%
Brazil	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Venezuela	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Uruguay	0%	1%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Colombia	3%	1%	4%	11%	2%	0%	0%	11%	0%	10%	0%
Europe	62%	34%	52%	0%	3%	25%	47%	43%	48%	40%	22%
Germany	7%	8%	12%	0%	2%	6%	14%	15%	14%	20%	4%
United Kingdom	18%	14%	9%	0%	0%	8%	9%	13%	8%	3%	4%
Portugal	8%	0%	3%	0%	0%	7%	5%	2%	7%	6%	1%
Belgium	7%	8%	5%	0%	0%	1%	16%	7%	6%	7%	11%
Spain	7%	0%	17%	0%	0%	1%	0%	1%	5%	0%	0%
Switzerland	11%	0%	0%	0%	0%	2%	0%	1%	5%	3%	2%
Sweden	0%	0%	0%	0%	0%	0%	0%	1%	1%	0%	0%
Netherlands	2%	1%	3%	0%	0%	0%	3%	2%	1%	0%	0%
Denmark	0%	3%	3%	0%	0%	0%	1%	1%	1%	1%	0%
Italy	2%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Finland	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
France	0%	1%	0%	0%	0%	0%	0%	0%	0%	0%	0%
North America	7%	23%	12%	1%	35%	11%	6%	10%	7%	3%	0%
United States	3%	23%	7%	1%	0%	11%	0%	4%	4%	0%	0%
Canada	0%	0%	0%	0%	0%	0%	0%	4%	3%	0%	0%
Mexico	4%	0%	5%	0%	34%	0%	6%	2%	0%	3%	0%
Asia	0%	23%	6%	0%	0%	5%	3%	9%	3%	0%	0%
Turkey	0%	0%	0%	0%	0%	0%	0%	5%	3%	0%	0%
Japan	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
China	0%	0%	0%	0%	0%	5%	3%	0%	0%	0%	0%
Singapore	0%	12%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Lebanon	0%	0%	6%	0%	0%	0%	0%	0%	0%	0%	0%
South Korea	0%	0%	0%	0%	0%	0%	0%	4%	0%	0%	0%
Hong Kong	0%	11%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Africa	0%	0%	0%	9%	0%	0%	0%	3%	14%	0%	0%
Morocco	0%	0%	0%	0%	0%	0%	0%	0%	9%	0%	0%
South Africa	0%	0%	0%	9%	0%	0%	0%	3%	5%	0%	0%
Nigeria	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Total	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%

&1#&"Calibri"&10 Classificação da informação: Pública

Exports - Steel

INDEX

/xl/drawings/drawing9.xml#COVER!A1

Mineração Usiminas' Production and Sales

/xl/drawings/drawing9.xml#'Minera%C3%A7%C3%A3o%20Usiminas'!A1

CPP Steel Unit

/xl/drawings/drawing9.xml#'CPP%20Steel%20Unit'!A1

INDEX

/xl/drawings/drawing9.xml#COVER!A1

Mineração Usiminas

Thousand tons	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Production	681	689	1,053	1,539	1,361	1,338	1,507	1,439	1,337	1,748	2,260	2,044	2,159	2,015	2,319	2,242	1,983	2,179	2,517	2,460	1,732	2,342	2,513
Sales - Third Parties - Domestic Market	28	33	53	179	167	136	221	235	416	540	600	244	173	124	197	111	62	73	134	169	147	180	110
Sales - Exports	0	0	175	716	1,084	681	839	670	868	683	1,373	1,707	1,436	1,346	1,558	1,576	1,530	1,661	1,753	1,841	1,000	1,614	1,543
Sales to Usiminas	615	596	676	606	555	569	708	609	612	549	480	544	604	432	538	587	357	320	530	592	463	595	589
Total Sales	643	629	904	1,500	1,806	1,386	1,768	1,514	1,896	1,772	2,453	2,495	2,213	1,902	2,293	2,275	1,949	2,054	2,417	2,602	1,610	2,389	2,242
% of CFR exports	59%	72%	79%	89%	76%	66%	61%	58%	46%	67%	94%	77%
% of FOB exports	41%	28%	21%	11%	24%	34%	39%	42%	54%	33%	6%	23%
R$/ton	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Cash Cost	61.8	73.2	60.2	50.2	58.1	63.3	60.2	61.8	77.2	69.8	67.3	47.0	62.8	74.4	66.7	72.7	87.5	89.7	90.8	92.6	112.7	103.9	105.6
COGS	82.0	84.0	90.3	102.2	98.6	101.0	118.0	145.4	122.9	119.0	134.0	148.5	151.4	171.4	185.0	173.7	187.8	264.6	234.2	229.2	253.9	273.5	270.8

&1#&"Calibri"&10 Classificação da informação: Pública

Mineração Usiminas' Production and Sales

INDEX

/xl/drawings/drawing10.xml#COVER!A1

Mineração Usiminas' Sales by product

/xl/drawings/drawing10.xml#'Sales%20by%20product%20MUSA'!A1

INDEX

/xl/drawings/drawing10.xml#COVER!A1

Steel Exports

/xl/drawings/drawing10.xml#'Steel%20Exports'!A1

Sales Volume by Product MUSA

1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Domestic Market (Thousand tons)
Lump	533	385	478	534	342	302	447	503	169	272	185
Sinter Feed	245	171	250	164	77	91	220	240	421	470	478
Concentrate/Pellet Feed	0	0	6	0	0	0	0	18	19	34	36
Total	778	556	735	699	419	393	665	761	610	775	699
Exports (Thousand tons)
Lump	0	0	0	0	0	0	0	0	0	0	0
Sinter Feed	1017	818	1122	905	968	891	1195	1272	920	1,466	1,539
Concentrate/Pellet Feed	419	528	436	671	562	770	558	570	81	148	4
Total	1436	1346	1558	1576	1530	1661	1753	1841	1000	1614	1543
Total (Thousand tons)
Lump	533	385	478	534	342	302	447	503	169	272	185
Sinter Feed	1261	988	1373	1069	1045	982	1414	1512	1341	1936	2017
Concentrate/Pellet Feed	419	528	442	671	562	770	558	588	100	182	40
Total	2213	1902	2293	2275	1949	2054	2417	2602	1610	2389	2242

&1#&"Calibri"&10 Classificação da informação: Pública

Sales Volume by Prodcut - Mineração Usiminas

INDEX

/xl/drawings/drawing11.xml#COVER!A1

Income Statement per Business Units Quarterly

/xl/drawings/drawing11.xml#'IS%20per%20BU%20Q'!A1

INDEX

/xl/drawings/drawing11.xml#COVER!A1

Mineração Usiminas' Production and Sales

/xl/drawings/drawing11.xml#'Minera%C3%A7%C3%A3o%20Usiminas'!A1

IS per BU Q

Mining
R$ million	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Net Revenue	108.3	89.1	121.4	205.9	251.9	202.1	314.8	316.3	418.1	441.1	554.9	575.0	581.5	745.9	1,118.1	1,412.6	1,479.1	2,083.8	1,362.1	930.1	812.1	1,160.2	833.1
Domestic Market	108.3	89.1	86.0	61.0	77.1	79.3	109.1	120.4	132.7	179.8	177.4	116.9	149.6	147.4	227.7	271.7	224.6	259.0	434.5	221.3	245.3	322.5	214.5
Exports	- 0	- 0	35.4	144.9	174.8	122.8	205.7	195.9	285.5	261.3	377.6	458.1	431.8	598.6	890.5	1,140.9	1,254.5	1,824.8	927.6	708.8	566.8	837.7	618.5
COGS	(53.0)	(53.2)	(83.1)	(153.7)	(178.6)	(140.2)	(209.7)	(220.3)	(233.5)	(211.2)	(329.0)	(370.6)	(335.4)	(326.3)	(424.6)	(395.7)	(365.9)	(543.6)	(566.2)	(596.5)	(408.9)	(653.5)	(607.0)
Gross Profit (Loss)	55.3	36.0	38.3	52.2	73.2	61.9	105.1	96.1	184.7	229.8	226.0	204.4	246.1	419.7	693.6	1,017.0	1,113.1	1,540.2	795.9	333.7	403.2	506.7	226.1
Operating Income (Expenses)	(42.5)	151.0	(49.8)	(49.0)	(56.4)	(58.4)	(53.4)	109.3	(64.3)	(70.4)	(69.2)	(37.0)	(67.9)	(74.9)	(84.3)	536.9	(73.3)	(91.4)	(148.1)	(135.3)	(111.8)	(172.3)	(118.8)
Selling	(3.1)	(3.0)	(7.2)	(18.1)	(25.3)	(19.1)	(23.9)	(19.5)	(23.5)	(22.7)	(33.2)	(36.8)	(43.4)	(43.3)	(51.4)	(51.7)	(51.1)	(65.6)	(124.5)	(72.4)	(69.6)	(130.8)	(80.6)
General and Administrative	(5.1)	(5.6)	(5.8)	(3.5)	(6.3)	(7.0)	(6.1)	(6.8)	(5.9)	(6.6)	(6.3)	(5.6)	(5.7)	(6.8)	(6.8)	(7.5)	(7.5)	(8.1)	(8.8)	(13.7)	(10.1)	(10.7)	(10.5)
Others, Net	(34.2)	159.5	(36.8)	(27.3)	(24.8)	(32.4)	(23.4)	135.6	(34.9)	(41.1)	(29.8)	5.4	(18.8)	(24.8)	(26.2)	596.0	(14.7)	(17.6)	(14.8)	(49.2)	(32.1)	(30.8)	(27.6)
EBIT	12.9	186.9	(11.5)	3.2	16.9	3.4	51.7	205.3	120.3	159.5	156.7	167.4	178.2	344.8	609.2	1,553.9	1,039.8	1,448.9	647.8	198.3	291.4	334.4	107.3
Depreciation	38.7	38.9	38.1	36.3	32.1	29.9	31.1	32.3	32.3	31.0	31.3	38.9	35.8	35.7	35.2	35.4	38.7	39.9	38.6	56.9	52.7	49.9	51.6
Equity in the Results	12.8	14.8	16.7	6.4	10.9	16.1	19.0	16.7	13.6	13.0	27.9	6.0	(8.5)	17.7	19.5	27.0	11.7	26.2	45.2	10.8	12.2	27.7	41.3
EBITDA (Instruction CVM 527)	64.4	240.7	43.2	46.0	59.9	49.4	101.9	254.3	166.1	203.5	216.0	212.3	205.5	398.1	664.0	1,616.2	1,090.2	1,514.9	731.5	266.1	356.2	412.0	200.2
EBITDA Margin (Instruction CVM 527)	59.4%	270.0%	35.6%	22.3%	23.8%	24.5%	32.4%	80.4%	39.7%	46.1%	38.9%	36.9%	35.3%	53.4%	59.4%	114.4%	73.7%	72.7%	53.7%	28.6%	43.9%	35.5%	24.0%
- 0
Adjusted EBITDA	51.5	225.8	26.6	41.4	49.0	33.3	82.8	38.1	152.6	190.5	188.1	209.4	214.0	380.5	644.5	958.3	1,079.5	1,489.4	684.5	256.6	344.8	385.5	157.0
Adj.EBITDA Margin	47.6%	253.4%	21.9%	20.1%	19.5%	16.5%	26.3%	12.0%	36.5%	43.2%	33.9%	36.4%	36.8%	51.0%	57.6%	67.8%	73.0%	71.5%	50.3%	27.6%	42.5%	33.2%	18.8%
Steel
R$ million	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Net Revenue	2,218.6	2,457.7	2,543.0	2,761.0	3,003.4	2,923.6	3,440.5	3,202.9	3,088.5	3,329.2	3,241.8	3,059.7	3,248.6	1,881.8	3,042.5	4,197.9	5,776.0	7,733.9	7,933.5	6,913.8	6,937.4	7,737.8	7,451.2
Domestic Market	1,978.4	2,100.1	2,227.5	2,328.8	2,580.3	2,498.9	3,045.6	2,810.2	2,729.3	3,005.5	2,985.7	2,722.5	2,837.7	1,591.8	2,630.7	4,051.5	5,439.7	7,426.1	7,344.4	5,323.0	5,486.2	6,932.0	6,643.1
Exports	240.3	357.6	315.4	432.2	423.0	424.7	394.9	392.7	359.2	323.7	256.1	337.2	410.8	290.0	411.8	146.4	336.3	307.7	589.0	1,590.8	1,451.2	805.8	808.1
COGS	(1,797.8)	(2,110.9)	(2,209.0)	(2,371.0)	(2,460.1)	(2,389.8)	(2,883.2)	(2,872.4)	(2,794.2)	(2,927.6)	(3,027.5)	(3,025.0)	(2,958.9)	(1,966.8)	(2,863.4)	(3,692.3)	(4,458.8)	(5,701.8)	(5,739.3)	(5,456.9)	(5,819.6)	(6,143.9)	(6,950.1)
Gross Profit (Loss)	420.8	346.8	334.0	390.0	543.3	533.8	557.3	330.5	294.3	401.6	214.3	34.7	289.7	(85.0)	179.1	505.6	1,317.2	2,032.1	2,194.1	1,456.9	1,117.8	1,593.9	501.1
Operating Income (Expenses)	(217.8)	(132.8)	(142.3)	(265.9)	(195.5)	(285.5)	(202.0)	(278.7)	(203.3)	(208.8)	(225.0)	(81.0)	(133.2)	(232.7)	(236.9)	(12.4)	(268.7)	1,189.9	(752.4)	342.3	(279.3)	(312.5)	(276.1)
Selling	(32.0)	(47.0)	(40.8)	(36.1)	(36.7)	(39.0)	(36.2)	(75.0)	(28.4)	(31.9)	(24.5)	(24.5)	(39.5)	(46.2)	(29.2)	(25.8)	(28.6)	(36.0)	(55.1)	(63.6)	(88.9)	(44.8)	(41.2)
General and Administrative	(71.5)	(72.1)	(81.4)	(86.4)	(77.7)	(85.1)	(76.4)	(95.5)	(77.7)	(85.3)	(74.8)	(95.2)	(87.4)	(76.6)	(77.3)	(96.0)	(95.7)	(93.0)	(95.1)	(136.5)	(107.7)	(122.3)	(115.6)
Others, Net	(114.3)	(13.7)	(20.0)	(143.4)	(81.1)	(161.4)	(89.4)	(108.2)	(97.2)	(91.7)	(125.7)	38.7	(6.4)	(109.9)	(130.4)	109.3	(144.5)	1,318.9	(602.2)	542.4	(82.7)	(145.3)	(119.3)
EBIT	203.0	214.0	191.7	124.1	347.8	248.2	355.2	51.8	91.0	192.8	(10.7)	(46.3)	156.4	(317.7)	(57.8)	493.2	1,048.5	3,222.0	1,441.7	1,799.2	838.5	1,281.4	225.0
Depreciation	261.9	284.0	246.4	207.8	220.8	222.3	222.4	222.5	209.9	211.0	223.9	217.4	214.0	215.6	214.4	218.9	211.5	212.6	206.6	185.5	171.6	172.3	175.3
Equity in the Results	42.2	107.8	(20.8)	131.8	56.4	0.7	44.0	(37.7)	60.7	83.3	107.1	22.1	112.8	92.6	259.5	794.9	481.4	599.0	489.8	370.5	306.4	214.8	340.5
EBITDA (Instruction CVM 527)	507.0	605.8	417.3	463.7	625.1	471.3	621.7	236.6	361.5	487.1	320.4	193.2	483.3	(9.4)	416.1	1,506.9	1,741.4	4,033.5	2,138.1	2,355.1	1,316.5	1,668.5	740.9
EBITDA Margin (Instruction CVM 527)	22.9%	24.7%	16.4%	16.8%	20.8%	16.1%	18.1%	7.4%	11.7%	14.6%	9.9%	6.3%	14.9%	-0.5%	13.7%	35.9%	30.1%	52.2%	27.0%	34.1%	19.0%	21.6%	9.9%
Adjusted EBITDA	464.9	498.0	438.1	404.9	568.6	470.6	577.7	803.6	300.8	403.8	213.2	184.5	370.4	(102.1)	156.6	604.8	1,261.1	3,435.7	2,049.6	1,985.3	1,011.3	1,454.4	401.2
Adj.EBITDA Margin	21.0%	20.3%	17.2%	14.7%	18.9%	16.1%	16.8%	25.1%	9.7%	12.1%	6.6%	6.0%	11.4%	-5.4%	5.1%	14.4%	21.8%	44.4%	25.8%	28.7%	14.6%	18.8%	5.4%
Steel Processing
R$ million	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Net Revenue	567.0	589.7	673.3	667.0	702.8	770.6	933.4	831.1	879.4	929.8	984.8	936.3	901.4	498.1	1,065.7	1,378.3	1,742.8	2,417.5	2,357.9	1,998.2	2,136.2	2,416.3	2,628.7
Domestic Market	566.8	589.5	673.0	666.8	702.8	770.3	933.4	831.1	879.4	929.6	984.7	936.1	901.1	497.0	1,064.9	1,378.1	1,742.1	2,416.0	2,356.2	1,996.1	2,131.9	2,414.1	2,624.1
Exports	- 0	- 0	- 0	- 0	0.1	0.3	- 0	- 0	- 0	0.2	0.1	0.2	0.3	1.1	0.8	0.2	0.7	1.5	1.7	2.1	4.3	2.2	4.6
COGS	(512.1)	(548.5)	(638.8)	(628.6)	(656.0)	(721.1)	(875.3)	(792.1)	(846.7)	(871.8)	(937.5)	(884.1)	(852.7)	(487.8)	(989.0)	(1,207.8)	(1,502.5)	(2,021.4)	(2,047.0)	(1,940.3)	(2,042.6)	(2,110.0)	(2,452.9)
Gross Profit (Loss)	54.9	41.2	34.5	38.3	46.8	49.5	58.1	39.0	32.7	58.0	47.3	52.2	48.7	10.3	76.7	170.5	240.3	396.2	310.9	57.9	93.6	306.3	175.8
Operating Income (Expenses)	(26.1)	(21.9)	(24.0)	(27.5)	(26.1)	(20.0)	(25.4)	(34.8)	(22.9)	(28.1)	(22.6)	(26.6)	(31.3)	(28.3)	(23.2)	(40.1)	0.7	26.6	(39.8)	(65.4)	(33.4)	(44.0)	(34.9)
Selling	(13.2)	(11.0)	(10.5)	(11.5)	(9.8)	(11.2)	(10.6)	(14.6)	(11.4)	(12.5)	(11.0)	(10.5)	(13.0)	(11.6)	(10.8)	(17.0)	(19.1)	(18.1)	(19.8)	(16.8)	(12.5)	(17.5)	(17.3)
General and Administrative	(12.4)	(13.7)	(13.8)	(14.1)	(13.3)	(14.7)	(13.7)	(16.2)	(14.3)	(14.8)	(14.4)	(13.9)	(13.8)	(11.6)	(12.2)	(15.3)	(14.5)	(14.0)	(15.8)	(17.4)	(16.9)	(18.8)	(19.0)
Others, Net	(0.4)	2.9	0.2	(1.9)	(3.0)	5.9	(1.1)	(4.1)	2.7	(0.8)	2.8	(2.2)	(4.5)	(5.1)	(0.1)	(7.8)	34.2	58.6	(4.3)	(31.2)	(4.0)	(7.8)	1.5
EBIT	28.8	19.3	10.5	10.8	20.7	29.5	32.6	4.2	9.8	29.9	24.7	25.6	17.4	(18.0)	53.5	130.5	241.0	422.7	271.0	(7.5)	60.2	262.2	140.9
Depreciation	8.0	8.0	7.8	7.8	7.8	7.8	7.8	7.6	7.5	7.5	7.0	8.5	7.1	7.1	7.1	6.8	6.6	6.4	6.4	6.4	6.9	6.8	6.8
Equity in the Results	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
EBITDA (Instruction CVM 527)	36.9	27.3	10.5	18.6	28.5	37.3	40.4	11.8	17.3	37.4	31.6	34.1	24.5	(10.8)	60.6	137.3	247.6	429.1	277.4	(1.1)	67.0	269.1	147.8
EBITDA Margin (Instruction CVM 527)	6.5%	4.6%	2.7%	2.8%	4.1%	4.8%	4.3%	1.4%	2.0%	4.0%	3.2%	3.6%	2.7%	-2.2%	5.7%	10.0%	14.2%	17.8%	11.8%	-0.1%	3.1%	11.1%	5.6%
Adjusted EBITDA	36.9	27.3	18.3	18.6	28.5	37.3	40.4	11.8	17.3	37.4	31.6	34.1	24.5	(10.8)	60.6	137.3	247.6	429.1	277.4	(1.1)	67.0	269.1	147.8
Adj.EBITDA Margin	6.5%	4.6%	2.7%	2.8%	4.1%	4.8%	4.3%	1.4%	2.0%	4.0%	3.2%	3.6%	2.7%	-2.2%	5.7%	10.0%	14.2%	17.8%	11.8%	-0.1%	3.1%	11.1%	5.6%
Capital Goods
R$ million	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Net Revenue	82.7	80.4	73.8	50.7	113.3	101.6	71.0	66.8	62.5	96.4	127.3	125.7	114.7	42.9	30.8	59.8
Domestic Market	82.0	80.4	73.8	50.7	113.2	101.6	71.0	66.8	62.5	96.4	127.3	125.7	114.7	42.9	30.8	59.8
Exports	0.7	- 0	- 0	- 0	0.1	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
COGS	(82.2)	(75.2)	(66.5)	(54.4)	(73.8)	(111.0)	(83.9)	(81.1)	(53.6)	(86.0)	(117.9)	(130.9)	(119.0)	(79.4)	(71.8)	(66.5)
Gross Profit (Loss)	0.5	5.3	7.3	(3.7)	39.6	(9.5)	(12.9)	(14.3)	8.9	10.4	9.3	(5.1)	(4.3)	(36.6)	(41.1)	(6.7)
Operating Income (Expenses)	(10.8)	(12.9)	(35.5)	(3.3)	(11.6)	(15.2)	(11.4)	(148.1)	(10.2)	(9.6)	(15.2)	(4.5)	(6.0)	(30.8)	(17.3)	(10.0)
Selling	(2.7)	(3.4)	(3.2)	(3.2)	(3.2)	(3.2)	(2.5)	(2.8)	(2.9)	(2.9)	(4.0)	(3.4)	(2.6)	(3.6)	(3.6)	(0.5)
General and Administrative	(7.4)	(8.3)	(8.4)	(7.9)	(8.8)	(9.5)	(8.3)	(8.7)	(6.3)	(6.6)	(6.5)	(7.5)	(6.2)	(5.6)	(6.1)	(7.2)
Others, Net	(0.7)	(1.2)	(23.9)	7.8	0.3	(2.5)	(0.7)	(136.6)	(1.0)	(0.1)	(4.7)	6.4	2.8	(21.6)	(7.6)	(2.2)
EBIT	(10.3)	(7.6)	(28.2)	(7.0)	27.9	(24.7)	(24.3)	(162.4)	(1.3)	0.8	(5.8)	(9.6)	(10.3)	(67.4)	(58.4)	(16.7)
Depreciation	6.1	6.0	2.7	6.9	4.8	4.7	4.7	4.7	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Equity in the Results	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
EBITDA (Instruction CVM 527)	(4.2)	(1.6)	(25.5)	(0.1)	32.7	(19.9)	(19.6)	(157.7)	(1.3)	0.8	(5.9)	(9.6)	(10.3)	(67.4)	(58.4)	(16.8)
EBITDA Margin (Instruction CVM 527)	-5.0%	-2.0%	-34.6%	-0.1%	28.9%	-19.6%	-27.6%	0.0%	-2.1%	0.8%	-4.6%	-7.6%	-9.0%	-157.1%	-189.9%	-28.0%
Adjusted EBITDA	(4.2)	(1.6)	(25.5)	(2.2)	32.7	(19.9)	(19.6)	(14.6)	(1.3)	0.8	(5.8)	(9.6)	(10.3)	(67.4)	(51.6)	(15.9)
Adj.EBITDA Margin	-5.0%	-2.0%	-34.6%	-4.3%	28.9%	-19.6%	-27.6%	-21.9%	-2.1%	0.8%	-4.6%	-7.6%	-9.0%	-157.1%	-167.8%	-26.6%
Adjustment
R$ million	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Net Revenue	(625.8)	(647.4)	(674.5)	(607.8)	(827.2)	(793.8)	(898.1)	(990.2)	(916.5)	(1,102.5)	(1,059.0)	(823.9)	(1,038.3)	(744.0)	(875.9)	(1,574.4)	(1,932.0)	(2,638.9)	(2,627.8)	(1,792.8)	(2,041.1)	(2,782.9)	(2,478.6)
Domestic Market	(625.8)	(647.4)	(674.5)	(607.8)	(827.2)	(793.8)	(898.1)	(990.2)	(916.5)	(1,102.5)	(1,059.0)	(823.9)	(1,038.3)	(744.0)	(875.9)	(1,574.4)	(1,932.0)	(2,638.9)	(2,627.8)	(1,792.8)	(2,041.1)	(2,782.9)	(2,478.6)
Exports	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
COGS	575.0	600.4	618.0	545.4	736.4	740.9	834.9	914.7	892.0	1,009.1	1,038.0	833.9	971.0	714.5	859.5	1,460.8	1,724.8	2,312.7	2,462.3	1,977.7	2,141.7	2,563.3	2,579.5
Gross Profit (Loss)	(50.8)	(47.0)	(56.4)	(62.4)	(90.8)	(52.9)	(63.2)	(75.4)	(24.5)	(93.4)	(21.0)	10.1	(67.3)	(29.4)	(16.4)	(113.6)	(207.3)	(326.2)	(165.5)	184.9	100.6	(219.5)	100.9
Operating Income (Expenses)	1.1	1.0	1.0	1.9	1.1	5.4	1.3	(27.7)	0.3	2.6	(2.9)	(4.2)	0.8	0.2	1.3	2.4	3.5	2.2	3.7	2.8	4.6	2.3	3.2
Selling	(1.1)	(1.2)	(1.3)	(1.3)	(1.2)	(1.1)	(1.1)	(1.4)	(1.2)	(1.1)	(1.1)	(1.2)	(1.3)	(1.2)	(1.2)	(1.5)	- 0	- 0	- 0	- 0	- 0	- 0	- 0
General and Administrative	3.2	3.0	3.3	3.5	3.3	3.4	3.4	3.9	3.5	3.4	4.0	3.8	3.6	3.7	4.2	3.7	2.3	5.6	4.5	4.5	4.2	4.7	4.7
Others, Net	(1.1)	(0.8)	(1.1)	(0.3)	(1.1)	3.2	(1.0)	(30.2)	(2.0)	0.2	(5.8)	(6.9)	(1.5)	(2.4)	(1.7)	0.2	1.2	(3.4)	(0.8)	(1.7)	0.4	(2.4)	(1.5)
EBIT	(49.7)	(46.0)	(55.4)	(60.5)	(89.7)	(47.4)	(61.9)	(103.1)	(24.3)	(90.8)	(23.9)	5.9	(66.5)	(29.3)	(15.1)	(111.2)	(203.7)	(323.9)	(161.8)	187.7	105.2	(217.2)	104.1
Depreciation	(8.4)	(8.4)	(8.5)	(8.5)	(8.4)	(8.4)	(8.6)	(8.6)	(8.6)	(8.6)	(8.6)	(8.6)	(8.2)	(8.2)	(8.3)	(8.3)	(8.1)	(8.2)	(8.1)	(8.8)	(8.4)	(8.5)	(8.7)
Equity in the Results	(17.9)	(107.3)	54.7	(86.2)	(26.1)	14.5	11.7	134.2	(36.7)	(59.4)	(76.8)	19.9	(89.0)	(64.8)	(239.0)	(762.9)	(456.4)	(569.7)	(462.5)	(327.2)	(283.6)	(186.4)	(317.3)
EBITDA (Instruction CVM 527)	(76.0)	(161.7)	(9.2)	(155.2)	(124.3)	(41.3)	(58.7)	22.5	(69.6)	(158.7)	(109.2)	17.2	(163.7)	(102.3)	(262.3)	(882.4)	(668.2)	(901.8)	(632.4)	(148.3)	(186.8)	(412.2)	(222.0)
EBITDA Margin (Instruction CVM 527)	12.2%	25.0%	1.4%	25.5%	15.0%	5.2%	6.5%	-2.3%	7.6%	14.4%	10.3%	-2.1%	15.8%	13.8%	30.0%	56.0%	34.6%	34.2%	24.1%	8.3%	9.1%	14.8%	9.0%
Adjusted EBITDA	(16.3)	0.2	(4.7)	(12.4)	(37.7)	(2.4)	21.5	(8.6)	18.2	(56.6)	14.1	50.1	(29.7)	(8.6)	15.9	(77.4)	(168.4)	(288.6)	(125.2)	217.3	136.8	(179.1)	129.7
Adj.EBITDA Margin	2.6%	0.0%	0.7%	2.0%	4.6%	0.3%	-2.4%	0.9%	-2.0%	5.1%	-1.3%	-6.1%	2.9%	1.2%	-1.8%	4.9%	8.7%	10.9%	4.8%	-12.1%	-6.7%	6.4%	-5.2%
Consolidated
R$ million	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1T19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Net Revenue	2,350.8	2,569.5	2,737.0	3,076.8	3,244.2	3,204.1	3,861.5	3,427.0	3,532.0	3,694.1	3,849.8	3,872.9	3,807.9	2,424.7	4,381.2	5,474.3	7,065.8	9,596.3	9,025.6	8,049.2	7,844.6	8,531.5	8,434.4
Domestic Market	2,109.7	2,211.7	2,385.8	2,499.5	2,646.2	2,656.3	3,260.9	2,838.4	2,887.3	3,108.8	3,216.0	3,077.5	2,964.9	1,535.1	3,078.1	4,186.7	5,474.3	7,462.2	7,507.4	5,747.5	5,822.4	6,885.8	7,003.2
Exports	241.0	357.6	350.9	577.2	598.1	547.8	600.6	588.6	644.7	585.2	633.7	795.4	842.9	889.6	1,303.1	1,287.5	1,591.5	2,134.1	1,518.3	2,301.7	2,022.3	1,645.7	1,431.2
COGS	(1,870.1)	(2,187.3)	(2,379.4)	(2,662.3)	(2,632.1)	(2,621.3)	(3,217.2)	(3,051.1)	(3,036.0)	(3,087.6)	(3,374.0)	(3,576.6)	(3,295.0)	(2,145.7)	(3,489.3)	(3,901.5)	(4,602.5)	(5,954.0)	(5,890.3)	(6,015.9)	(6,129.4)	(6,344.2)	(7,430.5)
Gross Profit (Loss)	480.7	382.2	357.7	414.5	612.1	582.8	644.3	375.9	496.0	606.5	475.8	296.3	512.9	279.0	891.9	1,572.8	2,463.4	3,642.3	3,135.4	2,033.3	1,715.3	2,187.3	1,004.0
Operating Income (Expenses)	(296.1)	(15.6)	(250.6)	(343.8)	(288.5)	(373.7)	(291.0)	(380.0)	(300.5)	(314.2)	(334.9)	(153.2)	(237.7)	(366.5)	(360.4)	476.8	(337.8)	1,127.4	(936.6)	144.4	(420.0)	(526.5)	(426.6)
Selling	(52.2)	(65.6)	(63.0)	(70.2)	(76.1)	(73.7)	(74.3)	(113.3)	(67.4)	(71.0)	(73.8)	(76.4)	(99.8)	(105.9)	(96.2)	(96.4)	(98.7)	(119.8)	(199.4)	(152.8)	(171.1)	(193.1)	(139.2)
General and Administrative	(93.1)	(96.6)	(106.1)	(108.5)	(102.8)	(112.9)	(101.0)	(123.3)	(100.8)	(109.8)	(97.9)	(118.4)	(109.4)	(96.8)	(98.2)	(122.3)	(115.4)	(109.4)	(115.2)	(163.1)	(130.5)	(147.1)	(140.4)
Others, Net	(150.7)	146.7	(81.6)	(165.1)	(109.6)	(187.2)	(115.6)	(143.4)	(132.4)	(133.5)	(163.1)	41.6	(28.5)	(163.7)	(166.0)	695.5	(123.7)	1,356.6	(622.1)	460.4	(118.4)	(186.3)	(147.0)
EBIT	184.7	366.6	107.0	70.6	323.6	209.1	353.4	(4.1)	195.5	292.2	141.0	143.0	275.2	(87.5)	531.5	2,049.6	2,125.6	4,769.7	2,198.7	2,177.7	1,295.3	1,660.8	577.4
Depreciation	306.3	328.6	286.6	250.3	257.1	256.3	257.5	258.6	241.0	240.9	253.7	256.2	248.7	250.2	248.5	252.8	248.6	250.7	243.5	240.0	222.8	220.5	225.0
Equity in the Results	37.1	15.3	50.6	52.0	41.2	31.3	74.7	113.1	37.5	36.9	58.3	48.1	15.3	45.5	40.0	58.9	36.7	55.5	72.5	54.1	35.0	56.0	64.6
EBITDA (Instruction CVM 527)	528.1	710.5	444.1	373.0	621.9	496.7	685.6	367.6	474.0	570.0	452.9	447.3	539.2	208.2	820.0	2,361.3	2,410.9	5,075.8	2,514.7	2,471.8	1,553.0	1,937.3	866.9
EBITDA Margin (Instruction CVM 527)	22.5%	27.7%	16.2%	12.1%	19.2%	15.5%	17.8%	10.7%	13.4%	15.4%	11.8%	11.6%	14.2%	8.6%	18.7%	43.1%	34.1%	52.9%	27.9%	30.7%	19.8%	22.7%	10.3%
- 0	- 0
Adjusted EBITDA	532.8	749.8	452.8	450.4	641.2	518.8	702.8	830.3	487.5	575.9	441.2	468.4	568.9	191.6	826.0	1,607.1	2,419.8	5,065.6	2,886.3	2,458.1	1,559.9	1,929.9	835.6
Adj.EBITDA Margin	22.7%	37.4%	16.5%	14.6%	19.8%	16.2%	18.2%	24.2%	13.8%	15.6%	11.5%	12.1%	14.9%	7.9%	18.9%	29.4%	34.2%	52.8%	32.0%	30.5%	19.9%	22.6%	9.9%

&1#&"Calibri"&10 Classificação da informação: Pública

Income Statement per Business Units Quarterly

INDEX

/xl/drawings/drawing12.xml#COVER!A1

Income Statement per Business Units - Annually

/xl/drawings/drawing12.xml#'IS%20per%20BU%20A'!A1

Mineração Usiminas' Sales by product

/xl/drawings/drawing12.xml#'Sales%20by%20product%20MUSA'!A1

INDEX

/xl/drawings/drawing12.xml#COVER!A1

IS per BU A

Mining
R$ million	2013	2014	2015	2016	2017	2018	2019	2020	2021
Net Revenue	1,136.0	743.0	401.5	366.1	524.8	1,085.0	1,989.2	3,858.2	5,855.0
Domestic Market	1,024.0	617.3	401.5	292.3	344.4	385.8	606.8	796.4	1,139.3
Exports	112.0	125.7	- 0	73.8	180.3	699.2	1,382.4	3,061.8	4,715.7
COGS	(503.0)	(502.9)	(354.1)	(295.5)	(342.9)	(748.8)	(1,144.3)	(1,481.9)	(2,072.1)
Gross Profit (Loss)	633.0	240.1	47.4	70.6	181.8	336.3	844.9	2,376.3	3,782.9
Operating Income (Expenses)	(124.0)	(92.3)	(2,464.0)	182.5	9.7	(58.9)	(240.9)	309.8	(448.1)
Selling	(71.0)	(82.6)	(38.1)	(35.6)	(31.4)	(87.8)	(116.2)	(189.7)	(313.7)
General and Administrative	(49.0)	(44.9)	(30.5)	(19.6)	(20.0)	(26.1)	(24.4)	(26.7)	(38.1)
Others, Net	(4.0)	35.2	(2,395.3)	237.7	61.2	55.0	(100.3)	526.2	(96.3)
EBIT	509.0	147.9	(2,416.5)	253.1	191.6	277.3	604.0	2,686.1	3,334.8
Adjusted EBITDA	582.0	277.1	(88.8)	45.5	345.4	203.2	740.5	2,197.3	3,509.9
Adj.EBITDA Margin	51.2%	37.3%	-22.1%	12.4%	65.8%	18.7%	37.2%	57.0%	59.9%
Steel*
R$ million	2013	2014	2015	2016	2017	2018	2019	2020	2021
Net Revenue	11,336.0	10,928.7	9,174.4	7,518.4	9,980.3	12,570.4	12,719.2	12,370.7	28,357.1
Domestic Market	10,185.0	9,326.9	7,088.5	6,608.9	8,634.7	10,935.1	11,443.0	11,111.7	25,533.3
Exports	1,151.0	1,601.7	2,085.9	909.4	1,345.5	1,635.3	1,276.2	1,259.0	2,823.8
COGS	(10,570.0)	(10,076.5)	(9,135.9)	(7,080.1)	(8,488.7)	(10,605.5)	(11,774.3)	(11,481.4)	(21,356.8)
Gross Profit (Loss)	767.0	852.2	38.5	438.3	1,491.6	1,964.9	944.9	889.3	7,000.3
Operating Income (Expenses)	(567.0)	(259.9)	(1,219.4)	(877.1)	(758.8)	(961.7)	(718.1)	(615.2)	511.2
Selling	(147.0)	(146.4)	(165.2)	(178.3)	(155.9)	(186.9)	(109.3)	(140.7)	(183.2)
General and Administrative	(397.0)	(359.5)	(322.8)	(261.7)	(311.4)	(334.8)	(333.1)	(337.2)	(420.2)
Others, Net	(23.0)	246.1	(731.3)	(437.1)	(291.5)	(440.1)	(275.8)	(137.3)	1,114.6
EBIT	200.0	592.3	(1,180.9)	(438.8)	732.7	1,003.1	226.8	274.1	7,511.5
Adjusted EBITDA	1,151.0	1,545.6	282.3	614.6	1,805.9	2,420.5	1,102.3	1,029.8	8,731.7
Adj.EBITDA Margin	10.2%	14.1%	3.1%	8.2%	18.1%	19.3%	8.7%	8.3%	30.8%
*Consolidated 70% of Unigal
Steel Processing
R$ million	2013	2014	2015	2016	2017	2018	2019	2020	2021
Net Revenue	2,464.0	2,341.0	1,924.8	1,853.5	2,497.0	3,237.9	3,730.3	3,843.6	8,516.4
Domestic Market	2,443.0	2,332.9	1,918.9	1,852.9	2,496.1	3,237.5	3,729.8	3,841.2	8,510.4
Exports	21.0	8.0	5.8	0.6	- 0	0.4	0.5	2.4	6.0
COGS	(2,229.0)	(2,271.1)	(1,872.9)	(1,730.6)	(2,328.1)	(3,044.5)	(3,540.1)	(3,537.3)	(7,511.2)
Gross Profit (Loss)	235.0	69.8	51.9	122.9	168.9	193.4	190.2	306.3	1,005.2
Operating Income (Expenses)	(198.0)	(112.8)	(154.1)	(103.2)	(99.5)	(106.3)	(100.2)	(122.8)	(78.0)
Selling	(99.0)	(44.8)	(36.6)	(41.8)	(46.3)	(46.3)	(45.4)	(52.4)	(73.8)
General and Administrative	(82.0)	(65.2)	(58.1)	(55.5)	(54.0)	(57.9)	(57.3)	(52.9)	(61.7)
Others, Net	(17.0)	(2.7)	(59.3)	(5.9)	0.8	(2.2)	2.5	(17.5)	57.4
EBIT	37.0	(42.9)	(102.2)	19.6	69.5	87.1	90.0	183.4	927.3
Adjusted EBITDA	90.0	(3.7)	(17.0)	48.8	101.1	118.0	120.4	211.6	953.0
Adj.EBITDA Margin	ERROR:#DIV/0!	3.7%	-0.2%	-0.9%	2.6%	4.0%	3.6%	3.2%	5.5%	11.2%
Capital Goods
R$ million	2013	2014	2015	2016	2017	2018	2019	2020	2021
Net Revenue	972.0	794.3	868.6	568.3	287.6	352.7	411.9	248.2
Domestic Market	960.0	786.2	840.1	567.3	286.9	352.6	411.9	248.2
Exports	12.0	8.1	28.5	1.0	0.7	0.1	- 0	- 0
COGS	(922.0)	(715.9)	(742.2)	(529.2)	(278.2)	(349.8)	(388.4)	(336.8)
Gross Profit (Loss)	51.0	78.4	126.4	39.1	9.4	2.9	23.5	(88.6)
Operating Income (Expenses)	(72.0)	(53.6)	(64.4)	(59.2)	(62.5)	(186.3)	(39.4)	(64.2)
Selling	(17.0)	(13.8)	(14.7)	(12.3)	(12.5)	(11.7)	(13.1)	(10.4)
General and Administrative	(54.0)	(46.3)	(42.1)	(31.8)	(32.0)	(35.2)	(26.9)	(25.0)
Others, Net	(1.0)	6.5	(7.6)	(15.1)	(18.0)	(139.4)	0.7	(28.7)
EBIT	(21.0)	24.7	62.0	(20.1)	(53.1)	(183.5)	(15.9)	(152.8)
Adjusted EBITDA	6.0	50.0	86.9	11.8	(33.4)	(21.4)	(15.9)	(145.2)
Adj.EBITDA Margin	0.6%	6.3%	10.0%	2.1%	-11.6%	-6.1%	-3.9%	-58.5%
Adjustment
R$ million	2013	2014	2015	2016	2017	2018	2019	2020	2021
Net Revenue	(3,079.0)	(3,065.2)	(2,184.0)	(1,852.1)	(2,555.5)	(3,509.2)	(3,901.9)	(4,232.6)	(8,991.6)
Domestic Market	(3,079.0)	(3,065.2)	(2,184.0)	(1,852.1)	(2,555.5)	(3,509.2)	(3,901.9)	(4,232.6)	(8,991.6)
Exports	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
COGS	2,869.0	2,861.5	2,092.0	1,668.6	2,338.9	3,226.9	3,773.0	4,005.9	8,477.5
Gross Profit (Loss)	(210.0)	(203.8)	(91.7)	(183.5)	(216.6)	(282.3)	(128.9)	(226.8)	(514.1)
Operating Income (Expenses)	5.0	5.0	4.5	5.3	4.9	(19.8)	(4.2)	4.6	12.3
Selling	(2.0)	(3.0)	(3.4)	(4.7)	(4.8)	(4.8)	(4.5)	(5.2)	- 0
General and Administrative	5.0	14.0	13.5	14.3	13.0	14.0	14.8	15.2	16.9
Others, Net	2.0	(6.0)	(5.6)	(4.4)	(3.3)	(29.0)	(14.5)	(5.4)	(4.6)
EBIT	(205.0)	(199.0)	(87.2)	(178.2)	(211.7)	(302.1)	(133.1)	(222.1)	(501.8)
Adjusted EBITDA	(23.0)	(5.8)	28.2	(60.2)	(33.2)	(27.3)	25.7	(99.8)	(364.8)
Adj.EBITDA Margin	0.7%	0.2%	-1.3%	3.3%	-6.9%	0.8%	-0.7%	2.4%	4.1%
Consolidated
R$ million	2013	2014	2015	2016	2017	2018	2019	2020	2021
Net Revenue	12,829.0	11,741.6	10,185.3	8,454.2	10,734.1	13,736.8	14,948.7	16,088.1	33,737.0
Domestic Market	11,533.0	9,998.0	8,065.0	7,469.3	9,206.7	11,401.7	12,289.7	11,764.8	26,191.4
Exports	1,296.0	1,743.6	2,120.3	984.9	1,526.6	2,335.1	2,659.1	4,323.2	7,545.5
COGS	(11,355.0)	(10,704.9)	(10,013.0)	(7,966.9)	(9,099.0)	(11,521.7)	(13,074.1)	(12,831.5)	(22,462.6)
Gross Profit (Loss)	1,476.0	1,036.8	172.6	487.3	1,635.1	2,215.1	1,874.6	3,256.5	11,274.3
Operating Income (Expenses)	(956.0)	(513.5)	(3,897.3)	(851.8)	(906.1)	(1,333.2)	(1,102.8)	(487.8)	(2.7)
Selling	(336.0)	(290.6)	(258.1)	(272.7)	(251.0)	(337.4)	(288.5)	(398.4)	(570.7)
General and Administrative	(577.0)	(501.9)	(440.1)	(354.2)	(404.4)	(440.0)	(426.9)	(426.8)	(503.1)
Others, Net	(43.0)	279.0	(3,199.1)	(224.8)	(250.8)	(555.7)	(387.4)	337.3	1,071.1
EBIT	520.0	523.0	(3,724.8)	(364.5)	729.0	881.9	771.8	2,768.7	11,271.7
Adjusted EBITDA	1,806.0	1,863.1	291.5	660.4	2,185.8	2,693.1	1,973.0	3,193.6	12,829.8
Adj.EBITDA Margin	14.1%	15.9%	2.9%	7.8%	20.4%	19.6%	13.2%	19.9%	38.0%

&1#&"Calibri"&10 Classificação da informação: Pública

Income Statement Consolidated Quarterly

/xl/drawings/drawing13.xml#'Income%20Statement%20Q%20'!A1

Income Statement per Business Units Quarterly

/xl/drawings/drawing13.xml#'IS%20per%20BU%20Q'!A1

Income Statement per Business Units Annually

INDEX

/xl/drawings/drawing13.xml#COVER!A1

INDEX

/xl/drawings/drawing13.xml#COVER!A1

Income Statement Q

R$ Thousand	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Net Revenues	2,350,838	2,569,485	2,737,025	3,076,770	3,244,207	3,204,060	3,861,513	3,427,000	3,531,985	3,694,049	3,849,794	3,872,891	3,807,855	2,424,715	4,381,212	5,474,270	7,065,832	9,596,269	9,025,649	8,049,214	7,844,648	8,531,460	8,434,426
Domestic Market	2,109,663	2,211,682	2,385,844	2,499,518	2,646,153	2,656,268	3,260,915	2,838,388	2,887,309	3,108,842	3,216,047	3,077,462	2,964,909	1,535,098	3,078,104	4,186,725	5,474,316	7,462,175	7,507,386	5,747,538	5,822,354	6,885,773	7,003,201
Exports	241,175	357,803	351,181	577,252	598,054	547,792	600,598	588,612	644,676	585,207	633,747	795,429	842,946	889,617	1,303,108	1,287,545	1,591,516	2,134,094	1,518,263	2,301,676	2,022,294	1,645,687	1,431,225
COGS	(1,870,099)	(2,187,259)	(2,379,358)	(2,662,308)	(2,632,109)	(2,621,270)	(3,217,184)	(3,051,131)	(3,035,995)	(3,087,584)	(3,373,955)	(3,576,595)	(3,295,002)	(2,145,734)	(3,489,321)	(3,901,465)	(4,602,450)	(5,953,981)	(5,890,273)	(6,015,932)	(6,129,398)	(6,344,153)	(7,430,460)
Gross Profit	480,739	382,226	357,667	414,462	612,098	582,790	644,329	375,869	495,990	606,465	475,839	296,296	512,853	278,981	891,891	1,572,805	2,463,382	3,642,288	3,135,376	2,033,282	1,715,250	2,187,307	1,003,966
Gross Margin	20.4%	14.9%	13.1%	13.5%	18.9%	18.2%	16.7%	11.0%	14.0%	16.4%	12.4%	7.7%	13.5%	11.5%	20.4%	28.7%	34.9%	38.0%	34.7%	25.3%	21.9%	25.6%	11.9%
Operating Income (Expenses)	(296,065)	(15,578)	(250,646)	(343,831)	(288,490)	(373,735)	(290,954)	(379,986)	(300,469)	(314,241)	(334,857)	(153,247)	(237,677)	(366,513)	(360,426)	476,791	(337,822)	1,127,368	(936,629)	144,429	(419,977)	(526,502)	(426,554)
Selling Expenses	(52,193)	(65,602)	(62,992)	(70,163)	(76,138)	(73,674)	(74,339)	(113,253)	(67,358)	(71,002)	(73,789)	(76,366)	(99,807)	(105,947)	(96,196)	(96,435)	(98,709)	(119,757)	(199,366)	(152,843)	(171,117)	(193,078)	(139,207)
Provision for Doubtful Accounts	(3,923)	(16,330)	(7,321)	3,261	(1,668)	(1,436)	(342)	(38,472)	(795)	(2,012)	9,328	11,599	(1,826)	(21,461)	(4,656)	(3,544)	(2,902)	(1,038)	(2,300)	3,000	3,577	(4,491)	(1,696)
Other Selling Expenses	(48,270)	(49,272)	(55,671)	(73,424)	(74,470)	(72,238)	(73,997)	(74,781)	(66,563)	(68,990)	(83,117)	(87,965)	(97,981)	(84,486)	(91,540)	(92,891)	(95,807)	(118,719)	(197,066)	(155,843)	(174,694)	(188,587)	(137,511)
General and Administrative	(93,141)	(96,644)	(106,088)	(108,520)	(102,782)	(112,907)	(101,012)	(123,321)	(100,758)	(109,782)	(97,924)	(118,441)	(109,377)	(96,837)	(98,233)	(122,317)	(115,412)	(109,442)	(115,168)	(163,092)	(130,480)	(147,129)	(140,384)
Other Operating Income (expenses)	(150,731)	146,668	(81,566)	(165,148)	(109,570)	(187,154)	(115,603)	(143,412)	(132,353)	(133,457)	(163,144)	41,560	(28,493)	(163,729)	(165,997)	695,543	(123,701)	1,356,567	(622,095)	460,364	(118,380)	(186,295)	(146,963)
Inventories Adjustments	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	(1,231)	- 0	- 0	(55,001)	(32,249)	(25,338)	(1,486)	(4,535)	(73,080)	3,531
Porto Sudeste Agreeement (net of expenses)	-	201,106	-	-	- 0	- 0	-	- 0	-	-	- 0	- 0	- 0	- 0	- 0	-	-	-	-	-	- 0	- 0	- 0
Inclusion of ICMS tax in the base calculation of PIS and COFINS taxes	- 0	- 0	- 0	- 0	- 0	- 0	- 0	418,744	-	-	78,335	8,525	4,113	3,064	2,392	36,479	42,639	1,609,163	13,221	38	- 0	996	1
Tax credit on imports PIS/COFINS	48,396	71,517	70,112	47,467	19,321	9,645	7,097	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	-	-	-	-	- 0	- 0	- 0	- 0
Idleness expenses (includes depreciation)	(105,241)	(103,307)	(104,046)	(91,250)	(91,405)	(93,469)	(89,590)	(89,576)	(83,805)	(86,293)	(80,651)	(26,113)	(58,565)	(91,518)	(116,679)	(65,786)	(70,444)	(76,326)	(43,424)	(39,359)	(46,752)	(56,914)	(67,793)
Credits receivable from Eletrobras	- 0	- 0	- 0	- 0	- 0	- 0	- 0	186,010	-	-	- 0	117,337	- 0	- 0	- 0	-	-	-	-	-	- 0	- 0	- 0
Legal charges	(4,597)	(1,998)	(5,456)	(3,229)	(4,179)	(6,136)	(2,661)	(8,313)	(3,235)	(3,905)	(2,873)	(29,545)	(3,932)	(5,603)	(6,556)	(11,345)	(11,006)	(5,410)	(3,051)	(6,890)	(5,362)	(6,792)	(3,658)
Impairment of Assets	- 0	- 0	- 0	(74,892)	- 0	- 0	- 0	(472,787)	-	-	- 0	(16,426)	- 0	- 0	- 0	737,406	-	-	(397,257)	-	- 0	- 0	3,160
Reintegra Program	4,525	6,596	5,863	8,436	7,185	5,142	379	449	-	301	239	314	313	262	13,128	252	-	-	-	-	- 0	- 0	- 0
Provision of tax credits ICMS	- 0	- 0	- 0	- 0	- 0	- 0	- 0	(37,493)	(4,048)	-	(5,697)	(14,131)	(9,040)	(12,850)	(11,978)	(15,807)	(12,086)	(146,168)	(14,423)	(36,014)	(11,941)	(15,519)	(16,439)
Provision for onerous contracts	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	(16,306)	4,506	(400)	-	- 0	-	-	- 0	- 0	- 0
Provision for restructuring process - Usiminas Mecânica	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	(19,029)	(16,608)	(57,800)	-	-	-	-	- 0	- 0	- 0
Provision for Contingencies	(45,314)	(11,841)	(40,070)	(25,605)	(10,848)	(92,114)	(36,731)	(62,899)	(29,010)	(31,547)	(131,709)	(9,655)	52,391	(24,378)	(2,776)	38,519	(12,603)	(21,862)	(118,767)	(16,291)	(11,196)	(17,058)	(28,737)
Recovery of claims expenses	- 0	- 0	- 0	- 0	- 0	- 0	10,816	18,624	19,824	17,127	15,011	43,647	24,099	44,737	29,596	165,146	33,310	36,804	17,351	(512)	6,776	(3,577)	(1,107)
Result of the Non Operating Asset Sale/Write-Off	1,408	(586)	660	(2,665)	(6,797)	(326)	5,304	1,552	1,159	4,945	(4)	(413)	868	6,233	2,519	1,923	16,783	53,000	(3,149)	(1,660)	8,183	31,477	4,137
Result of the sale of the surplus electric energy	(22,701)	18,716	10,931	7,066	(13,596)	6,705	20,898	(1,949)	(5,735)	15,252	22,134	16,102	187	(9,924)	(3,154)	(133,044)	-	-	-	-	- 0	- 0	- 0
Other Operating Income (Expenses), Net	(27,207)	(33,535)	(19,560)	(30,476)	(9,251)	(16,601)	(31,115)	(95,774)	(27,846)	(49,337)	(57,929)	(48,082)	(38,927)	(38,417)	(60,387)	(133,044)	(110,294)	(60,385)	(47,258)	562,538	(53,553)	(45,828)	(40,058)
EBIT	184,674	366,648	107,021	70,631	323,608	209,055	353,375	(4,117)	195,521	292,224	140,982	143,049	275,176	(87,531)	531,465	2,049,596	2,125,560	4,769,656	2,198,747	2,177,711	1,295,273	1,660,805	577,412
EBIT Margin	7.8%	14.2%	3.9%	2.3%	10.0%	6.6%	9.2%	-0.1%	5.5%	7.9%	3.8%	3.7%	7.2%	-3.6%	12.1%	37.4%	30.1%	49.7%	24.4%	27.1%	16.5%	19.5%	6.8%
Financial Result	(54,581)	(171,294)	(64,961)	(172,084)	(133,774)	(276,578)	(134,391)	637,788	(135,780)	(83,758)	(444,734)	154,433	(857,631)	(281,456)	(167,817)	224,412	(375,741)	1,332,266	(420,020)	309,310	501,708	(248,066)	170,885
Financial Income	159,151	156,432	140,358	105,297	76,894	58,376	70,429	963,448	67,433	90,178	203,960	260,451	57,754	68,329	57,014	79,594	76,040	992,561	164,335	576,361	239,470	290,443	434,235
Financial Expenses	(269,349)	(250,557)	(261,361)	(221,290)	(185,187)	(185,176)	(185,702)	(356,642)	(191,808)	(191,007)	(362,440)	(201,438)	(140,727)	(175,666)	(122,732)	(141,503)	(96,456)	(143,188)	(256,265)	(177,308)	(171,754)	(231,542)	(238,226)
Net foreing exchange gain and losses	55,617	(77,169)	56,042	(56,091)	(25,481)	(149,778)	(19,118)	30,982	(11,405)	17,071	(286,254)	95,420	(774,658)	(174,119)	(102,099)	286,321	(355,325)	482,893	(328,090)	(89,743)	433,992	(306,967)	(25,124)
Equity in the Results of Associate and Subsidiary Companies	37,080	15,278	50,556	51,982	41,154	31,341	74,734	113,121	37,493	36,877	58,258	48,107	15,347	45,494	40,031	58,887	36,704	55,458	72,524	54,102	35,008	56,033	64,553
Operating Profit (Loss)	167,173	210,632	92,616	(49,471)	230,988	(36,182)	293,718	746,792	97,234	245,343	(245,494)	345,589	(567,108)	(323,493)	403,679	2,332,895	1,786,523	6,157,380	1,851,251	2,541,123	1,831,989	1,468,772	812,850
Income Tax / Social Contribution	(58,855)	(34,922)	(16,713)	4,620	(73,803)	17,132	(4,587)	(345,363)	(20,956)	(74,097)	106,514	(77,442)	143,128	(71,568)	(205,597)	(420,193)	(581,626)	(1,614,171)	(27,508)	(53,018)	(568,820)	(408,842)	(204,275)
Net Income (Loss)	108,318	175,710	75,903	(44,851)	157,185	(19,050)	289,131	401,429	76,278	171,246	(138,980)	268,147	(423,980)	(395,061)	198,082	1,912,702	1,204,897	4,543,209	1,823,743	2,488,105	1,263,169	1,059,930	608,575
Net Margin	4.6%	6.8%	2.7%	-1.5%	4.9%	-0.5%	7.4%	11.7%	2.2%	4.6%	-3.5%	6.9%	-11.1%	-16.3%	4.5%	34.9%	17.1%	47.3%	20.2%	30.9%	16.1%	12.4%	7.2%
Attributable:
Shareholders	88,901	117,073	76,959	(49,918)	140,114	(32,179)	263,924	354,799	46,857	131,251	(183,909)	219,066	(476,567)	(466,882)	57,118	1,559,121	931,795	4,168,048	1,562,215	2,408,466	1,191,414	889,268	517,002
Minority Shareholders	19,417	58,637	(1,056)	5,067	17,071	13,129	25,207	46,630	29,421	39,995	44,929	49,081	52,587	71,821	140,964	353,581	273,102	375,161	261,528	79,639	71,755	170,662	91,573
EBITDA (Instruction CVM 527)	528,095	710,527	444,149	372,950	621,866	496,728	685,623	367,589	474,034	570,021	452,903	447,338	539,228	208,206	819,962	2,361,292	2,410,901	5,075,773	2,514,733	2,471,796	1,553,031	1,937,320	866,918
EBITDA Margin (Instruction CVM 527)	22.5%	27.7%	16.2%	12.1%	19.2%	15.5%	17.8%	10.7%	13.4%	15.4%	11.8%	11.6%	14.2%	8.6%	18.7%	43.1%	34.1%	52.9%	27.9%	30.7%	19.8%	22.7%	10.3%
Adjusted EBITDA - Joint Subsidiary Companies proportional EBITDA	532,769	749,852	452,784	450,378	641,202	518,813	702,762	830,293	487,512	575,882	441,169	468,447	568,941	191,639	825,980	1,607,060	2,419,761	5,065,644	2,886,314	2,458,119	1,559,920	1,929,894	835,626
Adjusted EBITDA Margin	22.7%	29.2%	16.5%	14.6%	19.8%	16.2%	18.2%	24.2%	13.8%	15.6%	11.5%	12.1%	14.9%	7.9%	18.9%	29.4%	34.2%	52.8%	32.0%	30.5%	19.9%	22.6%	9.9%
Depreciation and Amortization	306,341	328,601	286,572	250,337	257,104	256,332	257,514	258,585	241,020	240,920	253,663	256,182	248,705	250,243	248,466	252,809	248,637	250,659	243,462	239,983	222,750	220,482	224,953

&1#&"Calibri"&10 Classificação da informação: Pública

Income Statement Consolidated Annually

/xl/drawings/drawing14.xml#'Income%20Statement%20A%20'!A1

Income Statement per Business Units Annually

/xl/drawings/drawing14.xml#'IS%20per%20BU%20A'!A1

Income Statement Consolidated Quarterly

INDEX

/xl/drawings/drawing14.xml#COVER!A1

INDEX

/xl/drawings/drawing14.xml#COVER!A1

Income Statement A

R$ thousand	2013	2014	2015	2016	2017	2018	2019	2020	2021
Net Revenues	12,829,467	11,741,629	10,185,570	8,454,200	10,734,118	13,736,780	14,948,719	16,088,052	33,736,964
Domestic Market	11,533,164	9,998,040	8,065,297	7,469,266	9,206,707	11,401,724	12,289,660	11,764,836	26,191,415
Exports	1,296,303	1,743,589	2,120,273	984,934	1,527,411	2,335,056	2,659,059	4,323,216	7,545,549
COGS	(11,353,664)	(10,704,864)	(10,013,018)	(7,966,878)	(9,099,024)	(11,521,694)	(13,074,129)	(12,831,522)	(22,462,636)
Gross Profit	1,475,803	1,036,765	172,552	487,322	1,635,094	2,215,086	1,874,590	3,256,530	11,274,328
Gross Margin	11.5%	8.8%	1.7%	5.8%	15.2%	16.1%	12.5%	20.2%	33.4%
Operating Income (Expenses)	(956,124)	(513,797)	(3,897,340)	(851,775)	(906,120)	(1,333,165)	(1,102,814)	(487,824)	(2,654)
Selling Expenses	(336,443)	(290,930)	(258,141)	(272,731)	(250,950)	(337,404)	(288,515)	(398,385)	(570,675)
Provision for Doubtful Accounts	(17,049)	(9,425)	(18,358)	(55,623)	(24,313)	(41,918)	18,120	(31,487)	(3,240)
Other Selling Expenses	(319,394)	(281,505)	(239,783)	(217,108)	(226,637)	(295,486)	(306,635)	(366,898)	(567,435)
General and Administrative	(567,982)	(501,549)	(440,121)	(354,218)	(404,393)	(440,022)	(426,905)	(426,764)	(503,114)
Other Operating Income (expenses)	(51,699)	278,682	(3,199,078)	(224,826)	(250,777)	(555,739)	(387,394)	337,325	1,071,135
Impairment of Assets	- 0	- 0	2,557,533	(343,006)	(74,892)	(472,787)	(16,426)	730,654	(397,257)
Inclusion of ICMS tax in the base calculation of PIS and COFINS taxes	- 0	- 0	- 0	- 0	- 0	418,744	86,860	46,048	1,665,061
Credits receivable from Eletrobrás	- 0	- 0	- 0	- 0	- 0	186,010	117,337	-	-
Provision for loss of legal deposits	- 0	- 0	- 0	- 0	- 0	(55,825)	- 0	-	-
Provision of tax credits ICMS	- 0	- 0	- 0	- 0	- 0	(37,493)	(29,277)	(49,675)	(208,691)
Reintegra Program	29,121	11,920	22,122	844	25,420	13,155	1,197	13,955	-
Provision for Contingencies	(122,830)	(146,767)	(201,921)	(32,563)	(169,523)
Legal charges	(15,280)	(21,289)	(39,558)	(24,994)	-
Result of the Non Operating Asset Sale/Write-Off	94,624	53,991	(56,747)	71,473	(1,183)	(267)	5,687	174,766	64,974
Result of the Sale of the Surplus Electric Energy	35,156	378,810	65,380	(132,821)	14,012	12,058	47,753	(8,545)	-
Temporary Equipments Shutdown (includes depreciation)	- 0	(164,336)	(485,145)	(403,844)	(364,040)	(276,862)	(332,548)	(229,553)
Porto Sudeste Agreeement (net of expenses)	- 0	- 0	- 0	201,106	- 0	- 0	-	-
Tax credit on imports PIS/COFINS	- 0	- 0	176,299	237,492	36,063	- 0	-	-
Other Operating Income (Expenses), Net	(210,600)	(166,039)	(5,623,030)	487,530	(110,778)	(123,301)	(82,184)	(179,773)	346,124
EBIT	519,679	522,968	(3,724,788)	(364,453)	728,974	881,921	771,776	2,768,706	11,271,674
EBIT Margin	4.1%	4.5%	-36.6%	4.3%	6.8%	6.4%	5.2%	17.2%	33.4%
Financial Result	(895,209)	(522,831)	(1,245,693)	(30,156)	(462,920)	93,045	(509,839)	(1,082,492)	845,815
Financial Income	568,841	543,953	428,538	671,218	561,238	1,169,147	622,022	262,691	1,809,297
Financial Expenses	(1,464,050)	(1,066,784)	(1,674,231)	(701,374)	(1,002,557)	(912,707)	(946,693)	(580,628)	(673,217)
Net foreing exchange gain and losses	(240,566)	(193,118)	(1,072,090)	639,098	(21,601)	(163,395)	(185,168)	(764,555)	(290,265)
Equity in the Results of Associate and Subsidiary Companies	181,201	183,780	95,582	142,860	154,896	260,350	180,735	159,759	218,788
Operating Profit (Loss)	(194,329)	183,917	(4,874,899)	(251,748)	420,950	1,235,316	442,672	1,845,973	12,336,277
Income Tax / Social Contribution	211,120	24,562	1,189,922	(325,095)	(105,870)	(406,621)	(65,981)	(554,230)	(2,276,323)
Net Income (Loss)	16,791	208,479	(3,684,977)	(576,843)	315,080	828,695	376,691	1,291,743	10,059,954
Net Margin	0.1%	1.8%	-36.2%	-6.8%	2.9%	6.1%	2.5%	8.0%	29.8%
Attributable:
Shareholders	(141,678)	129,552	(3,236,105)	(669,952)	233,015	726,658	213,265	672,790	9,070,524
Minority Shareholders	158,469	78,927	(448,872)	93,109	82,065	102,037	163,426	618,953	989,430
EBITDA (Instruction CVM 527)	1,773,313	1,821,345	(2,317,507)	994,899	2,055,721	2,171,806	1,944,296	3,928,688	12,473,203
EBITDA Margin (Instruction CVM 527)	13.8%	15.5%	-22.8%	11.8%	19.2%	15.8%	13.0%	24.4%	37.0%
Adjusted EBITDA - Joint Subsidiary Companies proportional EBITDA	1,806,426	1,863,071	291,472	660,375	2,185,783	2,693,070	1,973,010	3,193,620	12,829,838
Adjusted EBITDA Margin	14.1%	15.9%	2.9%	7.8%	20.4%	19.6%	13.2%	19.9%	38.0%
Depreciation and Amortization	1,072,433	1,114,597	1,311,699	1,216,491	1,171,851	1,029,535	991,785	1,000,223	982,741

&1#&"Calibri"&10 Classificação da informação: Pública

Income Statement Consolidated Annually

INDEX

/xl/drawings/drawing15.xml#COVER!A1

Balance Sheet

/xl/drawings/drawing15.xml#'Balance%20Sheet'!A1

Income Statement Consolidated - Quarterly

/xl/drawings/drawing15.xml#'IS%20per%20BU%20Q'!A1

INDEX

/xl/drawings/drawing15.xml#COVER!A1

Balance Sheet

Balance Sheet - Assets - Consolidated | IFRS - R$ thousand
Assets	31-Mar-17	30-Jun-17	30-Sep-17	31-Dec-17	31-Mar-18	30-Jun-18	30-Sep-18	31-Dec-18	31-Mar-19	30-Jun-19	30-Sep-19	31-Dec-19	31-Mar-20	30-Jun-20	30-Sep-20	31-Dec-20	31-Mar-21	30-Jun-21	30-Sep-21	31-Dec-21	31-Mar-22	30-Jun-22	30-Sep-22
Current Assets	6,893,598	6,701,272	6,800,072	7,254,755	6,749,345	6,888,151	7,697,689	8,324,317	8,221,070	8,155,163	9,752,525	8,861,282	9,564,924	9,437,248	10,391,300	11,829,602	13,678,033	18,234,043	20,948,645	19,999,470	19,652,621	21,527,074	20,769,062
Cash and Cash Equivalents	2,415,637	1,951,286	2,138,050	2,314,288	1,562,549	1,103,612	1,681,875	1,693,349	1,772,792	1,245,112	1,822,413	1,921,141	2,373,466	2,506,214	3,734,302	4,868,104	4,601,103	6,053,313	7,293,502	7,023,549	6,604,129	5,596,689	5,137,298
Trade Accounts Receivable	1,173,118	1,265,246	1,339,336	1,555,494	1,741,954	1,747,824	1,947,482	1,894,291	1,718,305	1,898,882	1,828,747	1,938,440	2,257,697	1,848,288	2,420,397	2,372,791	3,231,783	3,654,969	3,944,124	3,563,328	3,795,645	4,059,324	3,446,789
Taxes Recoverable	291,519	265,572	334,517	362,465	323,538	375,174	303,376	747,928	709,486	712,662	928,499	779,545	689,185	684,922	518,548	477,352	533,960	2,236,831	2,297,820	1,714,289	1,433,716	1,171,431	1,274,801
Inventories	2,814,559	2,802,379	2,766,155	2,763,496	2,971,493	3,495,179	3,603,792	3,880,635	3,872,200	4,137,828	4,240,414	3,795,832	3,742,507	3,945,562	3,580,494	3,889,695	4,850,314	6,029,160	7,186,774	7,516,240	7,519,481	9,918,009	10,059,939
Advances to suppliers	6,617	9,058	4,140	4,332	5,208	5,455	4,625	4,050	4,276	7,756	7,136	1,225	2,423	1,777	2,863	86,177	199,829	2,445	2,175	2,464	131,483	442,230	389,130
Financial Instruments	68,652	89,497	71,280	12	15	272	300	347	970	687	742	762	18,687	1,386	1,396	0	0	0	0	0	0	0	0
Accounts Receivables - Eletrobras	0	0	0	0	0	0	0	0	0	0	751,404	305,848	305,848	305,848	0	0	0	0	0	0	0	0	0
Other Securities Receivables	123,496	318,234	146,594	254,668	144,588	160,635	156,239	103,717	143,041	152,236	173,170	118,489	175,111	143,251	133,300	135,483	261,044	257,325	224,250	179,600	168,167	339,391	461,105
Non-Current Assets	19,410,970	19,314,860	19,005,745	18,729,722	18,627,433	18,431,217	18,400,686	18,199,534	18,030,869	18,010,553	17,261,207	17,475,750	17,410,956	17,415,642	17,476,067	18,122,535	18,187,236	18,223,451	17,969,802	19,482,099	19,451,023	19,753,527	20,146,994
Long-Term Receivable	4,068,519	4,193,720	4,059,756	4,115,862	4,192,447	4,167,622	4,234,920	4,700,822	4,646,750	4,708,540	3,939,233	4,180,797	4,170,808	4,195,841	4,290,262	4,295,372	4,334,320	4,218,293	4,232,813	5,448,312	5,267,974	5,277,235	5,200,965
Deferred Income Tax & Social Contribution	3,040,718	3,061,289	3,030,450	3,046,112	3,029,743	3,062,537	3,133,393	2,765,356	2,781,358	2,766,249	2,923,766	3,037,626	2,998,281	3,038,934	3,064,609	2,914,338	2,938,218	2,851,127	2,816,937	2,982,251	2,695,295	2,627,274	2,507,578
Deposits at Law	667,712	700,388	683,542	675,600	754,423	697,205	697,546	523,557	513,026	536,940	535,375	543,658	562,290	562,216	548,298	543,408	544,628	512,848	503,942	489,316	489,212	496,459	501,816
Accounts Receiv. Affiliated Companies	3,623	3,302	3,328	3,147	2,952	2,814	2,626	2,342	2,117	1,877	1,574	1,651	- 0	- 0	- 0	- 0	-	-	-	-	- 0	- 0
Taxes Recoverable	96,074	106,763	48,517	54,881	53,638	53,439	58,745	454,284	379,673	375,457	124,199	152,336	151,375	154,997	173,788	174,004	177,231	62,909	111,976	1,129,778	1,244,133	1,303,161	1,338,878
Financial Instruments	748	373	1,470	1,184	2,648	1,421	1,636	3,553	3,524	5,658	6,475	6,950	7,373	7,429	7,069	- 0	-	-	-	-	- 0	- 0	- 0
Accounts Receivables - Eletrobras	- 0	- 0	- 0	- 0	- 0	- 0	- 0	676,023	676,023	676,023	- 0	- 0	- 0	- 0	- 0	- 0	-	-	-	-	- 0	- 0	- 0
Accounts Receiv - Gasometes	125,050	125,050	193,886	223,640	262,077	295,387	332,191	349,542	349,031	355,807	352,230	351,123
Others	259,644	321,605	292,449	334,938	349,043	350,206	340,974	951,730	967,052	1,022,359	347,844	313,526	326,439	238,379	272,858	401,545	378,856	459,218	450,416	497,936	483,527	498,111	501,570
Investments	1,150,372	1,164,854	1,205,496	1,054,052	1,092,905	1,110,529	1,183,569	1,088,094	1,122,471	1,165,451	1,222,453	1,053,138	1,053,056	1,096,651	1,133,876	1,058,708	1,091,514	1,143,820	1,212,138	1,138,402	1,170,461	1,221,980	1,279,946
Investment Property	90,202	100,828	100,827	100,827	100,822	164,219	164,194	159,058	159,054	159,054	159,047	162,207
Property, Plant and Equipment	13,488,122	13,259,162	13,048,632	12,882,618	12,669,891	12,484,296	12,314,039	11,715,022	11,571,751	11,437,713	11,403,455	11,424,691	11,359,924	11,298,978	11,224,774	11,069,434	10,997,265	11,103,073	10,773,499	11,085,685	11,206,157	11,446,841	11,847,976
Intangible	703,957	697,124	691,861	677,190	672,190	668,770	668,158	695,596	689,897	698,849	696,066	726,922	726,340	723,345	726,328	1,598,199	1,599,918	1,594,071	1,592,294	1,650,646	1,647,377	1,648,424	1,655,900
Total Assets	26,304,568	26,016,132	25,805,817	25,984,477	25,376,778	25,319,368	26,098,375	26,523,851	26,251,939	26,165,716	27,013,732	26,337,032	26,975,880	26,852,890	27,867,367	29,952,137	26,975,880	36,457,494	38,918,447	39,481,569	39,103,644	41,280,601	40,916,056
Balance Sheet - Liabilities and Shareholders' Equity - Consolidated | IFRS - R$ thousand
Liabilities and Shareholders' Equity	31-Mar-17	30-Jun-17	30-Sep-17	31-Dec-17	31-Mar-18	30-Jun-18	30-Sep-18	31-Dec-18	31-Mar-19	30-Jun-19	30-Sep-19	31-Dec-19	31-Mar-20	30-Jun-20	30-Sep-20	31-Dec-20	31-Mar-21	30-Jun-21	30-Sep-21	31-Dec-21	31-Mar-22	30-Jun-22	30-Sep-22
Current Liabilities	2,458,976	2,281,035	2,387,267	3,046,420	2,325,040	2,125,224	2,554,236	3,046,420	3,112,311	2,984,180	3,385,283	2,889,738	2,936,522	3,002,048	3,690,047	4,479,098	4,509,443	5,377,667	6,805,830	6,331,989	5,329,348	6,135,616	4,998,167
Loans and Financing and Taxes Payable in Installments	609,555	630,476	875,662	1,010,471	30,934	23,156	22,360	1,010,471	189,508	262,921	280,089	125,647	69,703	158,156	71,797	140,332	65,157	143,271	62,858	176,291	56,274	174,984	95,327
Suppliers, Subcontractors and Freight	683,157	703,438	738,257	976,917	1,107,295	1,086,263	1,483,277	976,917	1,149,580	1,166,050	1,493,648	1,518,270	1,510,963	1,078,259	1,633,137	1,917,690	2,137,223	2,177,726	2,682,254	2,630,292	2,734,336	4,048,784	2,908,471
Wages and Social Charges	180,941	211,743	240,574	188,735	212,949	221,247	242,639	188,735	194,354	221,279	249,717	198,416	204,377	256,837	262,164	180,757	193,981	225,589	260,518	221,950	228,214	262,326	303,756
Taxes and Taxes Payables	123,035	126,256	85,533	96,523	83,861	97,426	93,841	96,523	92,659	110,111	112,297	114,693	116,371	199,386	392,854	610,804	642,217	1,643,118	1,170,179	1,010,852	305,621	316,430	314,062
Accounts Payable Forfaiting	606,752	327,442	201,334	475,251	527,353	468,171	506,555	475,251	994,268	912,265	915,783	613,803	716,331	939,679	927,184	880,711	820,738	763,231	986,066	718,054	563,859	895,461	938,149
Dividends Payable	22,003	22,000	138	75,644	119,942	185	182	75,644	202,809	11,892	395	67,814	67,809	8,630	8,630	324,728	276,536	678	1,267,093	968,984	966,934	117,326	60,446
Customers Advances	55,094	53,358	39,607	81,394	100,115	105,405	76,017	81,394	72,179	57,171	100,251	57,757	67,904	59,533	115,692	139,678	152,468	176,235	95,374	154,267	154,056	93,483	111,901
Financial Instruments	0	0	0	0	0	0	0	0	0	0	0	0	0	49,860	26,950	0	0	0	0	0	0	0	0
Others	178,439	206,322	206,162	141,485	142,591	123,371	129,365	166,676	216,954	242,491	233,103	193,338	183,064	251,708	251,639	284,398	221,123	247,819	281,488	451,299	320,054	226,822	266,055
Long-Term Liabilities	8,445,852	8,464,035	8,091,901	7,754,093	7,756,145	7,939,018	8,029,694	7,754,093	7,372,906	7,264,334	7,867,171	7,881,610	8,419,315	8,631,718	8,760,686	8,634,869	9,346,595	8,599,084	9,164,986	8,791,077	8,155,793	8,695,556	8,873,192
Loans and Financing and Taxes Payable in Installments	609,555	630,476	875,662	1,010,471	5,648,767	5,820,092	22,360	5,645,802	5,306,543	5,202,976	5,574,665	4,984,905	5,860,869	6,065,541	6,192,003	5,832,410	6,209,967	5,689,770	6,019,796	6,127,751	5,498,775	5,877,162	6,006,531
Actuarial Liability	1,139,376	1,088,014	1,050,848	1,050,324	1,032,979	1,008,164	1,002,144	1,050,324	1,013,879	1,009,666	1,018,698	1,574,796	1,255,608	1,266,115	1,287,642	1,471,801	1,522,646	1,560,006	1,597,662	1,141,136	1,167,156	1,192,758	1,220,400
Provision for Legal Liabilities	665,078	679,478	674,806	668,964	688,777	719,473	759,968	668,964	617,101	610,938	785,616	777,386	717,198	746,427	729,813	799,601	772,920	736,906	932,401	919,154	909,565	905,487	888,449
Environmental Protection Provision	146,721	150,494	154,364	158,333	162,126	166,009	169,985	158,333	213,430	218,338	223,359	231,591	234,478	237,968	241,442	230,002	233,882	237,516	241,476	233,178	227,754	222,712	226,537
Others	5,885,122	5,915,573	5,336,221	4,866,001	223,496	225,280	129,365	230,670	221,953	222,416	264,833	312,932	351,162	315,667	309,786	301,055	607,180	374,886	373,651	369,858	352,543	497,437	531,275
Shareholders' Equity	15,399,740	15,271,062	15,326,649	15,183,964	15,295,593	15,255,126	15,514,445	15,183,964	15,766,722	15,917,202	15,761,278	15,565,684	15,620,043	15,219,124	15,416,634	16,838,170	18,009,231	22,480,743	22,947,631	24,358,503	25,618,503	26,449,429	27,044,697
Capital	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295	13,200,295
Reserves & Revenues from Fiscal Year	524,131	640,458	702,836	574,500	715,547	665,507	899,616	574,500	1,105,910	1,216,393	1,036,005	843,128	843,392	371,954	428,937	1,667,171	2,565,089	6,706,112	6,964,050	8,549,040	9,734,159	10,588,334	11,091,881
Non-controlling shareholders participation	1,675,314	1,430,309	1,423,518	1,409,169	1,379,751	1,389,324	1,414,534	1,409,169	1,460,517	1,500,514	1,524,978	1,522,261	1,576,356	1,646,875	1,787,402	1,970,704	2,243,847	2,574,336	2,783,286	2,609,168	2,684,049	2,660,800	2,752,521
Total Liabilities and Shareholders' Equity	26,304,568	26,016,132	25,805,817	25,984,477	25,376,778	25,319,368	26,098,375	25,984,477	26,251,939	26,165,716	27,013,732	26,337,032	26,975,880	26,852,890	27,867,367	29,952,137	31,865,269	36,457,494	38,918,447	39,481,569	39,103,644	41,280,601	40,916,056

&1#&"Calibri"&10 Classificação da informação: Pública

Balance Sheet Consolidated

INDEX

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Consolidated Cash Flow Quartely

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Income Statement Consolidated - Annually

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INDEX

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Cash Flow - Quarter

R$ thousand	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Operating Activities Cash Flow
Net Income (Loss) in the Period	108,318	175,710	75,903	(44,851)	157,185	(19,050)	289,131	401,429	76,278	171,246	(138,980)	268,147	(423,980)	(395,061)	198,082	1,912,702	1,204,897	4,543,209	1,823,743	2,488,105	1,263,169	1,059,930	608,575
Financial Expenses and Monetary Var. / Net Exchge Var.	4,178	103,431	(26,094)	119,187	49,781	226,088	94,262	(23,771)	48,263	15,721	261,365	(270,746)	773,610	234,991	116,782	(300,989)	287,538	(1,281,785)	425,715	(246,975)	(487,973)	310,512	81,487
Interest Expenses	192,519	150,932	168,381	125,102	99,100	102,794	91,974	98,163	95,000	80,944	120,595	78,940	82,217	88,540	73,321	68,785	69,571	54,212	67,214	68,975	60,724	90,662	108,083
Depreciation and Amortization	306,341	328,601	286,572	250,337	257,104	256,332	257,514	258,585	241,020	240,920	253,663	256,182	248,705	250,243	248,466	252,809	248,637	250,659	243,462	239,983	222,750	220,482	224,953
Losses/(gains) on Sale of Property, Plant and Equipment	(1,408)	586	(660)	2,665	6,797	326	(5,304)	(1,552)	(1,159)	(4,945)	4	413	(868)	(6,233)	(2,519)	(165,146)	(16,783)	(53,000)	3,149	1,660	(8,183)	(31,477)	(4,137)
Equity in the Results of Subsidiaries/Associated Companies	(37,080)	(15,278)	(50,556)	(51,982)	(41,154)	(31,341)	(74,734)	(113,121)	(37,493)	(36,877)	(58,258)	(48,107)	(15,347)	(45,494)	(40,031)	(58,887)	(36,704)	(55,458)	(72,524)	(54,102)	(35,008)	(56,033)	(64,553)
Impairment of Assets	- 0	- 0	- 0	74,892	- 0	472,787	- 0	- 0	- 0	16,426	- 0	- 0	6,751	(737,405)	- 0	- 0	397,257	- 0	- 0	- 0	(3,160)
Income tax and social contribution for the quarter	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	283,722	342,532	84,829
Difered Income Tax and Social Contribution	30,605	(17,561)	33,954	(166)	6,323	(22,870)	(55,354)	380,294	(11,785)	25,813	(160,197)	73,190	(208,786)	(45,913)	(24,917)	149,232	(23,882)	87,091	36,353	(155,577)	285,098	66,310	119,446
Constitution (reversal) of Provisions	73,428	36,159	87,737	39,359	111,030	99,077	112,768	92,443	58,806	76,165	155,630	(171,368)	10,038	183,131	387,217	162,842	396,617	200,304	111,956	(65,976)	117,355	206,553	(312,814)
Actuarial Gains and losses	7,273	7,276	7,274	7,273	8,694	(2,889)	977	85,135	21,451	21,453	21,452	21,387	21,520	21,535	21,527	25,110	24,352	24,355	24,350	(308,024)	27,816	27,816	27,817
Stock Option Plan	295	(441)	(1,101)	2,198	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Derivative financial instruments	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	(44,896)	104,949	(21,976)	(67,108)
Total	684,469	769,415	581,410	524,014	654,860	608,467	711,234	1,650,392	490,381	590,440	455,274	224,464	487,109	285,739	984,679	1,309,053	2,154,243	3,769,587	3,060,675	2,012,965	1,834,419	2,215,311	803,418
(Increase)/Decrease of Assets	0
Accounts Receivables Customer	(85,924)	(166,760)	(61,653)	(222,373)	(188,053)	(8,337)	(200,477)	83,552	175,413	(234,385)	71,221	(105,903)	(321,324)	508,472	(642,386)	32,590	(911,799)	(368,020)	(256,823)	375,729	(286,373)	(402,875)	1,024,549
Inventories	(253,094)	(52,898)	9,021	28,312	(241,758)	(516,601)	(115,693)	(204,639)	11,309	(258,842)	(79,158)	405,797	61,773	(199,142)	372,292	(321,273)	(900,390)	(1,157,806)	(1,156,324)	(341,823)	(26,830)	(2,469,821)	(207,659)
Recovery of Taxes	2,125	49,529	(13,890)	(33,110)	40,170	(55,064)	142,206	(887,008)	2,968	(106,800)	(53,526)	(42,330)	(38,981)	(67,996)	(21,754)	(76,700)	(94,275)	73,799	(334,826)	(69,238)	7,786	(180,797)	(240,580)
Judicial Deposits	(16,947)	(13,218)	(9,392)	20,475	(75,993)	(11,758)	67,071	54,267	(9,867)	(30,758)	(7,626)	(13,578)	(18,392)	(1,319)	9,178	(3,816)	(3,097)	26,146	2,673	15,450	(5,555)	(3,653)	(5,838)
Accounts Receiv. Eletrobras	(676,023)	751,404	- 0	- 0	311,534	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Accounts Receiv. Affiliated Companies	219	321	(26)	181	195	138	188	284	225	240	303	(77)	1,651	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Others	25,957	(208,586)	191,388	(22,388)	(26,854)	(8,917)	15,268	51,853	(70,588)	(38,917)	(23,911)	74,318	(93,632)	(23,080)	(32,384)	(189,853)	(205,573)	22,291	(3,334)	68,339	(123,677)	(455,179)	(42,618)
Total	(327,664)	(391,612)	115,448	(228,903)	(492,293)	(600,539)	(91,437)	(1,577,714)	109,460	(669,462)	(92,697)	1,069,631	(408,905)	216,935	(3,520)	1,309,053	(2,115,134)	(1,403,590)	(1,748,634)	48,457	(434,649)	(3,512,325)	527,854
Increase /(Decrease) of Liabilities	- 0
Suppliers, Contractors and Freights	(163,220)	20,281	34,819	238,660	130,378	(21,032)	397,014	(349,514)	15,817	16,470	327,598	24,622	(7,307)	(432,704)	554,878	284,553	219,533	40,503	504,528	(51,962)	85,291	1,292,647	(1,174,317)
Amounts Owed to Affiliated Companies	(23,086)	4,409	4,558	4,020	(8,917)	- 0	- 0	1	(12,416)	- 0	- 0	(14,184)	- 0	- 0	(27,612)	2,711	2,802	2,898	2,995	(25,450)	2,235	2,311
Customers Advances	19,288	(1,736)	(13,751)	41,787	18,721	5,290	(29,388)	(12,533)	8,695	(15,008)	43,080	(42,494)	10,147	(8,371)	56,159	23,986	12,790	23,767	(80,861)	58,893	(211)	(60,573)	18,418
Tax Payable	57,850	1,671	(35,432)	12,553	(64,649)	20,541	(93,923)	113,025	60,598	123,533	138,141	201,724	125,002	93,625	198,965	209,714	252,468	252,613	580,576	32,009	159,363	131,963	136,787
Securities Payable Forfaiting	249,782	(279,310)	(126,108)	273,917	52,102	(59,182)	38,384	459,372	28,341	(82,003)	3,518	(301,980)	102,528	223,348	(12,495)	(46,473)	(59,973)	(57,507)	222,835	(268,012)	(154,195)	331,602	42,688
Actuarial Liability Payments	(59,582)	(65,724)	(49,107)	(55,919)	(34,343)	(50,744)	(52,525)	(60,188)	(54,201)	(57,142)	(4,599)	(15,800)	(5,742)	(11,030)	- 0	(7,804)	(8,396)	(14,116)	(9,534)	(19,252)	(10,621)	(39,880)	(13,988)
Actuarial Liability Received - PB1	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	393,933	- 0	- 0	(3,728)	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Others	(3,782)	(1,578)	(31,376)	(113,920)	23,266	(29,428)	(49,990)	(83,326)	16,783	27,216	(63,178)	(114,245)	29,277	64,598	(17,103)	138,399	200,691	(237,749)	(58,129)	102,149	(135,432)	66,449	89,583
Total	77,250	(321,987)	(216,397)	401,098	116,558	(134,555)	209,572	66,837	63,617	13,066	444,560	(248,173)	633,654	(70,534)	780,404	1,309,053	619,824	10,313	1,162,313	(143,180)	(81,255)	1,724,443	(898,518)
Cash Generated from Operating Activities	434,055	55,816	480,461	696,209	279,125	(126,627)	829,369	139,515	663,458	(65,956)	807,137	1,045,922	711,858	432,140	1,761,563	1,321,036	658,933	2,376,310	2,474,354	1,918,242	1,318,515	427,429	432,754
Interest Paid	(234,033)	(183,716)	(199,331)	(147,170)	(148,319)	(129,948)	(131,169)	(124,068)	(121,257)	(125,406)	(93,484)	(24,269)	(152,559)	(4,694)	(172,893)	(6,913)	(162,357)	(418)	(180,709)	(365)	(236,205)	(19,138)	(224,210)
Income Tax and Social Contribution	(14,760)	(5,637)	(2,100)	(2,765)	(17,672)	(12,714)	(39,217)	(8,657)	(11,291)	(40,850)	(33,469)	(28,720)	(41,860)	(49,227)	(51,616)	(87,326)	(493,107)	(310,614)	(772,474)	(192,284)	(981,294)	(54,981)	(104,532)
ERROR:#N/A
Net Cash Generated from Operating Activities	185,262	(133,537)	279,030	546,274	113,134	(269,289)	658,983	6,790	530,910	(232,212)	680,184	992,933	517,439	378,219	1,537,054	1,226,797	3,469	2,065,278	1,521,171	1,725,593	101,016	353,310	104,012
Investments activities cash flow	- 0
Marketable Securities	1,025,604	(394,014)	(67,174)	429,453	122,218	(103,553)	(60,481)	(1,028)	(24,188)	(134,754)	(170,059)	247,385	97,235	(256,521)	(482,767)	(296,588)	1,010,097	(1,708,584)	698,550	924,221	(471,335)	77,701	185,744
Amount Paid on the Acquisition of Investments	-	-	-	-	-	-	-	-	(9)	9	- 0	(17)	- 0	- 0	-	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Fixed Asset Acquisition	(22,674)	(32,362)	(50,168)	(103,267)	(61,629)	(62,683)	(85,200)	(195,629)	(81,487)	(98,869)	(135,534)	(330,346)	(175,821)	(188,135)	(173,407)	(231,344)	(229,952)	(330,799)	(296,911)	(532,065)	(282,975)	(418,760)	(585,631)
Fixed Asset Sale Receipt	1,693	1	818	6,135	19,652	335	10,354	9,171	1,300	6,506	1,432	(97)	881	18,916	4,551	96,933	50,379	53,668	(958)	1,952	8,748	38,643	2,967
Dividends Received	1,274	12,543	(10,578)	23,261	128,013	1,039	(2,485)	214,388	1,544	1,458	1,266	220,678	2,093	1,909	2,819	130,081	4,592	3,160	4,215	116,268	2,950	4,525	6,525
Purchase of Software	(683)	(1,689)	(1,534)	(3,793)	(3,238)	(4,092)	(5,120)	(15,932)	(2,154)	(6,472)	(4,518)	(22,071)	(6,645)	(4,738)	(5,439)	(13,150)	(8,665)	(4,384)	(7,865)	(72,648)	(1,972)	(9,397)	(18,864)
16,426	- 0	ERROR:#N/A	ERROR:#N/A	- 0	6,525
Net Cash Employed on Investments Activities	1,005,214	(415,521)	(128,636)	351,789	205,016	(168,954)	(142,932)	10,970	(104,994)	(232,122)	(307,413)	115,532	(82,257)	(428,569)	(654,243)	(314,090)	826,451	(1,986,939)	397,031	437,728	(744,584)	(307,288)	(409,259)
Financial Activities Cash Flow	- 0
Inflow of Loans, Financing and Debentures	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	2,811,557	2,000,000	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	700,000	- 0
Payment of Loans, Financ. & Debent.	(4,892)	(8,065)	(3,327)	(293,496)	(939,455)	(7,220)	(2,298)	(2,233)	(369,534)	(7,252)	(2,744,344)	(2,729,374)	(3,391)	(6,651)	(1,074)	(38,915)	(1,943)	(1,923)	(1,913)	(1,830)	(1,769)	(701,761)	(1,749)
Payment of Taxes Installments	(335)	(341)	(345)	(3,321)	(132)	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Lease liability payment	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	(8,909)	(11,318)	(12,600)	(13,067)
Swap Operations Liquidations	(2,525)	(199)	(1,366)	(2,886)	- 0	14	- 0	- 0	- 0	356	(5,863)	- 0	- 0	(9,309)	(143,720)	(18,443)	- 0	- 0	- 0	(23,089)	(98,267)	(21,307)	67,872
Dividends and Interest on Capital	- 0	(3,643)	(21,862)	- 0	- 0	(123,287)	(4)	(2,178)	- 0	(190,917)	(31,965)	(32,582)	(5)	(59,418)	- 0	(8,660)	(48,192)	(320,640)	75	(1,480,507)	(9)	(1,044,286)	(56,863)
Capital Gain / Reduction	- 0	(300,000)	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Net Cash Generated from (Employed on) Financial Activities	(7,752)	(312,248)	(26,900)	(299,703)	(939,587)	(130,493)	(2,302)	(4,411)	(369,534)	(197,813)	29,385	(761,956)	(3,396)	(75,378)	(144,794)	(66,018)	(60,166)	(322,563)	(1,838)	(1,514,335)	(111,363)	(1,079,954)	(3,807)
Exchange Variation on Cash and Cash Equivalents	1,063	2,941	(3,904)	7,331	(8,084)	6,246	4,033	(2,903)	(1,127)	(287)	5,086	(396)	117,774	1,955	7,304	(9,475)	(26,658)	(12,150)	22,375	5,282	(135,824)	104,193	35,407
- 0
Net Increase (Decrease) of Cash and Cash Equivalents	1,183,787	(858,365)	119,590	605,691	(629,521)	(562,490)	517,782	10,446	55,255	(662,434)	407,242	346,113	549,560	(123,773)	745,321	837,214	743,096	(256,374)	1,938,739	654,268	(890,755)	(929,739)	(273,647)
Cash and Cash Equivalents at the Beginning of the Period	719,870	1,903,657	1,045,292	1,164,882	1,770,573	1,141,052	578,562	1,096,344	1,106,790	- 0	499,611	906,853	1,252,966	1,802,526	1,678,753	2,424,074	3,261,288	4,004,384	3,748,010	5,686,749	6,341,017	5,450,262	4,520,523
Cash and Cash Equivalents at the End of The Period	1,903,657	1,045,292	1,164,882	1,770,573	1,141,052	578,562	1,096,344	1,106,790	1,162,045	(662,434)	906,853	1,252,966	1,802,526	1,678,753	2,424,074	3,261,288	4,004,384	3,748,010	5,686,749	6,341,017	5,450,262	4,520,523	4,246,876
- 0
RECONCILIATION WITH BALANCE SHEET
Cash and Cash Equivalents at the Beginning of the Period	719,870	1,903,657	1,045,292	1,164,882	1,770,573	1,141,052	578,562	1,096,344	1,770,573	1,162,045	499,611	906,853	1,252,966	1,802,526	1,678,753	2,424,074	3,261,288	4,004,384	3,748,010	5,686,749	6,341,017	5,450,262	4,520,523
Marketable Securities at the Beginning of the Period	1,537,584	511,980	905,994	973,168	543,715	421,497	525,050	585,531	543,715	610,747	745,501	915,560	668,175	570,940	827,461	1,310,228	1,606,816	596,719	2,305,303	1,606,753	682,532	1,153,867	1,076,166
Cash and Cash Equivalents at the Beginning of the Period	2,257,454	2,415,637	1,951,286	2,138,050	2,314,288	1,562,549	1,103,612	1,681,875	2,314,288	1,772,792	1,245,112	1,822,413	1,921,141	2,373,466	2,506,214	3,734,302	4,868,104	4,601,103	6,053,313	7,293,502	7,023,549	6,604,129	5,596,689
Net Increase (Decrease) of Cash and Cash Equivalentes	1,183,787	(858,365)	119,590	605,691	(629,521)	(562,490)	517,782	10,446	(629,521)	(662,434)	407,242	346,113	549,560	(123,773)	745,321	837,214	743,096	(256,374)	1,938,739	654,268	(890,755)	(929,739)	(273,647)
Net Increase (Decrease) of Marketable Securities	(1,025,604)	394,014	67,174	(429,453)	(122,218)	103,553	60,481	1,028	(122,218)	134,754	170,059	(247,385)	(97,235)	256,521	482,767	296,588	(1,010,097)	1,708,584	(698,550)	(924,221)	471,335	(77,701)	(185,744)
Cash and Cash Equivalents at the End of the Period	1,903,657	1,045,292	1,164,882	1,770,573	1,141,052	578,562	1,096,344	1,106,790	1,141,052	499,611	906,853	1,252,966	1,802,526	1,678,753	2,424,074	3,261,288	4,004,384	3,748,010	5,686,749	6,341,017	5,450,262	4,520,523	4,246,876
Marketable Securities at the End of the Period	511,980	905,994	973,168	543,715	421,497	525,050	585,531	586,559	421,497	745,501	915,560	668,175	570,940	827,461	1,310,228	1,606,816	596,719	2,305,303	1,606,753	682,532	1,153,867	1,076,166	890,422
Cash and Cash Equivalents at the End of the Period	2,415,637	1,951,286	2,138,050	2,314,288	1,562,549	1,103,612	1,681,875	1,693,349	1,562,549	1,245,112	1,822,413	1,921,141	2,373,466	2,506,214	3,734,302	4,868,104	4,601,103	6,053,313	7,293,502	7,023,549	6,604,129	5,596,689	5,137,298

&1#&"Calibri"&10 Classificação da informação: Pública

Consolidated Cash Flow - Quartely

INDEX

/xl/drawings/drawing17.xml#COVER!A1

Consolidated Cash Flow Annually

/xl/drawings/drawing17.xml#'Cash%20Flow%20-%20Annually'!A1

Balance Sheet

/xl/drawings/drawing17.xml#'Balance%20Sheet'!A1

INDEX

/xl/drawings/drawing17.xml#COVER!A1

Cash Flow - Annually

R$ thousand	2013	2014	2015	2016	2017	2018	2019	2020	2021
Operating Activities Cash Flow
Net Income (Loss) in the Period	16,791	208,479	(3,684,977)	(576,843)	315,080	828,695	376,691	1,291,743	10,059,954
Financial Expenses and Monetary Var. / Net Exchge Var.	805,437	565,923	1,364,544	33,433	200,702	346,360	47,416	924,273	(815,507)
Interest Expenses	242,325	204,557	253,545	451,913	636,934	392,031	375,479	312,863	259,972
Depreciation and Amortization	1,072,433	1,114,597	1,311,699	1,216,491	1,171,851	1,029,535	991,785	1,000,223	982,741
Losses/(gains) on Sale of Property, Plant and Equipment	(44,427)	(54,270)	54,259	25,331	1,183	267	(5,687)	(174,766)	(64,974)
Equity in the Results of Subsidiaries/Associated Companies	(181,201)	(183,780)	(67,020)	(142,861)	(154,896)	(260,350)	(180,735)	(159,759)	(218,788)
Impairment of Assets	- 0	- 0	2,558,512	(343,006)	74,892	472,787	16,426	(730,654)	397,257
Difered Income Tax and Social Contribution	(479,164)	(43,987)	(1,207,204)	307,144	46,832	308,393	(72,979)	(130,384)	(56,015)
Constitution (reversal) of Provisions	62,648	90,479	113,507	66,120	236,683	415,318	119,233	743,228	642,901
Actuarial Gains and losses	48,257	5,157	16,502	(1,480)	29,096	91,917	85,743	89,692	(234,967)
Stock Option Plan	9,073	5,217	8,340	(2,881)	951	- 0	- 0	- 0	- 0
Total	1,552,172	1,912,372	721,707	1,033,361	2,559,308	3,624,953	1,753,372	3,166,459	10,952,574
- 0
(Increase)/Decrease of Assets	- 0
Accounts Receivables Customer	(120,154)	390,456	(196,978)	199,287	(536,710)	(313,315)	(93,654)	(422,648)	(1,116,017)
Inventories	(128,475)	343,697	622,127	163,648	(268,659)	(1,078,691)	79,505	(86,350)	(3,556,343)
Recovery of Taxes	(11,748)	47,938	(7,610)	24,583	4,654	(759,696)	(201,656)	(205,431)	(424,540)
Judicial Deposits	18,419	(1,130)	(31,642)	(72,282)	(19,082)	33,587	(61,829)	(14,349)	41,172
Accounts Receiv. Eletrobras	(676,023)	751,404	311,534	- 0
Accounts Receiv. Affiliated Companies	(1,195)	(1,552)	17,971	570	695	805	691	1,651	- 0
Others	148,690	(95,711)	1,715	82,118	(13,629)	31,350	(59,485)	(338,949)	(118,277)
Total	(94,463)	683,698	405,583	397,924	(832,731)	(2,761,983)	414,976	(754,542)	(5,174,005)
- 0
Increase /(Decrease) of Liabilities
Suppliers, Contractors and Freights	149,060	(473,280)	(484,266)	25,806	130,540	156,846	384,507	399,420	712,602
Amounts Owed to Affiliated Companies	(55,432)	198,315	162,957	(9,688)	(10,099)	(8,916)	(12,416)	(41,796)	11,406
Customers Advances	(97,211)	(68,130)	(69,380)	(4,993)	45,588	(17,910)	(5,727)	81,921	14,589
Tax Payable	19,363	(36,893)	(8,659)	(27,100)	36,642	(25,006)	524,009	627,306	1,117,667
Securities Payable Forfaiting	- 0	- 0	88,125	(399,729)	118,281	490,676	(352,124)	266,908	(162,657)
Actuarial Liability Payments	(178,234)	(201,867)	(192,216)	(213,108)	(230,332)	(197,800)	(131,742)	(24,576)	(51,298)
Others	540,750	(246,774)	93,321	(198,974)	(150,656)	(139,478)	(133,427)	605,376	(11,978)
Total	378,296	(828,629)	(410,118)	(827,786)	(60,036)	258,412	273,080	1,914,559	1,630,331
- 0
Cash Generated from Operating Activities	1,836,005	1,767,441	717,172	603,499	1,666,541	1,121,382	2,441,428	4,326,476	7,408,900
Interest Paid	(568,571)	(482,793)	(583,286)	(897,242)	(764,250)	(533,504)	(364,416)	(337,059)	(343,849)
Income Tax and Social Contribution	(161,141)	(66,058)	(30,472)	(16,569)	(25,262)	(78,260)	(105,188)	(230,029)	(1,768,479)
- 0
Net Cash Generated from Operating Activities	1,106,293	1,218,590	103,414	(310,312)	877,029	509,618	1,971,824	3,759,388	5,296,572
Investments activities cash flow
Marketable Securities	701,929	93,538	(482,094)	(313,399)	993,869	(42,844)	(81,616)	(938,641)	924,284
Capital Increase in Subisidiary	135,842	26,972	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Amount received from the sale of investments	(26)	(22)	- 0
Amount paid for the acquisition of investments	(206,403)	(224,439)	- 0	- 0	- 0	- 0	- 0	- 0
Fixed Asset Acquisition	(956,565)	(1,086,800)	(725,030)	(207,035)	(208,471)	(405,141)	(646,236)	(768,707)	(1,389,727)
Fixed Asset Sale Receipt	36,203	86,109	16,422	5,532	8,647	39,512	9,141	121,281	105,041
Purchases / payments of intangible assets	(57,265)	(62,460)	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Dividends Received	203,433	193,961	121,848	96,701	26,500	340,955	224,946	136,902	128,235
Purchase of Software	(24,825)	(23,237)	(29,334)	(15,724)	(7,699)	(28,382)	(35,215)	(29,972)	(93,562)
Net Cash Employed on Investments Activities	(167,651)	(996,356)	(1,098,188)	(433,925)	812,846	(95,900)	(529,006)	(1,479,159)	(325,729)
- 0
Financial Activities Cash Flow
Assignments of Contingent Credits	- 0	- 0	477,357	43,832	- 0	- 0	- 0	- 0	- 0
Assigned Credits	- 0	- 0	(593,585)	(241,294)	- 0	- 0	- 0	- 0	- 0
Ingress on Loans, Financ. & Debent.	1,478,645	913,662	1,678,529	- 0	- 0	- 0	4,811,557	- 0	- 0
Payment of Loans, Financ. & Debent.	(2,995,804)	(1,414,769)	(1,852,591)	(185,431)	(309,780)	(951,206)	(5,850,504)	(50,031)	(7,609)
Capital Injection	220,972	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Issue Shares / Capital Injection	- 0	- 0	- 0	1,050,295	- 0	- 0	- 0	- 0	- 0
Payment of Taxes Installments	(14,958)	(67,080)	(1,178)	(1,601)	(4,342)	(132)	- 0	- 0	- 0
Swap Operations Liquidations	2,417	(33,384)	(27,165)	12,240	(6,976)	14	(5,507)	(171,472)	(23,089)
Dividends and Interest on Capital	(105,804)	(152,799)	(39,295)	(3)	(25,505)	(125,469)	(255,464)	(68,083)	(1,849,264)
Capital Gain / Reduction	- 0	- 0	- 0	- 0	(300,000)	- 0	- 0	- 0	- 0
Net Cash Generated from (Employed on) Financial Activities	(1,414,532)	(754,370)	(357,928)	678,038	(646,603)	(1,076,793)	(1,299,918)	(289,586)	(1,879,962)
Exchange Variation on Cash and Cash Equivalents	(14,241)	8,761	43,162	(14,203)	7,431	(708)	3,276	17,679	(11,151)
Net Increase (Decrease) of Cash and Cash Equivalents	(490,131)	(523,375)	(1,309,540)	(80,402)	1,050,703	(663,783)	146,176	2,008,322	3,079,729
Cash and Cash Equivalents at the Beginning of the Period	3,123,318	2,633,187	2,109,812	800,272	719,870	1,770,573	1,106,790	1,252,966	3,261,288
Cash and Cash Equivalents at the End of The Period	2,633,187	2,109,812	800,272	719,870	1,770,573	1,106,790	1,252,966	3,261,288	6,605,197
- 0
RECONCILIATION WITH BALANCE SHEET
Cash and Cash Equivalents at the Beginning of the Period	3,123,318	2,633,187	2,109,812	800,272	719,870	1,770,573	1,106,790	1,252,966	3,261,288
Marketable Securities at the Beginning of the Period	1,537,558	835,629	742,091	1,224,185	1,537,584	543,715	586,559	668,175	1,606,816
Cash and Cash Equivalents at the Beginning of the Period	4,660,876	3,468,816	2,851,903	2,024,457	2,257,454	2,314,288	1,693,349	1,921,141	4,868,104
Net Increase (Decrease) of Cash and Cash Equivalentes	(490,131)	(523,375)	(1,309,540)	(80,402)	1,050,703	(663,783)	146,176	2,008,322	3,079,729
Net Increase (Decrease) of Marketable Securities	(701,929)	(93,538)	482,094	313,399	(993,869)	42,844	81,616	938641	(924,284)
Cash and Cash Equivalents at the End of the Period	2,633,187	2,109,812	800,272	719,870	1,770,573	1,106,790	1,252,966	3,261,288	6,341,017
Marketable Securities at the End of the Period	835,629	742,091	1,224,185	1,537,584	543,715	586,559	668,175	1,606,816	682,532
Cash and Cash Equivalents at the End of the Period	3,468,816	2,851,903	2,024,457	2,257,454	2,314,288	1,693,349	1,921,141	4,868,104	7,023,549

&1#&"Calibri"&10 Classificação da informação: Pública

Consolidated Cash Flow - Annually

INDEX

/xl/drawings/drawing18.xml#COVER!A1

CAPEX

/xl/drawings/drawing18.xml#CAPEX!A1

Consolidated Cash Flow - Quartely

/xl/drawings/drawing18.xml#'Cash%20Flow%20-%20Quarter'!A1

INDEX

/xl/drawings/drawing18.xml#COVER!A1

CAPEX

CAPEX	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4T18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Steel	18	25	42	90	56	57	72	178	66	80	116	286	145	139	126	165	187	273	237	463	241	352	532
Others	3	4	4	8	5	4	5	10	2	3	1	6	3	4	5	3	7	1	3	5	2	9	7
Mining	3	5	5	9	4	6	14	52	21	23	23	65	34	50	48	77	45	61	64	136	42	67	66
Total	23	34	52	107	65	67	90	241	89	105	140	356	182	193	179	245	239	335	305	605	285	428	604
CAPEX	2013	2014	2015	2016	2017	2018	2019	2020	2021
Steel	600	964	622	179	176	363	548	576	1,160
Others	64	52	50	13	19	24	12	14	17
Mining	317	94	112	34	21	76	132	209	306
Total	981	1,110	784	225	216	463	690	799	1,483

&1#&"Calibri"&10 Classificação da informação: Pública

CAPEX

INDEX

/xl/drawings/drawing19.xml#COVER!A1

Working Capital and Steel Inventories

/xl/drawings/drawing19.xml#'Working%20Capital'!A1

Consolidated Cash Flow - Annually

/xl/drawings/drawing19.xml#'Cash%20Flow%20-%20Annually'!A1

INDEX

/xl/drawings/drawing19.xml#COVER!A1

Working Capital

R$ billion	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Working Capital	2.6	3.1	3.1	2.8	3.0	3.7	3.5	4.0	3.7	4.2	4.8	4.2	4.4	4.1	3.1	2.9	4.9	6.9	8.2	7.8	8.8	10.0	10.7
Thousand Tons	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Steel Inventories	648	620	599	554	566	733	648	553	689	669	772	678	633	606	555	597	728	746	887	812	734	753	739
Days in Inventory	63	56	54	47	47	68	53	49	61	56	68	62	56	91	55	48	52	52	69	70	58	63	72

&1#&"Calibri"&10 Classificação da informação: Pública

Working Capital and Steel Inventories

INDEX

/xl/drawings/drawing20.xml#COVER!A1

Debt

/xl/drawings/drawing20.xml#Debt!A1

CAPEX

/xl/drawings/drawing20.xml#CAPEX!A1

INDEX

/xl/drawings/drawing20.xml#COVER!A1

Debt

R$ thousand	31-Mar-17	30-Jun-17	30-Sep-17	31-Dec-17	31-Mar-18	30-Jun-18	30-Sep-18	31-Dec-18	31-Mar-19	30-Jun-19	30-Sep-19	31-Dec-19	31-Mar-20	30-Jun-20	30-Sep-20	31-Dec-20	31-Mar-21	30-Jun-21	30-Sep-21	31-Dec-21	31-Mar-22	30-Jun-22	30-Sep-22
TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL
Local Currency	5,161,235	5,143,030	5,142,153	4,908,319	4,590,260	4,577,663	4,578,479	4,581,268	4,296,809	4,286,837	2,772,978	2,081,808	2,056,120	2,071,651	2,048,000	2,028,732	2,009,053	2,033,293	2,006,689	2,052,583	2,006,095	2,059,041	2,039,280
TJLP	378,799	377,415	377,166	359,896	337,068	336,953	336,758	336,902	315,737	315,380	-	-	-	-	-	-	-	-	-	-	-	-	-
CDI	4,731,318	4,722,963	4,720,342	4,498,775	4,214,913	4,214,963	4,213,716	4,214,159	3,948,650	3,946,173	2,734,776	2,006,267	1,982,831	2,008,142	1,984,399	2,004,608	1,986,766	2,013,064	1,988,409	2,036,153	1,991,443	2,046,146	2,028,120
Others	51,118	42,652	44,645	49,648	38,279	25,747	28,005	30,207	32,422	25,284	38,202	75,541	73,289	63,509	63,601	24,124	22,287	20,229	18,280	16,430	14,652	12,895	11,160
Foreign Currency*	1,718,079	1,806,622	1,718,242	1,747,954	1,089,441	1,265,585	1,314,311	1,272,702	1,199,242	1,179,060	3,081,776	3,028,744	3,874,452	4,152,046	4,215,800	3,944,010	4,266,071	3,799,748	4,075,965	4,251,459	3,548,954	3,993,105	4,062,578
Gross Debt	6,879,314	6,949,652	6,860,395	6,656,273	5,679,701	5,843,248	5,892,790	5,853,970	5,496,051	5,465,897	5,854,754	5,110,552	5,930,572	6,223,697	6,263,800	5,972,742	6,275,124	5,833,041	6,082,654	6,304,042	5,555,049	6,052,146	6,101,858
Cash and Cash Equivalents	2,415,637	1,951,286	2,138,050	2,314,288	1,562,549	1,103,612	1,681,875	1,693,349	1,772,792	1,245,112	1,822,413	1,921,141	2,373,466	2,506,214	3,734,302	4,868,105	4,601,103	6,053,313	7,293,502	7,023,549	6,604,129	5,596,689	5,137,298
Net Debt	4,463,677	4,998,366	4,722,345	4,341,985	4,117,152	4,739,636	4,210,915	4,160,621	3,723,259	4,220,785	4,032,341	3,189,411	3,557,106	3,717,483	2,529,498	1,104,637	1,674,021	(220,272)	(1,210,848)	(719,507)	(1,049,080)	455,457	964,560

&1#&"Calibri"&10 Classificação da informação: Pública

Cash (Local Currency) Cash 2022 2023 2024 2025 2026 4187 Cash (Foreign Currency) Cash 2022 2023 2024 2025 2026 950 Debt (Local Currency) Cash 2022 2023 2024 2025 2026 8.8249999999999993 0.56499999999999995 650 650 0 Debt (Foreign Currency) Cash 2022 2023 2024 2025 2026 0 0 0 0 4054.95 Cash 2022 2023 2024 2025 2026 5137 8.8249999999999993 0.56499999999999995 650 650 4054.95

Debt

INDEX

/xl/drawings/drawing21.xml#COVER!A1

Main Indicators

/xl/drawings/drawing21.xml#'Main%20Indicators'!A1

Working Capital and Steel Inventories

/xl/drawings/drawing21.xml#'Working%20Capital'!A1

INDEX

/xl/drawings/drawing21.xml#COVER!A1

Main Indicators

1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Price of Preferred Shares (USIM5)	4.44	4.60	7.78	9.10	10.92	7.32	8.32	9.22	10.04	8.94	7.81	9.51	4.92	7.27	10.03	14.61	17.10	19.10	16.12	15.16	13.97	8.65	7.52
Price of Common Shares (USIM3)	8.38	8.83	10.05	10.83	12.31	11.23	11.37	11.44	11.65	10.50	9.35	9.87	5.65	8.09	10.24	15.69	17.89	19.75	15.72	14.51	13.04	8.21	8.20
EPS	0.09	0.14	0.06	(0.04)	0.13	(0.02)	0.23	0.32	0.06	0.14	(0.11)	0.21	(0.34)	(0.32)	0.16	1.53	0.96	3.63	1.46	1.99	1.01	0.85	0.49
P/E	51.4	32.8	128.4	-254.2	87.1	-481.5	36.1	28.8	164.9	65.4	-70.4	44.4	-14.5	-23.1	63.5	9.6	17.8	5.3	11.1	7.6	13.9	10.2	15.5
ROE (%)	0.8%	1.3%	0.5%	-0.3%	1.1%	-0.1%	2.1%	2.8%	0.5%	1.2%	-1.0%	1.9%	-3.0%	-2.9%	1.5%	12.9%	7.6%	22.8%	9.0%	11.4%	5.5%	4.5%	2.5%
ROIC (%)	0.9%	1.8%	0.5%	0.3%	1.6%	1.0%	1.6%	-0.1%	0.9%	1.3%	0.5%	0.6%	1.2%	-0.7%	2.8%	10.1%	8.5%	18.5%	9.7%	8.6%	5.2%	6.5%	2.1%
Net Debt/EBITDA (Adjusted)	3.9	2.8	2.4	2.0	1.8	2.3	1.8	1.6	1.5	1.6	1.7	1.6	1.8	2.2	1.2	2.2	0.3	-0.0	-0.1	-0.1	-0.1	0.1	0.1
EV/EBITDA (Adjusted)	12.7	8.3	8.9	8.4	8.8	8.8	7.9	7.0	7.6	6.8	7.1	9.0	5.6	8.9	8.9	7.4	5.0	2.9	1.9	1.6	1.6	1.4	1.9
Net Revenue Var. (%)	10.9%	9.3%	6.5%	12.4%	5.4%	-1.2%	20.5%	-11.3%	3.1%	4.6%	4.2%	0.6%	-1.7%	-36.3%	80.7%	24.9%	29.1%	35.8%	-5.9%	-10.8%	-2.5%	8.8%	-1.1%
Adjusted EBITDA Var. (%)	127.6%	40.7%	-39.6%	-0.5%	42.4%	-19.1%	35.5%	18.1%	-41.3%	18.1%	-23.4%	6.2%	21.5%	-66.3%	331.0%	94.6%	50.6%	109.3%	-43.0%	-14.8%	-36.5%	23.7%	-56.7%
Adjusted EBITDA Margin (%)	22.7%	29.2%	16.5%	14.6%	19.8%	16.2%	18.2%	24.2%	13.8%	15.6%	11.5%	12.1%	14.9%	7.9%	18.9%	29.4%	34.2%	52.8%	32.0%	30.5%	19.9%	22.6%	9.9%
EBIT Margin (%)	7.8%	14.2%	3.9%	2.3%	10.0%	6.6%	9.2%	-0.1%	5.5%	7.9%	3.8%	3.7%	7.2%	-3.6%	12.1%	37.4%	30.1%	49.7%	24.4%	27.1%	16.5%	19.5%	6.8%
Gross Profit Margin (%)	20.4%	14.9%	13.1%	13.5%	18.9%	18.2%	16.7%	11.0%	14.0%	16.4%	12.4%	7.7%	13.5%	11.5%	20.4%	28.7%	34.9%	38.0%	34.7%	25.3%	21.9%	25.6%	11.9%
P/B	0.41	0.42	0.70	0.83	0.98	0.66	0.74	0.81	0.88	0.78	0.69	0.85	0.44	0.67	0.92	1.23	1.36	1.20	1.00	0.87	0.76	0.46	0.39
2013	2014	2015	2016	2017	2018	2019	2020	2021
Earnings Paid (R$ mi)	0.0	30.8	0.0	0.0	55.4	185.8	50.7	159.8	1,503.7
Price of Preferred Shares (USIM5)	14.21	5.05	1.55	4.10	9.10	9.22	9.51	14.61	15.16
Price of Common Shares (USIM3)	12.40	12.30	4.02	8.26	10.69	11.44	9.87	15.69	14.51
Dividend Yield (%)	0.0%	2.5%	0.0%	0.0%	4.4%	14.8%	4.0%	12.8%	120.0%
EPS	0.02	0.21	(3.63)	(0.46)	0.25	0.66	0.30	1.03	8.03
P/E	858.0	24.6	-0.4	-8.9	36.2	13.9	31.6	14.2	1.9
Payout Ratio (%)	0.0%	14.8%	NA	NA	17.6%	22.4%	13.4%	12.4%	14.9%
ROE (%)	0.1%	1.2%	-27.5%	-4.3%	2.3%	5.8%	2.7%	9.2%	71.6%
ROIC (%)	1.6%	2.0%	-18.0%	-1.9%	3.6%	4.0%	3.6%	13.5%	50.7%
Net Debt/EBITDA (Adjusted)	1.9	2.1	20.1	7.0	2.0	1.6	1.6	2.6	3.6
EV/EBITDA (Adjusted)	10.5	7.9	35.2	21.8	8.4	6.9	8.6	7.4	1.8
Net Revenue Var. (%)	0.9%	-8.5%	-13.3%	-17.0%	27.0%	28.0%	8.8%	7.6%	109.7%
Adjusted EBITDA Var. (%)	159.3%	3.1%	-84.4%	126.6%	231.0%	23.2%	-26.7%	61.9%	301.7%
Adjusted EBITDA Margin (%)	14.1%	15.9%	2.9%	7.8%	20.4%	19.6%	13.2%	19.9%	38.0%
EBIT Margin (%)	4.1%	4.5%	-36.6%	4.3%	6.8%	6.4%	5.2%	17.2%	33.4%
Gross Profit Margin (%)	11.5%	8.8%	1.7%	5.8%	15.2%	16.1%	12.5%	20.2%	33.4%
P/B	1.07	0.38	0.14	0.38	0.83	0.81	0.85	1.30	1.35

&1#&"Calibri"&10 Classificação da informação: Pública

Main Indicators

INDEX

/xl/drawings/drawing23.xml#COVER!A1

FAQ

/xl/drawings/drawing23.xml#FAQ!A1

INDEX

/xl/drawings/drawing23.xml#COVER!A1

Debt

/xl/drawings/drawing23.xml#Debt!A1

FAQ

How is Adjusted EBITDA calculated from CVM EBITDA?

Which accounts are in the Financial Result? What about "Other operating income (expenses)"?

What is the Adjustments column in the Income Statement per Business Units?

How is the result of the group companies (MUSA, UMSA, SU and Unigal) consolidated?

&1#&"Calibri"&10 Classificação da informação: Pública

Frequently Asked Questions

INDEX

/xl/drawings/drawing24.xml#COVER!A1

Contact

/xl/drawings/drawing24.xml#Contact!A1

Main Indicators

/xl/drawings/drawing24.xml#'Main%20Indicators'!A1

INDEX

/xl/drawings/drawing24.xml#COVER!A1

Contact

&1#&"Calibri"&10 Classificação da informação: Pública

ADR Nível I

Leonardo Karam Rosa IR Manager [e-mail] Phone: [phone]

João Victor Tofani Ferreira IR Analyst [e-mail] Phone: [phone]

Felipe Gabriel P. Rodrigues IR Analyst [e-mail] Phone: [phone]

www.usiminas.com/ri

Operational and financial information of the Company, except where otherwise stated, are presented based on consolidated figures, in Brazilian Real, according to International Financial Reporting Standards (IFRS).Declarations relative to business 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.

INDEX

/xl/drawings/drawing25.xml#COVER!A1

Demons. EBITDA

Demonstrativo do EBITDA
Consolidated (R$ thousand)
Net Income (Loss)	(19,050)	(1) In the last line of the Income Statement, the subsidiaries (eg Musa) are consolidated line by line 100%, the jointly controlled companies (Ex: Unigal), are accounted for by equity in subsidiaries. In this case, for example, 70% of Unigal's net income is accounted for).
Income Tax / Social Contribution	(17,132)
Financial Result	276,578
Depreciation, Amortization	256,332
EBITDA - Instruction CVM - 527	496,728
Equity in the Results of Associate and Subsidiary Companies	(31,341)
Joint Subsidiary Companies proportional EBITDA	53,426
Adjusted EBITDA	518,813	(2) Adjusted EBITDA considers the Proportional EBITDA of the jointly controlled companies (Ex: 70% of Unigal's EBITDA), considering that this information is relevant to the understanding of the Company's results, not the proportional net income (Instruction CVM). For the calculation, the results of these companies (jointly-owned subsidiaries) that were accounted for as equity in CVM EBITDA are eliminated, and the proportional EBITDA of these companies is subsequently included.
Demonstração do Resultado Trimestral - Consolidado | IFRS
R$ thousand	2Q18
Net Revenues	3,204,060
COGS	(2,621,270)
Gross Profit	582,790
Gross Margin	18.2%
Operating Income (Expenses)	(373,735)
Selling Expenses	(73,674)
General and Administrative	(112,907)
Other Operating Income (expenses)	(187,154)
EBIT	209,055
EBIT Margin	6.6%
Financial Result	(276,578)
Equity in the Results of Associate and Subsidiary Companies	31,341
Operating Profit (Loss)	(36,182)
Income Tax / Social Contribution	17,132
Net Income (Loss)	(19,050)
Net Margin	-0.5%
Attributable:
Shareholders	(32,179)
Minority Shareholders	13,129
EBITDA (Instruction CVM 527)	496,728
EBITDA Margin (Instruction CVM 527)	15.5%
Adjusted EBITDA - Joint Subsidiary Companies proportional EBITDA	518,813
Adjusted EBITDA Margin	16.2%
Depreciation and Amortization	256,332

&1#&"Calibri"&10 Classificação da informação: Pública &D&T

FAQ

/xl/drawings/drawing26.xml#FAQ!A1

Resultado OperacionalFinanceiro

Financial income
Interest from customers	Other operating income
Revenue from short-term investments	Revenue from sale of Electric Power
Monetary effects	Tax credits PIS / COFINS import (i)
Correction of import tax credits PIS / COFINS (I)	Recovery of taxes in legal proceedings
Correction of judicial deposits	Porto Sudeste Agreement
Adjustment to present value of trade accounts receivable	Reversal of the recoverable value of assets (Impairment)
Reversal of provision / update judicial deposits / reduction installment REFIS	Disposal of investments, property, plant and equipment and intangible assets
Other financial income	Cost recovery
Recovery of expenses
Financial expenses	Property Rental
Interest on financing and installments	Miscellaneous sales revenue
Result of swap operations	Project Reintegra
Monetary effects	Other income
PIS / COFINSs / JSCP
Interest on judicial provisions	Other operating expenses
Adjustment to present value of suppliers	Cost of energy sales
Commissions / financings and others	Impairment of assets
Credit assignment	Expenses related to temporarily stopped equipment
Other financial expenses	Expenses with restructuring of operations
Cost of various sales and freight
Exchange gains and losses, net	Judicial charges
(i) Refers to corrections of credits authorized by the Federal Revenue Service (RFB), as per Note 24 (c)	Revenue (expenses) with lawsuits, net
Losses on advances to suppliers
PIS and COFINS with sale of energy
Technological Research
Cost on sale / write-off of property, plant and equipment and intangible assets
Taxes (INSS, ICMS, IPTU etc.)
Stock Options Plan
Environmental control
Benefits of post-employment health and pension plans
Fine for contractual termination
Stock Adjustment
Other expenses
(i) Refers to the offsetting of receivables from the Receita Federal do Brasil (RFB - Federal Revenue Service), as described in Note 24 (c).

&1#&"Calibri"&10 Classificação da informação: Pública

As disclosed in the Complete Annual Financial Statements (Portuguese only), note 32 (b), the following accounts comprise the line Other Operating Income (Expenses):

As disclosed in the Complete Annual Financial Statements (Portuguese only), note 33, the following accounts comprise the line of Financial Result:

FAQ

/xl/drawings/drawing27.xml#FAQ!A1

IS FAQ

&1#&"Calibri"&10 Classificação da informação: Pública

The adjustment column corresponds to the negotiations that take place between the Company's business segments. Negotiations between the group segments take place under market conditions, so the income and expenses generated by these operations are eliminated in the adjustment column. In the EBITDA line, unrealized profits are eliminated, that is, within the period, material purchased by another group company is not used, in accounting terms the business ceases to exist and unrealized profit is eliminated.

FAQ

/xl/drawings/drawing28.xml#FAQ!A1

Consolidation

&1#&"Calibri"&10 Classificação da informação: Pública

In accordance with accounting regulations, companies that are controlled by Usiminas are consolidated line by line in the Company's Income Statement. Associated or jointly controlled companies have their income accounted through the equity method, in the corresponding line in the income statement. The list of companies that make up the Company, as well as the type of society Usiminas has in each of them can be found in the Reference Form, in the table below:

FAQ

/xl/drawings/drawing29.xml#FAQ!A1