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Report Title:

Value Chain Analysis of the Steel in Brazil.

Commercial Relationships

The steel industry value chain in Brazil is characterized by a series of commercial relationships between distinct players across its segments. These relationships involve the procurement of raw materials, the sale of intermediate and finished steel products, and the provision of logistical and processing services.

In the Mining and Raw Material Preparation stage, major mining corporations like Vale and CSN Mineração operate large-scale extraction sites and primarily sell iron ore under long-term contracts or spot market agreements to integrated steel mills (siderúrgicas integradas) both domestically and internationally. Smaller independent mines and limestone quarries also supply these mills. Scrap metal collection and processing businesses gather, sort, and prepare scrap, selling it to semi-integrated steel mills (mini-mills) and integrated mills that use electric arc furnaces (EAFs) as part of their process. These transactions can be based on recurring supply contracts, often influenced by global commodity prices for iron ore and regional scrap metal availability and quality.

Moving to the Steel Production (Siderurgy) stage, integrated mills (e.g., CSN, Usiminas, Ternium Brasil, parts of ArcelorMittal Brasil and Gerdau) purchase iron ore, coal, and limestone from mining companies. They process these raw materials into pig iron and then crude steel, which is cast into semi-finished products like slabs, billets, and blooms. Semi-integrated mills (e.g., parts of ArcelorMittal Brasil and Gerdau, Sinobras, AVB, Simec) procure significant volumes of scrap metal from processors and supplement with direct reduced iron (DRI) or pig iron, melting it in EAFs to produce crude steel, typically cast into billets or blooms for long products. The primary commercial relationship here is the sale of these semi-finished products to their own downstream rolling and finishing operations or, in some cases, to other steel producers or re-rollers. Large integrated companies often have internal transfers of these products to their rolling mills.

In the Rolling and Finishing stage, steel mills, often vertically integrated with the production stage (e.g., ArcelorMittal Brasil, Gerdau, CSN, Usiminas, Vallourec), process the semi-finished products into a wide variety of finished and semi-finished steel products, such as hot-rolled coils and sheets, cold-rolled products, coated steels, bars, rods, structural profiles, and tubes. These finished products are then sold through various channels. Direct sales to large industrial customers (like automotive manufacturers, heavy machinery producers, and large construction companies) are common, often involving long-term supply agreements with negotiated prices and specifications.

The Distribution and Service Centers stage acts as an intermediary between steel producers and a wide range of end consumers, particularly smaller and medium-sized businesses. Distributors (e.g., Coppermetal, Lapefer, Grupo Açotubo, Aço Brasil Indústria e Comércio e Distribuidora de Aço) purchase finished steel products in bulk from the mills and resell them in smaller quantities. Service centers (e.g., ArcelorMittal Gonvarri Brasil, MAG Aliança Automóveis do Brasil, Açominas Soluções em Aço) not only distribute but also provide value-added processing services like cutting, slitting, leveling, and shaping steel according to customer specifications. Their commercial relationships involve purchasing from mills (often through recurring orders based on market demand and inventory levels) and selling processed or unprocessed steel to diverse end-users (e.g., smaller construction firms, metal fabricators, workshops) on a transactional or short-to-medium term contractual basis.

Finally, the End Consumption stage sees various industries purchasing steel products from mills, distributors, and service centers. Commercial relationships here are highly varied. Large automotive or appliance manufacturers may have direct, long-term contracts with specific steel mills for specialized flat steel products, often involving just-in-time delivery models. Construction companies purchase long steel (rebar, profiles) and flat steel (roofing, structural components) from mills or distributors, typically through project-based contracts or spot purchases. Manufacturers of machinery, equipment, and packaging also purchase specific steel types, often relying on distributors and service centers for processed material and inventory management. These relationships are driven by product specifications, price, delivery reliability, and the need for specific processing services.

The commercial relationships throughout the value chain are influenced by global steel price volatility, raw material costs, domestic and international demand, import competition, and logistical considerations.

Products and Services Exchanged

At each step of the Brazilian steel value chain, specific products and services are exchanged between the players.

In the Mining and Raw Material Preparation phase, the primary products exchanged are: * Iron Ore: Mined, crushed, ground, and potentially beneficiated (e.g., sintered, pelletized) into different grades and forms suitable for blast furnaces. * Coal: Metallurgical coal, essential for producing coke, a key fuel and reducing agent in blast furnaces. * Limestone: Used as a flux in both blast furnaces and steelmaking furnaces to remove impurities. * Scrap Metal: Collected from various sources (industrial, post-consumer), sorted, cleaned, and compacted into bales or shredded, serving as a crucial raw material for electric arc furnaces and supplementing integrated steelmaking.

The services exchanged at this stage include exploration, geological surveys, mining operations, material handling, and transportation of raw materials to ports or directly to steel mills. Scrap processors provide collection, sorting, cleaning, and preparation services.

In the Steel Production (Siderurgy) phase, the main products exchanged internally within integrated mills or sold to other producers/re-rollers are semi-finished steel products: * Slabs: Thick, rectangular sections of steel, primarily used for producing flat products like plates, sheets, and coils. * Billets: Long, square or round sections, mainly used for producing long products such as bars, rods, and wire. * Blooms: Larger than billets, with a rectangular or square cross-section, also used for producing long products and structural shapes.

Services exchanged at this stage are primarily internal operational services related to the steelmaking process itself, including quality control, process optimization, and maintenance.

The Rolling and Finishing phase transforms these semi-finished products into a wide array of finished and semi-finished steel products sold to the next stage or directly to end-users: * Hot-Rolled Products: Coils, sheets, and plates used in construction, pipelines, and general manufacturing. * Cold-Rolled Products: Thinner, smoother sheets and coils used in automotive, appliances, and packaging. * Coated Steel Products: Galvanized (zinc-coated), painted, or other coated steels offering corrosion resistance, used in construction (roofing, siding), automotive, and appliances. * Long Products: Rebar (concrete reinforcement bars), wire rods, bars, and structural shapes (beams, angles) used predominantly in civil construction and infrastructure projects. * Tubes and Pipes: Seamless or welded, used in oil and gas, construction, and general engineering. * Special Steels: Alloys with specific properties for demanding applications (e.g., automotive parts, tools).

Services offered by mills at this stage can include basic cutting to length or slitting of coils for large direct customers.

The Distribution and Service Centers stage handles the finished steel products and offers significant value-added services: * Products: They purchase the finished and semi-finished products listed above from the mills. * Services: * Warehousing and Inventory Management: Holding stock to meet diverse customer needs. * Processing: Cutting (shearing), slitting (cutting coils into narrower strips), leveling (flattening sheets), shaping, drilling, welding, and sometimes painting or coating. * Logistics and Delivery: Providing just-in-time delivery or scheduled shipments to customer sites. * Technical Support: Offering advice on material selection and application.

The End Consumption stage involves the utilization of the purchased steel products as a raw material or component. The products are the finished and semi-finished steel forms. The "services" at this stage are primarily the internal processes of the consuming industries, such as manufacturing, fabrication, and construction, where the steel is incorporated into final goods or structures. There are no direct commercial services exchanged from the end consumers back up the steel value chain, other than potentially providing feedback on product quality or performance to their suppliers.

Business Models

Different business models are employed throughout the Brazilian steel value chain, reflecting the nature of the products, the scale of transactions, and the relationships between players.

In Mining and Raw Material Preparation, the dominant business model for large miners like Vale and CSN Mineração is largely a commodity producer and supplier model. They operate on economies of scale, focusing on efficient high-volume extraction and transportation. Sales are typically based on long-term contracts with global steel producers, indexed to international iron ore price benchmarks (like the Platts index), or through spot market sales. Their business is heavily influenced by global supply and demand dynamics and currency exchange rates. Smaller mines may operate on more regional scales, supplying domestic mills with less formal contracts or transactional sales. Scrap metal processors operate a collection and trading model, buying scrap from diverse sources (often individuals or smaller businesses) and selling it to mills based on weight and quality, with prices fluctuating based on demand from EAF operators.

Steel Production (Siderurgy) utilizes both integrated producer models and semi-integrated/mini-mill models. Integrated producers (CSN, Usiminas, Ternium Brasil) are characterized by high capital intensity due to blast furnaces and extensive raw material handling facilities. Their business model relies on controlling the entire process from raw materials to semi-finished or finished products, aiming for cost efficiency through scale and internal integration. Semi-integrated mills (Gerdau, ArcelorMittal's EAF plants) have a more flexible model, relying heavily on scrap metal, allowing for potentially faster production adjustments based on market demand and lower initial capital investment compared to integrated plants. Both models involve high fixed costs and are sensitive to raw material prices (especially iron ore and scrap) and energy costs. Their commercial model is primarily producer-to-business (B2B) sales, selling semi-finished or finished products in bulk to downstream operations, distributors, or large industrial clients.

The Rolling and Finishing stage is often part of the integrated or semi-integrated mills, operating under the same overarching business model. However, specialized re-rollers or tube manufacturers may exist. Their model is a processing and manufacturing model, adding value by shaping and treating steel. Their revenue comes from the sale of these value-added finished products. Commercial relationships are typically B2B, with direct sales to large customers or bulk sales to distributors and service centers. Price setting involves costs of semi-finished inputs, processing costs, and market prices for the final product.

Distribution and Service Centers employ a distribution and value-added service model. Distributors operate on a merchant model, buying in bulk and selling in smaller lots, profiting from the spread and inventory management. Service centers enhance this with a processing service model, charging for activities like cutting, slitting, and shaping, providing customized material to end-users and reducing the need for customers to invest in processing equipment. Their business model is based on efficient logistics, inventory management, credit provision to customers, and responsiveness to diverse customer needs. They serve as a crucial link, enabling mills to focus on large-volume production while catering to fragmented demand.

The End Consumption stage represents the demand side, where businesses utilize steel. Their business models vary widely by sector (e.g., construction model, automotive manufacturing model, machinery production model). They purchase steel as a necessary input for their own value creation processes. Commercial terms vary from long-term supply agreements for large industrial users to transactional purchases from distributors for smaller needs. The key for steel suppliers interacting with end consumers is understanding their specific technical requirements, volume needs, and delivery schedules.

Overall, the steel value chain in Brazil exhibits a mix of capital-intensive production models, commodity trading models, and service-oriented distribution models, all interconnected through B2B commercial relationships.

Bottlenecks and Challenges

The Brazilian steel industry value chain faces several significant bottlenecks and challenges in the current environment (2024-2025):

  1. Increased Imports and Unfair Competition: A major challenge highlighted by the industry is the significant increase in steel imports, particularly from China. In 2024, imports reached their highest volume since 2013. This influx of lower-priced steel products directly impacts domestic steel producers, reducing their market share and putting downward pressure on prices. The industry argues that some imports benefit from subsidies or other practices constituting unfair competition, making it difficult for domestic producers with higher operational costs (including taxes, energy, and raw material logistics) to compete. This oversupply in the domestic market makes sales more challenging for Brazilian mills and distributors.

  2. Volatile Raw Material Prices: While not explicitly detailed as a bottleneck within the Brazilian chain in the provided context, the global volatility of iron ore and coking coal prices significantly impacts the cost structure of integrated steel mills. As major global commodities, these prices are subject to international demand and supply shocks, currency fluctuations, and geopolitical factors, creating uncertainty and affecting profitability for producers. Although Brazil is a major iron ore producer, the cost of extraction and transportation, as well as imported coal, remains a critical factor.

  3. Logistical Costs and Infrastructure: Moving bulky raw materials (iron ore, coal) and finished steel products across Brazil's vast territory is expensive and often hampered by inadequate infrastructure (railways, ports, roads). This adds significant cost to both raw material procurement and product distribution, making Brazilian steel potentially less competitive even within its own borders compared to imported steel arriving at coastal ports. The efficiency of logistics is a bottleneck impacting the cost-effectiveness of the entire value chain, from mines to end consumers.

  4. High Operational Costs (Energy and Taxes): Brazilian steel mills face relatively high energy costs compared to some international competitors. Additionally, the complex and heavy tax burden in Brazil adds to the operational costs of producers and distributors, impacting their profitability and competitiveness. These factors contribute to the cost disadvantage faced by domestic steel compared to imports.

  5. Environmental Regulations and Decarbonization: The global push towards decarbonization presents a long-term challenge and potential bottleneck. Steel production is energy-intensive and a significant source of CO2 emissions, particularly the integrated route using blast furnaces. Brazilian companies are investing in sustainability and decarbonization initiatives (e.g., Gerdau's focus on scrap recycling and investments in sustainable mining, ArcelorMittal's investments in renewable energy), but transitioning to lower-carbon production methods requires substantial investment and technological advancements, which can increase costs in the short to medium term. Meeting stricter environmental standards can also add to operational expenses.

  6. Dependence on Specific End Markets: The Brazilian steel industry's fortunes are closely tied to the performance of key consuming sectors like civil construction and automotive. Economic downturns or instability in these sectors directly translate to reduced demand for steel, creating a bottleneck in sales and production volumes. While there is a focus on diversifying markets, fluctuations in these major sectors remain a significant challenge.

  7. Access to and Cost of Scrap Metal: For semi-integrated mills and EAF operations, consistent access to high-quality scrap metal at competitive prices is crucial. While Gerdau is a major recycler, fluctuations in scrap availability and price can impact the operational efficiency and costs of these producers.

These bottlenecks and challenges collectively create a complex operating environment for the Brazilian steel industry, requiring strategic responses related to trade policy, cost management, logistical improvements, and technological advancements to maintain competitiveness.

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