LatAm Materials Feedback From Brazil Commodities Day

This report summarizes key takeaways from Goldman Sachs' 2nd Brazil Commodities Day, featuring updates from Aura, Gerdau, Klabin, Paulifer, Suzano, and Vale.

Key Takeaways

• 1.Trade protectionism and anti-dumping measures in Brazil are structurally supporting domestic steel prices by limiting Chinese volumes.
• 2.Vale is focusing on unlocking investment value previously hindered by ESG concerns and is targeting a massive expansion in copper production.
• 3.Suzano is shifting toward a 'Fiber-to-fiber' disintegration strategy to expand its total addressable market while maintaining strict cost control.

Table of Contents

• Aura Minerals (Buy; PT $116/share)
• Gerdau (Buy; PT R$25/share)
• Klabin (Neutral; PT R$18/share)
• Paulifer (Private company)
• Suzano (Buy; PT R$52/share)
• Vale (Buy; PT $18/share)
• Valuation and Key Risks
• Disclosure Appendix

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial