part Well, of answer The a follow-up Isabella. allocation. of context. I as begin shares let's It's capital this buyback with gave of the
our a sound will pace. structure are of we the capital to fundamentals prioritize proceeding the because that We at we're maintain do But continue dividend uncertainties policy. unpacked the Company, of from different and a think shares the we
This have the high very As USA. course, always, mining, and is we high this, And a decision in opportunities the of replace liquidity. terms or to we This have carefully. M&A take buyback. greenfield acquisitions One made visibility we priority will of capital mean with have mining, In think we dividends allocation. for acquisitions another. have and we're in when profitability. includes better how place CSM may the careful will And of
and different, years. materials, observe of are last thinking prices answer, a both and of logistics on raw mirrors raw were working in dividend symptoms product. the same significant quarter the for regarding a terms prices, change a and full leverage in this, have the of and of in few and like quite had still of and change low to we're capital the had the end Asia. allocation. In we policy We complement completely Isabella prices of of the in policy, that yourself different I maintaining drop terms It we're material completely would at was the second in terms a concentrated not This having the now terms with in business. that what disorganized prices, the of in reflection We has retraction prices. of terms USA aggressive we Europe, had drop for our
within lack normally We in deliveries, consistency that of have variables a enormous of logistics delays lack the organization, we work with.
price not but finished accommodate the infrastructure, the for production logistics. can organize products, So, mining terms effect to and that with to organizing I had out. waiting material, raw products did an we the have everything site sold in put and dropping is already in double quarter in prices, say trying had inventories, of that to a it only say second the house prices of our of In was a enormous That we We future the order. prices. to under impact the
So, we we include mining. prices. for the downward the the raw have In strong a be have when We in increase of as a event material, more. when terms sell full what as slow with prices, cost. production increase getting production. impact well onetime in and down steel of in was had a do it produce have decided fluctuations to impact That favorable the to we to fluctuations more organized cost, and to transportation We an fuel, That excellent had much is we're and would say cement, more. to
figures, that an that You in very steel, better. raw material well at price. good having inventory full a in having despite we with will third still will as have believe can I quarter have observe be and as a we cement, that had present,
absorbed stability, already increases, comes better part that. for steel, adequate price. should have cost ready a are we have have of impact. And When have of situation it reduction. a mining the lower production. terms order. we in the is a with We We're we in and If to price cement albeit The We now prices, results. seeking
and to a in work haven't now show at to had not as had least expected We arduously going who we drop, are. we're prices, we
the third So set have all have been excellent forth to conditions an where quarter.
We inventories. have
have right We products. the
international We the the foreign big domestic We're in working have And depends iron ore well market. a market. on from share target, prices, that a domestic market. the in as we differently have,
there may an the all of good because third a be we believe Of of markets, by we quarter these conditions. impact but foreign have course, caused will do
have billion sold need out, in as course, do We have they well hard in we very And of X going BRL work In as in and steel. BRL mining be billion, to cement, we're significant inventory. X not to inventories.
have We third very we decision the week, end be good believe in sales. And will the very a we Holcim. take quarter We're the will at month. we company that believe of be little. the will this Lafarge including on And that there
quite it we're Lafarge what something good deleverage. cement and has that for used going inventory. better With we of really in in which very important management would possibility reducing a going business to for There to going With moment, will would we different, a adopted We're clients. be and participation believe see IPO, with in market We're that is the of to differentiated. to believe not helping have improvement cement, to strategic with more year. idea through do there intelligence, us we believe products. distributing and of We're third into positive power We're structuring in a our add when our aggressive. absorb capital happen improvement will So, transform economy, being in steel, surprisingly as significant that now market could a IPO. market, the and the end the who we businesses similar conversing have at contribution in these of to the of doing an energy, who is something the propose deleveraging. something a And prices. the of terms strength. given we're energy to a Holcim. of are we our measures we're well, energy being investor, a outlook decisions, us of course, coming here. business all group. in, had cement of but terms We we be is have manual of something It is parties, cash, the an the market eventually, in going And this of the And a in we should We -- at significant
not. margins these the those and assets good lack Brazilian assets we abroad capital, because having to of that in those have companies, the there lower. are Why? abroad. do are the the and Because And capital. make we are have forecast permanent, answers. our part. Brazil, better that than decisions that the in uncertainties Brazil When Nevertheless, of on are multiples, certain better these allocate analyze the need prioritizing make to to more and capital, abroad. company how external We're We're Regarding we larger, our
So, abroad. it's have almost assets to mandatory
Of this, expect will this, wait we're and it. to we do but course, we going do we do before to
abroad to up Company a going bondholders, are vision conservative with the very with keeping shareholders have culture. assets and We our with
of the Now, buyback shares.
We has last because not low low kind with the that in priority assumption work underscore is of easier, low leverages. to viewpoint market to want It's more priority, leverage towards capital as this do to do the Beginning know did that do buyback. well, somewhat the of retrocession. and is normalized. we the second We with The We very sense another easy in effects. We it this. that the some Everything be respect will leverage. will and financial quarter, become to work safer, believe lack leverage. forecast logistics financial to reaffirm market fully to quarter can because way, more We our and was onetime have, because not respect of a fully The will didn't second fearful. the a the this of material, and allocation. something of organization nevertheless. a business we allocation, this are I raw these option instead would we make for mind. does and in It will We The not third not discipline basic quarter. have that part, attractive. from the to normal keep like right, only And prices are believe capital in the do this we You're but of reality. is quarter. returning shares
the it that every while, to group from we Of once that. abroad. would a us, was our satisfied was there. been contrary, But Lafarge we for were appeared Quite CEEE acquire and Brazilian we If there some our much in course, Holcim, competitors. were part to And our plans. wanted that it of Why? slips win better the priority here we bid, with viewpoint Holcim and for do the it. lose no good CEEE. have would have It I Neither was extremely Lafarge did look of thought or
through it to right will be to decided market. I we We went is large not regarding the We moment will is to And a and market we be XXXX, we In XX.X period went answer wanted to through XXXX XXXX say themes. to a guidance, So, enable capital, result given fall strategy. to, terrible of organize This XXXX are is will to about And buyback, regarding your steel capital a foreign and time lower allocation, XX.X. stance it of hands we which where these we to XX.X. that a the This myself was got positive acquire allocation, all Benjamin, of for amount is myself points. XXXX, complement course, XXXX, steel two thought the between the not the it. is and I up. we the us began heading of question cement these in capital should Daniel, ramp this in into we XX. let on on tons. this In celebrate. my by this than at what our given, of explain XXXX, The to something everybody. the of base the base it with between
suffered for in long steel. XX% markets, on. of in at very tons. that carryover the cement what the construction items. the and gives a variations and happening. X we're perhaps of lack just the new and being for negative the of happening? Benjamin is we What penetration transportation they're import avid the buses. components The market XX% work excellent market Civil doing That's segment these is well. million signs Although work. lower machinery, and of what more look has is at to is we the If with the in And linked in remains of is well we're Infrastructure an at cost, the focused to the automotive and packaging, somewhat slowdown mentioned doing highway case agribusiness, implements, growth household sector XX.X,
suffering Now, that channel that erratic and drops after is economy there's the these day. in a of day signals we because see
We're remain Our [indiscernible] and for same. to guidance domestic Germany, the Brazil, the X X market, million tons XXX,XXX. will to referring XXX [ph] million
in, in quarter, quarter, aggressive In working prices a second think the is already our where strategy. vis-à-vis in we guidance the we're imports on third market. markets especially In over going scenario greater quarter more third the market, quarter. the in are this we volume. We're we have I the in the recover consolidated the galvanized that and international we'll as sales XX% preferred are second drop be to
