I’ve been watching SID for a while, and I have to say that I am very surprised that there wasn’t a bigger move today. I figured strong earnings would send the stock rocketing up as investors would feel more comfortable about its business despite a weakening demand for steel and weak earnings would collapse the stock price because investors would see that SID wasn’t immune to the global economy slowing down. Perhaps the small movement is due to people focusing on the company's EBITDA and not net income. SID missed analyst estimates by a huge margin. You can see that the average earnings estimate was 0.71 Real/share. SID only earned 0.48 Real/share, barely beating the low analyst estimate of 0.47 Real/share. You get 0.48 if you take net income (720,212,000) and divide it by shares outstanding (1,510,359,220). While EBITDA is important, I think overall profitability is more so.