Agree. I just went over the presentation slideshow (available in English on IR page). Absent the MTM write-downs and booked derivatve losses on foreign currency hedging (both temporary paper impacts), they managed to knock net debt down about 5%. As they noted, the negative impact of their hedging and MTM writedowns on their bottom line will improve as the currency continues to strengthen, which will have strengthen their bottom line numbers in 4Q. I saw a similar impact with VALE in Q1 and Q2.
What is very significant is that the management has overhauled their operating structure through shared line contracts, OPEX spending to upgrade infrastructure, improved (and more profitable) relations with customers, and meaningful corporate governance reform. This really reminds me of what GFA did a few years ago - selling a unit to shore up debt and divesting unprofitable contracts in the Tenda secion. Now they are consistently profitable, debt free, and positioned to capitalize on the eventual improvement in the macroeconomy.