1. Earnings Call – 4Q14 and 2014
March 17th, 2015

2. The consolidated financial statements presented here are consistent with the criteria of international accounting standards - IFRS issued by the
International Accounting Standards Board – IASB, based on audited financial information. Non-financial information contained herein, as well
as other operational information, were not audited by independent auditors and may include forward-looking statements and reflects the
current views and perspectives of the management on the evolution of macro-economic environment, conditions of the mining and
refractories industries, company performance and financial results. Any statements, projections, expectations, estimates and plans contained
in this document that do not describe historical facts, and the factors or trends affecting financial condition, liquidity or results of operations,
are forward-looking statements and involve several risks and uncertainties.
This presentation should not be construed as legal, tax, investment or other advice. This presentation does not constitute an offer, or invitation,
or solicitation of an offer, to subscribe for or purchase any securities, and neither any part of this presentation nor any information or
statement contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Under no
circumstances, neither the Company nor its subsidiaries, directors, officers, agents or employees be liable to third parties (including investors)
for any investment decision based on information and statements in this presentation, or for any damages resulting therefrom, corresponding
or specific.
The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice. Magnesita
has no obligation to update it or revise it in light of new information and / or in face of future events, safeguard the current regulations which
we are submitted to. This presentation and its contents are proprietary information of the Company and may not be reproduced or circulated,
partially or completely, without the prior written consent of the Company.
Changes in historical numbers
For comparison purposes, 2013 figures have been adjusted to reflect accounting changes implemented by the Company in late 2013.
Disclosure
2

3. AglobalorganizationNew Strategic Vision
Vision:
Be the best provider of refractories
solutions and industrial minerals,
leveraging and developing our minerals base
Expand industrial
minerals base
Ensure leadership
in our core markets
Maintain a global low
cost production base
Grow selectively and
aggressively
Continue to develop high
quality, low cost raw
material sources to
support our current
businesses as well as
new businesses where
we can have a
sustainable competitive
advantage
Strive to keep offering
high quality and
innovative products,
unrivaled services and
cost performance
Optimize production
globally to improve
efficiency and support
growth
Develop global supply
chain management
Pursue long term growth
opportunities in selected
markets where we can
deliver superior value to
our customers and
shareholders
▪Meritocracy
▪Ethics
▪Profit
▪Management & Method
▪Agility and Transparency
▪Respect for Safety, Environment and Communities
▪Customer
▪People
Our values
3

4. Brazil
4
Source: ¹WSA
Crude Steel Production¹ (million tons) - Established Markets
Volume (‘000 tons)*
USA + Canada EU-28
Sales to Steel Segment
Revenues (R$ million)
-2%
-1%
4Q14
218
3Q14
220
4Q13
217
+4%
+3%
4Q14
545
3Q14
524
4Q13
530
Refractory Solutions Sales - Steel
-5%
0%
4Q14
8
3Q14
9
4Q13
8
-5%
0%
4Q14
25
3Q14
26
4Q13
25
+3%
-1%
4Q14
41
3Q14
40
4Q13
42
Sales by region (in R$)
-1%
2014
34
2013
34
+1%
2014
101
2013
99
+2%
2014
169
2013
166
883
+5%
839
2013 2014
1.918
20142013
2.139
+12%
*Excluding scraps volume

5. 5
Sales to Industrial Segment
Refractory Solutions Sales – Industrial Segment
Volume (‘000 tons) Revenues (R$ million)
34
4242
-17%
-18%
4Q143Q144Q13
98
111120
-12%
-18%
4Q143Q144Q13
154 151
-2%
20142013
423415
+2%
20142013

6. Refractory Solutions Sales and Margin - Consolidated
Volume (‘000 tons)
Revenues (R$ million)
Gross Profit and Margin (R$ million; %)
251262260
-4%
-4%
4Q143Q144Q13
184206203
-11%
-10%
4Q14
28.5%
3Q14
32.4%
4Q13
31.2%
643635650
+1%
-1%
4Q143Q144Q13
Sales by region (in R$)
Sales by segment (in R$)
993
+4%
2014
1.034
2013
2014
2.562
2013
2.334
+10%
801777
2014
+3%
31.3%
2013
33.3%
6

7. 7
Revenues (R$ million) Gross Profit and Margin (R$ million; %)
Revenues (R$ million) Gross Profit and Margin (R$ million; %)
Minerals and Services Sales and Margin
32
39
54 -17%
-40%
4Q143Q144Q13
4341
32
+5%
+34%
4Q143Q144Q13
11
14
18
-20%
-41%
4Q14
33.4%
3Q14
34.8%
4Q13
34.0%
7
10
5
-33%
+42%
4Q14
16.4%
3Q14
25.6%
4Q13
15.6%
Minerals
Services
-9%
2014
145
2013
159
49
64
2014
33.5%
2013
40.1%
-24%
+37%
2014
165
2013
121
33
17
2014
+94%
20.0%
2013
14.1%

8. 8
Consolidated Sales and Gross Profit (R$ million)
Por Segmento
718715736
4Q13
0%
-2%
4Q143Q14
Lucro Bruto
Vendas Consolidadas
+10%
2014
2.872
2013
2.613
201230226
-13%
-11%
4Q14
28.0%
3Q14
32.2%
4Q13
30.7%
883858
+3%
2014
30.7%
2013
32.8%

9. 9
SG&A
Selling Expenses
G&A
+1%
-6%
4Q14
61
8.5%
3Q14
60
8.4%
4Q13
65
8.8%
+1%
+3%
4Q14
102
14.2%
3Q14
101
14.1%
4Q13
99
13.4%
Selling Expenses
% of sales
45 44
62
0%
-29%
4Q14
6.2%
3Q14
6.2%
4Q13
8.4%
Consolidated Freight
G&A
% of sales
Others
+3%
+56%
4Q14
58
8.0%
3Q14
56
7.8%
4Q13
37
5.0%
0%
2014
235
8.2%
2013
235
8.9%
360
13.6%
+14%
2014
409
14.2%
2013
143
5.4%
+27%
2014
181
6.3%
2013
217
8.2%
+5%
2014
227
7.9%
2013

10. 10
EBITDA e Net Income (R$ million)
Net Income
-76
-10.6%
3Q14
-18
-2.6%
4Q13
31
4.1%
4Q14
-23%
4Q14
81
11.3%
3Q14
105
14.7%
4Q13
98
13.3%
-18%
-2%
2014
387
13.5%
2013
395
14.9%
-97
2014
-3.4%
2013
58
2.2%
EBITDA ex-others

11. 11
CAPEX and Working Capital
Working Capital
CAPEX
+47%
-12%
4Q14
73
3Q14
39
4Q13
83
878
30.6%
3Q14
1,002
35.1%
2Q14
979
34.0%
1Q14
1,017
35.4%
4Q13
952
32.3%
4Q14
Working Capital
% of sales
-14%
2014
177
2013
205

12. 12
*EBITDA excluding other revenues / expenses
Leverage and Indebtedness
Total
Amortization Schedule (R$ million) Net Debt per Currency
Excluding Perpetual Bond
Others
0%
0%
EUR
15%
17%
USD
42%
59%
BRL
43%
24%
929911922914855
387403379385395
4Q14
2.4x
3Q14
2.3x
2Q14
2.4x
1Q14
2.4x
4Q13
2.2x
Net Debt / EBITDA ex-ore*
EBITDA ex-ore*
Net Debt
1.614
950
664
2019
16
2018
219
2017
286
2016
88
2015
192
4Q14
917
2020+
Cash PositionAmortizationPerpetual Bond
4Q14
4Q13
387379385395 403
4Q14
1,592
4.1x
3Q14
1,537
3.8x
2Q14
1,484
3.9x
1Q14
1,494
3.9x
4Q13
1,453
3.7x
Net Debt / EBITDA ex-ore*
EBITDA ex-ore*
Net Debt
*EBITDA excluding other revenues / expenses

13. Octavio Pereira Lopes
CEO
Eduardo Gotilla
CFO e IRO
Daniel Domiciano Silva
IR Manager
Lucas Veiga
IR Analyst
Phone: +55 11 3152-3237/3241/3202
ri@magnesita.com
www.magnesita.com/ri
13
Investor Relations