[6-K] Companhia Siderurgica Nacional S.A. (CSN) Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Companhia Siderúrgica Nacional (NYSE: SID) Form 6-K – Material Fact

On 30 Jul 2025 CSN sold 35,192,508 common and 27,336,139 preferred shares of Usinas Siderúrgicas de Minas Gerais (Usiminas) to Globe Investimentos at the 29 Jul 2025 closing price. Post-sale, CSN’s holding in Usiminas declines to 10.13 % of common, 5.08 % of preferred and 7.92 % of total capital. No proceeds, valuation details or strategic commentary were provided. Management states it will update the market on further developments.

The filing contains no earnings figures, guidance or operational metrics; it focuses solely on the equity divestment. Forward-looking-statement language is included but adds no incremental information.

Positive

• Cash generation potential: Sale of 62.5 million Usiminas shares could inject significant liquidity into CSN, aiding debt reduction or investment needs.

Negative

• Reduced strategic influence: Ownership falls to 7.92 % of Usiminas’ capital, diminishing CSN’s voting power and possible synergies.
• Disclosure gap: Filing omits sale proceeds, gain/loss figures and intended use of cash, limiting investor visibility.

Insights

Equity Analyst

TL;DR: CSN monetises part of its Usiminas stake, increasing liquidity but ceding influence; impact appears modest without price disclosure.

The disposal of roughly 62.5 million Usiminas shares trims CSN’s ownership below 8 % of total capital, reducing strategic leverage over a regional peer. Assuming shares were sold at market close, CSN potentially raises several hundred million reais, which could be used to de-leverage or fund capex. However, lack of disclosed proceeds, book value or use-of-funds limits visibility. Investors should watch for any gain/loss recognition in upcoming statements and whether CSN’s governance role at Usiminas diminishes. Overall, cash inflow is positive, but strategic implications and valuation unknown keep the development neutral.

Corporate Governance Specialist

TL;DR: Stake cut lowers CSN’s voting power; potential shift in Usiminas control dynamics, yet not enough details to judge materiality.

By dropping common ownership to 10.13 %, CSN remains a significant but no longer blocking shareholder at Usiminas. This could ease past governance frictions between investor groups, possibly benefiting Usiminas’ decision-making. Conversely, CSN forfeits board influence and any strategic synergies. Because the sale went to a single buyer, concentration risk may simply shift. Without confirmation of governance agreements or board seat changes, the action is impactful only if future corporate actions emerge.

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of July, 2025

Commission File Number 1-14732

COMPANHIA SIDERÚRGICA NACIONAL

(Exact name of registrant as specified in its charter)

National Steel Company

(Translation of Registrant's name into English)

Av. Brigadeiro Faria Lima 3400, 20º andar
São Paulo, SP, Brazil
04538-132

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.  Form 20-F ___X___ Form 40-F _______

 Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  

Yes _______ No ___X____

COMPANHIA SIDERÚRGICA NACIONAL

Publicly Held company

Corporate Taxpayer’s ID nº 33.042.730/0001-04

NIRE 3530039609-0

MATERIAL FACT

Companhia Siderúrgica Nacional ("Company") informs its shareholders and the market in general that, on yesterday's date, it sold to Globe Investimentos S.A. 35,192,508 common shares and 27,336,139 preferred shares issued by Usinas Siderúrgicas de Minas Gerais S.A. - Usiminas, at the closing price of July 29, 2025, reducing its stake in Usiminas' share capital, directly and indirectly, to 10.13% of the common shares, 5.08% of the preferred shares issued by Usiminas, or 7.92% of the total share capital.

The Company will keep the market informed of any updates regarding this matter.

São Paulo, July 31, 2025.

Antonio Marco Campos Rabello

Chief Financial Officer and Investor Relations Executive

Companhia Siderúrgica Nacional

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: July 31, 2025

COMPANHIA SIDERÚRGICA NACIONAL
By:	/S/ Benjamin Steinbruch
	Benjamin Steinbruch Chief Executive Officer

By:	/S/ Antonio Marco Campos Rabello
	Antonio Marco Campos Rabello Chief Financial and Investor Relations Officer

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

FAQ

Why did CSN (SID) file a Form 6-K on 31 July 2025?

To disclose the sale of Usiminas shares that reduced CSN’s ownership to 7.92 % of total capital.

How many Usiminas shares did CSN sell?

CSN sold 35,192,508 common and 27,336,139 preferred shares, totalling about 62.5 million shares.

What is CSN’s remaining stake in Usiminas after the transaction?

The stake is now 10.13 % of common, 5.08 % of preferred, or 7.92 % overall.

Who purchased the Usiminas shares from CSN?

The shares were acquired by Globe Investimentos S.A..

Did CSN disclose the financial proceeds of the sale?

No. The 6-K only states that shares were sold at the 29 Jul 2025 closing price; exact proceeds were not provided.

Will CSN provide further updates on the share sale?

Yes. Management stated it will keep the market informed of any developments related to the transaction.