CSN (NYSE: SID) lines up US$1.2B–1.4B secured loan to refinance debt and bridge divestments

Rhea-AI Filing Summary

Companhia Siderúrgica Nacional (CSN) is arranging a new syndicated senior secured credit facility for its subsidiary CSN Inova Ventures, guaranteed by CSN and CSN Cimentos Brasil S.A. The facility totals US$1.2 billion with potential to rise to US$1.4 billion, carries an interest rate starting at SOFR + 6% per year, and has a final maturity of five years.

CSN plans to use the funds to refinance existing debt and cover related fees and expenses. This financing aligns with a previously announced structured asset divestment program intended to optimize the company’s capital structure, with part of the collateral expected to be assets designated for divestment. Closing depends on signing definitive documentation and satisfying customary conditions.

Insights

Credit and capital structure analyst

CSN adds a large secured facility to refinance debt and bridge planned divestments.

CSN has committed to a syndicated senior secured facility of US$1.2 billion, potentially rising to US$1.4 billion, at SOFR + 6% with a 5-year maturity. Proceeds are designated to refinance existing indebtedness and pay associated fees.

The facility is tied to a structured asset divestment program announced on January 15, 2026, with certain divestment assets expected to secure the loan. This suggests a bridge-style structure where bank funding precedes asset sale inflows, with debt reprofiling focused on short- and medium-term maturities.

Because the transaction remains subject to definitive documentation and customary closing conditions, actual execution and final sizing will matter for future leverage and liquidity metrics. Subsequent disclosures may detail which assets are pledged and how much existing debt is refinanced under this facility.

Form 6-K: How Foreign Companies Report to the SEC →

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 March, 2026

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 33.042.730/0001-04

NIRE 35-3.0039609.0

MATERIAL FACT

Companhia Siderúrgica Nacional (“Company” or “CSN”) (B3: CSNA3; NYSE: SID), in compliance with article 157, paragraph 4º, of Law nº 6,404/1976 and CVM Resolution No. 44/2021, hereby informs its shareholders and the market in general that on this date CSN, together with certain subsidiaries, has entered into a binding commitment letter with Morgan Stanley Senior Funding, Inc. and Citigroup Global Markets Inc., Credit Agricole Corporate and Investment Bank, HSBC Securities (USA) Inc., Banco XP S.A., BNP Paribas Sec Corp., Banco do Brasil S.A. New York Branch and Banco Bradesco S.A. providing for a new syndicated senior secured credit facility of CSN Inova Ventures, as borrower, and CSN and CSN Cimentos Brasil S.A., as guarantors, in an aggregate principal amount of US$1.2 billion with potential to increase to US$1.4 billion, with interest rate beginning at SOFR + 6% per annum and a final maturity of 5 years (the “Facility”). CSN intends to use the proceeds of the Facility to refinance existing indebtedness and pay related fees and expenses.

The Facility is part of the Company’s broader strategic initiative announced in the Material Fact disclosed on January 15, 2026, which outlined the launch of a structured asset divestment program aimed at optimizing its capital structure. In this context, the Company is structuring the Facility with a syndicate of banks to anticipate a portion of the proceeds expected from such divestments. The Facility is intended to support the reprofiling of the Company’s short- and medium-term indebtedness and is expected to be secured, in part, by certain assets designated for divestment. The consummation of this transaction is subject to the execution of definitive credit documentation and the satisfaction of customary closing conditions for this type of transaction.

Finally, the Company reiterates its commitment to transparency and to the timely, accurate, and fair disclosure of information to the market, as required under the applicable regulatory framework.

São Paulo, March 20, 2026.

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: March 20, 2026

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

What financing did Companhia Siderúrgica Nacional (SID) announce in this 6-K?

Companhia Siderúrgica Nacional announced a binding commitment for a new syndicated senior secured credit facility of US$1.2 billion, with potential to increase to US$1.4 billion, for subsidiary CSN Inova Ventures, guaranteed by CSN and CSN Cimentos Brasil S.A., with a five-year maturity.

What are the main terms of CSN’s new credit facility?

The new CSN facility has an aggregate principal amount of US$1.2 billion, potentially rising to US$1.4 billion. It is a senior secured, syndicated credit facility bearing interest starting at SOFR + 6% per year, with a final maturity of five years and guarantees from CSN and CSN Cimentos Brasil S.A.

How does CSN plan to use the proceeds from the new US$1.2–1.4 billion facility?

CSN intends to use the proceeds from the new facility primarily to refinance existing indebtedness and pay related fees and expenses. This use of funds is aligned with the company’s broader strategy to reprofile short- and medium-term debt and optimize its overall capital structure.

How is the new CSN credit facility linked to its asset divestment program?

The facility is part of a structured asset divestment program announced on January 15, 2026. CSN is structuring the credit to anticipate a portion of expected divestment proceeds, and the loan is expected to be secured in part by assets designated for divestment within that program.

Which banks are participating in CSN’s new syndicated credit facility?

Participating institutions include Morgan Stanley Senior Funding, Citigroup Global Markets, Crédit Agricole Corporate and Investment Bank, HSBC Securities (USA), Banco XP, BNP Paribas Sec, Banco do Brasil New York Branch, and Banco Bradesco. They are providing commitments for the syndicated senior secured facility.

Is CSN’s new credit facility already effective and fully funded?

The transaction has not yet closed. Its consummation is subject to the negotiation and execution of definitive credit documentation and the satisfaction of customary closing conditions typical for this type of syndicated senior secured facility, as stated in the company’s disclosure.

What is the strategic goal of CSN’s new financing and divestment plan?

The strategic goal is to optimize CSN’s capital structure. The company aims to reprofile short- and medium-term indebtedness, anticipate part of the proceeds from a structured asset divestment program, and secure the new facility partly with assets identified for divestment, improving financial flexibility.