CSN (NYSE: SID) targets R$15–18B divestments to reduce debt and leverage

Rhea-AI Filing Summary

Companhia Siderúrgica Nacional (CSN) has approved a structured divestment project involving significant assets to address its capital structure. Starting in 2026, the company plans strategic initiatives to reduce indebtedness and optimize its balance sheet, including asset sales aimed at deleveraging between R$15 billion and R$18 billion. Management’s strategy views these divestments as part of a broader plan that, over the next eight years, has the potential to double CSN’s EBITDA and reach a sustainable leverage level of approximately 1.0x net debt to EBITDA. Any equity interest sales will depend on customary legal, antitrust and regulatory approvals, and CSN plans to keep shareholders informed of relevant developments.

Positive

• Large deleveraging plan: CSN targets asset divestments to reduce indebtedness by between R$15 billion and R$18 billion, with the goal of reaching about 1.0x net debt to EBITDA and potentially doubling EBITDA over eight years.

Negative

• None.

Insights

Credit and capital structure analyst

CSN outlines large asset sales to cut debt by R$15–18B.

CSN is signaling a major balance sheet shift by launching a structured divestment plan of significant assets. The strategy aims to reduce indebtedness through initiatives beginning in 2026, with a stated deleveraging target of between R$15 billion and R$18 billion. Management links these transactions directly to optimizing the group’s capital structure.

The company frames these moves within an eight‑year plan that could potentially double EBITDA and bring leverage to about 1.0% net debt to EBITDA. This indicates a focus on concentrating resources in higher‑profit, higher‑growth and more synergistic segments, while using asset sales to realign risk and return. Execution will depend on market conditions and the attractiveness of the underlying assets to buyers.

All equity interest sales are subject to legal, antitrust and regulatory approvals, as well as conditions in definitive agreements. Investors may pay close attention to which specific assets are sold, the achieved valuations, and how quickly the company progresses toward its deleveraging and leverage targets as disclosed in future updates.

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 January, 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

CNPJ/MF nº 33.042.730/0001-04

NIRE 35.300.396.090

MATERIAL FACT

Companhia Siderúrgica Nacional (“Companhia” 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 its Board of Directors has authorized its management to initiate a structured divestment project involving significant assets, with the purpose of definitively address the Group’s capital structure, as summarized in a presentation disclosed to the market on this date.

The Company intends to begin, in 2026, the implementation of the strategic initiatives required to reduce indebtedness and optimize the Group’s capital structure, including the divestment of key assets with the objective of deleveraging between R$15 to R$18 billion. These actions will allow the Company to concentrate on the segments with the highest profitability, growth potential and synergies.

The intended asset divestments are part of management’s strategy aimed at achieving the potential, over the next eight years, to double CSN’s EBITDA and reach a sustainable leverage level of approximately 1.0x net debt to EBITDA. Any sales of equity interests in the assets will be subject to customary conditions applicable to similar transactions, including the receipt of legal, antitrust and regulatory approvals, without prejudice to any additional conditions that may be set forth in the definitive transaction documents.

CSN undertakes to keep its shareholders and the market in general duly informed about any relevant developments related to these projects, in accordance with the applicable legislation.

São Paulo, January 15^th, 2026.

Antonio Marco Campos Rabello

Chief Financial and Investor Relations Officer

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: January 15, 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 did Companhia Siderúrgica Nacional (SID) announce in this 6-K?

CSN announced that its Board of Directors authorized management to start a structured divestment project involving significant assets to address and optimize the Group’s capital structure.

How much debt does CSN aim to reduce under this divestment plan?

The company intends to implement strategic initiatives, including key asset divestments, with the objective of deleveraging between R$15 billion and R$18 billion.

When will CSN begin implementing its debt reduction initiatives?

CSN states that it intends to begin, in 2026, the implementation of strategic initiatives required to reduce indebtedness and optimize the Group’s capital structure.

What are CSN’s long-term financial targets related to this plan?

Management’s strategy aims, over the next eight years, to achieve the potential to double CSN’s EBITDA and reach a sustainable leverage level of approximately 1.0x net debt to EBITDA.

Which assets might CSN sell as part of this project?

The company refers to a structured divestment project involving significant assets and the divestment of key assets, but does not specify individual assets in this disclosure.

What conditions must be met before CSN can sell equity interests in assets?

Any sales of equity interests will be subject to customary conditions for similar transactions, including legal, antitrust and regulatory approvals, and any additional conditions set in definitive transaction documents.

How will CSN keep investors updated on the divestment and deleveraging plan?

CSN states it will keep shareholders and the market duly informed of any relevant developments related to these projects, in accordance with applicable legislation.