Companhia Siderurgica Nacional SEC Filings

Companhia Siderúrgica Nacional outlines a major deleveraging and portfolio reshaping plan designed to unlock value and support a new growth cycle. The board approved strategic moves beginning in 2026, including planned divestments aimed at reducing leverage by approximately R$16–18 billion. As an initial step, the company sold an 11% stake in MRS to CMIN for R$3.350 billion in 2025.

Management states that, based on a renewed asset portfolio centered on mining, infrastructure and core operations, the group sees potential to double EBITDA and profitability within eight years while maintaining leverage around 1x. The roadmap includes selling a significant equity stake in CSN Infra Newco and selling control of CSN Cement, with processes starting in January 2026 and targeted signing in the third or fourth quarter of 2026.

The company presents a liability management plan that uses asset sale proceeds and capital markets and bank funding to reshape its debt profile. Pro forma figures show Net Debt/EBITDA LTM moving from 3.14x to 1.83x, and the plan targets an annual interest expense reduction of about R$1.5–1.8 billion, alongside a focus on profitability and disciplined capital allocation.

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.

Companhia Siderúrgica Nacional reported that it has scheduled its next Annual Shareholder’s Meeting for April 24, 2026. The company states that this meeting date is being communicated in line with Brazilian securities regulation requirements. It also notes that all information and documents related to the matters to be discussed at the meeting will be released later, giving shareholders time to review proposals before voting.

Companhia Siderúrgica Nacional (CSN) reported that its board approved the sale of part of its stake in rail operator MRS Logística S.A. to its mining subsidiary CSN Mineração (CMIN). The plan covers up to 11.17% of MRS’s capital, consisting of up to 974,851 common shares, 2,673,312 class A preferred shares and 34,092,604 class B preferred shares, for a total price of up to R$ 3,350,000,000.00, to be carried out in two steps.

In the first transaction, already executed, CSN sold to CMIN 974,851 common shares, 2,673,312 class A preferred shares and 27,333,064 class B preferred shares, representing 9.17% of MRS’s capital, for R$ 2,750,000,031.80 paid at sight. A second approved transaction covers the sale of 6,759,540 class B preferred shares, equal to 2% of MRS’s capital, for R$ 599,999,968.20, subject to customary conditions and required legal approvals.

Once the second step is completed, CSN will hold 25,636,431 common shares of MRS, representing 13.69% of MRS’s voting capital and no preferred shares, and these common shares will remain bound by the existing MRS shareholders’ agreement.

Companhia Siderúrgica Nacional reported changes to its leadership structure. The board of directors elected Tufi Daher Filho as Executive Director of Infrastructure and Logistics and Augusto César Ferreira Lara as Executive Director of Steel Production. At the same meeting, the board decided to unify the term of office of the entire Executive Board to two years starting December 9, 2025.

Following this decision, the Executive Board now includes the Chief Executive Officer Benjamin Steinbruch, the Chief Financial and Investor Relations Officer Antonio Marco Campos Rabello, and several other executive directors with commercial, legal, insurance, credit and general executive responsibilities. All executive directors took office on December 9, 2025 and signed terms confirming they are not subject to legal impediments under Brazilian corporate law.

Companhia Siderúrgica Nacional (CSN, SID) reported higher revenue but remained loss-making in the nine months ended September 30, 2025. Consolidated net revenue reached R$ 33.39 billion, up from R$ 31.66 billion a year earlier, driven by its diversified steel, mining, cement, logistics and energy operations.

Despite the revenue growth, CSN posted a consolidated net loss of R$ 785.5 million, an improvement from the R$ 1.45 billion loss in the prior-year period. Loss attributable to controlling shareholders was R$ 922.2 million, with a basic and diluted loss per share of R$ 0.69545, versus R$ 1.47713 previously. Strong gross profit of R$ 8.73 billion was offset mainly by net financial expenses of R$ 5.19 billion.

CSN remains highly leveraged: total borrowings and financing were R$ 52.15 billion, while cash and cash equivalents were R$ 16.53 billion. Operating cash flow turned negative at R$ 1.01 billion compared with positive R$ 5.10 billion a year earlier, as the company continued heavy investment, including roughly R$ 3.89 billion in property, plant and equipment and acquisitions such as Gramperfil and the Estrela logistics group. Management states the going concern assumption remains appropriate and confirms compliance with debt covenants.

Companhia Siderúrgica Nacional (CSN) reported 3Q25 operating trends across steel, mining, cement, energy and logistics. Adjusted cash flow was negative at R$815 million, improving versus 2Q25 but still weighed by financial expenses, investments and working capital. Consolidated net debt reached R$37,545 million, with leverage at 3.14x, or 3.10x after deconsolidating CEEE-G’s non-recourse debt. Cash and equivalents were R$18.8 billion.

Investments totaled R$1,435 million (up 7.8% q/q), led by the P15 mining plant and efficiency projects at UPV. Net working capital was R$3,226 million (up 13.1% q/q and 119.3% y/y). Iron ore averaged US$102.03/dmt (up 4.4% q/q). FX net exposure was US$945 million.

Steel sales were 1,058 thousand tons (up 4.4% q/q), with domestic at 780 thousand and foreign at 277 thousand tons, while slab production was 726 thousand tons (down 7.6% q/q). Logistics delivered Total Net Revenue of R$1,217 million and Adjusted EBITDA of R$550 million (margin 45.2%, a record). Energy posted Net Revenue of R$155 million and Adjusted EBITDA of R$54 million (margin 35.0%). Tora recorded Net Revenue of R$313 million and Adjusted EBITDA of R$78 million (margin 25.0%).