National Steel Co director Ethel Sobrinho Miguel has filed an initial ownership report on Form 3. The filing lists her as a director of the company but does not report any stock transactions or holdings in this excerpt, and the net trading activity is neutral.
National Steel Co executive officer Garcia Diniz Eneas has filed an initial insider ownership report on Form 3. This filing establishes him as a reporting person for the company’s securities but does not list any buy, sell, or other transactions, and shows no derivative positions in the excerpt provided.
NATIONAL STEEL CO filed an initial insider ownership report for executive officer Salama David Moise. This Form 3 establishes his status as a reporting person under SEC rules. The filing lists no stock purchases, sales, or other transactions, with all transaction counts reported as zero.
Companhia Siderúrgica Nacional (CSN) filed a Form 6-K as a material fact to inform shareholders and the market that its business projections have been updated. These updated estimates will be incorporated into section 3 of the company’s Reference Form and made available on both the Brazilian securities regulator (CVM) website and CSN’s investor relations website within the legal deadline.
CSN emphasizes that the projections are forward-looking estimates influenced by market conditions beyond its control, and they are not a promise of future performance by the company or its management. The filing reiterates standard forward-looking statement language, noting that actual results may differ materially due to economic, industry, and operational factors.
Companhia Siderúrgica Nacional reported its fourth-quarter and full-year 2025 results, highlighting improving cash generation but still-elevated leverage. Adjusted cash flow in 4Q25 was negative R$ 282.3 million, a marked improvement versus earlier in 2025 as working capital was released and investments accelerated.
As of December 31, 2025, consolidated net debt was R$ 41,217.6 million, with Net Debt to LTM EBITDA at 3.47x, while cash and cash equivalents totaled R$ 16.0 billion. Investments reached R$ 2,043.0 million in 4Q25 and R$ 5,936.0 million in 2025, up from R$ 5,525.0 million in 2024, mainly for the P15 project and logistics and energy assets. Steel segment Adjusted EBITDA for 2025 was R$ 2,194.2 million, up 36.9% year over year with a 10.0% margin, and Logistics revenue rose to R$ 4,374.2 million with Adjusted EBITDA of R$ 1,933.2 million. Management announced a strategic plan including a potential sale of control in Cement, a minority divestment in Infrastructure, and partnerships in Steel to strengthen liquidity and reduce leverage.
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.