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%).