NATIONAL STEEL (SID) Company Report

Analyst Coverage

Research analysts who have asked questions during NATIONAL STEEL earnings calls.

Caio Ribeiro

Bank of America

4 questions for SID

Also covers: CSNA3.SA, GGB, PBR +3 more

Daniel Sasson

Itaú BBA

4 questions for SID

Also covers: CSNA3.SA, CX, GGB +2 more

Marcio Farid Filho

Goldman Sachs

3 questions for SID

Also covers: CSNA3.SA, ERO, GGB +5 more

Tina Gowda

VDF

3 questions for SID

Caio Greiner

BTG Pactual

2 questions for SID

Also covers: GGB, SUZ, TX +1 more

Camilla Barden

Bradesco BBI

2 questions for SID

Igor Guedes

Genial Investimentos

2 questions for SID

Also covers: GGB, JBS, JBSAY +1 more

Ricardo Monegaglia Neto

Safra

2 questions for SID

Also covers: GGB, SUZ, VALE

Gabriel Baja

Citigroup

1 question for SID

Also covers: BAK, GGB

Marcelo Arazi

BTG Pactual

1 question for SID

Also covers: IOCJY

Marcelo Haze

BTG Pactual

1 question for SID

Ricardo Monegala

Sattra

1 question for SID

Tatiana Canceini

JPMorgan Chase & Co.

1 question for SID

Yuri Pereira

Santander Bank

1 question for SID

Also covers: CSNA3.SA, GGB, SUZ +1 more

Latest news

Recent press releases and 8-K filings for SID.

Companhia Siderúrgica Nacional Outlines Strategic Divestment and Deleveraging Plan

SID

M&A

Guidance Update

Companhia Siderúrgica Nacional (CSN) announced a strategic plan to divest certain assets in 2026, aiming to reduce leverage by approximately R$16 to R$18 Billion.
The plan includes the sale of a significant equity stake in CSN Infra and the sale of control of CSN Cement, with signings expected in Q3-Q4 2026.
This deleveraging strategy is projected to reduce the company's leverage from 3.14x to 1.83x (Net Debt/EBITDA LTM) and decrease interest expenses by ~R$1.5 \u20131.8 billion per year.
The company anticipates that its renewed asset portfolio has the potential to double its EBITDA and profitability within 8 years, while maintaining leverage around 1x.

Jan 15, 2026, 1:24 PM

6-K

Companhia Siderúrgica Nacional Announces Strategic Divestment Plan

SID

M&A

New Projects/Investments

Guidance Update

Companhia Siderúrgica Nacional (CSN) has announced that its Board of Directors authorized management to initiate a structured divestment project to definitively address the Group’s capital structure.
The company intends to begin implementing strategic initiatives in 2026 to reduce indebtedness and optimize its capital structure, with an objective of deleveraging between R$15 to R$18 billion.
This strategy aims to allow CSN to concentrate on segments with the highest profitability, growth potential, and synergies, with the potential to double CSN’s EBITDA and reach a sustainable leverage level of approximately 1.0x net debt to EBITDA over the next eight years.

Jan 15, 2026, 1:19 PM

6-K

CSN Announces 2026 Strategic Plan Focused on Deleveraging

SID

M&A

Guidance Update

CSN announced a strategic plan for 2026 aiming to reduce leverage by approximately BRL 16 billion-BRL 18 billion through asset divestments.
Key divestments include the sale of a relevant share in CSN Infrastructure and the sale of control of CSN Cement, with signings for both expected between the third and fourth quarters of 2026.
An additional BRL 3.35 billion from the sale of shares in MRS was already realized in 2025, which is separate from the BRL 16-18 billion deleveraging target.
The company's short-term leverage target is approximately 1.8 times net debt to EBITDA, with a long-term goal of 1.5 times, and eventually 1.0 times through EBITDA growth.
CSN Steel will assess strategic alternatives and partnerships to maximize short-term cash generation.

Jan 15, 2026, 1:00 PM

Transcript

CSN Announces Strategic Plan for Deleveraging and Growth

SID

M&A

Debt Issuance

New Projects/Investments

CSN announced a strategic plan to deleveraging by approximately BRL 16 billion-BRL 18 billion in 2026 through asset divestments.
Key divestments include the sale of control of CSN Cement and a relevant stake in CSN Infrastructure, with signings anticipated in the third and fourth quarters of 2026.
The company aims to reduce its net debt to EBITDA ratio to 1.8 times in the short term (2026), with a long-term target of 1.5 times, and has already realized BRL 3.35 billion from a sale of shares to MRS in 2025, which is additional to the BRL 16-18 billion target.
CSN Mining is a primary growth avenue, with plans for accelerated expansion of projects like P15 to achieve an EBITDA uplift of approximately BRL 4 billion per year, and there are no current plans for additional stake sales in mining.
CSN Steel will explore strategic alternatives and partnerships to maximize cash generation, while CSN Energy will remain a core part of the portfolio.

Jan 15, 2026, 1:00 PM

Transcript

CSN Announces Strategic Plan for Deleveraging and Growth

SID

M&A

New Projects/Investments

Guidance Update

CSN plans to reduce its leverage by approximately BRL 16 billion to BRL 18 billion in 2026 through asset divestments.
The deleveraging strategy includes selling a relevant share of CSN Infrastructure assets and the control of CSN Cement, with signings expected in the third and fourth quarters of 2026.
Following these movements, the company aims to maintain leverage around BRL 1.8 or below 2x net debt for 2026.
CSN will continue to invest in core businesses like CSN Mining, accelerating projects such as P15, which is expected to uplift EBITDA by approximately BRL 4 billion per year.
CSN Steel is assessing strategic alternatives and partnerships to maximize short-term cash generation, while CSN Energy will remain in the portfolio.

Jan 15, 2026, 1:00 PM

Transcript

CSN Announces R$15-18 Billion Asset Divestment Program

SID

M&A

New Projects/Investments

Companhia Siderúrgica Nacional (CSN) has initiated a structured divestment program to sell non-core assets, primarily in infrastructure and cement, with the goal of raising R$15–18 billion.
This program, authorized to commence in 2026, aims to significantly reduce the company's current net debt of R$37.5 billion and lower leverage from approximately 3.14x towards an immediate target of 1.83x net debt/EBITDA.
Management anticipates that this strategic plan, combined with partnerships, could double EBITDA over about eight years and establish a sustainable capital structure by refocusing on higher-return mining, logistics, and energy assets.
As a precursor to the 2026 plan, CSN sold an 11% stake in logistics operator MRS in 2025 for R$3.35 billion.

Jan 15, 2026, 12:39 PM

Bloomberg

Companhia Siderúrgica Nacional announces disposal of MRS Logística S.A. shares

SID

M&A

New Projects/Investments

Companhia Siderúrgica Nacional (CSN) announced its Board of Directors approved the disposal of up to 11.17% of MRS Logística S.A. (MRS) capital stock to its subsidiary, CSN Mineração S.A. (CMIN).
The total transaction value for this disposal is up to R$ 3,350,000,000.00 (three billion, three hundred and fifty million Brazilian reais).
The disposal is being executed in two transactions: a First Transaction for 9.17% of MRS's capital stock, already completed for R$ 2,750,000,031.80, and a Second Transaction for an additional 2% for R$ 599,999,968.20, which is subject to customary conditions and legal approvals.
Upon completion of both transactions, CSN will hold 13.69% of MRS's voting capital stock.

Dec 19, 2025, 12:20 AM

6-K

Companhia Siderúrgica Nacional S.A. Reports Q3 and Nine-Month 2025 Results

SID

Earnings

New Projects/Investments

Companhia Siderúrgica Nacional S.A. reported net revenue of R$11,793,868 thousand for the three-month period ended September 30, 2025, and R$33,394,783 thousand for the nine-month period ended September 30, 2025, representing increases from the prior year periods.
The company achieved a net income of R$76,438 thousand for the three-month period ended September 30, 2025, a significant improvement from a net loss of R$750,870 thousand in the same period last year. The net loss for the nine-month period also narrowed to R$785,511 thousand from R$1,453,144 thousand.
Loss basic and diluted per share attributable to controlling interests decreased to R$0.10337 for the three-month period and R$0.69545 for the nine-month period ended September 30, 2025.
As of September 30, 2025, Total Assets were R$100,825,592 thousand, while Total Shareholders' Equity increased to R$17,355,367 thousand from R$15,459,116 thousand at December 31, 2024.
Net cash from operating activities for the nine-month period ended September 30, 2025, was (R$1,006,669 thousand), a decrease from R$5,102,490 thousand in the prior year period. The company also made new investments, including the acquisition of Grupo Estrela's investments for R$300,000 thousand and several iron ore supply prepayment contracts.

Nov 19, 2025, 11:17 PM

6-K

NATIONAL STEEL CO Reports First Profitable Quarter of 2025 with Strong Revenue Growth

SID

Earnings

Revenue Acceleration/Inflection

Companhia Siderúrgica Nacional reported a Net Income of R$ 76 million in 3Q25, marking its first profitable quarter of the year, a significant improvement from the R$ 130 million net loss recorded in the previous quarter.
Consolidated Net Revenue totaled R$ 11,794 million in 3Q25, representing a 10.3% growth compared to the previous quarter and 6.6% compared to 3Q24, primarily driven by the mining, cement, and logistics segments.
Adjusted EBITDA reached R$ 3,319 million in 3Q25, with an adjusted EBITDA margin of 26.8%, an increase of 3.3 percentage points quarter-over-quarter, reflecting extraordinary operational results.
The company's Net Debt/EBITDA ratio improved to 3.14x as of September 30, 2025, a 10 basis point reduction compared to the previous quarter, reinforcing its commitment to reducing debt.
The mining segment achieved record iron ore production of 11,928 thousand tons and record sales volume of 12,396 thousand tons in 3Q25, contributing to a 29.4% increase in adjusted net revenue for the segment compared to the previous quarter.

Nov 10, 2025, 10:07 PM

6-K

CSN Reports Strong Q3 2025 Results with Record Operational Performance and Continued Deleveraging

SID

Earnings

Guidance Update

Revenue Acceleration/Inflection

CSN reported a strong Q3 2025, with EBITDA growing 26% to BRL 3.3 billion and an EBITDA margin of 27%, marking a period of historical operational records.
The company continued its deleveraging trend, reducing its leverage ratio to 3.1 times in Q3 2025, down from 3.5 times at the end of last year, and is on track for its year-end guidance of 3 times.
Key segments achieved record performances, including Mining EBITDA of over BRL 1.9 billion (up 57%), Cement EBITDA of BRL 388 million, and Logistics EBITDA of BRL 550 million.
The steel segment achieved its lowest production cost in four years and expanded sales by 4.4%, with expectations to return to double-digit EBITDA margins in Q4 2025, partly due to anticipated anti-dumping measures.
Adjusted cash flow improved to negative BRL 815 million in Q3 2025 from negative BRL 1.4 billion in the prior period, with ongoing initiatives and strategic projects like the CSN Infrastructure Project aimed at further deleveraging.