Companhia Siderurgica Nacional S.A. (SID)

On 30 October 2026, CSN signed a 10-day exclusivity agreement with Huaxin Building Materials Group for the sale of shares in its cement subsidiary, CSN Cimentos 1. The agreement contemplates an enterprise value of R$12.7 billion, and CSN says it intends to sign the definitive documents within days 1. Huaxin made the most advantageous proposal in the competitive process launched in March 2026 1.

On 9 October, CSN and its Spanish subsidiary CSN Steel signed a binding term sheet with Megasa for the sale of all shares of Stahlwerk Thüringen, its German long-steel mill 2. The term sheet sets an enterprise value of €550 million, subject to adjustments, and CSN calls the sale a step in a divestment program to reduce leverage 2.

On 29 September, the mining subsidiary CSN Mineração cut production of lower-grade iron ore at its Pires Complex, citing higher freight costs 3. CSN lowered its 2026 production and third-party purchase guidance from 45.0 to 47.0 million tons to 39.0 to 41.0 million tons 3.

On 3 September, Fabio Schvartsman became chief executive, and Benjamin Steinbruch, who had held the post since 2002, became chairman of the board 48. Net debt stood at R$42.1 billion at the end of June, the company reported 6.

The company was established in 1941 as a state-owned enterprise and began production in 1946 at the Presidente Vargas Steelworks in Volta Redonda, Brazil's first integrated flat steel mill 7. The government sold its 91% ownership interest in auctions held in 1993 and early 1994 7.

After privatization, CSN moved from a state-run steelmaker toward a diversified industrial group built on vertical integration 7. In 2005 it bought Estanho de Rondônia, which mines tin used in tinplate packaging steel, and in 2006 it bought Lusosider, a Portuguese maker of coated flat steel 7.

It began selling iron ore in the seaborne market in 2007 and entered cement in 2009, using slag from its blast furnaces 7. In 2012 it bought the German long-steel producer Stahlwerk Thüringen, and its own long-steel plant at Volta Redonda started in December 2013 7.

CSN Mineração, the mining unit, completed its initial public offering in early 2021, and net revenue that year reached a historic high, mainly because of favorable commodity prices 7. In 2021 and 2022 CSN bought cement, packaging and hydroelectric businesses, including LafargeHolcim Brasil, which made it the second-largest cement producer in Brazil with 17 million tons of capacity 7.

The energy purchases gave CSN hydroelectric concessions, and in 2023 it reached self-sufficiency in energy, which cut the cost of power in all its segments 7.

In 2024 CSN bought 29.9% of Panatlântica for R$150 million 7. It also sold 10.74% of CSN Mineração to Itochu for R$4.42 billion, with proceeds meant to reduce financial risk and fund priority projects 7. That year it reported a net loss of R$1,538 million 7.

In 2025 net revenue rose 2.5% to R$44,798 million from R$43,687 million, helped by mining, logistics and energy, while steel revenue fell 5.0% because sales volumes dropped 7.5% amid more imported steel 7. The net loss was R$1,506 million 7.

The year also brought a 70% stake in Estrela, the holding company of Grupo Tora, plus the Gramperfil and Galvacolor steel-processing businesses in Portugal and Spain 7. On 15 January 2026 CSN announced a Divestment Plan to improve liquidity and reorganize its portfolio, and S&P lowered its rating to B+ on 19 January 7.

The second quarter of 2026

CSN reported second-quarter net revenue of R$11,306.2 million, up 5.7% from a year earlier, and adjusted EBITDA (operating profit before depreciation, with some adjustments) of R$2,772.6 million 6. It still posted a net loss of R$773.1 million because higher financial expenses from exchange-rate swings offset stronger operations 6.

Net debt was R$42,138.2 million, or 3.49 times the last twelve months of EBITDA, and cash stood at R$15.4 billion 6.

Steel

The steel segment runs the integrated Presidente Vargas Steelworks, with crude steel capacity of about 5.6 million tons a year 7. It makes slabs, rolled, galvanized and tin mill products for packaging, cars, appliances and construction 7. Its share of the Brazilian flat steel market was about 22.7% in 2025 7.

In the second quarter steel sales reached 1,182 thousand tons, up 16.7% on a year earlier, which CSN credits to antidumping measures that cut imports; segment adjusted EBITDA was R$636.3 million, a 10.5% margin 6. CSN reports a domestic average of R$4,966 per ton 6.

Among Brazilian flat steel producers, the annual report lists Gerdau, Usiminas and ArcelorMittal Tubarão beside CSN 7.

Mining

CSN Mineração mines iron ore at Casa de Pedra and Engenho in Congonhas, Minas Gerais, and runs the TECAR terminal at Itaguaí port 7. In 2025 sales volume rose 7.7% to 45.8 million tons 7.

Second-quarter mining adjusted EBITDA was R$929.7 million, a 32.0% margin, which CSN ties to freight costs raised by the war between the United States and Iran 6. The P15 project is expected to add up to 16.5 million tons a year of premium ore capacity, the annual report says 7.

Cement

CSN Cimentos has about 17.0 million tons of annual capacity after buying LafargeHolcim Brasil 7. Second-quarter sales were 3,123 thousand tons and adjusted EBITDA R$426.9 million, a record for the segment, at a 30.8% margin 6.

Logistics and energy

Logistics owns the TECON container terminal and stakes in the MRS, Transnordestina and Ferrovia Transnordestina railways, and in 2025 added road and multimodal services through Grupo Tora 7. Its second-quarter net revenue was R$1,213.9 million 6.

The energy segment runs hydroelectric plants and a cogeneration plant, and CSN says all its energy came from renewable sources in 2025 7. Its second-quarter revenue of R$395.5 million was lifted by retroactive revenue from a favorable ANEEL decision on the Jacuí plant 6.

People, and current problems

Fabio Schvartsman is chief executive, Benjamin Steinbruch is chairman, and Antonio Marco Campos Rabello is chief financial officer and head of investor relations 48. Revista Mineração notes that Schvartsman is a former head of Vale and Klabin 10.

On 13 August the NYSE sent CSN a non-compliance notice under Section 802.01C of its Listed Company Manual, and CSN has six months to regain compliance 5. Moody's, S&P and Fitch all lowered CSN's ratings in early 2026 7.

The umbrella, in words

CSN owns the operating units behind each segment: CSN Mineração (mining, with shares on the B3), CSN Cimentos (cement), Lusosider in Portugal, Stahlwerk Thüringen in Germany and CSN LLC in the United States 7. It owns 70% of Estrela, the holding company of Grupo Tora 7.

CSN holds 37.49% of the MRS railway, 7.58% directly and 29.91% through CSN Mineração, and 29.9% of Panatlântica, bought in January 2024 7. After the August 2025 sale of part of its Usiminas shares, its direct and indirect interest in Usiminas is 4.99% 7.

The Steinbruch family controls CSN: at the end of 2025 Vicunha Aços held 41.66% of the common shares and Rio Iaco 3.45%, both owned indirectly by the family 7. Avelina held 3.98%, CFL Ana 4.70% and the NYSE ADS 24.20%, and every common share carries one vote 7.

The Presidente Vargas Steelworks stands in Volta Redonda, in Rio de Janeiro state, and the cement plants are at Volta Redonda and Arcos, in Minas Gerais 7.

CSN said on 30 October that it intends to sign the definitive documents for the CSN Cimentos sale within days 1. Revista Mineração reported that XP Investimentos estimated the sale could reduce consolidated net debt, and the outlet labeled these analyst estimates, not realized effects 9.

The Stahlwerk Thüringen term sheet gives an exclusivity period of up to 10 weeks from 9 October to reach definitive agreements with Megasa 2.

The January 2026 Divestment Plan also contemplates a sale of a minority interest in the infrastructure segment and strategic partnerships for the steel segment, with timing subject to market conditions 7.

CSN has six months from the 13 August notice to cure the NYSE non-compliance, and says it is evaluating all available alternatives 5.

In March 2026 CSN agreed an iron ore supply contract under which Glencore prepays up to US$300.0 million for about 7.2 million tons over five years starting in January 2027 7. Normalization of the Jacuí hydroelectric plant is currently expected in 2027, the annual report says 7.

The 29 September guidance puts 2026 C1 cash cost at US$25.0 to US$26.0 a ton, and CSN says the cut in lower-grade ore output may be reversed at any time 3.