National Steel Co 6-K, filed Apr 24, 2023

National Steel Co (SID)

6-K 2023-04-24 For: 2022-12-31

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Added on April 11, 2026

About this 6-K

National Steel Co filed this 6-K on April 24, 2023.

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Company Information
Capital Breakdown	1
Parent Company Financial Statements
Balance Sheet – Assets	2
Balance Sheet – Liabilities	3
Statement of Income	4
Statement of Comprehensive Income	5
Statement of Cash Flows	6
Statement of Changes in Shareholders’ Equity
01/01/2022 to 12/31/2022	8
01/01/2021 to 12/31/2021	9
Statement of Value Added	10
Consolidated Financial Statements
Balance Sheet – Assets	11
Balance Sheet - Liabilities	12
Statement of Income	13
Statement of Comprehensive Income	14
Statement of Cash Flows	15
Statement of Changes in Shareholders’ Equity
01/01/2022 to 12/31/2022	17
01/01/2021 to 12/31/2021	18
Statement of Value Added	19
Comments on the Company’s Consolidated Performance	20
Notes to the financial information	66
Comments on the Performance of Business Projections	148
Reports and Statements
Unqualified Independent Auditors’ Review Report	152
Opinion of the Supervisory Board or Equivalent Body	157
Opinion or Summary Report, if any, of the Audit Committee (statutory or otherwise)	158
Officers Statement on the Financial Statements	161
Officers Statement on Auditor’s Report	162

Number of Shares (Units)	Current Year 12/31/2022
Paid-in Capital
Common	1,326,093,947
Preferred	0
Total	1,326,093,947
Treasury Shares
Common	0
Preferred	0
Total	0

Parent Company Financial Statements / Balance Sheet - Assets
(R$ thousand)

Code	Description	Current year 12/31/2022	Previous Year 12/31/2021
1	Total Assets	61,196,813	61,933,890
1.01	Current assets	15,264,617	18,241,837
1.01.01	Cash and cash equivalents	2,839,405	3,885,265
1.01.02	Financial investments	1,207,610	2,426,457
1.01.02.01	Financial investments measured a fair value through profit or loss	1,184,895	2,383,059
1.01.02.01.03	Financial investments measured a fair value through profit or loss – Usiminas’ shares	1,184,895	2,383,059
1.01.02.03	Financial investments at amortized cost	22,715	43,398
1.01.03	Trade receivables	1,956,531	2,375,512
1.01.04	Inventory	7,413,421	7,508,183
1.01.06	Recoverable taxes	1,137,460	1,255,697
1.01.08	Other current assets	710,190	790,723
1.01.08.03	Others	710,190	790,723
1.01.08.03.02	Prepaid expenses	244,416	185,968
1.01.08.03.03	Dividends receivable	295,480	486,506
1.01.08.03.04	Others	170,294	118,249
1.02	Non-current assets	45,932,196	43,692,053
1.02.01	Long-term assets	9,167,437	9,982,573
1.02.01.03	Financial investments at amortized cost	140,510	132,523
1.02.01.07	Deferred taxes assets	3,256,712	4,843,653
1.02.01.10	Other non-current assets	5,770,215	5,006,397
1.02.01.10.03	Recoverable taxes	879,695	691,286
1.02.01.10.04	Judicial deposits	231,627	222,481
1.02.01.10.05	Prepaid expenses	58,950	109,583
1.02.01.10.06	Receivable from related parties	3,377,049	2,442,198
1.02.01.10.07	Others	1,222,894	1,540,849
1.02.02	Investments	28,918,775	26,140,909
1.02.02.01	Equity interest	28,778,632	25,998,331
1.02.02.02	Investment Property	140,143	142,578
1.02.03	Property, plant and equipment	7,786,485	7,508,842
1.02.03.01	Property, plant and equipment in operation	6,874,631	6,752,158
1.02.03.02	Right of use in leases	11,433	15,996
1.02.03.03	Property, plant and equipment in progress	900,421	740,688
1.02.04	Intangible assets	59,499	59,729

Parent Company Financial Statements / Balance Sheet – Liabilities
(R$ thousand)

Code	Description	Current year 12/31/2022	Previous Year 12/31/2021
2	Total Liabilities	61,196,813	61,933,890
2.01	Current liabilities	14,644,052	16,202,230
2.01.01	Payroll and related taxes	150,192	133,595
2.01.02	Trade payables	3,684,793	4,710,811
2.01.03	Tax payables	397,496	761,868
2.01.04	Borrowings and financing	3,419,019	3,864,228
2.01.05	Other payables	6,961,181	6,696,157
2.01.05.02	Others	6,961,181	6,696,157
2.01.05.02.04	Dividends and interests on shareholder´s equity	598,267	1,125,359
2.01.05.02.05	Advances from customers	83,300	148,822
2.01.05.02.06	Trade payables – Forfaiting and Drawee risk	5,318,425	4,439,967
2.01.05.02.07	Lease liabilities	8,451	7,602
2.01.05.02.08	Other payables	952,738	974,407
2.01.06	Provisions	31,371	35,571
2.01.06.01	Provision for tax, social security, labor and civil risks	31,371	35,571
2.02	Non-current liabilities	27,063,294	25,416,662
2.02.01	Borrowings and financing	17,994,249	16,568,616
2.02.02	Other payables	148,990	319,859
2.02.02.02	Others	148,990	319,859
2.02.02.02.03	Lease liabilities	4,729	10,339
2.02.02.02.04	Derivative financial instruments	58,005	101,822
2.02.02.02.05	Trade payables	14,352	43,396
2.02.02.02.06	Other payables	71,904	164,302
2.02.04	Provisions	8,920,055	8,528,187
2.02.04.01	Provision for tax, social security, labor and civil risks	390,445	333,285
2.02.04.02	Other provisions	8,529,610	8,194,902
2.02.04.02.03	Provision for environmental liabilities and decommissioning of assets	158,213	159,254
2.02.04.02.04	Pension and healthcare plan	537,290	584,288
2.02.04.02.05	Provision for losses on investments	7,834,107	7,451,360
2.03	Shareholders’ equity	19,489,467	20,314,998
2.03.01	Paid-up capital	10,240,000	10,240,000
2.03.02	Capital reserves	32,720	32,720
2.03.04	Earnings reserves	8,988,442	10,092,888
2.03.04.01	Legal reserve	1,158,925	1,081,222
2.03.04.02	Statutory reserve	6,215,517	9,948,596
2.03.04.08	Proposed Additional Dividend	1,614,000	-
2.03.04.09	Treasury shares	-	(936,930)
2.03.08	Other comprehensive income	228,305	(50,610)

Parent Company Financial Statements / Statement of Income
(R$ thousand)
Code	Description	Current year 12/31/2022	Previous Year 12/31/2021
3.01	Revenues from sale of goods and rendering of services	24,214,687	24,843,080
3.02	Costs from sale of goods and rendering of services	(19,999,366)	(16,167,092)
3.03	Gross profit	4,215,321	8,675,988
3.04	Operating (expenses)/income	298,803	5,326,474
3.04.01	Selling expenses	(951,865)	(746,577)
3.04.02	General and administrative expenses	(249,634)	(218,322)
3.04.04	Other operating income	151,483	2,822,559
3.04.05	Other operating expenses	(2,153,001)	(1,160,330)
3.04.06	Equity in results of affiliated companies	3,501,820	4,629,144
3.05	Income before financial income (expenses) and taxes	4,514,124	14,002,462
3.06	Financial income (expenses)	(1,981,735)	59,980
3.06.01	Financial income	(576,642)	1,004,012
3.06.02	Financial expenses	(1,405,093)	(944,032)
3.06.02.01	Net exchange differences over financial instruments	820,679	383,919
3.06.02.02	Financial expenses	(2,225,772)	(1,327,951)
3.07	Income before income taxes	2,532,389	14,062,442
3.08	Income tax and social contribution	(978,329)	(1,803,814)
3.09	Net income from continued operations	1,554,060	12,258,628
3.11	Net income for the year	1,554,060	12,258,628
3.99	Earnings per share – (Reais / Share)
3.99.01	Basic earnings per share
3.99.01.01	Common shares	1.17108	8.90654
3.99.02	Diluted earnings per share
3.99.02.01	Common shares	1.17108	8.90654

Consolidated Financial Statements / Balance Sheet - Assets
(R$ thousand)
Code	Description	Current year 12/31/2022	Previous Year 12/31/2021
1	Total assets	85,354,359	79,379,103
1.01	Current assets	30,612,360	34,972,354
1.01.01	Cash and cash equivalents	11,991,356	16,646,480
1.01.02	Financial investments	1,456,485	2,644,732
1.01.02.01	Financial investments measured a fair value through profit or loss	1,184,895	2,383,059
1.01.02.01.03	Financial investments measured a fair value through profit or loss – Usiminas’ shares	1,184,895	2,383,059
1.01.02.03	Financial investments at amortized cost	271,590	261,673
1.01.03	Trade receivables	3,233,164	2,597,838
1.01.04	Inventory	11,289,229	10,943,835
1.01.06	Recoverable taxes	1,865,626	1,655,349
1.01.08	Other current assets	776,500	484,120
1.01.08.03	Others	776,500	484,120
1.01.08.03.02	Prepaid expenses	347,870	225,036
1.01.08.03.03	Dividends receivable	77,377	76,878
1.01.08.03.05	Others	351,253	182,206
1.02	Non-current assets	54,741,999	44,406,749
1.02.01	Long-term assets	12,364,418	11,206,737
1.02.01.03	Financial investments at amortized cost	156,185	147,671
1.02.01.05	Inventory	1,045,665	656,193
1.02.01.07	Deferred taxes assets	5,095,718	5,072,092
1.02.01.10	Other non-current assets	6,066,850	5,330,781
1.02.01.10.03	Recoverable taxes	1,317,132	965,026
1.02.01.10.04	Judicial deposits	533,664	339,805
1.02.01.10.05	Prepaid expenses	82,586	133,614
1.02.01.10.06	Receivable from related parties	2,869,532	2,070,305
1.02.01.10.07	Others	1,263,936	1,822,031
1.02.02	Investments	5,219,082	4,011,828
1.02.02.01	Equity interest	5,060,002	3,849,647
1.02.02.02	Investment Property	159,080	162,181
1.02.03	Property, plant and equipment	26,370,445	21,531,134
1.02.03.01	Property, plant and equipment in operation	21,700,015	17,305,628
1.02.03.02	Right of use in leases	644,880	581,824
1.02.03.03	Property, plant and equipment in progress	4,025,550	3,643,682
1.02.04	Intangible assets	10,788,054	7,657,050

Consolidated Financial Statements / Statements of Income
(R$ thousand)
Code	Description	Current year 12/31/2022	Previous Year 12/31/2021
3.01	Revenues from sale of goods and rendering of services	44,362,120	47,912,039
3.02	Costs from sale of goods and rendering of services	(31,054,016)	(25,837,475)
3.03	Gross profit	13,308,104	22,074,564
3.04	Operating (expenses)/income	(5,666,642)	(1,534,602)
3.04.01	Selling expenses	(2,575,818)	(2,372,298)
3.04.02	General and administrative expenses	(674,119)	(587,148)
3.04.04	Other operating income	253,233	2,958,372
3.04.05	Other operating expenses	(2,907,855)	(1,716,032)
3.04.06	Equity in results of affiliated companies	237,917	182,504
3.05	Income before financial income (expenses) and taxes	7,641,462	20,539,962
3.06	Financial income (expenses)	(3,515,025)	(1,944,184)
3.06.01	Financial income	(78,220)	1,167,184
3.06.02	Financial expenses	(3,436,805)	(3,111,368)
3.06.02.01	Net exchange differences over financial instruments	735,346	45,760
3.06.02.02	Financial expenses	(4,172,151)	(3,157,128)
3.07	Income before income taxes	4,126,437	18,595,778
3.08	Income tax and social contribution	(1,958,739)	(5,000,157)
3.09	Net income from continued operations	2,167,698	13,595,621
3.11	Consolidated net income for the year	2,167,698	13,595,621
3.11.01	Earnings attributable to the controlling interests	1,554,060	12,258,628
3.11.02	Earnings it attributable to the non-controlling interests	613,638	1,336,993
3.99	Earnings per share – (Reais / Share)	-	-
3.99.01	Basic earnings per share	-	-
3.99.01.01	Common shares	1.17108	8.90654
3.99.02	Diluted earnings per share	-	-
3.99.02.01	Common shares	1.17108	8.90654

Amounts related to services provided by auditors	(BRL mil)
Fees related to the external audit	167.5
Fees related to other assurance services	45.4
Total	212.9

Percentage of employees of the CSN Group submitted to performance evaluation ¹	2021	2022
By gender
Men	85.0%	91.4%
Women	74.0%	88.7%
By functional level
Executive	78.9%	100.0%
Leadership	95.0%	99.5%
Expert	90.0%	97.3%
Engineer	92.2%	98.3%
Undergraduate	91.4%	97.0%
Technician	92.0%	95.7%
Administrative	85.9%	95.0%
Operational	82.4%	89.1%
Capacitar program	47.8%	20.7%
Total	83.1%	90.9%
1. It considers the effective employees in the categories CLT and Programa Capacitar. It does not cover SWT and Lusosider, because companies do not have systematic corporate processes for evaluating employee performance. The percentage is calculated as the total number of employees evaluated in the year divided by the headcount on 12/31/2022, which includes professionals not eligible for the performance evaluation cycle.

	2020	2021	2022
*Sustainalytics*	50.1	39.1	26.0
*MSCI*	CCC	CCC	B
*S&P Global*	34	44	55
*V.E. - Vigeoeiris*	27	30	45
*CDP Climate Change*	C	B	B
*CDP Water Security*	C	B-	B-
*GHG Protocol*	Golden Stamp	Golden Stamp	Golden Stamp

	Indicators¹	Unit	Indicator Base-Year	2022	Status	Goal	Year
Environmental	Steel Emission Intensity ²	tCO₂e / t crude steel	2.10 (Base-year 2018)	1.99		1.68	2035
	Cement Emission Intensity ³	kgCO₂e / t cement	519 (Base-year 2020)	481		374	2030
	Mining Emission Intensity (GHG) ^{4 e 5}	kgCO₂e /t iron ore	5.77 (Base-year 2019)	7.24		4.04	2035
Social	Frequency Rate ⁶	CAF+SAF	2.46 (Base-year 2020)	1.79		1.72	2030
Governance	Diversity (women on staff)	%	14% (Base-year 2020)	20.5		28%	2025

	15% GROWTH IN ADJUSTED EBITDA FOR THE QUARTER, SUPPORTED BY THE MINING SEGMENT AND THE INTEGRATION OF THE LATEST ACQUISITIONS			STRONG COMMERCIAL DYNAMISM ON MINING GENERATED THE BEST QUARTER OF THE YEAR IN TERMS OF SALES, WITH IMPROVEMENT IN REALIZED PRICES
	Despite a quarter marked by seasonality and greater economic uncertainties, CSN was able to show growth in operating results, with the mining segment offsetting the weaker performances recorded in the steel industry. As a result, 4Q22 Adjusted EBITDA reached BRL 3.1 billion and with an EBITDA margin of 27%. In the year, Adjusted EBITDA was BRL 13.8 billion, with a margin of 30%.			The quarter was marked by strong sales volume and favorable price dynamics. As a result, mining segment accrued an Adjusted EBITDA of BRL 1,779 million and with a profitability that exceeded the 50% mark. For 2023, the perspective is for production growth, with a greater iron ore quality and prices that are surprising positively.

	STEEL INDUSTRY MARKED BY SEASONALITY ON 4Q22, BUT THE YEAR'S PERFORMANCE SHOWS A MUCH MORE RESILIENT COMPANY			CEEE-G INCORPORATION IN THE ENERGY SEGMENT
	Even with a lower production cost, the steel industry's result was impacted by a weaker trading pace at the end of the year and lower price dynamics. On the other hand, CSN's performance throughout 2022 reinforces the Company's resilience by delivering an over 20% margin, even considering the pressures in raw material costs and a decrease in international market prices.			The incorporation of CEEE-G opens up a new avenue of opportunities for CSN's energy segment and the benefits of self-production and the sales of energy surplus will be even more relevant throughout 2023. On the other hand, the closing of the acquisition and the disbursement with the concession concentrated in 4Q22, ended up temporarily pressuring CSN leverage.

	CIMENTOS BRASIL (EX-LAFARGEHOLCIM BRASIL) CONSOLIDATON GENERATES A RECORD RESULT IN THE CEMENT SEGMENT			ESG
	Net revenue reached an all-time high of BRL 1.2 billion in 4Q22, driven by the consolidation of the latest acquisitions and a further pulverized sales channel. On the other hand, the period profitability was impacted by higher production costs and pressures on raw material costs. The expectation for 2023 is to accelerate the capture of synergies and take advantage of the favorable dynamics of the sector.			CSN received a new rating from Sustainalytics, reducing from 39.1 to 26.0 the ESG risk score. Of the 155 steel and mining companies evaluated globally, CSN achieved the 4th best score in the industry. CSN was also the only Brazilian company in the steel, mining and construction sectors named in the S&P Global Sustainability Yearbook 2023, ranked as the company in the steel industry that has made the most progress in ESG practices in the world, receiving the stamp of "Industry Mover".

Result 4Q22 (BRL million)	Steel	Mining	Logistics (Porto)	Logistics (Railway)	Energy	Cement	Corporate Expenses/Elimination	Consolidated

Net Revenue	6,055	3,529	86	608	154	1,181	(483)	11,129
Domestic Market	4,501	336	86	608	154	1,181	(949)	5,917
Foreign Market	1,554	3,193					466	5,212
COGS	(5,214)	(1,878)	(58)	(382)	(139)	(900)	724	(7,847)
Gross profit	840	1,651	28	226	15	281	241	3,282
DGA/DVE	(341)	(139)	(9)	(52)	(17)	(148)	(507)	(1,213)
Depreciation	326	268	11	96	29	132	(38)	825
Proportional EBITDA of joint contr							229	229
Adjusted EBITDA	826	1,779	30	270	27	265	(75)	3,123

Result 3Q22 (BRL million)	Steel	Mining	Logistics (Porto)	Logistics (Railway)	Energy	Cement	Corporate Expenses/Elimination	Consolidated

Net Revenue	7,698	2,527	69	653	48	778	(875)	10,897
Domestic Market	5,655	437,50	69	653	48	778	(1,091)	6,549
Foreign Market	2,044	2,089					215	4,348
COGS	(6,426)	(1,800)	(54)	(397)	(53)	(501)	873	(8,359)
Gross profit	1,272	727	14	256	(5)	276	(3)	2,538
DGA/DVE	(334)	(63)	(7)	(37)	(10)	(100)	(248)	(798)
Depreciation	313	253	9	108	4	82	(78)	689
Proportional EBITDA of joint contr							285	285
Adjusted EBITDA	1,251	916	16	327	(10)	257	(44)	2,713

Result 4Q21 (BRL million)	Steel	Mining	Logistics (Porto)	Logistics (Railway)	Energy	Cement	Corporate Expenses/Elimination	Consolidated

Net Revenue	7,648	2,401	86	444	47	423	(687)	10,361
Domestic Market	4,966	447,97	86	444	47	423	(957)	5,456
Foreign Market	2,682	1,953					270	4,905
COGS	(5,096)	(1,669)	(60)	(342)	(39)	(269)	869	(6,606)
Gross profit	2,552	733	26	101	8	154	182	3,755
DGVA	(324)	(86)	(8)	(42)	(8)	(72)	(273)	(814)
Depreciation	285	232	8	119	4	56	(81)	623
Proportional EBITDA of joint contr							163	163
Adjusted EBITDA	2,513	878	26	178	4	137	(10)	3,727

	Cost of plate with deprec. (R$/t)		4Q22 Production Cost

	Total Production - Mining (thousand tones)		Sales Volume - Mining (thousand tons)

Parent Company Financial Statements / Statement of Comprehensive Income
(R$ thousand)

Code	Description	Current year 12/31/2022	Previous Year 12/31/2021
4.01	Net income for the year	1,554,060	12,258,628
4.02	Other comprehensive income	236,281	1,105,595
4.02.01	Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes	5,750	(872)
4.02.02	Reflex treasury shares acquired by subsidiary	12,422	302,251
4.02.03	Treasury shares acquired by reflex subsidiary	-	(509,377)
4.02.04	Cumulative translation adjustments for the year	(534,300)	(8,097)
4.02.11	(Loss)/gain cash flow hedge accounting, net of taxes	(243,942)	795,923
4.02.12	Cash flow hedge accounting reclassified to income upon realization, net of taxes	1,393,034	525,290
4.02.14	(Loss)/gain cash flow hedge accounting – “Platts”, net taxes, from investments in subsidiaries	(396,683)	477
4.03	Comprehensive income for the year	1,790,341	13,364,223

Parent Company Financial Statements / Statements of Cash Flows – Indirect Method
(R$ thousand)
Code	Description	Current year 12/31/2022	Previous Year 12/31/2021
6.01	Net cash from operating activities	5,920,152	8,850,913
6.01.01	Cash from operations	2,457,320	7,161,886
6.01.01.01	Net income for the period	1,554,060	12,258,628
6.01.01.02	Financial charges in borrowing and financing raised	1,230,142	736,813
6.01.01.03	Financial charges in borrowing and financing granted	(186,199)	(70,761)
6.01.01.04	Depreciation, amortization and depletion	1,076,189	877,975
6.01.01.05	Equity in results of affiliated companies	(3,501,827)	(4,629,144)
6.01.01.06	Deferred taxes assets	988,588	1,021,298
6.01.01.07	Provision for tax, social security, labor, civil and environmental risks	52,960	(66,759)
6.01.01.08	Monetary and exchange variations, net	819,973	116,551
6.01.01.09	Net gains on the sale of the shares of CSN Mineração	-	(2,472,497)
6.01.01.10	Charges on lease liabilities	1,574	2,058
6.01.01.11	Write-off of property, plant and equipment right of use and Intangible assets	(2,110)	-
6.01.01.13	Provision for environmental liabilities and decommissioning of assets	(1,041)	(2,912)
6.01.01.14	Investment impairment reversal	(387,989)	-
6.01.01.15	Dividends USIMINAS	(113,665)	(194,136)
6.01.01.16	Updated shares – Fair value through profit or loss	1,293,784	11,293
6.01.01.17	Accrued/(reversal) for consumption and services	10,175	10,591
6.01.01.18	Net gains on the sale of the shares of Usiminas	-	(505,844)
6.01.01.19	Receivables by indemnity	(422,254)	-
6.01.01.20	Other provisions	44,960	68,732
6.01.02	Changes in assets and liabilities	3,462,832	1,689,027
6.01.02.01	Trade receivables - third parties	(41,000)	(356,578)
6.01.02.02	Trade receivables - related party	308,729	(667,369)
6.01.02.03	Inventory	(20,502)	(4,446,462)
6.01.02.04	Dividends and receivables - related parties	4,561,580	3,089,909
6.01.02.05	Recoverable taxes	(70,172)	156,253
6.01.02.06	Judicial deposits	(9,146)	(7,449)
6.01.02.07	Compulsory loan receipt	370,000	-
6.01.02.09	Trade payables	(1,056,616)	507,739
6.01.02.10	Trade payables – Forfaiting and Drawee risk	878,458	3,816,106
6.01.02.11	Payroll and related taxes	16,598	4,286
6.01.02.12	Tax payables	(363,825)	452,044
6.01.02.13	Payables to related parties	66,765	67,140
6.01.02.15	Interest paid	(1,128,874)	(819,648)
6.01.02.18	Interest received	3,131	-
6.01.02.19	Others	(52,294)	(106,944)

Parent Company Financial Statements / Statement of Changes in Equity - 01/01/2022 to 12/31/2022
(R$ thousand)

Code	Description	Paid-up capital	Capital reserve, granted options and treasury shares	Earnings reserve	Retained earnings (accumulated losses)	Other comprehensive income	Shareholders’ equity
5.01	Opening balances	10,240,000	32,720	10,092,888		- 50,610	20,314,998
5.03	Adjusted opening balances	10,240,000	32,720	10,092,888		- 50,610	20,314,998
5.04	Capital transaction with shareholders			- 1,959,295	- 699,211	42,634	- 2,615,872
5.04.04	Treasury shares acquired		- 395,180				- 395,180
5.04.06	Dividends			- 1,564,115			- 1,564,115
5.04.07	Interest on equity				- 700,000		- 700,000
5.04.08	Reversal by prescription of dividends and interest on shareholder’s equity				789		789
5.04.09	Reclassifications of treasury shares		- 936,930	936,930
5.04.10	Treasury shares canceled		1,332,110	- 1,332,110
5.04.14	(Loss) / gain on the percentage change in investments					42,634	42,634
5.05	Total comprehensive income				1,554,060	236,281	1,790,341
5.05.01	Net income for the period				1,554,060		1,554,060
5.05.02	Other comprehensive income					236,281	236,281
5.05.02.04	Cumulative translation adjustments for the year					- 534,300	- 534,300
5.05.02.07	Actuarial gains/(losses) on pension plan, net of taxes					18,172	18,172
5.05.02.13	(Loss) / gain on cash flow hedge accounting, net of taxes					752,409	752,409
5.06	Internal changes in shareholders’ equity			854,849	- 854,849
5.06.01	Constitution of reserves			77,703	- 77,703
5.06.04	Proposed additional dividends			777,146	- 777,146
5.07	Closing balance	10,240,000	32,720	8,988,442		228,305	19,489,467

Parent Company Financial Statements / Statement of Changes in Equity - 01/01/2021 to 12/31/2021
(R$ thousand)

Code	Description	Paid-up capital	Capital reserve, granted options and treasury shares	Earnings reserve	Retained earnings (accumulated losses)	Other comprehensive income	Shareholders’ equity
5.01	Opening balances	6,040,000	32,720	5,824,350	-	(1,983,619)	9,913,451
5.03	Adjusted opening balances	6,040,000	32,720	5,824,350	-	(1,983,619)	9,913,451
5.04	Capital transaction with shareholders	4,200,000	-	(5,078,666)	(2,911,424)	827,414	(2,962,676)
5.04.01	Capital increase proposed	4,200,000	-	(4,200,000)	-	-	-
5.04.04	Treasury shares acquired	-	-	(878,666)	-	-	(878,666)
5.04.06	Dividends	-	-	-	(2,654,471)	-	(2,654,471)
5.04.07	Interest on equity	-	-	-	(256,953)	-	(256,953)
5.04.08	Net gain of transaction primary and secondary distribution shares of CSN Mineração	-	-	-	-	829,486	829,486
5.04.09	(Loss) / gain on the percentage change in investments	-	-	-	-	(2,072)	(2,072)
5.05	Total comprehensive income	-	-	-	12,258,628	1,105,595	13,364,223
5.05.01	Net income for the period	-	-	-	12,258,628	-	12,258,628
5.05.02	Other comprehensive income	-	-	-	-	1,105,595	1,105,595
5.05.02.04	Cumulative translation adjustments for the year	-	-	-	-	(8,097)	(8,097)
5.05.02.06	Actuarial gains/(losses) on pension plan, net of taxes	-	-	-	-	301,379	301,379
5.05.02.07	(Loss) / gain on cash flow hedge accounting, net of taxes	-	-	-	-	1,321,690	1,321,690
5.05.02.08	Treasury shares acquired by reflex subsidiary	-	-	-	-	(509,377)	(509,377)
5.06	Internal changes in shareholders’ equity	-	-	9,347,204	(9,347,204)	-	-
5.06.01	Constitution of reserves	-	-	9,347,204	(9,347,204)	-	-
5.07	Closing balance	10,240,000	32,720	10,092,888	-	(50,610)	20,314,998

AXIS	ESG Goals
Natural Capital	Climate Change
	ü Reduce CO₂e emissions per ton of crude steel by 20% by 2035, WSA (World Steel Association) methodology compared to base year 2018.
	ü Reduce CO₂e per ton of cement by 28% by 2030, reaching 375 kgCO2e/t cement, GCCA methodology - Global Cement and Concrete Association, base year 2020.
	ü Reduce CO₂e emissions per ton of ore produced by 30% by 2035 (scopes 1 and 2), base year 2019.
	ü Carbon Neutral by 2044 in CSN Mineração scopes 1 and 2 emissions.
	Atmospheric Emissions
	ü Reduce 40% of emissions of particulate matter per ton of crude steel produced in UPV by 2030, base year 2019.
	Efficiency in Water Use and Effluent Management
	ü Reduce new water consumption for iron ore production by at least 10% per ton of ore produced by 2030 compared to the base year 2018.
	Dam Management and Decharacterization
	ü Perform the complete decharacterization of the dams built upstream of the CSN Group by 2030.
Intellectual Capital	Governance, Ethics and Compliance
	ü Continuously increase our Index of Compliance with the best governance practices provided for in CVM Resolution No. 80/2022 (considered "Practice" and "Partial practice").
	ü Realize training with 90% of active employees in the CSN Group on compliance, covering the code of ethics and anti-corruption policy.
Human and Social Capital	Health and safety at work
	ü Continuously achieve the zero-fatality rate throughout the CSN Group (own and third parties).
	ü Reduce by 30% the frequency rate of accidents (CAF+SAF – own and third parties) by 2030 in the CSN Group compared to 2020 (factor of 1 million HHT).
	ü Reduce by 30% the number of days of sick leave by accident with own employees by 2030 compared to 2021.
	Diversity and Inclusion
	ü Achieve 28% female representation in the CSN Group by 2025 compared to 2020.

	Indicators¹	Unit	Indicator Base Year	2022	Status	Goal	Year
Environmental	Steel Emission Intensity (WSA)²	tCO₂and/t raw steel	2.10 (Base year 2018)	1.99		1.68	2035
	Intensity of Cements Emission (CSI)³	kgCO₂and/t cement	519 (Base year2020)	481		374	2030
	Mining Emission Intensity (GHG)^{4 and 5}	kgCO₂and ore /t	5.77 (Base year 2019)	7.24		4.04	2035
Social	Frequency Rate⁶	CAF+SAF	2.46 (Base year 2020)	1.79		1.72	2030
Governance	Diversity (in the functional women framework)	%	14% (Base year2020)	20.5		28%	2025

Air quality CSN¹	Unidade	2021	2022	Δ%
NOX Emission	t	5,924	5,570	-6
SOX issue	t	2,805	3,094	10
MP issue	t	3,328	4,079	23

Water Management²	Unit	2021	2022	Δ%
Water catchment	Megaliter	99,782	92,212	-8
Water disposal	Megaliter	75,689	70,457	-7
Water consumption	Megaliter	24,093	21,754	-10

Waste Management²	Unit	2021	2022	Δ%
Waste Class 1	t	45,141	47,565	5
Waste Class 2	t	3,403,728	3,520,728	3
Percentage reuse and co-processing³	%	95%	93%	-2

Health and safety at work¹	2021	2022	Δ%
Number of accidents with and without leave \| Own	113	89	-21
Number of accidents with and without leave \| third party	67	57	-15
Fatality \| Own	0	3	-
Fatality \| third party	2	1	-
CAF+SAF+FT accident frequency rate \| factor 1 MM HHT \| Own	2.59	1.91	-26
CAF+SAF+FT accident frequency rate \| factor 1 MM HHT \| third party	2.13	1.64	-23
CAF+SAF+FT accident frequency rate \| factor 1 MM HHT \| own and third parties	2.40	1.79	-25
Severity rate of accidents factor of 1MM HHT \| own and third parties	229	413	+80

Employment	Unit	2021	2022	Δ%
Women on the staff¹	%	17.5	20.5	+17
Women in leadership positions²	%	11.0	12.7	+15
People with disabilities²	%	1.24	1.44	+16
Racial Diversity²
• Yellow	%	1.4	1.4	-
• White	%	42.5	41.2	-3.0
• Indigenous	%	0.3	0.3	-
• Negra (Pretos and Pardos)	%	52.7	54.3	+3.0
• Not informed	%	3.0	2.8	-6.6
Turnover²	%	17.9	19.3	+7.8

Sustainable Value Chain¹	Unit	2021	2022	Δ%
Purchases from local suppliers²	%	31.6	27.8	-12
Local suppliers² (Service)	%	46.1	42.1	-8.6
Local Suppliers² (Materials)	%	27.8	23.7	-14

	2021	2022	Δ%
Young people benefited¹	4,578	4,643	+1.4
Public reached²	215,227	246,916	+14.7

		4Q22	2022
Number of shares in thousands	1,326,094		1,326,094
Market Value
Closing Quote (R$/share)	14.55		14.55
Closing Quote (USD/ADR)	2.76		2.76
Market Value (BRL million)	19,295		19,295
Market Value (USD million)	3,660		3,660
Change in period
CSNA3 (BRL)	14.4%		-41,8%
SID (USD)	16.0%		-37.8%
Ibovespa (BRL)	-0.3%		4.7%
Dow Jones (USD)	15.4%		-8.8%
Volume
Daily average (thousand shares)	13,356		12,148
Daily average (BRL thousand)	185,214		223,512
Daily average (thousand ADRs)	4,075		5,550
Daily average (USD thousand)	10,931		20,737
Source: Bloomberg

Item	Comment	BRL thousand	Reference
Equity interests issued	The Prada issued new shares that were delivered to Metalgrafica's shareholders	263	(a)
Equity interests issued	The Metalgrafica issued new shares which were acquired by Prada	133,100	(b)
Purchase price considered for the business combination		133,363

Equity value - Metalgráfica	date base - 03/31/2022
Discounted Cash Flow	59,353
Discounted residual value	33,973
Enterprise value	93,326
Indebtdness net	(109,133)
Non-operating assets/liabilities	16,070
Equity value	263

(BRL'000)	Accounting Balances	Proforma Adjustment	Fair value adjustment	Total fair value
Current Assets	23,924	133,100		157,024
Cash and cash equivalents	569			569
Trade receivables	7,249			7,249
Inventories	4,435			4,435
Other assets	713	133,100		133,813
Recoverable taxes and contributions	10,958			10,958

Non-current Assets	58,408		72,184	130,592
Recoverable taxes and contributions	38,649			38,649
Other assets	1,856			1,856
Investments	10			10
Property, plant and equipment	17,750		72,184	89,934
Intangibles	143			143
Total assets acquired	82,332	133,100	72,184	287,616

Current Liabilities	134,464			134,464
Borrowings and financing	89,852			89,852
Trade payables	17,114			17,114
Labor obligations	17,339			17,339
Taxes payable	181			181
Advances from customers	1,158			1,158
Installments	2,227			2,227
Other accounts	6,593			6,593

Non-current Liabilities	31,204			31,204
Borrowings and financing	21,844			21,844
Installments	6,462			6,462
Other accounts	2,898			2,898
Total liabilities assumed	165,668			165,668
Net equity acquired	(83,336)	133,100	72,184	121,948

Assets acquired	Valuation method	Carrying amounts	Fair value adjustment	Total fair value
Property, plant and equipment	The values of fixed assets were adjusted by the difference between the revalued value of f ixed assets and their respective net book value, according to a technical evaluation carried out by an independent appraiser for the groups of assets represented by buildings, vehicles, furniture and fixtures. The useful lives follow the terms disclosed in note 11.	17,750	72,184	89,934
		17,750	72,184	89,934

Item	Comment	Santa Ana Energética	Topázio Enérgetica	Reference
Assets transferred	In the transaction, a payment in the amount of R$466,153 was made.	37,292	428,861	(i)
Purchase price considered for the business combination		37,292	428,861

(BRL'000)	Carrying amounts	Fair value adjustments	Total fair value
Cash and cash equivalents	661,864		661,864
Trade receivables	51,333		51,333
Inventories	2,636		2,636
Recoverable taxes	5,043		5,043
Other assets	125,516		125,516
Judicial deposits and guarantees	59,335		59,335
Investments	312,800	368,018	680,818
Property, plant and equipment	31,853		31,853
Intangíible assets	2,041,196	8,276	2,049,472
Total assets acquired	3,291,576	376,294	3,667,870

Trade payables	22,928		22,928
Taxes payable	19,951		19,951
Salaries and social charges	16,343		16,343
Deferred taxes	(65,560)		(65,560)
Judicial contingencies	306,400		306,400
Other payables	134,380		134,380
Bonus grant payable	2,024,118		2,024,118
Total liabilities assumed	2,458,560		2,458,560
Net equity acquired	833,016	376,294	1,209,310
Equity acquired (66.23%)	551,706	376,294	928,000

Item	Comment	CSN Cimentos Brasil	Reference
Assets transferred	In the transaction, a payment in the amount of US$960,733 was made	5,013,436	(i)
Purchase price considered for the business combination		5,013,436

Item	CSN Cimentos Brasil S.A.	Reference
Purchase price considered	5,013,436	item (i)
Fair value of the assets and liabilities acquired	4,622,604
Goodwill based on expectations for future profitability (note 12)	390,832

Item	Comment	Elizabeth Cimentos	Elizabeth Mineração	Reference
Assets transferred	A payment in the amount of R$201 milion is being carried out in the transaction.	77,768	123,947	(i)
Assets transferred	Refers to financial adjustment of working capital and debt.	(3,914)	(5,116)	(i)
Equity interests issued	Shares issued by Elizabeth Cimentos and acquired by CSN Cimentos.	526,037		(ii)
Purchase price considered for the business combination		599,891	118,831

		Consolidated		Parent Company
	12/31/2022	12/31/2021	12/31/2022	12/31/2021
Cash and banks
In Brazil	85,120	68,638	49,794	58,951
Abroad	6,310,338	10,007,399	136,756	1,438,851
	6,395,458	10,076,037	186,550	1,497,802

Investments
In Brazil	5,110,749	6,493,832	2,652,855	2,387,463
Abroad	485,149	76,611
	5,595,898	6,570,443	2,652,855	2,387,463
	11,991,356	16,646,480	2,839,405	3,885,265