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SID 6-K

National Steel Co (SID)

6-K 2026-08-27 For: 2026-06-30
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Added on August 27, 2026

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of August, 2026

Commission File Number 1-14732

COMPANHIA SIDERÚRGICA NACIONAL

(Exact name of registrant as specified in its charter)

National Steel Company

(Translation of Registrant's name into English)

Av. Brigadeiro Faria Lima 3400, 20º andar
São Paulo, SP, Brazil
04538-132

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F. Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No ___X____
Companhia Siderúrgica Nacional S.A.
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BALANCE SHEET
(In thousands of Reais)
Consolidated Parent Company Consolidated Parent Company
Notes 06/30/2026 12/31/2025 06/30/2026 12/31/2025 Notes 06/30/2026 12/31/2025 06/30/2026 12/31/2025
ASSET LIABILITIES AND SHAREHOLDERS' EQUITY
Current Current
Cash and cash equivalents 3 13,630,963 14,421,022 1,470,526 3,529,453 Borrowings and financing 12 8,326,693 10,428,559 4,853,674 6,190,764
Financial investments 4 654,791 642,715 523,456 380,974 Payroll and related taxes 673,943 549,940 223,763 183,695
Trade receivables 5 2,531,565 2,397,033 2,077,131 1,702,245 Trade payables 15 7,349,910 7,162,929 4,538,737 3,941,596
Inventory 6 9,368,174 10,455,500 5,686,178 6,205,488 Tax payables 666,196 736,075 179,478 93,023
Recoverable taxes 7 2,194,839 1,376,434 1,201,841 511,925 Labor and civil provisions 19 57,111 61,455 30,220 40,225
Other current assets 8 1,358,695 1,037,925 1,072,267 1,867,765 Dividends and interest on equity payable 17 1,139,975 358,039 6,023 6,059
Total current assets 29,739,027 30,330,629 12,031,399 14,197,850 Contracts liabilities 16 4,352,609 4,347,937 494,405 481,905
Trade payables – forfaiting 15.a 1,504,134 2,905,018 925,472 1,924,285
Non-Current Other payables 17 1,876,975 1,524,447 1,085,803 1,038,720
Long-term realizable asset Total current liabilities 25,947,546 28,074,399 12,337,575 13,900,272
Financial investments 4 26,232 25,257
Deferred taxes assets 18.b 7,353,594 7,100,375 5,196,412 4,885,921 Non-Current
Inventory 6 2,251,878 2,073,526 Borrowings and financing 12 45,038,867 42,495,988 21,646,894 21,285,656
Recoverable taxes 7 3,322,166 3,976,900 2,007,279 2,740,860 Deferred taxes assets 18.b 575,594 589,451
Other non-current assets 8 3,664,363 3,851,362 4,541,091 4,756,511 Provision for tax, social security, labor, civil and environmental risks 19 943,487 812,721 296,141 300,951
16,618,233 17,027,420 11,744,782 12,383,292 Employee benefits 434,456 402,415 400,218 379,160
Provisions for environmental liabilities and decommissioning 20 1,309,640 1,187,609 161,183 111,789
Investments 9 8,810,278 8,292,026 25,514,782 24,855,198 Provision for investment losses 9 11,552,707 11,446,531
Property, plant and equipment 10 34,534,185 33,919,169 10,941,292 10,729,570 Contracts liabilities 16 8,748,729 9,026,766 619,260 738,099
Intangible assets 11 10,900,309 11,006,125 76,557 65,956 Other payables 17 2,363,337 2,249,670 1,128,502 1,193,349
Total non-current assets 70,863,005 70,244,740 48,277,413 48,034,016 Total non-current liabilities 59,414,110 56,764,620 35,804,905 35,455,535
Shareholders’ equity 22
Paid-up capital 22.a 10,240,000 10,240,000 10,240,000 10,240,000
Capital reserves 1,668,742 2,056,970 1,668,742 2,056,970
Legal reserves -
Earnings reserves 22.e -
Net income/(loss) (1,612,643) (202,989) (1,612,643) (202,989)
Other comprehensive income 1,870,233 782,078 1,870,233 782,078
Total shareholders' equity of controlling shareholders 12,166,332 12,876,059 12,166,332 12,876,059
Earnings attributable to the non-controlling interests 3,074,044 2,860,291
Total shareholders' equity 15,240,376 15,736,350 12,166,332 12,876,059
TOTAL ASSETS 100,602,032 100,575,369 60,308,812 62,231,866 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 100,602,032 100,575,369 60,308,812 62,231,866
The Accompanying notes are an integral part of these consolidation financial statement
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Companhia Siderúrgica Nacional S.A.
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Statements of Income
(In thousands of Reais)
Consolidated Parent Company Consolidated Parent Company
Six-month period ended Six-month period ended Three-month period ended Three-month period ended
Notes 06/30/2026 06/30/2025 06/30/2026 06/30/2025 06/30/2026 06/30/2025 06/30/2026 06/30/2025
Net Revenue 24 21,909,941 21,600,915 8,074,820 8,666,001 11,306,169 10,693,286 4,231,602 4,175,677
Costs of goods sold and services rendered 25 (16,456,314) (16,342,573) (7,603,437) (8,048,779) (8,375,246) (7,967,187) (3,907,020) (3,844,781)
Gross profit 5,453,627 5,258,342 471,383 617,222 2,930,923 2,726,099 324,582 330,896
Operating (expenses)/income (4,394,492) (2,727,949) (1,496,023) (280,700) (2,166,132) (1,083,343) (808,887) 193,621
Selling expenses 25 (2,470,292) (2,293,241) (365,715) (414,881) (1,373,352) (1,233,009) (192,579) (209,599)
General and administrative expenses 25 (511,300) (480,923) (198,245) (195,904) (270,337) (263,525) (109,144) (107,690)
Equity in results of affiliated companies 9 161,775 245,227 156,129 741,975 137,998 166,793 (127,782) 652,598
Other operating (expenses)/income, net 26 (1,574,675) (199,012) (1,088,192) (411,890) (660,441) 246,398 (379,382) (141,688)
Other operating income 121,984 143,809 35,472 142,310 115,550 76,794 (1,748) 87,460
Other operating expenses (1,696,659) (342,821) (1,123,664) (554,200) (775,991) 169,604 (377,634) (229,148)
Income before financial income (expenses) 1,059,135 2,530,393 (1,024,640) 336,522 764,791 1,642,756 (484,305) 524,517
Financial income (expenses), net 27 (3,149,827) (3,750,586) (1,272,665) (1,831,827) (1,842,975) (1,900,239) (660,531) (1,047,288)
Financial income 726,197 825,975 505,558 430,447 398,623 270,918 285,882 182,095
Financial expenses (3,198,525) (3,473,681) (1,412,485) (1,613,441) (1,655,490) (1,773,273) (735,756) (961,547)
Other financial items, net (677,499) (1,102,880) (365,738) (648,833) (586,108) (397,884) (210,657) (267,836)
Income before income taxes (2,090,692) (1,220,193) (2,297,305) (1,495,305) (1,078,184) (257,483) (1,144,836) (522,771)
Income tax and social contribution 18 762,611 358,244 887,651 710,159 305,126 127,114 350,713 356,771
Net income for the exercise (1,328,081) (861,949) (1,409,654) (785,146) (773,058) (130,369) (794,123) (166,000)
Attributable to:
Earnings attributable to the controlling interests (1,409,654) (785,146) (1,409,654) (785,146) (794,123) (166,000) (794,123) (166,000)
Earnings attributable to the non-controlling interests 81,573 (76,803) 21,065 35,631
Loss basic and diluted per share (in R$) 22.g (1.06301) (0.59207) (0.59884) (0.12518)
The Accompanying notes are an integral part of these consolidation financial statement
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Companhia Siderúrgica Nacional S.A.
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Statements of Value Added
(In thousands of Reais)
Consolidated Parent Company
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Revenues
Sales of products and services rendered 24,958,999 24,659,841 9,899,821 10,608,095
Other income/(expenses) (11,373) 94,183 26,048 83,957
Provision for (reversal of) doubtful debts 2,500 2,748 (745) (867)
24,950,126 24,756,772 9,925,124 10,691,185
Raw materials acquired from third parties
Cost of sales and services (11,861,418) (11,238,767) (6,452,685) (6,300,815)
Materials, electric power, outsourcing and other (3,443,194) (2,476,206) (869,329) (666,133)
Impairment/recovery of assets (401,552) (88,858) (328,224) (51,392)
(15,706,164) (13,803,831) (7,650,238) (7,018,340)
Gross value added 9,243,962 10,952,941 2,274,886 3,672,845
Retentions
Depreciation, amortization and depletion (2,277,156) (2,045,784) (673,724) (719,953)
Value added created 6,966,806 8,907,157 1,601,162 2,952,892
Value added received
Equity in results of affiliated companies 161,775 245,227 156,129 741,975
Financial income 726,197 583,216 503,798 187,689
Other and exchange gains 302,464 965,567 15,120 185,581
1,190,436 1,794,010 675,047 1,115,245
Value added for distribution 8,157,242 10,701,167 2,276,209 4,068,137
Value added distributed
Personnel and Charges 2,331,812 2,296,129 842,027 852,628
Salaries and wages 1,837,141 1,804,900 628,030 635,358
Benefits 391,562 375,598 178,384 172,024
Severance payment (FGTS) 103,109 115,631 35,613 45,246
Taxes, fees and contributions 2,972,340 3,962,466 1,049,178 1,793,084
Federal 1,117,280 2,025,923 250,895 890,485
State 1,830,624 1,923,205 798,283 902,599
Municipal 24,436 13,338
Remuneration on third-party capital 4,181,171 5,304,521 1,794,658 2,207,570
Interest 2,826,424 2,574,398 1,320,606 1,242,921
Rental 2,683 5,152 3,075 2,473
Other and exchange losses 1,352,064 2,724,971 470,977 962,176
Interest on equity (1,328,081) (861,949) (1,409,654) (785,145)
Income for the year/Retained earnings (1,409,654) (785,146) (1,409,654) (785,145)
Non-controlling interests 81,573 (76,803) -
8,157,242 10,701,167 2,276,209 4,068,137
The Accompanying notes are an integral part of these consolidation financial statement
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Companhia Siderúrgica Nacional S.A.
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Statements of Cash Flows
(In thousands of Reais)
Consolidated Parent Company
Notes 06/30/2026 06/30/2025 06/30/2026 06/30/2025
Net cash from operating activities (670,993) (1,399,172) (786,158) (545,454)
Cash flow from operating activities 2,101,919 1,504,113 (194,951) 470,529
Earnings attributable to the controlling interests (1,409,654) (785,145) (1,409,654) (785,145)
Earnings attributable to the non-controlling interests 81,573 (76,803)
Adjustments to reconcile the result:
Financial charges in borrowing and financing raised 27 1,801,921 2,024,049 790,901 953,008
Financial charges in borrowing and financing granted (122,172) (202,236) (214,349) (170,350)
Charges on lease liabilities 15 61,497 56,175 1,600 1,743
Equity in results of affiliated companies 9 (161,775) (245,227) (156,129) (741,975)
Deferred taxes assets 19.b (978,121) (649,190) (887,651) (710,159)
Provision for tax, social security, labor, civil and environmental risks 142,110 (518,536) (14,815) (13,767)
Exchange, Monetary and Cash Flow Hedge 289,511 (406,143) 989,035 1,025,614
Write-off of property, plant and equipment right to use and Intangible assets 10, 11, 12 and 15 80,840 20,429 90,850 (12,498)
Provision for environmental liabilities and decommissioning of assets 122,031 54,948 49,394 (4,948)
Updated shares – Fair value through profit or loss 27 (127,464) 191,986 (127,464) 191,986
Depreciation, amortization and depletion 9,10 e 11 2,277,156 2,045,784 673,724 719,953
Accrued/(reversal) for consumption and services (23,018) (53,264) (3,503) (618)
Gain on bond buyback (13,753) (7,454)
Other provisions 81,237 47,286 30,564 17,685
Changes in assets and liabilities (2,772,912) (2,903,285) (591,207) (1,015,983)
Trade receivables - third parties (165,120) 715,658 (217,891) 66,543
Trade receivables - related party (11,740) 4,924 (194,290) (220,174)
Inventory 737,503 (401,411) 519,310 (229,045)
Dividends and receivables - related parties 21,518 25,106 798,727 777,379
Recoverable taxes (163,671) (832,514) 43,665 (400,607)
Judicial deposits (191,771) 57,360 (797) (8,452)
Trade payables 293,064 (246,422) 596,962 208,786
Trade payables – Forfaiting and Drawee risk (1,397,169) (151,175) (998,812) 752
Payroll and related taxes 126,125 53,247 40,067 26,268
Tax payables (69,344) 120,253 84,950 (23,016)
Payables to related parties (50,470) (6,651) (11,203) 26,276
Costumers advances under mineral and energy contracts (261,772) (303,796) (118,839) (179,249)
Assignment of receivables 238,698
Interest paid 13.a (2,039,163) (2,168,480) (929,594) (989,286)
Interest received 687
Receipts/(Payments) from hedging operations, cash flow and derivatives (227,031) (45,707) (159,305) (38,913)
Other liabilities 387,431 276,323 (44,157) (33,932)
Net cash investment activities (2,492,568) (2,744,733) (1,049,218) (1,944,511)
Investments / AFAC / Acquisitions of Shares (519,025) (23,600) (635,817) (58,600)
Purchase of property, plant and equipment, intangible assets and investment property 9,10 and 11 (2,503,969) (2,457,970) (859,406) (1,033,563)
Intercompany loans granted (6,836) (39,015) (566,390)
Intercompany loans received 543,783 3,279 498,192 2,592
Cash received from the acquisition of Gramperfil 13,261
Gramperfil investment acquisition (35,948)
Cash received from the acquisition of Grupo Estrela 87,046
Cash paid in acquisition of Grupo Estrela (37,169) (300,000) (37,169) (300,000)
Cash paid in acquisition of Galvacolor investment (71,765)
Cash paid in acquisition of Global Dot investment (12,000)
Financial Investments, net of redemption 114,413 8,214 (15,018) 11,450
Net cash used in financing activities 2,300,200 (856,116) (223,551) (1,088,580)
Borrowings and financing raised 13.a 8,742,227 6,457,284 724,800 1,060,044
Transactions cost - Borrowings and financing (175,528) (84,528) (17,106) (8,816)
Borrowings and financing – related parties 13.a 3,150,770
Amortization of borrowings and financing 13.a (6,644,271) (8,077,655) (3,482,574) (1,784,013)
Amortization of borrowings and financing - related parties 13.a (542,913) (349,221)
Amortization of leases 15 (185,397) (177,067) (6,551) (6,574)
Amortization advance iron ore payments 42,611
Repurchase of Treasury Shares (128,521)
Gain on bond buyback (80,950) (49,977)
Dividend anticipation 772,640 983,239
Exchange Variation on Cash and Equivalents 73,302 (4,967)
Increase (decrease) in cash and cash equivalents (790,059) (5,004,988) (2,058,927) (3,578,545)
Cash and equivalents at the beginning of the year 14,421,022 23,310,197 3,529,453 5,666,618
Cash and equivalents at the end of the year 13,630,963 18,305,209 1,470,526 2,088,073
The Accompanying notes are an integral part of these consolidation financial statement
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Companhia Siderúrgica Nacional S.A.
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Statements of Changes in Equity
(In thousands of Reais)
Paid-up capital Treasury shares Capital transactions Reserves Retained earnings Other comprehensive income Total Shareholders' Equity Parent Company Non-controlling interest Total Consolidated Shareholders' Equity
Capital Legal Statutory
Balances on December 31, 2024 10,240,000 (223,830) 2,248,080 32,720 1,158,925 640,460 (1,824,917) 12,271,438 3,187,678 15,459,116
Adjusted opening balances 10,240,000 (223,830) 2,248,080 32,720 1,158,925 640,460 (1,824,917) 12,271,438 3,187,678 15,459,116
Total comprehensive income (2,002,374) 2,606,995 604,621 653,088 1,257,709
Net loss (2,002,374) 495,648 495,648
Other comprehensive income 2,606,995 2,606,995 157,440 2,764,435
Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes 50,887 50,887 73 50,960
Cumulative translation adjustments for the year 20,019 20,019 20,019
(Loss)/gain cash flow hedge accounting, net of taxes 2,479,943 2,479,943 2,479,943
Cash flow hedge reclassified to income upon realization, net of taxes (321,341) (321,341) (321,341)
(Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes 350,435 350,435 157,367 507,802
Gain on the percentage change in investments 27,052 27,052 27,052
Allocation of profit/(loss) for the year (1,158,925) (640,460) 1,799,385 (1,052,242) (1,052,242)
Dividends approved of subsidiary (787,905) (787,905)
Interest on equity approved of subsidiary (264,337) (264,337)
Absorption of the loss of the year (1,158,925) (640,460) 1,799,385 -
Capital transactions 71,767 71,767
Constitution of subsidiaries in foreign operations 1,170 1,170
Acquisition of stakes in subsidiaries 70,597 70,597
Balances on December 31, 2025 10,240,000 (223,830) 2,248,080 32,720 - - (202,989) 782,078 12,876,059 2,860,291 15,736,350
Adjusted opening balances 10,240,000 (223,830) 2,248,080 32,720 (202,989) 782,078 12,876,059 2,860,291 15,736,350
Total comprehensive income (1,409,654) 1,088,155 (321,499) 141,599 (179,900)
Net loss (1,409,654) (1,409,654) 81,573 (1,328,081)
Other comprehensive income 1,088,155 1,088,155 60,026 1,148,181
Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes (6,132) (6,132) (9) (6,141)
Cumulative translation adjustments for the year (302,301) (302,301) (302,301)
(Loss)/gain cash flow hedge accounting, net of taxes 1,463,203 1,463,203 1,463,203
Cash flow hedge reclassified to income upon realization, net of taxes (342,833) (342,833) (342,833)
(Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes 240,977 240,977 104,808 345,785
Gain on the percentage change in investments 35,241 35,241 (44,773) (9,532)
Capital transactions - (89,566) (298,662) - (388,228) 72,154 (316,074)
Effect of treasury shares acquired by parent companies (89,566) (89,566) (38,955) (128,521)
Grupo Estrela business combination 111,109 111,109
Contractual share option liability (298,662) (298,662) (298,662)
Balances as of June 30, 2026 10,240,000 (313,396) 1,949,418 32,720 - - (1,612,643) 1,870,233 12,849,761 3,074,044 15,240,376
The Accompanying notes are an integral part of these consolidation financial statement
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(In thousands of Reais, unless stated otherwise)

1. DESCRIPTIO OF BUSINESS

Companhia Siderúrgica Nacional (“CSN”, “the Company” or “Parent Company”) is a publicly-held corporation, headquartered in the State capital of São Paulo. Founded on April 9, 1941 during the Getúlio Vargas government, the Company was privatized in 1993.

CSN, together with its subsidiaries, controlled entities, jointly controlled entities and affiliates (referred to as “the Group” or “CSN Group”), operates across five main business segments:

(i) Steel industry: production and commercialization of flat<br>and long steels;
(ii) Mining: extraction, processing and commercialization<br>of iron ore, tin, limestone and dolomite;
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(iii) Cement: production and commercialization of bagged and<br>bulk cement, in addition to aggregates, concrete, and other related products;
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(iv) Energy: generation and sale of energy that is nearly<br>renewably-sourced in entirety; and
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(v) Logistics: holding of participations in railways, port<br>concessions and fleets of road transport vehicles.
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CSN is listed on B3 S.A. – Brasil, Bolsa, Balcão stock exchange (B3) and the NYSE - United States stock exchange under the codes CSNA3 and SID, respectively. Additionally, its subsidiaries CSN Mineração S.A., FTL - Ferrovia Transnordestina Logística S.A., and Companhia Estadual de Geração de Energia Elétrica – CEEE-G, are publicly traded companies. with CSN Mineração S.A. trading common shares on B3 under the ticker CMIN3.

CSN Group maintains significantly diverse business areas and is one of Brazil’s largest steel producers. The company is also the second largest exporter of iron ore and a pioneer in the preparation of tailings piles as part of the dam decommissioning process. It is also Brazil’s second largest player in Brazil’s cement sector.

· Going concern:

Management understands that the Company has adequate resources to continue as a going concern. Accordingly, these financial statements for the period ended June 30, 2026 were prepared based on the company’s presumed capacity to continue as a going concern.

2. BASIS OF PREPARATION AND DECLARATION OF CONFORMITY
2.a) Declaration of conformity
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These individual and consolidated financial statements ("financial statements") were prepared and are presented in accordance with accounting policies adopted in Brazil issued by the Accounting Pronouncements Committee ("CPC”) and approved by the Brazilian Securities and Exchange Commission ("CVM") and the Federal Accounting Council ("CFC”). They are also prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB”), which are currently referred to as IFRS Accounting Standards. All relevant information specific to the financial statements is presented herein, and this information is exclusively used by the Company's management in its administration. The consolidated interim financial statements and the Parent Company’s individual financial statements are identified as “Consolidated" and "Parent Company,” respectively.

(In thousands of Reais, unless stated otherwise)

2.b) Basis of presentation

The individual and consolidated interim financial information was prepared on a historical cost basis and adjusted to reflect: (i) the fair value measurement of certain financial assets and liabilities (including derivative instruments), as well as pension plan assets; and (ii) impairment losses. Whenever IFRS and CPCs allowed for a choice to be made between the acquisition cost or another measurement criterion, the acquisition cost criterion was used.

The preparation of this financial information requires that management to use certain accounting estimates, judgments and assumptions that affect the application of accounting policies; as a result, the reported amounts of assets, liabilities, revenue and expenses as of the balance sheet date may differ from actual future results. The assumptions used are based on historical data and other factors considered relevant and are reviewed by the Company's management.

Interim financial information has been prepared and is presented in accordance with CPC 21 (R1) - "Interim Financial Reporting" and IAS 34 - "Interim Financial Reporting" in accordance with the standards established by the CVM. This interim financial information does not include requirements for annual or complete financial statements and therefore must be read together with the Company's annual financial statements for the year ended December 31, 2025.

Given the above context, this interim financial information was not repeated, whether due to redundancy or relevance in relation to information previously presented in annual financial statements under the following explanatory notes:

Note 2.d - Material accounting policies;

Note 2.f Adoption of new requirements, standards, amendments and interpretations

Note 3 - Business combination ^(1)^

Note 10.b - Additional information on direct and indirect subsidiaries

Note 10.c - Main occurrences at subsidiaries in 2025 and 2024

Note 12.a - Assets with indefinite useful lives

Note 13 - Impairment of assets

Note 21 - Taxes paid in installments

Note 24.a) - Transactions with Parent Companies

Note 24.c - Other unconsolidated related parties

Note 32 - Employee benefits

Note 33 - Commitments

Note 34 - Insurance

(1) must be read together with 1 ITR 2026

These individual and consolidated financial statements were approved by management on August 12, 2026.

(In thousands of Reais, unless stated otherwise)

2.c) Functional Currency and presentation currency

The accounting records included in the financial information of each of the Company's subsidiaries are measured using the currency within the main economic environment in which each subsidiary operates ("functional currency"). The Parent Company and consolidated financial statements are presented in R$ (Reais), which is the Company's functional currency and the Group's presentation currency.

Transactions in foreign currencies are translated into the functional currency using the exchange rates prevailing on the respective transaction or valuation dates, through which items are remeasured. The balances of asset and liability accounts are translated at the exchange rate on the balance sheet date. As of June 30, 2026, US$1 is equivalent to R$5.1766 (R$5.5024 as of December 31, 2025) and €1 is equivalent to R$5.9106 (R$6.4692 as of December 31, 2025), according to rates available on the Central Bank of Brazil’s website.

2.d) Value added statement

According to Federal Law 11.638/07, the presentation of the value-added statement is required for all publicly-held companies. These statements were prepared in accordance with CPC 09 (R1) – Statement of Value Added. IFRS does not require the presentation of this statement; as a result, it is presented as additional information.

3. CASH AND CASH EQUIVALENTS
Consolidated Parent Company
--- --- --- --- ---
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Cash and banks
In Brazil 1,169,923 1,178,037 30,210 308,969
Abroad 4,367,762 5,626,095 134,716 61,089
5,537,685 6,804,132 164,926 370,058
Financial investments
In Brazil 3,911,252 5,509,312 1,304,253 3,159,395
Abroad 4,182,026 2,107,578 1,347
8,093,278 7,616,890 1,305,600 3,159,395
13,630,963 14,421,022 1,470,526 3,529,453

The financial resources available in the country are primarily invested in private and public securities with income linked to the variation of Interbank Deposit Certificates (CDI) and repurchase and resale agreements backed by fixed income securities. The Company applies part of the resources through exclusive investment funds, whose financial statements were consolidated in the Company.

Financial resources available abroad are held in dollars and euros and are invested in TD (Time Deposit) transactions at pre-fixed rates, as well as in accounts subject to automatic remuneration and daily liquidity. Yields are pegged to FED Funds and the ECB’s deposit rate. Management considers bank counterparties to be first-rate.

(In thousands of Reais, unless stated otherwise)

4. FINANCIAL INVESTMENTS
Consolidated Parent Company
--- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025
Investments ^(1)^ 154,930 270,318 26,232 25,257 23,595 8,577
Usiminas shares 499,861 372,397 499,861 372,397 -
654,791 642,715 26,232 25,257 523,456 380,974 - -

(1) Financial investments are restricted and linked to a Bank Deposit Certificate (CDB) used to secure a letter of guarantee with financial institutions and financial investments in public securities (LFT - Financial Treasury Bills) in the amount of R$28,456 managed by the Company’s exclusive funds. A restricted investment has been made in the Parent Company in the amount of R$14,423, which is secured through a letter of guarantee and matures on June 15, 2027. The subsidiary CSN Cimentos Brasil maintains financial investments with restricted availability as a guarantee for liability, for which the redemption term is indefinite. The investment balance totaled R$4,008 as of June 30, 2026 (R$3,649 as of December 31, 2025). The subsidiaries Estanho de Rondônia S.A. and Elizabeth Cimentos S.A. hold investments linked to financing agreements that will mature in 2028 and 2030, respectively, in the amount of R$22,224 (R$21,214 on December 31, 2025). An investment in the amount of R$112,051 made by CSN Steel S.L.U. linked to the acquisition of Galvacolor and for which the redemption term is projected for November 2026 is also recorded in the consolidated.

5. ACCOUNTS RECEIVABLE
Consolidated Parent Company
--- --- --- --- --- ---
Ref. 06/30/2026 12/31/2025 06/30/2026 12/31/2025
Trade receivables
Third parties
In Brazil 1,507,879 1,241,180 833,688 615,807
Abroad 1,167,987 1,304,707 23,658 9,829
2,675,866 2,545,887 857,346 625,636
(-) Estimated losses with doubtful liquidation credits (239,601) (246,153) (108,564) (109,746)
2,436,265 2,299,734 748,782 515,890
Related parties 21.a 95,300 97,299 1,328,349 1,186,355
2,531,565 2,397,033 2,077,131 1,702,245

The composition of the gross balance of accounts receivables from third party customers is shown below:

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Current 2,154,571 1,928,230 728,872 485,412
Past-due up to 30 days 217,568 322,295 4,319 9,253
Past-due up to 180 days 83,145 71,947 9,221 16,870
Past-due over 180 days 220,582 223,415 114,934 114,101
2,675,866 2,545,887 857,346 625,636

Changes in the expected credit losses for receivables from the Company's customers are as follows:

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Opening balance (246,153) (212,088) (109,746) (95,617)
(Loss)/Reversal estimated 2,501 (32,660) (744) (18,923)
Recovery of receivables 4,051 6,164 1,926 4,794
Acquisition of stakes in subsidiaries (7,569)
Closing balance (239,601) (246,153) (108,564) (109,746)
---

(In thousands of Reais, unless stated otherwise)

The Company carries out credit assignment operations without co-obligation. After assigning the customer's trade notes/securities and receiving funds through the closing of each transaction, CSN settles the related receivables and fully discharges the transaction credit risk. Financial charges on the credit assignment operation performed during the period ended June 30, 2026 totaled R$42,599 (R$25,828 on June 30, 2025) in the consolidated and R$37,224 (R$20,293 on June 30, 2025) in the parent company, respectively. These charges were classified under profit or loss.

6. INVENTORIES
Consolidated Parent Company
--- --- --- --- ---
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Finished goods 2,848,694 3,565,541 1,557,588 1,932,948
Work in progress 4,815,848 4,515,197 2,199,240 2,035,686
Raw materials 2,171,504 2,804,157 1,127,457 1,502,000
Storeroom supplies 1,751,330 1,649,866 732,006 700,716
Advances to suppliers 159,815 99,325 106,934 60,045
(-) Provision for losses (127,139) (105,060) (37,047) (25,907)
11,620,052 12,529,026 5,686,178 6,205,488
Classified:
Current 9,368,174 10,455,500 5,686,178 6,205,488
Non-current ^(1)^ 2,251,878 2,073,526
11,620,052 12,529,026 5,686,178 6,205,488

(1) Long-term inventories of iron ore that will be processed when implementing new processing plants, which will generate Pellet Feed as a final product.

The changes in expected losses on inventories are as follows:

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Opening balance (105,060) (149,927) (25,907) (36,835)
Reversal/(Provision for losses) on inventories with low turnover and obsolescence (22,079) 44,867 (11,140) 10,928
Closing balance (127,139) (105,060) (37,047) (25,907)
7. RECOVERABLE TAXES
--- ---
Consolidated Parent Company
--- --- --- --- ---
06/30/2026 12/31/2025 06/30/2026 12/31/2025
ICMS (Brazilian State Value-Added Tax) 2,391,794 2,323,633 1,573,083 1,570,468
Brazilian federal taxes ^(1)^ 2,972,421 2,846,259 1,603,922 1,652,207
Other taxes 152,790 183,442 32,115 30,110
5,517,005 5,353,334 3,209,120 3,252,785
Classified:
Current 2,194,839 1,376,434 1,201,841 511,925
Non-current 3,322,166 3,976,900 2,007,279 2,740,860
5,517,005 5,353,334 3,209,120 3,252,785

(1) The Brazilian federal tax balance mainly refers to PIS and COFINS, IRPJ and CSLL and IPI.

(In thousands of Reais, unless stated otherwise)

Accumulated tax credits essentially derive from ICMS, PIS and COFINS on purchases of inputs and fixed assets used in production. These amounts are offset against taxes owed for sales operations and other cash payments subject to taxation.

Due to the fact that the subsidiary’s mining activities predominantly involve exporting, the balance of ICMS, PIS and COFINS credits were increased during the related period. Additionally, the Company recognized a PIS and COFINS tax credit in the amount of R$94,173 resulting from a favorable court ruling for the exclusion of PIS and COFINS from its tax bases. This credit was recognized after a final and unappealable ruling was handed down during proceedings and the Brazilian Federal Revenue Service’s subsequently approval of the credit. Management then concluded that the requirements for recognizing the asset were met.

8. OTHER CURRENT AND NON-CURRENT ASSETS
Consolidated Parent Company
--- --- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
Ref. 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025
Judicial deposits 19 810,747 621,012 227,590 226,793
Derivative transactions 13.a 218,583 494
Dividends receivable 21.a 232,346 76,026 391,895 1,167,342
Prepaid expenses 477,238 493,924 9,043 14,732 238,349 259,173 7,653 13,093
Actuarial asset 21.a 56,565 53,328 43,683 41,138
Receivables from related parties 21.a 3,977 5,978 1,718,505 2,137,882 149,303 177,324 3,215,238 3,474,388
Loans with related parties 1,600 4,147 1,718,505 2,137,882 1,600 4,147 3,215,238 3,474,388
Other receivables from related parties 2,377 1,831 147,703 173,177
Other assets 426,551 461,503 1,069,502 1,024,408 292,720 263,926 1,046,927 1,001,099
Trading securities 4,200 2,598 3,994 2,408
Compulsory loans from Eletrobrás 3,217 3,787 678
Employee debts 124,939 120,327 59,675 64,047
Receivables by indemnity ^(1)^ 774,965 779,827 774,965 779,827
Receivables - Usiminas Shares ^(2)^ 216,331 192,911 150,578 150,578 216,331 192,911 150,578 150,578
Advances to suppliers 1,148 2,820
Others 79,933 142,847 140,742 90,216 12,720 4,560 121,384 70,016
1,358,695 1,037,925 3,664,362 3,851,362 1,072,267 1,867,765 4,541,091 4,756,511

(1) Non-current assets comprise a liquidated and certain credit, arising from the final and unappealable ruling handed down in favor of the Company, mainly due to losses and damages resulting from a decrease in energy supply voltage during the periods between January 1991 and June 2002.

(2) In July 2026, a contractual amendment was signed with the counterparty extending the deadline for receiving amounts related to the sale of Usiminas' shares by 1 year. These amounts will now mature in July 2027.

(In thousands of Reais, unless stated otherwise)

9. BASIS OF CONSOLIDATION AND INVESTMENTS

Accounting policies have been consistently applied to all consolidated companies. The consolidated financial statements for the periods ended June 30, 2026 and December 31, 2025 include the following direct and indirect subsidiaries and jointly-controlled entities, associates, as well as exclusive investment funds, as presented below:

Equity interests (%)
Companies 06/30/2026 12/31/2025 Core business
Direct interest in subsidiaries
CSN Islands VII Corp. 100.00 100.00 Financial transactions
CSN Inova Ventures 100.00 100.00 Equity interests and financial transactions
CSN Islands XII Corp. 100.00 100.00 Financial transactions
CSN Steel S.L.U. 100.00 100.00 Equity interests and financial transactions
TdBB S.A ^(*)^ 100.00 100.00 Equity interests
Sepetiba Tecon S.A. 99.99 99.99 Port services
Minérios Nacional S.A. 99.99 99.99 Mining and Equity interests
Companhia Florestal do Brasil 99.99 99.99 Reforestation
Estanho de Rondônia S.A. 99.99 99.99 Tin Mining
Companhia Metalúrgica Prada 99.89 99.89 Manufacture of containers and distribution of steel products
CSN Mineração S.A.^(2)^ 69.69 69.01 Mining
CSN Energia S.A. 99.99 99.99 Sale of electric power
FTL - Ferrovia Transnordestina Logística S.A. 92.71 92.71 Railroad logistics
Nordeste Logística S.A. 99.99 99.99 Port services
CSN Inova Ltd. 100.00 100.00 Advisory and implementation of new development project
CBSI - Companhia Brasileira de Serviços de Infraestrutura 99.99 99.99 Equity interests and product sales and iron ore
CSN Cimentos Brasil S.A. 99.99 99.99 Cement manufacturing
Berkeley Participações e Empreendimentos S.A. 100.00 100.00 Electric power generation and equity interests
CSN Inova Soluções S.A. 99.99 99.99 Equity interests
CSN Participações I S.A. 99.90 99.90 Equity interests
Circula Mais Serviços de Intermediação Comercial S.A. 0.10 0.10 Commercial intermediation for the purchase and sale of assets and materials in general
CSN Participações III S.A. 99.90 99.90 Equity interests
CSN Participações IV S.A. 99.90 99.90 Equity interests
CSN Participações V S.A. 99.90 99.90 Equity interests
CSN Incorporação e Participações Ltda. 99.99 99.99 Equity interests
Estrela Comércio e Participações S.A. 70.00 70.00 Equity interests
GaussFleet LLC. ^(3)^ 100.00 100.00 Activities involving information, digital services and equity interests
Indirect interest in subsidiaries
Lusosider Projectos Siderúrgicos S.A. 100.00 100.00 Equity interests and product sales
Lusosider Aços Planos, S. A. 100.00 100.00 Steel and Equity interests
CSN Resources S.A. 100.00 100.00 Financial transactions and Equity interests
Companhia Brasileira de Latas 99.89 99.89 Sale of cans and containers in general and Equity interests
Companhia de Embalagens Metálicas - MMSA 99.88 99.88 Production and sale of cans and related activities
Companhia de Embalagens Metálicas - MTM 99.88 99.88 Production and sale of cans and related activities
CSN Productos Siderúrgicos S.L. ^(1)^ - 100.00 Financial transactions, product sales and Equity interests
Stalhwerk Thüringen GmbH 100.00 100.00 Production and sale of long steel and related activities
CSN Steel Sections Polska Sp.Z.o.o 100.00 100.00 Financial transactions, product sales and Equity interests
CSN Mining Holding, S.L.U. ^(2)^ 69.01 69.01 Financial transactions, product sales and Equity interests
CSN Mining GmbH ^(2)^ 69.01 69.01 Financial transactions, product sales and Equity interests
CSN Mining Asia Limited ^(2)^ 69.01 69.01 Commercial representation
Lusosider Ibérica S.A. 100.00 100.00 Steel, commercial and industrial activities and equity interests
Companhia Siderúrgica Nacional, LLC 100.00 100.00 Import and distribution/resale of products
Elizabeth Cimentos S.A. 99.99 99.99 Cement manufacturing
Santa Ana Energética S.A. 99.99 99.99 Electric power generation
Topázio Energética S.A. 99.99 99.99 Electric power generation
Brasil Central Energia Ltda. 99.99 99.99 Electric power generation
Circula Mais Serviços de Intermediação Comercial S.A. 0.10 0.10 Commercial intermediation for the purchase and sale of assets and materials in general
Metalgráfica Iguaçu S.A 99.89 99.89 Metal packaging manufacturing
Companhia Energética Chapecó - CEC ^(2)^ 69.69 69.01 Electric power generation
Companhia Estadual de Geração de Energia Elétrica - CEEE-G 100.00 100.00 Electric power generation
Ventos de Vera Cruz S.A. 99.99 99.99 Electric power generation
Ventos de Curupira S.A. 99.99 99.99 Electric power generation
Ventos de Povo Novo S.A. 99.99 99.99 Electric power generation
MAZET Maschinenbau und Zerspanungstechnik Unterwellwnborn GmbH 100.00 100.00 Production and sale of long steel and related activities
CSN ITC Solutions AG ^(2)^ 55.21 55.21 Financial transactions, product sales and Equity interests
CSN Mining International GmbH ^(2)^ 69.01 69.01 Commercial and representation of products
Gramperfil S.A. 90.00 90.00 Manufacturing and sale of metal profile
CSN International Steel GmbH 100.00 100.00 Commercial and representation of products
Tora Transportes Ltda 70.00 70.00 Road transport
Tora Locações S.A. 70.00 70.00 Road transport and automobile rental
FJX Transportes S.A. 42.00 42.00 Road transport and logistic
N. Minas Transportes e Locações Ltda. 70.00 70.00 Road transport and logistic
Saratoga Transportes Ltda 70.00 70.00 Road transport
Lokamig Rent a Car S.A. 70.00 70.00 Automobile rental
Seminovos Lokamig Ltda. 70.00 70.00 Automobile rental
Tora Logística Armazéns e Terminais Multimodais S.A. 70.00 70.00 Logistics
Tora Recintos Alfandegários S.A. 70.00 70.00 General storage operations and road transport
Tora Seminovos Comércio de Veículos Ltda. 70.00 70.00 Commercial and automobile rental
CSN Captive Insurance Company, LLC 100.00 100.00 Captive Insurance Company
GaussFleet S.A. ^(4)^ 80.00 80.00 Information service provision
Galvacolor Jerez S.L.U. 100.00 100.00 Transformation and commercialization of steel products
Direct interest in joint operations
Itá Energética S.A. 48.75 48.75 Electric power generation
Direct interest in joint ventures: equity method
MRS Logística S.A. 7.59 7.59 Railroad transportation
Aceros Del Orinoco S.A. ^(*)^ 31.82 31.82 Dormant company
Transnordestina Logística S.A. ^(5)^ 37.49 33.89 Railroad logistics
Equibras S.A 50.00 50.00 Rental of commercial and industrial machinery and equipment
Indirect interest in joint ventures: equity method
MRS Logística S.A. 20.84 20.64 Railroad transportation
Direct interest in associates: equity method
Arvedi Metalfer do Brasil S.A. 20.00 20.00 Metallurgy and Equity interests
Panatlântica S.A. 29.92 29.92 Steel
Indirect interest in affiliates: equity method
Jaguari Energética S.A. 10.50 10.50 Electric power generation
Chapecoense Geração S.A. 9.00 9.00 Electric power generation
Companhia Energética Rio das Antas - Ceran 30.00 30.00 Electric power generation
Foz Chapecó Energia S.A. 9.00 9.00 Electric power generation
Exclusive Funds
Diplic II - Private credit balanced mutual fund 100.00 100.00 Investment fund
Caixa Vértice - Fundo de investimento multimercado crédito privado Longo Prazo 100.00 100.00 Investment fund
VR1 - Private credit balanced mutual fund 100.00 100.00 Investment fund
Consortiuns
Consórcio Itaúba 99.99 99.99 Electric power generation
Consórcio Passo Real ^(2)^ 99.63 96.55 Electric power generation
Consórcio da Usina Hidrelétrica de Igarapava 17.92 17.92 Electric power generation
Consórcio Dona Francisca 15.00 15.00 Electric power generation
---

(In thousands of Reais, unless stated otherwise)

(*) Dormant companies.

(1) CSN Productos Siderúrgicos S.L.U. was merged into CSN Steel S.L.U. pursuant to the Merger Record dated March 3, 2026. Its receivables, duties and obligations were subsequently transferred to CSN Steel S.L.U.

(2) On March 27, 2026, the CSN Mineração S.A.’s ("CMIN") Board of Director approved the cancellation of 53,294,297 common, registered, book-entry shares with no par value issued by CMIN held in treasury, without reducing its share capital. As a result of this resolution, Companhia Siderúrgica Nacional's direct shareholding in CMIN increased from 69.01% to 69.69%.

(3) On January 20, 2026, GaussFleet LLC, which is located in the United States, was incorporated as a limited liability company. Its corporate purpose is to provide information services.

(4) On April 2, 2026, Global Dot Com S.A. changed its trade name to "GaussFleet S.A.", and there were no changes in the Company's participation in this company.

(5) On June 30, 2026, Transnordestina Logística S.A.’s share capital ("TLSA”) was increased through the issuance of new shares and partial capitalization of credits arising from AFACs held by CSN against TLSA. This increase resulted in CSN’s participation in TLSA increasing to 37.49% of TLSA's share capital.

9.a) Changes in investments in controlled companies, Joint- Vemture, Joint-operations, Affiliates, and Other Investments

The positions presented on June 30, 2026 and December 31, 2025 refer to the interest held by CSN in the following companies:

(In thousands of Reais, unless stated otherwise)

Consolidated
Companies Final balance on 12/31/2025 Capital increase and (Decrease)/acquisition of shares Dividends Equity Income Comprehensive income Others Final balance on 06/30/2026
Investments under the equity method
Joint-venture, Joint-operation and Affiliate
MRS Logistica 3,382,093 (138,556) 189,211 8 3,432,756
Fair Value MRS 480,622 480,622
Fair Value MRS amortization (117,464) (5,873) (123,337)
Transnordestina Logística S.A. ^(1)^ 2,916,482 495,425 3,715 241 3,415,863
Fair Value -Transnordestina 659,106 659,106
Arvedi Metalfer do Brasil S.A. 34,601 (3,865) 30,736
Panatlântica S.A. 219,555 (3,539) 5,934 221,950
Equibras S.A. 39,054 2,463 41,517
Indirect interest in affiliates - CEEE-G 144,250 (35,627) 32,022 140,645
Fair Value indirect participation CEEE-G 319,709 319,709
Fair Value amortization indirect participation CEEE-G (60,941) (8,659) (69,600)
8,017,067 495,425 (177,722) 214,948 249 8,549,967
Other participations
GaussFleet S.A. ^(2)^ 11,728 (11,728)
Others 43,706 (930) 42,776
55,434 (12,658) 42,776
Total shareholdings 8,072,501 495,425 (177,722) 214,948 249 (12,658) 8,592,743
Classification of investments in the balance sheet
Equity interests 8,072,501 8,592,743
Investment Property 219,525 217,535
Total investments in the asset 8,292,026 8,810,278

(1) CSN provided an AFAC payment in June 2026.

(2) In June 2026 the company changed its trade name from Global Dot to GaussFleet S.A.

Consolidated
Companies Final balance on 12/31/2024 Capital increase and (Decrease)/acquisition of shares Write-offs Transfers Dividends Equity Income Comprehensive income Final balance on 12/31/2025
Investments under the equity method
Joint-venture, Joint-operation and Affiliate
MRS Logistica 2,799,168 583,027 (102) 3,382,093
Fair Value MRS 480,622 480,622
Fair Value MRS amortization (105,719) (11,745) (117,464)
Transnordestina Logística S.A. ^(1)^ 1,137,345 1,792,580 (18,129) 4,686 2,916,482
Fair Value -Transnordestina 659,106 659,106
Arvedi Metalfer do Brasil S.A. 35,257 (656) 34,601
Panatlântica S.A. 225,764 (19,477) 13,268 219,555
Equibras S.A. ^(2)^ 31,733 (2,187) 9,508 39,054
Indirect interest in affiliates - CEEE-G 146,753 (44,846) 42,343 144,250
Fair Value indirect participation CEEE-G 319,709 319,709
Fair Value amortization indirect participation CEEE-G (42,523) (18,418) (60,941)
5,687,215 1,792,580 (66,510) 599,198 4,584 8,017,067
Other participations
Global Dot ^(3)^ 1,685 10,043 11,728
Others ^(4)^ 58,796 (9) (5,038) (10,043) 43,706
58,796 1,676 (5,038) 55,434
Total shareholdings 5,746,011 1,794,256 (5,038) (66,510) 599,198 4,584 8,072,501
Classification of investments in the balance sheet
Equity interests 5,746,011 8,072,501
Investment Property 202,040 219,525
Total investments in the asset 5,948,051 8,292,026

(1) AFACs pain in by CSN on October 17, 2025.

(2) In December 2025 Equimac S.A. changed its trade name to "Equibras S.A.” There were no changes in the Company's participation in this company.

(3) On December 5, 2025, the Company acquired control of Global Dot Com S.A. (“Global Dot”) and came to indirectly hold 80% of the company’s share capital through the subsidiaries CSN Inova Ventures (2.51%) and CSN Inova Soluções S.A. (77.49%). The Company acquired control through the conversion of a loan into shares, as well as the purchase of an additional interest totaling R$49.9 million. The Company previously held an investment in Global Dot, which was controlled at fair value. Global Dot is located in the municipality of Barueri in the State of São Paulo and was constituted as a corporation. Its purpose is to provide information services, particularly fleet management services via integrated software.

(In thousands of Reais, unless stated otherwise)

(4) These strategic investments were made in startups by the subsidiary CSN Inova Ventures, either through the execution of a convertible loan with Alinea Health Holdings Ltda., or through a participation in the following companies: I Systems Automação Industrial S.A., H2Pro Ltda., 1S1 Energy Inc., Traive Inc. and Oico Holdings Limited.

The reconciliation of the equity method results of jointly controlled entities classified as joint ventures and affiliates and the amount presented in the income statement is presented below, as well as profit and loss stemming from the elimination of CSN’s transactions with these companies:

Consolidated
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 6/30/2025
Equity in results of affiliated companies
MRS Logística S.A. 189,211 286,798 160,022 180,801
Transnordestina Logística S.A. 3,715 (15,178) 2,271 (7,845)
Arvedi Metalfer do Brasil S.A. (3,865) 458 (3,865) -
Equibras S.A. 2,463 3,812 3,095 1,268
Indirect interest in affiliates - CEEE-G 32,022 10,508 17,532 12,430
Panatlântica S.A. 5,934 9,406 (1) 5,119
Fair Value Amortization (14,532) (15,172) (9,501) (6,954)
214,948 280,632 169,553 184,819
Reclassification IAS 28 ^(1)^ (49,349) (35,413) (31,548) (17,926)
Others (3,824) 8 (7) (100)
Equity in results 161,775 245,227 137,998 166,793

(1) The operating margin of intercompany operations with group companies classified as joint ventures. which are not consolidated are reclassified under the Investment group’s Income Statement for groups of costs and income tax and social contributions.

(In thousands of Reais, unless stated otherwise)

Changes in the Parent Company's investments as of June 30, 2026 and December 31, 2025 are shown below:

Parent Company
Companies Final balance on 12/31/2025 Capital increase and (Decrease)/acquisition of shares Dividends Equity Income Comprehensive income Final balance on 06/30/2026
Investments under the equity method
Subsidiaries
CSN Steel S.L.U. 4,588,942 109,022 (301,800) 4,396,164
Sepetiba Tecon S.A. 293,089 (5,511) (6,138) 281,440
Minérios Nacional S.A. 67,323 93,900 (72,555) 88,668
Fair Value - Minérios Nacional 2,122,071 2,122,071
Goodwill - Companhia Metalúrgica Prada 63,509 63,509
CSN Mineração S.A. 6,232,504 308,262 196,570 6,737,336
Lucros não realizado CSN Mineração S.A. (2,351,078) (2,351,078)
CSN Energia S.A. 26,240 17,387 43,627
FTL - Ferrovia Transnordestina Logística S.A. 58,759 (33,545) 25,214
Companhia Florestal do Brasil 1,220,610 1,900 (7,602) 47 1,214,955
CBSI - Companhia Brasileira de Serviços de Infraestrutura 153,611 69,129 222,740
Goodwill - CBSI - Companhia Brasileira de Serviços de Infraestrutura 15,225 15,225
CSN Cimentos Brasil S.A. 6,721,411 (61,149) 6,660,262
Estrela Comércio e Participações S.A 138,777 (16,959) (19,041) (1,710) 101,067
Ágio - Estrela Comércio e Participações S.A 596,802 (325,569) 271,233
Fair value Grupo Estrela 276,735 (103,546) 173,189
Nordeste Logística S.A 5,163 3,291 (1,407) 7,047
CSN Captive Insurance Company LLC 4,631 (106) (501) 4,024
Others 31,722 12,001 (370) (8,491) 34,862
19,989,311 45,299 198,968 (122,023) 20,111,555
Joint-venture, Joint-operation and Affiliate
Itá Energética S.A. 178,837 12,610 191,447
MRS Logística S.A. 684,245 (28,014) 37,827 1 694,059
Transnordestina Logística S.A. ^(1)^ 2,916,482 495,425 3,715 241 3,415,863
Fair Value -Transnordestina 659,106 659,106
Equibras S.A. 39,054 2,463 41,517
Panatlântica S.A. 219,555 (3,539) 5,934 221,950
Arvedi Metalfer do Brasil S.A. 34,601 (3,865) 30,736
4,731,880 495,425 (31,553) 58,684 242 5,254,678
Other participations
Profits on subsidiaries' inventories (20,833) 15,653 (5,180)
Other investments 39 39
(20,794) 15,653 (5,141)
Total shareholdings 24,700,397 540,724 (31,553) 273,305 (121,781) 25,361,092
Subsidiaries with unsecured liabilities
CSN Islands VII Corp. (3,010,378) 141,861 (2,868,517)
CSN Inova Ventures (3,468,244) (117,299) (3,585,543)
CSN Islands XII Corp. (4,825,169) 25,561 (4,799,608)
Estanho de Rondônia S.A. (63,682) 11,000 (26,724) (79,406)
Companhia Metalúrgica Prada PPI (65,095) (136,249) (201,344)
Others (13,963) (4,326) (18,289)
Total subsidiaries with unsecured liabilities (11,446,531) 11,000 (117,176) (11,552,707)
Equity Income 156,129
Classification of investments in the balance sheet
Equity interests 24,700,397 25,361,092
Investment Property 154,801 153,690
Total active investments 24,855,198 25,514,782
Provision for Investments with Unsecured Liabilities (liabilities) (11,446,531) (11,552,707)
Total active and passive investments 13,408,667 13,962,075

(1) AFAC payment provided in June 2026.

(2) In April 2026, the process of measuring and preparing the fair value appraisal reports for identifiable assets acquired and liabilities assumed—including separable intangible assets—was completed in accordance with the 12-month measurement period permitted under Brazilian accounting standards. As a result, the amounts recognized did not change from those previously disclosed in the quarter ended March 31, 2026. These impacts are summarized below:

(In thousands of Reais, unless stated otherwise)

DescriptionReferenceR$Total purchase priceA(i) 738,068Participation of Non- Controlling InterestB(ii) 178,058Fair value of net assetsC(iiI) 644,892goodwill^1^= ( A + B - C ) 271,234

Parent Company
Companies Final balance on 12/31/2024 Capital increase and (Decrease)/acquisition of shares Sales of shares Dividends Equity Income Comprehensive income Final balance on 12/31/2025
Investments under the equity method
Subsidiaries
CSN Steel S.L.U. 4,618,406 (49,420) 19,956 4,588,942
Sepetiba Tecon S.A. 302,152 (9,063) 293,089
Minérios Nacional S.A. 90,578 113,754 (137,009) 67,323
Fair Value - Minérios Nacional 2,122,071 2,122,071
Companhia Metalúrgica Prada ^(6)^ 181,686 (181,686)
Goodwill - Companhia Metalúrgica Prada 63,509 63,509
CSN Mineração S.A. ^(1)^ 7,086,794 (2,366,259) 1,138,430 373,539 6,232,504
Lucros não realizado CSN Mineração S.A. ^(1)^ (2,351,078) (2,351,078)
CSN Energia S.A. 20,142 6,098 26,240
FTL - Ferrovia Transnordestina Logística S.A. 100,314 (41,555) 58,759
Companhia Florestal do Brasil 1,246,403 2,700 (28,920) 427 1,220,610
CBSI - Companhia Brasileira de Serviços de Infraestrutura 84,226 (21,345) 90,730 153,611
Goodwill - CBSI - Companhia Brasileira de Serviços de Infraestrutura 15,225 15,225
CSN Cimentos Brasil S.A. 6,612,579 (21,441) 132,829 (2,556) 6,721,411
Estrela Comércio e Participações S.A ^(2)^ 155,691 (16,914) 138,777
Ágio - Estrela Comércio e Participações S.A ^(2)^ 596,802 596,802
NORDESTE LOGÍSTICA S.A 8,072 (2,909) 5,163
CSN Captive Insurance Company LLC ^(3)^ 4,550 16 65 4,631
Others 313 31,483 (74) 31,722
22,544,398 913,052 - (2,409,045) (1,450,525) 391,431 19,989,311
Joint-venture, Joint-operation and Affiliate
Itá Energética S.A. 177,351 (8,332) 9,818 178,837
MRS Logística S.A. ^(1)^ 1,400,002 (998,922) 283,182 (17) 684,245
Transnordestina Logística S.A. ^(4)^ 1,137,345 1,792,580 (18,129) 4,686 2,916,482
Fair Value -Transnordestina 659,106 659,106
Equibras S.A. ^(5)^ 31,733 (2,187) 9,508 39,054
Panatlântica S.A. 225,764 (19,477) 13,268 219,555
Arvedi Metalfer do Brasil S.A. 35,257 (656) 34,601
3,666,558 1,792,580 (998,922) (29,996) 296,991 4,669 4,731,880
Other participations
Profits on subsidiaries' inventories (53,731) 32,898 (20,833)
Other investments 39 39
(53,692) 32,898 (20,794)
Total shareholdings 26,157,264 2,705,632 (998,922) (2,439,041) (1,120,636) 396,100 24,700,397
Subsidiaries with unsecured liabilities
CSN Islands VII Corp. (3,255,338) 244,960 (3,010,378)
CSN Inova Ventures (3,348,913) (119,331) (3,468,244)
CSN Islands XII Corp. (4,803,727) (21,442) (4,825,169)
Estanho de Rondônia S.A. (47,190) 64,500 (80,992) (63,682)
Companhia Metalúrgica Prada PPI ^(6)^ (65,095) (65,095)
Others (3,645) 3,032 (13,350) (13,963)
Total subsidiaries with unsecured liabilities (11,458,813) 67,532 (55,250) (11,446,531)
Equity Income (1,175,886)
Classification of investments in the balance sheet
Equity interests 26,157,265 24,700,397
Investment Property 135,557 154,801
Total active investments 26,292,822 24,855,198
Provision for Investments with Unsecured Liabilities (liabilities) (11,458,813) (11,446,531)
Total active and passive investments 14,834,009 13,408,667
---

(In thousands of Reais, unless stated otherwise)

(1) In December 2025, CSN sold 59.5% of its equity interest in MRS to its subsidiary CSN Mineração and now holds a 7.59% stake in MRS. As of the same date, its subsidiary CMIN came to hold a 29.91% participation in MRS. This transaction was carried out for the total price of R$3,350,000 previously received by CSN, and the book value of MRS's investment was written off in the amount of (R$998,922). A gain of R$2,351,078 subsequently recorded under other operating revenues note 27. As required by CPC 18 and ICPC 09, joint operations, this amount was neutralized in the Parent Company through unrealized profit at CSN Mineração. This sale did not represent a realized gain or loss for the CSN Group. Effective economic realization of the investment will only take place once the sale is made outside CSN’s economic group.

(2) Transaction related to the acquisition of a stake in Grupo Estrela, entered into on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

(3) On August 29, 2025, the Company paid in capital in its subsidiary CSN Captive Insurance Company LLC. which is located in the United States, was incorporated as a limited liability company and its corporate purpose is to operate in the insurance market, providing insurance coverage to companies in which the Company holds an participation, as well as to third parties.

(4) AFACs paid in by CSN on October 17, 2025.

(5) In December 2025 Equimac S.A. changed its trade name to "Equibras S.A.” There were no changes in the Company's participation in this company.

(6) On December 31, 2025, the subsidiary Prada was transferred to the group of Subsidiaries with unsecured liabilities.

9.b) Joint- Ventures and Joint- Operation Financial Information

Balance sheet and income statement balances at companies subject to shared control are shown below and refer to 100% of the companies' profit or loss:

06/30/2026 12/31/2025
Joint-Venture Joint-Operation Joint-Venture Joint-Operation
Equity interest (%) MRS Logística ^(1)^ Transnordestina Logística Equibras S.A. Itá Energética MRS Logística Transnordestina Logística Equibras S.A. Itá Energética
37.49% 37.49% 50.00% 48.75% 37.49% 33.89% 50.00% 48.75%
Balance sheet
Current Assets
Cash and cash equivalents 4,638,115 1,263,717 15,197 172,260 4,131,117 1,740,636 16,678 112,820
Advances to suppliers 52,740 161,002 74 698 37,512 62,240 34 527
Other assets 1,040,488 95,210 23,002 22,514 1,127,557 92,864 36,254 31,004
Total current assets 5,731,343 1,519,929 38,273 195,472 5,296,186 1,895,740 52,966 144,351
Non-current Assets
Other assets 1,110,331 83,951 243 7,732 1,147,003 88,455 259 9,478
Investments, PP&E and intangible assets 18,971,338 16,264,006 118,430 218,266 18,259,793 15,142,520 79,683 233,519
Total non-current assets 20,081,669 16,347,957 118,673 225,998 19,406,796 15,230,975 79,942 242,997
Total Assets 25,813,012 17,867,886 156,946 421,470 24,702,982 17,126,715 132,908 387,348
Current Liabilities
Borrowings and financing 677,993 28,939 25,091 1,013,759 65,418 14,266
Lease liabilities 130,979 270 491,501 337
Other liabilities 1,880,674 222,782 20,176 22,773 1,710,146 176,437 19,979 15,074
Total current liabilities 2,689,646 251,721 45,537 22,773 3,215,406 241,855 34,582 15,074
Non-current Liabilities
Borrowings and financing 9,612,700 7,341,068 29,144 8,572,213 6,877,310 16,447
Lease liabilities 2,659,612 471 2,500,878 333
Other liabilities 1,694,598 1,164,284 2,681 5,986 1,393,766 1,402,711 3,438 5,429
Total non-current liabilities 13,966,910 8,505,352 32,296 5,986 12,466,857 8,280,021 20,218 5,429
Shareholders’ equity 9,156,456 9,110,813 79,113 392,711 9,020,719 8,604,839 78,108 366,845
Total liabilities and shareholders’<br><br>equity 25,813,012 17,867,886 156,946 421,470 24,702,982 17,126,715 132,908 387,348
01/01/2026 to 06/30/2026 01/01/2025 to 06/30/2025
--- --- --- --- --- --- --- --- ---
Joint-Venture Joint-Operation Joint-Venture Joint-Operation
Equity interest (%) MRS Logística Transnordestina Logística Equibras S.A. Itá Energética MRS Logística Transnordestina Logística Equimac S.A. ^(2)^ Itá Energética
37.49% 37.49% 50.00% 48.75% 37.49% 48.03% 50.00% 48.75%
Statements of Income
Net revenue 3,618,490 31,758 120,969 3,607,492 38,916 100,768
Cost of sales and services (1,958,717) (19,628) (50,658) (1,962,878) (21,902) (48,945)
Gross profit 1,659,773 12,130 70,311 1,644,614 17,014 51,823
Operating (expenses) income 17,556 (30,989) (1,966) (36,294) (445,205) (26,714) (2,883) (36,908)
Financial income (expenses), net (908,820) 41,672 (1,921) 5,207 (199,246) (4,882) (2,034) 3,627
Profit/(Loss) before IR/CSLL 768,509 10,683 8,243 39,224 1,000,163 (31,596) 12,097 18,542
Current and deferred IR/CSLL (263,466) (135) (2,592) (13,358) (235,213) (3,302) (3,191)
Profit / (loss) for the period 505,043 10,548 5,651 25,866 764,950 (31,596) 8,795 15,351
---

(In thousands of Reais, unless stated otherwise)

(1) CSN holds a direct and indirect participation of 7.59% and 20.84%, respectively, through CSN Mineração as part of the total 37.49% stake in MRS’ share capital mentioned above. The CSN Group was assigned a total interest of 28.43% after participations of non-controlling shareholders was considered.

(2) In December 2025 Equimac S.A. changed its trade name to "Equibras S.A.” There were no changes in the Company's participation in this company.

9.c) Investment Properties

The balance of investment properties is shown below:

Consolidated Parent Company
Ref. Land Buildings Total Land Buildings Total
Balance at December 31, 2024 156,858 45,182 202,040 94,257 41,300 135,557
Depreciation (3,916) (3,916) (2,157) (2,157)
Acquisitions 21,401 21,401
Balance at December 31, 2025 178,259 41,266 219,525 115,658 39,143 154,801
Cost 178,259 83,285 261,544 115,658 74,389 190,047
Accumulated depreciation (42,019) (42,019) (35,246) (35,246)
Balance at December 31, 2025 178,259 41,266 219,525 115,658 39,143 154,801
Depreciation 25 (1,954) (1,954) (1,075) (1,075)
Transfer between groups - fixed assets 2 (2)
Transfers to other asset categories (36) (36) (36) (36)
Balance at June 30, 2026 178,261 39,274 217,535 115,658 38,032 153,690
Cost 178,261 80,494 258,755 115,658 74,288 189,946
Accumulated depreciation (41,220) (41,220) (36,256) (36,256)
Balance at June 30, 2026 178,261 39,274 217,535 115,658 38,032 153,690

The Company’s management prepared an estimate of investment properties’ fair value for December 31, 2025. The fair value of investment properties in consolidated financial statements as of June 30, 2026 totaled R$3,818,752 (R$3,818,752 as of December 31, 2025). Fair value of these properties at the Parent Company totaled R$3,337,307 (R$3,337,307 as of December 31, 2025).

The estimated average useful lives for each fiscal year are as follows (in years):

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Buildings 28 28 30 30
---

(In thousands of Reais, unless stated otherwise)

10. PROPERTY, PLANT AND EQUIPMENT
10.a) Composition of property, plant and equipment
--- ---

Description of Consolidated fixed assets as of June 30, 2026 and December 31, 2025, respectively:

Consolidated
Ref. Land Buildings and Infrastructure Machinery, equipment and facilities Vehicles Construction in progress (*) Right of use Other (**) Total
Balance at December 31, 2024 592,716 4,772,512 17,969,066 208,941 5,881,336 756,814 244,638 30,426,023
Effect of foreign exchange differences 8,772 (1,184) (5,886) (23) 14,549 (4,027) (6,447) 5,754
Acquisitions 11,171 36,813 379,302 193,804 5,296,362 72,305 15,468 6,005,225
Capitalized interest 27 403,302 403,302
Write-offs 26 (6,141) (69,999) (803) (14,714) (10,707) (116) (102,480)
Depreciation 25 (347,648) (3,184,112) (100,772) (283,840) (39,781) (3,956,154)
Transfers to other asset categories 6,952 274,578 3,308,081 33,119 (3,589,738) (32,992)
Transfer between groups - intangible assets, investment and property and inventory ^(1)^ (34,100) (34,122) (45,190) (113,412)
Acquisition of stakes in subsidiaries 9,414 144,879 94,773 536,671 1,550 183,929 47,256 1,018,472
Right of use - Remeasurement 244,543 244,543
Others (207) (9,937) (1,961) (12,105)
Balance at December 31, 2025 629,025 4,873,809 18,456,918 826,879 7,947,457 959,016 226,065 33,919,169
Cost 629,025 10,287,766 43,130,128 1,536,918 7,947,457 1,711,164 771,928 66,014,386
Accumulated depreciation (5,413,957) (24,673,210) (710,039) (752,148) (545,863) (32,095,217)
Balance at December 31, 2025 629,025 4,873,809 18,456,918 826,879 7,947,457 959,016 226,065 33,919,169
Effect of foreign exchange differences (10,308) (22,442) (71,636) (142) (9,210) (5,605) (1,532) (120,875)
Acquisitions 9,388 3,083 97,168 23,080 2,391,200 21,890 4,264 2,550,073
Capitalized interest 27 268,689 268,689
Write-offs 26 (444) (65,516) (6,685) (8,175) (20) (80,840)
Depreciation 25 (174,693) (1,614,216) (167,170) (164,037) (19,103) (2,139,219)
Transfers to other asset categories 23 160,632 1,759,886 21,180 (1,967,902) 26,181
Transfer between groups - intangible assets, investment property and inventory ^(1)^ 36 (3,385) (37,148) (31,391) (71,888)
Adjustment PPA report 136,436 136,436
Right of use - Remeasurement 62,497 62,497
Others 15,015 (6,921) (511) 2,560 10,143
Balance at June 30, 2026 628,128 4,839,981 18,574,234 789,509 8,598,332 865,586 238,415 34,534,185
Cost 628,128 10,381,515 44,966,496 1,664,303 8,598,332 1,524,299 740,991 68,504,064
Accumulated depreciation (5,541,534) (26,392,262) (874,794) (658,713) (502,576) (33,969,879)
Balance at June 30, 2026 628,128 4,839,981 18,574,234 789,509 8,598,332 865,586 238,415 34,534,185

(*) progress made in the following projects is highlighted: (i) business expansion, mainly expansion of the port in Itaguaí and Casa de Pedra, Itabirito project, and recovery of dam tailings; (ii) projects for new integrated cement plants (iii); general repair of the blast furnace and coke batteries at the Presidente Vargas Plant; and (iv) additional interest capitalized during the period.

(**) substantially refer to assets classified as furniture, fixtures and hardware.

(1) Transfer to stock refers to the allocation of decommissioned or replaced road infrastructure assets. These assets are subsequently made available for sale by the companies Tora Seminovos Comércio de Veículos Ltda and Seminovos Lokamig Ltda, in line with the company's main commercial activities, which is the resale of used vehicles.

Description of the Parent Company’s property, plant and equipment as of June 30, 2026 and December 2025, respectively:

(In thousands of Reais, unless stated otherwise)

Parent Company
Ref. Land Buildings and Infrastructure Machinery, equipment and facilities Vehicles Construction in progress (*) Right of use Others (**) Total
Balance at December 31, 2024 25,618 328,915 7,229,728 24,209 1,984,214 37,582 34,147 9,664,413
Acquisitions 173,392 1,034 2,090,139 449 2,265,014
Capitalized interest 27 210,732 210,732
Write-offs 26 (1,717) (1,717)
Depreciation 25 (31,442) (1,341,793) (6,695) (10,671) (8,977) (1,399,578)
Transfers to other asset categories 88,482 1,719,264 403 (1,820,944) 12,795
Transfers to intangible assets (17,325) (17,325)
Right of use - Remeasurement 8,238 8,238
Others (207) (207)
Balance at December 31, 2025 25,618 385,955 7,778,667 18,951 2,446,816 35,149 38,414 10,729,570
Cost 25,618 703,043 17,452,010 67,287 2,446,816 51,024 230,239 20,976,037
Accumulated depreciation (317,088) (9,673,343) (48,336) (15,875) (191,825) (10,246,467)
Balance at December 31, 2025 25,618 385,955 7,778,667 18,951 2,446,816 35,149 38,414 10,729,570
Acquisitions 23,108 836,301 1,041 860,450
Capitalized interest 27 123,558 123,558
Write-offs 26 (90,850) (90,850)
Depreciation 25 (16,494) (632,537) (2,937) (5,363) (4,560) (661,891)
Transfers to other asset categories 32,003 954,799 429 (993,932) 6,701
Transfers to intangible assets 36 (21,359) (21,323)
Right of use - Remeasurement 3 3
Others 1,775 1,775
Balance at June 30, 2026 25,618 401,500 8,034,962 16,443 2,391,384 30,830 40,555 10,941,292
Cost 25,618 735,148 18,625,595 67,716 2,391,384 52,068 236,731 22,134,260
Accumulated depreciation (333,648) (10,590,633) (51,273) (21,238) (196,176) (11,192,968)
Balance at June 30, 2026 25,618 401,500 8,034,962 16,443 2,391,384 30,830 40,555 10,941,292

(*) (i); general repair of the blast furnace and coke batteries at the Presidente Vargas Plant; and, (ii) additional interest capitalized during the period.

(**) substantially refer to assets classified as furniture, fixtures and hardware.

Assets estimated average useful lives for the period are as follows (in years):

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Buildings and Infrastructure 32 32 27 27
Machinery, equipment and facilities 16 17 18 18
Vehicles 9 10 11 11
Others 11 10 10 9
10.b) Right of use
--- ---

Changes in right of use are shown below:

(In thousands of Reais, unless stated otherwise)

Consolidated
Land Buildings and Infrastructure Machinery, equipment and facilities Vehicles Total
Balance at December 31, 2024 537,008 83,112 114,612 22,082 756,814
Effect of foreign exchange differences (4,622) 758 (163) (4,027)
Acquisition of stakes in subsidiaries 183,929 183,929
Addition
Remeasurement 63,305 1,715 138,824 40,699 244,543
Depreciation (63,113) (17,914) (175,799) (27,014) (283,840)
Write-offs (680) (10,028) (10,708)
Balance at December 31, 2025 726,355 64,117 130,335 38,209 959,016
Cost 996,234 143,181 431,606 140,143 1,711,164
Accumulated depreciation (269,879) (79,064) (301,271) (101,934) (752,148)
Balance at December 31, 2025 726,355 64,117 130,335 38,209 959,016
Effect of foreign exchange differences (2,009) (1,315) (2,281) (5,605)
Acquisition of stakes in subsidiaries 20,636 1,254 21,890
Remeasurement (25,426) 10 86,811 1,102 62,497
Depreciation (31,901) (10,412) (118,507) (3,217) (164,037)
Write-offs (469) (7,706) (8,175)
Transfers to other asset categories 4,478 (4,478)
Balance at June 30, 2026 668,559 51,706 122,438 22,883 865,586
Cost 971,523 134,167 349,769 68,840 1,524,299
Accumulated depreciation (302,964) (82,461) (227,331) (45,957) (658,713)
Balance at June 30, 2026 668,559 51,706 122,438 22,883 865,586
Parent Company
--- --- --- --- ---
Land Machinery, equipment and facilities Vehicles Total
Balance at December 31, 2024 37,394 188 37,582
Remeasurement 7,068 669 501 8,238
Depreciation (9,332) (842) (497) (10,671)
Balance at December 31, 2025 35,130 15 4 35,149
Cost 47,980 851 2,193 51,024
Accumulated depreciation (12,850) (836) (2,189) (15,875)
Balance at December 31, 2025 35,130 15 4 35,149
Addition 1,041 1,041
Remeasurement 5 22 (24) 3
Depreciation (4,829) (20) (514) (5,363)
Balance at June 30, 2026 30,306 17 507 30,830
Cost 47,984 873 3,210 52,067
Accumulated depreciation (17,678) (856) (2,703) (21,237)
Balance at June 30, 2026 30,306 17 507 30,830
11. INTANGIBLE ASSETS
--- ---

Composition of Consolidated and Parent Company’s intangible assets as of June 30, 2026 and December 31, 2025:

(In thousands of Reais, unless stated otherwise)

Consolidated Parent Company
Ref. Goodwill Customer relationships Software Trademarks<br><br>and<br><br>patents Rights and licenses<br><br>(*) Others Total Software Total
Balance at December 31, 2024 4,126,255 40,239 114,000 252,428 5,902,886 2,283 10,438,091 68,070 68,070
Effect of foreign exchange differences 15 37 734 262 1,048
Acquisitions 2,977 2,977
Transfer between groups - fixed assets 45,190 45,190 17,325 17,325
Amortization (9,669) (36,325) (17) (144,393) (190,404) (19,439) (19,439)
Transfers to other asset categories (13,715) 21,300 339 (5,652) (2,272)
Acquisition of stakes in subsidiaries 653,074 8,247 1,044 45,280 707,645
Others 1,578 1,578
Balance at December 31, 2025 4,779,329 25,117 148,223 298,764 5,754,681 11 11,006,125 65,956 65,956
Cost 5,328,376 881,322 436,871 302,347 6,383,219 11 13,332,146 235,165 235,165
Accumulated amortization (549,047) (856,205) (288,648) (3,583) (628,538) (2,326,021) (169,209) (169,209)
Balance at December 31, 2025 4,779,329 25,117 148,223 298,764 5,754,681 11 11,006,125 65,956 65,956
Effect of foreign exchange differences (632) (16,444) (3,329) (20,405)
Acquisitions 2,264 8,870 11,134
Transfer between groups - fixed assets (161) 30,001 802 52,363 83,005 21,359 21,359
Amortization 25 (45,130) (20,577) (3,526) (66,750) (135,983) (10,758) (10,758)
Transfers to other asset categories (3,434) (420) 3,854
Adjustments PPA report (343,208) 295,853 13,389 (33,966)
Others (9,000) 3,437 (3,545) (493) (9,601)
Balance at June 30, 2026 4,427,121 272,245 162,296 289,440 5,691,292 57,915 10,900,309 76,557 76,557
Cost 4,976,168 1,104,878 472,213 300,095 6,382,724 57,915 13,293,993 257,198 257,198
Accumulated amortization (549,047) (832,633) (309,917) (10,655) (691,432) (2,393,684) (180,641) (180,641)
Balance at June 30, 2026 4,427,121 272,245 162,296 289,440 5,691,292 57,915 10,900,309 76,557 76,557

(*) mainly composed of: (i) mining rights amortized by production volume and (ii) Concession contract for use of hydroelectric resources in acquiring control of Companhia Estadual de Geração de Energia Elétrica, CEEE-G. Assets are amortized over the contract's term.

Assets’ estimated average useful lives for the period are as follows (in years):

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Software 8 8 8 8
Customer relationships 13 13
---

(In thousands of Reais, unless stated otherwise)

12. BORROWINGS AND FINANCING

The balances of loans, financing and debentures recorded at amortized cost are as follows:

Consolidated Parent Company
Current Liabilities Non-current Liabilities Current Liabilities Non-current Liabilities
06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025
Foreign Debt
Floating Rates:
Prepayment 1,986,505 3,236,980 5,010,573 5,601,328 456,433 1,639,533 1,029,108 1,331,581
Fixed Rates:
Bonds, Facility, BNDES and ACC 2,929,233 4,034,971 24,618,714 20,152,704 2,265,523 2,437,801 755,784 1,332,774
Intercompany 44,168 193,334 11,736,068 9,454,192
Fixed interest in EUR
Facility 569,951 637,083 180,955 234,411
Intercompany 10,862 320 322,934 353,480
5,485,689 7,909,034 29,810,242 25,988,443 2,776,986 4,270,988 13,843,894 12,472,027
Debt agreements in R$
Floating Rate Securities
BNDES/FINAME/FINEP, Debentures, CRI and NCE 2,889,785 2,613,940 15,968,130 17,081,203 2,098,049 1,944,326 7,916,621 8,920,480
2,889,785 2,613,940 15,968,130 17,081,203 2,098,049 1,944,326 7,916,621 8,920,480
Total Borrowings and Financing 8,375,474 10,522,974 45,778,372 43,069,646 4,875,035 6,215,314 21,760,515 21,392,507
Transaction Costs and Issue Premiums (48,781) (94,415) (739,505) (573,658) (21,361) (24,550) (113,621) (106,851)
Total Borrowings and Financing + Transaction cost 8,326,693 10,428,559 45,038,867 42,495,988 4,853,674 6,190,764 21,646,894 21,285,656
12.a) Changes in Borrowings and Financing
--- ---

The following table shows the reconciliation of the book value at the start and end of the period:

Consolidated Parent Company
Ref. 06/30/2026 12/31/2025 06/30/2026 12/31/2025
Opening balance 52,924,548 56,914,621 27,476,421 30,245,640
New debts 8,742,227 11,121,708 3,875,570 2,558,006
Fundraising linked to property, plant and equipment 35,348
Repayment (6,738,974) (11,717,772) (4,082,918) (3,434,578)
Payments of charges (2,039,163) (4,267,926) (929,594) (1,910,666)
Accrued charges 27 2,070,610 4,314,121 914,459 1,987,311
Acquisition of stakes in subsidiaries 641,574
Iron ore prepayment ^(1)^ 66,717
Amortization of iron ore prepayments ^(1)^ (66,717)
Other ^(2)^ (1,629,036) (4,081,779) (753,370) (1,969,293)
Closing balance 53,365,560 52,924,547 26,500,568 27,476,420

(1) These amounts refer to iron ore prepayment bonds that were initially recognized as contract liabilities, as they refer to a future obligation to deliver the product. However, given the impossibility of delivering the product during the period and the need for a cash settlement, this obligation came to be characterized as a monetary item and was reclassified as a financial liability. The amounts were fully settled for the year ended December 31, 2025.

(2) Amounts include unrealized exchange rate variation and inflation, as well as funding costs.

(In thousands of Reais, unless stated otherwise)

The Company captured and amortized the following debts during 2026:

Consolidated
06/30/2026
Nature New debts Maturities Repayment Interest payment
Pre-Payment 699,635 2027 to 2028 (1,648,688) (343,779)
Bonds, Foreign Exchange Contract and Facility 7,478,845 2026 to 2032 (2,782,774) (542,455)
BNDES/FINAME/FINEP, Debentures, CRI and NCE 599,095 2026 to 2041 (2,307,512) (1,152,929)
8,777,575 (6,738,974) (2,039,163)
Parent Company
06/30/2026
Nature New debts Maturities Repayment Interest payment
Pre-Payment (1,225,372) (187,957)
Bonds and ACC 414,296 2026 to 2032 (1,037,436) (204,543)
BNDES/FINAME/FINEP, Debentures, CRI and NCE 180,504 2027 to 2041 (1,277,198) (475,892)
Intercompany 3,280,770 2031 (542,912) (61,202)
3,875,570 (4,082,918) (929,594)
12.b) Maturities of debts presented in current and non-current liabilities
--- ---
Consolidated Parent Company
--- --- --- --- --- --- ---
06/30/2026 06/30/2026
In foreign currency In national currency - R$ Total In foreign currency In national currency - R$ Total
Average rate US$<br>7.03% € 3.64% R$ 15.68% US$<br>2.51% € 5.15% R$ 16.26%
2026 3,561,630 1,896,553 5,458,183 1,556,860 1,467,036 3,023,896
2027 4,272,431 3,402,494 7,674,925 1,951,625 2,680,176 4,631,801
2028 8,724,790 2,346,936 11,071,726 2,860,125 1,695,781 4,555,906
2029 2,563,406 1,826,710 4,390,116 1,094,412 902,251 1,996,663
2030 6,134,504 1,798,796 7,933,300 3,045,142 902,994 3,948,136
2031 6,924,314 1,612,535 8,536,849 3,266,270 259,828 3,526,098
After 2031 3,114,856 5,973,891 9,088,747 2,846,446 2,106,604 4,953,050
35,295,931 18,857,915 54,153,846 16,620,880 10,014,670 26,635,550
Consolidated Parent Company
--- --- --- --- --- --- ---
12/31/2025 12/31/2025
In foreign currency In national currency - R$ Total In foreign currency In national currency - R$ Total
Average rate US$<br>6.42% € 3.53% R$ 16.1% US$<br>3.80% € 3.53% R$ 17.05%
2026 7,909,035 2,613,938 10,522,973 4,270,989 1,944,325 6,215,314
2027 3,890,494 3,915,457 7,805,951 1,512,104 3,252,053 4,764,157
2028 8,891,443 2,509,911 11,401,354 3,553,699 1,860,022 5,413,721
2029 564,742 1,909,546 2,474,288 1,183,036 982,295 2,165,331
2030 4,319,384 1,632,412 5,951,796 2,967,600 761,299 3,728,899
2031 5,144,744 1,460,420 6,605,164 483,658 151,259 634,917
After 2031 3,177,635 5,653,459 8,831,094 2,771,929 1,913,553 4,685,482
33,897,477 19,695,143 53,592,620 16,743,015 10,864,806 27,607,821
---

(In thousands of Reais, unless stated otherwise)

· Covenants

The Company's debt contracts provide for compliance with certain non-financial obligations, as well as maintenance of specific performance parameters and indicators, such as the disclosure of audited financial statements according to regulatory deadlines or declaration of advance maturity if the net debt to EBITDA indicator reaches the levels specified in these contracts.

As of the present date, the Company has performed its financial and non-financial obligations (covenants) under existing contracts.

13. FINANCIAL INSTRUMENTS
13.a) Identification and valuation of financial instruments
--- ---

The Company may operate with several financial instruments, with an emphasis on cash and cash equivalents, including investments, marketable securities, accounts receivables from customers, accounts payables to suppliers, and borrowings and financing. Additionally, the Company may also carry out transactions with financial derivatives, such as interest rate swaps and commodities and exchange derivatives.

Given the nature of these instruments, fair value is essentially determined through the use of observable quotations in active markets, particularly B3 S.A. – Brasil, Bolsa, Balcão. The amounts recorded under current assets and liabilities are subject to immediate liquidity or maturity, particularly over the short term. Considering the terms and characteristics of these instruments, the carrying amounts approximate the fair values.

(In thousands of Reais, unless stated otherwise)

Classification of financial instruments

Consolidated
06/30/2026 12/31/2025
Ref. Fair value through other comprehensive income Fair value through profit or loss Measured at amortized cost Balances Fair value through other comprehensive income Fair value through profit or loss Measured at amortized cost Balances
Assets
Current
Cash and cash equivalents 3 13,630,963 13,630,963 14,421,022 14,421,022
Financial investments 4 499,861 154,930 654,791 372,397 270,318 642,715
Trade receivables 5 1,212 2,530,353 2,531,565 66,464 2,330,569 2,397,033
Dividends and interest on equity 8 232,346 232,346 76,026 76,026
Derivative financial instruments 8 218,583 218,583 494 494
Receivables - Usiminas Shares 8 216,331 216,331 192,911 192,911
Other receivables 2,377 2,377
Trading securities 8 4,200 4,200 2,598 2,598
Loans - related parties 8 1,600 1,600 4,147 4,147
Total 218,583 505,273 16,766,523 17,490,379 - 441,953 17,297,370 17,739,323
Non-current
Financial investments 4 26,232 26,232 25,257 25,257
Receivables - Usiminas Shares 8 150,578 150,578 150,578 150,578
Other trade receivables 19,528 19,528 19,759 19,759
Eletrobrás compulsory loan 8 3,217 3,217 3,787 3,787
Receivables by indemnity 8 774,965 774,965 779,827 779,827
Loans - related parties 8 1,718,505 1,718,505 2,137,882 2,137,882
Total 2,693,025 2,693,025 - 3,117,090 3,117,090
Total Assets 218,583 505,273 19,459,548 20,183,404 - 441,953 20,414,460 20,856,413
Liabilities
Current
Borrowings and financing 12 8,375,474 8,375,474 10,522,974 10,522,974
Lease liabilities 14 241,881 241,881 238,702 238,702
Trade payables 15 7,349,910 7,349,910 7,162,929 7,162,929
Trade payables - Forfaiting 15.a 1,504,134 1,504,134 2,905,018 2,905,018
Dividends and interest on capital 17 1,139,975 1,139,975 358,040 358,040
Iron ore price Adjustment 17 382,655 382,655 2,729 2,729
Derivative transactions 17 1,513 1,513 67,304 67,304
Concessions to be paid 17 13,336 13,336 13,350 13,350
Assignment of receivables 17 91,359 91,359
Total 384,168 18,716,069 19,100,237 67,304 2,729 21,201,013 21,271,046
Non-current
Borrowings and financing 12 45,778,372 45,778,372 43,069,646 43,069,646
Lease liabilities 14 798,787 798,787 855,037 855,037
Trade payables 15 81,491 81,491 66,807 66,807
Derivative transactions 17 64,991 64,991 153,507 153,507
Concessions to be paid 17 77,367 77,367 78,419 78,419
Assignment of receivables 17 147,339 147,339
Contractual share option liability ^(1)^ 17 298,662 298,662
Total 298,662 64,991 46,883,356 47,247,009 - 153,507 44,069,909 44,223,416
Total Liabilities 298,662 449,159 65,599,425 66,347,246 67,304 156,236 65,270,922 65,494,462
---

(In thousands of Reais, unless stated otherwise)

Parent Company
06/30/2026 12/31/2025
Ref. Fair value through other comprehensive income Fair value through profit or loss Measured at amortized cost Balances Fair value through profit or loss Measured at amortized cost Balances
Assets
Current
Cash and cash equivalents 3 1,470,526 1,470,526 3,529,453 3,529,453
Financial investments 4 499,861 23,595 523,456 372,397 8,577 380,974
Trade receivables 5 2,077,131 2,077,131 1,702,245 1,702,245
Dividends and interest on equity 8 391,895 391,895 1,167,342 1,167,342
Receivables - Usiminas Shares 8 216,331 216,331 192,910 192,910
Trading securities 8 3,994 3,994 2,408 2,408
Loans - related parties 8 1,600 1,600 4,147 4,147
Total - 503,855 4,181,078 4,684,933 374,805 6,604,674 6,979,479
Non-current
Receivables - Usiminas Shares 8 150,578 150,578 150,578 150,578
Other trade receivables 1,115 1,115 1,115 1,115
Eletrobrás compulsory loan 8 678 678
Receivables by indemnity 8 774,965 774,965 779,827 779,827
Loans - related parties 8 3,215,238 3,215,238 3,474,388 3,474,388
Total 4,141,896 4,141,896 4,406,586 4,406,586
Total Assets 503,855 8,322,974 8,826,829 374,805 11,011,260 11,386,065
Liabilities
Current
Borrowings and financing 12 4,875,035 4,875,035 6,215,314 6,215,314
Lease liabilities 14 12,048 12,048 11,525 11,525
Trade payables 15 4,538,737 4,538,737 3,941,596 3,941,596
Trade payables - Forfaiting 15.a 925,472 925,472 1,924,285 1,924,285
Dividends and interest on capital 17 6,023 6,023 6,059 6,059
Total 10,357,315 10,357,315 12,098,779 12,098,779
Non-current
Borrowings and financing 12 21,760,515 21,760,515 21,392,507 21,392,507
Lease liabilities 14 21,140 21,140 25,570 25,570
Trade payables 15 13,768 13,768 3,328 3,328
Derivative transactions 17 6,407 6,407 117,120 117,120
Contractual share option liability ^(1)^ 17 298,662 298,662
Total 298,662 6,407 21,795,423 22,100,492 117,120 21,421,405 21,538,525
Total Liabilities 298,662 6,407 32,152,738 32,457,807 117,120 33,520,184 33,637,304

(1) Call and put options related to the remaining 30% ownership interest held in the Estrela Group’s non-controlling shareholders, according to Note 17. Instrument classified at fair value through other comprehensive income (“VJORA”) and recognition under shareholders' equity and other reserves**.**

(In thousands of Reais, unless stated otherwise)

Fair value measurement

The table below shows the financial instruments recorded at fair value through profit or loss and fair value through other comprehensive income, classifying them according to the fair value hierarchy:

Consolidated 06/30/2026 12/31/2025
Level 1 Level 2 Level 3 Balances Level 1 Level 2 Balances
Assets
Current
Financial investments 499,861 499,861 372,397 372,397
Trade receivables, net 1,212 1,212 66,464 66,464
Derivative transactions 218,583 218,583 494 494
Trading securities 4,200 4,200 2,598 2,598
Total Assets 505,273 218,583 723,856 441,459 494 441,953
Liabilities
Current
Derivative financial instruments 1,513 1,513 67,304 67,304
Iron ore price Adjustment 382,655 382,655
Non-current
Derivative transactions 64,991 64,991 153,507 153,507
Contractual share option liability 298,662 298,662
Total Liabilities 382,655 66,504 298,662 747,821 220,811 220,811

Level 1 – these data are quoted prices for items identical to the assets and liabilities measured in an active market.

Level 2 – considers inputs observable in the market, such as interest and exchange rates, etc., that, however, are not prices negotiated in active markets.

Level 3 - uses significant assumptions not observable in the market and for which prices are not quoted in active markets or there is insufficient observable data to directly price these instruments.

13.b) Financial Risk Management

The Company uses risk management strategies, with guidance on the risks incurred on the business.

The nature and general position of financial risks are regularly monitored and managed to assess results and the financial impact on cash flow. Credit limits and the hedge quality of counterparties are also reviewed periodically.

Market risks are hedged when considered necessary to support the corporate strategy or when it is necessary to maintain the level of financial flexibility.

The Company is exposed to exchange rate, interest rate risk, market price, and credit and liquidity risk.

The Company may manage some of the risks using derivative instruments not associated with any speculative trading or short selling.

(In thousands of Reais, unless stated otherwise)

i) Exchange rate risk

The exposure arises mainly from the existence of assets and liabilities denominated in dollars, since the Company's functional currency is substantially the Real and is referred to as natural foreign exchange exposure. The net exposure is the result of the offsetting the natural exchange exposure by the instruments of hedge adopted by the Company.

The consolidated net exposure is shown below:

06/30/2026 12/31/2025
Foreign Exchange Exposure (Amounts in US$’000) (Amounts in US$’000)
Cash and cash equivalents overseas 842,000 895,337
Trade receivables 136,416 212,372
Financial investments 828,283 388,705
Borrowings and financing (6,673,304) (6,002,208)
Trade payables (210,645) (248,790)
Others (102,850) (14,528)
Natural Gross Foreign Exchange Exposure (assets - liabilities) (5,180,100) (4,769,112)
Derivative transactions ^(*)^ 3,889,568 4,396,413
Net foreign exchange exposure (1,290,532) (372,699)

(*) Total notional value of derivative and non-derivative financial instruments used for exchange risk management.

The Company uses Hedge Accounting as a strategy, as well as derivative financial instruments to protect future cash flows.

Sensitivity analysis of Derivative Financial Instruments and Consolidated Foreign Exchange Exposure

The Company evaluated two different scenarios for the analysis of the exchange rate impact: Scenario 1 projects a horizon of increased currency volatility, and Scenario 2 predicts a horizon of currency appreciation. Calculations were based on the closing exchange rate on June 30, 2026 and made use of assumptions based on a dispersion calculation that considers both historical exchange rate fluctuations and management’s projections.

The currencies used in the sensitivity analysis and their respective scenarios are shown below:

06/30/2026 12/31/2025
Currency Exchange rate Probable scenario Scenario 1 Scenario 2 Exchange rate Probable scenario Scenario 1 Scenario 2
USD 5.1766 5.1183 5.6274 4.9381 5.5024 5.2006 5.7964 5.0436
---

(In thousands of Reais, unless stated otherwise)

The effects on profit or loss, considering scenarios 1 and 2, are shown below:

06/30/2026
Instruments Notional amount Risk Probable scenario (*)<br><br>R$ Scenario 1 R$ Scenario 2 R$
Cash and cash equivalents overseas 842,000 Dollar (49,089) 379,574 (200,817)
Trade receivables 136,416 Dollar (7,953) 61,496 (32,535)
Financial investments 828,283 Dollar (48,289) 373,390 (197,545)
Borrowings and financing (6,673,304) Dollar 389,054 (3,008,325) 1,591,583
Trade payables (210,645) Dollar 12,281 (94,959) 50,239
Others (102,850) Dollar 5,996 (46,365) 24,530
Derivative financial instruments 3,889,568 Dollar (226,762) 1,753,417 (927,662)
Impact on profit or loss 75,238 (581,772) 307,793

(*) The probable scenarios were calculated considering the following risk variations: Real x Dollar - Valuation of the Real at 1.13%. Source: Central Bank of Brazil on July 13, 2026.

12/31/2025
Instruments Notional amount Risk Probable scenario (*)<br><br>R$ Scenario 1 R$ Scenario 2 R$
Cash and cash equivalents overseas 895,337 Dollar (270,213) 263,229 (410,781)
Trade receivables 212,372 Dollar (64,094) 62,437 (97,436)
Financial investments 388,705 Dollar (117,311) 114,279 (178,338)
Borrowings and financing (6,002,208) Dollar 1,811,466 (1,764,649) 2,753,813
Trade payables (248,790) Dollar 75,085 (73,144) 114,145
Others (14,528) Dollar 4,385 (4,271) 6,665
Derivative financial instruments 4,396,413 Dollar (1,326,838) 1,292,545 (2,017,074)
Impact on profit or loss 112,480 (109,574) 170,994

(*) The probable scenarios were calculated considering the following risk variations: Real x Dollar - Valuation of the real at 5.48%. Source: Central Bank of Brazil on February 20, 2026.

ii) Interest rate risk

This risk arises from short-term and long-term investments, loans and financing and bonds linked to pre-fixed and post-fixed CDI, TJLP, and SOFR interest rates, which expose these financial assets and liabilities to interest rate fluctuations as shown in the sensitivity analysis table.

Sensitivity analysis of interest rate changes

A sensitivity analysis for risks related to interest rates is shown below. The Company considered two different scenarios to assess the impact of variations in these rates: Scenario 1 predicts a horizon of rising interest rates, and Scenario 2 projects a reduction horizon. To calculate these risks, the closing rates as of June 30, 2026 were used as a reference based on a dispersion model, which considers not only historical interest rate fluctuations but also detailed management projections.

This approach allows for a comprehensive and precise assessment of potential economic impacts arising from interest rate fluctuations.

(In thousands of Reais, unless stated otherwise)

Consolidated Consolidated
06/30/2026 12/31/2025
Interest Probable scenario Scenario 1 Scenario 2 Probable scenario Scenario 1 Scenario 2
CDI 14.15% 14.95% 12.71% 14.90% 17.69% 12.97%
TJLP 9.14% 9.20% 8.18% 9.07% 9.22% 6.18%
IPCA 4.39% 4.83% 3.94% 4.26% 4.76% 3.96%
SOFR 6M 3.85% 5.45% 3.65% 3.57% 4.70% 3.26%
SOFR 3.68% 5.73% 3.62% 3.87% 5.54% 3.64%
EURIBOR 3M 2.32% 4.28% 2.02% 2.03% 4.31% 1.95%
EURIBOR 6M 2.57% 4.19% 2.15% 2.11% 4.38% 2.02%

The effects on balances in Reais related to assets and liabilities linked to interest rates, considering scenarios 1 and 2, are demonstrated below:

Impact on balances on 06/30/2026
Changes in interest rates % p.a Assets Liabilities Probable scenario (*) Scenario 1 Scenario 2
CDI 14.15% 3,925,675 (16,407,113) (1,766,124) (1,865,864) (1,585,960)
TJLP 9.14% (793,343) (72,512) (73,007) (64,883)
IPCA 4.39% (1,475,597) (64,779) (71,343) (58,155)
SOFR 6M 3.85% (5,065,965) (195,040) (276,221) (185,052)
SOFR 3.68% (2,145,818) (78,966) (122,954) (77,664)
EURIBOR 3M 2.32% (561,833) (13,035) (24,019) (11,342)
EURIBOR 6M 2.57% (10,790) (277) (452) (232)
Impact on profit or loss (2,190,733) (2,433,860) (1,983,288)

(*) This sensitivity analysis is based on the assumption of probability that market values as of June 30, 2026 recorded in the Company's assets and liabilities will be maintained.

Impact on balances on 12/31/2025
Changes in interest rates % p.a Assets Liabilities Probable scenario (*) Scenario 1 Scenario 2
CDI 14.90% 5,509,312 (16,397,776) (1,622,381) (1,926,578) (1,412,668)
TJLP 9.07% (824,228) (74,757) (75,994) (50,901)
IPCA 4.26% (1,286,852) (54,820) (61,224) (50,899)
SOFR 6M 3.57% (5,059,304) (180,829) (237,992) (165,118)
SOFR 3.87% (472,461) (18,284) (26,170) (17,192)
EURIBOR 3M 2.03% (849,153) (17,255) (36,571) (16,517)
EURIBOR 6M 2.11% (22,592) (476) (989) (456)
Impact on profit or loss (1,968,802) (2,365,518) (1,713,751)

(*) Sensitivity analysis is based on the assumption of maintaining market values as of December 31, 2025 recorded in the Company's assets and liabilities as a probable scenario.

iii) Market price risk

The Company is also exposed to market risks related to the volatility of commodity and input prices. In line with its risk management policy, risk mitigation strategies involving commodities may be used to reduce cash flow volatility. These mitigation strategies may incorporate derivative instruments, predominantly forward, futures, and options transactions.

(In thousands of Reais, unless stated otherwise)

Below are the price risk protection instruments, as shown in the following topics:

a) Cash flow hedge accounting – Platts index

To better reflect the accounting effects of the Platts hedge strategy on the result, the subsidiary CSN Mineração opted to formally designate the hedge and, consequently, adopted hedge accounting for the iron ore derivative as a hedge accounting instrument for its highly probable future iron ore sales. As a result, the mark-to-market arising from the Platts volatility will be temporarily recorded in equity and will be taken to the income statement when the sales occur according to the contracted evaluation period. This allows the recognition of Platts volatility on iron ore sales to be recognized at the same time.

The Company has periodically reviewed market scenarios to assess its exposure to iron ore price risk to ensure adequate coverage of market price fluctuations. This process involves monitoring fluctuations and trends in global prices, in addition to considering economic and geopolitical factors that may impact the value of this commodity.

The following table presents profit and loss for derivative instruments as of June 30, 2026:

06/30/2026 06/30/2026 06/30/2025 06/30/2026 06/30/2025 06/30/2026 06/30/2025
Appreciation (R$) Fair value (market) Other operating income expenses Other comprehensive income Financial income and expenses (note 27)
Maturity Notional Asset position Liability position Amounts receivable / (payable)
01/01/2025 to 06/30/2025 (Settled) Platts 87,423 81
01/01/2026 to 01/31/2026 (Settled) Platts (20,853) (538)
02/01/2026 to 02/28/2026 (Settled) Platts 47,910 1,988
03/01/2026 to 03/31/2026 (Settled) Platts 223 (129)
04/01/2026 to 04/30/2026 (Settled) Platts 3,131 287
05/01/2026 to 05/31/2026 (Settled) Platts (7,264) (170)
06/01/2026 to 06/30/2026 (Settled) Platts 111,385 (121)
07/01/2026 to 07/31/2026 Platts 956,264 (883,770) 72,494 65,553 6,941
08/01/2026 to 08/31/2026 Platts 770,910 (712,041) 58,869 55,934 2,935
09/01/2026 to 09/30/2026 Platts 644,418 (589,030) 55,388 52,559 2,829
10/01/2026 to 10/31/2026 Platts 337,776 (305,944) 31,832 30,178 1,656
2,709,368 (2,490,785) 218,583 134,532 87,423 204,224 - 15,678 81

Activity related to cash flow hedge accounting amounts - Platts index recorded under shareholders' equity on June 30, 2026 is as follows:

12/31/2025 Movement Realization 06/30/2026
Cash flow hedge – “Platts” (29,977) 368,733 (134,532) 204,224
Income tax and social contribution on cash flow hedge 10,192 (125,369) 45,741 (69,436)
Fair Value of cash flow hedge - Platts, net (19,785) 243,364 (88,791) 134,788

The cash flow hedge - Platts index was fully effective since the contracting of derivative instruments.

To support the above-mentioned designations, the Company has prepared formal documentation indicating the manner in which the cash flow hedge accounting – Platts index designation is aligned with CSN's risk management objective and strategy. The hedging instruments used, item hedged, and the nature of the risk to be hedged are identified.

The expected high level of effectiveness of designated relationships is also demonstrated. Iron ore derivative instruments ("Platts" index) were designated in amounts equivalent to the portion of future sales, comparing the designated amounts with the expected and approved amounts in the budgets of the Management and Board.

(In thousands of Reais, unless stated otherwise)

b) Cash flow hedge accounting

Foreign exchange hedge accounting

The Company and its subsidiary CSN Mineração formally designate cash flow hedge relationships to protect highly probable future flows exposed to the dollar related to sales made in dollars.

With the objective of better reflecting the accounting effects of the foreign exchange hedge strategy in the results, CSN and its subsidiary CSN Mineração designated part of their dollar liabilities as a hedge instrument for their future exports. As a result, the exchange rate variation from designated liabilities will be temporarily recorded in shareholders' equity and will be transferred to the income statement when the respective exports occur, thus allowing the recognition of dollar fluctuations on the liability and exports to be recorded at the same time. It is important to emphasize that the adoption of this hedge accounting does not imply the contracting of any financial instrument.

The following table presents a summary of hedging relationships maintained as of June 30, 2026:

06/30/2026
Designation Date Hedging Instrument Hedged item Type of hedged risk Hedged period Exchange rate on designation Designated amounts (US$’000) Amortized part (USD'000) Effect on Result (R$'000) Impact on Shareholders' equity (R$'000)
07/31/2019 Bonds and Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - R$ vs. US$ spot rate January 2020 - April 2026 3.7649 1,342,761 (1,342,761) 518,938
10/01/2020 Bonds Part of the highly probable future monthly iron ore exports Foreign exchange - R$ vs. US$ spot rate March 2020 to November 2025 until December 2050 4.0745 1,416,000 (1,416,000) (1,214,600)
01/28/2020 Bonds Part of the highly probable future monthly iron ore exports Foreign exchange - R$ vs. US$ spot rate March 2027 - January 2028 4.2064 1,000,000 (3,700) (969,803)
06/01/2022 Bonds and Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - R$ vs. US$ spot rate June 2022 - April 2032 4.7289 1,145,000 (360,000) (351,444)
12/01/2022 Bonds Part of the highly probable future monthly iron ore exports Foreign exchange - R$ vs. US$ spot rate December 2022 - June 2031 5.0360 490,000 (37,000) (63,692)
05/16/2024 Export Prepayments in US$ with third parties, ACC and Bonds Part of the highly probable future monthly iron ore exports Foreign exchange - R$ vs. US$ spot rate September 2024 - March 2035 5.1270 1,202,000 (295,100) 507 (44,679)
Total recognized at the parent company 6,595,761 (3,454,561) 519,445 (2,644,218)
06/01/2022 Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - R$ vs. US$ spot rate June 2022 - May 2033 4.7289 878,640 (313,640) 13,134 (252,950)
12/01/2022 Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - R$ vs. US$ spot rate December 2022 - June 2027 5.0360 70,000 (3,500) (10,078)
05/16/2024 Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - R$ vs. US$ spot rate August 2025 - March 2035 5.1270 208,717 (88,372) 618 (5,969)
Total recognized in the consolidated 7,753,118 (3,860,073) 533,197 (2,913,215)
---

(In thousands of Reais, unless stated otherwise)

The net balance of the amounts designated and previously amortized in U.S. Dollars totals US$3,893,045 (US$4,384,011 as of December 31, 2025).

As part of the hedge relationships described above, the values of debt instruments were designated in full for equivalent portions of iron ore exports.

As of June 30, 2026, the hedging relationships established by the Company remained effective according to prospective and retrospective tests that were performed. As a result, there were no reversals due to ineffectiveness of cash flow hedge accounting recorded.

c) Net Overseas Investment Hedge

The information related to the hedge of net investment abroad has not changed in relation to that disclosed in the Company's financial statements as of December 31, 2025. The balance recorded under shareholders' equity on June 30, 2026 and December 31, 2025 totaled R$6,293.

d) Hedge accounting transactions

Activity related to cash flow hedge accounting amounts recorded under shareholders' equity on June 30, 2026 is as follows:

Consolidated
12/31/2025 Movement Realization 06/30/2026
Cash flow hedge (4,900,465) 1,454,053 533,197 (2,913,215)
Income tax and social contribution on cash flow hedge 1,666,160 (494,378) (181,287) 990,495
Fair Value of cash flow accounting, net taxes (3,234,305) 959,675 351,910 (1,922,720)
Parent Company
12/31/2025 Movement Realization 06/30/2026
Cash flow hedge (4,341,748) 1,178,085 519,445 (2,644,218)
Income tax and social contribution on cash flow hedge 1,476,195 (400,549) (176,611) 899,035
Fair Value of cash flow accounting, net taxes (2,865,553) 777,536 342,834 (1,745,183)
iv) Credit risks
--- ---

The exposure to credit risks of financial institutions observes the parameters established in the financial policy. The Company's practice is the detailed analysis of the equity and financial situation of its customers and suppliers, the establishment of a credit limit and the permanent monitoring of its outstanding balance.

Regarding financial investments, the Company only makes investments in institutions with low credit risk assessed by credit rating agencies. Since part of the resources is invested in repurchase agreements that are backed by Brazilian government securities, there is also exposure to the credit risk of the Brazilian State.

(In thousands of Reais, unless stated otherwise)

Regarding credit risk exposure in trade and other receivables, the Company has a credit risk committee where each new customer is individually analyzed for their financial condition before credit limits and payment terms are granted. This is periodically reviewed according to the procedures specific to each business area.

v) Liquidity risk

It is the risk that the Company may not have sufficient net funds to honor its financial commitments as a result of the mismatch of term or volume between expected receipts and payments.

Future receipt and payment premises are established to manage cash liquidity in domestic and foreign currencies, which are monitored on a day-to-day basis by the Treasury department. The payment schedules for long-term installments of loans, financing and bonds are presented in note 12.

Amounts below represent contractual maturities for financial liabilities including interest:

Consolidated
At June 30, 2026 Ref. Less than one year From one to two years From two to five years Over five years Total
Loans, financing and debentures 12 8,375,474 4,757,635 31,931,990 9,088,747 54,153,846
Lease liabilities 14 241,881 184,806 212,628 401,353 1,040,668
Derivative transactions 17 1,513 53,029 11,962 66,504
Trade payables 15 7,349,910 81,491 7,431,401
Trade payables - Forfaiting 15.a 1,504,134 1,504,134
Dividends and interest on capital 17 1,139,975 1,139,975
Concessions to be paid 17 13,336 13,350 40,050 23,967 90,703
Assignment of receivables 17 91,359 98,787 48,553 238,699
Contractual share option liability 17 298,662 298,662
18,717,582 5,189,098 32,543,845 9,514,067 65,964,592

Fair values of assets and liabilities in relation to book value

Assets and liabilities measured at fair value through profit or loss are recognized under financial results. However, when designated for hedge accounting operations, fair value adjustments are recorded under other comprehensive income up until the moment they are realized, when they are then recorded under other operating income (expenses), according to the nature of the operation.

The amounts are recorded in the financial statements at their book value, which are substantially similar to those that would be obtained if they were traded in the market. The fair values of other long-term assets and liabilities do not differ significantly from their carrying amounts, except for the amounts below.

The estimated fair value for certain consolidated long-term loans and financing was calculated at current market rates, considering the nature, term and risks similar to those of the registered contracts, as follows:

06/30/2026 12/31/2025
Closing Balance Fair Value (*) Closing Balance Fair Value (*)
Fixed Rate Notes 17,563,623 12,634,370 19,728,321 16,958,019

(*) Source: Bloomberg.

(In thousands of Reais, unless stated otherwise)

13.c) Protective instruments: Derivatives

Position of the derivative financial instruments portfolio

Foreign exchange swap CDI x Dollar

In October 2023, the Company entered into a new swap agreement with the purpose of mitigating the risk associated with an Export Credit Note (NCE) acquired during the same period, which is scheduled to mature in October 2028. The agreement’s principal amount totals R$680,000. In May 2026, the Company settled part of its debt and its derivative in advance. There is currently an outstanding Notional of R$423,534 remaining.

In January 2025, the Company entered into a new swap agreement with the purpose of mitigating the risk associated with an NCE acquired during the same period and scheduled to mature in January 2028, which involves a principal amount of US$50,000. This debt and its derivative were settled in advance in May 2026.

In April 2025, the Company began registering Grupo Estrela swap contracts that were signed to protect foreign exchange exposure against the dollar arising from its foreign currency loans. The principal amount was R$55,853. In 2025 and 2026, loans in the amount of US$26,743 were partially amortized and, consequently, related derivative instruments were also amortized. As of June 30, 2026, the notional value of the outstanding swap contracts totaled R$150,696.

Real x Dollar Foreign Exchange Swap

The Subsidiary CSN Cimentos Brasil, after receiving foreign currency loan in the amount of US$115,000, contracted derivative instruments in order to hedge again foreign exchange exposure to the dollar. This transaction was settled in June 2025.

In July 2024, CSN Cimentos Brasil again, after obtaining a foreign currency loan in the amount of US$50,000, contracted derivative transactions to hedge its exposure against the dollar. These transactions will mature in July 2027.

Interest swap CDI x IPCA

CSN Mineração, CSN Cimentos Brasil and CSN issued bonds during the years 2021, 2022 and 2023, respectively, and contracted derivative operations to protect their exposure to IPCA. The CSN Mineração contracts have staggered maturities between 2031 and 2037; the CSN Cimentos contracts mature in 2032 and CSN’s between 2030 and 2039.

Below is the position of derivatives:

(In thousands of Reais, unless stated otherwise)

Consolidated
06/30/2026 06/30/2025
Appreciation (R$) Fair value (market) Effect on financial result (note 27)
Instrument Maturity Functional Currency Notional amount Asset position Liability position Amounts receivable / (payable)
Exchange rate swap
Exchange rate swap CDI x Dollar - CSN 2028 Real 423,534 448,711 (455,118) (6,407) 30,911 52,291
Dollar x Real swap - CSN Cimentos Brasil 2027 Dollar 50,000 275,339 (307,877) (32,538) (29,944) (79,112)
Dollar x Real swap - CSN Cimentos Brasil Settled Dollar 115,000 (92,552)
Exchange rate swap Dollar x CDI - Grupo Estrela 2027 Real 150,696 153,091 (180,650) (27,559) (22,933) (9,321)
Total Exchange rate Swap 877,141 (943,645) (66,504) (21,966) (128,694)
Interest rate swap
Interest rate (Debentures) CDI x IPCA - CSN 2030 to 2039 Real 2,012,358 2,140,553 (2,188,222) (47,669) (76,005) 59,556
Interest rate (Debentures) CDI x IPCA - CSN Mineração 2031 to 2037 Real 2,400,000 2,747,761 (2,751,820) (4,059) (92,169) 65,485
Interest rate (Debentures) CDI x IPCA - CSN Cimentos Brasil 2032 Real 1,200,000 1,391,117 (1,336,081) 55,036 (66,975) 31,847
Total interest rate (Debentures) CDI x IPCA 6,279,431 (6,276,123) 3,308 (235,149) 156,888
7,156,572 (7,219,768) (63,196) (257,115) 28,194

Classification of derivatives in the balance sheet and income statement

06/30/2026 06/30/2025 06/30/2026 06/30/2025 06/30/2026 06/30/2025
Instruments Assets Liabilities Other operating income expenses Other comprehensive income Financial income (expenses), net (note 27)
Current Total Current Non-current Total
Iron ore derivative 218,583 218,583 134,532 87,423 204,223 15,676 81
Exchange rate swap CDI x Dollar (1,513) (32,453) (33,966) 7,978 42,970
Exchange rate swap CDI x IPCA ^(1)^ 3,308 3,308 (235,149) 156,889
Dollar x Real swap (32,538) (32,538) (29,945) (171,663)
218,583 218,583 (1,513) (61,683) (63,196) 134,532 87,423 204,223 - (241,440) 28,277

(1) CDI x IPCA SWAP derivative instruments are fully classified under the loans and financing group since they are linked to debentures in order to hedge against exposure to IPCA.

13.d) Investments in securities measured at fair value through profit or<br>loss

The Company holds common (USIM3) and preferred (USIM5) shares of Usiminas Siderúrgica de Minas Gerais S.A. (“Usiminas”). Usiminas shares are classified as current assets in financial investments and at fair value, based on the market price quotation on B3.

According to the Company's policy, gains and losses resulting from changes in stock prices are recorded directly in the income statement under financial income for shares classified as financial investments and under other operating income and expenses for shares classified as investments.

i) Stock Market Price Risks
Class of shares 06/30/2026 12/31/2025 06/30/2026 06/30/2025
--- --- --- --- --- --- --- --- --- --- ---
Quantity Interest (%) Share price Closing Balance Quantity Equity interest (%) Share price Closing Balance Profit loss (note 27)
USIM3 35,192,508 4.99% 7.64 268,871 35,192,508 4.99% 5.96 209,747 59,123 (125,813)
USIM5 27,336,117 4.99% 8.45 230,990 27,336,117 4.99% 5.95 162,650 68,341 (66,173)
499,861 372,397 127,464 (191,986)

The Company is exposed to the risk of changes in share prices due to investments measured at fair value through profit or loss that have their quotations based on market price on B3.

Sensitivity analysis for stock price risks

We present below the sensitivity analysis for the risks related to the stock price variation. The Company evaluated two distinct scenarios for the impact of price fluctuations: Scenario 1 (extreme optimistic) forecasts a horizon of price appreciation, and Scenario 2 (extreme pessimistic) considers a horizon of deterioration in price volatility. Calculations were based on the closing price of the shares on June 30, 2026 and assumptions were made based on both the dispersion of historical variations in prices and projections prepared by management.

(In thousands of Reais, unless stated otherwise)

The effects on profit or loss, considering the probable scenarios, 1 and 2 are shown below:

06/30/2026
Class of shares Quantity Share prince on 03/31/2026 Extreme Optimistic Scenario share price Extreme Pessimistic Scenario share price Closing Balance Extreme Optimistic Scenario (1) Extreme Pessimistic Scenario (2)
USIM3 35,192,508 7.64 8.45 6.92 268,871 28,608 (25,489)
USIM5 27,336,117 8.45 11.54 7.61 230,990 84,540 (23,096)
499,861 113,148 (48,585)
13.e) Capital Management
--- ---

The Company seeks to optimize its capital structure to reduce finance-related costs and maximize shareholders’ return. The following chart demonstrates the development of the Company's consolidated capital structure where financing is obtained through stockholders’ equity and third-party capital:

Thousands of Reais 06/30/2026 12/31/2025
Shareholder's equity (equity) 15,240,376 15,736,350
Borrowings and Financing (Third-party capital) 53,365,560 52,924,547
Gross Debit/Shareholder's equity 3.50 3.36
14. LEASE LIABILITIES
--- ---

The lease liabilities are presented below:

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Leases 2,357,917 2,469,723 38,002 43,430
Adjusted present value - Leases (1,317,249) (1,375,984) (4,814) (6,335)
1,040,668 1,093,739 33,188 37,095
Classified:
Current 241,881 238,702 12,048 11,525
Non-current 798,787 855,037 21,140 25,570
1,040,668 1,093,739 33,188 37,095
---

(In thousands of Reais, unless stated otherwise)

The Company, through its subsidiaries, holds lease agreements for port terminals in Itaguaí, the Solid Bulk Terminal – TECAR, used for the loading and unloading of iron ore and other materials, which are subject to a remaining term of 21 years, as well as a lease agreement for railroad operations using the Northeast network with a remaining term of 2 years and a land lease agreement located in Taubaté, São Paulo, in order to expand operations in the Steel mark segment for a remaining term of 17 years.

Sepetiba Tecon S.A., a Company subsidiary, is currently in the process of renewing its lease agreement, which is expected to be finalized in the last quarter of 2026. It is expected that the contractual term will be extended for an additional 25 (twenty-five) years. The process is currently under analysis by the Federal Accounting Court (TCU), which assesses the documentation presented and the implementation of complementary measures necessary to investigation of the process.

Additionally, in June 2026, an administrative precautionary measure was granted by the Ministry of Ports and Airports (“MPor”) authorizing that the term of the current lease agreement be maintained up until the conclusion of TCU's analysis and deliberation on the renewal request. As a result, the rights and obligations arising from the contract currently in force remain valid and effective.

Once a statement is received from the TCU, the process will be forwarded to the subsequent stages of assessment and approval from competent bodies, in accordance with the applicable regulatory procedures.

The Company also maintains leasing contracts for operational equipment, mainly used in mining, cement, and steel operations, and properties used as operating facilities and administrative and sales offices in several locations where the Company operates. These agreements have a remaining term of 1 to 19 years.

The present value of future obligations was measured using the implicit rate observed in the contracts, and for contracts that did not have a rate, the Company applied the incremental rate of loans – IBR, both in nominal terms.

The average rates used in measuring new lease liabilities in the consolidated and parent company are demonstrated in the table below:

06/30/2026
Contract term (in years) Incremental Rate (p.a.)
1 14.62%
2 13.86%
3 15.41%

The reconciliation of lease liabilities is shown in the table below:

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Opening balance 1,093,739 840,305 37,095 38,453
New leases 21,890 72,305 1,041
Contract review 62,497 244,543 3 8,238
Write-off (7,548) (12,050)
Payments (185,397) (371,467) (6,551) (12,997)
Interest appropriated 61,497 115,529 1,600 3,401
Acquisition of stakes in subsidiaries 209,178
Exchange variation (6,010) (4,604)
Net balance 1,040,668 1,093,739 33,188 37,095
---

(In thousands of Reais, unless stated otherwise)

The estimated future minimum payments for lease agreements include variable payments, which are essentially fixed when based on minimum performance and contractually determined rates.

As of June 30, 2026, the expected payments are the followings:

Consolidated
Less than one year Between one and five years Over five years Total
Leases 268,610 732,545 1,356,762 2,357,917
Adjusted present value - Leases (26,729) (335,111) (955,409) (1,317,249)
241,881 397,434 401,353 1,040,668
· Recoverable PIS and COFINS
--- ---

Lease liabilities were measured by the value of the considerations with suppliers, i.e., without considering tax credits that apply after payment. The potential right to PIS and COFINS embedded in the lease liability is shown below:

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Leases 2,277,065 2,376,597 35,851 40,979
Adjusted present value - Leases (1,313,511) (1,371,252) (4,495) (5,938)
Potencial PIS and COFINS credit 210,628 219,835 3,316 3,791
Adjusted present value – Potential PIS and COFINS credit (121,500) (126,841) (416) (549)

Lease payments not recognized as liabilities:

The Company chose not to recognize lease liabilities in contracts with a term of less than 12 months, as well as low value assets. Payments made for these contracts are recognized as expenses when incurred.

The Company has lease contracts for port terminals (TECAR and TECON) and a concession contract for the operation and development of public rail freight transport services in the Northeast Network I (FTL). Although these contracts establish minimum performance requirements, it is not possible to determine their cash flow since the payments are entirely variable and will only be known when they occur. In such cases, payments will be recognized as expenses when incurred.

Expenses related to payments not included in the measurement of the lease liability are:

Consolidated
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2026
Lower Assets value 6,624 5,976 4,462 2,311
Variable lease payments 143,084 165,389 72,535 84,726
149,708 171,365 76,997 87,037
Parent Company
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2026
Lower Assets value 4,458 4,007 3,390 1,602
4,458 4,007 3,390 1,602
---

(In thousands of Reais, unless stated otherwise)

15. TRADE PAYABLES
Consolidated Parent Company
--- --- --- --- ---
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Trade payables 7,539,327 7,323,417 4,612,845 4,005,857
(-) Adjusted present value (107,926) (93,681) (60,340) (60,933)
7,431,401 7,229,736 4,552,505 3,944,924
Classified:
Current 7,349,910 7,162,929 4,538,737 3,941,596
Non-current 81,491 66,807 13,768 3,328
7,431,401 7,229,736 4,552,505 3,944,924
15.a) Trade payables – Forfaiting
--- ---
Consolidated Parent Company
--- --- --- --- ---
06/30/2026 12/31/2025 06/30/2026 12/31/2025
In Brazil 1,359,764 2,231,266 781,102 1,250,533
Abroad 144,370 673,752 144,370 673,752
1,504,134 2,905,018 925,472 1,924,285

The Company discloses and classifies in a specific group its forfaiting operations with suppliers where the nature of the securities continue to be part of the Company's operating cycle. These transactions are negotiated with financial institutions to enable the Company's suppliers to anticipate receivables arising from sales of goods and, consequently, to extend the payment terms mostly from 180 days to 360 days of the Company's own obligations.

The following table provides a comparison of invoice payment terms both with and without forfaiting operations in cases in which goods were exclusively acquired for the base date of June 30, 2026 and December 31, 2025:

Consolidated Consolidated
06/30/2026 12/31/2025
Trade payables Forfaiting No Forfaiting Forfaiting No Forfaiting
Due between 1 and 180 days 762,457 5,404,980 2,128,326 5,275,445
Due between 181 to 360 days 741,677 1,944,930 776,693 1,887,484
Over 360 days 81,491 66,807
Total 1,504,134 7,431,401 2,905,019 7,229,736

Impact of variations without effect on cash as of June 30, 2026:

Consolidated
06/30/2026 06/30/2025
Exchange variation (6,362) (105,035)
Interest Appropriation 7,532 39,268
Total 1,170 (65,767)
16. ADVANCES FROM COSTUMERS
--- ---

Contract liabilities classified as current and non-current liabilities are constituted as follows:

(In thousands of Reais, unless stated otherwise)

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Iron ore 11,490,765 11,597,794
Others 1,610,573 1,776,909 1,113,665 1,220,004
13,101,338 13,374,703 1,113,665 1,220,004
Classified:
Current 4,352,609 4,347,937 494,405 481,905
Non-current 8,748,729 9,026,766 619,260 738,099
13,101,338 13,374,703 1,113,665 1,220,004
17. OTHER PAYABLES (CURRENT AND NON-CURRENT)
--- ---

Remaining payables classified under current and non-current liabilities have the following composition:

Consolidated Parent Company
Ref. Current Non-current Current Non-current
06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025
Related party liabilities 14,679 50,241 580,347 622,306 266,513 312,889
Derivative financial instruments 13.a 1,513 67,304 64,991 153,507 6,407 117,120
Dividends and interest on capital ^(1)^ 13.a 1,139,975 358,040 6,023 6,059
Liabilities fron the business combination 340,728 377,411 331,261 470,890 225,064 129,688 267,120 457,090
Taxes in installments 30,654 30,727 82,561 88,906 17,655 17,265 47,808 50,026
Profit sharing - employees 343,109 327,663 164,256 170,735
Taxes payable 10,588 10,266 10,588 10,266
Provision for consumption and services 229,299 275,577 21,930 30,882
Trade payables 15 81,491 66,807 13,768 3,328
Lease liabilities 14 241,881 238,702 798,787 855,037 12,048 11,525 21,140 25,570
Concessions to be paid 13.a 13,336 13,350 77,367 78,419
Contractual share option liability ^(2)^ 298,662 298,662
Iron ore price Adjustment ^(3)^ 382,655 2,729
Assignment of receivables ^(4)^ 91,359 147,339
Others payables 187,762 140,742 470,290 525,838 64,503 56,319 196,496 217,060
3,016,950 1,882,486 2,363,337 2,249,670 1,091,826 1,044,779 1,128,502 1,193,349

(1) mainly refers to dividends and interest on shareholders' equity deliberated upon by the subsidiary CSN Mineração. Part of this balance was provided as an advance by a non-consolidated Related Party financial institution, while the remaining amount corresponds to balances payable to non-controlling shareholders.

(2) non-current obligations mainly refer to the call and put option agreement for non-controlling shareholders’ remaining participation (30%) in the Estrela Group. This agreement offers minority shareholders the right to sell ("Put") and the Company the obligation to acquire such interests. The balance under this is agreement in June 2026 totals R$298,662 at the Parent Company and the Consolidated.

(3) this variation mainly reflects updates to the provisional price of ore sales at a subsidiary due to the fluctuation of the market indexes used to price shipments.

(4) on April 30, 2026, the subsidiaries definitively assigned future receivables arising from lease agreements and transport services signed with their customers in favor of third parties and without any form of co-obligation in the event of default. Discounts will be recognized as a financial expense in the result using the effective interest method during the term of the contract according to the rates contracted for the transaction.

(In thousands of Reais, unless stated otherwise)

18. INCOME TAX AND SOCIAL CONTRIBUTIONS
18.a) Income tax and social contribution recognized in profit or loss:
--- ---

Income tax and social contributions recognized in the income statement for the period are as follows:

Consolidated
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Income tax and social contribution income (expense)
Current (215,510) (290,946) (100,219) (87,175)
Deferred 978,121 649,190 405,345 214,289
762,611 358,244 305,126 127,114
Parent Company
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Income tax and social contribution income (expense)
Deferred 887,651 710,159 350,713 356,771
887,651 710,159 350,713 356,771

The reconciliation of expenses related to income tax and social contributions and consolidated and parent company and the product of the current rate on profit before income tax (IRPJ) and social contribution (CSLL) are shown below:

Consolidated
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Profit/(Loss) before income tax and social contribution (2,090,692) (1,220,192) (1,078,184) (257,482)
Tax rate 34% 34% 34% 34%
Income tax and social contribution at combined statutory rate 710,835 414,865 366,583 87,544
Adjustment to reflect the effective rate:
Equity in results of affiliated companies 112,140 102,748 62,654 66,126
Effect of differentiated rates and tax-exempt profits in investments (6,586) (148,721) (82,354) (46,371)
Indebtdness limit (883) (5,711) (156) (3,733)
Tax incentives 11,399 11,446 4,662 5,525
Interest on equity 21,643 21,643
Recognition/(reversal) of tax credits (68,005) (22,339) (41,537) (8,816)
Result of acquisition of ownership interest in Grupo Estrela (3,146) (3,146)
Other permanent deductions (add-backs) 3,711 (12,541) (4,726) 8,342
Income tax and social contribution in net income for the period 762,611 358,244 305,126 127,114
Effective tax rate 36% 29% 28% 49%
---

(In thousands of Reais, unless stated otherwise)

Parent Company
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Profit/(Loss) before income tax and social contribution (2,297,305) (1,495,305) (1,144,836) (522,771)
Tax rate 34% 34% 34% 34%
Income tax and social contribution at combined statutory rate 781,084 508,404 389,244 177,742
Adjustment to reflect the effective rate:
Equity in results of affiliated companies 88,289 252,272 (41,667) 221,883
Indebtdness limit (883) (5,711) (156) (3,732)
Interest on equity - (49,757) - (49,757)
Other permanent deductions (additions) 19,161 4,951 3,292 10,635
Income tax and social contribution in net income for the period 887,651 710,159 350,713 356,771
Effective tax rate 39% 47% 31% 68%
18.b) Deferred income tax and social contribution:
--- ---

Deferred income tax and social contribution balances are as follows:

Consolidated Parent Company
Balance at January 01, 2025 6,803,997 4,750,333
Recognized in profit and loss 1,094,263 1,274,539
Recognized in equity (1,387,336) (1,138,951)
Balance at December 31, 2025 6,510,924 4,885,921
Recognized in profit and loss 978,121 887,651
Recognized in equity (711,045) (577,160)
Balance at June 30, 2026 6,778,000 5,196,412

The Company's corporate structure includes foreign subsidiaries, the income of which is taxed in the respective countries. During the period between 2021 and 2025, these subsidiaries generated profits in the amount of R$8,276. If the Brazilian tax authorities understand that these profits are subject to additional taxation in Brazil through income tax and social security contributions, these amounts, if due, would total approximately R$2,814.

The Company, based on the position of its legal advisors, assessed only as possible the probability of loss in case of a possible tax challenge and, as a result, there was no provision was recognized in Financial Statements.

Furthermore, Management evaluated the precepts of IFRIC 23 - "Uncertainty Over Income Tax Treatments" and recognized in 2021 the credit for the unconstitutionality of IRPJ and CSLL incidence on SELIC interest of mora values received due to tax undue repetition.

On December 31, 2025, a sensitivity analysis of the consumption of tax credits was performed considering variation in macroeconomic assumptions, operating performance and liquidity-related events. There are therefore indicators, considering the results of the study, of the probable existence of taxable income to use the balance of deferred income tax and social contribution.

(In thousands of Reais, unless stated otherwise)

18.c) Changes in deferred income tax and social contribution

The following shows the changes of deferred taxes:

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Deferred
Income tax losses 4,992,073 4,578,638 3,214,697 2,657,671
Social contribution tax losses 1,830,613 1,585,078 1,189,682 983,143
Temporary differences (44,686) 347,208 792,033 1,245,107
Tax, social security, labor, civil and environmental provisions 441,879 391,345 170,812 163,124
Estimated losses on assets 384,467 375,880 233,692 234,210
Gains/(Losses) on financial assets 216,123 296,640 172,121 261,604
Actuarial Liabilities (Pension and Health Plan) 151,727 141,088 136,074 128,915
Provision for consumption and services 13,769 22,911 9,871 15,074
Cash Flow Hedge and Unrealized Exchange Variations 346,226 886,799 263,048 628,018
(Gain) on loss of control of Transnordestina (224,096) (224,096) (224,096) (224,096)
Fair Value SWT/CBL Acquisition (149,490) (149,490)
Business combination (1,035,660) (1,462,402) (686,787) (721,992)
Unrealized results – transactions between related parties 783,127 783,127 799,366 799,366
(Losses)/Estimated reversal for deferred income tax and social contribution credits (188,975)
Unconstituted IR/CS (973,640)
Others 882 (525,619) (82,068) (39,116)
Total 6,778,000 6,510,924 5,196,412 4,885,921
Total Deferred Assets 7,353,594 7,100,375 5,196,412 4,885,921
Total Deferred Liabilities (575,594) (589,451) -
Total Deferred 6,778,000 6,510,924 5,196,412 4,885,921
18.d) Income tax and social contribution recognized in shareholders' equity
--- ---

Income tax and social contribution recognized directly in equity are shown below:

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Income tax and social contribution
Actuarial gains on defined benefit pension plan 50,579 50,702 43,730 43,730
Exchange differences on translating foreign operations (325,350) (325,350) (325,350) (325,350)
Cash flow hedge 858,350 1,590,839 899,035 1,476,195
Gain on sale of shares (1,158,081) (1,158,081) (1,158,081) (1,158,081)
(574,502) 158,110 (540,666) 36,494
---

(In thousands of Reais, unless stated otherwise)

19. PROVISIONS FOR TAX, SOCIAL SECURITY, LABOR, CIVIL,<br>ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS

Claims of different natures are being discussed in the competent courts. Details of the provisioned values and respective judicial deposits related to these proceedings are presented below:

Consolidated Parent Company
Accrued liabilities Judicial deposits Accrued liabilities Judicial deposits
06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025
Tax 88,757 89,522 178,183 182,569 18,032 15,891 67,170 71,763
Social security 13,740 13,533 13,740 13,533
Labor 421,941 486,045 382,391 372,571 152,402 170,253 144,528 139,265
Cívil ^(1)^ 419,989 224,984 220,761 34,361 123,449 117,997 15,614 15,488
Environmental 56,171 60,092 5,621 6,317 18,738 23,502 278 277
Deposit of a guarantee 23,791 25,194
1,000,598 874,176 810,747 621,012 326,361 341,176 227,590 226,793
Classified:
Current 57,111 61,455 30,220 40,225
Non-current 943,487 812,721 810,747 621,012 296,141 300,951 227,590 226,793
1,000,598 874,176 810,747 621,012 326,361 341,176 227,590 226,793

(1) On June 25, 2026, CEEE-G made a court deposit totaling R$185,000, an amount that must remain deposited under records until a final ruling on the appeals in progress and the respective costs are provided.

Changes in tax, social security, labor, civil and environmental provisions during the period ended June 30, 2026 can be demonstrated as follows:

Consolidated
Current + Non-current
Nature 12/31/2025 Additions Accrued charges Net utilization of reversal 06/30/2026
Tax 89,522 9,892 2,381 (13,038) 88,757
Social security 13,533 207 13,740
Labor 486,045 22,989 28,718 (115,811) 421,941
Cívil ^(1)^ 224,984 188,760 14,325 (8,080) 419,989
Environmental 60,092 696 2,095 (6,712) 56,171
874,176 222,337 47,726 (143,641) 1,000,598

(1) The increase in the provisioned liabilities predominantly results from a collection suit related to financial contributions that CEEE-G subscribed and did not pay in a company incorporated to implement a thermoelectric project. This company was subsequently dissolved. This risk was reclassified from possible to probable after being approved under the court expert report during the stage of liquidation of the award and the start of provisional compliance with the ruling.

Parent Company
Current + Non-current
Nature 12/31/2025 Additions Accrued charges Net utilization of reversal 06/30/2026
Tax 15,891 3,873 583 (2,315) 18,032
Social security 13,533 207 13,740
Labor 170,253 8,894 8,331 (35,076) 152,402
Civil 117,997 307 8,870 (3,725) 123,449
Environmental 23,502 1 890 (5,655) 18,738
341,176 13,075 18,881 (46,771) 326,361

Provisions for taxes, social security, labor, civil and environmental matters have been estimated by management and substantially substantiated by legal counsel, and only those causes that are considered probable of loss are recorded. These provisions also include tax liabilities arising from actions taken at the Company's initiative, plus SELIC (Special System for Settlement and Custody) interest.

(In thousands of Reais, unless stated otherwise)

Tax Proceedings

The main legal proceedings considered by external legal consultants as having a probable loss probability, in which CSN or its subsidiaries are parties, of a tax nature are: (i) some ISS tax infraction notices; (ii) divergences between calculated and collected ICMS; and (iii) Compensation requests not approved due to lack of credit rights.

Labor lawsuits

The Group appears as a defendant in labor claims. Most of the claims in these lawsuits relate to subsidiary and/or joint liability, equal pay, hazard and danger pay allowances, overtime, health plans, compensation claims for alleged occupational diseases or work accidents, intra-day break periods, and differences in profit sharing for the years 1997 to 1999 and 2000 to 2003.

Throughout the period ended June 30, 2026, there were additions and write-offs of labor proceedings due to their definitive completion, in addition to the ongoing review of the Company's accounting estimates in relation to provisions and contingencies. These changes consider the different nature of the claims involved, as established in the Company's accounting policies.

Civil lawsuits

The civil lawsuits in which the Company appears as a defendant mainly involve claims for compensation. Such proceedings, in general, result from workplace accidents, occupational diseases, contractual discussions related to the Group's industrial activities, real estate actions, health plans.

Environmental processes

The main environmental proceedings considered by external legal consultants to be a probable loss in which CSN or its subsidiaries are parties include (i) administrative violation notices for alleged environmental infractions; (ii) annulment lawsuits and tax foreclosures resulting from environmental fines; and (iii) procedural fines for alleged non-compliance with court orders.

Among the environmental administrative/judicial proceedings in which the Company is a defendant are administrative procedures aimed at verifying possible environmental irregularities and regularizing environmental licenses. In the judicial sphere, there are actions to enforce fines imposed due to such alleged irregularities and public civil actions seeking regularization combined with compensation, which consist of environmental restoration in most cases. Such processes are generally derived from discussions of supposed environmental impacts related to the Company's industrial activities.

(In thousands of Reais, unless stated otherwise)

Administrative and judicial proceedings

The Company does not make provisions for legal proceedings whose expectation of the Management, based on the opinion of legal advisors, is of possible loss. The following table presents a summary of the balance of the main matters classified as posing a possible risk when the balance as of June 30, 2026 is compared to that of December 31, 2025.

The Company is involved in other legal proceedings classified by the legal advisors as a possible loss and therefore represent present obligations for which the outflow of funds is not probable. As of June 30, 2026, these proceedings involved a total of R$48,103,210 (R$47,419,219 on December 31, 2025), R$3,228,618 of which involve labor proceedings (R$2,894,042 on December 31, 2025), R$4,000,153 civil proceedings (R$3,845,589 on December 31, 2025), R$38,968,233 tax proceedings (R$38,597,353 on December 31, 2025), and R$1,906,206 environmental proceedings (R$2,082,235 on December 31, 2025).

Consolidated
06/30/2026 12/31/2025
Notice of Violation and Imposition of Fine (AIIM) /Tax Foreclosure - RFB - IRPJ/CSLL - Capital Gain for alleged sale of equity interest in subsidiary NAMISA 6,753,543 6,554,452
Notice of Infraction and Imposition of a Fine (AIIM) /Tax Enforcement Proceedings - RFB - IRPJ/CSLL - Exclusion of goodwill deductions generated during reverse merger of Big Jump and Namisa 3,621,992 3,512,216
Notice of Violation and Imposition of Fine (AIIM) /Tax Foreclosure - RFB - IRPJ/CSLL - Disallowance of prepayment interest arising from iron ore supply and port services contracts 2,333,356 2,264,620
Notices of Infraction and Imposition of a Fine (AIIM) / Writ of Mandamus - RFB - IRPJ/CSLL - Profits earned overseas in 2008, 2010, 2011, 2012, 2014, 2015, 2016, 2017 and 2018 6,078,788 5,858,583
Unapproved compensation - RFB - IRPJ/CSLL, PIS/COFINS and IPI 2,367,542 2,319,108
Unapproved tax credits - RFB - Disallowance of credits under Topic 69/STF (ICMS included in the PIS/COFINS tax base) 784,338 751,209
ICMS - SEFAZ/RJ - Questions regarding sales for Incentives Zone 1,367,813 1,309,079
Notice of Violation and Imposition of Fine (AIIM) - RFB - Disallowance of PIS/COFINS Credits for inputs and freight 1,960,358 1,875,734
CFEM - difference of understanding between CSN and ANM on the calculation basis 1,661,630 1,715,523
Notice of Violation and Imposition of Fine (AIIM) - RFB - Collection IRRF - Business Combinations CMIN 2015 229,530 221,203
ICMS - SEFAZ/RJ - ICMS Credits for acquisition of Electric Energy Industrialization 45,593 43,716
Notice of Violation and Imposition of Fine (AIIM) - RFB - IRPJ/CSLL - Disallowance of deductions of goodwill generated in the acquisition of LACIM and Cimentos Mauá 42,691 434,203
ICMS - SEFAZ/RJ - Exclusion of Ore Transfer credits 748,927 705,480
ICMS - SEFAZ/RJ - Disallowance of credits on purchase of intermediate products 522,865 497,950
Disallowance of tax loss and negative calculation base resulting from adjustments in SAPLI - RFB 743,543 871,652
Infraction and Fine Imposition Notices (AIIM) - RFB - IRPJ/CSLL - Transfer Pricing ^(1)^ 232,293 73,556
ICMS - SEFAZ/RJ - Transfer of imported raw material for a value lower than the TECAR import document 476,530 458,694
Tax Assessment and Penalty Notices (AIIM) / Action for Annulment - RFB - IRRF - Capital gains of CFM sellers located abroad 167,959 163,996
Other tax-related proceedings (federal, state and local taxes) ^(1)^ 8,139,253 8,357,638
Social security lawsuits 689,688 751,191
Action to discuss the balance of the construction contract - Tebas 679,699 650,979
---

(In thousands of Reais, unless stated otherwise)

Action related to charges under electricity invoice - Light 590,573 551,756
Action that discusses Negotiation of energy sales - COPEN - CEEE-G 262,226 247,883
Lawsuit challenging the penalty imposed by CADE on the company acquired by the CSN Group for alleged participation in a cement cartel 527,287 510,404
Other civil proceedings 1,940,368 1,958,195
Labor and social security proceedings 3,228,618 3,001,846
Tax Enforcement Proceedings Fine Volta Grande IV 179,908 168,746
ACP Landfill Marcia I 306,389 306,389
Notice of IEF Commitment Agreement 337,951 337,951
Other environmental lawsuits 1,081,959 894,523
Reflecting the acquisition of a stake in the Estrela Group 50,745
48,103,210 47,419,218

(1) In June 2026, legal proceedings involve an approximate amount of R$155,000, which were previously reported under "Other Tax-Related Proceedings” were transferred. Additionally, this amount was adjusted for inflation and amounts for other proceedings recorded under this line item were reviewed.

During the 1st quarter of 2021, the Company was notified of the filing of arbitration proceedings based on an alleged breach of iron ore supply contracts. The opposing party's claim at that time totaled approximately US$1 billion, and the Company understands the allegations presented to be unfounded by the complete absence of damages, based on the assessment of its legal advisors. The Company wishes to inform that it has prepared a response to the arbitration request together with its legal advisors and is currently preparing its defense. It also wishes to clarify that these matters involve ongoing arbitration disputes initiated by both parties. It is also estimated that arbitrations will be completed in approximately 6 months. The relevance of these proceedings for the Company involves the value attributed to the case and the possible financial impacts.

The Company has offered judicial guarantees (Guarantee Insurance/Letter of Guarantee) in the total amount of R$10,826 (R$11,020 on December 31, 2025) as of June 30, 2026, as determined by current procedural legislation.

Evaluations carried out by legal advisors have defined these administrative and judicial proceedings as a possible risk of loss, and a provision has not been established in accordance with Management's judgment and accounting practices adopted in Brazil.

20. PROVISIONS FOR ENVIRONMENTAL LIABILITIES AND ASSET<br>RETIREMENT OBLIGATIONS

The balance of provisions for environmental liabilities and asset decommissioning is as follows:

Consolidated Parent Company
06/30/2026 12/31/2025 06/30/2026 12/31/2025
Environmental liabilities 173,797 119,664 161,183 111,789
Asset retirement obligations 1,135,843 1,067,945
1,309,640 1,187,609 161,183 111,789

As of June 30, 2026, a provision is maintained for expenses related to investigation and environmental recovery services for potential contaminated and degraded areas currently be explored under the Company's responsibility in Brazil. Estimated expenses are reviewed periodically, and amounts previously accounted for are adjusted, whenever necessary. These above table present management's best estimates for environmental recovery studies and projects. These provisions are recorded in the other operating expenses account.

Certain contingent environmental liabilities are monitored by the environmental department and a provision has not been provided since they do not meet the recognition criteria established in IAS 37/CPC 25.

(In thousands of Reais, unless stated otherwise)

21. RELATED-PARTY BALANCES AND TRANSACTIONS
21.a) Transactions with subsidiaries, jointly controlled entities, affiliates, exclusive funds and other<br>related parties
--- ---
· Consolidated
--- ---
Consolidated
--- --- --- --- --- --- --- --- --- ---
06/30/2026 12/31/2025
Ref. Associates Joint-ventures and Joint Operation Other related parties Total Associates Joint-ventures and Joint Operation Other related parties Total
Assets
Current Assets
Cash and cash equivalents 728,306 728,306 1,979,060 1,979,060
Trade receivables 5 75,238 20,062 95,300 73,045 24,254 97,299
Dividends receivable 8 91,624 138,556 2,166 232,346 19,477 2,187 54,362 76,026
Borrowings 8 1,600 1,600 4,147 4,147
Other receivables 8 2 2,375 2,377 2 1,829 1,831
166,862 160,220 732,847 1,059,929 92,522 30,590 2,035,251 2,158,363
Non-current Assets
Borrowings 8 6,529 1,711,976 1,718,505 6,024 2,131,858 2,137,882
Actuarial liabilities 8 56,565 56,565 53,328 53,328
6,529 1,711,976 56,565 1,775,070 6,024 2,131,858 53,328 2,191,210
173,391 1,872,196 789,412 2,834,999 98,546 2,162,448 2,088,579 4,349,573
Liabilities
Current Liabilities
Trade payables 24,263 9,270 33,533 19,493 171,345 864 191,702
Accounts payable 200,756 200,756 24,400 92,892 117,292
Dividends receivable 805,834 805,834
Provision for consumption 14,679 14,679 25,841 25,841
24,263 23,949 1,006,590 1,054,802 19,493 221,586 93,756 334,835
24,263 23,949 1,006,590 1,054,802 19,493 221,586 93,756 334,835
Consolidated
06/30/2026 06/30/2025
Ref. Associates Joint-ventures and Joint Operation Other related parties Total Associates Joint-ventures and Joint Operation Other related parties Total
P & L
Sales 1,053,423 25,792 1,079,215 1,141,247 24,278 135 1,165,660
Cost and expenses (91,937) (1,127,432) (12,184) (1,231,553) (80,165) (1,082,885) (80,673) (1,243,723)
Financial income (expenses)
Interest 27 505 126,688 53,156 180,349 833 100,017 25,326 126,176
Exchange rate variations and monetary, net (96,061) (96,061) (60,980) (60,980)
Financial investments (191,986) (191,986)
Other income and expenses 76 3,238 3,314 7 53 (3,917) (3,857)
961,991 (974,876) (51,851) (64,736) 1,061,922 (958,537) (312,095) (208,710)
---

(In thousands of Reais, unless stated otherwise)

· Parent Company
Parent Company
--- --- --- --- --- --- --- --- --- ---
06/30/2026 12/31/2025
Ref. Subsidiaries and associates Joint-ventures and Joint Operation Other related parties and exclusive funds Total Subsidiaries and associates Joint-ventures and Joint Operation Other related parties and exclusive funds Total
Assets
Current Assets
Cash and cash equivalents 382,155 382,155 418,642 418,642
Financial investments 22,346 22,346
Trade receivables 5 1,328,349 1,328,349 1,186,355 1,186,355
Dividends receivable 8 363,882 28,013 391,895 1,167,342 1,167,342
Borrowings 8 1,600 1,600 4,147 4,147
Other receivables 8 145,326 2 2,375 147,703 171,348 1,829 173,177
1,837,557 29,615 406,876 2,274,048 2,525,045 4,147 420,471 2,949,663
Non-current Assets
Borrowings 8 1,503,262 1,711,976 3,215,238 1,390,560 2,083,828 3,474,388
Actuarial asset 8 43,683 43,683 41,138 41,138
1,503,262 1,711,976 43,683 3,258,921 1,390,560 2,083,828 41,138 3,515,526
3,340,819 1,741,591 450,559 5,532,969 3,915,605 2,087,975 461,609 6,465,189
Liabilities
Current Liabilities
Intercompany Loans 12 55,030 55,030 193,654 193,654
Trade payables 1,255,364 21,232 229 1,276,825 47,150 47,798 412 95,360
Accounts payable 389,563 13,476 79,486 482,525 127,392 64,060 191,452
Provision for consumption 566,230 14,638 580,868 469,073 25,841 494,914
2,266,187 49,346 79,715 2,395,248 837,269 73,639 64,472 975,380
Non-current Liabilities
Intercompany Loans 12 12,059,002 12,059,002 9,807,672 9,807,672
Accounts payable 266,513 266,513 312,889 312,889
12,325,515 12,325,515 10,120,561 10,120,561
14,591,702 49,346 79,715 14,720,763 10,957,830 73,639 64,472 11,095,941
Parent Company
06/30/2026 06/30/2025
Ref. Subsidiaries and associates Joint-ventures and Joint Operation Other related parties and exclusive funds Total Subsidiaries and associates Joint-ventures and Joint Operation Other related parties and exclusive funds Total
Net revenue and cost
Sales 1,545,495 1,545,495 2,066,748 29 - 2,066,777
Cost and expenses (1,884,542) (258,601) (3,885) (2,147,028) (2,125,647) (260,235) (50,925) (2,436,807)
Financial income (expenses)
Interest 27 (19,884) 123,897 (11,036) 92,977 (20,367) 98,271 7,960 85,864
Exclusive funds 27 1,029 1,029 5,366 5,366
Financial investments ^(1)^ (191,986) (191,986)
Exchange rate variations and monetary, net 406,769 406,769 1,351,602 (16,910) 1,334,692
Other operating income and expenses 154,416 74 2,545 157,035 112,874 53 (4,445) 108,482
202,254 (134,630) (11,347) 56,277 1,385,210 (161,882) (250,940) 972,388

Consolidated and Controlling Information:

Receivables: mainly refer to sales of the Parent Company’s steel products to related parties.

Dividends receivable: at the Parent Company, the balance consists primarily of dividends from CSN Cimentos Brasil S.A. in the amount of R$178,348 (R$178,348 as of December 31, 2025). In the consolidated statements, this balance mainly comprises dividends from MRS in the amount of R$138,556.

Loans (Assets):

Long-term: in the Consolidated statements, these amounts refer mainly to loan agreements with Transnordestina Logística S.A. in the amount of R$1,711,836 (R$2,098,532 as of December 31, 2025) at an average rate of 104% of the CDI.

(In thousands of Reais, unless stated otherwise)

Dividends payable (Liabilities):

In the consolidated financial statements, these amounts to the sale of the majority of the balance of dividends receivable from CSN MINERAÇÃO from the related-party financial institution (Banco Fibra) in the amount of R$805,834, which includes a transaction discount R$33,194. This transaction was settled in full on March 27, 2026.

21.b) Key Management Personnel

Key Management personnel with authority and responsibility for planning, directing and controlling the Company's activities include the members of the Board of Directors and statutory officers. Information on remuneration and balances as of June 30, 2026 and June 30, 2025 is presented below:

06/30/2026 06/30/2025
P&L
Short-term benefits for employees and officers 51,833 55,717
Post-employment benefits 322 438
52,155 56,155
21.c) Guarantees
--- ---
Currency Maturities Borrowings Tax foreclosure Others Total
--- --- --- --- --- --- --- --- --- --- ---
06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025
Transnordestina Logísitca R$ Up to 09/19/2056 and Indefinite 3,535,387 3,251,444 11,753 10,869 5,894 4,972 3,553,034 3,267,285
Subsidiaries R$ Up to 01/10/2028 and Indefinite 366,000 368,590 600 600 366,600 369,190
Total in R$ 3,901,387 3,620,034 11,753 10,869 6,494 5,572 3,919,634 3,636,475
CSN Inova Ventures US$ 01/28/2028 1,300,000 1,300,000 1,300,000 1,300,000
CSN Resources US$ Up to 04/08/2032 2,050,000 2,233,000 2,050,000 2,233,000
Total in US$ 3,350,000 3,533,000 3,350,000 3,533,000
Lusosider Aços Planos € Indefinite 75,000 75,000 75,000 75,000
Total em € 75,000 75,000 75,000 75,000
Total in R$ 17,341,610 19,279,934 443,295 481,725 17,784,905 19,761,659
21,242,997 22,899,968 11,753 10,869 449,789 487,297 21,704,539 23,398,134
22. EQUITY
--- ---
22.a) Paid-in capital and authorized capital
--- ---

The Company’s fully subscribed and paid-in share capital as of June 30, 2026 and December 31, 2025 totaled R$10,240,000 divided into 1,326,093,947 no par value book-entry common shares. Each common share entitles the respective holder to a single vote in resolutions made at Annual General Meetings.

22.b) Authorized share capital

The Company's bylaws in force as of June 30, 2026 determine that its share capital may be increased to up to 2,400,000,000 shares through means of a decision from the Board of Directors, regardless of any statutory reforms that are implemented.

(In thousands of Reais, unless stated otherwise)

22.c) Capital reserve

The balances presented on June 30, 2026 and December 31, 2025 in the amounts of R$1,636,022 and R$2,024,250, respectively, comprise gains on the sale of participations in subsidiaries and the effects of treasury shares acquired by subsidiaries and liabilities recognized as a result of the call and put option agreement for the 30% minority participation held by the subsidiary’s non-controlling shareholders. This agreement assigns a right to sell ("Put”) to minority shareholders and establishes the Company’s corresponding obligation to acquire this participation.

22.d) Capital transaction

The balances presented as of June 30, 2026 and December 31, 2025 comprise gains on the sale of participations subsidiaries, as well as the effects of treasury shares acquired by subsidiaries and share cancellations.

22.e) Legal reserve

It is constituted at the rate of 5% of the net income calculated in each fiscal period, before any other allocation, pursuant to art. 193 of Law no. 6.404/76, up to a limit of 20% of the share capital.

22.f) Ownership structure

As of June 30, 2026 and December 31, 2025, the Company’s shareholding structure was as follows:

06/30/2026 12/31/2025
Number of common shares % of total shares % of voting capital Number of common shares % of total shares % of voting capital
Vicunha Aços S.A. (*) 552,412,693 41.66% 41.66% 552,412,693 41.66% 41.66%
Rio Iaco Participações S.A. (*) 45,706,242 3.45% 3.45% 45,706,242 3.45% 3.45%
CFL Ana Participações S.A. 60,152,692 4.54% 4.54% 62,353,852 4.70% 4.70%
Avelina Participações S.A. 41,119,615 3.10% 3.10% 52,732,025 3.98% 3.98%
NYSE (ADRs) 347,119,596 26.18% 26.18% 320,979,296 24.20% 24.20%
Other shareholders 279,583,109 21.08% 21.08% 291,909,839 22.01% 22.01%
Outstanding shares 1,326,093,947 100.00% 100.00% 1,326,093,947 100.00% 100.00%

(*) Controlling group companies.

(In thousands of Reais, unless stated otherwise)

22.g) Earnings per share

Earnings per share are shown below:

Parent Company
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Common Shares Common Shares
Loss for the period (1,409,654) (785,146) (794,123) (166,000)
Weighted average number of shares 1,326,093,947 1,326,093,947 1,326,093,947 1,326,093,947
Basic and diluted loss per share (1.06301) (0.59207) (0.59884) (0.12518)
22.h) Comprehensive income
--- ---

These are the accumulated actuarial adjustments to pension plans and the unrealized gains or losses on derivative financial instruments, such as the valuation adjustment for shares. These amounts represent a cumulative balance of loss of R$1,870,212 as of June 30, 2026 (R$782.078, as of December 31, 2025).

23. SHAREHOLDER COMPENSATION

On June 30, 2026, the Company recorded a loss during the period. Due to these results, shareholders were not remunerated.

24. NET REVENUE FROM SALES

Net sales revenue is comprised as follows:

Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Gross revenue
In Brazil 14,705,520 14,510,919 7,836,441 7,383,476
Abroad 10,458,499 10,498,201 5,176,129 5,030,187
25,164,019 25,009,120 13,012,570 12,413,663
Deductions
Sales returns, discounts and rebates (205,020) (349,279) (101,247) (177,525)
Taxes on sales (3,049,058) (3,058,926) (1,605,154) (1,542,852)
(3,254,078) (3,408,205) (1,706,401) (1,720,377)
Net revenue 21,909,941 21,600,915 11,306,169 10,693,286
---

(In thousands of Reais, unless stated otherwise)

Parent Company
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Gross revenue
In Brazil 9,978,768 10,335,534 5,263,053 5,081,497
Abroad 101,783 466,204 19,301 140,575
10,080,551 10,801,738 5,282,354 5,222,072
Deductions
Sales returns, discounts and rebates (180,730) (193,643) (88,014) (101,067)
Taxes on sales (1,825,001) (1,942,094) (962,738) (945,328)
(2,005,731) (2,135,737) (1,050,752) (1,046,395)
Net revenue 8,074,820 8,666,001 4,231,602 4,175,677
25. EXPENSES BY NATURE
--- ---
Consolidated
--- --- --- --- ---
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Raw materials and inputs (6,182,203) (6,160,200) (3,224,272) (3,052,758)
Outsourcing material ^(1)^ (1,407,477) (1,709,318) (726,217) (822,375)
Labor cost (2,762,735) (2,713,559) (1,408,686) (1,407,116)
Supplies (1,477,557) (1,531,260) (781,726) (683,409)
Maintenance cost (services and materials) (803,156) (644,173) (512,248) (281,937)
Outsourcing services (1,321,290) (1,442,191) (672,150) (734,142)
Freight (2,556,009) (2,386,861) (1,413,093) (1,277,943)
Depreciation, amortization and depletion (2,248,267) (1,997,340) (1,106,324) (1,025,332)
Others (679,212) (531,835) (174,219) (178,709)
(19,437,906) (19,116,737) (10,018,935) (9,463,721)
Classified as:
Cost of sales (16,456,314) (16,342,573) (8,375,246) (7,967,187)
Selling expenses (2,470,292) (2,293,241) (1,373,352) (1,233,009)
General and administrative expenses (511,300) (480,923) (270,337) (263,525)
(19,437,906) (19,116,737) (10,018,935) (9,463,721)

(1) refers to the acquisition of third-party ores for blending.

Parent Company
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Raw materials and inputs (4,221,773) (4,562,061) (2,101,060) (2,345,144)
Labor cost (993,195) (1,016,485) (506,326) (529,134)
Supplies (1,089,898) (1,090,672) (559,658) (407,241)
Maintenance cost (services and materials) (289,314) (187,366) (224,810) (57,992)
Outsourcing services (507,126) (643,393) (254,825) (255,683)
Freight (386,677) (391,274) (213,835) (195,056)
Depreciation, amortization and depletion (650,036) (685,089) (328,617) (347,906)
Others (29,378) (83,224) (19,612) (23,914)
(8,167,397) (8,659,564) (4,208,743) (4,162,070)
Classified as:
Cost of sales (7,603,437) (8,048,779) (3,907,020) (3,844,781)
Selling expenses (365,715) (414,881) (192,579) (209,599)
General and administrative expenses (198,245) (195,904) (109,144) (107,690)
(8,167,397) (8,659,564) (4,208,743) (4,162,070)
---

(In thousands of Reais, unless stated otherwise)

Depreciation, amortization and depletion for the period were distributed as follows:

Consolidated
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Production costs (2,195,236) (1,946,643) (1,079,398) (999,341)
Selling expenses (27,500) (29,118) (13,793) (15,133)
General and administrative expenses (25,531) (21,579) (13,133) (10,858)
(2,248,267) (1,997,340) (1,106,324) (1,025,332)
Other operational ^(1)^ (28,889) (48,444) (15,676) (21,266)
(2,277,156) (2,045,784) (1,122,000) (1,046,598)
Parent Company
--- --- --- --- ---
Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Production costs (629,580) (661,834) (318,033) (336,249)
Selling expenses (5,972) (9,702) (2,969) (4,865)
General and administrative expenses (14,484) (13,553) (7,615) (6,792)
(650,036) (685,089) (328,617) (347,906)
Other operational ^(1)^ (23,688) (34,864) (13,255) (17,624)
(673,724) (719,953) (341,872) (365,530)

(1) substantially refers to depreciation in investment properties and scheduled shutdown for the renovation of Blast Furnace 2.

(In thousands of Reais, unless stated otherwise)

26. OTHER OPERATING (EXPENSES)/INCOME
Consolidated
--- --- --- --- --- ---
Six months ended Three months ended
Ref. 06/30/2026 06/30/2025 06/30/2026 06/30/2025
Other operating income
Receivables by indemnity 5,448 17,209 3,973 15,552
Rentals and leases 10,753 16,012 4,490 4,935
Contractual fines (24,974) (26,299)
Tax recuperation 94,347 62,982 94,347 36,855
Other revenues 11,436 72,580 12,740 45,751
121,984 143,809 115,550 76,794
Other operating expenses
Taxes and fees (49,262) (68,779) (17,306) (30,459)
Expenses with environmental liabilities, net (11,126) (12,778) (1,089) (2,567)
Net reversals/(expenses) on legal proceedings (298,328) 346,636 (263,041) 500,582
Contractual fines (114,453) (59,544)
Depreciation of investment properties, idle equipment and amortization of intangible assets 25 (28,889) (48,444) (15,676) (21,266)
Reversals/(Estimated write-offs or losses) in property, plant and equipment, intangible assets and investment properties, net of reversals 9.d, 10 and 11 (80,840) (20,429) (78,815) (33,315)
(Losses)/Estimated reversals in inventories (338,083) (60,994) (150,394) (68,455)
Idleness in stocks and paralyzed equipment (35,363) (78,054) (13,287) (30,782)
Studies and project engineering expenses (36,825) (35,636) (23,813) (18,000)
Healthcare plan expenses (45,779) (54,525) (22,603) (27,947)
Realized cash flow hedge 13.b (398,665) (177,879) (10,807) (24,997)
Pension plan expense (22,741) (28,994) (11,370) (14,497)
Reversals/(Expenses) on receivables 853 (3,086) 42 (20)
Other expenses (237,158) (99,859) (108,288) (58,673)
(1,696,659) (342,821) (775,991) 169,604
Other operating income (expenses), net (1,574,675) (199,012) (660,441) 246,398
Parent Company
--- --- --- --- --- ---
Ref. Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Other operating income
Receivables by indemnity 1,822 16,031 487 15,551
Rentals and leases 4,432 11,365 2,309 2,662
Contractual fines 1,564 (8,043)
Tax recuperation 56,835 42,110
Other revenues 29,218 56,515 (4,544) 35,180
35,472 142,310 (1,748) 87,460
Other operating expenses
Taxes and fees (9,158) (20,871) (3,564) (8,344)
Expenses with environmental liabilities, net (1,125) 1,462 73 653
Net legal expenses (14,430) (32,802) (11,142) (17,727)
Contractual fines (40,946) (24,274)
Depreciation of investment properties, idle equipment and amortization of intangible assets 25 (23,688) (34,864) (13,255) (17,624)
Estimated write-offs or losses in property, plant and equipment, intangible assets and investment properties, net of reversals 9.d, 10 and 11 (90,850) 12,498 (51,628) (1,679)
(Losses)/Estimated reversals in inventories (231,300) (51,442) (75,371) (55,659)
Idleness in stocks and paralyzed equipment (31,929) (71,542) (11,731) (27,445)
Studies and project engineering expenses (8,745) (14,845) (6,104) (5,683)
Healthcare plan expenses (42,993) (48,690) (21,265) (24,727)
Realized cash flow hedge 13.b (519,445) (215,030) (109,266) (29,174)
Pension plan expense (21,058) (27,448) (10,529) (13,724)
Expenses on securities receivable 806 50 (5) (12)
Other expenses (88,803) (50,676) (39,573) (28,003)
(1,123,664) (554,200) (377,634) (229,148)
Other operating income (expenses), net (1,088,192) (411,890) (379,382) (141,688)
---

(In thousands of Reais, unless stated otherwise)

27. FINANCIAL INCOME/(EXPENSE)
Consolidated
--- --- --- --- --- ---
Ref. Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Financial income
Related parties 21.a 204,067 128,164 101,807 74,823
Income from financial investments 320,431 580,987 169,533 164,127
Updated shares – Fair value through profit or loss 13.d 127,464 50,772 81,233
Dividends receivable 117 2,395 20 22
Interest and fines 43,153 36,188 22,241 23,706
Other income 30,965 27,469 23,789 8,240
726,197 825,975 398,623 270,918
Financial expenses
Borrowings and financing - foreign currency 12 (926,361) (1,178,184) (429,280) (579,148)
Borrowings and financing - local currency 12 (1,144,249) (1,022,356) (581,279) (520,612)
Capitalized interest 10 268,689 176,491 136,920 97,547
Interest of advances from customers (522,110) (530,201) (269,697) (180,282)
Updated shares – Fair value through profit or loss 13.d (242,758) (242,758)
Related parties 21.a (23,718) (1,988) (7) (1,621)
Lease liabilities (51,731) (51,485) (25,741) (26,306)
Interest and fines (110,615) (63,491) (56,457) (39,210)
Interest on forfaiting operations (75,525) (95,912) (33,187) (51,572)
(-) Adjusted present value of trade payables (240,797) (242,925) (128,700) (119,202)
Commission, bank fees, guarantee and bank fees (115,304) (94,545) (45,091) (40,061)
PIS/COFINS over financial income (57,832) (39,152) (28,252) (17,745)
Other financial expenses (198,972) (87,175) (194,719) (52,303)
(3,198,525) (3,473,681) (1,655,490) (1,773,273)
Others financial items, net
Foreign exchange and monetary variation, net (436,061) (1,131,157) (377,451) (459,793)
Gains and (losses) on exchange derivatives (*) (257,116) 28,195 (223,007) 61,629
Exchange rate fluctuations in iron ore 13.c 15,678 82 14,350
(677,499) (1,102,880) (586,108) (398,164)
(3,876,024) (4,576,561) (2,241,598) (2,171,437)
Financial income (expenses), net (3,149,827) (3,750,586) (1,842,975) (1,900,519)
(*) Statement of gains and (losses) on derivative transactions (note 14.c)
Exchange rate swap Real x Dollar (29,944) (171,663) (7,727) (55,742)
Interest rate swap CDI x IPCA (235,149) 156,888 (205,641) 135,438
Exchange rate swap CDI x Dollar 7,977 42,970 (9,639) (18,067)
(257,116) 28,195 (223,007) 61,629
---

(In thousands of Reais, unless stated otherwise)

Parent Company
Ref. Six months ended Three months ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Financial income
Related parties 21.a 239,787 177,405 128,311 100,308
Income from financial investments 88,464 155,841 42,326 61,036
Updated shares – Fair value through profit or loss 13.d 127,464 50,772 81,233
Dividends receivable 88 2,360 19 22
Interest and fines 23,735 22,105 12,893 15,028
Other income 26,020 21,964 21,100 5,701
505,558 430,447 285,882 182,095
Financial expenses
Borrowings and financing - foreign currency 12 (88,110) (268,482) 9,611 (150,132)
Borrowings and financing - local currency 12 (826,349) (780,063) (453,149) (361,208)
Capitalized interest 10 123,558 95,537 62,203 53,105
Interest of advances from customers (106,395) (60,974)
Updated shares – Fair value through profit or loss 13.d (242,758) (242,758)
Related parties 21.a (145,781) (86,175) (59,179) (45,197)
Lease liabilities (1,544) (1,743) (748) (860)
Interest and fines (55,659) (36,522) (28,655) (19,521)
Interest on forfaiting operations (67,509) (94,860) (31,226) (50,520)
(-) Adjusted present value of trade payables (152,818) (157,097) (84,994) (74,699)
Commission, bank fees, guarantee and bank fees (37,868) (41,723) (19,335) (23,871)
PIS/COFINS over financial income (26,894) (17,622) (10,296) (8,324)
Other financial expenses (27,116) 18,067 (59,014) (37,562)
(1,412,485) (1,613,441) (735,756) (961,547)
Others financial items, net
Foreign exchange and monetary variation, net (320,644) (760,679) (144,166) (311,678)
Exchange rate fluctuations in iron ore (45,094) 111,846 (66,491) 43,842
(365,738) (648,833) (210,657) (267,836)
Financial income (expenses), net (1,272,665) (1,831,827) (660,531) (1,047,288)
(*) Statement of gains and (losses) on derivative transactions (note 13.c)
Interest rate swap CDI x IPCA (76,005) 59,556 (61,801) 52,588
Exchange rate swap CDI x Dollar 30,911 52,290 (4,690) (8,746)
(45,094) 111,846 (66,491) 43,842
28. SEGMENT INFORMATION
--- ---

According to the Group's structure, the businesses are distributed and managed in five operating segments as follows:

· Steel operations

The Steel segment consolidates all operations related to the production, distribution and marketing of flat steel, long steel, metal packaging and galvanized steel, with operations in Brazil, United States, Portugal and Germany. The segment serves the construction, steel packaging for the chemical and food industries, home appliances, automotive, and OEM (engines and compressors) markets.

The Company's steel units produce hot-rolled, cold-rolled, galvanized, and pre-painted steel with great durability. It also produces tinplate, a raw material used in the production of packaging.

Operations in Brazil also involve the production and sale of long steels, which consolidates the Company's position as a source of complete solutions for civil construction and complements its portfolio of high value-added products in the steel chain.

(In thousands of Reais, unless stated otherwise)

Abroad, Lusosider, in Portugal, produces cold rolled and galvanized steels. CSN LLC, in the United States, serves the local market through the import and marketing of steel products. Stahlwerk Thüringen (SWT), located in Germany, produces long steel and is specialized in the production of steel profiles used in civil construction.

In March 2025, the Company acquired the company Gramperfil S.A. which is located in Portugal. This acquisition will complement local operations involving the production, importing, sale, and processing of metal profiles and accessories used in metallic and civil construction.

In November 2025, the Company acquired Galvacolor Jerez, S.L.U., which is located in Spain. Its activities consist of processing and sale of steel and steel products.

· Mining

includes mining and sale of iron ore and tin.

High-quality iron ore production operations are located in the Iron Quadrangle, in Minas Gerais, which, in addition production, also commercialize iron ore purchased from third parties.

At the end of 2015, CSN and the Asian Consortium formalized a shareholders' agreement to combine assets related to iron ore operations and related logistics, forming a new company that concentrated the Group's main mining activities starting in December 2015. Based on this context, the new company, currently called CSN Mineração S.A., came to hold the lease for TECAR, as well as the Casa de Pedra mine and all Namisa shares, which was incorporated on December 31, 2015. CSN continues to own 100% of Minérios Nacional which includes the mines Fernandinho (operational), Cayman and Pedras Pretas (mineral resources), all of which are located in Minas Gerais.

In addition, CSN controls Estanho de Rondônia S.A., which operates tin mining and smelting plants in the state of Rondônia.

On October 7, 2022, CSN Mineração and CSN Energia acquired the Quebra-Queixo Hydroelectric Plant, which has an installed capacity of 120 MW and is located in the city of Ipuaçu/SC. This acquisition ensured CSN Mineração is energy self-sufficient and strengthened its industrial competitiveness through greater cost predictability and energy generated from a 100% renewable source.

· Logistics

i. Railway

CSN has a stake in three railway companies: MRS Logística S.A., which manages Rede Ferroviária Federal S.A.’s former Southeast Network, Transnordestina Logística S.A. and FTL - Ferrovia Transnordestina Logística S.A. FTL - Ferrovia Transnordestina Logística S.A., which hold the concession for the former RFFSA Northeast Network in the states of Maranhão, Piauí, Ceará, Rio Grande do Norte, Paraíba, Pernambuco and Alagoas.

(In thousands of Reais, unless stated otherwise)

a) MRS

The rail transport services provided by MRS are fundamental to the supply of raw materials and the transport of final products. The entirety of the iron ore, coal and coke consumed at the Presidente Vargas Plant is transported by MRS, as well as part of the steel produced by CSN both for the domestic market and for export.

The southeastern Brazilian railway system, which spans 1,674 km of railway network, serves the industrial triangle of São Paulo - Rio de Janeiro - Minas Gerais in the Southeast region, connecting mines in Minas Gerais to ports in São Paulo and Rio de Janeiro, and to steel mills belonging to CSN, Companhia Siderúrgica Paulista (or Cosipa) and Gerdau Açominas. In addition to serving other customers, the line transports iron ore from the Casa de Pedra mine in Minas Gerais, as well as coke and coal from the Port of Itaguaí in Rio de Janeiro, to Volta Redonda, Rio de Janeiro, and products destined for export to the Ports of Itaguaí and Rio de Janeiro.

b) TLSA and FTL

TLSA and FTL hold the concession of the former RFFSA Northeast network. The northeastern railway system covers 4,238 km of railway network divided into two sections: i) Network I, which includes the sections of São Luiz - Mucuripe, Arrojado - Recife, Itabaiana - Cabedelo, Paula Cavalcante - Macau - and Propriá - Jorge Lins; and ii) Network II, which includes the sections of Missão Velha - Salgueiro, Salgueiro - Trindade, Trindade - Eliseu Martins and Missão Velha - Porto de Pecém.

It also connects to the region’s major ports, offering a significant competitive advantage through opportunities for combined transport solutions and tailor-made logistics projects.

ii. Port

The Company’s activities in port logistics sector were consolidated through operation of the Sepetiba terminal, which was built after a port modernization law (Federal Law 8,630/1993) allowing the transfer of port activities to the private sector was passed. The Sepetiba terminal offers the infrastructure required to meet all the needs of exporters, importers and shipowners. Its installed capacity exceeds that of most Brazilian terminals.

The Company's ongoing investment in terminal projects has consolidated the Itaguaí Port Complex as one of the most modern of its kind in Brazil.

iii. Land Transport

On April 1, 2025, CSN completed the acquisition of Estrela Comércio e Participações S.A., Grupo Estrela’s (“Grupo Estrela”) holding company. Initially founded in the 1970s to meet land transport needs, Grupo Estrela currently comprises an "Integrated Logistics System", which seeks to integrate modes of transport, especially in road-rail operations and transport in the steel, mining, solid bulk, automotive and dry cargo sectors in general. The Tora Group’s services portfolio also includes terminal management, storage, operation of bonded warehouses, and production chain and light vehicle fleet management services, including the rental and resale of used vehicles.

Grupo Estrela maintains a national and international presence in the transport sector. The Group relies on more than 70 branches distributed throughout Brazil. It currently operates at four multimodal terminals located in the Southeast region of Brazil and a border terminal located in the city of Uruguaiana/RS. In the customs bonded warehouses market segment, the company operates a terminal located in the city of Betim, Minas Gerais, which receives imported goods from the country’s major ports and airports.

(In thousands of Reais, unless stated otherwise)

In March 2024, the Estrela Group entered the light vehicle sector (fleet management, leasing, and pre-owned vehicle sales) through the acquisition of the Lokamig Group.

· Energy

CSN is one of the largest industrial consumers of electricity in Brazil. As energy is a fundamental input in its production process, the Company owns electric power generation assets, and with the acquisitions made in 2022, it achieved energy self-sufficiency and began operations an electric power generation player through the commercialization of its surplus.

With the acquisitions, the CSN group now offers a portfolio of generation assets with a total installed capacity of 2,011 MW, which comprise the following assets:

1. Itá Hydroelectric Power Plant,<br>located in the state of Santa Catarina, in which CSN holds a 29.50% stake through Itá Energética S.A SPE. The has an installed<br>capacity equivalent to its participation of 428 MW;
2. The Igarapava Hydroelectric Plant Consortium—a<br>hydroelectric complex located in Minas Gerais—in which CSN holds a 17.92% stake. The plant has an installed capacity equivalent<br>to its participation of 38 MW,
--- ---
3. Thermoelectric Cogeneration Center CTE#1,<br>CTE#2 and TRT – Top Recovery Turbine, operating at Presidente Vargas Plant with an installed capacity of 10 MW, 235 MW and 22 MW<br>respectively, using industrial gases recirculated from steel production as fuel;
--- ---
4. Sacre II Small Hydroelectric Power Plant,<br>which is located in the state of Mato Grosso and has an installed capacity of 30 MW, of which CSN Cimentos Brasil S.A. holds full control<br>of the asset through indirect control of the Brasil Central Energia SPE;
--- ---
5. The Santa Ana Small Hydroelectric Plant,<br>located in the state of Santa Catarina, with an installed capacity of 6.3 MW, in which CSN Cimentos Brasil S.A. holds full control of<br>the asset through direct control of the SPE Santa Ana Energética S.A.;
--- ---
6. The Quebra Queixo Hydroelectric Plant,<br>located in the state of Santa Catarina, with an installed capacity of 120 MW, in which CSN Mineração S.A. holds full control<br>of the asset through direct control of the SPE Companhia Energética Chapecó (CEC);
--- ---
7. The Cachoeira dos Macacos Small Hydroelectric<br>Power Plant, located in the state of Minas Gerais, with an installed capacity of 3.4 MW, in which CSN Cimentos Brasil S.A. holds full<br>control of the asset following its acquisition of LafargeHolcim (Brasil) S.A.;
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8. Companhia Estadual de Geração<br>de Energia Elétrica – CEEE-G, located in Rio Grande do Sul state, with a platform of 13 own Hydroelectric Plants, wind and<br>solar assets, plus minority participation in other ventures, reflecting an installed capacity of 1,119 MW.
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· Cement
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The Cement sector, which operates through CSN Cimentos Brasil S.A., consolidates the production, sale, and distribution of cement, aggregates and concrete. The slag used in plants located in the Southeast region is produced by the blast furnaces at the Presidente Vargas Plant itself, in Volta Redonda/RJ.

(In thousands of Reais, unless stated otherwise)

The Company has intensified its strategy of expanding to new regions, starting with the acquisition of Elizabeth Cimentos S.A. and Elizabeth Mineração Ltda. on August 31, 2021, which operate in Brazil’s Northeast region and contribute 1.3 Mtpa of cement production capacity.

On September 6, 2022, relevant advances were made in the company’s cement-related business in terms of its capacity and geographic positioning through the acquisition of LafargeHolcim (Brasil) S.A. This asset will add a total of 11 million tons of cement production capacity, in addition to introducing new businesses areas to the Company’s current portfolio: Aggregates and Concrete. When all operations are considered, CSN’s Cement market segment is currently the second largest in Brazil in terms of effective production capacity at a total of 17 million tons per year.

Cement plants are located in the states of Minas Gerais, Rio de Janeiro, Espírito Santo, Bahia, Goiás and São Paulo. The production process essentially comprises grinding the main raw materials, which include clinker, limestone, gypsum, and slag.

The company currently serves the cement market with a broad product portfolio suitable for both the technical sector and the distribution market, according to ABNT NBR 16697. The cement is sold in both bagged and bulk form.

In addition to the operations described above, CSN Cimentos Brasil S.A. owns two power generation assets acquired on June 30, 2022: the Santa Ana small hydroelectric power plant, located in the municipality of Angelina/SC, which has an installed capacity of 6.50 MW, and the Sacre II small hydroelectric plant, located in the municipality of Brasnorte/MT, with an installed capacity of 30 MW.

· Sales by Geographic Area

Sales by geographic area are determined based on customers' location. National sales on a consolidated basis are represented by revenues from customers located in Brazil and export sales represent revenues from customers located abroad.

Result by segment

For the purposes of preparing and presenting information by business segment, management decided to maintain the proportional consolidation of jointly controlled companies, as historically presented. For the purpose of consolidating the income statement, the values of these companies are eliminated in the column "Corporate expenses/elimination".

Six months ended06/30/2026P&LRef.SteelMining LogisticsEnergyCementCorporate expenses/eliminationConsolidatedPortRailroadsRoad transportNet revenues24 11,675,620 6,090,514 144,409 1,489,166 651,188 598,201 2,641,730 (1,380,887) 21,909,941In Brazil 8,087,603 708,549 144,409 1,489,166 639,476 598,201 2,641,730 (2,665,294) 11,643,840Abroad 3,588,017 5,381,965 11,712 1,284,407 10,266,101Cost of sales and services25 (10,727,484) (4,330,886) (117,469) (843,134) (567,341) (317,785) (1,707,117) 2,154,902 (16,456,314)Gross profit 948,136 1,759,628 26,940 646,032 83,847 280,416 934,613 774,015 5,453,627General and administrative expenses25 (659,206) (190,645) (5,587) (138,486) (25,686) (17,764) (560,655) (1,383,563) (2,981,592)Other operating income/(expenses), net26 (581,308) (135,592) (5,835) 135,320 (8,832) (149,113) (116,567) (712,748) (1,574,675)Equity in results of affiliated companies9 161,775 161,775Operating result before Financial Income and Taxes (292,378) 1,433,391 15,518 642,866 49,329 113,539 257,391 (1,160,521) 1,059,135Sales by geographic areaAsia 265 5,248,387 1,260,303 6,508,955North America 510,869 (16) 510,853Latin America 10,533 11,712 22,245Europe 3,066,350 133,578 24,120 3,224,048Foreign market 3,588,017 5,381,965 11,712 1,284,407 10,266,101Domestic market 8,087,603 708,549 144,409 1,489,166 639,476 598,201 2,641,730 (2,665,294) 11,643,840Total 11,675,620 6,090,514 144,409 1,489,166 651,188 598,201 2,641,730 (1,380,887) 21,909,941

(In thousands of Reais, unless stated otherwise)

Three months ended
06/30/2026
P&L Ref. Steel Mining Logistics Energy Cement Corporate expenses/elimination Consolidated
Port Railroads Road transport
Net revenues 24 6,075,737 2,904,296 65,682 800,251 348,002 395,538 1,385,654 (668,991) 11,306,169
In Brazil 4,255,428 391,165 65,682 800,251 342,118 395,538 1,385,654 (1,414,725) 6,221,111
Abroad 1,820,309 2,513,131 5,884 745,734 5,085,058
Cost of sales and services 25 (5,482,077) (2,229,697) (55,496) (430,849) (298,804) (163,313) (883,722) 1,168,712 (8,375,246)
Gross profit 593,660 674,599 10,186 369,402 49,198 232,225 501,932 499,721 2,930,923
General and administrative expenses 25 (329,686) (113,556) (2,363) (74,208) (13,910) (9,015) (300,418) (800,533) (1,643,689)
Other operating income/(expenses), net 26 (291,647) 11,136 (2,701) 131,986 (6,936) (150,616) (86,942) (264,721) (660,441)
Equity in results of affiliated companies 9 137,998 137,998
Operating result before Financial Income and Taxes (27,673) 572,179 5,122 427,180 28,352 72,594 114,572 (427,535) 764,791
Sales by geographic area
Asia 2,456,633 721,614 3,178,247
North America 324,137 324,137
Latin America 8,259 5,884 14,143
Europe 1,487,913 56,498 24,119 1,568,530
Foreign market 1,820,309 2,513,131 5,884 745,733 5,085,057
Domestic market 4,255,428 391,165 65,682 800,251 342,118 395,538 1,385,654 (1,414,725) 6,221,111
Total 6,075,737 2,904,296 65,682 800,251 348,002 395,538 1,385,654 (668,992) 11,306,168
Six months ended
--- --- --- --- --- --- --- --- --- --- ---
06/30/2025
P&L Ref. Steel Mining Logistics Energy Cement Corporate expenses/elimination Consolidated
Port Railroads Road transport
Net revenues 11,498,986 6,845,843 142,955 1,485,641 318,983 381,860 2,314,459 (1,387,812) 21,600,915
In Brazil 8,279,429 834,544 142,955 1,485,641 311,710 381,860 2,314,455 (2,518,986) 11,231,608
Abroad 3,219,557 6,011,299 7,273 4 1,131,174 10,369,307
Cost of sales and services 25 (10,529,614) (4,704,196) (122,001) (849,305) (268,344) (238,517) (1,651,877) 2,021,281 (16,342,573)
Gross profit 969,372 2,141,647 20,954 636,336 50,639 143,343 662,582 633,469 5,258,342
General and administrative expenses 25 (677,328) (152,131) (5,887) (130,609) (13,729) (18,854) (551,348) (1,224,278) (2,774,164)
Other operating income/(expenses), net 26 (129,235) (140,858) (11,316) (48,951) (1,261) (34,029) 411,962 (245,324) (199,012)
Equity in results of affiliated companies 9 245,227 245,227
Operating result before Financial Income and Taxes 162,809 1,848,658 3,751 456,776 35,649 90,460 523,196 (590,906) 2,530,393
Sales by geographic area
Asia 5,636,655 1,113,676 6,750,331
North America 637,983 637,983
Latin America 25,765 7,273 4 33,042
Europe 2,555,809 374,644 17,498 2,947,951
Foreign market 3,219,557 6,011,299 7,273 4 1,131,174 10,369,307
Domestic market 8,279,429 834,544 142,955 1,485,641 311,710 381,860 2,314,455 (2,518,986) 11,231,608
Total 11,498,986 6,845,843 142,955 1,485,641 318,983 381,860 2,314,459 (1,387,812) 21,600,915
Three months ended
--- --- --- --- --- --- --- --- --- --- ---
06/30/2025
Ref. Steel Mining Logistics Energy Cement Corporate expenses/elimination Consolidated
Port Railroads Road transport
Net revenues 5,391,860 3,413,704 57,364 800,534 318,983 203,413 1,212,746 (705,318) 10,693,286
In Brazil 4,062,222 405,425 57,364 800,534 311,710 203,413 1,212,746 (1,337,315) 5,716,099
Abroad 1,329,638 3,008,279 7,273 631,997 4,977,187
Cost of sales and services 25 (4,866,085) (2,420,561) (60,181) (428,989) (268,344) (125,888) (844,484) 1,047,345 (7,967,187)
Gross profit 525,775 993,143 (2,817) 371,545 50,639 77,525 368,262 342,027 2,726,099
General and administrative expenses 25 (338,037) (85,916) (3,095) (68,009) (13,729) (9,716) (289,855) (688,177) (1,496,534)
Other operating income/(expenses), net 26 (85,469) (95,513) (8,375) (65,574) (1,261) 62,968 442,182 (2,560) 246,397
Equity in results of affiliated companies 9 166,793 166,793
Operating result before Financial Income and Taxes 102,269 811,714 (14,287) 237,962 35,649 130,777 520,589 (181,917) 1,642,755
Sales by geographic area
Asia 2,878,498 631,997 3,510,495
North America 192,447 192,447
Latin America 15,775 7,273 23,048
Europe 1,121,416 129,781 1,251,197
Foreign market 1,329,638 3,008,279 7,273 631,997 4,977,187
Domestic market 4,062,222 405,425 57,364 800,534 311,710 203,413 1,212,746 (1,337,315) 5,716,099
Total 5,391,860 3,413,704 57,364 800,534 318,983 203,413 1,212,746 (705,318) 10,693,286
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(In thousands of Reais, unless stated otherwise)

29. ADDITIONAL CASH FLOW INFORMATION

The following table presents additional transaction data related to the statement of cash flows:

Consolidated Parent Company
Ref. 06/30/2026 06/30/2025 06/30/2026 06/30/2025
Income tax and social contribution paid 175,919 240,929
Addition to PP&E with interest capitalization 9 and 27 268,689 176,491 123,558 95,537
Remeasurement and addition – Right of use 10.b 84,387 161,272 1,044 2,709
Addition to PP&E without adding cash 35,348
Capitalization / acquisition of subsidiary without cash effect 479,680 442,500
564,343 1,058,372 124,602 540,746
30. OTHER COMPREHENSIVE INCOME
--- ---
Consolidated
--- --- --- --- ---
Six-month period ended Three-month period ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Net income/(loss) (1,328,081) (861,949) (773,058) (130,369)
Other comprehensive income
Items that will not be subsequently reclassified to the statement of income
Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes (6,141) 73 (3) 37
(6,141) 73 (3) 37
Items that could be subsequently reclassified to the statement of income
Cumulative translation adjustments for the year (302,301) (3,083) (90,066) 105,844
(Loss)/gain cash flow hedge accounting, net of taxes 1,463,203 1,918,399 253,582 722,735
Cash flow hedge reclassified to income upon realization, net of taxes (342,833) 141,920 (72,115) 19,255
(Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes 345,786 509,567 167,978 187,649
1,163,855 2,566,803 259,379 1,035,483
1,157,714 2,566,876 259,376 1,035,520
Comprehensive income for the year (170,367) 1,704,927 (513,682) 905,151
Attributable to:
Earnings attributable to the controlling interests (356,740) 1,632,602 (583,854) 820,151
Earnings attributable to the non-controlling interests 186,373 72,325 70,172 85,000
(170,367) 1,704,927 (513,682) 905,151
Parent Company
--- --- --- --- ---
Six-month period ended Three-month period ended
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Net income/(loss) (1,409,654) (785,146) (794,123) (166,000)
Other comprehensive income
Items that will not be subsequently reclassified to the statement of income
Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes (6,132) 74 6 37
(6,132) 74 6 37
Items that could be subsequently reclassified to the statement of income
Cumulative translation adjustments for the year (302,301) (3,083) (90,066) 105,844
(Loss)/gain cash flow hedge accounting, net of taxes 1,463,203 1,918,399 253,582 722,735
Cash flow hedge reclassified to income upon realization, net of taxes (342,833) 141,920 (72,115) 19,255.00
(Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes 240,977 351,656 118,862 129,498
Gain on the percentage change in investments 8,782 8,782
1,059,046 2,417,674 210,263 986,114
1,052,914 2,417,748 210,269 986,151
Comprehensive income for the year (356,740) 1,632,602 (583,854) 820,151
The Accompanying notes are an integral part of these consolidation financial statement
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(In thousands of Reais, unless stated otherwise)

31. SUBSEQUENT EVENTS

AMENDMENT TO CSN Mineração S.A. SUBSIDIARY SHARE BUYBACK PROGRAM

CSN Mineração S.A. (“the Company”) (B3: CMIN3) in compliance with the provisions of CVM Resolution No. 44/2021, as amended, wishes to inform its shareholders and the market in general of the approval of the amendment made to the Share Buyback Program at the Board of Directors' Meeting ("RCA") held on July 27, 2026. The program was originally approved at the Board meeting held on May 19, 2026 ("Share Buyback Program") to include up to 50,000,000 (fifty million) additional common shares in relation to the amount originally approved for a total of up to 100,000,000 (one hundred million) common shares, as described in Annex I to the minutes for the meeting of the Board.

The term of the Share Buyback Program remains unchanged, and acquisitions scheduled for November 19, 2027 will be finalized, given that the program is effective for an 18-month period starting May 19, 2026.

The Share Buyback Program aims to acquire common, registered, book-entry shares with no par value issued by the Company while respecting legally established limits and based on available resources. Such shares shall be held in treasury and subsequently sold or canceled pursuant to the provisions of article 3 of CVM Resolution No. 77/2022.

ISSUANCE OF BONDS

COMPANHIA SIDERÚRGICA NACIONAL (“CSN” or “the Company”) (B3: CSNA3; NYSE: SID) wishes to inform its shareholders and the market in general of the approval of the Exchange Offer for existing Notes issued by CSN Inova, maturing in 2028 at an interest rate of 6.750% per annum, which are currently outstanding on the international market (“Existing Notes”). This offer shall be made through (i) the delivery of new debt securities to be issued and placed overseas by CSN Inova, which are referred to as Notes. These securities shall have a fixed rate remuneration of 11.00% per annum and mature in 2030 and total up to US$970,000,000.00 (nine hundred and seventy million U.S. dollars) (“New Notes”) and (ii) payment, in cash, of up to $330,000,000.00 (three hundred and thirty million U.S. dollars) to the holders of the Existing Notes that accept the offer (“Exchange Offer”). These New Notes will be issued by CSN Inova and will be backed by a complete, irrevocable, and unconditional guarantee from the Company.

RECEIPT OF BINDING PROPOSALS FOR CSN CIMENTOS

COMPANHIA SIDERÚRGICA NACIONAL (“CSN” or “the Company”) (B3: CSNA3; NYSE: SID), in compliance with article 157, paragraph 4, of Federal Law No. 6,404/1976 and CVM Resolution No. 44/2021, and in giving continuity to the material event disclosed on January 15, 2026, wishes to inform its shareholders and the market in general that it has received binding proposals from potential buyers authorized to participate in the current phase of the bidding process. These proposals were received in line with the stipulated schedule and continue the process for the potential complete sale of its subsidiary CSN Cimentos S.A. The Company hereby provides notice that it is in the process of analyzing these proposals and will keep its investors and the market in general duly informed of any relevant developments under the terms of the applicable legislation.

RESULTS OF EXCHANGE OFFER

COMPANHIA SIDERÚRGICA NACIONAL (“CSN” or “the Company”) (B3: CSNA3; NYSE: SID), in compliance with the provisions of article 157, §4, of Federal Law No. 6,404/1976 and CVM Resolution No. 44/2021, in response to the Material Event disclosed on July 30, 2026, hereby provides notice of the final result of the Exchange Offer made by its subsidiary CSN Inova Ventures (“CSN Inova”) for the entirety of the existing Notes issued by CSN Inova. These Notes mature in 2028 at an interest rate of 6.750% per year and are outstanding in the international market (“Existing Notes”). Under the Exchange Offer, which closed on August 10, 2026 at 5:00 p.m. (local time in New York) (“Expiration Date”), any and all Existing Notes were accepted in exchange for new debt securities issued and placed overseas by CSN Inova, which are referred to as Notes. These Notes are remunerated at a fixed rate of 11.00% per year and mature in 2030 (“New Notes”), as well as in cash. The Company irrevocably and unconditionally guarantees these New Notes in full.

(In thousands of Reais, unless stated otherwise)

As of the Expiration Date, Existing Notes were validly tendered in the principal amount of US$1,007,324,000—equivalent to 77.49% of the outstanding balance of Existing Notes. The respective holders agreed to the proposed amendments. The minimum conditions for participation were therefore met, which correspond to US$910,000,000.00 (nine hundred and ten million U.S. dollars), equivalent to 70% of the Existing Notes’ outstanding balance. CSN Inova intends to accept all Existing Notes validly tendered and not withdrawn by the Expiration Date for exchange, subject to the fulfillment or waiver of the remaining conditions set forth in the Exchange Offer Memorandum.

The Exchange Offer and Consent Solicitation are scheduled to be settled on August 12, 2026. CSN Inova expects to issue, on the settlement date, approximately US$698.3 million of the principal amount of New Notes and to provide approximately $255.7 million in cash (without considered in accrued interest and the amount paid in cash in lieu of fractions of New Notes). The Company will not receive any cash proceeds under the Exchange Offer.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 25, 2026

COMPANHIA SIDERÚRGICA NACIONAL
By: /S/ Benjamin Steinbruch<br><br>***
Benjamin Steinbruch<br><br>Chief Executive Officer
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By: /S/ Antonio Marco Campos Rabello<br><br>***
Antonio Marco Campos Rabello<br><br>Chief Financial and Investor Relations Officer

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

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