National Steel Co 6-K, filed Nov 20, 2025

National Steel Co (SID)

6-K 2025-11-20 For: 2025-09-30

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Added on April 11, 2026

About this 6-K

National Steel Co filed this 6-K on November 20, 2025.

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Companhia Siderúrgica Nacional S.A.
BALANCE SHEET
(In thousands of Reais)


		Consolidated		Parent Company				Consolidated		Parent Company
	Notes	09/30/2025	12/31/2024	09/30/2025	12/31/2024		Notes	09/30/2025	12/31/2024	09/30/2025	12/31/2024
ASSET						LIABILITIES AND SHAREHOLDERS' EQUITY
Current						Current
Cash and cash equivalents	3	16,526,099	23,310,197	700,793	5,666,618	Borrowings and financing	12	8,852,012	8,821,679	4,926,573	5,201,174
Financial investments	4	914,077	911,378	896,613	895,573	Payroll and related taxes		688,931	560,695	232,445	184,696
Trade receivables	5	2,706,484	2,900,998	1,442,171	1,555,141	Trade payables	15	7,087,400	7,030,734	3,638,920	3,596,080
Inventory	6	10,265,297	10,439,741	6,506,401	6,839,246	Tax payables		761,584	719,253	132,874	195,063
Recoverable taxes	7	1,300,556	1,367,316	404,514	668,137	Labor and civil provisions	18	106,628	132,112	73,525	61,008
Other current assets	8	1,124,136	856,063	1,182,681	1,012,495	Advances from customers	16	4,097,692	3,648,639	415,969	382,350
Total current assets		32,836,649	39,785,693	11,133,173	16,637,210	Dividends and interest on equity payable	16	4,425	61,965	6,094	6,242
						Trade payables – forfaiting	15.a	2,182,867	2,902,593	1,416,596	2,214,482
Non-Current						Other payables	16	1,039,675	1,238,805	965,567	1,174,978
Long-term realizable asset						Total current liabilities		24,821,214	25,116,475	11,808,563	13,016,073
Financial investments	4	24,864	169,977		142,423
Deferred taxes assets	17.b	6,646,949	7,345,326	4,475,408	4,750,333	Non-Current
Inventory	6	2,030,856	1,761,172			Borrowings and financing	12	43,294,938	48,092,942	22,462,624	25,044,466
Recoverable taxes	7	3,653,742	2,799,951	2,485,087	1,838,343	Deferred taxes assets	17.b	632,529	541,329
Other non-current assets	8	4,865,058	5,232,370	5,711,140	5,360,281	Provision for tax, social security, labor, civil and environmental risks	18	798,575	1,245,590	284,077	276,689
		17,221,469	17,308,796	12,671,635	12,091,380	Employee benefits		516,536	473,046	495,333	454,161
						Provisions for environmental liabilities and decommissioning	19	1,203,930	1,133,363	133,842	142,989
Investments	9	7,163,009	5,948,051	27,835,808	26,292,822	Provision for investment losses	9			10,723,415	11,458,813
Property, plant and equipment	10	32,610,732	30,426,023	10,352,409	9,664,413	Other payables	16	12,202,503	11,844,793	2,007,904	2,089,266
Intangible assets	11	10,993,733	10,438,091	64,657	68,070	Total non-current liabilities		58,649,011	63,331,063	36,107,195	39,466,384
Total non-current assets		67,988,943	64,120,961	50,924,509	48,116,685
						Shareholders’ equity
						Paid-up capital	21	10,240,000	10,240,000	10,240,000	10,240,000
						Capital reserves	21.a	2,056,970	2,056,970	2,056,970	2,056,970
						Legal reserves		1,158,925	1,158,925	1,158,925	1,158,925
						Earnings reserves		640,460	3,232,313	640,460	3,232,311
						Net income/(loss)		(922,226)	(2,591,853)	(922,226)	(2,591,851)
						Other comprehensive income		967,795	(1,824,917)	967,795	(1,824,917)
						Total shareholders' equity of controlling shareholders		14,141,924	12,271,438	14,141,924	12,271,438
						Earnings attributable to the non-controlling interests		3,213,443	3,187,678
						Total shareholders' equity		17,355,367	15,459,116	14,141,924	12,271,438
TOTAL ASSETS		100,825,592	103,906,654	62,057,682	64,753,895	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		100,825,592	103,906,654	62,057,682	64,753,895
The Accompanying notes are an integral part of these consolidation financial statement

Companhia Siderúrgica Nacional S.A.
Statements of Income
(In thousands of Reais)

			Consolidated		Controladora		Consolidated		Controladora
		Nine-month period ended		Nine-month period ended		Three-month period ended		Three-month period ended
	Notes	9/30/2025	9/30/2024	9/30/2025	9/30/2024	9/30/2025	9/30/2024	9/30/2025	9/30/2024

Net Revenue	23	33,394,783	31,661,321	12,553,574	13,945,349	11,793,868	11,066,589	3,887,573	5,073,830
Costs of goods sold and services rendered	24	(24,669,191)	(23,747,585)	(11,764,717)	(13,313,207)	(8,326,618)	(8,332,916)	(3,715,938)	(4,758,178)
Gross profit		8,725,592	7,913,736	788,857	632,142	3,467,250	2,733,673	171,635	315,652

Operating (expenses)/income		(4,471,770)	(4,935,811)	(312,678)	(1,333,437)	(1,743,821)	(1,952,192)	(31,978)	(310,106)
Selling expenses	24	(3,621,674)	(4,054,126)	(593,846)	(624,542)	(1,328,433)	(1,492,210)	(178,965)	(210,872)
General and administrative expenses	24	(712,210)	(647,360)	(286,623)	(282,179)	(231,287)	(216,443)	(90,719)	(91,003)
Equity in results of affiliated companies	9	401,854	314,304	1,177,153	106,158	156,627	122,705	435,178	182,972
Other operating (expenses)/income, net	25	(539,740)	(548,629)	(609,362)	(532,874)	(340,728)	(366,244)	(197,472)	(191,203)
Other operating income		192,574	683,639	113,947	135,453	48,765	105,569	(28,363)	32,646
Other operating expenses		(732,314)	(1,232,268)	(723,309)	(668,327)	(389,493)	(471,813)	(169,109)	(223,849)

Income before financial income (expenses)		4,253,822	2,977,925	476,179	(701,295)	1,723,429	781,481	139,657	5,546
Financial income (expenses), net	26	(5,193,419)	(4,551,506)	(2,371,817)	(2,126,000)	(1,442,833)	(1,931,588)	(539,990)	(1,167,198)
Financial income		1,233,371	992,638	639,146	431,365	407,396	273,672	208,699	96,378
Financial expenses		(4,947,507)	(4,985,542)	(2,231,167)	(2,516,463)	(1,473,826)	(1,820,640)	(617,726)	(953,047)
Other financial items, net		(1,479,283)	(558,602)	(779,796)	(40,902)	(376,403)	(384,620)	(130,963)	(310,529)

Income before income taxes	17	(939,597)	(1,573,581)	(1,895,638)	(2,827,295)	280,596	(1,150,107)	(400,333)	(1,161,652)
Income tax and social contribution		154,086	120,437	973,412	868,478	(204,158)	399,237	263,253	321,315

Net income for the period		(785,511)	(1,453,144)	(922,226)	(1,958,817)	76,438	(750,870)	(137,080)	(840,337)

Attributable to:
Earnings attributable to the controlling interests		(922,226)	(1,958,817)	(922,226)	(1,958,817)	(137,080)	(840,337)	(137,080)	(840,337)
Earnings attributable to the non-controlling interests		136,715	505,673			213,518	89,467

Loss basic and diluted per share (in R$)	21.e			(0.69545)	(1.47713)			(0.10337)	(0.63369)
The Accompanying notes are an integral part of these consolidation financial statement

				Consolidated
	Nine-month period ended		Three-month period ended
	09/30/2025	09/30/2024	09/30/2025	09/30/2024
Net income/(loss)	(785,511)	(1,453,144)	76,438	(750,870)

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	1,066	(1,295)	993	40
	1,066	(1,295)	993	40

Items that could be subsequently reclassified to the statement of income
Cumulative translation adjustments for the year	(90,236)	452,670	(87,153)	73,466
(Loss)/gain cash flow hedge accounting, net of taxes	2,262,203	(1,476,000)	343,804	312,401
Cash flow hedge reclassified to income upon realization, net of taxes	147,115	(7,987)	5,195	772
(Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes	673,254	77,083	163,687	76,848
	2,992,336	(954,234)	425,533	463,487

	2,993,402	(955,529)	426,526	463,527

Comprehensive income for the year	2,207,891	(2,408,673)	502,964	(287,343)

Attributable to:
Earnings attributable to the controlling interests	1,862,539	(2,929,954)	238,719	(392,369)
Earnings attributable to the non-controlling interests	345,352	521,281	264,245	105,026
	2,207,891	(2,408,673)	502,964	(287,343)

				Parent Company
	Nine-month period ended		Three-month period ended
	09/30/2025	09/30/2024	09/30/2025	09/30/2024
Net income/(loss)	(922,226)	(1,958,817)	(137,080)	(840,337)

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	1,065	(1,297)	991	40
	1,065	(1,297)	991	40

Items that could be subsequently reclassified to the statement of income
Cumulative translation adjustments for the year	(90,236)	452,670	(87,153)	73,465
(Loss)/gain cash flow hedge accounting, net of taxes	2,262,203	(1,476,000)	343,804	312,401
Cash flow hedge reclassified to income upon realization, net of taxes	147,115	(7,987)	5,195	771.41
(Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes	464,618	61,477	112,962	61,290

	2,783,700	(969,841)	374,808	447,928

	2,784,765	(971,137)	375,799	447,968

Comprehensive income for the year	1,862,539	(2,929,954)	238,719	(392,369)
The Accompanying notes are an integral part of these consolidation financial statement

Companhia Siderúrgica Nacional S.A.
Statements of Changes in Equity
(In thousands of Reais)
			de capital
				Capital	Legal
	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
	Paid-up capital	Treasury shares	Capital transactions	Capital	Legal	Statutory	Retained earnings	Other comprehensive income	Total Shareholders' Equity Parent Company	Non-controlling interest	Total Consolidated Shareholders' Equity
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							(922,226)	2,792,712	1,870,486	(57,508)	1,812,978

Net loss							(922,226)		(922,226)	136,715	(785,511)
-
Other comprehensive income								2,792,712	2,792,712	(194,223)	2,598,489
Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes								1,065	1,065	1	1,066
Cumulative translation adjustments for the year								(90,236)	(90,236)		(90,236)
(Loss)/gain cash flow hedge accounting, net of taxes								2,262,203	2,262,203		2,262,203
Cash flow hedge reclassified to income upon realization, net of taxes								147,115	147,115		147,115
(Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes								464,618	464,618	208,636	673,254
Gain on the percentage change in investments								7,947	7,947		7,947
Allocation of profit/(loss) for the year										(402,860)	(402,860)
Dividends approved at SBM 05/08/2025										(337,783)	(337,783)
Interest on shareholders' equity approved at SBM 05/08/2025										(65,077)	(65,077)
Capital transactions										83,273	83,273
Constitution of subsidiaries in foreign operations										1,170	1,170
Result of acquisition of ownership interest in Grupo Estrela										82,103	82,103
Balances as at September 30 2025	10,240,000	(223,830)	2,248,080	32,720	1,158,925	640,460	(922,226)	967,795	14,141,924	3,213,443	17,355,367

Companhia Siderúrgica Nacional S.A.
Statements of Cash Flows
(In thousands of Reais)

			Consolidated		Parent Company
	Notes	09/30/2025	09/30/2024	09/30/2025	09/30/2024

Net cash from operating activities		(1,006,669)	5,102,490	(1,331,862)	(925,155)
Cash flow from operating activities		3,369,715	4,782,847	474,387	(175,473)
Earnings attributable to the controlling interests		(922,228)	(1,958,720)	(922,228)	(1,958,818)
Earnings attributable to the non-controlling interests		136,715	505,673
Adjustments to reconcile the result:
Financial charges in borrowing and financing raised	26	2,933,782	2,924,941	1,376,689	1,307,125
Financial charges in borrowing and financing granted		(302,167)	(119,777)	(269,558)	(165,671)
Charges on lease liabilities	14	84,137	73,876	2,586	1,233
Equity in results of affiliated companies	9	(401,854)	(314,304)	(1,177,153)	(99,504)
Deferred taxes assets	17.b	(794,545)	(1,016,726)	(966,240)	(868,478)
Provision for tax, social security, labor, civil and environmental risks		(469,389)	32,628	19,905	43,359
Exchange, Monetary and Cash Flow Hedge		(260,222)	1,326,769	1,182,577	80,674
Write-off of property, plant and equipment right of use and Intangible assets	9, 10, 11 and 14	36,454	32,334	(11,427)	20,443
Provision for environmental liabilities and decommissioning of assets		70,553	58,556	(9,147)	(10,381)
Updated shares – Fair value through profit or loss	26	166,167	508,311	166,167	542,108
Depreciation, amortization and depletion	24	3,088,296	2,797,924	1,074,077	983,338
Accrued/(reversal) for consumption and services		(56,814)	(88,991)	6,376	(28,600)
Dividends USIMINAS		(4,907)	(45,063)	(4,835)	(44,912)
Other provisions		65,737	65,416	6,598	22,611

Changes in assets and liabilities		(4,376,384)	319,644	(1,806,249)	(749,682)
Trade receivables - third parties		510,591	586,625	298,545	(168,781)
Trade receivables - related party		4,512	(2,911)	(211,892)	716,897
Inventory		(415,253)	(1,204,709)	(63,588)	(937,038)
Dividends and receivables - related parties		27,618	45,063	938,113	1,153,746
Recoverable taxes		(766,239)	35,082	(383,121)	(16,581)
Judicial deposits		27,211	(150,354)	(23,588)	7,866
Receipt of RFFSA receivables		(506,381)	442,246	(506,381)	442,246
Other assets		(122,751)	313,754	(102,038)	(29,837)
Trade payables		(204,001)	(644,274)	6,999	18,237
Trade payables – Forfaiting and Drawee risk		(715,335)	(482,380)	(797,886)	(1,022,709)
Payroll and related taxes		98,254	165,977	47,750	68,918
Tax payables		(9,134)	(516,748)	(60,813)	21,062
Payables to related parties		7,623	(22,066)	48,196	54,248
Advance of customers of mineral and energy contracts		297,957	4,445,402	(270,359)	93,685
Interest paid	12.a	(3,056,397)	(2,794,212)	(1,326,124)	(1,158,345)
Interest received				1,035	1,391
Receipts/(Payments) from hedging operations, cash flow and derivatives		(230,184)	(49,618)	(65,236)	(16,757)
Other liabilities		169,144	152,766	157,758	22,071

Net cash investment activities		(4,615,465)	(3,435,874)	(2,990,948)	(1,932,904)
Investments / AFAC / Acquisitions of Shares		(23,600)	(32,000)	(110,858)	(143,953)
Cash received in acquisition of Gramperfil		13,261
Purchase of property, plant and equipment, intangible assets and investment property	9, 10 and 11	(3,893,115)	(3,435,772)	(1,580,574)	(1,643,683)
Intercompany loans granted		(57,911)	(71,531)	(591,050)	(138,603)
Intercompany loans received		6,124	8,768	3,888	3,888
Financial Investments, net of redemption		(454,385)	94,661	(455,417)	(10,553)
Acquisition of Gramperfil's investments		(35,948)
Acquisition of Grupo Estrela's investments		(300,000)		(300,000)
Sale of financial assets		43,063		43,063
Cash received in acquisition of Grupo Estrela		87,046
Net cash used in financing activities		(1,179,339)	848,131	(643,015)	2,060,660
Borrowings and financing raised	12.a	10,072,906	7,903,465	2,342,882	3,585,289
Transactions cost - Borrowings and financing		(113,275)	(89,929)	(11,240)	(47,584)
Borrowings and financing – related parties	12.a				2,487,558
Amortization of borrowings and financing	12.a	(10,427,053)	(5,181,446)	(2,373,222)	(2,166,531)
Amortization of borrowings and financing - related parties	12.a			(591,569)	(839,238)
Amortization of leases	14	(269,986)	(223,959)	(9,866)	(9,445)
Advance iron ore payments		66,717
Amortization advance iron ore payments		(66,717)
Repurchase of Treasury Shares			(327,069)
Dividends and interest on shareholder’s equity		(441,931)	(1,232,931)		(949,389)

Exchange Variation on Cash and Equivalents		17,375	(108,557)

Increase (decrease) in cash and cash equivalents		(6,784,098)	2,406,190	(4,965,825)	(797,398)
Cash and equivalents at the beginning of the year		23,310,197	16,046,218	5,666,618	2,270,070
Cash and equivalents at the end of the year		16,526,099	18,452,408	700,793	1,472,672
The Accompanying notes are an integral part of these consolidation financial statement

Companhia Siderúrgica Nacional S.A.
Statements of Value Added
(In thousands of Reais)

		Consolidated		Parent Company
	09/30/2025	09/30/2024	09/30/2025	09/30/2024
Revenues
Sales of products and services rendered	37,939,753	35,992,315	15,381,371	16,815,727
Other income/(expenses)	138,669	114,608	122,817	64,624
Provision for (reversal of) doubtful debts	(8,955)	(28,757)	(1,269)	(20,042)
	38,069,467	36,078,166	15,502,919	16,860,309
Raw materials acquired from third parties
Cost of sales and services	(17,399,022)	(17,094,775)	(9,420,988)	(10,953,809)
Materials, electric power, outsourcing and other	(4,232,059)	(4,348,444)	(941,805)	(985,134)
Impairment/recovery of assets	(120,519)	(45,184)	(65,720)	(91,642)
	(21,751,600)	(21,488,403)	(10,428,513)	(12,030,585)
Gross value added	16,317,867	14,589,763	5,074,406	4,829,724

Retentions
Depreciation, amortization and depletion	(3,088,297)	(2,793,742)	(1,074,078)	(982,697)
Value added created	13,229,570	11,796,021	4,000,328	3,847,027

Value added received
Equity in results of affiliated companies	401,854	314,304	1,177,153	106,158
Financial income	1,233,371	484,327	639,146	(76,946)
Other and exchange gains	1,294,075	678,567	59,623	(1,589)
	2,929,300	1,477,198	1,875,922	27,623
Value added for distribution	16,158,870	13,273,219	5,876,250	3,874,650

Value added distributed
Personnel and Charges	3,411,766	3,134,308	1,260,389	1,212,092
Salaries and wages	2,690,272	2,496,916	942,236	924,172
Benefits	557,321	498,535	255,428	235,635
Severance payment (FGTS)	164,173	138,857	62,725	52,285
Taxes, fees and contributions	5,804,211	5,859,443	2,463,484	2,568,236
Federal	3,120,564	3,088,265	1,196,147	1,315,100
State	2,662,437	2,756,526	1,267,337	1,253,136
Municipal	21,210	14,652
Remuneration on third-party capital	7,728,404	5,732,612	3,074,603	2,053,139
Interest	4,607,421	3,564,447	2,293,589	1,619,425
Rental	7,538	18,212	4,017	5,674
Other and exchange losses	3,113,445	2,149,953	776,997	428,040
Interest on equity	(785,511)	(1,453,144)	(922,226)	(1,958,817)
Income for the year/Retained earnings	(922,226)	(1,958,817)	(922,226)	(1,958,817)
Non-controlling interests	136,715	505,673
	16,158,870	13,273,219	5,876,250	3,874,650
The Accompanying notes are an integral part of these consolidation financial statement

			Consolidated		Parent Company
	Ref.	09/30/2025	12/31/2024	09/30/2025	12/31/2024
Trade receivables
Third parties
In Brazil		1,401,661	1,457,840	606,391	868,360
Abroad		1,425,558	1,563,075	24,617	47,258
		2,827,219	3,020,915	631,008	915,618
(-) Estimated credit losses		(228,612)	(212,088)	(96,886)	(95,617)
		2,598,607	2,808,827	534,122	820,001
Related parties	20.a	107,877	92,171	908,049	735,140
		2,706,484	2,900,998	1,442,171	1,555,141

	Equity interests (%)
Companies	09/30/2025	12/31/2024	Core business
Direct interest in subsidiaries: full consolidation
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.	69,01	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	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	99,90	99,90	Equity interests
CSN Participações IV	99,90	99,90	Equity interests
CSN Participações V	99,90	99,90	Equity interests
CSN Incorporação e Participações Ltda.	99,99	99,99	Equity interests
Estrela Comércio e Participações S.A. ⁽⁵⁾	70,00		Equity interests

Indirect interest in subsidiaries: full consolidation
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.	100,00	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.	69,01	69,01	Financial transactions, product sales and Equity interests
CSN Mining GmbH	69,01	69,01	Financial transactions, product sales and Equity interests
CSN Mining Asia Limited	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.	99,90	99,90	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	69,01	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 ⁽¹⁾	55,20		Financial transactions, product sales and Equity interests
CSN Mining International GmbH	69,01	69,01	Commercial and representation of products
Gramperfil S.A. ⁽²⁾	90,00		Manufacturing and sale of metal profile
CSN International Steel GmbH	100,00	100,00	Commercial and representation of products
Tora Transportes Ltda ⁽⁵⁾	70,00		Road transport
Tora Locações S.A. ⁽⁵⁾	70,00		Road transport and automobile rental
FJX Transportes S.A. ⁽⁵⁾	42,00		Road transport and logistic
N. Minas Transportes e Locações Ltda. ⁽⁵⁾	70,00		Road transport and logistic
Saratoga Transportes Ltda ⁽⁵⁾	70,00		Road transport
Lokamig Rent a Car S.A.⁽⁵⁾	70,00		Automobile rental
Seminovos Lokamig Ltda. ⁽⁵⁾	70,00		Automobile rental
Tora Logística Armazéns e Terminais Multimodais S.A. ⁽⁵⁾	70,00		Logistics
Tora Recintos Alfandegários S.A. ⁽⁵⁾	70,00		General storage operations and road transport
Tora Seminovos Comércio de Veículos Ltda. ⁽⁵⁾	70,00		Commercial and automobile rental
CSN Captive Insurance Company, LLC ⁽⁶⁾	100,00		Captive Insurance Company

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.	18,75	18,75	Railroad transportation
Aceros Del Orinoco S.A. (*)	31,82	31,82	Dormant company
Transnordestina Logística S.A. (7)	48,53	48,03	Railroad logistics
Equimac 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.	12,93	12,93	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: full consolidation
Diplic II - Private credit balanced mutual fund	100,00	100,00	Investment fund
Caixa Vértice - Private credit balanced mutual fund	100,00	100,00	Investment fund
VR1 - Private credit balanced mutual fund	100,00	100,00	Investment fund

Consortiuns
Consórcio Itaúba ⁽³⁾	99,99	100,00	Electric power generation
Consórcio Passo Real ⁽⁴⁾	96,55	100,00	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

							Consolidated
Companies	Final balance on 12/31/2024	Capital increase and (Decrease)/acquisition of shares	Dividends	Equity Income	Comprehensive income	Others	Final balance on 09/30/2025


Investments under the equity method
Joint-venture, Joint-operation and Affiliate
MRS Logistica	2,799,168			459,513	16		3,258,697
Fair Value MRS	480,622						480,622
Fair Value MRS amortization	(105,719)			(8,808)			(114,527)
Transnordestina Logística S.A. ⁽¹⁾	1,137,345	792,579		(15,856)	(261)		1,913,807
Fair Value -Transnordestina	659,106						659,106
Arvedi Metalfer do Brasil S.A.	35,257			394			35,651
Panatlântica S.A.	225,764		(6,014)	11,752			231,502
Equimac S.A	31,733		(2,187)	6,261			35,807
Indirect interest in affiliates - CEEE-G	146,753		(32,971)	27,205			140,987
Fair Value indirect participation CEEE-G	319,709						319,709
Fair Value amortization indirect participation CEEE-G	(42,523)			(13,940)			(56,463)
	5,687,215	792,579	(41,172)	466,521	(245)		6,904,898
Other participations
Others ⁽²⁾	58,796					212	59,008
	58,796					212	59,008

Total shareholdings	5,746,011	792,579	(41,172)	466,521	(245)	212	6,963,906

Classification of investments in the balance sheet
Equity interests	5,746,011						6,963,906
Investment Property	202,040						199,103
Total investments in the asset	5,948,051						7,163,009

				09/30/2025				12/31/2024
	Joint-Venture			Joint-Operation	Joint-Venture			Joint-Operation
Equity interest (%)	MRS Logística	Transnordestina Logística	Equimac S.A.	Itá Energética	MRS Logística	Transnordestina Logística	Equimac S.A.	Itá Energética
Equity interest (%)	37.49%	48.53%	50.00%	48.75%	37.49%	48.03%	50.00%	48.75%
Balance sheet
Current Assets
Cash and cash equivalents	4,338,229	1,416,573	14,760	128,111	4,147,393	277,966	22,028	82,129
Advances to suppliers	49,550	49,920	35	495	42,649	45,512	49	395
Other assets	1,106,334	80,105	32,145	25,578	1,182,598	83,348	25,070	27,251
Total current assets	5,494,113	1,546,598	46,940	154,184	5,372,640	406,826	47,147	109,775
Non-current Assets
Other assets	897,196	138,356	259	9,586	448,946	143,562	142	10,144
Investments, PP&E and intangible assets	16,349,788	14,685,188	79,413	240,815	14,791,500	13,193,728	75,782	263,998
Total non-current assets	17,246,984	14,823,544	79,672	250,401	15,240,446	13,337,290	75,924	274,142
Total Assets	22,741,097	16,370,142	126,612	404,585	20,613,086	13,744,116	123,071	383,917

Current Liabilities
Borrowings and financing	1,014,785	58,600	18,836		547,803	36,181	19,009
Lease liabilities	603,854		257		738,978		288
Other liabilities	1,851,737	241,430	17,100	17,889	2,103,399	128,528	16,642	15,664
Total current liabilities	3,470,376	300,030	36,193	17,889	3,390,180	164,709	35,939	15,664
Non-current Liabilities
Borrowings and financing	8,269,864	9,664,912	15,151		7,524,173	7,943,354	21,074
Lease liabilities	1,030,481		213		1,158,058		213
Other liabilities	1,278,781	2,461,627	3,439	5,187	1,074,757	3,268,493	2,379	4,457
Total non-current liabilities	10,579,126	12,126,539	18,803	5,187	9,756,988	11,211,847	23,666	4,457
Shareholders’ equity	8,691,595	3,943,573	71,616	381,509	7,465,918	2,367,560	63,466	363,796
Total liabilities and shareholders’ equity	22,741,097	16,370,142	126,612	404,585	20,613,086	13,744,116	123,071	383,917

				01/01/2025 to 09/30/2025				01/01/2024 to 09/30/2024
	Joint-Venture			Joint-Operation		Joint-Venture		Joint-Operation
Equity interest (%)	MRS Logística	Transnordestina Logística	Equimac S.A.	Itá Energética	MRS Logística	Transnordestina Logística	Equimac S.A.	Itá Energética
Equity interest (%)	37.49%	48.53%	50.00%	48.75%	37.49%	48.03%	50.00%	48.75%
Statements of Income
Net revenue	5,636,531		62,797	155,138	5,414,307		53,334	138,022
Cost of sales and services	(2,987,024)		(35,236)	(79,499)	(2,873,611)		(28,332)	(87,801)
Gross profit	2,649,507		27,561	75,639	2,540,696		25,002	50,221
Operating (expenses) income	(435,026)	(41,543)	(4,434)	(54,574)	(298,594)	(24,336)	(5,036)	(58,124)
Financial income (expenses), net	(526,425)	8,329	(3,182)	6,471	(716,275)	(9,771)	(1,944)	3,200
Profit/(Loss) before IR/CSLL	1,688,056	(33,214)	19,945	27,536	1,525,827	(34,107)	18,022	(4,703)
Current and deferred IR/CSLL	(462,432)		(6,251)	(6,232)	(492,103)		(5,804)	(637)
Profit / (loss) for the period	1,225,624	(33,214)	13,694	21,304	1,033,724	(34,107)	12,218	(5,340)

									Consolidated
	Ref.	Land	Buildings and Infrastructure	Machinery, equipment and facilities	Furniture and fixtures	Construction in progress (*)	Right of use	Other (**)	Total
Balance at December 31, 2024		592,716	4,772,512	17,969,066	105,055	5,881,336	756,814	348,524	30,426,023
Cost		592,716	9,664,220	43,110,825	372,094	5,881,336	1,269,089	922,119	61,812,399
Accumulated depreciation			(4,891,708)	(25,141,759)	(267,039)		(512,275)	(573,595)	(31,386,376)
Balance at December 31, 2024		592,716	4,772,512	17,969,066	105,055	5,881,336	756,814	348,524	30,426,023
Effect of foreign exchange differences		(4,078)	(4,930)	(5,814)	(1,024)	(5,506)	(6,696)	(1,792)	(29,840)
Acquisitions		10,360	2,899	401,078	8,582	3,374,446	69,287	93,747	3,960,400
Capitalized interest	26					290,626			290,626
Write-offs	25		(6,110)	(20,088)	(13)	(56)	(10,027)	(159)	(36,452)
Depreciation	24		(257,642)	(2,391,668)	(14,482)		(206,393)	(80,364)	(2,950,549)
Transfers to other asset categories		14,763	151,993	2,218,745	53,233	(2,446,329)		7,595
Transfer between groups - intangible assets, investment property and inventory ⁽¹⁾				(52,946)		(34,811)			(87,757)
Right of use - Remeasurement							175,809		175,809
Acquisition of a subsidiary abroad ⁽²⁾		5,391	19,269	5,159					29,817
Impact from acquisition of shareholding in Grupo Estrela ⁽³⁾		6,963	33,350	19,984	1,230	1,550	183,929	590,134	837,140
Others								(4,485)	(4,485)
Balance at September 30, 2025		626,115	4,711,341	18,143,516	152,581	7,061,256	962,722	953,200	32,610,732
Cost		626,115	9,939,320	45,648,391	441,606	7,061,256	1,636,352	1,832,585	67,185,625
Accumulated depreciation			(5,227,979)	(27,504,875)	(289,024)		(673,630)	(879,385)	(34,574,893)
Balance at September 30, 2025		626,115	4,711,341	18,143,516	152,582	7,061,256	962,722	953,200	32,610,732

				Consolidated
				09/30/2025
Nature	New debts	Maturities	Repayment	Interest payment
Pre-Payment	2,350,399	2025 to 2035	(2,207,684)	(611,401)
Bonds, Foreign Exchange Contract and Facility	4,196,890	2025 to 2028	(4,377,355)	(1,177,363)
BNDES/FINAME/FINEP, Debentures, CRI and NCE	3,525,617	2025 to 2042	(3,842,015)	(1,267,633)
	10,072,906		(10,427,054)	(3,056,397)


				Parent Company
				09/30/2025
Nature	New debts	Maturities	Repayment	Interest payment
Pre-Payment	512,534	2032	(1,131,403)	(516,897)
Bonds and ACC	1,680,348	2025 to 2028	(1,076,795)	(170,193)
BNDES/FINAME/FINEP, Debentures, CRI and NCE	150,000	2025 to 2039	(165,024)	(623,340)
Intercompany		2025 to 2032	(591,569)	(15,694)
	2,342,882		(2,964,791)	(1,326,124)

	09/30/2025	12/31/2024
Foreign Exchange Exposure	(Amounts in US$’000)	(Amounts in US$’000)
Cash and cash equivalents overseas	2,019,617	1,951,025
Trade receivables	223,052	58,296
Financial investments	404,277	270,038
Borrowings and financing	(6,067,339)	(5,983,492)
Trade payables	(280,717)	(284,843)
Others	(13,213)	(37,185)
Natural Gross Foreign Exchange Exposure (assets - liabilities)	(3,714,323)	(4,026,161)
Derivative transactions (¹)	4,647,052	5,098,257
	932,729	1,072,096

				09/30/2025
Currency	Exchange rate	Probable scenario	Scenario 1	Scenario 2
USD	5.3186	5.4446	5.6984	4.9673

					09/30/2025
Instruments	Notional amount	Risk	Probable scenario (*) R$	Scenario 1 R$	Scenario 2 R$
Cash and cash equivalents overseas	2,019,617	Dollar	254,472	766,978	(709,465)
Trade receivables	235,383	Dollar	29,658	89,390	(82,687)
Financial investments	404,277	Dollar	50,939	153,530	(142,017)
Borrowings and financing	(6,067,339)	Dollar	(764,485)	(2,304,157)	2,131,377
Trade payables	(280,717)	Dollar	(35,370)	(106,606)	98,612
Others	(13,213)	Dollar	(1,665)	(5,018)	4,642
Derivative financial instruments	4,647,052	Dollar	585,529	1,764,783	(1,632,449)
Impact on profit or loss			119,078	358,900	(331,987)

						Impact on balances on 09/30/2025
Changes in interest rates	% p.a	Assets	Liabilities	Probable scenario (*)	Scenario 1	Scenario 2
CDI	14.90%	5,220,103	(12,713,351)	(1,116,494)	(1,256,056)	(972,173)
TJLP	8.96%		(1,013,809)	(90,837)	(92,231)	(62,171)
IPCA	5.13%		(1,243,806)	(63,807)	(69,320)	(55,421)
SOFR 6M	3.85%		(5,658,519)	(217,621)	(305,856)	(142,290)
SOFR	4.24%		(3,307,835)	(140,252)	(153,091)	(127,098)
EURIBOR 3M	2.03%		(740,248)	(15,042)	(21,623)	(13,162)
EURIBOR 6M	2.10%		(26,826)	(562)	(808)	(492)
				(1,644,616)	(1,898,984)	(1,372,806)

	12/31/2024	Movement	Realization	09/30/2025
Cash flow hedge – “Platts”		184,590	(87,488)	97,100
Income tax and social contribution on cash flow hedge		(62,760)	29,747	(33,013)
Fair Value of cash flow hedge - Platts, net		121,830	(57,741)	64,087

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	(871,761)		(731,793)
1/10/2020	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	(1,404,000)		(1,338,043)
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			(1,112,200)
6/1/2022	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	1,145,300	(360,321)	(130,497)	(462,902)
12/1/2022	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)		(128,018)
12/1/2022	Advance on foreign exchange contract	Part of the highly probable future monthly iron ore exports	Foreign exchange - R$ vs. US$ spot rate	December 2022 - December 2025	5.2565	100,000			(6,210)
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	(248,400)	(71,590)	(182,710)
6/6/2024	Advance on foreign exchange contract	Part of the highly probable future monthly iron ore exports	Foreign exchange - R$ vs. US$ spot rate	June 2024 - February 2025	5.2700	30,000	(30,000)	(17,961)
06/25/2024	Advance on foreign exchange contract	Part of the highly probable future monthly iron ore exports	Foreign exchange - R$ vs. US$ spot rate	June 2024 - February 2025	5.4405	10,000	(10,000)	(2,853)
Total recognized at the parent company						6,736,061	(2,961,482)	(222,901)	(3,961,876)
6/1/2022	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	(215,609)	(55,083)	(390,989)
12/1/2022	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			(19,782)
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	(81,686)	(5,039)	(24,339)
Total recognized in the consolidated						7,893,418	(3,258,777)	(283,023)	(4,396,986)

						Consolidated
At September 30, 2025	Ref.	Less than one year	From one to two years	From two to five years	Over five years	Total
Loans, financing and debentures	12.b	8,958,372	9,422,979	13,490,885	20,967,765	52,840,001
Lease liabilities	14	236,081	332,708	139,496	381,787	1,090,072
Derivative financial instruments	16				125,226	125,226
Trade payables	15	7,087,400	58,355	19,158	386	7,165,299
Trade payables - Forfaiting	15.a	2,182,867				2,182,867
Dividends and interest on capital	16	4,425				4,425
Concessions to be paid	16	13,350	13,350	26,700	38,913	92,313
		18,482,495	9,827,392	13,676,239	21,514,077	63,500,203

		09/30/2025		12/31/2024
	Closing Balance	Fair value	Closing Balance	Fair value
Fixed Rate Notes (*)	19,146,612	17,419,436	22,204,604	19,584,985

Class of shares	09/30/2025				12/31/2024				09/30/2025	09/30/2024
Class of shares	Quantity	Equity interest (%)	Share price	Closing Balance	Quantity	Equity interest (%)	Share price	Closing Balance	Profit or loss (note 26)
USIM3	35,192,508	4.99%	4.21	148,160	106,620,851	15.12%	5.32	567,222	(105,315)	(340,120)
USIM5	27,336,117	4.99%	4.23	115,632	55,144,456	10.07%	5.32	293,369	(60,852)	(168,191)
				263,792				860,591	(166,167)	(508,311)

Thousands of Reais	09/30/2025	12/31/2024
Shareholder's equity (equity)	17,355,367	15,459,116
Borrowings and Financing (Third-party capital)	52,146,950	56,914,621
Gross Debit/Shareholder's equity	3.00	3.68

		09/30/2025
Contract term (in years)		Incremental Rate (p.a.)
1		16.04%
2		15.83%
3		15.09%
5		14.84%

				Consolidated
	Less than one year	Between one and five years	Over five years	Total
Leases	264,402	830,702	1,338,173	2,433,277
Adjusted present value - Leases	(28,321)	(358,498)	(956,386)	(1,343,205)
	236,081	472,204	381,787	1,090,072

				Consolidated
	Nine months ended		Three months ended
	09/30/2025	09/30/2024	09/30/2025	09/30/2025
Contract less than 12 months		880
Lower Assets value	10,860	7,840	4,884	2,290
Variable lease payments	259,739	259,699	94,350	118,721
	270,599	268,419	99,234	121,011


				Parent Company
	Nine months ended		Three months ended
	09/30/2025	09/30/2024	09/30/2025	09/30/2025
Lower Assets value	6,865	5,660	2,858	1,729
	6,865	5,660	2,858	1,729

		Consolidated
Trade payables	Forfaiting	No Forfaiting
Due between 1 and 180 days	1,280,200	5,286,766
Due between 181 to 360 days	902,667	1,800,634
Over 360 days		77,899
Total	2,182,867	7,165,299

	Consolidated
Exchange variation	(45,695)
Interest Appropriation	20,627
Total	(25,068)

	Consolidated	Parent Company
Balance at January 1, 2024	4,729,632	3,213,410
Recognized in profit and loss	1,305,927	942,394
Recognized in equity	769,162	594,529
Use of tax credit in installment program	(724)
Balance at December 31, 2024	6,803,997	4,750,333
Recognized in profit and loss	794,545	966,240
Recognized in equity	(1,581,422)	(1,241,165)
Impact from acquisition of shareholding in Grupo Estrela ⁽¹⁾	(2,700)
Balance at September 30, 2025	6,014,420	4,475,408

				Consolidated				Parent Company
	Accrued liabilities		Judicial deposits		Accrued liabilities		Judicial deposits
	09/30/2025	12/31/2024	09/30/2025	12/31/2024	09/30/2025	12/31/2024	09/30/2025	12/31/2024
Tax	100,609	130,755	181,768	176,086	15,712	50,990	71,626	70,944
Social security	13,416	1,546			13,417	1,546
Labor	477,023	387,612	371,860	294,233	162,690	144,407	138,363	114,994
Civil	265,619	815,180	39,965	134,609	143,628	130,308	15,527	15,991
Environmental	48,536	42,609	6,303	3,723	22,155	10,446	283	283
Deposit of a guarantee			23,915	24,299
	905,203	1,377,702	623,811	632,950	357,602	337,697	225,799	202,212

Classified:
Current	106,628	132,112			73,525	61,008
Non-current	798,575	1,245,590	623,811	632,950	284,077	276,689	225,799	202,212
	905,203	1,377,702	623,811	632,950	357,602	337,697	225,799	202,212

						Consolidated
						Current + Non-current
Nature	12/31/2024	Additions	Accrued charges	Impact from acquisition of shareholding in Grupo Estrela ⁽¹⁾	Net utilization of reversal	09/30/2025
Tax	130,755	22,245	5,044	12,691	(70,126)	100,609
Social security	1,546	11,898	48		(76)	13,416
Labor	387,612	67,114	83,323	12,094	(73,120)	477,023
Civil	815,180	21,735	20,414	44	(591,754)	265,619
Environmental	42,609	13,179	1,616		(8,868)	48,536
	1,377,702	136,171	110,445	24,829	(743,944)	905,203

	09/30/2025	09/30/2024
	P&L
Short-term benefits for employees and officers	69,135	61,773
Post-employment benefits	636	577
	69,771	62,350


	Currency	Maturities	Borrowings		Tax foreclosure		Others		Total
			09/30/2025	12/31/2024	09/30/2025	12/31/2024	09/30/2025	12/31/2024	09/30/2025	12/31/2024
Transnordestina Logísitca	R$	Up to 09/19/2056 and Indefinite	4,594,569	3,966,722	10,869	10,717	4,972	4,828	4,610,410	3,982,267
Subsidiaries	R$	Up to 01/10/2028 and Indefinite	371,451	2,079,693			600	1,920	372,051	2,081,613
Total in R$			4,966,020	6,046,415	10,869	10,717	5,572	6,748	4,982,461	6,063,880

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	2,233,000	2,230,000					2,233,000	2,230,000
CSN Cimentos Brasil	US$	10/6/2027
Total in US$			3,533,000	3,530,000					3,533,000	3,530,000
Lusosider Aços Planos	EUR	Indefinite					75,000	75,000	75,000	75,000
Total in EUR							75,000	75,000	75,000	75,000
Total in R$			19,279,934	21,858,819			481,725	482,723	19,761,659	22,341,542
			24,245,954	27,905,234	10,869	10,717	487,297	489,471	24,744,120	28,405,422