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Equibles

6-K

National Steel Co (SID)

6-K 2025-05-22 For: 2025-03-31
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Added on April 11, 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 May, 2025 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 andarSão Paulo, SP, Brazil04538-132

(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____

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) INTERIM FINANCIAL INFORMATION COMPANHIA SIDERÚRGICA NACIONAL AS OF MARCH 31, 2025 AND INDEPENDENT AUDITOR’S REPORT

Docusign Envelope ID: 38B8BBE3-2283-4145-B334-FF379F70319D Mazars Auditores Independentes Av. Trindade, 254 - Rooms 1314 and 1315 - Office Bethaville - Bethaville CEP 06404-326 Barueri (SP) | Brazil Phone: (11) 3090-7085 www.mazars.com.br (Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) 2 Independent auditor’s report on review the individual and consolidated interim financial information. To the Shareholders, Directors and Managers of Companhia Siderúrgica Nacional Sao Paulo-SP Introduction We have reviewed the individual and consolidated interim financial information of Companhia Siderúrgica Nacional ("Company"), contained in the Quarterly Information Form - ITR for the quarter ended March 31, 2025, which comprise the balance sheet as of March 31, 2025 and the related statements of income, comprehensive income, for three-months period then ended and changes in shareholder’s equity and cash flows for the threemonth period then ended, including the explanatory notes. The Company’s management is responsible for preparing and presenting the individual and consolidated interim financial information, in accordance with technical pronouncement CPC 21 (R1) - Interim Financial Statements and with the international accounting standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission, applicable to the preparation of the Quarterly Information

  • ITR. Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of review We conducted our review in accordance with Brazilian and international standards for reviewing interim financial information (NBC TR 2410 - Review of Interim Financial Information Performed by the Entity Auditor and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The scope of a review is significantly less than that of an audit conducted in accordance with auditing standards and, as a result, did not enable us to obtain assurance that we have taken knowledge of all significant matters that could be identified in an audit. Therefore, we do not express an audit opinion. Conclusion on the individual and consolidated interim financial information Based on our review, we are not aware of any fact which leads us to believe that the individual and consolidated interim financial information included in the aforementioned quarterly information was not prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1) and IAS 34, applicable to the preparation of the Quarterly Information - ITR, and presented in accordance with the rules issued by the Brazilian Securities and Exchange Commission (CVM).

Docusign Envelope ID: 38B8BBE3-2283-4145-B334-FF379F70319D Mazars Auditores Independentes Av. Trindade, 254 - Rooms 1314 and 1315 - Office Bethaville - Bethaville CEP 06404-326 Barueri (SP) | Brazil Phone: (11) 3090-7085 www.mazars.com.br Other matters Statement of Value Added The aforementioned quarterly information includes the individual and consolidated interim financial information of Value Added (DVA), referring to the three-months period ended March 31, 2025, prepared under the responsibility of the Company’s management and presented as supplementary information for international standard IAS 34 purposes. These statements were submitted to review procedures performed in conjunction with the review of the Company’s quarterly information - ITR, in order to conclude whether they are reconciled with the interim financial information and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in technical pronouncement CPC 09 (R1) - "Demonstration of Added Value". Based on our review, we are not aware of any facts that lead us to believe that these statements of value added were not prepared, in all material respects, in accordance with the criteria defined in this standard and in a manner consistent with the interim financial information, individual and consolidated, taken as a whole. Barueri, May 8, 2025. Mazars Auditores Independentes - Sociedade Simples Ltda. CRC 2 SP023701/O-8 Danhiel Augusto Reis CRC 1SP254522/O-0

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | Companhia Siderúrgica Nacional S.A. | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | BALANCE SHEET | | | | | | | | | | | | | (In thousands of Reais) | | | | | | | | | | | | | | | Consolidated | | Parent Company | | | | Consolidated | | Parent Company | | | | Notes | 03/31/2025 | 12/31/2024 | 03/31/2025 | 12/31/2024 | | Notes | 03/31/2025 | 12/31/2024 | 03/31/2025 | 12/31/2024 | | ASSET | | | | | | LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | Current | | | | | | Current | | | | | | | Cash and cash equivalents | 3 | 19,787,406 | 23,310,197 | 3,632,633 | 5,666,618 | Borrowings and financing | 12 | 5,493,040 | 8,821,679 | 3,941,823 | 5,201,174 | | Financial investments | 4 | 963,730 | 911,378 | 947,438 | 895,573 | Payroll and related taxes | | 559,977 | 560,695 | 184,775 | 184,696 | | Trade receivables | 5 | 2,511,099 | 2,900,998 | 1,630,391 | 1,555,141 | Trade payables | 15 | 6,660,988 | 7,030,734 | 3,368,985 | 3,596,080 | | Inventory | 6 | 9,923,125 | 10,439,741 | 6,318,787 | 6,839,246 | Tax payables | | 633,924 | 719,253 | 146,767 | 195,063 | | Recoverable taxes | 7 | 1,538,674 | 1,367,316 | 644,587 | 668,137 | Labor and civil provisions | 18 | 115,778 | 132,112 | 66,181 | 61,008 | | Other current assets | 8 | 844,461 | 856,063 | 1,189,162 | 1,012,495 | Dividends and interest on equity payable | 16 | 61,488 | 61,965 | 6,142 | 6,242 | | Total current assets | | 35,568,495 | 39,785,693 | 14,362,998 | 16,637,210 | Advances from customers | 16 | 4,176,091 | 3,648,639 | 508,142 | 382,350 | | | | | | | | Trade payables – Forfaiting and Drawee risk | 15.a | 3,045,606 | 2,902,593 | 2,514,088 | 2,214,482 | | Non-Current | | | | | | Other payables | 16 | 982,427 | 1,238,805 | 834,695 | 1,174,978 | | Long-term realizable asset | | | | | | Total current liabilities | | 21,729,319 | 25,116,475 | 11,571,598 | 13,016,073 | | Financial investments | 4 | 196,820 | 169,977 | 132,071 | 142,423 | | | | | | | | Deferred taxes assets | 17 | 6,914,405 | 7,345,326 | 4,424,582 | 4,750,333 | Non-Current | | | | | | | Inventory | 6 | 1,859,807 | 1,761,172 | | | Borrowings and financing | 12 | 47,773,029 | 48,092,942 | 24,538,249 | 25,044,466 | | Recoverable taxes | 7 | 2,707,319 | 2,799,951 | 1,844,800 | 1,838,343 | Deferred taxes assets | 17 | 512,577 | 541,329 | | | | Other non-current assets | 8 | 5,328,069 | 5,232,370 | 5,984,029 | 5,360,281 | Provision for tax, social security, labor, civil and environmental risks | 19 | 1,272,725 | 1,245,590 | 270,313 | 276,689 | | | | 17,006,420 | 17,308,796 | 12,385,482 | 12,091,380 | Employee benefits | 0 | 487,543 | 473,046 | 467,885 | 454,161 | | | | | | | | Provisions for environmental liabilities and decommissioning | 19 | 1,178,090 | 1,133,363 | 140,984 | 142,989 | | Investments | 9 | 6,040,046 | 5,948,051 | 26,001,450 | 26,292,822 | Provision for investment losses | 9 | | | 10,954,510 | 11,458,813 | | Property, plant and equipment | 10 | 30,749,695 | 30,426,023 | 9,905,835 | 9,664,413 | Other payables | 16 | 10,544,927 | 11,844,793 | 1,701,051 | 2,089,266 | | Intangible assets | 11 | 10,393,616 | 10,438,091 | 72,714 | 68,070 | Total non-current liabilities | | 61,768,891 | 63,331,063 | 38,072,992 | 39,466,384 | | Total non-current assets | | 64,189,777 | 64,120,961 | 48,365,481 | 48,116,685 | | | | | | | | | | | | | | Shareholders’ equity | | | | | | | | | | | | | Paid-up capital | 21 | 10,240,000 | 10,240,000 | 10,240,000 | 10,240,000 | | | | | | | | Capital reserves | | 2,056,970 | 2,056,970 | 2,056,970 | 2,056,970 | | | | | | | | Earnings reserves | | 21,314 | 640,460 | 21,314 | 640,460 | | | | | | | | Legal reserve | | 1,158,925 | 1,158,925 | 1,158,925 | 1,158,925 | | | | | | | | Other comprehensive income | | (393,320) | (1,824,917) | (393,320) | (1,824,917) | | | | | | | | Total shareholders' equity of controlling shareholders | | 13,083,889 | 12,271,438 | 13,083,889 | 12,271,438 | | | | | | | | Earnings attributable to the non-controlling interests | | 3,176,173 | 3,187,678 | | | | | | | | | | Total shareholders' equity | | 16,260,062 | 15,459,116 | 13,083,889 | 12,271,438 | | TOTAL ASSETS | | 99,758,272 | 103,906,654 | 62,728,479 | 64,753,895 | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | | 99,758,272 | 103,906,654 | 62,728,479 | 64,753,895 | | The accompanying notes are an integral part of these consolidated financial statements | | | | | | | | | | | |

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | Companhia Siderúrgica Nacional S.A. | | | | | | | --- | --- | --- | --- | --- | --- | | Statements of Income | | | | | | | (In thousands of Reais) | | | | | | | | | | Consolidated | | Parent Company | | | Notes | 03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 | | Net Revenue | 23 | 10,907,629 | 9,712,992 | 4,490,324 | 4,207,784 | | Costs of goods sold and services rendered | 24 | (8,375,386) | (7,521,968) | (4,203,998) | (4,100,294) | | Gross profit | | 2,532,243 | 2,191,024 | 286,326 | 107,490 | | Operating (expenses)/income | | (1,644,606) | (1,608,089) | (474,321) | (549,179) | | Selling expenses | 0 | (1,060,232) | (1,198,564) | (205,282) | (202,888) | | General and administrative expenses | 0 | (217,398) | (206,853) | (88,214) | (88,030) | | Equity in results of affiliated companies | 9 | 78,434 | 93,320 | 89,377 | (109,895) | | Other operating (expenses)/income, net | 25 | (445,410) | (295,992) | (270,202) | (148,366) | | Other operating income | | 67,015 | 96,467 | 54,850 | 80,260 | | Other operating expenses | | (512,425) | (392,459) | (325,052) | (228,626) | | Income before financial income (expenses) | | 887,637 | 582,935 | (187,995) | (441,689) | | Financial income (expenses), net | 26 | (1,850,347) | (1,124,527) | (784,539) | (393,736) | | Financial income | | 555,057 | 434,359 | 248,352 | 253,501 | | Financial expenses | | (1,700,408) | (1,404,982) | (651,894) | (644,656) | | Other financial items, net | | (704,996) | (153,904) | (380,997) | (2,581) | | Income before income taxes | 17 | (962,710) | (541,592) | (972,534) | (835,425) | | Income tax and social contribution | | 231,130 | 61,930 | 353,388 | 245,724 | | Net income/(loss) | | (731,580) | (479,662) | (619,146) | (589,701) | | Attributable to: | | | | | | | Earnings attributable to the controlling interests | | (619,146) | (589,701) | (619,146) | (589,701) | | Earnings attributable to the non-controlling interests | | (112,434) | 110,039 | | | | Loss basic and diluted per share (in R$) | 21.e | | | (0.46689) | (0.44469) | | The accompanying notes are an integral part of these consolidated financial statements | | | | | |

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | Companhia Siderúrgica Nacional S.A. | | | | | | | --- | --- | --- | --- | --- | --- | | Statements of Cash Flows | | | | | | | (In thousands of Reais) | | | | | | | | | Consolidated | | Parent Company | | | | Notes | 03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 | | Net cash from operating activities | | (1,153,595) | (616,089) | (295,740) | (1,259,738) | | Cash flow from operating activities | | 513,588 | 977,412 | 250,390 | (316,128) | | Earnings<br> attributable to the controlling interests | | (619,146) | (589,701) | (619,146) | (589,701) | | Earnings<br> attributable to the non-controlling interests | | (112,434) | 110,039 | | | | Adjustments to reconcile the result: | | | | | | | Financial charges in borrowing and financing raised | 26 | 1,021,836 | 924,496 | 449,426 | 408,400 | | Financial charges in borrowing and financing granted | | (95,345) | (38,060) | (76,950) | (53,154) | | Charges on lease liabilities | 14 | 25,139 | 23,871 | 884 | 144 | | Equity in results of affiliated companies | 9 | (78,434) | (93,320) | (89,377) | (109,895) | | Deferred taxes assets | 17 | (434,902) | (305,154) | (353,388) | (245,724) | | Provision for tax, social security, labor, civil and environmental risks | | 15,428 | 14,380 | (1,203) | 1,030 | | Exchange, Monetary and Cash Flow Hedge | | (172,559) | 38,978 | 648,834 | 15,564 | | Write-off of property, plant and equipment right of use and Intangible assets | 9, 10, 11 and 15 | (12,886) | (12,004) | (14,177) | 2,216 | | Provision for environmental liabilities and decommissioning of assets | | 44,720 | 30,569 | (2,005) | (3,641) | | Updated shares – Fair value through profit or loss | 26 | (50,772) | (57,830) | (50,772) | (57,830) | | Depreciation, amortization and depletion | 24 | 999,188 | 896,760 | 354,424 | 318,710 | | Accrued/(reversal) for consumption and services | | (34,048) | (56,843) | (820) | (18,670) | | Other provisions | | 17,803 | 91,231 | 4,660 | 16,423 | | Changes in assets and liabilities | | (1,667,183) | (1,593,501) | (546,130) | (943,610) | | Trade receivables - third parties | | 547,478 | 581,080 | 207,299 | (153,429) | | Trade receivables - related party | | (2,768) | 27,039 | (177,145) | (76,007) | | Inventory | | (3,243) | (270,757) | 124,025 | (464,372) | | Dividends and receivables - related parties | | 1,317 | | (107,805) | (144,088) | | Recoverable taxes | | (76,918) | (281,612) | 17,092 | (432,000) | | Judicial deposits | | 10,791 | (2,630) | 891 | 5,887 | | Other assets | | (148,691) | 69,827 | (41,878) | (5,994) | | Trade payables | | (393,885) | (690,532) | (219,682) | 25,404 | | Trade payables – Forfaiting and Drawee risk | | 147,404 | 339,082 | 299,606 | 410,935 | | Payroll and related taxes | | | | | | | Tax payables | | (98,078) | (146,472) | (48,821) | 162,679 | | Payables to related parties | | (23,179) | (21,859) | 2,878 | 11,212 | | Advance of customers of mineral and energy contracts | | (737,841) | (346,635) | (239,355) | (52,087) | | Interest paid | 12.b | (962,355) | (767,807) | (350,492) | (283,024) | | Interest received | | | | 355 | 524 | | Receipts/(Payments) from hedging operations, cash flow and derivatives | | (72,572) | (506,371) | (16,908) | | | Other liabilities | | 145,357 | 424,146 | 3,810 | 50,750 | | Net cash investment activities | | (1,182,781) | (834,502) | (1,108,438) | (510,787) | | Investments / AFAC / Acquisitions of Shares | | (23,600) | (32,000) | (36,600) | (64,000) | | Price paid in investiments of Gramperfil | | (35,948) | | | | | Purchase of property, plant and equipment, intangible assets andinvestmentproperty | 9, 10 and 11 | (1,126,705) | (784,081) | (541,396) | (385,596) | | Intercompany loans granted | | (20,212) | (23,698) | (540,998) | (61,246) | | Intercompany loans received | | 1,651 | 7,777 | 1,296 | 1,296 | | Financial Investments, net of redemption | | 8,772 | (2,500) | 9,260 | (1,241) | | Cash received in the acquisition of Gramperfil | | 13,261 | | | | | Net cash used in financing activities | | (1,214,013) | 271,603 | (629,807) | 1,509,961 | | Borrowings and financing raised | 12.b | 4,954,349 | 2,159,901 | 910,044 | 50,000 | | Transactions cost - Borrowings and financing | | (56,154) | (17,975) | (1,180) | | | Borrowings and financing – related parties | 12.b | | | | 2,487,558 | | Amortization of borrowings and financing | 12.b | (6,030,948) | (1,803,177) | (1,535,481) | (809,297) | | Amortization of borrowings and financing - related parties | 12.b | | | | (215,251) | | Amortization of leases | 14 | (81,260) | (67,068) | (3,190) | (2,979) | | Dividends and interest on shareholder’s equity | | | (78) | | (70) | | Exchange Variation on Cash and Equivalents | | 27,598 | (8,865) | | **** | | Increase (decrease) in cash and cash equivalents | | (3,522,791) | (1,187,853) | (2,033,985) | (260,564) | | Cash and equivalents at the beginning of the year | | 10,803,503 | 11,991,356 | 2,578,841 | 2,839,405 | | Cash and equivalents at the end of the year | | 7,280,712 | 10,803,503 | 544,855 | 2,578,841 | | Cash and equivalents at the end of the year | | | | | |

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | Companhia Siderúrgica Nacional S.A. | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | | | | | | (619,146) | 1,431,597 | 812,451 | (12,675) | 799,776 | | Net loss | | | | | | | (619,146) | | (619,146) | (112,434) | (731,580) | | Other comprehensive income | **** | **** | **** | **** | **** | **** | **** | 1,431,597 | 1,431,597 | 99,759 | 1,531,356 | | Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes | **** | **** | **** | **** | **** | **** | | 37 | 37 | (1) | 36 | | Cumulative translation adjustments for the year | | | | **** | **** | | | (108,927) | (108,927) | | (108,927) | | (Loss)/gain cash flow hedge accounting, net of taxes | | | | **** | **** | | | 1,195,664 | 1,195,664 | | 1,195,664 | | Cash flow hedge reclassified to income upon realization, net of taxes | | | | **** | **** | | | 122,665 | 122,665 | | 122,665 | | (Loss)/gain cash flow hedge accounting–“Platts”from investments in subsidiaries, net of taxes | | | | **** | **** | | | 222,158 | 222,158 | 99,760 | 321,918 | | Capital transactions | **** | **** | **** | **** | **** | **** | **** | **** | **** | 1,170 | 1,170 | | Constitution of subsidiaries in foreign operations | | | | **** | **** | | | | **** | 1,170 | 1,170 | | Balances on March 31, 2025 | 10,240,000 | (223,830) | 2,248,080 | 32,720 | 1,158,925 | 640,460 | (619,146) | (393,320) | 13,083,889 | 3,176,173 | 16,260,062 | | The accompanying notes are an integral part of these consolidated financial statements | | | | | | | | | | | |

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | Companhia Siderúrgica Nacional S.A. | | | | | | | --- | --- | --- | --- | --- | --- | | Statements of Value Added | | | | | | | (In thousands of Reais) | | | | | | | | Consolidated | | Parent Company | | | | | 03/31/2025 | 03/31/2024 | | 03/31/2025 | 03/31/2024 | | Revenues | | | | | | | Sales of products and services rendered | 12,423,702 | 11,058,686 | | 5,487,089 | 5,077,694 | | Other income/(expenses) | 50,998 | 19,688 | | 44,211 | 12,960 | | Provision for (reversal of) doubtful debts | (2,279) | (23,547) | | (1,358) | (21,690) | | | 12,472,421 | 11,054,827 | | 5,529,942 | 5,068,964 | | Raw materials acquired from third parties | | | | | | | Cost of sales and services | (5,875,760) | (7,316,165) | | (3,377,006) | (4,238,479) | | Materials, electric power, outsourcing and other | (1,576,862) | (865,906) | | (450,945) | (261,089) | | Impairment/recovery of assets | 4,670 | (47,582) | | 4,279 | (25,490) | | | (7,447,952) | (8,229,653) | | (3,823,672) | (4,525,058) | | Gross value added | 5,024,469 | 2,825,174 | | 1,706,270 | 543,906 | | Retentions | | | | | | | Depreciation, amortization and depletion | (999,187) | (895,902) | | (354,423) | (318,484) | | Value added created | 4,025,282 | 1,929,272 | | 1,351,847 | 225,422 | | Value added received | | | | | | | Equity in results of affiliated companies | 78,434 | 93,320 | | 89,377 | (109,895) | | Financial income | 555,056 | 434,359 | | 248,352 | 253,501 | | Other and exchange gains | (1,128,729) | (502,017) | | (44,502) | (33,920) | | | (495,239) | 25,662 | | 293,227 | 109,686 | | Value added for distribution | 3,530,043 | 1,954,934 | | 1,645,074 | 335,108 | | Value added distributed | | | | | | | Personnel and Charges | 1,115,768 | 975,202 | | 410,000 | 386,208 | | Salaries and wages | 869,604 | 771,766 | | 306,012 | 296,044 | | Benefits | 183,750 | 160,634 | | 78,143 | 73,195 | | Severance payment (FGTS) | 62,414 | 42,802 | | 25,845 | 16,969 | | Taxes, fees and contributions | 1,866,390 | 394,697 | | 863,837 | (77,056) | | Federal | 911,223 | 228,473 | | 389,164 | (88,375) | | State | 949,449 | 162,072 | | 474,673 | 11,319 | | Municipal | 5,718 | 4,152 | | | | | Remuneration on third-party capital | 1,279,465 | 1,064,697 | | 990,383 | 615,657 | | Interest | 1,269,033 | 1,062,212 | | 592,239 | 477,301 | | Rental | 2,791 | 7,828 | | 1,994 | 2,339 | | Other and exchange losses | 7,641 | (5,343) | | 396,150 | 136,017 | | Interest on equity | (731,580) | (479,662) | | (619,146) | (589,701) | | Income for the year/Retained earnings | (619,146) | (589,701) | | (619,146) | (589,701) | | Non-controlling interests | (112,434) | 110,039 | | | | | | 3,530,043 | 1,954,934 | | 1,645,074 | 335,108 | | The accompanying notes are an integral part of these consolidated financial statements | | | | | |

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 1. | OPERATING CONTEXT | | --- | --- |

Companhia Siderúrgica Nacional (CSN) is a publicly-held corporation, headquartered in São Paulo, capital. Founded on April 9, 1941 during the Getúlio Vargas government, the Company was privatized in 1993. CSN (referred to as "Company" or "Parent Company"), together with its subsidiaries, controlled entities, jointly controlled entities and affiliates (referred to as "Group"), operates in five main business segments:

(i) Steel industry: production and marketing of flat and long steels;
(ii) Mining: mining and processing of iron ore, tin, limestone and dolomite, as well as<br>the sale of iron ore;
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(iii) Cements: production and marketing of bagged and bulk cements, as well as aggregates<br>and other related products;
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(iv) Energy: production and sale of energy from renewable sources;
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(v) Logística: participações em ferrovias,<br>concessão de portos e frota rodoviária.
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The Company is listed on B3 – Brazil, Bolsa, Balcão, under the code CSNA3, where it trades its common shares, and on the United States stock exchange, under the code SID. Besides that, the subsidiaries CSN Mineração S.A. and Companhia Estadual de Geração de Energia Elétrica are publicly traded, and CSN Mineração S.A. has its common shares traded on B3 under the code CMIN3.

CSN Group has a significant business diversification, being one of the largest steel producers in Brazil, the second largest exporter of iron ore and a pioneer in the stacking of tailings for de-characterization of dams. It also occupies the position of the second largest player in the cement sector in the country.

· Operational Continuity:

Management understands that the Company has adequate resources to continue its operations. Accordingly, this interim financial information for the period ended March 31, 2025 was prepared based on the assumption of operational continuity.

2. BASIS OF PREPARATION AND DECLARATION OF CONFORMITY
2.a) Declaration of conformity

The individual and consolidated interim financial information ("interim financial information") was prepared and presented in accordance with the accounting policies adopted in Brazil issued by the Accounting Pronouncements Committee ("CPC"), approved by the Brazilian Securities and Exchange Commission ("CVM") and the Federal Accounting Council ("CFC") and in accordance with the International Financial Standards Reporting ("IFRS"), issued by the International Accounting Standards Board ("IASB"), currently referred to as *IFRS Accounting Standards,*and evidences all relevant information specific to the financial statements, and only this information corresponds to that used by the Company's Management in its activities. The consolidated financial information is identified as “Consolidated” and the individual financial information of the Parent Company is identified as “Parent Company”.

2.b) Basis of presentation

The individual and consolidated interim financial information was prepared based on historical cost 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. When IFRS and CPCs allow the option between acquisition cost or another measurement criterion, the acquisition cost criterion was used.

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

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

These interim financial information has been prepared and is being 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 all requirements for annual or full financial statements, therefore, it should be read together with the Company's financial statements for the year ended December 31, 2024.

In this context, these interim financial information were not repeated, either due to redundancy or relevance in relation to that already presented in the following explanatory notes to the annual financial statements:

Note 2.d - Material accounting policies

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

Note 9.b - Additional information on direct and indirect subsidiaries

Note 9.c - Main events occurred in subsidiaries in 2024 and 2023

Note 11.a - Assets with indefinite useful lives

Note 12 – Impairment of assets

Note 19 - Taxes in installments

Note 22.a - Transactions with controllers

Note 22.c - Other unconsolidated related parties

Note 30 - Employee benefits

Note 31 - Commitments

Note 32 - Insurance

These individual and consolidated financial information were approved by the Company’s Board of Directors on May 8, 2025.

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 of the main economic environment in which each subsidiary operates ("functional currency"). The parent company's interim and consolidated information are presented in Brazilian reals (BRL), which is the Company's functional and reporting currency.

Transactions in foreign currencies are translated into the functional currency using the exchange rates prevailing on the dates of the transactions or valuation, in which the items are remeasured. The balances of the asset and liability accounts are translated at the exchange rate on the balance sheet date. As of March 31, 2025, US$ 1 was equivalent to BRL 5.7422 (BRL 6.1923 on December 31, 2024) and € 1 was equivalent to BRL 6.1993 (BRL 6.4363 on December 31, 2024), according to rates extracted from Banco Central do Brasil website.

2.d) Statement of added value

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

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 3. | CASH AND CASH EQUIVALENTS | | --- | --- | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | | | 03/31/2025 | 12/31/2024 | 03/31/2025 | 12/31/2024 | | Cash and banks | | | | | | In Brazil | 1,027,034 | 701,494 | 103,093 | 34,180 | | Abroad | 11,940,158 | 13,318,603 | 472,322 | 868,839 | | | 12,967,192 | 14,020,097 | 575,415 | 903,019 | | Financial investments | | | | | | In Brazil | 5,215,181 | 7,688,051 | 3,055,608 | 4,758,970 | | Abroad | 1,605,033 | 1,602,049 | 1,610 | 4,629 | | | 6,820,214 | 9,290,100 | 3,057,218 | 4,763,599 | | | 19,787,406 | 23,310,197 | 3,632,633 | 5,666,618 |

The financial resources available in the country are basically 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.

The financial resources available abroad, held in dollars and euros, are invested in private securities*,* in banks considered by Management as first-rate and are remunerated at pre-fixed rates.

4. FINANCIAL INVESTMENTS
Consolidated Parent Company
--- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024
Investments ^(1)^ 52,366 50,787 64,749 27,554 36,074 34,982
Usiminas shares ^(2)^ 911,364 860,591 911,364 860,591
Bonds ^(3)^ 132,071 142,423 132,071 142,423
963,730 911,378 196,820 169,977 947,438 895,573 132,071 142,423
(1) These financial investments are restricted<br>and linked to a Bank Deposit Certificate (CDB) used to secure a letter of guarantee with financial institutions and Government bonds (LFT<br>- Financial Treasury Letters), managed by the Company’s exclusive funds. Subsidiary CSN Cimentos Brasil maintains financial investments<br>with restricted availability as collateral to a liability, whose redemption term is indefinite, with a balance of BRL 8,728 on March 31,<br>2025, and BRL 8,497 on December 31, 2024. Elizabeth Cimentos and Estanho de Rondônia, controlled by CSN, have investments linked<br>to financing agreements, maturing in 2030 and 2028, respectively, in the amount of BRL 20,415 (BRL 19,057 on December 31, 2024).
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(2) The Usiminas shares held by the Company<br>ceased to be considered as guarantees (fiduciary alienation) as of June 8, 2024.
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(3) Bonds with Banco Fibra maturing in February<br>2028 (see note 20.a).
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5. ACCOUNTS RECEIVABLE
--- ---
Consolidated Parent Company
--- --- --- --- --- ---
Ref. 03/31/2025 12/31/2024 03/31/2025 12/31/2024
Trade receivables
Third parties
In Brazil 1,510,335 1,457,840 776,413 868,360
Abroad 1,088,311 1,563,075 27,754 47,258
2,598,646 3,020,915 804,167 915,618
Provision for doubtful debts (214,367) (212,088) (96,975) (95,617)
2,384,279 2,808,827 707,192 820,001
Related parties 20.a 126,820 92,171 923,199 735,140
2,511,099 2,900,998 1,630,391 1,555,141

The composition of the gross balance of accounts receivables from third-party customers is shown as follows:

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | | | 03/31/2025 | 12/31/2024 | 03/31/2025 | 12/31/2024 | | Current | 2,177,977 | 2,522,661 | 660,080 | 821,965 | | Past-due up to 30 days | 88,207 | 180,249 | 4,554 | 257 | | Past-due up to 180 days | 129,014 | 139,106 | 41,849 | 1,442 | | Past-due over 180 days | 203,448 | 178,899 | 97,684 | 91,954 | | | 2,598,646 | 3,020,915 | 804,167 | 915,618 |

The changes in the estimated credit losses of receivables from the Company's customers are as follows:

Consolidated Parent Company
03/31/2025 12/31/2024 03/31/2025 12/31/2024
Opening balance (212,088) (226,053) (95,617) (119,558)
(Loss)/Reversal estimated (3,723) 3,964 (2,373) 18,627
Recovery and write-offs of receivables 1,444 10,001 1,015 5,314
Closing balance (214,367) (212,088) (96,975) (95,617)

The Company carries out credit assignment operations without co-obligation. After the assignment of the customer's trade notes/securities and receiving funds throught the closing of each transaction, CSN settles the related receivables and fully discharges the credit risk of the transactions. The financial charges on the credit assignment operation in the period ended March 31, 2025 were BRL 13,895 in the consolidated and BRL 9,511 in the parent company, respectively, and were classified under finance expenses.

6. INVENTORIES
Consolidated Parent Company
--- --- --- --- ---
03/31/2025 12/31/2024 03/31/2025 12/31/2024
Finished goods 3,704,045 4,250,175 2,115,989 2,623,991
Work in progress 3,904,972 3,976,448 1,787,354 1,888,560
Raw materials 2,774,984 2,845,578 1,786,481 1,902,306
Storeroom supplies 1,466,134 1,255,176 636,280 459,792
Advances to suppliers 61,710 23,463 35,303 1,432
(-) Provision for losses (128,913) (149,927) (42,620) (36,835)
11,782,932 12,200,913 6,318,787 6,839,246
Classified:
Current 9,923,125 10,439,741 6,318,787 6,839,246
Non-current ^(1)^ 1,859,807 1,761,172
11,782,932 12,200,913 6,318,787 6,839,246
(1) Long-term inventories of iron ore that<br>will be processed when implementing new beneficiation plants, which will generate Pellet Feed as a product. The start of operations is<br>scheduled for the fourth quarter of 2027.
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The movements in estimated losses in inventories are as follows:

Consolidated Parent Company
03/31/2025 12/31/2024 03/31/2025 12/31/2024
Opening balance (149,927) (121,871) (36,835) (24,304)
Reversal/(Provision for losses) on inventories with low turnover and obsolescence 21,014 (28,056) (5,785) (12,531)
Closing balance (128,913) (149,927) (42,620) (36,835) 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 7. | RECOVERABLE TAXES | | --- | --- | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | | | 03/31/2025 | 12/31/2024 | 03/31/2025 | 12/31/2024 | | ICMS (Brazilian State Value-Added Tax) | 1,712,904 | 1,717,547 | 1,081,641 | 1,116,394 | | Brazilian federal contributions | 2,409,311 | 2,336,854 | 1,386,606 | 1,376,319 | | Other taxes | 123,778 | 112,866 | 21,140 | 13,767 | | | 4,245,993 | 4,167,267 | 2,489,387 | 2,506,480 | | Classified: | | | | | | Current | 1,538,674 | 1,367,316 | 644,587 | 668,137 | | Non-current | 2,707,319 | 2,799,951 | 1,844,800 | 1,838,343 | | | 4,245,993 | 4,167,267 | 2,489,387 | 2,506,480 |

The credits arise mainly from ICMS (Brazilian State Value-Added Tax), PIS (Social Integration Program Contribution) and COFINS (Contribution for Social Security Financing) – both of which comprise Brazilian federal taxes on business revenues levied on purchases of inputs and fixed assets, according to current legislation. These credits are carried out naturally through compensations with debts of the same nature or with other federal taxes, in the cases authorized by the legislation. Based on analyzes and projections made by Management, the Company does not foresee risks of non-realization of these tax credits.

8. OTHER CURRENT AND NON-CURRENT ASSETS
Consolidated Parent Company
--- --- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
Ref. 03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024
Judicial deposits 18 621,327 632,950 201,321 202,212
Derivative transactions 13 31,217 152,967 41,970
Dividends receivable 20.a 202,492 201,436 502,112 501,267
Prepaid expenses 458,181 327,403 8,829 9,770 269,590 208,557 5,294 6,093
Actuarial asset 20.a 49,130 47,708 38,217 37,059
Receivables from related parties 20.a 7,179 7,146 3,761,323 3,695,607 360,218 252,380 4,916,046 4,293,152
Loans with related parties 5,348 5,315 1,968,744 1,903,028 5,348 5,315 3,120,687 2,499,112
Other receivables from related parties 1,831 1,831 1,792,579 1,792,579 354,870 247,065 1,795,359 1,794,040
Other assets 145,392 167,111 845,490 846,335 57,242 50,291 823,151 821,765
Trading securities 3,116 2,947 2,965 2,814
Compulsory loans from Eletrobrás 59,372 51,012 56,654 48,437
Employee debts 104,304 92,628 53,967 47,332
Receivables by indemnity ^(1)^ 784,216 790,914 766,430 773,241
Term of Agreement GSF DFESA 13,075 14,264 2,377
Advances to suppliers 1,774 2,242
Others 23,123 55,030 1,902 2,032 310 145 67 87
844,461 856,063 5,328,069 5,232,370 1,189,162 1,012,495 5,984,029 5,360,281
(1) The balance amount of BRL 592,464 presented<br>in non-current assets refers to the net and certain credit, arising from the final and unappealable decision in favor of the Company,<br>mainly due to losses and damages resulting from voltage sinking in the energy supply in the periods from January/1991 to June/2002. In<br>September 2024, the Company carried out the assignment of credit rights for the amounts overpaid for rail freight from April 1994 to March<br>1996 to the company RFFSA and received BRL 442,246 in the operation, recording a discount of BRL 84,237. The Company has a purchase option,<br>which can be exercised unilaterally according to the price agreed between the parties until December 31, 2025 or up to 5 days after settlement<br>of the balance by the debtor.
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9. BASIS OF CONSOLIDATION AND INVESTMENTS
--- ---

Accounting policies were treated uniformly in all consolidated companies. The consolidated financial information for the period ended March 31, 2025 and the consolidated financial statements for the year ended December 31, 2024 include the following subsidiaries and jointly controlled, direct and indirect, affiliates, in addition to the exclusive funds, as shown below:

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | | Equity interests (%) | | | | --- | --- | --- | --- | | Companies | 03/31/2025 | 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 NacionalS.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 | Manufacturing and sale of cement | | 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 | | 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 | Manufacturing and sale of cement | | 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. | 99.99 | 99.99 | 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 | | Direct interest in joint operations: proportionate consolidation | | | | | 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. | 48.03 | 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 | 30 | Steel |

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 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 ^(3)^ | 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 |

(*) Dormant companies.

(1) On March 5, 2025, CSN ITC Solutions AG<br>was incorporated. The Company has a 55.2% stake in CSN ITC Solutions AG, through its indirect subsidiary CSN Mining International GmbH<br>- owner of 80% of CSN IT. Located in Switzerland, the company is incorporated in the form of a corporation. CSN IT's activities consist<br>of marketing, distributing and processing iron ore and related products in key strategic expansion markets, with the objective of adding<br>value to these products by exploring and seeking related business opportunities, in Switzerland or abroad;
(2) In March there was the acquisition of<br>Gramperfil S.A., whose entire share capital is held by CSN Steel S.L. On March 23, 2025, the Company completed the acquisition of Gramperfil<br>S.A. for the total amount of EUR 11,801. Located in Portugal, the company is incorporated in the form of a corporation. The activities<br>of Gramperfil S.L consist of producing, marketing and transforming metal profiles and accessories, in addition to importing and exposing<br>profiles and accessories for metal and civil construction;
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(3) On March 21, 2025, there was the 1st<br>amendment to the term of incorporation of Consórcio Itaúba, which redistributed the equity interest of the consortium members;<br>the consortium member Companhia Siderúrgica Nacional now holds 39.03% and CSN Cimentos S.A. now holds 60.97% of the Consortium;
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(4) On March 21, 2025, there was the 1st<br>amendment to the term of incorporation of the Passo Real consortium, which changed the equity interest of the consortium members; the<br>consortium member Companhia Siderúrgica Nacional went from 46.97% to 56.40%, Elizabeth Cimentos S.A. went from 28.18% to 24.14%,<br>CSN Mineração S.A. went from 23.29% to 11.09%, Minérios Nacional S.A. maintained its interest at 1.56%. In addition,<br>there was the entry of new consortium members, which are: Companhia Metalúrgica Prada with 3.36% equity interest, Metalgráfica<br>Iguaçu S.A. with 0.34% and Estanho de Rondônia S.A. with 3.11%.
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9.a) Movement of investments in controlled companies, jointlycontrolled companies, joint operations, associates, and other investments
--- ---

The positions presented on March 31, 2025 and the transactions refer to the interest held by CSN in these companies:

Consolidated
Companies Ref. Final balance on 12/31/2024 Dividends Equity Income Comprehensive income Others Final balance on 03/31/2025
Investments under the equity method
Joint-venture, Joint-operation and Affiliate
MRS Logistica 2,799,168 105,997 6 2,905,171
Fair Value MRS 480,622 480,622
Fair Value MRS amortization (105,719) (2,937) (108,656)
Transnordestina Logística S.A. 1,137,345 (7,333) 1,130,012
Fair Value -Transnordestina 659,106 659,106
Arvedi Metalfer do Brasil S.A. 35,257 458 35,715
Panatlântica S.A. 225,764 4,287 230,051
Equimac S.A 31,733 (2,187) 2,544 32,090
Indirect interest in affiliates - CEEE-G 146,753 (210) (1,922) 144,621
Fair Value indirect participation CEEE-G 319,709 319,709
Fair Value amortization indirect participation CEEE-G (42,523) (5,281) (47,804)
5,687,215 (2,397) 95,813 6 - 5,780,637
Others ^(2)^ 58,796 - - - (448) 58,348
58,796 (448) 58,348
Total shareholdings 5,746,011 (2,397) 95,813 6 (448) 5,838,985
Classification of investments in the balance sheet
Equity interests 5,746,011 5,838,985
Investment Property 202,040 201,061
Total investments in the asset 5,948,051 6,040,046
(1) These are strategic investments in startups<br>made by the subsidiary CSN Inova Ventures in the following companies: Alinea Health Holdings Ltda. I.Systems Aut. Ind., 2D Materials,<br>H2Pro Ltda, 1S1 Energy, Traive INC., OICO Holdings and Global Dot.
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| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

The reconciliation of equity in earnings at companies with shared control classified as joint ventures and associates and the amount presented in the income statement are presented below and derives from the elimination of CSN's transactions with these companies:

Consolidated
03/31/2025 03/31/2024
Equity in results of affiliated companies
MRS Logística S.A. 105,997 116,530
Transnordestina Logística S.A. (7,333) (6,645)
Arvedi Metalfer do Brasil S.A. 458 1
Equimac S.A 2,544 457
Indirect interest in affiliates - CEEE-G (1,922) 11,313
Panatlântica S.A. 4,287 1,368
Fair Value Amortization (8,218) (7,592)
95,813 115,432
Reclassification IAS 28 ^(1)^ (17,487) (22,120)
Others 108 8
Equity in results 78,434 93,320
(1) The operating margin of intercompany operations with group companies classified as joint ventures, which are not consolidated, are reclassified<br>under the Investment group’s Income Statement under the costs and income tax and social security contribution groups.
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Below is the movement of the Parent Company's investment:

Parent Company
Companies Final balance on 12/31/2024 Capital increase Dividends Equity Income Comprehensive income Others Final balance on 03/31/2025
Investments under the equity method
Subsidiaries
CSN Steel S.L.U. 4,618,406 (58,495) (108,927) 4,450,984
Sepetiba Tecon S.A. 302,152 4,558 306,710
Minérios NacionalS.A. 90,578 (13,404) 77,174
Fair Value - Minérios Nacional 2,122,071 2,122,071
Companhia Metalúrgica Prada 181,686 (40,818) 140,868
Goodwill - Companhia Metalúrgica Prada 63,509 63,509
CSN Mineração S.A. 7,086,794 (246,547) 222,158 7,062,405
CSN Energia S.A. 20,142 (295) 19,847
FTL - Ferrovia Transnordestina Logística S.A. 100,314 (18,908) 81,406
Companhia Florestal do Brasil 1,246,403 (17,670) 33 1,228,766
CBSI - Companhia Brasileira de Serviços de Infraestrutura 84,226 14,212 98,438
Goodwill - CBSI - Companhia Brasileira de Serviços de Infraestrutura 15,225 15,225
CSN Cimentos Brasil S.A. 6,612,579 (92,879) 6,519,700
Others 313 15 9 (2) 335
22,544,398 15 - (470,237) 113,264 (2) 22,187,438
Joint-venture, Joint-operation and Affiliate
Itá Energética S.A. 177,351 3,196 180,547
MRS Logística S.A. 1,400,002 53,014 3 1,453,019
Transnordestina Logística S.A. 1,137,345 (7,333) 1,130,012
Fair Value -Transnordestina 659,106 659,106
Equimac S.A 31,733 (2,187) 2,544 32,090
Panatlântica S.A. 225,764 4,287 230,051
Arvedi Metalfer do Brasil S.A. 35,257 458 35,715
3,666,558 - (2,187) 56,166 3 - 3,720,540
Other participations
Profits on subsidiaries' inventories (53,731) 12,145 (41,586)
Other investments 40 40
(53,691) - - 12,145 - - (41,546)
Total shareholdings 26,157,265 15 (2,187) (401,926) 113,267 (2) 25,866,432
Subsidiaries with unsecured liabilities
CSN Islands VII Corp. (3,255,338) 173,862 (3,081,476)
CSN Inova Ventures (3,348,913) 152,865 (3,196,048)
CSN Islands XII Corp. (4,803,727) 188,380 (4,615,347)
Estanho de Rondônia S.A. (47,190) 13,000 (23,182) (57,372)
Others (3,645) (622) (4,267)
Total subsidiaries with unsecured liabilities (11,458,813) 13,000 - 491,303 - - (10,954,510)
Equity Income 89,377
Classification of investments in the balance sheet
Equity interests 26,157,265 25,866,432
Investment Property 135,557 135,018
Total active investments 26,292,822 26,001,450
Provision for Investments with Unsecured Liabilities (liabilities) (11,458,813) (10,954,510)
Total active and passive investments 14,834,009 15,046,940 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 9.b) | Investments in jointly controlled companies (jointventures) and in joint operations | | --- | --- |

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

03/31/2025 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
37.49% 48.03% 50.00% 48.75% 37.49% 48.03% 50.00% 48.75%
Balance sheet
Current Assets
Cash and cash equivalents 3,709,125 584,671 20,290 93,660 4,147,393 277,966 22,028 82,129
Advances to suppliers 41,805 39,122 118 500 42,649 45,512 49 395
Other assets 1,065,152 74,578 19,415 29,255 1,182,598 83,348 25,070 27,251
Total current assets 4,816,082 698,371 39,823 123,415 5,372,640 406,826 47,147 109,775
Non-current Assets
Other assets 455,602 139,772 259 9,746 448,946 143,562 142 10,144
Investments, PP&E and intangible assets 15,183,732 13,538,604 75,363 256,016 14,791,500 13,193,728 75,782 263,998
Total non-current assets 15,639,334 13,678,376 75,622 265,762 15,240,446 13,337,290 75,924 274,142
Total Assets 20,455,416 14,376,747 115,445 389,177 20,613,086 13,744,116 123,071 383,917
Current Liabilities
Borrowings and financing 524,605 44,900 24,986 547,803 36,181 19,009
Lease liabilities 752,953 402 738,978 288
Other liabilities 1,598,210 152,007 11,846 14,125 2,103,399 128,528 16,642 15,664
Total current liabilities 2,875,768 196,907 37,234 14,125 3,390,180 164,709 35,939 15,664
Non-current Liabilities
Borrowings and financing 7,695,751 8,562,330 10,379 7,524,173 7,943,354 21,074
Lease liabilities 1,013,798 213 1,158,058 213
Other liabilities 1,121,434 3,265,214 3,439 4,698 1,074,757 3,268,493 2,379 4,457
Total non-current liabilities 9,830,983 11,827,544 14,031 4,698 9,756,988 11,211,847 23,666 4,457
Shareholders’ equity 7,748,665 2,352,296 64,180 370,354 7,465,918 2,367,560 63,466 363,796
Total liabilities and shareholders’<br><br>equity 20,455,416 14,376,747 115,445 389,177 20,613,086 13,744,116 123,071 383,917
01/01/2025 to 03/31/2025 01/01/2024 to 03/31/2024
--- --- --- --- --- --- --- --- ---
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
37.49% 48.03% 50.00% 48.75% 37.49% 48.03% 50.00% 48.75%
Statements of Income
Net revenue 1,676,603 23,101 49,262 1,643,868 10,992 45,616
Cost of sales and services (969,927) (12,456) (24,230) (837,184) (6,135) (29,543)
Gross profit 706,676 10,645 25,032 806,684 4,857 16,073
Operating (expenses) income (105,397) (13,572) (1,639) (18,068) (42,759) (10,192) (1,242) (20,809)
Financial income (expenses), net (197,871) (1,693) (1,250) 1,760 (280,768) (3,642) (378) 1,300
Profit/(Loss) before IR/CSLL 403,408 (15,265) 7,756 8,724 483,157 (13,834) 3,237 (3,436)
Current and deferred IR/CSLL (120,691) (1,497) (2,167) (167,297) (1,299) 17
Profit / (loss) for the period 282,717 (15,265) 6,259 6,557 315,860 (13,834) 1,938 (3,419) 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 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
Cost 156,858 83,285 240,143 94,257 74,389 168,646
Accumulated depreciation (38,103) (38,103) (33,089) (33,089)
Balance at December 31, 2024 156,858 45,182 202,040 94,257 41,300 135,557
Depreciation (979) (979) (539) (539)
Balance at March 31, 2025 156,858 44,203 201,061 94,257 40,761 135,018
Cost 156,858 83,285 240,143 94,257 74,389 168,646
Accumulated depreciation (39,082) (39,082) (33,628) (33,628)
Balance at March 31, 2025 156,858 44,203 201,061 94,257 40,761 135,018

The Company Management's estimate of the fair value of investment properties was carried out for December 31, 2024. The fair value of investment property in the consolidated as of March 31, 2025 is BRL 2,431,581 (BRL 2,431,581 as of December 31, 2024) and in the parent company BRL 2,306,478 (BRL 2,306,478 as of December 31, 2024).

The estimated average useful lives for the periods are as follows (in years):

Consolidated Parent Company
03/31/2025 12/31/2024 03/31/2025 12/31/2024
Buildings 28 28 30 30
10. PROPERTY, PLANT AND EQUIPMENT
--- ---
10.a) Composition of property, plant and equipment
Consolidated
--- --- --- --- --- --- --- --- --- ---
Ref. Land Buildings and Infrastructure Machinery, equipment and facilities Furniture and fixtures Construction in progress (*) Right of use (i) Other (2) 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 (1,630) (2,036) (25,707) (2,089) (1,081) (4,090) (164) (36,797)
Acquisitions 1,179 219 129,143 1,764 994,102 1,826 1,128,233
Capitalized interest 26 78,944 78,944
Write-offs 25 12,900 (4) (10) 12,886
Depreciation 24 (80,014) (791,034) (4,339) (60,735) (12,031) (948,153)
Transfers to other asset categories (3,696) 78,735 543,674 12,131 (638,165) 7,321
Transfer between groups - intangible assets and investment property (1,267) (10,313) (11,580)
Right of use - Remeasurement 72,330 72,330
Acquisition of a subsidiary abroad 5,390 19,270 5,159 29,819
Others (699) (687) (322) (900) 598 (2,010)
Balance at March 31, 2025 593,959 4,787,987 17,841,247 112,522 6,304,497 765,245 344,238 30,749,695
Cost 593,959 9,798,930 43,717,574 386,733 6,304,497 1,299,608 925,901 63,027,202
Accumulated depreciation (5,010,943) (25,876,327) (274,211) (534,363) (581,663) (32,277,507)
Balance at March 31, 2025 593,959 4,787,987 17,841,247 112,522 6,304,497 765,245 344,238 30,749,695
Parent Company
--- --- --- --- --- --- --- --- --- ---
Ref. Land Buildings and Infrastructure Machinery, equipment and facilities Furniture and fixtures Construction in progress (*) Right of use (i) Others (**) Total
Balance at December 31, 2024 25,618 328,915 7,229,728 11,471 1,984,214 37,582 46,885 9,664,413
Cost 25,618 600,505 18,210,106 106,548 1,984,214 48,227 175,734 21,150,952
Accumulated depreciation (271,590) (10,980,378) (95,077) (10,645) (128,849) (11,486,539)
Balance at December 31, 2024 25,618 328,915 7,229,728 11,471 1,984,214 37,582 46,885 9,664,413
Acquisitions 66,875 89 474,433 541,397
Capitalized interest 26 42,432 42,432
Write-offs 25 14,177 14,177
Depreciation 24 (7,615) (334,908) (772) (2,602) (3,274) (349,171)
Transfers to other asset categories (3) 63,144 195,972 1,358 (270,250) 9,779
Transfers to intangible assets (9,359) (9,357)
Right of use - Remeasurement 1,944 1,944
Balance at March 31, 2025 25,615 384,444 7,171,844 12,146 2,221,472 36,924 53,390 9,905,835
Cost 25,615 663,649 18,487,129 107,996 2,221,472 46,836 185,532 21,738,229
Accumulated depreciation (279,205) (11,315,285) (95,850) (9,912) (132,142) (11,832,394)
Balance at March 31, 2025 25,615 384,444 7,171,844 12,146 2,221,472 36,924 53,390 9,905,835
(*) Progress is highlighted in the projects of: (i) business expansion, mainly expansion of the port in Itaguaí and Casa de Pedra,<br>Itabirito project and recovery of tailings from dams; (ii) projects of new integrated cement plants (iii); general repair of the blast<br>furnace and coke batteries at the Presidente Vargas Plant; and, (iv) added to the interest capitalized in the period.
--- ---
(**) Refer substantially to assets classified as vehicles and hardware.
--- --- 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

The estimated average useful lives are as follows (in years):

Consolidated Parent Company
03/31/2025 12/31/2024 03/31/2025 12/31/2024
Buildings and Infrastructure 31 33 27 28
Machinery, equipment and facilities 17 17 18 18
Furniture and fixtures 10 10 12 12
Others 11 10 9 10
10.b) Right of use
--- ---

Below are the movements of the right of use:

Consolidated
Land Buildings and Infrastructure Machinery, equipment and facilities Others Total
Balance at December 31, 2024 537,008 83,112 114,612 22,082 756,814
Cost 655,481 150,311 360,925 102,372 1,269,089
Accumulated depreciation (118,473) (67,199) (246,313) (80,290) (512,275)
Balance at December 31, 2024 537,008 83,112 114,612 22,082 756,814
Effect of foreign exchange differences (3,034) (549) (507) (4,090)
Addition 1,826 1,826
Remesurement 6,549 (21) 51,451 14,351 72,330
Depreciation (10,006) (3,840) (40,274) (6,615) (60,735)
Others (900) (900)
Balance at March 31, 2025 533,551 77,143 125,240 29,311 765,245
Cost 660,981 147,710 375,997 114,920 1,299,608
Accumulated depreciation (127,430) (70,567) (250,757) (85,609) (534,363)
Balance at March 31, 2025 533,551 77,143 125,240 29,311 765,245
Parent Company
--- --- --- --- ---
Land Machinery, equipment and facilities Others Total
Balance at December 31, 2024 37,394 188 - 37,582
Cost 43,969 2,567 1,691 48,227
Accumulated depreciation (6,575) (2,379) (1,691) (10,645)
Balance at December 31, 2024 37,394 188 - 37,582
Remeasurement 1,543 401 1,944
Depreciation (2,307) (146) (149) (2,602)
Balance at March 31, 2025 36,630 42 252 36,924
Cost 44,562 182 2,092 46,836
Accumulated depreciation (7,932) (140) (1,840) (9,912)
Balance at March 31, 2025 36,630 42 252 36,924 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 11. | INTANGIBLE ASSETS | | --- | --- | | | | | | | | | | Consolidated | Parent Company | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Ref. | Goodwill | Customer relationships | Software | Trademarks<br><br>and<br><br>patents | Rights and licenses (*) | 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 | | Cost | | 4,675,302 | 858,748 | 389,604 | 256,085 | 6,384,805 | 2,283 | 12,566,827 | 217,832 | 217,832 | | Accumulated amortization | | (549,047) | (818,509) | (275,604) | (3,657) | (481,919) | | (2,128,736) | (149,762) | (149,762) | | 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 | | | (2,209) | (787) | (4,721) | (3) | (91) | (7,811) | | | | Acquisitions | | | | 298 | | | | 298 | | | | Transfer between groups - fixed assets | | | | 11,580 | | | | 11,580 | 9,357 | 9,357 | | Amortization | 24 | | (5,549) | (8,355) | (4) | (36,147) | | (50,055) | (4,713) | (4,713) | | Transfers to other asset categories | | | | 2,768 | 36 | (2,804) | | | | | | Others | | | | 131 | | 1,382 | | 1,513 | | | | Balance at March 31, 2025 | | 4,126,255 | 32,481 | 119,635 | 247,739 | 5,865,314 | 2,192 | 10,393,616 | 72,714 | 72,714 | | Cost | | 4,675,302 | 847,128 | 386,610 | 251,310 | 6,386,807 | 2,192 | 12,549,349 | 227,189 | 227,189 | | Accumulated amortization | | (549,047) | (814,647) | (266,975) | (3,571) | (521,493) | | (2,155,733) | (154,475) | (154,475) | | Balance at March 31, 2025 | | 4,126,255 | 32,481 | 119,635 | 247,739 | 5,865,314 | 2,192 | 10,393,616 | 72,714 | 72,714 | | (*) | Composed mainly of: (i) mining rights amortized by production volume and (ii) Concession contract for hydroelectric resource utilization<br>in acquiring control of Companhia Estadual de Geração de Energia Elétrica, with amortization performed over the<br>contract's term. | | --- | --- |

The estimated average useful lives are as follows (in years):

Consolidated Parent Company
03/31/2025 12/31/2024 03/31/2025 12/31/2024
Software 8 8 9 9
Customer relationships 13 13 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 12. | LOANS, FINANCING AND DEBENTURES (“DEBTS”) | | --- | --- |

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

Parent Company
Non-current Liabilities Current Liabilities Non-current Liabilities
12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024
Foreign Debt
Floating Rates:
Prepayment 2,331,452 7,565,144 7,585,516 1,020,119 1,223,673 1,846,692 1,991,444
Fixed Rates:
Bonds, Facility, CCE and ACC 2,804,036 23,152,481 24,162,280 1,428,140 2,464,054 1,917,895 1,263,229
Intercompany 492,006 470,156 10,501,937 11,310,104
Fixed interest in
Intercompany 341,836 351,827 -
Facility 657,980 278,770 305,556
5,793,468 30,996,395 32,053,352 3,282,101 4,509,710 14,266,524 14,564,777
Debt agreements in R
Floating Rate Securities
BNDES/FINAME/FINEP, Debentures, NCE and CCB 3,109,090 17,372,004 16,602,668 684,012 715,567 10,388,300 10,602,270
3,109,090 17,372,004 16,602,668 684,012 715,567 10,388,300 10,602,270
Total Borrowings and Financing 8,902,558 48,368,399 48,656,020 3,966,113 5,225,277 24,654,824 25,167,047
Transaction Costs and Issue Premiums (80,879) (595,370) (563,078) (24,290) (24,103) (116,575) (122,581)
Total Borrowings and Financing + Transaction cost 8,821,679 47,773,029 48,092,942 3,941,823 5,201,174 24,538,249 25,044,466

All values are in Euros.

12.a) Debt movement

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

Consolidated Parent Company
Ref. 03/31/2025 12/31/2024 03/31/2025 12/31/2024
Opening balance 56,914,621 44,859,075 30,245,640 23,691,305
New debts 4,954,349 10,180,554 910,044 7,352,398
Repayment (6,030,948) (6,927,383) (1,535,481) (5,295,236)
Payments of charges (962,355) (4,052,226) (350,492) (1,787,615)
Accrued charges 26 1,100,780 4,230,413 491,857 1,869,794
Others ^(1)^ (2,710,378) 8,624,188 (1,281,496) 4,414,994
Closing balance 53,266,069 56,914,621 28,480,072 30,245,640
(1) Including unrealized exchange and monetary variations and funding<br>cost.
--- ---

The Company raised and amortized the debts during 2025 as shown below:

Consolidated
03/31/2025
Nature New debts Maturities Repayment Interest payment
Pre-Payment 759,263 2027 (603,930) (142,318)
Bonds, ACC, CCE and Facility 1,749,328 2025 to 2028 (1,791,781) (336,642)
BNDES/FINAME/FINEP, Debentures, NCE, Facility and CCB 2,445,758 2025 to 2041 (3,635,237) (483,395)
4,954,349 (6,030,948) (962,355) 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 12.b) | Maturities of debts presented in current and non-currentliabilities | | --- | --- | | | | | Consolidated | | | Parent Company | | --- | --- | --- | --- | --- | --- | --- | | | | | 03/31/2025 | | | 03/31/2025 | | | In foreign currency | In national currency - R$ | Total | In foreign currency | In national currency - R$ | Total | | Average rate | in Dollar 6.60% in Euro 3.58% | in Real 16.79% | | in Dollar 3.60% in Euro 3.53% | in Real 16.29% | | | 2025 | 3,322,263 | 803,310 | 4,125,573 | 2,201,613 | 534,524 | 2,736,137 | | 2026 | 5,064,168 | 2,381,926 | 7,446,094 | 2,777,355 | 1,890,059 | 4,667,414 | | 2027 | 3,619,901 | 3,977,655 | 7,597,556 | 1,568,769 | 3,423,453 | 4,992,222 | | 2028 | 8,822,103 | 2,165,430 | 10,987,533 | 3,540,209 | 1,857,740 | 5,397,949 | | 2029 | 690,567 | 1,144,182 | 1,834,749 | 371,958 | 826,680 | 1,198,638 | | 2030 to 2032 | 13,467,184 | 4,294,616 | 17,761,800 | 7,088,721 | 990,623 | 8,079,344 | | After 2032 | 412,961 | 3,780,379 | 4,193,340 | | 1,549,233 | 1,549,233 | | | 35,399,147 | 18,547,498 | 53,946,645 | 17,548,625 | 11,072,312 | 28,620,937 |

·      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 having early maturity declared if the net debt to EBITDA indicator reaches the levels specified in these contracts.

Until now, the Company is compliant with the financial and non-financial obligations (covenants) of its current 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 loans and financing. Additionally, we may also operate with financial derivatives, such as swap, exchange rate swap, swap interest and commodity derivatives.

Considering the nature of the instruments, fair value is basically determined by using quotations in the open capital market of Brazil and the Commodities and Futures Exchange. The amounts recorded in current assets and liabilities have immediate liquidity or short-term maturity. Considering the term and characteristics of these instruments, the book values approximate the fair values.

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

Classification of financial instruments

Consolidated
03/31/2025 12/31/2024
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 19,787,406 19,787,406 23,310,197 23,310,197
Financial investments 4 911,364 52,366 963,730 860,591 50,787 911,378
Trade receivables 5 3,898 2,507,201 2,511,099 181,262 2,719,736 2,900,998
Dividends and interest on equity 8 202,492 202,492 201,436 201,436
Derivative financial instruments 8 31,217 31,217 152,967 152,967
Trading securities 8 3,116 3,116 2,947 2,947
Loans - related parties 20.a 5,348 5,348 5,315 5,315
Total 31,217 918,378 22,554,813 23,504,408 1,197,767 26,287,471 27,485,238
Non-current
Financial investments 4 196,820 196,820 169,977 169,977
Other trade receivables 1,888 1,888 1,888 1,888
Eletrobrás compulsory loan 8 59,372 59,372 51,012 51,012
Receivables by indemnity 8 784,216 784,216 790,914 790,914
Loans - related parties 20.a 1,968,744 1,968,744 1,903,028 1,903,028
Derivative transactions 9 41,970 41,970
Total - 41,970 3,011,040 3,053,010 - 2,916,819 2,916,819
Total Assets 31,217 960,348 25,565,853 26,557,418 1,197,767 29,204,290 30,402,057
Liabilities
Current
Borrowings and financing 12 5,578,246 5,578,246 8,902,558 8,902,558
Lease liabilities 14 203,438 203,438 206,323 206,323
Trade payables 15 6,660,988 6,660,988 7,030,734 7,030,734
Trade payables - Forfaiting 15.a 3,045,606 3,045,606 2,902,593 2,902,593
Dividends and interest on capital 16 61,488 61,488 61,965 61,965
Concessions to be paid 12,555 12,555
Total - - 15,562,321 15,562,321 - 19,104,173 19,104,173
Non-current
Borrowings and financing 12 48,368,399 48,368,399 48,656,020 48,656,020
Lease liabilities 14 650,370 650,370 633,982 633,982
Trade payables 15 8,564 8,564 43,263 43,263
Derivative financial instruments 13.c 96,820 96,820 157,857 157,857
Concessions to be paid 16 81,693 81,693 78,728 78,728
Total - 96,820 49,109,026 49,205,846 157,857 49,411,993 49,569,850
Total Liabilities - 96,820 64,671,347 64,768,167 157,857 68,516,166 68,674,023 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | | | | | | | | Parent Company | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 03/31/2025 | | | 12/31/2024 | | | Ref. | 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 | | 3,632,633 | 3,632,633 | | 5,666,618 | 5,666,618 | | Financial investments | 4 | 911,364 | 36,074 | 947,438 | 860,591 | 34,982 | 895,573 | | Trade receivables | 5 | | 1,630,391 | 1,630,391 | | 1,555,141 | 1,555,141 | | Derivative financial instruments | 8 | | | | | | | | Dividends and interest on equity | 8 | | 502,112 | 502,112 | | 501,267 | 501,267 | | Trading securities | 8 | 2,965 | | 2,965 | 2,814 | | 2,814 | | Loans - related parties | 20.a | | 5,348 | 5,348 | | 5,315 | 5,315 | | Total | | 914,329 | 5,806,558 | 6,720,887 | 863,405 | 7,763,323 | 8,626,728 | | Non-current | | | | | | | | | Financial investments | 4 | | 132,071 | 132,071 | | 142,423 | 142,423 | | Other trade receivables | | | 1,003 | 1,003 | | 1,003 | 1,003 | | Eletrobrás compulsory loan | 8 | | 56,654 | 56,654 | | 48,437 | 48,437 | | Receivables by indemnity | 8 | | 766,430 | 766,430 | | 773,241 | 773,241 | | Loans - related parties | 20.a | | 3,120,687 | 3,120,687 | | 2,499,112 | 2,499,112 | | Total | | - | 4,076,845 | 4,076,845 | - | 3,464,216 | 3,464,216 | | Total Assets | | 914,329 | 9,883,403 | 10,797,732 | 863,405 | 11,227,539 | 12,090,944 | | Liabilities | | | | | | | | | Current | | | | | | | | | Borrowings and financing | 12 | | 3,966,113 | 3,966,113 | | 5,225,277 | 5,225,277 | | Lease liabilities | 14 | | 10,499 | 10,499 | | 10,229 | 10,229 | | Trade payables | 15 | | 3,368,985 | 3,368,985 | | 3,596,080 | 3,596,080 | | Trade payables - Forfaiting | 15.a | | 2,514,088 | 2,514,088 | | 2,214,482 | 2,214,482 | | Dividends and interest on capital | 16 | | 6,142 | 6,142 | | 6,242 | 6,242 | | Total | | - | 9,865,827 | 9,865,827 | - | 11,052,310 | 11,052,310 | | Non-current | | | | | | | | | Borrowings and financing | 12 | | 24,654,824 | 24,654,824 | | 25,167,047 | 25,167,047 | | Lease liabilities | 14 | | 27,591 | 27,591 | | 28,224 | 28,224 | | Trade payables | 15 | | 3,299 | 3,299 | | 580 | 580 | | Derivative financial instruments | 13.c | 96,820 | | 96,820 | 157,857 | | 157,857 | | Total | | 96,820 | 24,685,714 | 24,782,534 | 157,857 | 25,195,851 | 25,353,708 | | Total Liabilities | | 96,820 | 34,551,541 | 34,648,361 | 157,857 | 36,248,161 | 36,406,018 |

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

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 03/31/2025 12/31/2024
Level 1 Level 2 Balances Level 1 Level 2 Balances
Assets
Current
Financial investments 911,364 911,364 860,591 860,591
Trade receivables, net 3,898 3,898 181,262 181,262
Derivative transactions 31,217 31,217 152,967 152,967
Trading securities 3,116 3,116 2,947 2,947
Non-current
Derivative transactions - 41,970 41,970 - - -
Total Assets 918,378 73,187 991,565 1,044,800 152,967 1,197,767
Liabilities
Non-current
Derivative transactions 96,820 96,820 157,857 157,857
Total Liabilities - 96,820 96,820 - 157,857 157,857

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

Level 2 – Considers observable inputs in the market, such as interest rates, foreign exchange, etc., but are not prices traded in active markets.

Level 3 - There are no assets or liabilities classified in the level.

13.b) Financial risk management

The Company follows risk management strategies, with guidelines regarding the risks incurred by the company.

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

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

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

The Company can manage some of the risks through the use of derivative instruments, not associated with any speculative trading or short selling.

i) Foreign exchange 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 called natural foreign exchange exposure. The net exposure is the result of offsetting the natural foreign exchange exposure by hedging instruments adopted by the Company.

The consolidated net exposure is shown below:

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | | 03/31/2025 | 12/31/2024 | | --- | --- | --- | | Foreign Exchange Exposure | (Amounts in US$’000) | (Amounts in US$’000) | | Cash and cash equivalents overseas | 2,328,829 | 1,951,025 | | Trade receivables | 68,911 | 58,296 | | Financial investments | 13,150 | 270,038 | | Borrowings and financing | (6,024,125) | (5,983,492) | | Trade payables | (303,153) | (284,843) | | Others | (39,812) | (37,185) | | Natural Gross Foreign Exchange Exposure (assets - liabilities) | (3,956,200) | (4,026,161) | | Derivative financial instruments (*) | 4,977,848 | 5,098,257 | | Net foreign exchange exposure | 1,021,648 | 1,072,096 | | (*) | 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 Instrumentsand 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 appreciation of the Real against the Dollar. The calculation was based on the closing exchange rate on March 31, 2025, using assumptions based on a dispersion calculation that considers both historical variations in exchange rates and projections developed by management.

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

03/31/2025
Currency Exchange rate Probable scenario Scenario 1 Scenario 2
USD 5.7422 5.8559 5.8582 4.8258
EUR 6.1993 6.6558 6.4172 5.4127
USD x EUR 1.0796 1.1366 1.1095 0.9250

The effects on the result, considering scenarios 1 and 2, are shown below:

03/31/2025
Instruments Notional amount Risk Probable scenario (*) R$ Scenario 1 R$ Scenario 2 R$
Cash and cash equivalents overseas 2,328,829 Dollar 264,788 270,148 (2,134,069)
Trade receivables 68,911 Dollar 7,835 7,994 (63,148)
Financial investments 13,150 Dollar 1,495 1,525 (12,050)
Borrowings and financing (6,024,125) Dollar (684,943) (698,808) 5,520,327
Trade payables (303,153) Dollar (34,468) (35,166) 277,800
Others (39,812) Dollar (4,527) (4,618) 36,483
Derivative financial instruments (*) 4,977,848 Dollar 565,981 577,438 (4,561,550)
Impact on profit or loss 116,161 118,513 (936,207)
(*) The probable scenarios were calculated considering the following variations for the risks: Real x Dollar - Devaluation by 1.98% / Real<br>x Euro - Devaluation of the Real by 7.36% / Dollar x Euro - devaluation of the dollar by 5.28%. Source: Central Bank of Brazil on April<br>17, 2025.
--- --- 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | i) | Interest rate risk | | --- | --- |

This risk stems from financial investments, loans, and financing and debentures in short and long terms linked to pre-fixed and post-fixed interest rates of CDI, TJLP, SOFR, exposing these financial assets and liabilities to interest rate fluctuations as demonstrated in the sensitivity analysis chart below.

Sensitivity analysis of interest rate changes

Below, we present the sensitivity analysis to risks related to interest rates. 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 carry out the calculation, the closing rates on March 31, 2025 were considered as references, based on a dispersion model, which considers not only the historical variations in interest rates, but also detailed projections by the management.

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

Consolidated
03/31/2025
Interest Possible scenarios Scenario 1 Scenario 2
CDI 14.15% 15.55% 12.75%
TJLP 7.97% 8.56% 7.43%
IPCA 5.48% 7.73% 5.17%
SOFR 6M 4.25% 5.57% 4.04%
SOFR 4.41% 4.76% 3.92%
EURIBOR 3M 2.34% 2.72% 2.05%
EURIBOR 6M 2.34% 3.10% 2.04%

The effects on the result, considering scenarios 1 and 2, are shown below:

Impact on balances on 03/31/2025
Changes in interest rates % p.a Assets Liabilities Probable scenario (*) Scenario 1 Scenario 2
CDI 14.15% 6,820,215 (12,906,141) (861,159) (946,370) (775,947)
TJLP 7.97% (818,537) (65,237) (70,091) (60,836)
IPCA 5.48% (24,507) (1,343) (1,894) (1,267)
SOFR 6M 4.25% (4,221,584) (179,417) (235,198) (170,502)
SOFR 4.41% (2,774,352) (122,349) (132,086) (108,879)
EURIBOR 3M 2.34% (773,049) (18,058) (21,033) (15,810)
EURIBOR 6M 2.34% (33,676) (787) (1,045) (686)
(1,248,350) (1,407,717) (1,133,927)
(*) The sensitivity analysis is based on the assumption of maintaining as a probable scenario the market values on March 31, 2025 recorded<br>in the Company's assets and liabilities.
--- ---
i) 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.

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, 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 shareholders' 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.

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

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 table below shows the result of the derivative instrument up to March 31, 2025:

03/31/2025 03/31/2025 03/31/2024 03/31/2025 03/31/2024 03/31/2025 03/31/2024
Appreciation (R) Fair value (market) Other operating income expenses (note 25) Other comprehensive income Financial income (expenses) (note 26)
Maturity Notional Asset position Amounts receivable / (payable)
01/01/2024 to 01/31/2024 (Settled) Platts (202,702) (719)
02/01/2024 to 02/28/2024 (Settled) Platts (39,977) (133)
03/01/2024 to 03/31/2024 (Settled) Platts 248,710 5,132
04/01/2024 to 04/30/2024 (Settled) Platts 295,985 5,349
05/01/2024 to 05/31/2024 (Settled) Platts 194,923 4,113
06/01/2024 to 06/30/2024 (Settled) Platts 208,684 4,067
03/01/2025 to 03/31/2025 (Settled) Platts 40,578
04/01/2025 to 04/30/2025 Platts 402,327 19,977 19,857 120
05/01/2025 to 05/31/2025 Platts 215,734 11,240 11,162 79
618,061 31,217 40,578 6,031 31,019 699,592 199 17,809

All values are in US Dollars.

The movement of the amounts related to cash flow hedgeaccounting - "Platts" index recorded in shareholders' equity on March 31, 2025 is shown as follows:

12/31/2024 Movement Realization 03/31/2025
Cash flow hedge–“Platts” 71,597 (40,578) 31,019
Income tax and social contribution on cash flow hedge (24,347) 13,800 (10,547)
Fair Value of cash flow hedge - Platts, net - 47,250 (26,778) 20,472

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

To support the above-mentioned designations, the Company prepared formal documentation indicating the manner which the designation of cash flow hedge accounting - "Platts" index aligned with CSN's risk management objectives and strategy, identifying the hedge instruments used, the hedge object, the nature of the risk to be protected, and demonstrating the expectation of high effectiveness of the designated relationships. 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.

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

b) Cash flow hedge accounting

Foreign Exchange Hedge Accounting

The Company has iron ore derivatives operations, contracted by the subsidiary CSN Mineração, in order to reduce the volume of its exposure to the commodity.

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 emphasized that the adoption of this hedge accounting does not imply the contracting of any financial instrument.

The table below presents the summary of hedging relationships as of March 31, 2025:

03/31/2025
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) (931,308)
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 (1,404,021) (1,343,031)
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 (1,535,800)
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 (427,210) (185,856) (753,296)
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) (319,909)
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 (14,166)
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 (3,017)
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 (119,761) (665,793)
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 (48,570)
Total recognized at the parent company 6,736,061 (2,859,753) (185,856) (5,614,890)
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 (164,600) (7,604) (723,510)
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 (49,444)
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 (128,402)
Total recognized in the consolidated 7,893,418 (3,024,353) (193,460) (6,516,246)
(*) The realization of cash flow hedge accounting is recognized in Other operating income and expenses, in note 25.
--- ---

The net balance of the amounts designated and already amortized in US dollars totals US$ 4,869,065.

In the hedge relationships described above, the values of the debt instruments were fully designated for equivalent portions of iron ore exports.

As of March 31, 2025, the hedging relationships established by the Company were effective, according to the prospective and retrospective tests carried out. Thus, no reversal due to ineffectiveness of cash flow hedge accounting was recorded.

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

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, 2024. The balance recorded on March 31, 2025 and December 31, 2024 in shareholders' equity is BRL 6,292.

d) Hedge accounting transactions

The movement of the amounts related to cash flow hedgeaccounting recorded in shareholders' equity on March 31, 2025, is shown as follows:

Consolidated
12/31/2024 Movement Realization 03/31/2025
Cash flow hedge (8,970,450) 2,260,744 193,460 (6,516,246)
Income tax and social contribution on cash flow hedge 3,049,954 (768,653) (65,777) 2,215,524
Fair Value of cash flow accounting, net taxes (5,920,496) 1,492,091 127,683 (4,300,722)
Parent Company
12/31/2024 Movement Realization 03/31/2025
Cash flow hedge (7,612,357) 1,811,611 185,856 (5,614,890)
Income tax and social contribution on cash flow hedge 2,588,202 (615,947) (63,191) 1,909,063
Fair Value of cash flow accounting, net taxes (5,024,155) 1,195,664 122,665 (3,705,827)
ii) Credit risks
--- ---

Exposure to credit risks with financial institutions considers the parameters established under the CSN’s financial policy. The Company's practices a 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 for which a low credit risk was assessed by credit rating agencies. Since part of the resources is invested in repurchase agreements that are backed by Brazilian government bonds, there is also exposure to the credit risk of the Brazilian State.

With regards to exposure credit risk under accounts receivable 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.

iii) Liquidity risk

It is the risk that the Company does not have sufficient net resources to honor its financial commitments, due to a mismatch in terms of volume between the expected receipts and payments.

To manage cash liquidity in national and foreign currency, assumptions of future disbursements and receipts are established and monitored daily by the Treasury area. The payment schedules of long-term installments of loans and financing and debentures are presented in note 12.

The following are the contractual maturities of financial liabilities including interest:

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | | | | | | | Consolidated | | --- | --- | --- | --- | --- | --- | --- | | At March 31, 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 | 5,578,246 | 13,172,951 | 18,875,827 | 16,319,621 | 53,946,645 | | Lease liabilities | 14 | 203,439 | 131,916 | 140,922 | 377,532 | 853,809 | | Derivative financial instruments | 13.c | | | | 96,820 | 96,820 | | Trade payables | 15 | 6,660,988 | 1,928 | 6,437 | 199 | 6,669,552 | | Trade payables - Forfaiting | 15.a | 3,045,606 | | | | 3,045,606 | | Dividends and interest on capital | 16 | 61,488 | | | | 61,488 | | Concessions to be paid | 16 | 12,555 | 13,350 | 40,050 | 28,293 | 94,248 | | | | 15,562,322 | 13,320,145 | 19,063,236 | 16,822,465 | 64,768,168 |

Fair values of assets and liabilities in relationto book value

Financial assets and liabilities measured at fair value through profit or loss are recorded in current and non-current assets and liabilities, and any gains and losses are recorded as financial income and expense, respectively.

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 were calculated at current market rates, considering the nature, term and risks similar to those of the registered contracts, as follows:

03/31/2025 12/31/2024
Closing Balance Fair value Closing Balance Fair value
Fixed Rate Notes (*) 20,677,953 18,284,203 22,204,604 19,584,985

(*) Fonte: Bloomberg

13.c) Protective instruments: Derivatives

Position of the derivative financial instruments portfolio

Currency swap Dollar x Euro

The subsidiary Lusosider Projectos Siderúrgicos S.A. had a derivative operation to protect its exposure to the dollar, which was settled in November 2024.

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 External Credit Note (NCE) acquired during the same period, whose maturity is scheduled for October 2028, and which has a principal amount of BRL 680,000.

Real x dollar foreign exchange swap

The CSN Cimentos Brasil subsidiary, after raising a foreign currency loan in the amount of US$ 115,000, contracted derivative instruments with the objective of protecting its foreign exchange exposure to the dollar, with maturity on June 10, 2027.

On July 2024, CSN Cimentos Brasil, again, after obtaining a foreign currency loan in the amount of US$ 50,000, contracted derivative operations to hedge its exposure to the dollar, maturing in July 2027.

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

Interest swap CDI x IPCA

CSN Mineração, CSN Cimentos Brasil and CSN issued debentures 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 2038, and CSN's between 2030 and 2038.

Below is the position of derivatives:

Consolidated
03/31/2025 03/31/2024
Appreciation (R) Fair value (market) Impact on financial income (expenses)
Instrument Maturity Functional Currency Notional amount Asset position Amounts receivable / (payable)
Exchange rate swap
Exchange rate swap Dollar x Euro Settled 9,282
Dollar x Real swap 7/7/2027 Dollar 50,000 309,650 6,208 (57,108)
Dollar x Real swap 10/6/2027 Dollar 115,000 679,022 35,762 (58,813) 12,624
Exchange rate swap CDI x Dollar 10/4/2028 Real 680,000 756,612 (96,820) 61,036 (2,314)
Total Exchange rate Swap 845,000 1,745,284 (54,850) (54,885) 19,592
Interest rate swap
Interest rate (Debentures) CDI x IPCA 07/15/2031 Real 576,448 627,735 7,727 3,777 (22,003)
Interest rate (Debentures) CDI x IPCA 07/15/2032 Real 745,000 807,219 (22,086) (453) (24,961)
Interest rate (Debentures) CDI x IPCA 07/15/2036 Real 423,552 444,772 (26,198) (1,377) 3,789
Interest rate (Debentures) CDI x IPCA 07/15/2037 Real 655,000 715,032 (39,566) 7,721 (34,458)
Interest rate (Debentures) CDI x IPCA 02/16/2032 Real 600,000 661,548 17,162 4,254 (17,493)
Interest rate (Debentures) CDI x IPCA 2/12/2032 Real 600,000 656,340 20,339 561 (25,594)
Interest rate (Debentures) CDI x IPCA 07/15/2030 Real 325,384 333,664 (13,999) (2,902) (8,558)
Interest rate (Debentures) CDI x IPCA 07/15/2033 Real 183,185 188,646 (11,671) 5,251 (5,969)
Interest rate (Debentures) CDI x IPCA 07/14/2038 Real 203,620 210,465 (17,186) (134) 1,062
Interest rate (Debentures) CDI x IPCA 04/14/2039 Real 157,074 161,032 (17,953) (1,399)
Interest rate (Debentures) CDI x IPCA 04/14/2034 Real 643,095 662,272 (47,354) 3,769
Interest rate (Debentures) CDI x IPCA 11/14/2039 Real 62,585 65,907 (2,521) 364
Interest rate (Debentures) CDI x IPCA 11/14/2034 Real 37,415 38,831 (1,548) 226
Interest rate (Debentures) CDI x IPCA 11/14/2034 Real 200,000 208,249 (7,944) 1,236
Interest rate (Debentures) CDI x IPCA 11/14/2034 Real 200,000 207,171 (8,432) 557
Total interest rate (Debentures) CDI x IPCA 5,612,358 5,988,883 (171,230) 21,451 (134,185)
7,734,167 (226,080) (33,434) (114,593)

All values are in US Dollars.

Classification of derivatives in the balance sheetand income

03/31/2025 03/31/2024
Instruments Assets Liabilities Financial income (expenses), net (note 26)
Current Non-current Total Non-current Total
Iron ore derivative 31,217 31,217 199
Exchange rate swap Dollar x Euro 9,282
Exchange rate swap CDI x Dollar (96,820) (96,820) 61,037 (2,314)
Exchange rate swap CDI x IPCA ^(1)^ (171,232) (171,232) 21,450 (134,185)
Dollar x Real swap 41,970 41,970 (115,921) 12,624
31,217 41,970 73,187 (268,052) (268,052) (33,235) (114,593)
(1) The SWAP CDI x IPCA derivative instruments are fully classified in the loans and financing group, since they are linked to debentures<br>with the purpose of protecting against IPCA exposure.
--- ---
13.d) Investments in securities measured at fair value throughprofit or loss

The Company has common (USIM3), 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.

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

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 03/31/2025 12/31/2024 03/31/2025 03/31/2024
--- --- --- --- --- --- --- --- --- --- ---
Quantity Equity interest (%) Share price Closing Balance Quantity Equity interest (%) Share price Closing Balance Profit or loss (note 26)
USIM3 106,620,851 15.12% 5.61 598,143 106,620,851 15.12% 5.32 567,222 30,921 18,126
USIM5 55,144,456 10.07% 5.68 313,221 55,144,456 10.07% 5.32 293,369 19,852 39,704
911,364 860,591 50,773 57,830

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 different scenarios for the impact of fluctuations in prices: Scenario 1 (optimistic extreme) considers a horizon of deterioration in price volatility, and Scenario 2 (pessimistic extreme) predicts a horizon of price appreciation. The calculation was based on the closing price of the shares on March 31, 2025, using assumptions based on both the dispersion of historical variations in prices and projections prepared by management.

The effects on the result, considering the probable scenarios, 1 and 2 are shown below:

03/31/2025
Class of shares Quantity Share price on 03/31/2025 Closing Balance Extreme Optimistic Scenario Extreme Pessimistic Scenario
USIM3 106,620,851 5.61 598,143 213,801 (47,545)
USIM5 55,144,456 5.68 313,221 45,251 (25,394)
911,364 259,052 (72,939)
13.e) Capital Management
--- ---

The Company seeks to optimize its capital structure with the purpose of reducing its financial costs and maximizing return to its shareholders. The following chart demonstrates the evolution of the Company's consolidated capital structure, with financing through equity and third-party capital:

Thousands of Reais 03/31/2025 12/31/2024
Shareholder's equity (equity) 16,260,062 15,459,116
Borrowings and Financing (Third-party capital) 53,266,069 56,914,621
Gross Debit/Shareholder's equity 3.28 3.68 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 14. | LEASE LIABILITIES | | --- | --- |

The lease liabilities are presented below:

Consolidated Parent Company
03/31/2025 12/31/2024 03/31/2025 12/31/2024
Leases 2,124,270 2,122,768 45,877 46,760
Adjusted present value - Leases (1,270,462) (1,282,463) (7,787) (8,307)
853,808 840,305 38,090 38,453
Classified:
Current 203,438 206,323 10,499 10,229
Non-current 650,370 633,982 27,591 28,224
853,808 840,305 38,090 38,453

The Company has lease agreements for port terminals in Itaguaí, the Solid Bulk Terminal – TECAR, used for the loading and unloading of iron ores and others and the Container Terminal – TECON, with remaining terms of 22 and 27 years, respectively, and a lease agreement for railroad operation using the Northeast network with a remaining term of 3 years and a land lease agreement located in Taubaté, São Paulo, to expand operations in the Steel segment with a remaining term of 18 years.

Additionally, the Company has leasing contracts for operational equipment, mainly used in mining, cement, and steel operations, and properties used as operational facilities and administrative and sales offices in various locations where the Company operates, with remaining terms 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:

03/31/2025
Contract term (in years) Incremental Rate (p.a.)
1 15.43%
2 18.02%
3 16.76%
5 14.76%

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

Consolidated Parent Company
03/31/2025 12/31/2024 03/31/2025 12/31/2024
Opening balance 840,305 733,761 38,453 6,999
New leases 1,826 14,117
Contract review 72,330 285,533 1,944 41,973
Write-off (915)
Payments (81,260) (308,201) (3,191) (12,650)
Interest appropriated 25,139 99,998 884 2,131
Exchange variation (4,532) 16,012
Net balance 853,808 840,305 38,090 38,453

The estimated future minimum payments for the lease agreements include variable payments, fixed in essence when based on minimum performance and contractually fixed rates.

As of March 31, 2025, the minimum payments are as follows:

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | | | | | Consolidated | | --- | --- | --- | --- | --- | | | Less than one year | Between one and five years | Over five years | Total | | Leases | 214,436 | 548,397 | 1,361,438 | 2,124,270 | | Adjusted present value - Leases | (10,998) | (275,559) | (983,906) | (1,270,462) | | | 203,438 | 272,838 | 377,532 | 853,808 |

·          PIS and COFINS recoverable

Lease liabilities were measured by the value of the considerations with suppliers, that is, 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
03/31/2025 12/31/2024 03/31/2025 12/31/2024
Leases 2,042,183 2,040,811 45,403 46,202
Adjusted present value - Leases (1,267,443) (1,279,742) (7,714) (8,225)
Potencial PIS and COFINS credit 188,902 188,775 4,200 4,274
Adjusted present value – Potential PIS and COFINS credit (117,238) (118,376) (714) (761)

Lease payments not recognizedas liabilities:

The Company chose not to recognize lease liabilities under contracts with a term of less than 12 months and those involvind low-value assets. Payments made for these contracts are recognized as expenses when incurred.

The Company has a lease agreement for port terminals (TECAR and TECON) and a concession agreement for the exploration and development of the public rail freight service in the Northeast Network I (FTL) which, even if they establish minimum performances, it is not possible to determine their cash flow since these payments are fully 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 Parent Company
03/31/2025 03/31/2024 03/31/2025 03/31/2025
Contract less than 12 months 499
Lower Assets value 3,665 2,586 2,405 1,813
Variable lease payments 80,663 73,189
84,328 76,274 2,405 1,813 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 15. | TRADE PAYABLES | | --- | --- | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | | | 03/31/2025 | 12/31/2024 | 03/31/2025 | 12/31/2024 | | Trade payables | 6,746,357 | 7,172,161 | 3,419,661 | 3,646,232 | | (-) Adjusted present value | (76,805) | (98,164) | (47,377) | (49,572) | | | 6,669,552 | 7,073,997 | 3,372,284 | 3,596,660 | | Classified: | | | | | | Current | 6,660,988 | 7,030,734 | 3,368,985 | 3,596,080 | | Non-current | 8,564 | 43,263 | 3,299 | 580 | | | 6,669,552 | 7,073,997 | 3,372,284 | 3,596,660 |

15.a) Suppliers – Forfaiting

Consolidated Parent Company
03/31/2025 12/31/2024 03/31/2025 12/31/2024
In Brazil 2,175,094 2,159,399 1,668,696 1,525,579
Abroad 870,512 743,194 845,392 688,903
3,045,606 2,902,593 2,514,088 2,214,482

The Company discloses and classifies in a specific group its drawee risk and 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 of the Company's own obligations. The term of these operations ranges from 180 days to 360 days.

The table below provides a comparison of invoice payment terms with and without reverse factoring operations, dealing only with merchandise acquisitions, for the base date of March 31, 2025:

Trade payables Forfaiting NoForfaiting
Due between 1 and 180 days 1,962,622 5,805,171
Due between 181 to 360 days 1,082,984 855,817
Over 360 days 8,564
Total 3,045,606 6,669,552

Impact of variations without effect on cash as of March 31, 2025:

Exchange variation 58,001
Interest Appropriation 13,255
Total 71,256 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 16. | OTHER OBLIGATIONS (CURRENT AND NON-CURRENT) | | --- | --- |

The other obligations classified in current and non-current liabilities have the following composition:

Consolidated Parent Company
Ref. Current Non-current Current Non-current
03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024
Related party liabilities 20,240 45,816 20,850 575,296 629,654 380,330 402,406
Derivative financial instruments 96,820 157,857 96,820 157,857
Dividends and interest on capital 13 61,488 61,965 6,142 6,242
Advances from customers ^(1)^ 4,176,091 3,648,639 8,996,471 10,120,950 508,142 382,350 860,213 1,099,568
Taxes in installments 17 47,930 56,226 100,576 103,955 16,674 16,504 52,504 53,320
Profit sharing - employees 307,633 235,789 161,564 123,325
Taxes payable 9,889 9,767 9,889 9,767
Provision for consumption and services 168,010 202,006 17,307 18,129
Third party materials in our possession 374,052 373,986
Trade payables 15 8,564 43,263 3,299 580
Lease liabilities 14 203,438 206,323 650,370 633,982 10,499 10,229 27,591 28,224
Concessions to be paid 12,555 81,693 78,728
Other payables 222,621 118,593 600,544 675,441 53,355 3,151 270,405 337,544
5,220,006 4,949,409 10,544,927 11,844,793 1,348,979 1,563,570 1,701,051 2,089,266

(1) Customer Advances:

Iron ore: refers to iron ore supply contracts signed by the Company with important international players. On June 28, 2024, the subsidiary CSN Mining International GmbH entered into an iron ore supply advance agreement in the amount of US$ 255 million, for the supply of 6.5 million tons expected to be realized over the next 4 years. In addition, on September 25, 2024, a second ore advance contract was signed in the amount of US$ 450 million, for the supply of an additional 9.7 million tons of iron ore. In addition, on September 27, 2024, a third iron ore supply advance contract was signed in the amount of US$ 300 million for the supply of 7.2 million tons. Both contracts have as their initial date of execution the month of January 2025 and a deadline of completion until December 2028. On December 17, 2024, the subsidiary CSN Mining International GmbH signed two prepayment contracts that, together, total an amount of US$ 355 million. The contracts are expected to start in January 2025 and will extend until 2029. During this period, the company undertakes to supply iron ore according to the terms agreed in the contracts, guaranteeing the delivery of 8.1 Mt over the next five years from its signature.

Electricity contracts: Between 2022 and 2024, the subsidiaries CSN Mineração and CSN Cimentos signed advance agreements for the sale of electricity with national operators in the sector to be executed for up to 8 years.

17. INCOME TAX AND SOCIAL CONTRIBUTION
17.a) Income tax and social contribution recognized in profitor loss:

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

Consolidated Parent Company
03/31/2025 03/31/2024 03/31/2025 03/31/2024
Income tax and social contribution income (expense)
Current (203,771) (243,224) - -
Deferred 434,901 305,154 353,388 245,724
231,130 61,930 353,388 245,724

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 and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | | Consolidated | | Parent Company | | | --- | --- | --- | --- | --- | | | 03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 | | Profit/(Loss) before income tax and social contribution | (962,710) | (541,592) | (972,534) | (835,425) | | Tax rate | 34% | 34% | 34% | 34% | | Income tax and social contribution at combined statutory rate | 327,321 | 184,141 | 330,662 | 284,045 | | Adjustment to reflect the effective rate: | | | | | | Equity in results of affiliated companies | 36,622 | 43,333 | 30,388 | (37,364) | | Difference Tax Rate in companies abroad | (102,350) | (147,492) | | | | Income taxes and social contribution on foreign profit | (1,978) | 3,123 | (1,978) | 3,123 | | Tax incentives | 5,921 | 6,234 | | | | Recognition/(reversal) of tax credits | (13,523) | (28,467) | | | | Other permanent deductions (add-backs) | (20,883) | 1,058 | (5,684) | (4,080) | | Income tax and social contribution in net income for the period | 231,130 | 61,930 | 353,388 | 245,724 | | Effective tax rate | 24% | 11% | 36% | 29% | | 17.b) | Deferred income tax and social contribution: | | --- | --- |

Below the composition of deferred income tax and social contribution can be shown as follows:

Consolidated Parent Company
03/31/2025 12/31/2024 03/31/2025 12/31/2024
Deferred
Income tax losses 4,123,177 3,896,856 2,432,295 2,286,697
Social contribution tax losses 1,417,318 1,336,041 900,418 848,003
Temporary differences 861,333 1,571,100 1,091,869 1,615,633
Tax, social security, labor, civil and environmental provisions 582,675 559,621 174,691 173,463
Estimated losses on assets 245,909 267,768 138,702 164,297
Gains/(Losses) on financial assets 606,409 565,250 596,362 634,428
Actuarial Liabilities (Pension and Health Plan) 170,282 165,418 159,081 154,415
Provision for consumption and services 4,484 4,933 3,995 4,215
Cash Flow Hedge and Unrealized Exchange Variations 1,381,971 2,014,231 954,868 1,419,712
(Gain) on loss of control of Transnordestina (224,096) (224,096) (224,096) (224,096)
Fair Value SWT/CBL Acquisition (149,489) (149,489)
Business combination (1,463,282) (1,425,853) (721,992) (721,992)
Others (293,530) (206,683) 10,258 11,191
Total 6,401,828 6,803,997 4,424,582 4,750,333
Total Deferred Assets 6,914,405 7,345,326 4,424,582 4,750,333
Total Deferred Liabilities (512,577) (541,329) -
Total Deferred 6,401,828 6,803,997 4,424,582 4,750,333

The Company's corporate structure includes foreign subsidiaries, the income of which is taxed in the countries in which they are incorporated at rates lower than those applicable in Brazil. In the period between 2020 and 2025, these subsidiaries did not generate profits subject to additional taxation in Brazil by income tax and social contribution. The Company, based on the position of its legal advisors, assessed only as possible the probability of loss in case of possible tax challenge and, therefore, no provision was recognized in the Financial Statement.

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.

17.c) Changes in deferred income tax and social securitycontribution

The following shows the movement of deferred taxes:

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | | 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) | | | Reverse incorporation | | | | Balance at December 31, 2024 | 6,803,997 | 4,750,333 | | Recognized in profit and loss | 434,901 | 353,388 | | Recognized in equity | (837,070) | (679,139) | | Use of tax credit in installment program | | | | Balance at March 31, 2025 | 6,401,828 | 4,424,582 | | 17.d) | Income tax and social contribution recognized in shareholders'equity | | --- | --- |

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

Consolidated Parent Company
03/31/2025 12/31/2024 03/31/2025 12/31/2024
Income tax and social contribution
Actuarial gains on defined benefit pension plan 76,913 76,876 70,673 70,673
Exchange differences on translating foreign operations (325,350) (325,350) (325,350) (325,350)
Cash flow hedge 2,113,276 2,906,859 1,909,063 2,588,202
Gain on sale of shares (1,158,102) (1,158,102) (1,158,102) (1,158,102)
706,737 1,500,283 496,284 1,175,423
18. TAX, SOCIAL SECURITY, LABOR, CIVIL, ENVIRONMENTALPROVISIONS AND JUDICIAL DEPOSITS
--- ---

Actions and complaints of various kinds are being discussed in the competent spheres. The details of the provisioned values and respective judicial deposits related to these actions are presented below:

Consolidated Parent Company
Accrued liabilities Judicial deposits Accrued liabilities Judicial deposits
03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024
Tax 129,141 130,755 176,239 176,086 43,728 50,990 71,557 70,944
Social security 1,544 1,546 1,544 1,546
Labor 493,428 387,612 387,838 294,233 146,215 144,407 114,376 114,994
Civil 721,314 815,180 30,334 134,609 134,903 130,308 15,105 15,991
Environmental 43,076 42,609 3,723 3,723 10,104 10,446 283 283
Deposit of a guarantee 23,193 24,299
1,388,503 1,377,702 621,327 632,950 336,494 337,697 201,321 202,212
Classified:
Current 115,778 132,112 66,181 61,008
Non-current 1,272,725 1,245,590 621,327 632,950 270,313 276,689 201,321 202,212
1,388,503 1,377,702 621,327 632,950 336,494 337,697 201,321 202,212

The movement of tax, social security, labor, civil and environmental provisions in the period ended March 31, 2025 can be demonstrated as follows:

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | | | | | | Consolidated | | --- | --- | --- | --- | --- | --- | | | | | | | Current + Non-current | | Nature | 12/31/2024 | Additions | Accrued charges | Net utilization of reversal | 03/31/2025 | | Tax | 130,755 | 4,798 | 1,725 | (8,137) | 129,141 | | Social security | 1,546 | | 16 | (18) | 1,544 | | Labor | 387,612 | 12,345 | 112,985 | (19,514) | 493,428 | | Civil | 815,180 | 414 | 18,993 | (113,273) | 721,314 | | Environmental | 42,609 | 67 | 838 | (438) | 43,076 | | | 1,377,702 | 17,624 | 134,557 | (141,380) | 1,388,503 | | | | | | | Parent Company | | --- | --- | --- | --- | --- | --- | | | | | | | Current + Non-current | | Nature | 12/31/2024 | Additions | Accrued charges | Net utilization of reversal | 03/31/2025 | | Tax | 50,990 | 142 | 183 | (7,587) | 43,728 | | Social security | 1,546 | | 16 | (18) | 1,544 | | Labor | 144,407 | 6,000 | 5,637 | (9,829) | 146,215 | | Civil | 130,308 | 255 | 7,427 | (3,086) | 134,903 | | Environmental | 10,446 | 67 | 15 | (423) | 10,104 | | | 337,697 | 6,464 | 13,278 | (20,943) | 336,494 |

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.

Possible 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 shows a summary of the balance of the main matters classified as possible risk compared to the balance of March 31, 2025 with December 31, 2024.

Consolidated
03/31/2025 12/31/2024
Notice of Violation and Imposition of Fine (AIIM) / Tax Foreclosure - RFB - IRPJ/CSLL - Capital Gain for alleged sale of equity interest in subsidiary NAMISA ^(1)^ 10,404,312 10,246,424
Notice of Violation and Imposition of Fine (AIIM) / Tax Foreclosure - RFB - IRPJ/CSLL - Disallowance of goodwill deductions generated in the reverse incorporation of Big Jump by Namisa ^(1)^ 4,416,446 4,346,118
Notice of Violation and Imposition of Fine (AIIM) / Tax Enforcement - RFB - IRPJ/CSLL - Disallowance of prepayment interest arising from iron ore supply and port services contracts 2,172,738 2,284,914
Notice of Violation and Imposition of Fine (AIIM) / Writ of Mandamus - RFB - IRPJ/CSLL - Profits earned abroad in 2008, 2010, 2011, 2012, 2014, 2015, 2016, 2017 and 2018 6,351,313 6,239,017
Unapproved compensation - RFB - IRPJ/CSLL, PIS/COFINS and IPI 2,197,908 2,169,108
Unapproved compensation - RFB - Disallowance of credits from topic 69/STF (ICMS in the calculation base of PIS/COFINS) ^(1)^ 699,172 -
ICMS - SEFAZ/RJ - Assessment Notice -  questions about sales for incentive area 1,482,942 1,460,763
Notice of Violation and Imposition of Fine (AIIM) - RFB - Disallowance of PIS/COFINS Credits for inputs and freight 1,824,165 1,499,578 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | CFEM – difference of understanding between CSN and ANM on the calculation basis | 1,602,605 | 1,570,733 | | --- | --- | --- | | Notice of Infraction and Imposition of Fine (AIIM) - RFB - Collection IRRF - Business Combinations CMIN 2015 | 208,144 | 205,621 | | ICMS - SEFAZ/RJ - ICMS Credits for acquisition of Electric Energy Industrialization ^(2)^ | 40,772 | 39,939 | | Notice of Violation and Imposition of Fine (AIIM) - IRPJ/CSLL - Disallowance of deductions of goodwill generated in the acquisition of Cimentos Mauá | 432,322 | 422,499 | | ICMS - SEFAZ/RJ  - Disallowance of the ICMS credits - Transfer of iron ore | 792,603 | 779,093 | | ICMS - SEFAZ/RJ - Disallowance of credits on purchases of intermediate products | 500,297 | 488,238 | | Disallowance of tax loss and negative calculation base resulting from adjustments in SAPLI - RFB | 814,426 | 798,226 | | Infraction and Fine Imposition Notices (AIIM) - RFB - IRPJ/CSLL - Transfer Pricing | 397,535 | 389,919 | | ICMS - SEFAZ/RJ - Transfer of imported raw material for a value lower than the TECAR import document | 430,725 | 422,807 | | Notice of Violation and Imposition of Fine (AIIM) / Annulment Action - RFB - IRRF - Capital gain of CFM company sellers located abroad | 344,153 | 338,273 | | Other tax lawsuits (federal, state, and municipal) | 7,387,420 | 6,977,524 | | Social security lawsuits | 690,944 | 647,801 | | Action to discuss the balance of the construction contract – Tebas | 650,979 | 621,724 | | Action related to power supply payment’s charge - Light | 524,029 | 492,535 | | Action that discusses Negotiation of energy sales - COPEN - CEEE-G | 239,366 | 229,983 | | Other civil lawsuits | 1,692,184 | 1,620,259 | | Labor and social security lawsuits | 2,632,199 | 2,580,452 | | Tax Execution Traffic Ticket Volta Grande IV | 161,626 | 152,322 | | ACP Landfill Márcia I | 306,389 | 306,389 | | Notice of IEF Commitment Agreement ^(5)^ | 337,951 | 337,951 | | Other environmental lawsuits | 838,762 | 786,360 | | | 50,574,427 | 48,454,570 | | (1) | In March 2025, CSN was informed of the<br>decision orders that partially ratified the compensations made with credits arising from the final and unappealable lawsuit that recognized<br>the unconstitutionality of the inclusion of ICMS values in the calculation basis of PIS and Cofins contributions. According to the federal<br>inspection, approximately 20% of the credit authorized by the company would lack liquidity and certainty, and, therefore, could not compose<br>the amount to be offset. In view of the decision-making orders, CSN presented manifestations of non-conformity to demonstrate the misconception<br>of the assumptions adopted by the inspection and the liquidity and certainty of the completeness of the authorized credit. Finally, for<br>the other processes related to the "Big Jump" theme, the prognoses remain the same (possible). | | --- | --- |

In the 1st quarter of 2021, the Company was notified of the initiation of an arbitration proceeding based on an alleged breach of iron ore supply contracts. The counterparty's request at that time was around US$ 1 billion, which the Company, in addition to understanding that the allegations presented are unfounded due to the complete absence of damages, is also unaware of the bases for estimating said amount. The Company informs that it has prepared, together with its legal advisors, the response to the arbitration request and is currently developing its defense. It also clarifies that the discussions involve ongoing arbitration disputes initiated by both parties. It is also estimated that the arbitrations will be completed in 2 years. The relevance of the process for the Company is related to the value attributed to the cause and the possible financial impact.

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

The Company has offered judicial guarantees (Surety Bond/Letter of Guarantee) in the total and updated amount on March 31, 2025 of BRL 10,414,896 (on December 31, 2024 BRL 10,620,316), as determined by the current procedural legislation.

The evaluations carried out by legal advisors define these administrative and judicial proceedings as a possible risk of loss and are not provisioned in accordance with Management's judgment and accounting practices adopted in Brazil.

19. PROVISIONS FOR ENVIRONMENTAL LIABILITIES AND DECOMMISSIONING

The balance of provisions for environmental liabilities and asset decommissioning can be shown as follows:

Consolidated Parent Company
03/31/2025 12/31/2024 03/31/2025 12/31/2024
Environmental liabilities 152,680 155,471 140,984 142,989
Asset retirement obligations 1,025,410 977,892
1,178,090 1,133,363 140,984 142,989
20. RELATED-PARTY BALANCES AND TRANSACTIONS
--- ---
20.a) Transactions with subsidiaries, jointly controlled entities, associates, exclusive funds and other related parties

·      Consolidated

Consolidated
03/31/2025 12/31/2024
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 1,288,597 1,288,597 912,532 912,532
Financial investments 4 911,364 911,364 860,592 860,592
Trade receivables 5 118,978 7,727 115 126,820 88,750 3,230 191 92,171
Dividends receivable 8 128,231 74,261 202,492 127,386 74,050 201,436
Borrowings 8 5,348 5,348 5,315 5,315
Other receivables 8 2 1,829 1,831 2 1,829 1,831
118,978 141,308 2,276,166 2,536,452 88,750 135,933 1,849,194 2,073,877
Non-current Assets
Financial investments 4 132,071 132,071 142,423 142,423
Borrowings 8 5,307 1,963,437 1,968,744 3,789 1,899,239 1,903,028
Actuarial liabilities 8 49,130 49,130 47,708 47,708
Other receivables 8 1,792,579 1,792,579 1,792,579 1,792,579
5,307 3,756,016 181,201 3,942,524 3,789 3,691,818 190,131 3,885,738
124,285 3,897,324 2,457,367 6,478,976 92,539 3,827,751 2,039,325 5,959,615
Liabilities
Current Liabilities
Trade payables 16,961 213,415 481 230,857 13,676 217,289 184,892 415,857
Accounts payable 16 20,240 170,596 190,836 23,245 22,571 140,991 186,807
16,961 233,655 171,077 421,693 36,921 239,860 325,883 602,664
Non-current Liabilities
Accounts payable 20,850 20,850
20,850 20,850
16,961 233,655 171,077 421,693 36,921 260,710 325,883 623,514 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | | | Consolidated | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 03/31/2025 | | | | 03/31/2024 | | | | | | | Associates | Joint-ventures and Joint Operation | Other related parties | Total | Associates | Joint-ventures and Joint Operation | Other related parties | Total | | P & L | | | | | | | | | | | Sales | | 599,866 | 4,027 | | 603,893 | 49,198 | 4,830 | 466,133 | 520,161 | | Cost and expenses | | (43,337) | (498,973) | (39,256) | (581,566) | (151) | (482,434) | (83,440) | (566,025) | | Financial income (expenses) | | | | | | | | | | | Interest | 26 | 617 | 48,261 | 4,096 | 52,974 | | 37,984 | 13,378 | 51,362 | | Exchange rate variations andmonetary, net | | | | (33,110) | (33,110) | | | | | | Financial investments | 26 | | | 50,772 | 50,772 | | | 57,830 | 57,830 | | Other income and expenses | | | 53 | 1,422 | 1,475 | | | | | | | | 557,146 | (446,632) | (16,076) | 94,438 | 49,047 | (439,620) | 453,901 | 63,328 |

·      Parent Company

Parent Company
03/31/2025 12/31/2024
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 337,838 337,838 311,607 311,607
Financial investments 4 911,362 911,362 860,591 860,591
Trade receivables 5 923,093 106 923,199 734,972 62 106 735,140
Borrowings 8 5,348 5,348 5,315 5,315
Dividends receivable 8 436,154 65,958 502,112 436,154 65,113 501,267
Other receivables 8 353,039 2 1,829 354,870 245,235 2 1,828 247,065
1,712,286 71,308 1,251,135 3,034,729 1,416,361 70,492 1,174,132 2,660,985
Non-current Assets
Financial investments 4 132,071 132,071 142,423 142,423
Borrowings 8 1,254,139 1,866,548 3,120,687 696,886 1,802,226 2,499,112
Actuarial liabilities 8 38,217 38,217 37,059 37,059
Other receivables 8 2,780 1,792,579 1,795,359 1,461 1,792,579 1,794,040
1,256,919 3,659,127 170,288 5,086,334 698,347 3,594,805 179,482 4,472,634
2,969,205 3,730,435 1,421,423 8,121,063 2,114,708 3,665,297 1,353,614 7,133,619
Liabilities
Current Liabilities
Intercompany Loans 12 833,840 833,840 821,983 821,983
Trade payables 15 661,479 115,452 776,931 519,749 116,466 184,078 820,293
Accounts payable 16 117,245 126,153 243,398 138,804 86,248 225,052
Provision for consumption 458,051 458,051 490,850 490,850
2,070,615 115,452 126,153 2,312,220 1,971,386 116,466 270,326 2,358,178
Non-current Liabilities
Intercompany Loans 12 10,501,937 10,501,937 11,310,104 11,310,104
Accounts payable 16 380,330 380,330 402,406 402,406
10,882,267 10,882,267 11,712,510 11,712,510
12,952,882 115,452 126,153 13,194,487 13,683,896 116,466 270,326 14,070,688
Parent Company
--- --- --- --- --- --- --- --- --- ---
03/31/2025 03/31/2024
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 1,151,601 29 1,151,630 842,788 744 462,293 1,305,825
Cost and expenses (975,233) (125,641) (24,799) (1,125,673) (388,778) (142,362) (70,446) (601,586)
Financial income (expenses)
Interest 26 (10,724) 46,874 (2,605) 33,545 (29,024) 37,055 2,814 10,845
Exclusive funds 26 2,574 2,574 1,997 1,997
Financial investments 26 50,772 50,772 57,830 57,830
Dividends received
Exchange rate variations andmonetary, net 872,030 872,030 (284,782) (284,782)
Other operating income and expenses 47,855 53 1,158 49,066
1,085,529 (78,685) 27,100 1,033,944 140,204 (104,563) 454,488 490,129

Consolidated and Controlling Information:

Financial Investments: It practically refers to investments in Usiminas stocks, cash and cash equivalents, and Bonds with Banco Fibra and public securities and CDBs with exclusive funds.

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

Receivables: Mainly refers to sales operations of steel products of the Parent Company to related parties.

Dividends receivable: In the Parent Company, the balance is mainly composed of dividends and interest on equity of CSN Mineração in the amount of BRL 125,107, dividends of CSN Cimentos Brasil S.A. in the amount of BRL 178,348 and in the Consolidated refers to dividends of MRS Logística S.A. in the amount of BRL 126,044 on March 31, 2025 and December 31, 2024.

Loans (Assets):

Long-term: In the Consolidated, it refers mainly to loan agreements with Transnordestina Logística BRL 1,960,501 with an average rate of 125.0% to 130.0% of the CDI on March 31, 2025 and December 31, 2024.

Other (Assets): In the Consolidated advance for future capital increase with Transnordestina Logística S.A. of BRL 1,792,579 on March 31, 2025 and December 31, 2024.

Loans (Liabilities):

Foreign currency: In the Parent Company, these are intercompany contracts in the amount of BRL 11,335,779 on March 31, 2025 and BRL 12,132,087 on December 31, 2024.

20.b) Key Management Personnel

Key Management personnel holding the necessary authority and responsibility for planning, directing and controlling the Company's activities include the members of the Board of Directors and the Statutory Officers. Below is information on compensation and balances as of March 31, 2025 and 2024.

03/31/2025 03/31/2024
P&L
Short-term benefits for employees and officers 9,044 7,265
Post-employment benefits 222 133
9,266 7,398
20.c) Guarantees
--- ---

The Company has responsibility for fiduciary guarantees with its subsidiaries and jointly controlled companies, as presented below:

Maturities Borrowings Tax foreclosure Others Total
03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024
Transnordestina Logísitca Up to 09/19/2056 and Indefinite 4,139,939 3,966,722 10,869 10,717 4,972 4,828 4,155,780 3,982,267
Subsidiaries Up to 01/10/2028 and Indefinite 1,377,002 2,079,693 1,920 1,920 1,378,922 2,081,613
Total in R 5,516,941 6,046,415 10,869 10,717 6,892 6,748 5,534,702 6,063,880
CSN Inova Ventures 01/28/2028 1,300,000 1,300,000 1,300,000 1,300,000
CSN Resources Up to 04/08/2032 2,230,000 2,230,000 2,230,000 2,230,000
Total in US 3,530,000 3,530,000 3,530,000 3,530,000
Lusosider Aços Planos Indefinite 75,000 75,000 75,000 75,000
Total in 75,000 75,000 75,000 75,000
Total in R 20,269,966 21,858,819 464,948 482,723 20,734,914 22,341,542
25,786,907 27,905,234 10,869 10,717 471,840 489,471 26,269,616 28,405,422

All values are in US Dollars.

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 21. | SHAREHOLDERS' EQUITY | | --- | --- |

21.a) Paid-upcapital

The fully subscribed and paid-up capital as of March 31, 2025 and December 31, 2024 is BRL 10,240,000 divided into 1,326,093,947 common stock and book-entry shares, each without par value. Each share of common stock entitles the respective holder to one vote in the resolutions made at Annual General Meeting.

21.b) Authorized capital

The Company's bylaws in force on March 31, 2025 define that the share capital may be increased to up to 2,400,000,000 shares, by decision of the Board of Directors, regardless of statutory reform.

21.c) Legal reserve

5% of the net income calculated in each fiscal year will be applied, before any other destination, pursuant to art. 193 of Federal Law no. 6.404/76, which shall not exceed 20% of the share capital.

21.d) Ownership structure

As of March 31, 2025 and December 31, 2024, the shareholding composition is as follows:

03/31/2025 12/31/2024
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. (*) 131,581,390 9.92% 9.92% 132,523,251 9.99% 9.99%
NYSE (ADRs) 286,348,898 21.59% 21.59% 283,799,438 21.40% 21.40%
Other shareholders 310,044,724 23.38% 23.38% 311,652,323 23.50% 23.50%
Outstanding shares 1,326,093,947 100.00% 100.00% 1,326,093,947 100.00% 100.00%
(*) Controlling group companies.
--- ---

On June 20, 2024, CFL, in compliance with the provisions of article 12, §6 of CVM Resolution 44/2021, informed the Company about the disposal by CFL Ana of common shares issued by CSN. CSN, in turn, informed the market about the sale of a relevant equity interest on that same date, informing that CFL Ana's interest became 132,523,251 common shares, representing its 9.99% of the share capital, according to correspondence received.

On December 2, 2024, Vicunha Aços, in compliance with the provisions of article 12, §6 of CVM Resolution 44/2021, informed the Company about the acquisition of common shares issued by CSN. CSN, in turn, informed the market about the acquisition of a relevant equity interest the following day, informing that Vicunha Aços' interest now represents 41.66% of the share capital, according to correspondence received.

21.e) Income per share

Earnings per share are shown bellow:

03/31/2025 03/31/2024
Common Shares
Loss for the period (619,146) (589,701)
Weighted average number of shares 1,326,093,947 1,326,093,947
Basic and diluted loss per share (0.46689) (0.44469) 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 22. | SHAREHOLDERS COMPENSATION | | --- | --- |

On May 9, 2024 and November 14, 2024, the Board of Directors approved the proposal to pay interim dividends to the Profit Reserve Account in the amount of BRL 950,000 and BRL 730,000, corresponding to BRL 0.716389666168954 and BRL 0.550488901371933 per share, respectively. Dividends were paid, without monetary restatement, from May 29, 2024 and November 28, 2024.

As of December 31, 2024, the Company recorded a loss for the year of (BRL 2,591,851), compensated through the consumption of statutory reserve values.

23. NET REVENUE FROM SALES

Net sales revenue has the following composition:

Consolidated Parent Company
03/31/2025 03/31/2024 03/31/2025 03/31/2024
Gross revenue
In Brazil 7,127,443 6,489,488 5,254,035 4,734,137
Abroad 5,468,013 4,800,143 325,629 510,475
12,595,456 11,289,631 5,579,664 5,244,612
Deductions
Sales returns, discounts and rebates (171,754) (230,945) (92,575) (166,918)
Taxes on sales (1,516,073) (1,345,694) (996,765) (869,910)
(1,687,827) (1,576,639) (1,089,340) (1,036,828)
Net revenue 10,907,629 9,712,992 4,490,324 4,207,784
24. EXPENSES BY NATURE
--- ---
Consolidated Parent Company
--- --- --- --- ---
03/31/2025 03/31/2024 03/31/2025 03/31/2024
Raw materials and inputs (3,107,442) (3,395,876) (2,216,916) (2,531,160)
Outsourcing material (886,943) (765,963)
Labor cost (1,306,443) (1,148,790) (487,352) (443,082)
Supplies (847,851) (607,551) (683,431) (534,617)
Maintenance cost (services and materials) (362,237) (192,806) (129,374) (61,993)
Outsourcing services (708,049) (461,467) (387,710) (269,234)
Freight (1,108,919) (1,230,664) (196,218) (208,357)
Depreciation, amortization and depletion (972,008) (875,064) (337,183) (316,232)
Others (353,124) (249,204) (59,310) (26,537)
(9,653,016) (8,927,385) (4,497,494) (4,391,212)
Classified as:
Cost of sales (8,375,386) (7,521,968) (4,203,998) (4,100,294)
Selling expenses (1,060,232) (1,198,564) (205,282) (202,888)
General and administrative expenses (217,398) (206,853) (88,214) (88,030)
(9,653,016) (8,927,385) (4,497,494) (4,391,212)

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

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | | | 03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 | | Production costs | (947,302) | (858,072) | (325,585) | (308,799) | | Selling expenses | (13,985) | (11,867) | (4,837) | (2,770) | | General and administrative expenses | (10,721) | (5,125) | (6,761) | (4,663) | | | (972,008) | (875,064) | (337,183) | (316,232) | | Other operational ^(2)^ | (27,179) | (20,838) | (17,240) | (2,252) | | | (999,187) | (895,902) | (354,423) | (318,484) | | (1) | They refer substantially to the depreciation of investment properties and scheduled shutdown for the renovation of Blast Furnace 2. | | --- | --- | | 25. | OTHER OPERATING INCOME AND EXPENSES | | --- | --- | | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | --- | | | Ref. | 03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 | | Other operating income | | | | | | | Receivables by indemnity ^(1)^ | | 1,657 | 38,825 | 480 | 38,458 | | Rentals and leases | | 11,077 | 7,008 | 8,703 | 5,022 | | Contractual fines | | 1,325 | 9,817 | 9,607 | 9,775 | | Realized cash flow hedge ^(2)^ | | | 18,253 | | 13,271 | | Tax recuperation | | 26,127 | | 14,725 | | | Other revenues | | 26,829 | 22,564 | 21,335 | 13,734 | | | | 67,015 | 96,467 | 54,850 | 80,260 | | Other operating expenses | | | | | | | Taxes and fees | | (38,320) | (37,113) | (12,527) | (15,349) | | Expenses with environmental liabilities, net | | (10,211) | (13,403) | 809 | 980 | | Net reversals/(expenses) on legal proceedings | | (153,946) | (37,820) | (15,075) | (14,892) | | Depreciation of investment properties, idle equipment and amortization of intangible assets | 24 | (27,179) | (20,838) | (17,240) | (2,252) | | Reversals/(Estimated write-offs or losses) in property, plant and equipment, intangible assets and investment properties, net of reversals | 9.d, 10 and 11 | 12,886 | (9,870) | 14,177 | (2,216) | | Estimated inventory losses ^(1)^ | | 7,461 | (46,612) | 4,217 | (24,232) | | Idleness in stocks and paralyzed equipment ^(2)^ | | (47,272) | (52,752) | (44,097) | (47,251) | | Studies and project engineering expenses | | (17,636) | (9,400) | (9,162) | (2,382) | | Healthcare plan expenses | | (26,578) | (25,821) | (23,963) | (25,345) | | Realized cash flow hedge ^(3)^ | | (152,882) | | (185,856) | | | Pension plan expense | | (14,497) | (11,437) | (13,724) | (10,687) | | Reversals/(Expenses) on receivables | | (3,066) | | 62 | | | Other expenses | | (41,185) | (127,393) | (22,673) | (85,000) | | | | (512,425) | (392,459) | (325,052) | (228,626) | | Other operating income (expenses), net | | (445,410) | (295,992) | (270,202) | (148,366) | | (1) | In the 1st quarter of 2024, there was<br>a reversal in the loss of assets receivable in the amount of BRL 37,963, after a court settlement; | | --- | --- | | (2) | In the Consolidated the realization of<br>Cash Flow Hedge of BRL (193,460) and Platts Hedge in the amount of BRL 40,578, which results in a total of BRL (152,882). At the<br>Parent Company, it is the realization of a Cash Flow Hedge in the amount of BRL (185,856). | | --- | --- |

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 26. | FINANCIAL INCOME (EXPENSES) | | --- | --- | | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | --- | | | Ref. | 03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 | | Financial income | | | | | | | Related parties | 20.a | 53,342 | 52,833 | 77,097 | 57,966 | | Income from financial investments | | 416,859 | 211,058 | 94,805 | 33,989 | | Updated shares – Fair value through profit or loss | | 50,773 | 57,830 | 50,772 | 57,830 | | Dividends received | | 2,373 | - | 2,339 | - | | Interest and fines | | 12,482 | 13,594 | 7,077 | 8,449 | | Other income | | 19,228 | 99,044 | 16,262 | 95,267 | | | | 555,057 | 434,359 | 248,352 | 253,501 | | Financial expenses | | | | | | | Borrowings and financing - foreign currency | 12 | (599,036) | (480,099) | (118,505) | (69,460) | | Borrowings and financing - local currency | 12 | (501,744) | (482,077) | (332,374) | (308,661) | | Capitalized interest | 10 | 78,944 | 37,680 | 42,432 | 15,104 | | Related parties | 20.a | (368) | (1,471) | (40,978) | (45,124) | | Lease liabilities | 14 | (25,179) | (22,352) | (884) | (100) | | Interest and fines | | (24,282) | (10,457) | (16,078) | (2,483) | | Interest on forfaiting operations | | (44,340) | (115,364) | (44,340) | (114,184) | | (-) Adjusted present value of trade payables | | (123,723) | (91,783) | (82,398) | (60,930) | | Commission, bank fees, guarantee and bank fees | | (54,485) | (47,465) | (17,851) | (25,041) | | PIS/COFINS over financial income | | (21,407) | (37,188) | (9,298) | (16,081) | | Other financial expenses | | (384,788) | (168,051) | (31,620) | (5,838) | | | | (1,700,408) | (1,418,627) | (651,894) | (632,798) | | Others financial items, net | | | | | | | Foreign exchange and monetary variation, net | | (671,562) | (25,666) | (449,002) | 1,341 | | Gains and (losses) on exchange derivatives (*) | | (33,434) | (114,593) | 68,005 | (15,780) | | | | (704,996) | (140,259) | (380,997) | (14,439) | | | | (2,405,404) | (1,558,886) | (1,032,891) | (647,237) | | Financial income (expenses), net | | (1,850,347) | (1,124,527) | (784,539) | (393,736) | | (*) Statement of gains and (losses) on derivative transactions (note 13.c) | | | | | | | Exchange rate swap Real x Dollar | | (115,921) | 12,624 | | | | Exchange rate swap Dollar x Euro | | | 9,282 | | | | Interest rate swap CDI x IPCA | | 21,450 | (2,314) | 6,968 | (13,466) | | Exchange rate swap CDI x Dollar | | 61,037 | (134,185) | 61,037 | (2,314) | | | | (33,434) | (114,593) | 68,005 | (15,780) | | 27. | SEGMENT INFORMATION | | --- | --- |

The financial information related to the business segments did not change in relation to that disclosed in the Company's financial statements as of December 31, 2024. Accordingly, Management decided not to repeat them in this condensed interim financial information.

Result by segment

For the purposes of preparing and presenting information by business segment, Management decided to maintain the proportional consolidation of the 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".

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | | | | | | | | | | 03/31/2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | P&L | Ref. | Steel | Mining | Logistics | | Energy | Cement | Corporate expenses/elimination | Consolidated | | | | | | Port | Railroads | | | | | | Net revenues | | 6,107,126 | 3,432,139 | 85,591 | 685,107 | 178,447 | 1,101,713 | (682,494) | 10,907,629 | | In Brazil | | 4,217,207 | 429,119 | 85,591 | 685,107 | 178,447 | 1,101,709 | (1,181,670) | 5,515,510 | | Abroad | | 1,889,919 | 3,003,020 | | | | 4 | 499,176 | 5,392,119 | | Cost of sales and services | 24 | (5,663,529) | (2,283,635) | (61,820) | (420,316) | (112,628) | (807,393) | 973,936 | (8,375,386) | | Gross profit | | 443,597 | 1,148,504 | 23,771 | 264,791 | 65,819 | 294,320 | 291,442 | 2,532,243 | | General and administrative expenses | 24 | (339,291) | (66,214) | (2,791) | (62,599) | (9,138) | (261,493) | (536,103) | (1,277,630) | | Other operating income/(expenses), net | 25 | (43,766) | (45,345) | (2,941) | 16,623 | (96,997) | (30,220) | (242,763) | (445,410) | | Equity in results of affiliated companies | 9 | | | | | | | 78,434 | 78,434 | | Operating result before Financial Income and Taxes | | 60,540 | 1,036,945 | 18,039 | 218,815 | (40,316) | 2,607 | (408,990) | 887,637 | | Sales by geographic area | | | | | | | | | | | Asia | | | 2,758,157 | | | | | 481,678 | 3,239,835 | | North America | | 445,536 | | | | | | | 445,536 | | Latin America | | 9,990 | | | | | 4 | | 9,994 | | Europe | | 1,434,393 | 244,863 | | | | | 17,498 | 1,696,754 | | Foreign market | | 1,889,919 | 3,003,020 | | | | 4 | 499,176 | 5,392,119 | | Domestic market | | 4,217,207 | 429,119 | 85,591 | 685,107 | 178,447 | 1,101,709 | (1,181,670) | 5,515,510 | | Total | | 6,107,126 | 3,432,139 | 85,591 | 685,107 | 178,447 | 1,101,713 | (682,494) | 10,907,629 | | | | | | | | | | | 03/31/2024 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | P&L | Ref. | Steel | Mining | Logistics | | Energy | Cement | Corporate expenses/elimination | Consolidated | | | | | | Port | Railroads | | | | | | Net revenues | | 5,384,249 | 2,823,391 | 84,170 | 671,889 | 103,953 | 1,079,229 | (433,889) | 9,712,992 | | In Brazil | | 3,739,942 | 427,891 | 84,170 | 671,889 | 103,953 | 1,079,229 | (1,139,840) | 4,967,234 | | Abroad | | 1,644,307 | 2,395,500 | | | | | 705,951 | 4,745,758 | | Cost of sales and services | 24 | (5,175,397) | (1,916,131) | (66,695) | (367,598) | (83,859) | (800,029) | 887,741 | (7,521,968) | | Gross profit | | 208,852 | 907,260 | 17,475 | 304,291 | 20,094 | 279,200 | 453,852 | 2,191,024 | | General and administrative expenses | 24 | (323,005) | (82,424) | (2,905) | (59,196) | (14,615) | (177,793) | (745,479) | (1,405,417) | | Other operating income/(expenses), net | 25 | (160,432) | (58,803) | 1,106 | 37,757 | 5,973 | (50,939) | (70,654) | (295,992) | | Equity in results of affiliated companies | 9 | | | | | | | 93,320 | 93,320 | | Operating result before Financial Income and Taxes | | (274,585) | 766,033 | 15,676 | 282,852 | 11,452 | 50,468 | (268,961) | 582,935 | | Sales by geographic area | | | | | | | | | | | Asia | | | 2,134,631 | | | | | 705,951 | 2,840,582 | | North America | | 424,006 | | | | | | | 424,006 | | Latin America | | 7,300 | | | | | | | 7,300 | | Europe | | 1,213,001 | 171,057 | | | | | | 1,384,058 | | Others | | | 89,812 | | | | | | 89,812 | | Foreign market | | 1,644,307 | 2,395,500 | | | | | 705,951 | 4,745,758 | | Domestic market | | 3,739,942 | 427,891 | 84,170 | 671,889 | 103,953 | 1,079,229 | (1,139,840) | 4,967,234 | | Total | | 5,384,249 | 2,823,391 | 84,170 | 671,889 | 103,953 | 1,079,229 | (433,889) | 9,712,992 | | 28. | ADDITIONAL CASH FLOW INFORMATION | | --- | --- |

The following table sets forth the additional transaction information related to the statement of cash flows:

Consolidated Parent Company
Ref. 03/31/2025 03/31/2024 03/31/2025 03/31/2024
Income tax and social contribution paid 127,251 243,224 1,865
Addition to PP&E with interest capitalization 10 and 26 78,944 37,680 42,432 15,104
Remeasurement and addition – Right of use 10.(i) 74,156 100,900 1,944 82
Addition to PP&E without adding cash 15,967
Capitalization in associate andsubsidiaries with no cash effect 37,180 118,000 118,000
317,531 515,771 44,376 135,051 
| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- | | 29. | STATEMENT OF COMPREHENSIVE INCOME | | --- | --- | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | | | 03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 | | Net income/(loss) | (731,580) | (479,662) | (619,146) | (589,701) | | 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 | 36 | (277) | 37 | (278) | | | 36 | (277) | 37 | (278) | | Items that could be subsequently reclassified to the statement of income | | | | | | Cumulative translation adjustments for the year | (108,927) | 29,147 | (108,927) | 29,147 | | (Loss)/gain cash flow hedge accounting, net of taxes | 1,195,664 | (313,985) | 1,195,664 | (313,985) | | Cash flow hedge reclassified to income upon realization, net of taxes | 122,665 | (8,759) | 122,665 | (8,759) | | (Loss)/gain cash flow hedge accounting–“Platts”from investments in subsidiaries, net of taxes | 321,918 | 820,529 | 222,158 | 654,405 | | | 1,531,320 | 526,932 | 1,431,560 | 360,808 | | | 1,531,356 | 526,655 | 1,431,597 | 360,530 | | Comprehensive income for the year | 799,776 | 46,993 | 812,451 | (229,171) | | Attributable to: | | | | | | Earnings attributable to the controlling interests | 812,451 | (229,171) | 812,451 | (229,171) | | Earnings attributable to the non-controlling interests | (12,675) | 276,164 | | | | | 799,776 | 46,993 | 812,451 | (229,171) | | The accompanying notes are an integral part of these consolidated financial statements | | | | |

30. SUBSEQUENT EVENTS

Completion of the acquisition of the Tora Group

On April 1, 2025, CSN completed the acquisition of the Tora Group, through the acquisition of 70% (seventy percent) of the capital stock of its parent company Estrela Comércio e Participações S.A. (“Estrela”). This operation was announced on December 11, 2024, through the signing of a Binding Proposal for the acquisition of Estrela, for the total price of BRL 742,500. On December 30, 2024, an Agreement for the purchase and sale of Shares and Other Covenants was entered into for this acquisition, which was concluded on April 1, 2025, with BRL 300,000 being paid to Estrela and the remaining balance of the total price will be paid in 03 annual installments.

External audit

On April 22, 2025, the Company's Board of Directors approved the extension of the contractual term with Forvis Mazars Auditores Independentes (“Mazars”) as the Group's independent auditor, to audit its financial statements for the years 2025 and 2026 before the Brazilian Securities and Exchange Commission (CVM). At the same meeting, the replacement of Grant Thornton Auditores Independentes by Mazars to the Securities and Exchange Commission (SEC) was approved at the same time.

Holding of the Annual General Meeting with electionof members of the Board of Directors and Fiscal Council

On April 30, 2025, Companhia Siderúrgica Nacional held its Annual Shareholders' Meeting in order to: (i) approve the accounts for the fiscal year ended December 31, 2024; (ii) resolve on the allocation of the result of the fiscal year ended December 31, 2024, according to the Management Proposal; (iii) set the number of members of the Board of Directors for the next term at five (5), according to the Management Proposal; (iv) elect the members of the Board of Directors; (v) resolve on the installation of the Fiscal Council; (vi) In case of installation of the Fiscal Council, elect the members and establish their remuneration. The matters were voted on and approved by a majority of the shareholders, and the Board of Directors was elected with a term of office until the Annual General Meeting of 2027. And it is composed of Benjamin Steinbruch, Yoshiaki Nakano, Antonio Bernardo Vieira Maia, Miguel Ethel Sobrinho and Fabiam Franklin (employee representative). The Fiscal Council was installed and the following members were elected with a term of office until the Annual General Meeting of 2026: Paulo Roberto Evangelista de Lima, Angélica Maria de Queiroz and André Coji and their respective alternates Marcos Aurélio Pamplona da Silva, Beatriz Santos Martini and Nilton Maia Sampaio.

| **Consolidated and individual Interim Financial Statements**<br><br>\(In thousands of Reais, unless stated otherwise\) |

| --- |

Election of the Audit Committee

On May 8, 2025, the first Meeting of the Board of Directors that took office at the Annual General Meeting of 2025 was held, and the reelection of the Audit Committee with a term of office until the Annual General Meeting of 2027 composed of Antonio Bernardo Vieira Maia, Miguel Ethel Sobrinho and Yoshiaki Nakano was resolved.

Holding of the Annual and Extraordinary General Meetingwith election of members of the Board of Directors

On April 16, 2025, CSN Mineração (a subsidiary of CSN) held its Annual and Extraordinary Shareholders' Meeting aiming to: (i) approve the accounts for the fiscal year ended December 31, 2024; (ii) resolve on the allocation of the result of the fiscal year ended December 31, 2024, according to the Management Proposal; (iii) set the number of members of the Board of Directors for the next term at seven (7), according to the Management Proposal; (iv) elect the members of the Board of Directors; (v) amend Article 5 and restate the Bylaws. The Board of Directors was elected with a term of office until the Annual General Meeting of 2027, being composed of Benjamin Steinbruch, Enéas Garcia Diniz, Helena Olímpia de Almeida Brennand Guerra, Marcelo Cunha Ribeiro, Miguel Ethel Sobrinho, Yoshiaki Nakano, Yoshihiko Ogura as full members and Hisakazu Yamaguchi, as an alternate of Yoshihiko Ogura.

Election of the Audit Committee

On April 17, 2025, the first Meeting of the Board of Directors of CSN Mineração (a subsidiary of CSN) was held, which was elected at the 2025 Annual General Meeting, and the reelection of the Audit Committee with a term of office until the 2027 Annual General Meeting composed of Angélica Maria de Queiroz, Beatriz Santos Martini and Yoshiaki Nakano was resolved.

Resolution of Dividends and Interest on Equity

On May 8, 2025, a Meeting of the Board of Directors of CSN Mineração (subsidiary of CSN) was held, which approved the resolution to pay dividends in anticipation of the minimum mandatory dividend, the distribution of BRL 1,300,000 to the profit reserve account, of which: BRL 1,090,000 as interim dividends, corresponding to the amount of BRL 0.200661094064 per share; and BRL 210,000, as payment by the Company of interest on equity, corresponding to the amount of BRL 0.0386594768380 per share. The shareholders registered with the depositary institution, Banco Bradesco S.A., on May 12, 2025 are entitled to receive these dividends and interest on equity and, as of May 13, 2025, the shares will be traded ex-dividends. The payment of interim dividends and interest on shareholders' equity will be made until December 31, 2025, on a specific date(s) to be informed in a timely manner to the Shareholders and the market, without the application of monetary restatement or incidence of interest between the date of declaration and the date(s) of the actual payment(s).

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: May 21, 2025

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