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6-K

National Steel Co (SID)

6-K 2022-11-30 For: 2022-09-30
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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 November, 2022 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____

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 |

Table of Contents

Company Information
Capital Breakdown 1
Parent Company Financial Statements
Balance Sheet – Assets 2
Balance Sheet – Liabilities 3
Statement of Income 4
Statement of Comprehensive Income 5
Statement of Cash Flows 6
Statement of Changes in Shareholders’ Equity
01/01/2022 to 09/30/2022 8
01/01/2021 to 09/30/2021 9
Statement of Value Added 10
Consolidated Financial Statements
Balance Sheet – Assets 11
Balance Sheet - Liabilities 12
Statement of Income 13
Statement of Comprehensive Income 14
Statement of Cash Flows 15
Statement of Changes in Shareholders’ Equity
01/01/2022 to 09/30/2022 17
01/01/2021 to 09/30/2021 18
Statement of Value Added 19
Comments on the Company’s Consolidated Performance 20
Notes to the financial information 44
Comments on the Performance of Business Projections 96
Reports and Statements
Unqualified Independent Auditors’ Review Report 100
Officers Statement on the Financial Statements 102
Officers Statement on Auditor’s Report 103 
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Company Information / Capital Breakdown

Number of Shares<br><br> <br>(Units) Current Year<br><br> <br>09/30/2022
Paid-in Capital
Common 1,326,093,947
Preferred 0
Total 1,326,093,947
Treasury Shares
Common 0
Preferred 0
Total 0 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Parent Company Financial Statements / Balance Sheet - Assets<br><br> <br>(BRL thousand) | | | | | --- | --- | --- | --- | | Code | Description | Current Quarter 09/30/2022 | Previous Year 12/31/2021 | | 1 | Total Assets | 61,135,432 | 61,933,890 | | 1.01 | Current assets | 14,516,561 | 18,241,837 | | 1.01.01 | Cash and cash equivalents | 2,764,344 | 3,885,265 | | 1.01.02 | Financial investments | 1,339,364 | 2,426,457 | | 1.01.02.01 | Financial investments measured a fair value through profit or loss | 1,288,977 | 2,383,059 | | 1.01.02.01.03 | Financial investments measured a fair value through profit or loss – Usiminas’ shares | 1,288,977 | 2,383,059 | | 1.01.02.03 | Financial investments at amortized cost | 50,387 | 43,398 | | 1.01.03 | Trade receivables | 2,103,276 | 2,375,512 | | 1.01.04 | Inventory | 6,955,768 | 7,508,183 | | 1.01.06 | Recoverable taxes | 737,137 | 1,255,697 | | 1.01.08 | Other current assets | 616,672 | 790,723 | | 1.01.08.03 | Others | 616,672 | 790,723 | | 1.01.08.03.02 | Prepaid expenses | 291,386 | 185,968 | | 1.01.08.03.03 | Dividends receivable | 150,989 | 486,506 | | 1.01.08.03.04 | Others | 174,297 | 118,249 | | 1.02 | Non-current assets | 46,618,871 | 43,692,053 | | 1.02.01 | Long-term assets | 10,658,113 | 9,982,573 | | 1.02.01.03 | Financial investments at amortized cost | 136,167 | 132,523 | | 1.02.01.07 | Deferred taxes assets | 4,097,191 | 4,843,653 | | 1.02.01.10 | Other non-current assets | 6,424,755 | 5,006,397 | | 1.02.01.10.03 | Recoverable taxes | 870,813 | 691,286 | | 1.02.01.10.04 | Judicial deposits | 239,138 | 222,481 | | 1.02.01.10.05 | Prepaid expenses | 85,914 | 109,583 | | 1.02.01.10.06 | Receivable from related parties | 3,166,393 | 2,442,198 | | 1.02.01.10.07 | Others | 2,062,497 | 1,540,849 | | 1.02.02 | Investments | 28,192,190 | 26,140,909 | | 1.02.02.01 | Equity interest | 28,051,447 | 25,998,331 | | 1.02.02.02 | Investment Property | 140,743 | 142,578 | | 1.02.03 | Property, plant and equipment | 7,716,629 | 7,508,842 | | 1.02.03.01 | Property, plant and equipment in operation | 6,732,734 | 6,752,158 | | 1.02.03.02 | Right of use in leases | 13,238 | 15,996 | | 1.02.03.03 | Property, plant and equipment in progress | 970,657 | 740,688 | | 1.02.04 | Intangible assets | 51,939 | 59,729 |

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Parent Company Financial Statements / Balance Sheet – Liabilities
(BRL thousand)
Code Description Current Quarter 09/30/2022 Previous Year 12/31/2021
2 Total Liabilities 61,135,432 61,933,890
2.01 Current liabilities 14,366,065 16,202,230
2.01.01 Payroll and related taxes 190,675 133,595
2.01.02 Trade payables 4,006,546 4,710,811
2.01.03 Tax payables 221,344 761,868
2.01.04 Borrowings and financing 3,195,066 3,864,228
2.01.05 Other payables 6,722,401 6,696,157
2.01.05.02 Others 6,722,401 6,696,157
2.01.05.02.04 Dividends and interests on shareholder´s equity 455,002 1,125,359
2.01.05.02.05 Advances from customers 121,321 148,822
2.01.05.02.06 Trade payables – Forfaiting and Drawee risk 5,328,002 4,439,967
2.01.05.02.07 Lease liabilities 8,524 7,602
2.01.05.02.08 Other payables 809,552 974,407
2.01.06 Provisions 30,033 35,571
2.01.06.01 Provision for tax, social security, labor and civil risks 30,033 35,571
2.02 Non-current liabilities 25,656,852 25,416,662
2.02.01 Borrowings and financing 16,423,469 16,568,616
2.02.02 Other payables 253,453 319,859
2.02.02.02 Others 253,453 319,859
2.02.02.02.03 Lease liabilities 6,567 10,339
2.02.02.02.04 Derivative financial instruments 69,394 101,822
2.02.02.02.05 Trade payables 18,642 43,396
2.02.02.02.06 Other payables 158,850 164,302
2.02.04 Provisions 8,979,930 8,528,187
2.02.04.01 Provision for tax, social security, labor and civil risks 320,230 333,285
2.02.04.02 Other provisions 8,659,700 8,194,902
2.02.04.02.03 Provision for environmental liabilities and decommissioning of assets 167,382 159,254
2.02.04.02.04 Pension and healthcare plan 584,288 584,288
2.02.04.02.05 Provision for losses on investments 7,908,030 7,451,360
2.03 Shareholders’ equity 21,112,515 20,314,998
2.03.01 Paid-up capital 10,240,000 10,240,000
2.03.02 Capital reserves 32,720 32,720
2.03.04 Earnings reserves 9,697,708 10,092,888
2.03.04.01 Legal reserve 1,081,222 1,081,222
2.03.04.02 Statutory reserve 8,616,486 9,948,596
2.03.04.09 Treasury shares - (936,930)
2.03.05 Accumulated earnings (losses) 1,537,119 -
2.03.08 Other comprehensive income (395,032) (50,610) 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Parent Company Financial Statements / Statement of Income | | | | | | | --- | --- | --- | --- | --- | --- | | (BRL thousand) | | | | | | | Code | Description | Current Quarter 07/01/2022 to 09/30/2022 | Year to date 01/01/2022 to 09/30/2022 | Same quarter previous year 07/01/2021 to 09/30/2021 | YTD previous year  01/01/2021 to 09/30/2021 | | 3.01 | Revenues from sale of goods and rendering of services | 6,474,363 | 19,011,952 | 6,873,294 | 18,524,592 | | 3.02 | Costs from sale of goods and rendering of services | (5,555,003) | (15,317,359) | (4,176,175) | (11,910,176) | | 3.03 | Gross profit | 919,360 | 3,694,593 | 2,697,119 | 6,614,416 | | 3.04 | Operating (expenses)/income | (616,628) | (83,999) | (312,976) | 5,334,820 | | 3.04.01 | Selling expenses | (244,946) | (708,561) | (210,412) | (517,200) | | 3.04.02 | General and administrative expenses | (59,809) | (170,135) | (54,251) | (171,726) | | 3.04.04 | Other operating income | 164,627 | 202,219 | (14,452) | 2,650,650 | | 3.04.05 | Other operating expenses | (772,796) | (1,524,625) | (166,188) | (720,986) | | 3.04.06 | Equity in results of affiliated companies | 296,296 | 2,117,103 | 132,327 | 4,094,082 | | 3.05 | Income before financial income (expenses) and taxes | 302,732 | 3,610,594 | 2,384,143 | 11,949,236 | | 3.06 | Financial income (expenses) | (3,127) | (1,364,779) | (235,883) | 302,365 | | 3.06.01 | Financial income | 116,663 | (605,214) | (361,353) | 1,014,750 | | 3.06.02 | Financial expenses | (119,790) | (759,565) | 125,470 | (712,385) | | 3.06.02.01 | Net exchange differences over financial instruments | 514,586 | 922,314 | 435,400 | 276,199 | | 3.06.02.02 | Financial expenses | (634,376) | (1,681,879) | (309,930) | (988,584) | | 3.07 | Income before income taxes | 299,605 | 2,245,815 | 2,148,260 | 12,251,601 | | 3.08 | Income tax and social contribution | (166,214) | (708,696) | (998,723) | (896,278) | | 3.09 | Net income  from continued operations | 133,391 | 1,537,119 | 1,149,537 | 11,355,323 | | 3.11 | Net income for the year | 133,391 | 1,537,119 | 1,149,537 | 11,355,323 | | 3.99 | Earnings per share – (Reais / Share) | | | | | | 3.99.01 | Basic earnings per share | | | | | | 3.99.01.01 | Common shares | 0.10059 | 1.15804 | 0.83293 | 8.22781 | | 3.99.02 | Diluted earnings per share | | | | | | 3.99.02.01 | Common shares | 0.10059 | 1.15804 | 0.83293 | 8.22781 |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Parent Company Financial Statements / Statement of Comprehensive Income | | | | | | | --- | --- | --- | --- | --- | --- | | (BRL thousand) | | | | | | | Code | Description | Current Quarter 07/01/2022 to 09/30/2022 | Year to date 01/01/2022 to 09/30/2022 | Same quarter previous year 07/01/2021 to 09/30/2021 | YTD previous year  01/01/2021 to 09/30/2021 | | 4.01 | Net income for the year | 133,391 | 1,537,119 | 1,149,537 | 11,355,323 | | 4.02 | Other comprehensive income | (286,479) | (569,348) | (921,415) | (144,162) | | 4.02.01 | Actuarial gains over pension plan of subsidiaries, net of taxes | 12 | 68 | 28 | 77 | | 4.02.02 | Reflex treasury shares acquired by subsidiary | - | - | (141,479) | (141,479) | | 4.02.04 | Cumulative translation adjustments for the year | (128,842) | (714,813) | 174,408 | (18,060) | | 4.02.06 | (Loss)/gain cash flow hedge accounting  –  “Platts”, net taxes,  from investments in subsidiaries | (72,879) | (308,335) | (20,795) | 477 | | 4.02.11 | (Loss)/gain cash flow hedge accounting, net of taxes | (493,872) | (376,400) | (998,799) | (302,649) | | 4.02.13 | Cash flow hedge accounting reclassified to income upon realization, net of taxes | 409,102 | 830,132 | 65,222 | 317,472 | | 4.03 | Comprehensive income for the year | (153,088) | 967,771 | 228,122 | 11,211,161 |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Parent Company Financial Statements / Statements of Cash Flows – Indirect Method | | | | | --- | --- | --- | --- | | (BRL thousand) | | | | | Code | Description | Year to date 01/01/2022 to 09/30/2022 | YTD previous year  01/01/2021 to 09/30/2021 | | 6.01 | Net cash from operating activities | 4,348,079 | 6,761,807 | | 6.01.01 | Cash from operations | 2,218,355 | 5,540,978 | | 6.01.01.01 | Net income for the period | 1,537,106 | 11,355,323 | | 6.01.01.02 | Financial charges in borrowing and financing raised | 895,963 | 524,453 | | 6.01.01.03 | Financial charges in borrowing and financing granted | (133,367) | (42,093) | | 6.01.01.04 | Charges on lease liabilities | 1,232 | 1,627 | | 6.01.01.05 | Depreciation, amortization and depletion | 790,140 | 637,837 | | 6.01.01.06 | Equity in results of affiliated companies | (2,117,103) | (4,094,082) | | 6.01.01.07 | Deferred taxes assets | 512,722 | 469,233 | | 6.01.01.08 | Provision for tax, social security, labor, civil and environmental risks | (18,593) | (61,032) | | 6.01.01.09 | Monetary and exchange variations, net | 73,306 | 14,028 | | 6.01.01.11 | Updated shares – Fair value through profit or loss | 1,122,058 | (185,944) | | 6.01.01.12 | Write-off of property, plant and equipment and Intangible assets | 1,065 | - | | 6.01.01.13 | Provision for environmental liabilities and decommissioning of assets | 8,128 | 31,281 | | 6.01.01.14 | Accrued/(reversal) for consumption and services | 16,120 | 12,417 | | 6.01.01.16 | Receivables by indemnity | (422,254) | - | | 6.01.01.17 | Net gains on the sale of the shares of CSN Mineração | - | (2,472,497) | | 6.01.01.18 | Net gains on the sale of the shares of Usiminas | - | (505,844) | | 6.01.01.19 | Dividends USIMINAS | (105,732) | (176,512) | | 6.01.01.20 | Others | 57,564 | 32,783 | | 6.01.02 | Changes in assets and liabilities | 2,129,724 | 1,220,829 | | 6.01.02.01 | Trade receivables - third parties | (309,915) | (962,073) | | 6.01.02.02 | Trade receivables - related party | 491,084 | (939,599) | | 6.01.02.03 | Inventory | 340,518 | (3,020,516) | | 6.01.02.04 | Receivables related parties/dividends | 2,423,868 | 2,868,493 | | 6.01.02.05 | Recoverable taxes | 339,033 | 549,554 | | 6.01.02.06 | Judicial deposits | (16,657) | (16,390) | | 6.01.02.09 | Trade payables | (730,571) | 102,195 | | 6.01.02.10 | Trade payables – Forfaiting and Drawee risk | 888,035 | 2,835,533 | | 6.01.02.11 | Payroll and related taxes | 57,080 | 61,800 | | 6.01.02.12 | Tax payables | (477,746) | 366,116 | | 6.01.02.13 | Payables to related parties | 66,498 | 22,957 | | 6.01.02.15 | Interest paid | (719,792) | (599,523) | | 6.01.02.17 | Interest received | 2,277 | - | | 6.01.02.18 | Others | (223,988) | (47,718) | | 6.02 | Capital reduction in investee | (3,878,010) | 2,629,974 | | 6.02.01 | Investments / AFAC / Acquisitions of Shares | (2,747,830) | (1,048,117) | | 6.02.02 | Purchase of property/intangible assets | (957,567) | (710,518) |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | 6.02.06 | Net cash received from sale of CSN Mineração's shares | - | 3,164,612 | | --- | --- | --- | --- | | 6.02.07 | Intercompany loans granted | (165,658) | (145,892) | | 6.02.09 | Intercompany loans received | 3,679 | (280) | | 6.02.11 | Financial Investments, net of redemption | (10,634) | 1,370,169 | | 6.03 | Net cash used in financing activities | (1,590,990) | (12,468,096) | | 6.03.01 | Borrowings and financing raised | 1,912,203 | 190,903 | | 6.03.02 | Transactions cost - Borrowings and financing | (5,216) | (9,863) | | 6.03.03 | Borrowings and financing – related parties | 3,972,052 | 1,830,102 | | 6.03.05 | Amortization of borrowings and financing | (3,523,998) | (4,265,560) | | 6.03.06 | Amortization of borrowings and financing - related parties | (2,857,843) | (7,556,745) | | 6.03.07 | Amortization of leases | (6,584) | (7,485) | | 6.03.08 | Dividends and interest on shareholder’s equity | (673,129) | (2,649,448) | | 6.03.10 | Share repurchase | (408,475) | - | | 6.05 | Increase (decrease) in cash and cash equivalents | (1,120,921) | (3,076,315) | | 6.05.01 | Cash and equivalents at the beginning of the year | 3,885,265 | 4,647,125 | | 6.05.02 | Cash and equivalents at the end of the year | 2,764,344 | 1,570,810 |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Parent Company Financial Statements / Statement of Changes in Equity - 01/01/2022 to 09/30/2022 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | (BRL thousand) | | | | | | | | | Code | Description | Paid-up capital | Capital reserve, granted options and treasury shares | Earnings reserve | Retained earnings (accumulated losses) | Other comprehensive income | Shareholders’ equity | | 5.01 | Opening balances | 10,240,000 | 32,720 | 10,092,888 | - | (50,610) | 20,314,998 | | 5.04 | Capital transaction with shareholders | - | - | (395,180) | - | 224,926 | (170,254) | | 5.04.04 | Treasury shares acquired | - | (395,180) | - | - | - | (395,180) | | 5.04.08 | Reclassifications of treasury shares | - | (936,930) | 936,930 | - | - | - | | 5.04.09 | Treasury shares canceled | - | 1,332,110 | (1,332,110) | - | - | - | | 5.04.10 | (Loss) / gain on the percentage change in investments | - | - | - | - | 224,926 | 224,926 | | 5.05 | Total comprehensive income | - | - | - | 1,537,119 | (569,348) | 967,771 | | 5.05.01 | Net income for the period | - | - | - | 1,537,119 | - | 1,537,119 | | 5.05.02 | Other comprehensive income | - | - | - | - | (569,348) | (569,348) | | 5.05.02.04 | Cumulative translation adjustments for the year | - | - | - | - | (714,813) | (714,813) | | 5.05.02.06 | Actuarial gains/(losses) on pension plan, net of taxes | - | - | - | - | 68 | 68 | | 5.05.02.07 | (Loss) / gain on cash flow hedge accounting, net of taxes | - | - | - | - | 145,397 | 145,397 | | 5.07 | Closing balance | 10,240,000 | 32,720 | 9,697,708 | 1,537,119 | (395,032) | 21,112,515 |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Parent Company Financial Statements / Statement of Changes in Equity - 01/01/2021 to 09/30/2021 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | (BRL thousand) | | | | | | | | | Code | Description | Paid-up capital | Capital reserve, granted options and treasury shares | Earnings reserve | Retained earnings (accumulated losses) | Other comprehensive income | Shareholders’ equity | | 5.01 | Opening balances | 6,040,000 | 32,720 | 5,824,350 | - | (1,983,619) | 9,913,451 | | 5.03 | Adjusted opening balances | 6,040,000 | 32,720 | 5,824,350 | - | (1,983,619) | 9,913,451 | | 5.04 | Capital transaction with shareholders | - | - | - | (1,750,000) | 820,203 | (929,797) | | 5.04.06 | Dividends | - | - | - | (1,750,000) | - | (1,750,000) | | 5.04.08 | Net gain of transaction primary and secondary distribution shares of CSN Mineração | - | - | - | - | 829,486 | 829,486 | | 5.04.09 | (Loss) / gain on the percentage change in investments | - | - | - | - | (9,283) | (9,283) | | 5.05 | Total comprehensive income | - | - | - | 11,355,323 | (144,162) | 11,211,161 | | 5.05.01 | Net income for the period | - | - | - | 11,355,323 | - | 11,355,323 | | 5.05.02 | Other comprehensive income | - | - | - | - | (144,162) | (144,162) | | 5.05.02.04 | Cumulative translation adjustments for the year | - | - | - | - | (18,060) | (18,060) | | 5.05.02.06 | Actuarial gains/(losses) on pension plan, net of taxes | - | - | - | - | 77 | 77 | | 5.05.02.07 | (Loss) / gain on cash flow hedge accounting, net of taxes | - | - | - | - | 15,300 | 15,300 | | 5.05.02.08 | Treasury shares acquired by reflex subsidiary | - | - | - | - | (141,479) | (141,479) | | 5.07 | Closing balance | 6,040,000 | 32,720 | 5,824,350 | 9,605,323 | (1,307,578) | 20,194,815 |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Parent Company Financial Statements / Statement of Value Added | | | | | --- | --- | --- | --- | | (BRL thousand) | | | | | Code | Description | Year to date 01/01/2022 to 09/30/2022 | YTD previous year  01/01/2021 to 09/30/2021 | | 7.01 | Revenues | 23,123,457 | 26,239,778 | | 7.01.01 | Sales of products and rendering of services | 22,921,627 | 22,911,052 | | 7.01.02 | Other revenues | 192,161 | 3,329,657 | | 7.01.04 | Allowance for (reversal of) doubtful debts | 9,669 | (931) | | 7.02 | Raw materials acquired from third parties | (18,848,172) | (16,092,623) | | 7.02.01 | Cost of sales and services | (16,960,170) | (14,498,351) | | 7.02.02 | Materials, electric power, outsourcing and other | (1,759,286) | (1,532,883) | | 7.02.03 | Impairment/recovery of assets | (128,716) | (61,389) | | 7.03 | Gross value added | 4,275,285 | 10,147,155 | | 7.04 | Retentions | (789,682) | (637,302) | | 7.04.01 | Depreciation, amortization and depletion | (789,682) | (637,302) | | 7.05 | Value added created | 3,485,603 | 9,509,853 | | 7.06 | Value added received | 3,896,487 | 5,407,326 | | 7.06.01 | Equity in results of affiliates companies | 2,117,103 | 4,094,082 | | 7.06.02 | Financial income | 488,867 | 1,014,750 | | 7.06.03 | Others | 1,290,517 | 298,494 | | 7.07 | Value added for distribution | 7,382,090 | 14,917,179 | | 7.08 | Value added distributed | 7,382,090 | 14,917,179 | | 7.08.01 | Personnel | 938,908 | 947,787 | | 7.08.01.01 | Salaries and wages | 724,544 | 710,181 | | 7.08.01.02 | Benefits | 170,316 | 194,753 | | 7.08.01.03 | Severance payment (FGTS) | 44,048 | 42,853 | | 7.08.02 | Taxes, fees and contributions | 1,760,994 | 1,599,425 | | 7.08.02.01 | Federal | 1,461,047 | 1,198,074 | | 7.08.02.02 | State | 299,947 | 401,351 | | 7.08.03 | Remuneration on third-party capital | 3,145,069 | 1,014,644 | | 7.08.03.01 | Interest | 925,321 | 543,460 | | 7.08.03.02 | Rental | 906 | 3,764 | | 7.08.03.03 | Others | 2,218,842 | 467,420 | | 7.08.03.03.01 | Other and passive exchange variations | 2,218,842 | 467,420 | | 7.08.04 | Remuneration on Shareholders' capital | 1,537,119 | 11,355,323 | | 7.08.04.02 | Dividends | - | 1,750,000 | | 7.08.04.03 | Retained earnings (accumulated losses) | 1,537,119 | 9,605,323 |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 |

Consolidated Financial Statements / Balance Sheet - Assets
(BRL thousand)
Code Description Current Quarter 09/30/2022 Previous Year 12/31/2021
1 Total assets 82,638,399 79,379,103
1.01 Current assets 31,118,220 34,972,354
1.01.01 Cash and cash equivalents 14,319,373 16,646,480
1.01.02 Financial investments 1,477,615 2,644,732
1.01.02.01 Financial investments measured a fair value through profit or loss 1,288,977 2,383,059
1.01.02.01.03 Financial investments measured a fair value through profit or loss – Usiminas’ shares 1,288,977 2,383,059
1.01.02.03 Financial investments at amortized cost 188,638 261,673
1.01.03 Trade receivables 2,733,706 2,597,838
1.01.04 Inventory 10,428,521 10,943,835
1.01.06 Recoverable taxes 1,365,088 1,655,349
1.01.08 Other current assets 793,917 484,120
1.01.08.03 Others 793,917 484,120
1.01.08.03.02 Prepaid expenses 497,077 225,036
1.01.08.03.03 Dividends receivable 61,924 76,878
1.01.08.03.05 Others 234,916 182,206
1.02 Non-current assets 51,520,179 44,406,749
1.02.01 Long-term assets 12,813,651 11,206,737
1.02.01.03 Financial investments at amortized cost 152,348 147,671
1.02.01.05 Inventory 948,234 656,193
1.02.01.07 Deferred taxes assets 5,072,047 5,072,092
1.02.01.10 Other non-current assets 6,641,022 5,330,781
1.02.01.10.03 Recoverable taxes 1,282,507 965,026
1.02.01.10.04 Judicial deposits 460,691 339,805
1.02.01.10.05 Prepaid expenses 116,403 133,614
1.02.01.10.06 Receivable from related parties 2,703,349 2,070,305
1.02.01.10.07 Others 2,078,072 1,822,031
1.02.02 Investments 5,674,022 4,011,828
1.02.02.01 Equity interest 5,514,175 3,849,647
1.02.02.02 Investment Property 159,847 162,181
1.02.03 Property, plant and equipment 25,347,190 21,531,134
1.02.03.01 Property, plant and equipment in operation 20,514,520 17,305,628
1.02.03.02 Right of use in leases 649,420 581,824
1.02.03.03 Property, plant and equipment in progress 4,183,250 3,643,682
1.02.04 Intangible assets 7,685,316 7,657,050 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 |

Consolidated Financial Statements / Balance Sheet – Liabilities
(BRL thousand)
Code Description Current Quarter 09/30/2022 Previous Year 12/31/2021
2 Total Liabilities 82,638,399 79,379,103
2.01 Current liabilities 21,388,059 24,541,616
2.01.01 Payroll and related taxes 493,587 328,443
2.01.02 Trade payables 6,259,680 6,446,999
2.01.03 Tax payables 1,161,575 3,308,614
2.01.04 Borrowings and financing 4,980,561 5,486,859
2.01.05 Other payables 8,434,029 8,904,654
2.01.05.02 Others 8,434,029 8,904,654
2.01.05.02.04 Dividends and interests on shareholder´s equity 454,520 1,206,870
2.01.05.02.05 Advances from customers 1,543,448 2,140,783
2.01.05.02.06 Trade payables – Forfaiting and Drawee risk 5,506,326 4,439,967
2.01.05.02.07 Lease liabilities 168,134 119,047
2.01.05.02.09 Other payables 761,601 997,987
2.01.06 Provisions 58,627 66,047
2.01.06.01 Provision for tax, social security, labor and civil risks 58,627 66,047
2.02 Non-current liabilities 37,459,826 31,463,098
2.02.01 Borrowings and financing 32,198,750 27,020,663
2.02.02 Other payables 2,411,121 1,948,164
2.02.02.02 Others 2,411,121 1,948,164
2.02.02.02.03 Advances from customers 1,081,494 947,896
2.02.02.02.04 Lease liabilities 525,108 492,504
2.02.02.02.05 Derivative financial instruments 90,928 101,822
2.02.02.02.06 Trade payables 40,188 98,625
2.02.02.02.07 Other payables 673,403 307,317
2.02.03 Deferred taxes assets 278,887 503,081
2.02.04 Provisions 2,571,068 1,991,190
2.02.04.01 Provision for tax, social security, labor and civil risks 1,037,622 508,305
2.02.04.02 Other provisions 1,533,446 1,482,885
2.02.04.02.03 Provision for environmental liabilities and decommissioning of assets 934,381 898,597
2.02.04.02.04 Pension and healthcare plan 599,065 584,288
2.03 Shareholders’ equity 23,790,514 23,374,389
2.03.01 Paid-up capital 10,240,000 10,240,000
2.03.02 Capital reserves 32,720 32,720
2.03.04 Earnings reserves 9,697,708 10,092,888
2.03.04.01 Legal reserve 1,081,222 1,081,222
2.03.04.02 Statutory reserve 8,616,486 9,948,596
2.03.04.09 Treasury shares - (936,930)
2.03.05 Accumulated earnings (losses) 1,537,119 -
2.03.08 Other comprehensive income (395,032) (50,610)
2.03.09 Earnings attributable to the non-controlling interests 2,677,999 3,059,391 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Consolidated Financial Statements / Statements of Income                                                                              (BRL thousand ) | | | | | | | --- | --- | --- | --- | --- | --- | | Code | Description | Current Quarter 07/01/2022 to 09/30/2022 | Year to date 01/01/2022 to 09/30/2022 | Same quarter previous year 07/01/2021 to 09/30/2021 | YTD previous year  01/01/2021 to 09/30/2021 | | 3.01 | Revenues from sale of goods and rendering of services | 10,897,049 | 33,232,837 | 10,246,173 | 37,551,074 | | 3.02 | Costs from sale of goods and rendering of services | (8,358,934) | (23,206,660) | (5,941,522) | (19,231,398) | | 3.03 | Gross profit | 2,538,115 | 10,026,177 | 4,304,651 | 18,319,676 | | 3.04 | Operating (expenses)/income | (1,411,195) | (3,572,645) | (625,288) | (354,671) | | 3.04.01 | Selling expenses | (647,943) | (1,595,871) | (603,615) | (1,706,395) | | 3.04.02 | General and administrative expenses | (150,475) | (440,727) | (158,853) | (438,756) | | 3.04.04 | Other operating income | 173,285 | 222,901 | 8,922 | 2,705,119 | | 3.04.05 | Other operating expenses | (879,423) | (1,925,974) | 33,269 | (1,078,194) | | 3.04.06 | Equity in results of affiliated companies | 93,361 | 167,026 | 94,989 | 163,555 | | 3.05 | Income before financial income (expenses) and taxes | 1,126,920 | 6,453,532 | 3,679,363 | 17,965,005 | | 3.06 | Financial income (expenses) | (318,494) | (2,333,743) | (943,426) | (1,483,984) | | 3.06.01 | Financial income | 284,757 | (259,219) | (297,930) | 1,079,410 | | 3.06.02 | Financial expenses | (603,251) | (2,074,524) | (645,496) | (2,563,394) | | 3.06.02.01 | Net exchange differences over financial instruments | 479,862 | 987,446 | 247,882 | (138,476) | | 3.06.02.02 | Financial expenses | (1,083,113) | (3,061,970) | (893,378) | (2,424,918) | | 3.07 | Income before income taxes | 808,426 | 4,119,789 | 2,735,937 | 16,481,021 | | 3.08 | Income tax and social contribution | (570,794) | (2,148,883) | (1,411,285) | (3,946,396) | | 3.09 | Net income  from continued operations | 237,632 | 1,970,906 | 1,324,652 | 12,534,625 | | 3.11 | Consolidated net income for the year | 237,632 | 1,970,906 | 1,324,652 | 12,534,625 | | 3.11.01 | Earnings  attributable to the controlling interests | 133,391 | 1,537,119 | 1,149,537 | 11,355,323 | | 3.11.02 | Earnings it attributable to the non-controlling interests | 104,241 | 433,787 | 175,115 | 1,179,302 | | 3.99 | Earnings per share – (Reais / Share) | - | - | - | - | | 3.99.01.01 | Basic Earnings Common shares | 0.10059 | 1.15804 | 0.83293 | 8.22781 | | 3.99.02.01 | Diluted Earnings Common shares | 0.10059 | 1.15804 | 0.83293 | 8.22781 |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 |

Consolidated Financial Statements / Statement of Comprehensive Income
(BRL thousand)
Code Description Current Quarter 07/01/2022 to 09/30/2022 Year to date 01/01/2022 to 09/30/2022 Same quarter previous year 07/01/2021 to 09/30/2021 YTD previous year  01/01/2021 to 09/30/2021
4.01 Consolidated net income for the year 237,632 1,970,906 1,324,652 12,534,625
4.02 Other comprehensive income (304,859) (647,500) (966,533) (183,424)
4.02.01 Actuarial gains over pension plan of subsidiaries, net of taxes (2) 54 32 87
4.02.04 Cumulative translation adjustments for the year (128,842) (714,813) 174,408 (18,060)
4.02.06 Treasury shares acquired by reflex subsidiary - - (180,819) (180,819)
4.02.10 (Loss)/gain cash flow hedge accounting, net of taxes (493,872) (376,400) (998,799) (302,649)
4.02.13 Cash flow hedge reclassified to income upon realization, net of taxes 409,102 830,132 65,222 317,472
4.02.15 Cash flow hedge - Platts, reclassified to income upon realization, net of taxes 5,617 (9,809) (204,435) 18,300
4.02.16 (Loss)/gain cash flow hedge accounting  –  “Platts”, net taxes,  from investments in subsidiaries (96,862) (376,664) 177,858 (17,755)
4.03 Consolidated comprehensive income for the year (67,227) 1,323,406 358,119 12,351,201
4.03.01 Earnings  attributable to the controlling interests (153,088) 967,771 228,122 11,211,161
4.03.02 Earnings it attributable to the non-controlling interests 85,861 355,635 129,997 1,140,040 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Consolidated Financial Statements / Statements of Cash Flows – Indirect Method | | | | | --- | --- | --- | --- | | (BRL thousand) | | | | | Code | Description | Year to date 01/01/2022 to 09/30/2022 | YTD previous year  01/01/2021 to 09/30/2021 | | 6.01 | Net cash from operating activities | 2,131,547 | 13,455,539 | | 6.01.01 | Cash from operations | 6,203,015 | 13,144,258 | | 6.01.01.01 | Earnings attributable to the controlling interests | 1,537,119 | 11,355,323 | | 6.01.01.02 | Earnings attributable to the non-controlling interests | 433,787 | 1,179,302 | | 6.01.01.03 | Financial charges in borrowing and financing raised | 1,786,561 | 1,580,062 | | 6.01.01.04 | Financial charges in borrowing and financing granted | (111,221) | (36,869) | | 6.01.01.05 | Charges on lease liabilities | 51,714 | 45,172 | | 6.01.01.06 | Depreciation, amortization and depletion | 2,030,390 | 1,569,893 | | 6.01.01.07 | Equity in results of affiliated companies | (167,026) | (163,555) | | 6.01.01.08 | Deferred taxes assets | 584,923 | 286,915 | | 6.01.01.09 | Provision for tax, social security, labor, civil and environmental risks | 35,191 | (47,479) | | 6.01.01.10 | Monetary and exchange variations, net | (584,096) | 670,981 | | 6.01.01.12 | Updated shares – Fair value through profit or loss | 1,122,058 | (185,944) | | 6.01.01.13 | Write-off of property, plant and equipment and Intangible assets | 10,780 | 4,546 | | 6.01.01.14 | Accrued/(reversal) for consumption and services | 6,030 | 1,808 | | 6.01.01.15 | Provision for environmental liabilities and decommissioning of assets | 1,415 | 76,311 | | 6.01.01.16 | Net gains on the sale of the shares of CSN Mineração | - | (2,472,497) | | 6.01.01.17 | Net gains on the sale of the shares of Usiminas | - | (505,844) | | 6.01.01.18 | Receivables by indemnity | (422,254) | - | | 6.01.01.19 | Dividends USIMINAS | (105,763) | (179,215) | | 6.01.01.20 | Others | (6,593) | (34,652) | | 6.01.02 | Changes in assets and liabilities | (4,071,468) | 311,281 | | 6.01.02.01 | Trade receivables - third parties | (642,845) | 1,322,434 | | 6.01.02.02 | Trade receivables - related party | 61,236 | (68,362) | | 6.01.02.03 | Inventory | 83,270 | (4,734,305) | | 6.01.02.04 | Receivables related parties/dividends | 105,758 | - | | 6.01.02.05 | Recoverable taxes | 195,917 | 529,495 | | 6.01.02.06 | Judicial deposits | (25,763) | (33,531) | | 6.01.02.07 | Trade payables | (729,251) | 1,292,726 | | 6.01.02.08 | Trade payables – Forfaiting and Drawee risk | 1,066,359 | 2,835,533 | | 6.01.02.09 | Payroll and related taxes | 138,538 | 114,411 | | 6.01.02.10 | Tax payables | (2,330,376) | 1,442,686 | | 6.01.02.11 | Payables to related parties | (33,610) | (44,825) | | 6.01.02.12 | Advance from Minerals contracts | (681,373) | (481,431) | | 6.01.02.13 | Advance from electric energy contracts | 701,157 | - | | 6.01.02.14 | Interest paid | (1,631,139) | (1,702,971) | | 6.01.02.17 | Receipt/Payment of Derivative Operations | 96,595 | (82,987) | | 6.01.02.18 | Others | (445,941) | (77,592) | | 6.02 | Net cash investment activities | (7,569,026) | 1,218,689 | | 6.02.01 | Investments Acquisition of Shares | (430,012) | (150,994) | | 6.02.02 | Purchase of property/intangible assets | (2,357,384) | (1,899,832) | | 6.02.06 | Intercompany loans granted | (116,412) | (116,000) | | 6.02.08 | Financial Investments, net of redemption | 68,358 | 1,157,637 |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | 6.02.11 | Acquisition of Topázio Energética, Santa Ana and Brasil Central | (466,153) | - | | --- | --- | --- | --- | | 6.02.12 | Cash received from acquisition of investments -Topázio and Santa Ana | 6,486 | - | | 6.02.13 | Acquisition of CSN Cimentos Brasil | (4,770,354) | - | | 6.02.14 | Cash received from acquisition of CSN Cimentos Brasil | 496,445 | - | | 6.02.15 | Net cash received from sale of CSN Mineração's shares | - | 3,164,612 | | 6.02.16 | Cash on Elizabeth´s consolidation | - | 54,768 | | 6.02.17 | Escrow deposit for the acquisition of CSN Cimentos Brasil | - | (263,750) | | 6.02.18 | Price paid in investiments of Elizabeth´s | - | (727,752) | | 6.03 | Net cash used in financing activities | 3,079,058 | (9,356,140) | | 6.03.01 | Borrowings and financing raised | 13,371,615 | 8,307,523 | | 6.03.02 | Transaction cost - Borrowings and financings | (297,813) | (159,795) | | 6.03.04 | Amortization of borrowings and financing | (8,211,226) | (15,334,408) | | 6.03.06 | Amortization of leases | (106,934) | (81,696) | | 6.03.07 | Dividends and interest on shareholder’s equity | (1,266,016) | (3,290,487) | | 6.03.10 | Issuance of new CSN Mineração's shares | - | 1,347,862 | | 6.03.11 | Share repurchase | (410,568) | (145,139) | | 6.04 | Exchange rate on translating cash and cash equivalents | 31,314 | (7,569) | | 6.05 | Increase (decrease) in cash and cash equivalents | (2,327,107) | 5,310,519 | | 6.05.01 | Cash and equivalents at the beginning of the year | 16,646,480 | 9,944,586 | | 6.05.02 | Cash and equivalents at the end of the year | 14,319,373 | 15,255,105 |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Consolidated Financial Statements / Statements of Changes in Equity - 01/01/2022 to 09/30/2022 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (BRL thousand) | | | | | | | | | | | Code | Description | Paid-up capital | Capital reserve, granted options and treasury shares | Earnings reserve | Retained earnings (accumulated losses) | Other comprehensive income | Shareholders’ equity | Non-controlling interests | Shareholders’ equity | | 5.01 | Opening balances | 10,240,000 | 32,720 | 10,092,888 | - | (50,610) | 20,314,998 | 3,059,391 | 23,374,389 | | 5.04 | Capital transaction with shareholders | - | - | (395,180) | - | 224,926 | (170,254) | (737,027) | (907,281) | | 5.04.04 | Treasury shares acquired | - | (395,180) | - | - | - | (395,180) | (1,638) | (396,818) | | 5.04.07 | Interest on equity | - | - | - | - | - | - | (510,463) | (510,463) | | 5.04.08 | Reclassifications of treasury shares | - | (936,930) | 936,930 | - | - | - | - | - | | 5.04.09 | Treasury shares canceled | - | 1,332,110 | (1,332,110) | - | - | - | - | - | | 5.04.10 | (Loss)/gain on the percentage change in investments | - | - | - | - | 224,926 | 224,926 | (224,926) | - | | 5.05 | Total comprehensive income | - | - | - | 1,537,119 | (569,348) | 967,771 | 355,635 | 1,323,406 | | 5.05.01 | Net income for the year | - | - | - | 1,537,119 | - | 1,537,119 | 433,787 | 1,970,906 | | 5.05.02 | Other comprehensive income | - | - | - | - | (569,348) | (569,348) | (78,152) | (647,500) | | 5.05.02.04 | Cumulative translation adjustments for the year | - | - | - | - | (714,813) | (714,813) | - | (714,813) | | 5.05.02.06 | Actuarial gains/(losses) on pension plan, net of taxes | - | - | - | - | 68 | 68 | (14) | 54 | | 5.05.02.07 | (Loss) / gain on cash flow hedge accounting, net of taxes | - | - | - | - | 145,397 | 145,397 | (78,138) | 67,259 | | 5.07 | Closing balance | 10,240,000 | 32,720 | 9,697,708 | 1,537,119 | (395,032) | 21,112,515 | 2,677,999 | 23,790,514 |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Consolidated Financial Statements / Statements of Changes in Equity - 01/01/2021 to 09/30/2021 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (BRL thousand) | | | | | | | | | | | Code | Description | Paid-up capital | Capital reserve, granted options and treasury shares | Earnings reserve | Retained earnings (accumulated losses) | Other comprehensive income | Shareholders’ equity | Non-controlling interests | Shareholders’ equity | | 5.01 | Opening balances | 6,040,000 | 32,720 | 5,824,350 | - | (1,983,619) | 9,913,451 | 1,338,054 | 11,251,505 | | 5.03 | Adjusted opening balances | 6,040,000 | 32,720 | 5,824,350 | - | (1,983,619) | 9,913,451 | 1,338,054 | 11,251,505 | | 5.04 | Capital transaction with shareholders | - | - | - | (1,750,000) | 820,203 | (929,797) | 629,186 | (300,611) | | 5.04.01 | Capital increase proposed | - | - | - | - | - | - | 294,900 | 294,900 | | 5.04.06 | Dividends | - | - | - | (1,750,000) | - | (1,750,000) | (598,156) | (2,348,156) | | 5.04.08 | Net gain of transaction primary and secondary distribution shares of CSN Mineração | - | - | - | - | 829,486 | 829,486 | 923,159 | 1,752,645 | | 5.04.09 | (Loss)/gain on the percentage change in investments | - | - | - | - | (9,283) | (9,283) | 9,283 | - | | 5.05 | Total comprehensive income | - | - | - | 11,355,323 | (144,162) | 11,211,161 | 1,140,040 | 12,351,201 | | 5.05.01 | Net income for the year | - | - | - | 11,355,323 | - | 11,355,323 | 1,179,302 | 12,534,625 | | 5.05.02 | Other comprehensive income | - | - | - | - | (144,162) | (144,162) | (39,262) | (183,424) | | 5.05.02.04 | Cumulative translation adjustments for the year | - | - | - | - | (18,060) | (18,060) | - | (18,060) | | 5.05.02.06 | Actuarial gains/(losses) on pension plan, net of taxes | - | - | - | - | 77 | 77 | 10 | 87 | | 5.05.02.07 | (Loss) / gain on cash flow hedge accounting, net of taxes | - | - | - | - | 15,300 | 15,300 | 68 | 15,368 | | 5.05.02.08 | Treasury shares acquired by reflex subsidiary | - | - | - | - | (141,479) | (141,479) | (39,340) | (180,819) | | 5.07 | Closing balance | 6,040,000 | 32,720 | 5,824,350 | 9,605,323 | (1,307,578) | 20,194,815 | 3,107,280 | 23,302,095 |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Consolidated Financial Statements / Statements of Value Added | | | | | --- | --- | --- | --- | | (BRL thousand) | | | | | Code | Description | Year to date 01/01/2022 to 09/30/2022 | YTD previous year 01/01/2021 to 09/30/2021 | | 7.01 | Revenues | 38,199,932 | 45,957,315 | | 7.01.01 | Sales of products and rendering of services | 38,011,569 | 42,624,813 | | 7.01.02 | Other revenues | 184,418 | 3,331,827 | | 7.01.04 | Allowance for (reversal of) doubtful debts | 3,945 | 675 | | 7.02 | Raw materials acquired from third parties | (25,961,868) | (23,063,989) | | 7.02.01 | Cost of sales and services | (22,581,581) | (19,507,744) | | 7.02.02 | Materials, electric power, outsourcing and other | (3,233,884) | (3,423,080) | | 7.02.03 | Impairment/recovery of assets | (146,403) | (133,165) | | 7.03 | Gross value added | 12,238,064 | 22,893,326 | | 7.04 | Retentions | (2,024,965) | (1,565,822) | | 7.04.01 | Depreciation, amortization and depletion | (2,024,965) | (1,565,822) | | 7.05 | Value added created | 10,213,099 | 21,327,504 | | 7.06 | Value added received | 3,145,643 | 1,889,836 | | 7.06.01 | Equity in results of affiliated companies | 167,026 | 163,555 | | 7.06.02 | Financial income | 834,862 | 1,079,410 | | 7.06.03 | Others | 2,143,755 | 646,871 | | 7.07 | Value added for distribution | 13,358,742 | 23,217,340 | | 7.08 | Value added distributed | 13,358,742 | 23,217,340 | | 7.08.01 | Personnel | 2,017,649 | 1,747,915 | | 7.08.01.01 | Salaries and wages | 1,602,603 | 1,348,782 | | 7.08.01.02 | Benefits | 329,038 | 331,682 | | 7.08.01.03 | Severance payment (FGTS) | 86,008 | 67,451 | | 7.08.02 | Taxes, fees and contributions | 4,054,848 | 5,716,728 | | 7.08.02.01 | Federal | 3,350,011 | 4,881,018 | | 7.08.02.02 | State | 665,960 | 803,428 | | 7.08.02.03 | Municipal | 38,877 | 32,282 | | 7.08.03 | Remuneration on third-party capital | 5,315,339 | 3,218,072 | | 7.08.03.01 | Interest | 1,891,596 | 1,608,643 | | 7.08.03.02 | Rental | 2,979 | 7,809 | | 7.08.03.03 | Others | 3,420,764 | 1,601,620 | | 7.08.03.03.01 | Other and exchange losses | 3,420,764 | 1,601,620 | | 7.08.04 | Remuneration on Shareholders' capital | 1,970,906 | 12,534,625 | | 7.08.04.02 | Dividends | - | 1,750,000 | | 7.08.04.03 | Retained earnings (accumulated losses) | 1,537,119 | 9,605,323 | | 7.08.04.04 | Non-controlling interests in retained earnings | 433,787 | 1,179,302 |

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São Paulo, October 31, 2022 - Companhia SiderúrgicaNacional ("CSN") (B3: CSNA3) (NYSE: SID) discloses its third quarter of 2022 (3Q22) financial results in Brazilian Reais, with all financial statements consolidated in accordance with accounting practices 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 international financial reporting standards (“IFRS”), issued by the International Accounting Standards Board (“IASB”).

The comments address the Company's consolidated results in the third quarter of 2022 (3Q22) and the comparisons are in relation to the third quarter of 2021 (3Q21) and the second quarter of 2022 (2Q22). The price of the dollar was BRL 5.44 on 09/30/2021; BRL 5.24 on 06/30/2022 and BRL 5.41 on 09/30/2022.

Operational and financial highlights of 3Q22

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Consolidated Table - Highlights

¹ Adjusted EBITDA is calculated from net income (loss), plus depreciation and amortization, taxes on income, net financial result, income from investment participation, income from other operating income/expenses and includes a proportional participation of 37.27% of the EBITDA of the joint subsidiary MRS Logística.

² Adjusted Ebitda Margin is calculated from Adjusted Ebitda divided by Management Net Revenue.

³ Adjusted Net Debt and Adjusted Cash/Availability consider 37.27% of MRS, in addition to not considering Forfaiting and Cashed Risk transactions.

Consolidated Results

· Net revenue totaled BRL 10,897 million on 3Q22, which<br>represents a 3.1% increase when compared to 2Q22. This result reflects the increased commercial activity and increased sales volume of<br>the Company's main segments, but partially offset by lower prices of iron ore and steel products.
· The cost of goods sold (COGS) totaled BRL 8,359 million<br>in 3Q22, an increase of 10.5% compared to 2Q22, as a result of the continued high prices of some raw materials such as coke oven coal,<br>in addition to higher costs with reducers in steel operations and greater mine movement.
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· The higher cost pressure negatively impacted the grossmargin that attained 23.3% in 3Q22 and was 5.2 p.p. lower than that recorded in 2Q22. This performance mainly reflects the dynamics<br>of the provisional prices in mining and the temporary impact of rising raw material costs, an effect that is already starting to decrease<br>in 4Q22.
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· Sales, general and administrative expenses totaled<br>for BRL 798 million in 3Q22, 22.6% higher than in the previous quarter, as a consequence of the increase in commercial activity through<br>all segments in the period, but partially offset by lower prices with freight on the C3 route.
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· The group of other operating income and expenses<br>was negative in BRL 707 million in 3Q22, mainly as a result of the cash flow hedge accounting operations that totaled BRL 418 million<br>in the period.
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· The financial result was negative in BRL 318 million<br>in 3Q22, which represents a 64.3% decline compared to the previous quarter, as a consequence of the normalization of financial expenses<br>after a quarter with minimal changes in the value of Usiminas shares.
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· The equity result was positive at BRL 94 million<br>in 3Q22, a performance 74% higher than in the last quarter, as a consequence of the operational improvement in MRS results.

· In 3Q22, the Company's Net Income was BRL 238 million,<br>35.5% lower than in the last quarter, highlighting the lower operating performance in the period due to the decline in international prices,<br>which ended up compensating for the lower financial expenses presented in the quarter.

Adjusted EBITDA

* The Company discloses its adjusted EBITDA excluding participation in investments and other operating income (expenses), understanding that it should not be considered in the calculation of recurring Operational Cash generation.

· In 3Q22, Adjusted EBITDA was BRL 2,714 million,<br> with an Adjusted EBITDA Margin of 23.9%, 5.7 p.p. below that recorded last quarter. This reduction in profitability is a direct<br> consequence of the cost pressure in the steel industry and the impact of iron ore and steel prices on international markets, which<br> ended up compensating for the higher commercial activity recorded in the quarter. However, it is also important to highlight the<br> temporary effect of this pressure since it is already possible to check an accommodation of costs and prices for the result at the<br> end of the year. In addition, it is also worth noting the<br>impact of the incorporation of LafargeHolcim in the cement segment, whose EBITDA increased by 58.4%<br>in 3Q22, even considering only one month of operational result. 
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Adjusted EBITDA (BRL MM) and Adjusted EBITDAMargin¹ (%)

¹ Adjusted EBITDA Margin is calculated from the division between Adjusted EBITDA and Adjusted Net Revenue, which considers 100% of the stakes in CSN Mineração's consolidation and 37.27% in MRS.

Adjusted Cash Flow¹

Adjusted Cash Flow in 3Q22 reached BRL 3,168 million, an increase of BRL 2,338 million compared to the previous quarter due to the combination of (i) efficient working capital management, (ii) seasonality in the payment of taxes, and (iii) lower impact of financial expenses. With this, the Company was able to mitigate the lowest operating results, presenting a reduction in accounts receivable and longer term with suppliers.

Adjusted Cash Flow¹ on 3Q22 (BRL MM)

¹ The concept of adjusted cash flow is calculated from adjusted Ebitda, subtracting Ebitda from Jointly Controlled Companies, CAPEX, IT, Financial Results and Changes in Assets and Liabilities², excluding the effect of the Glencore advance.

² Adjusted Working Capital is composed by the change in Net Working Capital, plus the change in accounts of long-term assets and liabilities and disregarding the net change in IT and SC.

Debt

As of 09/30/2022, consolidated net debt reached BRL 24,300 million, with the leverage indicator measured by the Net Debt/EBITDA ratio reaching 1.69x. This leverage increase is a consequence of the disbursement made in the period, with the payment for the acquisition of LafargeHolcim, in addition to the CSN Mineração’s 2^nd^ Debentures Issuance. However, despite this greater need for financial disbursements, CSN maintained its policy of carrying a large amount of cash, which in this quarter reached approximately BRL 15.7 billion.

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Debt (BRL Billion) and

Net Debt /Adjusted EBITDA (x)

¹ Net Debt / EBITDA: To calculate the debt, please consider the final dollar of each period and for net debt and EBITDA the average dollar of the period.

The Company remains very active in its goal of extending its debt amortization period, focusing on long-term operations and the local capital market. Among the main projects of 3Q22, the second issuance of CMIN’s Infrastructure debentures in the amount of BRL 1.4 billion, as well as operations to support the acquisition of LafargeHolcim's Brazilian assets, stand out. In addition, the Company has just completed its 12^th^ issuance of institutional debentures, which will impact the 4Q22 result and focuses precisely on the extension of the average debt term.

Amortization Schedule (BRL Billion)

¹ IFRS: does not consider participation in MRS (37.27%).

² Gross Debt/Management Net considers participation in MRS (37.27%) and gross interest.

^3^ Medium term after completion of the Liability Management Plan.

Foreign Exchange Exposure

The accumulated net foreign exchange exposure in the consolidated balance sheet of 3Q22 was US$ 217 million, as shown in the table below, in line with the Company's policy of minimizing the impacts of exchange rate volatility on the result. The Hedge Accounting adopted by CSN correlates the projected dollar exports flow with future debt maturities in the same currency. Thus, the exchange variation of the dollar debt is temporarily recorded in the equity, being brought to the result when the dollar revenues from said exports occur.

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Investments

A total of BRL 839 million was invested in 3Q22, a stable performance compared to the previous quarter with the increase in investments in cement offsetting the delayed delivery of orders for expansion projects in the mining segment, which should present a higher concentration at the beginning of 2023.

Net Working Capital

Net Working Capital applied to the business totaled BRL 1,343million in 3Q22, a 69% decrease when compared to 2Q22 as a result of the increase in the line of suppliers, due to the mix of purchases and longer negotiated terms, in addition to the drop in inventories.

The calculation of the Net Working Capital applied to the business does not take Glencore's advances, as shown in the following table:

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¹ Other CCL Assets: Considers employees advances and other accounts receivable.

² Other CCL Liabilities: Considers other accounts payable, dividends payable, installment taxes and other provisions.

³ Inventories: Does not consider the effect of the provision for inventory losses. For the calculation of the SME, warehouse balances are not considered.

Closing of LafargeHolcim

On September 6, 2022, the Company completed the acquisition of 100% of the shares issued by LafargeHolcim Brasil and officially became the second largest cement producer in the Brazilian market, with an installed capacity of 16.3 Mton year, 172% higher than 2021. With the conclusion of this operation, the cement segment had one month of LafargeHolcim’s results in its 3Q22 numbers.

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Results by Business Segments

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Result 3Q22 (BRL million) | Steel | Mining | Logistics (Port) | Logistics (Railway) | Energy | Cement | Corporate Expenses/Elimination | Consolidated | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Net Revenue | 7,698 | 2,527 | 69 | 653 | 48 | 778 | (875) | 10,897 | | Domestic Market | 5,655 | 437,50 | 69 | 653 | 48 | 778 | (1,091) | 6,549 | | Foreign Market | 2,044 | 2,089 | | | | | 215 | 4,348 | | COGS | (6,426) | (1,800) | (54) | (397) | (53) | (501) | 873 | (8,359) | | Gross profit | 1,272 | 727 | 14 | 256 | (5) | 276 | (3) | 2,538 | | DGA/DVE | (334) | (63,49) | (7) | (37) | (10) | (100) | (248) | (798) | | Depreciation | 313 | 253 | 9 | 108 | 4 | 82 | (78) | 689 | | Proportional EBITDA of joint contr. | - | | - | - | - | - | 285 | 285 | | Adjusted EBITDA | 1,251 | 916 | 16 | 327 | (10) | 257 | (44) | 2,714 | | Result 2Q22 (BRL million) | Steel | Mining | Logistics (Port) | Logistics (Railway) | Energy | Cement | Corporate Expenses/Elimination | Consolidated | | Net Revenue | 7,706 | 2,608 | 77 | 592 | 47 | 475 | (940) | 10,566 | | Domestic Market | 5,248 | 411,20 | 77 | 592 | 47 | 475 | (1,032) | 5,819 | | Foreign Market | 2,458 | 2,196 | - | - | - | - | 93 | 4,747 | | COGS | (5,789) | (1,832) | (53) | (386) | (49) | (301) | 849 | (7,560) | | Gross profit | 1,917 | 776 | 24 | 206 | (2) | 174 | (90) | 3,005 | | DGA/DVE | (313) | (87,03) | (8) | (34) | (8) | (69) | (132) | (651) | | Depreciation | 301 | 242 | 8 | 126 | 4 | 57 | (95) | 643 | | Proportional EBITDA of joint contr. | - | | - | - | - | - | 265 | 265 | | Adjusted EBITDA | 1,905 | 931 | 24 | 298 | (6) | 163 | (52) | 3,263 | | Result 3Q21 (BRL million) | Steel | Mining | Logistics (Port) | Logistics (Railway) | Energy | Cement | Corporate Expenses/Elimination | Consolidated | | Net Revenue | 7,627 | 2,804 | 70 | 508 | 66 | 387 | (1,216) | 10,246 | | Domestic Market | 5,508 | 970,76 | 70 | 508 | 66 | 387 | (1,491) | 6,020 | | Foreign Market | 2,118 | 1,833 | - | - | - | - | 275 | 4,226 | | COGS | (4,736) | (1,883) | (53) | (325) | (38) | (229) | 1,322 | (5,942) | | Gross profit | 2,891 | 920 | 17 | 183 | 29 | 159 | 106 | 4,305 | | DGVA | (302) | (69,74) | (7) | (34) | (9) | (61) | (281) | (762) | | Depreciation | 265 | 193 | 9 | 111 | 4 | 45 | (94) | 533 | | Proportional EBITDA of joint contr. | - | | - | - | - | - | 220 | 220 | | Adjusted EBITDA | 2,854 | 1,043 | 19 | 260 | 24 | 143 | (49) | 4,295 |

Steel Result

According to the World Steel Association (WSA), global crude steel production totaled 450.0 million tons (Mt) on 3Q22, representing a drop of 2.5% compared to the same period in 2021, also reflecting the effects of the conflict between Russia and Ukraine and its direct developments for the lowest volume of production in European countries. China produced 56.1% of the global volume (252.3 Mt), which corresponds to an increase of 3.1 p.p. in relation to the same period of 2021, mainly as a result of the September performance where it was possible to verify a seasonal return of demand and low inventories, in addition to the lower production observed in Europe. In the accumulated year-to-date, however, there is a 3.7% drop in the volume produced in China, reflecting the direct impact of production interruptions due to the Covid Zero Policy, in addition to the lower dynamism of the real estate market, which reduced the consumption of steel in China throughout 2022. Despite this situation, the Chinese government has sought to increase investment in infrastructure through economic stimulus that should keep demand at a satisfactory level by the end of this year. On the other hand, Brazil accrued a YTD production of 25.9 Mt, which corresponds to an annual reduction of 5.3%, as a result of the cost pressures faced by the industry, and a more difficult comparison basis due to the strong volumes seen last year.

Steel Production (thousand tons)

Regarding to CSN, plate production on 3Q22 totaled 1,027 Kton, a performance 15.4% higher than in the previous quarter. In turn, the production of flat laminates, our main market, reached 911 Kton, an increase of 18.7% compared to 2Q22, due to the normalization of the production process since the previous quarter was impacted by planned maintenances.

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Sales Volume (Kton) - Steel

Total sales reached 1,160 Kton on the third quarter of 2022, a volume 18.2% higher than in the same period of last year. When analyzing the behavior in the different markets, it is perceived that domestic sales were the main responsible for this growth by adding 859 thousand tons of steel products, an increase of 18.7% compared to 2Q22, as a result of a very resilient demand and more competitive prices. In the foreign market, 3Q22 sales totaled 301 thousand tons and were 12% lower than those realized in 2Q22, as a consequence of a weaker sales volume verified in Europe, affecting the results of SWT and Lusosider. In the quarter, 22 Kton were exported directly and 279 Kton were sold by subsidiaries abroad, 62 Kton by LLC, 159 Kton by SWT and 58 Kton by Lusosider.

In relation to the total sales volume in 3Q22 compared to the previous quarter, the construction (+49%), distribution (+37%) and automotive (+9.5%) segments were the main positive highlights of the period and ended up compensating for the still uncertain period lived by the home appliances sector and industry, mainly in the State of São Paulo.

According<br>to ANFAVEA (National Association of Motor Vehicle Manufacturers), the third quarter production registered 665,000 units, an increase<br>of 12% compared to the last quarter and 32% compared to the same period of the previous year. The Association also projects a year growth<br>of 4.1% in 2022, with a production of 2,340,000 vehicles’ units, which shows that the segment has already begun to overcome the<br>difficulties faced in the last 2 years.<br><br><br><br><br><br><br><br>According to the Brazil Steel Institute (IABr) data, crude<br>steel production in the third quarter was 8.407 Mton, a performance 10.6% lower than in the same period last year. Apparent Consumption<br>was 5.9 Mton, a 10.1% retraction compared to 3Q21. In turn, the Steel Industry Confidence Indicator (ICIA) for September was 53.4 points,<br>an increase of 8.0 p.p. compared to June and above the 50-point break line, indicating greater confidence for the next six months in the<br>local market.<br><br><br><br><br><br><br><br>According to IBGE data, the production of home appliances<br>(white line) for the months of July and August recorded a decline of 18.6% compared to the same period of last year. For this year, the<br>white line market is expected to have a weaker performance after the strong sales volume seen in the sector in 2020 and 2021. 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | · | Net revenue in Steel reached BRL 7,698 millionin 3Q22, a stable performance compared to the previous quarter. As previously commented, the intense increase in commercial activity<br>ended up being offset by the reduction in domestic price, generating this marginally lower revenue. In the sense, the average price of<br>3Q22 in the domestic market was 9% lower than that of 2Q22, a performance that accompanies the weaker dynamics of international prices.<br>In turn, the price of the foreign market was 5.5% lower compared to last quarter, a performance driven by the economic slowdown in Europe. | | --- | --- | | · | The plate cost in 3Q22 reached BRL 4,133/t, representing<br>a 6% decline compared to the previous quarter as a result of the higher dilution of fixed costs due to the higher production volume, despite<br>the 7% increase in raw material costs and overall manufacturing costs (mainly natural gas). | | --- | --- |

· The steel’s Adjusted EBITDA reached BRL1,251 million in 3Q22 and was 34.3% lower than in 2Q22, with an EBITDA Margin of 16.3% (-8.5 p.p.). Despite the lower profitability<br>and the higher cost pressure in production, the Company was able to sustain its margins at a very reasonable level and with a tendency<br>to recover at the end of the year, as it is already possible to see a drop in the costs of the main raw materials.
Adjusted EBITDA and<br><br> <br>Steel Margin (BRL MM and %)
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Mining Result

In 3Q22, concerns about the Chinese market and the sustainability of growth continued to dictate the pace of iron ore prices in the international market. The quarter in China was still marked by heat waves that led to a water crisis and increased the cost of energy. In addition, the continuous stoppages resulting from Covid Zero policy and the continuing crisis in the real estate market were other components that increased instability and mitigated the government's efforts to bring, through incentive packages and credit concessions, greater economic dynamism. In addition, the quarter was also marked by the ongoing conflict between Russia and Ukraine, by the maintenance of inflationary pressures and by the increase in interest rates that jointly helped to increase concerns about the global demand for iron ore. In the midst of this context, the price of iron ore underwent a greater adjustment at the beginning of the quarter, ending 3Q22 with an average of US$ 103.31/dmt (Platts, Fe62%, N. China), 25.1% lower than the 2Q22 (US$ 137.9/dmt), and 36.6% below 3Q21 (US$ 162.94/dmt).

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In relation to sea freight, the BCI-C3 Route (Tubarão-Qingdao) presented an average of US$ 24.03/wmt in 3Q22, which represents a significant contraction of 21% in relation to the cost of the previous quarter, as a reflection of the normalization and better logistics organization of the transoceanic market, in addition to the lower pressure on fuel costs.

· Iron ore production totaled 9,625 thousand tons in<br>3Q22, representing an increase of 16% compared to 2Q22, as a result of the increase in the performance of projects integrated to the Central<br>Plant and lower rainfall volume that allowed an improvement in production and efficiency in the Company's mines.
· Sales volume reached 9,095 thousand tons in the 3Q22,<br>a performance 20.1% higher than the previous quarter as a consequence of the higher volume produced and the drier period observed throughout<br>the quarter, enabling an increase in port shipments. To contextualize this performance, the sales volume to the foreign market was 19%<br>higher than in the previous quarter.
--- ---
· Net revenue totaled BRL 2,527 million in 3Q22 and<br>was 3.1% lower than in the last quarter, as a result of a lower price realization that ended up offsetting the higher sales volume presented<br>in the period. Unitary net revenue was US$ 53.23 per wet ton, a 25.8% decline against 2Q22, a performance that reflects not only<br>the lower price of the benchmark index, but also the impact of the provisioned prices realization in the previous quarters given the high<br>volatility presented in the period. These factors were partially offset by a better product mix with a higher share of own production<br>in relation to third-party purchases, quality improvement and reduction in freight costs during the quarter.
--- ---
· In turn, the cost of products sold from<br>mining totaled BRL 1,800 million in 3Q22, a 1.7% decline compared to the previous quarter, as a result of lower rail and port transport<br>costs, in addition to the reduction in demurrage. On the other hand**, C1 Cost reached US$ 19.4/t in 3Q22**, and was 20% lower when<br>compared to 2Q22, reflecting not only the lower logistics costs, but also the greater dilution of fixed costs due to the increase in the<br>volume produced.
--- ---
· Adjusted EBITDA reached BRL 916 million in 3Q22,<br>with a quarterly EBITDA Margin of 36.3% or 0.5 p.p. lower than that recorded in 2Q22. This stability in the EBITDA Margin is a direct<br>result of exogenous factors and high volatility in the price of iron ore throughout the year. On the other hand, when observing the decline<br>in the cost of production and freight, there is a more optimistic outlook regarding the increase in profitability for the coming quarters.
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Cement Result

Throughout 3Q22, the cement segment maintained the strong dynamism presented in the previous quarter, packed by consumption-friendly movements, with the increase in Brazil aid, GDP growth and the decrease in inflationary impact. This combination of factors eventually offset higher interest rates and the slow recovery in wages, which make credit and new loans more difficult. According to the National Cement Industry Union (SNIC), cement sales reached 16.97 Mton in 3Q22, 6.7% higher than the previous quarter, but still 3.0% below the same period in 2021. In this context, the real estate market remains an important demand driver, but the segment has also seen a significant increase in sales directed to infrastructure projects. To corroborate this favorable environment, the Industrial Entrepreneur Confidence Index (ICEI), measured by the Brazilian Chamber of the Construction Industry (CBIC), presented values above 50 in all indicators, reaching 60.2 in October.

Regarding to CSN Cimentos, on September 6 the Company completed the acquisition process of LafargeHolcim, now called CSN Cimentos Brasil S.A., consolidating one month of the operating and financial results in the segment performance. Sales on 3Q22 totaled 1,890 Kton, a result 50% higher than the previous quarter, reflecting (i) the incorporation of part of Lafarge's sales in the quarter, and (ii) a positive performance in the other cement operations of the Company which also managed to overcome the strong dynamism observed in the previous quarter.

Sales Volume – Cements<br><br> <br>(thousand tones)

* LafargeHolcim's operations were integrated in September 2022.

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | · | Net Revenue reached an all-time high of BRL 778 million<br>in 3Q22, a performance 63.7% higher than last quarter, driven by the solid operating performance observed in the quarter, with increases<br>in production, sales and prices applied in the period, in addition to the incorporation of LafargeHolcim's results. | | --- | --- | | · | In turn, unitary costs also rose in the quarter,<br>as a result of the increase in the cost of imported coke and distribution freight, which is a result of the global increase in fuel costs. | | --- | --- | | · | Even so, Adjusted EBITDA in the segment increased<br>58.4% compared to the previous quarter, reaching BRL 257 million in 3Q22 and with an Adjusted EBITDA Margin of 33.1%, or 1.1 p.p. lower<br>than that seen in 2Q22. This small loss of profitability, even considering cost pressures and integration expenses, reinforces the excellent<br>moment CSN’s cement operation goes through, in addition to highlighting the strong operational improvement that LafargeHolcim's<br>assets have shown since the acquisition was approved. | | --- | --- |

Logistics Result

Rail Logistics: In 3Q22, net revenue reached BRL 653 million, with an Adjusted EBITDA of BRL 327 million and an Adjusted EBITDA Margin of 50%. Comparing to 2Q22, net revenue increased 10.3% due to the increased volume and prices of goods transported. In the same comparison line, Adjusted EBITDA was 9.8% higher.

Port Logistics: In 3Q22, 431,000 tons of steel products were shipped by Sepetiba Tecon, in addition to 12,000 containers, 32,000 tons of general cargo and 52,000 tons of bulk. Compared to the previous quarter, the Company had a change in its shipment mix, giving more relevance to the overall cargo volume, with a quarterly increase of 672%, against a 76% reduction in the bulk volume. In addition to this variation, the volume of steel products increased by 40% in the period. As a result, the net revenue of the port segment was 11.3% lower than in the last quarter, reaching BRL 69 million in 3Q22 and also impacting the Adjusted EBITDA for the period, which had a margin decrease of 7.8 p.p.

Energy Result

In 3Q22, the energy volume traded generated a netrevenue of BRL 48 million, with a negative Adjusted EBITDA of BRL 10 million. Compared to the second quarter of 2022, the net revenue was practically stable, even with lower prices, while there was a small increase in the production cost, generating this negative EBITDA in the quarter.

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ESG - Environmental, Social & Governance

ESG COMMITMENTS - CSN GROUP

AXIS ESG Goals
Natural Capital<br><br> <br>****<br><br> <br> Climate Change
ü  Reduction of 10% of CO2 emissions per ton of crude steel by 2035, WSA (World Steel Association) methodology compared to 2018.
ü  Reduction of 20% of CO2 emissions  per ton of crude steel by 2035, WSA (World Steel Association) methodology compared to 2018.
ü  Reduction of 28% of CO2 per ton of cement emissions by 2030, reaching 375 kgCO2e/t cement, CSI (Cement Sustainability Initiative) methodology. Equivalent to the target set in the CSI roadmap for the sector in 2050, base year 2020.
ü  Reduction of 30% in CO2 emissions aper ton of ore produced by 2035 (scopes 1 and 2), base year 2019.
ü  Net Zero by 2044 in the emissions of scopes 1 and 2 of CSN Mineração.
Atmospheric Emissions
ü  Reduction of 40% of particulate matter emissions per ton of crude steel produced at UPV by 2030, base year 2019.
Efficiency in Water Use and Effluent Management
ü  Reduce new water consumption for iron ore production by at least 10% per ton of ore produced by 2030 compared to the base year 2018.
Intellectual Capital<br><br> <br> Innovation
ü  Between 2020 and 2022, develop two new products/services on the ESG theme.
ü  By 2022, we will conduct six weeks of training in innovation, ESG and Venture Capital in the CSN Group units in relation to 2020.
Governance, Ethics and Compliance
ü  Continuously increase our Compliance Index with the best governance practices provided for in CVM Resolution No. 80/2022 (considered "Practice" and "Partial practice").
Human and Social Capital<br><br> <br><br><br> <br><br><br> <br> Social Responsibility
ü  By 2022, increase by 39% the care of children and adolescents by the Project Garoto Cidadão, by the CSN Foundation, in relation to 2020.
Health and safety at work
ü  Continuously achieve the zero-fatality rate throughout the CSN Group (own and third parties).
ü  Reduce by 30% the frequency rate of accidents (CAF+SAF – own and third parties) by 2030 in the CSN Group compared to 2020 (factor of 1 million HHT).
ü  Reduce by 30% the number of days of sick leave by accident with own employees by 2030 compared to 2021.
Dam Management and Mischaracterization
ü  Perform the complete mischaracterization of the dams built upstream of CSN Mineração by 2030.
Diversity and Inclusion
ü  Achieve 28% female representation in the CSN Group by 2025 compared to 2020. 
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ESG PERFORMANCE - CSN GROUP

In the third quarter of 2022, CSN maintains its reporting model aligned with relevance and materiality for the Company and its stakeholders, in order to offer greater transparency and access to the main results and ESG indicators, also enabling its monitoring in an agile and effective manner.

Quantitative indicators are presented in comparison with the period that best represents the metric monitoring. Thus, some are compared with the same quarter of the previous year, and others with the average of the previous period, ensuring a comparison based on seasonality and periodicity.

More detailed historical data on CSN's performance and initiatives can be verified in the 2021 Integrated Report, available in the Company's website. The 2021 Integrated Report follows internationally recognized guidelines and frameworks, such as GRI, IIRC, SASB and TCFD, and are presented with due correlation with the Sustainable Development Goals (SDGs) and Principles of the UN Global Compact. The assurance of ESG indicators occurs annually for the closing of the Integrated Report, so the information contained in the quarterly releases is subject to adjustments arising from this process.

It is also possible to monitor CSN's ESG performance in an agile and transparent manner, on our website, through the following e-mail address: esg.csn.com.br

ESG RATINGS

In the third quarter of 2022, the Company received for the 8th consecutive year the GOLD SEAL of the GHG Protocol, which granted the CSN Group the highest level of qualification of its greenhouse gas emission inventories. Also in this period, CSN improved its performance in the Global S&P Rating to 55 points, when the global average of the sector is 21 points. Additionally, it maintained its performance in the MSCI and Mood's ESG - V.E. and TPI (Transition Pathway Initiative) ratings, global initiatives that assess the maturity of companies in relation to ESG themes.

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PERFORMANCE OF THE MAIN ESG TARGETS

Indicators Unit Base Year Indicator Accrued 2022 Status Goal Target
Environmental Steel Emission Intensity (WSA)¹ tCO2and/t raw steel 2.10<br><br> <br>(Base year 2018) 2.00 1.68 2035
Intensity of Emission Cements (CSI)² kgCO2and/t cement 519<br><br> <br>(Base year2020) 480 374 2030
Mining Emission Intensity (GHG)^3 and 4^ kgCO2and ore /t 5.77<br><br> <br>(Base year 2019) 7.55 4.04 2035
Social Frequency Rate^5^ CAF+SAF 2.46<br><br> <br>(Base year 2020) 2.02 1.72 2030
Governance Diversity (women in the functional framework) % 14%<br><br> <br>(Base year2020) 18.4% 28% 2025

¹ Considers the scope 1+2 emissions and production of the UPV and SWT units.

³ The base year and the target were adjusted because Alhandra came to be considered in the data management of CSN Cimentos.

² Considers the emissions of scopes 1 and 2 divided per ton of iron ore produced at CSN Mineração, according to the methodology of the Brazilian GHG Protocol Program.

^4^ Considers emissions only from CSN Mining Scope 1 mobile combustion category. They represent 95% of CSN Mineração's Scope 1 emissions, noting that scope 2 emission is zero due to electricity consumption coming from 100% renewable sources. The data reported in the Company's Integrated Report 2021 considers the total emissions of csn mining, scope 1 and 2. The emission intensity was reported 6.58 kgCO2e/ton of ore produced.

^5^ Rate considers (CAF+SAF - own and third/1 million hours worked).

CLIMATE CHANGE

CSN initiated a study of climate scenarios and review of risk and opportunity management processes. The construction of the scenarios was based on the best market practices using as a basis the reports of the IPCC (2021) and the International Energy Agency, which will enable a more practical decision-making on the issues related to climate change. In September of this year, communication with the Company's senior leadership was reinforced, with periodic monitoring of emission reduction targets and the progress of decarbonization projects.

ENVIRONMENTAL MANAGEMENT

Energy

Sustainability with the purchase of CEEE-G

The acquisition of CEEE-G, completed in October of this year, is in line with CSN's strategy of strengthening its operations in the Energy segment, and also aims to support and strengthen the expansion strategy of its business and its subsidiaries, through investments in renewable energy, through self-sufficiency in electricity, for greater competitiveness of its business. Investment in renewable energy is a fundamental pillar in the Company's sustainability strategy and an important step in the decarbonization journey of its operations.

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NATURAL CAPITAL - ENVIRONMENTAL INDICATORS

Air quality CSN¹ Unit 9M21 9M22 Δ%
NOX Emission t 4,439 3,829 -14%
SOX issue t 2,278 2,103 -8%
MP issue t 2,566 2,734 7%

¹ Considers all steel units and cement units in Brazil.

Water Management² Unit 9M21 9M22 Δ%
Water catchment LM 61,856 56,161 -9.2%
Water disposal Ml 52,176 46,494 -21%
Water consumption Ml 9,680 9,667 -0.1%

² Considers all steel units and cement units in Brazil.

Water Management Unit 2021 9M22 Δ%
Intensity by steel production m³/t raw steel 18.94 15.47 -18%
Intensity per cement production m³/t cement 0.07 0.08 12%
Intensity by ore production m³/t ore 0.21 0.23 12%
Waste Management³ Unit 9M21 9M22 Δ%
--- --- --- --- ---
Waste Class 1 t 21,440 15,652 -27%
Waste Class 2 t 2,372,452 2,382,530 -0.4%
Percentage reuse and co-processing % 95% 93% -2%

³ Considers all steel, mining and cement producing units.

DAM MANAGEMENT

In the third quarter of 2022, the decharacterization works of the Vigia Dam advanced with the completion of the structural work. For the next quarters, it is expected the completion of the drainage system, and, with this, the mischaracterization of the dam will be completed.

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In September, all stability statements were also renewed of the dams of CSN Mineração e Minérios Nacional, with the exception of the B2A Dam, belonging to Minérios Nacional, which, due to the ongoing stabilization works, showed improvement in its safety factors, and was requested by the Company to ANM, its reclassification from level 2 to emergency level 1.

SOCIAL DIMENSION

HEALTH AND SAFETY AT WORK

2022 SipatMA

In September 2022, the Internal Week for The Prevention of Accidents at Work and Environment (SipatMA) was held in a hybrid format in the various units of the CSN Group. There were five days of awareness-raising actions and lectures with internal and external specialists on health, safety and environment issues. The lectures with online transmission allowed more than 6,000 unique accesses held during the week and a total number of participants estimated at 10,000 people, since in many units were made available screens and auditoriums for employees to have access to the content.

· Management and monitoring of the health and safety of own<br>employees and third parties
Health and safety at work¹ 9M21 9M22 Δ%
--- --- --- ---
Number of accidents with and without leave (own) 84 71 -15%
Number of accidents with and without leave (third parties) 45 48 7%
Fatality (own) 0 1 -
Fatality (third parties) 1 1 -
Frequency rate of mandatory reporting accidents (factor of 200,000 HHT) 0.47 0.40 -13%
Frequency rate of mandatory communication work accidents (factor 1 MM HHT) 2.33 2.02 -13%
Accident severity rate (factor of 200,000 HHT) 37 67 82%
Accident severity rate (1MM HHT factor) 184 336 82%

¹Considers all csn group units in Brazil.

PEOPLE MANAGEMENT

Corporate University

CSN is considered a school by many of its employees. The Company's potential to create opportunities for professional and personal development is a visible foundation on every page of those who write our history. With this motivation and, in order to complement this journey, CSN incorporated in its educational trajectory the Corporate University, which began in September 2022, building innovative education solutions aligned with organizational competencies and culture.

CSN's Corporate University emerges to strengthen the principles, promoting a meeting between the legacy of success and a continuous and enriching learning process of the Company. The online platform has several contents and training, such as skills of the future, emotional intelligence, among other training straining that will contribute to the development and improvement of skills and competencies fundamental to the career of each professional.

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Employment¹ Unit 9M21 9M22 Δ%
Women on staff % 16.8 18.4 9%
Women in leadership positions % 10.9 11.8 8%
People with disabilities % 1.2 1.3 16%
Racial Diversity
•        Yellow % 1.4 1.4 -
•        White % 42.9 41.7 -3%
•        Indigenous % 0.3 0.3 -
•        Black % 14.7 14.8 1%
•        Brown % 37.5 39.1 4%
•        Not informed % 3.1 2.6 -16%
Turnover % 11.6 14.7 27%

¹ The data do not consider employees "Non-CLT" and "Internship Program".

VALUE CHAIN

Sustainable Value Chain³ Unit 9M21 9M22 Δ%
Purchases from local suppliers % 31.6 29 -8%
Local suppliers (Service) % 51.6 50.1 -3%
Local suppliers (Materials) % 27.1 23.3 -14%

³Considers CSN Group in Brazil.

SOCIAL RESPONSIBILITY

On September 21, and in celebration of Tree Day, CSN and the CSN Foundation initiated a week of activities through its Environmental Education Program (PEA). With the support of the Municipal Departments of Education and the Environment Secretariat (SME and SMMA) social and environmental activities were developed directed to the local community of Volta Redonda. A sustainable playground for early childhood education was inaugurated with the participation of students and teachers of the Municipal Center for Early Childhood Education Iracema Leite Nader.

In addition to the events planned for Education, the PEA also had its participation guaranteed in the Internal Week for The Prevention of Accidents at Work and Environment held at the Presidente Vargas Plant. Awareness related to Selective Waste Collection were performed. The end of the week included the planting of 70 native seedlings of Atlantic Forest in the UPV, carried out by employees of CSN, CBSI and the Municipal Environment Department.

The CSN Fundação materializes the SDDs in its programs and projects, with the involvement in the dissemination of knowledge about the 2030 Agenda

At the end of the third quarter of 2022, there was the graduation of the class of the first cycle of the Citizen Mentoring program. This program, developed by the CSN Foundation, aims to increase opportunities for professional development and contribute to the employability of young participants. As a result of this cycle, 84% of the beneficiaries of the program joined the Young Apprentice program of CSN.

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | 1Q22 | 2Q22 | 3Q22 | | --- | --- | --- | --- | | Impacted young people¹ | 3,483 | 3,981 | 3,978 | | Public cultural initiatives | 3,387 | 69,673 | 58,406 |

¹ Young people impacted by the projects Citizen Boy, Empower, Young Apprentice,Internship, Steel Drums and Football.

² Public present in the public presentations, carried out by the projects:Garoto Cidadão, Caminhão, Tambores de Aço, Centro Cultural e Histórias que Ficam.

Capital Markets

In the third quarter of 2022, CSN shares devalued 17.6%, while the Ibovespa rose 11.7%. The average daily value (CSNA3) negotiated at B3, in turn, was BRL 171.4 million. On the New York StockExchange (NYSE), the Company's American Depositary Receipts (ADRs) devaluation in the dollar of 18.8%, while the Dow Jonesindex fell 6.7%. The average daily trading with ADRs (SID) on the NYSE was $14.3 million.

3Q22
Number of shares in thousands 1,326,094
Market Value
Closing Quote (BRL/share) 12.72
Closing Quote (US$/ADR) 2.38
Market Value (BRL million) 16,868
Market Value (US$ million) 3,155
Change in period
CSNA3 (BRL) -17.6%
SID (USD) -18.8%
Ibovespa (BRL) 11.7%
Dow Jones (USD) -6.7%
Volume
Daily average (thousand shares) 11,993
Daily average (BRL thousand) 171,432
Daily average (thousand ADRs) 5,182
Daily average (US$ thousand) 14,262
Source: Bloomberg

Result Conference Call:

Webcast Presentation of the 3Q22 Results Investor Relations Team

Conference call in Portuguese with Simultaneous Translation into English<br><br> <br>November 1st, 2022<br><br> <br>11:30 am (Brasilia time)<br><br> <br>10:30 am (New York Time)<br><br> <br>+55 11 3181-8565 / +55 11 4090-1621<br><br> <br>Code: CSN<br><br> <br>Tel. Replay: +55 11 4118-5151<br><br> <br>Replay code: 219011#<br><br> <br>Webcast: click<br> here Marcelo Cunha Ribeiro - CFO and IR EXECUTIVE DIRECTOR<br><br> <br>Pedro Gomes de Souza ([email protected])<br><br> <br>Danilo Dias ([email protected])<br><br> <br>Rafael Byrro ([email protected])<br><br> <br>****

Some of the statements contained herein are future perspectives that express or imply expected results, performance or events. These perspectives include future results that may be influenced by historical results and statements made in 'Perspectives'. Current results, performance and events may differ significantly from hypotheses and perspectives and involve risks such as: general and economic conditions in Brazil and other countries; interest rate and exchange rate levels, protectionist measures in the U.S., Brazil and other countries, changes in laws and regulations, and general competitive factors (globally, regionally or nationally)

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INCOME STATEMENT

CONSOLIDATED - Corporate Law - In Thousands of Reais

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BALANCE SHEET

CONSOLIDATED - Corporate Law - In Thousands of Reais

****

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CASH FLOW

CONSOLIDATED - Corporate Law - In Thousands of Reais

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Companhia Siderúrgica Nacional “CSN”, also referred to as “Company”, is a publicly held company incorporated on April 9, 1941, under the laws of the Federative Republic of Brazil (Companhia Siderúrgica Nacional, its subsidiaries, joint ventures, joint operations and associates are collectively referred to herein as the "Group”). The Company’s registered office is located in São Paulo, SP, Brazil.

CSN is listed on the São Paulo Stock Exchange (B3 S.A.- Brasil, Bolsa, Balcão) and on the New York Stock Exchange (NYSE).

The Group's main operating activities are divided into five (5) segments as follows:

· Steel:

The Company’s main industrial facility is the Presidente Vargas Steelworks (“UPV”), located in the city of Volta Redonda, State of Rio de Janeiro. This segment consolidates all operations related to the production, distribution and sale of flat steel, long steel, metallic containers, and galvanized steel. In addition to the facilities in Brazil, CSN has commercial operations in the United States and operations in Portugal and Germany to achieve markets and providing excellent services for final consumers. Its steel is used in home appliances, civil construction, package and automobile industries.

· Mining:

The production of iron ore is developed in the cities of Congonhas, Ouro Preto and Belo Vale, State of Minas Gerais – by subsidiary CSN Mineração. The Company´s mining activities also include tin exploration in the state of Rondônia by CSN subsidiary Estanho de Rondônia S.A. ("ERSA"), to supply the needs of the UPV. The surplus of this raw material is sold to subsidiaries and third parties.

Iron ore is sold basically in the international market, especially in Europe and Asia. The prices charged in these markets are historically cyclical and subject to significant fluctuations over short periods of time, driven by several factors related to global demand, strategies adopted by the major steel producers, and the foreign exchange rate. All these factors are beyond the Company’s control. The ore is transported by rail to the Terminal de Carvão e Minérios from the Itaguai Port– (“TECAR”), a solid bulk terminal, one of the four terminals that comprise the Itaguai Port, located in the State of Rio de Janeiro and from TECAR to customers around the world. The Imports of coal and coke are also carried out through this terminal by provision of services by CSN Mineração to CSN.

All our mining dams are adequately suited to existing environmental legislation

· Cements

CSN entered the cement production market in 2009, catapulted by the synergy between this activity and CSN's current business. Beside the UPV facilities, in Volta Redonda / RJ, the Company installed a business unit, which produces CP-III type cement using the slag produced by the UPV’s own blast furnaces. It also explores limestone and dolomite at the Arcos / MG unit, to meet the needs of the Steel and the cement plant. Additionally, in Arcos / MG, the clinker production operation is located.

On January 31, 2021, the Company concluded the drop down of the cement business and, accordingly, all assets and liabilities related to the cement business were transferred from CSN to its subsidiary recently incorporated CSN Cimentos S.A. (“CSN Cimentos”)

On August 31, 2021, the Company completed the acquisition of control of Elizabeth Cimentos S.A. ("Elizabeth Cimentos") and Elizabeth Mineração S.A. ("Elizabeth Mineração"), with operations in the Northeast region, especially in Paraíba and Pernambuco, under the terms of the Investment Agreement, Purchase and Sale of Quotas, Shares and Other Covenants entered into on June 29, 2021. With the closing of this transaction, CSN Cimentos now has a total capacity of 6 million tons per year.

On September 9, 2021, CSN Cimentos entered into the Agreement for the Sale and Purchase of the Shares in LafargeHolcim (Brasil) S.A., for the acquisition of 100% of the shares issued by LafargeHolcim (Brasil) S.A.

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("LafargeHolcim"). On August 17, 2022, the transaction was approved by the Administrative Council for Economic Defense ("CADE"), and on September 6, 2022, the acquisition of all shares issued by LafargeHolcim S.A. was completed, changing LafargeHolcim's name to "CSN Cimentos Brasil S.A.", which is now controlled by CSN Cimentos, see explanatory note 10. c. The acquisition of the mentioned company will add a production capacity to CSN Cimentos of 10.3 million tons of cement per year ("MTPA") through cement plants strategically located in the Southeast, Northeast and Midwest regions, in addition to substantial reserves of high-quality limestone and concrete and aggregates units. Significant operational, logistical, management and commercial synergies are expected, with room for evolution in the product mix and expansion of the customer base. With the closing of this operation, CSN Cimentos now has a total capacity of 16.3 million tons per year.

· Logistics:

Railroads:

CSN has interests in three railroad companies: MRS Logística S.A - (“MRS”)., which manages the former Southeast Railway System of Rede Ferroviária Federal S.A (“RFFSA”)., Transnordestina Logística S.A. (“TLSA”) and FTL - Ferrovia Transnordestina Logística S.A. (“FTL”), which holds the concession to operate the former Northeast Railway System of RFFSA, in the States of Maranhão, Piauí, Ceará, Rio Grande do Norte, Paraíba, Pernambuco, Alagoas - stretches from São Luís to Altos, Altos to Fortaleza, Fortaleza to Sousa, Sousa to Recife/Jorge Lins, Recife/Jorge Lins to Salgueiro, Jorge Lins to Propriá, Paula Cavalcante to Cabedelo, Itabaiana to Macau (Mesh I) and TLSA is responsible for the stretches from Eliseu Martins-Trindade, Trindade-Salgueiro, Salgueiro-Porto Suape, Salgueiro

  • Missão Velha and Missão Velha - Pecém (Mesh II), under construction.

Ports*:***

The Company operates in the State of Rio de Janeiro, by means of its subsidiary Sepetiba Tecon S.A., operates the Container Terminal (“TECON”) and by means of its subsidiary CSN Mineração, the TECAR, both located at the Itaguaí Port. Established in the harbor of Sepetiba, the mentioned port has a privileged highway, railroad, and maritime access.

TECON is responsible for the shipments of CSN´s steel products, movement and storage of containers, vehicles, general cargo, among other products; and TECAR performs the operational activities of loading and unloading of solid bulk ships, storage and distribution (road and rail) of coal, coke, zinc concentrate, sulfur, iron ore and other bulk, intended for the seaborne market, for our own operation and for third parties.

· Energy:

Since the energy supply is fundamental in CSN´s production process, the Company owns and operates facilities to generate electric power for guaranteeing its self-sufficiency.

On June 30, 2022, the Company's subsidiaries, CSN Cimentos and CSN Energia S.A. ("CSN Energia"), completed the acquisition of Santa Ana Energética S.A. (“Santa Ana”), as well as Topázio Energética S.A. ("Topázio") and, indirectly, Brasil Central Energia Ltda. ("BCE"), a subsidiary of Topázio, under the terms of the Share Purchase Agreement entered into on April 8, 2022 with Brookfield Americas Infrastructure (Brazil Power) Fundo de Investimento em Participações Multiestratégia, a private equity fund managed by Brookfield Brasil Asset Management Investimentos Ltda, see note 10.c.

· GOING CONCERN

The Management understands that the Company has adequate resources to continue its operations. Accordingly, the Company's interim financial statements for the period ended September 30, 2022, have been prepared on a going concern basis.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.a) Declaration of conformity

The consolidated and parent company interim financial statements have been prepared and are being presented in accordance with accounting practices adopted in Brazil based on the provisions of the Brazilian Corporate Law, pronouncements, guidelines and interpretations issued (CPC), approved by CVM, besides the own standards issued by the Brazilian Securities and Exchange Commission (“CVM”) and International Financial Reporting Standards

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(“IFRS”) issued by the International Accounting Standard Board (IASB) and highlight all the relevant information at the interim financial statements, and only this information, which correspond to those used by the Company's management in its activities. The consolidated interim financial information is identified as "Consolidated" and the parent company's individual interim financial information is identified as "Parent Company"

2.b) Basis of presentation

The interim financial statements were prepared based on the historical cost and were 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 allows the option between cost or another measurement criterion, the cost of acquisition criterion was used.

The preparation of these interim financial statements requires Management to use certain accounting estimates, judgments and assumptions that affect the application of Accounting Polices and the amounts reported on the balance sheet date of assets, liabilities, income, and expenses may differ from actual future results. The assumptions used are based on history and other factors considered relevant and are reviewed by the Company’s management.

The 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”, consistently with the standards issued by the CVM.

This interim financial information does not include all requirements of annual or full financial statements and, accordingly, should be read in conjunction with the Company’s financial statements for the year ended December 31, 2021.

Therefore, in this interim financial information the following notes are not repeated, either due to redundancy or to the materiality in relation to those already presented in the annual financial statements:

Note 11 - Basis of consolidation and investments

Note 13 - Intangible assets

Note 19 - Income tax and social contribution

Note 20 - Installment taxes

Note 21 - Tax, social security, labor, civil, environmental provisions and judicial deposits

Note 31 - Employee benefits

Note 32 - Commitments

The accounting policies, when applicable and relevant, are included in the respective explanatory notes and are consistent with the previous presented period.

The consolidated financial statements were approved by Board of Directors on October 31, 2022.

2.c) Functional currency and presentation currency

The accounting records included in the interim financial statements of each of the Company’s subsidiaries are measured using the currency of the principal of the economic environment in which each subsidiary operates (“the functional currency”). The consolidated and parent company interim financial statements are presented in BRL(reais), which is the Company’s functional and reporting currency.

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing on the transaction or valuation dates, in which the items are remeasured. The balances of the asset and liability accounts are converted using the exchange rate on the balance sheet date. As of September 30, 2022, US$1.00 was equivalent to BRL5.4066 (BRL5.5805 on December 31, 2021) and €1.00 was equivalent to BRL5.2904 (BRL6.3210 on December 31, 2021), according to the rates obtained from Central Bank of Brazil website

2.d) Statement of value added

Pursuant to Law 11,638/07, the presentation of the statement of added value is required for all publicly held companies. These statements were prepared in accordance with CPC 09 - Added Value Statement, approved by CVM Resolution

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557/08. The IFRS does not require the presentation of this statement and for IFRS purposes is presented as additional information.

3. BUSINESS COMBINATION

Acquisition of the control of Metalgráfica Iguaçu S.A.

On September 06, 2022, Metalúrgica Prada, a subsidiary of the Company, acquired 100.00% of Metalgráfica Iguaçu S.A. The assets acquired are located in Paraná and Goiás. The operation is a strategic step to expand the production capacity of the Company's packaging division, improving the competitiveness of the business and strengthening the national chain, especially regarding substitute packaging.

The transaction consists of a business combination whereby Prada acquired control through the merger of Metalgráfica shares and, in exchange for the merger of shares, Metalgráfica shareholders received shares issued by Prada in substitution for Metalgráfica shares, according to the exchange ratio to be approved at an extraordinary general meeting of the companies.

(i) Determination of the purchase price

In accordance with CPC 15 (R1) / IFRS3, the purchase price is determined by the sum of the assets transferred, liabilities incurred, equity interest issued, non-controlling interest and the fair value of any interest held prior to the transaction. The table below summarizes the price considered for accounting purposes:

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

a) Company Prada approved a capital increase in the amount of BRL263 with the issuance of 571,251 common shares, paid up with Metalgráfica shares. The shares were issued at the equity value according to the Appraisal Report.

The valuation of the fair value of Metalgráfica's shares, transferred to Prada in the business combination, was performed using the discounted cash flow method, with the issue of an Economic Value Report prepared by independent appraisers and its results are presented in the table below:

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

(b) Metalgráfica's Board of Directors approved on September 06, 2022, the capital increase in the amount of BRL133,100 through the issue of 122,110,092 shares subscribed by Prada.

(ii) Goodwill on acquisition of control

In accordance with item 32 of CPC15 (R1)/IFRS3, the acquirer must recognize goodwill for expected future profitability on the acquisition date, measured by the amount by which the purchase price exceeds the fair value of the assets and liabilities acquired (purchase price allocation). The transaction generated goodwill for expected future profitability of BRL96,472, as shown in the table below:

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Item | BRL million | Reference | | --- | --- | --- | | Purchase price considered | 133,363 | (i) | | Fair value of the assets and liabilities acquired | 36,891 | (iii) | | Goodwill based on expectations for future profitability (note 12) | 96,472 | |

The goodwill for expected future profitability is recorded in intangible assets and, since it does not have a defined useful life, it is not amortized, in accordance with CPC 04 (R1)/IAS 38.

(iii) Fair value of assets and liabilities acquired

The following table shows the allocation of the fair value of assets acquired and liabilities assumed at August 31, 2022, considering the direct and indirect interests, calculated based on independent appraisers' reports.

(BRL'000) Accounting Balances Fair value adjustment Total fair value
Current Assets 23,924 23,924
Cash and cash equivalents 569 569
Trade receivables 7,249 7,249
Inventories 4,435 4,435
Other assets 713 713
Recoverable taxes and contributions 10,958 10,958
Non-current Assets 58,408 120,227 178,635
Recoverable taxes and contributions 38,649 38,649
Other assets 1,856 1,856
Investments 10 10
Property, plant and equipment 17,750 120,227 137,977
Intangibles 143 143
Total assets acquired 82,332 120,227 202,559
Current Liabilities 134,464 134,464
Borrowings and financing 89,852 89,852
Trade payables 17,114 17,114
Labor obligations 17,339 17,339
Taxes payable 181 181
Advances from customers 1,158 1,158
Installments 2,227 2,227
Other accounts 6,593 6,593
Non-current Liabilities 31,204 31,204
Borrowings and financing 21,844 21,844
Installments 6,462 6,462
Other accounts 2,898 2,898
Total liabilities assumed 165,668 165,668
Net equity acquired (83,336) 120,227 36,891

The fair value allocation resulted in a gain totaling BRL120,227, distributed among Metalgráfica's main assets The following table shows the composition of the allocated amounts and a summary of its calculation methodology.

Assets acquired Valuation method Carrying amounts Fair value adjustment Total fair value
Property, plant and equipment The values of fixed assets were adjusted by the difference between the revalued value of fixed assets and their respective net book value, according to a technical evaluation carried out by an independent appraiser for the groups of assets represented by buildings, vehicles, furniture and fixtures. The useful lives follow the terms disclosed in note 11 17,750 120,227 137,977
17,750 120,227 137,977 
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The subsidiary Prada has engaged an independent company to prepare an appraisal report on the tangible and intangible assets and allocation of the excess price paid. As provided for in item 45 of CPC 15 (R1) / IFRS 3, the Company has up to 12 months to adjust the measurement of the amounts due to events not considered.

4. CASH AND CASH EQUIVALENTS
Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Cash and banks
In Brazil 65,773 68,638 37,262 58,951
Abroad 7,864,532 10,007,399 377,507 1,438,851
7,930,305 10,076,037 414,769 1,497,802
Investments
In Brazil 6,324,948 6,493,832 2,349,575 2,387,463
Abroad 64,120 76,611
6,389,068 6,570,443 2,349,575 2,387,463
14,319,373 16,646,480 2,764,344 3,885,265

Our investments are basically in private and public securities with yields linked to the variation of Interbank Deposit Certificates (CDI) and repo operations backed by National Treasury Notes respectively. The Company invests part of the funds through exclusive investment funds which have been consolidated in these financial statements.

Our investments abroad are in private securities in top-rated banks and are remunerated at pre-fixed rates.

5. FINANCIAL INVESTMENTS
Consolidated Parent Company
--- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
09/30/2022 12/31/2021 09/30/2022 12/31/2021 09/30/2022 12/31/2021 09/30/2022 12/31/2021
Investments ^(1)^ 188,638 261,673 16,181 15,148 50,387 43,398
Usiminas shares ^(2)^ 1,288,977 2,383,059 1,288,977 2,383,059
Bonds ^(3)^ 136,167 132,523 136,167 132,523
1,477,615 2,644,732 152,348 147,671 1,339,364 2,426,457 136,167 132,523
(1) These are restricted financial investments and linked to a Bank Deposit Certificate (CDB) to guarantee<br>a letter of guarantee from financial institutions and financial investments in Public Securities (LFT - Letras Financeiras do Tesouro)<br>managed by their exclusive funds.
--- ---
(2) Part of the shares guarantees a portion of the Company's debt.
--- ---
(3) Bonds with Fibra bank due in February 2028 (see note 21.a).
--- ---
6. TRADE RECEIVABLES
--- ---
Consolidated Parent Company
--- --- --- --- ---
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Trade receivables
Third parties
Domestic market 1,871,479 1,218,179 1,119,361 751,616
Foreign market 1,011,231 1,472,190 141,882 236,882
2,882,710 2,690,369 1,261,243 988,498
Allowance for doubtful debts (232,164) (236,927) (123,558) (133,227)
2,650,546 2,453,442 1,137,685 855,271
Related parties (note 21 a) 83,160 144,396 965,591 1,520,241
2,733,706 2,597,838 2,103,276 2,375,512

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

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | | | 09/30/2022 | 12/31/2021 | 09/30/2022 | 12/31/2021 | | Current | 2,254,823 | 2,255,200 | 1,064,689 | 803,910 | | Past-due up to 30 days | 304,878 | 164,019 | 29,539 | 44,135 | | Past-due up to 180 days | 122,724 | 67,822 | 55,822 | 16,024 | | Past-due over 180 days | 200,285 | 203,328 | 111,193 | 124,429 | | | 2,882,710 | 2,690,369 | 1,261,243 | 988,498 |

The changes in estimated credit losses are as follows:

Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Opening balance (236,927) (228,348) (133,227) (143,735)
(Loss)/Reversal estimated 2,419 1,755 1,445 3,277
Recovery and write-offs of receivables 11,357 6,287 8,224 3,683
Drop down of Cements (note 10.c) 3,548
Consolidation of Elizabeth (16,621)
Consolidation of CSN Cimentos Brasil (8,782)
Consolidation of Metalgrafica Iguaçu (231)
Closing balance (232,164) (236,927) (123,558) (133,227)
7. INVENTORIES
--- ---
Consolidated Parent Company
--- --- --- --- ---
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Finished goods 3,790,587 4,457,842 2,003,362 2,570,354
Work in progress 3,511,687 2,710,149 2,249,439 1,695,075
Raw materials 3,134,792 3,638,952 2,332,563 2,799,869
Storeroom supplies 1,047,869 770,296 419,658 364,872
Advances to suppliers 16,632 121,519 11,010 92,439
Provision for losses (124,812) (98,730) (60,264) (14,426)
11,376,755 11,600,028 6,955,768 7,508,183
Classified:
Current 10,428,521 10,943,835 6,955,768 7,508,183
Non-current ^(1)^ 948,234 656,193
11,376,755 11,600,028 6,955,768 7,508,183
1. Long-term iron ore inventories that will be used after the construction of<br>the processing plant, which will produce pellet feed.
--- ---

The changes in estimated losses on inventories are as follows:

Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Opening balance (98,730) (109,038) (14,426) (35,832)
(Estimated losses) / Reversal of inventories with low turnover and obsolescence (24,698) 10,308 (45,838) 17,101
Drop down of Cements (note 10.c) 4,305
Consolidation of CSN Cimentos Brasil (1,384)
Closing balance (124,812) (98,730) (60,264) (14,426) 
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Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
State Value-Added Tax 1,102,369 1,162,900 791,034 895,880
Brazilian federal contributions ^(1)^ 1,275,558 1,352,100 686,929 980,316
Other taxes 269,668 105,375 129,987 70,787
2,647,595 2,620,375 1,607,950 1,946,983
Classified:
Current 1,365,088 1,655,349 737,137 1,255,697
Non-current 1,282,507 965,026 870,813 691,286
2,647,595 2,620,375 1,607,950 1,946,983

The accumulated tax credits arise basically from ICMS, PIS and COFINS credits on purchases of raw materials and fixed assets used in production. The realization of these credits normally occurs through offset with debits of these taxes, generated by sales operations and other taxed expenses.

9. OTHER CURRENT AND NON-CURRENT ASSETS

Other current and non-current assets are as follows:

Consolidated Parent Company
Current Non-current Current Non-current
09/30/2022 12/31/2021 09/30/2022 12/31/2021 09/30/2022 12/31/2021 09/30/2022 12/31/2021
Judicial deposits (note 19) 460,691 339,805 239,138 222,481
Prepaid expenses 349,517 225,036 57,292 74,503 291,386 185,968 38,564 62,233
Prepaid expenses with sea freight 147,560
Actuarial asset (note 21 a) 59,111 59,111 47,350 47,350
Trading securities 11,969 12,028 11,850 11,935
Loans with related parties (note 21) 5,391 4,511 1,346,260 1,143,228 5,391 4,511 1,582,484 1,290,295
Other receivables from related parties (note 21 a) 1,858 1,828 1,357,089 927,077 60,045 47,296 1,583,909 1,151,903
Eletrobrás compulsory loan ^(1)^ 902,059 859,607 899,324 858,876
Dividends receivables (note 21 a) 61,924 76,878 150,989 486,506
Employee debts 51,801 43,542 29,199 25,531
Receivables by indemnity ^(2)^ 970,435 534,896 970,435 534,896
Other ^(3)^ 163,897 120,297 205,578 427,528 67,812 28,976 192,738 147,077
793,917 484,120 5,358,515 4,365,755 616,672 790,723 5,553,942 4,315,111
1. This is a certain and due amount, arising from the res judicata favorable decision to the Company, which<br>is irreversible and irrevocable, to apply the STJ's consolidated position on the subject, which culminated in the conviction of Eletrobrás<br>to the payment of the correct interest and monetary adjustment of the Compulsory Loan. The res judicata decision, as well as the<br>certainty about the amounts involved in the liquidation of the sentence (judicial procedure to request the satisfaction of the right),<br>allowed the conclusion that the entry of this value is certain. In addition to this amount already recorded, the Company continues to<br>seek alternatives for the recovery of additional credits and the estimate can reach an amount greater than BRL350 million.
--- ---
2. This is a net, certain and enforceable amount, resulting from the final and unappealable decision of the<br>Court in favor of the Company in 2020, due to losses and damages resulting from the sinking of the voltage in the supply of energy in<br>the periods from January / 1991 to June / 2002. Additionally, in the 3rd quarter of 2022, the uncontroversial amount of BRL422,254 was<br>recognized in the same account, as a refund of the amounts overpaid for railroad freight from April 1994 to March 1994 and March 1996<br>to the company RFFSA, and that after its extinction, the Federal Government became a defendant
--- ---
3. In 2022 in non-current assets was recognized the escrow account made by Companhia Florestal do Brasil<br>with Banco Fibra, equivalent to BRL8,366, as part of the negotiations for the acquisition of Companhia Estadual de Geração<br>de Energia Elétrica (CEEE-G). On December 31, 2021 to the deposit in an Escrow Account with Banco Santander, in the amount of US$50<br>million, equivalent to BRL279 million updated on December 31, 2021, as part of the negotiations for the acquisition of LafargeHolcim.
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The information related to the activities of jointly controlled subsidiaries, joint operations, associates and other investments did not change in relation to what was disclosed in the Company's financial statements as of December 31, 2021. Therefore, Management decided not to repeat them in the accounting information interim of September 30, 2022.

Number of shares held by CSN in units Equity interests (%)
Companies 09/30/2022 12/31/2021 Core business
Direct interest in subsidiaries: full consolidation
CSN Islands VII Corp. 20,001,000 100.00 100.00 Financial transactions
CSN Inova Ventures 50,000 100.00 100.00 Equity interests and Financial transactions
CSN Islands XII Corp. 1,540 100.00 100.00 Financial transactions
CSN Steel S.L.U. 22,042,688 100.00 100.00 Equity interests and Financial transactions
TdBB S.A (*) - 100.00 100.00 Equity interests
Sepetiba Tecon S.A. 254,015,052 99.99 99.99 Port services
Minérios Nacional  S.A. 141,719,295 99.99 99.99 Mining and Equity interests
Companhia Florestal do Brasil ^(1)^ 87,159,346 99.99 99.99 Reforestation
Estanho de Rondônia S.A. 195,454,162 99.99 99.99 Tin Mining
Companhia Metalúrgica Prada ^(2)^ 555,713,606 99.90 99.99 Manufacture of containers and distribution of steel products
CSN Mineração S.A. 4,374,779,493 79.75 78.24 Mining
CSN Energia S.A. 43,149 99.99 99.99 Sale of electric power
FTL - Ferrovia Transnordestina Logística S.A. ^(3)^ 550,871,212 92.71 92.71 Railroad logistics
Nordeste Logística S.A. 99,999 99.99 99.99 Port services
CSN Inova Ltd. 10,000 100.00 100.00 Advisory and implementation of new development projec
CBSI - Companhia Brasileira de Serviços de Infraestrutura 4,669,986 99.99 99.99 Equity interests and product sales and iron ore
CSN Cimentos S.A. 601,839,891 99.99 99.99 Manufacturing and sale of cement
Berkeley Participações e Empreendimentos S.A. 1,000 100.00 100.00 Electric power generation and equity interests
CSN Inova Soluções S.A. 999 99.99 99.99 Equity interests
CSN Participações I 999 99.99 99.99 Equity interests
Circula Mais Serviços de Intermediação Comercial S.A.^(4)^ 1 0.01 99.99 Commercial intermediation for the purchase and sale of assets and materials in general
CSN Participações III 999 99.99 99.99 Equity interests
CSN Participações IV 999 99.99 99.99 Equity interests
CSN Participações V 999 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. 99.99 99.99 Steel and Equity interests
CSN Resources S.A. 100.00 100.00 Financial transactions and Equity interests
Companhia Brasileira de Latas 99.99 99.99 Sale of cans and containers in general and Equity interests
Companhia de Embalagens Metálicas MMSA 99.99 99.99 Production and sale of cans and related activities
Companhia de Embalagens Metálicas - MTM 99.99 99.99 Production and sale of cans and related activities
CSN Steel Holdings 1, S.L.U. (5) 100.00 Financial transactions, product sales and Equity interests
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. 79.75 78.24 Financial transactions, product sales and Equity interests
CSN Mining GmbH 79.75 78.24 Financial transactions, product sales and Equity interests
CSN Mining Asia Limited 79.75 78.24 Commercial representation
Lusosider Ibérica S.A. 100.00 100.00 Steel, commercial and industrial activities and equity interests
CSN Mining Portugal, Unipessoal Lda. 79.75 78.24 Commercial and representation of products
Companhia Siderúrgica Nacional, LLC 100.00 100.00 Import and distribution/resale of products
Elizabeth Cimentos S.A. 99.98 99.98 Manufacturing and sale of cement
Elizabeth Mineração Ltda ^(2)^ 99.96 Mining
Santa Ana Energética S.A.^(3)^ 100.00 Electric power generation
Topázio Energética S.A. ^(3)^ 100.00 Electric power generation
Brasil Central Energia Ltda. ^(3)^ 100.00 Electric power generation
Circula Mais Serviços de Intermediação Comercial S.A.^(4)^ 99.99 Commercial intermediation for the purchase and sale of assets and materials in general
CSN Cimentos Brasil S.A. ^(8)^ 99.99 Manufacturing and sale of cement
Metalgráfica Iguaçu S.A ^(2)^ 100.00 Metal packaging manufacturing
Direct interest in joint operations: proportionate consolidation
Itá Energética S.A. 253,606,846 48.75 48.75 Electric power generation
Consórcio da Usina Hidrelétrica de Igarapava 17.92 17.92 Electric power consortium
Direct interest in joint ventures: equity method
MRS Logística S.A. ^(4)^ 63,377,198 18.64 18.64 Railroad transportation
Aceros Del Orinoco S.A. (*) 31.82 31.82 Dormant company
Transnordestina Logística S.A. ^(5)^ 24,670,093 47.26 47.26 Railroad logistics
Equimac S.A (11) 2,123 50.00 50.00 Rental of commercial and industrial machinery and equipment
Indirect interest in joint ventures: equity method
MRS Logística S.A. ^(4)^ 14.58 14.58 Railroad transportation
Direct interest in associates: equity method
Arvedi Metalfer do Brasil S.A. 57,224,882 20.00 20.00 Metallurgy and Equity interests
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

(*) Dormant companies.

(1) On August 31, 2022, a capital increase in Companhia Florestal do Brasil in the total amount of BRL10,746 was approved, through the issuance of 15,988,065 new common shares, CSN now holds 87,159,346 common shares (in December 2021 it held 71,171,281 common shares);

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(2) On September 6, 2022, an Extraordinary General Meeting held on the same date approved the merger of all shares issued by Metalúrgica Iguaçu S.A. ("Metalgráfica") by Companhia Metalúrgica Prada ("Prada"), as well as the increase of Prada's capital stock in the amount of BRL263, through the issuance of 571,251 new common shares, increasing the capital stock to BRL1,262,994, divided into 555,713,606 common shares (in December 2021 it held 555,142,354 common shares);

(3) On March 23, 2021, the Annual Meeting of the Board of Directors of FTL - Ferrovia Transnordestina Logística S.A. ("FTL") approved a capital increase in the amount of BRL10,860, through the issuance of 24,133,368 common shares. On August 11, 2022, an Ordinary Meeting of FTL's Board of Directors approved the rerratification of the capital stock as a result of the approval of the referred to increase, and FTL's capital stock became BRL502,961 divided into 550,871,212 common shares on September 30, 2022 (in December 2021 it held 510,726,198 common shares);

(4) On March 10, 2022, the change in the company's name from "CSN Participações II S.A." to "Circula Mais Serviços de Intermediação Comercial S.A."; the change in the corporate purpose from "equity investments" to "commercial intermediation for the purchase and sale of assets and materials in general" was approved at the Meeting. On the same date, as a result of share transfers, 99.99% of the shares became held by CSN Inova Soluções S.A. and 0.01% of the shares became held by the Company.

(5) CSN Steel Holdings 1, S.L.U. was incorporated by CSN Productos Siderúrgicos S.L

(6) On April 30, 2022, Elizabeth Mineração was merged into CSN Cimentos, so that, with the merger of the company and its respective extinction, CSN Cimentos became the legal successor by incorporation of the company, universally and for all legal purposes, with all its rights and obligations.

(7) On June 30, 2022, the Company's subsidiaries CSN Cimentos and CSN Energia acquired 100% of the shares of Santa Ana Energética S.A. and Topázio Energética S.A., which, in turn, holds 100% of the shares of Brasil Central Energia Ltda;

(8) On September 6, 2022, CSN Cimentos acquired 100% of LafargeHolcim’s Brasil S.A. shares and on the same date an Extraordinary General Meeting approved the name change, which was renamed CSN Cimentos Brasil S.A;

(9) On September 30, 2022, and December 31, 2021, the Company directly held 63,377,198 shares, of which 26,611,282 were common shares and 36,765,916 preferred shares, and its direct subsidiary CSN Mineração S.A. held 63,338,872 shares, of which 25,802,872 were common shares and 37,536,000 preferred shares, in MRS Logística S.A.

(10) On September 30, 2022, and December 31, 2021, the Company held 24,670,093, being 24,168,304 common shares and 501,789 Class B preferred shares, of the company Transnordestina Logística S.A.

(11) On May 9, 2022, a capital increase was approved for Equimac S.A. in the total amount of BRL10,158, through the issuance of 1,456 new shares, and CSN now holds 2,123 common shares (in December 2021 it held 1,395 common shares).

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The number of shares, the balances of assets and liabilities, shareholders’ equity and the profit / (loss) amounts for the period in those investees are as follows:

09/30/2022 12/31/2021 09/30/2021
Companies Participation in Participation in
Assets Liabilities Shareholders’ equity Profit /(Loss) for the period Assets Liabilities Shareholders’ equity Profit /(Loss) for the period
Investments under the equity method
Subsidiaries
CSN Islands VII Corp. 518,179 3,253,548 (2,735,369) 21,105 533,108 3,289,583 (2,756,475) (170,048)
CSN Inova Ventures 7,494,899 9,189,805 (1,694,906) (370,320) 9,121,133 10,445,718 (1,324,585) (445,293)
CSN Islands XII Corp. 769,122 4,181,286 (3,412,164) (93,352) 2,569,183 5,887,995 (3,318,812) (458,735)
CSN Steel S.L.U. 4,997,419 24,015 4,973,404 537,771 5,517,653 367,372 5,150,281 310,691
Sepetiba Tecon S.A. 821,844 523,814 298,030 (14,965) 812,701 499,706 312,995 6,625
Minérios NacionalS.A. 529,431 224,151 305,280 9,196 501,969 205,885 296,084 225,978
Valor Justo - Minérios Nacional 2,123,507 2,123,507
Estanho de Rondônia S.A. 159,564 225,155 (65,591) (14,072) 125,066 176,554 (51,488) (12,609)
Companhia Metalúrgica Prada 1,049,688 825,186 224,502 (41,573) 893,439 627,628 265,811 108,229
CSN Mineração S.A. 26,503,672 16,001,549 10,502,123 1,643,216 26,989,379 16,036,647 10,952,732 4,481,971
CSN Energia S.A. 102,671 35,790 66,881 (24,882) 133,967 42,204 91,763 10,274
FTL - Ferrovia Transnordestina Logística S.A. 530,844 360,927 169,918 (27,554) 489,628 292,156 197,472 (18,059)
Companhia Florestal do Brasil 59,521 3,907 55,614 (4,377) 51,308 2,063 49,245 (2,516)
Nordeste Logística 60 62 (2) (1) 64 65 (1) (4)
CBSI - Companhia Brasileira de Serviços de Infraestrutura 170,413 146,144 24,269 (859) 135,544 110,416 25,128 10,080
Goodwill - CBSI - Companhia Brasileira de Serviços de Infraestrutura 15,225 15,225
CSN Cimentos 10,463,631 3,914,653 6,548,978 190,285 4,676,213 617,457 4,058,756 150,805
CSN Participações I S.A. 1 1
Circula Mais Serv. de Interm. Comercial S/A 66 9 57 56
CSN Participações III S.A. 1 1
CSN Participações IV S.A. 1 1
CSN Participações V S.A. 1 1
CSN INOVA Soluções S.A 70 112 (42) (42)
54,171,098 38,910,113 17,399,718 1,809,632 52,550,355 38,601,449 16,087,638 4,197,389
Joint-venture and Joint-operation
Itá Energética S.A. 213,832 23,742 190,090 3,539 214,524 27,578 186,946 19,570
MRS Logística S.A. 2,714,242 1,693,769 1,020,474 116,897 2,524,062 1,620,565 903,497 118,054
Transnordestina Logística S.A. 5,181,952 4,091,051 1,090,901 (23,333) 4,885,994 3,771,760 1,114,234 (38,980)
Fair Value (*) - Transnordestina 271,116 271,116
Equimac S.A 31,588 14,452 17,136 2,590 20,155 11,727 8,428 168
8,141,614 5,823,014 2,589,717 99,693 7,644,735 5,431,630 2,484,221 98,812
Associates
Arvedi Metalfer do Brasil 45,961 21,415 24,546 3,466 46,739 25,198 21,541 2,966
45,961 21,415 24,546 3,466 46,739 25,198 21,541 2,966
Classified at fair value through profit or loss (note 14)
Panatlântica 162,343 190,321
162,343 190,321
Other investments
Profits on subsidiaries' inventories (96,443) 203,852 (300,295) (213,197)
Investment Property 140,743 142,578
Others 63,536 460 63,545 8,112
107,836 204,312 (94,172) (205,085)
Total investments 20,284,160 2,117,103 18,689,549 4,094,082
Classification of investments in the balance sheet
Investments in assets 28,051,447 25,998,331
Investments with negative equity (7,908,030) (7,451,360)
20,143,417 18,546,971
Investment Property 140,743 142,578
20,284,160 18,689,549

(*) As of September 30, 2022, and December 31, 2021, the net balance of BRL271,116 refers to the Fair Value generated by the loss of control of Transnordestina Logística SA in the amount of BRL659,105 and impairment of BRL387,989.

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | 10.b) | Changes in investments in subsidiaries, jointly controlled companies, joint operations, associates, and<br>other investments | | --- | --- | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | | | 09/30/2022 | 12/31/2021 | 09/30/2022 | 12/31/2021 | | Opening balance of investments (assets) | 3,849,647 | 3,535,906 | 25,998,331 | 19,401,494 | | Opening balance of loss provisions (liabilities) | | | (7,451,360) | (5,942,863) | | Total net of investments/uncovered liabilities | 3,849,647 | 3,535,906 | 18,546,971 | 13,458,631 | | Capital increase and (Decrease)/acquisition of shares ^(1)^ | 1,484,362 | 58,178 | 2,316,088 | 3,894,624 | | Dividends ^(2)^ | (26) | (61,898) | (2,010,348) | (3,162,117) | | Comprehensive income ^(3)^ | 216 | 453 | (798,420) | (519,638) | | Update of shares measured at fair value through profit or loss (Note 14.d) | (27,977) | 109,254 | (27,977) | 109,254 | | Sales of equity interest (note 10.c) ^(4)^ | | | | (692,115) | | Net gain due to increased capital and issued new shares in n investments (note 10.c) ^(5)^ | | | | 822,093 | | Equity in results of affiliated companies ^(6)^ | 213,433 | 219,508 | 2,117,103 | 4,629,144 | | Amortization of fair value - investment MRS | (8,810) | (11,747) | | | | Others | 3,330 | (7) | | 7,095 | | Total net of investments/uncovered liabilities | 5,514,175 | 3,849,647 | 20,143,417 | 18,546,971 | | Closing balance of investments (assets) | 5,514,175 | 3,849,647 | 28,051,447 | 25,998,331 | | Balance of provision for investments with negative equity (liabilities) | | | (7,908,030) | (7,451,360) |

(1) Consolidated: Acquisition of shares in June 2022 of the companies Topázio Energética S.A., Santa Ana Energética S.A. and indirect acquisition of Brasil Central Energia Ltda., see note 10.c. In September 2022, shares in CSN Cimentos Brasil S.A. (formerly LafargeHolcim Brasil) and Metalgráfica Iguaçu S.A. were acquired, also described in note 10.c. In 2022, an investment was made in Alinea Health Holdings Ltda. In 2021, through CSN Inova Ventures, strategic investments were made in startups, as follows: 2D Materials, H2Pro Ltda., 1S1 Energy, Traive INC., OICO Holdings and Clarke Software, with a total amount invested of US$ 4,950, corresponding to BRL27,040.

Parent Company: In 2022, the amount refers mainly to the capital increase in CSN Cimentos, totaling BRL2,300,000. In 2021, it refers mainly to the capital increase in the subsidiary CSN Cimentos, in the amount of BRL2,956,094, resulting from the payment by CSN of net assets and liabilities (as described below, note 10.c). In 2021, refers mainly to the capital increase in the subsidiary CSN Cimentos, in the amount of BRL2,956,094, resulting from the payment by CSN of net acquis composed of certain assets and liabilities (as described below, note 10.c).

(2) Parent Company: refers mainly to dividends distributed by CSN Mineração, totaling BRL2,984,155 and BRL2,009,940.

(3) Refers to the conversion into presentation currency of investments abroad whose functional currency is not the Real, actuarial gain/(loss) and reflection and hedge of investments reflecting investments accounted for under the equity method.

(4) In 2021, refers to the disposal of part of the equity interest of the company CSN Mineração at the cost of disposal of shares (see note 10.c).

(5) In 2021, refers to gain on the change in the percentage of ownership interest in the subsidiary CSN Mineração, after the issue of shares.

(6) The reconciliation of equity in earnings of companies with shared control classified as joint ventures and associates and the amount presented in the income statement is presented below and results from the elimination of the results of CSN's transactions with these companies:

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | | Consolidated | | --- | --- | --- | | | 09/30/2022 | 09/30/2021 | | Equity in results of affiliated companies | | | | MRS Logística S.A. | 233,735 | 236,048 | | Transnordestina Logística S.A. | (23,333) | (38,980) | | Arvedi Metalfer do Brasil S.A. | 3,466 | 2,966 | | Equimac S.A. | 2,590 | 168 | | Others | (3,025) | 2,089 | | | 213,433 | 202,291 | | Eliminations | | | | To cost of sales | (56,965) | (54,466) | | To taxes | 19,368 | 18,518 | | Others | | | | Amortizated at fair value - Investment in MRS | (8,810) | (8,810) | | Others | | 6,022 | | Equity in results | 167,026 | 163,555 | | 10.c) | Main events occurred in the subsidiaries in 2021 e 2022 | | --- | --- |

·      CSN MINERAÇÃO

IPO of CSN MINERAÇÃO

Headquartered in Congonhas, in the State of Minas Gerais, CSN Mineração SA has as its main objective the production, purchase and sale of iron ore, and has the commercialization of products in the foreign market as its focal point. As of November 30, 2015, CSN Mineração SA started to centralize CSN’s mining operations, including the establishments of the Casa de Pedra mine, the TECAR port and an 18.63% stake in MRS. CSN Mineração publicly held corporation and its shares are listed on the São Paulo Stock Exchange, B3 - Brasil, Bolsa, Balcão.

The interest held by CSN in this subsidiary is 79.75% at September 30, 2022 and 78.24% at December 31, 2021.

Below as the main transactions occurred in the subsidiary is 2021:

a) Initial Public Offering (IPO)

On February 17, 2021, the subsidiary CSN Mineração concluded its initial public offering at B3 – Brasil, Bolsa, Balcão. The final prospectus of the public offering consisted of: (i) primary distribution of 161,189,078 shares (“Primary Offering”); and (ii) secondary distribution of 422,961,066 shares, being initially 372,749,743 shares (“Secondary Offering”), increased by 50,211,323 supplementary shares held by CSN (“Supplementary Shares”).

The price per share was fixed at BRL8.50 after the collection of intention of investments collected from institutional buyers in Brasil and abroad.

Upon conclusion of the offering, the Company’s interest in the subsidiary CSN Mineração changed from 87.52% to 78.24%.

i. Primary Distribution of Shares

Upon the primary distribution, CSN Mineração issued 161,189,078 shares (“Primary Offering”) and capitalized the total amount of BRL1,370,107 (BRL1,347,862 net of transaction costs).

The issuance of 161,189,078 shares diluted the Company’s interest in the capital of CSN Mineração and, accordingly, the Company recognized in other comprehensive income a gain from the change of ownership percentage.

The impact of the transaction is presented below:

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Gain on participation in the capital increase | 1,060,530 | | --- | --- | | Loss due to dilution of participation with issue of new shares | (231,044) | | Equity adjustment by dilution of share percentage | (7,393) | | Net gain from the transaction | 822,093 | | ii. | Secondary Distribution of Shares | | --- | --- |

Upon the secondary distribution of shares, the Companhia Siderúrgica Nacional sold 327,593,584 common shares of CSN Mineração and, additionally, in March 2021 sold supplementary 50,211,323 common shares, totaling 377,804,907 or 9.3% of shares previously held, in the total amount of BRL3,211,342 (BRL3,164,612 net of transaction costs). The gain for the sale was recognized as Other Operating Income.

The main impacts of the transaction are presented as follows:

Equity in the transaction 9,947,525
Number of share before initial public offering 5,430,057,060
Cost per share R$ 1.83
Number of shares sold by CSN 377,804,907
Price per share R$ 8.50
(+) Net cash generated in the transaction 3,211,342
(-) Transaction cost (46,730)
(=) net cash reveivable (a) 3,164,612
(-) Cost of shares(b) (692,115)
(=) Net gain from the transaction (a)+(b) 2,472,497
b) Shares repurchase programs of subsidiary CSN Mineração
--- ---

On March 24, 2021, November 3, 2021, and May 18,2022, the Board of Directors of CSN Mineração approved the Share Repurchase Plans, to remain in treasury and subsequent disposal or cancellation, pursuant to CVM Instruction 567/2015, described below.

On May 18, 2022, the cancellation of 105,907,300 nominative common shares without a nominal value, repurchased and held in treasury, was approved at a Board of Directors' Meeting. On September 30, 2022 the subsidiary CSN Mineração had no treasury shares.

Program Board’s Authorization Authorized quantity Program period Average buyback price Minimum and maximum buyback price Number bought back Share cancelation Treasury balance
1º 03/24/2021 58,415,015 from 3/25/2021 to 9/24/2021 R$6.1451 R$5.5825 and R$6.7176 52,940,500 52,940,500
2º 11/03/2021 53,000,000 from 11/04/2021 to 9/24/2022 R$6.1644 R$5.0392 and R$6.1208 52,466,800 105,907,300
05/18/2022 Not applicable Not applicable 105,907,300
3º 05/18/2022 106,000,000 from 05/19/2022 to 5/18/2023
105,407,300 105,907,300

·      Events in CSN Cimentos S.A

The acquirer CSN Cimentos S.A. has engaged an independent company to prepare an appraisal report of the tangible and intangible assets and allocation of the excess price paid of the acquisitions below to be completed in the fourth quarter of 2022. As provided for in item 45 of CPC 15 (R1) / IFRS 3, the Company has up to 12 months to adjust the measurement of the amounts due to events not considered.

Acquisition of Santa Ana Energética and TopázioEnergética

On June 30, 2022, the Company's subsidiaries CSN Cimentos and CSN Energia acquired 100% of the shares of Santa Ana Energética S.A. ("Santa Ana"), and of Topázio Energética S.A. ("Topázio"), which, in turn, holds 100% of the shares of Brasil Central Energia Ltda. ("BCE"), a subsidiary of Topázio, which holds the concession to operate the Sacre II Small Hydroelectric Power Plant ("PCH Sacre" and, together with PCH Santa Ana, the "PCHs"), provided for in the Agreement for the Purchase and Sale of Shares and Other Covenants entered into on April 8, 2022.

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The transaction value included a payment by CSN Cimentos on June 30, 2022, in the amount of BRL466,153, initially classified under the investment account and which will be used as a starting point for the purchase price identification process.

Acquisition of CSN Cimentos Brasil S.A. (formerlyLafargeHolcim Brasil)

On September 9, 2021, CSN Cimentos entered into the Agreement for the Sale and Purchase of the Shares in LafargeHolcim (Brasil) S.A., to acquire 100% of the shares issued by LafargeHolcim (Brasil) S.A. ("LafargeHolcim "), with the Company as guarantor of its obligations. The deal was valued at a base value of US$1.025 billion, subject to price adjustment and the amount withheld in an Escrow Account, in addition to the other terms and conditions provided for in the respective agreement, including approval by CADE. On the same date, the Company deposited in an Escrow Account with Banco Santander the amount of US$50 million as part of the negotiations of this operation.

On August 17, 2022 the operation was approved by CADE and on September 6, 2022 the acquisition of 100% (one hundred percent) of the shares issued by LafargeHolcim was concluded. Upon completion of the transaction, LafargeHolcim Brasil, which was renamed "CSN Cimentos Brasil S.A.", became a subsidiary of CSN Cimentos.

The amount of the transaction was BRL5,014,543 concluded on September 6, 2022, initially classified under the investment caption.

Drop down - Cement

The cement activities had been carried out as a business unit of CSN and, recently, the Company chose to segregate these activities to its subsidiary CSN Cimentos. This segregation was approved at an Extraordinary General Meeting of CSN Cimentos, held on January 31, 2021, which, among other matters, approved a capital increase in CSN Cimentos in the amount of BRL2,956,094, with the issuance of 2,956,094,491 new common shares, which were fully subscribed and paid up on the same date by the Company, upon checking of the net assets, liabilities, goods, rights and obligations related to CSN's cement segment, as described in detail in the Appraisal Report, also approved at the aforementioned meeting

Find below the breakdown of the net assets contributed:

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | 12/31/2020 | 01/31/2021 | | --- | --- | --- | | Assets | Appraisal reports | Close balance | | Trade receivables | 37,171 | 54,684 | | Inventories | 134,309 | 164,460 | | Other assets | 29,186 | 30,228 | | Property, plant and equipment | 3,151,349 | 3,129,161 | | Intangíible assets | 8,086 | 8,086 | | Liabilities | | | | Trade payables | (253,186) | (278,538) | | Other payables current | (42,074) | (34,301) | | Lease liabilities | (42,257) | (24,430) | | Other provisions | (66,490) | (64,125) | | Net assets | 2,956,094 | 2,985,225 |

Acquisition of control of the companies ElizabethCimentos and Elizabeth Mineração.

On August 31, 2021, CSN Cimentos acquired 99.97% of the total capital stock of Elizabeth Mineração and 99.99% of the shares of Elizabeth Cimentos, with 88.746% of direct equity interest and 11.254% of indirect equity interest (through Elizabeth Mineração). The assets acquired are located in the northeast region of Brazil. Upon completion of the transaction, CSN Cimentos expects relevant operational, logistical, management and commercial synergies, a better product mix and expansion of its customer’s base.

a) Determination of the purchase price

In accordance with CPC15 (R1) / IFRS3, the purchase price is determined by the sum of the assets acquired, liabilities assumed, equity interests issued, non-controlling interest and the fair value of any interest held prior to the transaction. The table below summarizes the price considered for accounting purposes:

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

(i) The transaction included payments by CSN Cimentos of BRL77,768 and BRL123,947 on August 31, 2021, for each Elizabeth entity, and an adjustment receivable in the amount of BRL3,914 and BRL5,1116 in December 2021 related to working capital adjustment provided for in the sale agreement.

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(ii) In August 2021 the Elizabeth Cimentos performed a primary issuance of 2,382,758,512 new common shares, nominatives and without nominal value, which were fully acquired by CSN Cimentos.

b) Goodwill on acquisition of control of Elizabeth Cimentos and Elizabeth Mineração

In accordance with item 32 of CPC15(R1) / IFRS3, the acquirer must recognize goodwill based on expected future profitability on the acquisition date, measured by the amount the purchase price exceeds the fair value of the assets acquired and liabilities assumed (purchase price allocation). The acquisition of Elizabeth Cimentos generated goodwill for expected future profitability of BRL83,266, as shown in the table below.

Item Reference Elizabeth Cimentos Elizabeth Mineração
Purchase price considered item (i) and (ii) 599,891 118,831
Fair value of the assets and liabilities acquired 516,625 118,831
Goodwill for future profitability expected 83,266 -

The goodwill for expected future earnings is recorded under intangible assets and, since it does not have a determinable useful life, it is not amortized in accordance with CPC04(R1)/IAS38.

In the acquisition of Elizabeth Mineração, the price paid was fully allocated to the assets acquired, with no goodwill for future profitability generated.

(i) Fair value of assets acquired and liabilities assumed

The following table shows the fair value allocation of the assets acquired and liabilities assumed on August 31, 2021, considering the direct and indirect interests, calculated based on independent appraisers' reports.

Elizabeth Cimentos Elizabeth Mineração
Carrying amounts Fair value adjustments Total fair value Carrying amounts Fair value adjustments Total fair value
Cash and cash equivalents 52,571 52,571 2,197 2,197
Trade receivables 27,571 27,571 1,027 1,027
Receivables from related parties 96,374 96,374 9,035 9,035
Inventories 44,157 44,157 1,017 1,017
Recoverable taxes 18,616 18,616 931 931
Short-term investments 14,689 14,689
Other assets 17,733 17,733 673 673
Investment 40,653 24,845 65,498
Property, plant and equipment 373,574 161,367 534,941 15,092 77,089 92,181
Intangíible assets 798 59,456 60,254 500 269,385 269,885
Total assets acquired 646,083 220,823 866,906 71,125 371,319 442,444
Borrowings and financing 198,778 198,778 182,402 182,402
Trade payables 22,735 22,735 446 446
Taxes payable 19,202 19,202 37,158 37,158
Debits with related parties 96,350 96,350
Other payables 44,052 44,052 7,257 7,257
Total liabilities assumed 284,767 284,767 323,613 323,613
Net equity acquired 361,316 220,823 582,139 (252,488) 371,319 118,831
Indirect investiment (40,663) (24,851) (65,514)
Net equity acquired 320,653 195,972 516,625 (252,488) 371,319 118,831

The fair value allocation resulted in a total gain of BRL567,297, distributed among Elizabeth Cimentos and Elizabeth Mineração's main assets. The following table shows the composition of the allocated amounts and a summary of its measurement methodology.

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | Assets acquired | Valuation method | Carrying amounts | Fair value adjustment | Total fair value | | --- | --- | --- | --- | --- | | Property, plant and equipment | Valued using the "MARKET APPROACH" method, where the fair value of the asset is estimated by comparing it with similar or comparable assets that have been sold or listed for sale in the primary or secondary market. | 388,666 | 238,456 | 627,122 | | Mining rights | Evaluated by the MPEEM method that measures the present value of future income to be generated during the remaining useful life of a given asset. Using the analysis of the company's projected results as a reference, the pre-tax cash flows directly attributable to the asset are calculated, as of the base date stipulated in the evaluation. | 500 | 269,385 | 269,885 | | Licenses | Valued using the WITH / WITHOUT method, which estimates the intangible value by the difference between discounted cash flow models with and without the asset. | 798 | 59,456 | 60,254 | | | | 389,964 | 567,297 | 957,261 |

The subsidiary CSN Cimentos has hired an independent appraiser to prepare an appraisal report of the tangible and intangible assets and allocation of the excess price paid. As provided for in item 45 of CPC15(R1) / IFRS3, the Company has up to 12 months to adjust the measurement of amounts, due to unknown events at the acquisition date. After the conclusion of the appraisal report, the Company reclassified the amount of BRL27,667 from goodwill for future profitability to goodwill allocated to licenses and mining rights.

10.d)Joint ventures and joint operations financial information

The balance sheet and income statement balances of the companies whose control is shared are shown below and refer to 100% of the companies’ results:

09/30/2022 12/31/2021
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
37.27% 47.26% 50.00% 48.75% 37.27% 47.26% 50.00% 48.75%
Balance sheet
Current Assets
Cash and cash equivalents 1,468,493 1,798 11,946 64,024 1,836,612 1,259 2,077 42,500
Advances to suppliers 30,866 2,165 1,201 1,255 44,011 11,486 407 1,254
Other current assets 1,106,270 64,559 10,598 21,888 1,065,913 55,334 8,862 18,453
Total current assets 2,605,629 68,522 23,745 87,167 2,946,536 68,079 11,346 62,207
Non-current Assets
Other non-current assets 892,719 108,365 1,587 19,461 980,861 124,776 19,578
Investments, PP&E and intangible assets 11,063,507 10,787,609 37,844 332,002 9,614,144 10,145,422 28,964 358,265
Total non-current assets 11,956,226 10,895,974 39,431 351,463 10,595,005 10,270,198 28,964 377,843
Total Assets 14,561,855 10,964,496 63,176 438,630 13,541,541 10,338,277 40,310 440,050
Current Liabilities
Borrowings and financing 887,853 126,226 6,818 767,992 228,769 4,041
Lease liabilities 454,470 724 383,323
Other current liabilities 1,354,088 151,679 5,145 29,860 1,513,799 157,946 4,063 40,473
Total current liabilities 2,696,411 277,905 12,687 29,860 2,665,114 386,715 8,104 40,473
Non-current Liabilities
Borrowings and financing 3,606,068 7,021,144 14,402 3,551,278 6,665,700 15,351
Lease liabilities 2,048,539 463 1,718,366
Other non-current liabilities 736,016 1,357,208 1,352 18,842 759,538 928,254 16,098
Total non-current liabilities 6,390,623 8,378,352 16,217 18,842 6,029,182 7,593,954 15,351 16,098
Shareholders’ equity 5,474,821 2,308,239 34,272 389,928 4,847,245 2,357,608 16,855 383,479
Total liabilities and shareholders’<br><br>equity 14,561,855 10,964,496 63,176 438,630 13,541,541 10,338,277 40,310 440,050
01/01/2022 a 09/30/2022 01/01/2021 a 09/30/2021
--- --- --- --- --- --- --- --- ---
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
37.27% 47.26% 50.00% 48.75% 33.22% 47.26% 50.00% 48.75%
Statements of Income
Net revenue 4,118,869 309 28,351 140,165 3,355,759 138 7,600 172,000
Cost of sales and services (2,585,717) (17,480) (73,053) (2,129,256) (6,096) (60,167)
Gross profit 1,533,152 309 10,871 67,112 1,226,503 138 1,504 111,833
Operating (expenses) income (182,821) (30,798) (2,535) (56,903) (58,259) (67,612) (1,238) (50,905)
Financial income (expenses), net (489,263) (18,881) (2,256) 1,162 (209,883) (15,003) 2 (10)
Income before income tax and social<br><br>contribution 861,068 (49,370) 6,080 11,371 958,361 (82,477) 268 60,918
Current and deferred income tax<br><br>and social contribution (233,918) (900) (4,111) (325,005) (20,774)
Profit / (loss) for the period 627,150 (49,370) 5,180 7,260 633,356 (82,477) 268 40,144
10.e) TRANSNORDESTINA LOGÍSTICA SA (“TLSA”)
--- ---

It is in the pre-operational phase and should remain so until the completion of Mesh II. The approved schedule, which provided for the completion of the work for January 2017, is currently under discussion with the responsible bodies. Its Management understands that new deadlines for the completion of the project will not substantially negatively imply the expected return on investment.

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Management relies on resources from its shareholders and third parties to complete the work, which it expects to be available, based on previously concluded agreements and recent discussions between the parties involved. After evaluating this matter, Management concluded that the use of the project’s business continuity accounting basis in the preparation of the interim financial statements was considered appropriate.

10.f)Intention and/or acquire companies

- Acquisition of Companhia Estadual e Geraçãode Energia Elétrica ("CEEE-G")

On July 29, 2022, the Company, through its subsidiary Companhia Florestal do Brasil S.A., was the winner of the auction bidding procedure carried out in the form of Edital no. 01/2022, ("Edital") and promoted by the Government of the State of Rio Grande do Sul in the context of the CEEE-G privatization process, for the acquisition of shares representing 66.23% of the capital stock of CEEE-G, for the amount of BRL928,000. On October 21, 2022, the subsidiary Companhia Florestal do Brasil concluded the acquisition of shares representing 66.23% of the CEEE-g’s capital, for BRL928,000.

- Acquisition of Companhia Energética Chapecó- CEC

On July 25, 2022, the Company and its subsidiary CSN Mineração entered into a Private Instrument of Assignment of Rights and Obligations. Through this Assignment Instrument, in order to support and strengthen the strategy to expand the mining business, CSN assigned and transferred to CSN Mineração the rights and obligations arising from the Share Purchase and Sale Agreement ("Purchase and Sale Agreement") signed on July 1, 2022 between CSN, together with CSN Energia, Astra Infraestrutura I Fundo de Investimento em Participação Multiestratégia and BMPI Infra S. A. A. In this Purchase and Sale Agreement, CSN Energia and CSN committed to acquire 100% of the shares of Companhia Energética Chapecó - CEC, holder of the concession for the Usina Hidrelétrica Quebra-Queixo, which has an installed capacity of 120MW, for the base price of BRL427,518

10.g) Investment properties:

The balance of investment properties is shown below:

Consolidated Parent Company
Land Buildings Total Land Buildings Total
Balance at December 31, 2021 101,542 60,639 162,181 94,286 48,292 142,578
Cost 101,542 87,977 189,519 94,286 74,392 168,678
Accumulated depreciation (27,338) (27,338) (26,100) (26,100)
Balance at December 31, 2021 101,542 60,639 162,181 94,286 48,292 142,578
Depreciation (note 25) (2,304) (2,304) (1,805) (1,805)
Write-off (30) (30.00) (30) (30)
Balance at September 30, 2022 101,512 58,335 159,847 94,256 46,487 140,743
Cost 101,512 87,977 189,489 94,256 74,392 168,648
Accumulated depreciation (29,642) (29,642) (27,905) (27,905)
Balance at September 30, 2022 101,512 58,335 159,847 94,256 46,487 140,743

The Company's management estimate of the fair value of the investment properties was realized for December 31, 2021.

The fair value of investment property in the consolidated balance of September 30, 2022, and December 31, 2021, is BRL2,055,976 and in the parent company BRL1,992,956.

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

Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Buildings 27 27 28 28
11. PROPERTY, PLANT AND EQUIPMENT
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | Consolidated | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Land | Buildings and Infrastructure | Machinery, equipment and facilities | Furniture and fixtures | Construction in progress | Right of use (i) | Other (*) | Total | | Balance at December 31, 2021 | 349,495 | 3,019,934 | 13,800,888 | 29,037 | 3,643,682 | 581,824 | 106,274 | 21,531,134 | | Cost | 349,495 | 5,358,388 | 29,348,048 | 190,847 | 3,643,682 | 754,606 | 445,870 | 40,090,936 | | Accumulated depreciation | | (2,338,454) | (15,547,160) | (161,810) | | (172,782) | (339,596) | (18,559,802) | | Balance at December 31, 2021 | 349,495 | 3,019,934 | 13,800,888 | 29,037 | 3,643,682 | 581,824 | 106,274 | 21,531,134 | | Effect of foreign exchange differences | (16,890) | (27,700) | (88,164) | (1,034) | (10,616) | (1,697) | (323) | (146,424) | | Acquisitions | | 24,007 | 191,813 | 5,278 | 2,099,469 | 24,501 | 54,854 | 2,399,922 | | Capitalized interest ^(1)^(notes 27 and 30) | | | | | 97,490 | | | 97,490 | | Write-offs (note 26) | | 32,093 | (10,762) | (30) | (31,646) | (754) | (432) | (11,531) | | Depreciation (note 25) | | (142,968) | (1,680,155) | (4,827) | | (67,446) | (47,798) | (1,943,194) | | Transfers to other asset categories | (70,522) | 7,872 | 1,698,061 | 240 | (1,646,058) | | 10,407 | | | Transfers to intangible assets | | | | | (75,499) | | | (75,499) | | Right of use - Remesurement | | | | | | 69,756 | | 69,756 | | Consolidation of Topázio Energética, Santa Ana e Brasil Central (note 10.c) | 544 | 76,042 | 21,870 | | 909 | 233 | | 99,598 | | Consolidation of Metalgrafica Iguaçu | 11,579 | | 125,309 | 126 | | 726 | 238 | 137,978 | | Consolidation of CSN Cimentos Brasil | 103,659 | 932,064 | 1,857,496 | 7,073 | 105,519 | 42,313 | 137,851 | 3,185,975 | | Others | | 110 | 1,717 | 194 | | (36) | | 1,985 | | Balance at September 30, 2022 | 377,865 | 3,921,454 | 15,918,073 | 36,057 | 4,183,250 | 649,420 | 261,071 | 25,347,190 | | Cost | 377,865 | 7,339,511 | 34,356,302 | 275,203 | 4,183,250 | 1,026,084 | 856,553 | 48,414,768 | | Accumulated depreciation | | (3,418,057) | (18,438,229) | (239,146) | | (376,664) | (595,482) | (23,067,578) | | Balance at September 30, 2022 | 377,865 | 3,921,454 | 15,918,073 | 36,057 | 4,183,250 | 649,420 | 261,071 | 25,347,190 | | | Parent Company | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Land | Buildings and Infrastructure | Machinery, equipment and facilities | Furniture and fixtures | Construction in progress | Right of use (i) | Other (*) | Total | | Balance at December 31, 2021 | 25,618 | 281,942 | 6,416,890 | 9,089 | 740,688 | 15,996 | 18,619 | 7,508,842 | | Cost | 25,618 | 497,690 | 14,085,249 | 97,544 | 740,688 | 35,633 | 127,281 | 15,609,703 | | Accumulated depreciation | | (215,748) | (7,668,359) | (88,455) | | (19,637) | (108,662) | (8,100,861) | | Balance at December 31, 2021 | 25,618 | 281,942 | 6,416,890 | 9,089 | 740,688 | 15,996 | 18,619 | 7,508,842 | | Acquisitions | | | 104,584 | 523 | 850,860 | 2,300 | 1,600 | 959,867 | | Capitalized interest ^(1)^ (notes 27 and 30) | | | | | 29,358 | | | 29,358 | | Write-offs (note 26) | | | (1,035) | | | | | (1,035) | | Depreciation (note 25) | | (13,886) | (755,121) | (1,298) | | (5,259) | (4,411) | (779,975) | | Transfers to other asset categories | | 5,560 | 643,016 | | (649,678) | | 1,102 | - | | Transfers to intangible assets | | | | | (570) | | | (570) | | Right of use - Remesurement | | | | | | 201 | | 201 | | Others | | | (58) | | (1) | | | (59) | | Balance at September 30, 2022 | 25,618 | 273,616 | 6,408,276 | 8,314 | 970,657 | 13,238 | 16,910 | 7,716,629 | | Cost | 25,618 | 501,387 | 14,834,659 | 98,006 | 970,657 | 38,134 | 129,489 | 16,597,950 | | Accumulated depreciation | | (227,771) | (8,426,383) | (89,692) | | (24,896) | (112,579) | (8,881,321) | | Balance at September 30, 2022 | 25,618 | 273,616 | 6,408,276 | 8,314 | 970,657 | 13,238 | 16,910 | 7,716,629 |

(*) Refer substantially to: i) in the consolidated table: assets for railway use, such as yards, rails, mines, and sleepers; and ii) in the parent company's table: improvements to third-party assets, vehicles and hardware.

(1) The capitalized borrowing costs are basically determined for the projects in Steelmaking and Mining refer substantially to:

  • CSN: Technological updates and acquisition of new equipment for maintenance of the production capacity of UPV Plant (RJ);

  • CSN Mineração: Expansion of Casa de Pedra (MG) and TECAR (RJ).

(i) Right of use

Below the movements of the right of use:

Consolidated
Land Buildings and Infrastructure Machinery, equipment and facilities Others Total
Balance at December 31, 2021 439,285 68,145 53,759 20,635 581,824
Cost 500,826 94,196 99,103 60,483 754,608
Accumulated depreciation (61,541) (26,051) (45,344) (39,848) (172,784)
Balance at December 31, 2021 439,285 68,145 53,759 20,635 581,824
Effect of foreign exchange differences (26) (1,010) (661) (1,697)
Addition 857 7,193 16,451 24,501
Consolidation of Topázio Energética, Santa Ana e Brasil Central (note 10.c) 233 233
Consolidation of Metalgrafica Iguaçu 726 726
Consolidation of CSN Cimentos Brasil S.A. 366 41,947 42,313
Remesurement 20,009 6,157 41,455 2,135 69,756
Depreciation (12,780) (6,095) (39,969) (8,602) (67,446)
Write-offs (754) (754)
Transfers to other asset categories (87) (380) (188) 655
Others 1 (37) (36)
Balance at September 30, 2022 448,376 67,802 102,629 30,613 649,420
Cost 526,782 99,955 320,760 78,593 1,026,090
Accumulated depreciation (78,406) (32,153) (218,131) (47,980) (376,670)
Balance at September 30, 2022 448,376 67,802 102,629 30,613 649,420 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | | | | Parent Company | | --- | --- | --- | --- | --- | | | Land | Machinery, equipment and facilities | Others | Total | | Balance at December 31, 2021 | 15,543 | 40 | 413 | 15,996 | | Cost | 33,307 | 137 | 2,189 | 35,633 | | Accumulated depreciation | (17,764) | (97) | (1,776) | (19,637) | | Balance at December 31, 2021 | 15,543 | 40 | 413 | 15,996 | | Addition | | 2,300 | | 2,300 | | Remesurement | 201 | | | 201 | | Depreciation | (3,061) | (2,074) | (124) | (5,259) | | Balance at September 30, 2022 | 12,683 | 266 | 289 | 13,238 | | Cost | 33,508 | 2,437 | 2,189 | 38,134 | | Accumulated depreciation | (20,825) | (2,171) | (1,900) | (24,896) | | Balance at September 30, 2022 | 12,683 | 266 | 289 | 13,238 |

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

Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Buildings and Infrastructure 34 34 31 31
Machinery, equipment and facilities 18 18 20 21
Furniture and fixtures 12 12 13 13
Others 9 10 12 12
12. INTANGIBLE ASSETS
--- ---
Consolidated Parent Company
--- --- --- --- --- --- --- --- --- ---
Goodwill Customer relationships Software Trademarks<br><br>and<br><br>patents Rights and licenses (*) Others Total Software Total
Balance at December 31, 2021 3,729,236 207,912 66,440 213,609 3,437,883 1,970 7,657,050 59,729 59,729
Cost 3,969,643 816,206 221,712 213,609 3,484,778 1,970 8,707,918 167,771 167,771
Accumulated amortization (131,077) (608,294) (155,272) (46,895) (941,538) (108,042) (108,042)
Adjustment for accumulated recoverable value (109,330) (109,330)
Balance at December 31, 2021 3,729,236 207,912 66,440 213,609 3,437,883 1,970 7,657,050 59,729 59,729
Effect of foreign exchange differences (32,479) (689) (34,827) (323) (68,318)
Acquisitions 686 1,247 1,933
Consolidation of Metalgrafica Iguaçu 96,472 143 96,615
Consolidation of CSN Cimentos Brasil 4,973 2,456 7,429
Transfer of property, plant and equipment 4,506 70,993 75,499 570 570
Amortization (note 25) (43,747) (10,989) (30,156) (84,892) (8,360) (8,360)
Balance at September 30, 2022 3,825,708 131,686 65,070 178,782 3,482,423 1,647 7,685,316 51,939 51,939
Cost 4,484,085 681,940 267,098 178,782 3,560,935 1,647 9,174,487 168,343 168,343
Accumulated amortization (549,047) (550,254) (202,028) (78,512) (1,379,841) (116,404) (116,404)
Adjustment for accumulated recoverable value (109,330) (109,330)
Balance at September 30, 2022 3,825,708 131,686 65,070 178,782 3,482,423 1,647 7,685,316 51,939 51,939

(*) Composed mainly of mining rights. Amortization is based on production volume.

The average useful life by nature is as follows (in years):

Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Software 9 9 10 9
Customer relationships 13 13
12.a) Goodwill impairment test

Goodwill arising from expected future profitability of acquired companies and intangible assets with indefinite useful lives (brands) were allocated to CSN’s cash generating units (CGUs) which represent the lowest level of assets or group of assets of the Company. According to CPC 01 (R1) / IAS36, when a CGU has an intangible asset with no defined useful life allocated, the Company must perform an impairment test.

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The assumptions used for impairment assessment in December 2021 remain in place and there is no event that would justify recording impairment on September 30, 2022.

13. BORROWINGS AND FINANCING

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

Consolidated Parent Company
Non-current Liabilities Current Liabilities Non-current Liabilities
12/31/2021 09/30/2022 12/31/2021 09/30/2022 12/31/2021 09/30/2022 12/31/2021
Foreign Debt
Floating Rates:
Prepayment 1,626,521 6,332,913 3,875,713 485,919 1,557,329 1,694,158 1,099,080
Fixed Rates:
Bonds, Perpetual bonds, Facility, CCE and ACC 678,239 16,596,645 15,380,392 54,066
Intercompany 55,992 61,018 8,515,534 8,218,041
Fixed interest in
Intercompany 34,866 600 1,748,282 1,312,209
Facility 550,460 22,484 79,013
2,855,220 22,952,042 19,335,118 630,843 1,618,947 11,957,974 10,629,330
Debt agreements in Brazil
Floating Rate Securities in BRL:
BNDES/FINAME/FINEP, Debentures, NCE and CCB 2,677,516 9,683,301 7,886,796 2,587,723 2,269,603 4,490,906 5,977,676
2,677,516 9,683,301 7,886,796 2,587,723 2,269,603 4,490,906 5,977,676
Total Borrowings and Financing 5,532,736 32,635,343 27,221,914 3,218,566 3,888,550 16,448,880 16,607,006
Transaction Costs and Issue Premiums (45,877) (436,593) (201,251) (23,500) (24,322) (25,411) (38,390)
Total Borrowings and Financing + Transaction cost 5,486,859 32,198,750 27,020,663 3,195,066 3,864,228 16,423,469 16,568,616

All values are in Euros.

13.a) Borrowing and amortization, financing, and debentures

The following table shows amortization and funding during the period:

Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Opening balance 32,507,522 35,270,653 20,432,844 28,282,246
New debts 13,391,585 12,915,332 5,884,255 5,699,542
Repayment (8,211,226) (17,639,178) (6,381,841) (14,280,369)
Payments of charges (1,631,139) (2,137,782) (719,792) (819,648)
Accrued charges (note 27) 1,884,051 2,140,961 925,321 759,955
Acquisition of Elizabeth 372,123
Consolidation of Metalgrafica Iguaçu 81,978
Others ^(1)^ (843,460) 1,585,413 (522,252) 791,118
Closing balance 37,179,311 32,507,522 19,618,535 20,432,844
1. Including unrealized exchange and monetary variations and funding cost.
--- ---

The Company entered into new debt agreements and amortized borrowings, financing and debentures during 2022, as shown below:

Consolidated
09/30/2022
Nature New debts Repayment Interest payment
Prepayment 2,131,171 (458,083) (83,152)
Bonds, Perpetual bonds, ACC, CCE and Facility ^(1)^ 5,926,241 (2,799,319) (669,120)
BNDES/FINAME, Debentures, NCE and CCB ^(2)^ 5,334,173 (4,953,824) (878,867)
13,391,585 (8,211,226) (1,631,139)

(1) In the first quarter of 2022, the Company, through its subsidiary CSN Resources, issued debt securities in the foreign market in the amount of US$500 million, equivalent to BRL2.6 billion, maturing in 2032 ("Notes"). Additionally, it used part of the funds in the

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amount of US$300 million, equivalent to BRL1.5 billion in the "Tender Offer" for the Notes issued by CSN Resources, maturing in 2026. These Notes are unconditionally and irrevocably guaranteed by the Company. In the first quarter of 2022, the Company contracted a loan in the amount of US$115 million equivalent to BRL605 million through its subsidiary CSN Cimentos, maturing between 2025 and 2027.

In the second quarter of 2022 the subsidiary CSN Mineração contracted a prepayment of US$445 million equivalent to BRL2.1 billion, with maturity between 2025 and 2032.

(2) In the first quarter of 2022 The Company, through its subsidiary CSN Cimentos, issued 1,200 debentures in the total amount of BRL1.2 billion, maturing between 2030 and 2032. The CSN contracted a loan in the amount of BRL600 million from Banco do Brasil maturing in May 2022.

In the third quarter the Company issued the second debentures of its subsidiary CSN Mineração in the total amount of BRL1.4 billion, with maturities ranging from 2032 to 2037. The subsidiary CSN Cimentos S.A. also issued debentures, in the total amount of BRL675 million. Maturities are scheduled from 2025 to 2027.

13.b)Maturities of loans, financing and debentures presented in current and non-current liabilities
Consolidated Parent Company
--- --- --- --- --- --- ---
09/30/2022 09/30/2022
Borrowings and financing in foreign currency Borrowings and financing in national currency Total Borrowings and financing in foreign currency Borrowings and financing in national currency Total
Average rate in Dollar 5.53% in Euro 1.95% in Real 15.25% in Dollar 2.74% in Euro 3.38% in Real 15.29%
2022 806,940 1,313,426 2,120,366 221,052 1,052,500 1,273,552
2023 1,375,036 2,340,807 3,715,843 825,861 1,881,533 2,707,394
2024 482,149 984,881 1,467,030 5,737,040 723,115 6,460,155
2025 1,438,120 948,102 2,386,222 1,534,218 653,108 2,187,326
2026 2,551,495 1,089,812 3,641,307 560,693 803,108 1,363,801
2027 a 2030 10,059,971 2,561,990 12,621,961 834,509 1,790,989 2,625,498
After 2030 8,177,481 3,550,500 11,727,981 2,875,444 174,276 3,049,720
24,891,192 12,789,518 37,680,710 12,588,817 7,078,629 19,667,446

·      Covenants

The Company maintains contracts that provide for the fulfillment of certain non-financial obligations, as well as the maintenance of certain parameters and performance indicators, such as the equity ratio disclosure of its audited financial statements according to regulatory deadlines or payment of commission for risk assumption, if the indicator of net debt to EBITDA reaches the levels foreseen in those contracts.

To the moment, the Company is compliant with the financial and non-financial obligations (covenants) of its existing contracts.

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

The Company may operate with several financial instruments, with emphasis on cash and cash equivalents, including financial investments, marketable securities, accounts receivable from customers, accounts payable to suppliers and borrowings and financing. Additionally, we may also operate with derivative financial instruments, such as swap exchange rate, swap interest and derivatives with commodities.

Considering the nature of the instruments, the fair value is basically determined by the use of quotations in the capital markets in Brazil and the Mercantile and Futures Exchange. The amounts recorded in current assets and liabilities have immediate liquidity. Considering the term and characteristics of these instruments, fair values do not differ from the recorded amounts.

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· Classification of financial instruments
Consolidated
--- --- --- --- --- --- --- ---
Consolidated 09/30/2022 12/31/2021
Notes 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 4 14,319,373 14,319,373 16,646,480 16,646,480
Short-term investments 5 1,288,977 188,638 1,477,615 2,383,059 261,673 2,644,732
Trade receivables 6 2,733,706 2,733,706 2,597,838 2,597,838
Dividends and interest on equity 9 61,924 61,924 76,878 76,878
Trading securities 9 11,969 11,969 12,028 12,028
Loans - related parties 9 5,391 5,391 4,511 4,511
Total 1,300,946 17,309,032 18,609,978 2,395,087 19,587,380 21,982,467
Non-current
Investments 5 152,348 152,348 147,671 147,671
Other trade receivables 9 5,155 5,155 2,345 2,345
Eletrobrás compulsory loan 9 902,059 902,059 859,607 859,607
Receivables by indemnity 9 970,435 970,435 534,896 534,896
Loans - related parties 9 1,346,260 1,346,260 1,143,228 1,143,228
Investments 10 162,343 162,343 190,321 190,321
Total 162,343 3,376,257 3,538,600 190,321 2,687,747 2,878,068
Total Assets 1,463,289 20,685,289 22,148,578 2,585,408 22,275,127 24,860,535
Liabilities
Current
Borrowings and financing 13 5,045,367 5,045,367 5,532,736 5,532,736
Leases 15 168,134 168,134 119,047 119,047
Trade payables 16 6,259,680 6,259,680 6,446,999 6,446,999
Trade payables -drawee risk 17 5,506,326 5,506,326 4,439,967 4,439,967
Dividends and interest on capital 17 454,520 454,520 1,206,870 1,206,870
Total 17,434,027 17,434,027 17,745,619 17,745,619
Non-current
Borrowings and financing 13 32,635,343 32,635,343 27,221,914 27,221,914
Leases 15 525,108 525,108 492,504 492,504
Trade payables 16 40,188 40,188 98,625 98,625
Derivative financial instruments 17 90,928 90,928 101,822 101,822
Total 90,928 33,200,639 33,291,567 101,822 27,813,043 27,914,865
Total Liabilities 90,928 50,634,666 50,725,594 101,822 45,558,662 45,660,484 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | Parent Company | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | Parent Company | | | | 09/30/2022 | | | 12/31/2021 | | | Notes | 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 | 4 | | 2,764,344 | 2,764,344 | | 3,885,265 | 3,885,265 | | Short-term investments | 5 | 1,288,977 | 50,387 | 1,339,364 | 2,383,059 | 43,398 | 2,426,457 | | Trade receivables | 6 | | 2,103,276 | 2,103,276 | | 2,375,512 | 2,375,512 | | Dividends and interest on equity | 9 | | 150,989 | 150,989 | | 486,506 | 486,506 | | Trading securities | 9 | 11,850 | | 11,850 | 11,935 | | 11,935 | | Loans - related parties | 9 | | 5,391 | 5,391 | | 4,511 | 4,511 | | Total | | 1,300,827 | 5,074,387 | 6,375,214 | 2,394,994 | 6,795,192 | 9,190,186 | | Non-current | | | | | | | | | Investments | 5 | | 136,167 | 136,167 | | 132,523 | 132,523 | | Other trade receivables | 9 | | 1,003 | 1,003 | | 1,003 | 1,003 | | Eletrobrás compulsory loan | 9 | | 899,324 | 899,324 | | 858,876 | 858,876 | | Receivables by indemnity | 9 | | 970,435 | 970,435 | | 534,896 | 534,896 | | Loans - related parties | 9 | | 1,582,484 | 1,582,484 | | 1,290,295 | 1,290,295 | | Investments | 10 | 162,343 | | 162,343 | 190,321 | | 190,321 | | Total | | 162,343 | 3,589,413 | 3,751,756 | 190,321 | 2,817,593 | 3,007,914 | | Total Assets | | 1,463,170 | 8,663,800 | 10,126,970 | 2,585,315 | 9,612,785 | 12,198,100 | | Liabilities | | | | | | | | | Current | | | | | | | | | Borrowings and financing | 13 | | 3,218,566 | 3,218,566 | | 3,888,550 | 3,888,550 | | Leases | 15 | | 8,524 | 8,524 | | 7,602 | 7,602 | | Trade payables | 16 | | 4,006,546 | 4,006,546 | | 4,710,811 | 4,710,811 | | Trade payables -drawee risk | 17 | | 5,328,002 | 5,328,002 | | 4,439,967 | 4,439,967 | | Dividends and interest on capital | 17 | | 455,002 | 455,002 | | 1,125,359 | 1,125,359 | | Total | | | 13,016,640 | 13,016,640 | | 14,172,289 | 14,172,289 | | Non-current | | | | | | | | | Borrowings and financing | 13 | | 16,448,880 | 16,448,880 | | 16,607,006 | 16,607,006 | | Derivative financial instruments | 17 | 69,394 | | 69,394 | 101,822 | | 101,822 | | Leases | 15 | | 6,567 | 6,567 | | 10,339 | 10,339 | | Trade payables | 16 | | 18,642 | 18,642 | | 43,396 | 43,396 | | Total | | 69,394 | 16,474,089 | 16,543,483 | 101,822 | 16,660,741 | 16,762,563 | | Total Liabilities | | 69,394 | 29,490,729 | 29,560,123 | 101,822 | 30,833,030 | 30,934,852 | | · | Fair value measurement | | --- | --- |

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

Consolidated 09/30/2022 12/31/2021
Level 1 Level 2 Balances Level 1 Level 2 Balances
Assets
Current
Financial investments 1,288,977 1,288,977 2,383,059 2,383,059
Trading securities 11,969 11,969 12,028 12,028
Non-current
Investments 162,343 162,343 190,321 190,321
Total Assets 1,463,289 1,463,289 2,585,408 2,585,408
Liabilities
Non-current
Derivative financial instruments 90,928 90,928 101,822 101,822
Total Liabilities 90,928 90,928 101,822 101,822

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

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Level 2 - Consider inputs observable in the market, such as interest rates, exchange rates, etc., but are not prices negotiated in active markets.

There are no assets or liabilities classified as level 3.

14.b) - Financial risk management:

The Company uses risk management strategies with guidance on the risks incurred by us. The nature and general position of financial risks are regularly monitored and managed in order to assess results and the financial impact on cash flow. Credit limits and hedge quality of counterparties are also reviewed periodically.

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

We are exposed to exchange rate, interest rate, market price and liquidity risks.

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

· Exchange rate risk:

The exposure arises from the existence of assets and liabilities denominated in Dollar or Euro, since the Company’s functional currency is substantially the Real and is referred as natural exchange exposure. The net exposure is the result of the offsetting of the natural exchange exposure by the instruments of hedge adopted by CSN.

The consolidated net exposure as of September 30, 2022, is shown below:

09/30/2022
Foreign Exchange Exposure (Amounts in US$’000) (Amounts in €’000)
Cash and cash equivalents overseas 1,354,053 63,059
Trade receivables 156,466 3,973
Financial investments 25,185
Borrowings and financing (4,499,027) (4,250)
Trade payables (513,619) (23,490)
Other liabilities (87,977) (2)
Natural Gross Foreign Exchange Exposure (assets - liabilities) (3,564,919) 39,290
Cash flow hedge accounting 3,964,600
Exchange rate swap CDI x Dollar (67,000)
Exchange rate swap Real x Dollar (115,000)
Net foreign exchange exposure 217,681 39,290

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

Sensitivity analysis of Derivative Financial Instruments and Consolidated Foreign Exchange Exposure

The Company considered scenarios 1 and 2 to be 25% and 50% deterioration for currency volatility, using the exchange rate closing rate as of September 30, 2022, as a reference.

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

09/30/2022
Currency Exchange rate Probable scenario Scenario 1 Scenario 2
USD 5.4066 5.2824 6.7583 8.1099
EUR 5.2904 5.1451 6.6130 7.9356
USD x EUR 0.9785 0.9740 1.2231 1.4678 
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The effects on the result, considering scenarios 1 and 2 are shown below:

09/30/2022
Instruments Notional Risk Probable scenario (*) BRL Scenario 1 BRL Scenario 2 BRL
Gross exchange position (3,564,919) Dollar 442,763 (4,818,523) (9,637,046)
Cash flow hedge accounting 3,964,600 Dollar (492,403) 5,358,752 10,717,503
Exchange rate swap CDI x Dollar (67,000) Dollar 8,321 (90,561) (181,121)
Exchange rate swap Real x Dollar (115,000) Dollar 14,283 (155,440) (310,880)
Net exchange position 217,681 Dollar (27,036) 294,228 588,456
Net exchange position 39,290 Euro (5,709) 51,965 103,930

(*) The probable scenarios were calculated considering the following variations for risks: Real x Dollar –valuation of the Real by 3.70% / Real x Euro - valuation of the Real by 3.97% / Euro x Dollar - devaluation of Euro by 0.29%. Source: Central Bank of Brazil and European Central Bank quotations on October 14,2022.

· Interest rate risk:

This risk arises from financial investments, borrowings and financing and debentures linked to the fixed and floating interest rates of the CDI, TJLP and LIBOR, exposing these financial assets and liabilities to interest rate fluctuations as shown in the sensitivity analysis table below.

With the modification of the global financial market in recent years and in line with the recommendations of international regulatory agencies, the market has transitioned from the Libor rate (London Interbank Offered Rate) to the SOFR (Secured Overnight Financing Rate) as of 2022. Therefore, the Company is now exposed to some foreign currency borrowings by SOFR.

Sensitivity analysis of changes in interest rates

We present below the sensitivity analysis for interest rate risks. The Company considered scenarios 1 and 2 to be 25% and 50% deterioration for interest rate volatility using the closing rate as of September 30, 2022, as a reference.

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

09/30/2022
Interest Interest rate Scenario 1 Scenario 2
CDI 13.65% 17.06% 20.48%
TJLP 7.01% 8.76% 10.52%
LIBOR 3.66% 4.58% 5.49%

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

Consolidated
Changes in interest rates % p.a Assets Liabilities Probable scenario (*) Scenario 1 Scenario 2
CDI 13.65 6,212,024 (10,876,482) (5,301,156) (5,460,331) (5,619,505)
TJLP 7.01 (1,047,055) (1,120,454) (1,138,804) (1,157,153)
Libor 3.66 (7,197,807) (7,461,289) (7,527,160) (7,593,031)

(*) The sensitivity analysis is based on the premise of maintaining the market values as of September 30, 2022, as a probable scenario recorded in the company’s assets and liabilities.

· Market price risk: 
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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 can be used to reduce cash flow volatility. These mitigation strategies may incorporate derivative instruments, predominantly forward transactions, futures, and options.

Below are the instruments for price risk protection:

a) Cash flow hedge accounting - "Platts" index

The Company had derivative operations for iron ore, contracted by the subsidiary CSN Mineração, with the objective of reducing the volatility of its exposure to the commodity. In 2022, derivative operations were contracted and fully settled on May 31, 2022.

In order to better reflect the accounting effects of the Platts hedge strategy in the result, CSN Mineração opted to make the formal designation of the hedge and consequently adopted hedge accounting of the iron ore derivative as a hedge accounting instrument of its highly probable future iron ore sales. With this, the mark-to-market resulting from the volatility of Platts will be temporarily recorded in shareholders' equity and will be taken to the result when the referred sales occur according to the contracted period of assessment, thus allowing the recognition of the volatility of Platts on the sales of iron ore to be recognized at the same moment.

The table below shows the result of the derivative instrument until September 30, 2022:

09/30/2022 09/30/2021 09/30/2022 09/30/2021
Other income and expenses (note 25) Exchange variation
Maturity Notional
02/02/2021 to 10/02/2021 (Settled) Platts (27,728) 16,790
05/31/2022 (Settled) Platts 23,374 (1,087)
23,374 (27,728) (1,087) 16,790

The changes in the amounts related to cash flow hedge accounting

  • Platts index recorded in shareholders' equity on September 30, 2022, are shown as follows:
12/31/2021 Movement Realization 09/30/2022
Cash flow hedge accounting–“Platts” (23,374) 23,374
Income tax and social contribution on cash flow hedge accounting 7,947 (7,947)
Fair Value of cash flow accounting - Platts, net (15,427) 15,427

The cash flow hedge accounting - Platts index - has been fully effective since the derivative instruments were contracted.

To support the above-mentioned designations, the Company prepared formal documentation indicating how the designation of cash flow hedge accounting - Platts index is aligned with CSN's risk management objective 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 relations designated. Iron ore derivative instruments ("Platts" index) were designated in amounts equivalent to the portion of future sales, comparing the amounts designated with the amounts expected and approved in the Management and Board budgets.

b) Cash flow hedge accounting - Foreign Exchange

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

With the objective of better reflecting the accounting effects of the hedge exchange rate in the result, CSN designated part of its dollar liabilities as an instrument of future hedge exports. As a result, the exchange rate variation resulting from the designated liabilities will be transiently recorded in shareholders’ equity and will be reflected in the income statement when said exports occur, thus allowing the recognition of dollar fluctuations on liabilities and on exports to

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be recorded at the same time. It is noteworthy that the adoption of this accounting hedge does not imply the contracting of any financial instrument.

The table below presents a summary of the relations of hedge as of September 30, 2022:

09/30/2022
Designation Date Hedging Instrument Hedged item Type of hedged risk Hedged period Exchange rate on designation Designated amounts (US$’000) Amortizated part (USD'000) Effect on Result (*) (BRL'000) Impact on Shareholders' equity (BRL'000)
07/23/2015 Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate August 2018 - October 2022 3.2850 30,000 (24,000) (12,730)
07/24/2015 Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate August 2018 - October 2022 3.3254 100,000 (100,000) (39,382)
07/27/2015 Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate August 2018 - October 2022 3.3557 25,000 (24,150) (1,743)
07/27/2015 Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate August 2018 - October 2022 3.3557 70,000 (56,000) (28,713)
07/27/2015 Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate August 2018 - October 2022 3.3557 30,000 (24,000) (20,351)
07/28/2015 Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate August 2018 - October 2022 3.3815 30,000 (24,000) (12,151)
8/3/2015 Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate July 2018 - October 2022 3.3940 355,000 (343,000) (24,151)
4/2/2018 Bonds Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate July 2018 - February 2023 3.3104 1,170,045 (924,045) (60,790) (659,178)
07/31/2019 Bonds and Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate January 2020 - April 2026 3.7649 1,342,761 (770,061) (682,259) (940,202)
1/10/2020 Bonds with no maturity date and Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate March 2020 - December 2050 4.0745 1,416,000 (1,287,000) (67,766) (1,386,441)
1/28/2020 Bonds Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate March 2027 - January 2028 4.2064 1,000,000 (1,200,200)
6/1/2022 Bonds and Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate June 2022 - April 2032 4.7289 1,145,300 (37,600) (19,317) (750,687)
6/1/2022 Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - BRL vs. US$ spot rate June 2022 - May 2033 4.7289 878,640 (14,290) (8,511) (585,770)
Total 7,592,746 (3,628,146) (838,643) (5,661,699)

(*) On September 30, 2022, the amount of (BRL838,643) was recorded under Other Operating Expenses in Consolidated and the amount of (BRL830,132) in the Parent Company. On September 30, 2021, the amount of (BRL317,472) was recorded under Other Operating Expenses in Consolidated and in the Parent Company.

In the hedging relationships described above, the amounts of the debt instruments were fully designated for equivalent iron ore export portions.

The realization of Hedge accounting cash flow is recognized in Other operating income and expenses, note 26.

As of September 30, 2022, the hedging relationships established by the Company were effective according to the retrospective and prospective tests performed. Thus, no reversal for hedge accounting ineffectiveness was recognized.

c)Net investment hedge in foreign subsidiaries

The information related to the net investment hedge did not change in relation to that disclosed in the Company's accounts as of December 31, 2021. The balance recorded on September 30, 2022, and December 31, 2021, is BRL6,293.

d) Hedge Accounting Movements

The changes in the amounts related to cash flow hedge accounting recorded in equity on September 30, 2022 are shown as follows:

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | | | | Consolidated | | --- | --- | --- | --- | --- | | | 12/31/2021 | Movement | Realization | 09/30/2022 | | Cash flow hedge accounting | 5,763,401 | 736,941 | (838,643) | 5,661,699 | | Income tax and social contribution on cash flow hedge accounting | (1,959,556) | (250,560) | 285,139 | (1,924,977) | | Fair Value of cash flow accounting, net taxes | 3,803,845 | 486,381 | (553,504) | 3,736,722 | | | | | | Parent Company | | | 12/31/2021 | Movement | Realization | 09/30/2022 | | Cash flow hedge accounting | 5,763,401 | 142,660 | (830,132) | 5,075,929 | | Income tax and social contribution on cash flow hedge accounting | (1,959,556) | (48,504) | 282,245 | (1,725,815) | | Fair Value of cash flow accounting, net taxes | 3,803,845 | 94,156 | (547,887) | 3,350,114 |

· Credit risk

The exposure to credit risks of financial institutions complies with the parameters established in the financial policy. The Company practices a detailed analysis of the financial position of its customers and suppliers, the determination of a credit limit and the permanent monitoring of its outstanding balance.

With regards to financial investments, the Company only invests in institutions with low credit risk assessed by credit rating agencies. Since part of the funds is invested in repo operations that are backed by Brazilian government bonds, there is also exposure to the credit risk of the country.

As for the exposure to credit risk in accounts receivable and other receivables, the Company has a credit risk committee, in which each new customer is analyzed individually regarding their financial condition, before granting the credit limit and payment terms, and periodically reviewed based on procedures and circumstances of each business area.

· Liquidity risk

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

Future receipt and payment premises are established to manage cash liquidity in domestic and foreign currencies, which are monitored on a day-to-day basis by the Treasury Department. The payment schedules for long-term installments of borrowings and financing and debentures are presented in note 13.

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

Consolidated
At September 30, 2022 Less than one year From one to two years From two to five years Over five years Total
Borrowings, financing and debentures (note 13) 5,045,367 2,257,863 6,027,529 24,349,951 37,680,710
Lease Liabilities (note 15) 168,134 161,726 141,466 221,916 693,242
Derivative financial instruments (note 14 a) 90,928 90,928
Trade payables (note 16) 6,259,680 37,263 2,925 6,299,868
Trade payables - Drawee Risk (note 17) 5,506,326 5,506,326
Dividends and interest on equity (note 17) 454,520 454,520
17,434,027 2,547,780 6,171,920 24,571,867 50,725,594

IV – Fair values of assets and liabilities in relation to the 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 gains and losses are recorded as financial income and expenses, respectively.

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

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

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | | 09/30/2022 | | 12/31/2021 | | --- | --- | --- | --- | --- | | | Closing Balance | Fair value | Closing Balance | Fair value | | Fixed Rate Notes | 16,254,520 | 12,806,846 | 15,617,091 | 15,700,276 |

14.c) Instruments protection: Derivatives and Hedge accounting cash flow and net investment hedge in foreign<br>subsidiaries

· Derivativefinancial instruments portfolio position

Swap exchange rate Dollar x Euro

The subsidiary Lusosider Produtos Siderurgicos S/A: has derivative transactions to hedge its dollar exposure against the euro. The operation was settled in 2021.

Swap exchange rate CDI x Dollar

The Company has derivative transactions with Banco Bradesco to protect its debt in NCE raised in September 2019 with maturity in October 2023 in the amount of US$67 million (equivalent to BRL278 million) at a cost compatible with that usually practiced by the Company.

Swap exchange rate Real x Dollar

The subsidiary CSN Cimentos, after borrowing in foreign currency, contracted derivative operations to protect its exposure to the dollar, maturing on June 10, 2027.

Swap exchange rate CDI x IPCA

The subsidiaries CSN Mineração and CSN Cimentos issued debentures during 2021 and 2022, respectively, and entered derivative transactions to hedge their exposure to the IPCA. CSN Mineração's contracts have maturities scheduled from 2031 to 2037, while CSN Cimentos' contracts mature in 2032.

Below is the position of the derivatives:

09/30/2022 09/30/2021
Appreciation (BRL) Fair value (market) Impact on financial income (expenses) (note 27)
Instrument Maturity Functional Currency Notional amount Asset position Liability position Amounts receivable / (payable)
Exchange rate swap
Exchange rate swap Dollar x Euro Settled Dollar 19,638
Exchange rate swap Dollar x Real Settled Dollar 176,992 37,322
Exchange rate swap CDI x Dollar 10/02/2023 Dollar 67,000 287,516 (356,910) (69,394) 32,428 (7,151)
Exchange rate swap Real x Dollar 6/10/2027 Dollar 115,000 652,191 (673,725) (21,534) (21,535)
Total Swap 182,000 939,707 (1,030,635) (90,928) 187,885 49,809
Interest rate swap
Interest rate (Debentures) CDI x IPCA 07/15/2031 Real 576,448 613,358 (630,602) (17,244) (48,073) (15,380)
Interest rate (Debentures) CDI x IPCA 07/15/2032 Real 745,000 814,759 (821,669) (6,910) (6,910)
Interest rate (Debentures) CDI x IPCA 07/15/2036 Real 423,552 453,554 (478,151) (24,597) (7,164) (17,035)
Interest rate (Debentures) CDI x IPCA 07/15/2037 Real 655,382 681,762 (692,466) (10,704) (10,704)
Interest rate (Debentures) CDI x IPCA 02/16/2032 Real 600,000 661,675 (649,362) 12,313 (3,348)
Interest rate (Debentures) CDI x IPCA 2/12/2032 Real 600,000 639,261 (624,092) 15,169 (23,535)
Total interest rate (Debentures) CDI x IPCA 3,600,382 3,864,369 (3,896,342) (31,973) (99,734) (32,415)
4,804,076 (4,926,977) (122,901) 88,151 17,394
· Classification of derivatives in the balance sheet and income
--- ---
09/30/2022 09/30/2021
--- --- --- --- ---
Instruments Liabilities Financial income (expenses), net (note 27)
Non-current Total
Exchange rate swap (NDF) Dollar x real (settled) 176,992 37,322
Exchange rate swap Dollar x Euro (Settled) 19,638
Exchange rate swap Real x Dollar (21,534) (21,534) (21,535)
Exchange rate swap CDI x Dollar (69,394) (69,394) 32,428 (7,151)
Interest rate swap CDI x IPCA (31,973) (31,973) (99,734) (32,415)
(122,901) (122,901) 88,151 17,394 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | 14.d) | - Investments in securities valued at fair value through profit or loss | | --- | --- |

The Company has common shares (USIM3), preferred shares (USIM5) of Siderúrgica de Minas Gerais (“Usiminas”) and shares of Panatlântica SA (PATI3), which are designated as fair value through profit or loss.

Usiminas shares are classified as current assets in financial investments and Panatlântica shares are classified as non-current assets under the investment item. They are recorded at fair value, based on the market price quote in B3.

In accordance with the Company’s policy, the gains and losses arising from the variation in the share price are recorded directly in the income statement as financial result in the case of financial investments, or as other operating income and expenses in the case of long-term investments.

Class of shares 09/30/2022 12/31/2021 09/30/2022 09/30/2021
Quantity Equity interest (%) Share price Closing Balance Quantity Equity interest (%) Share price Closing Balance Profit or loss (notes 26 and 27)
USIM3 106,620,851 15.12% 8.20 874,291 106,620,851 15.12% 14.51 1,547,069 (672,778) 7,418
USIM5 55,144,456 10.07% 7.52 414,686 55,144,456 10.07% 15.16 835,990 (421,303) 559,829
1,288,977 2,383,059 (1,094,081) 567,247
PATI3 2,705,726 11.31% 60.00 162,343 2,705,726 11.31% 70.34 190,321 (27,977) 124,542
1,451,320 2,573,380 (1,122,058) 691,789
· - Stock market price risk
--- ---

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

Sensitivity analysis for stock price risks

We present below the sensitivity analysis for the stock price risks. The Company considered scenarios 1 and 2 with 25% and 50% devaluation in the stock price using as reference the closing price on September 30, 2022. The probable scenario considered a 5% devaluation in the stock price.

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

09/30/2022
Class of shares Probable scenario Scenario 1 Scenario 2
5% 25% 50%
USIM3 (43,715) (218,573) (437,145)
USIM5 (20,734) (103,672) (207,343)
PATI3 (8,117) (40,586) (81,172)
14.e) - Capital management
--- ---

The Company seeks to optimize its capital structure in order to reduce its financial costs and maximize the return to its shareholders. The table below shows the evolution of the Company’s consolidated capital structure, with financing by equity and third-party capital:

Thousands of reais 09/30/2022 12/31/2021
Shareholder's equity (equity) 23,790,514 23,374,389
Borrowings and Financing (Third-party capital) 37,179,311 32,507,522
Gross Debit/Shareholder's equity 1.56 1.39 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | 15. | LEASE LIABILITIES | | --- | --- |

Lease liabilities are shown below:

Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Leases 1,933,793 1,790,193 16,559 20,113
Present value adjustment - Leases (1,240,551) (1,178,642) (1,469) (2,172)
693,242 611,551 15,090 17,941
Classified:
Current 168,134 119,047 8,523 7,602
Non-current 525,108 492,504 6,567 10,339
693,242 611,551 15,090 17,941

The Company has lease agreements for port terminals in Itaguaí, the Solid Bulk Terminal - TECAR, used for loading and unloading coal and iron ores and the Container Terminal - TECON, with remaining terms of 25 and 29 years, respectively, and lease agreement for railway operation using the Northeast network with a remaining term of 7 years.

Additionally, the Company has operating equipment lease agreements, used mainly in the mining and steel operations, and real estate, used as operating facilities and administrative and sales offices, in several locations where the Company operates, with remaining terms of 1 to 13 years.

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

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

Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Opening balance 611,551 530,131 17,941 67,107
New leases 27,789 69,379 2,808 1,216
Present Value Adjustments - New leases (3,288) (7,273) (508) (104)
Contract review 69,426 109,860 201 (1,331)
Write-off (781) (38,626) (17,073)
Payments (106,934) (114,303) (6,584) (9,502)
Interest appropriated 51,714 62,470 1,232 2,058
Drop down of Cements (note 10.c) (24,430)
Acquisition of PCH Santa Ana e Sacre 259
Acquisition of Metalgráfica Iguaçu 720
Acquisition of CSN Cimentos Brasil 44,373
Exchange variation (1,587) (87)
Net balance 693,242 611,551 15,090 17,941

The estimated future minimum payments for the lease agreements include determinable variable payments, which are certain to occur, based on minimum performance and contractually fixed rates.

As of September 30, 2022, the expected minimum payments are the following:

Consolidated
Less than one year Between one and five years Over five years Total
Leases 175,440 430,441 1,327,912 1,933,793
Present value adjustment - Leases (7,306) (127,363) (1,105,882) (1,240,551)
168,134 303,078 222,030 693,242
· Recoverable PIS / COFINS
--- ---

Lease liabilities were measured at the amount of consideration with suppliers, that is, without considering the tax credits incurred after payment. The potential right of PIS and COFINS embedded in the lease liability is shown below.

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | | | 09/30/2022 | 12/31/2021 | 09/30/2022 | 12/31/2021 | | Leases | 1,870,790 | 1,777,209 | 15,596 | 18,847 | | Present value adjustment - Leases | (1,239,021) | (1,177,668) | (1,390) | (2,036) | | Potencial PIS and COFINS credit | 173,048 | 164,392 | 1,443 | 1,743 | | Present value adjustment – Potential PIS and COFINS credit | (114,609) | (108,934) | (129) | (188) | | · | Lease payments not recognized as a liability: | | --- | --- |

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

The Company has contracts for the right to use ports (TECAR) and railways (FTL) which, even if they establish minimum performance, it is not possible to determine its 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.

The expenses related to payments not included in the measurement of the lease liability during the year are:

Consolidated
Nine months ended Three months ended
09/30/2022 09/30/2021 09/30/2022 09/30/2021
Contract less than 12 months 905 64 66 64
Lower Assets value 2,548 2,636 644 1,091
Variable lease payments 259,739 403,699 81,037 113,410
263,192 406,399 81,747 114,565
Parent Company
Nine months ended Three months ended
09/30/2022 09/30/2021 09/30/2022 09/30/2021
Lower Assets value 927 211 416 86
Variable lease payments 955 7,372 147 2,822
1,882 7,583 563 2,908

In accordance with the guidelines of CPC 06 (R2) / IFRS 16, the Company uses the discounted cash flow technique to measure and remeasure liabilities and use rights, without considering the projected inflation in the flows to be discounted.

16. TRADE PAYABLES
Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Trade payables 6,388,222 6,657,702 4,094,856 4,842,146
(-) Adjustment present value (88,354) (112,078) (69,668) (87,939)
6,299,868 6,545,624 4,025,188 4,754,207
Classified:
Current 6,259,680 6,446,999 4,006,546 4,710,811
Non-current 40,188 98,625 18,642 43,396
6,299,868 6,545,624 4,025,188 4,754,207

The Company classifies drawee risk operations and forfaiting with suppliers in other liabilities as per note 17 – other payables. As of September 30, 2022, Consolidated and Parent Company had, respectively, a balance of BRL5,506,326 and BRL4,439,967 (as of December 31, 2021, in Consolidated and Parent Company BRL4,439,967). These are negotiated with financial institutions, by which suppliers anticipate receivables and, on the other hand, extend our payment terms. The effective prepayment of receivables depends on acceptance by the suppliers, given that their participation is not mandatory. The Company is not reimbursed and / or benefited by the financial institution for discounts for payment executed before the maturity date agreed with the supplier, there is no change in the degree of subordination of the security in the event of judicial execution, nor changes in the existing commercial conditions between Company and its suppliers.

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | 17. | OTHER PAYABLES | | --- | --- |

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

Consolidated Parent Company
Current Non-current Current Non-current
09/30/2022 12/31/2021 09/30/2022 12/31/2021 09/30/2022 12/31/2021 09/30/2022 12/31/2021
Payables to related parties (note 21 a) 32,014 50,624 51,570 66,607 380,638 314,260 65,402 128,849
Derivative financial instruments (note 14 a) 90,928 101,822 69,394 101,822
Dividends and interest on capital 454,520 1,206,870 455,002 1,125,359
Advances from customers 1,543,448 2,140,783 1,081,494 947,896 121,321 148,822
Taxes in installments 68,659 51,999 223,210 152,420 13,957 9,173 57,445
Profit sharing - employees 186,187 223,885 93,991 138,860
Taxes payable 10,928 10,378 36,003 35,453
Provision for consumption and services 222,722 216,692 116,855 100,735
Third party materials in our possession 208,429 418,084 190,174 402,071
Trade payables - Drawee Risk and forfaiting (note 16) 5,506,326 4,439,967 5,328,002 4,439,967
Trade payables (note 16) 40,188 98,625 18,642 43,396
Lease Liabilities (note 15) 168,134 119,047 525,108 492,504 8,524 7,602 6,567 10,339
Other payables 43,590 36,703 387,695 77,912 13,937 9,308
8,434,029 8,904,654 2,411,121 1,948,164 6,722,401 6,696,157 253,453 319,859

Advances from customers: Refers to iron ore supply contracts signed by the subsidiary CSN Mineração with an important international player. As of September 30, 2022, the balance in advance refers to the supply of 10.4 million tons of iron ore, to be delivered over the next three years. In September 2022, the company closed an advance payment transaction and received, in advance, the amount of BRL400 million referring to the commercialization contract of approximately 360 MWm/year of electric energy for a period of 8 years, signed with national operators in the sector. The subsidiary CSN Cimentos in June 2022, received in advance the total amount of BRL372 million related to an electric energy supply contract signed with a major national player, to be executed within 7 years.

18. INCOME TAX AND SOCIAL CONTRIBUTIONS
18.a)Tax of income and social contribution recognized in profit or loss:

The income tax and social contribution recognized in net income for the period are as follows:

Consolidated
Nine months ended Three months ended
09/30/2022 09/30/2021 09/30/2022 09/30/2021
Income tax and social contribution income (expense)
Current (1,563,960) (3,659,481) (293,759) (704,738)
Deferred (584,923) (286,915) (277,035) (706,547)
(2,148,883) (3,946,396) (570,794) (1,411,285)
Parent Company
Nine months ended Three months ended
09/30/2022 09/30/2021 09/30/2022 09/30/2021
Income tax and social contribution income (expense)
Current (195,974) (427,045) 41,423 (183,678)
Deferred (512,722) (469,233) (207,637) (815,045)
(708,696) (896,278) (166,214) (998,723)

The reconciliation of income and social contribution expenses and income of the consolidated and parent company and the product of the current tax rate on income before income tax and social contribution are shown below:

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | | | | Consolidated | | --- | --- | --- | --- | --- | | | Nine months ended | | Three months ended | | | | 09/30/2022 | 09/30/2021 | 09/30/2022 | 09/30/2021 | | Profit before income tax and social contribution | 4,119,789 | 16,481,021 | 808,426 | 2,735,937 | | Tax rate | 34% | 34% | 34% | 34% | | Income tax and social contribution at combined statutory rate | (1,400,728) | (5,603,547) | (274,865) | (930,219) | | Adjustment to reflect the effective rate: | | | | | | Equity in results of affiliated companies | 71,375 | 58,606 | 36,225 | 33,294 | | Difference Tax Rate in companies abroad | (146,918) | (333,105) | (153,729) | (218,593) | | Tax loss carryforwards without recognizing deferred taxes | (18,631) | (24,175) | (4,677) | (25,796) | | Indebtdness limit | (6,382) | (5,623) | (2,058) | | | Unrecorded deferred taxes on temporary differences | (13,658) | 28,380 | (14,116) | 23,992 | | Reversal of provision for deferred income tax and social contribution losses | | 1,603,085 | | (611,636) | | Income taxes and social contribution on foreign profit | 11,803 | | 11,803 | | | Tax incentives | 30,411 | 68,761 | 9,679 | 38,741 | | Recognition/(reversal) of tax credits | (696,590) | | (179,915) | | | Other permanent exclusions (additions) (i) | 20,435 | 261,222 | 859 | 278,932 | | Income tax and social contribution in net income for the period | (2,148,883) | (3,946,396) | (570,794) | (1,411,285) | | Effective tax rate | 52% | 24% | 71% | 52% | | | | | | Parent Company | | | Nine months ended | | Three months ended | | | | 09/30/2022 | 09/30/2021 | 09/30/2022 | 09/30/2021 | | Profit before income tax and social contribution | 2,245,815 | 12,251,601 | 299,605 | 2,148,260 | | Tax rate | 34% | 34% | 34% | 34% | | Income tax and social contribution at combined statutory rate | (763,577) | (4,165,544) | (101,866) | (730,408) | | Adjustment to reflect the effective rate: | | | | | | Equity in results of affiliated companies | 719,815 | 1,391,988 | 100,741 | 44,990 | | Indebtdness limit | (6,382) | (5,623) | (2,058) | | | Reversal of provision for deferred income tax and social contribution losses | | 1,603,085 | | (611,636) | | Income taxes and social contribution on foreign profit | 11,803 | | 11,803 | | | Tax incentives | 4,702 | 29,702 | (1,327) | 23,927 | | Recognition/(reversal) of tax credits | (696,590) | | (179,915) | | | Other permanent exclusions (additions) (i) | 21,533 | 250,114 | 6,408 | 274,404 | | Income tax and social contribution in net income for the period | (708,696) | (896,278) | (166,214) | (998,723) | | Effective tax rate | 32% | 7% | 55% | 46.5% |

(i) In September 2021 the Company recognized a credit for the unconstitutionality of the incidence of IRPJ and CSLL on amounts referring to the SELIC rate received due to the repetition of undue tax payment.

18.b) Deferred income tax and social contribution

Deferred income tax and social contribution balances are as follows:

Consolidated
Opening balance Movement Closing balance
12/31/2021 Shareholders'<br><br>Equity P&L Others Acquisition of companies 09/30/2022
Deferred
Income tax losses 1,537,623 (76,916) 833,204 2,293,911
Social contribution tax losses 583,845 (36,521) 299,953 847,277
Temporary differences 2,447,543 (10,276) (471,486) (417) (313,392) 1,651,972
- Provision for tax. social security, labor, civil and environmental risks 265,328 (13,189) 186,964 439,103
- Asset impairment losses 283,266 3,735 57,464 344,465
- (Gains)/losses on financial instruments 6,484 386,938 393,422
- Actuarial liability (pension and healthcare plan) 210,009 2,349 212,358
- Accrued supplies and services 163,620 15,233 178,853
- Unrealized exchange variation ^(1)^ 1,026,302 (774,159) (17) 252,126
- Gain upon loss of control in Transnordestina (92,180) (92,180)
- Cash flow hedge accounting 1,959,557 (34,577) 1,924,980
- Acquisition at fair value of SWT and CBL (178,160) 12,092 16,663 (149,405)
- Deferred taxes not computed (248,605) 29,191 (629,806) (849,220)
- Business Combination (1,338,674) 10,938 69,539 (1,258,197)
- Others 390,596 12,209 (146,836) (417) 115 255,667
Total 4,569,011 (10,276) (584,923) (417) 819,765 4,793,160
Total Deferred Assets 5,072,092 5,072,047
Total Deferred Liabilities (503,081) (278,887)
Total Deferred 4,569,011 4,793,160 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | | | | Parent Company | | --- | --- | --- | --- | --- | | | Opening balance | Movement | | Closing balance | | | 12/31/2021 | Shareholders'<br><br>Equity | P&L | 09/30/2022 | | Deferred tax assets | | | | | | Income tax losses | 1,419,151 | | (84,277) | 1,334,874 | | Social contribution tax losses | 531,472 | | (29,538) | 501,934 | | Temporary differences | 2,893,030 | (233,740) | (398,907) | 2,260,383 | | - Provision for tax. social security, labor, civil and environmental risks | 184,336 | | (3,781) | 180,555 | | - Asset impairment losses | 113,506 | | 16,426 | 129,932 | | - (Gains)/losses on financial instruments | 6,483 | | 376,660 | 383,143 | | - Actuarial liability (pension and healthcare plan) | 211,019 | | | 211,019 | | - Accrued supplies and services | 149,486 | | 15,934 | 165,420 | | - Unrealized exchange variation ^(1)^ | 1,031,889 | | (786,864) | 245,025 | | - (Gain) in control loss on Transnorderstina | (92,180) | | | (92,180) | | - Cash flow hedge accounting | 1,959,556 | (233,740) | | 1,725,816 | | - Business Combination | (721,992) | | | (721,992) | | - Others | 50,927 | | (17,282) | 33,645 | | Total | 4,843,653 | (233,740) | (512,722) | 4,097,191 | | Total Deferred Assets | 5,710,808 | | | 5,710,808 | | Total Deferred Liabilities | (867,155) | | | (1,613,617) | | Total Deferred | 4,843,653 | | | 4,097,191 |

(1) The Company taxes exchange variations on a cash basis to calculate income tax and social contribution on net income.

The Company has in its corporate structure subsidiaries abroad, whose income are taxed by the income tax in the respective countries where they were constituted at rates lower than those in force in Brazil. In the period between 2018 and 2022, these subsidiaries generated income in the amount of BRL471,514. If the Brazilian tax authorities understand that these profits are subject to additional taxation in Brazil for income tax and social contribution, these, if due, would reach approximately BRL163,315. The Company, based on the position of its legal advisors, assessed only the likelihood of loss as possible in the event of possible tax questioning and, therefore, no provision was recognized in the financial statements.

In addition, management evaluated the precepts of IFRIC 23

  • “Uncertainty Over Income Tax Treatments” and recognized in 2021 the credit for the unconstitutionality of the incidence of the IRPJ and CSLL on the amounts of default interest referring to the SELIC rate received due to the repetition of tax undue payment.

A sensitivity analysis of consumption of tax credits was carried out considering a variation in macroeconomic assumptions, operating performance, and liquidity events. Thus, considering the results of the study carried out, which indicates that it is probable the existence of taxable profit to use the balance of deferred income tax and social contribution.

18.c) Income tax and social contribution recognized in equity:

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

Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Income tax and social contribution
Actuarial gains on defined benefit pension plan 104,229 104,533 105,689 105,689
Exchange differences on translating foreign operations (325,350) (325,350) (325,350) (325,350)
Cash flow hedge accounting 1,884,656 1,959,556 1,725,816 1,959,556
1,663,535 1,738,739 1,506,155 1,739,895
19. PROVISIONS FOR TAX, SOCIAL SECURITY, LABOR, CIVIL, ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS
--- ---

Claims of different nature are being challenged at the appropriate courts. Details of the accrued amounts and related judicial deposits are as follows:

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | | | | Consolidated | Parent Company | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Accrued liabilities | | Judicial deposits | | Accrued liabilities | | Judicial deposits | | | | 09/30/2022 | 12/31/2021 | 09/30/2022 | 12/31/2021 | 09/30/2022 | 12/31/2021 | 09/30/2022 | 12/31/2021 | | Tax | 151,480 | 111,572 | 168,356 | 78,260 | 40,215 | 38,857 | 54,247 | 54,633 | | Social security | 473 | 1,270 | | | 473 | 1,270 | | | | Labor | 296,683 | 304,744 | 240,897 | 218,200 | 188,523 | 210,670 | 171,570 | 154,827 | | Civil | 625,722 | 139,824 | 27,788 | 17,869 | 106,111 | 104,340 | 12,311 | 12,017 | | Environmental | 21,891 | 16,942 | 2,764 | 2,739 | 14,941 | 13,719 | 1,010 | 1,004 | | Deposit of a guarantee | | | 20,886 | 22,737 | | | | | | | 1,096,249 | 574,352 | 460,691 | 339,805 | 350,263 | 368,856 | 239,138 | 222,481 | | Classified: | | | | | | | | | | Current | 58,627 | 66,047 | | | 30,033 | 35,571 | | | | Non-current | 1,037,622 | 508,305 | 460,691 | 339,805 | 320,230 | 333,285 | 239,138 | 222,481 | | | 1,096,249 | 574,352 | 460,691 | 339,805 | 350,263 | 368,856 | 239,138 | 222,481 |

The changes in tax, social security, labor, civil and environmental provisions in the period ended on September 30, 2022, can be summarized as follows:

Consolidated
Current + Non-current
Nature 12/31/2021 Additions Accrued charges Consolidation of companies Net utilization of reversal 09/30/2022
Tax 111,572 14,050 8,625 28,847 (11,614) 151,480
Social security 1,270 4 14 (815) 473
Labor 304,744 25,091 36,357 12,411 (81,920) 296,683
Civil 139,824 36,103 19,666 473,430 (43,301) 625,722
Environmental 16,942 6,784 1,040 (2,875) 21,891
574,352 82,032 65,702 514,688 (140,525) 1,096,249
Parent Company
--- --- --- --- --- ---
Current + Non-current
Nature 12/31/2021 Additions Accrued charges Net utilization of reversal 09/30/2022
Tax 38,857 207 1,203 (52) 40,215
Social security 1,270 3 14 (814) 473
Labor 210,670 15,108 23,764 (61,019) 188,523
Civil 104,340 727 14,018 (12,974) 106,111
Environmental 13,719 5,605 244 (4,627) 14,941
368,856 21,650 39,243 (79,486) 350,263

The provision for tax, social security, labor, civil and environmental risks was estimated by Management and is mainly based on the legal counsel’s assessment. Only lawsuits for which the risk is classified as probable loss are provisioned. Additionally, tax liability from actions initiated by the Company is included in this provision and is subject to SELIC (Central Bank’s policy rate).

§ Administrative and judicial proceedings

The Company does not make provisions for lawsuits, which Management’s expectation, based on the opinion of legal counsel, is a possible loss. The following table shows a summary of the balance of the main matters classified as possible risk compared to the balance on September 30, 2022, and December 31,2021.

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | | Consolidated | | --- | --- | --- | | | 09/30/2022 | 12/31/2021 | | Assessment Notice and imposition of fine (AIIM) / Tax Enforcement - Income tax and social contribution - Capital gain on sale of NAMISA's shares | 13,861,096 | 13,015,938 | | Assessment Notice and Imposition of fine (AIIM) / Tax Enforcement - Income tax and Social contribution - Disallowance of deductions of goodwill generated in the reverse incorporation of Big Jump by NAMISA. | 4,803,412 | 4,242,051 | | Assessment Notice and Imposition of fine (AIIM) / Tax Enforcement- Income tax and Social contribution - Disallowance of interest on prepayment arising from supply contracts of iron ore and port services | 2,332,937 | 2,017,602 | | Assessment Notice and imposition of fine (AIIM) - Income tax and social contribution due to profits from foreign subsidiaries for years 2008, 2010, 2011, 2012, 2014, 2015 and 2016. | 4,350,389 | 4,137,519 | | ICMS - SEFAZ/RJ - Electricity Credits | 936,097 | 867,521 | | Offset of taxes that were not approved by the Federal Revenue Service - IRPJ/CSLL, PIS/COFINS and IPI | 2,099,513 | 1,660,888 | | ICMS - SEFAZ/RJ- Disallowance of the ICMS credits - Transfer of iron ore | 652,660 | 614,528 | | ICMS - Refers to the transfer of imported raw material at an amount lower than the price disclosed in the import documentation | 348,709 | 326,361 | | Disallowance of the tax loss and negative basis of social contribution arising from the adjustments in the SAPLI | 646,620 | 600,895 | | Assessment Notice and imposition of fine (AIIM)/ Action for annulment - IRRF- Capital Gain of CFM vendors located abroad | 283,245 | 266,649 | | CFEM – difference of understanding between CSN and ANM on the calculation basis | 1,114,270 | 1,079,951 | | ICMS - SEFAZ/RJ - Assessment Notice -questions about sales for incentive area | 1,224,695 | 1,142,386 | | Other tax lawsuits (federal, state, and municipal) ^(1)^ | 5,575,227 | 3,877,976 | | Assessment Notice and imposition of fine (AIIM) -Charge of IRRF- RFB- Business Combinations of CSN Mineração held in 2015. | 959,682 | 889,179 | | ICMS - SEFAZ/RJ - Disallowance of credits on acquisitions of Intermediate Products | 606,956 | 562,307 | | Assessment Notice and imposition of fine (AIIM) - RFB -Disallowance of credits PIS/COFINS of inputs and freight | 1,204,734 | 1,116,228 | | Social security lawsuits | 307,174 | 214,323 | | Action to discuss the balance of the construction contract – Tebas | 560,638 | 507,719 | | Action related to power supply payment’s charge - Light | 379,670 | 324,371 | | Enforcement action applied by Brazilian antitrust authorities (CADE) | 106,372 | 98,740 | | Civil Public Action - Districts / School / Nursery relocation-CdP Dam | | 14,876 | | Other civil lawsuits ^(1)^ | 1,158,801 | 845,043 | | Labor and social security lawsuits ^(1)^ | 1,683,579 | 1,536,967 | | Tax foreclosures – Fine – Volta Redonda IV | 120,800 | 104,400 | | ACP landfill Márcia | 306,389 | 306,389 | | Other environmental lawsuits ^(1)^ | 532,985 | 424,143 | | | 46,156,649 | 40,794,950 |

(1)In the third quarter of 2022, after the respective approvals by the Administrative Council for Economic Defense, the acquisitions of CSN Cimentos Brasil (formerly LafargeHolcim (Brasil) S.A.) and Metalgráfica Iguaçu S.A. were concluded and became part of the CSN group. In processes of estimated possible loss, CSN Cimentos Brasil represents BRL1,934,276 and Metalgráfica Iguaçu BRL18,878.

In the first quarter of 2021, the Group was notified of an arbitration procedure based on an alleged unfulfillment of iron ore supply contracts. The counterparty asks for approximately US$1 billion, and the Company has no knowledge of the bases used in the allegations presented, as well as has no knowledge of the basis for the estimates of the amount asked. As opposed, the Company understands to be a creditor in the contracts. Finally, the Company informs that has responded the arbitration requirements in conjunction with its legal counselors and is currently at the initial stage of its defense. The Company expects the arbitration will be concluded in 2 to 3 years. The relevance of the arbitration to the Company is related to the amount attributed to the cause and its eventual financial impact. The discussion involves arbitration disputes initiated by both parties.

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 |

The Company has been offering judicial guarantees (Guarantee Insurance / Letter of Guarantee) in the total amount updated to September 30, 2022, of BRL5,026,396 (December 31,2021 BRL4,732,009), as determined by the procedural legislation in force.

The assessments made by legal advisors define these administrative and judicial proceedings as a possible risk of loss and, consequently, no loss provisions have been recognized in accordance with Management’s judgment and with the Accounting Practices adopted in Brazil.

20. PROVISION FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMMENT OBLIGATIONS

The calculation information and assumptions remain the same as disclosed in the December 31, 2021, financial statements. The balance of provisions for environmental liabilities and deactivation of assets can be shown as follows:

Consolidated Parent Company
09/30/2022 12/31/2021 09/30/2022 12/31/2021
Environmental liabilities 214,823 173,647 167,382 159,254
Asset retirement obligations 719,558 724,950
934,381 898,597 167,382 159,254
21. RELATED-PARTY BALANCES AND TRANSACTIONS
--- ---
21.a)Transactions with subsidiaries, joint ventures, associates, exclusive founds and other related parties
· Consolidated
--- ---
Consolidated
09/30/2022 12/31/2021
Subsidiaries and associates Joint-ventures and Joint Operation Other related parties Total Subsidiaries and associates Joint-ventures and Joint Operation Other related parties Total
Assets
Current Assets
Investments ^(1)^ 1,433,442 1,433,442 2,579,990 2,579,990
Trade receivables (note 6) ^(2)^ 37,297 1,814 44,049 83,160 8,159 1,667 134,570 144,396
Dividends receivable (note 9) ^(3)^ 61,924 61,924 61,898 14,980 76,878
Loans (note 9) ^(4)^ 5,391 5,391 4,511 4,511
Other receivables from related parties (note 9) 30 1,828 1,858 1,828 1,828
37,327 69,129 1,479,319 1,585,775 8,159 68,076 2,731,368 2,807,603
Non-current Assets
Investments ^(1)^ 136,167 136,167 132,523 132,523
Loans (note 9) ^(4)^ 124,794 1,221,466 1,346,260 3,626 1,139,602 1,143,228
Actuarial asset (note 9) 59,111 59,111 59,111 59,111
Other receivables from related parties (note 9) ^(5)^ 1,357,089 1,357,089 927,077 927,077
124,794 2,578,555 195,278 2,898,627 3,626 2,066,679 191,634 2,261,939
162,121 2,647,684 1,674,597 4,484,402 11,785 2,134,755 2,923,002 5,069,542
Liabilities
Current Liabilities
Trade payables 155,366 31,445 186,811 21 62,730 14,712 77,463
Accounts payable 22,767 22,767 28,442 28,442
Provision for consumption 9,247 9,247 22,182 22,182
187,380 31,445 218,825 21 113,354 14,712 128,087
Non-current Liabilities
Accounts payable 51,570 51,570 66,606 66,606
51,570 51,570 66,606 66,606
238,950 31,445 270,395 21 179,960 14,712 194,693
Consolidated
09/30/2022 09/30/2021
Subsidiaries and associates Joint-ventures and Joint Operation Other related parties Total Subsidiaries and associates Joint-ventures and Joint Operation Other related parties Total
P&L
Sales 168,475 22,308 1,926,149 2,116,932 37,438 779 2,610,969 2,649,186
Cost and expenses (66) (1,114,540) (151,952) (1,266,558) (159) (978,445) (55,055) (1,033,660)
Financial income (expenses)
Interest (note 27) 104,851 23,031 127,882 27,796 24,039 51,835
Financial investments ^(1)^ (1,094,081) (1,094,081) 237,915 237,915
168,409 (987,381) 703,147 (115,825) 37,279 (949,870) 2,817,868 1,905,276 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | · | Parent Company | | --- | --- | | | | Parent Company | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 09/30/2022 | | | | 12/31/2021 | | | | | | | 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 | | | | | | | | | | | Investments | ^(1)^ | | | 1,535,966 | 1,535,966 | | | 2,674,193 | 2,674,193 | | Trade receivables (note 6) | ^(2)^ | 921,899 | | 43,692 | 965,591 | 1,385,970 | | 134,271 | 1,520,241 | | Loans (note 9) | ^(4)^ | | 5,391 | | 5,391 | | 4,511 | | 4,511 | | Dividends receivable (note 9) | ^(3)^ | 114,559 | 36,430 | | 150,989 | 435,504 | 36,022 | 14,980 | 486,506 | | Other receivables from related parties (note 9) | | 58,216 | | 1,829 | 60,045 | 45,467 | | 1,829 | 47,296 | | | | 1,094,674 | 41,821 | 1,581,487 | 2,717,982 | 1,866,941 | 40,533 | 2,825,273 | 4,732,747 | | Non-current Assets | | | | | | | | | | | Investments | ^(1)^ | | | 136,167 | 136,167 | | | 132,523 | 132,523 | | Loans (note 9) | ^(4)^ | 332,403 | 1,250,081 | | 1,582,484 | 243,131 | 1,047,164 | | 1,290,295 | | Actuarial asset (note 9) | | | | 47,350 | 47,350 | | | 47,350 | 47,350 | | Other receivables from related parties (note 9) | ^(5)^ | 226,820 | 1,357,089 | | 1,583,909 | 224,827 | 927,076 | | 1,151,903 | | | | 559,223 | 2,607,170 | 183,517 | 3,349,910 | 467,958 | 1,974,240 | 179,873 | 2,622,071 | | | | 1,653,897 | 2,648,991 | 1,765,004 | 6,067,892 | 2,334,899 | 2,014,773 | 3,005,146 | 7,354,818 | | Liabilities | | | | | | | | | | | Current Liabilities | | | | | | | | | | | Intercompany Loans (note 13) | ^(6)^ | 90,858 | | | 90,858 | 61,618 | | | 61,618 | | Trade payables | | 327,843 | 141,726 | 30,536 | 500,105 | 331,074 | 26,111 | 13,849 | 371,034 | | Accounts payable | | 101,469 | | | 101,469 | 101,588 | | | 101,588 | | Provision for consumption | | 269,922 | 9,247 | | 279,169 | 196,490 | 16,182 | | 212,672 | | | | 790,092 | 150,973 | 30,536 | 971,601 | 690,770 | 42,293 | 13,849 | 746,912 | | Non-current Liabilities | | | | | | | | | | | Intercompany Loans (note 13) | ^(6)^ | 10,263,816 | | | 10,263,816 | 9,530,250 | | | 9,530,250 | | Accounts payable | | 65,402 | | | 65,402 | 128,849 | | | 128,849 | | | | 10,329,218 | | | 10,329,218 | 9,659,099 | | | 9,659,099 | | | | 11,119,310 | 150,973 | 30,536 | 11,300,819 | 10,349,869 | 42,293 | 13,849 | 10,406,011 | | | | Parent Company | | | | | | | | | | | 09/30/2022 | | | | 09/30/2021 | | | | | | | 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 | | 3,295,037 | 284 | 1,925,793 | 5,221,114 | 2,228,618 | | 2,628,242 | 4,856,860 | | Cost and expenses | | (2,088,264) | (396,557) | (131,310) | (2,616,131) | (3,607,736) | (315,867) | (58,498) | (3,982,101) | | Financial income (expenses) | | | | | | | | | | | Interest (note 27) | | (52,236) | 103,958 | 3,391 | 55,113 | (189,515) | 34,350 | 22,617 | (132,548) | | Exclusive funds (note 27) | | | | 9,753 | 9,753 | | | 41,985 | 41,985 | | Financial investments ^(1)^ | | 362,843 | | | 362,843 | | | 237,915 | 237,915 | | Exchange rate variations andmonetary, net | | | | (1,075,238) | (1,075,238) | (295,224) | | | (295,224) | | | | 1,517,380 | (292,315) | 732,389 | 1,957,454 | (1,863,857) | (281,517) | 2,872,261 | 726,887 |

Consolidated and Parent Company Information:

1) Financial Investments: Refers mainly to investments in Usiminas shares, cash and cash equivalents and Bonds with Banco Fibra and government bonds and CDBs with the exclusive funds.

(2) Accounts receivable: refers mainly to sales transactions of steel products from the Parent Company to related parties.

(3) Dividends receivable: In Consolidated, dividends from MRS Logística S.A. amounting to BRL61,924 (BRL61,898 on December 31, 2021).

(4) Loans (Assets):

Long-term: In Consolidated refers mainly to loan agreements with Transnordestina Logística BRL1,205,569 (BRL1,123,375 on December 31, 2021) with an average rate of 125.0% to 130.0% of CDI.

(5) Others (Assets): In Consolidated, advance for future capital increase with Transnordestina Logística S.A. of BRL1,357,088 on September 30, 2022 (BRL927,076 on December 31, 2021).

(6) Borrowings (Liabilities):

Foreign currency: In the Parent Company these are intercompany contracts amounting to BRL10,354,674 as of September 30, 2022 (BRL9,591,868 as of December 31, 2021).

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | 21.b) | Key management personal | | --- | --- |

The key management personnel with authority and responsibility for planning, directing, and controlling the Company’s activities include members of the Board of Directors and statutory officers. The following is information on the compensation of such personnel and the related balances as of September 30, 2022, and 2021.

09/30/2022 09/30/2021
P&L
Short-term benefits for employees and officers 47,196 41,715
Post-employment benefits 195 129
47,391 41,844
21.c) Guarantees
--- ---

The Company is liable for guarantees of its subsidiaries and joint ventures as follows:

Maturities Borrowings Tax foreclosure Others Total
09/30/2022 12/31/2021 09/30/2022 12/31/2021 09/30/2022 12/31/2021 09/30/2022 12/31/2021
Transnordestina Logísitca Up to 09/19/2056 and Indefinite 2,196,487 2,486,926 9,365 12,627 3,733 3,384 2,209,585 2,502,937
Controladas do Grupo Up to 12/21/2024 and indefinite 771 197 197 10,584 2,754 10,781 3,722
CSN Mineração Up to 12/21/2024 693,615 846,284 693,615 846,284
Total in BRL 2,890,102 3,333,981 9,562 12,824 14,317 6,138 2,913,981 3,352,943
CSN Inova Ventures 01/28/2028 1,300,000 1,300,000 1,300,000 1,300,000
CSN Resources Up to 04/17/2026 1,150,000 1,450,000 1,150,000 1,450,000
CSN Cimentos Indefinite 115,000 1,025,000 115,000 1,025,000
Total in US 2,565,000 2,750,000 1,025,000 2,565,000 3,775,000
Lusosider Aços Planos Indefinite 75,000 75,000 75,000 75,000
Total in 75,000 75,000 75,000 75,000
Total in BRL 13,867,929 15,346,375 396,780 479,795 14,264,709 21,540,463
16,758,031 18,680,356 9,562 12,824 411,097 485,933 17,178,690 24,893,406

All values are in US Dollars.

22. SHAREHOLDERS´ EQUITY
22.a) Paid-in capital

The fully subscribed and paid-in capital on September 30, 2022, was BRL10,240 million is divided into 1,326,093,947 common and book-entry shares ( in December 2021 BRL10,240 million is divided into 1,387,524,047 common and book-entry shares), with no par value. Each common share entitles its holder to one vote in the resolutions of the General Meetings.

22.b)Authorized capital

The Company’s bylaws in effect on September 30, 2022, define that the share capital may be increased to up to 2,400,000,000 shares, independently of statutory reform.

22.c) Legal Reserve

It will be applied 5% of the net profit calculated in each fiscal year , before any other allocation, in accordance with art. 193 of Law nº 6404/76, which will not exceed 20% of the capital stock.

22.d) Ownership structure

As of September 30, 2022, and December 31, 2021, the Company’s ownership structure was as follows:

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | | | 09/30/2022 | | | 12/31/2021 | | --- | --- | --- | --- | --- | --- | --- | | | Number of common shares | % of total shares | % of voting capital | Number of common shares | % of total shares | % of voting capital | | Vicunha Aços S.A. (*) | 679,522,254 | 51.00% | 51.24% | 679,522,254 | 48.97% | 50.65% | | Rio Iaco Participações S.A. (*) | 45,706,242 | 3.00% | 3.45% | 45,706,242 | 3.29% | 3.41% | | NYSE (ADRs) | 249,053,040 | 19.00% | 18.78% | 250,564,538 | 18.06% | 18.67% | | Other shareholders | 351,812,411 | 27.00% | 26.53% | 365,941,013 | 26.38% | 27.27% | | Outstanding shares | 1,326,093,947 | 100.00% | 100.00% | 1,341,734,047 | 96.70% | 100.00% | | Treasury shares | | | | 45,790,000 | 3.30% | | | Total shares | 1,326,093,947 | 100.00% | | 1,387,524,047 | 100.00% | |

(*) Controlling group companies.

22.e) Treasury shares

As of September 30, 2022, the position of treasury shares was as follows:

Program Board’s Authorization Authorized quantity Program period Average buyback price Minimum and maximum buyback price Number bought back Share cancelation Sale of shares Balance in treasury
04/20/2018 30,391,000 From 4/20/2018 to 4/30/2018 Not applicable Not applicable 22,981,500 7,409,500
1º 06/21/2021 24,154,500 From 06/22/2021 to 12/22/2021 R$ 21.82 BRL20.06 and BRL23.22 24,082,000 31,491,500
2º 12/6/2021 30,000,000 From 12/07/2021 to 6/30/2022 R$ 25.00 BRL17.20 and BRL26.76 29,938,600 61,430,100
05/18/2022 Not applicable Not applicable 61,430,100
3º 05/18/2022 58,000,000 From 05/19/2022 to 05/18/2023

At a Board of Directors Meeting held on May 18, 2022, the Company approved (i) (i) the closing of the share repurchase program, (ii) cancellation of 61,430,100 common shares held in treasury with no change in the Company's capital stock, which is now represented by 1,326,093,947 (one billion, three hundred and twenty-six million, ninety-three thousand, nine hundred and forty-seven) common book-entry shares without nominal value

22.f) Earnings per share

The earnings per share are shown below:

Parent Company
Nine months ended Three months ended
09/30/2022 09/30/2021 09/30/2022 09/30/2021
Common Shares Common Shares
Profit for the period 1,537,119 11,355,323 133,391 1,149,537
Weighted average number of shares 1,327,343,593 1,380,114,547 1,326,093,947 1,380,114,547
Basic and diluted earnings per share 1.15804 8.22781 0.10059 0.83293
23. COMPENSATION TO SHAREHOLDERS
--- ---

At the Annual General Meeting held on April 29, 2022, the Company approved the distribution of BRL2,911,424 and that of the total amount of dividends declared by the AGO:(i) BRL1,750,000 have already been distributed to shareholders, as resolved by the Board of Directors in a meeting held on July 27, 2021; (ii) BRL256,952 have already been paid on May 20, 2022, as interest on equity, as deliberated by the Board of Directors in a meeting held on December 29, 2021; and (iii) BRL904,472, corresponding to the amount of BRL0.681594305290377 per share, to be paid in local currency, by the Company, without monetary restatement, in 2 (two) equal installments, in the amount of BRL452,236 each, corresponding to BRL0.340797152645188 per share, based on the shareholders' positions as of April 29, 2022, with the first installment already paid to shareholders residing in Brazil as of May 20, 2022, and the second installment will be available on a date to be defined in due course by the Management.

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | 24. | NET REVENUE FROM SALES | | --- | --- |

Net sales revenue is as follows:

Consolidated
Nine months ended Three months ended
09/30/2022 09/30/2021 09/30/2022 09/30/2021
Gross revenue
Domestic market 22,801,754 22,687,744 8,231,980 7,675,068
Foreign market 15,417,709 20,058,561 4,406,455 4,319,001
38,219,463 42,746,305 12,638,435 11,994,069
Deductions
Sales returns, discounts and rebates (207,894) (121,492) (86,469) (55,226)
Taxes on sales (4,778,732) (5,073,739) (1,654,917) (1,692,670)
(4,986,626) (5,195,231) (1,741,386) (1,747,896)
Net revenue 33,232,837 37,551,074 10,897,049 10,246,173
Parent Company
Nine months ended Three months ended
09/30/2022 09/30/2021 09/30/2022 09/30/2021
Gross revenue
Domestic market 20,086,467 20,834,681 7,008,557 6,937,778
Foreign market 3,049,264 2,286,231 859,699 1,425,822
23,135,731 23,120,912 7,868,256 8,363,600
Deductions
Sales returns, discounts and rebates (214,104) (209,860) (82,692) (43,081)
Taxes on sales (3,909,675) (4,386,460) (1,311,201) (1,447,225)
(4,123,779) (4,596,320) (1,393,893) (1,490,306)
Net revenue 19,011,952 18,524,592 6,474,363 6,873,294
25. EXPENSES BY NATURE
--- ---
Consolidated
Nine months ended Three months ended
09/30/2022 09/30/2021 09/30/2022 09/30/2021
Raw materials and inputs (11,122,342) (7,760,865) (3,952,017) (2,319,930)
Outsourcing material (2,412,410) (3,743,717) (776,390) (1,134,933)
Labor cost (2,338,496) (1,978,782) (846,490) (628,903)
Supplies (2,513,231) (1,563,729) (1,003,132) (486,692)
Maintenance cost (services and materials) (835,269) (881,843) (258,475) (297,080)
Outsourcing services (1,497,304) (1,484,657) (522,485) (508,481)
Freight (859,024) (171,619) (328,143) (50,915)
Distribution freight (911,468) (1,162,010) (441,280) (422,152)
Depreciation, amortization and depletion (1,967,394) (1,491,507) (689,033) (533,346)
Others (786,320) (1,137,820) (339,907) (321,558)
(25,243,258) (21,376,549) (9,157,352) (6,703,990)
Classified as:
Cost of sales (23,206,660) (19,231,398) (8,358,934) (5,941,522)
Selling expenses (1,595,871) (1,706,395) (647,943) (603,615)
General and administrative expenses (440,727) (438,756) (150,475) (158,853)
(25,243,258) (21,376,549) (9,157,352) (6,703,990) 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | | | | Parent Company | | --- | --- | --- | --- | --- | | | Nine months ended | | Three months ended | | | | 09/30/2022 | 09/30/2021 | 09/30/2022 | 09/30/2021 | | Raw materials and inputs | (10,429,422) | (8,430,603) | (3,745,471) | (3,035,040) | | Labor cost | (1,066,444) | (854,213) | (364,421) | (252,837) | | Supplies | (1,767,188) | (1,143,419) | (706,007) | (393,294) | | Maintenance cost (services and materials) | (326,588) | (432,122) | (73,592) | (142,102) | | Outsourcing services | (864,895) | (588,290) | (297,196) | (193,152) | | Freight | (197,216) | (22,059) | (86,624) | (9,254) | | Distribution freight | (453,814) | (328,717) | (168,348) | (135,139) | | Depreciation, amortization and depletion | (784,510) | (632,406) | (271,431) | (221,572) | | Others | (305,978) | (167,273) | (146,668) | (58,448) | | | (16,196,055) | (12,599,102) | (5,859,758) | (4,440,838) | | Classified as: | | | | | | Cost of sales | (15,317,359) | (11,910,176) | (5,555,003) | (4,176,175) | | Selling expenses | (708,561) | (517,200) | (244,946) | (210,412) | | General and administrative expenses | (170,135) | (171,726) | (59,809) | (54,251) | | | (16,196,055) | (12,599,102) | (5,859,758) | (4,440,838) |

The depreciation, amortization and depletion additions for the period were distributed as follows.

Consolidated
Nine months ended Three months ended
09/30/2022 09/30/2021 09/30/2022 09/30/2021
Production costs ^(1)^ (1,934,833) (1,463,535) (677,360) (524,251)
Selling expenses (10,121) (8,063) (3,681) (2,331)
General and administrative expenses (22,440) (19,909) (7,992) (6,764)
(1,967,394) (1,491,507) (689,033) (533,346)
Other operational ^(2)^ (57,571) (74,315) (19,335) (22,971)
(2,024,965) (1,565,822) (708,368) (556,317)
Parent Company
Nine months ended Three months ended
09/30/2022 09/30/2021 09/30/2022 09/30/2021
Production costs ^(1)^ (768,100) (617,557) (265,913) (216,593)
Selling expenses (6,263) (4,987) (2,142) (1,570)
General and administrative expenses (10,147) (9,862) (3,376) (3,409)
(784,510) (632,406) (271,431) (221,572)
Other operational (5,172) (4,896) (1,932) (1,480)
(789,682) (637,302) (273,363) (223,052)

(1)The cost of production includes PIS and COFINS credits on lease agreements on September 30, 2022, in the amount of BRL5,426 (BRL4,071 on September 30, 2021) in the consolidated and BRL458 (BRL535 on September 30, 2021) in the parent company.

(2)They mainly refer to the depreciation of investment properties, paralyzed equipment and amortization of the SWT Client Portfolio, see note 26.

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | 26. | OTHER OPERATING INCOME AND EXPENSES | | --- | --- | | | | | | Consolidated | | --- | --- | --- | --- | --- | | | Nine months ended | | Three months ended | | | | 09/30/2022 | 09/30/2021 | 09/30/2022 | 09/30/2021 | | Other operating income | | | | | | Receivables by indemnity ^(1)^ | 152,437 | 5,127 | 143,406 | 3,411 | | Rentals and leases | 8,826 | 9,364 | 4,304 | 2,758 | | Dividends received | | 15,409 | | 15,409 | | Contractual fines | 2,437 | 1,235 | 418 | 330 | | Updated shares – Fair value through profit or loss (note 14) | (27,977) | 124,542 | (25,623) | (35,558) | | Net gain in shares sale (note 10.c) ^(2)^ | | 2,472,497 | | | | Other revenues | 87,178 | 76,945 | 50,780 | 22,572 | | | 222,901 | 2,705,119 | 173,285 | 8,922 | | | - | - | - | - | | Other operating expenses | | | | | | Taxes and fees ^(3)^ | (115,514) | (55,830) | (56,358) | (14,116) | | Expenses/reversal with environmental liabilities, net | (356) | (6,654) | (1,096) | (5,994) | | Write-off/(Provision) of judicial lawsuits | (61,962) | 14,011 | (17,319) | 6,712 | | Depreciation and amortization (note 25) | (57,571) | (74,315) | (19,335) | (22,971) | | Write-offs and estimated losses of PPE, intangible assets and investment properties, net of reversal (notes 11 and 12) | (11,561) | (43,172) | (4,949) | (730) | | Estimated (Loss)/reversal in inventories | (179,169) | (140,054) | (60,947) | (46,236) | | Idleness in stocks and paralyzed equipment ^(3)^ | (113,093) | (30,979) | (18,465) | (30,979) | | Studies and project engineering expenses | (40,893) | (46,424) | (15,008) | (14,574) | | Research and development expenses | (296) | (253) | (89) | (93) | | Healthcare plan expenses | (63,918) | (81,017) | (12,759) | (16,805) | | Cash flow hedge accounting realized (note 14) ^(4)^ | (815,269) | (345,200) | (417,613) | 244,528 | | Other expenses | (466,372) | (268,307) | (255,485) | (65,473) | | | (1,925,974) | (1,078,194) | (879,423) | 33,269 | | Other operating income (expenses), net | (1,703,073) | 1,626,925 | (706,138) | 42,191 | | | | | | Parent Company | | | Nine months ended | | Three months ended | | | | 09/30/2022 | 09/30/2021 | 09/30/2022 | 09/30/2021 | | Other operating income | | | | | | Receivables by indemnity ^(1)^ | 150,777 | 4,711 | 143,398 | 3,001 | | Rentals and leases | 6,907 | 9,022 | 2,731 | 2,643 | | Dividends received | | 15,407 | | 15,407 | | Contractual fines | 1,654 | 517 | 342 | 55 | | Updated shares – Fair value through profit or loss (note 14) | (27,977) | 124,542 | (25,623) | (35,558) | | Net gain in shares sale (note 10.c) ^(2)^ | | 2,472,497 | | | | Other revenues | 70,858 | 23,954 | 43,779 | | | | 202,219 | 2,650,650 | 164,627 | (14,452) | | Other operating expenses | | | | | | Taxes and fees ^(3)^ | (81,542) | (44,013) | (47,618) | (7,658) | | Expenses with environmental liabilities, net | 1,501 | (6,218) | (13) | (5,728) | | Write-off/(Provision) of judicial lawsuits | (26,236) | 24,892 | 478 | 13,267 | | Depreciation of investment property, equipment paralyzed and amortization of intangible assets (note 25) | (5,172) | (4,896) | (1,932) | (1,480) | | Write-offs and estimated losses of PPE, intangible assets and investment properties, net of reversal (notes 11 and 12) | (1,065) | (17,073) | (783) | | | Estimated (Loss)/reversal in inventories | (128,673) | (61,576) | (51,218) | (15,547) | | Idleness in stocks and paralyzed equipment ^(3)^ | (11,169) | (10,057) | (11,169) | (10,057) | | Studies and project engineering expenses | (15,794) | (14,117) | (6,313) | (5,858) | | Research and development expenses | (296) | (253) | (89) | (93) | | Healthcare plan expenses | (63,355) | (80,437) | (12,702) | (16,690) | | Cash flow hedge accounting realized (note 14) ^(4)^ | (830,132) | (317,472) | (409,102) | (65,222) | | Other expenses | (362,692) | (189,766) | (232,335) | (51,122) | | | (1,524,625) | (720,986) | (772,796) | (166,188) | | Other operating income (expenses), net | (1,322,406) | 1,929,664 | (608,169) | (180,640) |

(1) In the 3rd quarter of 2022 the undisputed amount of BRL134,611 was recognized as restitution of the amounts overpaid for railway freight from April 1994 to March 1996 to the company RFFSA, which after extinction became part of the Union's liabilities;

(2) Refers to the public offering of CSN Mineração shares (see note 10.c);

(3) In 2022, it is the unused capacity due to lower than usual production volume, because of the intense rains during the ore extraction operation;

(4) This refers to the effects of foreign exchange cash flow hedge (BRL838,643) and cash flow hedge of the Platts index - BRL23,374, totaling in Consolidated (BRL815,269) and (BRL830,132) in the Parent Company;

On September 30, 2021, it deals with the effects of the Exchange cash flow hedge (BRL317,472) and cash flow hedge of the Platts index (BRL27,728), totaling in the Consolidated (BRL345,200) and (BRL317,472) in the Parent Company.

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | 27. | FINANCIAL INCOME (EXPENSES) | | --- | --- | | | | | | Consolidated | | --- | --- | --- | --- | --- | | | Nine months ended | | Three months ended | | | | 09/30/2022 | 09/30/2021 | 09/30/2022 | 09/30/2021 | | Financial income | | | | | | Related parties (note 21 a) | 135,427 | 60,888 | 54,726 | 30,021 | | Income from financial investments | 566,209 | 194,000 | 251,163 | 88,712 | | Updated shares – Fair value through profit or loss (note 14.d) | (1,094,081) | 567,247 | (63,379) | (594,012) | | Other income | 133,226 | 257,275 | 42,247 | 177,349 | | | (259,219) | 1,079,410 | 284,757 | (297,930) | | Financial expenses | | | | | | Borrowings and financing - foreign currency (note 13) | (935,326) | (1,306,019) | (335,108) | (495,577) | | Borrowings and financing - local currency (note 13) | (948,725) | (293,571) | (362,934) | (138,652) | | Related parties | (7,545) | (9,053) | (2,669) | (3,018) | | Lease liabilities | (48,535) | (42,891) | (16,951) | (15,552) | | Capitalised interest (note 11) | 97,490 | 60,996 | 34,627 | 24,163 | | Interest and fines | (408,609) | (140,482) | (161,349) | (77,433) | | (-) Adjustment present value of trade payables | (329,713) | (185,795) | (107,304) | (69,715) | | Commission, bank fees, Guarantee and bank fees | (106,056) | (117,426) | (1,237) | (40,045) | | PIS/COFINS over financial income | (103,979) | (66,139) | (47,007) | (30,340) | | Other financial expenses | (270,972) | (324,538) | (83,181) | (47,209) | | | (3,061,970) | (2,424,918) | (1,083,113) | (893,378) | | Others financial items, net | | | | | | Foreign exchange and monetary variation, net | 899,295 | (155,870) | 467,697 | 299,837 | | Gains and (losses) on exchange derivatives (*) | 88,151 | 17,394 | 12,165 | (51,955) | | | 987,446 | (138,476) | 479,862 | 247,882 | | | (2,074,524) | (2,563,394) | (603,251) | (645,496) | | Financial income (expenses), net | (2,333,743) | (1,483,984) | (318,494) | (943,426) | | (*) Statement of gains and (losses) on derivative transactions (note 14.c) | | | | | | Dollar - to - real NDF | 176992 | 37,322 | 131,831 | | | Exchange rate swap Real x Dollar | (21,535) | | 3,703 | | | Exchange rate swap Dollar x Euro | | 19,638 | | 6,205 | | Interest rate swap CDI x IPCA | (99,734) | (32,415) | (109,353) | (32,415) | | Exchange rate swap CDI x Dollar | 32,428 | (7,151) | (14,016) | (25,745) | | | 88,151 | 17,394 | 12,165 | (51,955) | | | | | | Parent Company | | | Nine months ended | | Three months ended | | | | 09/30/2022 | 09/30/2021 | 09/30/2022 | 09/30/2021 | | Financial income | | | | | | Related parties (note 21 a) | 146,767 | 106,576 | 47,965 | 35,463 | | Income from financial investments | 173,264 | 93,111 | 75,955 | 22,987 | | Updated shares – Fair value through profit or loss (note 14.d) | (1,094,081) | 567,247 | (63,379) | (594,012) | | Other income | 168,836 | 247,816 | 56,122 | 174,209 | | | (605,214) | 1,014,750 | 116,663 | (361,353) | | Financial expenses | | | | | | Borrowings and financing - foreign currency (note 13) | (108,292) | (90,677) | (39,393) | (31,129) | | Borrowings and financing - local currency (note 13) | (735,128) | (254,644) | (261,197) | (116,003) | | Related parties (note 13) | (81,901) | (197,139) | (40,021) | (22,152) | | Lease liabilities | (1,115) | (1,510) | (347) | (407) | | Capitalised interest (note 11) | 29,358 | 18,007 | 11,831 | 4,090 | | Interest and fines | (346,360) | (78,635) | (146,082) | (40,510) | | (-) Adjustment present value of trade payables | (283,040) | (136,763) | (91,299) | (50,132) | | Commission, bank fees, Guarantee and bank fees | (71,106) | (96,236) | (20,996) | (32,165) | | PIS/COFINS over financial income | (32,267) | (30,900) | (19,487) | (1,836) | | Other financial expenses | (52,028) | (120,087) | (27,385) | (19,686) | | | (1,681,879) | (988,584) | (634,376) | (309,930) | | Others financial items, net | | | | | | Foreign exchange and monetary variation, net | 875,571 | 283,350 | 514,287 | 461,145 | | Gains and (losses) on exchange derivatives (*) | 46,743 | (7,151) | 299 | (25,745) | | | 922,314 | 276,199 | 514,586 | 435,400 | | Financial income (expenses), net | (1,364,779) | 302,365 | (3,127) | (235,883) | | (*) Statement of gains and (losses) on derivative transactions (note 14.c) | | | | | | Dollar - to - real NDF | 14,315 | | 14,315 | | | Exchange rate swap CDI x Dollar | 32,428 | (7,151) | (14,016) | (25,745) | | | 46,743 | (7,151) | 299 | (25,745) |

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | 28. | SEGMENT INFORMATION | | --- | --- |

Results by segment

For the purpose of preparing and presenting the information by business segment, Management decided to maintain the proportional consolidation of the joint ventures as historically presented. For purposes of reconciliation of the consolidated result, the amounts recorded by these companies are not included in the "Corporate expenses/elimination" column.

Nine months ended
09/30/2022
P&L Steel Mining Logistics Energy Cement Corporate expenses/elimination Consolidated
Port Railroads
Net revenues
Domestic market 16,087,365 1,364,074 221,754 1,703,843 139,310 1,638,512 (3,114,101) 18,040,757
Foreign market 7,199,082 7,631,901 361,097 15,192,080
Cost of sales and services (note 25) (18,041,998) (5,227,045) (162,504) (1,124,867) (148,765) (1,074,036) 2,572,555 (23,206,660)
Gross profit 5,244,449 3,768,930 59,250 578,976 (9,455) 564,476 (180,449) 10,026,177
General and administrative expenses (note 25) (973,837) (212,919) (23,986) (101,708) (26,520) (237,802) (459,826) (2,036,598)
Other operating (income) expenses, net (note 26) (653,472) (247,544) (12,760) 13,816 (1,346) (37,657) (764,110) (1,703,073)
Equity in results of affiliated companies (note 10) 167,026 167,026
Operating result before Financial Income and Taxes 3,617,140 3,308,467 22,504 491,084 (37,321) 289,017 (1,237,359) 6,453,532
Sales by geographic area
Asia 6,462,994 361,097 6,824,091
North America 1,757,243 1,757,243
Latin America 332,801 332,801
Europe 5,107,972 1,168,907 6,276,879
Others 1,066 1,066
Foreign market 7,199,082 7,631,901 361,097 15,192,080
Domestic market 16,087,365 1,364,074 221,754 1,703,843 139,310 1,638,512 (3,114,101) 18,040,757
Total 23,286,447 8,995,975 221,754 1,703,843 139,310 1,638,512 (2,753,004) 33,232,837
Three months ended
09/30/2022
P&L Steel Mining Logistics Energy Cement Corporate expenses/elimination Consolidated
Port Railroads
Net revenues
Domestic market 5,654,870 437,502 68,566 653,161 47,853 777,535 (1,090,586) 6,548,901
Foreign market 2,043,519 2,089,469 215,160 4,348,148
Cost of sales and services (note 25) (6,426,119) (1,800,015) (54,345) (397,365) (52,590) (501,272) 872,772 (8,358,934)
Gross profit 1,272,270 726,956 14,221 255,796 (4,737) 276,263 (2,654) 2,538,115
General and administrative expenses (note 25) (333,724) (63,493) (6,693) (36,793) (9,613) (100,372) (247,730) (798,418)
Other operating (income) expenses, net (note 26) (321,627) (48,557) (2,833) (10,344) (442) (14,222) (308,113) (706,138)
Equity in results of affiliated companies (note 10) 93,361 93,361
Operating result before Financial Income and Taxes 616,919 614,906 4,695 208,659 (14,792) 161,669 (465,136) 1,126,920
Sales by geographic area
Asia 1,764,373 215,160 1,979,533
North America 565,374 565,374
Latin America 160,355 160,355
Europe 1,317,790 325,096 1,642,886
Foreign market 2,043,519 2,089,469 215,160 4,348,148
Domestic market 5,654,870 437,502 68,566 653,161 47,853 777,535 (1,090,586) 6,548,901
Total 7,698,389 2,526,971 68,566 653,161 47,853 777,535 (875,426) 10,897,049 
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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | | Nine months ended | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 09/30/2021 | | P&L | Steel | Mining | Logistics | | Energy | Cement | Corporate expenses/elimination | Consolidated | | | | | Port | Railroads | | | | | | Net revenues | | | | | | | | | | Domestic market | 16,434,208 | 2,666,413 | 225,332 | 1,395,521 | 175,986 | 1,007,460 | (4,127,453) | 17,777,467 | | Foreign market | 6,009,455 | 12,975,586 | | | | | 788,566 | 19,773,607 | | Cost of sales and services (note 25) | (14,985,211) | (6,037,086) | (160,353) | (923,770) | (107,292) | (624,073) | 3,606,387 | (19,231,398) | | Gross profit | 7,458,452 | 9,604,913 | 64,979 | 471,751 | 68,694 | 383,387 | 267,500 | 18,319,676 | | General and administrative expenses (note 25) | (834,843) | (265,122) | (26,196) | (92,653) | (23,616) | (118,544) | (784,177) | (2,145,151) | | Other operating (income) expenses, net (note 26) | (406,069) | (208,629) | (1,736) | 44,147 | (1,420) | (39,288) | 2,239,920 | 1,626,925 | | Equity in results of affiliated companies (note 10) | | | | | | | 163,555 | 163,555 | | Operating result before Financial Income and Taxes | 6,217,540 | 9,131,162 | 37,047 | 423,245 | 43,658 | 225,555 | 1,886,798 | 17,965,005 | | Sales by geographic area | | | | | | | | | | Asia | | 10,506,640 | | | | | 788,566 | 11,295,206 | | North America | 1,214,905 | | | | | | | 1,214,905 | | Latin America | 402,472 | | | | | | | 402,472 | | Europe | 4,392,078 | 2,468,946 | | | | | | 6,861,024 | | Foreign market | 6,009,455 | 12,975,586 | | | | | 788,566 | 19,773,607 | | Domestic market | 16,434,208 | 2,666,413 | 225,332 | 1,395,521 | 175,986 | 1,007,460 | (4,127,453) | 17,777,467 | | Total | 22,443,663 | 15,641,999 | 225,332 | 1,395,521 | 175,986 | 1,007,460 | (3,338,887) | 37,551,074 | | | Three months ended | | | | | | | | | | | | | | | | | 09/30/2021 | | | Steel | Mining | Logistics | | Energy | Cement | Corporate expenses/elimination | Consolidated | | | | | Port | Railroads | | | | | | Net revenues | | | | | | | | | | Domestic market | 5,508,200 | 970,763 | 69,794 | 508,208 | 66,298 | 387,259 | (1,490,651) | 6,019,871 | | Foreign market | 2,118,450 | 1,832,952 | | | | | 274,900 | 4,226,302 | | Cost of sales and services (note 25) | (4,735,813) | (1,883,465) | (52,853) | (325,187) | (37,724) | (228,718) | 1,322,238 | (5,941,522) | | Gross profit | 2,890,837 | 920,250 | 16,941 | 183,021 | 28,574 | 158,541 | 106,487 | 4,304,651 | | General and administrative expenses (note 25) | (302,141) | (69,738) | (6,562) | (33,513) | (8,573) | (60,648) | (281,293) | (762,468) | | Other operating (income) expenses, net (note 26) | (97,136) | 249,074 | 1,022 | 55,487 | (480) | (14,385) | (151,391) | 42,191 | | Equity in results of affiliated companies (note 10) | | | | | | | 94,989 | 94,989 | | Operating result before Financial Income and Taxes | 2,491,560 | 1,099,586 | 11,401 | 204,995 | 19,521 | 83,508 | (231,208) | 3,679,363 | | Sales by geographic area | | | | | | | | | | Asia | | 848,061 | | | | | 274,900 | 1,122,961 | | North America | 502,258 | | | | | | | 502,258 | | Latin America | 126,789 | | | | | | | 126,789 | | Europe | 1,489,403 | 984,891 | | | | | | 2,474,294 | | Foreign market | 2,118,450 | 1,832,952 | | | | | 274,900 | 4,226,302 | | Domestic market | 5,508,200 | 970,763 | 69,794 | 508,208 | 66,298 | 387,259 | (1,490,651) | 6,019,871 | | Total | 7,626,650 | 2,803,715 | 69,794 | 508,208 | 66,298 | 387,259 | (1,215,751) | 10,246,173 | | 29. | INSURANCE | | --- | --- |

In order to adequately mitigate risks and in view of the nature of its operations, the Company contract several different types of insurance policy. The policies are taken out in line with the Risk Management policy and are similar to the insurance taken out by other companies in the same industry in which CSN and its subsidiaries operate. The coverage of these policies includes National Transport, International Transport, Life and Personal Accident Insurance, Health, Vehicle Fleet, D&O (Administrators Liability Insurance), General Liability, Engineering Risks, Export Credit, Insurance Warranty and Civil Liability Port Operator.

The Company's insurance is contracted together with the insurance of its subsidiaries, but there is no joint or subsidiary responsibility between the Company and companies of its economic group with CSN Mineração.

In 2022, after negotiations with insurers and reinsurers in Brazil and abroad, an Operational Risk Insurance Policy for Property Damage and Business Interruption was issued, effective from July 01, 2022, to June 30, 2023. Under the policy, the Maximum Indemnity Limit is US$475 million for the locations with Company activities combined for Property Damage and loss of profits, and the deductible is US$210 million for material damages and 45 days for loss of profits. The policy's maximum indemnity limit is shared with other insured establishments.

The risk assumptions adopted, given their nature, are not part of the scope of the review of the interim financial statements, and consequently, they have not been reviewed by our independent auditors.

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| --- | --- | | Quarterly Financial Information – September 30, 2022 – CIA SIDERURGICA NACIONAL | Version: 1 | | 30. | ADDITIONAL INFORMATION TO CASH FLOWS | | --- | --- |

The following table presents additional information on transactions related to the statement of cash flows:

Consolidated Parent Company
09/30/2022 09/30/2021 09/30/2022 09/30/2021
Income tax and social contribution paid 3,028,030 1,943,877 278,919
Addition to PP&E with interest capitalization (notes 11 and 27) 97,490 60,996 29,358 18,007
Remeasurement and addition – Right of use (note 11 i) 94,257 145,845 2,501 (760)
Addition to PP&E without adding cash 19,970 69,789
3,239,747 2,220,507 310,778 17,247
31. COMPREHENSIVE INCOME STATEMENT
--- --- 

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- Issuance of Debentures

On October 11, 2022, the parent company CSN signed the Private Instrument of Deed of the 12th (Twelfth) Issue of Simple Debentures, not convertible into shares, unsecured, in a single series, for public distribution, with firm distribution guarantee, of CSN. The base value of the issue is BRL1.5 billion, corresponding to 1,500,000 debentures, maturing on December 20, 2027. The par value will be subject to interest payable semi-annually starting on December 20, 2022.

- Acquisition of Companhia Energética Chapecó- CEC

On October 7, 2022, the subsidiaries CSN Mineração and CSN Energia S.A concluded the acquisition of 100% of the shares of Companhia Energética Chapecó - CEC, holder of the concession for the Usina Hidrelétrica Quebra-Queixo ("Chapecó") hydroelectric plant, which has an installed capacity of 120 MW, for the base price of BRL427. 518, as provided for in the Agreement for the Purchase and Sale of Shares and Other Covenants and in the Private Instrument of Assignment of Rights and Obligations entered into on July 1, 2022 and July 25, 2022, respectively.

- Acquisition of Companhia Estadual e Geraçãode Energia Elétrica ("CEEE-G")

On October 21, 2022, the subsidiary Companhia Florestal do Brasil concluded the acquisition of 66.23% of CEEE-G shares, for BRL928,000. The acquisition of CEEE-G shares by Companhia Florestal do Brasil aims to support and strengthen the business expansion strategy of CSN and its subsidiaries, through investments in renewable energy, seeking self-sufficiency in electricity to improve the competitiveness of its business.

As part of this acquisition, CEEE-G will pay the union for the concession of the hydroelectric plants over a 30-year period the amount, initially foreseen in the bid notice, of BRL1.66 billion.

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11.1 Projections

The Company clarifies that the information disclosed in this item represents a mere estimation, with hypothetical data and in no way constitute a promise of performance on behalf of the Company and/or its directors. The projections presented below involve market factors beyond the Company's control and, therefore, may change.

**a)**Projection object.

The Company estimates the following variables below:

Projections 2022 2023E 2022-2026 E
Leverage (Net Debt / Adjusted EBITDA) 1.75x – 1.95x 1.75x – 1.95x -
Capex expansion (BRL million) - Mining - - BRL 12,000
Capex (BRL million) - Steel - - BRL 6,300
Capex (BRL million) - Consolidated BRL 3,000 - -
Sales volume Steel (kton) - Steel 5,104 - -
EBITDA/ton (USD/ton) - Steel - $165 -
Iron Ore Production Volume (kton) - Mining 34,000 - -
Cash Cost Mining (USD/ton) $ 20.0 - $22.00 - -
b) Projected period and the validity of the projection.
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The projected period and expiration dates can be viewed in the table above in item 11.1 a), and the numbers are always presented at the end of the fiscal year and duly published in the Standardized Financial Statements (DFP) of each fiscal year.

c) Assumptions of the projection, with the indication of whichones can be influenced by the administration of the issuer and which escape its control.

All the premises of the projections mentioned above are subject to external influence factors, which are outside the control of the Company's management. Therefore, in the event of any material change in these assumptions, the Company may revise its estimates, changing them compared to those originally presented.

The main premise that can be influenced by the Company's management would be its production and sales volumes, along with the associated costs.

The volume of ore production always considers our 2022 mining plan, with increased pellet feed production. However, key factors such as sales prices and raw material inputs are outside the Company's control.

d) Values of the indicators that are the subject of the forecast.

The values can be found above in item 11.1 a).

11.2 In the event that the issuer has disclosed, during thelast 3 fiscal years, projections on the evolution of its indicators:

a) inform which ones are beingreplaced by new projections included and which are being repeated.

Estimates maintained:

Projections 2022 2023E 2022-2026 E
Capex expansion (BRL million) - Mining - - BRL 12,000
Capex (BRL million) - Steel - - BRL 6,300
EBITDA/ton (USD/ton) - Steel - $165 - 
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Estimates replaced in the last 3 fiscal years:

CSN replaced in Dec/20 the projection of reaching 3.0 x to 2.5 x in the Net Debt/Adjusted EBITDA Indicator at the end of the 2020 annual Balance Sheet.

CSN replaced in Dec/20 the projection of reaching 2.5 x to 2.0 x the Net Debt/Adjusted EBITDA Indicator at the end of the annual Balance Sheet of 2021.

CSN replaced in Dec/20 the projection of reaching a Net Debt of BRL23 billion by BRL20 billion at the end of the 2020 annual Balance Sheet.

CSN replaced in Dec/20 the projection of achieving a Consolidated Adjusted EBITDA of BRL9.75 billion by BRL11.2 billion at the end of the 2020 annual Balance Sheet.

CSN replaced in Dec/20 the projection to achieve a Mining segment EBITDA of BRL7.3 billion by BRL7.65 billion at the end of the 2020 annual Balance Sheet.

CSN replaced in Dec/20 the projection of reaching a Steel segment EBITDA of BRL1.6 billion by BRL2.3 billion at the end of the 2020 annual Balance Sheet.

CSN replaced in Dec/20 the projection of reaching a Consolidated CAPEX of BRL1.5 billion for BRL1.6 billion at the end of the 2020 annual Balance Sheet.

CSN replaced in Dec/20 the estimated iron ore production volume in 2020 of 33Mton, against previous expectation of 33-36Mton.

CSN replaced in Dec/21 the estimated volume of iron ore production in 2021 to 36-37Mton, against previous expectation of 38-40Mton.

CSN replaced in Dec/21 Mining Cash Cost in 2021 to $19.00, against a previous expectation of $16.00.

CSN replaced in Dec/21 Mining Expansion Capex in 2021 to BRL560 million, against a previous expectation

of BRL1,000 million.

CSN replaced in Dec/21 the estimated Mining Expansion Capex between 2022-2026 to BRL12,000 million, against a previous expectation of BRL14,000 million between 2021-2025.

CSN replaced in Dec/21 the Steel Capex estimates between 2022-2026 to BRL6,300 million, against a previous expectation of BRL6.100 million between 2021-2025.

CSN replaced in Aug/22 Mining Cash Cost in 2022 between $20.00

  • $22.00, against a previous expectation of $18.00.

CSN replaced in Aug/22 estimated volume of iron ore production in 2022 to 36-38Mton, against previous expectation of 39-41Mton.

The Company replaced in October/22 estimated Consolidated CAPEXin 2022 to the amount of R$3,000 million, against a previous expectation of R$ 4,100 million.

The Company replaced in October/22 the leverage projection, measured by the Indicator Adjusted Net Debt/EBITDA from 1.0x in 2022 to a level between 1.75x and 2.0x between the closings of the annual balance sheets for 2022 and 2023.

The Company replaced in October/22 estimated iron ore production volume in 2022 to 34Mton, against previous expectation of 36-38Mton.

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b) regarding the projections related to periods already elapsed,compare the projected data with the effective performance of the indicators, clearly indicating the reasons that led to deviations inthe projections.

2020

¹MINING EBITDA – the variation of BRL541 million above expected was due to the higher iron ore price during 4Q20.

²Production Volume – the negative variation of 2.3Mton was due to rainfall, pandemic impacts and lower availability of iron ore compared to expected.

Below is a summary table about the evolution of projections during the last exercises, in line with the clarifications provided above:

Net Revenue 2016 2017 2018 2019 2020
Estimated n.a. 18,000 22,230 n.a. n.a.
Hit 17,149 18,525 22,969 n.a. n.a.
Change % n.a. 3% 3% - -
Adjusted EBITDA 2016 2017 2018 2019 2020
Estimated n.a. 5,000 5,574 7,500 BRL 11,200
Hit 4,075 4,645 5,849 7,251 BRL 11,473
Change % n.a. -7% 5% -3% BRL 273
Leverage 2016 2017 2018 2019 2020
Estimated n.a. 5.00x n.a. 3.00x 2.5x
Hit 6.32x 5.66x 4.55x 3.74X 2.23x
Change % n.a. 13% n.a. 0.74x - 0.27 x
Iron Ore Production Volume 2016 2017 2018 2019 2020
Estimated n.a. n.a. 28,500 33,000 33,000-36,000
Hit 32,174 29,921 27,875 32,090 30,666
Change % n.a. n.a. -2% -3% -7.07%
Iron Ore Sales Volume 2016 2017 2018 2019 2020
Estimated n.a. n.a. n.a. 40,000 n.a.
Hit n.a. n.a. n.a. 38,545 n.a.
Change % n.a. n.a. n.a. -4% n.a.
*E = estimated
**n.a. = not rated

2021

Regarding the major deviations above and below the expectation, our evaluations are as follows:

The increase in net debt, in millions of reais, compared to the guidance was mainly tied by the share repurchase programs, in addition to the exchange variation observed in the period. However, even with the increase in net debt, the company's leverage was still below the 1.0x Net Debt/EBITDA level.

The steel Sales Volume was impacted by the lower sales volume during the third quarter, which was marked by the commercial strategy of prioritizing price, without the application of discounts, to the detriment of the sold volume. This strategy proved to be assertive for the Company's financial results.

The company's dollarized Cash Cost annual average was $2.6/t, worse than the guidance presented due to a one-off pressure in November, impacted by the scheduled halts and heavy rainfall in the period, causing a lower dilution of the mine’s and port’s fixed cost. If we discount the month of November from the calculation of the average of the year, the average cash cost would be $19.00, which is in line with what was expected by The Company.

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c) as of projections for periods still in progress,to inform whether the projections remain valid on the date of delivery of the form and, where appropriate, to explain why they were abandonedor replaced.

Current and valid estimates:

Projections 2022 2023E 2022-2026 E
Leverage (Net Debt / Adjusted EBITDA) 1.75x – 1.95x 1.75x – 1.95x -
Capex expansion (BRL million) - Mining - - BRL 12,000
Capex (BRL million) - Steel - - BRL 6,300
Capex (BRL million) - Consolidated BRL 3,000 - -
Sales volume Steel (kton) - Steel 5,104 - -
EBITDA/ton (USD/ton) - Steel - $165 -
Iron Ore Production Volume (kton) - Mining 34,000 - -
Cash Cost Mining (USD/ton) $ 20.0 - $22.00 - -

Monitoring and changes in projections disclosed

Replaced estimates:

CSN replaced in Aug/22 Mining Cash Cost in 2022 between $20.00

  • $22.00, against a previous expectation of $18.00.

CSN replaced in Aug/22 estimated volume of iron ore production in 2022 to 36-38Mton, against previous expectation of 39-41Mton.

The Company replaced in October/22 estimated Consolidated CAPEXin 2022 to the amount of R$3,000 million, against a previous expectation of R$ 4,100 million.

The Company replaced in October/22 the leverage projection, measured by the Indicator Adjusted Net Debt/EBITDA from 1.0x in 2022 to a level between 1.75x and 2.0x between the closings of the annual balance sheets for 2022 and 2023.

The Company replaced in October/22 estimated iron ore production volume in 2022 to 34Mton, against previous expectation of 36-38Mton.

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Independent Auditor’s Report on the Financial Information

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Opinions and Statements / Officers Statement on the FinancialStatement

As Executive Officers of Companhia Siderúrgica Nacional, we declare pursuant to Article 27, paragraph 1º, item VI of CVM Instruction 80, of March 29, 2022, that we reviewed, discussed and agreed with the Company’s Financial Statements for the quarter ended September 30,2022.

São Paulo, October 31, 2022.

Benjamin Steinbruch

CEO

Marcelo Cunha Ribeiro

Executive Officer – CFO and Investors Relations

Luis Fernando Barbosa Martinez

Executive Officer

David Moise Salama

Executive Officer

Eduardo Guardiano Leme Gotilla

Executive Officer

Milton Picinini Filho

Executive Officer

Stephan Heinz Josef Victor Weber

Executive Officer

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Opinions and Statements / Officers Statement on Auditor’sReport

As Executive Officers of Companhia Siderúrgica Nacional, we declare pursuant to Article 27, paragraph 1º, item V of CVM Instruction 80, of March 29,2022, that we reviewed, discussed and agreed with the opinion expressed on the Independent Auditors’ Report related to the Company’s Financial Statements for the quarter ended September 30,2022.

São Paulo, October 31, 2022.

Benjamin Steinbruch

CEO

Marcelo Cunha Ribeiro

Executive Officer – CFO and Investors Relations

Luis Fernando Barbosa Martinez

Executive Officer

David Moise Salama

Executive Officer

Eduardo Guardiano Leme Gotilla

Executive Officer

Milton Picinini Filho

Executive Officer

Stephan Heinz Josef Victor Weber

Executive Officer

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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: November 29, 2022

COMPANHIA SIDERÚRGICA NACIONAL
By: /S/ Benjamin Steinbruch<br><br><br> <br>* * *
Benjamin Steinbruch<br><br><br> <br>Chief Executive Officer
By: /S/ Marcelo Cunha Ribeiro<br><br><br> <br>* * *
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Marcelo Cunha Ribeiro<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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