National Steel Co 6-K, filed May 29, 2026
National Steel Co (SID)
About this 6-K
National Steel Co filed this 6-K on May 29, 2026.
Pursuant to Rule 13a-16 or 15d-16 of the
São Paulo, SP, Brazil
04538-132
under cover Form 20-F or Form 40-F. Form 20-F ___X___ Form 40-F _______
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___X____ 
 |
| Companhia Siderúrgica Nacional S.A. | ||||||||||||||||||||
| BALANCE SHEET | ||||||||||||||||||||
| (In thousands of Reais) | ||||||||||||||||||||
| Consolidated | Parent Company | Consolidated | Parent Company | |||||||||||||||||
| Notes | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | Notes | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | |||||||||||
| ASSET | LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
| Current | Current | |||||||||||||||||||
| Cash and cash equivalents | 4 | 12,822,834 | 14,421,022 | 1,785,070 | 3,529,453 | Borrowings and financing | 13 | 9,075,555 | 10,428,559 | 4,957,784 | 6,190,764 | |||||||||
| Financial investments | 5 | 616,711 | 642,715 | 427,506 | 380,974 | Payroll and related taxes | 579,876 | 549,940 | 189,202 | 183,695 | ||||||||||
| Trade receivables | 6 | 2,897,876 | 2,397,033 | 2,101,001 | 1,702,245 | Trade payables | 16 | 6,531,907 | 7,162,929 | 4,321,780 | 3,941,596 | |||||||||
| Inventory | 7 | 10,170,174 | 10,455,500 | 6,283,569 | 6,205,488 | Tax payables | 771,441 | 736,075 | 161,476 | 93,023 | ||||||||||
| Recoverable taxes | 8 | 1,666,038 | 1,376,434 | 564,702 | 511,925 | Labor and civil provisions | 20 | 56,009 | 61,455 | 35,235 | 40,225 | |||||||||
| Other current assets | 9 | 1,218,235 | 1,037,925 | 1,215,900 | 1,867,765 | Dividends and interest on equity payable | 18 | 1,140,000 | 358,039 | 6,047 | 6,059 | |||||||||
| Total current assets | 29,391,868 | 30,330,629 | 12,377,748 | 14,197,850 | Contracts liabilities | 17 | 4,530,955 | 4,347,937 | 563,043 | 481,905 | ||||||||||
| Trade payables – forfaiting | 16.a | 2,410,807 | 2,905,018 | 1,606,945 | 1,924,285 | |||||||||||||||
| Non-Current | Other payables | 18 | 1,385,393 | 1,524,447 | 1,039,713 | 1,038,720 | ||||||||||||||
| Long-term realizable asset | Total current liabilities | 26,481,943 | 28,074,399 | 12,881,225 | 13,900,272 | |||||||||||||||
| Financial investments | 5 | 25,867 | 25,257 | |||||||||||||||||
| Deferred taxes assets | 19.b | 7,104,779 | 7,100,375 | 4,939,182 | 4,885,921 | Non-Current | ||||||||||||||
| Inventory | 7 | 2,136,768 | 2,073,526 | Borrowings and financing | 13 | 41,359,574 | 42,495,988 | 20,349,833 | 21,285,656 | |||||||||||
| Recoverable taxes | 8 | 3,782,617 | 3,976,900 | 2,722,201 | 2,740,860 | Deferred taxes assets | 19.b | 571,484 | 589,451 | |||||||||||
| Other non-current assets | 9 | 3,416,247 | 3,851,362 | 4,404,637 | 4,756,511 | Provision for tax, social security, labor, civil and environmental risks | 20 | 867,359 | 812,721 | 307,966 | 300,951 | |||||||||
| 16,466,278 | 17,027,420 | 12,066,020 | 12,383,292 | Employee benefits | 423,086 | 402,415 | 389,689 | 379,160 | ||||||||||||
| Provisions for environmental liabilities and decommissioning | 21 | 1,217,461 | 1,187,609 | 110,674 | 111,789 | |||||||||||||||
| Investments | 10 | 8,181,651 | 8,292,026 | 24,777,044 | 24,855,198 | Provision for investment losses | 10 | 11,175,357 | 11,446,531 | |||||||||||
| Property, plant and equipment | 11 | 34,133,001 | 33,919,169 | 10,818,058 | 10,729,570 | Contracts liabilities | 17 | 9,787,198 | 9,026,766 | 648,970 | 738,099 | |||||||||
| Intangible assets | 12 | 10,955,538 | 11,006,125 | 75,150 | 65,956 | Other payables | 18 | 2,525,948 | 2,249,670 | 1,400,545 | 1,193,349 | |||||||||
| Total non-current assets | 69,736,468 | 70,244,740 | 47,736,272 | 48,034,016 | Total non-current liabilities | 56,752,110 | 56,764,620 | 34,383,034 | 35,455,535 | |||||||||||
| Shareholders’ equity | 23 | |||||||||||||||||||
| Paid-up capital | 23.a | 10,240,000 | 10,240,000 | 10,240,000 | 10,240,000 | |||||||||||||||
| Capital reserves | 1,758,328 | 2,056,970 | 1,758,328 | 2,056,970 | ||||||||||||||||
| Legal reserves | - | - | ||||||||||||||||||
| Earnings reserves | - | - | ||||||||||||||||||
| Net income/(loss) | (818,520) | (202,989) | (818,520) | (202,989) | ||||||||||||||||
| Other comprehensive income | 1,669,953 | 782,078 | 1,669,953 | 782,078 | ||||||||||||||||
| Total shareholders' equity of controlling shareholders | 12,849,761 | 12,876,059 | 12,849,761 | 12,876,059 | ||||||||||||||||
| Earnings attributable to the non-controlling interests | 3,044,522 | 2,860,291 | ||||||||||||||||||
| Total shareholders' equity | 15,894,283 | 15,736,350 | 12,849,761 | 12,876,059 | ||||||||||||||||
| TOTAL ASSETS | 99,128,336 | 100,575,369 | 60,114,020 | 62,231,866 | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 99,128,336 | 100,575,369 | 60,114,020 | 62,231,866 | |||||||||||
| The Accompanying notes are an integral part of these consolidation financial statement | ||||||||||||||||||||
| |
| Companhia Siderúrgica Nacional S.A. |
| Statements of Income |
| (In thousands of Reais) |
| Consolidated | Parent Company | |||||||
| Notes | 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | ||||
| Net Revenue | 25 | 10,603,772 | 10,907,629 | 3,843,218 | 4,490,324 | |||
| Cost from sale of goods and services rendered | 26 | (8,081,068) | (8,375,386) | (3,696,417) | (4,203,998) | |||
| Gross profit | 2,522,704 | 2,532,243 | 146,801 | 286,326 | ||||
| Operating (expenses)/income | (2,228,360) | (1,644,606) | (687,136) | (474,321) | ||||
| Selling expenses | 26 | (1,096,940) | (1,060,232) | (173,136) | (205,282) | |||
| General and administrative expenses | 26 | (240,963) | (217,398) | (89,101) | (88,214) | |||
| Equity in results of affiliated companies | 10 | 23,777 | 78,434 | 283,911 | 89,377 | |||
| Other operating (expenses)/income, net | 27 | (914,234) | (445,410) | (708,810) | (270,202) | |||
| Other operating income | 6,431 | 65,764 | 37,220 | 45,243 | ||||
| Other operating expenses | (920,665) | (511,174) | (746,030) | (315,445) | ||||
| Income before financial income (expenses) | 294,344 | 887,637 | (540,335) | (187,995) | ||||
| Financial income (expenses), net | 28 | (1,306,852) | (1,850,347) | (612,134) | (784,539) | |||
| Financial income | 327,574 | 555,057 | 219,676 | 248,352 | ||||
| Financial expenses | (1,543,035) | (1,700,408) | (676,729) | (651,894) | ||||
| Other financial items, net | (91,391) | (704,996) | (155,081) | (380,997) | ||||
| Income before income taxes | (1,012,508) | (962,710) | (1,152,469) | (972,534) | ||||
| Income tax and social contribution | 19 | 457,485 | 231,130 | 536,938 | 353,388 | |||
| Net income for the exercise | (555,023) | (731,580) | (615,531) | (619,146) | ||||
| Attributable to: | ||||||||
| Earnings attributable to the controlling interests | (615,531) | (619,146) | (615,531) | (619,146) | ||||
| Earnings attributable to the non-controlling interests | 60,508 | (112,434) | ||||||
| Loss basic and diluted per share (in R$) | 23.g | (0.41854) | (0.46689) | |||||
| The Accompanying notes are an integral part of these consolidation financial statement | ||||||||
| |
| Companhia Siderúrgica Nacional S.A. | ||||||||||
| Statements of Cash Flows | ||||||||||
| (In thousands of Reais) | ||||||||||
| Consolidated | Parent Company | |||||||||
| Notes | 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | ||||||
| Net cash from operating activities | (776,501) | (1,153,595) | (214,844) | (295,740) | ||||||
| Cash flow from operating activities | 930,782 | 513,588 | (93,419) | 250,390 | ||||||
| Earnings attributable to the controlling interests | (615,531) | (619,146) | (615,531) | (619,146) | ||||||
| Earnings attributable to the non-controlling interests | 60,508 | (112,434) | ||||||||
| Adjustments to reconcile the result: | ||||||||||
| Financial charges in borrowing and financing raised | 28 | 928,280 | 1,021,836 | 407,805 | 449,426 | |||||
| Financial charges in borrowing and financing granted | (55,241) | (95,345) | (93,842) | (76,950) | ||||||
| Charges on lease liabilities | 16 | 31,084 | 25,139 | 829 | 884 | |||||
| Equity in results of affiliated companies | 10 | (23,777) | (78,434) | (283,911) | (89,377) | |||||
| Deferred taxes assets | 20.b | (572,776) | (434,902) | (536,938) | (353,388) | |||||
| Provision for tax, social security, labor, civil and environmental risks | 62,401 | 15,428 | 2,026 | (1,203) | ||||||
| Exchange, Monetary and Cash Flow Hedge | (62,632) | (172,559) | 674,007 | 648,834 | ||||||
| Write-off of property, plant and equipment right to use and Intangible assets | 11, 12, 13 and 16 | 2,024 | (12,886) | 39,223 | (14,177) | |||||
| Provision for environmental liabilities and decommissioning of assets | 29,851 | 44,720 | (1,115) | (2,005) | ||||||
| Updated shares – Fair value through profit or loss | 28 | (46,230) | (50,772) | (46,698) | (50,772) | |||||
| Depreciation, amortization and depletion | 10,11 e 12 | 1,155,156 | 999,188 | 331,852 | 354,424 | |||||
| Accrued/(reversal) for consumption and services | (13,019) | (34,048) | 873 | (820) | ||||||
| Others | 50,684 | 17,803 | 28,001 | 4,660 | ||||||
| Changes in assets and liabilities | (1,707,283) | (1,667,183) | (121,425) | (546,130) | ||||||
| Trade receivables - third parties | (447,284) | 547,478 | (194,829) | 207,299 | ||||||
| Trade receivables - related party | (45) | (2,768) | (140,786) | (177,145) | ||||||
| Inventory | 104,569 | (3,243) | (78,081) | 124,025 | ||||||
| Dividends and receivables - related parties | 1,317 | 744,407 | (107,805) | |||||||
| Recoverable taxes | (95,320) | (76,918) | (34,118) | 17,092 | ||||||
| Judicial deposits | (1,648) | 10,791 | 1,154 | 891 | ||||||
| Trade payables | (554,587) | (393,885) | 379,840 | (219,682) | ||||||
| Trade payables – Forfaiting and Drawee risk | (490,496) | 147,404 | (317,339) | 299,606 | ||||||
| Tax payables | 69,810 | (98,078) | 73,187 | (48,821) | ||||||
| Payables to related parties | (65,086) | (23,179) | (25,841) | 2,878 | ||||||
| Costumers advances under mineral and energy contracts | 867,195 | (737,841) | (89,129) | (239,355) | ||||||
| Interest paid | 14.a | (878,933) | (962,355) | (352,651) | (350,492) | |||||
| Receipts/(Payments) from hedging operations, cash flow and derivatives | (212,779) | (72,572) | (31,098) | (16,908) | ||||||
| Other liabilities | (2,679) | (3,334) | (56,141) | (37,713) | ||||||
| Net cash investment activities | (626,080) | (1,182,781) | 9,095 | (1,108,438) | ||||||
| Investments / AFAC / Acquisitions of Shares | (95,365) | (23,600) | (81,636) | (36,600) | ||||||
| Purchase of property, plant and equipment, intangible assets and investment property | 10,11 and 12 | (1,125,593) | (1,126,705) | (405,788) | (541,396) | |||||
| Intercompany loans granted | (6,836) | (20,212) | (540,998) | |||||||
| Intercompany loans received | 530,091 | 1,651 | 496,820 | 1,296 | ||||||
| Cash received from the acquisition of Gramperfil | 13,261 | |||||||||
| Gramperfil investment acquisition | (35,948) | |||||||||
| Financial Investments, net of redemption | 71,623 | 8,772 | (301) | 9,260 | ||||||
| Net cash used in financing activities | (253,326) | (1,214,013) | (1,538,634) | (629,807) | ||||||
| Borrowings and financing raised | 14.b | 1,859,743 | 4,954,349 | 414,296 | 910,044 | |||||
| Transactions cost - Borrowings and financing | (56,154) | (1,180) | ||||||||
| Borrowings and financing – related parties | 14.b | |||||||||
| Amortization of borrowings and financing | 14.b | (2,793,057) | (6,030,948) | (1,716,612) | (1,535,481) | |||||
| Amortization of borrowings and financing - related parties | 14.b | (233,038) | ||||||||
| Amortization of leases | 16 | (92,652) | (81,260) | (3,280) | (3,190) | |||||
| Dividend anticipation | 772,640 | |||||||||
| Exchange Variation on Cash and Equivalents | 57,719 | 27,598 | ||||||||
| Increase (decrease) in cash and cash equivalents | (1,598,188) | (3,522,791) | (1,744,383) | (2,033,985) | ||||||
| Cash and equivalents at the beginning of the year | 14,421,022 | 23,310,197 | 3,529,453 | 5,666,618 | ||||||
| Cash and equivalents at the end of the year | 12,822,834 | 19,787,406 | 1,785,070 | 3,632,633 | ||||||
| The Accompanying notes are an integral part of these consolidation financial statement | ||||||||||
| |
| Companhia Siderúrgica Nacional S.A. | |||||||||
| Statements of Value Added | |||||||||
| (In thousands of Reais) | |||||||||
| Consolidated | Parent Company | ||||||||
| 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | ||||||
| Revenues | |||||||||
| Sales of products and services rendered | 12,047,678 | 12,423,702 | 4,705,482 | 5,487,089 | |||||
| Other income/(expenses) | (1,224) | 50,998 | 36,598 | 44,211 | |||||
| Provision for (reversal of) doubtful debts | 4,429 | (2,279) | (507) | (1,358) | |||||
| 12,050,883 | 12,472,421 | 4,741,573 | 5,529,942 | ||||||
| Raw materials acquired from third parties | |||||||||
| Cost of sales and services | (5,742,105) | (5,875,760) | (3,129,414) | (3,377,006) | |||||
| Materials, electric power, outsourcing and other | (1,787,609) | (1,576,862) | (626,344) | (450,945) | |||||
| Impairment/recovery of assets | (162,260) | 4,670 | (129,507) | 4,279 | |||||
| (7,691,974) | (7,447,952) | (3,885,265) | (3,823,672) | ||||||
| Gross value added | 4,358,909 | 5,024,469 | 856,308 | 1,706,270 | |||||
| Retentions | |||||||||
| Depreciation, amortization and depletion | (1,155,156) | (999,187) | (331,852) | (354,423) | |||||
| Value added created | 3,203,753 | 4,025,282 | 524,456 | 1,351,847 | |||||
| Value added received | |||||||||
| Equity in results of affiliated companies | 23,777 | 78,434 | 283,911 | 89,377 | |||||
| Financial income | 327,574 | 555,056 | 219,676 | 248,352 | |||||
| Other and exchange gains | 477,003 | (1,128,729) | 42,064 | (44,502) | |||||
| 828,354 | (495,239) | 545,651 | 293,227 | ||||||
| Value added for distribution | 4,032,107 | 3,530,043 | 1,070,107 | 1,645,074 | |||||
| Value added distributed | |||||||||
| Personnel and Charges | 1,135,673 | 1,115,768 | 408,451 | 410,000 | |||||
| Salaries and wages | 895,800 | 869,604 | 308,094 | 306,012 | |||||
| Benefits | 188,709 | 183,750 | 81,894 | 78,143 | |||||
| Severance payment (FGTS) | 51,164 | 62,414 | 18,463 | 25,845 | |||||
| Taxes, fees and contributions | 1,339,200 | 1,866,390 | 401,602 | 863,837 | |||||
| Federal | 482,099 | 911,223 | 26,029 | 389,164 | |||||
| State | 841,216 | 949,449 | 375,573 | 474,673 | |||||
| Municipal | 15,885 | 5,718 | |||||||
| Remuneration on third-party capital | 2,112,257 | 1,279,465 | 875,586 | 990,383 | |||||
| Interest | 1,413,185 | 1,269,033 | 646,602 | 592,239 | |||||
| Rental | 828 | 2,791 | 1,711 | 1,994 | |||||
| Other and exchange losses | 698,244 | 7,641 | 227,273 | 396,150 | |||||
| Interest on equity | (555,023) | (731,580) | (615,532) | (619,146) | |||||
| Income for the year/Retained earnings | (615,532) | (619,146) | (615,532) | (619,146) | |||||
| Non-controlling interests | 60,509 | (112,434) | |||||||
| 4,032,107 | 3,530,043 | 1,070,107 | 1,645,074 | ||||||
| The Accompanying notes are an integral part of these consolidation financial statement | |||||||||
| |
| Companhia Siderúrgica Nacional S.A. | |||||||||||
| Statements of Changes in Equity | |||||||||||
| (In thousands of Reais) | |||||||||||
| Capital | Legal | ||||||||||
| Paid-up capital | Treasury shares | Capital transactions | Reserves | Retained earnings | Other comprehensive income | Total Shareholders' Equity Parent Company | Non-controlling interest | Total Consolidated Shareholders' Equity | |||
| Capital | Legal | Statutory | |||||||||
| Balances on December 31, 2024 | 10,240,000 | (223,830) | 2,248,080 | 32,720 | 1,158,925 | 640,460 | (1,824,917) | 12,271,438 | 3,187,678 | 15,459,116 | |
| Adjusted opening balances | 10,240,000 | (223,830) | 2,248,080 | 32,720 | 1,158,925 | 640,460 | (1,824,917) | 12,271,438 | 3,187,678 | 15,459,116 | |
| Total comprehensive income | (2,002,374) | 2,606,995 | 604,621 | 653,088 | 1,257,709 | ||||||
| Net loss | (2,002,374) | 495,648 | 495,648 | ||||||||
| Other comprehensive income | 2,606,995 | 2,606,995 | 157,440 | 2,764,435 | |||||||
| Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes | 50,887 | 50,887 | 73 | 50,960 | |||||||
| Cumulative translation adjustments for the year | 20,019 | 20,019 | 20,019 | ||||||||
| (Loss)/gain cash flow hedge accounting, net of taxes | 2,479,943 | 2,479,943 | 2,479,943 | ||||||||
| Cash flow hedge reclassified to income upon realization, net of taxes | (321,341) | (321,341) | (321,341) | ||||||||
| (Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes | 350,435 | 350,435 | 157,367 | 507,802 | |||||||
| Gain on the percentage change in investments | 27,052 | 27,052 | 27,052 | ||||||||
| Allocation of profit/(loss) for the year | (1,158,925) | (640,460) | 1,799,385 | (1,052,242) | (1,052,242) | ||||||
| Dividends approved of subsidiary | (787,905) | (787,905) | |||||||||
| Interest on equity approved of subsidiary | (264,337) | (264,337) | |||||||||
| Absorption of the loss of the year | (1,158,925) | (640,460) | 1,799,385 | - | |||||||
| Capital transactions | 71,767 | 71,767 | |||||||||
| Constitution of subsidiaries in foreign operations | 1,170 | 1,170 | |||||||||
| Acquisition of stakes in subsidiaries | 70,597 | 70,597 | |||||||||
| Balances on December 31, 2025 | 10,240,000 | (223,830) | 2,248,080 | 32,720 | - | - | (202,989) | 782,078 | 12,876,059 | 2,860,291 | 15,736,350 |
| Adjusted opening balances | 10,240,000 | (223,830) | 2,248,080 | 32,720 | (202,989) | 782,078 | 12,876,059 | 2,860,291 | 15,736,350 | ||
| Total comprehensive income | 887,875 | 272,344 | 116,202 | 388,546 | |||||||
| Net loss | (615,531) | (615,531) | 60,508 | (555,023) | |||||||
| Other comprehensive income | 887,875 | 887,875 | 55,694 | 943,569 | |||||||
| Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes | (6,138) | (6,138) | (6,138) | ||||||||
| Cumulative translation adjustments for the year | (212,235) | (212,235) | (212,235) | ||||||||
| (Loss)/gain cash flow hedge accounting, net of taxes | 1,209,621 | 1,209,621 | 1,209,621 | ||||||||
| Cash flow hedge reclassified to income upon realization, net of taxes | (270,718) | (270,718) | (270,718) | ||||||||
| (Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes | 122,115 | 122,115 | 55,694 | 177,809 | |||||||
| Gain on the percentage change in investments | 45,230 | 45,230 | 45,230 | ||||||||
| Allocation of profit/(loss) for the year | - | (615,531) | - | - | |||||||
| Absorption of the loss of the year | |||||||||||
| Capital transactions | - | (298,642) | - | (298,642) | 68,029 | (230,613) | |||||
| Acquisition of joint venture equity interests | |||||||||||
| Cancellation of treasury shares of subsidiaries | (101,551) | (101,551) | |||||||||
| Acquisition of stakes in subsidiaries | 50,979 | 50,979 | |||||||||
| Call option on the acquisition of a subsidiary | (298,642) | (298,642) | 118,602 | (180,040) | |||||||
| Balances as of March 31, 2026 | 10,240,000 | (223,830) | 1,949,438 | 32,720 | - | (818,520) | 1,669,953 | 12,849,761 | 3,044,522 | 15,894,283 | |
| |
(In thousands of Reals, unless stated otherwise)
| 1. | DESCRIPTION OF BUSINESS |
Companhia Siderúrgica Nacional (“CSN”, “the Company” or “Parent Company”) is a publicly-held corporation, headquartered in the State capital of São Paulo. Founded on April 9, 1941 during the mandate of former Brazilian president Getúlio Vargas, the Company was privatized in 1993.
CSN, together with its subsidiaries, controlled companies, jointly controlled companies and affiliates (referred to as “the Group” or “CSN Group”), operates across five main business segments:
| (i) | Steel industry: production and commercialization of flat and long steels; |
| (ii) | Mining: extraction, processing and commercialization of iron ore, tin, limestone and dolomite; |
| (iii) | Cement: production and commercialization of bagged and bulk cement, in addition to aggregates, concrete, and other related products; |
| (iv) | Energy: generation and sale of energy that is nearly renewably-sourced in entirety; and |
| (v) | Logistics: participations in railways, port concessions and fleets of road transport vehicles. |
CSN is listed on São Paulo’s B3 S.A. – Brasil, Bolsa, Balcão stock exchange (B3) and the NYSE - United States stock exchange under the codes CSNA3 and SID, respectively. Additionally, its subsidiaries CSN Mineração S.A., FTL - Ferrovia Transnordestina Logística S.A., and Companhia Estadual de Geração de Energia Elétrica – CEEE-G, are publicly traded, and CSN Mineração S.A. makes its common shares available for trading on B3 under the code CMIN3.
CSN Group maintains significantly diverse business areas, and is one of Brazil’s largest steel producers. The company is also the second largest exporter of iron ore and a pioneer in the preparation of tailings piles as part of the dam decommissioning process. In is also Brazil’s second largest player in Brazil’s cement sector.
| · | Going concern: |
Management understands that the Company has adequate resources to continue its operations. Accordingly, these financial statements for the period ended March 31, 2026 were prepared based on the assumption of operational continuity.
| 2. | BASIS OF PREPARATION AND DECLARATION OF CONFORMITY |
| 2.a) | Declaration of conformity |
The individual and consolidated financial statements ("financial statements") were prepared and are presented in accordance with accounting policies adopted in Brazil issued by the Accounting Pronouncements Committee ("CPC”) and approved by the Brazilian Securities and Exchange Commission ("CVM") and the Federal Accounting Council ("CFC"), and in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB"), currently referred to as IFRS Accounting Standards. All relevant information specific to the financial statements is presented herein, this information is exclusively used by the Company's Management in its operations. The consolidated financial statements are identified as “Consolidated”, and the Parent Company’s individual financial statements are identified as “Parent Company”.
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(In thousands of Reals, unless stated otherwise)
| 2.b) | Basis of presentation |
The individual and consolidated interim financial information were prepared on a historical cost basis and adjusted to reflect: (i) the fair value measurement of certain financial assets and liabilities (including derivative instruments), as well as pension plan assets; and (ii) impairment losses. Whenever IFRS and CPCs allow for a choice to be made between the acquisition cost or another measurement criterion, the acquisition cost criterion was used.
The preparation of this financial information requires Management to use certain accounting estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses as of the balance sheet date may differ from actual future results. The assumptions used are based on historical data and other factors considered relevant and are reviewed by the Company's Management.
Interim financial information has been prepared and is presented in accordance with CPC 21 (R1) - "Interim Financial Statement" and IAS 34 - "Interim Financial Reporting" in accordance with the standards established by the CVM. This interim financial information does not include all requirements for annual or complete financial statements and therefore must be read together with the Company's annual financial statements for the year ended December 31, 2025.
In this context, this interim financial information was not repeated either due to redundancy or relevance in relation to information previously presented in the following explanatory notes to the annual financial statements:
Note 2.d - Material accounting policies
Note 2.f - Adoption of new requirements, standards, amendments and interpretations
Note 10.b - Additional information on direct and indirect subsidiaries
Note 10.c - Main occurrences at subsidiaries in 2025 and 2024
Note 12.a - Assets with indefinite useful lives
Note 13 - Impairment of assets
Note 21 - Taxes paid in installments
Note 24.a - Transactions with holding companies
Note 24.c - Other unconsolidated related parties
Note 32 - Employee benefits
Note 33 - Commitments
Note 34 - Insurance
The individual and consolidated financial statements were approved by Management on May 13, 2026.
| 2.c) | Functional Currency and Presentation Currency |
The accounting records included in the financial information for each of the Company's subsidiaries are measured using the currency of the main economic environment in which each subsidiary operates ("functional currency"). The Parent Company and Consolidated financial statements are presented in R$ (Brazilian reals), which is the Company's functional currency and the Group's presentation currency.
Transactions in foreign currencies are translated into the functional currency using the exchange rates prevailing on the respective transaction or valuation dates, through which items are remeasured. The balances of the asset and liability accounts are converted at the exchange rate on the balance sheet date. On March 31, 2026, US$1 is equivalent to R$5.2194 (R$5.5024 on December 31, 2025) and €1 is equivalent to R$6.0117 (R$6.4692 on December 31, 2025), according to rates extracted from the website of the Central Bank of Brazil.
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(In thousands of Reals, unless stated otherwise)
| 2.d) | Value added statement |
According to Federal Law 11.638/07, the presentation of the statement of value added is required for all publicly-held companies. These statements were prepared in accordance with CPC 09 (R1) – Statement of Value Added. IFRS does not require the presentation of this statement; it is therefore presented as additional information.
| 3. | BUSINESS COMBINATION |
| a) | Grupo Estrela |
In 2025, CSN acquired 70% of the share capital of Estrela Comércio e Participações S.A. (“Estrela Group”, “Estrela” or “Tora Group”), in line with its strategy of expansion and integration of logistics operations, focusing on the transport and handling of large volumes of cargo, especially in the mining, steel and cement segments. The transaction strengthens the Company’s position as a logistics operator, enabling it to realize operational synergies and make more efficient use of infrastructure in the regions where the Group operates.
The Estrela Group already had a business relationship with the Company, which contributes to a more efficient integration of operations and maximizes economies of scale.
Acquisition of 70% Estrela Comércio e Participações S.A.’s share capital. (Grupo Estrela)
On April 1, 2025, the Company completed the acquisition of 70% of the share capital of Estrela Comércio e Participações S.A., holding company of the road and multimodal logistics group known as TORA Group. The initial value of the transaction was R$742,500, of which R$300,000 was paid on the closing date and the remaining balance to be settled in three annual installments: R$111,250 on April 1, 2026, R$111,250 on April 1, 2027 and R$220,000 on April 1, 2028.
In September 2025, an additional payment of R$9,994 was made, referring to the purchase price adjustment. Thus, the total nominal amount of the operation became R$752,494.
Estrela is the parent company of several operating companies that provide road and intermodal logistics services, warehousing, equipment leasing, and related services, including Tora Transportes Ltda., Tora Locações S.A., FJX Transportes S.A., N. Minas Transportes e Locações Ltda., Saratoga Transportes Ltda., Lokamig Rent a Car S.A., Seminovos Lokamig Ltda., Tora Logística Armazéns e Terminais Multimodais S.A., Tora Recintos Alfandegários S.A., and Tora Seminovos Comércio de Veículos Ltda., which have become part of the Company’s group of indirect subsidiaries.
For accounting purposes, the Company was identified as the acquirer, having obtained control of Estrela on the acquisition date, based on its 70% ownership of the voting capital and its ability to direct Estrela’s financial and operational policies. Consequently, Estrela and its subsidiaries have been fully consolidated in the Company’s financial statements effective April 1, 2025.
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(In thousands of Reals, unless stated otherwise)
(i) Determining purchase price
In accordance with CPC 15 (R1) / IFRS3, the purchase price is determined by the sum of the transferred assets, liabilities incurred, equity interests issued, non-controlling interests and the fair value of any interest held prior to the transaction.
Percentage Acquired and Voting Capital
Estrela’s fully subscribed and paid-up share capital as of the acquisition date, consists of 229,993,768 registered common shares without par value. A majority interest, equivalent to 70% of Estrela’s share capital, was acquired during the transaction in question.
Calculation of Consideration Transferred and to be Transferred (“Transaction Amount”)
The fair value of the transaction on the date of the Combination totaled R$ 738,068, consisting of a lump-sum payment and three deferred installments, broken down as follows:
| Description | Nominal | Fair value of the consideration | ||
| in cash (1) | 309,994 | 309,994 | ||
| 1st Deferred Payment | 111,250 | 107,466 | ||
| 2nd Deferred Payment | 111,250 | 108,354 | ||
| 3rd Deferred Payment | 220,000 | 212,254 | ||
| Total | 752,494 | 738,068 |
(1) This includes the amount of R$ 300,000 paid in April plus the R$ 9,994 paid in September, both in 2025.
(ii) Fair value of assets acquired and liabilities assumed
The table below shows the allocation of provisional and final amounts of assets acquired and liabilities assumed on April 1, 2025, calculated based on reports from independent appraisers.
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(In thousands of Reals, unless stated otherwise)
| Provisional amounts | Adjustment to provisional amounts | Fair value (Final) | |||
| Fair value of acquired assets: | |||||
| Current Assets | |||||
| Cash and cash equivalents | 87,046 | 1,328 | 88,374 | ||
| Trade receivables (1) | 205,529 | 205,529 | |||
| Inventories | 72,924 | 72,924 | |||
| Recoverable taxes | 18,672 | 18,672 | |||
| Other current assets | 26,561 | 1,946 | 28,507 | ||
| Non-Current Asset | |||||
| Deferred Taxes (8) | 47,393 | 47,393 | |||
| Other non-current assets | 21,122 | 21,122 | |||
| Indemnity assets(2) | 51,370 | 51,370 | |||
| Prosperty, plant and equipament (3) | 820,398 | 136,436 | 956,834 | ||
| Intangible assets (4) | 71,591 | 287,513 | 359,104 | ||
| 1,371,236 | 478,593 | 1,849,829 | |||
| Fair value of assumed liabilities: | |||||
| Current Liabilities | |||||
| Trade payables | 180,962 | 180,962 | |||
| Borrowings and financing (5) | 251,201 | 251,201 | |||
| Payroll and related taxes | 29,600 | 29,600 | |||
| Lease liabilities (6) | 19,633 | 19,633 | |||
| Other payables | 34,177 | 34,177 | |||
| Non-current Liabilities | |||||
| Borrowings and financing (5) | 378,655 | 5,403 | 384,058 | ||
| Lease liabilities (6) | 189,545 | 189,545 | |||
| Provisions for tax, social, labor civil, environmental risk (7) | 24,828 | 48,558 | 73,386 | ||
| Deferred income tax (8) | 32,709 | 32,709 | |||
| Other payables | 7,510 | 2,156 | 9,666 | ||
| 1,148,820 | 56,117 | 1,204,937 | |||
| Total of identifiable net assets at fair value | 222,416 | 422,476 | 644,892 | ||
| 70% ownership by the Controller | 155,691 | 311,143 | 466,834 | ||
| 30% non-controlling ownership (9) | 66,725 | 111,333 | 178,058 |
(1) The fair value of accounts receivable totals R$ 205,529, which is equal to their carrying amount, and it is expected that the full amount of the contractual amounts will be collected.
(2) Pursuant to the purchase agreement and the shareholders’ agreement, the sellers are liable to pay the Company compensation up to the amount of R$ 300,000, which is subject to adjustment based on the CDI rate as of the date of the Business Combination. Indemnity from and against any losses suffered or incurred.
(3) The fair value of fixed assets determined by market and cost approaches, mainly for vehicle groups (light and heavy-duty, dump trucks and semi-trailers), machinery and equipment and improvements.
(4) The fair value of intangible assets includes intangible assets acquired and recognized by the Acquired Company prior to the fair value allocation, in the amount of R$ 49,862, plus the effects of the fair value allocation described below:
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(In thousands of Reals, unless stated otherwise)
| Fair Value | Service life (in years) | |||
| Brandsa | ||||
| Lokamig | 13,389 | 16 | ||
| Customer Portfolio b | ||||
| Tora Transportes | 153,206 | 19 | ||
| Tora Logistica | 55,418 | 10 | ||
| Tora Recintos | 37,552 | 3 | ||
| FJX | 32,293 | 13 | ||
| Lokamig | 17,384 | 2 | ||
| Total | 309,242 |
(a) Represents the fair value of the Lokamig brand. The method used to determine the royalty was based on comparable royalty transactions, as well as the relative importance of the respective brand to the Acquired Company’s revenue generation.
(b) Represents the fair values of the Customer Portfolios. The income approach used the MPEEM (Multi-Period Excess Earnings Method), based on net operating revenue. For expenses, costs, expenses, depreciation, and taxes related to operations were deducted, and advertising and promotional costs were added.
(5) The Loans and financing assumed in the acquisition and their respective maturities are shown in the tables below:
| Current Liabilities | Non-current Liabilities | Total | ||||
| Debt contracts in the foreign market | ||||||
| Fixed interest in US$ | ||||||
| Bonds, Facility and ACC | 35,277 | 38,500 | 73,777 | |||
| 35,277 | 38,500 | 73,777 | ||||
| Debt contracts in national currency | ||||||
| R$ | ||||||
| BNDES/FINAME/FINEP, Debentures, CRI and NCE | 215,924 | 345,558 | 561,482 | |||
| 215,924 | 345,558 | 561,482 | ||||
| Total Borrowings and Financing | 251,201 | 384,058 | 635,259 |
| Maturity | Foreign currency loans | Loans in National Currency | Total | ||
| 2025 | 82,513 | 82,513 | |||
| 2026 | 35,277 | 176,201 | 211,478 | ||
| 2027 | 151,109 | 151,109 | |||
| 2028 | 38,500 | 49,128 | 87,628 | ||
| 2029 | 15,167 | 15,167 | |||
| 2030 | 87,364 | 87,364 | |||
| 73,777 | 561,482 | 635,259 |
(6) The Company measured acquired lease liabilities using the present value of the remaining lease payments as of the acquisition date. Right-to-use assets were measured at an amount equal to lease liabilities and adjusted, when necessary, to reflect favorable lease conditions relative to market terms.
(7) Provisions and contingent liabilities assumed in the acquisition that were considered present obligations arising from past events and can be reliably measured have been recognized and are initially measured at fair value on the acquisition date and subsequently measured in accordance with the requirements of IFRS 3 (CPC 15 (R1)), at an amount in excess of that which would be recognized in accordance with IAS 37 (CPC 25). The table shown below presents the total amount of provisions and contingent liabilities assumed on the transaction date, including attributed fair value, as follows:
| R$ | ||
| Tax | 19,549 | |
| Labor | 53,793 | |
| Civil | 44 | |
| 73,386 |
(8) Consists mainly of deferred tax liabilities related to the initial balance of the Acquired
(9) Measured as the proportionate share, at fair value, of the acquiree’s identifiable net assets.
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(In thousands of Reals, unless stated otherwise)
(iii) Goodwill on acquisition of control
In accordance with item 32 of CPC15 (R1)/IFRS3, the acquiror must recognize goodwill for expected future profitability as of the acquisition date, which is measured according to the amount by which the purchase price exceeds the fair value of assets and liabilities acquired (allocation of the purchase price). The transaction generated goodwill based on expected future profitability, as shown in the table below:
| Description | Reference | R$ | ||||
| Total purchase price | A | (i) | 738,068 | |||
| Participation of Non-Controlling Interests | B | (ii) | 178,058 | |||
| Fair value of net assets | C | (iiI) | 644,892 | |||
| Ágio1 (goodwill) | = ( A + B - C ) | 271,234 |
(1) Goodwill was mainly attributable to:
| · | Expected operational and logistical synergies; |
| · | Vertical integration of transport operations within the CSN Group; |
| · | Gains in scale and efficiency; |
| · | Capacity to expand within the logistics market; |
| · | Additionally, expected future profitability. |
Goodwill arising from the transaction is expected to result in a tax benefit, i.e., to be deductible for tax purposes.
Goodwill is part of the investment’s carrying amount. In the Consolidated Financial Statements, goodwill is recognized as an intangible asset and, because it has an indefinite useful life, is not amortized, in accordance with CPC 04 (R1)/IAS 38; it is tested for impairment at least annually.
(iv) Other disclosures: revenue and results
| Grupo Estrela | ||
| Period (from - to) a | 04/01/2025 to 12/31/2025 | |
| Revenue | 763,412 | |
| P&L | (16,912) | |
| Period (from - to) b | 01/01/2025 to 12/31/2025 | |
| Revenue | 1,019,278 | |
| P&L | (36,778) |
| (a) | Impact on the Company's consolidated financial statements (“FSs") in fiscal year 2025 |
| (b) | Impact on FSs if the acquisition date had occurred at the start of the 2025 fiscal year |
| b) | Galvacolor, Gramperfil and Global Dot |
In 2025, the Company completed the acquisition of control of the companies Global Dot Com S.A. ("Global Dot"), Galvacolor Jerez S.L.U. ("Galvacolor") and Gramperfil, S.A. ("Gramperfil"), operations that may be considered business combinations.
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(In thousands of Reals, unless stated otherwise)
These acquisitions were performed in line with the strategy of expanding and strengthening the Company's presence in the steel processing market segments and added greater value to the production chain while expanding commercial capillarity and enhancing operational, industrial, and logistical synergies.
(i) Preliminary General Information on Acquisitions
| Galvacolor (1) | Gramperfil (2) | Globaldot (3) | ||||
| Acquisition date | 11/18/2025 | 03/23/2025 | 5/12/2025 | |||
| Percentage ("%") acquired of the share capital | 100% | 90% | 80% | |||
| Price paid (Consideration transferred) - R$ | 291,013 | 73,128 | 50,891 |
(1) Galvacolor, which was acquired by CSN Steel S.L., maintains industrial operations dedicated to the galvanization and painting of flat steels. The company largely maintains operations in the civil construction sector. This transaction expanded the Company's portfolio of coated products and strengthens its competitive positioning on the European market.
(2) Gramperfil, which was acquired by CSN Steel S.L., specializes in the manufacture of metal structural profiles and accessories used in the construction sector. This acquisition allows the Company to expand its operations in the market segment for structural solutions and offers greater proximity to end customers and an increase in operating margin.
(3) Global Dot, which was indirectly acquired by CSN through its subsidiaries CSN Inova Ventures and CSN Inova Soluções S.A., provide complete fleet management services with a focus on improving internal logistics and improving processes used in making requests, scheduling, execution, measuring contracts and sizing fleets. This acquisition is in line with the Company's integration strategy, aiming at provided greater synergy, productivity and reducing costs through a single technological platform.
| (ii) | Provisional fair value of assets acquired and liabilities assumed |
| Galvacolor | Gramperfil | Total | |||
| Fair value of acquired assets: | |||||
| Current Assets | |||||
| Cash and cash equivalents | 4,914 | 13,261 | 18,175 | ||
| Trade receivables | 42,285 | 23,704 | 65,989 | ||
| Inventories | 193,943 | 23,621 | 217,564 | ||
| Recoverable taxes | 24,087 | 1,809 | 25,896 | ||
| Other current assets | 2,346 | 1,360 | 3,706 | ||
| Non-current Assets | |||||
| Deferred taxes | 3,210 | 3,210 | |||
| Other non-current assets | 51 | 22 | 73 | ||
| Property, plant and equipment | 167,685 | 30,389 | 198,074 | ||
| Intangíible assets | 46 | 42 | 88 | ||
| 438,567 | 94,208 | 532,775 | |||
| Fair value of assumed liabilities: | |||||
| Current Liabilities | |||||
| Trade payables | 115,669 | 7,017 | 122,686 | ||
| Borrowings and financing | - | 11,718 | 11,718 | ||
| Taxes payable | 26,947 | 2,143 | 29,090 | ||
| Other payables | 4,938 | 202 | 5,140 | ||
| 147,554 | 21,080 | 168,634 | |||
| Total of identifiable net assets at fair value | 291,013 | 73,128 | 364,141 |
Due to the acquisition of Global Dot on December 5, 2025, the Company began the contracting process for the allocation of the purchase price (PPA) in 2026 in order to identify and measure the assets acquired and liabilities assumed at fair value. For preliminary disclosure purposes, the amount initially recognized as fair value for acquired assets is considered the book value of the acquiree's equity on the transaction base date. This amount totals R$ 11,728 and is subject to adjustments arising from the completion of the fair value measurement process, which may impact the final value of the goodwill recognized.
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(In thousands of Reals, unless stated otherwise)
| (iii) | Provisional goodwill on acquisition of control |
| Galvacolor | Gramperfil | Globaldot | |||||||
| Total acquisition price | A | 291,013 | 73,128 | 50,891 | |||||
| Fair value of net assets | B | 291,013 | 73,128 | 11,728 | |||||
| Goodwill (1) | = ( A - B ) | 39,163 |
(1) Provisional goodwill recognized in acquisitions is mainly attributed to:
| · | Expected operational and commercial synergies; |
| · | Gains in scale; |
| · | Logistics integration; |
| · | Specialized workforce; |
| · | Expansion of market presence; |
| · | additionally, expected future profitability |
Goodwill arising from the transaction is expected to result in a tax benefit, i.e., to be deductible for tax purposes.
(iv) Other disclosures: revenue and results
| Galvacolor | Gramperfil | Global Dot* | ||||||
| Period (from - to) a | 11/18/2025 to 12/31/2025 | 03/23/2025 to 12/31/2025 | 12/05/2025 to 12/31/2025 | Total | ||||
| Revenue | 18,301 | 80,886 | 99,187 | |||||
| P&L | (4,543) | 5,328 | 785 | |||||
| Period (from - to) b | 01/01/2025 to 12/31/2025 | 01/01/2025 to 12/31/2025 | 01/01/2025 to 12/31/2025 | Total | ||||
| Revenue | 315,216 | 113,179 | 26,349 | 454,744 | ||||
| P&L | (75,802) | 6,299 | 9,838 | (59,665) |
(*) Considering that the acquisition was completed on December 5, 2025 and there were no material transactions made in the last month of the year, there was no impact on the Company's financial statements.
| (a) | impact on the Company's consolidated financial statements (“FSs") in fiscal year 2025 |
| (b) | impact on FSs if the acquisition date had occurred at the start of the 2025 fiscal year |
| c) | Measurement and Appraisal Reports related to Business Combinations |
As of the date of these financial statements, the process
of measuring and preparing fair value appraisal reports for the identifiable assets acquired and liabilities assumed—including separable
intangible assets—is currently underway with independent appraisers, in accordance with the measurement period of up to 12 months.
Therefore, the amounts recognized are provisional and may be subject to minor adjustments upon completion of the purchase price allocation
(PPA) reports, except in the case of the Estrela Group, for which the valuation report has been finalized. For this case, the Company
concluded that it obtained the necessary information about the facts and circumstances existing on the acquisition date, and there is
no additional relevant information to be obtained.
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(In thousands of Reals, unless stated otherwise)
| 4. | CASH AND CASH EQUIVALENTS |
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| Cash and banks | |||||||
| In Brazil | 1,659,902 | 1,178,037 | 38,251 | 308,969 | |||
| Abroad | 4,577,403 | 5,626,095 | 38,447 | 61,089 | |||
| 6,237,305 | 6,804,132 | 76,698 | 370,058 | ||||
| Financial investments | |||||||
| In Brazil | 4,294,851 | 5,509,312 | 1,708,372 | 3,159,395 | |||
| Abroad | 2,290,678 | 2,107,578 | |||||
| 6,585,529 | 7,616,890 | 1,708,372 | 3,159,395 | ||||
| 12,822,834 | 14,421,022 | 1,785,070 | 3,529,453 |
The financial resources available in the country are primarily invested in private and public securities with income linked to the variation of Interbank Deposit Certificates (CDI) and repurchase and resale agreements backed by fixed income securities. The Company applies part of the resources through exclusive investment funds, whose financial statements were consolidated in the Company.
Overseas financial resources are held in dollars and euros and are invested in TD (Time Deposit) transactions at pre-fixed rates as well as in accounts subject to automatic remuneration and daily liquidity. Yields are pegged to FED Funds and the ECB’s deposit rate. Bank counterparties are considered to be first-rate by Management.
| 5. | FINANCIAL INVESTMENTS |
| Consolidated | Parent Company | |||||||||||||||
| Current | Non-current | Current | Non-current | |||||||||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | |||||||||
| Investments (1) | 198,083 | 270,318 | 25,867 | 25,257 | 8,878 | 8,577 | ||||||||||
| Usiminas shares (2) | 418,628 | 372,397 | 418,628 | 372,397 | - | |||||||||||
| 616,711 | 642,715 | 25,867 | 25,257 | 427,506 | 380,974 | - | ||||||||||
(1) These are financial investments in restricted categories, linked to Bank Deposit Certificates (CDBs) to secure letters of guarantee with financial institutions, as well as investments in government securities (LFT – Treasury Bills), managed by dedicated funds, totaling R$ 27,620. The subsidiary CSN Cimentos Brasil holds restricted financial investments intended to secure a liability with an indefinite maturity date. The balance was R$ 3,903 as of March 31, 2026 (R$ 3,649 as of December 31, 2025). The subsidiaries Estanho de Rondônia S.A. and Elizabeth Cimentos S.A. have investments tied to financing agreements, maturing in 2028 and 2030, respectively, totaling R$ 21,964 (R$ 21,214 as of December 31, 2025). In the consolidated financial statements, there is also a financial investment of R$ 170,463 from CSN Steel S.L.U., related to the acquisition of Galvacolor, with a maturity date scheduled for November 2026.
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(In thousands of Reals, unless stated otherwise)
| 6. | TRADE RECEIVABLES |
| Consolidated | Parent Company | |||||||
| Ref. | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| Trade receivables | ||||||||
| Third parties | ||||||||
| In Brazil | 1,550,811 | 1,241,180 | 836,460 | 615,807 | ||||
| Abroad | 1,495,911 | 1,304,707 | 58,283 | 9,829 | ||||
| 3,046,722 | 2,545,887 | 894,743 | 625,636 | |||||
| (-) Estimated losses with doubtful liquidation credits | (239,238) | (246,153) | (108,435) | (109,746) | ||||
| 2,807,484 | 2,299,734 | 786,308 | 515,890 | |||||
| Related parties | 22.a | 90,392 | 97,299 | 1,314,693 | 1,186,355 | |||
| 2,897,876 | 2,397,033 | 2,101,001 | 1,702,245 |
The composition of the gross balance of accounts receivables from third party customers is shown as follows:
| Consolidated | Parent Company | |||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | |||||
| Current | 2,565,678 | 1,928,230 | 762,704 | 485,412 | ||||
| Past-due up to 30 days | 187,757 | 322,295 | 4,367 | 9,253 | ||||
| Past-due up to 180 days | 75,117 | 71,947 | 13,909 | 16,870 | ||||
| Past-due over 180 days | 218,170 | 223,415 | 113,763 | 114,101 | ||||
| 3,046,722 | 2,545,887 | 894,743 | 625,636 |
The changes in expected credit losses are as follows:
| Consolidated | Parent Company | |||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | |||||
| Opening balance | (246,153) | (212,088) | (109,746) | (95,617) | ||||
| (Loss)/Reversal estimated | 4,429 | (32,660) | (506) | (18,923) | ||||
| Recovery of receivables | 2,486 | 6,164 | 1,817 | 4,794 | ||||
| Acquisition of stakes in subsidiaries | (7,569) | |||||||
| Closing balance | (239,238) | (246,153) | (108,435) | (109,746) |
The Company carries out credit assignment operations without co-obligation. After the assignment of the customer's trade bills/securities and receipt of the proceeds from the closing of each transaction, CSN settles the related receivables and fully discharges the credit risk of the transactions. Financial expenses related to the credit assignment transaction for the period ended March 31, 2026, amounted to R$ 20,242 (as of March 31, 2025, R$ 13,895) on a consolidated basis and R$ 18,656 (as of December 31, 2025, R$ 9,511) for the parent company, classified in financial income.
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(In thousands of Reals, unless stated otherwise)
| 7. | INVENTORIES |
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| Finished goods | 3,103,769 | 3,565,541 | 1,694,017 | 1,932,948 | |||
| Work in progress | 4,643,716 | 4,515,197 | 2,154,575 | 2,035,686 | |||
| Raw materials | 2,826,838 | 2,804,157 | 1,657,492 | 1,502,000 | |||
| Storeroom supplies | 1,726,760 | 1,649,866 | 740,169 | 700,716 | |||
| Advances to suppliers | 102,014 | 99,325 | 62,049 | 60,045 | |||
| (-) Provision for losses | (96,155) | (105,060) | (24,733) | (25,907) | |||
| 12,306,942 | 12,529,026 | 6,283,569 | 6,205,488 | ||||
| Classified: | |||||||
| Current | 10,170,174 | 10,455,500 | 6,283,569 | 6,205,488 | |||
| Non-current (1) | 2,136,768 | 2,073,526 | |||||
| 12,306,942 | 12,529,026 | 6,283,569 | 6,205,488 |
(1) Long-term inventories of iron ore that will be processed when implementing new processing plants, which will generate Pellet Feed as a final product. The start of operations is scheduled for the fourth quarter of 2027.
The changes in expected losses on inventories are as follows:
| Consolidated | Parent Company | |||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | |||||
| Opening balance | (105,060) | (149,927) | (25,907) | (36,835) | ||||
| Reversal/(Provision for losses) on inventories with low turnover and obsolescence | 8,905 | 44,867 | 1,174 | 10,928 | ||||
| Closing balance | (96,155) | (105,060) | (24,733) | (25,907) | ||||
| 8. | RECOVERABLE TAXES |
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| ICMS (Brazilian State Value-Added Tax) | 2,369,308 | 2,323,633 | 1,589,030 | 1,570,468 | |||
| Brazilian federal taxes (1) | 2,871,959 | 2,846,259 | 1,663,859 | 1,652,207 | |||
| Other taxes | 207,388 | 183,442 | 34,014 | 30,110 | |||
| 5,448,655 | 5,353,334 | 3,286,903 | 3,252,785 | ||||
| Classified: | |||||||
| Current | 1,666,038 | 1,376,434 | 564,702 | 511,925 | |||
| Non-current | 3,782,617 | 3,976,900 | 2,722,201 | 2,740,860 | |||
| 5,448,655 | 5,353,334 | 3,286,903 | 3,252,785 |
(1) The Brazilian federal tax balance mainly refers to PIS and COFINS, IRPJ and CSLL and IPI.
Accumulated tax credits generally derive from ICMS, PIS and COFINS credits on purchases of inputs and property, plant, and equipment used in production. The realization of these credits generally occurs through offsetting with debits of these taxes, generated by sales operations and other taxed outputs.
Due to the mining industry’s predominantly export-oriented nature, there was an increase in the balance of ICMS, PIS, and COFINS credits during the period, primarily attributable to CAPEX investments made as part of the Congonhas Mining Expansion Project, as well as the purchase of ore from third parties.
The balance of recoverable taxes maintained in the short term is expected to be offset in the next 12 months.
| |
(In thousands of Reals, unless stated otherwise)
Based on budget analyses and projections approved by Management, there is no forecast of risks regarding the non-realization of these tax credits, provided that such budget projections materialize.
| 9. | OTHER CURRENT AND NON-CURRENT ASSETS |
| Consolidated | Parent Company | |||||||||||||||
| Current | Non-current | Current | Non-current | |||||||||||||
| Ref. | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||||||
| Judicial deposits | 20 | 620,990 | 621,012 | 225,639 | 226,793 | |||||||||||
| Derivative transactions | 14.a | 7,455 | 494 | 3,375 | ||||||||||||
| Dividends receivable | 22.a | 217,746 | 76,026 | 400,443 | 1,167,342 | |||||||||||
| Prepaid expenses | 581,648 | 493,924 | 11,188 | 14,732 | 315,893 | 259,173 | 9,547 | 13,093 | ||||||||
| Actuarial asset | 22.a | 54,946 | 53,328 | 42,410 | 41,138 | |||||||||||
| Receivables from related parties | 22.a | 4,775 | 5,978 | 1,663,922 | 2,137,882 | 204,556 | 177,324 | 3,084,540 | 3,474,388 | |||||||
| Loans with related parties (1) | 2,944 | 4,147 | 1,663,922 | 2,137,882 | 2,944 | 4,147 | 3,084,540 | 3,474,388 | ||||||||
| Other receivables from related parties | 1,831 | 1,831 | - | 201,612 | 173,177 | - | ||||||||||
| Other assets | 406,611 | 461,503 | 1,065,201 | 1,024,408 | 291,633 | 263,926 | 1,042,501 | 1,001,099 | ||||||||
| Trading securities | 3,079 | 2,598 | 2,876 | 2,408 | ||||||||||||
| Compulsory loans from Eletrobrás | 3,787 | 678 | ||||||||||||||
| Employee debts | 140,569 | 120,327 | 78,753 | 64,047 | ||||||||||||
| Receivables by indemnity (2) | 840,536 | 779,827 | 840,536 | 779,827 | ||||||||||||
| Receivables - Usiminas Shares | 204,852 | 192,911 | 150,578 | 150,578 | 204,852 | 192,911 | 150,578 | 150,578 | ||||||||
| Advances to suppliers | 1,200 | 2,820 | ||||||||||||||
| Others | 56,911 | 142,847 | 74,087 | 90,216 | 5,152 | 4,560 | 51,387 | 70,016 | ||||||||
| 1,218,235 | 1,037,925 | 3,416,247 | 3,851,362 | 1,215,900 | 1,867,765 | 4,404,637 | 4,756,511 | |||||||||
(1) On March 31, 2026, Transnordestina Logística S.A. made a partial payment on the loan owed to CSN, in the amount of R$ 495,425. (See note 22.a)
(2) Non-current assets are composed of liquidated and certain credit arising from an final and unappealable ruling issues in the Company’s favor, mainly due to losses and damages resulting from a drop in voltage in the energy supply during periods between January/1991 and June/2002.
| 10. | BASIS OF CONSOLIDATION AND INVESTMENTS |
The accounting policies have been consistently applied to all consolidated companies. The consolidated financial statements for the period ended March 31, 2026 and 2025 include the following subsidiaries and joint ventures, direct and indirect, affiliates, in addition to the exclusive funds, as shown below:
| |
(In thousands of Reals, unless stated otherwise)
| Equity interests (%) | ||||||
| Companies | 03/31/2026 | 12/31/2025 | Core business | |||
| Direct interest in subsidiaries | ||||||
| CSN Islands VII Corp. | 100.00 | 100.00 | Financial transactions | |||
| CSN Inova Ventures | 100.00 | 100.00 | Equity interests and financial transactions | |||
| CSN Islands XII Corp. | 100.00 | 100.00 | Financial transactions | |||
| CSN Steel S.L.U. | 100.00 | 100.00 | Equity interests and financial transactions | |||
| TdBB S.A (*) | 100.00 | 100.00 | Equity interests | |||
| Sepetiba Tecon S.A. | 99.99 | 99.99 | Port services | |||
| Minérios Nacional S.A. | 99.99 | 99.99 | Mining and Equity interests | |||
| Companhia Florestal do Brasil | 99.99 | 99.99 | Reforestation | |||
| Estanho de Rondônia S.A. | 99.99 | 99.99 | Tin Mining | |||
| Companhia Metalúrgica Prada | 99.89 | 99.89 | Manufacture of containers and distribution of steel products | |||
| CSN Mineração S.A.(2) | 69.69 | 69.01 | Mining | |||
| CSN Energia S.A. | 99.99 | 99.99 | Sale of electric power | |||
| FTL - Ferrovia Transnordestina Logística S.A. | 92.71 | 92.71 | Railroad logistics | |||
| Nordeste Logística S.A. | 99.99 | 99.99 | Port services | |||
| CSN Inova Ltd. | 100.00 | 100.00 | Advisory and implementation of new development project | |||
| CBSI - Companhia Brasileira de Serviços de Infraestrutura | 99.99 | 99.99 | Equity interests and product sales and iron ore | |||
| CSN Cimentos Brasil S.A. | 99.99 | 99.99 | Cement manufacturing | |||
| Berkeley Participações e Empreendimentos S.A. | 100.00 | 100.00 | Electric power generation and equity interests | |||
| CSN Inova Soluções S.A. | 99.99 | 99.99 | Equity interests | |||
| CSN Participações I S.A. | 99.90 | 99.90 | Equity interests | |||
| Circula Mais Serviços de Intermediação Comercial S.A. | 0.10 | 0.10 | Commercial intermediation for the purchase and sale of assets and materials in general | |||
| CSN Participações III S.A. | 99.90 | 99.90 | Equity interests | |||
| CSN Participações IV S.A. | 99.90 | 99.90 | Equity interests | |||
| CSN Participações V S.A. | 99.90 | 99.90 | Equity interests | |||
| CSN Incorporação e Participações Ltda. | 99.99 | 99.99 | Equity interests | |||
| Estrela Comércio e Participações S.A. | 70.00 | 70.00 | Equity interests | |||
| Indirect interest in subsidiaries | ||||||
| Lusosider Projectos Siderúrgicos S.A. | 100.00 | 100.00 | Equity interests and product sales | |||
| Lusosider Aços Planos, S. A. | 100.00 | 100.00 | Steel and Equity interests | |||
| CSN Resources S.A. | 100.00 | 100.00 | Financial transactions and Equity interests | |||
| Companhia Brasileira de Latas | 99.89 | 99.89 | Sale of cans and containers in general and Equity interests | |||
| Companhia de Embalagens Metálicas - MMSA | 99.88 | 99.88 | Production and sale of cans and related activities | |||
| Companhia de Embalagens Metálicas - MTM | 99.88 | 99.88 | Production and sale of cans and related activities | |||
| CSN Productos Siderúrgicos S.L. (1) | - | 100.00 | Financial transactions, product sales and Equity interests | |||
| Stalhwerk Thüringen GmbH | 100.00 | 100.00 | Production and sale of long steel and related activities | |||
| CSN Steel Sections Polska Sp.Z.o.o | 100.00 | 100.00 | Financial transactions, product sales and Equity interests | |||
| CSN Mining Holding, S.L.U. (2) | 69.69 | 69.01 | Financial transactions, product sales and Equity interests | |||
| CSN Mining GmbH (2) | 69.69 | 69.01 | Financial transactions, product sales and Equity interests | |||
| CSN Mining Asia Limited (2) | 69.69 | 69.01 | Commercial representation | |||
| Lusosider Ibérica S.A. | 100.00 | 100.00 | Steel, commercial and industrial activities and equity interests | |||
| Companhia Siderúrgica Nacional, LLC | 100.00 | 100.00 | Import and distribution/resale of products | |||
| Elizabeth Cimentos S.A. | 99.99 | 99.99 | Cement manufacturing | |||
| Santa Ana Energética S.A. | 99.99 | 99.99 | Electric power generation | |||
| Topázio Energética S.A. | 99.99 | 99.99 | Electric power generation | |||
| Brasil Central Energia Ltda. | 99.99 | 99.99 | Electric power generation | |||
| Circula Mais Serviços de Intermediação Comercial S.A. | 99.90 | 99.90 | Commercial intermediation for the purchase and sale of assets and materials in general | |||
| Metalgráfica Iguaçu S.A | 99.89 | 99.89 | Metal packaging manufacturing | |||
| Companhia Energética Chapecó - CEC (2) | 69.69 | 69.01 | Electric power generation | |||
| Companhia Estadual de Geração de Energia Elétrica - CEEE-G | 100.00 | 100.00 | Electric power generation | |||
| Ventos de Vera Cruz S.A. | 99.99 | 99.99 | Electric power generation | |||
| Ventos de Curupira S.A. | 99.99 | 99.99 | Electric power generation | |||
| Ventos de Povo Novo S.A. | 99.99 | 99.99 | Electric power generation | |||
| MAZET Maschinenbau und Zerspanungstechnik Unterwellwnborn GmbH | 100.00 | 100.00 | Production and sale of long steel and related activities | |||
| CSN ITC Solutions AG (2) | 55.75 | 55.21 | Financial transactions, product sales and Equity interests | |||
| CSN Mining International GmbH (2) | 69.69 | 69.01 | Commercial and representation of products | |||
| Gramperfil S.A. | 90.00 | 90.00 | Manufacturing and sale of metal profile | |||
| CSN International Steel GmbH | 100.00 | 100.00 | Commercial and representation of products | |||
| Tora Transportes Ltda | 70.00 | 70.00 | Road transport | |||
| Tora Locações S.A. | 70.00 | 70.00 | Road transport and automobile rental | |||
| FJX Transportes S.A. | 42.00 | 42.00 | Road transport and logistic | |||
| N. Minas Transportes e Locações Ltda. | 70.00 | 70.00 | Road transport and logistic | |||
| Saratoga Transportes Ltda | 70.00 | 70.00 | Road transport | |||
| Lokamig Rent a Car S.A. | 70.00 | 70.00 | Automobile rental | |||
| Seminovos Lokamig Ltda. | 70.00 | 70.00 | Automobile rental | |||
| Tora Logística Armazéns e Terminais Multimodais S.A. | 70.00 | 70.00 | Logistics | |||
| Tora Recintos Alfandegários S.A. | 70.00 | 70.00 | General storage operations and road transport | |||
| Tora Seminovos Comércio de Veículos Ltda. | 70.00 | 70.00 | Commercial and automobile rental | |||
| CSN Captive Insurance Company, LLC | 100.00 | 100.00 | Captive Insurance Company | |||
| Global Dot Com S.A | 80.00 | 80.00 | Information service provision | |||
| Galvacolor Jerez S.L.U. | 100.00 | 100.00 | Transformation and commercialization of steel products | |||
| Direct interest in joint operations | ||||||
| Itá Energética S.A. | 48.75 | 48.75 | Electric power generation | |||
| Direct interest in joint ventures: equity method | ||||||
| MRS Logística S.A. | 7.59 | 7.59 | Railroad transportation | |||
| Aceros Del Orinoco S.A. (*) | 31.82 | 31.82 | Dormant company | |||
| Transnordestina Logística S.A. | 33.89 | 33.89 | Railroad logistics | |||
| Equibras S.A | 50.00 | 50.00 | Rental of commercial and industrial machinery and equipment | |||
| Indirect interest in joint ventures: equity method | ||||||
| MRS Logística S.A. | 20.84 | 20.64 | Railroad transportation | |||
| Direct interest in associates: equity method | ||||||
| Arvedi Metalfer do Brasil S.A. | 20.00 | 20.00 | Metallurgy and Equity interests | |||
| Panatlântica S.A. | 29.92 | 29.92 | Steel | |||
| Indirect interest in affiliates: equity method | ||||||
| Jaguari Energética S.A. | 10.50 | 10.50 | Electric power generation | |||
| Chapecoense Geração S.A. | 9.00 | 9.00 | Electric power generation | |||
| Companhia Energética Rio das Antas - Ceran | 30.00 | 30.00 | Electric power generation | |||
| Foz Chapecó Energia S.A. | 9.00 | 9.00 | Electric power generation | |||
| Exclusive Funds | ||||||
| Diplic II - Private credit balanced mutual fund | 100.00 | 100.00 | Investment fund | |||
| Caixa Vértice - Fundo de investimento multimercado crédito privado Longo Prazo | 100.00 | 100.00 | Investment fund | |||
| VR1 - Private credit balanced mutual fund | 100.00 | 100.00 | Investment fund | |||
| Consortiuns | ||||||
| Consórcio Itaúba | 99.99 | 99.99 | Electric power generation | |||
| Consórcio Passo Real (2) | 96.63 | 96.55 | Electric power generation | |||
| Consórcio da Usina Hidrelétrica de Igarapava | 17.92 | 17.92 | Electric power generation | |||
| Consórcio Dona Francisca | 15.00 | 15.00 | Electric power generation | |||
| |
(In thousands of Reals, unless stated otherwise)
(*) Dormant companies.
(1) CSN Productos Siderúrgicos S.L.U. was merged into CSN Steel S.L.U., pursuant to the Deed of Merger dated March 3, 2026, with the consequent transfer of all its rights, duties and obligations to CSN Steel S.L.U.
(2) On March 27, 2026, the Board of Directors of CSN Mineração S.A. ("CMIN") approved the cancellation of 53,294,297 common, registered, book-entry shares with no par value, issued by CMIN held in treasury, without reducing the share capital. As a result of this resolution, Companhia Siderúrgica Nacional's direct shareholding in CMIN went from 69.01% to 69.69%.
10.a) Changes in Investments in Controlled Companies, Joint-Venture, Joint- operations, Affiliates, and Other Investments
The positions presented on March 31, 2026 and December 31, 2025 refer to the interest held by CSN in these companies:
| Consolidated | ||||||||||||||
| Companies | Final balance on 12/31/2025 | Dividends | Equity Income | Comprehensive income | Others | Final balance on 03/31/2026 | ||||||||
| Investments under the equity method | ||||||||||||||
| Joint-venture, Joint-operation and Affiliate | ||||||||||||||
| MRS Logistica | 3,382,093 | (138,555) | 29,189 | 3 | 3,272,730 | |||||||||
| Fair Value MRS | 480,622 | 480,622 | ||||||||||||
| Fair Value MRS amortization | (117,464) | (2,937) | (120,401) | |||||||||||
| Transnordestina Logística S.A. | 2,916,482 | 1,444 | 2,917,926 | |||||||||||
| Fair Value -Transnordestina | 659,106 | 659,106 | ||||||||||||
| Arvedi Metalfer do Brasil S.A. | 34,601 | 34,601 | ||||||||||||
| Panatlântica S.A. | 219,555 | (3,539) | 5,935 | 221,951 | ||||||||||
| Equibras S.A. | 39,054 | (632) | 38,422 | |||||||||||
| Indirect interest in affiliates - CEEE-G | 144,250 | 14,490 | 158,740 | |||||||||||
| Fair Value indirect participation CEEE-G | 319,709 | 319,709 | ||||||||||||
| Fair Value amortization indirect participation CEEE-G | (60,941) | (2,094) | (63,035) | |||||||||||
| 8,017,067 | (142,094) | 45,395 | 3 | 7,920,371 | ||||||||||
| Other participations | ||||||||||||||
| Global Dot | 11,728 | (3,214) | (8,514) | |||||||||||
| Others | 43,706 | (938) | 42,768 | |||||||||||
| 55,434 | (3,214) | (9,452) | 42,768 | |||||||||||
| Total shareholdings | 8,072,501 | (142,094) | 42,181 | 3 | (9,452) | 7,963,139 | ||||||||
| Classification of investments in the balance sheet | ||||||||||||||
| Equity interests | 8,072,501 | 7,963,139 | ||||||||||||
| Investment Property | 219,525 | 218,512 | ||||||||||||
| Total investments in the asset | 8,292,026 | 8,181,651 |
| Consolidated | |||||||||||||||||
| Companies | Final balance on 12/31/2024 | Capital increase and (Decrease)/acquisition of shares | Write-offs | Transfers | Dividends | Equity Income | Comprehensive income | Final balance on 12/31/2025 | |||||||||
| Investments under the equity method | |||||||||||||||||
| Joint-venture, Joint-operation and Affiliate | |||||||||||||||||
| MRS Logistica | 2,799,168 | 583,027 | (102) | 3,382,093 | |||||||||||||
| Fair Value MRS | 480,622 | 480,622 | |||||||||||||||
| Fair Value MRS amortization | (105,719) | (11,745) | (117,464) | ||||||||||||||
| Transnordestina Logística S.A. (1) | 1,137,345 | 1,792,580 | (18,129) | 4,686 | 2,916,482 | ||||||||||||
| Fair Value -Transnordestina | 659,106 | 659,106 | |||||||||||||||
| Arvedi Metalfer do Brasil S.A. | 35,257 | (656) | 34,601 | ||||||||||||||
| Panatlântica S.A. | 225,764 | (19,477) | 13,268 | 219,555 | |||||||||||||
| Equibras S.A. (2) | 31,733 | (2,187) | 9,508 | 39,054 | |||||||||||||
| Indirect interest in affiliates - CEEE-G | 146,753 | (44,846) | 42,343 | 144,250 | |||||||||||||
| Fair Value indirect participation CEEE-G | 319,709 | 319,709 | |||||||||||||||
| Fair Value amortization indirect participation CEEE-G | (42,523) | (18,418) | (60,941) | ||||||||||||||
| 5,687,215 | 1,792,580 | (66,510) | 599,198 | 4,584 | 8,017,067 | ||||||||||||
| Other participations | |||||||||||||||||
| Global Dot (3) | 1,685 | 10,043 | 11,728 | ||||||||||||||
| Others (4) | 58,796 | (9) | (5,038) | (10,043) | 43,706 | ||||||||||||
| 58,796 | 1,676 | (5,038) | 55,434 | ||||||||||||||
| Total shareholdings | 5,746,011 | 1,794,256 | (5,038) | (66,510) | 599,198 | 4,584 | 8,072,501 | ||||||||||
| Classification of investments in the balance sheet | |||||||||||||||||
| Equity interests | 5,746,011 | 8,072,501 | |||||||||||||||
| Investment Property | 202,040 | 219,525 | |||||||||||||||
| Total investments in the asset | 5,948,051 | 8,292,026 |
(1) Paying in of AFACs by CSN on October 17, 2025.
| |
(In thousands of Reals, unless stated otherwise)
(2) Equimac S.A. changed its corporate name in December 2025 to "Equibras S.A.", with no change in the Company's interest in this company.
(3) On December 5, 2025, the Company acquired control of Global Dot Com S.A. (“Global Dot”) and came to indirectly hold 80% of the company’s share capital through the subsidiaries CSN Inova Ventures (2.51%) and CSN Inova Soluções S.A. (77.49%). The acquisition was carried out through the conversion of a loan into shares, as well as the purchase of an additional interest totaling R$ 49.9 million. The Company previously held an investment in Global Dot, which was controlled at fair value. Located in the municipality of Barueri/SP, Global dot is incorporated as a corporation and aims to provide information services, especially fleet management services via integrated software.
(4) These strategic investments were made in startups by the subsidiary CSN Inova Ventures, either through the execution of a convertible loan with Alinea Health Holdings Ltda., or through an participation in the following companies: I Systems Automação Industrial S.A., H2Pro Ltda., 1S1 Energy Inc., Traive Inc. and Oico Holdings Limited.
The reconciliation of equity income at jointly controlled entities classified as joint ventures and affiliates and the amount presented in the income statement is presented below, as well as profit and loss stemming from the elimination of CSN’s transactions with these companies:
| Consolidated | |||
| 03/31/2026 | 03/31/2025 | ||
| Equity in results of affiliated companies | |||
| MRS Logística S.A. | 29,189 | 105,997 | |
| Transnordestina Logística S.A. | 1,444 | (7,333) | |
| Arvedi Metalfer do Brasil S.A. | 458 | ||
| Equibras S.A. | (632) | 2,544 | |
| Indirect interest in affiliates - CEEE-G | 14,490 | (1,922) | |
| Panatlântica S.A. | 5,935 | 4,287 | |
| Fair Value Amortization | (5,031) | (8,218) | |
| 45,395 | 95,813 | ||
| Reclassification IAS 28 (1) | (17,801) | (17,487) | |
| Others | (3,817) | 108 | |
| Equity in results | 23,777 | 78,434 |
(1) The operating margin of intercompany operations carried out with group companies classified as joint ventures but which are not consolidated, are reclassified under the Investment group’s Income Statement for groups of costs and income tax and social security contributions.
| |
(In thousands of Reals, unless stated otherwise)
Below is the movement of the Parent Company's investment in 2026 and 2025:
| Parent Company | |||||||||||||
| Companies | Final balance on 12/31/2025 | Capital increase and (Decrease)/acquisition of shares | Dividends | Equity Income | Comprehensive income | Final balance on 03/31/2026 | |||||||
| Investments under the equity method | |||||||||||||
| Subsidiaries | |||||||||||||
| CSN Steel S.L.U. | 4,588,942 | (27,753) | (211,995) | 4,349,194 | |||||||||
| Sepetiba Tecon S.A. | 293,089 | (861) | (6,138) | 286,090 | |||||||||
| Minérios Nacional S.A. | 67,323 | 44,600 | (31,026) | 80,897 | |||||||||
| Fair Value - Minérios Nacional | 2,122,071 | 2,122,071 | |||||||||||
| Goodwill - Companhia Metalúrgica Prada | 63,509 | 63,509 | |||||||||||
| CSN Mineração S.A. | 6,232,504 | 155,191 | 169,067 | 6,556,762 | |||||||||
| Lucros não realizado CSN Mineração S.A. | (2,351,078) | (2,351,078) | |||||||||||
| CSN Energia S.A. | 26,240 | 13,612 | 39,852 | ||||||||||
| FTL - Ferrovia Transnordestina Logística S.A. | 58,759 | (16,826) | 41,933 | ||||||||||
| Companhia Florestal do Brasil | 1,220,610 | 900 | (12,766) | 10 | 1,208,754 | ||||||||
| CBSI - Companhia Brasileira de Serviços de Infraestrutura | 153,611 | 31,522 | 185,133 | ||||||||||
| Goodwill - CBSI - Companhia Brasileira de Serviços de Infraestrutura | 15,225 | 15,225 | |||||||||||
| CSN Cimentos Brasil S.A. | 6,721,411 | 6,978 | 6,728,389 | ||||||||||
| Estrela Comércio e Participações S.A | 138,777 | (16,959) | (14,356) | (1,710) | 105,752 | ||||||||
| Ágio - Estrela Comércio e Participações S.A | 596,802 | (325,569) | 271,233 | ||||||||||
| Fair value Grupo Estrela | 276,735 | (98,316) | 178,419 | ||||||||||
| Nordeste Logística S.A. | 5,163 | 1,536 | (715) | 5,984 | |||||||||
| CSN Captive Insurance Company LLC | 4,631 | (63) | (243) | 4,325 | |||||||||
| Others | 31,722 | (1,535) | 30,187 | ||||||||||
| 19,989,311 | (18,757) | - | 3,086 | (51,009) | 19,922,631 | ||||||||
| Joint-venture, Joint-operation and Affiliate | |||||||||||||
| Itá Energética S.A. | 178,837 | 3,642 | 182,479 | ||||||||||
| MRS Logística S.A. | 684,245 | (28,014) | 5,473 | 1 | 661,705 | ||||||||
| Transnordestina Logística S.A. | 2,916,482 | 1,444 | 2,917,926 | ||||||||||
| Fair Value -Transnordestina | 659,106 | 659,106 | |||||||||||
| Equibras S.A. | 39,054 | (632) | 38,422 | ||||||||||
| Panatlântica S.A. | 219,555 | (3,538) | 5,934 | 221,951 | |||||||||
| Arvedi Metalfer do Brasil S.A. | 34,601 | 34,601 | |||||||||||
| 4,731,880 | (31,552) | 15,861 | 1 | 4,716,190 | |||||||||
| Other participations | |||||||||||||
| Profits on subsidiaries' inventories | (20,833) | 4,790 | (16,043) | ||||||||||
| Other investments | 39 | 39 | |||||||||||
| (20,794) | 4,790 | (16,004) | |||||||||||
| Total shareholdings | 24,700,397 | (18,757) | (31,552) | 23,737 | (51,008) | 24,622,817 | |||||||
| Subsidiaries with unsecured liabilities | |||||||||||||
| CSN Islands VII Corp. | (3,010,378) | 136,717 | (2,873,661) | ||||||||||
| CSN Inova Ventures | (3,468,244) | 56,635 | (3,411,609) | ||||||||||
| CSN Islands XII Corp. | (4,825,169) | 135,527 | (4,689,642) | ||||||||||
| Estanho de Rondônia S.A. | (63,682) | 11,000 | (8,634) | (61,316) | |||||||||
| Companhia Metalúrgica Prada PPI | (65,095) | (57,902) | (122,997) | ||||||||||
| Others | (13,963) | (2,169) | (16,132) | ||||||||||
| Total subsidiaries with unsecured liabilities | (11,446,531) | 11,000 | 260,174 | (11,175,357) | |||||||||
| Equity Income | 283,911 | ||||||||||||
| Classification of investments in the balance sheet | |||||||||||||
| Equity interests | 24,700,397 | 24,622,817 | |||||||||||
| Investment Property | 154,801 | 154,227 | |||||||||||
| Total active investments | 24,855,198 | 24,777,044 | |||||||||||
| Provision for Investments with Unsecured Liabilities (liabilities) | (11,446,531) | (11,175,357) | |||||||||||
| Total active and passive investments | 13,408,667 | 13,601,687 |
| |
(In thousands of Reals, unless stated otherwise)
| Parent Company | |||||||||||||||
| Companies | Final balance on 12/31/2024 | Capital increase and (Decrease)/acquisition of shares | Sales of shares | Dividends | Equity Income | Comprehensive income | Final balance on 12/31/2025 | ||||||||
| Investments under the equity method | |||||||||||||||
| Subsidiaries | |||||||||||||||
| CSN Steel S.L.U. | 4,618,406 | (49,420) | 19,956 | 4,588,942 | |||||||||||
| Sepetiba Tecon S.A. | 302,152 | (9,063) | 293,089 | ||||||||||||
| Minérios Nacional S.A. | 90,578 | 113,754 | (137,009) | 67,323 | |||||||||||
| Fair Value - Minérios Nacional | 2,122,071 | 2,122,071 | |||||||||||||
| Companhia Metalúrgica Prada (6) | 181,686 | (181,686) | |||||||||||||
| Goodwill - Companhia Metalúrgica Prada | 63,509 | 63,509 | |||||||||||||
| CSN Mineração S.A. (1) | 7,086,794 | (2,366,259) | 1,138,430 | 373,539 | 6,232,504 | ||||||||||
| Lucros não realizado CSN Mineração S.A. (1) | (2,351,078) | (2,351,078) | |||||||||||||
| CSN Energia S.A. | 20,142 | 6,098 | 26,240 | ||||||||||||
| FTL - Ferrovia Transnordestina Logística S.A. | 100,314 | (41,555) | 58,759 | ||||||||||||
| Companhia Florestal do Brasil | 1,246,403 | 2,700 | (28,920) | 427 | 1,220,610 | ||||||||||
| CBSI - Companhia Brasileira de Serviços de Infraestrutura | 84,226 | (21,345) | 90,730 | 153,611 | |||||||||||
| Goodwill - CBSI - Companhia Brasileira de Serviços de Infraestrutura | 15,225 | 15,225 | |||||||||||||
| CSN Cimentos Brasil S.A. | 6,612,579 | (21,441) | 132,829 | (2,556) | 6,721,411 | ||||||||||
| Estrela Comércio e Participações S.A (2) | 155,691 | (16,914) | 138,777 | ||||||||||||
| Ágio - Estrela Comércio e Participações S.A (2) | 596,802 | 596,802 | |||||||||||||
| Nordeste Logística S.A. | 8,072 | (2,909) | 5,163 | ||||||||||||
| CSN Captive Insurance Company LLC (3) | 4,550 | 16 | 65 | 4,631 | |||||||||||
| Others | 313 | 31,483 | (74) | 31,722 | |||||||||||
| 22,544,398 | 913,052 | - | (2,409,045) | (1,450,525) | 391,431 | 19,989,311 | |||||||||
| Joint-venture, Joint-operation and Affiliate | |||||||||||||||
| Itá Energética S.A. | 177,351 | (8,332) | 9,818 | 178,837 | |||||||||||
| MRS Logística S.A. (1) | 1,400,002 | (998,922) | 283,182 | (17) | 684,245 | ||||||||||
| Transnordestina Logística S.A. (4) | 1,137,345 | 1,792,580 | (18,129) | 4,686 | 2,916,482 | ||||||||||
| Fair Value -Transnordestina | 659,106 | 659,106 | |||||||||||||
| Equibras S.A. (5) | 31,733 | (2,187) | 9,508 | 39,054 | |||||||||||
| Panatlântica S.A. | 225,764 | (19,477) | 13,268 | 219,555 | |||||||||||
| Arvedi Metalfer do Brasil S.A. | 35,257 | (656) | 34,601 | ||||||||||||
| 3,666,558 | 1,792,580 | (998,922) | (29,996) | 296,991 | 4,669 | 4,731,880 | |||||||||
| Other participations | |||||||||||||||
| Profits on subsidiaries' inventories | (53,731) | 32,898 | (20,833) | ||||||||||||
| Other investments | 39 | 39 | |||||||||||||
| (53,692) | 32,898 | (20,794) | |||||||||||||
| Total shareholdings | 26,157,264 | 2,705,632 | (998,922) | (2,439,041) | (1,120,636) | 396,100 | 24,700,397 | ||||||||
| Subsidiaries with unsecured liabilities | |||||||||||||||
| CSN Islands VII Corp. | (3,255,338) | 244,960 | (3,010,378) | ||||||||||||
| CSN Inova Ventures | (3,348,913) | (119,331) | (3,468,244) | ||||||||||||
| CSN Islands XII Corp. | (4,803,727) | (21,442) | (4,825,169) | ||||||||||||
| Estanho de Rondônia S.A. | (47,190) | 64,500 | (80,992) | (63,682) | |||||||||||
| Companhia Metalúrgica Prada PPI (6) | (65,095) | (65,095) | |||||||||||||
| Others | (3,645) | 3,032 | (13,350) | (13,963) | |||||||||||
| Total subsidiaries with unsecured liabilities | (11,458,813) | 67,532 | (55,250) | (11,446,531) | |||||||||||
| Equity Income | (1,175,886) | ||||||||||||||
| Classification of investments in the balance sheet | |||||||||||||||
| Equity interests | 26,157,265 | 24,700,397 | |||||||||||||
| Investment Property | 135,557 | 154,801 | |||||||||||||
| Total active investments | 26,292,822 | 24,855,198 | |||||||||||||
| Provision for Investments with Unsecured Liabilities (liabilities) | (11,458,813) | (11,446,531) | |||||||||||||
| Total active and passive investments | 14,834,009 | 13,408,667 | |||||||||||||
(1) In December 2025, CSN sold 59.5% of its equity interest in MRS to its subsidiary CSN Mineração and now holds a 7.59% stake in MRS. As of the same date, its subsidiary CMIN came to hold a 29.91% participation in MRS. This transaction was carried out for the total price of R$ 3,350,000 previously received by CSN, and the book value of MRS's investment was written off in the amount of (R$998,922). Consequently, a gain of R$2,351,078 was recorded under “Other operating income” (Note 27), and as required by CPC 18 and ICPC 09, “Transactions under common control,” it was offset at the Parent Company through the unrealized gain in CSN Mineração. This sale did not represent a realized gain or loss for the CSN Group. Effective economic realization of the investment will only take place once the sale is made outside CSN’s economic group.
| |
(In thousands of Reals, unless stated otherwise)
(2) Transaction related to the acquisition of a stake in Grupo Estrela, entered into on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of the acquisition date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.
(3) On August 29, 2025, the Company paid in capital in its subsidiary CSN Captive Insurance Company LLC. CSN Captive, which is located in the United States, was incorporated as a limited liability company and its corporate purpose is to operate in the insurance market, providing insurance coverage to companies in which the Company holds an participation, as well as to third parties.
(4) Paying in of AFACs by CSN on October 17, 2025.
(5) Equimac S.A. changed its corporate name in December 2025 to "Equibras S.A.", with no change in the Company's interest in this company.
(6) On December 31, 2025, the subsidiary Prada was transferred to the group of Subsidiaries with unsecured liabilities.
| 10.b) | Joint- Ventures and Joint-Operations Financial Information |
Balance sheet and income statement at companies subject to shared control are shown below and refer to 100% of the companies' profit or loss:
| 03/31/2026 | 12/31/2025 | |||||||||||||||
| Joint-Venture | Joint-Operation | Joint-Venture | Joint-Operation | |||||||||||||
| Equity interest (%) | MRS Logística (1) | Transnordestina Logística | Equibras S.A. | Itá Energética | MRS Logística | Transnordestina Logística | Equibras S.A. | Itá Energética | ||||||||
| 37.49% | 33.89% | 50.00% | 48.75% | 37.49% | 33.89% | 50.00% | 48.75% | |||||||||
| Balance sheet | ||||||||||||||||
| Current Assets | ||||||||||||||||
| Cash and cash equivalents | 4,706,502 | 1,217,587 | 11,044 | 137,238 | 4,131,117 | 1,740,636 | 16,678 | 112,820 | ||||||||
| Advances to suppliers | 42,876 | 145,339 | 1,089 | 510 | 37,512 | 62,240 | 34 | 527 | ||||||||
| Other assets | 1,019,319 | 98,293 | 26,485 | 24,478 | 1,127,557 | 92,864 | 36,254 | 31,004 | ||||||||
| Total current assets | 5,768,697 | 1,461,219 | 38,618 | 162,226 | 5,296,186 | 1,895,740 | 52,966 | 144,351 | ||||||||
| Non-current Assets | ||||||||||||||||
| Other assets | 1,394,992 | 84,475 | 243 | 8,139 | 1,147,003 | 88,455 | 259 | 9,478 | ||||||||
| Investments, PP&E and intangible assets | 18,638,722 | 15,674,811 | 94,875 | 225,647 | 18,259,793 | 15,142,520 | 79,683 | 233,519 | ||||||||
| Total non-current assets | 20,033,714 | 15,759,286 | 95,118 | 233,786 | 19,406,796 | 15,230,975 | 79,942 | 242,997 | ||||||||
| Total Assets | 25,802,411 | 17,220,505 | 133,736 | 396,012 | 24,702,982 | 17,126,715 | 132,908 | 387,348 | ||||||||
| Current Liabilities | ||||||||||||||||
| Borrowings and financing | 1,084,299 | 31,437 | 22,908 | 1,013,759 | 65,418 | 14,266 | ||||||||||
| Lease liabilities | 306,855 | 328 | 491,501 | 337 | ||||||||||||
| Other liabilities | 1,837,089 | 338,218 | 11,285 | 16,010 | 1,710,146 | 176,437 | 19,979 | 15,074 | ||||||||
| Total current liabilities | 3,228,243 | 369,655 | 34,521 | 16,010 | 3,215,406 | 241,855 | 34,582 | 15,074 | ||||||||
| Non-current Liabilities | ||||||||||||||||
| Borrowings and financing | 9,628,567 | 7,082,711 | 19,219 | 8,572,213 | 6,877,310 | 16,447 | ||||||||||
| Lease liabilities | 2,578,613 | 471 | 2,500,878 | 333 | ||||||||||||
| Other liabilities | 1,637,377 | 1,159,039 | 2,682 | 5,686 | 1,393,766 | 1,402,711 | 3,438 | 5,429 | ||||||||
| Total non-current liabilities | 13,844,557 | 8,241,750 | 22,372 | 5,686 | 12,466,857 | 8,280,021 | 20,218 | 5,429 | ||||||||
| Shareholders’ equity | 8,729,611 | 8,609,100 | 76,843 | 374,316 | 9,020,719 | 8,604,839 | 78,108 | 366,845 | ||||||||
| Total liabilities and shareholders’ equity |
25,802,411 | 17,220,505 | 133,736 | 396,012 | 24,702,982 | 17,126,715 | 132,908 | 387,348 | ||||||||
| 01/01/2026 to 03/31/2026 | 01/01/2025 to 03/31/2025 | |||||||||||||||
| Joint-Venture | Joint-Operation | Joint-Venture | Joint-Operation | |||||||||||||
| Equity interest (%) | MRS Logística | Transnordestina Logística | Equibras S.A. | Itá Energética | MRS Logística | Transnordestina Logística | Equimac S.A. (2) | Itá Energética | ||||||||
| 37.49% | 33.89% | 50.00% | 48.75% | 37.49% | 48.03% | 50.00% | 48.75% | |||||||||
| Statements of Income | ||||||||||||||||
| Net revenue | 1,674,556 | 15,288 | 49,919 | 1,676,603 | 23,101 | 49,262 | ||||||||||
| Cost of sales and services | (951,788) | (8,854) | (27,507) | (969,927) | (12,456) | (24,230) | ||||||||||
| Gross profit | 722,768 | 6,434 | 22,412 | 706,676 | 10,645 | 25,032 | ||||||||||
| Operating (expenses) income | (152,774) | (12,090) | (1,118) | (17,841) | (105,397) | (13,572) | (1,639) | (18,068) | ||||||||
| Financial income (expenses), net | (288,671) | 16,485 | (897) | 6,757 | (197,871) | (1,693) | (1,250) | 1,760 | ||||||||
| Profit/(Loss) before IR/CSLL | 281,323 | 4,395 | 4,419 | 11,328 | 403,408 | (15,265) | 7,756 | 8,724 | ||||||||
| Current and deferred IR/CSLL | (203,114) | (135) | (1,038) | (3,856) | (120,691) | (1,497) | (2,167) | |||||||||
| Profit / (loss) for the period | 78,209 | 4,260 | 3,381 | 7,472 | 282,717 | (15,265) | 6,259 | 6,557 | ||||||||
(1) CSN holds a direct 7.59% stake and an indirect 29.91% stake through CSN Mineração in MRS’s total share capital, for a combined total of 37.49%. The CSN Group was assigned a total interest of 28.23% after the participation of the non-controlling shareholders.
| |
(In thousands of Reals, unless stated otherwise)
(2) Equimac S.A. changed its corporate name in December 2025 to "Equibras S.A.", with no change in the Company's interest in this company.
| 10.c) | Investment Properties |
The balance of investment properties is shown below:
| Consolidated | Parent Company | |||||||||||||
| Ref. | Land | Buildings | Total | Land | Buildings | Total | ||||||||
| Balance at December 31, 2024 | 156,858 | 45,182 | 202,040 | 94,257 | 41,300 | 135,557 | ||||||||
| Depreciation | (3,916) | (3,916) | (2,157) | (2,157) | ||||||||||
| Acquisitions | 21,401 | 21,401 | 21,401 | 21,401 | ||||||||||
| Balance at December 31, 2025 | 178,259 | 41,266 | 219,525 | 115,658 | 39,143 | 154,801 | ||||||||
| Cost | 178,259 | 83,285 | 261,544 | 115,658 | 74,389 | 190,047 | ||||||||
| Accumulated depreciation | (42,019) | (42,019) | (35,246) | (35,246) | ||||||||||
| Balance at December 31, 2025 | 178,259 | 41,266 | 219,525 | 115,658 | 39,143 | 154,801 | ||||||||
| Depreciation | 26 | (977) | (977) | (538) | (538) | |||||||||
| Transfer between groups - fixed assets and investment property | (36) | (36) | (36) | (36) | ||||||||||
| Balance at March 31, 2026 | 178,259 | 40,253 | 218,512 | 115,658 | 38,569 | 154,227 | ||||||||
| Cost | 178,259 | 83,183 | 261,442 | 115,658 | 74,288 | 189,946 | ||||||||
| Accumulated depreciation | (42,930) | (42,930) | (35,719) | (35,719) | ||||||||||
| Balance at March 31, 2026 | 178,259 | 40,253 | 218,512 | 115,658 | 38,569 | 154,227 |
The Company Management's estimate of the fair value of investment properties was carried out for December 31, 2025. The fair value of investment property in the consolidated financial statements as of March 31, 2026, is R$3,818,752 (R$3,818,752 as of December 31, 2025) and R$3,337,307 for the parent company (R$3,337,307 as of December 31, 2025).
The estimated average useful lives for the periods are as follows (in years):
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| Buildings | 28 | 28 | 30 | 30 |
| |
(In thousands of Reals, unless stated otherwise)
| 11. | PROPERTY, PLANT AND EQUIPMENT |
| 11.a) | Composition of property, plant and equipme nt |
Breakdown of Consolidated fixed assets as of March 31, 2026 and December 31, 2025, respectively:
| Consolidated | ||||||||||||||||||
| Ref. | Land | Buildings and Infrastructure | Machinery, equipment and facilities | Vehicles | Construction in progress (*) | Right of use | Other (**) | Total | ||||||||||
| Balance at December 31, 2024 | 592,716 | 4,772,512 | 17,969,066 | 208,941 | 5,881,336 | 756,814 | 244,638 | 30,426,023 | ||||||||||
| Effect of foreign exchange differences | 8,772 | (1,184) | (5,886) | (23) | 14,549 | (4,027) | (6,447) | 5,754 | ||||||||||
| Acquisitions | 11,171 | 36,813 | 379,302 | 193,804 | 5,296,362 | 72,305 | 15,468 | 6,005,225 | ||||||||||
| Capitalized interest | 28 | 403,302 | 403,302 | |||||||||||||||
| Write-offs | 27 | (6,141) | (69,999) | (803) | (14,714) | (10,707) | (116) | (102,480) | ||||||||||
| Depreciation | 26 | (347,648) | (3,184,112) | (100,773) | (283,840) | (39,781) | (3,956,155) | |||||||||||
| Transfers to other asset categories | 6,952 | 274,578 | 3,308,081 | 33,119 | (3,589,738) | (32,992) | ||||||||||||
| Transfer between groups - intangible assets, investment and property and inventory (1) | - | (34,100) | (34,122) | (45,190) | (113,412) | |||||||||||||
| Acquisition of stakes in subsidiaries | 9,414 | 144,879 | 94,773 | 536,671 | 1,550 | 183,929 | 47,256 | 1,018,472 | ||||||||||
| Right of use - Remeasurement | 244,543 | 244,543 | ||||||||||||||||
| Others | (207) | (9,936) | (1,961) | (12,104) | ||||||||||||||
| Balance at December 31, 2025 | 629,025 | 4,873,809 | 18,456,918 | 826,879 | 7,947,457 | 959,016 | 226,065 | 33,919,169 | ||||||||||
| Cost | 629,025 | 10,287,766 | 43,130,128 | 1,536,918 | 7,947,457 | 1,711,164 | 771,928 | 66,014,386 | ||||||||||
| Accumulated depreciation | (5,413,957) | (24,673,210) | (710,039) | (752,148) | (545,863) | (32,095,217) | ||||||||||||
| Balance at December 31, 2025 | 629,025 | 4,873,809 | 18,456,918 | 826,879 | 7,947,457 | 959,016 | 226,065 | 33,919,169 | ||||||||||
| Effect of foreign exchange differences | (8,440) | (17,879) | (41,275) | (114) | (7,010) | (4,709) | (3,163) | (82,590) | ||||||||||
| Acquisitions | 140 | 28 | 59,428 | 17,982 | 1,036,855 | 21,890 | 1,093 | 1,137,416 | ||||||||||
| Capitalized interest | 28 | 131,770 | 131,770 | |||||||||||||||
| Write-offs | 27 | (614) | (356) | (1,046) | (8) | (2,024) | ||||||||||||
| Depreciation | 26 | (85,388) | (800,980) | (103,198) | (81,882) | (10,304) | (1,081,752) | |||||||||||
| Transfers to other asset categories | (3) | 64,776 | 483,482 | 19,646 | (612,013) | 44,112 | ||||||||||||
| Transfer between groups - intangible assets, investment property and inventory (1) | 36 | 216 | 114,112 | (20,654) | 93,710 | |||||||||||||
| Right of use - Remeasurement | 4,006 | 4,006 | ||||||||||||||||
| Others | 10,643 | (3,738) | 6,392 | 13,297 | ||||||||||||||
| Balance at March 31, 2026 | 620,722 | 4,835,382 | 18,167,818 | 871,212 | 8,476,405 | 897,275 | 264,187 | 34,133,001 | ||||||||||
| Cost | 620,722 | 10,304,780 | 43,810,188 | 1,690,298 | 8,476,405 | 1,714,765 | 756,789 | 67,373,947 | ||||||||||
| Accumulated depreciation | (5,469,398) | (25,642,370) | (819,086) | (817,490) | (492,602) | (33,240,946) | ||||||||||||
| Balance at March 31, 2026 | 620,722 | 4,835,382 | 18,167,818 | 871,212 | 8,476,405 | 897,275 | 264,187 | 34,133,001 |
(*) Progress is highlighted in the projects of: (i) business expansion, mainly expansion of the port in Itaguaí and Casa de Pedra, Itabirito project and recovery of tailings from dams; (ii) projects of new integrated cement plants (iii); general repair of the blast furnace and coke batteries at the Presidente Vargas Plant; and (iv) added to the interest capitalized in the period.
(**) Refer substantially to assets classified as furniture, utensils and hardware.
(1) Transfer to stock refers to the allocation of decommissioned or replaced vehicle assets. These assets are subsequently made available for sale by the companies Tora Seminovos Comércio de Veículos Ltda and Seminovos Lokamig Ltda, in line with the company's main commercial activities, which is the resale of used vehicles.
| |
(In thousands of Reals, unless stated otherwise)
Composition of the Parent Company's fixed assets as of March 31, 2026 and December 2025, respectively:
| Parent Company | ||||||||||||||||||
| Ref. | Land | Buildings and Infrastructure | Machinery, equipment and facilities | Vehicles | Construction in progress (*) | Right of use | Others (**) | Total | ||||||||||
| Balance at December 31, 2024 | 25,618 | 328,915 | 7,229,728 | 24,209 | 1,984,214 | 37,582 | 34,147 | 9,664,413 | ||||||||||
| Acquisitions | 173,392 | 1,034 | 2,090,139 | 449 | 2,265,014 | |||||||||||||
| Capitalized interest | 28 | 210,732 | 210,732 | |||||||||||||||
| Write-offs | 27 | (1,717) | - | (1,717) | ||||||||||||||
| Depreciation | 26 | (31,442) | (1,341,793) | (6,695) | (10,671) | (8,977) | (1,399,578) | |||||||||||
| Transfers to other asset categories | 88,482 | 1,719,264 | 403 | (1,820,944) | 12,795 | |||||||||||||
| Transfers to intangible assets | (17,325) | (17,325) | ||||||||||||||||
| Right of use - Remeasurement | 8,238 | 8,238 | ||||||||||||||||
| Others | (207) | - | (207) | |||||||||||||||
| Balance at December 31, 2025 | 25,618 | 385,955 | 7,778,667 | 18,951 | 2,446,816 | 35,149 | 38,414 | 10,729,570 | ||||||||||
| Cost | 25,618 | 703,043 | 17,452,010 | 67,287 | 2,446,816 | 51,024 | 230,239 | 20,976,037 | ||||||||||
| Accumulated depreciation | (317,088) | (9,673,343) | (48,336) | (15,875) | (191,825) | (10,246,467) | ||||||||||||
| Balance at December 31, 2025 | 25,618 | 385,955 | 7,778,667 | 18,951 | 2,446,816 | 35,149 | 38,414 | 10,729,570 | ||||||||||
| Acquisitions | 41,211 | 364,577 | 1,041 | 406,829 | ||||||||||||||
| Capitalized interest | 28 | 61,355 | 61,355 | |||||||||||||||
| Write-offs | 27 | (308) | (38,914) | (39,222) | ||||||||||||||
| Depreciation | 26 | (8,246) | (311,717) | (1,470) | (2,684) | (2,143) | (326,260) | |||||||||||
| Transfers to other asset categories | (3) | 9,725 | 109,726 | (122,581) | 3,133 | |||||||||||||
| Transfers to intangible assets | 35 | (14,249) | (14,214) | |||||||||||||||
| Balance at March 31, 2026 | 25,615 | 387,469 | 7,617,579 | 17,481 | 2,697,004 | 33,506 | 39,404 | 10,818,058 | ||||||||||
| Cost | 25,615 | 712,869 | 17,888,959 | 67,287 | 2,697,004 | 52,064 | 233,373 | 21,677,171 | ||||||||||
| Accumulated depreciation | (325,400) | (10,271,380) | (49,806) | (18,558) | (193,969) | (10,859,113) | ||||||||||||
| Balance at March 31, 2026 | 25,615 | 387,469 | 7,617,579 | 17,481 | 2,697,004 | 33,506 | 39,404 | 10,818,058 |
(*) (i) General repair of the blast furnace and coke batteries at the Presidente Vargas Plant; and, (ii) added to the interest capitalized in the period.
(**) Refer substantially to assets classified as furniture, utensils and hardware.
The estimated average useful lives are as follows (in years):
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| Buildings and Infrastructure | 32 | 32 | 27 | 27 | |||
| Machinery, equipment and facilities | 17 | 17 | 18 | 18 | |||
| Vehicles | 11 | 10 | 11 | 11 | |||
| Others | 11 | 10 | 9 | 9 |
| |
(In thousands of Reals, unless stated otherwise)
| 11.b) | Right of Use |
Below are the movements of the right of use:
| Consolidated | |||||||||
| Land | Buildings and Infrastructure | Machinery, equipment and facilities | Vehicles | Total | |||||
| Balance at December 31, 2024 | 537,008 | 83,112 | 114,612 | 22,082 | 756,814 | ||||
| Effect of foreign exchange differences | (4,622) | 758 | (163) | (4,027) | |||||
| Acquisition of stakes in subsidiaries | 183,929 | - | - | 183,929 | |||||
| Addition | 5,906 | 1,826 | 61,968 | 2,605 | 72,305 | ||||
| Remeasurement | 63,305 | 1,715 | 138,824 | 40,699 | 244,543 | ||||
| Depreciation | (63,113) | (17,914) | (175,799) | (27,014) | (283,840) | ||||
| Write-offs | (680) | (10,028) | (10,708) | ||||||
| Balance at December 31, 2025 | 726,355 | 64,117 | 130,335 | 38,209 | 959,016 | ||||
| Cost | 996,234 | 143,181 | 431,606 | 140,143 | 1,711,164 | ||||
| Accumulated depreciation | (269,879) | (79,064) | (301,271) | (101,934) | (752,148) | ||||
| Balance at December 31, 2025 | 726,355 | 64,117 | 130,335 | 38,209 | 959,016 | ||||
| Effect of foreign exchange differences | (1,733) | (1,103) | (1,872) | (4,708) | |||||
| Acquisition of stakes in subsidiaries | 20,636 | 1,253 | 21,889 | ||||||
| Remeasurement | (25,952) | 8 | 29,763 | 186 | 4,005 | ||||
| Depreciation | (17,266) | (4,381) | (58,522) | (1,713) | (81,882) | ||||
| Write-offs | (570) | (475) | (1,045) | ||||||
| Transfers to other asset categories | 2,391 | (1,825) | (566) | ||||||
| Balance at March 31, 2026 | 684,958 | 56,186 | 121,109 | 35,022 | 897,275 | ||||
| Cost | 971,100 | 135,971 | 473,698 | 133,996 | 1,714,765 | ||||
| Accumulated depreciation | (286,142) | (79,785) | (352,589) | (98,974) | (817,490) | ||||
| Balance at March 31, 2026 | 684,958 | 56,186 | 121,109 | 35,022 | 897,275 |
| Parent Company | ||||||||
| Land | Machinery, equipment and facilities | Vehicles | Total | |||||
| Balance at December 31, 2024 | 37,394 | 188 | - | 37,582 | ||||
| Remeasurement | 7,068 | 669 | 501 | 8,238 | ||||
| Depreciation | (9,332) | (842) | (497) | (10,671) | ||||
| Balance at December 31, 2025 | 35,130 | 15 | 4 | 35,149 | ||||
| Cost | 47,980 | 851 | 2,193 | 51,024 | ||||
| Accumulated depreciation | (12,850) | (836) | (2,189) | (15,875) | ||||
| Balance at December 31, 2025 | 35,130 | 15 | 4 | 35,149 | ||||
| Addition | 1,041 | 1,041 | ||||||
| Depreciation | (2,414) | (9) | (261) | (2,684) | ||||
| Balance at March 31, 2026 | 32,716 | 6 | 784 | 33,506 | ||||
| Cost | 47,980 | 851 | 3,233 | 52,064 | ||||
| Accumulated depreciation | (15,264) | (845) | (2,449) | (18,558) | ||||
| Balance at March 31, 2026 | 32,716 | 6 | 784 | 33,506 |
| |
(In thousands of Reals, unless stated otherwise)
| 12. | INTANGIBLE ASSETS |
Conposition of Consolidated’s intangible assets as March 31, 2026 and December 2025, respectively:
| Consolidated | Parent Company | |||||||||||||||||||
| Ref. | Goodwill | Customer relationships | Software | Trademarks and patents |
Rights and licenses (*) |
Others | Total | Software | Total | |||||||||||
| Balance at December 31, 2024 | 4,126,255 | 40,239 | 114,000 | 252,428 | 5,902,886 | 2,283 | 10,438,091 | 68,070 | 68,070 | |||||||||||
| Effect of foreign exchange differences | 15 | 37 | 734 | 262 | 1,048 | |||||||||||||||
| Acquisitions | 2,977 | 2,977 | ||||||||||||||||||
| Transfer between groups - fixed assets | 45,190 | - | 45,190 | 17,325 | 17,325 | |||||||||||||||
| Amortization | (9,669) | (36,325) | (17) | (144,393) | (190,404) | (19,439) | (19,439) | |||||||||||||
| Transfers to other asset categories | (13,715) | 21,300 | 339 | (5,652) | (2,272) | |||||||||||||||
| Acquisition of stakes in subsidiaries | 653,074 | 8,247 | 1,044 | 45,280 | - | 707,645 | ||||||||||||||
| Others | 1,578 | 1,578 | ||||||||||||||||||
| Balance at December 31, 2025 | 4,779,329 | 25,117 | 148,223 | 298,764 | 5,754,681 | 11 | 11,006,125 | 65,956 | 65,956 | |||||||||||
| Cost | 5,328,376 | 881,322 | 436,871 | 302,347 | 6,383,219 | 11 | 13,332,146 | 235,165 | 235,165 | |||||||||||
| Accumulated amortization | (549,047) | (856,205) | (288,648) | (3,583) | (628,538) | (2,326,021) | (169,209) | (169,209) | ||||||||||||
| Balance at December 31, 2025 | 4,779,329 | 25,117 | 148,223 | 298,764 | 5,754,681 | 11 | 11,006,125 | 65,956 | 65,956 | |||||||||||
| Effect of foreign exchange differences | (522) | (15,459) | (2,339) | (18,320) | ||||||||||||||||
| Acquisitions | 1,198 | 8,870 | 10,068 | |||||||||||||||||
| Transfer between groups - fixed assets | (161) | 20,654 | 802 | 52,366 | 73,661 | 14,249 | 14,249 | |||||||||||||
| Write-offs | 27 | |||||||||||||||||||
| Amortization | 26 | (27,194) | (9,754) | (1,621) | (33,858) | (72,427) | (5,055) | (5,055) | ||||||||||||
| Transfers to other asset categories | (3,435) | (349) | 3,784 | |||||||||||||||||
| Goodwill - Estrela Comércio e Participações S.A | (352,209) | 295,853 | 9,844 | (46,512) | ||||||||||||||||
| Others | 3,435 | (492) | 2,943 | |||||||||||||||||
| Balance at March 31, 2026 | 4,427,120 | 290,180 | 162,885 | 292,330 | 5,724,115 | 58,908 | 10,955,538 | 75,150 | 75,150 | |||||||||||
| Cost | 4,976,167 | 1,117,909 | 463,939 | 297,534 | 6,382,727 | 58,908 | 13,297,184 | 252,096 | 252,096 | |||||||||||
| Accumulated amortization | (549,047) | (827,729) | (301,054) | (5,204) | (658,612) | (2,341,646) | (176,946) | (176,946) | ||||||||||||
| Balance at March 31, 2026 | 4,427,120 | 290,180 | 162,885 | 292,330 | 5,724,115 | 58,908 | 10,955,538 | 75,150 | 75,150 |
(*) Composed mainly of: (i) mining rights amortized by production volume and (ii) Concession contract for hydroelectric resource utilization in acquiring control of Companhia Estadual de Geração de Energia Elétrica, CEEE-G, with amortization performed over the contract's term.
The estimated average useful lives are as follows (in years):
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| Software | 8 | 8 | 8 | 8 | |||
| Customer relationships | 13 | 13 |
| |
(In thousands of Reals, unless stated otherwise)
| 13. | BORROWINGS AND FINANCING |
The balances of loans, financing and bonds that are recorded at amortized cost are as follows:
| Consolidated | Parent Company | |||||||||||||||
| Current Liabilities | Non-current Liabilities | Current Liabilities | Non-current Liabilities | |||||||||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | |||||||||
| Foreign Debt | ||||||||||||||||
| Floating Rates: | ||||||||||||||||
| Prepayment | 1,847,566 | 3,236,980 | 5,906,416 | 5,601,328 | 359,940 | 1,639,533 | 1,524,065 | 1,331,581 | ||||||||
| Fixed Rates: | ||||||||||||||||
| Bonds, Facility and ACC | 3,895,455 | 4,034,971 | 19,064,173 | 20,152,704 | 2,224,897 | 2,437,801 | 1,291,802 | 1,332,774 | ||||||||
| Intercompany | 231,928 | 193,334 | 8,714,528 | 9,454,192 | ||||||||||||
| Fixed interest in EUR | ||||||||||||||||
| Facility | 667,224 | 637,083 | 293,290 | 234,411 | ||||||||||||
| Intercompany | 5,642 | 320 | 328,457 | 353,480 | ||||||||||||
| 6,410,245 | 7,909,034 | 25,263,879 | 25,988,443 | 2,822,407 | 4,270,988 | 11,858,852 | 12,472,027 | |||||||||
| Debt agreements in R$ | ||||||||||||||||
| Floating Rate Securities | ||||||||||||||||
| BNDES/FINAME/FINEP, Debentures, CRI and NCE | 2,756,024 | 2,613,940 | 16,648,082 | 17,081,203 | 2,159,143 | 1,944,326 | 8,592,066 | 8,920,480 | ||||||||
| 2,756,024 | 2,613,940 | 16,648,082 | 17,081,203 | 2,159,143 | 1,944,326 | 8,592,066 | 8,920,480 | |||||||||
| Total Borrowings and Financing | 9,166,269 | 10,522,974 | 41,911,961 | 43,069,646 | 4,981,550 | 6,215,314 | 20,450,918 | 21,392,507 | ||||||||
| Transaction Costs and Issue Premiums | (90,714) | (94,415) | (552,387) | (573,658) | (23,766) | (24,550) | (101,085) | (106,851) | ||||||||
| Total Borrowings and Financing + Transaction cost | 9,075,555 | 10,428,559 | 41,359,574 | 42,495,988 | 4,957,784 | 6,190,764 | 20,349,833 | 21,285,656 | ||||||||
| 13.a) | Changes in Borrowings and Financing |
The following table shows the reconciliation of the book value at the beginning and end of the period:
| Consolidated | Parent Company | |||||||||
| Ref. | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||||
| Opening balance | 52,924,548 | 56,914,621 | 27,476,421 | 30,245,640 | ||||||
| New debts | 1,859,743 | 11,121,708 | 414,296 | 2,558,006 | ||||||
| Repayment | (2,793,057) | (11,717,772) | (1,949,650) | (3,434,578) | ||||||
| Payments of charges | (878,933) | (4,267,926) | (352,651) | (1,910,666) | ||||||
| Accrued charges | 28 | 1,060,051 | 4,314,121 | 469,160 | 1,987,311 | |||||
| Acquisition of stakes in subsidiaries | 641,574 | |||||||||
| Iron ore prepayment (1) | 66,717 | |||||||||
| Amortization of iron ore prepayments (1) | (66,717) | |||||||||
| Other (2) | (1,737,223) | (4,081,779) | (749,959) | (1,969,293) | ||||||
| Closing balance | 50,435,129 | 52,924,547 | 25,307,617 | 27,476,420 |
(1) They refer to iron ore prepayment bonds that were initially recognized as contract liabilities, as they refer to a future obligation to deliver the product. However, given the impossibility of delivering the product during the period and the need for a cash settlement, this obligation came to be characterized as a monetary item and was reclassified as financial liability. These amounts were fully settled for the period.
(2) Amounts include unrealized changes in exchange rate and inflation, as well as costs of capital raising.
| |
(In thousands of Reals, unless stated otherwise)
The Company raised and amortized debts during 2026, as shown below:
| Consolidated | ||||||||
| 03/31/2026 | ||||||||
| Nature | New debts | Maturities | Repayment | Interest payment | ||||
| Pre-Payment | 699,635 | 2027 | (1,271,183) | (238,965) | ||||
| Bonds, Foreign Exchange Contract and Facility | 1,140,753 | 2026 to 2032 | (1,039,407) | (402,006) | ||||
| BNDES/FINAME/FINEP, Debentures, CRI and NCE | 19,355 | 2026 to 2032 | (482,467) | (237,962) | ||||
| 1,859,743 | (2,793,057) | (878,933) | ||||||
| Parent Company | ||||||||
| 03/31/2026 | ||||||||
| Nature | New debts | Maturities | Repayment | Interest payment | ||||
| Pre-Payment | (851,764) | (174,046) | ||||||
| Bonds and ACC | 414,296 | 2026 to 2032 | (715,842) | (177,737) | ||||
| BNDES/FINAME/FINEP, Debentures, CRI and NCE | (149,006) | (868) | ||||||
| Intercompany | (233,038) | |||||||
| 414,296 | (1,949,650) | (352,651) |
| 13.b) | Maturities of Debts Presented in Current and Non-Current Liabilities |
| Consolidated | Parent Company | |||||||||||
| 03/31/2026 | 03/31/2026 | |||||||||||
| In foreign currency | In national currency - R$ | Total | In foreign currency | In national currency - R$ | Total | |||||||
| Average rate | US$ 6.41% € 3.41% | R$ 16.40% | US$ 3.66% € 5.56% | R$ 16.81% | ||||||||
| 2026 | 5,498,223 | 2,102,873 | 7,601,096 | 2,404,855 | 1,590,699 | 3,995,554 | ||||||
| 2027 | 4,446,985 | 3,983,158 | 8,430,143 | 1,851,885 | 3,281,629 | 5,133,514 | ||||||
| 2028 | 9,315,423 | 2,433,064 | 11,748,487 | 3,430,469 | 1,779,978 | 5,210,447 | ||||||
| 2029 | 473,708 | 1,820,988 | 2,294,696 | 1,099,347 | 902,251 | 2,001,598 | ||||||
| 2030 | 4,079,546 | 1,723,919 | 5,803,465 | 2,822,531 | 860,671 | 3,683,202 | ||||||
| 2031 | 4,858,667 | 1,542,236 | 6,400,903 | 458,783 | 255,995 | 714,778 | ||||||
| After 2031 | 3,001,572 | 5,797,868 | 8,799,440 | 2,613,389 | 2,079,986 | 4,693,375 | ||||||
| 31,674,124 | 19,404,106 | 51,078,230 | 14,681,259 | 10,751,209 | 25,432,468 |
| Consolidated | Parent Company | |||||||||||
| 12/31/2025 | 12/31/2025 | |||||||||||
| In foreign currency | In national currency - R$ | Total | In foreign currency | In national currency - R$ | Total | |||||||
| Average rate | US$ 6.42% € 3.53% |
R$ 16.1% | US$ 3.80% € 3.53% |
R$ 17.05% | ||||||||
| 2026 | 7,909,035 | 2,613,938 | 10,522,973 | 4,270,989 | 1,944,325 | 6,215,314 | ||||||
| 2027 | 3,890,494 | 3,915,457 | 7,805,951 | 1,512,104 | 3,252,053 | 4,764,157 | ||||||
| 2028 | 8,891,443 | 2,509,911 | 11,401,354 | 3,553,699 | 1,860,022 | 5,413,721 | ||||||
| 2029 | 564,742 | 1,909,546 | 2,474,288 | 1,183,036 | 982,295 | 2,165,331 | ||||||
| 2030 | 4,319,384 | 1,632,412 | 5,951,796 | 2,967,600 | 761,299 | 3,728,899 | ||||||
| 2031 | 5,144,744 | 1,460,420 | 6,605,164 | 483,658 | 151,259 | 634,917 | ||||||
| After 2031 | 3,177,635 | 5,653,459 | 8,831,094 | 2,771,929 | 1,913,553 | 4,685,482 | ||||||
| 33,897,477 | 19,695,143 | 53,592,620 | 16,743,015 | 10,864,806 | 27,607,821 |
| |
(In thousands of Reals, unless stated otherwise)
· Covenants
The Company's debt contracts provide for compliance with certain non-financial obligations, as well as maintenance of specific performance parameters and indicators, such as the disclosure of audited financial statements according to regulatory deadlines or having early maturity declared if the net debt to EBITDA indicator reaches the levels specified in these contracts.
As of the present date, the Company is compliant with the financial and non-financial obligations (covenants) of its current contracts.
| 14. | FINANCIAL INSTRUMENTS |
| 14.a) | Identification and Valuation of Financial Instruments |
The Company may operate with several financial instruments, with an emphasis on cash and cash equivalents, including investments, marketable securities, accounts receivables from customers, accounts payables to suppliers and borrowings and financing. Additionally, the Company may also operate with financial derivatives, such as swap of exchange or interest and commodities and exchange derivatives.
Given the nature of these instruments, fair value is essentially determined through the use of observable quotations in active markets, particularly B3 S.A. – Brasil, Bolsa, Balcão. The amounts recorded in current assets and liabilities have immediate liquidity or maturity, mostly in the short term. Considering the terms and characteristics of these instruments, the carrying amounts approximate the fair values.
| |
(In thousands of Reals, unless stated otherwise)
Classification of financial instruments
| Consolidated | ||||||||||||||||||
| 03/31/2026 | 12/31/2025 | |||||||||||||||||
| Ref. | Fair value through other comprehensive income | Fair value through profit or loss | Measured at amortized cost | Balances | Fair value through other comprehensive income | Fair value through profit or loss | Measured at amortized cost | Balances | ||||||||||
| Assets | ||||||||||||||||||
| Current | ||||||||||||||||||
| Cash and cash equivalents | 4 | 12,822,834 | 12,822,834 | 14,421,022 | 14,421,022 | |||||||||||||
| Financial investments | 5 | 418,628 | 198,083 | 616,711 | 372,397 | 270,318 | 642,715 | |||||||||||
| Trade receivables | 6 | 71,236 | 2,826,640 | 2,897,876 | 66,464 | 2,330,569 | 2,397,033 | |||||||||||
| Dividends and interest on equity | 9 | 217,746 | 217,746 | 76,026 | 76,026 | |||||||||||||
| Derivative financial instruments | 9 | 4,080 | 3,375 | 7,455 | 494 | 494 | ||||||||||||
| Receivables - Usiminas Shares | 9 | 204,852 | 204,852 | 192,911 | 192,911 | |||||||||||||
| Other receivables | 2,377 | 2,377 | ||||||||||||||||
| Trading securities | 9 | 3,079 | 3,079 | 2,598 | 2,598 | |||||||||||||
| Loans - related parties | 9 | 2,944 | 2,944 | 4,147 | 4,147 | |||||||||||||
| Total | 4,080 | 496,318 | 16,273,099 | 16,773,497 | - | 441,953 | 17,297,370 | 17,739,323 | ||||||||||
| Non-current | ||||||||||||||||||
| Financial investments | 5 | 25,867 | 25,867 | 25,257 | 25,257 | |||||||||||||
| Receivables - Usiminas Shares | 9 | 150,578 | 150,578 | 150,578 | 150,578 | |||||||||||||
| Other trade receivables | 22,785 | 22,785 | 19,759 | 19,759 | ||||||||||||||
| Eletrobrás compulsory loan | 9 | 3,787 | 3,787 | |||||||||||||||
| Receivables by indemnity | 9 | 840,536 | 840,536 | 779,827 | 779,827 | |||||||||||||
| Loans - related parties | 9 | 1,663,922 | 1,663,922 | 2,137,882 | 2,137,882 | |||||||||||||
| Total | 2,703,688 | 2,703,688 | - | 3,117,090 | 3,117,090 | |||||||||||||
| Total Assets | 4,080 | 496,318 | 18,976,787 | 19,477,185 | - | 441,953 | 20,414,460 | 20,856,413 | ||||||||||
| Liabilities | ||||||||||||||||||
| Current | ||||||||||||||||||
| Borrowings and financing | 13 | 9,166,269 | 9,166,269 | 10,522,974 | 10,522,974 | |||||||||||||
| Lease liabilities | 15 | 212,434 | 212,434 | 238,702 | 238,702 | |||||||||||||
| Trade payables | 16 | 6,531,907 | 6,531,907 | 7,162,929 | 7,162,929 | |||||||||||||
| Trade payables - Forfaiting | 16.a | 2,410,807 | 2,410,807 | 2,905,018 | 2,905,018 | |||||||||||||
| Dividends and interest on capital | 18 | 1,140,000 | 1,140,000 | 358,040 | 358,040 | |||||||||||||
| Derivative transactions | 18 | 1,731 | 1,731 | 67,304 | 67,304 | |||||||||||||
| Concessions to be paid | 18 | 13,336 | 13,336 | 13,350 | 13,350 | |||||||||||||
| Total | 1,731 | 19,474,753 | 19,476,484 | 67,304 | 21,201,013 | 21,268,317 | ||||||||||||
| Non-current | ||||||||||||||||||
| Borrowings and financing | 13 | 41,911,961 | 41,911,961 | 43,069,646 | 43,069,646 | |||||||||||||
| Lease liabilities | 15 | 839,137 | 839,137 | 855,037 | 855,037 | |||||||||||||
| Trade payables | 16 | 68,555 | 68,555 | 66,807 | 66,807 | |||||||||||||
| Derivative transactions | 18 | 141,085 | 141,085 | 153,507 | 153,507 | |||||||||||||
| Concessions to be paid | 18 | 77,771 | 77,771 | 78,419 | 78,419 | |||||||||||||
| Contractual liability arising from a stock option | 298,662 | 298,662 | ||||||||||||||||
| Total | 298,662 | 141,085 | 42,897,424 | 43,337,171 | - | 153,507 | 44,069,909 | 44,223,416 | ||||||||||
| Total Liabilities | 298,662 | 142,816 | 62,372,177 | 62,813,655 | 67,304 | 153,507 | 65,270,922 | 65,491,733 | ||||||||||
| |
(In thousands of Reals, unless stated otherwise)
| Parent Company | |||||||||||||||
| 03/31/2026 | 12/31/2025 | ||||||||||||||
| Ref. | Fair value through other comprehensive income | Fair value through profit or loss | Measured at amortized cost | Balances | Fair value through profit or loss | Measured at amortized cost | Balances | ||||||||
| Assets | |||||||||||||||
| Current | |||||||||||||||
| Cash and cash equivalents | 4 | 1,785,070 | 1,785,070 | 3,529,453 | 3,529,453 | ||||||||||
| Financial investments | 5 | 418,628 | 8,878 | 427,506 | 372,397 | 8,577 | 380,974 | ||||||||
| Trade receivables | 6 | 2,101,001 | 2,101,001 | 1,702,245 | 1,702,245 | ||||||||||
| Dividends and interest on equity | 9 | 400,443 | 400,443 | 1,167,342 | 1,167,342 | ||||||||||
| Derivative financial instruments | 9 | 3,375 | 3,375 | ||||||||||||
| Receivables - Usiminas Shares | 9 | 204,852 | 204,852 | 192,910 | 192,910 | ||||||||||
| Trading securities | 9 | 2,876 | 2,876 | 2,408 | 2,408 | ||||||||||
| Loans - related parties | 9 | 2,944 | 2,944 | 4,147 | 4,147 | ||||||||||
| Total | - | 424,879 | 4,503,188 | 4,928,067 | 374,805 | 6,604,674 | 6,979,479 | ||||||||
| Non-current | |||||||||||||||
| Receivables - Usiminas Shares | 9 | 150,578 | 150,578 | 150,578 | 150,578 | ||||||||||
| Other trade receivables | 1,115 | 1,115 | 1,115 | 1,115 | |||||||||||
| Eletrobrás compulsory loan | 9 | 678 | 678 | ||||||||||||
| Receivables by indemnity | 9 | 840,536 | 840,536 | 779,827 | 779,827 | ||||||||||
| Loans - related parties | 9 | 3,084,540 | 3,084,540 | 3,474,387 | 3,474,387 | ||||||||||
| Total | 4,076,769 | 4,076,769 | 4,406,585 | 4,406,585 | |||||||||||
| Total Assets | 424,879 | 8,579,957 | 9,004,836 | 374,805 | 11,011,259 | 11,386,064 | |||||||||
| Liabilities | |||||||||||||||
| Current | |||||||||||||||
| Borrowings and financing | 13 | 4,981,550 | 4,981,550 | 6,215,314 | 6,215,314 | ||||||||||
| Lease liabilities | 15 | 12,307 | 12,307 | 11,525 | 11,525 | ||||||||||
| Trade payables | 16 | 4,321,780 | 4,321,780 | 3,941,596 | 3,941,596 | ||||||||||
| Trade payables - Forfaiting | 16.a | 1,606,945 | 1,606,945 | 1,924,285 | 1,924,285 | ||||||||||
| Dividends and interest on capital | 18 | 6,047 | 6,047 | 6,059 | 6,059 | ||||||||||
| Total | 10,928,629 | 10,928,629 | 12,098,779 | 12,098,779 | |||||||||||
| Non-current | |||||||||||||||
| Borrowings and financing | 13 | 20,450,918 | 20,450,918 | 21,392,507 | 21,392,507 | ||||||||||
| Lease liabilities | 15 | 23,377 | 23,377 | 25,570 | 25,570 | ||||||||||
| Trade payables | 16 | 2,984 | 2,984 | 3,328 | 3,328 | ||||||||||
| Derivative transactions | 18 | 84,896 | 84,896 | 117,120 | 117,120 | ||||||||||
| Contractual liability arising from a stock option (1) | 298,662 | 298,662 | |||||||||||||
| Total | 298,662 | 84,896 | 20,477,279 | 20,860,837 | 117,120 | 21,421,405 | 21,538,525 | ||||||||
| Total Liabilities | 298,662 | 84,896 | 31,405,908 | 31,789,466 | 117,120 | 33,520,184 | 33,637,304 | ||||||||
(1) Call and put options related to the remaining interest of 30% of the non-controlling
shareholders in the Estrela Group, according to Note 18.
Instrument classified at fair value through other comprehensive income ("VJORA"), with recognition in shareholders' equity,
in other reserves.
| |
(In thousands of Reals, unless stated otherwise)
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 | 03/31/2026 | 12/31/2025 | ||||||||||||
| Level 1 | Level 2 | Level 3 | Balances | Level 1 | Level 2 | Balances | ||||||||
| Assets | ||||||||||||||
| Current | ||||||||||||||
| Financial investments | 418,628 | 418,628 | 372,397 | 372,397 | ||||||||||
| Trade receivables, net | 71,236 | 71,236 | 66,464 | 66,464 | ||||||||||
| Derivative transactions | 7,455 | 7,455 | 494 | 494 | ||||||||||
| Trading securities | 3,079 | 3,079 | 2,598 | 2,598 | ||||||||||
| Total Assets | 492,943 | 7,455 | 500,398 | 441,459 | 494 | 441,953 | ||||||||
| Liabilities | ||||||||||||||
| Current | ||||||||||||||
| Derivative financial instruments | 1,731 | 1,731 | 67,304 | 67,304 | ||||||||||
| Non-current | ||||||||||||||
| Derivative financial instruments | 141,085 | 141,085 | 153,507 | 153,507 | ||||||||||
| Contractual liability arising from a stock option | 298,662 | 298,662 | ||||||||||||
| Total Liabilities | 1,731 | 141,085 | 298,662 | 441,478 | 220,811 | 220,811 |
Level 1 – The data are prices quoted in an active market for identical items to the assets and liabilities being measured.
Level 2 – Considers observable inputs in the market, such as interest rates, foreign exchange, etc., but are not prices traded in active markets.
Level 3 - Uses significant assumptions not observable in the market, with no prices quoted in active markets or sufficient observable data for the direct pricing of these instruments.
| 14.b) | Financial Risk Management |
The Company uses risk management strategies, with guidance on the risks incurred on the business.
The nature and general position of financial risks are regularly monitored and managed to assess results and the financial impact on cash flow. Credit limits and the hedge quality of counterparties are also periodically reviewed.
Market risks are hedged when considered necessary to support the corporate strategy or when it is necessary to maintain the level of financial flexibility.
The Company is exposed to exchange rate, interest rate risk, market price, and credit and liquidity risk.
The Company may manage some of the risks using derivative instruments not associated with any speculative trading or short selling.
| |
(In thousands of Reals, unless stated otherwise)
| i) | Exchange Rate Risk |
The exposure arises mainly from the existence of assets and liabilities denominated in dollars, since the Company's functional currency is substantially the Real and is called natural foreign exchange exposure. The net exposure is the result of the offsetting the natural exchange exposure by the instruments of hedge adopted by the Company.
The consolidated net exposure is shown below:
| 03/31/2026 | 12/31/2025 | |||
| Foreign Exchange Exposure | (Amounts in US$’000) | (Amounts in US$’000) | ||
| Cash and cash equivalents overseas | 877,673 | 895,337 | ||
| Trade receivables | 183,844 | 212,372 | ||
| Financial investments | 455,848 | 388,705 | ||
| Borrowings and financing | (5,845,455) | (6,002,208) | ||
| Trade payables | (235,647) | (248,790) | ||
| Others | (27,638) | (14,528) | ||
| Natural Gross Foreign Exchange Exposure (assets - liabilities) | (4,591,375) | (4,769,112) | ||
| Derivative transactions (*) | 4,079,637 | 4,396,413 | ||
| Net foreign exchange exposure | (511,738) | (372,699) | ||
(*) Total notional value of derivative and non-derivative financial instruments used for exchange risk management.
The Company uses Hedge Accounting as a strategy, as well as derivative financial instruments to protect future cash flows.
Sensitivity analysis of Derivative Financial Instruments and Consolidated Foreign Exchange Exposure
The Company evaluated two different scenarios for the analysis of the exchange rate impact: Scenario 1 projects a horizon of increased currency volatility, and Scenario 2 predicts a horizon of currency appreciation. The calculation was based on the closing exchange rate on March 31, 2026, using assumptions based on a dispersion calculation that considers both historical variations in exchange rates and projections developed by management.
The currencies used in the sensitivity analysis and their respective scenarios are shown below:
| 03/31/2026 | 12/31/2025 | |||||||||||||||
| Currency | Exchange rate | Probable scenario | Scenario 1 | Scenario 2 | Exchange rate | Probable scenario | Scenario 1 | Scenario 2 | ||||||||
| USD | 5.2194 | 4.9806 | 5.6493 | 4.9398 | 5.5024 | 5.2006 | 5.7964 | 5.0436 |
| |
(In thousands of Reals, unless stated otherwise)
The effects on the result, considering scenarios 1 and 2, are shown below:
| 03/31/2026 | ||||||||||
| Instruments | Notional amount | Risk | Probable scenario (*) R$ |
Scenario 1 R$ | Scenario 2 R$ | |||||
| Cash and cash equivalents overseas | 877,673 | Dollar | (209,588) | 377,312 | (245,397) | |||||
| Trade receivables | 183,844 | Dollar | (43,902) | 79,035 | (51,403) | |||||
| Financial investments | 455,848 | Dollar | (108,857) | 195,969 | (127,455) | |||||
| Borrowings and financing | (5,845,455) | Dollar | 1,395,895 | (2,512,961) | 1,634,389 | |||||
| Trade payables | (235,647) | Dollar | 56,273 | (101,305) | 65,887 | |||||
| Others | (27,638) | Dollar | 6,600 | (11,882) | 7,728 | |||||
| Derivative financial instruments | 4,079,637 | Dollar | (974,217) | 1,753,836 | (1,140,667) | |||||
| Impact on profit or loss | 122,204 | (219,996) | 143,082 |
(*) The probable scenarios were calculated considering the following variations for the risks: Real x Dollar - Valuation of the Real by 4.58%. Source: Central Bank of Brazil on April 14, 2026.
| 12/31/2025 | ||||||||||
| Instruments | Notional amount | Risk | Probable scenario (*) R$ |
Scenario 1 R$ | Scenario 2 R$ | |||||
| Cash and cash equivalents overseas | 895,337 | Dollar | (270,213) | 263,229 | (410,781) | |||||
| Trade receivables | 212,372 | Dollar | (64,094) | 62,437 | (97,436) | |||||
| Financial investments | 388,705 | Dollar | (117,311) | 114,279 | (178,338) | |||||
| Borrowings and financing | (6,002,208) | Dollar | 1,811,466 | (1,764,649) | 2,753,813 | |||||
| Trade payables | (248,790) | Dollar | 75,085 | (73,144) | 114,145 | |||||
| Others | (14,528) | Dollar | 4,385 | (4,271) | 6,665 | |||||
| Derivative financial instruments | 4,396,413 | Dollar | (1,326,838) | 1,292,545 | (2,017,074) | |||||
| Impact on profit or loss | 112,480 | (109,574) | 170,994 |
(*) The probable scenarios were calculated considering the following variations for the risks: Real x Dollar - Valuation of the real by 5.48%. Source: Central Bank of Brazil on February 20, 2026.
| ii) | Interest Rate Risk |
This risk arises from short-term and long-term investments, loans and financing and debentures linked to pre-fixed and post-fixed CDI, TJLP, and SOFR interest rates, which expose these financial assets and liabilities to interest rate fluctuations as shown in the sensitivity analysis table.
Sensitivity Analysis of Interest Rate Changes
Below, we present the sensitivity analysis for risks related to interest rates. The Company considered two different scenarios to assess the impact of variations in these rates: Scenario 1 predicts a horizon of rising interest rates, and Scenario 2 projects a reduction horizon. To carry out the calculation, the closing rates on March 31, 2026 were considered as references, based on a dispersion model, which considers not only the historical variations in interest rates, but also detailed projections by the management.
This approach allows for a comprehensive and precise assessment of potential economic impacts arising from interest rate fluctuations.
| |
(In thousands of Reals, unless stated otherwise)
| Consolidated | Consolidated | |||||||||||
| 03/31/2026 | 12/31/2025 | |||||||||||
| Interest | Probable scenario | Scenario 1 | Scenario 2 | Probable scenario | Scenario 1 | Scenario 2 | ||||||
| CDI | 14.65% | 14.96% | 12.89% | 14.90% | 17.69% | 12.97% | ||||||
| TJLP | 9.19% | 9.27% | 8.08% | 9.07% | 9.22% | 6.18% | ||||||
| IPCA | 3.81% | 4.38% | 3.33% | 4.26% | 4.76% | 3.96% | ||||||
| SOFR 6M | 3.70% | 4.25% | 3.62% | 3.57% | 4.70% | 3.26% | ||||||
| SOFR | 3.68% | 5.73% | 3.64% | 3.87% | 5.54% | 3.64% | ||||||
| EURIBOR 3M | 2.08% | 4.33% | 2.01% | 2.03% | 4.31% | 1.95% | ||||||
| EURIBOR 6M | 2.48% | 4.16% | 2.09% | 2.11% | 4.38% | 2.02% |
The effects on balances in reals related to assets and liabilities linked to interest rates, considering scenarios 1 and 2, are demonstrated below:
| Impact on balances on 03/31/2026 | ||||||||||||
| Changes in interest rates | % p.a | Assets | Liabilities | Probable scenario (*) |
Scenario 1 | Scenario 2 | ||||||
| CDI | 14.65% | 4,294,851 | (16,516,926) | (1,790,534) | (1,828,728) | (1,574,823) | ||||||
| TJLP | 9.19% | (837,564) | (76,972) | (77,604) | (67,661) | |||||||
| IPCA | 3.81% | (1,333,282) | (50,798) | (58,371) | (44,382) | |||||||
| SOFR 6M | 3.70% | (3,332,648) | (123,309) | (141,652) | (120,779) | |||||||
| SOFR | 3.68% | (481,668) | (17,725) | (27,599) | (17,518) | |||||||
| EURIBOR 3M | 2.08% | (850,115) | (17,682) | (36,779) | (17,057) | |||||||
| EURIBOR 6M | 2.48% | (110,315) | (2,736) | (4,584) | (2,308) | |||||||
| Impact on profit or loss | (2,079,756) | (2,175,317) | (1,844,528) |
(*) The sensitivity analysis is based on the assumption of maintaining as a probable scenario the market values on March 31, 2026 recorded in the Company's assets and liabilities.
| Impact on balances on 12/31/2025 | ||||||||||||
| Changes in interest rates | % p.a | Assets | Liabilities | Probable scenario (*) |
Scenario 1 | Scenario 2 | ||||||
| CDI | 14.90% | 5,509,312 | (16,397,776) | (1,622,381) | (1,926,578) | (1,412,668) | ||||||
| TJLP | 9.07% | (824,228) | (74,757) | (75,994) | (50,901) | |||||||
| IPCA | 4.26% | (1,286,852) | (54,820) | (61,224) | (50,899) | |||||||
| SOFR 6M | 3.57% | (5,059,304) | (180,829) | (237,992) | (165,118) | |||||||
| SOFR | 3.87% | (472,461) | (18,284) | (26,170) | (17,192) | |||||||
| EURIBOR 3M | 2.03% | (849,153) | (17,255) | (36,571) | (16,517) | |||||||
| EURIBOR 6M | 2.11% | (22,592) | (476) | (989) | (456) | |||||||
| Impact on profit or loss | (1,968,802) | (2,365,518) | (1,713,751) | |||||||||
(*) Sensitivity analysis is based on the assumption of maintaining market values as of December 31, 2025 recorded in the Company's assets and liabilities as a probable scenario.
| iii) | Market price risk |
The Company is also exposed to market risks related to the volatility of commodity and input prices. In line with its risk management policy, risk mitigation strategies involving commodities may be used to reduce cash flow volatility. These mitigation strategies may incorporate derivative instruments, predominantly forward, futures, and options transactions.
| |
(In thousands of Reals, unless stated otherwise)
Below are the price risk protection instruments, as shown in the following topics:
a) Cash flow Hedge Accounting – “Platts” Index
To better reflect the accounting effects of the "Platts" hedge strategy on the result, the subsidiary CSN Mineração opted to formally designate the hedge and, consequently, adopted hedge accounting for the iron ore derivative as a hedge accounting instrument for its highly probable future iron ore sales. As a result, the mark-to-market arising from the "Platts" volatility will be temporarily recorded in equity and will be taken to the income statement when the sales occur according to the contracted evaluation period. This allows the recognition of "Platts" volatility on iron ore sales to be recognized at the same time.
The Company has periodically reviewed market scenarios to assess its exposure to iron ore price risk to ensure adequate coverage of market price fluctuations. This process involves monitoring fluctuations and trends in global prices, in addition to considering economic and geopolitical factors that may impact the value of this commodity.
The table below shows the result of the derivative instrument up to March 31, 2026:
| 03/31/2026 | 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | ||||||||||||||
| Appreciation (R$) | Fair value (market) | Other operating income expenses | Other comprehensive income | Financial income and expenses (note 28) | ||||||||||||||||
| Maturity | Notional | Asset position | Liability position | Amounts receivable / (payable) | ||||||||||||||||
| 01/01/2026 to 12/31/2025 (Settled) | Platts | 40,578 | 31,019 | 199 | ||||||||||||||||
| 01/01/2026 to 01/31/2026 (Settled) | Platts | (20,853) | (538) | |||||||||||||||||
| 02/01/2026 to 02/28/2026 (Settled) | Platts | 47,911 | 1,988 | |||||||||||||||||
| 03/01/2026 to 03/31/2026 (1) | Platts | 541,711 | (541,359) | 352 | 222 | (129) | ||||||||||||||
| 04/01/2026 to 04/30/2026 | Platts | 576,522 | (574,310) | 2,212 | 2,203 | 9 | ||||||||||||||
| 05/01/2026 to 05/31/2026 | Platts | 214,439 | (213,406) | 1,033 | 1,037 | (3) | ||||||||||||||
| 06/01/2026 to 06/30/2026 | Platts | 137,883 | (137,401) | 482 | 481 | 2 | ||||||||||||||
| 1,470,555 | (1,466,476) | 4,079 | 27,280 | 40,578 | 3,721 | 31,019 | 1,329 | 199 | ||||||||||||
(1) The maturity of the operation occurred on March 31, 2026 and its liquidation in early April 2026.
The movement of the amounts related to cash flow hedge accounting - "Platts" index recorded in shareholders' equity on March 31, 2026 is shown as follows:
| 12/31/2025 | Movement | Realization | 03/31/2026 | ||||
| Cash flow hedge – “Platts” | (29,977) | 60,978 | (27,280) | 3,721 | |||
| Income tax and social contribution on cash flow hedge | 10,192 | (20,732) | 9,275 | (1,265) | |||
| Fair Value of cash flow hedge - Platts, net | (19,785) | 40,246 | (18,005) | 2,456 |
The cash flow hedge - "Platts" index was fully effective since the contracting of derivative instruments.
To support the designations, the Company prepared formal documentation indicating how the cash flow hedge accounting designation - "Platts" index aligns with CSN's risk management objectives and strategy, identifying the protection instruments used, the hedge object, the nature of the risk to be protected, and demonstrating the expectation of high effectiveness of the designated relationships. Iron ore derivative instruments ("Platts" index) were designated in amounts equivalent to the portion of future sales, comparing the designated amounts with the expected and approved amounts in the budgets of the Management and Board.
| |
(In thousands of Reals, unless stated otherwise)
b) Cash flow Hedge Accounting
Foreign Exchange Hedge
The Company and its subsidiary CSN Mineração formally designate cash flow hedge relationships to protect highly probable future flows exposed to the dollar related to sales made in dollars.
With the objective of better reflecting the accounting effects of the foreign exchange hedge strategy in the results, CSN and its subsidiary CSN Mineração designated part of their dollar liabilities as a hedge instrument for their future exports. As a result, the exchange rate variation from designated liabilities will be temporarily recorded in shareholders' equity and will be transferred to the income statement when the respective exports occur, thus allowing the recognition of dollar fluctuations on the liability and exports to be recorded at the same time. It is emphasized that the adoption of this hedge accounting does not imply the contracting of any financial instrument.
The table below presents the summary of hedging relationships as of March 31, 2026:
| 03/31/2026 | ||||||||||||||||||
| Designation Date | Hedging Instrument | Hedged item | Type of hedged risk | Hedged period | Exchange rate on designation | Designated amounts (US$’000) | Amortized part (USD'000) | Effect on Result (R$'000) | Impact on Shareholders' equity (R$'000) | |||||||||
| 07/31/2019 | Bonds and Export prepayments in US$ to third parties | Part of the highly probable future monthly iron ore exports | Foreign exchange - R$ vs. US$ spot rate | January 2020 - April 2026 | 3.7649 | 1,342,761 | (1,248,561) | 405,465 | (137,014) | |||||||||
| 1/10/2020 | Bonds | Part of the highly probable future monthly iron ore exports | Foreign exchange - R$ vs. US$ spot rate | March 2020 to November 2025 until December 2050 | 4.0745 | 1,416,000 | (1,416,000) | (1,214,600) | ||||||||||
| 01/28/2020 | Bonds | Part of the highly probable future monthly iron ore exports | Foreign exchange - R$ vs. US$ spot rate | March 2027 - January 2028 | 4.2064 | 1,000,000 | (1,013,000) | |||||||||||
| 6/1/2022 | Bonds and Export prepayments in US$ to third parties | Part of the highly probable future monthly iron ore exports | Foreign exchange - R$ vs. US$ spot rate | June 2022 - April 2032 | 4.7289 | 1,145,000 | (360,000) | (385,043) | ||||||||||
| 12/1/2022 | Bonds | Part of the highly probable future monthly iron ore exports | Foreign exchange - R$ vs. US$ spot rate | December 2022 - June 2031 | 5.0360 | 490,000 | (37,000) | (83,080) | ||||||||||
| 12/1/2022 | Advance on foreign exchange contract | Part of the highly probable future monthly iron ore exports | Foreign exchange - R$ vs. US$ spot rate | December 2022 - December 2025 | 5.2565 | 100,000 | (100,000) | |||||||||||
| 05/16/2024 | Export Prepayments in US$ with third parties, ACC and Bonds | Part of the highly probable future monthly iron ore exports | Foreign exchange - R$ vs. US$ spot rate | September 2024 - March 2035 | 5.1270 | 1,202,000 | (266,600) | 4,714 | (86,431) | |||||||||
| 6/6/2024 | Advance on foreign exchange contract | Part of the highly probable future monthly iron ore exports | Foreign exchange - R$ vs. US$ spot rate | June 2024 - February 2025 | 5.2700 | 30,000 | (30,000) | |||||||||||
| 06/25/2024 | Advance on foreign exchange contract | Part of the highly probable future monthly iron ore exports | Foreign exchange - R$ vs. US$ spot rate | June 2024 - February 2025 | 5.4405 | 10,000 | (10,000) | |||||||||||
| Total recognized at the parent company | 6,735,761 | (3,468,161) | 410,179 | (2,919,168) | ||||||||||||||
| 6/1/2022 | Export prepayments in US$ to third parties | Part of the highly probable future monthly iron ore exports | Foreign exchange - R$ vs. US$ spot rate | June 2022 - May 2033 | 4.7289 | 878,640 | (269,350) | 4,341 | (298,857) | |||||||||
| 12/1/2022 | Export prepayments in US$ to third parties | Part of the highly probable future monthly iron ore exports | Foreign exchange - R$ vs. US$ spot rate | December 2022 - June 2027 | 5.0360 | 70,000 | (13,032) | |||||||||||
| 05/16/2024 | Export prepayments in US$ to third parties | Part of the highly probable future monthly iron ore exports | Foreign exchange - R$ vs. US$ spot rate | August 2025 - March 2035 | 5.1270 | 208,717 | (88,372) | 618 | (11,120) | |||||||||
| Total recognized in the consolidated | 7,893,118 | (3,825,883) | 415,138 | (3,242,177) | ||||||||||||||
| |
(In thousands of Reals, unless stated otherwise)
The net balance of the amounts designated and previously amortized in US Dollars totals US$ 4,067,235 (US$ 4,384,011 as of December 31, 2025).
In the hedge relationships described above, the values of the debt instruments were fully designated for equivalent portions of iron ore exports.
As of March 31, 2026, the hedging relationships established by the Company were effective, according to the prospective and retrospective tests carried out. Thus, no reversal due to ineffectiveness of cash flow hedge accounting was recorded.
c) Net Overseas Investment Hedge
The information related to the hedge of net investment abroad has not changed in relation to that disclosed in the Company's financial statements as of December 31, 2025. The balance recorded on March 31, 2026 and December 31, 2025 in shareholders' equity is R$6,292,800.
d) Hedge Accounting Transactions
The movement of the amounts related to cash flow hedge accounting recorded in shareholders' equity on March 31, 2026, is shown as follows:
| Consolidated | |||||||
| 12/31/2025 | Movement | Realization | 03/31/2026 | ||||
| Cash flow hedge | (4,900,465) | 1,243,150 | 415,138 | (3,242,177) | |||
| Income tax and social contribution on cash flow hedge | 1,666,160 | (422,672) | (141,147) | 1,102,341 | |||
| Fair Value of cash flow accounting, net taxes | (3,234,305) | 820,478 | 273,991 | (2,139,836) | |||
| Parent Company | |||||||
| 12/31/2025 | Movement | Realization | 03/31/2026 | ||||
| Cash flow hedge | (4,341,748) | 1,012,401 | 410,179 | (2,919,168) | |||
| Income tax and social contribution on cash flow hedge | 1,476,195 | (344,217) | (139,461) | 992,517 | |||
| Fair Value of cash flow accounting, net taxes | (2,865,553) | 668,184 | 270,718 | (1,926,651) |
| iv) | Credit risks |
The exposure to credit risks of financial institutions observes the parameters established in the financial policy. The Company's practice is the detailed analysis of the equity and financial situation of its customers and suppliers, the establishment of a credit limit and the permanent monitoring of its outstanding balance.
Regarding financial investments, the Company only makes investments in institutions with low credit risk assessed by credit rating agencies. Since part of the resources is invested in repurchase agreements that are backed by Brazilian government securities, there is also exposure to the credit risk of the Brazilian State.
| |
(In thousands of Reals, unless stated otherwise)
Regarding credit risk exposure in trade and other receivables, the Company has a credit risk committee where each new customer is individually analyzed for their financial condition before credit limits and payment terms are granted. This is periodically reviewed according to the procedures specific to each business area.
| v) | Liquidity Risk |
It is the risk that the Company may not have sufficient net funds to honor its financial commitments as a result of the mismatch of term or volume between expected receipts and payments.
Future receipt and payment premises are established to manage cash liquidity in domestic and foreign currencies, which are monitored on a day-to-day basis by the Treasury department. Payment schedules for long-term installments of loans, financing and debentures are presented in note 13.
Amounts below represent contractual maturities for financial liabilities including interest:
| Consolidated | ||||||||||||
| At March 31, 2026 | Ref. | Less than one year | From one to two years | From two to five years | Over five years | Total | ||||||
| Loans, financing and debentures | 13.b | 9,166,269 | 6,859,829 | 19,851,790 | 15,200,342 | 51,078,230 | ||||||
| Lease liabilities | 15 | 212,434 | 202,232 | 198,579 | 438,326 | 1,051,571 | ||||||
| Derivative transactions | 18 | 1,731 | 141,085 | 142,816 | ||||||||
| Trade payables | 16 | 6,531,907 | 68,555 | 6,600,462 | ||||||||
| Trade payables - Forfaiting | 16.a | 2,410,807 | 2,410,807 | |||||||||
| Dividends and interest on capital | 18 | 1,140,000 | 1,140,000 | |||||||||
| Concessions to be paid | 18 | 13,336 | 13,350 | 40,050 | 24,371 | 91,107 | ||||||
| 19,476,484 | 7,143,966 | 20,090,419 | 15,804,124 | 62,514,993 |
Fair Values of Assets and Liabilities in Relation to Book Value
Assets and liabilities measured at fair value through profit or loss are recognized under financial results. However, when designated for hedge accounting operations, fair value adjustments are recorded under other comprehensive income up until the moment they are realized, when they are then recorded under other operating income (expenses), according to the nature of the operation.
The amounts are recorded in the financial statements at their book value, which are substantially similar to those that would be obtained if they were traded in the market. The fair values of other long-term assets and liabilities do not differ significantly from their carrying amounts, except for the amounts below.
The estimated fair value for certain consolidated long-term loans and financing were calculated at current market rates, considering the nature, term and risks similar to those of the registered contracts, as follows:
| 03/31/2026 | 12/31/2025 | ||||||
| Closing Balance | Fair value | Closing Balance | Fair value | ||||
| Fixed Rate Notes (*) | 18,791,348 | 12,780,546 | 19,728,321 | 16,958,019 |
(*) Source: Bloomberg.
| |
(In thousands of Reals, unless stated otherwise)
| 14.c) | Protective instruments: Derivatives |
Position of the derivative financial instrument’s portfolio
Foreign exchange swap CDI x Dollar
In October 2023, the Company entered into a new swap agreement with the purpose of mitigating the risk associated with an Export Credit Note (ECN) acquired during the same period, whose maturity is scheduled for October 2028, and which has a principal amount of R$ 680,000.
In January 2025, the Company entered into a new swap agreement with the purpose of mitigating the risk associated with an NCE acquired during the same period, whose maturity is scheduled for January 2028, and which has a principal amount of US$ 50,000.
Real x Dollar Foreign Exchange Swap
The Subsidiary CSN Cimentos Brasil, after receiving foreign currency loan in the amount of US$ 115,000, contracted derivative instruments in order to hedge again foreign exchange exposure to the dollar. This transaction was settled in June 2025.
In July 2024, CSN Cimentos Brasil again, after obtaining a foreign currency loan in the amount of US$ 50,000, contracted derivative transactions to hedge its exposure against the dollar. These transactions will mature in July 2027.
Interest swap CDI x IPCA
CSN Mineração, CSN Cimentos Brasil and CSN issued debentures during the years 2021, 2022 and 2023, respectively, and contracted derivative operations to protect their exposure to IPCA. The CSN Mineração contracts have staggered maturities between 2031 and 2037, the CSN Cimentos contracts mature in 2038, and CSN's between 2030 and 2038.
Below is the position of derivatives:
| Consolidated | ||||||||||||||||
| 03/31/2026 | 03/31/2025 | |||||||||||||||
| Appreciation (R$) | Fair value (market) | Effect on financial result (note28) | ||||||||||||||
| Instrument | Maturity | Functional Currency | Notional amount | Asset position | Liability position | Amounts receivable / (payable) | ||||||||||
| Exchange rate swap | ||||||||||||||||
| Exchange rate swap CDI x Dollar - CSN | 2028 | Real | 975,000 | 1,036,134 | (1,117,655) | (81,521) | 35,598 | 2,223 | ||||||||
| Dollar x Real swap - CSN Cimentos Brasil | 2027 | Dollar | 50,000 | 273,183 | (297,994) | (24,811) | (22,217) | (57,108) | ||||||||
| Exchange rate swap Dollar x CDI - Grupo Estrela | 2027 | Real | 179,453 | 184,819 | (217,928) | (33,109) | (17,982) | |||||||||
| Total Exchange rate Swap | 1,494,136 | (1,633,577) | (139,441) | (4,601) | (54,885) | |||||||||||
| Interest rate swap | ||||||||||||||||
| Interest rate (Debentures) CDI x IPCA - CSN | 2030 to 2039 | Real | 2,012,358 | 2,177,825 | (2,212,097) | (34,272) | (14,204) | 6,968 | ||||||||
| Interest rate (Debentures) CDI x IPCA - CSN Mineração | 2031 to 2037 | Real | 2,400,000 | 2,735,520 | (2,662,099) | 73,421 | (14,689) | 9,667 | ||||||||
| Interest rate (Debentures) CDI x IPCA - CSN Cimentos Brasil | 2032 | Real | 1,200,000 | 1,397,946 | (1,276,551) | 121,395 | (614) | 4,816 | ||||||||
| Total interest rate (Debentures) CDI x IPCA | 6,311,291 | (6,150,747) | 160,544 | (29,507) | 21,451 | |||||||||||
| 7,805,427 | (7,784,324) | 21,103 | (34,108) | (33,434) | ||||||||||||
| |
(In thousands of Reals, unless stated otherwise)
Classification of Derivatives in the Balance Sheet and Income Statement
| 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | ||||||||||||||||||
| Instruments | Assets | Liabilities | Other operating income expenses | Other comprehensive income | Financial income (expenses), net (note 28) | ||||||||||||||||||
| Current | Total | Current | Non-current | Total | |||||||||||||||||||
| Iron ore derivative | 4,080 | 4,080 | 27,280 | 40,578 | 3,721 | 31,031 | 1,327 | 199 | |||||||||||||||
| Exchange rate swap CDI x Dollar | 3,375 | 3,375 | (1,731) | (141,085) | (142,816) | 17,617 | 61,037 | ||||||||||||||||
| Exchange rate swap CDI x IPCA (1) | 160,544 | 160,544 | (29,508) | 21,450 | |||||||||||||||||||
| Dollar x Real swap | (22,217) | (115,921) | |||||||||||||||||||||
| 7,455 | 7,455 | (1,731) | 19,459 | 17,728 | 27,280 | 40,578 | 3,721 | 31,031 | (32,781) | (33,235) | |||||||||||||
(1) CDI x IPCA SWAP derivative instruments are fully classified under the loans and financing group since they are linked to debentures in order to hedge against exposure to IPCA.
| 14.d) | Investments in Securities Measured at Fair Value Through Profit or Loss |
The Company holds common (USIM3) and preferred (USIM5) shares of Usiminas Siderúrgica de Minas Gerais S.A. (“Usiminas”). Usiminas shares are classified as current assets in financial investments and at fair value, based on the market price quotation on B3.
According to the Company's policy, gains and losses resulting from changes in stock prices are recorded directly in the income statement under financial income for shares classified as financial investments and under other operating income and expenses for shares classified as investments.
| i) | Stock Market Price Risks |
| Class of shares | 03/31/2026 | 12/31/2025 | 03/31/2026 | 03/31/2025 | ||||||||||||||||
| Quantity | Interest (%) | Share price | Closing Balance | Quantity | Equity interest (%) | Share price | Closing Balance | Profit loss (note 28) | ||||||||||||
| USIM3 | 35,192,508 | 4.99% | 6.66 | 234,382 | 35,192,508 | 4.99% | 5.96 | 209,747 | 24,635 | 30,921 | ||||||||||
| USIM5 | 27,336,117 | 4.99% | 6.74 | 184,246 | 27,336,117 | 4.99% | 5.95 | 162,650 | 21,595 | 19,852 | ||||||||||
| 418,628 | 372,397 | 46,230 | 50,773 | |||||||||||||||||
The Company is exposed to the risk of changes in share prices due to investments measured at fair value through profit or loss that have their quotations based on market price on B3.
Sensitivity Analysis for Stock Price Risks
We present below the sensitivity analysis for the risks related to the stock price variation. The Company evaluated two distinct scenarios for the impact of price fluctuations: Scenario 1 (extreme optimistic) forecasts a horizon of price appreciation, and Scenario 2 (extreme pessimistic) considers a horizon of deterioration in price volatility. The calculation was based on the closing price of the shares on March 31, 2026, using assumptions based on both the dispersion of historical variations in prices and projections prepared by Management.
| |
(In thousands of Reals, unless stated otherwise)
The effects on the result, considering the probable scenarios, 1 and 2 are shown below:
| 03/31/2026 | ||||||||||||||
| Class of shares | Quantity | Share prince on 03/31/2026 | Extreme Optimistic Scenario share price | Extreme Pessimistic Scenario share price | Closing Balance | Extreme Optimistic Scenario (1) | Extreme Pessimistic Scenario (2) | |||||||
| USIM3 | 35,192,508 | 6.66 | 7.49 | 5.79 | 234,382 | 29,137 | (30,727) | |||||||
| USIM5 | 27,336,117 | 6.74 | 7.57 | 5.93 | 184,245 | 22,646 | (22,049) | |||||||
| 418,627 | 51,783 | (52,776) |
| 14.e) | Capital Management |
The Company seeks to optimize its capital structure with the purpose of reducing its financial costs and maximizing return to its shareholders. The following chart demonstrates the evolution of the Company's consolidated capital structure, with financing through equity and third-party capital:
| Thousands of Reais | 03/31/2026 | 12/31/2025 | ||
| Shareholder's equity (equity) | 15,894,283 | 15,736,350 | ||
| Borrowings and Financing (Third-party capital) | 50,435,129 | 52,924,547 | ||
| Gross Debit/Shareholder's equity | 3.17 | 3.36 |
| 15. | LEASE LIABILITIES |
The lease liabilities are presented below:
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| Leases | 2,397,148 | 2,469,723 | 41,269 | 43,430 | |||
| Adjusted present value - Leases | (1,345,577) | (1,375,984) | (5,585) | (6,335) | |||
| 1,051,571 | 1,093,739 | 35,684 | 37,095 | ||||
| Classified: | |||||||
| Current | 212,434 | 238,702 | 12,307 | 11,525 | |||
| Non-current | 839,137 | 855,037 | 23,377 | 25,570 | |||
| 1,051,571 | 1,093,739 | 35,684 | 37,095 |
Through its subsidiaries, the Company holds leases for port terminals in Itaguaí: the Solid Bulk Terminal (TECAR), used for the loading and unloading of iron ore and other minerals, and the Container Terminal (TECON), with remaining lease terms of 21 and 25 years, respectively, and a concession for railway operations using the Northeast network with a remaining term of 2 years, as well as a land lease agreement located in Taubaté, São Paulo, for the expansion of operations in the Steel segment with a remaining term of 17 years.
Additionally, the Company has leasing contracts for operational equipment, mainly used in mining, cement, and steel operations, and properties used as operational facilities and administrative and sales offices in various locations where the Company operates, with remaining terms of 1 to 19 years.
| |
(In thousands of Reals, unless stated otherwise)
The present value of future obligations was measured using the implicit rate observed in the contracts, and for contracts that did not have a rate, the Company applied the incremental rate of loans – IBR, both in nominal terms.
The average rates used in measuring new lease liabilities in the consolidated and parent company are demonstrated in the table below:
| 03/31/2026 | ||
| Contract term (in years) | Incremental Rate (p.a.) | |
| 1 | 14.62% | |
| 2 | 13.86% | |
| 3 | 15.41% |
The reconciliation of lease liabilities is shown in the table below:
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| Opening balance | 1,093,739 | 840,305 | 37,095 | 38,453 | |||
| New leases | 21,890 | 72,305 | 1,041 | ||||
| Contract review | 4,006 | 244,543 | 8,238 | ||||
| Write-off | (1,472) | (12,050) | |||||
| Payments | (92,652) | (371,467) | (3,280) | (12,997) | |||
| Interest appropriated | 31,084 | 115,529 | 828 | 3,401 | |||
| Acquisition of stakes in subsidiaries | 209,178 | ||||||
| Exchange variation | (5,024) | (4,604) | |||||
| Net balance | 1,051,571 | 1,093,739 | 35,684 | 37,095 |
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 March 31, 2026, the expected payments are the followings:
| Consolidated | |||||||
| Less than one year | Between one and five years | Over five years | Total | ||||
| Leases | 240,072 | 765,016 | 1,392,060 | 2,397,148 | |||
| Adjusted present value - Leases | (27,638) | (342,534) | (975,405) | (1,345,577) | |||
| 212,434 | 422,482 | 416,655 | 1,051,571 |
| |
(In thousands of Reals, unless stated otherwise)
| · | Recoverable PIS and COFINS |
Lease liabilities were measured by the value of the considerations with suppliers, that is, without considering tax credits that apply after payment. The potential right to PIS and COFINS embedded in the lease liability is shown below:
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| Leases | 2,311,988 | 2,376,597 | 38,969 | 40,979 | |||
| Adjusted present value - Leases | (1,341,435) | (1,371,252) | (5,228) | (5,938) | |||
| Potencial PIS and COFINS credit | 213,859 | 219,835 | 3,605 | 3,791 | |||
| Adjusted present value – Potential PIS and COFINS credit | (124,083) | (126,841) | (484) | (549) |
Lease payments not recognized as liabilities:
The Company chose not to recognize lease liabilities in contracts with a term of less than 12 months and for low value assets. Payments made for these contracts are recognized as expenses when incurred.
The Company has lease contracts for port terminals (TECAR and TECON) and a concession contract for the operation and development of public rail freight transport services in the Northeast Network I (FTL). Although these contracts establish minimum performance requirements, it is not possible to determine their cash flow since the payments are entirely variable and will only be known when they occur. In such cases, payments will be recognized as expenses when incurred.
Expenses related to payments not included in the measurement of the lease liability are:
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2026 | ||||
| Lower Assets value | 2,162 | 3,665 | 1,068 | 2,405 | |||
| Variable lease payments | 70,549 | 80,663 | |||||
| 72,711 | 84,328 | 1,068 | 2,405 |
| 16. | TRADE PAYABLES |
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| Trade payables | 6,708,580 | 7,323,417 | 4,401,670 | 4,005,857 | |||
| (-) Adjusted present value | (108,118) | (93,681) | (76,906) | (60,933) | |||
| 6,600,462 | 7,229,736 | 4,324,764 | 3,944,924 | ||||
| Classified: | |||||||
| Current | 6,531,907 | 7,162,929 | 4,321,780 | 3,941,596 | |||
| Non-current | 68,555 | 66,807 | 2,984 | 3,328 | |||
| 6,600,462 | 7,229,736 | 4,324,764 | 3,944,924 |
| |
(In thousands of Reals, unless stated otherwise)
| 16.a) | Trade payables – Forfaiting |
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| In Brazil | 1,990,180 | 2,231,266 | 1,186,317 | 1,250,533 | |||
| Abroad | 420,627 | 673,752 | 420,628 | 673,752 | |||
| 2,410,807 | 2,905,018 | 1,606,945 | 1,924,285 |
The Company discloses and classifies in a specific group its forfaiting operations with suppliers where the nature of the securities continue to be part of the Company's operating cycle. These transactions are negotiated with financial institutions to enable the Company's suppliers to anticipate receivables arising from sales of goods and, consequently, to extend the payment terms mostly from 180 days to 360 days of the Company's own obligations.
The table below provides a comparison of invoice payment terms with and without reverse factoring operations, dealing only with merchandise acquisitions, for the base date of March 31, 2026:
| Consolidated | Consolidated | ||||||
| 03/31/2026 | 12/31/2025 | ||||||
| Trade payables | Forfaiting | No Forfaiting | Forfaiting | No Forfaiting | |||
| Due between 1 and 180 days | 1,322,964 | 6,489,118 | 2,128,326 | 5,275,445 | |||
| Due between 181 to 360 days | 1,087,843 | 42,789 | 776,693 | 1,887,484 | |||
| Over 360 days | 68,555 | 66,807 | |||||
| Total | 2,410,807 | 6,600,462 | 2,905,019 | 7,229,736 |
Impact of variations without effect on cash as of March 31, 2026:
| Consolidated | |||
| 03/31/2026 | 03/31/2025 | ||
| Exchange variation | (13,707) | 2,751 | |
| Interest Appropriation | 19,877 | 13,998 | |
| Total | 6,170 | 16,749 |
| |
(In thousands of Reals, unless stated otherwise)
| 17. | ADVANCES FROM CUSTOMERS |
Contract liabilities classified as current and non-current liabilities are comprised as follows:
| Consolidated | Parent Company | |||||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | |||||||
| Iron ore | 12,581,551 | 11,597,794 | ||||||||
| Others | 1,736,602 | 1,776,909 | 1,212,013 | 1,220,004 | ||||||
| 14,318,153 | 13,374,703 | 1,212,013 | 1,220,004 | |||||||
| Classified: | ||||||||||
| Current | 4,530,955 | 4,347,937 | 563,043 | 481,905 | ||||||
| Non-current | 9,787,198 | 9,026,766 | 648,970 | 738,099 | ||||||
| 14,318,153 | 13,374,703 | 1,212,013 | 1,220,004 |
| 18. | OTHER PAYABLES (CURRENT AND NON-CURRENT) |
The other payables classified in current and non-current liabilities are comprised as follows:
| Consolidated | Parent Company | |||||||||||||||||
| Ref. | Current | Non-current | Current | Non-current | ||||||||||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | |||||||||||
| Related party liabilities | 63 | 50,241 | 575,361 | 622,306 | 288,817 | 312,889 | ||||||||||||
| Derivative financial instruments | 14 | 1,731 | 67,304 | 141,085 | 153,507 | 84,896 | 117,120 | |||||||||||
| Dividends and interest on capital (1) | 14 | 1,140,000 | 358,040 | 6,047 | 6,059 | |||||||||||||
| Liabilities fron the business combination | 305,285 | 377,411 | 495,665 | 470,890 | 135,022 | 129,688 | 431,523 | 457,090 | ||||||||||
| Taxes in installments | 30,831 | 30,727 | 85,792 | 88,906 | 17,460 | 17,265 | 48,972 | 50,026 | ||||||||||
| Profit sharing - employees | 413,428 | 327,663 | 214,818 | 170,735 | ||||||||||||||
| Taxes payable | 10,353 | 10,266 | 10,353 | 10,266 | ||||||||||||||
| Provision for consumption and services | 261,243 | 275,577 | 31,763 | 30,882 | ||||||||||||||
| Trade payables | 16 | 68,555 | 66,807 | 2,984 | 3,328 | |||||||||||||
| Lease liabilities | 15 | 212,434 | 238,702 | 839,137 | 855,037 | 12,307 | 11,525 | 23,377 | 25,570 | |||||||||
| Concessions to be paid | 14 | 13,336 | 13,350 | 77,771 | 78,419 | |||||||||||||
| Others payables (2) | 147,042 | 143,471 | 807,590 | 525,838 | 52,982 | 56,319 | 509,623 | 217,060 | ||||||||||
| 2,525,393 | 1,882,486 | 2,525,948 | 2,249,670 | 1,045,760 | 1,044,779 | 1,400,545 | 1,193,349 | |||||||||||
(1) Refers, for the most part, to dividends and interest on shareholders' equity resolved by the subsidiary CSN Mineração. Part of this balance was advanced by a Related Financial Institution, while the remaining amount represents balances payable to non-controlling shareholders.
(2) Under Non-Current Assets, this refers primarily to a call and put option agreement regarding the remaining 30% stake held by non-controlling interests in the Estrela Group, which grants minority shareholders the right to sell ("Put") and the Company the obligation to acquire said equity interests, the balance of which as of March 31, 2026, is R$ 298,662 in the Parent Company and in the Consolidated Financial Statements.
| 19. | INCOME TAX AND SOCIAL CONTRIBUTION |
| 19.a) | Income tax and social contribution recognized in profit or loss: |
Income tax and social contributions recognized in profit or loss for the period are as follows:
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | ||||
| Income tax and social contribution income (expense) | |||||||
| Current | (115,291) | (203,771) | - | - | |||
| Deferred | 572,776 | 434,901 | 536,938 | 353,388 | |||
| 457,485 | 231,130 | 536,938 | 353,388 |
| |
(In thousands of Reals, unless stated otherwise)
The reconciliation of expenses related to income tax and social contributions and consolidated and parent company and the product of the current rate on profit before income tax (IRPJ) and social contribution (CSLL) are shown below:
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | ||||
| Profit/(Loss) before income tax and social contribution | (1,012,508) | (962,710) | (1,152,469) | (972,534) | |||
| Tax rate | 34% | 34% | 34% | 34% | |||
| Income tax and social contribution at combined statutory rate | 344,253 | 327,321 | 391,839 | 330,662 | |||
| Adjustment to reflect the effective rate: | |||||||
| Equity in results of affiliated companies(1) | 49,486 | 36,622 | 129,956 | 30,388 | |||
| Effect of differentiated rates and tax-exempt profits in investments | 75,768 | (102,350) | |||||
| Income taxes and social contribution on foreign profit | (1,978) | (1,978) | |||||
| Indebtdness limit | (727) | (727) | |||||
| Tax incentives | 6,737 | 5,921 | |||||
| Recognition/(reversal) of tax credits | (26,468) | (13,523) | |||||
| Other permanent deductions (add-backs) | 8,436 | (20,883) | 15,870 | (5,684) | |||
| Income tax and social contribution in net income for the period | 457,485 | 231,130 | 536,938 | 353,388 | |||
| Effective tax rate | 45% | 24% | 47% | 36% |
| 19.b) | Deferred Income Tax and Social Contribution: |
Deferred income tax and social contribution balances are as follows:
| Consolidated | Parent Company | ||
| Balance at January 01, 2025 | 6,803,997 | 4,750,333 | |
| Recognized in profit and loss | 1,094,263 | 1,274,539 | |
| Recognized in equity | (1,387,336) | (1,138,951) | |
| Balance at December 31, 2025 | 6,510,924 | 4,885,921 | |
| Recognized in profit and loss | 572,776 | 536,938 | |
| Recognized in equity | (550,405) | (483,677) | |
| Balance at March 31, 2026 | 6,533,295 | 4,939,182 |
The Company's corporate structure includes foreign subsidiaries, the income of which is taxed in the respective countries. During the period between 2021 and 2025, these subsidiaries generated profits in the amount of R$ 8,276. If the Brazilian tax authorities understand that these profits are subject to additional taxation in Brazil through income tax and social security contributions, these amounts, if due, would total approximately R$ 2,814.
The Company, based on the position of its legal advisors, assessed only as possible the probability of loss in case of a possible tax challenge and, as a result, there was no provision was recognized in Financial Statements.
Furthermore, Management evaluated the precepts of IFRIC 23 - "Uncertainty Over Income Tax Treatments" and recognized in 2021 the credit for the unconstitutionality of IRPJ and CSLL incidence on SELIC interest of mora values received due to tax undue repetition.
A sensitivity analysis of tax credit consumption was conducted considering a variation of macroeconomic assumptions, operational performance, and liquidity events. Thus, considering the results of the study, which indicates that it is probable the existence of taxable income to use the balance of deferred income tax and social contribution.
| |
(In thousands of Reals, unless stated otherwise)
| 19.c) | Changes in Deferred Income Tax and Social Contribution |
Deferred income tax and social contribution balances are as follows:
| Consolidated | Parent Company | |||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | |||||
| Deferred | ||||||||
| Income tax losses | 4,693,217 | 4,578,638 | 2,968,068 | 2,657,671 | ||||
| Social contribution tax losses | 1,717,206 | 1,585,078 | 1,094,886 | 983,143 | ||||
| Temporary differences | 122,872 | 347,208 | 876,228 | 1,245,107 | ||||
| Tax, social security, labor, civil and environmental provisions | 382,768 | 391,345 | 159,382 | 163,124 | ||||
| Estimated losses on assets | 388,110 | 375,880 | 247,338 | 234,210 | ||||
| Gains/(Losses) on financial assets | 271,011 | 296,640 | 229,563 | 261,604 | ||||
| Actuarial Liabilities (Pension and Health Plan) | 147,940 | 141,088 | 132,494 | 128,915 | ||||
| Provision for consumption and services | 10,461 | 22,911 | 6,532 | 15,074 | ||||
| Cash Flow Hedge and Unrealized Exchange Variations | 426,004 | 886,799 | 259,123 | 628,018 | ||||
| (Gain) on loss of control of Transnordestina | (224,096) | (224,096) | (224,096) | (224,096) | ||||
| Fair Value SWT/CBL Acquisition | (149,490) | (149,490) | ||||||
| Business combination | (1,035,964) | (1,462,402) | (688,565) | (721,992) | ||||
| Unrealized results – transactions between related parties | 783,127 | 783,127 | 799,366 | 799,366 | ||||
| Acquisition of stakes in subsidiaries | (44,909) | |||||||
| (Losses)/Estimated reversal for deferred income tax and social contribution credits | (188,975) | |||||||
| Others | (114,294) | (525,619) | (39,116) | |||||
| Non-established income tax and social contribution | (762,705) | |||||||
| Total | 6,533,295 | 6,510,924 | 4,939,182 | 4,885,921 | ||||
| Total Deferred Assets | 7,104,779 | 7,100,375 | 4,939,182 | 4,885,921 | ||||
| Total Deferred Liabilities | (571,484) | (589,451) | ||||||
| Total Deferred | 6,533,295 | 6,510,924 | 4,939,182 | 4,885,921 |
| 19.d) | Income Tax and Social Contribution Recognized in Shareholders' Equity |
Income tax and social contribution recognized directly in equity are shown below:
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| Income tax and social contribution | |||||||
| Actuarial gains on defined benefit pension plan | 50,573 | 50,702 | 43,730 | 43,730 | |||
| Exchange differences on translating foreign operations | (325,350) | (325,350) | (325,350) | (325,350) | |||
| Cash flow hedge | 1,012,951 | 1,590,839 | 992,517 | 1,476,195 | |||
| Gain on sale of shares | (1,158,081) | (1,158,102) | (1,158,081) | (1,158,102) | |||
| (419,907) | 158,089 | (447,184) | 36,473 |
| |
(In thousands of Reals, unless stated otherwise)
| 20. | PRIVISIONS FOR TAX, SOCIAL SECURITY, LABOR, CIVIL, ENVIROMENTAL PROVISIONS AND JUDICIAL DEPOSITS |
Claims of different nature are being challenged at the appropriate courts. The details of provisioned values and respective judicial deposits related to these actions are presented below:
| Consolidated | Parent Company | ||||||||||||||
| Accrued liabilities | Judicial deposits | Accrued liabilities | Judicial deposits | ||||||||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||||||
| Tax | 84,748 | 89,522 | 178,647 | 182,569 | 15,624 | 15,891 | 67,351 | 71,763 | |||||||
| Social security | 13,643 | 13,533 | 13,643 | 13,533 | |||||||||||
| Labor | 478,428 | 486,045 | 379,748 | 372,571 | 172,689 | 170,253 | 142,764 | 139,265 | |||||||
| Civil | 290,868 | 224,984 | 34,406 | 34,361 | 123,026 | 117,997 | 15,524 | 15,488 | |||||||
| Environmental | 55,681 | 60,092 | 4,981 | 6,317 | 18,219 | 23,502 | 277 | ||||||||
| Deposit of a guarantee | 23,208 | 25,194 | |||||||||||||
| 923,368 | 874,176 | 620,990 | 621,012 | 343,201 | 341,176 | 225,639 | 226,793 | ||||||||
| Classified: | |||||||||||||||
| Current | 56,009 | 61,455 | 35,235 | 40,225 | |||||||||||
| Non-current | 867,359 | 812,721 | 620,990 | 621,012 | 307,966 | 300,951 | 225,639 | 226,793 | |||||||
| 923,368 | 874,176 | 620,990 | 621,012 | 343,201 | 341,176 | 225,639 | 226,793 | ||||||||
The movement of tax, social security, labor, civil and environmental provisions in the period ended March 31, 2026 can be demonstrated as follows:
| Consolidated | |||||||||||
| Current + Non-current | |||||||||||
| Nature | 12/31/2025 | Additions | Accrued charges | Net utilization of reversal | 03/31/2026 | ||||||
| Tax | 89,522 | 17,080 | 1,638 | (23,492) | 84,748 | ||||||
| Social security | 13,533 | 110 | 13,643 | ||||||||
| Labor | 486,045 | 11,451 | 18,415 | (37,483) | 478,428 | ||||||
| Civil | 224,984 | 56,959 | 12,493 | (3,568) | 290,868 | ||||||
| Environmental | 60,092 | 512 | 1,116 | (6,039) | 55,681 | ||||||
| 874,176 | 86,002 | 33,772 | (70,582) | 923,368 |
| Parent Company | ||||||||||
| Current + Non-current | ||||||||||
| Nature | 12/31/2025 | Additions | Accrued charges | Net utilization of reversal | 03/31/2026 | |||||
| Tax | 15,891 | 2,397 | 645 | (3,309) | 15,624 | |||||
| Social security | 13,533 | 110 | 13,643 | |||||||
| Labor | 170,253 | 5,335 | 7,070 | (9,969) | 172,689 | |||||
| Civil | 117,997 | 303 | 6,254 | (1,528) | 123,026 | |||||
| Environmental | 23,502 | 1 | 518 | (5,802) | 18,219 | |||||
| 341,176 | 8,036 | 14,597 | (20,608) | 343,201 |
Provisions for taxes, social security, labor, civil and environmental matters have been estimated by management and substantially substantiated by legal counsel, and only those causes that are considered probable of loss are recorded. These provisions also include tax liabilities arising from actions taken at the Company's initiative, plus SELIC (Special System for Settlement and Custody) interest.
| |
(In thousands of Reals, unless stated otherwise)
Tax Proceedings
The main legal proceedings considered by external legal consultants as having a probable loss probability, in which CSN or its subsidiaries are parties, of a tax nature are: (i) some ISS tax infraction notices; (ii) divergences between calculated and collected ICMS; and (iii) Compensation requests not approved due to lack of credit rights.
Labor lawsuits
The Group appears as a defendant in labor claims. Most of the claims in these lawsuits relate to subsidiary and/or joint liability, equal pay, hazard and danger pay allowances, overtime, health plans, compensation claims for alleged occupational diseases or work accidents, intra-day break periods, and differences in profit sharing for the years 1997 to 1999 and 2000 to 2003.
Throughout the period ended March 31, 2026, there were changes in additions and write-offs of labor proceedings resulting from definitive closure, in addition to the constant review of the Company's accounting estimates in relation to provisions and contingencies, which consider the different nature of the claims involved, as established in the Company's accounting policies.
Civil Lawsuits
Among the civil lawsuits in which he appears as a defendant, there are mainly lawsuits with a claim for compensation. Such processes, in general, are resulting from work accidents, occupational diseases, contractual discussions related to the Group's industrial activities, real estate actions, health plans.
Environmental Processes
The main environmental proceedings considered by external legal consultants as having probable loss probability, in which CSN or its subsidiaries are parties, are (i) administrative violation notices for alleged environmental infractions; (ii) annulment lawsuits and tax foreclosures resulting from environmental fines; and (iii) procedural fines for alleged non-compliance with court orders.
Among the environmental administrative/judicial proceedings in which the Company is a defendant are administrative procedures aimed at verifying possible environmental irregularities and regularizing environmental licenses. In the judicial sphere, there are actions to enforce fines imposed due to such alleged irregularities and public civil actions seeking regularization combined with compensation, which consist of environmental restoration in most cases. Such processes are generally derived from discussions of supposed environmental impacts related to the Company's industrial activities.
| |
(In thousands of Reals, unless stated otherwise)
Administrative and Judicial Proceedings
The Company does not make provisions for legal proceedings whose expectation of the Management, based on the opinion of legal advisors, is of possible loss. The following table shows a summary of the balance of the main matters classified as possible risk compared to the balance of March 31, 2025 with December 31, 2025.
The Company has other cases classified by its legal counsel as having a possibility of loss; therefore, they represent present obligations for which an outflow of resources is not probable. As of March 31, 2026, these amounted to R$ 48,466,842 (R$ 47,419,219 as of December 31, 2025), of which R$ 3,134,584 relates to labor lawsuits (R$ 2,894,042 as of December 31, 2025), R$ 4,118,755 to civil lawsuits (R$ 3,845,589 as of December 31, 2025), R$ 39,127,340 in tax proceedings (R$ 38,597,353 as of December 31, 2025), and R$ 1,886,163 in environmental proceedings (R$ 2,082,235 as of December 31, 2025).
| Consolidated | ||||
| 03/31/2026 | 12/31/2025 | |||
| Notice of Violation and Imposition of Fine (AIIM) /Tax Foreclosure - RFB - IRPJ/CSLL - Capital Gain for alleged sale of equity interest in subsidiary NAMISA | 6,670,018 | 6,554,452 | ||
| Notice of Infraction and Imposition of a Fine (AIIM) /Tax Enforcement Proceedings - RFB - IRPJ/CSLL - Exclusion of goodwill deductions generated during reverse merger of Big Jump and Namisa | 3,567,437 | 3,512,216 | ||
| Notice of Violation and Imposition of Fine (AIIM) /Tax Foreclosure - RFB - IRPJ/CSLL - Disallowance of prepayment interest arising from iron ore supply and port services contracts | 2,299,196 | 2,264,620 | ||
| Notices of Infraction and Imposition of a Fine (AIIM) / Writ of Mandamus - RFB - IRPJ/CSLL - Profits earned overseas in 2008, 2010, 2011, 2012, 2014, 2015, 2016, 2017 and 2018 | 5,969,353 | 5,858,583 | ||
| Unapproved compensation - RFB - IRPJ/CSLL, PIS/COFINS and IPI | 2,335,848 | 2,319,108 | ||
| Unapproved tax credits - RFB - Disallowance of credits under Topic 69/STF (ICMS included in the PIS/COFINS tax base) | 767,874 | 751,209 | ||
| ICMS - SEFAZ/RJ - Questions regarding sales for Incentives Zone | 1,338,624 | 1,309,079 | ||
| Notice of Violation and Imposition of Fine (AIIM) - RFB - Disallowance of PIS/COFINS Credits for inputs and freight | 1,918,303 | 1,875,734 | ||
| CFEM - difference of understanding between CSN and ANM on the calculation basis | 1,750,924 | 1,715,523 | ||
| Notice of Violation and Imposition of Fine (AIIM) - RFB - Collection IRRF - Business Combinations CMIN 2015 | 225,392 | 221,203 | ||
| ICMS - SEFAZ/RJ - ICMS Credits for acquisition of Electric Energy Industrialization | 44,660 | 43,716 | ||
| Notice of Violation and Imposition of Fine (AIIM) - RFB - IRPJ/CSLL - Disallowance of deductions of goodwill generated in the acquisition of LACIM and Cimentos Mauá | 431,926 | 434,203 | ||
| ICMS - SEFAZ/RJ - Exclusion of Ore Transfer credits | 727,336 | 705,480 | ||
| ICMS - SEFAZ/RJ - Disallowance of credits on purchase of intermediate products | 510,483 | 497,950 | ||
| Disallowance of tax loss and negative calculation base resulting from adjustments in SAPLI - RFB | 733,139 | 871,652 | ||
| Tax Assessment and Penalty Notices (AIIM) - RFB - IRPJ/CSLL - Transfer Pricing | 74,951 | 73,556 | ||
| ICMS - SEFAZ/RJ - Transfer of imported raw material for a value lower than the TECAR import document | 467,666 | 458,694 | ||
| Tax Assessment and Penalty Notices (AIIM) / Action for Annulment - RFB - IRRF - Capital gains of CFM sellers located abroad | 165,990 | 163,996 | ||
| Other tax proceedings (federal, state and municipal taxes) | 8,454,162 | 8,357,638 | ||
| Social security lawsuits | 674,060 | 751,191 | ||
| Action to discuss the balance of the construction contract - Tebas | 679,699 | 650,979 | ||
| Action related to charges under electricity invoice - Light | 584,783 | 551,756 | ||
| Action that discusses Negotiation of energy sales - COPEN - CEEE-G | 251,711 | 247,883 | ||
| Lawsuit challenging the penalty imposed by CADE on the company acquired by the CSN Group for alleged participation in a cement cartel | 519,000 | 510,404 |
| |
(In thousands of Reals, unless stated otherwise)
| Other civil proceedings | 2,083,562 | 1,958,195 | ||
| Labor and social security proceedings | 3,134,584 | 3,001,846 | ||
| Tax Enforcement Proceedings Fine Volta Grande IV | 178,421 | 168,746 | ||
| ACP Landfill Marcia I | 306,389 | 306,389 | ||
| Notice of IEF Commitment Agreement | 337,951 | 337,951 | ||
| Other environmental lawsuits | 1,063,402 | 894,523 | ||
| Reflecting the acquisition of a stake in the Estrela Group | 50,745 | |||
| 48,266,844 | 47,419,220 |
In the 1st quarter of 2021, the Company was notified of the start of an arbitration proceeding based on an alleged breach of iron ore supply contracts. The opposing party's claim at that time totaled approximately US$1 billion, and the Company understands the allegations presented to be unfounded by the complete absence of damages, based on the assessment of its legal advisors. The Company wishes to inform that it has prepared, together with its legal advisors, a response to the arbitration request and is currently preparing its defense. It also wishes to clarify that discussions involve ongoing arbitration disputes initiated by both parties. It is also estimated that arbitration will be completed in approximately 9 months. The relevance of the proceedings for the Company is related to the value attributed to the cause and the possible financial impact.
The Company has provided judicial guarantees (Surety Bonds) in the total amount, adjusted as of March 31, 2026, of R$10,911 (R$11,020 as of December 31, 2025), in accordance with current procedural law.
Evaluations carried out by legal advisors have defined these administrative and judicial proceedings as a possible risk of loss, and a provision has not been established in accordance with Management's judgment and accounting practices adopted in Brazil.
| 21. | PROVISIONS FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS |
The balance of provisions for environmental liabilities and asset decommissioning can be shown as follows:
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||
| Environmental liabilities | 119,133 | 119,664 | 110,674 | 111,789 | |||
| Asset retirement obligations | 1,098,328 | 1,067,945 | |||||
| 1,217,461 | 1,187,609 | 110,674 | 111,789 |
As of March 31, 2026, a provision remains in place to cover expenses related to services for the investigation and environmental remediation of potentially contaminated, degraded, and currently exploited areas for which the Company is responsible in Brazil. Expense estimates are reviewed periodically, adjusting, whenever necessary, the amounts already accounted for. These are Management's best estimates considering environmental recovery studies and projects. These provisions are recorded in the other operating expenses account.
Some contingent environmental liabilities are monitored by the environmental area and have not been provisioned because their characteristics do not meet the recognition criteria in IAS 37/CPC 25.
| |
(In thousands of Reals, unless stated otherwise)
| 22. | RELATED-PARTY BALANCES AND TRANSACTIONS |
| 22.a) | Transactions with subsidiaries, jointly controlled entities, affiliates, exclusive funds and other related parties |
| · | Consolidated |
| Consolidated | ||||||||||||||||
| 03/31/2026 | 12/31/2025 | |||||||||||||||
| Associates | Joint-ventures and Joint Operation | Other related parties | Total | Associates | Joint-ventures and Joint Operation | Other related parties | Total | |||||||||
| Assets | ||||||||||||||||
| Current Assets | ||||||||||||||||
| Cash and cash equivalents | 2,461,559 | 2,461,559 | 1,979,060 | 1,979,060 | ||||||||||||
| Trade receivables | 6 | 73,382 | 17,010 | 90,392 | 73,045 | 24,254 | 97,299 | |||||||||
| Dividends receivable | 9 | 23,016 | 140,368 | 54,362 | 217,746 | 19,477 | 2,187 | 54,362 | 76,026 | |||||||
| Borrowings | 9 | 2,944 | 2,944 | 4,147 | 4,147 | |||||||||||
| Other receivables | 9 | 2 | 1,829 | 1,831 | 2 | 1,829 | 1,831 | |||||||||
| 96,398 | 160,324 | 2,517,750 | 2,774,472 | 92,522 | 30,590 | 2,035,251 | 2,158,363 | |||||||||
| Non-current Assets | ||||||||||||||||
| Borrowings | 9 | 6,275 | 1,657,647 | 1,663,922 | 6,024 | 2,131,858 | 2,137,882 | |||||||||
| Actuarial liabilities | 9 | 54,946 | 54,946 | 53,328 | 53,328 | |||||||||||
| 6,275 | 1,657,647 | 54,946 | 1,718,868 | 6,024 | 2,131,858 | 53,328 | 2,191,210 | |||||||||
| 102,673 | 1,817,971 | 2,572,696 | 4,493,340 | 98,546 | 2,162,448 | 2,088,579 | 4,349,573 | |||||||||
| Liabilities | ||||||||||||||||
| Current Liabilities | ||||||||||||||||
| Trade payables | 21,874 | 769 | 22,643 | 19,493 | 171,345 | 864 | 191,702 | |||||||||
| Accounts payable | 194,307 | 194,307 | 24,400 | 92,892 | 117,292 | |||||||||||
| Dividends receivable | 805,834 | 805,834 | ||||||||||||||
| Advances from customers | 8 | 188 | 196 | |||||||||||||
| Provision for consumption | 25,841 | 25,841 | ||||||||||||||
| 21,882 | 957 | 1,000,141 | 1,022,980 | 19,493 | 221,586 | 93,756 | 334,835 | |||||||||
| 21,882 | 957 | 1,000,141 | 1,022,980 | 19,493 | 221,586 | 93,756 | 334,835 | |||||||||
| Consolidated | ||||||||||||||||
| 03/31/2026 | 03/31/2025 | |||||||||||||||
| Associates | Joint-ventures and Joint Operation | Other related parties | Total | Associates | Joint-ventures and Joint Operation | Other related parties | Total | |||||||||
| P & L | ||||||||||||||||
| Sales | 459,897 | 11,436 | 471,333 | 599,866 | 4,027 | 603,893 | ||||||||||
| Cost and expenses | (40,727) | (527,462) | (568,189) | (43,337) | (498,973) | (39,256) | (581,566) | |||||||||
| Financial income (expenses) | ||||||||||||||||
| Interest | 28 | 250 | 57,082 | 1,215 | 58,547 | 617 | 48,261 | 4,096 | 52,974 | |||||||
| Exchange rate variations and monetary, net | (33,110) | (33,110) | ||||||||||||||
| Financial investments | 50,772 | 50,772 | ||||||||||||||
| Other income and expenses | 76 | 76 | 53 | 1,422 | 1,475 | |||||||||||
| 419,420 | (470,304) | 12,651 | (38,233) | 557,146 | (446,632) | (16,076) | 94,438 | |||||||||
| |
(In thousands of Reals, unless stated otherwise)
| · | Parent Company |
| Parent Company | ||||||||||||||||
| 03/31/2026 | 12/31/2025 | |||||||||||||||
| Ref. | Subsidiaries and associates | Joint-ventures and Joint Operation | Other related parties and exclusive funds | Total | Subsidiaries and associates | Joint-ventures and Joint Operation | Other related parties and exclusive funds | Total | ||||||||
| Assets | ||||||||||||||||
| Current Assets | ||||||||||||||||
| Cash and cash equivalents | 121,343 | 121,343 | 418,642 | 418,642 | ||||||||||||
| Trade receivables | 6 | 1,314,693 | 1,314,693 | 1,186,355 | 1,186,355 | |||||||||||
| Dividends receivable | 9 | 372,430 | 28,013 | 400,443 | 1,167,342 | 1,167,342 | ||||||||||
| Borrowings | 9 | 2,944 | 2,944 | 4,147 | 4,147 | |||||||||||
| Other receivables | 9 | 199,781 | 2 | 1,829 | 201,612 | 171,348 | 1,829 | 173,177 | ||||||||
| 1,886,904 | 30,959 | 123,172 | 2,041,035 | 2,525,045 | 4,147 | 420,471 | 2,949,663 | |||||||||
| Non-current Assets | ||||||||||||||||
| Borrowings | 9 | 1,442,020 | 1,642,520 | 3,084,540 | 1,390,560 | 2,083,828 | 3,474,388 | |||||||||
| Actuarial asset | 9 | 42,410 | 42,410 | 41,138 | 41,138 | |||||||||||
| 1,442,020 | 1,642,520 | 42,410 | 3,126,950 | 1,390,560 | 2,083,828 | 41,138 | 3,515,526 | |||||||||
| 3,328,924 | 1,673,479 | 165,582 | 5,167,985 | 3,915,605 | 2,087,975 | 461,609 | 6,465,189 | |||||||||
| Liabilities | ||||||||||||||||
| Current Liabilities | ||||||||||||||||
| Intercompany Loans | 13 | 237,570 | 237,570 | 193,654 | 193,654 | |||||||||||
| Trade payables | 1,591,371 | 51,589 | 1,642,960 | 47,150 | 47,798 | 412 | 95,360 | |||||||||
| Accounts payable | 130,413 | 130,413 | 127,392 | 64,060 | 191,452 | |||||||||||
| Provision for consumption | 444,948 | 444,948 | 469,073 | 25,841 | 494,914 | |||||||||||
| 2,404,302 | 51,589 | 2,455,891 | 837,269 | 73,639 | 64,472 | 975,380 | ||||||||||
| Non-current Liabilities | ||||||||||||||||
| Intercompany Loans | 13 | 9,042,985 | 9,042,985 | 9,807,672 | 9,807,672 | |||||||||||
| Accounts payable | 288,817 | 288,817 | 312,889 | 312,889 | ||||||||||||
| 9,331,802 | 9,331,802 | 10,120,561 | 10,120,561 | |||||||||||||
| 11,736,104 | 51,589 | 11,787,693 | 10,957,830 | 73,639 | 64,472 | 11,095,941 | ||||||||||
| Parent Company | ||||||||||||||||
| 03/31/2026 | 03/31/2025 | |||||||||||||||
| 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 | 634,888 | 634,888 | 1,151,601 | 29 | 1,151,630 | |||||||||||
| Cost and expenses | (940,850) | (135,787) | (3,192) | (1,079,829) | (975,233) | (125,641) | (24,799) | (1,125,673) | ||||||||
| Financial income (expenses) | ||||||||||||||||
| Interest | 28 | (16,457) | 54,381 | (21,494) | 16,430 | (10,724) | 46,874 | (2,605) | 33,545 | |||||||
| Exclusive funds | 28 | 2,574 | 2,574 | |||||||||||||
| Financial investments (1) | 50,772 | 50,772 | ||||||||||||||
| Exchange rate variations and monetary, net | 546,088 | 546,088 | 872,030 | 872,030 | ||||||||||||
| Other operating income and expenses | 20,085 | 25,917 | 1,272 | 47,274 | 47,855 | 53 | 1,158 | 49,066 | ||||||||
| 243,754 | (55,489) | (23,414) | 164,851 | 1,085,529 | (78,685) | 27,100 | 1,033,944 | |||||||||
Consolidated and Controlling Information:
Receivables: These primarily relate to sales of the Parent Company’s steel products to related parties.
Dividends receivable: At the Parent Company, the balance consists primarily of dividends from CSN Cimentos Brasil S.A. in the amount of R$ 178,348 (R$ 178,348 as of December 31, 2025). In the consolidated financial statements, the balance consists primarily of dividends from MRS in the amount of R$ 140,368.
Loans (Assets):
Long-term: In the Consolidated Financial Statements, this refers primarily to loan agreements with Transnordestina Logística S.A. totaling R$1,525,381 (R$2,098,532 as of December 31, 2025), with an average interest rate of 125% to 130% of the CDI.
| |
(In thousands of Reals, unless stated otherwise)
On March 31, 2026, Transnordestina Logística S.A. made a partial payment on the loan owed to CSN, in the amount of R$ 495,425, corresponding to R$ 464,995 net of taxes.
Dividends payable (Liabilities):
In the consolidated financial statements, a majority disposal of the balance of dividends receivable from CSN MINERAÇÃO from the related-party financial institution (Banco Fibra) in the amount of R$ 805,834, with a discount on the transaction of R$ 33,194. This transaction was settled in full on March 27, 2026.
| 22.b) | Key Management Personnel |
Key Management personnel with authority and responsibility for planning, directing and controlling the Company's activities include the members of the Board of Directors and statutory officers. Below is information on compensation and balances as of March 31, 2026 and March 31, 2025.
| 03/31/2026 | 03/31/2025 | |||
| P&L | ||||
| Short-term benefits for employees and officers | 8,382 | 9,044 | ||
| Post-employment benefits | 187 | 222 | ||
| 8,569 | 9,266 | |||
| 22.c) | Guarantees |
| Currency | Maturities | Borrowings | Tax foreclosure | Others | Total | ||||||||||||||
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | ||||||||||||
| Transnordestina Logísitca | R$ | Up to 09/19/2056 and Indefinite | 3,440,696 | 3,251,444 | 11,575 | 10,869 | 5,705 | 4,972 | 3,457,975 | 3,267,285 | |||||||||
| Subsidiaries | R$ | Up to 01/10/2028 and Indefinite | 366,000 | 368,590 | 600 | 600 | 366,600 | 369,190 | |||||||||||
| Total in R$ | 3,806,696 | 3,620,034 | 11,575 | 10,869 | 6,305 | 5,572 | 3,824,575 | 3,636,475 | |||||||||||
| CSN Inova Ventures | US$ | 01/28/2028 | 1,300,000 | 1,300,000 | 1,300,000 | 1,300,000 | |||||||||||||
| CSN Resources | US$ | Up to 04/08/2032 | 2,233,000 | 2,233,000 | 2,233,000 | 2,233,000 | |||||||||||||
| Total in US$ | 3,533,000 | 3,533,000 | 3,533,000 | 3,533,000 | |||||||||||||||
| Lusosider Aços Planos | € | Indefinite | 75,000 | 75,000 | 75,000 | 75,000 | |||||||||||||
| Total em € | 75,000 | 75,000 | 75,000 | 75,000 | |||||||||||||||
| Total in R$ | 18,440,140 | 19,279,934 | 450,878 | 481,725 | 18,891,018 | 19,761,659 | |||||||||||||
| 22,246,836 | 22,899,968 | 11,575 | 10,869 | 457,183 | 487,297 | 22,715,593 | 23,398,134 | ||||||||||||
| 23. | EQUITY |
| 23.a) | Paid-in capital and authorized capital |
The fully subscribed and paid-in share capital as of March 31, 2026 and December 31, 2025 is R$10,240,000, divided into 1,326,093,947 common and book-entry shares, with no par value. Each common share entitles the respective holder to a single vote in resolutions made at Annual General Meetings.
| |
(In thousands of Reals, unless stated otherwise)
| 23.b) | Authorized share capital |
The Company's bylaws in force on March 31, 2026 define that the share capital may be increased to up to 2,400,000,000 shares, by decision of the Board of Directors, regardless of statutory reform.
| 23.c) | Capital reserve |
As of March 31, 2025 and December 31, 2025, the Company's capital reserve is R$32,720. These amounts refer to gain on the sale of the Company’s treasury shares.
| 23.d) | Capital transaction |
The balances reported as of March 31, 2025, and December 31, 2025, consist of gains on the sale of investments in subsidiaries, as well as treasury shares acquired by subsidiaries, amounting to R$ 1,949,438 and (R$ 2,248,080), respectively.
| 23.e) | Legal reserve |
It is constituted at the rate of 5% of the net income calculated in each fiscal period, before any other allocation, pursuant to art. 193 of Law no. 6.404/76, up to a limit of 20% of the share capital.
| 23.f) | Ownership structure |
As of March 31, 2026 and December 31, 2025, the shareholding composition is as follows:
| 03/31/2026 | 12/31/2025 | |||||||||||
| Number of common shares | % of total shares | % of voting capital | Number of common shares | % of total shares | % of voting capital | |||||||
| Vicunha Aços S.A. (*) | 552,412,693 | 41.66% | 41.66% | 552,412,693 | 41.66% | 41.66% | ||||||
| Rio Iaco Participações S.A. (*) | 45,706,242 | 3.45% | 3.45% | 45,706,242 | 3.45% | 3.45% | ||||||
| CFL Ana Participações S.A. | 60,441,287 | 4.56% | 4.56% | 62,353,852 | 4.70% | 4.70% | ||||||
| Avelina Participações S.A. | 42,567,309 | 3.21% | 3.21% | 52,732,025 | 3.98% | 3.98% | ||||||
| NYSE (ADRs) | 340,389,596 | 25.67% | 25.67% | 320,979,296 | 24.20% | 24.20% | ||||||
| Other shareholders | 284,576,820 | 21.46% | 21.46% | 291,909,839 | 22.01% | 22.01% | ||||||
| Outstanding shares | 1,326,093,947 | 100.00% | 100.00% | 1,326,093,947 | 100.00% | 100.00% |
(*) Controlling group companies.
On July 11, 2025, CFL Participações S.A., the parent company of CFL Ana Participações S.A., in compliance with the provisions of Article 12, §6 of CVM Resolution 44/2021, notified the Company of the transfer of common shares issued by CSN from CFL Ana Participações S.A. to Avelina Participações S.A., a company also wholly controlled by CFL Participações S.A. CSN, in turn, notified the market of this transfer of a significant equity interest the following day, stating that CFL Participações S.A.’s stake now indirectly represents 9.99% of the share capital, as per the correspondence received.
| |
(In thousands of Reals, unless stated otherwise)
| 23.g) | Earnings/(Loss) per share |
Earnings per share are shown below:
| 03/31/2026 | 03/31/2025 | ||
| Common Shares | |||
| Loss for the period | (555,023) | (619,146) | |
| Weighted average number of shares | 1,326,093,947 | 1,326,093,947 | |
| Basic and diluted loss per share | (0.41854) | (0.46689) | |
| 23.h) | Comprehensive income |
These are the accumulated actuarial adjustments to pension plans and the unrealized gains or losses on derivative financial instruments, such as the valuation adjustment for shares. The amount represents an accumulated gain of R$1,669,953 as of March 31, 2026 (R$782,078 as of December 31, 2025).
| 24. | SHAREHOLDER COMPENSATION |
As of March 31, 2026, the Company reported a net loss for the period of (R$ 555,023).
| 25. | NET REVENUE FROM SALES |
Net sales revenue is comprised as follows:
| Consolidated | Parent Company | |||||||
| 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | |||||
| Gross revenue | ||||||||
| In Brazil | 6,869,080 | 7,127,443 | 4,715,714 | 5,254,035 | ||||
| Abroad | 5,282,370 | 5,468,013 | 82,481 | 325,629 | ||||
| 12,151,450 | 12,595,456 | 4,798,195 | 5,579,664 | |||||
| Deductions | ||||||||
| Sales returns, discounts and rebates | (103,773) | (171,754) | (92,714) | (92,575) | ||||
| Taxes on sales | (1,443,905) | (1,516,073) | (862,263) | (996,765) | ||||
| (1,547,678) | (1,687,827) | (954,977) | (1,089,340) | |||||
| Net revenue | 10,603,772 | 10,907,629 | 3,843,218 | 4,490,324 |
| |
(In thousands of Reals, unless stated otherwise)
| 26. | EXPENSES BY NATURE |
| Consolidated | Parent Company | |||||||
| 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | |||||
| Raw materials and inputs | (2,957,931) | (3,107,442) | (2,120,712) | (2,216,916) | ||||
| Outsourcing material (1) | (681,260) | (886,943) | ||||||
| Labor cost | (1,354,049) | (1,306,443) | (486,870) | (487,352) | ||||
| Supplies | (695,831) | (847,851) | (530,241) | (683,431) | ||||
| Maintenance cost (services and materials) | (290,908) | (362,237) | (64,503) | (129,374) | ||||
| Outsourcing services | (649,140) | (708,049) | (252,301) | (387,710) | ||||
| Freight | (1,142,916) | (1,108,919) | (172,842) | (196,218) | ||||
| Depreciation, amortization and depletion | (1,141,943) | (972,008) | (321,419) | (337,183) | ||||
| Others | (504,993) | (353,124) | (9,766) | (59,310) | ||||
| (9,418,971) | (9,653,016) | (3,958,654) | (4,497,494) | |||||
| Classified as: | ||||||||
| Cost of sales | (8,081,068) | (8,375,386) | (3,696,417) | (4,203,998) | ||||
| Selling expenses | (1,096,940) | (1,060,232) | (173,136) | (205,282) | ||||
| General and administrative expenses | (240,963) | (217,398) | (89,101) | (88,214) | ||||
| (9,418,971) | (9,653,016) | (3,958,654) | (4,497,494) |
(1) Refers to the acquisition of third-party ores for blending.
Depreciation, amortization and depletion for the period were distributed as follows:
| Consolidated | Parent Company | ||||||
| 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | ||||
| Production costs | (1,115,838) | (947,302) | (311,547) | (325,585) | |||
| Selling expenses | (13,707) | (13,985) | (3,003) | (4,837) | |||
| General and administrative expenses | (12,398) | (10,721) | (6,869) | (6,761) | |||
| (1,141,943) | (972,008) | (321,419) | (337,183) | ||||
| Other operational (1) | (13,213) | (27,179) | (10,433) | (17,240) | |||
| (1,155,156) | (999,187) | (331,852) | (354,423) |
(1) They refer substantially to the depreciation of investment properties and scheduled shutdown for the renovation of Blast Furnace 2.
| |
(In thousands of Reals, unless stated otherwise)
| 27. | OTHER OPERATING (EXPENSES)/INCOME |
| Consolidated | Parent Company | |||||||||
| Ref. | 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | ||||||
| Other operating income | ||||||||||
| Receivables by indemnity | 1,475 | 1,657 | 1,336 | 480 | ||||||
| Rentals and leases | 6,263 | 11,077 | 2,123 | 8,703 | ||||||
| Contractual fines | 1,325 | 9,607 | ||||||||
| Tax recuperation | 26,127 | 14,725 | ||||||||
| Other revenues | (1,307) | 26,829 | 33,761 | 21,335 | ||||||
| 6,431 | 67,015 | 37,220 | 54,850 | |||||||
| Other operating expenses | ||||||||||
| Taxes and fees | (31,956) | (38,320) | (5,594) | (12,527) | ||||||
| Expenses with environmental liabilities, net | (10,037) | (10,211) | (1,197) | 809 | ||||||
| Net reversals/(expenses) on legal proceedings | (35,287) | (153,946) | (3,288) | (15,075) | ||||||
| Contractual fines | (54,908) | (16,672) | ||||||||
| Depreciation of investment properties, idle equipment and amortization of intangible assets | 26 | (13,213) | (27,179) | (10,433) | (17,240) | |||||
| Reversals/(Estimated write-offs or losses) in property, plant and equipment, intangible assets and investment properties, net of reversals | 10.c, 11 and 12 | (2,024) | 12,886 | (39,222) | 14,177 | |||||
| (Losses)/Estimated reversals in inventories | (187,688) | 7,461 | (155,929) | 4,217 | ||||||
| Idleness in stocks and paralyzed equipment | (22,076) | (47,272) | (20,198) | (44,097) | ||||||
| Studies and project engineering expenses | (13,012) | (17,636) | (2,641) | (9,162) | ||||||
| Healthcare plan expenses | (23,176) | (26,578) | (21,728) | (23,963) | ||||||
| Realized cash flow hedge | 14.b | (387,858) | (152,882) | (410,179) | (185,856) | |||||
| Pension plan expense | (11,370) | (14,497) | (10,529) | (13,724) | ||||||
| Reversals/(Expenses) on receivables | 811 | (3,066) | 811 | 62 | ||||||
| Other expenses | (128,871) | (41,185) | (49,231) | (22,673) | ||||||
| (920,665) | (512,425) | (746,030) | (325,052) | |||||||
| Other operating income (expenses), net | (914,234) | (445,410) | (708,810) | (270,202) | ||||||
| |
(In thousands of Reals, unless stated otherwise)
| 28. | FINANCIAL INCOME/(EXPENSE) |
| Consolidated | Parent Company | |||||||||
| Ref. | 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | ||||||
| Financial income | ||||||||||
| Related parties | 22.a | 82,265 | 53,342 | 103,677 | 77,097 | |||||
| Income from financial investments | 170,822 | 416,859 | 53,938 | 94,805 | ||||||
| Updated shares – Fair value through profit or loss | 14.d | 46,230 | 50,773 | 46,230 | 50,773 | |||||
| Dividends receivable | 98 | 2,373 | 69 | 2,339 | ||||||
| Interest and fines | 20,912 | 12,482 | 10,841 | 7,077 | ||||||
| Other income | 7,247 | 19,228 | 4,921 | 16,261 | ||||||
| 327,574 | 555,057 | 219,676 | 248,352 | |||||||
| Financial expenses | ||||||||||
| Borrowings and financing - foreign currency | 13 | (497,081) | (599,036) | (113,516) | (118,505) | |||||
| Borrowings and financing - local currency | 13 | (562,970) | (501,744) | (355,644) | (332,374) | |||||
| Capitalized interest | 11 | 131,770 | 78,944 | 61,355 | 42,432 | |||||
| Interest of advances from customers | (252,413) | (349,919) | (45,421) | (34,925) | ||||||
| Related parties | 22.a | (23,718) | (368) | (87,247) | (40,978) | |||||
| Lease liabilities | (25,990) | (25,179) | (829) | (884) | ||||||
| Interest and fines | (54,158) | (24,282) | (27,004) | (16,078) | ||||||
| Interest on forfaiting operations | (42,338) | (44,340) | (36,283) | (44,340) | ||||||
| (-) Adjusted present value of trade payables | (112,098) | (123,723) | (67,825) | (82,398) | ||||||
| Commission, bank fees, guarantee and bank fees | (70,213) | (54,485) | (18,533) | (17,851) | ||||||
| PIS/COFINS over financial income | (29,580) | (21,407) | (16,598) | (9,298) | ||||||
| Other financial expenses | (4,246) | (34,869) | 30,816 | 3,305 | ||||||
| (1,543,035) | (1,700,408) | (676,729) | (651,894) | |||||||
| Others financial items, net | ||||||||||
| Foreign exchange and monetary variation, net | (58,610) | (671,363) | (176,477) | (449,002) | ||||||
| Gains and (losses) on exchange derivatives (*) | (34,108) | (33,434) | 21,396 | 68,005 | ||||||
| Exchange rate fluctuations in iron ore | 14.c | 1,327 | (199) | |||||||
| (91,391) | (704,996) | (155,081) | (380,997) | |||||||
| (1,634,426) | (2,405,404) | (831,810) | (1,032,891) | |||||||
| Financial income (expenses), net | (1,306,852) | (1,850,347) | (612,134) | (784,539) | ||||||
| (*) Statement of gains and (losses) on derivative transactions (note 14.c) | ||||||||||
| Exchange rate swap Real x Dollar | (22,217) | (115,921) | ||||||||
| Interest rate swap CDI x IPCA | (29,508) | 21,450 | (14,204) | 6,968 | ||||||
| Exchange rate swap CDI x Dollar | 17,617 | 61,037 | 35,600 | 61,037 | ||||||
| (34,108) | (33,434) | 21,396 | 68,005 | |||||||
| 29. | SEGMENT INFORMATION |
According to the Group's structure, the businesses are distributed and managed in five operating segments as follows:
| · | Steel operations |
The Steel segment consolidates all operations related to the production, distribution and marketing of flat steel, long steel, metal packaging and galvanized steel, with operations in Brazil, United States, Portugal and Germany. The segment serves the construction, steel packaging for the chemical and food industries, home appliances, automotive, and OEM (engines and compressors) markets.
The Company's steel units produce hot-rolled, cold-rolled, galvanized, and pre-painted steel with great durability. It also produces tinplate, a raw material used in the production of packaging.
| |
(In thousands of Reals, unless stated otherwise)
Operations in Brazil also involve the production and marketing of long steels, which consolidates the Company's position as a source of complete solutions for civil construction, complementing its portfolio of high value-added products in the steel chain.
Abroad, Lusosider, in Portugal, produces cold rolled and galvanized steels. CSN LLC, in the United States, serves the local market through the import and marketing of steel products. Stahlwerk Thüringen (SWT), located in Germany, produces long steel and is specialized in the production of steel profiles used in civil construction.
In March 2025, the Company acquired the company Gramperfil S.A. which is located in Portugal. This acquisition will complement local operations involving the production, importing, marketing and processing of metal profiles and accessories used in metallic and civil construction.
In November 2025, the Company acquired Galvacolor Jerez, S.L.U., which is located in Spain. Its activities consist of processing and sale of steel and steel products.
| · | Mining |
Covers the mining and marketing activities of iron ore and tin.
Iron ore high quality operations are located in the Iron Quadrangle, in Minas Gerais, which, besides producing, also market iron ore purchased from third parties.
At the end of 2015, CSN and the Asian Consortium formalized a shareholders' agreement to combine assets related to iron ore operations and related logistics, forming a new company that concentrated the Group's main mining activities starting in December 2015. Based in this context, the new company, currently called CSN Mineração S.A., came to hold the lease of TECAR, as well as the Casa de Pedra mine and all Namisa shares, which was incorporated on December 31, 2015. CSN still holds 100% of Minérios Nacional which includes the mines of Fernandinho (operational), Cayman and Pedras Pretas (mineral resources), all located in Minas Gerais.
In addition, CSN controls Estanho de Rondônia S.A., a company with tin mining and smelting units in the state of Rondônia.
On October 7, 2022, CSN Mineração and CSN Energia completed the acquisition of the Quebra-Queixo Hydroelectric Plant, with an installed capacity of 120 MW, located in the city of Ipuaçu/SC, making CSN Mineração self-sufficient in electricity and strengthening its industrial competitiveness through greater cost predictability and energy generation from a 100% renewable source.
| |
(In thousands of Reals, unless stated otherwise)
| · | Logistics |
i. Railway
CSN has a stake in three railway companies: MRS Logística S.A., which manages Rede Ferroviária Federal S.A.’s former Southeast Network, Transnordestina Logística S.A. and FTL - Ferrovia Transnordestina Logística S.A. FTL - Ferrovia Transnordestina Logística S.A., which hold the concession for the former RFFSA Northeast Network in the states of Maranhão, Piauí, Ceará, Rio Grande do Norte, Paraíba, Pernambuco and Alagoas.
a) MRS
The rail transport services provided by MRS are fundamental to the supply of raw materials and the transport of final products. The entirety of the iron ore, coal and coke consumed at the Presidente Vargas Plant is transported by MRS, as well as part of the steel produced by CSN both for the domestic market and for export.
The southeastern Brazilian railway system, which spans 1,674 km of railway network, serves the industrial triangle of São Paulo - Rio de Janeiro - Minas Gerais in the Southeast region, connecting mines in Minas Gerais to ports in São Paulo and Rio de Janeiro, and to steel mills belonging to CSN, Companhia Siderúrgica Paulista (or Cosipa) and Gerdau Açominas. In addition to serving other customers, the line transports iron ore from the Casa de Pedra mine in Minas Gerais, as well as coke and coal from the Port of Itaguaí in Rio de Janeiro, to Volta Redonda, Rio de Janeiro, and products destined for export to the Ports of Itaguaí and Rio de Janeiro.
b) TLSA and FTL
TLSA and FTL hold the concession of the former RFFSA Northeast network. The northeastern railway system covers 4,238 km of railway network divided into two sections: i) Network I, which includes the sections of São Luiz - Mucuripe, Arrojado - Recife, Itabaiana - Cabedelo, Paula Cavalcante - Macau - and Propriá - Jorge Lins; and ii) Network II, which includes the sections of Missão Velha - Salgueiro, Salgueiro - Trindade, Trindade - Eliseu Martins and Missão Velha - Porto de Pecém.
In addition, it connects to the region’s major ports, offering a significant competitive advantage through opportunities for intermodal transport solutions and customized logistics projects.
ii. Port
The Company’s activities in port logistics sector were consolidated through the operation of the Sepetiba terminal, which was built after a port modernization law (Law 8.630/1993) allowing the transfer of port activities to the private sector was passed. The Sepetiba terminal offers the infrastructure required to meet all the needs of exporters, importers and shipowners. Its installed capacity exceeds that of most Brazilian terminals.
The Company's ongoing investment in terminal projects has consolidated the Itaguaí Port Complex as one of the most modern of its kind in Brazil.
| |
(In thousands of Reals, unless stated otherwise)
iii. Land Transport
On April 1, 2025, CSN completed the acquisition of Estrela Comércio e Participações S.A., Grupo Estrela’s (“Grupo Estrela”) holding company. Founded in the 1970s to initially meet road transport needs, Grupo Estrela currently comprises an "Integrated Logistics System", which seeks integrate modes of transport, especially in road-rail operations and transport in the steel, mining, solid bulk, automotive and dry cargo sectors in general. The Tora Group’s services portfolio also includes terminal management, storage, operation of bonded warehouses, and production chain and light vehicle fleet management services, including the rental and resale of used vehicles.
Grupo Estrela maintains a national and international presence in the transport sector. The Group relies on more than 70 branches distributed throughout Brazil. It currently operates at four multimodal terminals located in the Southeast region of Brazil and a border terminal located in the city of Uruguaiana/RS. In the customs bonded warehouses segment, the company operates a terminal located in the city of Betim, Minas Gerais, which receives imported goods from the country’s major ports and airports.
In March 2024, the Estrela Group entered the light vehicle sector (fleet management, leasing, and pre-owned vehicle sales) through the acquisition of the Lokamig Group.
| · | Energy |
CSN is one of the largest industrial consumers of electricity in Brazil. As energy is a fundamental input in its production process, the Company owns electric power generation assets, and with the acquisitions made in 2022, it achieved energy self-sufficiency before coming to operate in the sector as an electric power generation player through the commercialization of its surplus.
With the acquisitions, the CSN group now offers a portfolio of generation assets with a total installed capacity of 2,011 MW, which comprise the following assets:
| 1. | Itá Hydroelectric Power Plant, located in the state of Santa Catarina, in which CSN holds a 29.50% stake through the Itá Energética S.A SPE, with an installed capacity equivalent to its 428 MW stake; |
| 2. | The Igarapava Hydroelectric Plant Consortium, whose hydroelectric complex is located in Minas Gerais, in which CSN holds a 17.92% stake, with an installed capacity of 38 MW, equivalent to its stake; |
| 3. | Thermoelectric Cogeneration Center CTE#1, CTE#2 and TRT – Top Recovery Turbine, operating at Presidente Vargas Plant with installed capacity of 10 MW, 235 MW and 22 MW respectively, using industrial gases recirculated from steel production as fuel; |
| 4. | Sacre II Small Hydroelectric Power Plant, which is located in the state of Mato Grosso and has an installed capacity of 30 MW, of which CSN Cimentos Brasil S.A. holds full control of the asset through indirect control of the Brasil Central Energia SPE; |
| 5. | The Santa Ana Small Hydroelectric Plant, located in the state of Santa Catarina, with an installed capacity of 6.3 MW, in which CSN Cimentos Brasil S.A. holds full ownership through its direct control of the SPE Santa Ana Energética S.A.; |
| |
(In thousands of Reals, unless stated otherwise)
| 6. | The Quebra Queixo Hydroelectric Plant, located in the state of Santa Catarina, with an installed capacity of 120 MW, in which CSN Mineração S.A. holds full ownership through its direct control of the SPE Companhia Energética Chapecó (CEC); |
| 7. | The Cachoeira dos Macacos Small Hydroelectric Plant, located in the state of Minas Gerais, with an installed capacity of 3.4 MW, in which CSN Cimentos Brasil S.A. holds full ownership following its acquisition of LafargeHolcim (Brasil) S.A.; |
| 8. | Companhia Estadual de Geração de Energia Elétrica – CEEE-G, located in Rio Grande do Sul state, with a platform of 13 own Hydroelectric Plants, wind and solar assets, plus minority participation in other ventures, reflecting an installed capacity of 1,119 MW. |
| · | Cement |
The Cement sector, for which operations are maintained through CSN Cimentos Brasil S.A., consolidates the production, sale and distribution of cement, aggregates and concrete. The slag used in plants located in the Southeast region is produced by the blast furnaces at the Presidente Vargas Plant itself, in Volta Redonda/RJ.
The Company has intensified its strategy of expanding to new regions, starting with the acquisition of Elizabeth Cimentos S.A. and Elizabeth Mineração Ltda. on August 31, 2021, which maintain operations in Brazil’s Northeast region and contribute 1.3 Mtpa of cement production capacity.
On September 6, 2022, relevant advances were made in the company’s cement-related business in terms of its capacity and geographic positioning through the acquisition of LafargeHolcim (Brasil) S.A. This asset will add a total of 11 million tons of cement production capacity, in addition to introducing new businesses areas to the Company’s current portfolio: Aggregates and Concrete. Taking all operations into account, CSN’s Cement segment is currently the second largest in Brazil in terms of effective production capacity, totaling 17 million tons per year.
Cement plants are located in the states of Minas Gerais, Rio de Janeiro, Espírito Santo, Bahia, Goiás and São Paulo. The production process occurs basically through grinding the main raw materials which include clinker, limestone, gypsum, and slag.
The company currently serves the cement market with a broad product portfolio suitable for both the technical segment and the distribution market, according to ABNT NBR 16697. The cement is sold in both bagged and bulk form.
In addition to the operations described above, CSN Cimentos Brasil S.A. owns two power generation assets acquired on June 30, 2022: the Santa Ana small hydroelectric plant, located in the municipality of Angelina/SC, with an installed capacity of 6.50 MW, and the Sacre II small hydroelectric plant, located in the municipality of Brasnorte/MT, with an installed capacity of 30 MW.
| · | Sales by Geographic Area |
Sales by geographic area are determined based on customers' location. National sales on a consolidated basis are represented by revenues from customers located in Brazil and export sales represent revenues from customers located abroad.
| |
(In thousands of Reals, unless stated otherwise)
Result by segment
For the purposes of preparing and presenting information by business segment, Management decided to maintain the proportional consolidation of the jointly controlled companies, as historically presented. For the purpose of consolidating the income statement, the values of these companies are eliminated in the column "Corporate expenses/elimination".
| 03/31/2026 | ||||||||||||||||||||
| P&L | Ref. | Steel | Mining | Logistics | Energy | Cement | Corporate expenses/elimination | Consolidated | ||||||||||||
| Port | Railroads | Road transport | ||||||||||||||||||
| Net revenues | 25 | 5,599,884 | 3,186,217 | 78,728 | 688,915 | 303,187 | 202,663 | 1,256,076 | (711,898) | 10,603,772 | ||||||||||
| In Brazil | 3,832,176 | 317,383 | 78,728 | 688,915 | 297,359 | 202,663 | 1,256,076 | (1,250,570) | 5,422,730 | |||||||||||
| Abroad | 1,767,708 | 2,868,834 | 5,828 | 538,672 | 5,181,042 | |||||||||||||||
| Cost of sales and services | 26 | (5,245,407) | (2,101,189) | (61,973) | (412,286) | (268,537) | (154,472) | (823,395) | 986,191 | (8,081,068) | ||||||||||
| Gross profit | 354,477 | 1,085,028 | 16,755 | 276,629 | 34,650 | 48,191 | 432,681 | 274,293 | 2,522,704 | |||||||||||
| General and administrative expenses | 26 | (329,521) | (77,088) | (3,224) | (64,278) | (11,776) | (8,749) | (260,238) | (583,029) | (1,337,903) | ||||||||||
| Other operating income/(expenses), net | 27 | (289,661) | (146,729) | (3,134) | 3,334 | (1,896) | 1,503 | (29,626) | (448,025) | (914,234) | ||||||||||
| Equity in results of affiliated companies | 10 | 23,777 | 23,777 | |||||||||||||||||
| Operating result before Financial Income and Taxes | (264,705) | 861,211 | 10,397 | 215,685 | 20,978 | 40,945 | 142,817 | (732,984) | 294,344 | |||||||||||
| Sales by geographic area | ||||||||||||||||||||
| Asia | 264 | 2,791,754 | 538,688 | 3,330,706 | ||||||||||||||||
| North America | 186,733 | (16) | 186,717 | |||||||||||||||||
| Latin America | 2,274 | 5,828 | 8,102 | |||||||||||||||||
| Europe | 1,578,437 | 77,080 | 1,655,517 | |||||||||||||||||
| Others | ||||||||||||||||||||
| Foreign market | 1,767,708 | 2,868,834 | 5,828 | 538,672 | 5,181,042 | |||||||||||||||
| Domestic market | 3,832,176 | 317,383 | 78,728 | 688,915 | 297,359 | 202,663 | 1,256,076 | (1,250,570) | 5,422,730 | |||||||||||
| Total | 5,599,884 | 3,186,217 | 78,728 | 688,915 | 303,187 | 202,663 | 1,256,076 | (711,898) | 10,603,772 | |||||||||||
| 03/31/2025 | ||||||||||||||||||
| Ref. | Steel | Mining | Logistics | Energy | Cement | Corporate expenses/elimination | Consolidated | |||||||||||
| Port | Railroads | |||||||||||||||||
| Net revenues | 25 | 6,107,126 | 3,432,139 | 85,591 | 685,107 | 178,447 | 1,101,713 | (682,494) | 10,907,629 | |||||||||
| In Brazil | 4,217,207 | 429,119 | 85,591 | 685,107 | 178,447 | 1,101,709 | (1,181,670) | 5,515,510 | ||||||||||
| Abroad | 1,889,919 | 3,003,020 | 4 | 499,176 | 5,392,119 | |||||||||||||
| Cost of sales and services | 26 | (5,663,529) | (2,283,635) | (61,820) | (420,316) | (112,628) | (807,393) | 973,936 | (8,375,386) | |||||||||
| Gross profit | 443,597 | 1,148,504 | 23,771 | 264,791 | 65,819 | 294,320 | 291,442 | 2,532,243 | ||||||||||
| General and administrative expenses | 26 | (339,291) | (66,214) | (2,791) | (62,599) | (9,138) | (261,493) | (536,103) | (1,277,630) | |||||||||
| Other operating income/(expenses), net | 27 | (43,766) | (45,345) | (2,941) | 16,623 | (96,997) | (30,220) | (242,763) | (445,410) | |||||||||
| Equity in results of affiliated companies | 10 | 78,434 | 78,434 | |||||||||||||||
| Operating result before Financial Income and Taxes | 60,540 | 1,036,945 | 18,039 | 218,815 | (40,316) | 2,607 | (408,990) | 887,637 | ||||||||||
| Sales by geographic area | ||||||||||||||||||
| Asia | 2,758,157 | 481,678 | 3,239,835 | |||||||||||||||
| North America | 445,536 | 445,536 | ||||||||||||||||
| Latin America | 9,990 | 4 | 9,994 | |||||||||||||||
| Europe | 1,434,393 | 244,863 | 17,498 | 1,696,754 | ||||||||||||||
| Others | ||||||||||||||||||
| Foreign market | 1,889,919 | 3,003,020 | 4 | 499,176 | 5,392,119 | |||||||||||||
| Domestic market | 4,217,207 | 429,119 | 85,591 | 685,107 | 178,447 | 1,101,709 | (1,181,670) | 5,515,511 | ||||||||||
| Total | 6,107,126 | 3,432,139 | 85,591 | 685,107 | 178,447 | 1,101,713 | (682,494) | 10,907,630 |
| 30. | ADDITIONAL CASH FLOW INFORMATION |
The following table provides additional information about transactions related to the statement of cash flows:
| Consolidated | Parent Company | |||||||||
| Ref. | 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | ||||||
| Income tax and social contribution paid | 102,880 | 127,251 | ||||||||
| Addition to PP&E with interest capitalization | 10 and 28 | 131,770 | 78,944 | 61,355 | 42,432 | |||||
| Remeasurement and addition – Right of use | 11.b | 25,896 | 74,156 | 1,041 | 1,944 | |||||
| Capitalization / acquisition of subsidiary without cash effect | 37,180 | |||||||||
| 260,546 | 317,531 | 62,396 | 44,376 |
| |
(In thousands of Reals, unless stated otherwise)
| 31. | OTHER COMPREHENSIVE INCOME |
| Consolidated | Parent Company | |||||
| 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | |||
| Net income/(loss) | (555,023) | (731,580) | (615,531) | (619,146) | ||
| Other comprehensive income | ||||||
| Items that will not be subsequently reclassified to the statement of income | ||||||
| Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes | (6,138) | 36 | (6,138) | 37 | ||
| (6,138) | 36 | (6,138) | 37 | |||
| Items that could be subsequently reclassified to the statement of income | ||||||
| Cumulative translation adjustments for the year | (212,235) | (108,927) | (212,235) | (108,927) | ||
| (Loss)/gain cash flow hedge accounting, net of taxes | 1,209,621 | 1,195,664 | 1,209,621 | 1,195,664 | ||
| Cash flow hedge reclassified to income upon realization, net of taxes | (270,718) | 122,665 | (270,718) | 122,665 | ||
| (Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes | 177,808 | 321,918 | 122,115 | 222,158 | ||
| 904,476 | 1,531,320 | 848,783 | 1,431,560 | |||
| 898,338 | 1,531,356 | 842,645 | 1,431,597 | |||
| Comprehensive income for the year | 343,315 | 799,776 | 227,114 | 812,451 | ||
| Attributable to: | ||||||
| Earnings attributable to the controlling interests | 227,114 | 812,451 | 227,114 | 812,451 | ||
| Earnings attributable to the non-controlling interests | 116,201 | (12,675) | ||||
| 343,315 | 799,776 | 227,114 | 812,451 |
| 32. | SUBSEQUENT EVENTS |
ADVANCE FOR FUTURE CAPITAL INCREASE
On April 22, 2026, CSN contributed R$ 495,425 to Transnordestina Logística S.A. through an Advance Payment for a Future Capital Increase (AFAC).
SETTLEMENT OF FINANCIAL OBLIGATION
On April 17, 2026, the Company fully redeemed the 2026 Senior Unsecured Notes, which matured on that date, in the amount of US$189.9 million.
CASH INFLOWS TO THE COMPANY
On April 16, 2026, the Company began receiving the funds from the bridge loan it had secured, as disclosed in the Material Fact announcement dated March 20, 2026. The transaction, with a principal amount of US$1.2 billion, an option to increase the amount to up to US$1.4 billion, and a 5-year maturity, is intended to restructure short- and medium-term debt, refinance existing financial obligations, and pay expenses directly related to the transaction.
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COMPANHIA SIDERÚRGICA NACIONAL | |
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By: |
/S/ Benjamin Steinbruch
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Benjamin Steinbruch
Chief Executive Officer | |
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By: |
/S/ Antonio Marco Campos Rabello
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Antonio Marco Campos Rabello
Chief Financial and Investor Relations Officer | |
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.