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Equibles

6-K

National Steel Co (SID)

6-K 2025-08-15 For: 2025-06-30
View Original
Added on April 11, 2026

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

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

Securities Exchange Act of 1934

For the month of August, 2025 Commission File Number 1-14732

COMPANHIA SIDERÚRGICA NACIONAL

(Exact name of registrant as specified in its charter)

National Steel Company

(Translation of Registrant's name into English)

Av. Brigadeiro Faria Lima 3400, 20º andarSão Paulo, SP, Brazil04538-132

(Address of principal executive office)

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

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes _______ No ___X____

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) INTERIM FINANCIAL INFORMATION COMPANHIA SIDERÚRGICA NACIONAL AS OF JUNE 30, 2025 AND INDEPENDENT AUDITOR’S REPORT Docusign Envelope ID: D280BE2A-1BC5-4FEC-A9F3-656761CACA86

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) 2 Independent auditor's report on review the individual and consolidated interim financial information. To the Shareholders, Directors and Managers of Companhia Siderúrgica Nacional Sao Paulo-SP Introduction We have reviewed the individual and consolidated interim financial information of Companhia Siderúrgica Nacional ("Company"), identified as parent company and consolidated, contained in the Quarterly Information Form - ITR for the quarter ended June 30, 2025, which comprise the balance sheet as of June 30, 2025 and the related statements of income, comprehensive income, for three and six months period then ended and changes in shareholder’s equity and cash flows for the six-month period then ended, including the explanatory notes. The Company's management is responsible for preparing and presenting the individual and consolidated interim financial information, in accordance with technical pronouncement CPC 21 (R1) - Interim Financial Statements and with the international accounting standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission, applicable to the preparation of the Quarterly Information - ITR. Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of review We conducted our review in accordance with Brazilian and international standards for reviewing interim financial information (NBC TR 2410 - Review of Interim Financial Information Performed by the Entity Auditor and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The scope of a review is significantly less than that of an audit conducted in accordance with auditing standards and, as a result, did not enable us to obtain assurance that we have taken knowledge of all significant matters that could be identified in an audit. Therefore, we do not express an audit opinion. Conclusion on the individual and consolidated interim financial information Based on our review, we are not aware of any fact which leads us to believe that the individual and consolidated interim financial information included in the aforementioned quarterly information was not prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1) and IAS 34, applicable to the preparation of the Quarterly Information - ITR, and presented in accordance with the rules issued by the Brazilian Securities and Exchange Commission (CVM). Docusign Envelope ID: D280BE2A-1BC5-4FEC-A9F3-656761CACA86

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) 3 Other matters Statement of Value Added The previously mentioned quarterly information includes the individual and consolidated interim financial information of Value Added (DVA), referring to the six-months period ended June 30, 2025, prepared under the responsibility of the Company's management and presented as supplementary information for international standard IAS 34 purposes. These statements were submitted to review procedures performed in conjunction with the review of the Company's quarterly information - ITR, in order to conclude whether they are reconciled with the interim financial information and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in technical pronouncement CPC 09 (R1) - "Demonstration of Added Value". Based on our review, we are not aware of any facts that lead us to believe that these statements of value added were not prepared, in all material respects, in accordance with the criteria defined in this standard and in a manner consistent with the interim financial information, individual and consolidated, taken as a whole. Barueri, July 31, 2025. Forvis Mazars Auditores Independentes - Sociedade Simples Ltda. CRC 2 SP023701/O-8 Danhiel Augusto Reis CRC 1SP254522/O-0 Docusign Envelope ID: D280BE2A-1BC5-4FEC-A9F3-656761CACA86

Companhia<br> Siderúrgica Nacional S.A.
BALANCE<br> SHEET
(In<br> thousands of Reais)
Consolidated Parent<br> Company Consolidated Parent<br> Company
Notes 06/30/2025 12/31/2024 06/30/2025 12/31/2024 Notes 06/30/2025 12/31/2024 06/30/2025 12/31/2024
ASSET LIABILITIES AND<br> SHAREHOLDERS' EQUITY
Current Current
Cash and cash equivalents 3 18,305,208 23,310,197 2,088,073 5,666,618 Borrowings and financing 12 7,819,043 8,821,679 4,013,991 5,201,174
Financial investments 4 851,397 911,378 834,560 895,573 Payroll and related taxes 644,740 560,695 210,962 184,696
Trade receivables 5 2,437,043 2,900,998 1,630,275 1,555,141 Trade payables 15 7,066,323 7,030,734 3,792,941 3,596,080
Inventory 6 10,355,385 10,439,741 6,671,060 6,839,246 Tax payables 880,497 719,253 170,180 195,063
Recoverable taxes 7 1,954,302 1,367,316 738,137 668,137 Labor and civil provisions 18 115,105 132,112 70,698 61,008
Other current assets 8 796,486 856,063 1,124,145 1,012,495 Dividends and interest<br> on equity payable 16 1,437,467 61,965 6,095 6,242
Total current assets 34,699,821 39,785,693 13,086,250 16,637,210 Advances from customers 16 3,899,218 3,648,639 350,208 382,350
Trade payables –<br> Forfaiting and Drawee risk 15.a 2,747,027 2,902,593 2,215,234 2,214,482
Non-Current Other payables 16 1,128,846 1,238,805 888,202 1,174,978
Long-term realizable asset Total current liabilities 25,738,266 25,116,475 11,718,511 13,016,073
Financial investments 4 29,758 169,977 142,423
Deferred taxes assets 17 6,731,080 7,345,326 4,399,095 4,750,333 Non-Current
Inventory 6 1,954,823 1,761,172 Borrowings and financing 12 43,747,995 48,092,942 23,135,590 25,044,466
Recoverable taxes 7 3,066,272 2,799,951 2,168,950 1,838,343 Deferred taxes assets 17.b 604,421 541,329
Other non-current assets 8 5,331,042 5,232,370 6,128,369 5,360,281 Provision for tax, social<br> security, labor, civil and environmental risks 18 743,797 1,245,590 253,232 276,689
17,112,975 17,308,796 12,696,414 12,091,380 Employee benefits 0 502,039 473,046 481,609 454,161
Provisions for environmental<br> liabilities and decommissioning 19 1,188,320 1,133,363 138,041 142,989
Investments 9 6,191,787 5,948,051 26,501,360 26,292,822 Provision for investment<br> losses 9 10,699,022 11,458,813
Property, plant and equipment 10 32,031,883 30,426,023 10,089,593 9,664,413 Other payables 16 11,692,665 11,844,793 2,111,894 2,089,266
Intangible assets 11 11,034,277 10,438,091 68,322 68,070 Total non-current liabilities 58,479,237 63,331,063 36,819,388 39,466,384
Total non-current assets 66,370,922 64,120,961 49,355,689 48,116,685
Shareholders’ equity
Paid-up capital 21 10,240,000 10,240,000 10,240,000 10,240,000
Capital reserves 2,056,970 2,056,970 2,056,970 2,056,970
Earnings reserves (144,686) 640,460 (144,686) 640,460
Legal reserve 1,158,925 1,158,925 1,158,925 1,158,925
Other comprehensive income 592,831 (1,824,917) 592,831 (1,824,917)
Total shareholders'<br> equity of controlling shareholders 13,904,040 12,271,438 13,904,040 12,271,438
Earnings attributable to the non-controlling interests 2,949,200 3,187,678
Total shareholders' equity 16,853,240 15,459,116 13,904,040 12,271,438
TOTAL ASSETS 101,070,743 103,906,654 62,441,939 64,753,895 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 101,070,743 103,906,654 62,441,939 64,753,895
The accompanying notes are an integral part of these consolidated<br> financial statements
Companhia<br> Siderúrgica Nacional S.A.
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Statements<br> of Income
(In<br> thousands of Reais)
Consolidado Controladora Consolidado Controladora
Six-month<br> period ended Six-month<br> period ended Three-month<br> period ended Three-month<br> period ended
Notes 6/30/2025 6/30/2024 6/30/2025 6/30/2024 6/30/2025 6/30/2024 6/30/2025 6/30/2024
Net<br> Revenue 23 21,600,915 20,594,732 8,666,001 8,871,519 10,693,286 10,881,740 4,175,677 4,663,735
Costs of goods sold<br> and services rendered 24 (16,342,573) (15,414,669) (8,048,779) (8,555,029) (7,967,187) (7,892,701) (3,844,781) (4,454,735)
Gross<br> profit 5,258,342 5,180,063 617,222 316,490 2,726,099 2,989,039 330,896 209,000
Operating<br> (expenses)/income (2,727,949) (2,983,619) (280,700) (1,023,331) (1,083,343) (1,375,530) 193,621 (474,152)
Selling<br> expenses 0 (2,293,241) (2,561,916) (414,881) (413,670) (1,233,009) (1,363,352) (209,599) (210,782)
General<br> and administrative expenses 0 (480,923) (430,917) (195,904) (191,176) (263,525) (224,064) (107,690) (103,146)
Equity<br> in results of affiliated companies 9 245,227 191,599 741,975 (76,814) 166,793 98,279 652,598 33,081
Other<br> operating (expenses)/income, net 25 (199,012) (182,385) (411,890) (341,671) 246,398 113,607 (141,688) (193,305)
Other operating income 143,809 604,280 142,310 108,506 76,794 546,371 87,460 42,031
Other<br> operating expenses (342,821) (786,665) (554,200) (450,177) 169,604 (432,764) (229,148) (235,336)
Income<br> before financial income (expenses) 2,530,393 2,196,444 336,522 (706,841) 1,642,756 1,613,509 524,517 (265,152)
Financial<br> income (expenses), net 26 (3,750,586) (2,619,918) (1,831,827) (958,802) (1,900,239) (1,495,391) (1,047,288) (565,066)
Financial<br> income 825,975 718,966 430,447 334,987 270,918 342,437 182,095 139,316
Financial expenses (3,473,681) (3,164,902) (1,613,441) (1,563,416) (1,773,273) (1,804,104) (961,547) (988,447)
Other<br> financial items, net (1,102,880) (173,982) (648,833) 269,627 (397,884) (33,724) (267,836) 284,065
Income<br> before income taxes 17 (1,220,193) (423,474) (1,495,305) (1,665,643) (257,483) 118,118 (522,771) (830,218)
Income<br> tax and social contribution 358,244 (278,800) 710,159 547,163 127,114 (340,730) 356,771 301,439
Net<br> income/(loss) (861,949) (702,274) (785,146) (1,118,480) (130,369) (222,612) (166,000) (528,779)
Attributable<br> to:
Earnings<br> attributable to the controlling interests (785,146) (1,118,480) (785,146) (1,118,480) (166,000) (528,779) (166,000) (528,779)
Earnings attributable<br> to the non-controlling interests (76,803) 416,206 35,631 306,167
Loss<br> basic and diluted per share (in R$) 21.e (0.59207) (0.84344) (0.12518) (0.39875)
The<br> accompanying notes are an integral part of these consolidated financial statements
Companhia<br> Siderúrgica Nacional S.A.
--- --- --- --- --- --- --- --- --- --- --- ---
Statements<br> of Changes in Equity
(In<br> thousands of Reais)
Capital social integralizado Ações em tesouraria Transações de capital Reservas Lucros / (Prejuízos) acumulados Outros resultados abrangentes Total do Patrimônio Líquido<br> da Controladora Participação acionistas não<br> controladores Total do Patrimônio Líquido<br> Consolidado
Capital Legal Estatutária
Paid-up<br> capital Treasury<br> shares Capital<br> transactions Reserves Retained<br> earnings Other<br> comprehensive income Total<br> Shareholders' Equity Parent Company Non-controlling<br> interest Total<br> 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 (785,146) 2,417,748 1,632,602 (321,751) 1,310,851
Net loss (785,146) (785,146) (76,803) (861,949)
Other comprehensive<br> income 2,417,748 2,417,748 (244,948) 2,172,800
Actuarial gains/(losses) over pension plan of subsidiaries, net<br> of taxes 74 74 (1) 73
Cumulative translation adjustments for the year (3,083) (3,083) (3,083)
(Loss)/gain cash flow hedge accounting, net of taxes 1,918,399 1,918,399 1,918,399
Cash flow hedge reclassified to income upon realization, net of<br> taxes 141,920 141,920 141,920
(Loss)/gain cash flow hedge accounting  –  “Platts”  from<br> investments in subsidiaries, net of taxes 351,656 351,656 157,911 509,567
Gain on the percentage change in investments 8,782 8,782 8,782
Allocation of profit/(loss) for the<br> year (402,858) (402,858)
Dividends approved at SBM 05/08/2025 (337,781) (337,781)
Interest on shareholders' equity approved at SBM 05/08/2025 (65,077) (65,077)
Capital transactions 83,273 83,273
Constitution of subsidiaries in foreign operations 1,170 1,170
Result of acquisition of ownership interest in Grupo Estrela 82,103 82,103
Balances as at June 30 2025 10,240,000 (223,830) 2,248,080 32,720 1,158,925 640,460 (785,146) 592,831 13,904,040 2,949,200 16,853,240
Companhia<br> Siderúrgica Nacional S.A.
--- --- --- --- --- ---
Statements<br> of Cash Flows
(In<br> thousands of Reais)
Consolidated Parent<br> Company
Notes 06/30/2025 06/30/2024 06/30/2025 06/30/2024
Net cash from operating<br> activities (1,399,172) 1,637,196 (545,454) (706,091)
Cash flow from operating<br> activities 1,504,113 3,309,993 470,529 (225,600)
Earnings  attributable<br> to the controlling interests (785,146) (1,118,480) (785,146) (1,118,480)
Earnings  attributable<br> to the non-controlling interests (76,803) 416,206
Adjustments to reconcile<br> the result:
Financial charges in borrowing<br> and financing raised 26 2,024,049 1,951,417 953,008 881,371
Financial charges in borrowing<br> and financing granted (202,236) (77,804) (170,350) (107,134)
Charges on lease liabilities 14 56,175 48,640 1,743 293
Equity in results of affiliated<br> companies 9 (245,227) (191,599) (741,975) 79,259
Deferred taxes assets 17.b (649,190) (618,916) (710,159) (547,163)
Provision for tax, social<br> security, labor, civil and environmental risks (518,536) (31,184) (13,767) 3,631
Exchange, Monetary and<br> Cash Flow Hedge (406,143) 873,519 1,025,614 (232,984)
Write-off of property,<br> plant and equipment right of use and Intangible assets 9, 10, 11 e 14 20,429 9,601 (12,498) (1,474)
Provision for environmental<br> liabilities and decommissioning of assets 54,948 50,557 (4,948) (5,377)
Updated shares –<br> Fair value through profit or loss 26 191,986 243,494 191,986 243,494
Depreciation, amortization<br> and depletion 24 2,045,784 1,834,550 719,953 647,772
Accrued/(reversal) for<br> consumption and services (53,264) (75,100) (618) (37,132)
Dividends USIMINAS (44,798) (44,681)
Other provisions 47,287 39,890 17,686 13,005
Changes in assets and liabilities (2,903,285) (1,672,797) (1,015,983) (480,491)
Trade receivables - third<br> parties 715,658 590,164 66,543 (84,715)
Trade receivables - related<br> party 4,924 (10,817) (220,174) 202,093
Inventory (401,411) (478,898) (229,045) (652,530)
Dividends and receivables<br> - related parties 25,106 44,798 777,379 1,034,915
Recoverable taxes (832,514) (63,275) (400,607) (163,027)
Judicial deposits 57,360 (130,413) (8,452) 11,379
Receipt of RFFSA receivables
Other assets 26,116 180,487 (37,986) (93,643)
Trade payables (246,422) (1,327,689) 208,786 (265,022)
Trade payables –<br> Forfaiting and Drawee risk (151,175) 636,632 752 127,862
Payroll and related taxes 53,247 98,353 26,268 39,084
Tax payables 120,253 (30,405) (23,016) 36,734
Payables to related parties (6,651) (25,817) 26,276 29,189
Advance of customers of<br> mineral and energy contracts (303,796) 861,201 (179,249) 146,930
Interest paid 12.a (2,168,480) (1,964,382) (989,286) (846,224)
Interest received 687 968
Receipts/(Payments) from<br> hedging operations, cash flow and derivatives (45,707) 55,761 (38,913) 1,553
Other liabilities 250,207 (108,500) 4,054 (6,036)
Net cash investment activities (2,744,733) (2,106,180) (1,944,511) (1,298,360)
Investments / AFAC / Acquisitions<br> of Shares (23,600) (32,000) (58,600) (104,500)
Cash paid in acquiring<br> investments Gramperfil (35,948)
Purchase of property, plant<br> and equipment, intangible assets and  investment  property 9, 10 e 11 (2,457,970) (2,127,047) (1,033,563) (1,069,672)
Intercompany loans granted (39,015) (48,356) (566,390) (108,189)
Intercompany loans received 3,279 4,317 2,592 2,592
Financial Investments,<br> net of redemption 8,214 96,906 11,450 (18,591)
Cash received in acquiring<br> investments Gramperfil 13,261
Cash paid in acquiring<br> investments Grupo Estrela (300,000) (300,000)
Cash received in acquiring<br> investments Grupo Estrela 87,046
Net<br> cash used in financing activities (856,116) 61,114 (1,088,580) 1,388,734
Borrowings and financing<br> raised 12.a 6,457,284 5,381,083 1,060,044 2,351,299
Transactions cost - Borrowings<br> and financing (84,528) (63,821) (8,816) (42,133)
Borrowings and financing<br> – related parties 12.a 2,487,558
Amortization of borrowings<br> and financing 12.a (8,077,655) (3,877,726) (1,784,013) (1,707,434)
Amortization of borrowings<br> and financing - related parties 12.a (349,221) (744,878)
Amortization of leases 14 (177,067) (145,491) (6,574) (6,289)
Share repurchase 42,611
Dividends and interest<br> on shareholder’s equity (1,232,931) (949,389)
Exchange Variation on Cash<br> and Equivalents 983,239
Exchange Variation on Cash<br> and Equivalents (4,967) (92,970)
Increase (decrease) in cash<br> and cash equivalents (5,004,988) (500,841) (3,578,545) (615,715)
Cash and equivalents at<br> the beginning of the year 23,310,197 16,046,218 5,666,618 2,270,070
Cash<br> and equivalents at the end of the year 18,305,208 15,545,377 2,088,073 1,654,353
The<br> accompanying notes are an integral part of these consolidated financial statements
Companhia<br> Siderúrgica Nacional S.A.
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Statements<br> of Value Added
(In<br> thousands of Reais)
Consolidated Parent<br> Company
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Revenues
Sales of products and services<br> rendered 24,659,841 23,447,605 10,608,095 10,691,326
Other income/(expenses) 94,183 76,053 83,957 49,978
Provision for (reversal<br> of) doubtful debts 2,748 (29,160) (867) (21,613)
24,756,772 23,494,498 10,691,185 10,719,691
Raw materials acquired from third parties
Cost of sales and services (11,238,767) (11,436,836) (6,300,815) (7,300,269)
Materials, electric power,<br> outsourcing and other (2,476,206) (2,802,313) (666,133) (599,142)
Impairment/recovery of<br> assets (88,858) (96,646) (51,392) (94,697)
(13,803,831) (14,335,795) (7,018,340) (7,994,108)
Gross value added 10,952,941 9,158,703 3,672,845 2,725,583
Retentions
Depreciation, amortization<br> and depletion (2,045,784) (1,832,760) (719,953) (647,323)
Value added created 8,907,157 7,325,943 2,952,892 2,078,260
Value added received
Equity in results of affiliated<br> companies 245,227 191,599 741,975 (76,814)
Financial income 583,216 475,472 187,689 91,493
Other and exchange gains 965,567 (1,600,692) 185,581 143,712
1,794,010 (933,621) 1,115,245 158,391
Value added for distribution 10,701,167 6,392,322 4,068,137 2,236,651
Value added<br> distributed
Personnel and Charges 2,296,129 1,417,119 852,628 565,924
Salaries and wages 1,804,900 1,154,592 635,358 439,823
Benefits 375,598 202,270 172,024 102,008
Severance payment (FGTS) 115,631 60,257 45,246 24,093
Taxes, fees and contributions 3,962,466 4,164,895 1,793,084 1,590,654
Federal 2,025,923 2,389,406 890,485 808,015
State 1,923,205 1,766,510 902,599 782,639
Municipal 13,338 8,979 - -
Remuneration on third-party<br> capital 5,304,521 1,512,582 2,207,570 1,198,553
Interest 2,574,398 2,047,486 1,242,921 921,207
Rental 5,152 17,884 2,473 4,546
Other and exchange losses 2,724,971 (552,788) 962,176 272,800
Interest on equity (861,949) (702,274) (785,145) (1,118,480)
Dividends (950,000) (950,000)
Income for the year/Retained<br> earnings (785,146) (168,480) (785,145) (168,480)
Non-controlling interests (76,803) 416,206
10,701,167 6,392,322 4,068,137 2,236,651
The accompanying notes are an integral part of these consolidated<br> financial statements 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | 1. | DESCRIPTION OF BUSINESS | | --- | --- |

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

(i) Steel industry: production and marketing of flat and<br>long steels;
(ii) Mining: mining and processing of iron ore, tin, limestone<br>and dolomite, as well as the sale of iron ore;
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(iii) Cements: production and marketing of bagged and bulk<br>cements, as well as aggregates and other related products;
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(iv) Energy: production and sale of energy from renewable<br>sources;
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(v) Logistics: participations in railways, concession of<br>ports and road fleet.
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CSN is listed on São Paulo’s B3 – Brasil, Bolsa, Balcão stock exchange under the code CSNA3, where its shares are traded, and on NYSE - United States stock exchange under the code SID. Additionally, its subsidiaries CSN Mineração S.A. and Companhia Estadual de Geração de Energia Elétrica are publicly traded, and CSN Mineração S.A. trades shares of common stock at B3 under the code CMIN3.

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

· Going Concern:

Management understands that the Company has adequate resources to continue its operations. Accordingly, the Company's financial statements for the year ended June 30, 2025 have been prepared on a going concern basis.

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

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

| \(In thousands of R$, unless otherwise stated\) |

| --- | | 2.b)Basis of presentation | | --- |

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

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

Interim financial information has been prepared and is being presented in accordance with CPC 21 (R1) - "Interim Financial Reporting" and IAS 34 - "Interim Financial Reporting", in accordance with the standards established by the CVM. Interim financial information does not include all requirements for annual or complete financial statements; as a result, it should be read together with the Company's financial statements for the year ended December 31, 2024.

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

Note 2.d - Material accounting policies

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

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

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

Note 11.a - Assets with indefinite useful lives

Note 12 – Impairment of assets

Note 19 - Taxes in installments

Note 22.a - Transactions with controllers

Note 22.c - Other unconsolidated related parties

Note 30 - Employee benefits

Note 31 - Commitments

Note 32 - Insurance

The provided individual and consolidated financial information was approved by Management as of July 31, 2025.

2.c) Functional and presentation currency

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

Transactions in foreign currencies are translated into the functional currency using the exchange rates prevailing on the dates of the transactions or valuation, in which the items are remeasured. The balances of the asset and liability accounts are translated at the exchange rate on the balance sheet date. As of June 30, 2025, US$ 1.00 is equivalent to BRL 5.4571 (BRL 6.1923 on December 31, 2024) and €1.00 is equivalent to BRL 6.4230 (BRL6.4363 on December 31, 2024) according to rates obtained from the Central Bank of Brazil’s website.

| \(In thousands of R$, unless otherwise stated\) |

| --- | | 2.d) | Statement of value added | | --- | --- |

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, therefore, it is presented as additional information for IFRS’s purposes.

3. CASH AND CASH EQUIVALENTS
Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Cash and banks
In Brazil 1,004,852 701,494 206,567 34,180
Abroad 11,644,055 13,318,603 107,714 868,839
12,648,907 14,020,097 314,281 903,019
Financial investments
In Brazil 3,494,041 7,688,051 1,773,792 4,758,970
Abroad 2,162,260 1,602,049 4,629
5,656,301 9,290,100 1,773,792 4,763,599
18,305,208 23,310,197 2,088,073 5,666,618

Financial resources available in Brazil are primarily invested in private and public securities for which the respective income is linked to variation in Interbank Deposit Certificates (CDI) and transactions linked to 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. Income is linked to FED Funds the ECB’s deposit rate, and Management considers counterparty banks to be blue-chip institutions.

4. FINANCIAL INVESTMENTS
Consolidated Parent Company
--- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024
Investments ^(1)^ 53,199 50,787 29,758 27,554 36,363 34,982
Usiminas shares ^(2)^ 668,606 860,591 668,605 860,591
Bonds ^(3)^ 129,592 142,423 129,592 142,423
851,397 911,378 29,758 169,977 834,560 895,573 142,423
(1) These are financial investments with<br>a restricted modality and linked to a bank deposit certificate (CDB) to guarantee a letter of guarantee with financial institutions and<br>financial investments in public securities (LFT - Financial Treasury Bills) managed by their exclusive funds. The Subsidiary CSN Cimentos<br>Brasil maintains investments with restricted availability as giving in security for liabilities. These securities are subject to an indefinite<br>redemption term and corresponded to a balance of BRL 8,985 on June 30, 2025 (BRL 8,497 as of December 31, 2024). The subsidiaries Elizabeth<br>Cimentos S/A and Estanho de Rondônia maintained investments linked to financing agreements which will mature in 2030 and 2028, respectively,<br>in the amount of BRL 20,773 (BRL 19,057 as of December 31, 2024).
--- ---
(2) Usiminas shares held<br>by the Company ceased to be considered collateral (fiduciary sale) as of June 8, 2024.
(3) Bonds maintained<br>with Banco Fibra maturing in February 2028 will be paid in advance by the end of 2025 fiscal year. (See explanatory note 20.a.) 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | 5. | TRADE RECEIVABLES | | --- | --- | | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | --- | | | Ref. | 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 | | Trade receivables | | | | | | | Third parties | | | | | | | In Brazil | | 1,583,880 | 1,457,840 | 751,815 | 868,360 | | Abroad | | 948,979 | 1,563,075 | 34,751 | 47,258 | | | | 2,532,859 | 3,020,915 | 786,566 | 915,618 | | Provision for doubtful debts | | (216,909) | (212,088) | (96,484) | (95,617) | | | | 2,315,950 | 2,808,827 | 690,082 | 820,001 | | Related parties | 20.a | 121,093 | 92,171 | 940,193 | 735,140 | | | | 2,437,043 | 2,900,998 | 1,630,275 | 1,555,141 |

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

Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Current 2,101,251 2,522,661 626,429 821,965
Past-due up to 30 days 122,657 180,249 1,660 257
Past-due up to 180 days 70,239 139,106 33,851 1,442
Past-due over 180 days 238,712 178,899 124,626 91,954
2,532,859 3,020,915 786,566 915,618

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

Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Opening balance (212,088) (226,053) (95,617) (119,558)
(Loss)/Reversal estimated (1,703) 3,964 (4,428) 18,627
Recovery of receivables 4,451 10,001 3,561 5,314
Result of acquistion of ownership interest in Grupo Estrela  (1) (7,569)
Closing balance (216,909) (212,088) (96,484) (95,617)
(1) Transactions related to the acquisition<br>of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025.<br>According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination,<br>which may impact the recorded fair value within this period based on an appraisal report.
--- ---

The Company carries out credit assignment operations without co-obligation. After the assignment of the customer's trade notes/securities and receiving funds throught the closing of each transaction, CSN settles the related receivables and fully discharges the credit risk of the transactions. The financial charges on the credit assignment operation in the period ended June 30, 2025 were BRL 25,828 in the consolidated and BRL 20,293 in the parent company, respectively, and were classified under finance expenses.

| \(In thousands of R$, unless otherwise stated\) |

| --- | | 6. | INVENTORIES | | --- | --- | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | | | 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 | | Finished goods | 3,744,898 | 4,250,175 | 2,248,180 | 2,623,991 | | Work in progress | 4,200,322 | 3,976,448 | 1,951,191 | 1,888,560 | | Raw materials | 2,804,983 | 2,845,578 | 1,839,189 | 1,902,306 | | Storeroom supplies | 1,650,314 | 1,255,176 | 675,819 | 459,792 | | Advances to suppliers | 32,770 | 23,463 | 11,079 | 1,432 | | Result of acquistion of ownership interest in Grupo Estrela  ^(2)^ | 15,906 | | | | | (-) Provision for losses | (138,985) | (149,927) | (54,398) | (36,835) | | | 12,310,208 | 12,200,913 | 6,671,060 | 6,839,246 | | Classified: | | | | | | Current | 10,355,385 | 10,439,741 | 6,671,060 | 6,839,246 | | Non-current  ^(1)^ | 1,954,823 | 1,761,172 | | | | | 12,310,208 | 12,200,913 | 6,671,060 | 6,839,246 | | (1) | Long-term inventories of iron ore that<br>will be processed when implementing new beneficiation plants, which will generate Pellet Feed as a product. The start of operations is<br>scheduled for the fourth quarter of 2027. | | --- | --- | | (2) | Transactions related to the acquisition<br>of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025.<br>According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination,<br>which may impact the recorded fair value within this period based on an appraisal report. This balance includes warehouse stock. | | --- | --- |

The movements in estimated losses in inventories are as follows:

Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Opening balance (149,927) (121,871) (36,835) (24,304)
Reversal/(Provision for losses) on inventories with low turnover and obsolescence 10,942 (28,056) (17,563) (12,531)
Closing balance (138,985) (149,927) (54,398) (36,835)
7. RECOVERABLE TAXES
--- ---
Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
ICMS (Brazilian State Value-Added Tax) 2,033,257 1,717,547 1,347,857 1,116,394
Brazilian federal contributions 2,843,777 2,336,854 1,539,179 1,376,319
Other taxes 143,540 112,866 20,051 13,767
5,020,574 4,167,267 2,907,087 2,506,480
Classified:
Current 1,954,302 1,367,316 738,137 668,137
Non-current 3,066,272 2,799,951 2,168,950 1,838,343
5,020,574 4,167,267 2,907,087 2,506,480

Credits are mainly related to ICMS, PIS and COFINS levied on purchases of process inputs and fixed assets as determined under current legislation. Credits are provided in a standardized manner by offsetting debts of the same nature and/or through other federal taxes, in cases authorized under existing legislation. The Company's Management periodically evaluate recorded amounts and has not determined there to be greater risk regarding the realization of these tax credits.

| \(In thousands of R$, unless otherwise stated\) |

| --- | | 8. | OTHER ASSETS (CURRENT AND NON-CURRENT) | | --- | --- |

Consolidated Parent Company
Current Non-current Current Non-current
Ref. 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024
Judicial deposits 18 593,671 632,950 210,664 202,212
Derivative transactions 13 152,967
Dividends receivable 8 212,542 201,436 396,103 501,267
Prepaid expenses 399,887 327,403 20,818 9,770 218,157 208,557 17,119 6,093
Actuarial asset 8 50,552 47,708 39,375 37,059
Receivables from related parties 20.a 7,139 7,146 3,832,130 3,695,607 458,234 252,380 5,033,009 4,293,152
Loans with related parties 5,308 5,315 2,039,551 1,903,028 5,308 5,315 3,236,915 2,499,112
Other receivables from related parties 1,831 1,831 1,792,579 1,792,579 452,926 247,065 1,796,094 1,794,040
Other assets 176,918 167,111 833,871 846,335 51,651 50,291 828,202 821,765
Trading securities 4,235 2,947 4,059 2,814
Compulsory loans from Eletrobrás 59,892 51,012 57,166 48,437
Employee debts 104,103 92,628 47,486 47,332
Receivables by indemnity ^(1)^ 770,970 790,914 770,970 773,241
Term of Agreement GSF DFESA 9,509 14,264 2,377
Advances to suppliers 1,792 2,242
Others 57,279 55,030 3,009 2,032 106 145 66 87
796,486 856,063 5,331,042 5,232,370 1,124,145 1,012,495 6,128,369 5,360,281

(1) Non-current assets comprise a balance of BRL 596,893 referring to net and certain credit arising from a final and unappealable court ruling favorable to the Company, mainly due to losses and damages resulting from a drop in voltage in the power supply in the periods between January/1991 and June/2002. The remaining amount of BRL 174,077 corresponds to other credits that the Company is to receive. In September 2024, the Company carried out the assignment of credit rights for the amounts overpaid for rail freight from April 1994 to March 1996 to the company RFFSA and received BRL 442,246 in the operation, recording a discount of BRL 84,237. The Company has a purchase option, which can be exercised unilaterally according to the price agreed between the parties until December 31, 2025 or up to 5 days after settlement of the balance by the debtor.

9. BASIS OF CONSOLIDATION AND INVESTMENTS

Accounting policies were treated uniformly in all consolidated companies. Consolidated financial information for the period ended June 30, 2025 and consolidated financial statements for the year ended December 31, 2024 include the following direct and indirect subsidiaries and joint ventures and affiliates, in addition to exclusive funds, as shown below:

| \(In thousands of R$, unless otherwise stated\) |

| --- | | | Equity interests (%) | | | | --- | --- | --- | --- | | Companies | 06/30/2025 | 12/31/2024 | Core business | | Direct interest in subsidiaries: full consolidation | | | | | CSN Islands VII Corp. | 100.00 | 100.00 | Financial transactions | | CSN Inova Ventures | 100.00 | 100.00 | Equity interests and financial transactions | | CSN Islands XII Corp. | 100.00 | 100.00 | Financial transactions | | CSN Steel S.L.U. | 100.00 | 100.00 | Equity interests and financial transactions | | TdBB S.A (*) | 100.00 | 100.00 | Equity interests | | Sepetiba Tecon S.A. | 99.99 | 99.99 | Port services | | Minérios Nacional  S.A. | 99.99 | 99.99 | Mining and Equity interests | | Companhia Florestal do Brasil | 99.99 | 99.99 | Reforestation | | Estanho de Rondônia S.A. | 99.99 | 99.99 | Tin Mining | | Companhia Metalúrgica Prada | 99.89 | 99.89 | Manufacture of containers and distribution of steel products | | CSN Mineração S.A. | 69.01 | 69.01 | Mining | | CSN Energia S.A. | 99.99 | 99.99 | Sale of electric power | | FTL - Ferrovia Transnordestina Logística S.A. | 92.71 | 92.71 | Railroad logistics | | Nordeste Logística S.A. | 99.99 | 99.99 | Port services | | CSN Inova Ltd. | 100.00 | 100.00 | Advisory and implementation of new development project | | CBSI - Companhia Brasileira de Serviços de Infraestrutura | 99.99 | 99.99 | Equity interests and product sales and iron ore | | CSN Cimentos Brasil S.A. | 99.99 | 99.99 | Manufacturing and sale of cement | | Berkeley Participações e Empreendimentos S.A. | 100.00 | 100.00 | Electric power generation and equity interests | | CSN Inova Soluções S.A. | 99.99 | 99.99 | Equity interests | | CSN Participações I | 99.90 | 99.90 | Equity interests | | Circula Mais Serviços de Intermediação Comercial S.A. | 0.10 | 0.10 | Commercial intermediation for the purchase and sale of assets and materials in general | | CSN Participações III | 99.90 | 99.90 | Equity interests | | CSN Participações IV | 99.90 | 99.90 | Equity interests | | CSN Participações V | 99.90 | 99.90 | Equity interests | | CSN Incorporação e Participações Ltda. | 99.99 | 99.99 | Equity interests | | Estrela Comércio e Participações S.A. (5) | 70.00 | | Equity interests | | Indirect interest in subsidiaries: full consolidation | | | | | Lusosider Projectos Siderúrgicos S.A. | 100.00 | 100.00 | Equity interests and product sales | | Lusosider Aços Planos, S. A. | 100.00 | 100.00 | Steel and Equity interests | | CSN Resources S.A. | 100.00 | 100.00 | Financial transactions and Equity interests | | Companhia Brasileira de Latas^^ | 99.89 | 99.89 | Sale of cans and containers in general and Equity interests | | Companhia de Embalagens Metálicas MMSA | 99.88 | 99.88 | Production and sale of cans and related activities | | Companhia de Embalagens Metálicas - MTM | 99.88 | 99.88 | Production and sale of cans and related activities | | CSN Productos Siderúrgicos S.L. | 100.00 | 100.00 | Financial transactions, product sales and Equity interests | | Stalhwerk Thüringen GmbH | 100.00 | 100.00 | Production and sale of long steel and related activities | | CSN Steel Sections Polska Sp.Z.o.o | 100.00 | 100.00 | Financial transactions, product sales and Equity interests | | CSN Mining Holding, S.L.U. | 69.01 | 69.01 | Financial transactions, product sales and Equity interests | | CSN Mining GmbH | 69.01 | 69.01 | Financial transactions, product sales and Equity interests | | CSN Mining Asia Limited | 69.01 | 69.01 | Commercial representation | | Lusosider Ibérica S.A.^^ | 100.00 | 100.00 | Steel, commercial and industrial activities and equity interests | | Companhia Siderúrgica Nacional, LLC | 100.00 | 100.00 | Import and distribution/resale of products | | Elizabeth Cimentos S.A. | 99.99 | 99.99 | Manufacturing and sale of cement | | Santa Ana Energética S.A. | 99.99 | 99.99 | Electric power generation | | Topázio Energética S.A. | 99.99 | 99.99 | Electric power generation | | Brasil Central Energia Ltda. | 99.99 | 99.99 | Electric power generation | | Circula Mais Serviços de Intermediação Comercial S.A. | 99.99 | 99.99 | Commercial intermediation for the purchase and sale of assets and materials in general | | Metalgráfica Iguaçu S.A | 99.89 | 99.89 | Metal packaging manufacturing | | Companhia Energética Chapecó | 69.01 | 69.01 | Electric power generation | | Companhia Estadual de Geração de Energia Elétrica - CEEE-G | 100.00 | 100.00 | Electric power generation | | Ventos de Vera Cruz S.A. | 99.99 | 99.99 | Electric power generation | | Ventos de Curupira S.A | 99.99 | 99.99 | Electric power generation | | Ventos de Povo Novo S.A. | 99.99 | 99.99 | Electric power generation | | MAZET Maschinenbau und Zerspanungstechnik Unterwellwnborn GmbH | 100.00 | 100.00 | Production and sale of long steel and related activities | | CSN ITC Solutions AG ^(1)^ | 55.20 | | Financial transactions, product sales and Equity interests | | CSN Mining International GmbH | 69.01 | 69.01 | Commercial and representation of products | | Gramperfil S.A. ^(2)^ | 100.00 | | Production and commercialization of steel profiles | | CSN International Steel GmbH | 100.00 | 100.00 | Commercial and representation of products | | Tora Transportes Ltda ^(5)^ | 70.00 | | Land transport | | Tora Locações S.A. ^(5)^ | 70.00 | | Land transport and vehicle rentals | | FJX Transportes S.A. ^(5)^ | 42.00 | | Land transport and logistics | | N. Minas Transportes e Locações Ltda. ^(5)^ | 70.00 | | Land transport and logistics | | Saratoga Transportes Ltda ^(5)^ | 70.00 | | Land transport | | Lokamig Rent a Car S.A.^(5)^ | 70.00 | | Vehicle rentals | | Seminovos Lokamig Ltda. ^(5)^ | 70.00 | | Vehicle rentals | | Tora Logística Armazéns e Terminais Multimodais S.A. ^(5)^ | 70.00 | | Logistics | | Tora Recintos Alfandegários S.A. ^(5)^ | 70.00 | | General warehousing operations and land transport | | Tora Seminovos Comércio de Veículos Ltda. ^(5)^ | 70.00 | | Trade and vehicle rentals |

| \(In thousands of R$, unless otherwise stated\) |

| --- | | Direct ownership interest in companies exercising shared control classified as joint-operation | | | | | --- | --- | --- | --- | | Itá Energética S.A. | 48.75 | 48.75 | Electric power generation | | Direct interest in joint ventures: equity method | | | | | MRS Logística S.A. | 18.75 | 18.75 | Railroad transportation | | Aceros Del Orinoco S.A. (*) | 31.82 | 31.82 | Dormant company | | Transnordestina Logística S.A. | 48.03 | 48.03 | Railroad logistics | | Equimac S.A | 50.00 | 50.00 | Rental of commercial and industrial machinery and equipment | | Indirect interest in joint ventures: equity method | | | | | MRS Logística S.A. | 12.93 | 12.93 | Railroad transportation | | Direct interest in associates: equity method | | | | | Arvedi Metalfer do Brasil S.A. | 20.00 | 20.00 | Metallurgy and Equity interests | | Panatlântica S.A. | 29.92 | 29.92 | Steel | | Indirect interest in affiliates: equity method | | | | | Jaguari Energética S.A. | 10.50 | 10.50 | Electric power generation | | Chapecoense Geração S.A. | 9.00 | 9.00 | Electric power generation | | Companhia Energética Rio das Antas - Ceran | 30.00 | 30.00 | Electric power generation | | Foz Chapecó Energia S.A. | 9.00 | 9.00 | Electric power generation | | Exclusive funds: full consolidation | | | | | Diplic II  - Private credit balanced mutual fund | 100.00 | 100.00 | Investment fund | | Caixa Vértice - Private credit balanced mutual fund | 100.00 | 100.00 | Investment fund | | VR1 - Private credit balanced mutual fund | 100.00 | 100.00 | Investment fund | | Consortiuns | | | | | Consórcio Itaúba ^(3)^ | 99.99 | 100.00 | Electric power generation | | Consórcio Passo Real ^(4)^ | 96.55 | 100.00 | Electric power generation | | Consórcio da Usina Hidrelétrica de Igarapava | 17.92 | 17.92 | Electric power generation | | Consórcio Dona Francisca | 15.00 | 15.00 | Electric power generation |

(*) Dormant companies.

(1) On March 5, 2025, CSN ITC Solutions AG<br>was incorporated. The Company holds a 55.2% ownership interest in CSN ITC Solutions AG, through its indirect subsidiary CSN Mining International<br>GmbH - which owns 80% of CSN IT. Located in Switzerland, the company is incorporated in the form of a corporation. CSN IT's activities<br>consist of marketing, distributing and processing iron ore and related products in key strategic expansion markets, with the objective<br>of adding value to these products by exploring and seeking related business opportunities, in Switzerland or abroad;
(2) Gramperfil S.A., which holds 90% of the<br>shares issued by the Company, was acquired by CSN Steel S.L. in March. The remaining 10% of the Company's shares are held in treasury.<br>On March 23, 2025, the Company completed the acquisition of Gramperfil S.A. for a total amount of EUR 11,801 thousand. Located in Portugal,<br>the company is incorporated in the form of a corporation. The activities of Gramperfil S.L consist of producing, marketing and transforming<br>metal profiles and accessories, in addition to importing and exposing profiles and accessories for metal and civil construction;
--- ---
(3) On March 21, 2025, the 1st amendment<br>was made to the Itaúba Consortium Agreement, which redistributed equity interest among consortium members. The consortium member<br>Companhia Siderúrgica Nacional and CSN Cimentos S.A. now hold a 39.03% and 60.97% ownership interest in the Consortium, respectively;
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(4) On March 21, 2025, the 1st amendment<br>was made to the Passo Real Consortium Agreement, which redistributed equity interest among consortium members. The ownership interest<br>held by consortium member Companhia Siderúrgica Nacional increased from 46.97% to 56.40%. Elizabeth Cimentos S.A.’s stage<br>increased from 28.18% to 24.14%, and CSN Mineração S.A.’s ownership interest grew from 23.29% to 11.09%. Minérios<br>Nacional S.A. maintained its ownership interest in the consortium at 1.56%. In addition, there was the entry of new consortium members,<br>which are: Companhia Metalúrgica Prada, which holds a 3.36% ownership interest. Metalgráfica Iguaçu S.A. and Estanho<br>de Rondônia S.A. hold a 0.34% and 3.11% ownership interest, respectively;
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(5) On April 1, 2025, CSN acquired shares<br>representing 70% of Estrela Comércio e Participações S.A.’s ("Estrela”) share capital. Estrela directly<br>and indirectly holds a 100% ownership interest in the companies Tora Transportes Ltda., Tora Locações S.A., N. Minas Transportes<br>e Locações Ltda., Saratoga Transportes Ltda., Lokamig Rent a Car S.A., Seminovos Lokamig Ltda., Tora Logística Armazéns<br>e Terminais Multimodais S.A., Tora Recintos Alfandegários S.A. and Tora Seminovos Comércio de Veículos Ltda. and<br>a 60% stake in FJX Transportes S.A. Estrela exercises control over these companies, which became part of the series of companies controlled<br>by CSN.
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| \(In thousands of R$, unless otherwise stated\) |

| --- | | 9.a) | Movement of investments in controlled companies, jointlycontrolled companies, joint operations, associates, and other investments | | --- | --- |

Positions presented on June 30, 2025 and transactions refer to the ownership interest held by CSN in these companies:

Consolidated
Companies Ref. Final balance on 12/31/2024 Dividends Equity Income Comprehensive income Others Final balance on 06/30/2025
Investments under the equity method
Joint-venture, Joint-operation and Affiliate
MRS Logistica 2,799,168 286,798 8 3,085,974
Fair Value MRS 480,622 480,622
Fair Value MRS amortization (105,719) (5,874) (111,593)
Transnordestina Logística S.A. 1,137,345 (15,178) 1,122,167
Fair Value -Transnordestina 659,106 659,106
Arvedi Metalfer do Brasil S.A. 35,257 458 35,715
Panatlântica S.A. 225,764 9,406 235,170
Equimac S.A 31,733 (2,187) 3,812 33,358
Indirect interest in affiliates - CEEE-G 146,753 (32,971) 10,508 124,290
Fair Value indirect participation CEEE-G 319,709 319,709
Fair Value amortization indirect participation CEEE-G (42,523) (9,298) (51,821)
5,687,215 (35,158) 280,632 8 5,932,697
Others ^(2)^ 58,796 212 59,008
58,796 212 59,008
Total shareholdings 5,746,011 (35,158) 280,632 8 212 5,991,705
Classification of investments in the balance sheet
Equity interests 5,746,011 5,991,705
Investment Property 202,040 200,082
Total investments in the asset 5,948,051 6,191,787
(1) These are strategic investments in startups<br>made by the subsidiary CSN Inova Ventures in the following companies: Alinea Health Holdings Ltda. I.Systems Aut. Ind., 2D Materials,<br>H2Pro Ltda, 1S1 Energy, Traive INC., OICO Holdings and Global Dot.
--- ---

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

Consolidated
06/30/2025 06/30/2024
Equity in results of affiliated companies
MRS Logística S.A. 286,798 249,519
Transnordestina Logística S.A. (15,178) (12,869)
Arvedi Metalfer do Brasil S.A. 458 (47)
Equimac S.A 3,812 3,289
Indirect interest in affiliates - CEEE-G 10,508 9,976
Panatlântica S.A. 9,406 2,623
Fair Value Amortization (15,172) (15,183)
280,632 237,308
Reclassification IAS 28 ^(1)^ (35,413) (45,726)
Others 8 17
Equity in results 245,227 191,599

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

| \(In thousands of R$, unless otherwise stated\) |

| --- |

Below is the movement of the Parent Company's investment:

Parent Company
Companies Final balance on 12/31/2024 Capital increase Dividends Equity Income Comprehensive income Others Final balance on 06/30/2025
Investments under the equity method
Subsidiaries
CSN Steel S.L.U. 4,618,406 (73,157) (3,082) 4,542,167
Sepetiba Tecon S.A. 302,152 (14,381) 287,771
Minérios Nacional  S.A. 90,578 (23,401) 67,177
Fair Value - Minérios Nacional 2,122,071 2,122,071
Companhia Metalúrgica Prada 181,686 (65,881) 115,805
Goodwill - Companhia Metalúrgica Prada 63,509 63,509
CSN Mineração S.A. 7,086,794 (905,941) (166,595) 360,458 6,374,716
CSN Energia S.A. 20,142 (74) 20,068
FTL - Ferrovia Transnordestina Logística S.A. 100,314 (22,812) 77,502
Companhia Florestal do Brasil 1,246,403 600 1,344 69 1,248,416
CBSI - Companhia Brasileira de Serviços de Infraestrutura 84,226 25,359 109,585
Goodwill - CBSI - Companhia Brasileira de Serviços de Infraestrutura 15,225 15,225
CSN Cimentos Brasil S.A. 6,612,579 187,048 6,799,627
Estrela Comércio e Participações S.A 168,825 57 168,882
Goodwill - Estrela Comércio e Participações S.A ^(1)^ 573,675 573,675
Others 313 15 15 (5) 338
22,544,398 743,115 (905,941) (152,478) 357,445 (5) 22,586,534
Joint-venture, Joint-operation and Affiliate
Itá Energética S.A. 177,351 7,483 184,834
MRS Logística S.A. 1,400,002 143,443 6 1,543,451
Transnordestina Logística S.A. 1,137,345 (15,178) 1,122,167
Fair Value -Transnordestina 659,106 659,106
Equimac S.A 31,733 (2,187) 3,812 33,358
Panatlântica S.A. 225,764 9,406 235,170
Arvedi Metalfer do Brasil S.A. 35,257 458 35,715
3,666,558 (2,187) 149,424 6 3,813,801
Other participations
Profits on subsidiaries' inventories (53,731) 20,237 (33,494)
Other investments 40 40
(53,691) 20,237 (33,454)
Total shareholdings 26,157,265 743,115 (908,128) 17,183 357,451 (5) 26,366,881
Subsidiaries with unsecured liabilities
CSN Islands VII Corp. (3,255,338) 308,029 (2,947,309)
CSN Inova Ventures (3,348,913) 184,594 (3,164,319)
CSN Islands XII Corp. (4,803,727) 280,256 (4,523,471)
Estanho de Rondônia S.A. (47,190) 35,000 (47,843) (60,033)
Others (3,645) (244) (3,889)
Total subsidiaries with unsecured liabilities (11,458,813) 35,000 724,792 (10,699,021)
Equity Income 741,975
Classification of investments in the balance sheet
Equity interests 26,157,265 26,366,881
Investment Property 135,557 134,479
Total active investments 26,292,822 26,501,360
Provision for Investments with Unsecured Liabilities (liabilities) (11,458,813) (10,699,022)
Total active and passive investments 14,834,009 15,802,338

(1) Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

9.b)Investments in joint ventures and joint operations

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

| \(In thousands of R$, unless otherwise stated\) |

| --- | | | | | | 06/30/2025 | | | | 12/31/2024 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Joint-Venture | | | Joint-Operation | Joint-Venture | | | Joint-Operation | | Equity interest (%) | MRS Logística | Transnordestina Logística | Equimac S.A. | Itá Energética | MRS Logística | Transnordestina Logística | Equimac S.A. | Itá Energética | | | 37.49% | 48.03% | 50.00% | 48.75% | 37.49% | 48.03% | 50.00% | 48.75% | | Balance sheet | | | | | | | | | | Current Assets | | | | | | | | | | Cash and cash equivalents | 2,096,349 | 317,450 | 19,839 | 116,353 | 4,147,393 | 277,966 | 22,028 | 82,129 | | Advances to suppliers | 54,679 | 37,567 | 138 | 436 | 42,649 | 45,512 | 49 | 395 | | Other assets | 1,063,316 | 81,230 | 22,314 | 23,968 | 1,182,598 | 83,348 | 25,070 | 27,251 | | Total current assets | 3,214,344 | 436,247 | 42,291 | 140,757 | 5,372,640 | 406,826 | 47,147 | 109,775 | | Non-current Assets | | | | | | | | | | Other assets | 962,958 | 138,248 | 259 | 9,345 | 448,946 | 143,562 | 142 | 10,144 | | Investments, PP&E and intangible assets | 15,817,126 | 14,086,706 | 74,219 | 248,358 | 14,791,500 | 13,193,728 | 75,782 | 263,998 | | Total non-current assets | 16,780,084 | 14,224,954 | 74,478 | 257,703 | 15,240,446 | 13,337,290 | 75,924 | 274,142 | | Total Assets | 19,994,428 | 14,661,201 | 116,769 | 398,460 | 20,613,086 | 13,744,116 | 123,071 | 383,917 | | Current Liabilities | | | | | | | | | | Borrowings and financing | 933,027 | 51,565 | 21,798 | | 547,803 | 36,181 | 19,009 | | | Lease liabilities | 767,094 | | 344 | | 738,978 | | 288 | | | Other liabilities | 1,915,102 | 206,542 | 13,879 | 14,363 | 2,103,399 | 128,528 | 16,642 | 15,664 | | Total current liabilities | 3,615,223 | 258,107 | 36,021 | 14,363 | 3,390,180 | 164,709 | 35,939 | 15,664 | | Non-current Liabilities | | | | | | | | | | Borrowings and financing | 6,124,608 | 8,804,430 | 10,379 | | 7,524,173 | 7,943,354 | 21,074 | | | Lease liabilities | 864,482 | | 213 | | 1,158,058 | | 213 | | | Other liabilities | 1,159,206 | 3,262,700 | 3,439 | 4,950 | 1,074,757 | 3,268,493 | 2,379 | 4,457 | | Total non-current liabilities | 8,148,296 | 12,067,130 | 14,031 | 4,950 | 9,756,988 | 11,211,847 | 23,666 | 4,457 | | Shareholders’ equity | 8,230,909 | 2,335,964 | 66,717 | 379,147 | 7,465,918 | 2,367,560 | 63,466 | 363,796 | | Total liabilities and shareholders’<br><br>equity | 19,994,428 | 14,661,201 | 116,769 | 398,460 | 20,613,086 | 13,744,116 | 123,071 | 383,917 | | | | | | 01/01/2025 to 06/30/2025 | | | | 01/01/2024 to 06/30/2024 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Joint-Venture | | | Joint-Operation | | Joint-Venture | | Joint-Operation | | Equity interest (%) | MRS Logística | Transnordestina Logística | Equimac S.A. | Itá Energética | MRS Logística | Transnordestina Logística | Equimac S.A. | Itá Energética | | | 37.49% | 48.03% | 50.00% | 48.75% | 37.49% | 48.03% | 50.00% | 48.75% | | Statements of Income | | | | | | | | | | Net revenue | 3,607,492 | | 38,916 | 100,768 | 3,497,614 | | 31,377 | 91,948 | | Cost of sales and services | (1,962,878) | | (21,902) | (48,945) | (1,808,873) | | (16,512) | (59,656) | | Gross profit | 1,644,614 | | 17,014 | 51,823 | 1,688,741 | | 14,865 | 32,292 | | Operating (expenses) income | (445,205) | (26,714) | (2,883) | (36,908) | (91,298) | (19,996) | (3,075) | (40,670) | | Financial income (expenses), net | (199,246) | (4,882) | (2,034) | 3,627 | (584,221) | (6,792) | (1,043) | 2,174 | | Profit/(Loss) before IR/CSLL | 1,000,163 | (31,596) | 12,097 | 18,542 | 1,013,222 | (26,788) | 10,747 | (6,204) | | Current and deferred IR/CSLL | (235,213) | | (3,302) | (3,191) | (342,656) | | (3,144) | (291) | | Profit / (loss) for the period | 764,950 | (31,596) | 8,795 | 15,351 | 670,566 | (26,788) | 7,603 | (6,495) | | 9.c) | Investment properties | | --- | --- |

The balance of investment properties is shown below :

Consolidated Parent Company
Ref. Land Buildings Total Land Buildings Total
Balance at December 31, 2024 156,858 45,182 202,040 94,257 41,300 135,557
Cost 156,858 83,285 240,143 94,257 74,389 168,646
Accumulated depreciation (38,103) (38,103) (33,089) (33,089)
Balance at December 31, 2024 156,858 45,182 202,040 94,257 41,300 135,557
Depreciation (1,958) (1,958) (1,078) (1,078)
Balance at June 30, 2025 156,858 43,224 200,082 94,257 40,222 134,479
Cost 156,858 83,285 240,143 94,257 74,390 168,647
Accumulated depreciation (40,061) (40,061) (34,168) (34,168)
Balance at June 30, 2025 156,858 43,224 200,082 94,257 40,222 134,479

The Company Management's estimate of the fair value of investment properties was carried out for December 31, 2024. The fair value of investment properties held in the consolidated as of June 30, 2025 totaled BRL 2,431,581 (BRL 2,431,581 as of December 31, 2024). and in the parent company BRL 2,306,478 (BRL 2,306,478 as of December 31, 2024).

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

| \(In thousands of R$, unless otherwise stated\) |

| --- | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | | | 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 | | Buildings | 28 | 28 | 30 | 30 | | 10. | PROPERTY, PLANT AND EQUIPMENT | | --- | --- |

10.a) Composition of property, plant and equipment
Consolidated
--- --- --- --- --- --- --- --- --- ---
Ref. Land Buildings and Infrastructure Machinery, equipment and facilities Furniture and fixtures Construction in progress (*) Right of use (i) Other (2) Total
Balance at December 31, 2024 592,716 4,772,512 17,969,066 105,055 5,881,336 756,814 348,524 30,426,023
Cost 592,716 9,664,220 43,110,825 372,094 5,881,336 1,269,089 922,119 61,812,399
Accumulated depreciation (4,891,708) (25,141,759) (267,039) (512,275) (573,595) (31,386,376)
Balance at December 31, 2024 592,716 4,772,512 17,969,066 105,055 5,881,336 756,814 348,524 30,426,023
Effect of foreign exchange differences 15,290 36,367 (75,771) (4,040) 77,472 (4,841) (27,215) 17,262
Acquisitions 3,100 3,234 238,488 6,206 2,156,053 61,644 50,187 2,518,912
Capitalized interest 26 176,491 176,491
Estimated derecognition and losses, net of reversal 25 (6,123) (4,262) (12) (4) (9,812) (216) (20,429)
Depreciation 24 (170,910) (1,584,857) (9,155) (135,050) (47,217) (1,947,189)
Transfers to other asset categories 3,080 93,848 1,166,435 15,438 (1,308,979) 30,178
Transfers between groups - intangíble assets, IPP and stock (1) (22,570) (33,447) (16,470) (72,487)
Right of use - Remeasurement 99,628 99,628
Result of acquisition of ownership interest in Grupo Estrela (2) 6,963 33,350 19,984 1,230 1,550 183,929 590,134 837,140
Others (3,468) (3,468)
Balance at June 30, 2025 621,149 4,762,278 17,706,513 114,722 6,950,472 952,312 924,437 32,031,883
Cost 621,149 9,911,617 44,517,014 400,685 6,950,472 1,632,229 1,773,930 65,807,096
Accumulated depreciation (5,149,339) (26,810,501) (285,963) (679,917) (849,493) (33,775,213)
Balance at June 30, 2025 621,149 4,762,278 17,706,513 114,722 6,950,472 952,312 924,437 32,031,883

(1)Transfer to stock refers to the allocation of decommissioned or replaced road 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.

(2) Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

Parent Company
Ref. Land Buildings and Infrastructure Machinery, equipment and facilities Furniture and fixtures Construction in progress (*) Right of use (i) Others (**) Total
Balance at December 31, 2024 25,618 328,915 7,229,728 11,471 1,984,214 37,582 46,885 9,664,413
Cost 25,618 600,505 18,210,106 106,548 1,984,214 48,227 175,734 21,150,952
Accumulated depreciation (271,590) (10,980,378) (95,077) (10,645) (128,849) (11,486,539)
Balance at December 31, 2024 25,618 328,915 7,229,728 11,471 1,984,214 37,582 46,885 9,664,413
Acquisitions 118,670 290 914,521 82 1,033,563
Capitalized interest 26 95,537 95,537
Estimated derecognition and losses, net of reversal 25 12,498 12,498
Depreciation 24 (15,515) (680,396) (1,461) (5,416) (6,570) (709,358)
Transfers to other asset categories 66,187 393,836 2,303 (472,469) 10,143
Transfers to intangible assets (9,769) (9,769)
Right of use - Remeasurement 2,709 2,709
Balance at June 30, 2025 25,618 379,587 7,074,336 12,603 2,512,034 34,875 50,540 10,089,593
Cost 25,618 666,692 18,735,110 109,141 2,512,034 45,495 185,978 22,280,068
Accumulated depreciation (287,105) (11,660,774) (96,538) (10,620) (135,438) (12,190,475)
Balance at June 30, 2025 25,618 379,587 7,074,336 12,603 2,512,034 34,875 50,540 10,089,593

(*) 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 vehicles and hardware.

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

Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Buildings and Infrastructure 32 33 27 28
Machinery, equipment and facilities 17 17 18 18
Furniture and fixtures 10 10 12 12
Others 11 10 9 10 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | **10.b)**Right | of use | | --- | --- |

Below are the movements of the right of use:

Consolidated
Land Buildings and Infrastructure Machinery, equipment and facilities Others Total
Balance at December 31, 2024 537,008 83,112 114,612 22,082 756,814
Cost 655,481 150,311 360,925 102,372 1,269,089
Accumulated depreciation (118,473) (67,199) (246,313) (80,290) (512,275)
Balance at December 31, 2024 537,008 83,112 114,612 22,082 756,814
Effect of foreign exchange differences (4,889) 672 (624) (4,841)
Result of acquisition of ownership interest in Grupo Estrela ^(1)^ 183,929 183,929
Addition 1,917 1,826 55,295 2,606 61,644
Remeasurement 12,078 139 73,059 14,352 99,628
Depreciation (20,278) (9,084) (85,362) (20,326) (135,050)
Write-offs (9,812) (9,812)
Balance at June 30, 2025 530,725 71,104 148,464 202,019 952,312
Cost 666,271 146,816 417,436 401,706 1,632,229
Accumulated depreciation (135,546) (75,712) (268,972) (199,687) (679,917)
Balance at June 30, 2025 530,725 71,104 148,464 202,019 952,312

(1) Transaction related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group, which entered into effect on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

Parent Company
Land Machinery, equipment and facilities Others Total
Balance at December 31, 2024 37,394 188 37,582
Cost 43,969 2,567 1,691 48,227
Accumulated depreciation (6,575) (2,379) (1,691) (10,645)
Balance at December 31, 2024 37,394 188 37,582
Remeasurement 1,638 669 402 2,709
Depreciation (4,629) (488) (299) (5,416)
Balance at June 30, 2025 34,403 369 103 34,875
Cost 42,550 851 2,093 45,494
Accumulated depreciation (8,147) (482) (1,990) (10,619)
Balance at June 30, 2025 34,403 369 103 34,875 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | 11. | INTANGIBLE ASSETS | | --- | --- | | | | | | | | | | Consolidated | | Parent Company | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Ref. | Goodwill | Customer relationships | Software | Trademarks<br><br>and<br><br>patents | Rights and licenses<br><br>(*) | Others | Total | Software | Total | | Balance at December 31, 2024 | | 4,126,255 | 40,239 | 114,000 | 252,428 | 5,902,886 | 2,283 | 10,438,091 | 68,070 | 68,070 | | Cost | | 4,675,302 | 858,748 | 389,604 | 256,085 | 6,384,805 | 2,283 | 12,566,827 | 217,832 | 217,832 | | Accumulated amortization | | (549,047) | (818,509) | (275,604) | (3,657) | (481,919) | | (2,128,736) | (149,762) | (149,762) | | Balance at December 31, 2024 | | 4,126,255 | 40,239 | 114,000 | 252,428 | 5,902,886 | 2,283 | 10,438,091 | 68,070 | 68,070 | | Effect of foreign exchange differences | | | | 3,045 | (575) | 377 | (91) | 2,756 | | | | Acquisitions | | | | 702 | | | | 702 | | | | Transfer between groups - fixed assets | | | | 33,447 | | | | 33,447 | 9,769 | 9,769 | | Amortization | 24 | | (8,347) | (17,213) | (8) | (71,069) | | (96,637) | (9,517) | (9,517) | | Transfers to other asset categories | | | (10,579) | 16,347 | | (3,586) | (2,182) | | | | | Result of acquisition of ownership interest in Grupo Estrela ^(1)^ | | 596,624 | 11,684 | 952 | 45,280 | | | 654,540 | | | | Others | | | | | | 1,378 | | 1,378 | | | | Balance at June 30, 2025 | | 4,722,879 | 32,997 | 151,280 | 297,125 | 5,829,986 | 10 | 11,034,277 | 68,322 | 68,322 | | Cost | | 5,271,926 | 875,368 | 422,366 | 300,790 | 6,384,018 | 10 | 13,254,478 | 227,601 | 227,601 | | Accumulated amortization | | (549,047) | (842,371) | (271,086) | (3,665) | (554,032) | | (2,220,201) | (159,279) | (159,279) | | Balance at June 30, 2025 | | 4,722,879 | 32,997 | 151,280 | 297,125 | 5,829,986 | 10 | 11,034,277 | 68,322 | 68,322 |

(*) 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, with amortization performed over the contract's term.

(1) Transaction related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group, which entered into effect on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

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

Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Software 8 8 9 9
Customer relationships 13 13
12. LOANS, FINANCING AND DEBENTURES (“DEBTS”)
--- ---

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

Consolidated Parent Company
Non-current Liabilities Current Liabilities Non-current Liabilities
12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024
Foreign Debt
Floating Rates:
Prepayment 2,331,452 6,700,233 7,585,516 1,101,797 1,223,673 1,655,684 1,991,444
Fixed Rates:
Bonds, Facility and ACC 2,804,036 19,736,910 24,162,280 2,035,450 2,464,054 1,023,206 1,263,229
Intercompany 194,809 470,156 9,965,657 11,310,104
Fixed interest in
Intercompany 7,490 351,827 350,930
Facility 657,980 268,831 305,556
5,793,468 26,705,974 32,053,352 3,339,546 4,509,710 12,995,477 14,564,777
Debt agreements in R
Floating Rate Securities
BNDES/FINAME/FINEP, Debentures, CRI and NCE 3,109,090 17,641,001 16,602,668 699,770 715,567 10,257,005 10,602,270
3,109,090 17,641,001 16,602,668 699,770 715,567 10,257,005 10,602,270
Total Borrowings and Financing 8,902,558 44,346,975 48,656,020 4,039,316 5,225,277 23,252,482 25,167,047
Transaction Costs and Issue Premiums (80,879) (598,980) (563,078) (25,325) (24,103) (116,892) (122,581)
Total Borrowings and Financing + Transaction cost 8,821,679 43,747,995 48,092,942 4,013,991 5,201,174 23,135,590 25,044,466

All values are in Euros.

| \(In thousands of R$, unless otherwise stated\) |

| --- | | 12.a) | Changes in debt | | --- | --- |

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

Consolidated Parent Company
Ref. 06/30/2025 12/31/2024 06/30/2025 12/31/2024
Opening balance 56,914,621 44,859,075 30,245,640 23,691,305
New debts 6,457,284 10,180,554 1,060,044 7,352,398
Repayment (8,077,655) (6,927,383) (2,133,234) (5,295,236)
Payments of charges (2,168,480) (4,052,226) (989,286) (1,787,615)
Accrued charges 26 2,200,540 4,230,413 1,048,545 1,869,794
Result of acquisition of ownership interest in Grupo Estrela ^(1)^ 629,856
Advance iron ore payments (2) 42,612
Others ^(3)^ (4,431,740) 8,624,188 (2,082,128) 4,414,994
Closing balance 51,567,038 56,914,621 27,149,581 30,245,640

(1)Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

(2) These transactions refer to advance iron ore payment bonds that were initially recognized as contract liabilities, as they refer to a future obligation to deliver the product. However, given the impossibility of delivering the product during the period and the need for a cash settlement, this obligation came to be characterized as a monetary item and was reclassified as a financial liability. The amounts were paid on July 3, 2025.

(3)Amounts include unrealized changes in exchange rate and inflation, as well as funding costs.

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

Consolidated
06/30/2025
Nature New debts Maturities Repayment Interest payment
Pre-Payment 759,263 2027 (874,332) (302,796)
Bonds, ACC and Facility 2,552,626 2025 to 2028 (3,417,753) (838,348)
BNDES/FINAME/FINEP, Debentures, CRI and NCE 3,145,395 2025 to 2042 (3,785,570) (1,027,336)
6,457,284 (8,077,655) (2,168,480)
Parent Company
06/30/2025
Nature New debts Maturities Repayment Interest payment
Pre-Payment 143,244 2032 (804,403) (304,635)
Bonds and ACC 766,800 2025 to 2028 (816,030) (82,406)
BNDES/FINAME/FINEP, Debentures, CRI and NCE 150,000 2025 to 2039 (163,580) (586,551)
Intercompany 2025 to 2032 (349,221) (15,694)
1,060,044 (2,133,234) (989,286) 
| \(In thousands of R$, unless otherwise stated\) |

| --- |

12.b) Maturities of debts presented in current and non-currentliabilities
Consolidated Parent Company
06/30/2025 06/30/2025
In foreign currency In national currency - R$ Total In foreign currency In national currency - R$ Total
Average rate in Dollar 6.57%in Euro 3.38% in Real 16.34% in Dollar 3.63%in Euro 3.53% in Real 17.05%
2025 2,671,529 1,379,175 4,050,704 1,108,576 462,270 1,570,846
2026 4,831,743 1,949,391 6,781,134 2,997,736 1,643,290 4,641,026
2027 3,266,726 3,843,262 7,109,988 1,422,666 3,232,334 4,655,000
2028 8,282,512 2,416,022 10,698,534 3,169,417 1,850,620 5,020,037
2029 646,867 1,513,931 2,160,798 1,174,565 972,894 2,147,459
2030 to 2032 12,798,539 4,569,265 17,367,804 6,462,063 1,256,659 7,718,722
After 2032 392,458 3,692,701 4,085,159 1,538,708 1,538,708
32,890,374 19,363,747 52,254,121 16,335,023 10,956,775 27,291,798

· Covenants

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

Until now, the Company is compliant with the financial and non-financial obligations (covenants) of its current contracts.

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

The Company may operate with several financial instruments, with an emphasis on cash and cash equivalents, including investments, marketable securities, accounts receivables from customers, accounts payables to suppliers and loans and financing. Additionally, we may also operate with financial derivatives, such as swap, exchange rate swap, swap interest and commodity and derivatives.

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

| \(In thousands of R$, unless otherwise stated\) |

| --- |

Classification of financial instruments

Consolidated
06/30/2025 12/31/2024
Ref. Fair value through profit or loss Measured at amortized cost Balances Fair value through profit or loss Measured at amortized cost Balances
Assets
Current
Cash and cash equivalents 3 18,305,208 18,305,208 23,310,197 23,310,197
Financial investments 4 668,606 182,791 851,397 860,591 50,787 911,378
Trade receivables 5 2,437,043 2,437,043 181,262 2,719,736 2,900,998
Dividends and interest on equity 8 212,542 212,542 201,436 201,436
Derivative financial instruments 8 152,967 152,967
Trading securities 8 4,235 4,235 2,947 2,947
Loans - related parties 20.a 5,308 5,308 5,315 5,315
Total 672,841 21,142,892 21,815,733 1,197,767 26,287,471 27,485,238
Non-current
Financial investments 4 29,758 29,758 169,977 169,977
Other trade receivables 2,866 2,866 1,888 1,888
Eletrobrás compulsory loan 8 59,892 59,892 51,012 51,012
Receivables by indemnity 8 770,970 770,970 790,914 790,914
Loans - related parties 20.a 2,039,551 2,039,551 1,903,028 1,903,028
Total 2,903,037 2,903,037 2,916,819 2,916,819
Total Assets 672,841 24,045,929 24,718,770 1,197,767 29,204,290 30,402,057
Liabilities
Current
Borrowings and financing 12 7,819,043 7,819,043 8,902,558 8,902,558
Lease liabilities 14 227,950 227,950 206,323 206,323
Trade payables 15 7,066,323 7,066,323 7,030,734 7,030,734
Trade payables - Forfaiting 15.a 2,747,027 2,747,027 2,902,593 2,902,593
Dividends and interest on capital 16 1,437,467 1,437,467 61,965 61,965
Adjustments to price of iron ore 195,564 195,564
Concessions to be paid 12,238 12,238
Total 195,564 19,310,048 19,505,612 19,104,173 19,104,173
Non-current
Borrowings and financing 12 43,747,995 43,747,995 48,656,020 48,656,020
Lease liabilities 14 845,478 845,478 633,982 633,982
Trade payables 15 2,699 2,699 43,263 43,263
Derivative financial instruments 13 150,590 150,590 157,857 157,857
Concessions to be paid 16 82,420 82,420 78,728 78,728
Total 150,590 44,678,592 44,829,182 157,857 49,411,993 49,569,850
Total Liabilities 346,154 63,988,640 64,334,794 157,857 68,516,166 68,674,023 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | | | | | | | | Parent Company | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 06/30/2025 | | | 12/31/2024 | | | Ref. | Fair value through profit or loss | Measured at amortized cost | Balances | Fair value through profit or loss | Measured at amortized cost | Balances | | Assets | | | | | | | | | Current | | | | | | | | | Cash and cash equivalents | 3 | | 2,088,073 | 2,088,073 | | 5,666,618 | 5,666,618 | | Financial investments | 4 | 668,605 | 165,955 | 834,560 | 860,591 | 34,982 | 895,573 | | Trade receivables | 5 | | 1,630,275 | 1,630,275 | | 1,555,141 | 1,555,141 | | Dividends and interest on equity | 8 | | 396,103 | 396,103 | | 501,267 | 501,267 | | Trading securities | 8 | 4,059 | | 4,059 | 2,814 | | 2,814 | | Loans - related parties | 20.a | | 5,308 | 5,308 | | 5,315 | 5,315 | | Total | | 672,664 | 4,285,714 | 4,958,378 | 863,405 | 7,763,323 | 8,626,728 | | Non-current | | | | | | | | | Financial investments | 4 | | | | | 142,423 | 142,423 | | Other trade receivables | | | 1,003 | 1,003 | | 1,003 | 1,003 | | Eletrobrás compulsory loan | 8 | | 57,166 | 57,166 | | 48,437 | 48,437 | | Receivables by indemnity | 8 | | 770,970 | 770,970 | | 773,241 | 773,241 | | Loans - related parties | 20.a | | 3,236,915 | 3,236,915 | | 2,499,112 | 2,499,112 | | Total | | | 4,066,054 | 4,066,054 | | 3,464,216 | 3,464,216 | | Total Assets | | 672,664 | 8,351,768 | 9,024,432 | 863,405 | 11,227,539 | 12,090,944 | | Liabilities | | | | | | | | | Current | | | | | | | | | Borrowings and financing | 12 | | 4,013,991 | 4,013,991 | | 5,225,277 | 5,225,277 | | Lease liabilities | 14 | | 10,663 | 10,663 | | 10,229 | 10,229 | | Trade payables | 15 | | 3,792,941 | 3,792,941 | | 3,596,080 | 3,596,080 | | Trade payables - Forfaiting | 15.a | | 2,215,234 | 2,215,234 | | 2,214,482 | 2,214,482 | | Dividends and interest on capital | 16 | | 6,095 | 6,095 | | 6,242 | 6,242 | | Total | | | 10,038,924 | 10,038,924 | | 11,052,310 | 11,052,310 | | Non-current | | | | | | | | | Borrowings and financing | 12 | | 23,135,590 | 23,135,590 | | 25,167,047 | 25,167,047 | | Lease liabilities | 14 | | 25,668 | 25,668 | | 28,224 | 28,224 | | Trade payables | 15 | | 1,366 | 1,366 | | 580 | 580 | | Derivative financial instruments | 13 | 118,314 | | 118,314 | 157,857 | | 157,857 | | Total | | 118,314 | 23,162,624 | 23,280,938 | 157,857 | 25,195,851 | 25,353,708 | | Total Liabilities | | 118,314 | 33,201,548 | 33,319,862 | 157,857 | 36,248,161 | 36,406,018 |

Fair value measurement

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

| \(In thousands of R$, unless otherwise stated\) |

| --- | | Consolidated | | | 06/30/2025 | | | 12/31/2024 | | --- | --- | --- | --- | --- | --- | --- | | | Level 1 | Level 2 | Balances | Level 1 | Level 2 | Balances | | Assets | | | | | | | | Current | | | | | | | | Financial investments | 668,606 | | 668,606 | 860,591 | | 860,591 | | Trade receivables, net | | | | 181,262 | | 181,262 | | Derivative transactions | | | | | 152,967 | 152,967 | | Trading securities | 4,235 | | 4,235 | 2,947 | | 2,947 | | Total Assets | 672,841 | | 672,841 | 1,044,800 | 152,967 | 1,197,767 | | Liabilities | | | | | | | | Non-current | | | | | | | | Derivative transactions | | 150,590 | 150,590 | | 157,857 | 157,857 | | Total Liabilities | | 150,590 | 150,590 | | 157,857 | 157,857 |

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

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

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

13.b) Financial risk management

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

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

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

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

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

i) Foreign exchange risk

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

| \(In thousands of R$, unless otherwise stated\) |

| --- |

The consolidated net exposure is shown below:

06/30/2025 12/31/2024
Foreign Exchange Exposure (Amounts in US$’000) (Amounts in US$’000)
Cash and cash equivalents overseas 2,091,690 1,951,025
Trade receivables 135,828 58,296
Financial investments 427,348 270,038
Borrowings and financing (5,872,123) (5,983,492)
Trade payables (383,140) (284,843)
Others (49,495) (37,185)
Natural Gross Foreign Exchange Exposure (assets - liabilities) (3,649,892) (4,026,161)
Derivative transactions (¹) 4,753,567 5,098,257
1,103,675 1,072,096

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

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

Sensitivity analysis of Derivative Financial Instrumentsand Consolidated Foreign Exchange Exposure

The Company evaluated two different scenarios for the analysis of the exchange rate impact: Scenario 1 projects a horizon of increased currency volatility, and Scenario 2 predicts a horizon of appreciation of the Real against the Dollar. Calculations were based on the closing exchange rate on June 30, 2025 and made use of assumptions based on a dispersion calculation that considers both historical changes in exchange rates and projections developed by Management.

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

06/30/2025
Currency Exchange rate Probable scenario Scenario 1 Scenario 2
USD 5.4571 5.5433 5.7944 4.9881

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

06/30/2025
Instruments Notional amount Risk Probable scenario (*)<br><br>R$ Scenario 1 R$ Scenario 2 R$
Cash and cash equivalents overseas 2,091,690 Dollar 32,526 121,765 (196,664)
Trade receivables 135,828 Dollar 2,112 7,907 (12,771)
Financial investments 427,348 Dollar 6,645 24,877 (40,180)
Borrowings and financing (5,872,123) Dollar (91,313) (341,837) 552,105
Trade payables (383,140) Dollar (5,958) (22,304) 36,023
Others (49,495) Dollar (770) (2,881) 4,654
Derivative financial instruments 4,753,567 Dollar 73,919 276,722 (446,937)
Impact on profit or loss 17,161 64,249 (103,770)

(*) The probable scenarios were calculated considering the following variations for the risks: Real x Dollar - Devaluation of the Real of 1.58%.

Source: Banco Central do Brasil on July 10, 2025.

| \(In thousands of R$, unless otherwise stated\) |

| --- | | ii) | Interest rate risk | | --- | --- |

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

Sensitivity analysis of interest rate changes

Below, we present the sensitivity analysis to risks related to interest rates. The Company considered two different scenarios to assess the impact of variations in these rates: Scenario 1 predicts a horizon of rising interest rates, and Scenario 2 projects a reduction horizon. To calculate these risks, the closing rates as of June 30, 2025 were used as a reference based on a dispersion model, which considers not only historical variations in interest rates, but also detailed projections from management.

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

Consolidated
06/30/2025
Interest Possible scenarios Scenario 1 Scenario 2
CDI 14.90% 15.22% 13.16%
TJLP 8.65% 9.29% 8.07%
IPCA 5.35% 7.54% 5.05%
SOFR 6M 4.15% 5.44% 3.98%
SOFR 4.45% 4.80% 3.92%
EURIBOR 3M 1.94% 2.26% 1.20%
EURIBOR 6M 2.05% 2.72% 1.32%

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

Impact on balances on 06/30/2025
Changes in interest rates % p.a Assets Liabilities Probable scenario (*) Scenario 1 Scenario 2
CDI 14.90% 5,702,397 (12,495,450) (1,012,165) (1,033,755) (894,039)
TJLP 8.65% (821,055) (71,021) (76,305) (66,229)
IPCA 5.35% (1,244,843) (66,599) (93,922) (62,826)
SOFR 6M 4.15% (3,976,480) (164,887) (216,151) (158,178)
SOFR 4.45% (1,960,455) (87,240) (94,183) (76,784)
EURIBOR 3M 1.94% (815,745) (15,858) (18,470) (9,805)
EURIBOR 6M 2.05% (29,421) (603) (801) (389)
(1,418,373) (1,533,586) (1,268,251)

(*) ) Sensitivity analyses are based on the assumption that market values as of June 30, 2025 recorded in the Company's assets and liabilities will be maintained.

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.

| \(In thousands of R$, unless otherwise stated\) |

| --- |

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

a) Cash flow hedge accounting– “Platts” index

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

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

The following table presents profit and loss for derivative instruments as of June 30, 2025:

06/30/2025 06/30/2024 06/30/2025 06/30/2024
Other operating income expenses (note 25) Financial income (expenses) (note 26)
Maturity Notional
01/01/2024 to 01/31/2024 (Settled) Platts (202,702) (720)
02/01/2024 to 02/28/2024 (Settled) Platts (39,977) (133)
03/01/2024 to 03/31/2024 (Settled) Platts 248,710 5,132
04/01/2024 to 04/30/2024 (Settled) Platts 192,625 9,922
05/01/2024 to 05/31/2024 (Settled) Platts 81,139 5,244
06/01/2024 to 06/30/2024 (Settled) Platts 173,111
03/01/2025 to 03/31/2025 (Settled) Platts 40,578
04/01/2025 to 04/30/2025 (Settled) Platts 29,501 81
05/01/2025 to 05/31/2025 (Settled) Platts 17,344
87,423 452,906 81 19,445

Activity related to cash flow hedge accounting amounts - "Platts" index recorded under shareholders' equity on June 30, 2025 is as follows:

12/31/2024 Movement Realization 06/30/2025
Cash flow hedge  –  “Platts” 87,423 (87,423)
Income tax and social contribution on cash flow hedge (4,660) 4,660
Fair Value of cash flow hedge - Platts, net 82,763 (82,763)

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

To support the above-mentioned designations, the Company prepared formal documentation indicating the manner which the designation of cash flow hedge accounting - "Platts" index aligned with CSN's risk management objectives and strategy, identifying the hedge instruments used, the hedge object, the nature of the risk to be protected, and demonstrating the expectation of high effectiveness of the designated relationships. Iron ore derivative instruments ("Platts" index) were designated in amounts equivalent to the portion of future sales, comparing the designated amounts with the expected and approved amounts in the budgets of the Management and Board.

| \(In thousands of R$, unless otherwise stated\) |

| --- |

b)Cash flow hedge accounting

Foreign Exchange Hedge Accounting

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 a summary of hedging relationships maintained as of June 30, 2025:

06/30/2025
Designation Date Hedging Instrument Hedged item Type of hedged risk Hedged period Exchange rate on designation Designated amounts (US$’000) Amortized part (USD'000) Effect on Result (*) (R$'000) Impact on Shareholders' equity (R$'000)
07/31/2019 Bonds and Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - R$ vs. US$ spot rate January 2020 - April 2026 3.7649 1,342,761 (871,761) (797,026)
1/10/2020 Bonds Part of the highly probable future monthly iron ore exports Foreign exchange - R$ vs. US$ spot rate March 2020 to November 2025 until December 2050 4.0745 1,416,000 (1,404,000) (1,339,705)
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 (1,250,700)
6/1/2022 Bonds and Export prepayments in US$ to third parties Part of the highly probable future monthly iron ore exports Foreign exchange - R$ vs. US$ spot rate June 2022 - April 2032 4.7289 1,145,300 (360,321) (215,030) (571,622)
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) (190,758)
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)
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 (230,200) (320,791)
1/12/2022 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 (20,060)
Total recognized at the parent company 6,736,061 (2,943,282) (215,030) (4,490,662)
1/6/2022 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 (208,980) (50,272) (487,637)
1/12/2022 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 (29,486)
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 (68,897)
Total recognized in the consolidated 7,893,418 (3,152,262) (265,302) (5,076,682)

The net balance of amounts allocated and previously amortized in US dollars totaled USD$ 4,741,156.

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

As of June 30, 2025, the hedging relationships established by the Company remained effective according to prospective and retrospective tests that were performed. Thus, no reversal due to ineffectiveness of cash flow hedge accounting was recorded.

| \(In thousands of R$, unless otherwise stated\) |

| --- |

c) Net Overseas Investment Hedge

Information related to the hedge for net overseas investments has not changed in relation to that disclosed in the Company's financial statements as of December 31, 2024. The balance recorded under shareholders' equity on June 30, 2025 and December 31, 2024 totaled BRL 6,292.

d) Hedge accounting transactions

Activity related to cash flow hedge accounting amounts recorded under shareholders' equity on June 30, 2025 is as follows:

Consolidated
12/31/2024 Movement Realization 06/30/2025
Cash flow hedge (8,970,450) 3,628,465 265,302 (5,076,683)
Income tax and social contribution on cash flow hedge 3,049,954 (1,233,678) (90,203) 1,726,073
Fair Value of cash flow accounting, net taxes (5,920,496) 2,394,787 175,099 (3,350,610)
Parent Company
12/31/2024 Movement Realization 06/30/2025
Cash flow hedge (7,612,357) 2,906,665 215,030 (4,490,662)
Income tax and social contribution on cash flow hedge 2,588,202 (988,266) (73,110) 1,526,826
Fair Value of cash flow accounting, net taxes (5,024,155) 1,918,399 141,920 (2,963,836)
iv) Credit risks
--- ---

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

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

v) Liquidity risk

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

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

| \(In thousands of R$, unless otherwise stated\) |

| --- |

The amounts represent contractual maturities for financial liabilities including interest:

Consolidated
At June 30, 2025 Ref. Less than one year From one to two years From two to five years Over five years Total
Loans, financing and debentures 12.b 7,907,146 10,034,679 12,859,332 21,452,964 52,254,121
Lease liabilities 14 227,950 329,333 140,173 375,972 1,073,428
Derivative financial instruments 13 150,590 150,590
Trade payables 15 7,066,323 1,662 207 830 7,069,022
Trade payables - Forfaiting 15.a 2,747,027 2,747,027
Dividends and interest on capital 16 1,437,467 1,437,467
Concessions to be paid 16 12,238 13,350 53,400 13,350 92,338
19,398,151 10,379,024 13,053,112 21,993,706 64,823,993

Fair values of assets and liabilities in relationto book value

Financial assets and liabilities measured at fair value through profit or loss are recorded in current and non-current assets and liabilities while gains and any losses are recorded as revenue, other operating income (expenses) and finance expenses.

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

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

06/30/2025 12/31/2024
Closing Balance Fair value Closing Balance Fair value
Fixed Rate Notes (*) 19,570,132 17,399,414 22,204,604 19,584,985

(*) Fonte: Bloomberg

13.c) Protective instruments: Derivatives

Position of the Company’s derivative financial instruments portfolio

Currency swap Dollar x Euro

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

Foreign exchange swap CDI x Dollar

In October 2023, the Company entered into a new swap agreement with the purpose of mitigating the risk associated with an External Credit Note (NCE) acquired during the same period, which is scheduled to mature in October 2028, and is subject to a principal amount of BRL 680,000.

In January 2025, the Company entered into a new swap agreement to hedge its foreign exchange exposure to the dollar on an Export Credit Note (ECN) acquired during the same period, which is scheduled to mature in January 2028, and is subject to a principal amount of BRL 295,000.

| \(In thousands of R$, unless otherwise stated\) |

| --- |

Foreign exchange swap dollar x real

In July 2024, the subsidiary CSN Cimentos Brasil, after obtaining a foreign currency loan in the amount of USD $50,000, contracted derivative operations to hedge its exposure to the dollar, which will mature in July 2027.

In June 2025, CSN Cimentos Brasil provided payment for derivative transaction that sought to hedge the Company’s foreign exchange exposure to the dollar for the loan received in foreign currency in the amount of US$ 115,000. This debt was paid during the same period.

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 (Broad Consumer Price Index). The end of CSN Mineração contract terms are staggered between 2031 and 2037. CSN Cimentos and CSN’s contracts will expire in 2032 and between 2030 and 2039, respectively.

Below is the position of derivatives:

Consolidated
06/30/2025 06/30/2024
Appreciation (R) Fair value (market) Impact on financial income (expenses)
Instrument Maturity Functional Currency Notional amount Asset position Amounts receivable / (payable)
Exchange rate swap
Exchange Swap Dollar x Euro - Lusosider Settled 1,570
Exchange Swap CDI x Dollar - CSN 2028 Real 975,000 1,020,594 (118,314) 52,291 76,709
Exchange Swap Dollar x Real - CSN Cimentos Brasil 7/7/2027 Dollar 50,000 299,547 (15,822) (171,663) 72,750
Exchange Swap Dollar x CDI - Grupo Estrela 7/7/2027 Dollar 45,009 251,590 (16,454) (9,321)
Total Exchange rate Swap 1,070,009 1,571,731 (150,590) (128,693) 151,029
Interest rate swap
Interest Rate Swap (Debentures) CDI x IPCA - CSN 2030 to 2039 Real 2,012,358 2,142,152 (41,269) 59,556 (56,971)
Interest Rate Swap (Debentures) CDI x IPCA - CSN Mineração 2031 to 2037 Real 2,400,000 2,729,029 (24,305) 65,485 (179,342)
Interest Rate Swap (Debentures) CDI x IPCA - CSN Cimentos Brasil 2032 Real 1,200,000 1,390,476 64,559 31,847 (86,296)
Total interest rate (Debentures) CDI x IPCA 5,612,358 6,261,657 (1,015) 156,888 (322,609)
7,833,388 (151,605) 28,195 (171,580)

All values are in US Dollars.

Classification of derivatives under balance sheetand income statement

06/30/2025 06/30/2024
Instruments Liabilities Financial income (expenses), net (note 26)
Non-current Total
Iron ore derivative 81 19,445
Exchange rate swap Dollar x Euro 1,570
Exchange rate swap CDI x Dollar (134,768) (134,768) 42,970 76,709
Exchange rate swap CDI x IPCA ^(1)^ (1,015) (1,015) 156,889 (322,609)
Dollar x Real swap (15,822) (15,822) (171,664) 72,750
(151,605) (151,605) 28,276 (152,135)

(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.

| \(In thousands of R$, unless otherwise stated\) |

| --- | | 13.d) | Investments in securities measured at fair value throughprofit or loss | | --- | --- |

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

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

i) Stock Market Price Risks
Class of shares 06/30/2025 12/31/2024 06/30/2025 06/30/2024
Quantity Equity interest (%) Share price Closing Balance Quantity Equity interest (%) Share price Closing Balance Profit or loss (note 26)
USIM3 106,620,853 15.12% 4.14 441,410 106,620,853 15.12% 5.32 567,222 (125,813) (167,395)
USIM5 55,144,456 10.07% 4.12 227,196 55,144,456 10.07% 5.32 293,369 (66,173) (76,099)
668,606 860,591 (191,986) (243,494)
PATI3 (78,737)
668,606 860,591 (191,986) (322,231)

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

Sensitivity analysis for stock price risks

We present below the sensitivity analysis for the risks related to the stock price variation. The Company evaluated two different scenarios for the impact of fluctuations in prices: Scenario 1 (optimistic extreme) provides a projection for a price appreciation horizon, while Scenario 2 (pessimistic extreme) considers a deterioration horizon for price volatility. Calculations were based on the closing price of the shares on June 30, 2025 and assumptions were made based on both the dispersion of historical variations in prices and projections prepared by Management.

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

06/30/2025
Class of shares Quantity Share price on 06/30/2025 Closing Balance Extreme Optimistic Scenario (1) Extreme Pessimistic Scenario (2)
USIM3 106,620,853 4.14 441,410 41,691 (157,779)
USIM5 55,144,456 4.12 227,196 22,223 (32,823)
668,606 63,914 (190,602) 
| \(In thousands of R$, unless otherwise stated\) |

| --- |

13.e) Capital Management

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

Thousands of Reais 06/30/2025 12/31/2024
Shareholder's equity (equity) 16,853,240 15,459,116
Borrowings and Financing (Third-party capital) 51,567,038 56,914,621
Gross Debit/Shareholder's equity 3.06 3.68
14. LEASE LIABILITIES
--- ---

The lease liabilities are presented below:

Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Leases 2,426,574 2,122,768 43,314 46,760
Adjusted present value - Leases (1,353,146) (1,282,463) (6,983) (8,307)
1,073,428 840,305 36,331 38,453
Classified:
Current 227,950 206,323 10,663 10,229
Non-current 845,478 633,982 25,668 28,224
1,073,428 840,305 36,331 38,453

The Company has entered into lease agreements for port terminals located in Itaguaí. The lease for its Terminal de Granéis Solidos – TECAR, which is used to load and unload iron ore and other bulk materials has a remaining term of 22 years, and the Terminal de Contêineres – TECON lease agreement has a remaining contractual term of 27 years. The Company also maintains a lease agreement for railway operation using the Northeast railway network, which has a remaining term of contract of 3 years. Additionally, it maintains a lease agreement for property located in Taubaté, São Paulo as part of the expansion of operations in the Steel segment, which has a remaining contractual term of 18 years.

The Company also maintains lease agreements for operating equipment, mainly used in mining and cement and steel production activities. Agreements are also in place for vehicles obtained as part of the acquisition of Grupo Estrela, which are used in logistics operations, and properties to be used as operating facilities and administrative offices distributed through the Company’s various operational sites. The remaining terms of these contracts range from between 1 and 19 years.

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

| \(In thousands of R$, unless otherwise stated\) |

| --- |

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

06/30/2025
Contract term (in years) Incremental Rate (p.a.)
1 15.43%
2 18.02%
3 16.76%
5 14.76%

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

Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Opening balance 840,305 733,761 38,453 6,999
New leases 61,644 14,117
Contract review 99,628 285,533 2,709 41,973
Write-off (10,995) (915)
Payments (177,067) (308,201) (6,574) (12,650)
Interest appropriated 56,175 99,998 1,743 2,131
Result of acquisition of ownership interest in Grupo Estrela  ^(1)^ 209,178
Exchange variation (5,440) 16,012
Net balance 1,073,428 840,305 36,331 38,453

(1) Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

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

Minimum lease payments as of June 30, 2025 are shown below:

Consolidated
Less than one year Between one and five years Over five years Total
Leases 256,372 830,059 1,340,143 2,426,574
Adjusted present value - Leases (28,422) (360,552) (964,172) (1,353,146)
227,950 469,507 375,971 1,073,428
· PIS and COFINS recoverable
--- ---

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

Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Leases 2,346,632 2,040,811 42,908 46,202
Adjusted present value - Leases (1,350,001) (1,279,742) (6,915) (8,225)
Potencial PIS and COFINS credit 217,063 188,775 3,969 4,274
Adjusted present value – Potential PIS and COFINS credit (124,875) (118,376) (640) (761) 
| \(In thousands of R$, unless otherwise stated\) |

| --- |

Lease payments not recognized as liabilities:

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

The Company maintains lease agreements for its TECAR and TECON port terminals for which it is not possible to accurately estimate the respective cash flows despite these agreements establishing minimum performance targets since payments are completely variable and are determined as they occur. In such cases, amounts will be recognized as an expense for the period in which they are incurred.

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

Consolidated
Six months ended Three months ended
06/30/2025 06/30/2024 06/30/2025 06/30/2025
Contract less than 12 months 880 381
Lower Assets value 5,976 5,550 2,311 2,964
Variable lease payments 165,389 140,978 84,726 67,789
171,365 147,408 87,037 71,134
Parent Company
Six months ended Three months ended
06/30/2025 06/30/2024 06/30/2025 06/30/2025
Contract less than 12 months
Lower Assets value 4,007 3,931 1,602 2,119
4,007 3,931 1,602 2,119
15. TRADE PAYABLES
--- ---
Consolidated Parent Company
--- --- --- --- ---
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Trade payables 7,159,159 7,172,161 3,851,341 3,646,232
(-) Adjusted present value (90,137) (98,164) (57,034) (49,572)
7,069,022 7,073,997 3,794,307 3,596,660
Classified:
Current 7,066,323 7,030,734 3,792,941 3,596,080
Non-current 2,699 43,263 1,366 580
7,069,022 7,073,997 3,794,307 3,596,660

15.a) Suppliers – Forfaiting

Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
In Brazil 1,815,115 2,159,399 1,283,322 1,525,579
Abroad 931,912 743,194 931,912 688,903
2,747,027 2,902,593 2,215,234 2,214,482

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

| \(In thousands of R$, unless otherwise stated\) |

| --- |

The table below provides a comparison of invoice payment terms both with and without a supplier finance agreement, in cases in which goods were exclusively acquired, for the base date of June 30, 2025:

Consolidated
Trade payables Forfaiting No  Forfaiting
Due between 1 and 180 days 1,507,437 5,331,930
Due between 181 to 360 days 1,239,590 1,734,393
Over 360 days 2,699
Total 2,747,027 7,069,022

Impact of variations without effect on cash flow as of June 30, 2025:

Consolidated
Exchange variation (105,035)
Interest Appropriation 39,268
Total (65,767)
16. OTHER OBLIGATIONS (CURRENT AND NON-CURRENT)

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

Consolidated Parent Company
Ref. Current Non-current Current Non-current
06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024
Related party liabilities 36,768 45,816 20,850 576,221 629,654 353,912 402,406
Derivative financial instruments 150,590 157,857 118,314 157,857
Dividends and interest on capital 13 1,437,467 61,965 6,095 6,242
Advances from customers ^(1)^ 3,899,218 3,648,639 9,545,755 10,120,950 350,208 382,350 920,319 1,099,568
Accounts payable as part of acquisition of companies 156,191 425,251 94,404 119,011 425,251 94,404
Taxes in installments 42,765 56,226 97,509 103,955 16,856 16,504 51,686 53,320
Profit sharing - employees 202,058 235,789 94,289 123,325
Taxes payable 10,119 9,767 10,119 9,767
Provision for consumption and services 149,282 202,006 17,714 18,129
Trade payables 15 2,699 43,263 1,366 580
Lease liabilities 14 227,950 206,323 845,478 633,982 10,663 10,229 25,668 28,224
Concessions to be paid 12,238 82,420 78,728
Other payables 301,594 492,645 532,844 581,037 53,448 377,137 205,259 243,140
6,465,531 4,949,409 11,692,665 11,844,793 1,244,505 1,563,570 2,111,894 2,089,266

(1) Customer Advances:

Iron ore: refers to iron ore supply contracts signed by the Company with important international players.

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

On June 30, 2025, the indirect subsidiary CSN Mining International GmbH entered into an advance payment agreement totaling USD$ 241 million. The contract is expected to enter into effect in January 2026 and will extend up until 2029. During this period, the company shall seek to supply iron ore according to the terms agreed upon under contracts and will guarantee the delivery of 5.9 Mt over the next four years counted from the signature date.

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

| \(In thousands of R$, unless otherwise stated\) |

| --- | | 17. | INCOME TAX AND SOCIAL SECURITY CONTRIBUTIONS | | --- | --- |

17.a) Income tax and social contribution recognized in profitor loss:

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

Consolidated
Six months ended Three months ended
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Income tax and social contribution income (expense)
Current (290,946) (897,716) (87,175) (654,492)
Deferred 649,190 618,916 214,289 313,762
358,244 (278,800) 127,114 (340,730)
Parent Company
Six months ended Three months ended
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Income tax and social contribution income (expense)
Current - - - -
Deferred 710,159 547,163 356,771 301,439
710,159 547,163 356,771 301,439

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

Consolidated
Six months ended Three months ended
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Profit/(Loss) before income tax and social contribution (1,220,193) (423,474) (257,483) 118,118
Tax rate 34% 34% 34% 34%
Income tax and social contribution at combined statutory rate 414,866 143,981 87,544 (40,160)
Adjustment to reflect the effective rate:
Equity in results of affiliated companies 102,748 92,973 66,126 49,640
Difference Tax Rate in companies abroad (148,721) (493,018) (46,371) (345,526)
Indebtdness limit (5,711) 4,882 (3,733) 1,759
Tax incentives 11,446 21,673 5,525 15,439
Interest on equity 21,643 21,643
Recognition/(reversal) of tax credits (22,339) (64,554) (8,816) (36,087)
Result of acquisition of ownership interest in Grupo Estrela  ^(1)^ (3,146) (3,146)
Other permanent deductions (add-backs) (12,542) 15,263 8,342 14,205
Income tax and social contribution in net income for the period 358,244 (278,800) 127,114 (340,730)
Effective tax rate 29% -66% 49% 288% 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | | | | | Parent Company | | --- | --- | --- | --- | --- | | | Six months ended | | Three months ended | | | | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 | | Profit/(Loss) before income tax and social contribution | (1,495,305) | (1,665,643) | (522,771) | (830,218) | | Tax rate | 34% | 34% | 34% | 34% | | Income tax and social contribution at combined statutory rate | 508,404 | 566,319 | 177,742 | 282,274 | | Adjustment to reflect the effective rate: | | | | | | Equity in results of affiliated companies | 252,272 | (26,117) | 221,883 | 11,248 | | Indebtdness limit | (5,711) | 4,882 | (3,732) | 1,759 | | Interest on equity | (49,757) | | (49,757) | - | | Other permanent deductions (additions) | 4,951 | 2,079 | 10,635 | 6,158 | | Income tax and social contribution in net income for the period | 710,159 | 547,163 | 356,771 | 301,439 | | Effective tax rate | 47% | 33% | 68% | 36% | | 17.b) | Deferred income tax and social contribution: | | --- | --- |

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

Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Deferred
Income tax losses 3,949,122 3,896,856 2,388,724 2,286,697
Social contribution tax losses 1,356,222 1,336,041 886,322 848,003
Temporary differences 821,315 1,571,100 1,124,049 1,615,633
Tax, social security, labor, civil and environmental provisions 343,841 559,621 170,978 173,463
Estimated losses on assets 247,412 267,768 146,779 164,297
Gains/(Losses) on financial assets 715,944 565,250 685,836 634,428
Actuarial Liabilities (Pension and Health Plan) 175,204 165,418 163,747 154,415
Provision for consumption and services 8,848 4,933 9,034 4,215
Cash Flow Hedge and Unrealized Exchange Variations 1,237,427 2,014,231 923,970 1,419,712
(Gain) on loss of control of Transnordestina (224,096) (224,096) (224,096) (224,096)
Fair Value SWT/CBL Acquisition (149,490) (149,489)
Business combination (1,469,106) (1,425,853) (721,992) (721,992)
Reflexo da aquisição de participação no Grupo Estrela (1) 2,529
Others (67,198) (206,683) (30,207) 11,191
Total 6,126,659 6,803,997 4,399,095 4,750,333
Total Deferred Assets 6,731,080 7,345,326 4,399,095 4,750,333
Total Deferred Liabilities (604,421) (541,329)
Total Deferred 6,126,659 6,803,997 4,399,095 4,750,333

(1)Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

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

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

| \(In thousands of R$, unless otherwise stated\) |

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

The following shows the movement of deferred taxes:

Consolidated Parent Company
Balance at January 1, 2024 4,729,632 3,213,410
Recognized in profit and loss 1,305,927 942,394
Recognized in equity 769,162 594,529
Use of tax credit in installment program (724)
Balance at December 31, 2024 6,803,997 4,750,333
Recognized in profit and loss 643,961 710,159
Recognized in equity (1,323,828) (1,061,397)
Result of acquisition of ownership interest in Grupo Estrela  ^(1)^ 2,529
Balance at June 30, 2025 6,126,659 4,399,095

(2)Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

17.d) Income tax and social contribution recognized in shareholders'equity

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

Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Income tax and social contribution
Actuarial gains on defined benefit pension plan 76,950 76,876 70,673 70,673
Exchange differences on translating foreign operations (325,350) (325,350) (325,350) (325,350)
Cash flow hedge 1,664,327 2,906,859 1,526,826 2,588,202
Gain on sale of shares (1,158,102) (1,158,102) (1,158,102) (1,158,102)
257,825 1,500,283 114,047 1,175,423
18. TAX, SOCIAL SECURITY, LABOR, CIVIL, ENVIRONMENTALPROVISIONS AND JUDICIAL DEPOSITS
--- ---

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

Consolidated Parent Company
Accrued liabilities Judicial deposits Accrued liabilities Judicial deposits
06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024
Tax 109,099 130,755 181,741 176,086 24,714 50,990 71,626 70,944
Social security 1,500 1,546 1,500 1,546
Labor 460,039 387,612 347,204 294,233 149,469 144,407 123,669 114,994
Civil 252,342 815,180 36,953 134,609 137,726 130,308 15,086 15,991
Environmental 35,922 42,609 3,723 3,723 10,521 10,446 283 283
Deposit of a guarantee 24,050 24,299
858,902 1,377,702 593,671 632,950 323,930 337,697 210,664 202,212
Classified:
Current 115,105 132,112 70,698 61,008
Non-current 743,797 1,245,590 593,671 632,950 253,232 276,689 210,664 202,212
858,902 1,377,702 593,671 632,950 323,930 337,697 210,664 202,212 
| \(In thousands of R$, unless otherwise stated\) |

| --- |

Activity related to tax, social security, labor, civil and environmental provisions during the period ended June 30, 2025 can be demonstrated as follows:

Consolidated
Current + Non-current
Nature 12/31/2024 Additions Accrued charges Result of acquisition of ownership interest in Grupo Estrela  (1) Net utilization of reversal 06/30/2025
Tax 130,755 18,415 3,057 12,691 (55,819) 109,099
Social security 1,546 30 (76) 1,500
Labor 387,612 32,917 72,074 12,094 (44,658) 460,039
Civil 815,180 10,288 17,426 44 (590,596) 252,342
Environmental 42,609 764 1,048 (8,499) 35,922
1,377,702 62,384 93,635 24,829 (699,648) 858,902
Parent Company
--- --- --- --- --- ---
Current + Non-current
Nature 12/31/2024 Additions Accrued charges Net utilization of reversal 06/30/2025
Tax 50,990 13,144 238 (39,658) 24,714
Social security 1,546 30 (76) 1,500
Labor 144,407 14,516 9,496 (18,950) 149,469
Civil 130,308 428 11,148 (4,158) 137,726
Environmental 10,446 581 10 (516) 10,521
337,697 28,669 20,922 (63,358) 323,930

(1 Transaction related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group, which entered into effect on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

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

Possible Administrative and Judicial Proceedings

The Company does not make provisions for legal proceedings whose expectation of the Management, based on the opinion of legal advisors, is of possible loss. The following table presents a summary balance for main matters classified as a potential risk by comparing the balance for June 30, 2025 with that of December 31, 2024.

Consolidated
06/30/2025 12/31/2024
Notice of Violation and Imposition of Fine (AIIM) / Tax Foreclosure - RFB - IRPJ/CSLL - Capital Gain for alleged sale of equity interest in subsidiary NAMISA ^(1)^ 10,578,207 10,246,424
Notice of Violation and Imposition of Fine (AIIM) / Tax Foreclosure - RFB - IRPJ/CSLL - Disallowance of goodwill deductions generated in the reverse incorporation of Big Jump by Namisa ^(1)^ 4,673,837 4,346,118
Notice of Violation and Imposition of Fine (AIIM) / Tax Enforcement - RFB - IRPJ/CSLL - Disallowance of prepayment interest arising from iron ore supply and port services contracts 2,210,181 2,284,914
Notice of Violation and Imposition of Fine (AIIM) / Writ of Mandamus - RFB - IRPJ/CSLL - Profits earned abroad in 2008, 2010, 2011, 2012, 2014, 2015, 2016, 2017 and 2018 6,460,289 6,239,017
Unapproved compensation - RFB - IRPJ/CSLL, PIS/COFINS and IPI 2,234,856 2,169,108 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | Offsets not approved - RFB - Exclusion of credits under ruling 69/STF (inclusion of ICMS in PIS/CONFINS calculation base) (1) | 715,017 | | | --- | --- | --- | | ICMS - SEFAZ/RJ - Assessment Notice -  questions about sales for incentive area | 1,481,232 | 1,460,763 | | Notice of Violation and Imposition of Fine (AIIM) - RFB - Disallowance of PIS/COFINS Credits for inputs and freight | 1,866,258 | 1,499,578 | | CFEM – difference of understanding between CSN and ANM on the calculation basis | 1,636,923 | 1,570,733 | | Notice of Infraction and Imposition of Fine (AIIM) - RFB - Collection IRRF - Business Combinations CMIN 2015 | 212,106 | 205,621 | | ICMS - SEFAZ/RJ - ICMS Credits for acquisition of Electric Energy Industrialization | 41,665 | 39,939 | | Notice of Violation and Imposition of Fine (AIIM) - IRPJ/CSLL - Disallowance of deductions of goodwill generated in the acquisition of Cimentos Mauá | 442,849 | 422,499 | | ICMS - SEFAZ/RJ  - Disallowance of the ICMS credits - Transfer of iron ore | 807,081 | 779,093 | | ICMS - SEFAZ/RJ - Disallowance of credits on purchases of intermediate products | 513,220 | 488,238 | | Disallowance of tax loss and negative calculation base resulting from adjustments in SAPLI - RFB | 831,787 | 798,226 | | Notice of Infraction and Imposition of a Fine (AIIM) - RFB - IRPJ/CSLL - Transfer Pricing (2) | 284,224 | 389,919 | | ICMS - SEFAZ/RJ - Transfer of imported raw material for a value lower than the TECAR import document | 439,211 | 422,807 | | Assessment Notice- IRRF- Capital Gain of CFM vendors located abroad (3) | 159,667 | 338,273 | | Other tax lawsuits (federal, state, and municipal) | 7,176,863 | 6,977,524 | | Social security lawsuits | 746,466 | 647,801 | | Action to discuss the balance of the construction contract – Tebas | 650,979 | 621,724 | | Action related to power supply payment’s charge - Light | 535,120 | 492,535 | | Action that discusses Negotiation of energy sales - COPEN - CEEE-G | 243,423 | 229,983 | | Proceedings challenging ruling imposed by CADE on company acquired by CSN Group due to alleged participation in Cement Cartel (4) | 493,347 | | | Other civil lawsuits | 1,737,420 | 1,620,259 | | Labor and social security lawsuits | 2,715,209 | 2,580,452 | | Tax Execution Traffic Ticket Volta Grande IV | 164,474 | 152,322 | | ACP Landfill Márcia I | 306,389 | 306,389 | | Notice of IEF Commitment Agreement ^(5)^ | 337,951 | 337,951 | | Other environmental lawsuits | 835,759 | 786,360 |

| \(In thousands of R$, unless otherwise stated\) |

| --- | | Result of acquisition of ownership interest in Grupo Estrela  (6) | 50,745 | | | --- | --- | --- | | | 51,582,755 | 48,454,570 |

(1) In March 2025, CSN was informed of orders that partially ratified offsetting through credits arising from a final and unappealable lawsuit ruling recognized the unconstitutionality the inclusion of ICMS amounts under the calculation base for PIS and Cofins contributions. According to the federal supervisory body, approximately 20% of the credit authorized by the company would lack liquidity and certainty, and, therefore, could not compose the amount to be offset. Given these orders, CSN presented a manifestation of non-conformity to demonstrate the inappropriateness of the premises adopted by the supervisory body and liquidity and legal certainty underpinning complete authorized credits.

(3) Reduction of 113MM due to the partial cancellation of the debt through an administrative decision that was not subject to appeal. Awaiting ruling and adjustments to debt statement to cancel contingency.

(4) Reduction of 184MM due to the cancellation of fines and interest on fines provided for in L. 14.689/2023. Change of contingency supported by legal opinion.

| \(In thousands of R$, unless otherwise stated\) |

| --- |

(5) Reclassification of the likelihood of risk from probable to possible, according to the current jurisprudential understanding on the subject according to assessment from the Company's legal advisors .

(6) Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report. The acquisition of this company generated a possible increase in contingency on June 30, 2025.

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

The Company has offered judicial guarantees (Surety Bond/Letter of Guarantee) in the total updated amount as of June 30, 2025 of BRL 10,780,897 (BRL 10,620,316 as of December 31, 2024), as determined under current procedural legislation.

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

19. PROVISIONS FOR ENVIRONMENTAL LIABILITIES AND DECOMMISSIONING

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

Consolidated Parent Company
06/30/2025 12/31/2024 06/30/2025 12/31/2024
Environmental liabilities 149,122 155,471 138,041 142,989
Asset retirement obligations 1,039,198 977,892
1,188,320 1,133,363 138,041 142,989 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | 20. | BALANCE AND TRANSACTIONS BETWEEN RELATED PARTIES | | --- | --- |

20.a)Transactions with subsidiaries, jointly controlled companies, affiliates,exclusive funds and other related parties
· Consolidated
Consolidated
06/30/2025 12/31/2024
Associates Joint-ventures and Joint Operation Other related parties Total Associates Joint-ventures and Joint Operation Other related parties Total
Assets
Current Assets
Cash and cash equivalents 1,844,646 1,844,646 912,532 912,532
Financial investments 4 798,198 798,198 860,592 860,592
Trade receivables 5 104,168 16,819 106 121,093 88,750 3,230 191 92,171
Dividends receivable 8 128,232 84,310 212,542 127,386 74,050 201,436
Borrowings 8 5,308 5,308 5,315 5,315
Other receivables 8 2 1,829 1,831 2 1,829 1,831
104,168 150,361 2,729,089 2,983,618 88,750 135,933 1,849,194 2,073,877
Non-current Assets
Financial investments 4 142,423 142,423
Borrowings 8 5,523 2,034,028 2,039,551 3,789 1,899,239 1,903,028
Actuarial liabilities 8 50,552 50,552 47,708 47,708
Other receivables 8 1,792,579 1,792,579 1,792,579 1,792,579
5,523 3,826,607 50,552 3,882,682 3,789 3,691,818 190,131 3,885,738
109,691 3,976,968 2,779,641 6,866,300 92,539 3,827,751 2,039,325 5,959,615
Liabilities
Current Liabilities
Trade payables 15,715 240,980 960 257,655 13,676 217,289 184,892 415,857
Accounts payable 16 21,862 215,538 237,400 23,245 22,571 140,991 186,807
Dividends payable 990,000 990,000
Provision for consumption 16 14,906 14,906
15,715 277,748 1,206,498 1,499,961 36,921 239,860 325,883 602,664
Non-current Liabilities
Accounts payable 20,850 20,850
20,850 20,850
15,715 277,748 1,206,498 1,499,961 36,921 260,710 325,883 623,514
Consolidated
06/30/2025 06/30/2024
Associates Joint-ventures and Joint Operation Other related parties Total Associates Joint-ventures and Joint Operation Other related parties Total
P & L
Sales 1,141,247 24,278 135 1,165,660 1,072,828 10,370 7 1,083,205
Cost and expenses (80,165) (1,082,885) (80,673) (1,243,723) (87,815) (1,016,143) (131,617) (1,235,575)
Financial income (expenses)
Interest 26 833 100,017 25,326 126,176 75,506 22,249 97,755
Exchange rate variations and  monetary, net (60,980) (60,980) 87,502 87,502
Financial investments 26 (191,986) (191,986) (243,494) (243,494)
Dividends received 42,347 42,347
Other income and expenses 7 53 (3,917) (3,857) (2,604) 1,640 (964)
1,061,922 (958,537) (312,095) (208,710) 985,013 (932,871) (221,366) (169,224) 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | · | Parent Company | | --- | --- | | | | Parent Company | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 06/30/2025 | | | | 12/31/2024 | | | | | | Ref. | Subsidiaries and associates | Joint-ventures and Joint Operation | Other related parties and exclusive funds | Total | Subsidiaries and associates | Joint-ventures and Joint Operation | Other related parties and exclusive funds | Total | | Assets | | | | | | | | | | | Current Assets | | | | | | | | | | | Cash and cash equivalents | | | | 308,759 | 308,759 | | | 311,607 | 311,607 | | Financial investments | 4 | | | 798,197 | 798,197 | | | 860,591 | 860,591 | | Trade receivables | 5 | 940,087 | | 106 | 940,193 | 734,972 | 62 | 106 | 735,140 | | Dividends receivable | 8 | 330,145 | 65,958 | | 396,103 | 436,154 | 65,113 | | 501,267 | | Borrowings | 8 | | 5,308 | | 5,308 | | 5,315 | | 5,315 | | Other receivables | 8 | 451,095 | 2 | 1,829 | 452,926 | 245,235 | 2 | 1,828 | 247,065 | | | | 1,721,327 | 71,268 | 1,108,891 | 2,901,486 | 1,416,361 | 70,492 | 1,174,132 | 2,660,985 | | Non-current Assets | | | | | | | | | | | Financial investments | 4 | | | | | | | 142,423 | 142,423 | | Borrowings | 8 | 1,301,757 | 1,935,158 | | 3,236,915 | 696,886 | 1,802,226 | | 2,499,112 | | Actuarial asset | 8 | | | 39,375 | 39,375 | | | 37,059 | 37,059 | | Other receivables | 8 | 3,515 | 1,792,579 | | 1,796,094 | 1,461 | 1,792,579 | | 1,794,040 | | | | 1,305,272 | 3,727,737 | 39,375 | 5,072,384 | 698,347 | 3,594,805 | 179,482 | 4,472,634 | | | | 3,026,599 | 3,799,005 | 1,148,266 | 7,973,870 | 2,114,708 | 3,665,297 | 1,353,614 | 7,133,619 | | Liabilities | | | | | | | | | | | Current Liabilities | | | | | | | | | | | Intercompany Loans | 12 | 202,298 | | | 202,298 | 821,983 | | | 821,983 | | Trade payables | 15 | 760,724 | 103,568 | 457 | 864,749 | 519,749 | 116,466 | 184,078 | 820,293 | | Accounts payable | 16 | 117,696 | | 167,797 | 285,493 | 138,804 | | 86,248 | 225,052 | | Provision for consumption | | 443,618 | 14,907 | | 458,525 | 490,850 | | | 490,850 | | | | 1,524,336 | 118,475 | 168,254 | 1,811,065 | 1,971,386 | 116,466 | 270,326 | 2,358,178 | | Non-current Liabilities | | | | | | | | | | | Intercompany Loans | 12 | 10,316,587 | | | 10,316,587 | 11,310,104 | | | 11,310,104 | | Accounts payable | 16 | 353,912 | | | 353,912 | 402,406 | | | 402,406 | | | | 10,670,499 | | | 10,670,499 | 11,712,510 | | | 11,712,510 | | | | 12,194,835 | 118,475 | 168,254 | 12,481,564 | 13,683,896 | 116,466 | 270,326 | 14,070,688 | | | | Parent Company | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 06/30/2025 | | | | 06/30/2024 | | | | | | | Subsidiaries and associates | Joint-ventures and Joint Operation | Other related parties and exclusive funds | Total | Subsidiaries and associates | Joint-ventures and Joint Operation | Other related parties and exclusive funds | Total | | Net revenue and cost | | | | | | | | | | | Sales | | 2,066,748 | 29 | | 2,066,777 | 2,651,628 | 918 | - | 2,652,546 | | Cost and expenses | | (2,125,647) | (260,235) | (50,925) | (2,436,807) | (1,788,703) | (277,848) | (104,776) | (2,171,327) | | Financial income (expenses) | | | | | | | | | | | Interest | 26 | (20,367) | 98,271 | 7,960 | 85,864 | (62,649) | 74,070 | 5,957 | 17,378 | | Exclusive funds | 26 | | | 5,366 | 5,366 | | | 4,004 | 4,004 | | Financial investments | 26 | | | (191,986) | (191,986) | | | (243,494) | (243,494) | | Dividends receivable | | | | | | | | 42,347 | 42,347 | | Exchange rate variations and  monetary, net | | 1,351,602 | | (16,910) | 1,334,692 | (1,577,457) | | 16,505 | (1,560,952) | | Other operating income and expenses | | 112,874 | 53 | (4,445) | 108,482 | | (2,604) | 1,398 | (1,206) | | | | 1,385,210 | (161,882) | (250,940) | 972,388 | (777,181) | (205,464) | (278,059) | (1,260,704) |

Consolidated and Controlling Information:

Cash and cash equivalents: Refers to checking account balances and investments held with Banco Fibra subject to immediate liquidity.

Financial Investments: Refers to investments in Usiminas shares, CDBs and bonds held with Banco Fibra, as well as government bonds.

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

| \(In thousands of R$, unless otherwise stated\) |

| --- |

Dividends receivable: In the Parent Company, the balance is mainly composed of dividends and interest on equity of

CSN Mineração in the amount of BRL 178,348. Dividends receivable under the Company’s Consolidated statements refers to dividends in the amount of BRL 126,044 originating from MRS Logística S.A. BRL 84,310 corresponding to CEEE-G's affiliates.

Loans (Assets):

Long-term: Long term loans under the Consolidated statements mainly refer to loan agreements with Transnordestina Logística totaling BRL 2,032,386 with an average rate between 125.0% and 130.0% on the CDI as of June 30, 2025.

Other (Assets): Other assets recorded under Consolidated statements include an advance for a future increase in capital with Transnordestina Logística S.A. totaling BRL 1,792,579 as of June 30, 2025 and December 31, 2024.

Loans (Liabilities)

Foreign currency: In the Parent Company, these liabilities constitute intercompany contracts in the amount of BRL 10,518,885 as of June 30, 2025 and BRL 12,132,087 as of December 31, 2024.

Dividends (Liabilities): Under the Consolidated statements, these dividends refer to balance of the majority of balance of dividends receivable from CSN MINERAÇÃO with the related party financial institution (Banco Fibra) in the amount of BRL 990,000 and transaction discount of BRL 6,761. This transaction was paid in full on July 15, 2025.

20.b) Key Management Personnel

Key Management personnel holding the necessary authority and responsibility for planning, directing and controlling the Company's activities include the members of the Board of Directors and the Statutory Officers. Information on offsetting and balances as of June 30, 2025 and 2024 are shown below.

06/30/2025 06/30/2024
P&L
Short-term benefits for employees and officers 55,717 42,417
Post-employment benefits 438 181
56,155 42,598
20.c) Guarantees
--- ---

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

Maturities Borrowings Tax foreclosure Others Total
06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024
Transnordestina Logísitca Up to 09/19/2056 and Indefinite 4,223,822 3,966,722 10,869 10,717 4,972 4,828 4,239,663 3,982,267
Subsidiaries Up to 01/10/2028 and Indefinite 1,551,256 2,079,693 600 1,920 1,551,856 2,081,613
Total in R 5,775,078 6,046,415 10,869 10,717 5,572 6,748 5,791,519 6,063,880
CSN Inova Ventures 01/28/2028 1,300,000 1,300,000 1,300,000 1,300,000
CSN Resources Up to 04/08/2032 2,233,000 2,230,000 2,233,000 2,230,000
Total in US 3,533,000 3,530,000 3,533,000 3,530,000
Lusosider Aços Planos Indefinite 75,000 75,000
Total in 75,000 75,000
Total in R 19,279,934 21,858,819 482,723 19,279,934 22,341,542
25,055,012 27,905,234 10,869 10,717 5,572 489,471 25,071,453 28,405,422

All values are in US Dollars.

| \(In thousands of R$, unless otherwise stated\) |

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

21.a) Paid-up share capital

The fully subscribed and paid-up capital as of June 30, 2025 and December 31, 2024 is BRL 10,240,000 divided into 1,326,093,947 common stock and book-entry shares, each without par value. Each share of common stock entitles the respective holder to one vote in the resolutions made at Annual General Meeting.

21.b) Authorized capital

The Company's bylaws in force as of June 30, 2025 define that the share capital may be increased to up to 2,400,000,000 shares, by decision of the Board of Directors, regardless of statutory reform.

21.c) Legal reserve

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

21.d) Ownership structure

As of June 30, 2025 and December 31, 2024, the Company’s shareholding structure was as follows:

06/30/2025 12/31/2024
Number of common shares % of total shares % of voting capital Number of common shares % of total shares % of voting capital
Vicunha Aços S.A. (*) 552,412,693 41.66% 41.66% 552,412,693 41.66% 41.66%
Rio Iaco Participações S.A. (*) 45,706,242 3.45% 3.45% 45,706,242 3.45% 3.45%
CFL Ana Participações S.A. 132,523,250 9.99% 9.99% 132,523,251 9.99% 9.99%
NYSE (ADRs) 304,871,296 22.99% 22.99% 283,799,438 21.40% 21.40%
Other shareholders 290,580,466 21.91% 21.91% 311,652,323 23.50% 23.50%
Outstanding shares 1,326,093,947 100.00% 100.00% 1,326,093,947 100.00% 100.00%

(*) Controlling group companies .

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

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

| \(In thousands of R$, unless otherwise stated\) |

| --- | | 21.e) | Income per share | | --- | --- |

Earnings per share are shown below:

Parent Company
Six months ended Three months ended
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Common Shares Common Shares
Loss for the period (785,146) (1,118,480) (166,000) (528,779)
Weighted average number of shares 1,326,093,947 1,326,093,947 1,326,093,947 1,326,093,947
Basic and diluted loss per share (0.59207) (0.84344) (0.12518) (0.39875)
22. SHAREHOLDER COMPENSATION
--- ---

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

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

23. OTHER OPERATING INCOME AND (EXPENSES)

Net sales revenue has the following composition:

Consolidated
Six months ended Three months ended
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Gross revenue
In Brazil 14,510,919 13,626,420 7,383,476 7,136,931
Abroad 10,498,201 10,234,442 5,030,187 5,434,299
25,009,120 23,860,862 12,413,663 12,571,230
Deductions
Sales returns, discounts and rebates (349,279) (413,257) (177,525) (182,312)
Taxes on sales (3,058,926) (2,852,873) (1,542,852) (1,507,178)
(3,408,205) (3,266,130) (1,720,377) (1,689,490)
Net revenue 21,600,915 20,594,732 10,693,286 10,881,740 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | | | | | Parent Company | | --- | --- | --- | --- | --- | | | Six months ended | | Three months ended | | | | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 | | Gross revenue | | | | | | In Brazil | 10,335,534 | 9,856,213 | 5,081,497 | 5,122,076 | | Abroad | 466,204 | 1,097,071 | 140,575 | 586,596 | | | 10,801,738 | 10,953,284 | 5,222,072 | 5,708,672 | | Deductions | | | | | | Sales returns, discounts and rebates | (193,643) | (261,958) | (101,067) | (95,041) | | Taxes on sales | (1,942,094) | (1,819,807) | (945,328) | (949,896) | | | (2,135,737) | (2,081,765) | (1,046,395) | (1,044,937) | | Net revenue | 8,666,001 | 8,871,519 | 4,175,677 | 4,663,735 | | 24. | EXPENSES BY NATURE | | --- | --- | | | | | | Consolidated | | --- | --- | --- | --- | --- | | | Six months ended | | Three months ended | | | | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 | | Raw materials and inputs | (6,160,200) | (6,580,633) | (3,052,758) | (3,184,757) | | Outsourcing material | (1,709,318) | (1,447,564) | (822,375) | (681,602) | | Labor cost | (2,713,559) | (2,447,676) | (1,407,116) | (1,298,885) | | Supplies | (1,531,260) | (1,481,721) | (683,409) | (874,171) | | Maintenance cost (services and materials) | (644,173) | (454,779) | (281,937) | (261,973) | | Outsourcing services | (1,442,191) | (938,768) | (734,142) | (477,301) | | Freight | (2,386,861) | (2,714,942) | (1,277,943) | (1,484,278) | | Depreciation, amortization and depletion | (1,997,340) | (1,789,150) | (1,025,332) | (914,086) | | Others | (531,835) | (552,269) | (178,709) | (303,064) | | | (19,116,737) | (18,407,502) | (9,463,721) | (9,480,117) | | Classified as: | | | | | | Cost of sales | (16,342,573) | (15,414,669) | (7,967,187) | (7,892,701) | | Selling expenses | (2,293,241) | (2,561,916) | (1,233,009) | (1,363,352) | | General and administrative expenses | (480,923) | (430,917) | (263,525) | (224,064) | | | (19,116,737) | (18,407,502) | (9,463,721) | (9,480,117) |

| \(In thousands of R$, unless otherwise stated\) |

| --- | | | | | | Parent Company | | --- | --- | --- | --- | --- | | | Six months ended | | Three months ended | | | | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 | | Raw materials and inputs | (4,562,061) | (5,078,538) | (2,345,144) | (2,547,377) | | Labor cost | (1,016,485) | (939,626) | (529,134) | (496,544) | | Supplies | (1,090,672) | (1,231,398) | (407,241) | (696,782) | | Maintenance cost (services and materials) | (187,366) | (122,581) | (57,992) | (60,588) | | Outsourcing services | (643,393) | (638,079) | (255,683) | (368,845) | | Freight | (391,274) | (437,039) | (195,056) | (228,681) | | Depreciation, amortization and depletion | (685,089) | (641,862) | (347,906) | (325,630) | | Others | (83,224) | (70,752) | (23,914) | (44,216) | | | (8,659,564) | (9,159,875) | (4,162,070) | (4,768,663) | | Classified as: | | | | | | Cost of sales | (8,048,779) | (8,555,029) | (3,844,781) | (4,454,735) | | Selling expenses | (414,881) | (413,670) | (209,599) | (210,782) | | General and administrative expenses | (195,904) | (191,176) | (107,690) | (103,146) | | | (8,659,564) | (9,159,875) | (4,162,070) | (4,768,663) |

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

Consolidated
Six months ended Three months ended
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Production costs (1,946,643) (1,749,560) (999,341) (891,488)
Selling expenses (29,118) (25,402) (15,133) (13,535)
General and administrative expenses (21,579) (14,188) (10,858) (9,063)
(1,997,340) (1,789,150) (1,025,332) (914,086)
Other operational ^(1)^ (48,444) (43,610) (21,266) (22,772)
(2,045,784) (1,832,760) (1,046,598) (936,858)
Parent Company
Six months ended Three months ended
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Production costs (661,834) (626,703) (336,249) (317,904)
Selling expenses (9,702) (5,755) (4,865) (2,985)
General and administrative expenses (13,553) (9,404) (6,792) (4,741)
(685,089) (641,862) (347,906) (325,630)
Other operational ^(1)^ (34,864) (5,461) (17,624) (3,209)
(719,953) (647,323) (365,530) (328,839)

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

| \(In thousands of R$, unless otherwise stated\) |

| --- | | 25. | FINANCIAL INCOME (EXPENSES) | | --- | --- | | | | | | | Consolidated | | --- | --- | --- | --- | --- | --- | | | Ref. | Six months ended | | Three months ended | | | | | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 | | Other operating income | | | | | | | Receivables by indemnity | | 17,209 | 68,604 | 15,552 | 29,779 | | Rentals and leases | | 16,012 | 8,617 | 4,935 | 1,609 | | Contractual fines | | (24,974) | 12,708 | (26,299) | 2,891 | | Reversals/(Estimated write-offs or losses) in property, plant and equipment, intangible assets and investment properties, net of reversals | | | | | 265 | | Realized cash flow hedge | 13 | | 456,912 | | 438,659 | | Tax recuperation | | 62,982 | 9,533 | 36,855 | 9,533 | | Net reversals/(expenses) on legal proceedings | | | 3,660 | | 41,480 | | Reversals/(Expenses) on receivables | | | | | 473 | | Other revenues | | 72,580 | 44,246 | 45,751 | 21,682 | | | | 143,809 | 604,280 | 76,794 | 546,371 | | Other operating expenses | | | | | | | Taxes and fees | | (68,779) | (64,298) | (30,459) | (27,185) | | Expenses with environmental liabilities, net | | (12,778) | (24,588) | (2,567) | (11,185) | | Net reversals/(expenses) on legal proceedings (1) | | 346,636 | | 500,582 | | | Contractual fines | | | (104,239) | | (88,244) | | Depreciation of investment properties, idle equipment and amortization of intangible assets | 24 | (48,444) | (43,610) | (21,266) | (22,772) | | Reversals/(Estimated write-offs or losses) in property, plant and equipment, intangible assets and investment properties, net of reversals | 9.d, 10 and 11 | (20,429) | (9,605) | (33,315) | | | (Losses)/Estimated reversals in inventories | | (60,994) | (100,206) | (68,455) | (53,594) | | Idleness in stocks and paralyzed equipment | | (78,054) | (145,364) | (30,782) | (92,612) | | Studies and project engineering expenses | | (35,636) | (25,619) | (18,000) | (16,219) | | Healthcare plan expenses | | (54,525) | (52,300) | (27,947) | (26,480) | | Realized cash flow hedge | | (177,879) | | (24,997) | | | Pension plan expense | | (28,994) | (22,875) | (14,497) | (11,437) | | Reversals/(Expenses) on receivables | | (3,086) | (37,254) | (20) | | | Other expenses | | (99,859) | (156,707) | (58,673) | (83,036) | | | | (342,821) | (786,665) | 169,604 | (432,764) | | Other operating income (expenses), net | | (199,012) | (182,385) | 246,398 | 113,607 | | | | | | | Parent Company | | --- | --- | --- | --- | --- | --- | | | Ref. | Six months ended | | Three months ended | | | | | 06/30/2025 | 06/30/2024 | 06/30/2025 | 06/30/2024 | | Other operating income | | | | | | | Receivables by indemnity | | 16,031 | 55,622 | 15,551 | 17,164 | | Rentals and leases | | 11,365 | 8,753 | 2,662 | 3,732 | | Contractual fines | | 1,564 | 11,608 | (8,043) | 1,832 | | Realized cash flow hedge ^(3)^ | 13 | | 13,271 | | | | Tax recuperation | | 56,835 | | 42,110 | | | Reversals/(Estimated write-offs or losses) in property, plant and equipment, intangible assets and investment properties, net of reversals | 9.d, 10 and 11 | | 1,474 | | 3,690 | | Reversals of net environmental liabilities | | | 1,130 | | 150 | | Write-off of judicial lawsuits | | | | | 12,076 | | Reversals on receivables | | | | | 473 | | Other revenues | | 56,515 | 16,648 | 35,180 | 2,914 | | | | 142,310 | 108,506 | 87,460 | 42,031 |

| \(In thousands of R$, unless otherwise stated\) |

| --- | | Other operating expenses | | | | | | | --- | --- | --- | --- | --- | --- | | Taxes and fees | | (20,871) | (29,954) | (8,344) | (14,605) | | Expenses with environmental liabilities, net | | 1,462 | | 653 | | | Net legal expenses | | (32,802) | (2,815) | (17,727) | | | Contractual fines | | | (58,175) | | (41,839) | | Depreciation of investment properties, idle equipment and amortization of intangible assets | 24 | (34,864) | (5,461) | (17,624) | (3,209) | | Estimated write-offs or losses in property, plant and equipment, intangible assets and investment properties, net of reversals | 9.d, 10 and 11 | 12,498 | | (1,679) | | | (Losses)/Estimated reversals in inventories ^(1)^ | | (51,442) | (56,297) | (55,659) | (32,065) | | Idleness in stocks and paralyzed equipment ^(2)^ | | (71,542) | (134,120) | (27,445) | (86,869) | | Studies and project engineering expenses | | (14,845) | (6,177) | (5,683) | (3,795) | | Healthcare plan expenses | | (48,690) | (51,026) | (24,727) | (25,681) | | Realized cash flow hedge ^(3)^ | 13 | (215,030) | | (29,174) | | | Pension plan expense | | (27,448) | (21,375) | (13,724) | (10,687) | | Expenses on securities receivable | | 50 | (37,165) | (12) | | | Other expenses | | (50,676) | (47,612) | (28,003) | (16,586) | | | | (554,200) | (450,177) | (229,148) | (235,336) | | Other operating income (expenses), net | | (411,890) | (341,671) | (141,688) | (193,305) |

(1) Consolidated statements include the reversal of a provision in the amount of BRL493,347 thousand, related to legal proceedings for which the respective risk classification was changed from probable to possible, according to a reassessment carried out by the Company's legal advisors given current jurisprudence on the subject. (see note 18)

| \(In thousands of R$, unless otherwise stated\) |

| --- | | 26. | NET FINANCIAL INCOME | | --- | --- |

Consolidated
Ref. Six months ended Three months ended
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Financial income
Related parties 20.a 128,164 143,271 74,823 90,438
Income from financial investments 580,987 441,320 164,127 230,262
Updated shares – Fair value through profit or loss 13.d 50,772
Dividends receivable 2,395 2,451 22 2,451
Interest and fines 36,188 27,947 23,706 14,353
Other income 27,469 103,977 8,240 4,933
825,975 718,966 270,918 342,437
Financial expenses
Borrowings and financing - foreign currency 12 (1,178,184) (1,093,451) (579,148) (613,352)
Borrowings and financing - local currency 12 (1,022,356) (947,488) (520,612) (465,411)
Capitalized interest 10 176,491 89,522 97,547 51,842
Interest of advances from customers (530,201) (218,976) (180,282) (98,428)
Updated shares – Fair value through profit or loss (242,758) (243,494) (242,758) (301,324)
Related parties 20.a (1,988) (3,169) (1,621) (1,698)
Lease liabilities 14 (51,485) (45,417) (26,306) (23,065)
Interest and fines (63,491) (40,293) (39,210) (29,836)
Interest on forfaiting operations (95,912) (213,238) (51,572) (97,874)
(-) Adjusted present value of trade payables (242,925) (176,384) (119,202) (84,601)
Commission, bank fees, guarantee and bank fees (94,545) (96,070) (40,061) (48,605)
PIS/COFINS over financial income (39,152) (74,443) (17,745) (37,255)
Other financial expenses (87,175) (102,001) (52,303) (54,497)
(3,473,681) (3,164,902) (1,773,273) (1,804,104)
Others financial items, net
Foreign exchange and monetary variation, net (1,131,075) (2,402) (459,513) 23,263
Gains and (losses) on exchange derivatives (*) 28,195 (171,580) 61,629 (56,987)
(1,102,880) (173,982) (397,884) (33,724)
(4,576,561) (3,338,884) (2,171,157) (1,837,828)
Financial income (expenses), net (3,750,586) (2,619,918) (1,900,239) (1,495,391)
(*) Statement of gains and (losses) on derivative transactions (note 13.c)
Exchange rate swap Real x Dollar (171,663) 72,750 (55,742) 60,126
Exchange rate swap Dollar x Euro 1,570 (7,712)
Interest rate swap CDI x IPCA 156,888 (322,609) 135,438 (188,424)
Exchange rate swap CDI x Dollar 42,970 76,709 (18,067) 79,023
28,195 (171,580) 61,629 (56,987)
Parent Company
--- --- --- --- --- ---
Ref. Six months ended Three months ended
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Financial income
Related parties 20.a 177,405 159,442 100,308 101,476
Income from financial investments 155,841 57,547 61,036 23,558
Updated shares – Fair value through profit or loss 50,772
Dividends receivable 2,360 2,334 22 2,334
Interest and fines 22,105 17,746 15,028 9,297
Other income 21,964 97,918 5,701 2,651
430,447 334,987 182,095 139,316 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | Financial expenses | | | | | | | --- | --- | --- | --- | --- | --- | | Borrowings and financing - foreign currency | 12 | (268,482) | (218,657) | (150,132) | (149,197) | | Borrowings and financing - local currency | 12 | (780,063) | (597,126) | (361,208) | (288,465) | | Capitalized interest | | 95,537 | 30,124 | 53,105 | 15,020 | | Updated shares – Fair value through profit or loss | 13.d | (242,758) | (243,494) | (242,758) | (301,324) | | Related parties | 20.a | (86,175) | (95,713) | (45,197) | (50,589) | | Lease liabilities | | (1,743) | (206) | (860) | (106) | | Interest and fines | | (36,522) | (9,711) | (19,521) | (7,228) | | Interest on forfaiting operations | | (94,860) | (212,058) | (50,520) | (97,874) | | (-) Adjusted present value of trade payables | | (157,097) | (115,691) | (74,699) | (54,761) | | Commission, bank fees, guarantee and bank fees | | (41,723) | (48,297) | (23,871) | (23,256) | | PIS/COFINS over financial income | | (17,622) | (25,795) | (8,324) | (9,714) | | Other financial expenses | | 18,067 | (26,792) | (37,562) | (20,953) | | | | (1,613,441) | (1,563,416) | (961,547) | (988,447) | | Others financial items, net | | | | | | | Foreign exchange and monetary variation, net | | (760,679) | 249,887 | (311,678) | 248,546 | | Gains and (losses) on exchange derivatives (*) | | 111,846 | 19,740 | 43,842 | 35,519 | | | | (648,833) | 269,627 | (267,836) | 284,065 | | Financial income (expenses), net | | (1,831,827) | (958,802) | (1,047,288) | (565,066) | | (*) Statement of gains and (losses) on derivative transactions (note 13.c) | | | | | | | Interest rate swap CDI x IPCA | | 52,290 | (56,969) | (8,746) | (43,504) | | Exchange rate swap CDI x Dollar | | 59,556 | 76,709 | 52,588 | 79,023 | | | | 111,846 | 19,740 | 43,842 | 35,519 | | 27. | SEGMENT INFORMATION | | --- | --- |

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

· Steel operations

The Steel sector 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 steel sector supplies the civil construction and steel packaging markets for the country's chemical and food industries, as well as the household appliance, automotive and OEM (engines and compressors) sectors. The Company's steel units produce hot-rolled, cold-rolled, galvanized, and pre-painted steel with great durability. It also produces tinplate, a raw material used in the production of packaging.

Operations in Brazil also involve the production and commercialization of long steel products, which consolidates the company's provision of complete civil construction solutions and complements its portfolio of high value-added products within the steel value chain.

Abroad, Lusosider, in Portugal, produces cold rolled and galvanized steels. CSN LLC, in the United States, provides services on the local market and imports and commercializes steel products. Stahlwerk Thüringen (SWT), which is based in Germany, produces long steel products and specializes in the production of steel profiles used in 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, commercialization and processing of metal profiles and accessories used in metal products and civil construction.

| \(In thousands of R$, unless otherwise stated\) |

| --- | | · | Mining | | --- | --- |

Mining includes iron ore and tin mining activities.

Operations producing high-quality iron ore are located in Minas Gerais’ Iron Quadrangle where iron ore purchased from third parties is sold in addition to production.

At the end of 2015, CSN and the Asian Consortium formalized a shareholders' agreement for the combination of assets involved in iron ore operations and related logistics, to form a new company, which will concentrate the Group's mining activities as of December 2015. Within this context, the new company, which is currently known as CSN Mineração S.A., came to hold a lease for the TECAR terminal, as well as the Casa de Pedra mine and all shares in the company Namisa. Namisa was incorporated on December 31, 2015. Additionally, CSN holds 100% of the National Minerals that comprise the Fernandinho (operational), Cayman and Pedras Pretas (mineral resource) mines, all of which are 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.

· Logistics

i. Railway

CSN has a stake in three railway companies: MRS Logística S.A., which manages the former Malha Sudeste da Rede Ferroviária Federal S.A., Transnordestina Logística S.A. and FTL - Ferrovia Transnordestina Logística S.A. FTL - Ferrovia Transnordestina Logística S.A is the holder of the concession owned by the former Malha Nordeste da RFFSA 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.

Southeastern Brazil’s railway system, which comprises 1,674 km of railways, provides services in the industrial triangle formed by the states of São Paulo - Rio de Janeiro - Minas Gerais, in the Southeast region and links company mines located in Minas Gerais to ports

in São Paulo and Rio de Janeiro. The network also connects steel mills belonging to CSN, Companhia Siderúrgica Paulista, or Cosipa, and Gerdau Açominas. In addition to providing service to other clients, the railway line transports iron ore from the Company’s Casa de Pedra mine in Minas Gerais, and coke and coal from the Port of Itaguaí in Rio de Janeiro, to Volta Redonda/RJ. The network also transports products destined for export to the Ports of Itaguaí and Rio de Janeiro.

| \(In thousands of R$, unless otherwise stated\) |

| --- |

b) TLSA and FTL

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

It also connects to the main ports in the region, thus offering an important competitive advantage through opportunities for combined transport solutions and tailor-made logistics projects.

ii. Port

The Company’s activities in port logistics sector were consolidated through the operation of the Sepetiba terminal, which was built after a port modernization law (Federal Law 8.630/1993) allowing the transfer of port activities to the private sector was passed. The Sepetiba terminal offers the infrastructure required to meet all the needs of exporters, importers and shipowners. Its installed capacity exceeds that of most Brazilian terminals. It has berths and large storage area, as well as the most modern and appropriate equipment, systems, and intermodal connections.

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

iii. Land Transport

On April 1, 2025, CSN completed the acquisition of Estrela Comércio e Participações S.A. (“the Estrela Group"), the Tora Transportes group’s ("Tora Group”) holding company.

Initially founded in the 1970s meet road transport needs, the Tora Group currently offers an "Integrated Logistics System” that seeks to integrate modes of transport, especially in road-rail operations and transport in the steel, mining, solid bulk, automotive and dry cargo sectors in general. The Tora Group’s services portfolio also includes terminal management, storage, operation of bonded warehouses, and production chain and light vehicle fleet management services, including the rental and resale of used vehicles.

The Tora Group maintains a national and international presence within 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. With regards to bonded warehouses, the Tora Group operates a terminal located in the city of Betim/MG that receives goods imported from the Brazil’s largest ports and airports.

In March 2024, the Tora Group began operations in the light vehicle segment (fleet management, lease and resale of used vehicles), through the acquisition of the Lokamig Group.

· Energy

CSN is one of the largest industrial consumers of electricity in Brazil. Since energy is a fundamental input in the Company’s production process, it holds electricity generation assets and achieved energy self-sufficiency with the acquisitions made in 2022. CSN subsequently began to operate within the sector as a player in electricity generation through the commercialization of its surplus energy.

| \(In thousands of R$, unless otherwise stated\) |

| --- |

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

1. Itá Hydroelectric Power Plant,<br>located in the state of Santa Catarina, in which CSN holds a 29.50% stake through the SPE ITASA, with installed capacity equivalent to<br>its participation of 428 MW;
2. Igarapava Hydroelectric Power Plant,<br>located in Minas Gerais, in which CSN holds 17.92% participation in the consortium, with installed capacity equivalent to its participation<br>of 38 MW;
--- ---
3. Thermoelectric Cogeneration Center CTE#1,<br>CTE#2 and TRT – Top Recovery Turbine, operating at Presidente Vargas Plant with installed capacity of 10 MW, 235 MW and 22 MW respectively,<br>using industrial gases recirculated from steel production as fuel;
--- ---
4. Sacre II Small Hydroelectric Power Plant,<br>located in the state of Mato Grosso, with installed capacity of 30 MW, of which CSN Cimentos holds full control of the asset through indirect<br>control of the Brasil Central Energia SPE;
--- ---
5. Santa Ana Small Hydroelectric Power<br>Plant, which is located in the state of Santa Catarina and has a totaled installed capacity of 6.3 MW. CSN Cimentos fully controls this<br>asset through by maintaining direct control of the Santa Ana Energética SPC;
--- ---
6. Quebra Queixo Hydroelectric Power Plant,<br>located in the state of Santa Catarina, with an installed capacity of 120 MW, of which CSN Mineração holds full control<br>of the asset through direct control of the SPE of CEC – Companhia Energética Chapecó;
--- ---
7. Cachoeira dos Macacos Small Hydroelectric<br>Power Plant, located in the state of Minas Gerais, with an installed capacity of 3.4 MW, of which CSN Cimentos holds full control of the<br>asset through the acquisition of LafargeHolcim;
--- ---
8. Companhia Estadual de Geração<br>de Energia Elétrica – CEEE-G, which is located in the state of Rio Grande do Sul and maintains a platform of 13 operational<br>assets, including its own Hydroelectric Power Plants, wind and solar assets, in addition to a minority interest in other projects. CEEE-G<br>has a total current installed capacity of 1,119 MW..
--- ---
· Cement
--- ---

The Cement segment, which operates through CSN Cimentos, consolidates the production, commercialization, and distribution operations of cement, aggregates, and concrete. In the factories located in the Southeast, the slag used is the same produced by the blast furnaces of 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. As of August 31, 2021, these companies, which maintain operations in Brazil’s Northeast region, have added a total of 1.3 Mtpa in cement production capacity.

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

| \(In thousands of R$, unless otherwise stated\) |

| --- |

The Company’s cement plants are located in the states of Minas Gerais, Rio de Janeiro, Espírito Santo Bahia, Goiás and São Paulo. The production process essentially occurs through grinding primary raw materials which include clinker, limestone, gypsum, and slag.

The Company currently supplies the cement market through a diverse product portfolio that is suitable for both the technical segment and the distribution market according to ABNT NBR 16697. The cement is marketed in both bagged and bulk form.

· Sales by Geographic Area

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

Result by segment

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

Six months ended
06/30/2025
P&L Ref. Steel Mining Logistics Energy Cement Corporate expenses/elimination Consolidated
Port Railroads Land Transport
Net revenues 11,498,986 6,845,843 142,955 1,485,641 318,983 381,860 2,314,459 (1,387,812) 21,600,915
In Brazil 8,279,429 834,544 142,955 1,485,641 311,710 381,860 2,314,455 (2,518,986) 11,231,608
Abroad 3,219,557 6,011,299 7,273 4 1,131,174 10,369,307
Cost of sales and services 24 (10,529,614) (4,704,196) (122,001) (849,305) (268,344) (238,517) (1,651,877) 2,021,281 (16,342,573)
Gross profit 969,372 2,141,647 20,954 636,336 50,639 143,343 662,582 633,469 5,258,342
General and administrative expenses 24 (677,328) (152,131) (5,887) (130,609) (13,729) (18,854) (551,348) (1,224,278) (2,774,164)
Other operating income/(expenses), net 25 (129,235) (140,858) (11,316) (48,951) (1,261) (34,029) 411,962 (245,324) (199,012)
Equity in results of affiliated companies 9 245,227 245,227
Operating result before Financial Income and Taxes 162,809 1,848,658 3,751 456,776 35,649 90,460 523,196 (590,906) 2,530,393
Sales by geographic area
Asia 5,636,655 1,113,676 6,750,331
North America 637,983 637,983
Latin America 25,765 7,273 4 33,042
Europe 2,555,809 374,644 17,498 2,947,951
Foreign market 3,219,557 6,011,299 7,273 4 1,131,174 10,369,307
Domestic market 8,279,429 834,544 142,955 1,485,641 311,710 381,860 2,314,455 (2,518,986) 11,231,608
Total 11,498,986 6,845,843 142,955 1,485,641 318,983 381,860 2,314,459 (1,387,812) 21,600,915
Three months ended
06/30/2025
P&L Ref. Steel Mining Logistics Energy Cement Corporate expenses/elimination Consolidated
Port Railroads Road transport
Net revenues 5,391,860 3,413,704 57,364 800,534 318,983 203,413 1,212,746 (705,318) 10,693,286
In Brazil 4,062,222 405,425 57,364 800,534 311,710 203,413 1,212,746 (1,337,315) 5,716,099
Abroad 1,329,638 3,008,279 7,273 631,997 4,977,187
Cost of sales and services 24 (4,866,085) (2,420,561) (60,181) (428,989) (268,344) (125,888) (844,484) 1,047,345 (7,967,187)
Gross profit 525,775 993,143 (2,817) 371,545 50,639 77,525 368,262 342,027 2,726,099
General and administrative expenses 24 (338,037) (85,916) (3,095) (68,009) (13,729) (9,716) (289,855) (688,177) (1,496,534)
Other operating income/(expenses), net 25 (85,469) (95,513) (8,375) (65,574) (1,261) 62,968 442,182 (2,560) 246,398
Equity in results of affiliated companies 9 166,793 166,793
Operating result before Financial Income and Taxes 102,269 811,714 (14,287) 237,962 35,649 130,777 520,589 (181,917) 1,642,756 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | Sales by geographic area | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Asia | | | 2,878,498 | | | | | | 631,997 | 3,510,495 | | North America | | 192,447 | | | | | | | | 192,447 | | Latin America | | 15,775 | | | | 7,273 | | | | 23,048 | | Europe | | 1,121,416 | 129,781 | | | | | | | 1,251,197 | | Foreign market | | 1,329,638 | 3,008,279 | | | 7,273 | | | 631,997 | 4,977,187 | | Domestic market | | 4,062,222 | 405,425 | 57,364 | 800,534 | 311,710 | 203,413 | 1,212,746 | (1,337,315) | 5,716,099 | | Total | | 5,391,860 | 3,413,704 | 57,364 | 800,534 | 318,983 | 203,413 | 1,212,746 | (705,318) | 10,693,286 | | | | | | | | | | | | Six months ended | | | | | | | | | | | | 06/30/2024 | | P&L | Ref. | Steel | Mining | Logistics | | | Energy | Cement | Corporate expenses/elimination | Consolidated | | | | | | Port | Railroads | Road transport | | | | | | Net revenues | | 10,974,798 | 6,170,450 | 163,325 | 1,431,408 | | 206,748 | 2,317,582 | (669,579) | 20,594,732 | | In Brazil | | 7,850,118 | 742,324 | 163,325 | 1,431,408 | | 206,748 | 2,317,582 | (2,241,456) | 10,470,049 | | Abroad | | 3,124,680 | 5,428,126 | | | | | | 1,571,877 | 10,124,683 | | Cost of sales and services | 24 | (10,484,851) | (3,914,658) | (128,825) | (784,628) | | (187,176) | (1,656,299) | 1,741,768 | (15,414,669) | | Gross profit | | 489,947 | 2,255,792 | 34,500 | 646,780 | | 19,572 | 661,283 | 1,072,189 | 5,180,063 | | General and administrative expenses | 24 | (643,492) | (141,367) | (6,262) | (123,518) | | (21,133) | (404,040) | (1,653,021) | (2,992,833) | | Other operating income/(expenses), net | 25 | (305,531) | 275,901 | (1,399) | 75,309 | | 1,544 | (83,778) | (144,431) | (182,385) | | Equity in results of affiliated companies | 9 | | | | | | | | 191,599 | 191,599 | | Operating result before Financial Income and Taxes | | (459,076) | 2,390,326 | 26,839 | 598,571 | | (17) | 173,465 | (533,664) | 2,196,444 | | Sales by geographic area | | | | | | | | | | | | Asia | | | 5,012,589 | | | | | | 1,571,877 | 6,584,466 | | North America | | 859,567 | | | | | | | | 859,567 | | Latin America | | 21,235 | | | | | | | | 21,235 | | Europe | | 2,243,879 | 357,725 | | | | | | | 2,601,604 | | Others | | | 57,812 | | | | | | | 57,812 | | Foreign market | | 3,124,680 | 5,428,126 | | | | | | 1,571,877 | 10,124,684 | | Domestic market | | 7,850,118 | 742,324 | 163,325 | 1,431,408 | | 206,748 | 2,317,582 | (2,241,456) | 10,470,049 | | Total | | 10,974,798 | 6,170,450 | 163,325 | 1,431,408 | | 206,748 | 2,317,582 | (669,579) | 20,594,732 | | | | | | | | | | | | Three months ended | | | | | | | | | | | | 06/30/2024 | | | Ref. | Steel | Mining | Logistics | | | Energy | Cement | Corporate expenses/elimination | Consolidated | | | | | | Port | Railroads | Road transport | | | | | | Net revenues | | 5,590,548 | 3,347,059 | 79,155 | 759,518 | | 102,795 | 1,238,353 | (235,688) | 10,881,740 | | In Brazil | | 4,110,175 | 314,433 | 79,155 | 759,518 | | 102,795 | 1,238,353 | (1,101,613) | 5,502,816 | | Abroad | | 1,480,373 | 3,032,626 | | | | | | 865,925 | 5,378,924 | | Cost of sales and services | 24 | (5,309,455) | (1,998,527) | (62,130) | (417,029) | | (103,317) | (856,270) | 854,027 | (7,892,701) | | Gross profit | | 281,093 | 1,348,532 | 17,025 | 342,489 | | (522) | 382,083 | 618,339 | 2,989,039 | | General and administrative expenses | 24 | (320,487) | (58,943) | (3,357) | (64,323) | | (6,518) | (226,247) | (907,541) | (1,587,416) | | Other operating income/(expenses), net | 25 | (145,099) | 334,704 | (2,505) | 37,552 | | (4,429) | (32,839) | (73,777) | 113,607 | | Equity in results of affiliated companies | 9 | | | | | | | | 98,279 | 98,279 | | Operating result before Financial Income and Taxes | | (184,493) | 1,624,293 | 11,163 | 315,718 | | (11,469) | 122,997 | (264,700) | 1,613,509 | | Sales by geographic area | | | | | | | | | | | | Asia | | | 2,877,958 | | | | | | 865,925 | 3,743,883 | | North America | | 435,561 | | | | | | | | 435,561 | | Latin America | | 13,935 | | | | | | | | 13,935 | | Europe | | 1,030,878 | 186,668 | | | | | | | 1,217,546 | | Others | | | (32,000) | | | | | | | (32,000) | | Foreign market | | 1,480,373 | 3,032,626 | | | | | | 865,925 | 5,378,924 | | Domestic market | | 4,110,175 | 314,433 | 79,155 | 759,518 | | 102,795 | 1,238,353 | (1,101,613) | 5,502,816 | | Total | | 5,590,548 | 3,347,059 | 79,155 | 759,518 | | 102,795 | 1,238,353 | (235,688) | 10,881,739 |

| \(In thousands of R$, unless otherwise stated\) |

| --- | | 28. | ADDITIONAL INFORMATION ON CASH FLOW | | --- | --- |

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

Consolidated Parent Company
Ref. 06/30/2025 06/30/2024 06/30/2025 06/30/2024
Income tax and social contribution paid 240,929 669,902
Addition to PP&E with interest capitalization 26 176,491 89,522 95,537 30,124
Remeasurement and addition – Right of use 10.b 161,272 128,505 2,709 4,940
Addition to PP&E without adding cash 32,128
Capitalization/acquisition of affiliates and subsidiary without effect on cash flow 479,680 442,500
1,058,372 920,057 540,746 35,064
29. STATEMENT OF COMPREHENSIVE INCOME
Consolidado
Six-month period ended Three-month period ended
6/30/2025 6/30/2024 6/30/2025 6/30/2024
Net income/(loss) (861,949) (702,274) (130,369) (222,612)
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 73 (1,335) 37 (1,058)
73 (1,335) 37 (1,058)
Items that could be subsequently reclassified to the statement of income
Cumulative translation adjustments for the year (3,083) 379,204 105,844 350,057
(Loss)/gain cash flow hedge accounting, net of taxes 1,918,399 (1,788,401) 722,735 (1,474,416)
Cash flow hedge reclassified to income upon realization, net of taxes 141,920 (8,759) 19,255
(Loss)/gain cash flow hedge accounting  –  “Platts”  from investments in subsidiaries, net of taxes 509,567 235 187,649 (820,294)
2,566,803 (1,417,721) 1,035,483 (1,944,653)
2,566,876 (1,419,056) 1,035,520 (1,945,711)
Comprehensive income for the year 1,704,927 (2,121,330) 905,151 (2,168,323)
Attributable to:
Earnings attributable to the controlling interests 1,632,602 (2,537,585) 820,151 (2,308,414)
Earnings attributable to the non-controlling interests 72,325 416,255 85,000 140,091
1,704,927 (2,121,330) 905,151 (2,168,323)
The accompanying notes are an integral part of these consolidated financial statements
Controladora
Six-month period ended Three-month period ended
6/30/2025 6/30/2024 6/30/2025 6/30/2024
Net income/(loss) (785,146) (1,118,480) (166,000) (528,779)
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 74 (1,336) 37 (1,058)
74 (1,336) 37 (1,058)
Items that could be subsequently reclassified to the statement of income
Cumulative translation adjustments for the year (3,083) 379,204 105,844 350,057
(Loss)/gain cash flow hedge accounting, net of taxes 1,918,399 (1,788,401) 722,735 (1,474,416)
Cash flow hedge reclassified to income upon realization, net of taxes 141,920 (8,759) 19,255
(Loss)/gain cash flow hedge accounting  –  “Platts”  from investments in subsidiaries, net of taxes 351,656 187 129,498 (654,218)
Gain on the percentage change in investments 8,782 8,782
2,417,674 (1,417,769) 986,114 (1,778,577)
2,417,748 (1,419,105) 986,151 (1,779,635)
Comprehensive income for the year 1,632,602 (2,537,585) 820,151 (2,308,414) 
| \(In thousands of R$, unless otherwise stated\) |

| --- | | 30. | SUBSEQUENT EVENTS | | --- | --- |

HOLDING OF AN ANNUAL GENERAL MEETING OF CSN CEMENTOSBRASIL S.A.’S DEBENTURE HOLDERS

Companhia Siderúrgica Nacional wishes to inform those concerned that, on July 4, 2025, at 10:00 a.m., a General Meeting of Debenture Holders was held to deliberate on the 4th (fourth) issue of simple debentures, which are unsecured and not convertible into shares together with an additional personal guarantee, in a single series for public distribution as part of a restricted offering, held by the Company’s subsidiary CSN Cimentos Brasil S.A.

Amendments to Clauses 3.6.1 and 3.6.3 of the Indenture were approved at the meeting.

ELECTION OF NEW PERMANENT EXECUTIVE BOARD AT CEEE-G

Companhia Siderúrgica Nacional wishes to inform those concerned that, on July 11, 2025, at 5:00 p.m., a meeting of the Board of Directors of its subsidiary CEEE-G was held, in order to deliberate upon the election of members of the Executive Board.

The new composition of the Executive Board was approved at the meeting. Mr. Marcelo Cunha Ribeiro was elected to the position of Superintendent and will accumulate the functions of the Investor Relations Officer. Mr. Alberto de Senna Santos, Mr. David Moise Salama and Mr. Pedro Barros Mercadante Oliva were elected to the positions of Directors without specific designation.

The officers elected in this act started their two-year mandate on the same date as provided for in the Company's Bylaws.

NOTICE OF SALE OF RELEVANT OWNERSHIP INTEREST

On July 11, 2025, Companhia Siderúrgica Nacional provided notice on the market of having received a letter from CFL Participações S.A. (“CFL”), CFL Ana Participações S.A.’s (“CFL Ana”) parent company, informing a corporate restructuring process in which 66,261,625 shares of common issued by the Company were transferred from CFL Ana to Avelina Participações S.A. (“Avelina”), a company over which CFL also holds complete control.

The transaction did not result in a change in CFL's total ownership – whether direct and indirect – in CSN, which continues to comprise 132,524,250 (one hundred and thirty-two million five hundred and twenty-four thousand two hundred and fifty) shares of common stock representing 9.99% of the Company's share capital.

As part of the transfer, Avelina agreed to the entirety of the terms of the Company's Shareholders' Agreement according to the Accession Agreement delivered to CSN on May 30, 2025 and amended on July 8, 2025.

CSN’s shareholding structure therefore now comprises:

| \(In thousands of R$, unless otherwise stated\) |

| --- |

SALE OF OWNERSHIP INTEREST IN USIMINAS

On July 31, 2025, Companhia Siderurgica Nacional provided notice of a Material Event involving the sale of 35,192,508 shares of common stock and 27,336,139 shares of preferred stock issued by Usinas Siderúrgica de Minas Gerais S.A. –

Usiminas to Globe Investimentos S.A. at the closing trade price as of July 29, 2025. As a result, CSN's direct and indirect ownership interest in Usiminas’ share capital stock came to comprise a total of 10.13% shares of common stock, 5.08% of shares of preferred stock issued by Usiminas, or 7.92% of the Company’s total share capital.

Subsequent events at subsidiaries

· CSN Cimentos Brasil

HOLDING OF AN ANNUAL GENERAL MEETING OF CSN CEMENTOSBRASIL S.A.’S DEBENTURE HOLDERS

On July 4, 2025, at 10:00 a.m., a General Meeting of Debenture Holders was held to deliberate on the 4th (fourth) issue of simple debentures, which are unsecured and not convertible into shares together with an additional personal guarantee, in a single series for public distribution as part of a restricted offering, held by CSN Cimentos Brasil S.A.

Amendments to Clauses 3.6.1 and 3.6.3 of the Indenture were approved at the meeting.

· CEEE-G

ELECTION OF NEW PERMANENT EXECUTIVE BOARD

On July 11, 2025, at 5:00 p.m., a meeting of the Company's Board of Directors was held to deliberate on the election of members of the Executive Board. The new composition of the Executive Board was approved at the meeting, of which Mr. Marcelo Cunha Ribeiro was elected to the position of Superintendent and will accumulate the functions of the Investor Relations Officer. Mr. Alberto de

Senna Santos, Mr. David Moise Salama and Mr. Pedro Barros Mercadante Oliva were elected to the positions of Directors without specific designation. The officers elected in this act started their two-year mandate on the same date as provided for in the Company's Bylaws.

· CSN Mineração

PAYMENT OF DIVIDENDS AND INTEREST ON SHAREHOLDERS'EQUITY

On July 15, CSN Mineração S.A. paid dividends and interest on shareholders’ equity according to resolutions made at a meeting of the Board of Directors held on December 27, 2024 and May 8, 2025, as disclosed in the respective Notices to Shareholders published on October 30, 2024 and May 8, 2025.

A net amount of BRL 0.03311256395 per share was paid as part of the resolution made on December 27, 2024 as interest on shareholders’ equity (gross amount of BRL 0.03895595758 per share). Shareholders holding a position with the depository institution Banco Bradesco S.A. were entitled to receive this payment based on their position as of January 6, 2025. Shares began to be traded on an ex-rights basis as of January 7, 2025.

With respect to the resolution made May 8, 2025, a net amount of BRL 0.200661094064 per share was paid as interim dividends and BRL 0.03286055531 per share as interest on shareholders’ equity (gross amount of BRL 0.0386594768380 per share). Shareholders holding an active ownership interest in the Company on May 13, 2025 were entitled to the resulting proceeds. Shares began to be traded on an ex-dividend basis as of May 14, 2025.

In total, an amount of BRL1,511 million was distributed among shareholders.

| \(In thousands of R$, unless otherwise stated\) |

| --- | | · | TRANSNORDESTINA LOGÍSTICA | | --- | --- |

In July 2025, an amount of BRL582,895 related to the 10th issue of debentures (FDNE) was released according to the 15th Amendment to the Public Deed for Issuance of Debentures.

SIGNATURE

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

Date: August 14, 2025

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

FORWARD-LOOKING STATEMENTS

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

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