Companhia Siderúrgica Nacional (CSN) operates as an integrated steel manufacturer, holding a significant presence across Brazil and Latin America. Its operations are ...
Companhia Siderúrgica Nacional (CSN) is one of Brazil’s best-known industrial groups, founded in 1941 in São Paulo. It is widely regarded as a leading integrated flat-steel producer in Brazil and a significant player across Latin America. CSN’s business model is built around vertical integration: rather than relying solely on third-party ...Companhia Siderúrgica Nacional (CSN) is one of Brazil’s best-known industrial groups, founded in 1941 in São Paulo. It is widely regarded as a leading integrated flat-steel producer in Brazil and a significant player across Latin America. CSN’s business model is built around vertical integration: rather than relying solely on third-party raw materials, the group connects upstream mining inputs with downstream steelmaking and value-added products, and it further supports distribution through logistics and port infrastructure.
From a product and services perspective, CSN’s steel segment focuses on diversified flat steel offerings for industrial and infrastructure demand. Its product portfolio includes slabs (with a range of carbon and alloy specifications), hot-rolled and cold-rolled coils and sheets, galvanized products, and tin mill products (flat-rolled low-carbon steels used for packaging and industrial applications). CSN also manufactures structural steel shapes such as profiles and channels, serving construction and rail/sleeper-related needs. Customers span industries such as packaging, automotive supply chains, home appliances, distribution, and construction.
Upstream, CSN operates iron ore mines and produces limestone and dolomite, which are key materials for steelmaking and blast furnace/industrial processes. Complementing mining, the company’s logistics platform—supported by its own railway and port infrastructure—aims to reduce supply friction and improve control over transport costs, lead times, and export readiness. In parallel, CSN’s cement operations supply a broad set of construction-related customers, including construction material stores, home centers, concrete producers, construction companies, mortar industries, and manufacturers of construction artifacts.
CSN also participates in energy generation through a mix that includes thermoelectric co-generation and hydroelectric plants, supporting industrial competitiveness by addressing part of its power and steam needs. In steelmaking and cement, major cost drivers typically include raw material sourcing (iron ore, fluxes, scrap where applicable), energy/power, consumables, freight/logistics, labor, and maintenance/overhauls of heavy industrial assets. While exact line-item costs are not provided in the supplied data, CSN’s integrated footprint is designed to mitigate volatility in input availability and transport.
Key leadership information available from the provided sources indicates that Benjamin Steinbruch serves as CEO. CSN’s scale is reflected in the large workforce reported by the data source (around 29,664 full-time employees), consistent with a heavy-industry operator spanning multiple segments. Overall, CSN’s strategy centers on maintaining integrated production capabilities (steel + mining + logistics + energy + cement) to serve domestic infrastructure and industrial demand while remaining active in international markets through exports.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$43.9B
+0.5%
+8.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-2.0B
+24.3%
-31.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+27.0%
+1.0%
+12.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+10.6%
+15.9%
-12.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-4.5%
+24.7%
-21.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-6.8B
-314.6%
+31.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-15.4%
-313.5%
+37.2%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
419.5%
-9.8%
+11.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.08x
-31.8%
+3.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, and thank you for holding. At this time, we would like to welcome everyone to CSN's Conference Call for the Results for the Second Quarter '26. Today, we have with us the company's executive officers. We would like to inform you that this event is being recorded. [Operator Instructions] You can access this event at www.csn.com.br/ir, where the presentation is also available. The replay of the event will be available soon after closing. Before proceeding, please bear in mind that some of the forward-looking statements herein are mere expectations or trends based on the current assumptions and opinions of the company's management. Future results, performance and events may differ materially from those expressed herein which do not constitute projections. In fact, actual results, performance or events may differ materially from those expressed or implied by forward-looking statements as a result of several factors such as the general and economic conditions in Brazil, interest rates, exchange rate levels, future rescheduling or prepayment of debt denominated in foreign currencies, protectionist measures in the U.S., Brazil and other countries, changes in laws and regulations and general competitive factors at a global, regional or national basis. We will now turn the floor over to Mr. Marco Rabello, Investor Relations Executive Officer, who will present the company's operating and financial highlights for CSN for the period. You may proceed, sir.
Antonio Marco Rabello: Good morning, everybody, and thank you for participating in another CSN conference call. We're going to present the results for the second quarter '26, a very important period for the company where the company was able to overcome all the adversities relating to costs and raw materials to offer vigorous growth of EBITDA in the previous quarter and in comparison with the quarter of '25. This 5% increase in consolidated EBITDA is a result of better operational performance in all segments, sales and the commercial activity. You also see the importance of having a diversified operation without bending to the pressures of a specific sector. Financially, another important point was the release of cash flow and the positive cash flow during the period increased compared to previous quarter. Now this movement reflects the evolution of the projects that the company has been working on since the beginning of the year to resolve the capital structure. With this, the expectation is that the company will gradually evolve to a more sustainable cash generation going forward. We're very satisfied to announce the conclusion of the new 2030 bond with a leverage of more than 77%. This shows the success of the operation and the credibility that people have in the project and movement of the company. It's important for the company to calmly carry out its projects. For example, the divestment of assets, the conclusion of P15 release of working capital in the company. After the …
