| RELATED-PARTY BALANCES AND TRANSACTIONS |
| 24. | RELATED-PARTY BALANCES AND TRANSACTIONS |
| 24.a) | Transactions with Holding Companies |
Vicunha Aços S.A. is the Company's controlling
shareholder, with a 41.66% interest in its voting capital. It is also part of the Company's control, Rio Iaco Participações
S.A. with 3.45%.
The corporate structure of Vicunha Aços S.A. is
as follows:
| (a) | Vicunha Steel S.A. – holds 100% interest in Vicunha
Aços S.A. |
| (b) | Rio Purus Participações S.A. – holds
100% interest in Vicunha Steel S.A. |
| 24.b) | Transactions with Subsidiaries, Joint-Ventures, Affiliates,
Exclusive Funds and other Related Parties |
| Schedule of transactions with subsidiaries, jointly controlled entities, associates, exclusive funds and other related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Consolidated |
| |
|
12/31/2025 |
|
12/31/2024 |
| |
|
Associates |
|
Joint-ventures and Joint Operation |
|
Other related parties |
|
Total |
|
Associates |
|
Joint-ventures and Joint Operation |
|
Other related parties |
|
Total |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents(1) |
|
|
|
|
|
1,979,060 |
|
1,979,060 |
|
|
|
|
|
912,533 |
|
912,533 |
| Financial investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
860,591 |
|
860,591 |
| Trade receivables |
6 |
73,045 |
|
24,254 |
|
|
|
97,299 |
|
88,750 |
|
3,230 |
|
191 |
|
92,171 |
| Dividends receivable |
9 |
19,477 |
|
2,187 |
|
54,362 |
|
76,026 |
|
|
|
127,386 |
|
74,050 |
|
201,436 |
| Borrowings |
9 |
|
|
4,147 |
|
|
|
4,147 |
|
|
|
5,315 |
|
|
|
5,315 |
| Other receivables |
9 |
|
|
2 |
|
1,829 |
|
1,831 |
|
|
|
2 |
|
1,829 |
|
1,831 |
| |
|
92,522 |
|
30,590 |
|
2,035,251 |
|
2,158,363 |
|
88,750 |
|
135,933 |
|
1,849,194 |
|
2,073,877 |
| Non-current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
142,423 |
|
142,423 |
| Borrowings |
9 |
6,024 |
|
2,131,858 |
|
|
|
2,137,882 |
|
3,789 |
|
1,899,239 |
|
|
|
1,903,028 |
| Actuarial liabilities |
9 |
|
|
|
|
53,328 |
|
53,328 |
|
|
|
|
|
47,708 |
|
47,708 |
| Other receivables |
9 |
|
|
|
|
|
|
|
|
|
|
1,792,579 |
|
|
|
1,792,579 |
| |
|
6,024 |
|
2,131,858 |
|
53,328 |
|
2,191,210 |
|
3,789 |
|
3,691,818 |
|
190,131 |
|
3,885,738 |
| |
|
98,546 |
|
2,162,448 |
|
2,088,579 |
|
4,349,573 |
|
92,539 |
|
3,827,751 |
|
2,039,325 |
|
5,959,615 |
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trade payables |
|
19,493 |
|
171,345 |
|
864 |
|
191,702 |
|
13,676 |
|
217,289 |
|
184,892 |
|
415,857 |
| Accounts payable |
19 |
|
|
24,400 |
|
92,892 |
|
117,292 |
|
23,245 |
|
22,571 |
|
140,991 |
|
186,807 |
| Provision for consumption |
19 |
|
|
25,841 |
|
|
|
25,841 |
|
|
|
|
|
|
|
|
| |
|
19,493 |
|
221,586 |
|
93,756 |
|
334,835 |
|
36,921 |
|
239,860 |
|
325,883 |
|
602,664 |
| Non-current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts payable |
19 |
|
|
|
|
|
|
|
|
|
|
20,850 |
|
|
|
20,850 |
| |
|
|
|
|
|
|
|
|
|
|
|
20,850 |
|
|
|
20,850 |
| |
|
19,493 |
|
221,586 |
|
93,756 |
|
334,835 |
|
36,921 |
|
260,710 |
|
325,883 |
|
623,514 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Consolidated |
| |
|
12/31/2025 |
|
12/31/2024 |
| |
|
Associates |
|
Joint-ventures and Joint Operation |
|
Other related parties |
|
Total |
|
Associates |
|
Joint-ventures and Joint Operation |
|
Other related parties |
|
Total |
| P & L |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sales |
|
2,144,285 |
|
49,231 |
|
79 |
|
2,193,595 |
|
2,357,816 |
|
21,362 |
|
903 |
|
2,380,081 |
| Cost and expenses |
|
|
|
(2,117,736) |
|
(334,768) |
|
(2,452,504) |
|
(179,022) |
|
(2,190,343) |
|
(227,090) |
|
(2,596,455) |
| Financial income (expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest |
30 |
2,235 |
|
220,698 |
|
83,874 |
|
306,807 |
|
2,508 |
|
155,291 |
|
38,588 |
|
196,387 |
| Exchange rate variations andmonetary, net |
|
|
|
|
|
24,040 |
|
24,040 |
|
|
|
|
|
141,190 |
|
141,190 |
| Financial investments (2) |
|
|
|
|
|
(191,986) |
|
(191,986) |
|
|
|
|
|
(632,612) |
|
(632,612) |
| Dividends receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
42,347 |
|
42,347 |
| Other income and expenses |
|
(219,635) |
|
1,796 |
|
5,687 |
|
(212,152) |
|
|
|
|
|
|
|
|
| |
|
1,926,885 |
|
(1,846,011) |
|
(413,074) |
|
(332,200) |
|
2,181,302 |
|
(2,013,690) |
|
(636,674) |
|
(469,062) |
| (1) | For better presentation, certain amounts
have been reclassified. The balance of ‘Cash and cash equivalents’, previously presented together with ‘Financial investments’,
is presented separately in 2025. |
| (2) | Following the disposal of the shares
of Usiminas, which reduced the Company’s interest to 4.99% in both common and preferred shares, Usiminas is no longer considered
a related party of the Group. Accordingly, the balance presented relates exclusively to the period in which Usiminas was classified as
a related party. |
Consolidated Information:
Receivables: Refers mainly to sales transactions
of steel products from the Company to related parties.
Loans (Assets):
Long term: At the Consolidated,
these amounts refer mainly to loan agreements with Transnordestina Logística S.A. in the amount of R$2,098,532 (R$1,829,939 as
of December 31, 2024), at an average rate of 125% to 130% of the CDI.
| 24.c) | Other Unconsolidated Related Parties |
The Company is its main sponsor, being a non-profit civil
society established in July 1960 and whose main objective is the payment of benefits complementary to those of official social security
for participants. As a sponsor, it maintains transactions of contribution payments and recognition of actuarial liability calculated in
defined benefit plans.
The Banco Fibra is under the same control structure of
Vicunha Aços S.A., direct controller of the Company, and financial transactions with this bank primarily involve current account
movements and fixed income financial investments.
The Company develops socially responsible policies concentrated
today in the CSN Foundation, of which it is the founder. Transactions between the parties are related to operational and financial support
for the Foundation to conduct social projects developed mainly in the locations where it operates.
| · | Igarapava Hydroelectric Power Plant
Consortium |
The Company participates in the Igarapava Hydroelectric
Power Plant Consortium, located on the Rio Grande do Sul, between the municipalities of Igarapava and Rifaina in São Paulo, Conquista
and Sacramento in Minas Gerais.
| · | Related Parties under the control of a member of the
Company's Management |
These are companies under the control of a member of
Management whose transactions with the Company were:
| · | Ibis Participações e Serviços Ltda |
| 24.d) | Key Management Personnel |
The key management personnel with authority and responsibility
for planning, directing, and controlling the Company’s activities include members of the Board of Directors and statutory officers.
The following is information on the compensation of such personnel and the related balances as of December 31, 2025, 2024 and 2023:
| Schedule of key management personnel |
|
|
|
|
|
|
| |
|
12/31/2025 |
|
12/31/2024 |
|
12/31/2023 |
| |
|
P&L |
| Short-term benefits for employees and officers |
|
77,885 |
|
71,248 |
|
62,478 |
| Post-employment benefits |
|
840 |
|
814 |
|
450 |
|
|
78,725 |
|
72,062 |
|
62,928 |
The Company is liable for guarantees of its subsidiaries
and jointly controlled entities as follows:
| Schedule of guarantees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Currency |
|
Maturities |
|
Borrowings |
Tax foreclosure |
Others |
Total |
| |
|
|
|
|
12/31/2025 |
|
12/31/2024 |
|
12/31/2025 |
|
12/31/2024 |
|
12/31/2025 |
|
12/31/2024 |
|
12/31/2025 |
|
12/31/2024 |
| Transnordestina Logísitca |
R$ |
|
Up to 09/19/2056 and Indefinite |
|
3,251,444 |
|
3,966,722 |
|
10,869 |
|
10,717 |
|
4,972 |
|
4,828 |
|
3,267,285 |
|
3,982,267 |
| Subsidiaries |
R$ |
|
Up to 01/10/2028 and Indefinite |
|
368,590 |
|
2,079,693 |
|
|
|
|
|
600 |
|
1,920 |
|
369,190 |
|
2,081,613 |
| Total in R$ |
|
|
|
|
3,620,034 |
|
6,046,415 |
|
10,869 |
|
10,717 |
|
5,572 |
|
6,748 |
|
3,636,475 |
|
6,063,880 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CSN Inova Ventures |
US$ |
|
01/28/2028 |
|
1,300,000 |
|
1,300,000 |
|
|
|
|
|
|
|
|
|
1,300,000 |
|
1,300,000 |
| CSN Resources |
US$ |
|
Up to 04/08/2032 |
|
2,233,000 |
|
2,230,000 |
|
|
|
|
|
|
|
|
|
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 |
|
75,000 |
|
75,000 |
| Total em € |
|
|
|
|
|
|
|
|
|
|
|
|
75,000 |
|
75,000 |
|
75,000 |
|
75,000 |
| Total in R$ |
|
|
|
|
19,279,934 |
|
21,858,819 |
|
|
|
|
|
481,725 |
|
482,723 |
|
19,761,659 |
|
22,341,542 |
| |
|
|
|
|
22,899,968 |
|
27,905,234 |
|
10,869 |
|
10,717 |
|
487,297 |
|
489,471 |
|
23,398,134 |
|
28,405,422 |
Accounting Policy
Transactions with related parties were carried out by
the Company on terms equivalent to those prevailing in market transactions, observing the price and the usual market conditions. Therefore,
these transactions are in conditions that are no less favorable for the Company than those negotiated with third parties.
Transactions between the related parties are eliminated
and adjusted to ensure consistency with the practices adopted by The Company.
The Company’s related parties are subsidiaries,
joint ventures, affiliates, shareholders and their related companies and the key personnel of the Company’s management.
|