| Schedule of financial investments |
| Schedule of financial investments |
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Consolidated |
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Current |
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Non-current |
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12/31/2025 |
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12/31/2024 |
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12/31/2025 |
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12/31/2024 |
| Investments (1) |
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270,318 |
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50,787 |
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25,257 |
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27,554 |
| Usiminas shares (2) |
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372,397 |
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860,591 |
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| Bonds (3) |
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- |
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142,423 |
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642,715 |
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911,378 |
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25,257 |
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169,977 |
| (1) |
Financial investments are restricted and linked to a Bank Deposit Certificate (CDB) used to secure a bank-issued letter of guarantee
with financial institutions and Government bonds (LFT - Financial Treasury Bills) managed by the Company’s exclusive funds. Subsidiary
CSN Cimentos Brasil maintains investments with restricted availability as collateral for a liability, for which the redemption term is
indefinite. The investment balance totaled R$3,649 on December 31, 2025 (R$8,497 on December 31, 2024). The subsidiaries Estanho de Rondônia
S.A. and Elizabeth Cimentos S.A. hold investments linked to financing agreements that will mature in 2028 and 2030, respectively, in
the amount of R$ 21,214 (R$19,057 on December 31, 2024). An investment in the amount of R$243,624 from CSN Steel S.L.U. linked to the acquisition of Galvacolor and for which the redemption term is for November 2026 is also
recorded in the consolidated. |
| (2) |
The Company sold part of Usiminas' shares at market value according to the quotation provided on the transaction date, with a portion
received immediately and the remainder in installments (see note 9). The investment’s final equity after the transaction was 4.99%. |
| (3) |
Bonds held with Banco Fibra maturing in February 2028 were settled in advance on December 22, 2025 (see note 24.b). |
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