BASIS OF CONSOLIDATION AND INVESTMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Basis Of Consolidation And Investments |
|
| Schedule of consolidated entities information |
| Schedule of consolidated entities information |
|
|
|
|
|
|
| Companies |
|
12/31/2025 |
|
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 NacionalS.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 |
|
Cement manufacturing |
| Berkeley Participações e Empreendimentos S.A. |
|
100.00 |
|
100.00 |
|
Electric power generation and equity interests |
| CSN Inova Soluções S.A. |
|
99.99 |
|
99.99 |
|
Equity interests |
| CSN Participações I S.A |
|
99.90 |
|
99.90 |
|
Equity interests |
| CSN Participações III S.A |
|
99.90 |
|
99.90 |
|
Equity interests |
| CSN Participações IV S.A |
|
99.90 |
|
99.90 |
|
Equity interests |
| CSN Participações V S.A |
|
99.90 |
|
99.90 |
|
Equity interests |
| CSN Incorporação e Participações Ltda. |
|
99.99 |
|
99.99 |
|
Equity interests |
| Estrela Comércio e Participações S.A. (5) |
|
70.00 |
|
|
|
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 |
| |
|
|
|
|
|
|
| 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 |
|
Cement manufacturing |
| Santa Ana Energética S.A. |
|
99.99 |
|
99.99 |
|
Electric power generation |
| Topázio Energética S.A. |
|
99.99 |
|
99.99 |
|
Electric power generation |
| Brasil Central Energia Ltda. |
|
99.99 |
|
99.99 |
|
Electric power generation |
| Circula Mais Serviços de Intermediação Comercial S.A. |
|
99.90 |
|
99.90 |
|
Commercial intermediation for the purchase and sale of assets and materials in general |
| Metalgráfica Iguaçu S.A |
|
99.89 |
|
99.89 |
|
Metal packaging manufacturing |
| Companhia Energética Chapecó |
|
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) |
|
55.21 |
|
|
|
Financial transactions, product sales and Equity interests |
| CSN Mining International GmbH |
|
69.01 |
|
69.01 |
|
Commercial and representation of products |
| Gramperfil S.A. (2) |
|
90.00 |
|
- |
|
Manufacturing and sale of metal profile |
| CSN International Steel GmbH |
|
100.00 |
|
100.00 |
|
Commercial and representation of products |
| Tora Transportes Ltda (5) |
|
70.00 |
|
|
|
Road transport |
| Tora Locações S.A. (5) |
|
70.00 |
|
|
|
Road transport and automobile rental |
| FJX Transportes S.A. (5) |
|
42.00 |
|
|
|
Road transport and logistic |
| N. Minas Transportes e Locações Ltda. (5) |
|
70.00 |
|
|
|
Road transport and logistic |
| Saratoga Transportes Ltda (5) |
|
70.00 |
|
|
|
Road transport |
| Lokamig Rent a Car S.A. (5) |
|
70.00 |
|
|
|
Automobile rental |
| Seminovos Lokamig Ltda. (5) |
|
70.00 |
|
|
|
Automobile rental |
| Tora Logística Armazéns e Terminais Multimodais S.A. (5) |
|
70.00 |
|
|
|
Logistics |
| Tora Recintos Alfandegários S.A. (5) |
|
70.00 |
|
|
|
General storage operations and road transport |
| Tora Seminovos Comércio de Veículos Ltda. (5) |
|
70.00 |
|
|
|
Commercial and automobile rental |
| CSN Captive Insurance Company, LLC (6) |
|
100.00 |
|
|
|
Captive Insurance Company |
| Global Dot Com S.A (9) |
|
80.00 |
|
|
|
Information service provision |
| Galvacolor Jerez S.L.U.(8) |
|
100.00 |
|
|
|
Transformation and commercialization of steel products |
| |
|
|
|
|
|
|
| Direct interest in joint operations |
|
|
|
|
|
|
| Itá Energética S.A. |
|
48.75 |
|
48.75 |
|
Electric power generation |
| |
|
|
|
|
|
|
| Direct interest in joint ventures: equity method |
|
|
|
|
|
|
| MRS Logística S.A. (10) |
|
7.59 |
|
18.75 |
|
Railroad transportation |
| Aceros Del Orinoco S.A. (*) |
|
31.82 |
|
31.82 |
|
Dormant company |
| Transnordestina Logística S.A. (7) |
|
33.89 |
|
48.03 |
|
Railroad logistics |
| Equibras S.A. (11) |
|
50.00 |
|
50.00 |
|
Rental of commercial and industrial machinery and equipment |
| |
|
|
|
|
|
|
| Indirect interest in joint ventures: equity method |
|
|
|
|
|
|
| MRS Logística S.A. (10) |
|
20.64 |
|
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 |
| (1) |
On March 5, 2025, CSN ITC Solutions AG ("CSN ITC”), a company in which the Company holds an indirect participation of 55.2%
through its indirect subsidiary CSN Mining International GmbH, which in turns holds an 80% stake in CSN ITC, was incorporated. CSN ITC
is located in Switzerland and was constituted as a corporation. CSN ITC's activities consist of the sale, distribution, and processing
of iron ore and related products in key strategic expansion markets, with the objective of adding value to these products. It has been
exploring and seeking out business opportunities in Switzerland and/or other countries, |
| (2) |
On March 23, 2025, Gramperfil S.A. (“Gramperfil”) was acquired through means
of the Company’s direct subsidiary CSN Steel S.L. for a total amount of EUR 11.8 million. Gramperfil, which is located in Portugal,
was constituted as a corporation, and produces, commercializes and processes metal profiles and accessories, in addition to importing
and exporting such products for use in metallic structures and civil construction. |
| (3) |
On March 21, 2025, the “Primeiro Aditivo ao Termo de Constituição do Consórcio Itaúba” (First
Amendment to the Consórcio Itaúba consortium’s incorporation agreement) was signed, through which the equity interest
of the consortium members was redistributed. As a result of the amendment, CSN and CSN Cimentos Brasil S.A. now hold a 39.03% and 60.97%
participation in the Consortium, respectively. |
| (4) |
On March 21, 2025, the “Primeiro Aditivo ao Termo de Constituição do Consórcio Passo Real” (First Amendment
to the Consórcio Passo Real consortium’s incorporation agreement) was signed, through which there was a change in the equity
interest of the consortium members. CSN's stake in the company increased from 46.97% to 56.40%, Elizabeth Cimentos S.A.’s stake
increased from 28.18% to 24.14%. CSN Mineração S.A. came to hold 11.09% of Passo Real’s shares, and Minérios
Nacional S.A. maintained its stake at 1.56%. Additionally, the following new consortium members joined the company: Companhia Metalúrgica
Prada, with 3.36% of shares, Metalgráfica Iguaçu S.A., with 0.34% of shares, and Estanho de Rondônia S.A., with a
3.11% stake. |
| (5) |
On April 1, 2025, CSN acquired shares representing 70% of Estrela Comércio e Participações S.A.’s ("Estrela”)
share capital for a total amount of R$ 752,494 million. Estrela is a holding company that maintains participations in the following companies:
Tora Transportes Ltda., Tora Locações S.A., FJX Transportes S.A., N. Minas Transportes e Locações Ltda.,
Saratoga Transportes Ltda., Lokamig Rent a Car S.A., Seminovos Lokamig Ltda., Tora Logística Armazéns e Terminais Multimodais
S.A., Tora Recintos Alfandegários S.A. and Tora Seminovos Comércio de Veículos Ltda. (“Grupo Estrela”),
which subsequently became part of the series of companies indirectly controlled by CSN. Grupo Estrela, which is mainly located in Minas
Gerais, maintains operations in the field of road transport. |
| (6) |
CSN Captive Insurance Company, LLC (“CSN Captive”) was incorporated on July 8, 2025, and its capital was paid in in full
by the Company on August 29, 2025. CSN Captive, which is located in the United States, was incorporated as a limited liability company
and its corporate purpose is to operate in the insurance market, providing insurance coverage to companies in which the Company holds
a participation, as well as to third parties. |
| (7) |
On October 17, 2025, an increase in Transnordestina Logística S.A.’s share capital ("TLSA”) through the issuance
of new shares and partial capitalization of credits arising from AFACs held by CSN against TLSA. This increase resulted in the payment
of the amount of R$ 1,792,580 being provided, after which CSN came to hold 33.89% of TLSA's share capital. |
| (8) |
On November 18, 2025, the Company acquired Galvacolor Jerez, S.L.U. (“Galvacolor”), through its subsidiary CSN Steel S.L.U.,
for EUR 47 million. Located in Spain, Galvacolor is incorporated as a single-member limited liability company, and its corporate purpose
involves the production of steel profiles and activities involved in the processing and sale of steel and smelting products. |
| (9) |
On December 5, 2025, the Company acquired control of Global Dot Com S.A. (“Global Dot”) and came to indirectly hold 80% of
the company’s share capital stock through the subsidiaries CSN Inova Ventures (2.51%) and CSN Inova Soluções S.A.
(77.49%). The acquisition was carried out through the conversion of a loan into shares, as well as the purchase of an additional interest
totaling R$ 50.89 million. The Company previously held an investment in Global Dot, which was controlled at fair value. Located in the
municipality of Barueri, in the State of São Paulo, Global Dot was constituted as a corporation and aims to provide fleet management
services via integrated software. |
| (10) |
On December 18, 2025, the Agreement for the Purchase and Sale of Shares and Other Covenants was entered into by and between CSN Mineração
and CSN, through which CSN Mineração acquired 974,851 common shares, 2,673,312 class A preferred shares and 27,333,064
class B preferred shares issued by MRS, representing 9.17% of MRS’s share capital, which were previously owned by CSN. In addition,
on December 31, 2025, the Company completed the additional sale of 6,759,540 class B preferred shares issued by MRS to CMIN. Within this
context, CSN became the direct holder of 25,636,431 common shares, representing 13.69% of the share capital entitling the respective
holder to a right to vote and 7.59% of MRS’s share capital. |
| (11) |
Equimac S.A. changed its trade name during 4Q25 to "Equibras S.A.", and there were no changes in the Company's participation
in this company. |
|
| Schedule of changes in investments in joint ventures, joint operations, associates and other investments |
| Schedule of changes in investments in joint ventures, joint operations, associates and other investments |
|
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Consolidated |
| Companies |
|
|
Final balance on 12/31/2024 |
|
Capital increase |
|
Write-offs |
|
Transfers |
|
Dividends |
|
Equity Income |
|
Comprehensive income |
|
Others |
|
Final balance on 12/31/2025 |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Investments under the Equity Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Joint-venture, Joint-operation and Affiliate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MRS Logistica |
|
|
2,799,168 |
|
|
|
|
|
|
|
|
|
583,027 |
|
(102) |
|
|
|
3,382,093 |
| Fair Value MRS |
|
|
480,622 |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
480,622 |
| Fair Value MRS amortization |
|
|
(105,719) |
|
|
|
|
|
|
|
|
|
(11,745) |
|
|
|
|
|
(117,464) |
| Transnordestina Logística S.A. (1) |
|
|
1,137,345 |
|
1,792,580 |
|
|
|
|
|
|
|
(18,129) |
|
4,686 |
|
|
|
2,916,482 |
| Fair Value - Transnordestina |
|
|
659,106 |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
659,106 |
| Arvedi Metalfer do Brasil S.A. |
|
|
35,257 |
|
|
|
|
|
|
|
|
|
(656) |
|
|
|
|
|
34,601 |
| Panatlântica S.A. |
|
|
225,766 |
|
|
|
|
|
|
|
(19,477) |
|
13,268 |
|
|
|
(2) |
|
219,555 |
| Equibras S.A. (2) |
|
|
31,733 |
|
|
|
|
|
|
|
(2,187) |
|
9,508 |
|
|
|
|
|
39,054 |
| Indirect interest in affiliates - CEEE-G |
|
|
146,753 |
|
|
|
|
|
|
|
(44,846) |
|
42,343 |
|
|
|
|
|
144,250 |
| Fair Value indirect participation CEEE-G |
|
|
319,709 |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
319,709 |
| Fair Value amortization indirect participation CEEE-G |
|
|
(42,523) |
|
|
|
|
|
|
|
|
|
(18,418) |
|
|
|
|
|
(60,941) |
| Global Dot (3) |
|
|
- |
|
1,685 |
|
|
|
10,043 |
|
|
|
|
|
|
|
|
|
11,728 |
| |
|
|
5,687,217 |
|
1,794,265 |
|
|
|
10,043 |
|
(66,510) |
|
599,198 |
|
4,584 |
|
(2) |
|
8,028,795 |
| Other participations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Others (4) |
|
|
58,794 |
|
(9) |
|
(5,038) |
|
(10,043) |
|
|
|
|
|
|
|
2 |
|
43,706 |
| |
|
|
58,794 |
|
(9) |
|
(5,038) |
|
(10,043) |
|
|
|
|
|
|
|
2 |
|
43,706 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total shareholdings |
|
|
5,746,011 |
|
1,794,256 |
|
(5,038) |
|
|
|
(66,510) |
|
599,198 |
|
4,584 |
|
|
|
8,072,501 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Classification of investments in the balance sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity interests |
|
|
5,746,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,072,501 |
| Investment Property |
|
|
202,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
219,525 |
| Total investments in the asset |
|
|
5,948,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,292,026 |
| (1) |
Capitalization of AFACs by CSN on October 17, 2025. |
| (2) |
Equimac S.A. changed its trade name during 4Q25 to "Equibras S.A.", and there were no changes in the Company's participation
in this company. |
| (3) |
On December 5, 2025, the Company acquired control of Global Dot Com S.A. (“Global Dot”) and came to indirectly hold 80% of
the company’s share capital stock through the subsidiaries CSN Inova Ventures (2.51%) and CSN Inova Soluções S.A.
(77.49%). The acquisition was carried out through the conversion of a loan into shares, as well as the purchase of an additional interest
totaling R$49.9 million. The Company previously held an investment in Global Dot, which was controlled at fair value. Located in the
municipality of Barueri, in the State of São Paulo, Global Dot was constituted as a corporation and aims to provide information
services, particularly fleet management services via integrated software. |
| (4) |
These strategic investments were made in startups by the subsidiary CSN Inova Ventures, either through the execution of a convertible
loan with Alinea Health Holdings Ltda., or through a participation in the following companies: I Systems Automação Industrial
S.A., H2Pro Ltda., 1S1 Energy Inc., Traive Inc. and Oico Holdings Limited. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
| Companies |
|
Ref. |
|
Final balance on 12/31/2023 |
|
Capital increase |
|
Dividends |
|
Equity Income |
|
Comprehensive income |
|
Others |
|
Final balance on 12/31/2024 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Investments under the equity method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Joint-venture, Joint-operation and Affiliate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MRS Logistica |
|
|
|
2,381,607 |
|
|
|
(126,163) |
|
529,211 |
|
|
|
14,513 |
|
2,799,168 |
| Fair Value MRS |
|
|
|
480,622 |
|
|
|
|
|
|
|
|
|
- |
|
480,622 |
| Fair Value MRS amortization |
|
|
|
(93,971) |
|
|
|
|
|
(11,748) |
|
|
|
|
|
(105,719) |
| Transnordestina Logística S.A. |
|
|
|
1,160,944 |
|
|
|
|
|
(23,599) |
|
|
|
|
|
1,137,345 |
| Fair Value -Transnordestina |
|
|
|
659,106 |
|
|
|
|
|
- |
|
|
|
|
|
659,106 |
| Arvedi Metalfer do Brasil S.A. |
|
|
|
35,488 |
|
|
|
|
|
(231) |
|
|
|
|
|
35,257 |
| Panatlântica S.A. |
|
|
|
- |
|
150,000 |
|
(46,075) |
|
19,233 |
|
23,871 |
|
78,737 |
|
225,766 |
| Equimac S.A |
|
|
|
23,793 |
|
|
|
(1,342) |
|
9,282 |
|
|
|
|
|
31,733 |
| Indirect interest in affiliates - CEEE-G |
|
|
|
165,891 |
|
|
|
(31,610) |
|
44,049 |
|
|
|
(31,577) |
|
146,753 |
| Fair Value indirect participation CEEE-G |
|
|
|
319,709 |
|
|
|
|
|
|
|
|
|
- |
|
319,709 |
| Fair Value amortization indirect participation CEEE-G |
|
|
|
(23,896) |
|
|
|
|
|
(18,627) |
|
|
|
|
|
(42,523) |
| |
|
|
|
5,109,293 |
|
150,000 |
|
(205,190) |
|
547,570 |
|
23,871 |
|
61,673 |
|
5,687,217 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value investments through profit or loss (1) |
|
14 |
|
78,737 |
|
|
|
|
|
|
|
|
|
(78,737) |
|
- |
| Others (2) |
|
|
|
49,149 |
|
5,494 |
|
|
|
|
|
|
|
4,151 |
|
58,794 |
| |
|
|
|
127,886 |
|
5,494 |
|
|
|
|
|
|
|
(74,586) |
|
58,794 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total shareholdings |
|
|
|
5,237,179 |
|
155,494 |
|
(205,190) |
|
547,570 |
|
23,871 |
|
(12,913) |
|
5,746,011 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Classification of investments in the balance sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity interests |
|
|
|
5,237,177 |
|
|
|
|
|
|
|
|
|
|
|
5,746,011 |
| Investment Property |
|
|
|
205,954 |
|
|
|
|
|
|
|
|
|
|
|
202,040 |
| Total investments in the asset |
|
|
|
5,443,131 |
|
|
|
|
|
|
|
|
|
|
|
5,948,051 |
| (1) |
Changes in the balance refer to a change in the valuation method used by the investee Panatlântica S.A. due to the above-mentioned
share acquisitions. As mentioned, the company, which was previously valued at fair value through profit or loss, is now being valued
using the equity method. |
| (2) |
These strategic investments were made in startups by the subsidiary CSN Inova Ventures, either through the execution of a convertible
loan with Alinea Health Holdings Ltda., or through a participation in the following companies: I Systems Automação Industrial
S.A., H2Pro Ltda., 1S1 Energy Inc., Traive Inc., Oico Holdings Limited and Global Dot Com S.A. |
|
| Schedule of equity in results |
| Schedule of equity in results |
|
|
|
| |
|
|
Consolidated |
| |
12/31/2025 |
|
12/31/2024 |
| |
|
| Equity in Results of Affiliated Companies |
|
|
|
| MRS Logística S.A. |
583,027 |
|
529,211 |
| Transnordestina Logística S.A. |
(18,129) |
|
(23,599) |
| Arvedi Metalfer do Brasil S.A. |
(656) |
|
(231) |
| Equibras S.A. |
9,508 |
|
9,282 |
| Indirect interest in affiliates - CEEE-G |
42,343 |
|
44,049 |
| Panatlântica S.A. |
13,268 |
|
19,233 |
| Fair Value Amortization |
(30,163) |
|
(30,375) |
| |
599,198 |
|
547,570 |
| Reclassification IAS 28 (1) |
(80,471) |
|
(99,279) |
| Others |
17 |
|
(243) |
| Equity in Results |
518,744 |
|
448,048 |
| (1) |
The operating margin of intercompany operations with group companies classified as joint-ventures, which are not consolidated, are reclassified
in the Income Statement of the Investment group to the groups of costs and income tax and social contribution. |
|
| Schedule of net equity |
| Schedule of net equity |
|
| (R$'000) |
Accounting collection as of June 30, 2023 |
| Cash and cash equivalents |
111,937 |
| Trade receivables |
95,506 |
| Inventories |
245,701 |
| Other assets |
229,560 |
| Corporate investments |
1,198,743 |
| Property, plant and equipment |
3,573,944 |
| Intangíible assets |
889,979 |
| Investment properties |
631 |
| Total Assets |
6,346,001 |
| Trade payables |
375,049 |
| Borrowings and financing |
2,678,625 |
| Salaries and social charges |
15,432 |
| Taxes payable |
42,383 |
| Lease liabilities |
15,392 |
| Tax, social security, labor and civil |
11,489 |
| Provisions for environmental liabilities and asset decommissioning |
83,076 |
| Other payables |
741,279 |
| Total Liabilities |
3,962,725 |
| |
|
| Net assets |
2,383,276 |
|
| Schedule of share repurchase programs of subsidiary CSN Mineracao |
| Schedule of share repurchase programs of subsidiary CSN Mineracao |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Program |
|
Board’s Authorization |
|
Authorized quantity |
|
Program period |
|
Average buyback price |
|
Minimum and maximum buyback price |
|
Number bought back |
|
Share cancelation |
|
Treasury balance |
| 4º |
|
06/28/2024 |
|
100,000,000 |
|
from 06/28/2024 to 12/19/2025 |
|
R$ 6.0497 |
|
R$5.2798 and R$7.1162 |
|
53,294,300 |
|
(3) |
|
53,294,297 |
| 5º |
|
11/21/2025 |
|
53,294,297 |
|
from 11/24/2025 to 05/24/2027 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
53,294,300 |
|
(3) |
|
53,294,297 |
|
| Schedule of secondary distribution of shares |
| Schedule of secondary distribution of shares |
|
11/30/2024 |
| Number of shares sold |
|
589,304,801 |
| Share price |
|
R$ 7.50 |
| (+) Cash received (a) |
|
4,419,786 |
| Number of shares sold |
|
| Equity cost of the share |
|
R$ 1.72 |
| (-) Write-off of investment (b) |
|
1,013,604 |
| (=) Gain in operation (a) - (b) |
|
3,406,182 |
|
| Schedule of shareholding composition |
| Schedule
of shareholding composition |
|
|
| SHAREHOLDER |
SHARES |
% SHAREHOLDING |
| COMPANHIA SIDÚRGICA NACIONAL |
3,785,474,692 |
69.01% |
| ITOCHU CORPORATION |
589,304,801 |
10.74% |
| Japão Brasil Minério de Ferro Participações LTDA |
507,762,966 |
9.26% |
| POSCO Holding Inc. |
102,186,675 |
1,86% |
| CHINA STEEL CORPORATION |
22,366,860 |
0.41% |
| TREASURY SHARES |
53,294,297 |
0.97% |
| OTHERS |
424,948,544 |
7.75% |
| Total SHARES |
5,485,338,835 |
100.00% |
|
| Schedule of joint ventures and joint operations financial information |
| Schedule of joint ventures and joint operations financial information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
12/31/2025 |
|
|
|
|
|
|
|
12/31/2024 |
| |
|
Joint-Venture |
|
Joint-Operation |
|
Joint-Venture |
|
Joint-Operation |
| Equity interest (%) |
|
MRS Logística (1) |
|
Transnordestina Logística |
|
Equibras S.A. |
|
Itá Energética |
|
MRS Logística |
|
Transnordestina Logística |
|
Equimac S.A. |
|
Itá Energética |
| |
37.49% |
|
33.89% |
|
50.00% |
|
48.75% |
|
37.49% |
|
48.03% |
|
50.00% |
|
48.75% |
| Balance sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
4,131,117 |
|
1,740,636 |
|
16,678 |
|
112,820 |
|
4,147,393 |
|
277,966 |
|
22,028 |
|
82,129 |
| Advances to suppliers |
|
37,512 |
|
62,240 |
|
34 |
|
527 |
|
42,649 |
|
45,512 |
|
49 |
|
395 |
| Other assets |
|
1,127,557 |
|
92,864 |
|
36,254 |
|
31,004 |
|
1,182,598 |
|
83,348 |
|
25,070 |
|
27,251 |
| Total current assets |
|
5,296,186 |
|
1,895,740 |
|
52,966 |
|
144,351 |
|
5,372,640 |
|
406,826 |
|
47,147 |
|
109,775 |
| Non-current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
1,147,003 |
|
88,455 |
|
259 |
|
9,478 |
|
448,946 |
|
143,562 |
|
142 |
|
10,144 |
| Investments, PP&E and intangible assets |
|
18,259,793 |
|
15,142,520 |
|
79,683 |
|
233,519 |
|
14,791,500 |
|
13,193,728 |
|
75,782 |
|
263,998 |
| Total non-current assets |
|
19,406,796 |
|
15,230,975 |
|
79,942 |
|
242,997 |
|
15,240,446 |
|
13,337,290 |
|
75,924 |
|
274,142 |
| Total Assets |
|
24,702,982 |
|
17,126,715 |
|
132,908 |
|
387,348 |
|
20,613,086 |
|
13,744,116 |
|
123,071 |
|
383,917 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Borrowings and financing |
|
1,013,759 |
|
65,418 |
|
14,266 |
|
|
|
547,803 |
|
36,181 |
|
19,009 |
|
|
| Lease liabilities |
|
491,501 |
|
|
|
337 |
|
|
|
738,978 |
|
|
|
288 |
|
|
| Other liabilities |
|
1,710,146 |
|
176,437 |
|
19,979 |
|
15,074 |
|
2,103,399 |
|
128,528 |
|
16,642 |
|
15,664 |
| Total current liabilities |
|
3,215,406 |
|
241,855 |
|
34,582 |
|
15,074 |
|
3,390,180 |
|
164,709 |
|
35,939 |
|
15,664 |
| Non-current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Borrowings and financing |
|
8,572,213 |
|
6,877,310 |
|
16,447 |
|
|
|
7,524,173 |
|
7,943,354 |
|
21,074 |
|
|
| Lease liabilities |
|
2,500,878 |
|
|
|
333 |
|
|
|
1,158,058 |
|
|
|
213 |
|
|
| Other liabilities |
|
1,393,766 |
|
1,402,711 |
|
3,438 |
|
5,429 |
|
1,074,757 |
|
3,268,493 |
|
2,379 |
|
4,457 |
| Total non-current liabilities |
|
12,466,857 |
|
8,280,021 |
|
20,218 |
|
5,429 |
|
9,756,988 |
|
11,211,847 |
|
23,666 |
|
4,457 |
| Shareholders’ equity |
|
9,020,719 |
|
8,604,839 |
|
78,108 |
|
366,845 |
|
7,465,918 |
|
2,367,560 |
|
63,466 |
|
363,796 |
Total liabilities and shareholders’
equity |
|
24,702,982 |
|
17,126,715 |
|
132,908 |
|
387,348 |
|
20,613,086 |
|
13,744,116 |
|
123,071 |
|
383,917 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
01/01/2025 to 12/31/2025 |
|
|
|
|
|
|
|
01/01/2024 to 12/31/2024 |
| |
|
Joint-Venture |
|
Joint-Operation |
|
|
|
Joint-Venture |
|
Joint-Operation |
| Equity interest (%) |
|
MRS Logística |
|
Transnordestina Logística |
|
Equibras S.A. |
|
Itá Energética |
|
MRS Logística |
|
Transnordestina Logística |
|
Equimac S.A. |
|
Itá Energética |
| |
37.49% |
|
33.89% |
|
50.00% |
|
48.75% |
|
37.49% |
|
48.03% |
|
50.00% |
|
48.75% |
| Statements of Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net revenue |
|
7,585,058 |
|
|
|
88,071 |
|
204,261 |
|
7,028,472 |
|
|
|
84,049 |
|
187,622 |
| Cost of sales and services |
|
(4,038,800) |
|
|
|
(48,400) |
|
(115,256) |
|
(3,909,609) |
|
|
|
(45,317) |
|
(121,034) |
| Gross profit |
|
3,546,258 |
|
|
|
39,671 |
|
89,005 |
|
3,118,863 |
|
|
|
38,732 |
|
66,588 |
| Operating (expenses) income |
|
(812,324) |
|
(72,709) |
|
(6,167) |
|
(72,369) |
|
89,237 |
|
(34,704) |
|
(7,433) |
|
(66,437) |
| Financial income (expenses), net |
|
(584,004) |
|
33,047 |
|
(4,334) |
|
9,149 |
|
(1,160,359) |
|
(14,421) |
|
(3,308) |
|
14,076 |
| Profit/(Loss) before IR/CSLL |
|
2,149,930 |
|
(39,662) |
|
29,170 |
|
25,785 |
|
2,047,741 |
|
(49,125) |
|
27,991 |
|
14,227 |
| Current and deferred IR/CSLL |
|
(594,868) |
|
|
|
(8,984) |
|
(5,644) |
|
(632,231) |
|
|
|
(8,398) |
|
(7,909) |
| Profit / (loss) for the period |
|
1,555,062 |
|
(39,662) |
|
20,186 |
|
20,141 |
|
1,415,510 |
|
(49,125) |
|
19,593 |
|
6,318 |
| (1) |
CSN holds a direct and indirect participation of 7.59% and 29.91%, respectively, through CSN Mineração as part of the total
stake in MRS’ share capital mentioned above. A total of 28.23% was attributed to the CSN Group after participation of non-controlling
shareholders was considered. |
|
| Schedule of investment properties |
| Schedule of investment properties |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Consolidated |
| |
|
Ref. |
|
Land |
|
Buildings |
|
Total |
| Balance at December 31, 2023 |
|
|
|
156,811 |
|
49,143 |
|
205,954 |
| Cost |
|
|
|
156,811 |
|
82,737 |
|
239,548 |
| Accumulated depreciation |
|
|
|
|
|
(33,594) |
|
(33,594) |
| Balance at December 31, 2023 |
|
|
|
156,811 |
|
49,143 |
|
205,954 |
| Depreciation |
|
|
|
|
|
(3,961) |
|
(3,961) |
| Transfer between groups - Fixed Assets and Investment Property |
|
|
|
726 |
|
|
|
726 |
| Write-off |
|
|
|
(679) |
|
|
|
(679) |
| Balance at December 31, 2024 |
|
|
|
156,858 |
|
45,182 |
|
202,040 |
| Cost |
|
|
|
156,858 |
|
83,285 |
|
240,143 |
| Accumulated depreciation |
|
|
|
|
|
(38,103) |
|
(38,103) |
| Balance at December 31, 2024 |
|
|
|
156,858 |
|
45,182 |
|
202,040 |
| Acquisitions |
|
|
|
21,401 |
|
|
|
21,401 |
| Depreciation |
|
28 |
|
|
|
(3,916) |
|
(3,916) |
| Balance at December 31, 2025 |
|
|
|
178,259 |
|
41,266 |
|
219,525 |
| Cost |
|
|
|
178,259 |
|
83,285 |
|
261,544 |
| Accumulated Depreciation |
|
|
|
|
|
(42,019) |
|
(42,019) |
| Balance at December 31, 2025 |
|
|
|
178,259 |
|
41,266 |
|
219,525 |
|
| Schedule of average estimated useful lives |
| Schedule of average estimated useful lives |
|
|
|
| |
|
|
Consolidated |
| |
12/31/2025 |
|
12/31/2024 |
| Buildings |
28 |
|
28 |
|