v3.26.1
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Notes and other explanatory information [abstract]  
Schedule of financial instruments
                               
                                Consolidated
                12/31/2025       12/31/2024
  Ref.   Fair value through other comprehensive income   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   4         14,421,022   14,421,022        23,310,197   23,310,197
Financial investments   5      372,397   270,318    642,715    860,591   50,787    911,378
Trade receivables   6      66,464   2,330,569   2,397,033    181,262    2,719,736   2,900,998
Dividends and interest on equity   9         76,026   76,026       201,436    201,436
Derivative financial instruments   9      494        494    152,967      152,967
Receivables - Usiminas Shares   9         192,911    192,911          
Other receivables             2,377   2,377          
Trading securities   9     2,598       2,598   2,947     2,947
Loans - related parties   24.b         4,147   4,147        5,315   5,315
Total            441,953   17,297,370   17,739,323   1,197,767    26,287,471   27,485,238
                                 
Non-current                                
Financial investments   5           25,257   25,257       169,977    169,977
Receivables - Usiminas Shares   9           150,578    150,578          
Other trade receivables             19,759   19,759        1,888   1,888
Eletrobrás compulsory loan   9         3,787   3,787       51,012    51,012
Receivables by indemnity   9         779,827    779,827       790,914    790,914
Loans - related parties   24.b           2,137,882   2,137,882        1,903,028   1,903,028
Total             3,117,090   3,117,090        2,916,819   2,916,819
                                 
Total Assets          441,953   20,414,460   20,856,413   1,197,767    29,204,290   30,402,057
                                 
Liabilities                                
Current                                
Borrowings and financing    14         10,522,974   10,522,974        8,902,558   8,902,558
Lease liabilities   16         238,702    238,702       206,323    206,323
Trade payables   17         7,162,929   7,162,929        7,030,734   7,030,734
Trade payables - Forfaiting   17.a         2,905,018   2,905,018        2,902,593   2,902,593
Dividends and interest on capital   19         358,040    358,040       61,965    61,965
Derivative transactions   19    67,304           67,304          
Concessions to be paid   19         13,350   13,350       12,555    12,555
Total        67,304       21,201,013   21,268,317        19,116,728   19,116,728
                                 
Non-current                                
Borrowings and financing    14         43,069,646   43,069,646        48,656,020   48,656,020
Lease liabilities   16         855,037    855,037       633,982    633,982
Trade payables   17         66,807   66,807       43,263    43,263
Derivative transactions   19      153,507        153,507    157,857      157,857
Concessions to be paid   19         78,419   78,419       78,728    78,728
Total          153,507   44,069,909   44,223,416    157,857    49,411,993   49,569,850
Total Liabilities        67,304    153,507   65,270,922   65,491,733    157,857    68,528,721   68,686,578
Schedule of fair value hierarchy
                       
Consolidated           12/31/2025           12/31/2024
  Level 1   Level 2   Balances   Level 1   Level 2   Balances
Assets                        
Current                        
Financial investments   372,397       372,397   860,591       860,591
Trade receivables, net   66,464       66,464   181,262       181,262
Derivative transactions       494   494       152,967   152,967
Trading securities   2,598       2,598   2,947       2,947
Total Assets   441,459   494   441,953    1,044,800   152,967    1,197,767
Liabilities                        
Current                        
Derivative financial instruments       67,304   67,304            
Non-current                        
Derivative transactions       153,507   153,507       157,857   157,857
Total Liabilities       220,811   220,811       157,857   157,857
Schedule of net exposure
       
    12/31/2025 12/31/2024
Foreign Exchange Exposure   (Amounts in US$’000)   (Amounts in US$’000)
Cash and cash equivalents overseas    895,337    1,951,025
Trade receivables    212,372    58,296
Financial investments    388,705   270,038
Borrowings and financing    (6,002,208)   (5,983,492)
Trade payables   (248,790)   (284,843)
Others   (14,528)   (37,185)
Natural Gross Foreign Exchange Exposure (assets - liabilities)   (4,769,112)   (4,026,161)
Derivative transactions (*)    4,396,413    5,098,257
Net foreign exchange exposure   (372,699)    1,072,096
(*) Total notional value of derivative and non-derivative financial instruments used for exchange risk management.
Schedule of sensitivity analysis
                               
                12/31/2025               12/31/2024
Currency   Exchange rate   Probable scenario   Scenario 1   Scenario 2   Exchange rate   Probable scenario   Scenario 1   Scenario 2
USD    5.5024   5.2006   5.7964   5.0436   6.1923   5.7779   6.2560   5.0799
Schedule of effects on scenarios 1 and 2
                   
                    12/31/2025
Instruments   Notional amount   Risk   Probable scenario (*)
R$		   Scenario 1 R$   Scenario 2 R$
Cash and cash equivalents overseas   895,337   Dollar   (270,213)    263,229   (410,781)
Trade receivables   212,372   Dollar   (64,094)    62,437    (97,436)
Financial investments   388,705   Dollar   (117,311)    114,279   (178,338)
Borrowings and financing     (6,002,208)   Dollar    1,811,466    (1,764,649)   2,753,813
Trade payables    (248,790)   Dollar    75,085   (73,144)    114,145
Others    (14,528)   Dollar    4,385   (4,271)   6,665
Derivative financial instruments   4,396,413   Dollar   (1,326,838)   1,292,545    (2,017,074)
Impact on profit or loss            112,480   (109,574)    170,994

(*) The probable scenarios were calculated considering the following variations for the risks: Real x Dollar - Valuation of the real by 5.48%. Source: Central Bank of Brazil on February 20, 2026.

 

 

                    12/31/2024
Instruments   Notional amount   Risk   Probable scenario (*) R$   Scenario 1 R$   Scenario 2 R$
Cash and cash equivalents overseas     1,951,025   Dollar     (139,931)   19,862     (427,219)
Trade receivables    58,296   Dollar   (4,181)     593    (12,765)
Financial investments     270,038   Dollar    (19,368)     2,749    (59,131)
Borrowings and financing    (5,983,492)   Dollar   429,145    (60,913)    1,310,215
Trade payables   (284,843)   Dollar     20,429   (2,900)   62,373
Others     (37,185)   Dollar    2,667   (379)     8,142
Derivative financial instruments     5,098,257   Dollar     (365,655)   51,902     (1,116,374)
Impact on profit or loss            (76,894)   10,914     (234,759)
Schedule of changes in interest rates
                       
            Consolidated           Consolidated
            12/31/2025           12/31/2024
Interest   Probable scenario   Scenario 1   Scenario 2   Probable scenario   Scenario 1   Scenario 2
CDI   14.90%   17.69%   12.97%   12.15%   13.72%   10.56%
TJLP   9.07%   9.22%   6.18%   7.43%   8.11%   6.72%
IPCA   4.26%   4.76%   3.96%   4.83%   5.60%   4.27%
SOFR 6M   3.57%   4.70%   3.26%   4.25%   5.31%   0.51%
SOFR   3.87%   5.54%   3.64%   4.49%   5.28%   0.30%
EURIBOR 3M   2.03%   4.31%   1.95%   2.71%   4.22%   1.73%
EURIBOR 6M   2.11%   4.38%   2.02%   2.57%   4.19%   2.27%
Schedule of effects on profit and loss
                       
                Impact on balances on 12/31/2025
Changes in interest rates   % p.a   Assets   Liabilities   Probable scenario (*)   Scenario 1   Scenario 2
CDI   14.90%   5,509,312    (16,397,776)   (1,622,381)    (1,926,578)   (1,412,668)
TJLP   9.07%        (824,228)   (74,757)   (75,994)    (50,901)
IPCA   4.26%       (1,286,852)   (54,820)   (61,224)    (50,899)
SOFR 6M   3.57%       (5,059,304)    (180,829)   (237,992)    (165,118)
SOFR   3.87%        (472,461)   (18,284)   (26,170)    (17,192)
EURIBOR 3M   2.03%        (849,153)   (17,255)   (36,571)    (16,517)
EURIBOR 6M   2.11%        (22,592)    (476)   (989)    (456)
Impact on profit or loss           (1,968,802)    (2,365,518)   (1,713,751)
(*) The sensitivity analysis is based on the premise of maintaining as a probable scenario the market values as of December 31, 2025 recorded in the Company's assets and liabilities.

 

                Impact on balances on 12/31/2024
Changes in interest rates   % p.a   Assets   Liabilities   Probable scenario (*)
   Scenario 1   Scenario 2
CDI   12.15%     9,268,751   (11,116,328)    (224,481)     (253,426)     (195,057)
TJLP   7.43%         (775,705)   (57,635)    (62,871)    (52,115)
IPCA   4.83%        (18,703)     (903)   (1,047)   (799)
SOFR 6M   4.25%         (4,411,472)    (187,488)     (234,120)    (22,423)
SOFR   4.49%         (3,992,233)    (179,251)     (210,660)    (12,141)
EURIBOR 3M   2.71%         (289,634)     (7,861)    (12,214)   (5,017)
EURIBOR 6M   2.57%        (19,550)     (502)   (819)   (445)
                 (658,121)     (775,157)     (287,997)
Schedule of derivative instrument
                                       
                12/31/2025   12/31/2025   12/31/2024   12/31/2025   12/31/2024   12/31/2025   12/31/2024
         Appreciation (R$)     Fair value (market)    Other operating income expenses   Other comprehensive income   Financial income and expenses (note 30)
 Maturity    Notional    Asset position     Liability position     Amounts receivable / (payable)       
01/01/2024 to 06/30/2024 (Settled)    Platts                 452,906            19,446
03/01/2025 to 11/30/2025 (Settled)    Platts              93,419            (180)  
12/01/2025 to 12/31/2025 (1)    Platts    1,800,454   (1,837,234)   (36,780)    (36,162)            (618)  
01/01/2026 to 01/31/2026    Platts    1,181,900   (1,203,692)   (21,792)       (21,361)        (431)  
02/01/2026 to 02/28/2026    Platts     529,067    (536,151)   (7,084)       (6,961)        (123)  
03/01/2026 to 03/31/2026    Platts     229,249    (230,947)   (1,698)       (1,705)        7  
04/01/2026 to 04/30/2026    Platts     28,791    (28,741)   50        50       (1)  
        3,769,461   (3,836,765)   (67,304)   57,257    452,906   (29,977)       (1,346)    19,446
(1)This transaction matured on December 31, 2025, and was settled in early January 2026.
Schedule of changes in cash flow hedge accounting
             
  12/31/2024   Movement   Realization   12/31/2025
Cash flow hedge–“Platts”    27,280   (57,257)   (29,977)
 Income tax and social contribution on cash flow hedge   (9,275)    19,467    10,192
Fair Value of cash flow hedge - Platts, net    18,005   (37,790)   (19,785)
Schedule of relations of hedge
                                   
                                    12/31/2025
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   (965,961)   (163,673)   (654,690)
01/10/2020   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    (1,416,000)   (75,717)    (1,214,600)
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            (1,296,000)
06/06/2024   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)   (17,961)    
06/01/2022   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    1,145,000   (360,000)   (130,497)   (607,198)
12/01/2022   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)       (211,279)
12/01/2022   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   (100,000)   (24,590)    
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   (248,400)   (71,590)   (357,981)
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)    (2,853)    
06/01/2022   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   (260,060)   (81,905)   (478,472)
12/01/2022   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            (32,559)
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   (81,686)    (5,039)    (47,687)
Total recognized in the consolidated    7,893,118    (3,509,107)   (573,825)    (4,900,466)
Schedule of hedge accounting movements
             
              Consolidated
  12/31/2024   Movement   Realization   12/31/2025
Cash flow hedge (8,970,450)    3,496,160    573,825   (4,900,465)
Income tax and social contribution on cash flow hedge  3,049,954   (1,188,694)   (195,100)    1,666,160
Fair Value of cash flow accounting, net taxes (5,920,496)    2,307,466    378,725   (3,234,305)
Schedule of liquidity risk
                       
                        Consolidated
At December 31, 2025   Ref.   Less than one year   From one to two years   From two to five years   Over five years   Total
Borrowing and financing   14.b    10,522,974    14,615,628    12,949,869    15,504,149    53,592,620
Lease liabilities   16    238,702    317,504    132,888    404,645    1,093,739
Derivative financial instruments   19          153,507   153,507
Trade payables   17    7,162,929    63,214    3,203   390    7,229,736
Trade payables - Forfaiting   17.a    2,905,018          2,905,018
Dividends and interest on capital   19    125,062         125,062
Concessions to be paid   19    13,350    13,350    40,050    25,019    91,769
         20,968,035    15,009,696    13,126,010    16,087,710    65,191,451
Schedule of fair values of assets and liabilities
             
      12/31/2025       12/31/2024
  Closing Balance   Fair value   Closing Balance   Fair value
Fixed Rate Notes (*)  19,728,321    16,958,019    22,204,604    19,584,985
(*) Source: Bloomberg
Schedule of position of the derivatives
                               
                                Consolidated
                            12/31/2025   12/31/2024
                Appreciation (R$)   Fair value (market)   Impact on financial income (expenses) (note 30)
Instrument   Maturity   Functional Currency   Notional amount   Asset position   Liability position   Amounts receivable / (payable)  
Exchange rate swap                                
Exchange rate swap Dollar x Real - CSN Cimentos Brasil   Settled    Dollar    115,000               (92,552)     58,392
Dollar x Real swap - CSN Cimentos Brasil   2027    Dollar     50,000     296,793    (312,436)     (15,643)   (88,120)    
Exchange rate swap CDI x Dollar - CSN   2028    Real    680,000     729,534    (788,851)     (59,318)   142,762     (146,529)
Exchange rate swap Dollar x Real - CSN   2028    Dollar    295,000     296,787    (354,589)     (57,802)   (57,802)   129,972
Exchange rate swap Dollar x CDI - Grupo Estrela   2027    Real     311,971   214,896   (235,146)   (20,250)   (53,029)    
Total Exchange rate Swap                 1,538,010    (1,691,023)    (153,013)    (148,741)   41,835
Interest rate swap                          
Interest rate (Debentures) CDI x IPCA - CSN   2030 to 2039    Real    2,012,358    2,143,849    (2,195,014)   (51,165)   (28,375)    (211,994)
Interest rate (Debentures) CDI x IPCA - CSN Mineração   2031 to 2037    Real    2,400,000    2,748,344    (2,769,908)   (21,564)   (25,339)    (406,992)
Interest rate (Debentures) CDI x IPCA - CSN Cimentos Brasil   2032    Real    1,200,000    1,399,848    (1,327,719)    72,129   (16,048)    (172,951)
Total interest rate (Debentures) CDI x IPCA                6,292,041    (6,292,641)    (600)   (69,762)    (791,937)
                                 
                 7,830,051    (7,983,664)    (153,613)    (218,503)    (750,102)
Schedule of balance sheet and statement of income
                                       
                            12/31/2025   12/31/2024   12/31/2025   12/31/2024
Instruments   Assets   Liabilities     Other comprehensive income   Financial income (expenses), net (note 30)
  Current     Total   Current   Non-current   Total      
Iron ore derivative             (67,304)       (67,304)     (29,976)      (1,346)   19,446
Exchange rate swap CDI x Dollar     494      494       (137,864)   (137,864)           31,931    (146,528)
Exchange rate swap CDI x IPCA (1)                 (600)   (600)            (69,762)    (791,938)
Dollar x Real swap                 (15,643)   (15,643)            (180,672)   188,364
     494      494   (67,304)   (154,107)   (221,411)     (29,976)        (219,849)    (730,656)
(1) The SWAP CDI x IPCA derivative instruments are fully classified in the borrowings and financing group, since they are linked to debentures with the purpose of protecting against IPCA exposure.
Schedule of stock market price risks
                                       
Class of shares   12/31/2025   12/31/2024   12/31/2025   12/31/2024
  Quantity   Interest (%)   Share price   Closing Balance   Quantity   Equity interest (%)   Share price   Closing Balance   Profit or loss (note 30)
USIM3    35,192,508   4.99%   5.96   209,747    106,620,851   15.12%    5.32    567,222    (43,728)   (413,689)
USIM5    27,336,117   4.99%   5.95   162,650    55,144,456   10.07%    5.32    293,369    (13,834)   (218,923)
                372,397                860,591    (57,562)   (632,612)
Schedule of sensitivity analysis for stock price risks
                   
                    12/31/2025
Class of shares   Quantity   Share price on 12/31/2025   Closing Balance   Extreme Optimistic Scenario (1)   Extreme Pessimistic Scenario (2)
                     
 USIM3     35,192,508    5.96   209,747   20,201    (75,342)
 USIM5     27,336,117    5.95   162,650   15,665    (58,308)
            372,397   35,866    (133,650)
Schedule of capital management
       
Thousands of Reais   12/31/2025   12/31/2024
Shareholder's equity (equity)   15,736,350    15,459,116
Borrowings and Financing (Third-party capital)   52,924,547    56,914,621
Gross Debit/Shareholder's equity    3.36    3.68