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    Basic Materials

  3. •

    Steel
Companhia Siderúrgica Nacional

Companhia Siderúrgica Nacional

CSNA3.SA
Companhia Siderúrgica NacionalBR flagB3 S.A.
4.76
BRL
-0.06
- -
6.31BMarket Cap
Companhia Siderúrgica Nacional
CSNA3.SA
(B3 S.A.)

Recent

price

4.76

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
9.91
11.33
10.45
11.87
11.87
11.25
12.64
13.65
16.64
18.43
21.78
34.81
33.43
34.26
32.94
33.78
33.55
Revenue per Share
1.73
2.54
-0.29
0.35
-0.07
-0.89
-0.69
0.01
3.68
1.3
2.75
8.91
1.17
-0.24
-1.95
-1.51
-1.48
Basic EPS, GAAP
-0.78
-0.14
-0.14
0.16
-0.75
2.54
-1
-0.36
0.64
1.92
5.72
8.67
-2.51
2.18
2.38
-5.21
-4.92
Free Cash Flow per Basic Share
1.07
1.27
0.82
1.14
0.31
0.41
- -
- -
0.36
1.39
0.22
2.39
2.83
3
1.91
0.52
1.27
Dividend per Share
1.15
1.15
3.11
3.11
3.34
3.07
2.39
2.39
3.29
3.29
4.38
7.44
7.72
7.72
7.72
7.57
7.1
Book Value per Share
5.05
5.61
5.56
4.87
3.53
-0.24
0.09
0.75
2
2.99
2.85
11.42
8.31
6.9
3.79
3.57
3.72
Tangible Book Value per Share
1,458
1,458
1,458
1,458
1,359
1,357
1,357
1,357
1,380
1,380
1,380
1,376
1,327
1,326
1,326
1,326
1,326
Basic Weighted Avg Shares
14,451
16,520
15,229
17,312
16,126
15,262
17,149
18,525
22,969
25,436
30,064
47,912
44,362
45,438
43,687
44,798
44,494
Sales/Revenue/Turnover
34.59
31.78
14.19
15.85
17.13
8.36
12.03
16.77
19.69
17.12
25.31
38.54
19.96
14.42
9.14
11.67
9.28
Operating Margin (%)
814
948
1,100
1,156
1,281
1,177
1,322
1,453
1,273
1,519
2,522
2,218
2,878
3,379
3,791
4,150
4,306
Depreciation Expense
2,516
3,706
-420
509
-94
-1,214
-935
10
5,074
1,789
3,794
12,259
1,554
-318
-2,592
-2,002
-1,963
Net Income, GAAP
18.49
2.24
- -
12.19
- -
172.26
- -
78.62
4.59
- -
12.72
26.89
47.47
61.11
- -
- -
72.76
Effective Tax Rate (%)
17.41
22.43
-2.76
2.94
-0.58
-7.96
-5.45
0.06
22.09
7.03
12.62
25.59
3.5
-0.7
-5.93
-4.47
-4.41
Profit Margin (%)
11,338
13,774
12,548
10,880
9,573
11,348
6,948
1,211
576
1,106
8,660
10,431
8,137
8,061
14,669
2,256
2,910
Working Capital
18,781
24,552
27,136
25,146
27,093
32,408
28,324
22,984
23,174
23,281
31,581
27,513
36,242
37,842
48,727
43,351
42,199
LT Debt
7,823
8,417
9,008
8,069
5,735
7,091
7,385
8,288
10,013
11,362
11,252
23,374
21,816
19,685
15,459
15,736
15,894
Total Equity
16.33
15.96
- -
6.39
- -
-2.34
- -
1.75
11.21
- -
14.89
24.84
7.5
3.91
- -
- -
- -
Return on Invested Capital (%)
23.23
22.92
- -
6.43
- -
-8.89
- -
1.24
19.98
- -
13.6
28.08
5.07
1.04
- -
- -
14.72
Return on Capital (%)
88.59
220.47
-13.51
11.21
-2.06
-27.87
-25.23
0.32
130.3
39.41
71.73
150.6
15.18
-3.11
-25.31
-19.75
-19.97
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
9,088
10,667
9,288
LT Borrowings
43,295
42,496
41,360
LT Finance Leases
854
855
839
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,326
1,326
1,326
Market Capitalization
10,476
11,855
8,394

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
32,837
30,331
29,392
Cash, Cash Equivalents & STI
17,443
15,066
13,443
Accounts Receivable, Net
2,706
2,397
2,898
Inventories
10,265
10,456
10,170
Total Current Liabilities
24,821
28,074
26,482
Payables & Accruals
11,098
12,327
11,931
ST Debt
9,088
10,667
9,288
Deferred Revenue
4,098
4,348
4,531

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
12.13%
14.32%
1.79%
Free Cash Flow
-66.21%
-114.57%
-318.91%
Net Income, GAAP
4,992.8%
141.41%
-22.74%
Sales/Revenue/Turnover
12.64%
10.62%
2.54%
Total Cash Common Dividend
- -
174.99%
-72.58%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
9,713
10,882
11,067
12,026
43,687
2025
10,908
10,693
11,794
11,403
44,798
2026
10,604
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.44
-0.4
-0.63
-0.48
-1.95
2025
-0.47
-0.1
-0.1
-0.81
-1.51
2026
-0.46
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.93
- -
0.98
1.91
2025
- -
- -
1.07
0.19
0.52
2026
- -
- -
- -
- -
- -
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Business
Companhia Siderúrgica Nacional (CSN) operates as the largest fully integrated steel producer in Brazil and one of the largest in Latin America, with annual crude steel capacity of 5.6 million tons and rolled product capacity of 5.1 million tons; it manufactures a broad range of flat steel products including slabs, heavy- and light-gauge hot-rolled coils and sheets, cold-rolled coils and sheets, galvanized products coated with zinc or zinc-based alloys, galvalume, pre-painted steel, tin mill products such as tin plate, tin free steel, low tin coated steel and black plate; long steel products; steel packaging solutions for food and chemical industries; and carbochemical products; alongside mining of iron ore, limestone and dolomite, cement production, logistics via railroads and ports, and energy generation from hydroelectric plants and thermoelectric facilities. The company, founded in 1941 and headquartered in São Paulo with its main plant in Volta Redonda, Rio de Janeiro state, serves automotive, construction, packaging, home appliance, distribution and capital goods sectors primarily in Brazil and exports to over 70 countries across North America, Europe and Asia. CSN maintains subsidiaries including GalvaSud for galvanized auto parts, CSN Paraná for specialized steel products, and operates strategic assets like the Casa de Pedra iron ore mine, Itaguaí port terminals, MRS Logística railway stake, and hydroelectric dams at Igarapava and Ita. In late 2024, CSN signed a binding agreement to acquire a 70% stake in Estrela Comércio e Participações S.A., the holding of Tora Transportes Group, for approximately BRL 743 million to bolster its logistics capabilities and intermodal operations following a 35-year partnership; it pursues expansion of its cement segment through a BRL 5 billion investment plan for three new integrated plants in Aracaju, Paraná and Pará aiming to raise capacity by 47% to 25 million tons annually, alongside an exclusive agreement to potentially acquire InterCement Participações SA including stakes in Loma Negra (Argentina) and Cementos Del Plata (Uruguay); CSN also targets 60-65 million tons of iron ore production by 2030, revised its CAPEX to BRL 5-6 billion annually from 2025-2028, and reported record cement EBITDA amid 42 million tons of iron ore sales in 2024.