On Thursday, July 30, 2026, Companhia Siderúrgica Nacional (CSNA3) approved the launch, by its subsidiary CSN Inova Ventures, of an exchange offer for bonds issued abroad, totaling up to US$ 1.3 bn, and released preliminary financial figures for the first half of 2026, including projected adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) between R$ 5.3 bn and R$ 5.4 bn and an estimated net loss of between R$ 1.3 bn and R$ 1.4 bn.
The exchange offer involves outstanding CSN Inova Notes with a 6.750% annual coupon and 2028 maturity, in the amount of US$ 1.3 bn outstanding, which may be exchanged for new Notes with a fixed rate of 11.00% per year and 2030 maturity, up to a cap of US$ 970 mn, plus a cash payment of up to US$ 330 mn to participating holders. For each US$ 1,000 in principal of accepted existing Notes, investors will receive US$ 746.15 in new Notes and US$ 253.85 in cash, in addition to accrued interest up to settlement.
The new Notes will be issued by CSN Inova with an irrevocable, unconditional and full guarantee from CSN, and the interest rate may be reduced by 50 basis points, to 10.50% per year, if the principal of the new Notes is reduced by at least US$ 200 mn by February 12, 2028. CSN Inova may redeem the new Notes, in whole or in part, at any time, by paying 100% of the principal amount plus accrued interest up to the redemption date. The offer, aimed at qualified institutional investors abroad, began on July 30, 2026 and is expected to end on August 10, 2026, with settlement on August 12, 2026, subject to a minimum participation of US$ 910 mn, equivalent to 70% of the Notes outstanding.
Regarding the preliminary financial performance for the half-year ended June 30, 2026, CSN reported that net revenue should be generally in line with the same period of 2025. Adjusted EBITDA is estimated between R$ 5.3 bn and R$ 5.4 bn, above the R$ 5.2 bn recorded in the half-year ended June 30, 2025, while the projected net loss is between R$ 1.3 bn and R$ 1.4 bn, compared with a net loss of R$ 861.9 mn in the same period of 2025.
The company also expects an increase in gross debt to an amount not exceeding R$ 54.0 bn and in adjusted net debt to up to R$ 44.0 bn as of June 30, 2026, compared with R$ 50.4 bn and R$ 40.5 bn, respectively, on March 31, 2026. The cash and cash equivalents position should show a slight increase compared with the R$ 12.8 bn as of March 31, 2026, and the leverage ratio is expected to rise moderately but remain below 3.5 times on the same date.
