Companhia Siderúrgica Nacional (CSN) (CSNA3) reported a net loss of R$ 1,247.3 million in 3Q26, compared with a net income of R$ 76.4 million in 3Q25. In 2Q26, the loss had been R$ 773.1 million. The company attributes the result to weaker operating performance, mainly in mining, and to other operating expenses, which include a provision related to an arbitration proceeding.
Net revenue totaled R$ 10.5 billion (R$ 10,485.8 million), down 7.3% from 2Q26 and 11.1% from 3Q25. Lower iron ore prices and higher ocean freight costs in mining weighed on results, in addition to negative seasonality in the steel segment's European operations. Gross profit was R$ 2.3 billion (R$ 2,290.9 million), with a gross margin of 21.8%.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 1.9 billion (R$ 1,875.9 million), a decrease of 32.3% from 2Q26 and 43.5% from 3Q25. The adjusted EBITDA margin was 17.0%. By segment, Adjusted EBITDA was R$ 380.7 million in Mining (16.0% margin), R$ 576.1 million in Steel (10.0%) and R$ 385.5 million in Cement (26.6%).
Free cash flow was negative R$ 3.5 billion, due to lower operating performance and the repayment of debt and iron ore prepayment contracts. Adjusted net debt reached R$ 44.9 billion (R$ 44,920 million) on September 30, 2026, and the net debt/last-twelve-months EBITDA ratio rose to 4.23x, from 3.49x in 2Q26. Gross debt declined 1.6% in the quarter.
The company cites the signing of a binding term sheet for the full sale of SWT and the agreement to sell CSN Cimentos to Huaxin as part of its plan to improve its capital structure. The financial result was negative R$ 1.4 billion (R$ 1,361.4 million), and investments totaled R$ 1.4 billion (R$ 1,384.0 million) in the quarter.
Is CSNA3 worth investing in?
- Price
- R$ 4.52
- as of 11/11/2026
- Dividend yield
- 0.00 %
- P/L
- N/A
- P/VPA
- 0.49
