CSN (CSNA3) Reports R$ 1.2 Billion Loss in 3Q26

Adjusted EBITDA falls 43.5% from 3Q25 and leverage rises to 4.23x; free cash flow is -R$ 3.5 billion

Editorial Team Visno InvestPublished 11/13/2026 00:02Updated 11/13/2026 11:17

CSNA3Companhia Siderúrgica Nacional - CSNR$ 4.52as of 11/11/2026Price, ratios and dividends

Illustrative image: Companhia Siderúrgica Nacional - CSN

Companhia Siderúrgica Nacional (CSN) (CSNA3) reported a net loss of R$ 1,247.3 million in 3Q26, compared with a profit 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. The drop in iron ore prices and higher ocean freight costs in mining weighed on results, along with 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%, down 6.4 p.p. in the quarter. By segment, Adjusted EBITDA was R$ 380.7 million in Mining (16.0% margin, down 59.1% in the quarter), R$ 576.1 million in Steel (10.0%) and R$ 385.5 million in Cement (26.6%). Logistics had Adjusted EBITDA of R$ 533.7 million, with a margin of 44.0%.

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/EBITDA ratio for the last 12 months rose to 4.23x, from 3.49x in 2Q26. Gross debt fell 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 sale of CSN Cimentos is expected to close in 1Q27, subject to regulatory approvals, and the sale of SWT, valued at € 550 million, is expected to close in December 2026. In the Notes exchange offer, acceptance of more than 77% extended by 2 years the maturity of US$ 1.3 billion due in 2028. 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.