CSNA3: quote, dividends and indicators for Companhia Siderúrgica Nacional - CSN

Companhia Siderúrgica Nacional – CSN is one of the most vertically integrated industrial groups in the country, with common shares traded on B3 under the ticker CSNA3. Founded in 1941 by decree of the Getúlio Vargas government, it began operations in 1946 with the Presidente Vargas Plant (UPV) in Volta Redonda (RJ), the first integrated flat steel mill in Brazil. From the outset, the company was structured on vertical integration, incorporating the Casa de Pedra mine in Congonhas (MG) and the Arcos (MG) mine, which ensure, respectively, self-sufficiency in iron ore and supply of limestone and dolomite. Over the decades, it went through a privatization process in 1993–1994, expanded capacity through technological modernization programs, adopted continuous casting and expanded into mining, cement, logistics and energy, consolidating itself as one of the largest integrated steel producers in Brazil and Latin America in terms of crude steel production.

CSN’s business model is based on five major segments: steel, mining, cement, logistics and energy. The company’s corporate purpose covers the manufacture, processing and sale of steel products and byproducts, iron ore mining, cement and carbochemical products, as well as construction, transportation, shipping, port operations and the generation, management and commercialization of energy in different modalities. The company operates across the entire steel chain, from iron ore extraction to the production of coils, tin mill products, structural shapes and steel packaging, complementing these activities with stakes in railways, port terminals and power generation assets. This integration allows CSN to internalize critical supply and distribution stages, with significant logistics synergies and the ability to capture margins at different links in the industrial chain.

In mining, operations are concentrated mainly in the subsidiary CSN Mineração S.A., which comprises the Casa de Pedra, Engenho and Pires Complex assets in Minas Gerais, as well as a stake in MRS Logística and operational rights over the TECAR bulk terminal at the Port of Itaguaí (RJ). Production is directed to exports, primarily to Asia with a focus on China, and to internal supply for the UPV itself. The main products are lump ore, sinter feed and pellet feed, obtained from crushing, screening, desliming, flotation and filtering processes, with integrated rail logistics to the port. Minérios Nacional S.A., also a subsidiary, additionally holds the Fernandinho mine and several mining rights in Minas Gerais and other regions of the country, focused both on iron ore and on limestone and clay for the cement segment. Tin mining is carried out by Estanho de Rondônia S.A. (ERSA), which extracts cassiterite in Itapuã do Oeste and processes it in Ariquemes (RO), producing metallic tin consumed internally in the manufacture of tinplate, in addition to extracting minerals such as tantalite, columbite and ilmenite.

The steel business is organized around the Presidente Vargas Plant and downstream processing units in Brazil and abroad. UPV has an installed capacity of 5.6 million tons per year of crude steel, focused on flat steels and one long steel line, and integrates processes from coke ovens and sintering through steelmaking, continuous casting, hot and cold rolling, galvanizing, tinning and tin mill products. The plant produces hot-rolled and cold-rolled sheets, galvanized steels, aluminum-zinc alloy coated steels and pre-painted materials, serving segments such as automotive, construction, white goods, capital goods (OEM), metal packaging and large distributors. In Brazil, CSN also operates a unit in Porto Real (RJ), mainly geared toward the automotive sector, with hot-dip galvanizing, cutting and laser welding of blanks, and a unit in Araucária (PR) with pickling, cold rolling, galvanizing and pre-painting processes, with emphasis on 55% Al-Zn coated and pre-painted products for construction and home appliances. Abroad, Lusosider in Portugal performs pickling, cold rolling and galvanizing of flat steels, while Stahlwerk Thüringen (SWT) in Germany focuses on long steel sections for construction and infrastructure, complemented by assets acquired in Portugal and Spain in 2025 to expand downstream steel operations in Europe.

The cement segment emerged as a complement to steelmaking, using blast furnace slag as an input for clinker and reducing the need to dispose of this byproduct. Starting with the installation of the first cement mill at UPV in 2009, CSN expanded capacity with new mills and a kiln line in Arcos (MG), achieving independence in clinker production and aggregate capacity of millions of tons per year. The acquisitions of Elizabeth Cimentos and LafargeHolcim (Brazil) expanded its geographic presence and asset base in different regions, including the Northeast, positioning CSN among the largest cement groups in the country in terms of installed capacity. Production uses limestone from dedicated mines such as Arcos and leverages proximity to steel operations, forming an industrial arrangement that integrates raw materials, thermal energy and logistics.

Logistics is a central component of Companhia Siderúrgica Nacional – CSN’s integrated model and one of its five reported segments. The company holds stakes in strategic railways, including shared control of MRS Logística, which serves the Rio de Janeiro–São Paulo–Belo Horizonte corridor, as well as ownership and control interests in railway concessions in the Northeast (TLSA and FTL – Ferrovia Transnordestina Logística). At the Port of Itaguaí (RJ), it operates two terminals: TECAR, focused on iron ore loading and coal and coke unloading, and TECON, a container terminal. TECAR is responsible for all iron ore shipments sold in the transoceanic market by the group, with capacity of tens of millions of tons per year and a lease agreement expected to run until 2047, subject to investments. In 2025, the acquisition of a majority stake in Grupo Tora through Estrela Comércio e Participações S.A. strengthened its presence in road, rail and intermodal transport, expanding logistics coverage and integration among mines, mills, cement plants and ports.

The energy segment has gained recent relevance within the CSN group, focused on cost reduction and supply security for industrial operations. The company uses byproducts from the steelmaking process, such as coke oven gas, in thermoelectric cogeneration units and, starting in 2022, began consolidating a portfolio of hydropower generation assets and wind projects through acquisitions of companies such as Santa Ana Energética, Topázio Energética, Companhia Energética Chapecó and CEEE-G. This strategy allowed it, in 2023, to achieve self-sufficiency in energy, with the possibility of self-generation for industrial units, lower sector charges and taxes on energy and greater cost predictability. Energy is thus treated as a cross-cutting competitiveness driver for the mining, steel and cement segments.

CSN maintains a diversified geographic presence, with industrial assets in several Brazilian states, mainly Rio de Janeiro, Minas Gerais, Paraná, Rondônia, Goiás and Paraná, as well as operations in Europe in Portugal, Spain and Germany. In the foreign market, iron ore exports through CSN Mineração account for a significant share of revenue, especially to Asia, while steel and processed products are distributed by commercial subsidiaries, including in North America. In the domestic market, its customer base includes automakers, component manufacturers, construction and infrastructure companies, metal packaging producers, home appliance manufacturers and the capital goods industry, with a product portfolio ranging from basic rolled products to higher value-added coated and pre-painted solutions.

In the social, environmental and governance fields, Companhia Siderúrgica Nacional – CSN has been incorporating practices related to resource efficiency and impact management. In mining, it is stepping up the use of dry processing technologies and tailings filtering, with disposal in filtered stacks and monitored dams, seeking to reduce risks associated with tailings dams. In steel and cement, blast furnace slag is used as an input for clinker and cement, reducing waste generation and replacing part of the limestone-based materials. The use of coke oven gas and investments in renewable generation via hydropower plants and wind projects contribute to a more diversified energy matrix. In governance, CSN operates as a publicly traded company with CSNA3 shares listed on B3, a defined control structure and operations through subsidiaries in different segments, maintaining investment policies, strategic alliances with international partners in mining and industrial processes based on technological standardization, production traceability and monitoring of operational risks.