Brazil’s CSN Plunges 22.73% as Gerdau Falls 6.86% | Steel, Oct 26
Key Facts
- CSN, a Brazilian steelmaker, plunged 22.73% to US$0.91 in New York on Monday, 26 October 2026.
- Gerdau, Brazil’s largest long-steel producer, fell 6.86% to US$4.75.
- Ternium, a Latin American steelmaker with big Mexican operations, fell 3.40% to US$54.06, while the global steel fund SLX slipped 0.52%.
- Brazil’s Ibovespa fell 13.88% and the dollar jumped 8.79% against the real after Lula’s re-election.
Today’s Focus
Brazilian steelmakers were among the hardest hit on Monday as the country’s stock market crashed. CSN’s New York shares plunged 22.73% to US$0.91, and Gerdau’s fell 6.86% to US$4.75.
Ternium, a steelmaker with large Mexican operations, lost 3.40% to US$54.06. SLX, a fund of global steel companies, slipped only 0.52% to US$99.52.
The gap between Brazilian names and the global fund shows that the move came from Brazil’s political and currency shock, not from steel prices.
What matters today. Brazilian steel shares fell far more than the global steel fund, so the sell-off was about Brazil’s risk, not steel demand.
01 The session in one read
Steel shares diverged on Monday, 26 October 2026. CSN fell 22.73% in New York, Gerdau fell 6.86%, and Ternium fell 3.40%.
The global steel fund SLX fell just 0.52% to US$99.52, which shows that investors were not selling steel everywhere.
We have no verified steel price for the session, so the board shows listed producers and a fund as proxies.
The evidence points to Brazilian risk rather than steel prices as the driver. CSN’s 22.73% fall came with the dollar’s 8.79% jump against the real, while the global steel fund barely moved. The variable to watch is whether CSN stabilises, because very large one-day falls often reverse partly.
02 The board
CSN’s 22.73% drop to US$0.91 was the sharpest move on the board. Gerdau’s 6.86% fall to US$4.75 was also large.
Ternium’s 3.40% decline to US$54.06 was milder, and SLX’s 0.52% dip to US$99.52 was small.
| Asset | Level | Change |
|---|---|---|
| Steel producers fund (SLX) | US$99.52 | -0.52% |
| Gerdau | US$4.75 | -6.86% |
| CSN (New York) | US$0.9118 | -22.73% |
| Ternium | US$54.06 | -3.40% |
Source: RT close, 2026-10-26. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
Live Market IntelligenceThe live market board
Rio Times · Live Market Intelligence
Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 176,608.23 | -13.88% | +21.85% | 205,082.56 | 168,310 | 167,142 | — |
| IPSA | 10,575.59 | -1.59% | — | 10,746.36 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 69,470.99 | -0.58% | +12.17% | 69,879.62 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,017,221 | — | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,505.04 | -1.38% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 57,093.72 | +0.04% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
Live Company IntelligenceGerdau S.A — the full investor dossier
Valuation & profitability
Price & risk
$16.6652-wk high
$28.72
Revenue trend · 6y
Ownership
Dividend
03 What moved it
Brazil’s political shock drove the day. Investors sold Brazilian assets after Lula’s re-election, and the dollar jumped 8.79% against the real.
Steelmakers with heavy debt or domestic sales are more sensitive to a weaker currency and higher borrowing costs. That likely explains CSN’s outsized fall, though we have no company statement to confirm it.
US markets were steady, with the S&P 500 up 0.70%.
04 The Latin American read
Brazil’s construction and car industries are the main buyers of its steel, and both depend on borrowing costs. A weaker real and a rate-sensitive market weigh on those sectors.
Mexico’s IPC fell 0.58%, and Ternium’s 3.40% drop was mild by comparison.
Chile’s IPSA fell 1.59% and Argentina’s Merval fell 3.0% on the day.
05 The names to watch
CSN is the most volatile name on the board, with a 22.73% one-day fall. It trades in New York as an American depositary receipt, a share certificate for a foreign company.
Gerdau is Brazil’s largest long-steel producer and fell 6.86%.
Ternium, at US$54.06, gives exposure to Mexico and the wider region. SLX at US$99.52 is the global benchmark fund.
06 The outlook
Steel shares will follow Brazil’s politics and currency in the short run. In the longer run, global steel prices and import competition decide earnings.
If the real stabilises, Brazilian steel shares could recover part of Monday’s loss.
07 What to watch
- CSN: Whether the 22.73% fall reverses or extends.
- Brazilian real: A further slide would pressure indebted Brazilian companies.
- Gerdau: Whether it holds above US$4.59, Monday’s low.
- SLX: Whether global steel shares stay calm.
Context: our brazil agribusiness guide.
Frequently Asked Questions
Why did CSN fall so much?
CSN is a Brazilian steelmaker, and Brazil’s stocks fell 13.88% after Lula’s re-election. We have no company statement explaining the extra weakness.
Did global steel shares fall too?
Only slightly. The SLX fund of global steelmakers fell 0.52% to US$99.52.
What is an ADR?
An American depositary receipt is a share certificate that lets US investors buy shares of a foreign company in New York.
Does this wrap state a steel price?
No. A verified steel price was not available for the session, so only listed producers and a fund are shown.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.