BRAZIL · COMPANY NEWS
Companhia Siderúrgica Nacional (CSN), the Brazilian steel and mining group, lost R$1.25 billion (Brazilian reais; about US$221 million) in the third quarter of 2026, reversing a profit of R$76 million (about US$13 million) a year earlier. The results, published on Thursday 12 November, came days after CSN agreed to sell its cement business in a deal with an enterprise value, the price including debt, of R$12.7 billion (about US$2.25 billion) and lost its chief financial officer.
Key Facts
- Result Net loss of R$1.25 billion (US$221 million), after a R$76 million (US$13 million) profit a year earlier.
- Earnings Adjusted EBITDA, an operating cash-profit measure, fell 43.5% to R$1.88 billion (US$332 million).
- Debt Net debt rose 6.6% to R$44.92 billion (US$7.95 billion), or 4.23 times adjusted EBITDA.
- Sale CSN agreed on 7 November to sell its cement unit; enterprise value R$12.7 billion (US$2.25 billion).
- Leadership Chief financial officer Antonio Marco Campos Rabello resigned on 9 November; the chief executive covers the job.
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).
A lower iron ore price and dearer sea freight hit CSN’s iron ore mining arm just as the group is selling assets to cut debt.
What CSN Reported
CSN said weaker operating earnings were driven by mining, where lower iron ore prices and higher sea freight costs cut earnings. Seasonally weak steel export sales and higher cement production costs also weighed.
Net revenue fell 11.1% to R$10.49 billion (about US$1.86 billion). Net debt rose 6.6% to R$44.92 billion (about US$7.95 billion), or 4.23 times adjusted EBITDA.
Conversions use about R$5.65 per US$, the spot rate on 13 November 2026. All third-quarter figures are from CSN’s results as published on 12 November.
In Plain English
- EBITDA is earnings before interest, tax, depreciation and amortisation, a rough measure of operating cash profit.
- Leverage compares net debt with earnings over the last 12 months; 4.23 times means debt equal to about four years of adjusted EBITDA.
- R$ is the symbol of the Brazilian real, the national currency.
- Iron ore is the main raw material for steel and a large source of CSN’s export income.
- CADE is Brazil’s competition regulator; ANEEL is its power-sector regulator.
The Cement Sale and a Finance Chief’s Exit
On Sunday 8 November CSN told the market that, the day before, it had signed a share purchase agreement, the contract for selling a company’s shares, to sell CSN Cimentos, its cement arm, to Huaxin Building Materials Group, a Chinese building-materials company. The agreed enterprise value, the price of the business including its debt, is R$12.7 billion (about US$2.25 billion), subject to adjustments for net debt and working capital.
Closing needs approval from CADE, prior consent from ANEEL and Chinese regulatory approvals. CSN says the deal is a step toward reducing its debt.
On Monday 9 November the board received the resignation of Antonio Marco Campos Rabello, the chief financial officer and investor relations executive, who left to pursue new professional challenges. Chief executive Fabio Schvartsman is covering the finance role on an interim basis, and Pedro Barros Mercadante Oliva is interim investor relations officer.
Live Company IntelligenceCompanhia Siderurgica Nacional ADR — the full investor dossier
What It Means for You
CSN’s American depositary receipts, US-traded certificates for its shares, trade on the New York Stock Exchange as SID, so US holders feel both the swing in iron ore prices and the pressure on its balance sheet. The shares also trade on B3, Brazil’s stock exchange in São Paulo, as CSNA3.
The cement deal values that business, debt included, at about US$2.25 billion against group net debt of about US$7.95 billion. Closing is not assured until the three regulatory steps are done.
What Is Not Known
CSN has not said how long regulatory approval of the cement sale will take. The market’s reaction to the results on Friday 13 November is not yet known.
More: Brazil news, every day from The Rio Times.
Frequently Asked Questions
How much did CSN lose in the third quarter of 2026?
CSN lost R$1.25 billion (about US$221 million), against a profit of about R$76 million (about US$13 million) a year earlier. Adjusted EBITDA fell 43.5% to R$1.88 billion (about US$332 million).
Why did CSN’s results worsen?
CSN pointed to mining, where lower iron ore prices and higher sea freight cut earnings. Seasonally weak steel exports and higher cement production costs also weighed.
Is CSN selling its cement business?
Yes, it signed a deal on 7 November to sell CSN Cimentos to Huaxin, a Chinese building-materials company, at an enterprise value of R$12.7 billion (about US$2.25 billion). Closing needs approval from CADE, ANEEL and Chinese regulators.
Is CSN listed in the United States?
Yes, its American depositary receipts trade on the New York Stock Exchange under the ticker SID. Its shares trade on B3, Brazil’s stock exchange in São Paulo, as CSNA3.
Sources: CSN, 3Q26 earnings release, 12 November 2026; CSN, material fact on the cement sale, 8 November 2026; CSN, material fact on the finance chief’s resignation, 9 November 2026. Related: the CSN company profile, our report on the cement sale, the German mill sale and the steel market wrap.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
Brazil runoff, Sunday, October 25: Brazil runoff date. Latest: Brazil runoff polls, Flávio 51%, Lula 49%.