Companhia Siderúrgica Nacional (CSN) released its fourth‑quarter 2025 earnings after market close on March 11, 2026. Revenue reached $2.21 billion, surpassing the consensus estimate of $1.95 billion by $0.26 billion, a 13.3% beat. Earnings per share were $‑0.0102 versus an estimate of $‑0.0301, a $0.0201 improvement or 66.1% beat. Adjusted EBITDA stood at 3.33 billion reais, outpacing the 2.73 billion reais forecast by 0.60 billion reais.
The revenue gain was driven by robust performance in the mining and cement segments. Mining volumes remained solid despite the onset of the rainy season, and higher iron‑ore prices helped offset any seasonal slowdown. Cement sales hit record levels, while the steel segment, though still facing challenges, showed early signs of recovery as operations normalize and profitability improves.
Management highlighted that the steelmaking operation is moving toward normal profitability and that mining volumes were maintained. The company reiterated its 2026 deleveraging plan, targeting a reduction of 16–18 billion reais through asset sales, including stakes in CSN Infra and its cement operations.
The earnings beat was largely attributable to disciplined cost control and favorable commodity prices, which offset the impact of higher input costs. The adjusted EBITDA beat expectations, reflecting efficient operations across all segments.
Investors remain cautious because of CSN’s high leverage, but the results signal operational improvements and a clear path toward the company’s deleveraging objectives.
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