NATIONAL STEEL CO (SID) Form 6-K — Aug 13, 2026
Companhia Siderurgica Nacional (CSN) reported 2Q26 consolidated net revenue of R$ 11,306.2 million, up 6.6% quarter-over-quarter and 5.7% year-over-year, with adjusted EBITDA of R$ 2,772.6 million at a 23.4% margin. Despite the stronger operations, the company posted a net loss of R$ 773.1 million, as a negative financial result of R$ 1,843.0 million driven by exchange-rate variation offset the operating gains. Free cash flow swung to a positive R$ 808.1 million, and CSN ended June with R$ 15.4 billion in cash against consolidated net debt of R$ 42,138.2 million, leaving leverage at 3.49x net debt/LTM EBITDA, up 14 basis points in the quarter.
Key figures
- Revenue
- R$ 11,306.2 million (2Q26)
- Net Income
- -R$ 773.1 million (2Q26 net loss); 1H26 net loss R$ 1.3 billion vs R$ 862 million in 1H25
- Revenue Yoy
- +5.7% YoY (+6.6% QoQ)
- Cash Position
- R$ 15.4 billion (June 30, 2026)
- Shares Outstanding
- 1,326,094 thousand shares
- Capex
- R$ 1,414.0 million (2Q26, +25.6% QoQ)
- Net Debt
- R$ 42,138.2 million (June 30, 2026)
- Market Cap
- R$ 6,126 million / US$ 1,213 million
- Bridge Loan
- US$ 1.2 billion (signed mid-April 2026 with banking syndicate)
- Gross Profit
- R$ 2,930.9 million (25.9% gross margin, +2.1 p.p. QoQ)
- Free Cash Flow
- R$ 808.1 million (2Q26, positive turnaround)
- Net Fx Exposure
- -US$ 1,290.5 million (2Q26)
- Adjusted Ebitda
- R$ 2,772.6 million (2Q26, +4.8% QoQ; 23.4% margin)
- Financial Result
- -R$ 1,843.0 million (2Q26, +41.0% QoQ)
- Net Debt Ltm Ebitda
- 3.49x (+14 bps QoQ)
- Steel Sales Volume
- 1,182 thousand tons (2Q26, +16.7% YoY)
- Net Working Capital
- R$ 3,046.4 million (-21.8% QoQ)
- Adjusted Ebitda1 H26
- R$ 5.4 billion (+5.2% YoY)
- Iron Ore Sales Volume
- 11,849 thousand tons (2Q26, +23.0% QoQ; fourth-highest ever)
- Notes Exchange Offer
- US$ 1.3 billion of 2028 notes, maturity extended by two years
- Steel Segment Ebitda
- R$ 636.3 million (+61.7% QoQ; 10.5% margin)
- Afac Transnordestina
- R$ 495 million advance for future capital increase
- Cement Segment Ebitda
- R$ 426.9 million (+45.5% YoY; second consecutive quarterly record; 30.8% margin)
- Energy Segment Ebitda
- R$ 246.0 million (62.1% margin; boosted by retroactive ANEEL revenue from Jacui plant)
- Mining Segment Ebitda
- R$ 929.7 million (32.0% margin)
- Share Performance2 Q26
- CSNA3 -27.0%; SID ADR -26.2%; Ibovespa -8.2%; Dow Jones +7.9%
- Iron Ore Benchmark Price
- US$ 105.29/dmt (2Q26 average, IODEX reference)
- Logistics Segment Ebitda
- R$ 548.2 million (+22.4% QoQ; 45.2% margin)
AI analysis
The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.
AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.