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Companhia Siderúrgica Nacional (CSNA3) investor relations material
Companhia Siderúrgica Nacional Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record operational and financial results in 3Q25, with historical highs in production, sales, and EBITDA across all segments, driven by operational efficiency and effective logistics.
EBITDA reached R$3.3 billion, up 25.6% from 2Q25, with a margin of 26.8%, reflecting cost control and resilience amid challenging market conditions.
Diversified and vertically integrated operations contributed to resilience, offsetting competitive pressures in steel.
Advanced ESG agenda with improved S&P ESG and EcoVadis scores, increased diversity, and significant investments in emission control.
Financial highlights
Consolidated EBITDA grew 25.6% sequentially to R$3.3 billion, with an adjusted margin of 26.8%.
Mining segment EBITDA rose to R$1.94 billion, margin 43.9%, with 12.4Mt sold (+4.8% QoQ).
Cement segment posted record EBITDA of R$388 million, margin 29.1%.
Logistics segment achieved record EBITDA of R$550 million, margin above 35%.
Adjusted cash flow was negative R$815 million, improved 44.7% QoQ.
Outlook and guidance
Expectation of continued strong operational performance and cost control, with positive trends in steel and cement prices.
Annual iron ore production expected at the upper end of 42–43.5Mt guidance.
Further deleveraging anticipated, supported by organic results and capital recycling projects.
Anti-dumping measures and government actions expected to improve domestic steel market conditions.
CSN Infra project: timeline & expected impact?
Antidumping measures: price impact & timeline?
Cash flow positive: CapEx flexibility & drivers?
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Next Companhia Siderúrgica Nacional earnings date
Q4 202512 Mar, 2026
Next Companhia Siderúrgica Nacional earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
Companhia Siderúrgica Nacional (CSN) is a diversified industrial company primarily engaged in steel production and related activities. The company operates in segments such as steel manufacturing, mining, cement production, logistics, and energy. CSN produces a range of steel products, including flat and long steel, for industries such as automotive, construction, and packaging. It also operates iron ore mining operations and supplies raw materials to global markets. It is headquartered in São Paulo, Brazil, and its shares are listed on the B3.
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