Companhia Siderúrgica Nacional (CSN) reported a net loss of R$555 million in the first quarter of 2026 — a 24.2% reduction compared to R$732 million in losses recorded in the same period of 2025. The result mainly reflected the impact of deferred income tax constituted at the holding company due to increased tax losses, according to company disclosures. ✓
Press quotes (2)
"A CSN (CSNA3) anunciou nesta quarta-feira que teve prejuízo líquido de R$ 555 milhões no primeiro trimestre, ante prejuízo de R$ 732 milhões registrado no mesmo período do ano passado"
"A Companhia Siderúrgica Nacional apresentou um prejuízo líquido de R$ 555 milhões no primeiro trimestre de 2026, queda de 24,2% no ano, refletindo, principalmente, o impacto do imposto de renda diferido constituído na controladora em razão do aumento do prejuízo fiscal."
CSN's net revenue totaled R$10.6 billion between January and March, down 2.8% year-over-year. The company attributed this reduction to operational seasonality with higher rainfall in the period, foreign exchange impact on mining revenue, and deterioration in the steel product mix sold. ✓
Press quotes (1)
"Entre janeiro e março, a companhia registrou receitas de R$ 10,6 bilhões, queda de 2,8% ano a ano. De acordo com a CSN, esse resultado reflete a sazonalidade da operação, com uma precipitação maior de chuvas no período, além do impacto da variação cambial na receita da mineração e a piora no mix de produtos vendidos na siderurgia."
Despite the net loss, the company's adjusted Ebitda was R$2.64 billion, up 5.5% compared to the first quarter of 2025. Cost of goods sold totaled R$8.08 billion, down 3.5% year-over-year. The company's financial leverage reached 3.36 times at the end of March, versus 3.33 times in the same period of the previous year. ✓
Press quotes (2)
"O resultado antes dos juros, impostos, depreciação e amortização (Ebitda, na sigla em inglês) ajustado foi de R$ 2,64 bilhões, alta de 5,5% em um ano."
"No trimestre, o custo dos produtos vendidos totalizou R$ 8,08 bilhões, redução de 3,5% ano contra ano."
The sectoral context shows pressure on Brazilian steelmakers, which operated at only 66% capacity in December 2025 due to imports that reached a record 6 million tonnes through November of that year. Aço Brasil projects that Brazil's steel production will fall 2.2% in 2026, reaching 32.4 million tonnes. ✓
Press quotes (2)
"Our mills are operating at a 66pc capacity rate because of predatory imports, but we should be at around 80–85pc output capacity"
"Imports have already hit an all-time high of 6mn year-to-date November 2025, up by 7pc year on year."
CSN reported net loss of R$555 million in the first quarter of 2026
CSN's adjusted Ebitda was R$2.64 billion in the period, up 5.5%
Covered by only some sources, or where the accounts diverge.
Covered by only some sources (2)
Deferred income tax was the main factor in CSN's loss
Brazilian steelmakers operated at only 66% capacity due to predatory imports
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What was the detailed breakdown of the R$555 million loss between operational factors versus extraordinary items?
Why it's still unknown: Sources mention deferred income tax impact as main factor, but don't detail the complete composition of the loss.
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How does CSN's performance compare specifically with other Brazilian steelmakers in the same period?
Why it's still unknown: Sectoral data indicates general pressures in the industry, but there's no direct comparison of quarterly results between competitors.
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What is CSN's strategy to deal with the environment of high import penetration in the domestic market?
Why it's still unknown: Sources report the adverse sectoral context but don't include specific positioning from CSN management on strategic measures.
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