BNDES Approves R$1.13 Billion for CSN to Modernize Volta Redonda Steelworks

Overview

• CSN will receive R$500 million via BNDES Mais Inovação for machines, IT assets and IoT services, and R$625.8 million via Finem to upgrade iron ore sinter plants.
• The project includes new electrostatic precipitators and bag filters to curb particulate emissions, plus upgrades to raw‑material handling and sínter storage and recovery.
• Part of the package reimburses investments made since 2023, providing cash relief with an almost neutral effect on net debt, which stood at about R$37.5 billion in Q3 2025.
• S&P Global Ratings cut CSN’s local rating to brAA in November, and CSN later sold an 11.2% stake in MRS to CSN Mineração for up to R$3.35 billion, leaving CMIN at 29.91% and CSN at 7.59%.
• Production issues at the Usina Presidente Vargas since early 2023 reduced crude steel output, led to plate imports and prompted an investment plan of nearly R$8 billion through 2028.