CSN Swings to Q3 Profit on Mining Surge

Overview

• CSN reported net income of R$76 million in 3Q25, reversing losses of R$751 million a year earlier and R$130 million in 2Q25.
• Consolidated adjusted EBITDA rose 45% year over year to R$3.319 billion, with a 26.8% margin.
• CSN Mineração posted net income of R$696 million and adjusted EBITDA of R$1.991 billion, achieving a 45.2% margin on record operations and stronger prices above US$100 per ton.
• The mining unit’s C1 cash cost increased to US$21.1 per ton due to exchange‑rate effects despite fixed‑cost dilution from higher volumes.
• Liquidity remained solid, with CSN Mineração holding R$13.6 billion in cash and R$3.9 billion in net cash, while the company noted early 4Q steel price increases after 3Q import‑driven pressure.