Brazil · Delayed Price · Currency is BRL Companhia Siderúrgica Nacional Earnings Call Transcripts
Fiscal Year 2026
-
EBITDA grew 5.5% year-over-year in Q1 2026, driven by strong cement and logistics performance despite adverse weather and import competition. Leverage improved to 3.36×, asset sales are progressing, and favorable trends are expected in steel and cement for the rest of the year.
-
A strategic plan aims to unlock value by divesting cement and infrastructure assets, targeting BRL 16–18 billion in deleveraging by 2026 and reducing leverage to 1.8x net debt/EBITDA. Mining, infrastructure, and energy remain core growth areas, with asset sales funding future investments.
Fiscal Year 2025
-
Record 2025 results driven by mining, logistics, and cost reductions, with EBITDA up 15% year-over-year. Strategic asset sales and anti-dumping measures aim to reduce leverage and support margin recovery in 2026.
-
Q3 2025 saw record operational and financial results, with EBITDA up 26% year-over-year and leverage reduced to 3.1x. All segments posted strong performance, especially mining and cement, while anti-dumping measures and cost controls are expected to further boost margins in Q4.
-
EBITDA grew in all segments except mining, which was hit by lower iron ore prices, while steel, cement, and logistics delivered strong results. Leverage dropped to 3.24x, with further deleveraging and asset sales planned. Import competition and slow government action remain key risks.
-
Q1 2025 saw robust volume and EBITDA growth across all segments, with significant deleveraging and operational efficiency gains. Steel and mining posted record results despite import pressures and high interest rates, while new project finance and capital allocation strategies support future growth and margin improvement.
Fiscal Year 2024
-
Q4 2024 delivered record cash, strong EBITDA growth, and margin improvements across mining, steel, and cement. Focus remains on deleveraging, disciplined CapEx, and operational efficiency, with no dividends in Q1 2025 and no major M&A planned for 2025.
-
Production and sales grew across all segments, with cost reductions and strong cash generation offset by weaker international prices. Asset sales and operational improvements reduced leverage, while anti-dumping measures and government programs are expected to support future margins.
-
Q2 2024 saw strong operational and financial improvements, with record mining and cement results, a 35% sequential EBITDA increase, and margin recovery in steel. Leverage rose slightly due to FX and dividends, but deleveraging remains a key focus, supported by ongoing M&A and efficiency gains.