The Brazilian steel and iron ore producer Companhia Siderúrgica Nacional (CSN) reported a net loss equivalent to $220.369 million in Q3 2026, compared with a net profit of $13.105 million in the same period of 2025.
Net revenue fell 11.1 percent to $1.852 billion, production costs fell 1.6 percent to $1.447 billion, gross profit fell 33.9 percent to $612.588 million, and operating profit fell 66.8 percent to $100.963 million.
Although down 5.6 percent year on year, financial expenses of $240.549 million were the main driver of the loss, reflecting the high interest rates the company pays on its debt.
By volume, domestic steel sales rose 5.8 percent to 826,000 metric tons (mt), while steel exports rose 10 percent to 305,000 mt.
Domestic iron ore sales rose 30.8 percent to 1.278 million mt, while iron ore exports fell 9.2 percent to 10.373 million mt.
By segment, mining accounted for 20.3 percent of CSN's Q3 2026 EBITDA, steel 30.7 percent, logistics 28.5 percent, cement 20.5 percent and energy 2.4 percent, before inter-segment eliminations.
The company remains under pressure from high net debt, which stands at the equivalent of $7.94 billion, or 4.23 times trailing 12-month EBITDA.
CSN recently completed the sale of its cement division to China's Huaxin Building Materials Group as part of its efforts to reduce debt.
The sale of its German subsidiary SWT, a long steel producer, to Spain's Megasa is reportedly in its final stages.
CSN reports its results in Brazilian reals (BRL); figures have been converted to USD at a rate of BRL 5.66/USD.
