The Brazilian steel and iron ore producer Companhia Siderúrgica Nacional (CSN) reported in a statement a net loss equivalent to $111.450 million in Q1 2026, compared with a net loss of $146.904 million for the same period in 2025.
Net sales revenues increased by 2.8 percent to $2.129 billion, production costs declined by 3.51 percent to $1.622 billion, while gross profit declined by 0.4 percent to $506.567 million.
Although declining on yearly basis, financial expenses equivalent to $262.420 million were the main reason behind the negative profitability, reflecting high interest rates paid by the company.
By volume, domestic sales of steel products declined by 2.8 percent to 767,000 mt, while steel exports dipped 1.7 percent to 349,000 mt.
Domestic iron ore sales declined by 29.1 percent to 737,000 mt, while iron ore exports increased by 3.5 percent to 8.899 million mt.
In assessing the contribution of CSN's various sectors to the EBITDA achieved in Q1 2026, mining accounted for 51.9 percent, steel production 14.9 percent, logistics 16.9 percent, cement 14.8 percent, and energy 2.3 percent, excluding exchanges among these sectors.
As a result of the declining condition of the CSN steel plant in Volta Redonda, located in the state of Rio de Janeiro, including an idled blast furnace, it is appropriate to classify the company as an iron ore producer from a financial perspective, rather than as a steel producer.
CSN reports its results in Brazilian Real (BRL), converted here to USD at a rate of BRL 4.98/USD.
