(In thousands of Reals, unless stated otherwise)

 

Companhia Siderúrgica Nacional (“CSN”, “the Company” or “Parent Company”) is a publicly-held corporation, headquartered in the State capital of São Paulo. Founded on April 9, 1941 during the mandate of former Brazilian president Getúlio Vargas, the Company was privatized in 1993.

CSN, together with its subsidiaries, controlled companies, jointly controlled companies and affiliates (referred to as “the Group” or “CSN Group”), operates across five main business segments:

CSN is listed on São Paulo’s B3 S.A. – Brasil, Bolsa, Balcão stock exchange (B3) and the NYSE - United States stock exchange under the codes CSNA3 and SID, respectively. Additionally, its subsidiaries CSN Mineração S.A., FTL - Ferrovia Transnordestina Logística S.A., and Companhia Estadual de Geração de Energia Elétrica – CEEE-G, are publicly traded, and CSN Mineração S.A. makes its common shares available for trading on B3 under the code CMIN3.

CSN Group maintains significantly diverse business areas, and is one of Brazil’s largest steel producers. The company is also the second largest exporter of iron ore and a pioneer in the preparation of tailings piles as part of the dam decommissioning process. In is also Brazil’s second largest player in Brazil’s cement sector.

Management understands that the Company has adequate resources to continue its operations. Accordingly, these financial statements for the period ended March 31, 2026 were prepared based on the assumption of operational continuity.

The individual and consolidated financial statements ("financial statements") were prepared and are presented in accordance with accounting policies adopted in Brazil issued by the Accounting Pronouncements Committee ("CPC”) and approved by the Brazilian Securities and Exchange Commission ("CVM") and the Federal Accounting Council ("CFC"), and in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB"), currently referred to as IFRS Accounting Standards. All relevant information specific to the financial statements is presented herein, this information is exclusively used by the Company's Management in its operations. The consolidated financial statements are identified as “Consolidated”, and the Parent Company’s individual financial statements are identified as “Parent Company”.

(In thousands of Reals, unless stated otherwise)

 

The individual and consolidated interim financial information were prepared on a historical cost basis and adjusted to reflect: (i) the fair value measurement of certain financial assets and liabilities (including derivative instruments), as well as pension plan assets; and (ii) impairment losses. Whenever IFRS and CPCs allow for a choice to be made between the acquisition cost or another measurement criterion, the acquisition cost criterion was used.

The preparation of this financial information requires Management to use certain accounting estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses as of the balance sheet date may differ from actual future results. The assumptions used are based on historical data and other factors considered relevant and are reviewed by the Company's Management.

Interim financial information has been prepared and is presented in accordance with CPC 21 (R1) - "Interim Financial Statement" and IAS 34 - "Interim Financial Reporting" in accordance with the standards established by the CVM. This interim financial information does not include all requirements for annual or complete financial statements and therefore must be read together with the Company's annual financial statements for the year ended December 31, 2025.

In this context, this interim financial information was not repeated either due to redundancy or relevance in relation to information previously presented in the following explanatory notes to the annual financial statements:

Note 2.d - Material accounting policies

Note 2.f - Adoption of new requirements, standards, amendments and interpretations

Note 10.b - Additional information on direct and indirect subsidiaries

Note 10.c - Main occurrences at subsidiaries in 2025 and 2024

Note 12.a - Assets with indefinite useful lives

Note 13 - Impairment of assets

Note 21 - Taxes paid in installments

Note 24.a - Transactions with holding companies

Note 24.c - Other unconsolidated related parties

Note 32 - Employee benefits

Note 33 - Commitments

Note 34 - Insurance

The individual and consolidated financial statements were approved by Management on May 13, 2026.

The accounting records included in the financial information for each of the Company's subsidiaries are measured using the currency of the main economic environment in which each subsidiary operates ("functional currency"). The Parent Company and Consolidated financial statements are presented in R$ (Brazilian reals), which is the Company's functional currency and the Group's presentation currency.

Transactions in foreign currencies are translated into the functional currency using the exchange rates prevailing on the respective transaction or valuation dates, through which items are remeasured. The balances of the asset and liability accounts are converted at the exchange rate on the balance sheet date. On March 31, 2026, US$1 is equivalent to R$5.2194 (R$5.5024 on December 31, 2025) and €1 is equivalent to R$6.0117 (R$6.4692 on December 31, 2025), according to rates extracted from the website of the Central Bank of Brazil.

(In thousands of Reals, unless stated otherwise)

 

According to Federal Law 11.638/07, the presentation of the statement of value added is required for all publicly-held companies. These statements were prepared in accordance with CPC 09 (R1) – Statement of Value Added. IFRS does not require the presentation of this statement; it is therefore presented as additional information.

In 2025, CSN acquired 70% of the share capital of Estrela Comércio e Participações S.A. (“Estrela Group”, “Estrela” or “Tora Group”), in line with its strategy of expansion and integration of logistics operations, focusing on the transport and handling of large volumes of cargo, especially in the mining, steel and cement segments. The transaction strengthens the Company’s position as a logistics operator, enabling it to realize operational synergies and make more efficient use of infrastructure in the regions where the Group operates.

The Estrela Group already had a business relationship with the Company, which contributes to a more efficient integration of operations and maximizes economies of scale.

Acquisition of 70% Estrela Comércio e Participações S.A.’s share capital. (Grupo Estrela)

On April 1, 2025, the Company completed the acquisition of 70% of the share capital of Estrela Comércio e Participações S.A., holding company of the road and multimodal logistics group known as TORA Group. The initial value of the transaction was R$742,500, of which R$300,000 was paid on the closing date and the remaining balance to be settled in three annual installments: R$111,250 on April 1, 2026, R$111,250 on April 1, 2027 and R$220,000 on April 1, 2028.

In September 2025, an additional payment of R$9,994 was made, referring to the purchase price adjustment. Thus, the total nominal amount of the operation became R$752,494.

Estrela is the parent company of several operating companies that provide road and intermodal logistics services, warehousing, equipment leasing, and related services, including Tora Transportes Ltda., Tora Locações S.A., FJX Transportes S.A., N. Minas Transportes e Locações Ltda., Saratoga Transportes Ltda., Lokamig Rent a Car S.A., Seminovos Lokamig Ltda., Tora Logística Armazéns e Terminais Multimodais S.A., Tora Recintos Alfandegários S.A., and Tora Seminovos Comércio de Veículos Ltda., which have become part of the Company’s group of indirect subsidiaries.

For accounting purposes, the Company was identified as the acquirer, having obtained control of Estrela on the acquisition date, based on its 70% ownership of the voting capital and its ability to direct Estrela’s financial and operational policies. Consequently, Estrela and its subsidiaries have been fully consolidated in the Company’s financial statements effective April 1, 2025.

(In thousands of Reals, unless stated otherwise)

 

(i) Determining purchase price

In accordance with CPC 15 (R1) / IFRS3, the purchase price is determined by the sum of the transferred assets, liabilities incurred, equity interests issued, non-controlling interests and the fair value of any interest held prior to the transaction.

Percentage Acquired and Voting Capital

Estrela’s fully subscribed and paid-up share capital as of the acquisition date, consists of 229,993,768 registered common shares without par value. A majority interest, equivalent to 70% of Estrela’s share capital, was acquired during the transaction in question.

Calculation of Consideration Transferred and to be Transferred (“Transaction Amount”)

The fair value of the transaction on the date of the Combination totaled R$ 738,068, consisting of a lump-sum payment and three deferred installments, broken down as follows:

(1) This includes the amount of R$ 300,000 paid in April plus the R$ 9,994 paid in September, both in 2025.

(ii) Fair value of assets acquired and liabilities assumed

The table below shows the allocation of provisional and final amounts of assets acquired and liabilities assumed on April 1, 2025, calculated based on reports from independent appraisers.

(In thousands of Reals, unless stated otherwise)

 

(1) The fair value of accounts receivable totals R$ 205,529, which is equal to their carrying amount, and it is expected that the full amount of the contractual amounts will be collected.

(2) Pursuant to the purchase agreement and the shareholders’ agreement, the sellers are liable to pay the Company compensation up to the amount of R$ 300,000, which is subject to adjustment based on the CDI rate as of the date of the Business Combination. Indemnity from and against any losses suffered or incurred.

(3) The fair value of fixed assets determined by market and cost approaches, mainly for vehicle groups (light and heavy-duty, dump trucks and semi-trailers), machinery and equipment and improvements.

(4) The fair value of intangible assets includes intangible assets acquired and recognized by the Acquired Company prior to the fair value allocation, in the amount of R$ 49,862, plus the effects of the fair value allocation described below:

(In thousands of Reals, unless stated otherwise)

 

(a) Represents the fair value of the Lokamig brand. The method used to determine the royalty was based on comparable royalty transactions, as well as the relative importance of the respective brand to the Acquired Company’s revenue generation.

(b) Represents the fair values of the Customer Portfolios. The income approach used the MPEEM (Multi-Period Excess Earnings Method), based on net operating revenue. For expenses, costs, expenses, depreciation, and taxes related to operations were deducted, and advertising and promotional costs were added.

(5) The Loans and financing assumed in the acquisition and their respective maturities are shown in the tables below:

(6)  The Company measured acquired lease liabilities using the present value of the remaining lease payments as of the acquisition date. Right-to-use assets were measured at an amount equal to lease liabilities and adjusted, when necessary, to reflect favorable lease conditions relative to market terms.

(7)   Provisions and contingent liabilities assumed in the acquisition that were considered present obligations arising from past events and can be reliably measured have been recognized and are initially measured at fair value on the acquisition date and subsequently measured in accordance with the requirements of IFRS 3 (CPC 15 (R1)), at an amount in excess of that which would be recognized in accordance with IAS 37 (CPC 25). The table shown below presents the total amount of provisions and contingent liabilities assumed on the transaction date, including attributed fair value, as follows:

(8) Consists mainly of deferred tax liabilities related to the initial balance of the Acquired

(9) Measured as the proportionate share, at fair value, of the acquiree’s identifiable net assets.

(In thousands of Reals, unless stated otherwise)

 

(iii) Goodwill on acquisition of control

In accordance with item 32 of CPC15 (R1)/IFRS3, the acquiror must recognize goodwill for expected future profitability as of the acquisition date, which is measured according to the amount by which the purchase price exceeds the fair value of assets and liabilities acquired (allocation of the purchase price). The transaction generated goodwill based on expected future profitability, as shown in the table below:

(1) Goodwill was mainly attributable to:

Goodwill arising from the transaction is expected to result in a tax benefit, i.e., to be deductible for tax purposes.

Goodwill is part of the investment’s carrying amount. In the Consolidated Financial Statements, goodwill is recognized as an intangible asset and, because it has an indefinite useful life, is not amortized, in accordance with CPC 04 (R1)/IAS 38; it is tested for impairment at least annually.

(iv) Other disclosures: revenue and results

In 2025, the Company completed the acquisition of control of the companies Global Dot Com S.A. ("Global Dot"), Galvacolor Jerez S.L.U. ("Galvacolor") and Gramperfil, S.A. ("Gramperfil"), operations that may be considered business combinations.

(In thousands of Reals, unless stated otherwise)

 

These acquisitions were performed in line with the strategy of expanding and strengthening the Company's presence in the steel processing market segments and added greater value to the production chain while expanding commercial capillarity and enhancing operational, industrial, and logistical synergies.

(i) Preliminary General Information on Acquisitions

(1) Galvacolor, which was acquired by CSN Steel S.L., maintains industrial operations dedicated to the galvanization and painting of flat steels. The company largely maintains operations in the civil construction sector. This transaction expanded the Company's portfolio of coated products and strengthens its competitive positioning on the European market.

(2) Gramperfil, which was acquired by CSN Steel S.L., specializes in the manufacture of metal structural profiles and accessories used in the construction sector. This acquisition allows the Company to expand its operations in the market segment for structural solutions and offers greater proximity to end customers and an increase in operating margin.

(3) Global Dot, which was indirectly acquired by CSN through its subsidiaries CSN Inova Ventures and CSN Inova Soluções S.A., provide complete fleet management services with a focus on improving internal logistics and improving processes used in making requests, scheduling, execution, measuring contracts and sizing fleets. This acquisition is in line with the Company's integration strategy, aiming at provided greater synergy, productivity and reducing costs through a single technological platform.

Due to the acquisition of Global Dot on December 5, 2025, the Company began the contracting process for the allocation of the purchase price (PPA) in 2026 in order to identify and measure the assets acquired and liabilities assumed at fair value. For preliminary disclosure purposes, the amount initially recognized as fair value for acquired assets is considered the book value of the acquiree's equity on the transaction base date. This amount totals R$ 11,728 and is subject to adjustments arising from the completion of the fair value measurement process, which may impact the final value of the goodwill recognized.

(In thousands of Reals, unless stated otherwise)

 

(1) Provisional goodwill recognized in acquisitions is mainly attributed to:

Goodwill arising from the transaction is expected to result in a tax benefit, i.e., to be deductible for tax purposes.

(iv) Other disclosures: revenue and results

(*) Considering that the acquisition was completed on December 5, 2025 and there were no material transactions made in the last month of the year, there was no impact on the Company's financial statements.

As of the date of these financial statements, the process of measuring and preparing fair value appraisal reports for the identifiable assets acquired and liabilities assumed—including separable intangible assets—is currently underway with independent appraisers, in accordance with the measurement period of up to 12 months. Therefore, the amounts recognized are provisional and may be subject to minor adjustments upon completion of the purchase price allocation (PPA) reports, except in the case of the Estrela Group, for which the valuation report has been finalized. For this case, the Company concluded that it obtained the necessary information about the facts and circumstances existing on the acquisition date, and there is no additional relevant information to be obtained.

(In thousands of Reals, unless stated otherwise)

 

The financial resources available in the country are primarily invested in private and public securities with income linked to the variation of Interbank Deposit Certificates (CDI) and repurchase and resale agreements backed by fixed income securities. The Company applies part of the resources through exclusive investment funds, whose financial statements were consolidated in the Company.

Overseas financial resources are held in dollars and euros and are invested in TD (Time Deposit) transactions at pre-fixed rates as well as in accounts subject to automatic remuneration and daily liquidity. Yields are pegged to FED Funds and the ECB’s deposit rate. Bank counterparties are considered to be first-rate by Management.

(1) These are financial investments in restricted categories, linked to Bank Deposit Certificates (CDBs) to secure letters of guarantee with financial institutions, as well as investments in government securities (LFT – Treasury Bills), managed by dedicated funds, totaling R$ 27,620. The subsidiary CSN Cimentos Brasil holds restricted financial investments intended to secure a liability with an indefinite maturity date. The balance was R$ 3,903 as of March 31, 2026 (R$ 3,649 as of December 31, 2025). The subsidiaries Estanho de Rondônia S.A. and Elizabeth Cimentos S.A. have investments tied to financing agreements, maturing in 2028 and 2030, respectively, totaling R$ 21,964 (R$ 21,214 as of December 31, 2025). In the consolidated financial statements, there is also a financial investment of R$ 170,463 from CSN Steel S.L.U., related to the acquisition of Galvacolor, with a maturity date scheduled for November 2026.

(In thousands of Reals, unless stated otherwise)

 

The composition of the gross balance of accounts receivables from third party customers is shown as follows:

The changes in expected credit losses are as follows:

The Company carries out credit assignment operations without co-obligation. After the assignment of the customer's trade bills/securities and receipt of the proceeds from the closing of each transaction, CSN settles the related receivables and fully discharges the credit risk of the transactions. Financial expenses related to the credit assignment transaction for the period ended March 31, 2026, amounted to R$ 20,242 (as of March 31, 2025, R$ 13,895) on a consolidated basis and R$ 18,656 (as of December 31, 2025, R$ 9,511) for the parent company, classified in financial income.

(In thousands of Reals, unless stated otherwise)

 

(1) Long-term inventories of iron ore that will be processed when implementing new processing plants, which will generate Pellet Feed as a final product. The start of operations is scheduled for the fourth quarter of 2027.

The changes in expected losses on inventories are as follows:

(1) The Brazilian federal tax balance mainly refers to PIS and COFINS, IRPJ and CSLL and IPI.

Accumulated tax credits generally derive from ICMS, PIS and COFINS credits on purchases of inputs and property, plant, and equipment used in production. The realization of these credits generally occurs through offsetting with debits of these taxes, generated by sales operations and other taxed outputs.

Due to the mining industry’s predominantly export-oriented nature, there was an increase in the balance of ICMS, PIS, and COFINS credits during the period, primarily attributable to CAPEX investments made as part of the Congonhas Mining Expansion Project, as well as the purchase of ore from third parties.

The balance of recoverable taxes maintained in the short term is expected to be offset in the next 12 months.

(In thousands of Reals, unless stated otherwise)

 

Based on budget analyses and projections approved by Management, there is no forecast of risks regarding the non-realization of these tax credits, provided that such budget projections materialize.

(1) On March 31, 2026, Transnordestina Logística S.A. made a partial payment on the loan owed to CSN, in the amount of R$ 495,425. (See note 22.a)

(2) Non-current assets are composed of liquidated and certain credit arising from an final and unappealable ruling issues in the Company’s favor, mainly due to losses and damages resulting from a drop in voltage in the energy supply during periods between January/1991 and June/2002.

The accounting policies have been consistently applied to all consolidated companies. The consolidated financial statements for the period ended March 31, 2026 and 2025 include the following subsidiaries and joint ventures, direct and indirect, affiliates, in addition to the exclusive funds, as shown below:

(In thousands of Reals, unless stated otherwise)

 

(In thousands of Reals, unless stated otherwise)

 

(*) Dormant companies.

(1) CSN Productos Siderúrgicos S.L.U. was merged into CSN Steel S.L.U., pursuant to the Deed of Merger dated March 3, 2026, with the consequent transfer of all its rights, duties and obligations to CSN Steel S.L.U.

(2) On March 27, 2026, the Board of Directors of CSN Mineração S.A. ("CMIN") approved the cancellation of 53,294,297 common, registered, book-entry shares with no par value, issued by CMIN held in treasury, without reducing the share capital. As a result of this resolution, Companhia Siderúrgica Nacional's direct shareholding in CMIN went from 69.01% to 69.69%.

10.a) Changes in Investments in Controlled Companies, Joint-Venture, Joint- operations, Affiliates, and Other Investments

The positions presented on March 31, 2026 and December 31, 2025 refer to the interest held by CSN in these companies:

(1) Paying in of AFACs by CSN on October 17, 2025.