CSN posts R$ 1.25 billion loss in Q3 as shares fall up to 6%

This is a translation of the original article in Portuguese. Read the original (Português).

CSN, Brazil’s steelmaker (siderúrgica), closed the third quarter of 2026 with a net loss of R$ 1.25 billion, compared with a profit of R$ 76 million in the same period last year. The results were released on the night of Thursday (12), and sent the shares of the steel company and of its mining subsidiary lower on the stock exchange (bolsa) on Friday (13).

According to the website InfoMoney, the company’s adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) reached R$ 1.88 billion, a 43.5% drop year over year. The website BPMoney reports that the figure came in 14.4% below market consensus, meaning worse than analysts had projected.

CSN Mineração, the group’s iron ore arm, posted a net loss of R$ 356 million, after a profit of R$ 696 million a year earlier, according to InfoMoney. The Brazilian news network CNN Brasil, also on its website, reports that the mining unit’s adjusted Ebitda fell about 80%, to R$ 414 million, and that its adjusted net revenue dropped almost 47%, to R$ 2.34 billion.

The company attributes the performance to harsher market conditions and weaker operating results. According to the Reuters news agency, cited by InfoMoney, the picture reflects lower prices and more expensive freight in mining. In other words, the company received less for what it sells and spent more to deliver the product to its destination, which squeezes margins.

On Friday morning, according to BPMoney, CSN’s common shares (CSNA3) were down 6.15%, and CSN Mineração’s shares (CMIN3) were falling 4.15%. The American bank Morgan Stanley maintains a sell recommendation on the stocks.

What it means for readers

Steel and mining work as barometers of the country’s industry and exports. The results show the squeeze on costs and prices hitting the sector, weighing on anyone who holds shares in these companies or depends on the steel supply chain.

CSN’s result comes amid a earnings season for major Brazilian companies marked by very different performances, with Petrobras among those earning the most and Banco do Brasil among those suffering the most on the stock market. In CSN’s case, the problem lies in the mining side, where the combination of cheaper ore and more expensive logistics eroded gains.

Reporting from BPMoney (Mercado/Ações: ações da CSN e da CSN Mineração caem após balanço do 3º trimestre), CNN Brasil (Economia: Ebitda da CSN Mineração cai cerca de 80% no 3º trimestre), InfoMoney (Mercados: CSN Mineração tem prejuízo de R$ 356 milhões; CSN fecha o 3º trimestre com prejuízo de R$ 1,25 bilhão).