CSN Sees 15% Q4 EBITDA Growth and Plans BRL18 Billion Asset Sale
CSN reported a 15% year-on-year increase in EBITDA for Q4 2025 driven by record mining and logistics volumes that surpassed guidance by 5%. Net debt rose from exchange rate variations and non-renewal of mining prepayment contracts, prompting plans to raise BRL18 billion via asset sales, reducing leverage.
1. Q4 2025 Financial Performance
CSN reported a 15% year-on-year increase in EBITDA for Q4 2025, driven by record mining and logistics volumes that surpassed guidance by 5%. Steel cost reductions and cement price recovery further supported the growth.
2. Net Debt Increase and Deleveraging Strategy
Net debt rose due to exchange rate variations and the non-renewal of iron ore prepayment contracts, marking the first leverage increase of the year. Management plans to raise up to BRL18 billion through asset sales, including the sale of cement segment control, to strengthen the balance sheet.
3. Market Measures and Segment Updates
The cement division faced raw material cost pressures impacting margins, while anti-dumping measures against Chinese imports are expected to stabilize steel pricing over the next five years. CSN is focusing on narrowing discounts and monitoring imports from Korea and India to maintain competitiveness.