In brief

CSN lost R$ 1.25 billion in 3Q26, versus a profit a year earlier.

Adjusted Ebitda was R$ 1.88 billion.

What we know

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  1. Verified fact · material

    CSN posted a net loss of R$ 1.247 billion in 3Q26, reversing a R$ 76 million profit in 3Q25.

    Material loss.

    Sources[01][02]
  2. Verified fact · material

    Adjusted Ebitda was R$ 1.88 billion and net revenue R$ 10.49 billion.

    Weaker operations.

    Sources[01][02]
  3. Verified fact

    InfoMoney reports leverage of 4.23 times and net debt of R$ 44.92 billion.

    High debt.

    Sources[01]
  4. Verified fact

    Money Times reports chief executive Fabio Schvartsman prefers selling logistics assets case by case.

    Deleveraging plan.

    Sources[03]

Transmission to assets

Market read-through

The loss and high debt keep pressure for asset sales.

Portfolio impact

01
CSNA3negative

Loss and high debt.

Pressure on the stock.

What would change the view: No asset sales.

direct50% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

What to watch

  • Logistics asset sales
  • 4Q leverage

Limits of the reporting

What remains uncertain

  • Sources differ on the Ebitda and net debt cut.

Full sources

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