Companhia Siderúrgica Nacional, an integrated steelmaker with iron ore mining (CSN Mineração), cement, logistics and energy, controlled by Benjamin Steinbruch and listed on B3 as CSNA3.
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Fabio Schvartsman, Vale's former CEO, takes command of CSN on September 3, replacing Benjamin Steinbruch, who leaves after 24 years and returns to chair the board; the handover comes with R$ 42 billion in debt and 3.49x leverage, per NeoFeed, and with the CSN Cimentos sale process under way, expected to close in 45 days.
Updated November 14, 2026 · 6 verified articles
Market transmission
The stock tracks steel and iron ore prices, domestic demand and import tariffs, and above all the pace of deleveraging — asset sales, refinancing and the controller's governance decisions.
Explanatory mechanism, not a forecast or recommendation.CSN posted a net loss of R$ 1.247 billion in 3Q26, reversing a R$ 76 million profit a year earlier, with adjusted Ebitda of R$ 1.88 billion and net revenue of R$ 10.49 billion.
CSN signed a contract to sell CSN Cimentos to China Huaxin Building Materials at an enterprise value of R$ 12.7 billion, subject to adjustments, in a deal that depends on Cade, Aneel and Chinese approvals, according to Exame, Gazeta do Povo and Investidor10.
CSN announced on October 30 a 10-day exclusivity agreement with China Huaxin for the sale of CSN Cimentos, at an enterprise value of R$ 12.7 billion, according to InfoMoney and NeoFeed.
CSN signed a binding term sheet with Bipadosa, controller of Spain's Megasa, to sell German steelmaker SWT. The enterprise value is 550 million euros, about R$ 3 billion, subject to adjustments. There is up to ten weeks of exclusivity and the sale still depends on definitive contracts.
CSN Mineração cut its expected 2026 iron ore output, and shares of parent CSN fell 9.85% and CSN Mineração 5.74% on B3 on September 29, according to InfoMoney and Bloomberg Línea. Bloomberg Línea links the cut to soaring sea freight. According to InfoMoney, the new output forecast fell from 45 to 47 million tonnes to 39 to 41 million, with higher cost per tonne.
September 4 update: CSNA3 rose as much as 16.22% on the morning of September 3 and closed up 6.69%, per InfoMoney and Bloomberg Línea. Fabio Schvartsman, former Vale chief, takes over on September 3 as CSN's CEO, replacing Benjamin Steinbruch, who leaves after 24 years and returns to chair the board, per NeoFeed, Brazil Journal, Poder360 and Money Times. The change comes with the company carrying R$ 42 billion in debt and 3.49x leverage, per NeoFeed.