National Steel Co. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>National Steel Co. has submitted its 2023 annual report on Form 20-F, detailing its financial performance and operations.</b>

AI Summary

NATIONAL STEEL CO (SID) filed a Foreign Annual Report (20-F) with the SEC on May 1, 2024. National Steel Co. filed its annual report on Form 20-F for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at Rua Lauro Muller, 116, 36 Andar, Rio de Janeiro, RJ, Brazil. National Steel Co. is classified under the SIC code 3310 for Steel Works, Blast Furnaces & Rolling & Finishing Mills. The filing was submitted on May 1, 2024.

Why It Matters

For investors and stakeholders tracking NATIONAL STEEL CO, this filing contains several important signals. This filing provides stakeholders with a comprehensive overview of National Steel Co.'s financial health and strategic direction for the 2023 fiscal year. As a foreign private issuer, this 20-F filing is crucial for investors and analysts to assess the company's compliance with SEC regulations and its market position.

Risk Assessment

Risk Level: low — NATIONAL STEEL CO shows low risk based on this filing. The filing is a standard annual report (20-F) with no immediate indications of significant financial distress or unusual events, suggesting a low level of immediate risk based solely on this document.

Analyst Insight

Monitor future filings for detailed financial statements and management discussion to understand operational performance and strategic initiatives.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-05-01 — Filing Date (Filed as of date)
• 2023-01-01 — Reporting Period Start (Fiscal year 2023)
• 2022-12-31 — Prior Year End (Comparison period)

Key Players & Entities

• NATIONAL STEEL CO (company) — Filer name
• 0001049659 (company) — Central Index Key
• 3310 (company) — Standard Industrial Classification
• RUA LAURO MULLER (company) — Business address street
• RIO DE JANEIRO RJ BR (company) — Business address city, state, country

FAQ

Industry Context

National Steel Co. operates within the steel manufacturing industry, which is characterized by cyclical demand, commodity pricing, and significant capital investment.

Regulatory Implications

As a foreign private issuer, National Steel Co. is subject to SEC regulations, including the requirement to file annual reports on Form 20-F, which provides disclosures in accordance with IFRS or other specified accounting standards.

What Investors Should Do

1. Analyze the full 20-F document for detailed financial statements and management's discussion and analysis.
2. Compare National Steel Co.'s performance metrics against industry benchmarks and competitors.
3. Track any future filings or press releases for updates on operational changes or strategic decisions.

Key Dates

• 2024-05-01: Filing of 20-F — Annual report submission for FY 2023
• 2023-12-31: Fiscal Year End — End of the reporting period

Year-Over-Year Comparison

This is the initial filing of the 20-F for the fiscal year 2023. Comparative data from previous filings will be available within the document itself.

Key Financial Figures

• $4.8413 — nvenience of the reader at the rate of R$4.8413 to US$1.00, which was the U.S. dollar s
• $1 — the reader at the rate of R$4.8413 to US$1.00, which was the U.S. dollar selling r
• $5.5805 — r and the U.S. dollar selling rate was R$5.5805 per US$1.00 as of December 31, 2021 and
• $1.00 — dollar selling rate was R$5.5805 per US$1.00 as of December 31, 2021 and R$5.2177 pe
• $5.2177 — er US$1.00 as of December 31, 2021 and R$5.2177 per US$1.00 as of December 31, 2022, as
• $27,020 m — or U.S. dollar-linked indebtedness of R$27,020 million, which represents 59.4% of our to
• $119.75 — age iron ore prices decreased 1.0% to US$119.75dmt from US$120.2/dmt in the same period
• $120.2 — s decreased 1.0% to US$119.75dmt from US$120.2/dmt in the same period of 2022. In 2022
• $159.5 — decreased 24.6% to US$120.2/dmt, from US$159.5/dmt in 2021, in each case according to

Filing Documents

• sidform20f_2023.htm (20-F) — 6477KB
• ex08-1.htm (EX-8.1) — 88KB
• ex12-1.htm (EX-12.1) — 8KB
• ex12-2.htm (EX-12.2) — 7KB
• ex13-1.htm (EX-13.1) — 3KB
• ex13-2.htm (EX-13.2) — 3KB
• ex97-1.htm (EX-97.1) — 43KB
• image_001.jpg (GRAPHIC) — 4KB
• image_002.jpg (GRAPHIC) — 2KB
• image_003.jpg (GRAPHIC) — 100KB
• image_004.jpg (GRAPHIC) — 128KB
• image_005.jpg (GRAPHIC) — 46KB
• image_006.jpg (GRAPHIC) — 147KB
• image_007.jpg (GRAPHIC) — 111KB
• image_008.jpg (GRAPHIC) — 288KB
• image_009.jpg (GRAPHIC) — 203KB
• image_010.jpg (GRAPHIC) — 83KB
• image_011.jpg (GRAPHIC) — 123KB
• image_012.jpg (GRAPHIC) — 107KB
• image_013.jpg (GRAPHIC) — 30KB
• image_014.jpg (GRAPHIC) — 31KB
• image_015.jpg (GRAPHIC) — 43KB
• image_016.jpg (GRAPHIC) — 42KB
• image_017.jpg (GRAPHIC) — 31KB
• image_018.jpg (GRAPHIC) — 40KB
• image_019.jpg (GRAPHIC) — 30KB
• image_020.jpg (GRAPHIC) — 18KB
• 0001292814-24-001763.txt (&nbsp;) — 33841KB
• sid-20231231.xsd (EX-101.SCH) — 322KB
• sid-20231231_cal.xml (EX-101.CAL) — 136KB
• sid-20231231_def.xml (EX-101.DEF) — 1023KB
• sid-20231231_lab.xml (EX-101.LAB) — 1090KB
• sid-20231231_pre.xml (EX-101.PRE) — 1203KB
• sidform20f_2023_htm.xml (XML) — 6995KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 1 PRESENTATION OF FINANCIAL AND OTHER INFORMATION 2 PART I

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors 3

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable 3

Key Information

Item 3. Key Information 3 3A. [Reserved] 3 3B. Capitalization and Indebtedness 3 3C. Reasons for the Offer and Use of Proceeds 3 3D. Risk Factors 3

Information on the Company

Item 4. Information on the Company 17 4A. History and Development of the Company 17 4B. Business Overview 20 4C. Organizational Structure 66 4D. Property, Plant and Equipment 66

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments 70

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 70 5A. Operating Results 70 5B. Liquidity and Capital Resources 79 5C. Research and Development, Patents and Licenses, Etc. 85 5D. Trend Information 86 5E. Critical Accounting Estimates 87

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 87 6A. Directors and Senior Management 87 6B. Compensation 90 6C. Board Practices 90 6D. Employees 91 6E. Share Ownership 91 6F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation 92

Major Shareholders and Related Party Transactions

Item 7. Major Shareholders and Related Party Transactions 92 7A. Major Shareholders 92 7B. Related Party Transactions 92 7C. Interests of Experts and Counsel 92

Financial Information

Item 8. Financial Information 92 8A. Consolidated Statements and Other Financial Information 92 8B. Significant Changes 101

The Offer and Listing

Item 9. The Offer and Listing 101 9A. Offer and Listing Details 101 9B. Plan of Distribution 101 9C. Markets 101 9D. Selling Shareholders 103 9E. Dilution 103 9F. Expenses of the Issue 103

Additional Information

Item 10. Additional Information 103 10A. Share Capital 103 10B. Memorandum and Articles of Association 103 10C. Material Contracts 106 10D. Exchange Controls 106 10E. Taxation 107 10F. Dividends and Paying Agents 115 10G. Statement by Experts 115 10H. Documents on Display 116 10I. Subsidiary Information 116 10J. Annual Report to Security Holders 116

Quantitative and Qualitative Disclosures About Market Risk

Item 11. Quantitative and Qualitative Disclosures About Market Risk 116

Description of Securities Other Than Equity Securities

Item 12. Description of Securities Other Than Equity Securities 120 PART II

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies 120

Material Modification to the Rights of Security Holders and Use of Proceeds

Item 14. Material Modification to the Rights of Security Holders and Use of Proceeds 120

Controls and Procedures

Item 15. Controls and Procedures 120

Reserved

Item 16. Reserved 121 16A. Audit Committee Financial Expert 121 16B. Code of Ethics 121 16C. Principal Accountant Fees and Services 122 16D. Exemptions from the Listing Standards for Audit Committees 122 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 122 16F. Change in Registrant's Certifying Accountant 122 16G. Corporate Governance 122 16H. Mine Safety Disclosure 124 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 124 16J. Insider Trading Policies 124 16K. Cybersecurity 124 PART III

Financial Statements

Item 17. Financial Statements 125

Financial Statements

Item 18. Financial Statements 125

Exhibits

Item 19. Exhibits 125 Table of Contents INTRODUCTION Unless otherwise specified, all references in this annual report to: "we," "us," "our" or "CSN" are to Companhia Siderrgica Nacional and its consolidated subsidiaries; "Brazil" are to the Federative Republic of Brazil; "Brazilian government" are to the federal government of Brazil; " real," " reais " or "R

Forward-looking statements speak only as of

Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update or to revise any forward-looking statements after we distribute this annual report because of new information, future events or other factors. In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this annual report might not occur and are not an indication of future performance. As a result of various factors, including those set forth above, undue reliance should not be placed on these forward-looking statements. PRESENTATION OF FINANCIAL AND OTHER INFORMATION Our audited consolidated financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 included elsewhere in this annual report have been presented in thousands of reais and prepared in accordance with IFRS as issued by the IASB. See note 2.a. to our audited consolidated financial statements included elsewhere in this annual report. We have translated some of the Brazilian real amounts contained in this annual report into U.S. dollars solely for the convenience of the reader at the rate of R$4.8413 to US$1.00, which was the U.S. dollar selling rate as of December 31, 2023, as reported by the Central Bank of Brazil, or the Central Bank. As a result of fluctuations in the real /U.S. dollar exchange rate, the U.S. dollar selling rate as of December 31, 2023 may not be indicative of current or future exchange rates. The U.S. dollar equivalent information presented in this annual report should not be construed as implying that the real amounts represent, or could have been or could be converted into, U.S. dollars at such rates or at any other rate. Certain figures included in this annual report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not represent an arithmetic sum of the figures that precede them. Non-IFRS Financial Measu

Risk Factors

Risk Factors An investment in the ADSs or our common shares involves a high degree of risk. You should carefully consider the risks described below before making an investment decision. Our business, financial condition and results of operations could be materially and adversely affected by any of these risks. The trading price of the ADSs could decline due to any of these risks or other factors, and you may lose all or part of your investment. For purposes of this section, when we us, we mean that the risk, uncertainty or problem could have an adverse effect on our business, financial condition, results of operations, cash flow, prospects and/or the trading price of the ADSs, except as otherwise indicated. The risks described below are those that we currently believe may materially and adversely affect us. Risks Relating to Brazil The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy and such involvement, along with general political and macroeconomic conditions, could adversely affect us. The Brazilian government has frequently intervened in the Brazilian economy and occasionally made changes in policy and regulations. The Brazilian government's actions to control inflation and affect policies and regulations have often involved, among other measures, increases in interest rates, changes in tax and social security policies, price controls, currency exchange and remittance controls, devaluations, capital controls and limits on imports. We may be adversely affected by changes in policy or regulations at the federal, state or municipal level involving or affecting the following factors, among others: interest rates; exchange controls; currency fluctuations; inflation; price volatility of raw materials and our final products; lack of infrastructure in Brazil; energy and water

View Full Filing

View this 20-F filing on SEC EDGAR