NATIONAL STEEL CO UPDATES 2022 ANNUAL REPORT VIA 6-K FILING

TL;DR

**CSN just updated its 2022 annual report, so check for new financial or legal details.**

AI Summary

Companhia Siderúrgica Nacional (CSN), also known as National Steel Company, filed a 6-K on February 8, 2024, to provide updates to its 2022 Annual Report on Form 20-F, which was originally filed on April 27, 2023. This filing indicates that CSN is providing additional information regarding its financial condition, results of operations, and certain legal developments. For investors, this matters because it suggests there might be new or revised information that could impact their understanding of the company's past performance and future outlook, potentially affecting stock valuation.

Why It Matters

This filing signals that new information about CSN's financial health or legal situation has emerged since April 2023, which could alter investor perception and stock price.

Risk Assessment

Risk Level: medium — The filing itself is administrative, but the 'updates' could contain material information that changes the company's risk profile, making it a medium risk.

Analyst Insight

A smart investor should immediately review Exhibit A of this 6-K filing to understand the specific updates to CSN's 2022 Annual Report, paying close attention to any changes in financial condition, results of operations, or legal developments, as these could materially impact the company's valuation.

Key Numbers

• 2022 — Fiscal Year End (The year for which the Annual Report on Form 20-F is being updated.)
• April 27, 2023 — Original Filing Date (The date the 2022 Annual Report on Form 20-F was initially filed.)
• February 8, 2024 — 6-K Filing Date (The date this 6-K report providing updates was filed.)
• 001-14732 — Commission File Number (CSN's unique identifier with the SEC.)

Key Players & Entities

• Companhia Siderúrgica Nacional (company) — the registrant, also known as National Steel Company
• National Steel Company (company) — translation of the registrant's name
• Marcelo Cunha Ribeiro (person) — Chief Financial and Investor Relations Officer for CSN
• U.S. Securities and Exchange Commission (company) — the regulatory body where the filing was made

Forward-Looking Statements

• CSN's stock price will react to the specific details of the 'updates' provided in Exhibit A. (CSN) — medium confidence, target: 2024-02-09
• Analysts will issue revised ratings or price targets for CSN based on the new information. (CSN) — medium confidence, target: 2024-02-15

FAQ

Key Financial Figures

• $ — 22 2023 2023 (1) (in millions of R$, except per share data) (in millions o
• $5.0076 — nvenience of the reader at the rate of R$5.0076 to US$1.00, which was the U.S. dollar s
• $1 — the reader at the rate of R$5.0076 to US$1.00, which was the U.S. dollar selling r
• $4.9608 — te as reported by the Central Bank was R$4.9608 to US$1.00. -4- Nine Months Ended S
• $1.00 — d by the Central Bank was R$4.9608 to US$1.00. -4- Nine Months Ended September 30
• $200.0 m — ues Net operating revenues increased R$200.0 million, or 0.6%, from R$33,232.9 million
• $33,232.9 million — creased R$200.0 million, or 0.6%, from R$33,232.9 million in the nine months ended September 30,
• $33,432.8 million — ine months ended September 30, 2022 to R$33,432.8 million in the nine months ended September 30,
• $1,446.9 m — domestic operating revenues decreased R$1,446.9 million, or 8.0%, from R$18,040.8 million
• $18,040.8 million — eased R$1,446.9 million, or 8.0%, from R$18,040.8 million in the nine months ended September 30,
• $16,593.9 million — ine months ended September 30, 2022 to R$16,593.9 million in the nine months ended September 30,
• $1,646.9 m — of exports and sales abroad increased R$1,646.9 million, or 10.8%, from R$15,192.1 millio
• $15,192.1 million — ased R$1,646.9 million, or 10.8%, from R$15,192.1 million in the nine months ended September 30,
• $16,839.0 million — ine months ended September 30, 2022 to R$16,839.0 million in the nine months ended September 30,
• $6,223.2 million — Steel net operating revenues decreased R$6,223.2 million , or 26.7%, from R$23,286.5 million in

Filing Documents

• sid20240208_6k.htm (6-K) — 182KB
• sid202402086k_001.jpg (GRAPHIC) — 6KB
• sid202402086k_002.jpg (GRAPHIC) — 24KB
• sid202402086k_003.jpg (GRAPHIC) — 116KB
• sid202402086k_004.jpg (GRAPHIC) — 142KB
• sid202402086k_005.jpg (GRAPHIC) — 59KB
• sid202402086k_006.jpg (GRAPHIC) — 67KB
• 0001292814-24-000367.txt ( ) — 755KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of February 2024 Commission File Number 1-14732 COMPANHIA SIDERÚRGICA NACIONAL ( Exact name of registrant as specified in its charter ) National Steel Company ( Translation of registrant’s name into English ) Av. Brigadeiro Faria Lima 3400, 20th Floor São Paulo, SP, Brazil 04538-132 ( Address of principal executive office ) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ___X___ Form 40-F _______ Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes _______ No ___X____ CERTAIN UPDATES TO 2022 ANNUAL REPORT This report on Form 6-K presents certain updates to Companhia Siderúrgica Nacional’s (“ CSN ,” “ we ,” “ us ” or “ our ”) Annual Report on Form 20-F for its fiscal year ended December 31, 2022 (“ 2022 Annual Report ”), as filed with the U.S. Securities and Exchange Commission on April 27, 2023. Exhibit A: Certain Recent Developments and Updates to 2022 Annual Report. São Paulo, February 8, 2024 COMPANHIA SIDERÚRGICA NACIONAL Marcelo Cunha Ribeiro Chief Financial and Investor Relations Officer -2- Exhibit A RECENT DEVELOPMENTS The following discussion of our financial condition, results of operations and certain legal developments should be read in conjunction with our unaudited interim consolidated financial information, the information presented under the sections entitled “Presentation of Financial and Other Data” and “Item 3. Key Information—Selected Financial Data,” “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures About Market Risk” in our 2022 Annual Report, which includes our audited consolidated financial statements. Consolidated Results of Operations The following table presents certain financial information with respect to our results of operations for the nine months ended September 30, 2022 and 2023: Nine months ended September 30, 2022 2023 2023 (1) (in millions of R$, except per share data) (in millions of US$, except per share data) Net operating revenues 33,232.8 33,432.8 6,676.4 Cost of products sold (23,206.7) (25,138.9) (5,020.1) Gross profit 10,026.2 8,294.0 1,656.3 Operating expenses Selling (1,595.9) (2,725.1) (544.2) General and administrative (440.7) (552.2) (110.3) Equity in results of affiliated companies 167.0 259.6 51.8 Other expenses (1,926.0) (2,049.9) (409.4) Other income 222.9 142.7 28.5 Total (3,572.6) (4,925.0) (983.5) Operating income 6,453.5 3,369.0 672.8 Financial income (expenses), net Financial income (259.2) 799.3 159.6 Financial expenses (2,074.5) (4,398.3) (878.3) Income (loss) before taxes 4,119.8 (230.0) (45.9) Income tax (2,148.9) (218.4) (43.6) Net income (loss) for the period 1,970.9 (448.5) (89.6) -3- Nine months ended September 30, 2022 2023 2023 (1) (in millions of R$, except per share data) (in millions of US$, except per share data) Net income (loss) attributable to noncontrolling interest 433.8 448.8 89.6 Net income (loss) attributable to Companhia Siderúrgica Nacional shareholders 1,537.1 (897.3) (179.2) (1) Translated solely for the convenience of the reader at the rate of R$5.0076 to US$1.00, which was the U.S. dollar selling rate as reported by the Central Bank as of September 30, 2023. As of February 7, 2024, the U.S. dollar selling rate as reported by the Central Bank was R$4.9608 to US$1.00. -4- Nine Months Ended September 30, 2022 Compared to Nine Months Ended September 30, 2023 We maintain integrated operations in five business segments: steel, mining, logistics, cement and energy. We manage and control the performance of our various business segments considering our proportional interest in our jointly controlled entity, MRS, reflected in the figures presented below. Our consolidated results for the nine months ended September 30, 2022 and 2023 by business segment are presented below: Nine months ended September 30, 2022 Steel Mining Port Railway (1) Energy Cement Eliminations Consolidated (in millions of R$) Net operating revenues Domestic market 16,087.4 1,364.1 221.8 1,703.8 139.3 1,638.5 (3,114.1) 18,040.8 Export market 7,199.1 7,631.9 - - - - 361.1 15,192.1 Total net operating revenues 23,286.5 8,996.0 221.8 1,703.8 139.3 1,638.5

View Full Filing

View this 6-K filing on SEC EDGAR