CSN Reports 4Q23 and Full Year 2023 Results

Ticker: SID · Form: 6-K · Filed: Mar 7, 2024 · CIK: 1049659

National Steel Co 6-K Filing Summary
FieldDetail
CompanyNational Steel Co (SID)
Form Type6-K
Filed DateMar 7, 2024
Risk Levellow
Pages16
Reading Time19 min
Sentimentneutral

Sentiment: neutral

Topics: results, financials, steel

Related Tickers: CSNA3, SID

TL;DR

CSN dropped its 4Q23 & FY23 earnings report on March 6th, filed in Reais.

AI Summary

Companhia Siderúrgica Nacional (CSN) announced its 4Q23 and full-year 2023 results on March 6, 2024. The company reported its financial statements in Reais, with consolidation in accordance with IFRS. CSN is a foreign private issuer filing a Form 6-K with the SEC.

Why It Matters

This filing provides investors with the latest financial performance data for CSN, a major steel producer, allowing for analysis of its operational and financial health.

Risk Assessment

Risk Level: low — This is a routine financial results filing by a publicly traded company.

Key Players & Entities

  • Companhia Siderúrgica Nacional (company) — Filer of the report
  • CSN (company) — Abbreviation for Companhia Siderúrgica Nacional
  • CSNA3 (company) — B3 ticker symbol for CSN
  • SID (company) — NYSE ticker symbol for CSN
  • March 6, 2024 (date) — Date of the results announcement
  • 2023 (date) — Reporting year
  • 4Q23 (date) — Fourth quarter of 2023

FAQ

What is the primary purpose of this Form 6-K filing?

This Form 6-K filing is to report the results for the fourth quarter and full year of 2023 for Companhia Siderúrgica Nacional (CSN).

What is the ticker symbol for CSN on the B3 exchange?

The ticker symbol for CSN on the B3 exchange is CSNA3.

What is the ticker symbol for CSN on the NYSE?

The ticker symbol for CSN on the NYSE is SID.

In what currency are CSN's financial results reported?

CSN's financial results are reported in Reais.

What accounting standards are used for CSN's financial statements?

CSN's financial statements are consolidated in accordance with IFRS.

Filing Stats: 4,790 words · 19 min read · ~16 pages · Grade level 9.9 · Accepted 2024-03-07 06:04:29

Filing Documents

From the Filing

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 March, 2024 Commission File Number 1-14732 COMPANHIA SIDERRGICA 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, 20 andar So 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____ 4Q23 & 2023 Results São Paulo, March 6, 2024 - Companhia Siderúrgica Nacional ("CSN") (B3: CSNA3) (NYSE: SID) announces its results for the fourth quarter and full year of 2023 (4Q23 and 2023) in Reais, with its financial statements consolidated in accordance with the accounting practices adopted in Brazil issued by the Accounting Pronouncements Committee ("CPC"), approved by the Brazilian Securities and Exchange Commission ("CVM") and the Federal Accounting Council ("CFC") and in accordance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB"). The comments address the Company's consolidated results for the fourth quarter and the full year of 2023 (4Q23 and 2023) and the comparisons are for the third quarter of 2023 (3Q23), the fourth quarter of 2022 (4Q22) and the year 2022. The dollar exchange rate was R$ 5.22 on 12/30/2022; R$ 5.01 on 09/29/2023 and R$ 4.84 on 12/29/2023. 4Q23 and 2023 Operational and Financial Highlights For more information, please visit our website: https://ri.csn.com.br/ 2 4Q23 & 2023 Results Consolidated Table - Highlights ¹ Adjusted EBITDA is calculated based on net income (loss), plus depreciation and amortization, taxes on profit, net financial result, result from participation in investments, result from other operating revenues/expenses and includes the proportional participation of 37.27% of the EBITDA of the joint subsidiary MRS Logística. ² Adjusted EBITDA Margin is calculated from Adjusted EBITDA divided by Managerial Net Revenue. ³ Adjusted Net Debt and Adjusted Cash/Availability account for 37.27% of MRS, in addition to not considering Forfaiting and Drawn Risk operations . Consolidated Result · Net Revenue totaled R$ 12,005 million in 4Q23, which represents an increase of 7.9% when compared to 3Q23, mainly as a result of the improvement in price realization in the mining segment amid the rise of Platts, in addition to the higher volume of steel sold in the period. In 2023, Net Revenue totaled R$ 45,438 million, which corresponds to an annual increase of 2.4%, reflecting (i) the record iron ore sales registered in the year (up 27.2% compared to 2022) and (ii) the growth of the cement operation. · Cost of Goods Sold (COGS) totaled R$ 8,336 million in 4Q23, practically stable compared to the previous quarter, with the increase in sales in the steel segment being offset by seasonality in mining. In 2023, COGS totaled R$ 33 billion, which represents an increase of 7.8% compared to last year, reflecting the strong volume of iron ore traded in 2023, with higher volume of purchases. · In turn, Gross Margin for the quarter reached 30.6%, which corresponds to an increase of 5.4 p.p. compared to 3Q23 and reflects the operational improvement seen in the Company's main operating segments. In 2023, however, the Gross Margin reached 26.3% and was 3.6 p.p. lower than in 2022, due to the difficulties faced in the steel segment throughout the year. · General and Administrative Selling Expenses totaled R$ 1,213 million in 4Q23 and were 3.1% higher than in the previous quarter, as a result of the commercial recovery in the steel industry, mainly in the foreign market. In 2023, expenses totaled R$ 4,490 million, 38% higher than in 2022, reflecting the higher volumes sold in the mining and cement segments. · The Other Operating Income and Expenses group was negative by R$ 730 million in 4Q23, mainly as a result of cash flow hedge accounting operations, which totaled R$ 459 million in the period. In the year, the result was negative by R$ 2.7 billion, a practically stable level when compared to 2022. · In 4Q23, the Financial Result was negative by R$ 552 million, which represents a reduction of 55% compared to the previous quarter, as a result of the appreciation of Usiminas' shares, in addition to a lower cost of debt in the period.

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