CSN Reports 2Q24 Results

TL;DR

CSN dropped its 2Q24 earnings report on Aug 12th, check the numbers.

AI Summary

Companhia Siderúrgica Nacional (CSN) reported its second quarter 2024 results on August 12, 2024. The company, also known as National Steel Company, is a foreign private issuer filing a Form 6-K. The filing provides financial information for the period ending June 30, 2024.

Why It Matters

This filing provides investors with key financial performance data for CSN for the second quarter of 2024, allowing for analysis of the company's operational and financial health.

Risk Assessment

Risk Level: low — This is a routine financial results filing with no immediate indication of significant new risks.

Key Players & Entities

• Companhia Siderúrgica Nacional (company) — Registrant
• National Steel Company (company) — English translation of Registrant's name
• CSN (company) — Abbreviation for Registrant
• August 12, 2024 (date) — Date of earnings release
• June 30, 2024 (date) — End of reporting period

FAQ

Key Financial Figures

• $10,881.7 million — Results · Net Revenue totaled R$10,881.7 million in 2Q24, representing a 12.0% growth co
• $7,892.7 million — The Cost of Goods Sold (COGS) totaled R$7,892.7 million in 2Q24 and was 4.9% higher than in the
• $3.0 b — dot; Gross profit in the 2Q24 reached R $3.0 billion, with a gross margin of 27.6%, wh
• $1,564.8 million — al and administrative expenses totaled R$1,564.8 million in 2Q24 and were 12.7% higher than that
• $113.6 million — ting Income and Expenses group reached R$113.6 million in 2Q24, representing a 138.4% growth c
• $447 million — g operations which generated a gain of R$447 million in the period, an improvement from the
• $6 million — in the period, an improvement from the R$6 million gain seen in 1Q24. · In 2Q24,
• $1,495 m — , the Financial Result was negative by R$1,495 million, which represents an increase of
• $98.0 million — dot; The Equity Result was positive at R$98.0 million in 2Q24, an increase of 5.4% compared t
• $222.6 m — f the year, CSN recorded a Net Loss of R$222.6 million, an improvement of 53.6% on the p
• $2,645 m — ared to the previous quarter, reaching R$2,645 million, with an Adjusted EBITDA Margin o
• $1,164.0 million — sted Cash Flow in 2Q24 was negative at R$1,164.0 million. This was due to consumption of working
• $37,156.0 m — 0, 2024, consolidated Net Debt reached R$37,156.0 million, with the leverage indicator meas
• $16.573 billion — balance, which in this quarter reached R$16.573 billion. For more information, visit our websi
• $297.0 m — e 2Q24 consolidated balance sheet was US$297.0 million, as shown in the table below. Thi

Filing Documents

• sidpr2q24_6k.htm (6-K) — 105KB
• image_001.jpg (GRAPHIC) — 103KB
• image_002.jpg (GRAPHIC) — 4KB
• image_003.jpg (GRAPHIC) — 162KB
• image_004.jpg (GRAPHIC) — 58KB
• image_006.jpg (GRAPHIC) — 32KB
• image_007.jpg (GRAPHIC) — 24KB
• image_008.jpg (GRAPHIC) — 47KB
• image_009.jpg (GRAPHIC) — 9KB
• image_010.jpg (GRAPHIC) — 9KB
• image_011.jpg (GRAPHIC) — 28KB
• image_012.jpg (GRAPHIC) — 25KB
• image_013.jpg (GRAPHIC) — 46KB
• image_014.jpg (GRAPHIC) — 9KB
• image_015.jpg (GRAPHIC) — 46KB
• image_016.jpg (GRAPHIC) — 94KB
• image_017.jpg (GRAPHIC) — 110KB
• image_018.jpg (GRAPHIC) — 12KB
• image_019.jpg (GRAPHIC) — 17KB
• image_020.jpg (GRAPHIC) — 21KB
• image_021.jpg (GRAPHIC) — 9KB
• image_022.jpg (GRAPHIC) — 7KB
• image_023.jpg (GRAPHIC) — 10KB
• image_024.jpg (GRAPHIC) — 18KB
• image_025.jpg (GRAPHIC) — 7KB
• image_026.jpg (GRAPHIC) — 96KB
• image_027.jpg (GRAPHIC) — 116KB
• image_028.jpg (GRAPHIC) — 127KB
• 0001292814-24-003120.txt ( ) — 1824KB

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 August, 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____ RESULTS 2Q24 São Paulo, August 12 , 2024 - C ompanhia Siderúrgica Nacional ("CSN") (B3: CSNA3) (NYSE: SID) announces its results for the second quarter of 2024 (2Q24) in Reais, with its consolidated financial statements 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 second quarter of 2024 (2Q24) and the comparisons are for the first quarter of 2024 (1Q24) and the second quarter of 2023 (2Q23). The dollar exchange rate was R$ 4.82 on 06/30/2023; R$ 4.99 on 03/31/2023 and R$ 5.59 on 06/30/2024. 2Q24 Operational and Financial Highlights For more information, visit our website: https://ri.csn.com.br/ 2 RESULTS 2Q24 Consolidated Table - Highlights ¹ Adjusted EBITDA is calculated from net income (loss) plus depreciation and amortization, income taxes, net financial income, income from investments, income from other operating income/expenses and includes the proportional 37.49% share of EBITDA of the jointly owned subsidiary MRS Logística. ² The Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Management Net Revenue. ³ Adjusted Net Debt and Adjusted Cash/Availabilities consider 37.49% of MRS, in addition to not considering Forfaiting and Drawn Risk operations . Consolidated Results · Net Revenue totaled R$10,881.7 million in 2Q24, representing a 12.0% growth compared to 1Q24, as a result of the improved performance of the steel segment, in addition to the positive effect of the period's seasonality, which provided greater production and commercial activity for both mining and cement. Among the main operational highlights in the period, we had record sales in the cement segment and the second largest volume of iron ore ever produced in the Company's history (own production). · The Cost of Goods Sold (COGS) totaled R$7,892.7 million in 2Q24 and was 4.9% higher than in the previous quarter, reflecting stronger commercial activity in the period, with an increase in the volume of products sold across practically all operating segments. · Gross profit in the 2Q24 reached R $3.0 billion, with a gross margin of 27.6%, which represents an increase of 5.0 p.p. in comparison to the first quarter of 2024 and reflects the operational improvement seen in the Company's main operating segments. · Selling, general and administrative expenses totaled R$1,564.8 million in 2Q24 and were 12.7% higher than that recorded in the previous quarter and 46.2% higher when compared to the same period last year. · The Other Operating Income and Expenses group reached R$113.6 million in 2Q24, representing a 138.4% growth compared to 1Q24, explained by the positive impact of iron ore hedging operations which generated a gain of R$447 million in the period, an improvement from the R$6 million gain seen in 1Q24. · In 2Q24, the Financial Result was negative by R$1,495 million, which represents an increase of 33% in relation to 1Q24. This was due to an increase in the cost of debt in dollars, as well as the negative effect of the devaluation of Usiminas shares. For more information, visit our website: https://ri.csn.com.br/ 3 RESULTS 2Q24 · The Equity Result was positive at R$98.0 million in 2Q24, an increase of 5.4% compared to the previous quarter, mainly as a consequence of the excellent performance that MRS has been able to achieve in recent quarters, with an increase in cargo movements. · In the second quarter of the year, CSN recorded a Net Loss of R$222.6 million, an improvement of 53.6% on the previous quarter. However, this figure remains n

View Full Filing

View this 6-K filing on SEC EDGAR