CSN Reports 3Q24 Financial Results

TL;DR

CSN dropped its 3Q24 earnings report on Nov 12th, check the numbers.

AI Summary

Companhia Siderúrgica Nacional (CSN) reported its 3Q24 results on November 12, 2024. The company, also known as National Steel Company, is a foreign private issuer filing a Form 6-K. The report details financial results for the third quarter of 2024, denominated in Reais.

Why It Matters

This filing provides investors with the latest financial performance data for CSN, a major steel producer, allowing them to assess the company's health and make informed investment decisions.

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
• CSN (company) — Abbreviation for Registrant
• National Steel Company (company) — English translation of Registrant's name
• November 12, 2024 (date) — Date of results announcement
• 3Q24 (period) — Reporting period

FAQ

Key Financial Figures

• $11,066.6 million — Results · Net Revenue totaled R$11,066.6 million in 3Q24, representing a growth of 1.7%
• $2.7 billion — · Gross profit in 3Q24 reached R$2.7 billion with a gross margin of 24.7%, represent
• $1,708.6 million — l, and administrative expenses totaled R$1,708.6 million in 3Q24, representing a 7.6% increase f
• $366.2 million — me and Expense s group was negative by R$366.2 million in 3Q24, reversing the positive result
• $1,931.6 million — The Financial Result was negative at R$1,931.6 million in 3Q24, which represents an increase o
• $123.0 million — dot; The Equity Result was positive at R$123.0 million in 3Q24, an increase of 25.6% compared
• $750.9 m — er of 2024, CSN recorded a Net Loss of R$750.9 million, representing a 237.3% decrease f
• $2,284.0 m — 024, the company's Adjusted EBITDA was R$2,284.0 million, with an adjusted EBITDA margin o
• $986.0 m — sted Cash Flow in 3Q24 was negative at R$986.0 million, representing an improvement over
• $1,026.0 m — idated balance sheet for the 3Q24 was US$1,026.0 million, as shown in the table below, in
• $1,309.3 million — ULTS 3Q24 Investments In the 3Q24, R$1,309.3 million was invested, an amount in line with th
• $6,041.3 million — t revenues in the steel sector reached R$6,041.3 million in 3Q24, an 8.1% increase from the prev
• $3,365.93 — In turn, The Slab Cost in 3Q24 reached R$3,365.93/t, representing a 5.2% decline from the
• $389 million — RESULTS 3Q24 Adjusted EBITDA reached R$389 million in 3Q24 , representing a 19.7% increase
• $26.67 — lde;o-Qingdao) recorded an average of US$26.67/t, representing a 3.3% increase compare

Filing Documents

• sidpr3q24_6k.htm (6-K) — 107KB
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• 0001292814-24-004227.txt ( ) — 1972KB

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 November, 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 3Q24 São Paulo, November 12 , 2024 - C ompanhia Siderúrgica Nacional ("CSN") (B3: CSNA3) (NYSE: SID) announces its results for the third quarter of 2024 (3Q24) 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 third quarter of 2024 (3Q24) and the comparisons are for the second quarter of 2024 (2Q24) and the third quarter of 2023 (2Q23). The dollar exchange rate was R$ 5.01 on 09/30/2023; R$ 5.59 on 06/30/2023 and R$ 5.44 on 09/30/2024. 3Q24 Operational and Financial Highlights For more information, visit our website: https://ri.csn.com.br/ 2 RESULTS 3Q24 Consolidated Table - Highlights Consolidated Results · Net Revenue totaled R$11,066.6 million in 3Q24, representing a growth of 1.7% compared to the previous quarter and mainly reflecting the improvement in the steel segment, which managed to show solid commercial activity during the period. When analyzing the other segments of the Group, revenue performance was not higher only due to commodity prices, as operationally CSN was able to achieve historic sales records in both mining and cement. · Cost of Goods Sold (COGS) totaled R$ 8,332.9 million in the third quarter, 5.6% higher than in the previous quarter, reflecting the higher level of business activity during the period, with a solid increase in product sales volumes in all operating segments. · Gross profit in 3Q24 reached R$2.7 billion with a gross margin of 24.7%, representing a 2.8 p.p. drop from 2Q24. This decline in profitability is a direct result of lower prices, particularly in the mining sector. · Selling, general, and administrative expenses totaled R$1,708.6 million in 3Q24, representing a 7.6% increase from the previous quarter and a 45.4% increase from the same period last year. · The Other Operating Income and Expense s group was negative by R$366.2 million in 3Q24, reversing the positive result of the previous quarter that had been strongly impacted by iron ore hedging operations. In this sense and given the current momentum of the iron ore prices, CSN did not carry out any new operations in the second half of the year. · The Financial Result was negative at R$1,931.6 million in 3Q24, which represents an increase of 29.2% in relation to 2Q24, still impacted by the effect of the exchange rate devaluation that ends up increasing the cost of debt in dollars. Additionally, the financial result was pressured by the negative effect of the devaluation of Usiminas shares. For more information, visit our website: https://ri.csn.com.br/ 3 RESULTS 3Q24 · The Equity Result was positive at R$123.0 million in 3Q24, an increase of 25.6% compared to the previous quarter. This was driven by strong performance from MRS in recent quarters and the positive impact of improved market conditions in the steel industry on Panatlântica's results. · In the third quarter of 2024, CSN recorded a Net Loss of R$750.9 million, representing a 237.3% decrease from the previous quarter. This decline was driven by a combination of lower operating income and higher financial expenses, as well as the positive impact of iron ore hedging operations in the second quarter of 2024. This combination more than offset the positive effect of the IR/CS reversal due to the increase in deferred tax recognition in the period. Adjusted EBITDA · In the third quarter of 2024, the company's Adjusted EBITDA was R$2,284.0 million, with an adjusted EBITDA margin of 19.7%. This represents a 3.5 p.p. decrease f

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View this 6-K filing on SEC EDGAR