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Companhia Siderúrgica Nacional ( (SID) ) just unveiled an update.
On March 11, 2026, CSN reported its fourth-quarter and full-year 2025 results, showing net revenue of R$ 11.4 billion in 4Q25, down 3.3% from the prior quarter and 5.2% year on year amid typical year-end seasonality and softer activity in steel and cement. Full-year 2025 net revenue rose 2.5% to R$ 44.8 billion, driven by record operating performance in Mining, stronger results in Logistics and Energy, and higher cargo volumes boosted by the incorporation of the Tora Group.
Cost of goods sold fell 7.1% in 4Q25 versus 3Q25, helping lift quarterly gross margin to 32.2%, while 2025 gross margin improved to 27.7% as operational efficiencies offset competitive pressure in some markets. SG&A rose 7.6% in 4Q25 on year-end costs but declined 4.7% for 2025, largely reflecting weaker commercial activity in steel.
Other operating income and expenses swung to a sharply higher negative balance of R$ 1.54 billion in 4Q25 and R$ 2.08 billion for 2025, mainly due to operational idleness and inventory losses tied to the shutdown of Blast Furnace No. 2 and higher impacts from FX and iron ore hedges. Financial results were also negative, though 4Q25 losses narrowed sequentially on FX gains from overseas investments, while full-year 2025 financial expenses worsened 11.7% amid higher interest rates and currency effects on foreign debt.
Equity income from investees fell 25.4% in 4Q25 on seasonal weakness at rail operator MRS, but rose 15.9% for 2025 as MRS delivered record cargo handling and strong efficiency gains. CSN posted a net loss of R$ 721.2 million in 4Q25, reversing a prior-quarter profit, and full-year losses remained broadly stable versus 2024 as mining and logistics improvements were offset by non-recurring steel segment impacts, underscoring both the strength of its resource and transport businesses and ongoing operational challenges in steel.
The most recent analyst rating on (SID) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Companhia Siderúrgica Nacional stock, see the SID Stock Forecast page.
Spark’s Take on SID Stock
According to Spark, TipRanks’ AI Analyst, SID is a Neutral.
The score is held back primarily by weak financial performance (losses, high leverage, and negative free cash flow). Offsetting this, technicals are moderately supportive (price above major moving averages with positive MACD) and the latest earnings call highlighted strong EBITDA growth and improving leverage, though cash flow and steel-market pressures remain key risks.
To see Spark’s full report on SID stock, click here.
More about Companhia Siderúrgica Nacional
Companhia Siderúrgica Nacional (CSN), or National Steel Company, is a Brazilian steel and mining group with integrated operations spanning steel production, iron ore mining, cement, logistics and energy. The company serves domestic and export markets, and in recent years has expanded its multimodal logistics platform, including rail and cargo operations, to support higher mining volumes and broader industrial demand.
Average Trading Volume: 4,549,035
Technical Sentiment Signal: Strong Sell
Current Market Cap: $1.82B
Find detailed analytics on SID stock on TipRanks’ Stock Analysis page.