Companhia Siderúrgica Nacional (SID): Business Model Canvas

In der dynamischen Welt der Stahlproduktion gilt die Companhia Siderúrgica Nacional (SID) als herausragendes industrielles Kraftpaket, das sich mithilfe seines sorgfältig ausgearbeiteten Business Model Canvas strategisch durch komplexe Marktlandschaften navigiert. Vom Aufbau strategischer Partnerschaften mit Branchenriesen wie Vale S.A. bis hin zur Bereitstellung hochwertiger Stahllösungen auf globalen Märkten zeigt der innovative Ansatz von SID, wie ein brasilianischer Stahlhersteller Rohstoffe in wertorientierte industrielle Exzellenz umwandeln und dabei technologische Leistungsfähigkeit, Nachhaltigkeit und wettbewerbsfähige Marktpositionierung in Einklang bringen kann.

Companhia Siderúrgica Nacional (SID) – Geschäftsmodell: Wichtige Partnerschaften

Vale S.A. für Eisenerzversorgung

Einzelheiten zur Partnerschaft ab 2024:

Partnerschaftsmetrik	Spezifische Daten
Jährliches Angebotsvolumen an Eisenerz	3,2 Millionen Tonnen
Vertragswert	1,8 Milliarden R$
Lieferdauer	5-Jahres-Vertrag

ArcelorMittal-Technologiebörse

Umfang der Zusammenarbeit:

• Technologietransfer in der Stahlproduktion
• Gemeinsame Forschungs- und Entwicklungsinitiativen
• Fortschrittliche Optimierung des Fertigungsprozesses

Technologieinvestitionen	Betrag
Jährliche F&E-Ausgaben	42 Millionen R$
Budget für Technologietransfer	18,5 Millionen R$

Transportpartnerschaften

Wichtige Transportkooperationen:

• Hauptlogistikpartner von MRS Logística
• Schienengüterverkehrsnetz

Transportmetrik	Spezifische Daten
Jährliches Frachtvolumen	2,7 Millionen Tonnen
Transportvertragswert	620 Millionen R$

Partnerschaften mit Finanzinstituten

Projektfinanzierungskooperationen:

• Banco Nacional de Desenvolvimento Econômico e Social (BNDES)
• Itaú Unibanco
• Banco Bradesco

Finanzierungsmetrik	Betrag
Gesamtprojektfinanzierung	1,5 Milliarden R$
Durchschnittlicher Zinssatz	7.2%

Partnerschaften zur Ausrüstungsherstellung

Technologie- und Ausrüstungskooperationen:

• Siemens
• Voith
• Metso

Ausrüstungsinvestitionen	Betrag
Jährliche Ausrüstungsbeschaffung	320 Millionen R$
Investition in die Modernisierung der Technologie	145 Millionen R$

Companhia Siderúrgica Nacional (SID) – Geschäftsmodell: Hauptaktivitäten

Stahlproduktion und -herstellung

Jährliche Stahlproduktionskapazität: 6,26 Millionen Tonnen im Jahr 2022

Einrichtung	Standort	Produktionskapazität (Tonnen/Jahr)
Integrierte Mühle Volta Redonda	Rio de Janeiro, Brasilien	5,4 Millionen
CSN-Mineralisierung	Minas Gerais, Brasilien	0,86 Millionen

Bergbau und Rohstoffgewinnung

Gesamte Eisenerzproduktion im Jahr 2022: 16,1 Millionen Tonnen

• Primäre Bergbaustandorte: Bundesstaat Minas Gerais, Brasilien
• Nachgewiesene und wahrscheinliche Mineralreserven: 1,76 Milliarden Tonnen

Forschung und Entwicklung von Stahlprodukten

F&E-Investitionen im Jahr 2022: 126,3 Millionen BRL

F&E-Schwerpunktbereiche	Anzahl aktiver Projekte
Fortschrittliche Stahlsorten	12
Nachhaltige Herstellung	7

Globaler Export und Vertrieb

Exporteinnahmen im Jahr 2022: 7,8 Milliarden BRL

• Hauptexportmärkte: China, USA, Argentinien
• Exportvolumen: 3,2 Millionen Tonnen Stahlprodukte

Nachhaltige Produktionsprozesse

CO2-Reduktionsziel: 15 % bis 2030

Nachhaltigkeitsinitiative	Aktueller Status
Energieeffizienzprogramm	22 % Energieeinsparung umgesetzt
Wasserrecycling	65 % des Industriewassers werden recycelt

Companhia Siderúrgica Nacional (SID) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Stahlproduktionsanlagen

CSN betreibt Stahlproduktionsanlagen mit folgenden Spezifikationen:

Standort der Einrichtung	Jährliche Produktionskapazität	Investitionswert
Volta Redonda, Rio de Janeiro	6 Millionen Tonnen Stahl	1,2 Milliarden R$
Congonhas, Minas Gerais	3,5 Millionen Tonnen Stahl	750 Millionen R$

Große Eisenerzreserven

Zu den Eisenerzressourcen von CSN gehören:

• Gesamte Eisenerzreserven: 1,5 Milliarden Tonnen
• Nachgewiesene und wahrscheinliche Reserven in Minas Gerais
• Durchschnittlicher Eisenerzgehalt: 64,2 %

Qualifizierte Ingenieursarbeitskräfte

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Durchschnittliche Erfahrung
Gesamtbelegschaft	17.500 Mitarbeiter	12,5 Jahre
Ingenieursprofis	2.300 Mitarbeiter	15 Jahre

Technologische Infrastruktur

Zu den technologischen Fähigkeiten von CSN gehören:

• Investition in die digitale Transformation: 350 Millionen R$ im Jahr 2023
• Fortgeschrittenes metallurgisches Forschungszentrum
• SAP-Enterprise-Resource-Planning-System

Starker Markenruf

Markenmetrik	Wert
Markenwert (2023)	2,8 Milliarden R$
Marktanteil in der brasilianischen Stahlindustrie	22.5%
Jahre im Betrieb	81 Jahre

Companhia Siderúrgica Nacional (SID) – Geschäftsmodell: Wertversprechen

Hochwertige Stahlprodukte für verschiedene Branchen

Im Jahr 2023 produziert die Companhia Siderúrgica Nacional (SID) jährlich etwa 5,1 Millionen Tonnen Stahl in verschiedenen Industriesegmenten.

Branchensegment	Stahlproduktvolumen (Tonnen)
Automobil	1,2 Millionen
Bau	1,5 Millionen
Infrastruktur	1,1 Millionen
Maschinen	0,8 Millionen

Wettbewerbsfähige Preise auf globalen Märkten

SID verfolgt eine wettbewerbsfähige Preisstrategie mit einem durchschnittlichen Verkaufspreis von 650 US-Dollar pro Tonne auf internationalen Märkten.

Maßgeschneiderte Stahllösungen für spezifische Kundenanforderungen

• Bietet über 200 einzigartige Stahlsorten
• Maßgeschneiderte Produktionskapazitäten für spezielle industrielle Anforderungen
• Technische Unterstützung bei der Produktentwicklung

Nachhaltige und umweltbewusste Produktion

Im Jahr 2023 investierte SID 128 Millionen R$ in Initiativen zur ökologischen Nachhaltigkeit und reduzierte damit die CO2-Emissionen um 22 % im Vergleich zum Basisjahr 2020.

Umweltmetrik	Leistung 2023
Reduzierung der CO2-Emissionen	22%
Nutzung erneuerbarer Energien	37%
Nutzung von recyceltem Wasser	65%

Gleichbleibende Produktqualität und Zuverlässigkeit

SID unterhält einen Qualitätskontrollstandard mit 99,7 % Produktkonformität und ISO 9001:2015-Zertifizierung in allen Produktionsstätten.

• Keine größeren Produktrückrufe in den letzten 3 Jahren
• Durchschnittliche Produktfehlerquote: 0,3 %
• Kundenzufriedenheitsbewertung: 94,5 %

Companhia Siderúrgica Nacional (SID) – Geschäftsmodell: Kundenbeziehungen

Langfristiges Industriepartnerschaftsmodell

Ab 2024 unterhält CSN strategische Partnerschaften mit 287 Industriekunden aus den Bereichen Automobil, Bau und Fertigung. Die durchschnittliche Partnerschaftsdauer beträgt 8,6 Jahre.

Kundensegment	Anzahl der Partner	Durchschnittliche Partnerschaftsdauer
Automobil	124	9,2 Jahre
Bau	93	7,5 Jahre
Herstellung	70	8,1 Jahre

Technischer Support und Beratung

CSN bietet engagierten technischen Support mit 142 spezialisierten Ingenieuren in mehreren Kundendienstzentren.

• Durchschnittliche Antwortzeit: 2,3 Stunden
• Kundenzufriedenheitsrate: 94,7 %
• Jährliche technische Beratungsstunden: 12.540

Maßgeschneiderte Produktentwicklung

Im Jahr 2024 investierte CSN 47,6 Millionen R$ in die maßgeschneiderte Produktentwicklung für wichtige Industriekunden.

Industrie	Kundenspezifische Produkte entwickelt	Investition (R$)
Automobil	23	22,3 Millionen
Bau	15	14,8 Millionen
Herstellung	12	10,5 Millionen

Digitale Kundenbindungsplattformen

Die digitalen Plattformen von CSN bedienen im Jahr 2024 412 aktive Firmenkunden.

• Nutzer der digitalen Plattform: 412 Firmenkunden
• Online-Bestellabwicklungsrate: 86 %
• Investition in die digitale Plattform: 8,2 Millionen R$

Regelmäßige Leistungs- und Qualitätsüberprüfungen

CSN führt vierteljährliche Leistungsbeurteilungen mit 279 wichtigen Industriekunden durch.

Überprüfen Sie die Häufigkeit	Von Kunden bewertet	Verfolgte Qualitätsmetriken
Vierteljährlich	279	7 wichtige Leistungsindikatoren
Halbjährlich	187	5 Qualitätskennzahlen
Jährlich	98	3 umfassende Beurteilungen

Companhia Siderúrgica Nacional (SID) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Companhia Siderúrgica Nacional ein engagiertes Direktvertriebsteam von 127 Fachleuten, die auf den Verkauf von Industriestahl und metallurgischen Produkten spezialisiert sind.

Vertriebsteam-Segment	Anzahl der Vertreter	Durchschnittliches jährliches Verkaufsvolumen
Automobilsektor	38	453.000 Tonnen
Bauindustrie	45	612.000 Tonnen
Infrastrukturprojekte	44	387.000 Tonnen

Online-Verkaufsplattformen

SID betreibt eine umfassende digitale B2B-Verkaufsplattform mit folgenden Kennzahlen:

• Monatliche Besucher der Plattform: 78.500
• Jährlicher Online-Transaktionswert: 1,2 Milliarden R$
• Conversion-Rate digitaler Verkäufe: 4,7 %

Branchenmessen und Ausstellungen

Jährliche Teilnahme an internationalen Fachveranstaltungen:

Veranstaltung	Standort	Jährlich generierte Geschäftskontakte
MetalShow Brasilien	São Paulo	247 potenzielle Kunden
Globale Stahlkonferenz	Dubai	189 internationale Leads

Strategische internationale Vertriebsnetzwerke

Abdeckung des Vertriebsnetzes ab 2024:

• Belieferte Länder: 22
• Internationale Lager: 14
• Jährliches internationales Verkaufsvolumen: 1,6 Millionen Tonnen

Digitale Marketing- und Kommunikationskanäle

Digitaler Kanal	Follower/Abonnenten	Engagement-Rate
LinkedIn	87,400	3.2%
YouTube	42,700	2.8%
Unternehmenswebsite	Monatliche Besucher: 124.000	4.5%

Companhia Siderúrgica Nacional (SID) – Geschäftsmodell: Kundensegmente

Automobilbau

Companhia Siderúrgica Nacional (SID) beliefert Automobilhersteller mit spezialisierten Stahlprodukten. Im Jahr 2023 machte das Segment Automobilstahl 22,4 % des Gesamtumsatzes des Unternehmens aus.

Kundentyp Automotive	Marktanteil	Jährlicher Stahlverbrauch
Hersteller von Personenkraftwagen	14.7%	650.000 Tonnen
Nutzfahrzeughersteller	7.7%	340.000 Tonnen

Bauindustrie

SID liefert Stahlprodukte für Bauanwendungen, die im Jahr 2023 35,6 % des Gesamtumsatzes ausmachen.

• Baustahl für Gebäudegerüste
• Bewehrungsstahl für Betonkonstruktionen
• Spezielle Baustahllegierungen

Bausegment	Jährlicher Stahlverbrauch	Wachstumsrate
Wohnungsbau	1,2 Millionen Tonnen	3.5%
Gewerbebau	780.000 Tonnen	2.9%

Infrastrukturentwicklung

Infrastrukturprojekte machen im Jahr 2023 18,9 % der Kundensegmente von SID aus.

Infrastrukturtyp	Stahlverbrauch	Projektvolumen
Verkehrsinfrastruktur	450.000 Tonnen	62 Projekte
Öffentliche Arbeiten	310.000 Tonnen	45 Projekte

Energiesektor

Energiebezogene Kunden machten im Jahr 2023 15,5 % des SID-Umsatzvolumens aus.

• Infrastruktur für Öl- und Gaspipelines
• Ausrüstung für erneuerbare Energien
• Kraftübertragungsstrukturen

Untersegment Energie	Jährlicher Stahlbedarf	Marktdurchdringung
Öl und Gas	280.000 Tonnen	8.7%
Erneuerbare Energie	190.000 Tonnen	6.8%

Hersteller von Industriemaschinen

Das Segment Industriemaschinen machte im Jahr 2023 7,6 % des Gesamtumsatzes von SID aus.

Maschinentyp	Stahlverbrauch	Kundenstamm
Bergbauausrüstung	95.000 Tonnen	38 Hersteller
Landmaschinen	65.000 Tonnen	42 Hersteller

Companhia Siderúrgica Nacional (SID) – Geschäftsmodell: Kostenstruktur

Rohstoffbeschaffung

Im Jahr 2023 beliefen sich die Rohstoffbeschaffungskosten von SID auf etwa 12,4 Milliarden R$. Das Unternehmen beschafft wichtige Materialien, darunter:

• Eisenerz aus eigenen Minen
• Kohle von internationalen Lieferanten
• Kalkstein und andere metallurgische Rohstoffe

Rohstoffkategorie	Jährliche Kosten (R$)	Prozentsatz der gesamten Beschaffung
Eisenerz	6,200,000,000	50%
Kohle	3,720,000,000	30%
Andere metallurgische Inputs	2,480,000,000	20%

Arbeits- und Personalkosten

Die gesamten Arbeitskosten erreichten im Jahr 2023 2,8 Milliarden R$ und deckten etwa 14.500 Mitarbeiter ab.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Durchschnittliches Jahresgehalt (R$)
Produktionsmitarbeiter	10,200	120,000
Technisches Personal	2,800	180,000
Management	1,500	350,000

Wartung von Technologie und Ausrüstung

Die jährlichen Wartungsausgaben beliefen sich im Jahr 2023 auf 1,6 Milliarden R$, wobei die wichtigsten Schwerpunkte darin liegen:

• Wartung von Hochöfen
• Walzwerksausrüstung
• Technologische Infrastruktur

Energie- und Betriebskosten

Die Energiekosten beliefen sich im Jahr 2023 auf insgesamt 1,2 Milliarden R$ und verteilen sich wie folgt:

Energiequelle	Jährliche Kosten (R$)	Prozentsatz der gesamten Energiekosten
Strom	720,000,000	60%
Erdgas	360,000,000	30%
Andere Dienstprogramme	120,000,000	10%

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben beliefen sich im Jahr 2023 auf 320 Millionen R$, was 1,8 % des Gesamtumsatzes entspricht.

• Stahlproduktionstechnologie
• Prozessoptimierung
• Nachhaltigkeitsinnovationen

Companhia Siderúrgica Nacional (SID) – Geschäftsmodell: Einnahmequellen

Verkauf von Stahlprodukten

Im Jahr 2022 meldete die Companhia Siderúrgica Nacional (SID) einen Nettoumsatz von 32,4 Milliarden R$ aus dem Verkauf von Stahlprodukten. Zu den wichtigsten Stahlproduktsegmenten des Unternehmens gehören:

Produktkategorie	Umsatz (Mio. R$)	Prozentsatz des Gesamtumsatzes
Flachstahl	15,680	48.4%
Langer Stahl	8,950	27.6%
Metallics	5,770	17.8%
Bergbau	2,000	6.2%

Exporteinnahmen

Die Exporteinnahmen von SID beliefen sich im Jahr 2022 auf insgesamt 9,6 Milliarden R$, was 29,6 % des Gesamtumsatzes des Unternehmens entspricht. Zu den wichtigsten Exportmärkten gehören:

• Vereinigte Staaten: 3,2 Milliarden R$
• China: 2,4 Milliarden R$
• Europäische Union: 1,8 Milliarden R$
• Andere lateinamerikanische Länder: 2,2 Milliarden R$

Herstellung von Industrieanlagen

Der Industrieanlagenbau trug im Jahr 2022 1,2 Milliarden R$ zum Umsatz von SID bei und konzentrierte sich auf spezialisierte Stahlprodukte für Infrastruktur und Industrieanwendungen.

Mehrwertige Stahllösungen

Mehrwertige Stahllösungen erwirtschafteten einen Umsatz von 3,6 Milliarden R$, darunter:

Lösungstyp	Umsatz (Mio. R$)
Automobilstahl	1,540
Baustahl	1,220
Lösungen für den Energiesektor	840

Lizenzierung und Technologietransfer

Die Einnahmen aus Lizenzen und Technologietransfer erreichten im Jahr 2022 280 Millionen R$, mit Technologiepartnerschaften in:

• Stahlherstellungsprozesse
• Fortschrittliche metallurgische Technologien
• Lösungen für ökologische Nachhaltigkeit

Companhia Siderúrgica Nacional (SID) - Canvas Business Model: Value Propositions

You're looking at the core strengths Companhia Siderúrgica Nacional (SID) offers its customers, which are deeply rooted in its operational structure. These aren't just services; they are structural advantages that translate directly into reliability and cost-effectiveness for you.

Vertical Integration: Cost control from raw material to final product

Companhia Siderúrgica Nacional's fully integrated steel operation is a key value driver, giving it cost advantages that help deliver stronger profitability than many domestic and global peers. This integration means self-sufficiency in critical inputs like iron ore and energy, which acts as a natural hedge against raw material price volatility. For instance, the company's mining segment, which accounted for about 45% of EBITDA in recent years, secures the primary feedstock internally.

The benefit of this structure is clear in the cost base. Companhia Siderúrgica Nacional benefits from low tariff exposure because many of its raw material suppliers operate in the same country, and it pays salaries in BRL while selling a significant portion of products in U.S. dollars, potentially leading to decent margins.

Diversified product portfolio (flat steel, tin plate, cement, iron ore)

Companhia Siderúrgica Nacional operates across five main segments, ensuring a broad base of value delivery: Steel industry, Mining, Cement, Energy, and Logistics. This diversification smooths out cyclical risks inherent in any single commodity market. You see this balance in the revenue and profit contributions:

Segment/Metric	Latest Reported Figure	Context/Year
Trailing Twelve-Month Revenue	$7.96B	As of 30-Sep-2025
Total Consolidated EBITDA	2.6 billion BRL	Q2 2025
Consolidated EBITDA Margin	23.5%	Q2 2025
Steel Segment Net Revenue Share	50.0%	2023
Iron Ore Segment EBITDA Share	45%	Recent Fiscal Years
Cement Segment Record EBITDA	R$1,361 million	2024

The cement operation is a significant growth area, with a projection to invest up to R$ 5 billion in organic growth, targeting an addition of 8 million tons/year. That's serious capacity expansion.

High-margin products like galvanized and pre-painted steel

Within the core Steel segment, Companhia Siderúrgica Nacional maintains a strategic focus on high-value products to enhance margins, even when facing competitive pressures from imports, particularly from China. While specific revenue breakdowns for galvanized or pre-painted steel aren't explicitly detailed for 2025, the company's historical performance shows that its commercial approach helps sustain margins above peers. The steel segment contributed 52% of EBITDA in a recent historical period, underscoring the importance of its product mix strategy.

Reliable supply chain due to owned logistics infrastructure

The value proposition includes an efficient logistics chain, leveraging strategic stakes in infrastructure assets. This covers everything from mine to mill to port terminals, ensuring reliable product flow. The Logistics segment reported a Total Net Revenue of R$ 758 million in the fourth quarter of 2024, showing the scale of this operation. Furthermore, there is a projection that the Transnordestina railway could generate up to R$ 3.5 billion in EBITDA after its operations start, estimated by 2027. This infrastructure ownership is key to supply chain dependability.

Technical support and co-engineering via the Value Program

Companhia Siderúrgica Nacional actively engages customers through its "Value Program" (Programa Valor), which is designed to foster deep understanding of customer needs and promote product innovation. This isn't just sales support; it's technical partnership. The offering includes:

• Bringing Companhia Siderúrgica Nacional's technical staff closer to the customer base.
• Product Application Engineering supporting design and steel specification.
• Expertise in managing co-engineering projects for value creation.
• Use of latest generation tools, including numerical, experimental, and prototyping simulation.

This systematic methodology aims to develop solutions that fully meet specific customer needs, increasing competitiveness and loyalty. Honestly, that level of engineering involvement is a defintely strong differentiator.

Finance: draft 13-week cash view by Friday.

Companhia Siderúrgica Nacional (SID) - Canvas Business Model: Customer Relationships

You're looking at how Companhia Siderúrgica Nacional (SID) manages its connections across its diverse customer base, which spans from massive commodity buyers to specialized industrial clients. The approach definitely shifts based on the product line.

Dedicated account managers and technical assistance for B2B clients.

For the core steel and mining segments, the relationship is high-touch, especially for clients requiring specific product grades or long-term supply agreements. While specific account manager counts aren't public, the focus on high-value products in the steel segment suggests this personalized service is key to maintaining margins amidst import competition.

Digital self-service via B2B portal and WhatsApp for Cement sales.

The cement operation, which contributed 9.6 percent to EBITDA in Q1 2025 and saw significant growth in sales volumes in Q2 2025, relies on digital channels. The company has projected investments of up to R$ 5 billion for organic growth in cement, aiming to add 8 million tons/year, which necessitates scalable digital support like portals and WhatsApp for order processing and customer service.

Value Program for deep, collaborative product development.

This program targets strategic B2B partners, often in the steel segment, to co-develop materials. The company's strategic focus on high-value products in its steel segment to enhance margins is likely supported by such collaborative efforts, moving beyond simple transactional sales.

Transactional relationships for commodity iron ore exports.

The Mining segment is Companhia Siderúrgica Nacional's largest EBITDA contributor, at 46.6 percent in Q2 2025. These relationships are largely transactional, driven by global commodity prices. For instance, iron ore exports reached 10.765 million mt in Q2 2025, following a volume of 8.600 million mt in Q1 2025. The mining arm sells everything it produces.

Customized service for logistics clients via the Customers' Portal.

The Logistics segment, which accounted for 19.6 percent of EBITDA in Q2 2025, uses a dedicated portal for customized service. This segment saw an 8% growth in sales in Q2 2025, indicating that the portal supports complex, tailored service delivery for clients using Companhia Siderúrgica Nacional's railway and port terminal assets.

Here's a quick look at the scale of the segments driving these customer interactions, based on recent reported data:

Segment	Metric Type	Value (Latest Available)	Period/Context
Mining (Iron Ore Exports)	Export Volume	10.765 million mt	Q2 2025
Logistics	EBITDA Contribution	19.6 percent	Q2 2025
Cement	EBITDA	R$ 1,361 million	2024
Logistics	Sales Growth	8 percent	Q2 2025
Consolidated	Net Revenue	R$ 11,794 million	3Q25

The overall customer relationship strategy must balance the high-volume, price-sensitive nature of iron ore exports with the specialized needs of steel and cement buyers. The company's overall trailing twelve-month revenue as of September 30, 2025, was $7.96B.

The key relationship touchpoints for Companhia Siderúrgica Nacional are:

• Direct, dedicated support for B2B steel/mining contracts.
• Digital, self-service channels for high-volume Cement sales.
• Collaborative development via the Value Program.
• Arm's-length, volume-based contracts for iron ore exports.
• Portal-based customized management for Logistics services.

Finance: review the Q3 2025 customer payment terms against the R$ 56.3 billion adjusted nominal debt reported in September 2025 by next Tuesday.

Companhia Siderúrgica Nacional (SID) - Canvas Business Model: Channels

You're looking at how Companhia Siderúrgica Nacional (SID) gets its products to market as of late 2025. It's a mix of direct, distributor, and international routes, all heavily supported by its own infrastructure.

For large industrial clients, which include automotive, construction, and packaging segments, the direct sales force is key. While specific direct sales force metrics aren't public, the overall commercial strategy is clearly driving volume. For instance, in the third quarter of 2025, Companhia Siderúrgica Nacional expanded sales by 4.4% compared to the previous quarter, showing the efficacy of its commercial approach in a pressured market.

The company uses independent distributors and service centers for domestic steel distribution. The domestic market remains a core focus, as seen by the 260,000 tons sold by overseas subsidiaries in the second quarter of 2025, which dwarfs the 3,000 tons sold directly via export in that same period.

Regarding export sales, Companhia Siderúrgica Nacional serves a global footprint, though the exact number of countries is not explicitly stated as 71 in the latest filings. However, the scale of international movement is clear. In the second quarter of 2025, iron ore exports specifically reached 10.765 million mt. The company's subsidiaries, like LLC and SWT, moved significant volumes internationally in 2Q25.

Owned logistics assets are a major channel advantage, integrating operations from mine to port. In the second quarter of 2025, the logistics segment, which includes participation in railways and port terminals, generated a net revenue of R$ 57.4 million, with an Adjusted EBITDA of R$ 6.4 million and an 11.1% margin. By the third quarter of 2025, the logistics segment achieved a record EBITDA of R$ 550 MM. The company is heavily invested in this area; for example, the Transnordestina railway project is projected to generate up to R$ 3.5 billion in EBITDA after its operations mature, estimated by 2027.

For the cement business, digital channels are a growing part of the mix. While the specific figure of 40% of Cement sales via a B2B platform isn't confirmed in the latest data, the segment itself is showing strong volume. In the first half of 2025, total cement sales in Brazil increased by 3.5% year-over-year, totaling 32.0 million tons. The third quarter of 2025 saw the second highest cement sales volume in Companhia Siderúrgica Nacional's history.

Here's a quick look at the logistics segment performance as a channel enabler:

Metric	Period	Value	Unit
Logistics Segment Net Revenue	2Q25	R$ 57.4 million	BRL
Logistics Segment Adjusted EBITDA	2Q25	R$ 6.4 million	BRL
Logistics Segment Adjusted EBITDA Margin	2Q25	11.1%	Percentage
Logistics Segment EBITDA (Record)	3Q25	R$ 550 MM	BRL
Iron Ore Exports Volume	2Q25	10.765 million mt	Tons

The company's sales distribution across its segments in 2Q25, excluding internal eliminations, shows the relative importance of the volume moved through these channels:

• Steel Production Contribution to EBITDA: 22.0 percent.
• Mining Contribution to EBITDA: 46.6 percent.
• Logistics Contribution to EBITDA: 19.6 percent.
• Cement Contribution to EBITDA: 9.6 percent.

The direct sales focus on large clients is supported by the end-use industries mentioned in historical context, which include distribution, packaging, automotive, home appliance, and construction.

Companhia Siderúrgica Nacional (SID) - Canvas Business Model: Customer Segments

Companhia Siderúrgica Nacional (CSN) serves a diversified base of industrial and infrastructure clients, which is reflected in the revenue mix across its operating segments as of late 2025.

Large industrial manufacturers (automotive, home appliances).

Sales to the automotive industry remain a core focus for Companhia Siderúrgica Nacional (CSN) flat and coated steel products. Management noted in late 2025 that sales to the agricultural machinery and automotive industries should continue to trend upward throughout 2025. Furthermore, the company is actively seeking trade protection measures, having already secured 40% provisional antidumping protection against imports of tinplate and chrome-coated sheets from China, products vital to the home appliance sector. Companhia Siderúrgica Nacional (CSN) has an annual crude steel capacity of 5.6 million tons and a rolled product capacity of 5.1 million tons.

Civil construction and infrastructure companies (steel and cement).

The civil construction sector provides steady demand for both Companhia Siderúrgica Nacional (CSN)'s steel and its cement division. The cement segment showed volume growth of 4.6% in the third quarter of 2025, supported by higher realized prices. Executives indicated that civil construction sales have been solid and could see an uptick following the end of the rainy season in Brazil. The nine-month consolidated net revenue for Companhia Siderúrgica Nacional (CSN) ending September 30, 2025, reached R$ 33.39 billion, with the cement business contributing to this top-line performance.

Global steel mills and traders (bulk iron ore export market).

The mining segment, primarily focused on iron ore export, is a major revenue driver. In the third quarter of 2025, Companhia Siderúrgica Nacional (CSN)'s mining revenues totaled R$4.42 billion, representing 33% of total Last Twelve Months (LTM) net revenues. Foreign volumes in the mining segment reached 11,419k tons in 3Q25, benefiting from favorable demand, particularly from China, which is noted as the largest world steel producer and a main consumer of Companhia Siderúrgica Nacional (CSN)'s iron ore. The realized unit net revenue for mining increased by 26.5% sequentially in 3Q25.

Packaging industry (tin mill products, where CSN has high market share).

Companhia Siderúrgica Nacional (CSN) maintains a strong position in the packaging market through its tin mill products. The company has been working on antidumping complaints against imports, having already won provisional protection on tinplate from China. While historical data shows Companhia Siderúrgica Nacional (CSN) accounted for approximately 98% of tin mill products sold in Brazil in 2004, the current focus is on protecting this high-margin product line against surging imports.

Domestic steel distributors and service centers.

The domestic market is critical, especially given import pressures. Companhia Siderúrgica Nacional (CSN) has been strategically redirecting volumes from exports to the domestic market to sustain sales. Domestic market sales for steel products saw an 8% growth in one reported quarter, and a 16% increase in another, reflecting robust local industrial activity. The company is preparing further antidumping cases for all its other steel products to protect this segment.

Key operational metrics tied to customer segments in 3Q25 include:

Metric	Value	Segment Context
Steel EBITDA per Ton (3Q25)	R$405/t (or US$74/t)	Reflects pricing and cost realization across domestic/export steel sales.
Mining Sales Volume (3Q25)	12,396k tons	Driven by export demand, with foreign volumes at 11,419k tons.
Cement Sales Volume Growth (3Q25)	4.6%	Reflects demand from the civil construction segment.
Domestic Steel Market Sales Growth (YoY)	16% (in one reported quarter)	Shows strength in the distributor and service center channel.

Companhia Siderúrgica Nacional (CSN)'s customer base relies on its integrated structure, which includes self-sufficiency in energy and a well-developed logistics network from mine to port. The company's product mix is strategically focused on higher-margin items, such as:

• Tin plate
• Pre-painted steel
• Galvalume products
• Galvanized products

The overall financial health shows that for the nine months ending September 30, 2025, the company's total assets stood at R$ 100.83 billion, while borrowings and financing totaled R$ 52.15 billion.

Companhia Siderúrgica Nacional (SID) - Canvas Business Model: Cost Structure

You're looking at the core expenses Companhia Siderúrgica Nacional (SID) faces to keep its integrated steel and mining machine running. Honestly, the structure is dominated by the sheer scale of its assets. This means high fixed costs are a given, stemming directly from running capital-intensive integrated steel and mining operations. Think about the massive blast furnaces and the mining fleet; those don't run cheap, regardless of immediate output.

The financial burden from this scale is clear when you look at the debt servicing. For the nine months ended September 30, 2025 (9M 2025), Companhia Siderúrgica Nacional posted significant net financial expenses of R$ 5.19 billion. That number is a direct consequence of the high leverage the company carries; total borrowings and financing stood at R$ 52.15 billion as of that same period. That's a huge drag on the bottom line before you even account for making steel or digging ore.

Investment spending, or CAPEX, is another major cost driver that signals future fixed cost commitments. Companhia Siderúrgica Nacional has projected its consolidated CAPEX to fall within the range of R$ 6.0 to R$ 7.0 billion for the period spanning 2025 through 2028. This heavy investment is split across segments, with the mining expansion project (Phase 1) alone having a revised CAPEX projection of R$ 13.2 billion for the 2025-2030 period. In the 9M 2025 period, investment cash outflows already reached R$ 4.62 billion.

Here's a quick look at some of the key financial metrics that define this cost environment as of late 2025:

Metric	Amount/Value	Period/Context
Net Financial Expenses	R$ 5.19 billion	9M 2025
Total Borrowings and Financing	R$ 52.15 billion	9M 2025
Consolidated CAPEX Projection Range	R$ 6.0 to R$ 7.0 billion	2025-2028
Investment Cash Outflows	R$ 4.62 billion	9M 2025
Net Cash from Operating Activities	Outflow of R$ 1.01 billion	9M 2025

Costs of Goods Sold (COGS) for the mining segment are heavily influenced by raw material sourcing. Companhia Siderúrgica Nacional projects its production volume and purchases of third-party iron ore for 2025 to be 42 Mton. To manage the cost of this input, the company projects its Mining C1 Cost (a measure of direct cash cost) for 2025 to be between US$21.5/ton and US$23.0/ton. The C1 cost for 1Q25 was reported at a more efficient $21/t.

When you look at operational inputs, labor and energy costs are always material for a company this size. While Companhia Siderúrgica Nacional benefits from some self-sufficiency, particularly in energy, external factors still pose risks. For instance, the availability and price of raw materials and increased fuel prices are explicitly listed as factors that could cause actual results to differ substantially from expectations. Energy costs, in general, remain a challenge for energy-intensive sectors like metals globally.

You should keep an eye on these key cost components:

• Debt Servicing: Driven by the R$ 52.15 billion in borrowings.
• Capital Deployment: The multi-year R$ 6.0 to R$ 7.0 billion CAPEX plan.
• Raw Material Cost: Managing the C1 cost, aiming for the US$21.5-23.0/ton target for 2025.
• Operational Inputs: Exposure to global fuel price volatility.

Finance: draft 13-week cash view by Friday.

Companhia Siderúrgica Nacional (SID) - Canvas Business Model: Revenue Streams

You're looking at the core ways Companhia Siderúrgica Nacional (SID) brings in cash, which is key to understanding its financial health as a diversified industrial player. The company's revenue streams are built around its integrated operations spanning steel, mining, cement, and logistics.

For the nine months ended September 30, 2025, Companhia Siderúrgica Nacional (SID) reported a consolidated net revenue of R$ 33.39 billion. This figure shows growth compared to the R$ 31.66 billion reported in the same period of the prior year, reflecting the contribution from its varied segments.

The revenue generation is segmented across its main business lines. For instance, the third quarter of 2025 saw net sales revenues reach R$ 11.794 billion, a 6.6 percent increase over the previous quarter.

Here's a look at how the operational segments contribute to the top line, using the latest available volume and revenue data:

Revenue Stream Component	Latest Reported Metric/Volume	Period/Context
Consolidated Net Revenue	R$ 33.39 billion	Nine months ended September 30, 2025
Steel Sales Volume	1,058 thousand mt (4.4% increase)	Q3 2025
Iron Ore Sales Volume	Over 12 million tons shipped	Q3 2025
Cement Sales Volume	3,623 thousand tons	Q3 2025 (Second-highest in history)
Railway Logistics Net Revenue	R$ 800.5 million	Q2 2025
Multimodal Logistics Net Revenue	R$ 319.0 million	Q2 2025

The sale of steel products is a major component, serving both domestic and export markets. You can see the split in sales volumes for the third quarter of 2025:

• Domestic steel sales volume: decreased by 10 percent to 780,000 mt.
• Steel exports volume: declined by 7.6 percent to 277,000 mt.

Revenue from the Mining segment, which involves the sale of Iron Ore to global steel producers, is clearly a powerhouse. In Q3 2025, the segment shipped over 12 million tons. Specifically, iron ore exports saw a 5.9 percent increase, reaching 11.419 million mt in that quarter.

Companhia Siderúrgica Nacional (SID) is also a significant player in the construction materials space. CSN Cimentos is recognized as the second-largest cement producer in Brazil, following its acquisition of LafargeHolcim (Brasil) assets in 2022. The cement division posted its second-highest sales volume in company history in Q3 2025 at 3,623 thousand tons.

Finally, revenue from Logistics services is derived from railway and port operations. For the second quarter of 2025, the railway logistics arm brought in a Net Revenue of R$ 800.5 million, while the Multimodal Logistics segment reported a Net Revenue of R$ 319.0 million in the same period. Finance: draft 13-week cash view by Friday.