Companhia Siderúrgica Nacional (SID): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el mundo dinámico de la producción de acero, la compañera Siderúrgica Nacional (SID) se erige como una potencia industrial formidable, navegando estratégicamente los paisajes complejos del mercado a través de sus lienzos de modelo de negocios meticulosamente diseñados. Desde forjar asociaciones estratégicas con gigantes de la industria como Vale S.A. hasta ofrecer soluciones de acero de alta calidad en los mercados globales, el enfoque innovador de SID demuestra cómo un fabricante de acero brasileño puede transformar las materias primas en excelencia industrial basada en el valor, equilibrar la destreza tecnológica, la sostenibilidad y el mercado competitivo y el mercado competitivo posicionamiento.

Companhia Siderúrgica Nacional (SID) - Modelo de negocios: asociaciones clave

Vale S.A. para suministro de mineral de hierro

Detalles de la asociación a partir de 2024:

Métrico de asociación	Datos específicos
Volumen anual de suministro de mineral de hierro	3.2 millones de toneladas métricas
Valor de contrato	R $ 1.8 mil millones
Duración del suministro	Acuerdo a 5 años

Intercambio de tecnología ArcelorMittal

Alcance de colaboración:

• Transferencia de tecnología de producción de acero
• Iniciativas conjuntas de investigación y desarrollo
• Optimización avanzada del proceso de fabricación

Inversión tecnológica	Cantidad
Gastos anuales de I + D	R $ 42 millones
Presupuesto de transferencia de tecnología	R $ 18.5 millones

Asociaciones de transporte

Colaboraciones clave de transporte:

• MRS LOGÍSTICA Partida de logística primaria
• Red de transporte de carga ferroviaria

Métrico de transporte	Datos específicos
Volumen anual de flete	2.7 millones de toneladas métricas
Valor del contrato de transporte	R $ 620 millones

Asociaciones de la institución financiera

Colaboraciones de financiamiento de proyectos:

• Banco Nacional de Desenvolvento Econômico E Social (Bndes)
• Itaú unibanco
• Banco bradesco

Métrico de financiamiento	Cantidad
Financiación total del proyecto	R $ 1.5 mil millones
Tasa de interés promedio	7.2%

Asociaciones de fabricación de equipos

Collaboraciones de tecnología y equipo:

• Siemens
• Voith
• Metso

Inversión en equipos	Cantidad
Adquisición anual de equipos	R $ 320 millones
Inversión de actualización tecnológica	R $ 145 millones

Companhia Siderúrgica Nacional (SID) - Modelo de negocios: actividades clave

Producción y fabricación de acero

Capacidad de producción anual de acero: 6.26 millones de toneladas métricas en 2022

Instalación	Ubicación	Capacidad de producción (toneladas métricas/año)
Volta Redonda Integrated Mill	Río de Janeiro, Brasil	5.4 millones
CSN Mineração	Minas Gerais, Brasil	0.86 millones

Minería y extracción de materias primas

Producción total de mineral de hierro en 2022: 16,1 millones de toneladas métricas

• Ubicaciones mineras primarias: Estado de Minas Gerais, Brasil
• Reservas minerales probadas y probables: 1.76 mil millones de toneladas métricas

Investigación y desarrollo de productos de acero

Inversión en I + D en 2022: BRL 126.3 millones

Áreas de enfoque de I + D	Número de proyectos activos
Grados avanzados de acero	12
Fabricación sostenible	7

Exportación y distribución global

Ingresos de exportación en 2022: BRL 7.8 mil millones

• Mercados de exportación primarios: China, Estados Unidos, Argentina
• Volumen de exportación: 3.2 millones de toneladas métricas de productos de acero

Procesos de producción sostenibles

Objetivo de reducción de emisiones de CO2: 15% para 2030

Iniciativa de sostenibilidad	Estado actual
Programa de eficiencia energética	Implementado 22% de ahorro de energía
Reciclaje de agua	65% del agua industrial reciclada

Companhia Siderúrgica Nacional (SID) - Modelo de negocios: recursos clave

Instalaciones avanzadas de fabricación de acero

CSN opera instalaciones de producción de acero con las siguientes especificaciones:

Ubicación de la instalación	Capacidad de producción anual	Valor de inversión
Volta Redonda, Río de Janeiro	6 millones de toneladas métricas de acero	R $ 1.2 mil millones
Congonhas, Minas Gerais	3.5 millones de toneladas métricas de acero	R $ 750 millones

Grandes reservas de mineral de hierro

Los recursos de mineral de hierro de CSN incluyen:

• Reservas totales de mineral de hierro: 1.500 millones de toneladas métricas
• Reservas probadas y probables en Minas Gerais
• Grado promedio de mineral de hierro: 64.2%

Fuerza laboral de ingeniería calificada

Categoría de empleado	Número de empleados	Experiencia promedio
Fuerza de trabajo total	17.500 empleados	12.5 años
Profesionales de ingeniería	2.300 empleados	15 años

Infraestructura tecnológica

Las capacidades tecnológicas de CSN incluyen:

• Inversión de transformación digital: R $ 350 millones en 2023
• Centro de investigación metalúrgica avanzada
• Sistema de planificación de recursos de SAP Enterprise

Reputación de marca fuerte

Métrico de marca	Valor
Valor de marca (2023)	R $ 2.8 mil millones
Cuota de mercado en la industria del acero brasileño	22.5%
Años en funcionamiento	81 años

Companhia Siderúrgica Nacional (SID) - Modelo de negocio: propuestas de valor

Productos de acero de alta calidad para múltiples industrias

A partir de 2023, la compañía Nacional (SID) de Companhia Siderúrgica produce aproximadamente 5,1 millones de toneladas de acero anualmente en diversos segmentos industriales.

Segmento de la industria	Volumen de productos de acero (toneladas)
Automotor	1.2 millones
Construcción	1.5 millones
Infraestructura	1.1 millones
Maquinaria	0.8 millones

Precios competitivos en los mercados globales

Sid mantiene una estrategia de precios competitiva con un precio de venta promedio de $ 650 por tonelada en mercados internacionales.

Soluciones de acero personalizadas para necesidades específicas del cliente

• Ofreciendo más de 200 grados de acero únicos
• Capacidades de producción personalizadas para requisitos industriales especializados
• Soporte de ingeniería para el desarrollo de productos

Producción sostenible y ambientalmente responsable

En 2023, Sid invirtió R $ 128 millones en iniciativas de sostenibilidad ambiental, reduciendo las emisiones de carbono en un 22% en comparación con la línea de base 2020.

Métrica ambiental	2023 rendimiento
Reducción de emisiones de CO2	22%
Uso de energía renovable	37%
Utilización del agua reciclada	65%

Calidad y confiabilidad consistentes del producto

SID mantiene un estándar de control de calidad con una conformidad del producto 99.7% y la certificación ISO 9001: 2015 en las instalaciones de fabricación.

• Cero retiros de productos principales en los últimos 3 años
• Tasa promedio de defectos del producto: 0.3%
• Calificación de satisfacción del cliente: 94.5%

Companhia Siderúrgica Nacional (SID) - Modelo de negocios: relaciones con los clientes

Modelo de asociación industrial a largo plazo

A partir de 2024, CSN mantiene asociaciones estratégicas con 287 clientes industriales en sectores automotriz, de construcción y fabricación. La duración promedio de la asociación es de 8,6 años.

Segmento de clientes	Número de socios	Duración promedio de la asociación
Automotor	124	9.2 años
Construcción	93	7.5 años
Fabricación	70	8.1 años

Soporte técnico y consulta

CSN ofrece soporte técnico dedicado con 142 ingenieros especializados en múltiples centros de servicio al cliente.

• Tiempo de respuesta promedio: 2.3 horas
• Tasa de satisfacción del cliente: 94.7%
• Horas de consulta técnica anual: 12,540

Desarrollo de productos personalizado

En 2024, CSN invirtió R $ 47.6 millones en desarrollo de productos personalizados para clientes industriales clave.

Industria	Productos personalizados desarrollados	Inversión (r $)
Automotor	23	22.3 millones
Construcción	15	14.8 millones
Fabricación	12	10.5 millones

Plataformas de participación de clientes digitales

Las plataformas digitales de CSN sirven a 412 clientes corporativos activos en 2024.

• Usuarios de la plataforma digital: 412 clientes corporativos
• Tasa de procesamiento de pedidos en línea: 86%
• Inversión de plataforma digital: R $ 8.2 millones

Revisiones regulares de rendimiento y calidad

CSN realiza revisiones trimestrales de rendimiento con 279 clientes industriales clave.

Frecuencia de revisión	Clientes revisados	Métricas de calidad rastreadas
Trimestral	279	7 indicadores clave de rendimiento
Semestral	187	5 métricas de calidad
Anual	98	3 evaluaciones integrales

Companhia Siderúrgica Nacional (SID) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Companhia Siderúrgica Nacional mantiene un equipo de ventas directo dedicado de 127 profesionales especializados en ventas de productos de acero industrial y productos metalúrgicos.

Segmento del equipo de ventas	Número de representantes	Volumen de ventas anual promedio
Sector automotriz	38	453,000 toneladas métricas
Industria de la construcción	45	612,000 toneladas métricas
Proyectos de infraestructura	44	387,000 toneladas métricas

Plataformas de ventas en línea

SID opera una plataforma integral de ventas digitales B2B con las siguientes métricas:

• Plataforma Visitantes mensuales: 78,500
• Valor de transacción en línea anual: R $ 1.2 mil millones
• Tasa de conversión de ventas digitales: 4.7%

Ferias y exhibiciones de la industria

Participación anual en eventos comerciales internacionales:

Evento	Ubicación	Leades de negocios anuales generados
Metalshow Brasil	São Paulo	247 clientes potenciales
Conferencia Global de Acero	Dubai	189 clientes potenciales internacionales

Redes estratégicas de distribución internacional

Cobertura de red de distribución a partir de 2024:

• Países atendidos: 22
• Almacenes internacionales: 14
• Volumen anual de ventas internacionales: 1.6 millones de toneladas métricas

Canales de marketing digital y comunicación

Canal digital	Seguidores/suscriptores	Tasa de compromiso
LinkedIn	87,400	3.2%
YouTube	42,700	2.8%
Sitio web corporativo	Visitantes mensuales: 124,000	4.5%

Companhia Siderúrgica Nacional (SID) - Modelo de negocio: segmentos de clientes

Fabricación automotriz

Companhia Siderúrgica Nacional (SID) sirve a fabricantes de automóviles con productos de acero especializados. En 2023, el segmento de acero automotriz representaba el 22.4% del volumen total de ventas de la compañía.

Tipo de cliente automotriz	Cuota de mercado	Consumo anual de acero
Fabricantes de vehículos de pasajeros	14.7%	650,000 toneladas métricas
Fabricantes de vehículos comerciales	7.7%	340,000 toneladas métricas

Industria de la construcción

SID proporciona productos de acero para aplicaciones de construcción, que representan el 35.6% del volumen total de ventas en 2023.

• Acero estructural para marcos de construcción
• Acero de refuerzo para estructuras de concreto
• Aleaciones de acero de construcción especializadas

Segmento de construcción	Consumo anual de acero	Índice de crecimiento
Construcción residencial	1.2 millones de toneladas métricas	3.5%
Construcción comercial	780,000 toneladas métricas	2.9%

Desarrollo de infraestructura

Los proyectos de infraestructura constituyen el 18.9% de los segmentos de clientes de SID en 2023.

Tipo de infraestructura	Consumo de acero	Volumen de proyecto
Infraestructura de transporte	450,000 toneladas métricas	62 proyectos
Obras públicas	310,000 toneladas métricas	45 proyectos

Sector energético

Los clientes relacionados con la energía representaron el 15.5% del volumen de ventas de SID en 2023.

• Infraestructura de tuberías de petróleo y gas
• Equipo de energía renovable
• Estructuras de transmisión de energía

Sub-segmento de energía	Demanda anual de acero	Penetración del mercado
Petróleo y gas	280,000 toneladas métricas	8.7%
Energía renovable	190,000 toneladas métricas	6.8%

Fabricantes de maquinaria industrial

El segmento de maquinaria industrial representaba el 7,6% del volumen total de ventas de SID en 2023.

Tipo de maquinaria	Consumo de acero	Base de clientes
Equipo minero	95,000 toneladas métricas	38 fabricantes
Maquinaria agrícola	65,000 toneladas métricas	42 fabricantes

Companhia Siderúrgica Nacional (SID) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

En 2023, los costos de adquisición de materia prima de SID fueron aproximadamente R $ 12.4 mil millones. La compañía obtiene materiales clave que incluyen:

• Mineral de hierro de sus propias minas
• Carbón de proveedores internacionales
• Caliza y otras entradas metalúrgicas

Categoría de materia prima	Costo anual (R $)	Porcentaje de adquisiciones totales
Mineral de hierro	6,200,000,000	50%
Carbón	3,720,000,000	30%
Otras entradas metalúrgicas	2,480,000,000	20%

Gastos de mano de obra y de la fuerza laboral

Los costos laborales totales en 2023 alcanzaron R $ 2.8 mil millones, que cubrió aproximadamente 14,500 empleados.

Categoría de empleado	Número de empleados	Salario anual promedio (R $)
Trabajadores de producción	10,200	120,000
Personal técnico	2,800	180,000
Gestión	1,500	350,000

Mantenimiento de tecnología y equipo

El gasto anual de mantenimiento en 2023 fue de R $ 1.6 mil millones, con áreas de enfoque clave que incluyen:

• Mantenimiento del alto horno
• Equipo de molino
• Infraestructura tecnológica

Costos de energía y servicios públicos

Los gastos de energía totalizaron R $ 1.2 mil millones en 2023, con un desglose de la siguiente manera:

Fuente de energía	Costo anual (R $)	Porcentaje de costos totales de energía
Electricidad	720,000,000	60%
Gas natural	360,000,000	30%
Otras utilidades	120,000,000	10%

Inversiones de investigación y desarrollo

El gasto de I + D en 2023 ascendió a R $ 320 millones, lo que representa el 1.8% de los ingresos totales.

• Tecnología de producción de acero
• Optimización de procesos
• Innovaciones de sostenibilidad

Companhia Siderúrgica Nacional (SID) - Modelo de negocios: Freeds de ingresos

Venta de productos de acero

En 2022, Companhia Siderúrgica Nacional (SID) informó ingresos netos de R $ 32.4 mil millones de las ventas de productos de acero. Los principales segmentos de productos de acero de la compañía incluyen:

Categoría de productos	Ingresos (R $ millones)	Porcentaje de ingresos totales
Acero plano	15,680	48.4%
Acero largo	8,950	27.6%
Metálicos	5,770	17.8%
Minería	2,000	6.2%

Ingresos de exportación

Los ingresos por exportaciones para SID en 2022 totalizaron R $ 9.6 mil millones, lo que representa el 29.6% de los ingresos totales de la compañía. Los mercados de exportación clave incluyen:

• Estados Unidos: R $ 3.2 mil millones
• China: R $ 2.4 mil millones
• Unión Europea: R $ 1.8 mil millones
• Otros países latinoamericanos: R $ 2.2 mil millones

Fabricación de equipos industriales

La fabricación de equipos industriales contribuyó con R $ 1.2 mil millones a los ingresos de SID en 2022, centrándose en productos de acero especializados para infraestructura y aplicaciones industriales.

Soluciones de acero de valor agregado

Las soluciones de acero de valor agregado generaron R $ 3.6 mil millones en ingresos, que incluyen:

Tipo de solución	Ingresos (R $ millones)
Acero automotriz	1,540
Acero de construcción	1,220
Soluciones del sector energético	840

Licencias y transferencia de tecnología

Los ingresos por licencias y transferencia de tecnología alcanzaron R $ 280 millones en 2022, con asociaciones tecnológicas en:

• Procesos de fabricación de acero
• Tecnologías metalúrgicas avanzadas
• Soluciones de sostenibilidad ambiental

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.