Companhia Siderúrgica Nacional (SID): Análisis PESTLE [Actualizado en Ene-2025]

En el panorama dinámico de la destreza industrial brasileña, la compañera Siderúrgica Nacional (SID) se erige como un jugador fundamental que navega por una compleja red de desafíos políticos, económicos, sociológicos, tecnológicos, legales y ambientales. Este análisis integral de la mano presenta los intrincados factores que dan forma a la trayectoria estratégica del gigante del acero, ofreciendo una exploración matizada de cómo las fuerzas externas se cruzan con la resiliencia corporativa, la innovación y el crecimiento sostenible en un mercado global en constante evolución.

Companhia Siderúrgica Nacional (SID) - Análisis de mortero: factores políticos

Las políticas de inversión de infraestructura del gobierno brasileño impactan en el crecimiento de la industria del acero

El Plan Nacional de Logística de Infraestructura de Brasil (PNLI) para 2023-2026 asigna R $ 1.3 billones para proyectos de infraestructura. La inversión de la industria del acero se dirige específicamente:

Sector	Inversión (r $)	Impacto esperado
Infraestructura de transporte	R $ 540 mil millones	Aumento de la demanda de acero directo
Proyectos de energía	R $ 330 mil millones	Requisitos de infraestructura de acero

Cambios potenciales en las regulaciones comerciales que afectan la competitividad de la exportación de acero

Dinámica actual de exportación de acero para Brasil:

• Exportaciones de acero totales en 2023: 12.4 millones de toneladas métricas
• Valor de exportación: US $ 7.2 mil millones
• Mercados de exportación primarios: China, Estados Unidos, Argentina

La estabilidad política influye en la inversión extranjera en el sector del acero

Métricas de inversión directa extranjera (IED) para el sector del acero brasileño:

Año	IED (US $ millones)	Cambio porcentual
2022	1.45 mil millones	+6.3%
2023	1.62 mil millones	+11.7%

Las reformas económicas del gobierno impactan en las estrategias de fabricación industrial

Iniciativas clave de reforma económica que afectan la fabricación:

• Reducción de impuestos corporativos del 34% al 29%
• Régimen fiscal simplificado para sectores industriales
• Reducción de barreras burocráticas para inversiones industriales

El posicionamiento estratégico de Companhia Siderúrgica Nacional incluye adaptarse a los cambios regulatorios y aprovechar las inversiones de infraestructura gubernamental.

Companhia Siderúrgica Nacional (SID) - Análisis de mortero: factores económicos

Fluctuando los precios del acero global

A partir del cuarto trimestre de 2023, los precios globales del acero demostraron una volatilidad significativa:

Indicador de precios de acero	Valor (USD/tonelada métrica)	Cambio interanual
Bobina enrollada caliente (promedio global)	$650	-12.3%
Benchmark Hot Rolled Coil (Brasil)	$620	-14.5%

Recuperación económica brasileña

Indicadores económicos de Brasil para 2023-2024:

Métrica económica	Valor 2023	2024 proyección
Tasa de crecimiento del PIB	2.9%	1.7%
Crecimiento del sector manufacturero	3.1%	2.5%
Índice de producción industrial	52.4	53.6

Volatilidad del tipo de cambio

El rendimiento monetario que impacta la competitividad internacional de Sid:

Metría métrica	Promedio de 2023	Pronóstico 2024
Tipo de cambio BRL/USD	5.16	5.30
Índice de competitividad de exportación	98.7	97.5

Desafíos económicos en el sector manufacturero

Desafíos del sector de fabricación clave:

Desafío económico	Porcentaje de impacto	Estrategia de mitigación
Inflación de costos de entrada	8.5%	Optimización de costos
Costos de energía	6.2%	Inversiones de eficiencia
Productividad laboral	2.3%	Integración tecnológica

Companhia Siderúrgica Nacional (SID) - Análisis de mortero: factores sociales

Aumento de la conciencia de la fuerza laboral sobre la sostenibilidad y las prácticas ambientales

En 2023, Sid reportó 87.5% de participación de los empleados en programas de capacitación de sostenibilidad. La compañía invirtió R $ 3.2 millones en iniciativas de conciencia ambiental.

Año	Participación de la capacitación de sostenibilidad	Inversión en conciencia ambiental (R $)
2022	82.3%	2.9 millones
2023	87.5%	3.2 millones

Creciente demanda de producción de acero tecnológicamente avanzada y ambientalmente responsable

La producción de acero verde aumentó al 24,6% de la producción total en 2023. La demanda del mercado de productos de acero sostenible creció en un 18,2% en comparación con el año anterior.

Año	Producción de acero verde (%)	Crecimiento de la demanda del mercado (%)
2022	19.3%	14.7%
2023	24.6%	18.2%

Cambios demográficos en el mercado laboral que afectan el reclutamiento y el desarrollo de habilidades

Composición de la fuerza laboral de Sid en 2023:

• Edad promedio del empleado: 36.4 años
• Empleados menores de 30 años: 22.7%
• Empleados con títulos técnicos avanzados: 41.5%

Grupo de edad	Porcentaje de la fuerza laboral	Inversión en desarrollo de habilidades (R $)
18-30 años	22.7%	1.5 millones
31-45 años	52.3%	2.8 millones
46+ años	25%	1.2 millones

Expectativas sociales para la responsabilidad social corporativa en la fabricación

Las inversiones de responsabilidad social de Sid en 2023 totalizaron R $ 12.6 millones, cubriendo el desarrollo comunitario, la educación y los programas ambientales.

Área de responsabilidad social	Inversión (r $)	Beneficiarios
Desarrollo comunitario	4.7 millones	15,300 individuos
Programas educativos	3.9 millones	8,750 estudiantes
Iniciativas ambientales	4 millones	22 comunidades locales

Companhia Siderúrgica Nacional (SID) - Análisis de mortero: factores tecnológicos

Inversión continua en tecnologías de fabricación avanzada

En 2023, Companhia Siderúrgica Nacional invirtió R $ 687.4 millones en actualizaciones tecnológicas y modernización de la infraestructura de fabricación. La compañía asignó inversiones tecnológicas específicas en instalaciones de producción clave:

Ubicación de la instalación	Inversión tecnológica (R $)	Enfoque de tecnología primaria
Planta Volta Redonda	342.6 millones	Molinos de alta precisión
Unidad de pindamonhangaba	215.8 millones	Procesamiento metalúrgico avanzado
CSN Mineração	129 millones	Tecnologías de extracción automatizadas

Implementación de la transformación digital en procesos de producción de acero

CSN implementó estrategias de transformación digital con métricas tecnológicas clave:

• Tasa de integración de procesos digitales: 76.3%
• Sensores IoT desplegados: 1.247 en todas las líneas de producción
• Cobertura de monitoreo en tiempo real: 92.5% de los procesos de fabricación
• Inversión de análisis de datos: R $ 53.2 millones en 2023

Automatización y robótica que mejora la eficiencia y calidad de la producción

Métrico de automatización	2023 rendimiento
Sistemas robóticos desplegados	87 unidades
Tasa de automatización de la línea de producción	68.5%
Sistemas de control de calidad automatizados	42 sistemas
Mejora de la eficiencia	15.7% año tras año

Investigación y desarrollo en técnicas de fabricación de acero sostenible

La inversión de I + D se centró en la fabricación sostenible:

Tecnología de sostenibilidad	Inversión de I + D (R $)	Objetivo de reducción de CO2
Producción de acero verde	124.6 millones	22% para 2030
Metalurgia baja en carbono	89.3 millones	18% de reducción de emisiones
Procesos de economía circular	67.5 millones	35% de reciclaje de residuos

Companhia Siderúrgica Nacional (SID) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones ambientales brasileñas en la producción de acero

En 2023, CSN invirtió R $ 87.4 millones en iniciativas de cumplimiento ambiental y sostenibilidad. La compañía opera bajo la política ambiental nacional de Brasil (Ley 6.938/1981), que cumple con los estándares de emisión específicos descritos en la Resolución 382/2006 de Conama.

Métrica de cumplimiento ambiental	2023 datos
Inversiones ambientales totales	R $ 87.4 millones
Objetivo de reducción de emisiones de CO2	15.3% para 2025
Tasa de reciclaje de residuos	68.2%

Adhesión a las leyes laborales y estándares de seguridad en el lugar de trabajo

CSN cumple con el Código de Trabajo Brasileño (CLT) y mantiene estrictos protocolos de seguridad en el lugar de trabajo. En 2023, la compañía informó una tasa de accidentes en el lugar de trabajo de 1.2 incidentes por cada 1,000 empleados.

Métrica de cumplimiento laboral	2023 datos
Total de empleados	17,854
Tasa de accidentes en el lugar de trabajo	1.2 por cada 1,000 empleados
Horas anuales de capacitación en seguridad	42,360 horas

Navegar estructuras fiscales complejas en el sector industrial brasileño

CSN administra obligaciones fiscales complejas bajo el intrincado sistema fiscal de Brasil, incluidas las regulaciones ICMS, PI y Cofins. En 2023, la tasa impositiva efectiva de la compañía fue del 34,6%.

Métrica de cumplimiento fiscal	2023 datos
Tasa impositiva efectiva	34.6%
Pagos de impuestos totales	R $ 1.2 mil millones
Inversiones de cumplimiento fiscal	R $ 15.3 millones

Cumplimiento de comercio internacional y regulaciones de exportación/importación

CSN se adhiere a las regulaciones de comercio exterior de Brasil, manteniendo el cumplimiento de los acuerdos comerciales de la OMC y Mercosur. En 2023, la Compañía exportó a 42 países con un valor de exportación total de USD 1.7 mil millones.

Métrica de comercio internacional	2023 datos
Número de destinos de exportación	42 países
Valor de exportación total	USD 1.7 mil millones
Inversiones de cumplimiento de importación	R $ 22.6 millones

Companhia Siderúrgica Nacional (SID) - Análisis de mortero: factores ambientales

Compromiso de reducir las emisiones de carbono en la producción de acero

En 2023, Companhia Siderúrgica Nacional (SID) informó un objetivo de reducción de emisiones de carbono del 15% para 2030. La intensidad actual de carbono de la compañía es de 2.1 toneladas de CO2 por tonelada de acero producido.

Año	Emisiones de carbono (toneladas de CO2)	Objetivo de reducción
2022	4,567,890	-
2023	4,345,000	5%
2024 (proyectado)	4,128,750	10%

Implementación de prácticas de gestión de residuos sostenibles

Sid invirtió R $ 45 millones en infraestructura de reciclaje de residuos en 2023, logrando una tasa de reciclaje de residuos industriales del 68%.

Tipo de desecho	Total generado (toneladas)	Cantidad reciclada (toneladas)	Tasa de reciclaje
Escoria	320,000	240,000	75%
Polvo	45,000	27,000	60%
Chatarra	95,000	85,500	90%

Invertir en fuentes de energía renovables para la fabricación

Sid comprometió R $ 180 millones a proyectos de energía renovable en 2023, apuntando al 35% del uso de energía renovable para 2025.

Fuente de energía	Capacidad actual (MW)	Inversión (R $ millones)	Aumento proyectado
Solar	45	65	25%
Viento	30	75	40%
Biomasa	22	40	20%

Desarrollo de tecnologías de producción de acero ecológicas

Sid asignó R $ 95 millones para la investigación y el desarrollo de tecnologías de acero verde en 2023, centrándose en procesos de reducción basados ​​en hidrógeno.

Tecnología	Inversión de I + D (R $ millones)	Potencial de reducción de CO2	Año de implementación esperado
Reducción de hidrógeno	55	70%	2027
Optimización del horno de arco eléctrico	25	40%	2025
Captura de carbono	15	30%	2026

Companhia Siderúrgica Nacional (SID) - PESTLE Analysis: Social factors

You're analyzing Companhia Siderúrgica Nacional (SID) in a complex social environment where operational safety and community trust are as critical as market demand. The near-term reality is a tug-of-war: strong underlying demand from urbanization is being held back by high interest rates, and labor stability is threatened by industry-wide cost pressures.

Labor relations and union negotiations in the highly-unionized steel and mining sectors.

The Brazilian steel and mining sectors are historically highly unionized, making labor negotiations a constant operational factor for Companhia Siderúrgica Nacional. While specific 2025 collective bargaining outcomes are localized, the broader industry climate is strained due to intense import competition, which is forcing significant cost-cutting measures.

This pressure has led to material workforce adjustments across the sector. For instance, recent industry reports indicate that major Brazilian steelmakers have implemented operational adjustments, including workforce reductions exceeding 1,000 employees during 2025, reflecting the severity of margin pressures. This environment means any upcoming union negotiations will be tense, balancing the company's need for cost efficiency against labor demands for salary and benefit increases.

Here's the quick math: managing a high-cost labor base while imports stall steel price rises is defintely a core risk.

Growing public pressure for corporate social responsibility (CSR) and local community engagement.

Public and investor scrutiny on Companhia Siderúrgica Nacional's social and governance performance is intensifying, especially following past sector-wide incidents. The company is actively responding, and its progress is measurable in external ratings as of the third quarter of 2025.

The company's S&P ESG Score improved from 47 to 56, and its ECOVADIS score increased from 63 to 74, earning a Silver Medal. This demonstrates a quantifiable commitment to improving its social footprint. Furthermore, stakeholder engagement is a core pillar of its climate strategy, which includes the publication of its second Climate Action Report in 2025, promoting transparency with investors and local society.

• Improve ESG ratings to attract capital.
• Maintain consistent practices to remain in the FTSE4Good index.
• Address local concerns to secure social license to operate.

Urbanization trends in Brazil increase demand for civil construction materials.

Brazil's continued urbanization drives a fundamental, long-term demand for steel and cement, which are core products for Companhia Siderúrgica Nacional. The company's diversified business model, including its cement segment, directly benefits from this trend, particularly in civil construction and infrastructure projects.

For the 2025 fiscal year, Companhia Siderúrgica Nacional projects Brazil's apparent steel consumption to reach 26.9 million tons, an annual increase of 3.5%. This growth is specifically detailed by segment:

Steel Segment	Projected Consumption in 2025 (Million Tons)	Year-over-Year Change
Flat Steel	16.0	Increase from 15.5 million tons
Long Steel	10.9	Increase from 10.5 million tons
Total Apparent Consumption	26.9	+3.5%

What this estimate hides is the current economic friction: the high benchmark Selic interest rate, which stood at 15% as of September 2025, continues to constrain construction activity, slowing the immediate realization of this underlying demand.

Safety record and occupational health standards are under intense scrutiny following past incidents in the sector.

Operational safety is paramount, especially in the high-risk mining and steel sectors. Companhia Siderúrgica Nacional faces intense regulatory and public pressure to maintain world-class occupational health and safety (OHS) standards, particularly in the wake of major past industry disasters.

The company's focus on safety is showing results: in the Q2 2025 earnings call, management noted that occupational health and safety results are 30% lower than the levels recorded in 2020. The primary OHS action for 2025 is a continued focus on reducing the number of high-potential severity events. Furthermore, regulatory compliance is now more demanding, as a new Brazilian ordinance effective May 28, 2025, requires the official inclusion of psychosocial risk factors in the company's Risk Management Program (RMP).

Companhia Siderúrgica Nacional (SID) - PESTLE Analysis: Technological factors

You're looking at Companhia Siderúrgica Nacional's (SID) technological landscape, and the clear takeaway is this: the company is aggressively using capital expenditure (CapEx) to modernize its aging assets and simultaneously pursuing green steel technology to future-proof its business against global decarbonization mandates. This dual focus is a necessary, capital-intensive strategy.

Adoption of Industry 4.0 technologies (automation, AI) to improve operational efficiency in mills.

SID is integrating Fourth Industrial Revolution (Industry 4.0) concepts-like automation, data science, and Artificial Intelligence (AI)-to squeeze more efficiency from its vertically integrated operations. This isn't just about a one-off software purchase; it's a systemic push driven by the CSN Inova platform, which explicitly prioritizes investments in Industry 4.0 technologies and digital transformation to improve efficiency and reduce the carbon footprint. Honestly, this is the only way to stay competitive in a global commodity market.

The innovation platform's 'Industry of the Future' vertical focuses on technologies for operational digitalization, including leveraging Artificial Intelligence for the industrial supply chain. This is a direct move to enhance real-time decision-making and optimize complex processes, which is defintely needed to maintain the low slab production cost of R$ 3,303 per ton achieved in Q3 2025.

Investment in low-carbon steel production pathways to meet future market demands.

The global shift to low-carbon steel is a massive technological challenge, but SID is already positioning itself as a leader. The company reports that 19% of its total steel output is now classified as green steel. This is a significant competitive edge. The best example of this is the German subsidiary, Stahlwerk Thüringen (SWT), which operates an Electric Arc Furnace (EAF) using 100% scrap and 100% renewable electricity, resulting in an ultra-low carbon intensity of only 204 kg of CO₂e per metric ton of steel produced.

Here's the quick math: SWT produced and sold 838,000 metric tons of this green steel in 2024. Furthermore, the company is developing new technological routes, including a Green Hydrogen Hub through CSN Inova, to apply green hydrogen in its industrial processes, which is the next big step for decarbonizing the primary steelmaking route.

Digitalization of the logistics chain to optimize iron ore and steel transport costs.

A key technological advantage for SID is its integrated logistics, which is constantly being digitalized and expanded to lower the cost-to-serve. The acquisition of a 70% stake in Tora Transportes Group (Estrela Comércio e Participações S.A.) for R$ 742.5 million (approximately $120 million) in late 2024 was a crucial move to strengthen intermodal operations-road and rail-and enhance supply chain control. This investment is paying off now.

The Logistics segment delivered a record Adjusted EBITDA of R$ 550 million in Q3 2025, with a margin above 35%. The segment's Q2 2025 Adjusted EBITDA of R$ 519.1 million was a 46.1% increase quarter-over-quarter, showing the immediate efficiency gains from these strategic, technology-backed logistics improvements. The whole logistics network is being used to capture new markets, which helped drive a 5% growth on sales volume.

Need for continuous upgrade of aging steel mill equipment to maintain quality and reduce downtime.

The biggest near-term risk is the operational drag from aging assets, but SID has a clear CapEx plan to address it. The company is committed to a Steel Industry CapEx of approximately R$ 7.9 billion over the 2023-2028 period, specifically for the modernization of the industrial park. This is a significant commitment to asset renewal.

The goal is to eliminate bottlenecks and restore the annual steel production capacity from its current level of 3.8 million tons to its original capacity of 5 million tons. This modernization is expected to generate up to R$ 2.8 billion in incremental EBITDA by 2028. Still, the sheer scale of the investment means execution risk is high. The company's overall CapEx projection for the 2025-2028 period is in the range of R$ 6.0 to R$ 7.0 billion annually, showing the continuous, high-level investment required just to maintain and improve operational performance.

Technological Investment Focus (2023-2028)	Financial Commitment/Metric	Near-Term Impact (2025 Data)
Industrial Park Modernization (Steel)	CapEx of approx. R$ 7.9 billion (2023-2028)	Targeting capacity increase from 3.8M tons to 5M tons. Projected R$ 2.8 billion incremental EBITDA by 2028.
Low-Carbon Steel Production	Investment in SWT (EAF, 100% renewable energy) and Green Hydrogen Hub	19% of steel output is now 'green steel'. Carbon intensity of 204 kg CO₂e/t at SWT.
Logistics Digitalization/Expansion	Acquisition of Tora Transportes Group for R$ 742.5 million (late 2024)	Logistics segment record EBITDA of R$ 550 million in Q3 2025, with a margin over 35%.
Consolidated CapEx (All Segments)	Range of R$ 6.0 to R$ 7.0 billion annually (2025-2028)	Reflects high investment in maintenance, efficiency, and expansion across the entire group.

Companhia Siderúrgica Nacional (SID) - PESTLE Analysis: Legal factors

Strict enforcement of new dam safety regulations following the 2019 Brumadinho disaster.

The regulatory environment for mining dams in Brazil has become defintely more stringent, driven by Federal Law No. 14.066/2020 and new ANM (National Mining Agency) resolutions. This is a non-negotiable risk factor for Companhia Siderúrgica Nacional (SID), particularly for its mining subsidiary, Companhia Siderúrgica Nacional Mineração.

The core legal mandate is the elimination of upstream-raised dams and adherence to the Global Industry Standard on Tailings Management (GISTM). While Companhia Siderúrgica Nacional (SID) asserts all its structures are stable, the cost of compliance and the risk of legal action remain high. For example, a 2021 court order in Minas Gerais forced the company to upgrade the Fernandinho dam, with a potential daily fine for non-compliance set at $\mathbf{R\$1}$ million (Brazilian Reais) at the time, demonstrating the immediate financial threat of regulatory failure. The company previously made a significant capital commitment to mitigate dam reliance, investing $\mathbf{R\$250}$ million in dry stacking technology to process $\mathbf{100\%}$ of its ore dry at the Central Plant, dramatically reducing the need for conventional tailings disposal.

• Compliance is a major capital sink.
• New laws require financial guarantees to cover potential damages.

Compliance with the Brazilian General Data Protection Law (LGPD) for customer and employee data.

The Brazilian General Data Protection Law (LGPD - Lei Geral de Proteção de Dados) is now fully enforced, and the National Data Protection Authority (ANPD) is increasing its regulatory scrutiny in 2025. For a diversified multinational like Companhia Siderúrgica Nacional (SID), which handles vast amounts of data across steel, mining, cement, and logistics, compliance is a complex, ongoing operational cost.

The legal risk here is less about a single catastrophic event and more about the cumulative cost of non-compliance, including fines up to $\mathbf{2\%}$ of a company's revenue in Brazil, capped at $\mathbf{R\$50}$ million per infraction. To address this, Companhia Siderúrgica Nacional (SID) maintains a comprehensive Compliance Program and a revised Code of Conduct, but the sheer volume of data and the integration of new digital systems across its diverse business units create persistent exposure. This is a quiet, but constant, drain on the IT and Legal budgets.

Complex and often-changing tax code (Tax Reform) in Brazil creates administrative burden.

Brazil's multi-decade effort to simplify its notoriously complex tax system has culminated in the 2025 Tax Reform, which replaces five consumption taxes (like PIS, Cofins, ICMS, and ISS) with a dual Value-Added Tax (VAT) model: the federal Contribution on Goods and Services (CBS) and the state/municipal Tax on Goods and Services (IBS). The transition begins in 2026, making 2025 the critical year for system preparation.

The immediate action point for Companhia Siderúrgica Nacional (SID) is the massive administrative and technology overhaul needed to comply with the new system. Honestly, if the internal Enterprise Resource Planning (ERP) systems aren't fully adjusted by January 2026, the company risks being unable to issue invoices, which would halt operations. Plus, the reform introduces a new Selective Tax (IS) with a maximum rate of $\mathbf{0.25\%}$ on mining exports, which the Brazilian mining industry is actively challenging, adding a new layer of tax litigation risk to the P\&L.

Environmental licensing processes for new mining and steel projects are increasingly rigorous and lengthy.

The legal framework for obtaining environmental licenses for new capital expenditure (CAPEX) projects is a major bottleneck. Industry reports cite licensing delays of 'five to seven years,' which severely impacts the realization of planned growth and return on investment.

For Companhia Siderúrgica Nacional (SID), this risk is mapped directly to its expansion plans. The company's consolidated CAPEX for 2025 is projected to be between $\mathbf{R\$5.0}$ billion and $\mathbf{R\$6.0}$ billion, with a significant portion allocated to the P15 mining infrastructure project. The timely approval of these licenses is crucial for the ramp-up of this project, which is expected to generate a potential incremental EBITDA of $\mathbf{R\$9.3}$ billion after its maturation. The government is attempting to streamline the process for 'strategic projects' in 2025, but the inherent complexity and public opposition to large-scale mining and steel projects mean the process remains rigorous.

Here is a quick view of the legal and financial pressures on the company's investments:

Legal/Regulatory Factor	2025 Financial Impact/Risk	Key Compliance Action
Dam Safety (Law 14.066/2020)	Risk of daily fines (e.g., $\mathbf{R\$1}$ million) for non-compliance; significant, ongoing CAPEX allocation within the $\mathbf{R\$5.0}$-$\mathbf{R\$6.0}$ billion consolidated budget.	Continuous external audits; maintaining Dam Safety Plans and Emergency Action Plans (PAEBMs).
Tax Reform (Complementary Law 214/2025)	High administrative and IT system overhaul costs; new Selective Tax (IS) up to $\mathbf{0.25\%}$ on mining exports.	ERP system migration for CBS/IBS dual VAT model; tax litigation strategy against the Selective Tax.
LGPD (Data Protection)	Risk of fines up to $\mathbf{R\$50}$ million per infraction (capped at $\mathbf{2\%}$ of revenue); continuous IT security and data governance costs.	Maintaining a robust Compliance Program; regular data mapping and privacy impact assessments.
Environmental Licensing	Delay risk for major projects like P15, jeopardizing the realization of projected $\mathbf{R\$9.3}$ billion incremental EBITDA.	Engaging with new government 'strategic project' fast-track initiatives; detailed environmental impact studies.

Finance: draft a 13-week cash view by Friday that explicitly models the impact of a three-month delay in a key P15 license. That's your next step.

Companhia Siderúrgica Nacional (SID) - PESTLE Analysis: Environmental factors

As a major integrated steel producer and iron ore miner, Companhia Siderúrgica Nacional faces intense environmental scrutiny, primarily around decarbonization, water management, and mining waste disposal. The near-term focus for 2025 is on executing capital expenditure (CAPEX) plans to meet ambitious 2030 and 2035 targets, which is the only way to defintely mitigate transition risk.

Pressure to meet the company's stated CO2 emission reduction targets by 2030.

The company is under pressure from investors and regulators to meet its segment-specific decarbonization targets, which are grounded in a structured $\text{CO}_2$ Roadmap and approved by the Science Based Target initiative (SBTi) for the Cement segment. For the Steel segment, the target is a 10% reduction in $\text{CO}_2\text{e}$ emissions per metric ton of crude steel by 2030, from a 2018 baseline, with a further reduction to 20% by 2035. As of late 2024, Companhia Siderúrgica Nacional had already achieved an approximate 8% reduction in emissions intensity from this baseline, primarily through efficiency projects like the Ultimate Technology for Industrial Savings (UTIS) project, which injects green hydrogen into the blast furnace regenerators.

The company's core operations have a high carbon footprint, which means meeting these targets requires significant investment. The reported emissions intensity for steel production is approximately 2,100 kg $\text{CO}_2\text{e}$ per tonne, while cement production has an intensity of about 485,000 kg $\text{CO}_2\text{e}$ per tonne (2024 data). For the Mining segment, the goal is a 30% reduction in $\text{CO}_2\text{e}$ emissions per ton of ore produced by 2035, with a long-term aim of achieving Net Zero by 2044 for Scopes 1 and 2. This is a massive, multi-decade undertaking.

Here's the quick math on the key segment targets:

Segment	Decarbonization Target	Baseline/Metric
Steel	10% reduction by 2030	$\text{CO}_2\text{e}$ per metric ton of crude steel (2018 baseline)
Cement	23% reduction by 2030	$\text{CO}_2\text{e}$ per ton of cementitious material (2020 baseline)
Mining	30% reduction by 2035	$\text{CO}_2\text{e}$ per ton of ore produced

Water usage and management in both steel production and water-intensive iron ore processing.

Water scarcity and quality are critical operational risks, especially in the water-intensive iron ore processing and steelmaking. The main water source for the Presidente Vargas Steelworks in Volta Redonda is the Paraíba do Sul river. The company's strategy focuses on high recirculation rates and new technologies to reduce captured water volume.

In the Mining segment, Companhia Siderúrgica Nacional Mineração (CSN Mineração) has a new commitment to maintain water intensity below 0.45 cubic meters of water captured per ton of ore produced until 2032. The recirculation rate in the Central Plant (ore beneficiation) has been significantly improved, rising from 79% in 2018 to 87% in 2020, with a goal to reach 95% by 2023 (though the 2025 status is not explicitly stated, the trend is clear). The Steel segment's Presidente Vargas Plant also reported a high water recirculation rate of 93.6%, achieved through projects like water reuse from heat exchangers and effluent treatment stations.

Increased scrutiny on tailings dam management and waste disposal practices.

Following major dam disasters in Brazil, scrutiny on tailings dam safety is extremely high, and Companhia Siderúrgica Nacional is a key player in the sector. The company is actively moving away from conventional wet tailings disposal. At its Casa de Pedra mine, the company is implementing a dry stacked tailings plant, which was in its final commissioning phase for Phase 3 in late 2022, reaching a capacity of 35,000 tons per day of dry stacked tailings. This shift is crucial for mitigating catastrophic safety risks and enables the reuse of a large amount of water.

However, the company faces ongoing scrutiny over non-mining waste disposal. In January 2024, Companhia Siderúrgica Nacional and its partner were implicated in dumping steel mill slag near the Paraíba do Sul River in Volta Redonda, a situation environmentalists warned could impact the water supply for 9 million people. The Public Ministry of Rio de Janeiro ordered the removal of the waste, highlighting the persistent regulatory and community pressure on all waste streams.

Climate-related risks, like severe weather events, impacting mining and logistics operations.

Companhia Siderúrgica Nacional has acknowledged physical risks related to climate change and is developing climate adaptation plans in 2025 to strengthen asset resilience and ensure operational continuity. These risks include severe weather events that can disrupt mining and logistics, especially in a country like Brazil with vast transportation networks.

A concrete example of an operational and environmental risk event occurred when a bulk carrier transporting iron ore for Companhia Siderúrgica Nacional grounded in Itaguaí, resulting in a fine of BRL 2 million (USD 401,000) from the Brazilian State Institute of the Environment (INEA) for failure to report the incident. While not explicitly a weather event, this demonstrates the significant financial and regulatory cost of logistics-related environmental incidents. The company's large CAPEX projection of BRL 6.0 billion to BRL 7.0 billion for the 2025-2028 period includes investments like the P15 mining infrastructure works, which are intended to increase efficiency and resilience in the mining and logistics chain.

The key near-term actions are clear:

• Finance: Track $\text{CO}_2$ reduction project CAPEX against the BRL 7.9 billion steel modernization budget for 2023-2028.
• Operations: Accelerate the dry stacking process to ensure the 35,000 t/d capacity is fully leveraged.
• Risk Management: Finalize the 2025 climate adaptation plans to protect key assets.