Companhia Siderúrgica Nacional (SID): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le monde dynamique de la production d'acier, Companhia Siderúrgica Nacional (SID) est une formidable puissance industrielle, naviguant stratégiquement des paysages de marché complexes grâce à sa toile de modèle commercial méticuleusement conçu. De forger des partenariats stratégiques avec des géants de l'industrie comme Vale S.A. à la fourniture de solutions en acier de haute qualité sur les marchés mondiaux, l'approche innovante de SID montre comment un fabricant d'acier brésilien peut transformer les matières premières en excellence industrielle axée sur la valeur, équilibrer les prouesses technologiques, la durabilité et le marché compétitif positionnement.

Companhia Siderúrgica Nacional (SID) - Modèle commercial: partenariats clés

Vale S.A. pour l'approvisionnement en minerai de fer

Détails du partenariat à partir de 2024:

Métrique de partenariat	Données spécifiques
Volume annuel de l'offre de minerai de fer	3,2 millions de tonnes métriques
Valeur du contrat	1,8 milliard de R
Durée de l'alimentation	Accord sur 5 ans

Échange de technologie ArcelorMittal

Portée de collaboration:

• Transfert de technologie de production d'acier
• Initiatives conjointes de recherche et développement
• Optimisation avancée du processus de fabrication

Investissement technologique	Montant
Dépenses annuelles de R&D	42 millions de R $
Budget de transfert de technologie	18,5 millions de dollars

Partenariats de transport

Collaborations clés du transport:

• Mme Logística Primal Logistics Partner
• Réseau de transport de fret ferroviaire

Métrique de transport	Données spécifiques
Volume annuel de fret	2,7 millions de tonnes métriques
Valeur du contrat de transport	620 millions de R

Partenariats d'institution financières

Collaborations de financement du projet:

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

Financement de la métrique	Montant
Financement total du projet	1,5 milliard de R
Taux d'intérêt moyen	7.2%

Partenariats de fabrication d'équipements

Collaborations technologiques et équipements:

• Siemens
• Voile
• Mètres

Investissement de l'équipement	Montant
Achat d'équipement annuel	320 millions de R $
Investissement de mise à niveau technologique	145 millions de dollars

Companhia Siderúrgica Nacional (SID) - Modèle d'entreprise: Activités clés

Production et fabrication d'acier

Capacité annuelle de production d'acier: 6,26 millions de tonnes en 2022

Facilité	Emplacement	Capacité de production (tonnes métriques / an)
Moulin intégré Volta Redonda	Rio de Janeiro, Brésil	5,4 millions
CSN Mineração	Minas Gerais, Brésil	0,86 million

Extraction et extraction des matières premières

Production totale de minerai de fer en 2022: 16,1 millions de tonnes métriques

• Emplacements d'exploitation principale: Minas Gerais State, Brésil
• Réserves minérales éprouvées et probables: 1,76 milliard de tonnes métriques

Recherche et développement de produits en acier

Investissement en R&D en 2022: BRL 126,3 millions

Zones de mise au point R&D	Nombre de projets actifs
Grades en acier avancé	12
Fabrication durable	7

Exportation et distribution globales

Revenus d'exportation en 2022: BRL 7,8 milliards

• Marchés d'exportation primaires: Chine, États-Unis, Argentine
• Volume d'exportation: 3,2 millions de tonnes métriques de produits en acier

Processus de production durables

Objectif de réduction des émissions de CO2: 15% d'ici 2030

Initiative de durabilité	État actuel
Programme d'efficacité énergétique	Mis en œuvre 22% d'économies d'énergie
Recyclage de l'eau	65% de l'eau industrielle recyclée

Companhia Siderúrgica Nacional (SID) - Modèle d'entreprise: Ressources clés

Installations de fabrication en acier avancé

CSN exploite des installations de production d'acier avec les spécifications suivantes:

Emplacement de l'installation	Capacité de production annuelle	Valeur d'investissement
Volta Redonda, Rio de Janeiro	6 millions de tonnes métriques d'acier	1,2 milliard de R
Congonhas, Minas Gerais	3,5 millions de tonnes métriques d'acier	750 millions de R

Grandes réserves de minerai de fer

Les ressources de minerai de fer de CSN comprennent:

• Réserves totales de minerai de fer: 1,5 milliard de tonnes métriques
• Réserves éprouvées et probables à Minas Gerais
• Grade moyen du minerai de fer: 64,2%

Travail d'ingénierie qualifiée

Catégorie des employés	Nombre d'employés	Expérience moyenne
Total de main-d'œuvre	17 500 employés	12,5 ans
Professionnels de l'ingénierie	2 300 employés	15 ans

Infrastructure technologique

Les capacités technologiques de CSN comprennent:

• Investissement de transformation numérique: 350 millions de rands en 2023
• Centre de recherche métallurgique avancée
• Système de planification des ressources d'entreprise SAP

Grande réputation de marque

Métrique de la marque	Valeur
Valeur de la marque (2023)	2,8 milliards de R
Part de marché dans l'industrie sidérurgique brésilienne	22.5%
Années de fonctionnement	81 ans

Companhia Siderúrgica Nacional (SID) - Modèle d'entreprise: propositions de valeur

Produits en acier de haute qualité pour plusieurs industries

En 2023, Companhia Siderúrgica nacional (SID) produit environ 5,1 millions de tonnes d'acier par an sur divers segments industriels.

Segment de l'industrie	Volume de produit en acier (tonnes)
Automobile	1,2 million
Construction	1,5 million
Infrastructure	1,1 million
Machinerie	0,8 million

Prix ​​compétitifs sur les marchés mondiaux

SID maintient une stratégie de tarification compétitive avec un prix de vente moyen de 650 $ la tonne sur les marchés internationaux.

Solutions en acier personnalisées pour les besoins spécifiques des clients

• Offrant plus de 200 notes d'acier uniques
• Capacités de production personnalisées pour des exigences industrielles spécialisées
• Prise en charge de l'ingénierie pour le développement de produits

Production durable et respectueuse de l'environnement

En 2023, SID a investi 128 millions de dollars dans les initiatives de durabilité environnementale, réduisant les émissions de carbone de 22% par rapport à la ligne de base de 2020.

Métrique environnementale	Performance de 2023
Réduction des émissions de CO2	22%
Consommation d'énergie renouvelable	37%
Utilisation de l'eau recyclée	65%

Qualité et fiabilité cohérentes du produit

SID maintient une norme de contrôle de la qualité avec une conformité du produit à 99,7% et une certification ISO 9001: 2015 dans les installations de fabrication.

• Zéro majeur de rappels au cours des 3 dernières années
• Taux moyen des défauts du produit: 0,3%
• Note de satisfaction du client: 94,5%

Companhia Siderúrgica Nacional (SID) - Modèle d'entreprise: relations avec les clients

Modèle de partenariat industriel à long terme

En 2024, CSN maintient des partenariats stratégiques avec 287 clients industriels dans des secteurs automobile, de construction et de fabrication. La durée moyenne du partenariat est de 8,6 ans.

Segment de clientèle	Nombre de partenaires	Durée du partenariat moyen
Automobile	124	9.2 ans
Construction	93	7,5 ans
Fabrication	70	8,1 ans

Soutien technique et consultation

CSN fournit un support technique dédié avec 142 ingénieurs spécialisés dans plusieurs centres de service à la clientèle.

• Temps de réponse moyen: 2,3 heures
• Taux de satisfaction client: 94,7%
• Heures de consultation technique annuelles: 12 540

Développement de produits personnalisés

En 2024, CSN a investi 47,6 millions de R $ en développement de produits personnalisés pour les principaux clients industriels.

Industrie	Produits personnalisés développés	Investissement (R $)
Automobile	23	22,3 millions
Construction	15	14,8 millions
Fabrication	12	10,5 millions

Plates-formes de fiançailles clients numériques

Les plates-formes numériques de CSN servent 412 clients d'entreprise actifs en 2024.

• Utilisateurs de la plate-forme numérique: 412 clients d'entreprise
• Taux de traitement des commandes en ligne: 86%
• Investissement de plate-forme numérique: 8,2 millions de dollars

Performances régulières et avis de qualité

CSN procède à des revues de performances trimestrielles avec 279 clients industriels clés.

Examiner la fréquence	Les clients examinés	Métriques de qualité suivies
Trimestriel	279	7 indicateurs de performance clés
Semestriel	187	5 mesures de qualité
Annuel	98	3 Évaluations complètes

Companhia Siderúrgica Nacional (SID) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Companhia Siderúrgica Nacional maintient une équipe de vente directe dédiée de 127 professionnels spécialisés dans les ventes de produits en acier industriel et métallurgique.

Segment de l'équipe de vente	Nombre de représentants	Volume moyen des ventes annuelles
Secteur automobile	38	453 000 tonnes métriques
Industrie de la construction	45	612 000 tonnes métriques
Projets d'infrastructure	44	387 000 tonnes métriques

Plateformes de vente en ligne

SID exploite une plate-forme de vente numérique B2B complète avec les mesures suivantes:

• Visiteurs mensuels de la plate-forme: 78 500
• Valeur de transaction en ligne annuelle: 1,2 milliard de R $
• Taux de conversion des ventes numériques: 4,7%

Salons et expositions commerciales de l'industrie

Participation annuelle aux événements du commerce international:

Événement	Emplacement	Les chefs d'entreprise annuels générés
Metalshow Brésil	São Paulo	247 clients potentiels
Conférence mondiale en acier	Dubaï	189 Leads internationaux

Réseaux de distribution internationaux stratégiques

Couverture du réseau de distribution à partir de 2024:

• Pays servis: 22
• Entrepôts internationaux: 14
• Volume annuel des ventes internationales: 1,6 million de tonnes métriques

Canaux de marketing numérique et de communication

Canal numérique	Adeptes / abonnés	Taux d'engagement
Liendin	87,400	3.2%
Youtube	42,700	2.8%
Site Web de l'entreprise	Visiteurs mensuels: 124 000	4.5%

Companhia Siderúrgica Nacional (SID) - Modèle d'entreprise: segments de clientèle

Fabrication automobile

Companhia Siderúrgica Nacional (SID) sert des constructeurs automobiles avec des produits en acier spécialisés. En 2023, le segment de l'acier automobile représentait 22,4% du volume total des ventes de l'entreprise.

Type de client automobile	Part de marché	Consommation d'acier annuelle
Fabricants de véhicules de tourisme	14.7%	650 000 tonnes métriques
Fabricants de véhicules commerciaux	7.7%	340 000 tonnes métriques

Industrie de la construction

SID fournit des produits en acier pour les applications de construction, représentant 35,6% du volume total des ventes en 2023.

• Acier de structure pour les cadres de construction
• Acier de renforcement pour les structures en béton
• Alliages en acier de construction spécialisés

Segment de construction	Consommation d'acier annuelle	Taux de croissance
Construction résidentielle	1,2 million de tonnes métriques	3.5%
Construction commerciale	780 000 tonnes métriques	2.9%

Développement des infrastructures

Les projets d'infrastructure représentent 18,9% des segments de clientèle de Sid en 2023.

Type d'infrastructure	Consommation d'acier	Volume de projet
Infrastructure de transport	450 000 tonnes métriques	62 projets
Travaux publics	310 000 tonnes métriques	45 projets

Secteur de l'énergie

Les clients liés à l'énergie ont représenté 15,5% du volume des ventes de Sid en 2023.

• Infrastructure de pipeline pétrolière
• Équipement d'énergie renouvelable
• Structures de transmission de puissance

Sous-segment d'énergie	Demande annuelle de l'acier	Pénétration du marché
Pétrole et gaz	280 000 tonnes métriques	8.7%
Énergie renouvelable	190 000 tonnes métriques	6.8%

Fabricants de machines industrielles

Le segment des machines industrielles représentait 7,6% du volume total des ventes de SID en 2023.

Type de machinerie	Consommation d'acier	Clientèle
Équipement d'exploitation	95 000 tonnes métriques	38 fabricants
Machines agricoles	65 000 tonnes métriques	42 fabricants

Companhia Siderúrgica Nacional (SID) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

En 2023, les coûts d'approvisionnement en matières premières de Sid étaient d'environ 12,4 milliards de R $. La société s'approvisionne des matériaux clés, notamment:

• Minerai de fer de ses propres mines
• Charbon des fournisseurs internationaux
• Calcaire et autres entrées métallurgiques

Catégorie de matières premières	Coût annuel (R $)	Pourcentage de l'approvisionnement total
Minerai de fer	6,200,000,000	50%
Charbon	3,720,000,000	30%
Autres entrées métallurgiques	2,480,000,000	20%

Frais de main-d'œuvre et de main-d'œuvre

Les coûts totaux de main-d'œuvre en 2023 ont atteint 2,8 milliards de R $, couvrant environ 14 500 employés.

Catégorie des employés	Nombre d'employés	Salaire annuel moyen (R $)
Travailleurs de la production	10,200	120,000
Personnel technique	2,800	180,000
Gestion	1,500	350,000

Entretien de la technologie et de l'équipement

Les dépenses de maintenance annuelles en 2023 étaient de 1,6 milliard de RS, avec des domaines de mise au point clés, notamment:

• Entretien du haut fourneau
• Équipement roulant
• Infrastructure technologique

Coûts d'énergie et de services publics

Les dépenses énergétiques ont totalisé 1,2 milliard de rands en 2023, avec une rupture comme suit:

Source d'énergie	Coût annuel (R $)	Pourcentage du coût énergétique total
Électricité	720,000,000	60%
Gaz naturel	360,000,000	30%
Autres services publics	120,000,000	10%

Investissements de recherche et développement

Les dépenses de R&D en 2023 s'élevaient à 320 millions de R $, ce qui représente 1,8% du chiffre d'affaires total.

• Technologie de production d'acier
• Optimisation du processus
• Innovations sur le développement durable

Companhia Siderúrgica Nacional (SID) - Modèle d'entreprise: Strots de revenus

Ventes de produits en acier

En 2022, Companhia Siderúrgica Nacional (SID) a déclaré un chiffre d'affaires net de 32,4 milliards de rands à partir des ventes de produits en acier. Les principaux segments de produits en acier de l'entreprise comprennent:

Catégorie de produits	Revenus (R $ millions)	Pourcentage du total des revenus
Acier plat	15,680	48.4%
Acier long	8,950	27.6%
Métallique	5,770	17.8%
Exploitation minière	2,000	6.2%

Revenus d'exportation

Les revenus d'exportation de SID en 2022 ont totalisé 9,6 milliards de R, ce qui représente 29,6% du total des revenus de l'entreprise. Les marchés d'exportation clés comprennent:

• États-Unis: 3,2 milliards de dollars R
• Chine: 2,4 milliards de dollars r
• Union européenne: 1,8 milliard de dollars R
• Autres pays d'Amérique latine: 2,2 milliards de dollars

Fabrication d'équipements industriels

La fabrication d'équipements industriels a contribué à 1,2 milliard de RS aux revenus de Sid en 2022, en se concentrant sur des produits en acier spécialisés pour les infrastructures et les applications industrielles.

Solutions d'acier à valeur ajoutée

Les solutions en acier à valeur ajoutée ont généré 3,6 milliards de dollars de revenus, notamment:

Type de solution	Revenus (R $ millions)
Acier automobile	1,540
Acier de construction	1,220
Solutions du secteur de l'énergie	840

Licence et transfert de technologie

Les revenus de licence et de transfert de technologie ont atteint 280 millions de rands en 2022, avec des partenariats technologiques dans:

• Processus de fabrication d'acier
• Technologies métallurgiques avancées
• Solutions de durabilité environnementale

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.