Companhia Siderúrgica Nacional (SID): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da produção de aço, o Companhia Siderúrgica Nacional (SID) é uma potência industrial formidável, navegando estrategicamente paisagens complexas de mercado por meio de sua tela de modelo de negócios meticulosamente criada. Desde forjar parcerias estratégicas com gigantes da indústria como a Vale S.A. até a entrega de soluções de aço de alta qualidade nos mercados globais, a abordagem inovadora da SID demonstra como um fabricante de aço brasileiro pode transformar matérias-primas em excelência industrial orientada por valor, equilibrar proezas tecnológicas, sustentabilidade e mercado competitivo posicionamento.

CompanHia Siderúrgica Nacional (SID) - Modelo de Negócios: Principais Parcerias

Vale S.A. para suprimento de minério de ferro

Detalhes da parceria em 2024:

Métrica de Parceria	Dados específicos
Volume anual de suprimento de minério de ferro	3,2 milhões de toneladas métricas
Valor do contrato	R $ 1,8 bilhão
Duração da oferta	Contrato de 5 anos

ArcelorMittal Technology Exchange

Escopo de colaboração:

• Transferência de tecnologia de produção de aço
• Iniciativas conjuntas de pesquisa e desenvolvimento
• Otimização avançada do processo de fabricação

Investimento em tecnologia	Quantia
Despesas anuais de P&D	R $ 42 milhões
Orçamento de transferência de tecnologia	R $ 18,5 milhões

Parcerias de transporte

Principais colaborações de transporte:

• Sra. Logística parceira de logística primária
• Rede de transporte de carga ferroviária

Métrica de transporte	Dados específicos
Volume anual de frete	2,7 milhões de toneladas métricas
Valor do contrato de transporte	R $ 620 milhões

Parcerias de instituição financeira

Colaborações de financiamento de projetos:

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

Métrica de financiamento	Quantia
Financiamento total do projeto	R $ 1,5 bilhão
Taxa de juros média	7.2%

Parcerias de fabricação de equipamentos

Colaborações de tecnologia e equipamentos:

• Siemens
• Voith
• Metso

Investimento de equipamentos	Quantia
Aquisição anual de equipamentos	R $ 320 milhões
Investimento de atualização de tecnologia	R $ 145 milhões

Companhia Siderúrgica Nacional (SID) - Modelo de Negócios: Atividades -chave

Produção e fabricação de aço

Capacidade anual de produção de aço: 6,26 milhões de toneladas em 2022

Instalação	Localização	Capacidade de produção (toneladas métricas/ano)
Volta Redonda Integrated Mill	Rio de Janeiro, Brasil	5,4 milhões
CSN Mineração	Minas Gerais, Brasil	0,86 milhão

Mineração e extração de matérias -primas

Produção total de minério de ferro em 2022: 16,1 milhões de toneladas métricas

• Locais de mineração primária: Minas Gerais State, Brasil
• Reservas minerais comprovadas e prováveis: 1,76 bilhão de toneladas métricas

Pesquisa e desenvolvimento de produtos siderúrgicos

Investimento de P&D em 2022: BRL 126,3 milhões

Áreas de foco em P&D	Número de projetos ativos
Graus de aço avançado	12
Fabricação sustentável	7

Exportação e distribuição global

Receita de exportação em 2022: BRL 7,8 bilhões

• Mercados de exportação primária: China, Estados Unidos, Argentina
• Volume de exportação: 3,2 milhões de toneladas de produtos de aço

Processos de produção sustentáveis

Alvo de redução de emissões de CO2: 15% até 2030

Iniciativa de Sustentabilidade	Status atual
Programa de eficiência energética	Implementou 22% de economia de energia
Reciclagem de água	65% da água industrial reciclada

Companhia Siderúrgica Nacional (SID) - Modelo de Negócios: Recursos -Principais

Instalações de fabricação de aço avançado

A CSN opera instalações de produção de aço com as seguintes especificações:

Localização da instalação	Capacidade de produção anual	Valor de investimento
Volta Redonda, Rio de Janeiro	6 milhões de toneladas de aço	R $ 1,2 bilhão
Congonhas, Minas Gerais	3,5 milhões de toneladas de aço	R $ 750 milhões

Reservas grandes de minério de ferro

Os recursos de minério de ferro da CSN incluem:

• Reservas totais de minério de ferro: 1,5 bilhão de toneladas métricas
• Reservas comprovadas e prováveis ​​em Minas gerais
• Grau média de minério de ferro: 64,2%

Força de trabalho de engenharia qualificada

Categoria de funcionários	Número de funcionários	Experiência média
Força de trabalho total	17.500 funcionários	12,5 anos
Profissionais de engenharia	2.300 funcionários	15 anos

Infraestrutura tecnológica

Os recursos tecnológicos da CSN incluem:

• Investimento de transformação digital: R $ 350 milhões em 2023
• Centro avançado de pesquisa metalúrgica
• Sistema de planejamento de recursos da SAP Enterprise

Forte reputação da marca

Métrica da marca	Valor
Valor da marca (2023)	R $ 2,8 bilhões
Participação de mercado na indústria siderúrgica brasileira	22.5%
Anos em operação	81 anos

CompanHia Siderúrgica Nacional (SID) - Modelo de Negócios: Proposições de Valor

Produtos de aço de alta qualidade para vários setores

A partir de 2023, o Companhia Siderúrgica Nacional (SID) produz aproximadamente 5,1 milhões de toneladas de aço anualmente em diversos segmentos industriais.

Segmento da indústria	Volume do produto de aço (toneladas)
Automotivo	1,2 milhão
Construção	1,5 milhão
Infraestrutura	1,1 milhão
Máquinas	0,8 milhão

Preços competitivos nos mercados globais

Sid mantém uma estratégia de preços competitivos com um preço médio de venda de US $ 650 por tonelada em mercados internacionais.

Soluções de aço personalizadas para necessidades específicas do cliente

• Oferecendo mais de 200 notas de aço exclusivas
• Recursos de produção personalizados para requisitos industriais especializados
• Suporte de engenharia para o desenvolvimento de produtos

Produção sustentável e ambientalmente responsável

Em 2023, a SID investiu R $ 128 milhões em iniciativas de sustentabilidade ambiental, reduzindo as emissões de carbono em 22% em comparação com a linha de base de 2020.

Métrica ambiental	2023 desempenho
Redução de emissões de CO2	22%
Uso de energia renovável	37%
Utilização de água reciclada	65%

Qualidade e confiabilidade consistentes do produto

A SID mantém um padrão de controle de qualidade com a conformidade de 99,7% do produto e a certificação ISO 9001: 2015 nas instalações de fabricação.

• Zero maiores recalls de produtos nos últimos 3 anos
• Taxa média de defeito do produto: 0,3%
• Classificação de satisfação do cliente: 94,5%

Companhia Siderúrgica Nacional (SID) - Modelo de Negócios: Relacionamentos do Cliente

Modelo de parceria industrial de longo prazo

A partir de 2024, a CSN mantém parcerias estratégicas com 287 clientes industriais nos setores automotivo, de construção e manufatura. A duração média da parceria é de 8,6 anos.

Segmento de clientes	Número de parceiros	Duração média da parceria
Automotivo	124	9,2 anos
Construção	93	7,5 anos
Fabricação	70	8,1 anos

Suporte técnico e consulta

A CSN fornece suporte técnico dedicado com 142 engenheiros especializados em vários centros de atendimento ao cliente.

• Tempo médio de resposta: 2,3 horas
• Taxa de satisfação do cliente: 94,7%
• Horário anual de consulta técnica: 12.540

Desenvolvimento personalizado de produtos

Em 2024, a CSN investiu R $ 47,6 milhões em desenvolvimento personalizado de produtos para clientes industriais importantes.

Indústria	Produtos personalizados desenvolvidos	Investimento (r $)
Automotivo	23	22,3 milhões
Construção	15	14,8 milhões
Fabricação	12	10,5 milhões

Plataformas de engajamento de clientes digitais

As plataformas digitais da CSN atendem 412 clientes corporativos ativos em 2024.

• Usuários da plataforma digital: 412 clientes corporativos
• Taxa de processamento de pedidos on -line: 86%
• Investimento de plataforma digital: R $ 8,2 milhões

Revisões regulares de desempenho e qualidade

A CSN realiza análises trimestrais de desempenho com 279 clientes industriais importantes.

Frequência de revisão	Clientes revisados	Métricas de qualidade rastreadas
Trimestral	279	7 Indicadores de desempenho -chave
Semestral	187	5 métricas de qualidade
Anual	98	3 avaliações abrangentes

CompanHia Siderúrgica Nacional (SID) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, o Companhia Siderúrgica Nacional mantém uma equipe de vendas diretas dedicadas de 127 profissionais especializados em vendas de aço industrial e de produtos metalúrgicos.

Segmento da equipe de vendas	Número de representantes	Volume médio de vendas anual
Setor automotivo	38	453.000 toneladas métricas
Indústria da construção	45	612.000 toneladas métricas
Projetos de infraestrutura	44	387.000 toneladas métricas

Plataformas de vendas on -line

A SID opera uma plataforma abrangente de vendas digitais B2B com as seguintes métricas:

• Visitantes mensais da plataforma: 78.500
• Valor anual da transação on -line: R $ 1,2 bilhão
• Taxa de conversão de vendas digital: 4,7%

Feiras e exposições da indústria

Participação anual em eventos internacionais de comércio:

Evento	Localização	Leads de negócios anuais gerados
Metalshow Brasil	São Paulo	247 clientes em potencial
Conferência Global de Aço	Dubai	189 Líderes internacionais

Redes Estratégicas de Distribuição Internacional

Cobertura da rede de distribuição a partir de 2024:

• Os países serviram: 22
• Armazéns internacionais: 14
• Volume anual de vendas internacionais: 1,6 milhão de toneladas métricas

Canais de marketing e comunicação digital

Canal digital	Seguidores/assinantes	Taxa de engajamento
LinkedIn	87,400	3.2%
YouTube	42,700	2.8%
Site corporativo	Visitantes mensais: 124.000	4.5%

Companhia Siderúrgica Nacional (SID) - Modelo de Negócios: Segmentos de Clientes

Fabricação automotiva

O CompanHia Siderúrgica Nacional (SID) serve fabricantes automotivos com produtos de aço especializados. Em 2023, o segmento de aço automotivo representou 22,4% do volume total de vendas da empresa.

Tipo de cliente automotivo	Quota de mercado	Consumo anual de aço
Fabricantes de veículos de passageiros	14.7%	650.000 toneladas métricas
Fabricantes de veículos comerciais	7.7%	340.000 toneladas métricas

Indústria da construção

O SID fornece produtos de aço para aplicações de construção, representando 35,6% do volume total de vendas em 2023.

• Aço estrutural para estruturas de construção
• Aço de reforço para estruturas de concreto
• Ligas de aço de construção especializadas

Segmento de construção	Consumo anual de aço	Taxa de crescimento
Construção residencial	1,2 milhão de toneladas métricas	3.5%
Construção Comercial	780.000 toneladas métricas	2.9%

Desenvolvimento de infraestrutura

Os projetos de infraestrutura constituem 18,9% dos segmentos de clientes da SID em 2023.

Tipo de infraestrutura	Consumo de aço	Volume do projeto
Infraestrutura de transporte	450.000 toneladas métricas	62 projetos
Obras públicas	310.000 toneladas métricas	45 projetos

Setor de energia

Os clientes relacionados à energia representaram 15,5% do volume de vendas da SID em 2023.

• Infraestrutura de óleo e gasoduto
• Equipamento de energia renovável
• Estruturas de transmissão de energia

Sub-segmento de energia	Demanda anual de aço	Penetração de mercado
Petróleo e gás	280.000 toneladas métricas	8.7%
Energia renovável	190.000 toneladas métricas	6.8%

Fabricantes de máquinas industriais

O segmento de máquinas industriais representou 7,6% do volume total de vendas da SID em 2023.

Tipo de maquinaria	Consumo de aço	Base de clientes
Equipamento de mineração	95.000 toneladas métricas	38 fabricantes
Maquinaria agrícola	65.000 toneladas métricas	42 fabricantes

CompanHia Siderúrgica Nacional (SID) - Modelo de Negócios: Estrutura de Custo

Aquisição de matéria -prima

Em 2023, os custos de aquisição de matéria -prima da SID foram de aproximadamente R $ 12,4 bilhões. A empresa obtém os principais materiais, incluindo:

• Minério de ferro de suas próprias minas
• Carvão de fornecedores internacionais
• Calcário e outras entradas metalúrgicas

Categoria de matéria -prima	Custo anual (R $)	Porcentagem de compras totais
Minério de ferro	6,200,000,000	50%
Carvão	3,720,000,000	30%
Outros insumos metalúrgicos	2,480,000,000	20%

Despesas de trabalho e força de trabalho

Os custos totais da mão -de -obra em 2023 atingiram R $ 2,8 bilhões, cobrindo aproximadamente 14.500 funcionários.

Categoria de funcionários	Número de funcionários	Salário médio anual (R $)
Trabalhadores da produção	10,200	120,000
Equipe técnica	2,800	180,000
Gerenciamento	1,500	350,000

Manutenção de tecnologia e equipamento

As despesas anuais de manutenção em 2023 foram de R $ 1,6 bilhão, com as principais áreas de foco, incluindo:

• Manutenção do forno de explosão
• Rolling Mill Equipment
• Infraestrutura tecnológica

Custos de energia e utilidade

As despesas de energia totalizaram R $ 1,2 bilhão em 2023, com o colapso da seguinte maneira:

Fonte de energia	Custo anual (R $)	Porcentagem de custos totais de energia
Eletricidade	720,000,000	60%
Gás natural	360,000,000	30%
Outros utilitários	120,000,000	10%

Investimentos de pesquisa e desenvolvimento

Os gastos em P&D em 2023 totalizaram R $ 320 milhões, representando 1,8% da receita total.

• Tecnologia de produção de aço
• Otimização do processo
• Inovações de sustentabilidade

CompanHia Siderúrgica Nacional (SID) - Modelo de Negócios: Fluxos de Receita

Vendas de produtos de aço

Em 2022, o Companhia Siderúrgica Nacional (SID) registrou receita líquida de R $ 32,4 bilhões nas vendas de produtos de aço. Os segmentos primários de produtos de aço da empresa incluem:

Categoria de produto	Receita (R $ milhão)	Porcentagem da receita total
Aço plano	15,680	48.4%
Aço longo	8,950	27.6%
Metalics	5,770	17.8%
Mineração	2,000	6.2%

Receita de exportação

As receitas de exportação para SID em 2022 totalizaram R $ 9,6 bilhões, representando 29,6% da receita total da empresa. Os principais mercados de exportação incluem:

• Estados Unidos: R $ 3,2 bilhões
• China: R $ 2,4 bilhões
• União Europeia: R $ 1,8 bilhão
• Outros países da América Latina: R $ 2,2 bilhões

Fabricação de equipamentos industriais

A fabricação de equipamentos industriais contribuiu com R $ 1,2 bilhão para a receita da SID em 2022, com foco em produtos de aço especializados para infraestrutura e aplicações industriais.

Soluções de aço de valor agregado

Soluções de aço de valor agregado geraram R $ 3,6 bilhões em receita, incluindo:

Tipo de solução	Receita (R $ milhão)
Aço automotivo	1,540
Aço de Construção	1,220
Soluções do setor energético	840

Licenciamento e transferência de tecnologia

As receitas de licenciamento e transferência de tecnologia atingiram R $ 280 milhões em 2022, com parcerias de tecnologia em:

• Processos de fabricação de aço
• Tecnologias metalúrgicas avançadas
• Soluções de sustentabilidade 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.