Companhia Siderúrgica Nacional (SID): Análise de Pestle [Jan-2025 Atualizado]

No cenário dinâmico das proezas industriais brasileiras, o Companhia Siderúrgica Nacional (SID) é um jogador fundamental que navega em uma complexa rede de desafios políticos, econômicos, sociológicos, tecnológicos, legais e ambientais. Essa análise abrangente de pestles revela os fatores complexos que moldam a trajetória estratégica do gigante do aço, oferecendo uma exploração diferenciada de como as forças externas se cruzam com a resiliência corporativa, a inovação e o crescimento sustentável em um mercado global em constante evolução.

Companhia Siderúrgica Nacional (SID) - Análise de Pestle: Fatores Políticos

As políticas de investimento de infraestrutura do governo brasileiro impactam o crescimento da indústria siderúrgica

O Plano Nacional de Logística de Infraestrutura do Brasil (PNLI) para 2023-2026 aloca R $ 1,3 trilhão para projetos de infraestrutura. Investimento da indústria siderúrgica tem como objetivo especificamente:

Setor	Investimento (r $)	Impacto esperado
Infraestrutura de transporte	R $ 540 bilhões	Aumento da demanda de aço direto
Projetos de energia	R $ 330 bilhões	Requisitos de infraestrutura de aço

Mudanças potenciais nos regulamentos comerciais que afetam a competitividade da exportação de aço

Dinâmica atual de exportação de aço para o Brasil:

• Exportações totais de aço em 2023: 12,4 milhões de toneladas métricas
• Valor da exportação: US $ 7,2 bilhões
• Mercados de exportação primária: China, Estados Unidos, Argentina

A estabilidade política influencia o investimento estrangeiro no setor siderúrgico

Métricas de investimento direto estrangeiro (IDE) para setor de aço brasileiro:

Ano	IDE (US $ milhões)	Variação percentual
2022	1,45 bilhão	+6.3%
2023	1,62 bilhão	+11.7%

As reformas econômicas do governo impactam nas estratégias de fabricação industrial

Principais iniciativas de reforma econômica que afetam a fabricação:

• Redução de impostos corporativos de 34% para 29%
• Regime tributário simplificado para setores industriais
• Redução de barreiras burocráticas para investimentos industriais

O posicionamento estratégico de Companhia Siderúrgica Nacional inclui adaptando -se a mudanças regulatórias e alavancando investimentos de infraestrutura do governo.

Companhia Siderúrgica Nacional (SID) - Análise de Pestle: Fatores Econômicos

Flutuando preços globais de aço

A partir do quarto trimestre de 2023, os preços globais do aço demonstraram volatilidade significativa:

Indicador de preço de aço	Valor (USD/ton métrica)	Mudança ano a ano
Bobina lamada a quente (média global)	$650	-12.3%
Bobina laminada a quente de benchmark (Brasil)	$620	-14.5%

Recuperação econômica brasileira

Indicadores econômicos do Brasil para 2023-2024:

Métrica econômica	2023 valor	2024 Projeção
Taxa de crescimento do PIB	2.9%	1.7%
Crescimento do setor manufatureiro	3.1%	2.5%
Índice de Produção Industrial	52.4	53.6

Volatilidade da taxa de câmbio

Desempenho da moeda, afetando a competitividade internacional da SID:

Métrica de moeda	2023 média	2024 Previsão
Taxa de câmbio BRL/USD	5.16	5.30
Índice de competitividade de exportação	98.7	97.5

Desafios econômicos no setor manufatureiro

Principais desafios do setor de manufatura:

Desafio econômico	Porcentagem de impacto	Estratégia de mitigação
Inflação do custo de entrada	8.5%	Otimização de custos
Custos de energia	6.2%	Investimentos em eficiência
Produtividade do trabalho	2.3%	Integração de tecnologia

Companhia Siderúrgica Nacional (SID) - Análise de Pestle: Fatores sociais

Aumento da conscientização da força de trabalho sobre sustentabilidade e práticas ambientais

Em 2023, a SID registrou 87,5% de participação dos funcionários em programas de treinamento em sustentabilidade. A empresa investiu R $ 3,2 milhões em iniciativas de conscientização ambiental.

Ano	Participação do treinamento em sustentabilidade	Investimento em conscientização ambiental (R $)
2022	82.3%	2,9 milhões
2023	87.5%	3,2 milhões

Crescente demanda por produção de aço tecnologicamente avançada e ambientalmente responsável

A produção de aço verde aumentou para 24,6% da produção total em 2023. A demanda do mercado por produtos de aço sustentável cresceu 18,2% em comparação com o ano anterior.

Ano	Produção de aço verde (%)	Crescimento da demanda de mercado (%)
2022	19.3%	14.7%
2023	24.6%	18.2%

Mudanças demográficas no mercado de trabalho que afetam o recrutamento e o desenvolvimento de habilidades

Composição da força de trabalho de Sid em 2023:

• Idade média dos funcionários: 36,4 anos
• Funcionários com menos de 30: 22,7%
• Funcionários com graus técnicos avançados: 41,5%

Faixa etária	Porcentagem de força de trabalho	Investimento de desenvolvimento de habilidades (R $)
18-30 anos	22.7%	1,5 milhão
31-45 anos	52.3%	2,8 milhões
46 anos ou mais	25%	1,2 milhão

Expectativas sociais de responsabilidade social corporativa na fabricação

Os investimentos de responsabilidade social da SID em 2023 totalizaram R $ 12,6 milhões, cobrindo o desenvolvimento da comunidade, a educação e os programas ambientais.

Área de Responsabilidade Social	Investimento (r $)	Beneficiários
Desenvolvimento comunitário	4,7 milhões	15.300 indivíduos
Programas educacionais	3,9 milhões	8.750 alunos
Iniciativas ambientais	4 milhões	22 comunidades locais

CompanHia Siderúrgica Nacional (SID) - Análise de Pestle: Fatores tecnológicos

Investimento contínuo em tecnologias avançadas de fabricação

Em 2023, a Companhia Siderúrgica Nacional investiu R $ 687,4 milhões em atualizações tecnológicas e modernização da infraestrutura de fabricação. A Companhia alocou investimentos em tecnologia específicos nas principais instalações de produção:

Localização da instalação	Investimento de tecnologia (R $)	Foco da tecnologia primária
Planta Volta Redonda	342,6 milhões	Moinhos de rolagem de alta precisão
Unidade Pindamonhangaba	215,8 milhões	Processamento metalúrgico avançado
CSN Mineração	129 milhões	Tecnologias de extração automatizada

Implementação da transformação digital em processos de produção de aço

A CSN implementou estratégias de transformação digital com as principais métricas tecnológicas:

• Taxa de integração de processos digitais: 76,3%
• Sensores de IoT implantados: 1.247 em linhas de produção
• Cobertura de monitoramento em tempo real: 92,5% dos processos de fabricação
• Investimento de análise de dados: R $ 53,2 milhões em 2023

Automação e robótica aprimorando a eficiência e a qualidade da produção

Métrica de automação	2023 desempenho
Sistemas robóticos implantados	87 unidades
Taxa de automação de linha de produção	68.5%
Sistemas de controle de qualidade automatizados	42 sistemas
Melhoria de eficiência	15,7% ano a ano

Pesquisa e desenvolvimento em técnicas de fabricação de aço sustentável

Investimento de P&D focado na fabricação sustentável:

Tecnologia de sustentabilidade	Investimento em P&D (R $)	Alvo de redução de CO2
Produção de aço verde	124,6 milhões	22% até 2030
Metalurgia de baixo carbono	89,3 milhões	Redução de 18% de emissões
Processos de economia circular	67,5 milhões	35% de reciclagem de resíduos

Companhia Siderúrgica Nacional (SID) - Análise de Pestle: Fatores Legais

Conformidade com os regulamentos ambientais brasileiros na produção de aço

Em 2023, a CSN investiu R $ 87,4 milhões em iniciativas de conformidade ambiental e sustentabilidade. A empresa opera sob a política ambiental nacional do Brasil (Lei 6.938/1981), atendendo aos padrões de emissão específicos descritos na Resolução 382/2006 Conama.

Métrica de conformidade ambiental	2023 dados
Total de investimentos ambientais	R $ 87,4 milhões
Alvo de redução de emissões de CO2	15,3% até 2025
Taxa de reciclagem de resíduos	68.2%

Adesão às leis trabalhistas e padrões de segurança no local de trabalho

A CSN está em conformidade com o Código do Trabalho Brasileiro (CLT) e mantém protocolos rígidos de segurança no local de trabalho. Em 2023, a empresa relatou uma taxa de acidentes no local de trabalho de 1,2 incidentes por 1.000 funcionários.

Métrica de conformidade trabalhista	2023 dados
Total de funcionários	17,854
Taxa de acidentes no local de trabalho	1,2 por 1.000 funcionários
Horário anual de treinamento de segurança	42.360 horas

Navegando estruturas tributárias complexas no setor industrial brasileiro

A CSN gerencia obrigações tributárias complexas sob o intrincado sistema tributário do Brasil, incluindo regulamentos de ICMS, PIs e Cofins. Em 2023, a taxa de imposto efetiva da empresa foi de 34,6%.

Métrica de conformidade tributária	2023 dados
Taxa de imposto efetiva	34.6%
Pagamentos totais de impostos	R $ 1,2 bilhão
Investimentos de conformidade tributária	R $ 15,3 milhões

Regulamentos internacionais de conformidade comercial e exportação/importação

A CSN adere aos regulamentos de comércio exterior do Brasil, mantendo a conformidade com os acordos comerciais da OMC e da Mergosur. Em 2023, a Companhia exportou para 42 países com um valor total de exportação de US $ 1,7 bilhão.

Métrica de Comércio Internacional	2023 dados
Número de destinos de exportação	42 países
Valor total de exportação	US $ 1,7 bilhão
Importar investimentos em conformidade	R $ 22,6 milhões

Companhia Siderúrgica Nacional (SID) - Análise de Pestle: Fatores Ambientais

Compromisso em reduzir as emissões de carbono na produção de aço

Em 2023, o Companhia Siderúrgica Nacional (SID) relatou uma meta de redução de emissões de carbono de 15% até 2030. A atual intensidade de carbono da empresa é de 2,1 toneladas de CO2 por tonelada de aço produzido.

Ano	Emissões de carbono (toneladas CO2)	Alvo de redução
2022	4,567,890	-
2023	4,345,000	5%
2024 (projetado)	4,128,750	10%

Implementando práticas sustentáveis ​​de gerenciamento de resíduos

A SID investiu R $ 45 milhões em infraestrutura de reciclagem de resíduos em 2023, alcançando uma taxa de reciclagem de resíduos industriais de 68%.

Tipo de resíduo	Total gerado (toneladas)	Quantidade reciclada (toneladas)	Taxa de reciclagem
Escória	320,000	240,000	75%
Pó	45,000	27,000	60%
Sucata	95,000	85,500	90%

Investindo em fontes de energia renovável para fabricação

Sid comprometeu R $ 180 milhões a projetos de energia renovável em 2023, visando 35% de uso de energia renovável até 2025.

Fonte de energia	Capacidade atual (MW)	Investimento (R $ milhões)	Aumento projetado
Solar	45	65	25%
Vento	30	75	40%
Biomassa	22	40	20%

Desenvolvendo tecnologias de produção de aço ecológicas

A SID alocou R $ 95 milhões para pesquisa e desenvolvimento de tecnologias de aço verde em 2023, concentrando-se nos processos de redução baseados em hidrogênio.

Tecnologia	Investimento em P&D (R $ milhões)	Potencial de redução de CO2	Ano de implementação esperado
Redução de hidrogênio	55	70%	2027
Otimização do forno de arco elétrico	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.