Financial Data and Key Metrics Changes - The company achieved a 15% increase in EBITDA for the fourth quarter of 2025, driven by record volumes in mining and logistics, lower steel costs, and a recovering cement price environment [4][10]. - The total investment for the year amounted to BRL 5.9 billion, reflecting a 42.4% increase in CAPEX compared to the previous quarter [12]. - The leverage indicator reached 3.47 times, marking the first increase after three consecutive quarters of decline due to concentrated investments and cash flow issues [15][16]. Business Line Data and Key Metrics Changes - In mining, the company recorded the second-largest production and sales volume in its history, exceeding 45 million tons for the first time, which is an 8.4% annual growth since the IPO in 2021 [6][21]. - The steel segment experienced a 6% reduction in sales due to seasonal factors and high inventory levels among local distributors, with a 7.5% annual decline in sales compared to the previous year [17][18]. - The cement market showed stability despite seasonal impacts, with a slight drop in net revenue of 6% for the quarter, but the highest annual revenue recorded for the company [25][26]. Market Data and Key Metrics Changes - The logistics segment achieved record EBITDA for the year, with a margin of 44%, slightly below the previous year due to lower contributions from the port modal [27]. - The energy segment also reported historical records, with a 79% increase in EBITDA and an adjusted margin of 54% [27]. Company Strategy and Development Direction - The company announced a strategic plan to improve its capital structure, aiming to raise up to BRL 18 billion through asset sales to reduce leverage and facilitate growth [5][16]. - The focus is on prioritizing results over volume in the cement market, with strict cost control measures in place [8][9]. - The logistics segment is seen as a key growth driver, with investments expected to enhance operational efficiency and asset valuation [41]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational resilience of the company, despite challenges such as increased leverage and cash flow issues [5][14]. - The outlook for 2026 is positive, with expectations of growth in cement and steel, while mining and logistics will benefit from operational efficiencies [11][42]. - The management highlighted the importance of anti-dumping measures to protect local producers and stabilize the market [8][54]. Other Important Information - The company has made significant strides in its ESG agenda, including investments in environmental management and safety improvements [29][30]. - The company reported a negative cash flow of BRL 261 million for the quarter, but this was an improvement compared to the previous quarter [13]. Q&A Session Summary Question: Details on the disinvestment plan and timing for operations - The company is focused on finalizing the sale of cement assets by the third quarter of 2026, with several proposals received from potential buyers [48][50]. Question: Dynamics of demand and pricing in the steel market - The company anticipates stable steel volumes in the first quarter of 2026, with a potential price increase of 4.5% to 6% due to improved market conditions and anti-dumping measures [52][55]. Question: Concerns about imports and anti-dumping measures - The management is actively monitoring imports from countries like Korea and India, and is working with the government to address potential dumping issues [71][72]. Question: Clarification on net debt increase and EBITDA impacts - The increase in net debt is attributed to concentrated investments and cash flow challenges, while the steel segment's EBITDA was impacted by operational efficiency and market conditions [86].

Financial Data and Key Metrics Changes - The company achieved a 15% increase in EBITDA for the fourth quarter of 2025, driven by record volumes in mining and logistics, lower steel costs, and a recovering cement price environment [4][10]. - The total EBITDA for the year reached BRL 11.8 billion, representing a 15% growth compared to the previous year, with an adjusted EBITDA margin of almost 28% [9][10]. - The leverage indicator for the last 12 months increased to 3.47x, marking the first rise after three consecutive quarters of decline, attributed to increased investments and expenses [13][14]. Business Line Data and Key Metrics Changes - In mining, the company recorded the second-largest production and sales volume in its history, exceeding 45 million tons for the first time, with an 8.4% annual growth since the IPO in 2021 [6][19]. - The steel segment experienced a drop in production costs, reaching the lowest levels since 2021, while maintaining a focus on profitability over volume, resulting in a 2.6% increase in average annual prices [16][18]. - The cement market showed stability despite seasonal impacts, with a slight drop in net revenue due to seasonality offsetting price increases, yet achieving the highest revenue level recorded for the company [22][23]. Market Data and Key Metrics Changes - The logistics segment achieved record EBITDA for the year, with a margin of 44%, slightly below the previous year due to lower contributions from the port modal [24]. - The energy segment also reported historical records, with a 79% growth in EBITDA and an adjusted EBITDA margin of 54% [24]. - The company noted a strong demand for steel in Brazil, with expectations of a recovery in domestic consumption and a reduction in imports due to anti-dumping measures [50][52]. Company Strategy and Development Direction - The company announced a strategic plan to improve its capital structure, aiming to raise up to BRL 18 billion through asset sales to reduce leverage and support growth [5][14]. - A focus on operational efficiency and cost control is emphasized, particularly in the steel segment, where measures are being taken to enhance production predictability and reduce costs [33][34]. - The logistics segment is seen as a key growth area, with investments expected to enhance asset valuation and operational efficiency [38]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational resilience of the company, despite challenges such as seasonality and competitive pressures from imports [4][5]. - The outlook for 2026 is positive, with expectations of increased performance in cement and steel, while mining and logistics will benefit from operational efficiencies [10][39]. - The company is committed to reducing cash burn and improving liquidity, with a focus on managing inventory levels effectively [40]. Other Important Information - The company invested BRL 5.9 billion in CAPEX for the year, reflecting a 42.4% increase compared to the previous quarter, with strategic projects underway [11]. - The ESG agenda is highlighted, with significant investments in environmental management and safety measures, including a reduction in accident rates and CO2 emissions [25][27]. Q&A Session Summary Question: Details on the disinvestment plan and timing for operations - The company is focused on finalizing the sale of cement assets by the third quarter of 2026, with several proposals received from potential buyers [45][46]. Question: Dynamics of steel prices and market protection measures - The company anticipates stable steel volumes in the first quarter of 2026, with a projected price increase of 4.5% to 6% due to improved market conditions and anti-dumping measures [48][51]. Question: Concerns about imports from other countries - The company is monitoring imports from countries like Korea and India, with ongoing discussions regarding anti-dumping measures to protect the domestic market [66][68]. Question: Strategic alternatives for financial management - The company has various financial strategies in place to address liquidity and debt, focusing on the sale of cement assets as a primary option [60][62]. Question: Impact of net debt increase and EBITDA in the steel mill - The increase in net debt is attributed to prepayment and monetary variations, with ongoing assessments to clarify the impacts on EBITDA [82].

Financial Data and Key Metrics Changes - CSN achieved a 15% increase in EBITDA for the fourth quarter of 2025, driven by record volumes in mining and logistics, lower steel costs, and a recovering cement price environment [3][4] - The company reported an EBITDA of BRL 11.8 billion for the year, representing a 15% growth compared to the previous year [9] - The leverage indicator reached 3.47 times, marking the first increase after three consecutive quarters of decline due to increased investments and expenses [12][13] Business Line Data and Key Metrics Changes - In mining, CSN recorded the second-largest production and sales volume in its history, exceeding 45 million tons for the first time, which is an 8.4% annual growth since the IPO in 2021 [5][18] - The steel segment saw a reduction in production costs, reaching the lowest levels since 2021, contributing to a consolidated growth of 2.6% in annual average prices despite challenges from imports [16][17] - The cement segment experienced a slight drop in net revenue due to seasonality, but the annual performance showed the highest revenue recorded for the company, with profitability close to 30% in the second half of the year [21][22] Market Data and Key Metrics Changes - The logistics segment achieved record EBITDA for the year, with a margin of 44%, slightly below the previous year due to lower contributions from the port modal [23] - The energy segment also reported historical records, with a 79% growth in EBITDA and an adjusted margin of 54% [23] Company Strategy and Development Direction - CSN announced a strategic movement to improve its capital structure, aiming to raise up to BRL 18 billion to reduce leverage and facilitate growth [4][13] - The company is prioritizing results over volume in its cement strategy, reflecting a shift in focus towards profitability [6] - Investments in logistics and energy are seen as key pillars for organic growth, with a new logistics sub-segment being developed [7][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational resiliency of the company, despite challenges from seasonality and external market pressures [3][4] - The outlook for 2026 is positive, with expectations of increased performance in cement and steel, while mining and logistics will benefit from operational efficiencies [9][34] - Management highlighted the importance of anti-dumping measures to support local producers and stabilize the market [6][30] Other Important Information - The company reported a significant release of working capital during the quarter, reflecting a higher volume of iron ore purchases from third parties [11] - CSN's ESG initiatives included investments of BRL 750 million in environmental management and a commitment to reducing CO2 emissions [25][26] Q&A Session Summary Question: Details on the disinvestment plan and timing for operations - Management confirmed that the signing of processes is expected in the third quarter of this year, with several proposals received from potential buyers [37][38] Question: Insights on steel price initiatives and market dynamics - Management indicated a forecasted price increase of 4.5% to 6% for the first quarter, with expectations of stable volumes in steel [40][41] Question: Concerns regarding imports and anti-dumping measures - Management acknowledged ongoing concerns about imports from countries like Korea and emphasized the importance of anti-dumping measures to protect the domestic market [46][52] Question: Clarification on net debt increase and cash flow - Management explained that the increase in net debt was due to concentrated investments and prepayment variations, with a focus on improving cash flow in the future [62]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of March, 2026 Commission File Number 1-14732 COMPANHIA SIDERÚRGICA NACIONAL (Exact name of registrant as specified in its charter) National Steel Company (Translation of Registrant's name into English) Av. Brigadeiro Faria Lima 3400, 20º andar São Paulo, SP, Brazil 04538-132 (Address of principal executive office) Indicate ...

Group 1 - The company Companhia Siderúrgica Nacional (CSN) is not currently viewed as a favorable long-term investment option despite having relevant assets [1] - The investment strategy focuses on wealth preservation, income generation, and long-term appreciation [1] Group 2 - The national portfolio consists of Brazilian hand-picked stocks and real estate funds, while the international portfolio includes ETFs covering the global market [1]

Core Viewpoint - The conference call is focused on presenting a strategic update for CSN for the year 2026, with participation from the company's executive officers [1]. Group 1: Strategic Update - The event is being recorded and will be accessible on CSN's website, with a replay available shortly after the call [1]. Group 2: Forward-Looking Statements - The company emphasizes that forward-looking statements are based on current assumptions and opinions, and actual results may differ materially due to various factors [2]. - Factors influencing future performance include economic conditions in Brazil and other countries, interest and exchange rate levels, and regulatory changes [2].

Summary of Companhia Siderúrgica Nacional (CSN) Strategic Update Call Company Overview - **Company**: Companhia Siderúrgica Nacional (CSN) - **Industry**: Steel and Mining - **Date of Call**: January 15, 2026 Key Points Strategic Plan and Deleveraging - CSN aims to reduce leverage by approximately **$16 billion to $18 billion** through divestment of certain assets in 2026, targeting a leverage ratio of around **1.8** [3][4][10] - The company has already initiated the sale of **BRL 3.35 billion** in shares to MRS as part of this deleveraging strategy [15][32] - The goal is to enter a new growth cycle of **eight years** while maintaining a sustainable leverage level [4] Mining Segment - CSN is the **seventh-largest iron ore exporter** globally, with a strong EBITDA generation and high profitability [4] - The mining segment is expected to achieve an EBITDA uplift of approximately **$4 billion per year** [4] - The company has **$3 billion** in reserves supporting an extended mine life [4] Infrastructure Segment - CSN Infrastructure includes **seven railway, port, and multimodal assets**, with a projected EBITDA of over **BRL 60 billion** in the near future [5][6] - The company plans to sell a relevant share of infrastructure assets by 2026 to enhance cash flow [6][9] Cement Segment - CSN Cement is a leading player in Brazil's cement production, with EBITDA margins reaching **30%**, the highest in the sector [7] - The short-term strategy includes seeking the sale of control of CSN Cement by 2026 [7][10] Steel Segment - CSN Steel is recovering profitability and is one of Brazil's largest integrated flat steel producers [8] - The company is assessing strategic alternatives and partnerships to maximize cash generation in the steel segment [8][9] Energy Segment - CSN Energy is one of Brazil's largest renewable energy platforms, achieving self-sufficiency since 2023 [9] - The segment has EBITDA margins between **30% and 40%**, with a focus on energy transition [9] Market Conditions and Challenges - The company faces challenges from high interest rates and competition from imported products, which impact growth and investment [12][13] - CSN emphasizes the need for commitment to investment and growth despite the current economic environment [12][19] Future Outlook - CSN is optimistic about the improvement in profitability and market conditions in 2026, driven by strategic actions taken in 2025 [15] - The company is focused on enhancing its capital structure and reducing leverage to facilitate future investments [19][40] Investor Engagement - The management is actively engaging with investors and exploring strategic partnerships to enhance capital generation [44] - The company is open to future IPOs or sales of stakes in its segments, depending on market conditions and valuations [37][45] Regulatory Considerations - The sale of assets will require regulatory approvals, including from antitrust agencies [50] - The company is prepared to navigate these procedural requirements as part of its strategic initiatives [50] Conclusion CSN is strategically positioning itself for growth through a comprehensive deleveraging plan, focusing on its core segments of mining, infrastructure, cement, steel, and energy. The company aims to enhance profitability while navigating market challenges and engaging with investors for future opportunities.

Core Viewpoint - Siderurgica Nacional (SID) has received a Zacks Rank 2 (Buy) upgrade due to an upward trend in earnings estimates, indicating a positive outlook for the company's stock price [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in a company's earnings picture, which significantly influences stock prices [2][4]. - Rising earnings estimates for Siderurgica Nacional suggest an improvement in its underlying business, likely leading to increased stock prices as investors respond positively [5][10]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - Siderurgica Nacional's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10]. Earnings Estimate Revisions - For the fiscal year ending December 2025, Siderurgica Nacional is expected to earn $0.13 per share, with no year-over-year change; however, the Zacks Consensus Estimate has increased by 150% over the past three months, reflecting analysts' growing optimism [8].

Company Overview - Siderurgica Nacional (SID) currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting a favorable outlook compared to the market [3] Price Performance - Over the past week, SID shares have increased by 15.53%, outperforming the Zacks Steel - Producers industry, which rose by 4.36% [5] - In the last month, SID's price change is 7.47%, slightly below the industry's performance of 7.96% [5] - Over the past quarter, SID shares have risen by 14.72%, and over the last year, they have increased by 43.85%, while the S&P 500 has only moved 4.96% and 20.67%, respectively [6] Trading Volume - The average 20-day trading volume for SID is 2,676,140 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for SID has increased, while none have decreased, raising the consensus estimate from $0.04 to $0.13 [9] - For the next fiscal year, two estimates have moved upwards with no downward revisions during the same period [9] Conclusion - Considering the positive price performance, trading volume, and earnings outlook, SID is positioned as a 2 (Buy) stock with a Momentum Score of A, making it a strong candidate for near-term investment [11]

分组1 - Momentum investing focuses on "buying high and selling higher" rather than traditional "buying low and selling high" strategies [1] - Fast-moving trending stocks can lose momentum if their future growth does not justify their high valuations, leading to potential downside risks for investors [2] - Investing in bargain stocks that have recently shown price momentum can be a safer strategy, with tools like the Zacks Momentum Style Score aiding in identifying such stocks [3] 分组2 - Siderurgica Nacional (SID) has shown a price increase of 7.5% over the past four weeks, indicating growing investor interest [4] - SID has gained 14.7% over the past 12 weeks and has a beta of 1.67, suggesting it moves 67% more than the market [5] - SID has a Momentum Score of A, indicating a favorable time to invest based on momentum [6] - An upward trend in earnings estimate revisions has helped SID achieve a Zacks Rank 2 (Buy), which is associated with strong momentum effects [7] - SID is trading at a Price-to-Sales ratio of 0.31, indicating it is attractively priced at 31 cents for each dollar of sales [7] - There are other stocks that also meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, suggesting additional investment opportunities [8]