By Brazil Stock Guide – Brazil’s Companhia Siderúrgica Nacional (B3: CSNA3, NYSE: SID) swung back to profit in the third quarter of 2025, posting net income of R$76 million, compared with a R$130 million loss in the previous quarter. The turnaround was powered by the group’s mining subsidiary, CSN Mineração (B3: CMIN3), which reported a 500% surge in quarterly profit to R$696 million on the back of record iron-ore volumes and firmer prices.
Mining Drives Recovery
Group adjusted EBITDA reached R$3.3 billion, up 25.6% quarter-on-quarter, with an EBITDA margin of 26.8% — the strongest performance of the year. Mining operations delivered a standout EBITDA of R$1.9 billion, with a 43.9% margin, driven by higher realized prices (US$102 per dry metric ton) and record shipments of 12.4 million tons.
CSN Mineração’s board also approved a R$903 million shareholder payout, comprising R$424 million in dividends and R$479 million in interest on equity, equivalent to a combined R$0.166 per share. Shares will trade ex-dividends from November 10, with payment on November 19, 2025. The miner remains one of Brazil’s most profitable iron-ore producers, with a net cash position of R$3.9 billion and leverage at –0.59x.
Steel Still Under Pressure
CSN’s steel division continued to struggle with weak domestic prices and the influx of imported steel, despite achieving its lowest slab-production cost in four years. The segment’s EBITDA fell 26% from the previous quarter to R$428 million, with a margin of 8.1%, underscoring how foreign competition has squeezed profitability. Management expects a gradual rebound starting in the fourth quarter, as price adjustments and improved utilization begin to feed through.
Cement and Logistics Strengthen Group Earnings
Cement operations provided a bright spot, with EBITDA rising 32% to R$388 million, marking an all-time high for the segment and a margin of 29.1%. The logistics unit also posted record efficiency, achieving EBITDA of R$550 million, up 6% from the prior quarter, driven by higher freight volumes on rail and port operations.
Thanks to the stronger operational results, CSN’s net debt fell to R$37.5 billion, bringing leverage down to 3.14x, even after dividend payments to mining minority shareholders. Cash reserves reached R$18.8 billion, reflecting the company’s conservative capital strategy and progress in extending debt maturities through 2030.