CSN Posts R$1.33B H1 Loss; Exchange Offer Finalized at 77.5% Participation
SID sits 27% above its 52-week low of $0.837.
Summary
CSN reported a R$1.33 billion H1 2026 net loss and finalized its debt exchange offer at 77.5% participation, extending maturities to 2030 at a higher 11% rate.
Key Events · Earnings and Guidance · SID
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H1 2026 Net Loss of R$1.33B
Consolidated net loss of R$1,328,081 thousand for the six months ended June 30, 2026, compared to a loss of R$861,949 thousand in H1 2025. Parent company loss was R$1,409,654 thousand.
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Financial Expenses Drive Loss
Net financial expenses totaled R$3,149,827 thousand, including R$2,070,610 thousand in borrowing costs and R$436,061 thousand in foreign exchange losses.
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Gross Debt-to-Equity at 3.50x
Total borrowings and financing of R$53,365,560 thousand against shareholders' equity of R$15,240,376 thousand, up from 3.36x at December 31, 2025.
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Exchange Offer Finalized at 77.49%
US$1,007,324,000 of existing 2028 notes tendered, with expected issuance of approximately US$698.3 million of new 11.00% notes due 2030 and US$255.7 million in cash.
Analysis · SID · Manufacturing
The full interim financial statements confirm a consolidated net loss of R$1.33 billion for the first half of 2026, driven by R$3.15 billion in net financial expenses and a R$1.57 billion swing in other operating expenses. The balance sheet shows gross debt of R$53.4 billion against shareholders' equity of R$15.2 billion, a gross debt-to-equity ratio of 3.50x. The exchange offer for the 2028 notes closed with 77.49% participation, pushing out US$1.0 billion in maturities to 2030 but at a higher 11.00% coupon. The filing also discloses a new share buyback amendment at subsidiary CSN Mineração, increasing the program to up to 100 million shares.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30% of the 1973 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SID was trading at $1.06 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $0.84 to $2.20. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.