Q2 2026 Companhia Siderurgica Nacional SA Earnings Call Transcript
Key Points
- Consolidated EBITDA grew 5% quarter-over-quarter and year-over-year, driven by strong operational performance across all segments.
- Steel segment saw a strong recovery with EBITDA margin returning to double digits (10.5%) and a 17% increase in sales, supported by antidumping measures and improved domestic market dynamics.
- Cement segment delivered a second consecutive record EBITDA, with margins above 30%, driven by resilient demand and a successful value-over-volume strategy.
- Logistics segment achieved its second-best EBITDA in history, with a margin above 45%, benefiting from dry season and operational efficiency.
- The company successfully concluded a new 2030 bond exchange with over 77% adherence, improving its debt maturity profile and reducing near-term refinancing pressure.
- Mining segment EBITDA was negatively impacted by higher logistics costs and unfavorable exchange rates due to geopolitical tensions, leading to a 20% drop in unit revenue.
- Net debt increased to 3.49x leverage, driven by debt amortization, exchange rate effects, and the AFAC of BRL500 million in Transnordestina.
- Steel production was affected by a blast furnace shutdown and inventory reduction, leading to higher unit costs and a slight increase in plate costs.
- Cement sales volume was constrained by scheduled maintenance events, limiting the quarter's performance despite record EBITDA.
- The company faces ongoing challenges from Asian imports, particularly from Vietnam and Korea, which could circumvent antidumping measures and pressure domestic steel prices.
Good morning, and thank you for holding. At this time, we would like to welcome everyone to CSN's Conference Call for the Results for the second quarter '26. Today, we have with us the company's executive officers. We would like to inform you that this event is being recorded. (Operator Instructions) You can access this event at www.csn.com.br/ir, where the presentation is also available. The replay of the event will be available soon after closing.
Before proceeding, please bear in mind that some of the forward-looking statements herein are mere expectations or trends based on the current assumptions and opinions of the company's management. Future results, performance and events may differ materially from those expressed herein which do not constitute projections.
In fact, actual results, performance or events may differ materially from those expressed or implied by forward-looking statements as a result of several factors such as the general and economic conditions in Brazil, interest rates, exchange rate levels, future
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