Logo

SID

Companhia Siderúrgica Nacional

SID

Companhia Siderúrgica Nacional • NYSE
$1.57 ▼ -2.48% (-0.04)
Market Cap $2.08 B
52w High $1.98
52w Low $1.24
Dividend Yield 0.23%
P/E -7.14
Volume 1.22M
Outstanding Shares 1.33B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.794B ▲ $1.56B ▼ $-137.08M ▲ -1.162% ▲ $0.058 ▲ $1.242B ▼
Q2-2025 $10.693B ▼ $1.644B ▼ $-166M ▲ -1.552% ▲ $-0.13 ▲ $2.089B ▲
Q1-2025 $10.908B ▼ $1.645B ▼ $-619.146M ▲ -5.676% ▼ $-0.47 ▼ $1.152B ▼
Q4-2024 $12.026B ▲ $1.922B ▼ $-633.034M ▲ -5.264% ▲ $-0.064 ▲ $2.277B ▲
Q3-2024 $11.067B $1.952B $-750.87M -6.785% $-0.63 $1.622B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.275B ▼ $18.932B ▼ $15.674B ▼ $2.655B ▼
Q2-2025 $19.157B ▼ $101.071B ▲ $83.432B ▼ $14.689B ▲
Q1-2025 $20.751B ▼ $99.758B ▼ $83.498B ▼ $13.084B ▲
Q4-2024 $24.225B ▲ $103.907B ▲ $88.448B ▲ $12.271B ▼
Q3-2024 $19.485B $96.878B $81.643B $13.418B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $76.435M ▲ $392.504M ▲ $-1.871B ▼ $-323.223M ▼ $-1.779B ▼ $-1.043B ▲
Q2-2025 $-130.368M ▲ $-245.577M ▲ $-1.562B ▼ $357.897M ▲ $-1.482B ▲ $-1.577B ▲
Q1-2025 $-619.146M ▼ $-1.154B ▼ $-1.183B ▼ $-1.214B ▼ $-3.523B ▼ $-2.28B ▼
Q4-2024 $420.579M ▲ $3.548B ▲ $2.316B ▲ $-951.963M ▼ $4.858B ▲ $1.489B ▼
Q3-2024 $-750.774M $3.465B $-1.33B $787.018M $2.907B $2.157B

Five-Year Company Overview

Income Statement

Income Statement SID’s revenue over the last few years has been fairly stable, but profitability has swung sharply. The company moved from very strong profits a few years ago to small losses and then a deeper loss more recently. This pattern reflects both the natural ups and downs of the steel and mining cycle and likely higher costs, weaker pricing, and heavier financial charges. Margins have clearly come down from their peak levels, suggesting that the “boom” period of extremely profitable years has passed for now. The key issue in the income statement is not the ability to generate sales, but the pressure on profits and earnings volatility. That makes SID’s results quite sensitive to steel prices, demand in Brazil and abroad, and its own cost control and financing costs.

Balance Sheet

Balance Sheet SID’s balance sheet shows a business that has grown in size but also taken on a lot more debt. Total assets have increased meaningfully, and cash on hand has risen, which helps with day‑to‑day liquidity and provides some cushion. However, debt has climbed faster than equity, and recent losses have chipped away at the company’s book value. This leaves SID more leveraged and more dependent on stable cash generation to comfortably handle interest and repayments. The balance sheet is therefore a mix of strength and strain: solid industrial assets and liquidity, but a heavy debt load and a relatively thin equity base that heightens financial risk if industry conditions worsen.

Cash Flow

Cash Flow Despite the hit to accounting profits, SID has continued to generate solid operating cash flow in most years. Cash from operations has remained positive and has recently improved compared with the weaker year in the middle of the period. This shows that, at the cash level, the core business is still capable of funding itself. Free cash flow has generally been positive except in one investment‑heavy year, when high spending on new projects and assets outweighed incoming cash. Capital spending has clearly stepped up, pointing to ongoing investment in plants, mining operations, logistics, and possibly decarbonization initiatives. Overall, cash flow quality looks better than the recent net losses might suggest, but the company must balance investment needs with the demands of its sizeable debt.

Competitive Edge

Competitive Edge SID holds a strong competitive position in Brazil and Latin America, built on a deeply integrated business model. It controls key parts of the value chain: iron ore mining, steelmaking, cement, logistics (rail and ports), and energy. This integration can lower production and transportation costs, reduce dependence on external suppliers, and improve reliability of raw materials and delivery. The company also benefits from a diversified portfolio: when one segment, like steel, is under pressure, mining, cement, or logistics can help cushion the impact. Its strategic location near major industrial centers and export ports further supports its role as a key regional player. On the other hand, SID remains heavily exposed to cyclical sectors such as construction, automotive, and infrastructure, as well as to commodity price swings and Brazilian macroeconomic risk. Its competitive moat is strong in operations and logistics, but the value of that moat ultimately depends on demand, pricing, and its ability to manage leverage across cycles.

Innovation and R&D

Innovation and R&D SID is making a clear push to differentiate itself through innovation, especially around greener steel and digital transformation. Through its CSN Inova platform, the company is investing in new technologies that reduce carbon emissions, improve energy efficiency, and modernize production. The use of renewable hydrogen in its blast furnace operations is a notable example, as it aims to cut fossil fuel use and lower the carbon footprint of steelmaking. The firm is also focusing on advanced high‑strength steels for automotive customers, which can support lighter, more efficient vehicles, and on broader “Industry 4.0” tools such as artificial intelligence and data analytics to improve plant performance. In addition, its corporate venture capital arm is backing startups in green hydrogen, advanced materials, and industrial marketplaces, potentially opening new avenues for growth. These initiatives could strengthen SID’s ESG profile and product mix over time, but they will require continued capital, disciplined execution, and a market willing to pay for greener, higher‑value steel products.

Summary

SID is a large, vertically integrated steel and mining group with clear operational strengths but meaningful financial and cyclical risks. On the positive side, it has stable revenues, strong industrial assets, and generally solid cash generation. Its integrated chain—from iron ore to finished steel, cement, logistics, and energy—gives it cost advantages and multiple revenue streams. The company is also actively investing in decarbonization, digitalization, and higher‑value steel products, which could support its long‑term competitiveness and sustainability profile. On the risk side, profit volatility has increased, with recent years swinging from high earnings to losses. Debt has risen significantly, while equity has been eroded, leaving the capital structure more stretched and making the company more sensitive to downturns in steel and mining markets or to higher interest rates. Future performance will largely hinge on how well SID can restore and stabilize profitability, manage its leverage, and convert its innovation and green steel initiatives into durable competitive and financial gains, all within the inherently cyclical environment of the global and Brazilian steel industries.