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CSN’s 2Q2026 Loss Widens
August 14, 2026
-Vandit P
Cia. Siderurgica Nacional SA (CSN) reported a tenth consecutive quarterly loss amid heavy debt and rising financing costs. The company posted an adjusted net loss of BRL 773mn ($149.3mn) in 2Q2026, nearly 6x the loss recorded in the previous year period. The adjusted earnings came in at BRL 2.77bn ($0.5bn), beating estimates. CSN has been seeking ways to cut debt, including a potential sale of key assets such as its cement business. The company also secured some financial relief after bondholders approved a $1bn debt exchange. Despite these efforts to strengthen its balance sheet, CSN’s net debt rose to BRL 42.1bn ($8.1bn), pushing its net leverage ratio to 3.49x of EBITDA. The company had previously flagged investors of the debt increase as driven by prepayment amortization, currency swings on foreign debt, and a capital advance to Transnordestina. CSN’s management said it remains fully committed to resolving the group’s capital structure, with plans to advance asset sales, extend debt maturities, and seek higher cash returns in the short term.
Its 5.875% 2032s were up by 0.6 points to 62.8 cents on the dollar, yielding 16.2%.
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