=As filed with the Securities and Exchange Commission on April 30, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________

FORM 20-F

________________________________________________

COMPANHIA SIDERÚRGICA NACIONAL
(Exact name of registrant as specified in its charter)

NATIONAL STEEL CO

NATIONAL STEEL COMPANY
(Translation of registrant’s name into English)

_______________________________________________

THE FEDERATIVE REPUBLIC OF BRAZIL D5
(Jurisdiction of incorporation or organization)

marcelo.ribeiro@csn.com.br
Av. Brigadeiro Faria Lima, 3400 – 20th floor
04538-132, São Paulo, SP, Brazil

Antonio Marco Campos Rabello, Chief Financial and Investor Relations Officer
Phone: +55 11 3049-7585 Fax: +55 11 3049-7212

invrel@csn.com.br
Av. Brigadeiro Faria Lima, 3400 – 20th floor
04538-132, São Paulo, SP, Brazil

(Address of principal executive offices)

________________________________________________

Securities registered or to be registered pursuant to Section 12(b) of the Act.

____________________

* Not for trading purposes, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the U.S. Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of December 31, 2025:

1,326,093,947 Common Shares without Par Value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☑  Yes ☐ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐ Yes ☑  No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☑  Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☑  Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☑  Yes ☐ No

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

☐ Yes ☑ No

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

☐ Yes ☐ No

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☑  No

TABLE OF CONTENTS

INTRODUCTION

Unless otherwise specified, all references in this annual report to:

FORWARD-LOOKING STATEMENTS

This annual report includes forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, principally under the captions “Item 3. Key Information,” “Item 4. Information on the Company,” “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures About Market Risk.” We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting us. Although we believe these estimates and forward-looking statements are based on reasonable assumptions, these estimates and statements are subject to several risks and uncertainties and are made in light of the information currently available to us.

Many important factors, in addition to those discussed elsewhere in this annual report, could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including, among others:

We caution you that the foregoing list of significant factors may not contain all of the material factors that are important to you. The words “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” “will” and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the effects of competition, among other things.

Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update or to revise any forward-looking statements after we distribute this annual report because of new information, future events or other factors. In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this annual report might not occur and are not an indication of future performance. As a result of various factors, including those set forth above, undue reliance should not be placed on these forward-looking statements.

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

Our audited consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 included elsewhere in this annual report have been presented in thousands of reais and prepared in accordance with IFRS Accounting Standards as issued by the IASB. See note 2.a. to our audited consolidated financial statements included elsewhere in this annual report.

We have translated some of the Brazilian real amounts contained in this annual report into U.S. dollars solely for the convenience of the reader at the rate of R$5.5024 to US$1.00, which was the U.S. dollar selling rate as of December 31, 2025, as reported by the Central Bank of Brazil, or the Central Bank. As a result of fluctuations in the real/U.S. dollar exchange rate, the U.S. dollar selling rate as of December 31, 2025 may not be indicative of current or future exchange rates. The U.S. dollar equivalent information presented in this annual report should not be construed as implying that the real amounts represent, or could have been or could be converted into, U.S. dollars at such rates or at any other rate.

Certain figures included in this annual report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not represent an arithmetic sum of the figures that precede them.

PART I

Item 1. Identity of Directors, Senior Management and Advisors

Not applicable.

Item 2. Offer Statistics and Expected Timetable

Not applicable.

Item 3. Key Information

3A. [Reserved]

3B. Capitalization and Indebtedness

Not applicable.

3C. Reasons for the Offer and Use of Proceeds

Not applicable.

3D. Risk Factors

An investment in the ADSs or our common shares involves a high degree of risk. You should carefully consider the risks described below before making an investment decision. Our business, financial condition and results of operations could be materially and adversely affected by any of these risks. The trading price of the ADSs could decline due to any of these risks or other factors, and you may lose all or part of your investment.

For purposes of this section, when we state that a risk, uncertainty or problem may, could or will have an “adverse effect” on us or “adversely affect” us, we mean that the risk, uncertainty or problem could have an adverse effect on our business, financial condition, results of operations, cash flow, prospects and/or the trading price of the ADSs, except as otherwise indicated. The risks described below are those that we currently believe may materially and adversely affect us.

Risks Relating to Brazil

The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy. This influence, as well as Brazilian political and macroeconomic conditions, may adversely affect us.

The Brazilian government from time to time intervenes in the Brazilian economy and makes changes in policies and regulations. The Brazilian government’s actions have involved, in the past, among other measures, changes in interest rates, tax policies, price controls, monetary policies, restrictions on selected imports, and foreign exchange policies. We have no control over and cannot foresee the measures and policies that may be adopted in the future. We may be materially and adversely affected by changes in policies or regulations involving or affecting the following factors:

Uncertainty over whether the Brazilian government will implement changes in policy or regulation affecting these or other factors may contribute to economic uncertainty in Brazil and to heightened volatility in the Brazilian securities markets and securities issued by Brazilian companies, including our common shares and the ADSs that represent them.

Additionally, according to the Brazilian Institute of Geography and Statistics (Instituto Brasileiro de Geografia e Estatística), or the IBGE, Brazil’s gross domestic product, or GDP, grew by 2.9%, 3.4% and 2.3% in 2023, 2024 and 2025, respectively. Developments in the Brazilian economy may affect Brazil’s growth rates and, consequently, demand for our products, and we have been, and will continue to be, affected by changes in the Brazilian GDP.

Political instability may adversely affect us.

The Brazilian economy has been and continues to be affected by political events in Brazil, which have also affected the confidence of investors and the public in general, adversely affecting the performance of the Brazilian economy and heightening volatility of securities issued by Brazilian companies, including the trading price of our common shares and the ADSs.

Brazilian markets have experienced heightened volatility due to uncertainties from investigations related to allegations of money laundering, corruption and misconduct by government officials and legal entities and individuals from the private sector carried out by the Brazilian Federal Police and the Office of the Brazilian Federal Prosecutor. Uncertainties derived from these events have adversely affected the Brazilian economy and political environment. We have no control over and cannot predict developments in these investigations nor whether future investigations or allegations will result in further political and economic instability, which could adversely affect the trading price of securities issued by Brazilian companies, including ours.

Brazil is expected to hold general elections in 2026, including elections for president, members of congress and state-level offices. Electoral cycles in Brazil have been associated with heightened political debate and social polarization. Increased ideological polarization, marked by greater fragmentation of public discourse and reduced trust in institutions, may contribute to higher levels of political and social tension, potentially increasing volatility and sensitivity to socio-political shocks.

More broadly, the Brazilian government has the power to implement economic policies and adopt measures that may affect the operations and financial performance of companies operating in Brazil, including us. We cannot predict the policies that may be adopted or modified, or whether any such changes will adversely affect us or the Brazilian economy. Uncertainty regarding these political developments and potential policy shifts may have material adverse effects on the macroeconomic environment in Brazil, as well as on our operations and financial performance, and may heighten the volatility of the Brazilian securities market, including in relation to our common shares and the ADSs.

Exchange rate instability may adversely affect us and the market price of our common shares and the ADSs.

The Brazilian currency has, during the last decade, experienced frequent and substantial variations compared to the U.S. dollar and other foreign currencies. In 2023, the real appreciated against the U.S. dollar and the U.S. dollar selling rate was R$4.8413 per US$1.00 as of December 31, 2023, as reported by the Brazilian Central Bank. In 2024, the real depreciated against the U.S. dollar and the U.S. dollar selling rate was R$6.1923 per US$1.00 as of December 31, 2024, as reported by the Brazilian Central Bank. In 2025, the real appreciated against the U.S. dollar and the U.S. dollar selling rate was R$5.5024 per US$1.00 as of December 31, 2025, as reported by the Brazilian Central Bank.

Depreciation of the real against the U.S. dollar creates inflationary pressures in Brazil and causes increases in interest rates, which adversely affect the growth of the Brazilian economy as a whole, curtail access to foreign financial markets and may prompt government intervention, including recessionary governmental policies. Depreciation of the real against the U.S. dollar may also, in the context of an economic slowdown, lead to decreased consumer spending, deflationary pressures and reduced growth of the Brazilian economy.

On the other hand, appreciation of the real relative to the U.S. dollar and other foreign currencies could lead to a deterioration of the Brazilian foreign exchange current accounts, as well as dampen export-driven growth. Depending on the circumstances, either depreciation or appreciation of the real could materially affect our growth and that of the Brazilian economy, as well as impact the U.S. dollar value of distributions and dividends on, and the U.S. dollar equivalent of the market price of, our common shares and the ADSs.

In the event the real depreciates in relation to the U.S. dollar, the cost in reais of our foreign currency-denominated borrowings and imports of raw materials, particularly coal and coke, will increase. On the other hand, if the real appreciates in relation to the U.S. dollar, it will cause real-denominated production costs to increase as a percentage of total production costs and cause our exports to be less competitive. As of December 31, 2025, export sales represented approximately 50.25% of our total sales. As of December 31, 2025, we had total U.S. dollar-denominated or U.S. dollar-linked indebtedness of R$33,897.5 million, which represented 63.25% of our total indebtedness as of such date.

Government efforts to combat inflation may hinder the growth of the Brazilian economy and could harm us.

Historically, Brazil has experienced high inflation rates. Inflation and certain actions taken by the Central Bank to limit inflation have had significant negative effects on the Brazilian economy. Inflation as measured by the national broad consumer price index (Índice Nacional de Preços ao Consumidor Amplo), or IPCA, was 4.7%, 4.8% and 4.3% in 2023, 2024 and 2025, respectively. Inflation as measured by Brazil’s general market price index (Índice Geral de Preços do Mercado), or IGP-M, was 3.2% in 2023, 6.5% in 2024 and (1.1)% in 2025.

The base interest rate for the Brazilian banking system is the Central Bank’s Special System for Settlement and Custody (Sistema Especial de Liquidação e Custódia) rate, or SELIC rate. The SELIC rate was repeatedly increased from 2.00% in August 2020 to 13.75% in August 2023. As of December 31, 2023, 2024 and 2025, the SELIC rate was 11.75%, 12.25% and 15.00%, respectively. As of the date of this annual report, the SELIC rate is 14.50%.

Inflation and the Brazilian government’s measures to address it, principally the Central Bank’s monetary policy, have had and may have significant effects on the Brazilian economy and us. Tight monetary policies with high interest rates have restricted and may restrict Brazil’s growth and the availability of credit. Conversely, more lenient government and Central Bank policies and interest rate decreases have triggered and may trigger increases in inflation, and, consequently, growth volatility and the need for sudden and significant interest rate increases, which could negatively affect us and increase the payments on our indebtedness.

Developments and the perception of risk in other countries may adversely affect the trading price of Brazilian securities, including our common shares and the ADSs.

The market value of securities of Brazilian issuers is affected to varying degrees by economic and market conditions in other countries, including developed countries, such as the United States and certain European countries, as well as emerging market countries.

Investors’ reactions to developments in other countries may adversely affect the market value of securities of Brazilian issuers, including our common shares and the ADSs. Any financial crisis or significant developments, such as increase in interest rates and tariffs in other countries, especially the United States, may decrease global liquidity and the interest of investors in securities of Brazilian issuers. In addition, crises in other emerging countries may have a similar effect. This could adversely affect the trading price of our common shares and/or the ADSs and could also make it more difficult for us to gain access to the capital markets and finance our operations on acceptable terms, or at all.

The imposition of import tariffs by the United States can have a twofold impact on the economy. On one hand, tariffs on foreign goods such as steel, aluminum, and automobiles lead to higher input costs for U.S. producers and raise prices for consumers, thereby contributing to upward pressure on inflation. On the other hand, increased production costs and reduced consumer purchasing power can dampen business investment and household spending, ultimately slowing economic growth. Additionally, retaliatory tariffs from trade partners may hurt U.S. exports, further weighing on manufacturing activity and overall performance. Globally, trade tensions and protectionist measures can disrupt supply chains, reduce cross-border investment, and lower demand for goods and services, leading to a broad-based slowdown in global economic activity. We have no control over and cannot predict the effects of the U.S. administration or policies. The implementation of protectionist policies, the reversal of free trade policies in the United States and the ongoing U.S. Trade Representative’s investigation into Brazil’s trade practice could adversely affect us. In addition, tariffs imposed by the United States on Chinese steel imports have contributed to a redirection of Chinese steel exports to other markets, including Brazil. This increase in Chinese steel supply in the Brazilian market has increased competition and put additional downward pressure on domestic steel prices. If this trend continues or increases, it could significantly lower market prices and our margins and reduce demand for our steel products.

Moreover, geopolitical conflicts, such as conflicts between Russia and Ukraine and in the Middle East, have had and may continue to have an adverse effect on global capital markets and could affect investors’ views of securities issued by companies that operate in emerging markets.

We cannot predict how these developments will evolve and whether or to what extent they may affect Brazilian capital markets and, consequently, us.

Any downgrade of Brazil’s credit rating may adversely affect us.

Credit ratings affect investors’ perceptions of risk and, as a result, the yields required on debt issuances in the financial markets. Rating agencies regularly evaluate Brazil and its sovereign ratings, taking into account several factors including macroeconomic trends, fiscal and budgetary conditions, indebtedness, and the prospect of change in these factors. As of the date of this annual report, Brazil’s sovereign credit ratings were BB with a stable outlook, Ba1 with stable outlook and BB with stable outlook by S&P, Moody’s and Fitch, respectively, which is below investment grade.

Any downgrading in Brazil’s sovereign credit ratings may increase the perception of risk of investors and may result in reduced foreign investment in Brazil, and, as a result, adversely affect the trading price of securities issued by Brazilian companies, including us. In addition, a downgrade in Brazil’s credit profile could adversely affect our own credit ratings. Any of the foregoing could adversely affect our ability to access international capital markets, refinance our existing indebtedness or obtain additional financing on acceptable terms, or at all.

Risks Relating to Us and the Industries in Which We Operate

We are exposed to substantial changes in the demand for steel and iron ore, which significantly affect the prices of our products and may adversely affect us.

The steel and mining industries are highly cyclical, both in Brazil and abroad. The demand for steel and mining products and, thus, the financial condition and results of operations of companies in these industries, including us, are generally affected by macroeconomic fluctuations in the world economy and the economies of steel-producing countries, including trends in the automotive, construction, home appliances and packaging industries, as well as other industries that rely on steel distributors. A worldwide recession, an extended period of below-trend growth in developed countries or a slowdown in the emerging markets that are large consumers of our products (such as the Brazilian domestic market for our steel products and the Chinese market for iron ore) could sharply reduce demand for our products.

According to the Brazilian Steel Institute (Instituto Aço Brasil), steel import volumes into Brazil increased by 7.42% compared to 2024. This surge has had a direct impact on the domestic market. Additionally, if our competitors, including China, are unable to access U.S. markets due to the tariffs currently in place, it is expected that they will target other foreign markets, which could further impact our domestic market. If steel import levels continue to rise without appropriate safeguard measures to ensure fair competition, demand for domestically produced steel could decline, which could have a material adverse effect on us.

In addition, flat steel competes with other materials that may be used as substitutes, such as aluminum (particularly in the automotive and packaging industry), cement, composites, glass, plastic and wood. Government regulatory initiatives mandating the use of such materials in lieu of steel, whether for environmental or other reasons, as well as the development of other new substitutes for steel products, could also significantly reduce market prices and demand for steel products and thereby reduce our cash flow and profitability. Any material decrease in demand or increase in supply for steel and iron ore in the domestic or export markets served by us could have a material adverse effect on us.

Prices charged for iron ore are subject to volatility. International iron ore prices may decrease significantly and materially and adversely affect us or require us to suspend certain of our projects and operations.

Our iron ore prices are based on a variety of pricing terms, which generally use market price indices as a basis for determining customer prices. Our prices for and revenues from iron ore are consequently volatile, which may adversely affect us. In 2025, average iron ore prices decreased 6.4% to US$102.4dmt from US$109.4dmt in the same period of 2024. In 2024, average iron ore prices decreased 8.6% to US$109.4dmt from US$119.8dmt in the same period of 2023, in each case according to the average Platts iron ore price index (62% Fe CFR China). A decrease in market prices for iron ore may require us to change the way we operate or, depending on the magnitude of price decreases, even to suspend certain of our projects and operations and impair certain assets, which could adversely affect us.

Adverse economic conditions in China and an increase in global iron ore production capacity could materially and adversely affect us.

China has been the main driver of global demand for minerals and metals over the past years, effectively driving global prices for iron ore and steel. In 2025, China accounted for 76% of the global seaborne iron ore trade and 85.29% of our iron ore export sales were to the Asian market, mainly China. China is also the largest steel producer in the world, accounting for approximately 53% of the global steel production in 2025.

China’s macroeconomic condition is a critical factor for our business. A slowdown could impact our operations, as the infrastructure and real estate sectors together account for approximately 50% of China’s steel production. Additionally, the imposition of import tariffs by the U.S. on China could limit their access to U.S. markets, leading to an oversupply of steel. This, coupled with the surplus of iron ore resulting from the ramp-up of new projects and the inability to sell to U.S. markets, may lead to shifts in global demand and, consequently, in the prices of iron ore and steel, potentially affecting our profitability.

In addition, the improved performance of the main players, the ramp-up of projects started in past years by major iron ore suppliers combined with the new players entering the business could affect seaborne iron ore prices and adversely affect us.

We are exposed to substantial changes in commodities prices, including oil prices, and freight rates, which significantly affect the prices of our inputs and the prices of our products, and may adversely affect us.

We are subject to volatility in international commodities prices, which affects the prices of certain of our inputs, including oil and oil-related products, and may therefore adversely affect our results of operations. In 2025, oil prices decreased compared to 2024. In the first quarter of 2026, however, oil prices increased following geopolitical tensions in the Middle East and disruption to shipping routes through the Strait of Hormuz. Commodities prices remain highly sensitive to macroeconomic conditions, supply-demand imbalances, trade restrictions and geopolitical events, including actual or threatened wars, armed conflicts, imposition of sanctions and disruptions to major shipping routes, including geopolitical tensions involving the United States, Israel and Iran, any of which may result in significant price increases, supply disruptions and heightened volatility.

In addition, the capesize shipping market remained volatile in 2025. Freight rates were relatively low at the beginning of 2025 but strengthened later in the year as dry bulk trade flows improved. Freight rates may be affected by factors beyond our control, including global demand for iron ore and other bulk commodities, vessel supply, bunker fuel prices, port congestion, weather events, trade measures and geopolitical disruptions affecting key maritime routes.

Any significant increase in commodities prices, freight rates or other input costs, or any inability to pass through such increases to our customers, may adversely affect our margins and results of operations. Likewise, significant volatility in commodities prices or freight rates may require us to adjust our operating plans and commercial strategy, which could adversely affect us.

We may not be able to adjust our steel and mining production volume in a timely or cost-efficient manner in response to changes in demand.

Our steel business accounted for 50.0%, 53.1% and 49.2% of our total net revenues in 2023, 2024 and 2025, respectively, while our mining business accounted for 37.7%, 30.0% and 34.4% over the same period, respectively. Given the capital-intensive nature of these businesses, a large portion of our cost structure is fixed in the short term, making it challenging to scale production without impacting cost efficiency.

During periods of weak demand, operating with significant idle capacity can increase our per-unit costs. In addition, our ability to implement cost-reduction measures may be limited by labor regulations or existing agreements with employees or government entities.

Conversely, our capacity to rapidly scale up production is constrained. When demand rises sharply, we may not be able to increase production quickly enough to meet it, potentially requiring the purchase of iron ore or steel from third parties and reselling it, which would increase our costs and narrow our margins. Failure to satisfy excess customer demand could also result in the loss of customers. In addition, operating near full capacity may expose us to additional costs, such as demurrage fees due to capacity restrains in our logistics systems.

A decrease in the availability or an increase in the price of raw materials and energy required for steel production, particularly coal, coke and natural gas, may adversely affect us.

Our steel operations depend on the continuous supply of significant volumes of raw materials and energy, including iron ore, coal, coke, limestone, dolomite, manganese, zinc, tin, aluminum and natural gas. We rely on third parties for a portion of these requirements and import all of the coal required to produce coke for our integrated steel operations. As a result, our production costs and operating performance are exposed to fluctuations in the price and availability of these inputs.

In 2025, raw material costs accounted for 55.8% of our total steel production costs. Any prolonged disruption in the supply of raw materials or natural gas, or any substantial increase in their prices, could materially and adversely affect us. Such disruptions or price increases may result from global supply and demand imbalances, trade restrictions, tariffs, imposition of sanctions, geopolitical tensions, wars or armed conflicts, disruptions to key shipping routes, adverse weather events, production interruptions, accidents, labor disruptions and freight availability and transportation costs. Any inability to obtain sufficient quantities of key inputs on commercially reasonable terms, or to pass increased costs on to our customers, may adversely affect our margins, reduce our competitiveness and impair our ability to meet customer demand.

Our steel products face significant competition, including price competition, from domestic and foreign producers, which may adversely affect our profitability and market share.

The global steel industry is highly competitive with respect to price, product quality, customer service and technological advances that reduce production costs. In addition, continuous advances in materials science and technology have led to improvements in substitute materials, such as plastics, aluminum, ceramics and glass, which may reduce demand for certain steel products. Due to the high fixed costs and operating characteristics of steelmaking facilities, producers may maintain high production levels even during periods of weak demand, which may result in oversupply and increased pressure on prices and margins.

The steel industry has historically suffered from structural overcapacity, particularly in developing countries, including China and India. China is the world’s largest steel producer, and excess production capacity, combined with favorable export conditions in certain jurisdictions, may affect steel prices and trade flows in Brazil and other markets. If we are unable to remain competitive relative to producers in China or other steel-producing countries, we may be adversely affected.

Steel companies in Brazil also face strong competition from imported products. According to the Brazilian Steel Institute, imports of rolled steel into Brazil increased by 20.5% in 2025 compared to 2024, reaching 5.7 million tons, the highest level in 15 years. If imports of subsidized or unfairly traded steel products continue to increase, or if existing trade defense measures prove insufficient, we may be materially and adversely affected. In addition to direct steel imports, Brazilian steel producers also face competition from imported finished goods, which may adversely affect the entire domestic steel supply and production chain.

Protectionist and other measures adopted by foreign governments could adversely affect our export sales.

In response to increased global steel production and exports from many countries, anti-dumping and countervailing duty and safeguard measures have been imposed by foreign governments representing the main markets for our exports.

The European Commission initiated an anti-dumping investigation in 2021 concerning imports of electrolytic chromium coated steel (tin-free steel) products from Brazil and China, which resulted in definitive anti-dumping duties on imports of tin-free steel from Brazil into the European Union in November 2022. In 2022, the European Commission also initiated its five-year “sunset review” of the anti-dumping duties on hot-rolled steel, which were renewed in December 2023. In addition, the European Commission introduced provisional steel safeguard measures, which were later converted into definitive measures and have since been reviewed and adjusted several times. In June 2024, the European Commission extended the safeguard measure through June 2026, which represents the maximum eight-year duration allowed under European Union law and World Trade Organization rules, and the current safeguard measure is expected to be replaced by a new steel trade measure from July 2026, subject to completion of the EU legislative process. Separately, EU Regulation No. 2023/956 established the Carbon Border Adjustment Mechanism (CBAM), which applies to imports of certain carbon-intensive goods, including cement, iron, steel and aluminum, and requires European Union importers to report, and ultimately account for, the embedded emissions associated with covered products. Following a transitional period that began in October 2023, the definitive CBAM regime entered into force on January 1, 2026.

In the United States, in March 2018, the U.S. President imposed a 25% tariff on steel imports from most countries on national security grounds pursuant to Section 232 of the Trade Expansion Act of 1962. These tariffs remained in place, subject to subsequent modifications and arrangements. In February 2025, the U.S. President reinstated the full 25% tariffs on steel imports, eliminating previously granted exemptions, including country-specific arrangements and product-specific exclusions that had been negotiated with several trading partners, including Brazil. In June 2025, the United States further increased these tariffs to 50%. In addition, the Department of Commerce initiated anti-dumping and countervailing duty investigations in September 2024 concerning certain corrosion-resistant steel products from Brazil and other countries. These proceedings later resulted in affirmative determinations in 2025.

Trade defense measures, export controls and other restrictions adopted by foreign governments may also directly or indirectly affect our suppliers, customers and commercial counterparties. We cannot predict whether foreign governments will impose additional tariffs, expand the scope of products subject to existing protectionist measures, or adopt new protectionist measures, and any such actions could materially and adversely affect our export sales. For more information on protectionist measures, see “Item 4. Information on the Company––4B.

Business Overview—Regulatory Matters—Protectionist Measures.” The imposition of these and other protectionist measures by foreign countries may materially and adversely affect our export sales.

Our activities depend on authorizations, concessions, licenses and permits, and changes in applicable laws, regulations or government measures could adversely affect us.

Our activities and the activities of our subsidiaries and joint ventures are subject to governmental authorizations, concessions, licenses and permits, which include environmental licenses, as well as water grants, for our mining and industrial plants, infrastructure projects and concessions, including for the port terminals, railways and power plants that we operate or in which we have an equity interest. We cannot guarantee that we will be able to maintain, renew or obtain any required authorization, concession, license or permit, or that no additional requirement will be imposed on us in connection with our requests.

Authorizations, concessions, licenses or permits required for the development of our activities may also require that we meet certain performance thresholds, completion milestones and other contractual obligations, including under relevant concession agreements or under conduct adjustment agreements (Termos de Ajustamento de Conduta), or TACs, entered into with governmental agencies. Failure to meet these requirements could result in the loss, non-renewal or early termination of such authorizations, concessions, licenses or permits, as well as penalties from governmental entities, including fines, facility closures, restrictions on access to public financing and acceleration of events of default under our indebtedness. In the event of a concession agreement termination, any indemnification we may be entitled to from granting authorities may be insufficient to cover our costs or may be significantly delayed.

In addition, changes in applicable laws or regulations could require modifications to our technologies and operations and unexpected capital expenditures. Capital expenditures that we have already made may not generate the returns we expected, if any.

After accidents involving the breaking of upstream mining dams operated by other mining companies in the cities of Mariana and Brumadinho in the state of Minas Gerais, the Brazilian National Mining Agency (Agência Nacional de Mineração), or the ANM, which is the regulatory agency under the Brazilian Ministry of Mines and Energy (Ministério de Minas e Energia), or the MME, of the Brazilian government, and Brazilian environmental regulatory authorities have applied more stringent environmental licensing requirements for mining project operations, specifically for dams.

The amount and timing of these and other environmental and related expenditures may vary substantially from those currently anticipated, and we may encounter delays in obtaining environmental or other operating licenses, or not be able to obtain and/or renew them, which could subject us to civil, administrative or criminal liability and closure orders. Any of the above events, among others, may adversely affect us and our ability to obtain expected returns from our projects, and may render certain projects economically or otherwise unfeasible.

Further, new or more stringent environmental licensing requirements for our project operations, specifically for our dams, could be imposed on us. For additional information on mining regulations in Brazil, see “Item 4. Information on the Company—4B. Business Overview—Regulatory Matters—Mining Regulation.”

We have a high level of indebtedness, and our ability to service, repay or refinance our debt depends on factors beyond our control. If we are unable to do so, we will be materially and adversely affected.

As of December 31, 2025, our total debt outstanding was R$56,924.6 million, comprising R$10,428.6 million of short-term debt and R$42,496.0 million of long-term debt. We had R$14,421.0 million in cash and cash equivalents and short-term financial investments with immediate liquidity as of December 31, 2025. R$10.523,0 million of our total debt outstanding is scheduled to mature in 2026. Our ability to meet our debt service obligations, repay maturing debt or refinance existing indebtedness depends on a number of factors, including our operating performance, cash flow generation, commodities prices, exchange rates, interest rates, market conditions, access to capital and credit markets and lender and investor appetite. There can be no assurance that we will be able to refinance our indebtedness on acceptable terms, on a timely basis, or at all.

A high level of indebtedness could increase our cost of borrowing, limit our financial and strategic flexibility, reduce funds available for working capital, capital expenditures and other corporate purposes, and make us more vulnerable to adverse economic, industry and market conditions. Any actual or perceived deterioration in our liquidity or refinancing profile could also result in adverse rating actions, which could further increase our funding costs and reduce access to financing.

If we are unable to generate sufficient cash flow or obtain additional financing or refinancing when needed, we may be required to use available cash balances to repay debt, delay investments, dispose of assets or pursue other measures on unfavorable terms. In addition, a failure to make payments when due, or a breach of covenants under our financing agreements, could result in events of default and, depending on the terms of the relevant instruments, could trigger cross-defaults, acceleration of other indebtedness, enforcement of guarantees or collateral arrangements and restrictions on access to additional financing, including trade finance and working capital facilities. Any of these events would materially and adversely affect us.

We cannot assure you that our credit ratings will not be lowered, suspended or withdrawn by the rating agencies.

Our credit ratings are limited in scope, and do not address all material risks relating to an investment in our common shares or the ADSs, but rather reflect only the views of the rating agencies at the time the ratings are issued. These ratings may affect the cost and other terms upon which we are able to obtain funding and are subject to change due to factors specific to us, trends in the industries we operate in or trends in the credit and capital markets generally. As of the date of this annual report, our Fitch, Moody’s and S&P credit ratings are BB- with a negative outlook, B2 with a negative outlook and B+ with a negative outlook, respectively.

Credit rating agencies regularly evaluate us, and their ratings are based on a number of factors, including our financial strength. We cannot assure you that credit rating agencies will not downgrade our credit ratings or that credit ratings will remain in effect for any given period of time or not be withdrawn entirely by the rating agencies, if in their judgment circumstances so warrant. Any lowering, suspension or withdrawal of our credit ratings may have an adverse effect on us and our ability to refinance our existing indebtedness.

We may not be able to consummate expected divestures or proposed acquisitions or integrate acquired businesses successfully.

From time to time, we may evaluate divestment opportunities that would strategically fit our business objectives. The consummation of these divestitures is subject to a number of factors, many of which are beyond our control, including market conditions, the availability of suitable buyers, the negotiation of acceptable terms and pricing, and the receipt of customary legal and regulatory approvals. We may not be able to execute these divestitures within the expected timeframe, at the anticipated price, or at all. Delays, unfavorable market conditions or failure to consummate the planned divestitures could prevent us from achieving the expected deleveraging and reduction in interest expense, potentially impairing our liquidity, increasing refinancing risk and adversely affecting our credit ratings, strategic objectives and overall financial performance. In addition, the consummation of expected divestitures will reduce our diversification and could increase our reliance on earnings from our remaining operations, which are subject to commodities prices and other risks described elsewhere in this annual report

We may also evaluate acquisition opportunities that would strategically fit our business objectives. If we are unable to consummate acquisitions or to integrate them successfully and develop these businesses to realize revenue growth and cost savings, we could be adversely affected. Acquisitions also pose the risk that we may be exposed to successor liability involving an acquired company. Due diligence conducted in connection with an acquisition, and any contractual guarantees or indemnities that we receive, may not be sufficient to protect us from, or compensate us for, actual liabilities. A material liability associated with an acquisition, including related to labor or environmental matters, could adversely affect us and reduce the expected and bargained-for benefits of the acquisition.

We may incur asset impairment charges related to acquisitions, which may reduce our profitability. Our acquisition activities may also present financial, managerial and operational risks, including diversion of management attention from existing core businesses, difficulties integrating or separating personnel, financial and other systems, failure to achieve the operational benefits that were anticipated at the time of the transaction, adverse effects on existing business relationships with suppliers and customers, inaccurate estimates of fair value made in the accounting for acquisitions and/or amortization of acquired intangible assets which would reduce future reported earnings, potential loss of customers or key employees of acquired businesses and indemnities and potential disputes with buyers or sellers. Moreover, proposed acquisitions may also be subject to review from the antitrust authorities in the countries involved in the transaction, which may approve the transaction, do so subject to restrictions, including the divestment of assets, or reject it. Any of these developments or adverse regulatory decisions could adversely affect us.

We may not be able to maintain adequate liquidity and our cash flows from operations and available capital may not be sufficient to meet our obligations.

While our cash flows from operations and available capital have been sufficient to meet our current operating expenses, contractual obligations and debt service requirements to date, our liquidity, cash flows from operations and available capital may be adversely affected by the pricing environment for our products, the exchange rate environment and the effects of weak macroeconomic conditions in Brazil. We are considering certain measures to improve our liquidity and debt profile, including the potential sale of certain assets. In addition, we are negotiating the extension of certain of our credit facilities. If we are unable to successfully sell certain assets and/or extend our debt amortization profile, we may not be able to maintain adequate liquidity and our cash flows from operations and available capital may not be sufficient to meet our obligations.

Accidents or malfunctioning equipment on our premises, railways or ports may decrease or interrupt production, internal logistics or distribution of our products and adversely affect us.

Steel, iron ore and cement production processes depend on certain critical equipment, such as blast furnaces, steel converters, continuous casting machines, rolling mills, drillers, reclaimers, conveyor belts, crushing and screening equipment and ship loaders, as well as on internal logistics and distribution channels, such as seaports and railways. This equipment and infrastructure may be affected in the case of malfunction or damage. Any significant interruptions in our production process, internal logistics or distribution channels (including our ports and railways) could materially and adversely affect us.

In addition, our operations involve the use, handling, storage, and discharge and disposal into the environment of hazardous substances. Our mining, steel and cement businesses are generally subject to significant risks and hazards, including fire, explosions, toxic gas leaks, spilling of polluting substances or other hazardous materials, rockfall incidents in mining operations and incidents involving mobile equipment or machinery and accidents involving our dams. Such events could occur by accident or by breach of operating and maintenance standards, and could result in a significant environmental impact, damage to or destruction of our mineral properties and/or production facilities, personal injury or death, delays or suspensions in production, monetary losses and exposure to civil responsibilities, administrative penalties, criminal sanctions and closure orders for non-compliance with these regulations. Our health, safety and environmental standards and risk management programs and procedures may be insufficient to prevent incidents or accidents that could adversely affect us.

Failures in or interruptions to our telecommunications, information technology systems or automated machinery could adversely affect us.

Our operations are heavily reliant on telecommunications, information technology systems and automated machinery. Disruptions to these systems, caused by obsolescence, technical failures or intentional acts, may adversely affect us. In addition, any failure in our systems related to confidential information, caused by external cyberattacks or internal actions, including negligence or misconduct of our employees, could adversely affect our reputation and our interactions with customers, competitors and other third parties, including governmental and regulatory bodies, suppliers and others, and may, among other things, expose us to fines and litigation.

Unauthorized access to or release or violation of our or our business partners’ systems and data could materially and adversely affect us.

We are subject to a broad range of cyber threats, including attacks, with varying levels of sophistication. These cyber threats are related to the confidentiality, availability and integrity of our systems and data, including our customers’ and business partners’ confidential, classified or personal information. In addition, because we have access to certain information technology systems of certain of our business partners, our systems may be subject to attacks aimed at accessing, tampering with or exposing our business partners’ systems and their data.

In addition, certain of our business partners, including our suppliers, have broad access to certain of our confidential and strategic information. Many of these business partners face similar security threats and any attacks on their systems could result in unauthorized access to our systems or data. Any unauthorized access to, or release or violation of our systems and data, whether directly or through cyberattacks or similar breaches affecting our business partners, could materially and adversely affect us, including subjecting us to regulatory scrutiny and fines.

Our insurance policies may not be sufficient to cover all our losses.

We maintain several types of insurance policies as part of our risk management for each of our businesses and seek to follow industry practice regarding best coverage, which encompasses domestic and international (import and export) cargo transportation (road, rail, sea or air), life insurance, personal accidents, health, automobile, directors and officers, general liability, construction and erection risks, trade credit insurance, surety, named perils, ports and terminal liabilities.

The coverage obtained in our insurance policies may not be sufficient to cover all risks or the extent of the risks we are exposed to, which could expose us to significant costs. Additionally, we may not be able to successfully contract or renew our insurance policies or to do so on terms satisfactory to us. The occurrence of one or more of these events may adversely affect us.

Our projects are subject to risks that, if materialized, may result in increased costs and/or delays or that could prevent their timely or successful implementation.

We are investing to further increase our steel, mining, cement and energy production capacity and/or efficiency, as well as our logistics capabilities. The success of these projects is subject to a number of risks that, if materialized, may adversely affect our growth prospects and profitability, including, among others:

Any one or a combination of the factors described above may materially and adversely affect our ability to successfully implement our strategy and, consequently, us.

We are subject to environmental, health and safety incidents and current, new or more stringent regulations may result in liability exposure and increased capital expenditures.

Our steel production, mining, cement, logistics and energy facilities are subject to a broad range of laws, regulations and permit requirements in the countries where we operate relating to the protection of the environment, health and safety.

Brazilian pollution standards are subject to change, including new effluent and air emission standards, water management and solid waste-handling regulations, wildlife maintenance regulations, restrictions on business expansions, native forest preservation requirements and the obligation to support the creation of an integral protection conservation unit, as privately owned conservation areas (Reserva Particular do Patrimônio Natural), or national parks, or areas of relevant ecological interest (Área de Relevante Interesse Ecológico – ARIE) as environmental compensation for industrial and mining expansion projects. The Brazilian government has adopted a decree under the national policy for climate change (Política Nacional de Mudanças Climáticas) that contemplates a reduction in carbon emissions for the mining, steel and cement industries and an action plan is under development by a technical committee comprising representatives from the government, industry associations and academia.

Our operations involve the use of natural resources, and are subject to significant risks and hazards, including fire, explosion, toxic gas leaks, spilling of polluting substances or other hazardous materials, rockfalls, incidents involving dams, failure of operational structures and incidents involving mobile equipment, vehicles or machinery. These could occur by accident or by breach of operating and maintenance standards, and could result in significant environmental and social impacts, damage to or destruction of mineral properties or production facilities, personal injury, illness or death of employees, contractors or community members close to operations, environmental damage, delays in production, monetary losses and possible legal liability. Additionally, in remote localities, our employees may be exposed to tropical and contagious diseases that may affect their health and safety. Notwithstanding our standards, policies and controls, our operations remain subject to incidents or accidents that could adversely affect us and our stakeholders.

New or more stringent environmental, health and safety standards imposed on us could require increased capital expenditures, additional legal preservation areas within our properties or modifications to our operating practices or projects. For further information on environmental regulations and claims, see “Item 4. Information on the Company—4B. Business Overview—Regulatory Matters––Environmental Regulation.”

The amount and timing of expenditures related to environmental, health and safety matters may vary substantially from those currently anticipated. These additional costs may have a negative impact on the profitability of the projects we intend to implement or may make such projects economically unfeasible. Waste disposal, including our slag piles, and emission practices may result in the need for us to clean up or retrofit our facilities or our disposal locations at substantial costs and/or could result in substantial civil, criminal and administrative liability, including, among other things, liability pursuant to public civil actions. Environmental legislation in foreign markets to which we export our products may also materially and adversely affect our export sales and us.

In addition, we may enter into TACs with Brazilian regulatory agencies that require us to minimize or eliminate the risk of environmental impacts in the areas where we operate. If we are unable to comply with a TAC or to remediate non-compliance in a timely manner, we may be exposed to penalties, such as fines, new environmental offsets, delays in obtaining environmental or other operating licenses, revocation of permits or closure of facilities.

Finally, new or more stringent regulatory frameworks may be imposed and may affect our operations, including requests for environmental recovery of areas and investments for the granting of mining, railway, port and energy concessions. Any failure to comply with these or other laws, resolutions and standards may expose us to civil, criminal and administrative liability.

Our governance and compliance procedures may fail to prevent regulatory penalties and reputational harm, including under anticorruption, anti-bribery and anti-money laundering laws.

We operate in a global environment and our activities straddle multiple jurisdictions and complex regulatory frameworks subject to enforcement worldwide, including anticorruption, anti-bribery and anti-money laundering laws. These laws prohibit, among other things, our involvement in improper payments to certain public officials for the purpose of obtaining advantages or in transferring the proceeds of criminal activities. Our governance and compliance procedures may not prevent breaches of legal, accounting and/or governance standards applicable to us, and we may be unable to identify wrongdoing or improper activities by members of our management, employees or third parties. We may be subject to breaches of our Code of Conduct and business conduct protocols as well as to instances of fraudulent behavior, dishonesty and unlawful conduct by members of our management, employees, contractors or other agents, which could subject us to significant criminal, administrative and civil lawsuits, penalties, forfeiture of significant assets, loss of our operating licenses or other enforcement actions, as well as reputational harm, which may materially and adversely affect us.

Regulators may increase enforcement of anticorruption and anti-money laundering obligations, which may require us to revise or expand our compliance practices. Costs associated with fines or enforcement actions, changes in compliance requirements, or limitations on our ability to grow could harm our business and any new requirements or changes to existing requirements could impose significant costs, result in delays to planned product improvements, make it more difficult for new customers to join our network and reduce the attractiveness of our products and services.

We may fail to maintain an effective system of internal controls, which could prevent us from timely and accurately reporting our financial results.

Our internal controls over financial reporting may not prevent or detect misstatements in a timely manner due to inherent limitations, including human error, circumvention or overriding of controls, or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls, including implementing new or improved required controls, we could fail to meet our financial reporting obligations, which could trigger a default under certain of our agreements. In this regard, and in connection with management’s evaluation of the effectiveness of our internal control over financial reporting, we concluded that, as of December 31, 2025, our internal control over financial reporting is effective.

Certain of our operations depend on joint ventures, strategic alliances and consortia, among other forms of cooperation, and our business could be adversely affected if our partners fail to observe their commitments.

We currently operate parts of our business through joint ventures, strategic alliances and consortia with other companies. Our forecasts and plans for these joint ventures, strategic alliances and consortia assume that our partners will observe their obligations to make capital contributions, purchase products and, in certain cases, provide managerial personnel or financing. In addition, many of the projects contemplated by our joint ventures or consortia rely on financing commitments, which contain certain preconditions for each disbursement. If any of our partners fails to observe their commitments or we fail to comply with all preconditions required under our financing commitments or other partnership arrangements, the affected joint venture, consortium or other project may not be able to operate in accordance with its business plans, or we may have to increase the level of our investment to implement these plans, which could adversely affect us.

Risks associated with drilling and production could render mining projects economically unfeasible.

Once mineral deposits are discovered, it can take a number of years from the initial phase of drilling until production is possible, during which time the economic feasibility of production may change. Substantial time and expenditures are required to:

If a mining project proves to not be economically feasible by the time we are able to profit from it, we may incur substantial losses and be obliged to record write-offs. In addition, potential changes or complications involving metallurgical and other technological processes arising during the life of a project may result in delays and cost overruns that may render the project not economically feasible.

Our mineral reserves and mine life may prove inaccurate, market price fluctuations and cost changes may render certain ore reserves uneconomical to mine and we may face rising extraction costs or investment requirements over time as our reserves deplete.

Our reported ore and limestone reserves are estimated quantities of ore and minerals that we have determined can be economically mined and processed under present and anticipated conditions to extract their mineral content. There are numerous uncertainties inherent in estimating quantities of reserves and in projecting potential future rates of mineral production, including many factors beyond our control. Reserve engineering involves estimating deposits of minerals that cannot be measured in an exact manner, and the accuracy of any reserve estimate is a function of the quality of available data and engineering and geological interpretation and judgment. As a result, no assurance can be given that the indicated amount of ore will be recovered or that it will be recovered at the rates we anticipate. Estimates of different engineers may vary, and results of our mining production subsequent to the date of an estimate may lead to revision of estimates. Reserve estimates and estimates of mine life may require revision based on actual production experience and other factors. For example, fluctuations in the market prices of minerals and metals, reduced recovery rates or increased operating and capital costs due to inflation, exchange rates or other factors may render proven and probable reserves uneconomic to exploit and may ultimately result in a restatement of reserves.

In addition, reserves are gradually depleted in the ordinary course of our exploration activities. As mining progresses, distances to the primary crusher and to waste deposits become longer and pits become steeper. Also, for some types of reserves, mineralization grade decreases and hardness increases at increased depths. As a result, over time we may experience rising unit extraction costs with respect to each mine, or we may need to make additional investments, including adaptation or construction of processing plants and expansion of our dry tailings processes. Our exploration programs may also fail to result in the expansion or replacement of reserves depleted by current production. If we do not enhance existing reserves or develop new operations, we may not be able to sustain our current level of production beyond the remaining lives of our existing mines. See “Item 4. Information on the Company—4B. Business Overview—Our Mining Segment” and “Item 4. Information on the Company—4B. Business Overview—Our Cement Segment.”

Our subsidiary CSN Mineração intends to invest in the increase of the total iron ore processing capacity of its facilities and it may not necessarily complete these investments as planned and/or effectively achieve the production volume corresponding to the planned total iron ore processing capacity.

Our subsidiary CSN Mineração S.A., or CSN Mineração, included in its business plan certain investments to increase its iron ore processing capacity in the medium and long term. The expansion of its production capacity involves significant investment and expenses and may not result in the effective expansion of its iron ore production, which depends on other additional factors, including the expansion of its mineral reserves. Moreover, these investments to increase its processing capacity are subject to numerous risks inherent to mining projects.

CSN Mineração has planned investments for the expansion of its iron ore processing capacity from 42.7 million tons per year in 2024 to up to 65 million tons per year by 2028. These numbers represent expected production capacity of CSN Mineração’s facilities following the implementation in full of its current business plan – not its production volume. We can provide no assurances that CSN Mineração’s production volume will effectively reach 65 million tons per year by 2028.

If CSN Mineração is unable to transform its iron ore processing capacity into effective iron ore production, it may not obtain the expected return on investments made, which may adversely affect us.

Natural and other disasters, or extreme weather conditions, could disrupt our operations.

Our mining, logistics and energy operations are exposed to natural and other disasters, or extreme weather conditions, including as a result of climate change developments such as heavy rainfall or flooding, and these could reduce the available supply of our raw materials and increase our raw materials costs, as well as delay and otherwise disrupt our operations, including relating to logistics. We cannot foresee extraordinary climate conditions, including as a result of climate change developments (the physical risks of climate change to which we are subject), or all regulatory changes in response to climate change (the transition risks of climate change to which we are subject), as well as their full potential impact on our operations.

Additionally, we are subject to technical or physical risks including fire, power loss, water supply loss, leakages, accidents and failures in telecommunications and information technology systems, whether resulting from natural or other disasters or otherwise, any of which could disrupt our operations.

Our cement operations are subject to risks relating to storage, handling and distribution of cement, and any failure to properly manage these processes may result in product losses and adversely affect us.

Cement must be stored, handled and transported in accordance with applicable legal requirements and appropriate technical parameters. In particular, exposure to humidity or inadequate storage conditions may compromise product quality and render it unusable. In addition, cement distribution requires appropriate logistics and inventory management. Any failure to properly store, handle or distribute cement may result in product losses and could adversely affect our cement operations and, consequently, us.

We have experienced labor disputes in the past that have disrupted our operations, and such disputes may recur.

A substantial number of our employees and some of the employees of our subcontractors are represented by labor unions and are covered by collective bargaining or other labor agreements, which are subject to periodic renegotiation. Strikes and other labor disruptions at any of our facilities or labor disruptions involving third parties who may provide us with goods or services have in the past and may in the future materially and adversely affect the operations of our facilities and/or the timing of completion and the cost of our projects.

We are exposed to the risks of litigation.

We are and may be a party to legal proceedings and judicial, administrative or arbitration claims. For certain of these legal proceedings and claims, we have not established a provision on our balance sheet or have only established provisions for part of the amounts in question, based on our external or internal counsels’ judgment as to the likelihood of an outcome unfavorable to us. Although we are contesting existing proceedings and claims, the outcome of each specific proceeding and claim is uncertain and may result in obligations that could materially and adversely affect us. In addition, certain judicial or administrative proceedings may adversely affect our shareholders and holders of the ADSs, specifically their receipt of dividends. For additional information on our legal and administrative proceedings, see “Item 8. Financial Information—8A. Consolidated Statements and Other Financial Information—Legal and Administrative Proceedings.”

We utilize artificial intelligence, which exposes us to legal, operational and reputational risks that could adversely affect our business.

We utilize, and continue to explore additional uses of, artificial intelligence, or AI, in connection with our business, including to optimize operational processes, reduce fossil fuel consumption, improve operational stability and enhance real-time monitoring of critical assets. As our reliance on AI grows, we become increasingly exposed to the legal, operational and reputational risks associated with them.

The regulatory framework applicable to AI is evolving rapidly and remains fragmented across jurisdictions. In Brazil, the processing of personal data by AI systems is subject to the Brazilian General Data Protection Law (Lei Geral de Proteção de Dados), or LGPD, and to guidance issued by the Brazilian National Data Protection Authority (Autoridade Nacional de Proteção de Dados), or ANPD. In addition, Bill No. 2,338/2023, which sets out a general legal framework for AI in Brazil based on a risk-tiered approach with compliance, governance and liability requirements, was approved by the Brazilian Senate and is under consideration by the Brazilian Congress. The timing, scope and final provisions of any resulting legislation remain uncertain. Other jurisdictions are also adopting or considering AI-specific rules, and existing laws on data protection, cybersecurity, intellectual property and consumer protection are increasingly being applied to AI. Compliance with these requirements may increase our costs, require changes to our processes and systems and limit the manner in which we deploy AI. Any failure to comply may expose us to regulatory enforcement actions, civil liability and reputational damage.

AI systems also present distinct operational risks compared to traditional technologies. These systems may rely on incomplete or poor-quality data, reflect unintended bias, or generate inaccurate or misleading outputs, and such deficiencies may not be readily identifiable through our governance and validation controls. Errors in AI-assisted monitoring of industrial or critical assets could lead to operational disruptions, equipment damage, safety incidents or environmental impacts. We also rely on third-party providers for certain AI models, datasets and infrastructure, and any limitations, outages, changes in functionality or contractual terms, or concentration among a limited number of providers, could disrupt our operations or increase our costs. The use of third-party AI tools by our employees or service providers may also result in the inadvertent disclosure of proprietary or confidential information, or personal data for which we are responsible, which we may be unable to fully prevent or remediate.

We have implemented a certified enterprise AI environment, and we assess available AI tools based on their risk profile and block access to those with low reputational or security ratings. However, these measures may not prevent all incidents. In addition, we cannot assure that our investments in AI will deliver the expected operational efficiencies or competitive benefits, or that we will be able to adopt AI tools as rapidly or effectively as our competitors. Any failure of our AI initiatives to deliver expected benefits, or any deficiencies in AI systems that result in operational, regulatory or reputational issues, could materially and adversely affect us.

Risks Relating to Our Common Shares and the ADSs

Our controlling shareholder has the ability to direct our business and affairs and its interests could conflict with yours.

Our controlling shareholder has the power to, among other things, elect a majority of our directors and determine the outcome of any action requiring shareholder approval, including transactions with related parties, corporate reorganizations, acquisitions, dispositions, the destination and diversification of our investments and the timing and payment of any future dividends, subject to minimum dividend payment requirements imposed by Brazilian Corporate Law. Our controlling shareholder may have an interest in pursuing acquisitions, dispositions, financings or other transactions that could conflict with your interests as a holder of our common shares or the ADSs. In addition, the interests of the members of our controlling family have not always been aligned and any conflicts that may arise may adversely affect us.

If you surrender ADSs and withdraw common shares, you risk forfeiting Brazilian tax advantages and losing the ability to timely remit foreign currency abroad.

As an ADS holder, you benefit from the electronic certificate of foreign capital registration obtained by the custodian for our common shares underlying the ADSs in Brazil, which allows the custodian to convert dividends and other distributions with respect to our common shares into non-Brazilian currency and remit the proceeds abroad. Pursuant to Joint Resolution No. 13, dated December 3, 2024, of the Brazilian Central Bank and the Brazilian Securities Exchange Commission (Comissão de Valores Mobiliários), or the CVM, in order for an investor to surrender ADSs for the purpose of withdrawing the common shares represented thereby and be entitled to trade the underlying common shares directly on the B3 S.A. – Brasil, Bolsa, Balcão, or the B3, the investor is required to appoint a Brazilian financial institution duly authorized by the Central Bank and the CVM, to act as its legal representative, who is responsible, among other things, for keeping and updating the investors’ certificates of registration with the Central Bank. If you surrender ADSs and withdraw common shares, you may be subject to a less favorable tax treatment on gains with respect to these investments. Moreover, if your representative fails to obtain or update the relevant certificates of registration, you may incur additional expenses or be subject to operational delays which could affect your ability to receive dividends or distributions relating to our common shares or the return of your capital in a timely manner. The custodian’s certificate of registration or any foreign capital registration directly obtained by you may be affected by future legislative or regulatory changes, and we cannot assure you that additional restrictions applicable to you, the disposition of the underlying common shares or the repatriation of the proceeds from the process will not be imposed in the future. For a more complete description of Brazilian tax regulations, including any potential risks regarding the possibility that the sale or disposition of ADSs by a Non-Brazilian Holder may be subject to capital gains tax in Brazil, see “Item 10. Additional Information—10E. Taxation—Brazilian Tax Considerations.”

Holders of ADSs may not be able to exercise their voting rights.

Holders of ADSs may only exercise their voting rights with respect to the underlying common shares in accordance with the provisions of the deposit agreement. Under the deposit agreement, ADS holders must vote by giving voting instructions to the depositary. Upon receipt of the voting instructions of the ADS holder, the depositary will vote the underlying common shares in accordance with such instructions. If we ask for voting instructions, the depositary will notify ADS holders of the upcoming vote and will arrange to deliver the notice of the upcoming vote. We cannot assure that ADS holders will receive the notice in time to ensure that they can instruct the depositary to vote. In addition, the depositary and its agents are not liable for failing to carry out voting instructions or for the manner in which they do so.

As determined by Brazilian Corporate Law, the first notice of a shareholders’ meeting must be given at least 21 days prior to holding the meeting. However, CVM rules require that companies whose shares are also represented by ADSs must convene a shareholders’ meeting no later than 30 days in advance. When a shareholders’ meeting is convened, holders of ADSs may not receive sufficient advance notice to surrender their ADSs in exchange for the underlying common shares in time to allow them to vote with respect to any specific matter. As a result, holders of ADSs may not be able to exercise their voting rights.

The relative volatility and illiquidity of the Brazilian securities markets may substantially limit your ability to sell the common shares underlying the ADSs at the price and time you desire.

Investing in securities that trade in emerging markets, such as Brazil, generally involves greater risk than investing in securities of issuers in the United States and other developed countries, and such investments are often considered more speculative in nature. The Brazilian securities market is substantially smaller, less liquid, more concentrated and more volatile than major securities markets in the United States and other developed countries. There is also significantly greater concentration in the Brazilian securities market than in major securities markets in the United States and other developed countries. As of December 31, 2025, the ten largest companies in terms of market capitalization represented approximately 50.6% of the B3.

Although holders of ADSs are entitled to withdraw the underlying common shares from the depositary at any time, the limited liquidity and relative volatility of the Brazilian securities markets may substantially impair their ability to sell those common shares at the price and time they desire.

Holders of ADSs may be unable to exercise preemptive rights with respect to our common shares.

We may not be able to offer our common shares to U.S. holders of ADSs pursuant to preemptive rights granted to holders of our common shares in connection with any future issuance of our common shares unless a registration statement under the Securities Act is effective with respect to such common shares and preemptive rights, or an exemption from the registration requirements of the Securities Act is available. We are not obligated to file a registration statement relating to preemptive rights with respect to our common shares or to undertake steps that may be needed to find available exemptions from registration, and we cannot assure you that we will file any such registration statement or take any such steps. If such a registration statement is not filed and an exemption from registration is not available the depositary of the ADSs may attempt to sell the preemptive rights, and you will be entitled to receive the proceeds of such sale. However, these preemptive rights will expire if the depositary does not sell them, and U.S. holders of ADSs will not realize any value from the granting of such preemptive rights. Moreover, U.S. holders of ADSs representing our common shares, pursuant to the deposit agreement, are deemed to recognize that all preemptive and similar rights with respect to the ADSs have been validly waived. For a more complete description of preemptive rights, see “Item 10. Additional Information—10B. Memorandum and Articles of Association—Description of Capital Stock––Preemptive Rights.”

A decrease in our market capitalization may increase volatility in the trading price of our common shares and the ADSs.

In recent years, our market capitalization has been volatile, which has contributed to increased volatility in the trading price of our common shares and the ADSs. Any decrease in our market capitalization may increase such volatility. In addition, if the trading price of the ADSs falls below the minimum levels required under the listing standards of the New York Stock Exchange, or the NYSE, we may be required to effect a reverse stock split or change the ratio of common shares represented by each ADS in order to regain compliance with the NYSE’s listing standards.

In 2025, the trading price of the ADSs increased by 11.11% compared to the trading price as of December 31, 2024, closing the year at US$1.60 per ADS.

Item 4. Information on the Company

4A. History and Development of the Company

Companhia Siderúrgica Nacional (sociedade por ações) is one of Brazil’s largest and most diversified industrial groups, with integrated operations across the steel, mining, cement, logistics, and energy segments. We were established in 1941, as a state-owned enterprise, and began production in 1946 with the inauguration of the Presidente Vargas Steelworks, located in the city of Volta Redonda, in the state of Rio de Janeiro. This facility was Brazil’s first integrated flat steel mill.

We were privatized through a series of auctions held in 1993 and early 1994, through which the Brazilian government sold its 91% ownership interest. After the privatization, we strategically shifted from a state-run steelmaker to a diversified industrial conglomerate. Over the past three decades, we have implemented a long-term strategy focused on vertical integration, operational efficiency, and diversification, supported by a series of strategic investments, capacity expansions, and acquisitions.

In 2005, we acquired Estanho de Rondônia S.A., or ERSA, located in the city of Ariquemes, in the state of Rondônia, which mines and casts tin. The tin is used in the manufacture of tinplate, a coating with high added value and used in packaging. As of the date of this annual report, we are the only manufacturer of this product in Brazil and one of the five largest in the world.

In 2006, we acquired Lusosider Aços Planos S.A. or Lusosider, the only Portuguese company in the steel sector to produce cold-rolled flat steel, with an anti-corrosion coating. Lusosider has an installed capacity of approximately 550,000 thousand tons per year to produce four large groups of steel products: galvanized sheet, cold-rolled sheet, pickled sheet, and oil-coated sheet. The products manufactured by Lusosider may be used in the packaging industry, civil construction (tubes and metallic structures) and in components for home appliances.

In 2007, we started to sell iron ore in the seaborne market. Today, we, through our subsidiary CSN Mineração, are an important exporter of iron ore, drawing from the high-quality iron ore reserves in the Casa de Pedra and Engenho mines, located in the state of Minas Gerais. CSN Mineração holds the concession to operate the Terminal de Carvão, or TECAR, a solid bulks terminal located in Itaguaí Port in the state of Rio de Janeiro.

In 2009, we entered the cement market with our first grinding mill, in the Presidente Vargas Steelworks in Volta Redonda, in the state of Rio de Janeiro, taking advantage of the synergies of the cement business with our steel business.

In order to diversify our product portfolio, we entered the long steel market in 2012, with the acquisition of Stahlwerk Thüringen Gmbh, or SWT, a long steel manufacturer located in Unterwellenborn, Germany.

In addition, we installed a plant for production of long steel products at Volta Redonda, which began operations in December 2013. The plant consists of an electric arc steelmaking furnace, continuous casting for billets and a hot rolling mill for round section long products. This plant provides the domestic Brazilian market with rebar for civil construction and wire rod for industrial and civil construction.

In 2015, we inaugurated two new grinding mills, and in 2016, we concluded a new 6,500 tons per day kiln line in Arcos, state of Minas Gerais, reaching an aggregate annual capacity of 4.7 million tons in our cement plants. In the same year, we installed two vertical crushers in Arcos, state of Minas Gerais, starting the production of cement and clinker, reaching full independence for clinker in the production of cement.

In early 2021, CSN Mineração completed its initial public offering, and its shares are now traded on the B3.

In 2021, we reached historically high net revenue, mainly due to favorable commodity prices. In 2021 and 2022, we took advantage of the following acquisition opportunities: (i) in our cement segment, Elizabeth Cimentos S.A. and Elizabeth Mineração Ltda., which operate in the Northeast region of Brazil, and LafargeHolcim (Brasil) S.A., as a result of which we are, as of the date of this annual report, the second largest cement producer in Brazil, with a total installed capacity of 17 million tons per year; (ii) in our steel segment, Metalgráfica Iguaçu S.A., or Metalgráfica, which operates in Ponta Grossa, in the state of Paraná, and Goiânia, in the state of Goiás, and produces steel cans for the national and international market of metal food packaging, as a strategic step to expand the production capacity of our packaging division; and (iii) in our energy segment, Santa Ana Energética S.A., Topázio Energética S.A. and Companhia Energética Chapecó, or CEC, each of which holds concessions for hydroelectric power plants, and Companhia Estadual de Geração de Energia Elétrica, or CEEE-G, which holds concessions for hydroelectric power plants and greenfield wind power plant projects. These acquisitions collectively provide us with enhanced energy independence in our operations.

In 2023, after completing and integrating our energy acquisitions, we achieved self-sufficiency in energy and managed to capture the benefits of self-production, with a significant reduction in the cost of energy in all our segments by allowing exemption from payment of part of the sectoral charges and incident taxes.

In 2024, we entered a new phase of strategic development. In January 2024, we completed the acquisition of a 29.9% equity interest in Panatlântica S.A. for R$150 million. In November 2024, we sold a 10.74% equity interest in CSN Mineração to Itochu Corporation, a long-term strategic partner, for R$4.42 billion, with proceeds intended to reduce financial risk and support priority growth projects.

In 2025, we continued to expand and integrate our operations. In mining, we recorded the highest production and sales volumes in our history and continued to advance the implementation of the P15 project. In logistics, we acquired and consolidated 70% of Estrela, the holding company of Grupo Tora, which improved our logistics capabilities in road, rail and intermodal transportation and further advanced our vertical integration strategy, and, in December 2025, TLSA carried out its first cargo transportation between the states of Piauí and Ceará. We also expanded our downstream steel operations in Europe through the acquisitions of Gramperfil, in Portugal, and Galvacolor, in Spain. In December 2025, we completed the transfer of an additional equity interest in MRS Logística to CSN Mineração, further aligning the ownership of our logistics assets with our mining operations.

On January 15, 2026, we announced a series of strategic initiatives aimed at improving our liquidity position, optimizing our capital structure and reorganizing our business portfolio, or our Divestment Plan. Our Divestment Plan contemplates, among other things, (i) a potential sale of a controlling interest in our cement segment, (ii) a sale of a minority interest in our infrastructure segment and (iii) the pursuit of strategic partnerships for the development of our steel segment, while also preserving the synergies of our integrated business model. The timing, structure and terms of our Divestment Plan remain subject to market conditions, negotiations with potential counterparties and applicable corporate and regulatory approvals.

General

As of the date of this annual report, we are one of the largest fully integrated steel producers in Brazil and Latin America in terms of crude steel production. We operate throughout the entire steel production chain, from the mining of iron ore to the production and sale of a diversified range of high value-added steel products. We divide our business into five segments: steel, mining, cement, logistics and energy.

Steel

Our steel segment comprises a diversified portfolio of products and provides us with an international footprint through our foreign subsidiaries and exports from Brazil. In our flat steel business, we are an integrated steelmaker headquartered at the Presidente Vargas Steelworks, or UPV, located in Volta Redonda, in the state of Rio de Janeiro. UPV produces a broad range of steel products, including slabs, hot- and cold-rolled products, galvanized products and tin mill products for the distribution, packaging, automotive, home appliance and construction industries.

Our production process is based on the integrated steelworks concept. As of the date of this annual report, our annual crude steel capacity and rolled product capacity at UPV are, in each case, approximately 5.6 million tons. We obtain all of our iron ore (except pellets), limestone and dolomite requirements, and a portion of our tin requirements, from our own mines. Using imported coal, we produce approximately 34.7% of our coke requirements at current production levels in our own coke batteries at Volta Redonda. Imported coal is also pulverized and used directly in the pig iron production process. Zinc, manganese ore, aluminum and a portion of our tin requirements are purchased in local markets. Our steel production and distribution processes also require water, industrial gases, energy, rail and road transportation and port facilities.

Outside Brazil, we operate steel processing and manufacturing assets in Europe and the United States. These include Lusosider, in Portugal, with an annual production capacity of approximately 330,000 tons of galvanized steel products, SWT, in Germany, with an annual production capacity of approximately 1.1 million tons of steel products, and CSN LLC, in the United States, which supports our international commercial operations. In addition, during 2025, we expanded our downstream steel operations in the Iberian market through the acquisitions of Gramperfil, in Portugal, and Galvacolor, in Spain, enhancing our processing, commercialization and distribution capabilities in Europe.

We also own and operate a plant in Volta Redonda for the production of long steel products. This plant consists of an electric arc steelmaking furnace, continuous casting for billets and a hot rolling mill for round-section long products, including wire rod and rebar.

Mining

We own a number of high-quality iron ore mines strategically located in Brazil’s “Iron Ore Quadrangle” (Quadrilátero Ferrífero), in the state of Minas Gerais, including the Casa de Pedra and Engenho mines, located in the city of Congonhas, which pertain to our subsidiary CSN Mineração, as well as the Fernandinho mines, located in the city of Itabirito, and the Cayman and Pedras Pretas mining rights, located in the cities of Rio Acima and Congonhas, respectively, which pertain to our wholly owned subsidiary Minérios Nacional S.A., or Minérios Nacional. Our mining segment also includes TECAR, which supports the logistics of CSN Mineração, and ERSA.

In recent years, we have continued to improve our mining segment through investments in logistics and capacity expansion projects. In 2025, we continued to advance the implementation of the P15 project, which is expected to add up to 16.5 million tons per year of premium iron ore production capacity.

Cement

We entered the cement market in 2009, leveraging the synergies between our cement and steelmaking businesses. Our cement operations use slag generated by our blast furnaces at Volta Redonda and limestone from our limestone reserves, including those from our Bocaina mines, to produce clinker, together with slag, the main input used in cement production.

In 2015, we inaugurated two new grinding mills and, in 2016, we completed the construction of a new kiln line with a capacity of 6,500 tons per day in Arcos, in the state of Minas Gerais, reaching an aggregate annual cement production capacity of 4.7 million tons at our Volta Redonda and Arcos plants.

In August 2021, our cement subsidiary, CSN Cimentos, acquired Elizabeth Cimentos S.A. and Elizabeth Mineração Ltda., which operate in the Northeast region of Brazil, increasing our annual cement production capacity by 1.3 million tons, from 4.7 million tons to 6.0 million tons.

In September 2022, CSN Cimentos acquired LafargeHolcim (Brasil) S.A., expanding our presence in Brazil and adding approximately 11.0 million tons per year to our installed capacity. As a result of these transactions, we expanded our cement operations in Brazil and reached an installed cement production capacity of approximately 17.0 million tons per year.

Logistics

Our vertical integration strategy and the synergies among our business units depend significantly on the logistics infrastructure that supports the transportation of inputs and products at competitive costs. Our logistics segment integrates our mining, steel and cement operations and includes port terminals, rail assets and, more recently, multimodal logistics operations.

We operate TECON, a container terminal at the Port of Itaguaí, in the state of Rio de Janeiro, and CSN Mineração operates TECAR.

We also hold ownership interests in key railway assets in Brazil, including MRS Logística S.A., or MRS, which operates in the Southeast region of the federal railway system along the Rio de Janeiro–São Paulo–Belo Horizonte axis and represents a strategic logistics asset for the transportation of our mining and steel products, as well as Transnordestina Logística S.A., or TLSA, which has the concession to construct and operate the Northeastern Railway System II, and Ferrovia Transnordestina Logística S.A., or FTL, which operates the Northeastern Railway System I.

In 2025, we expanded our logistics segment through the acquisition of 70% of Estrela, the holding company of Grupo Tora, improving our presence in road, rail and intermodal transportation. In 2025, following the consolidation of Grupo Tora, we established our multimodal logistics operations, while MRS continued to serve as the core of our railway logistics operations.

At the end of December 2025, we completed the transfer to CSN Mineração of an additional equity interest in MRS Logística, further aligning the ownership of strategic logistics assets with our mining segment.

Energy

Our energy segment is an important component of our vertical integration strategy and supports the competitiveness and cost predictability of our industrial operations. Our energy segment comprises a diversified portfolio of assets, including the thermoelectric cogeneration power plant at the Presidente Vargas Steelworks, hydroelectric generation assets and renewable energy development projects. In addition to our long-standing interests in the Itá and Igarapava hydroelectric facilities, we expanded our energy segment in 2021 and 2022 through the acquisitions of Santa Ana Energética S.A., Topázio Energética S.A., Companhia Energética Chapecó, or CEC, and Companhia Estadual de Geração de Energia Elétrica, or CEEE-G, which holds concessions for the operation of hydroelectric power plants.

Following the integration of these assets, we achieved energy self-sufficiency in 2023. In 2025, we maintained full energy self-sufficiency across our steel, cement and mining operations, with 100% of our energy matrix sourced from renewable sources. Certain CEEE-G assets in the state of Rio Grande do Sul continued to be affected by the severe flooding that occurred in 2024. Although operating activities in part of CEEE-G’s portfolio showed signs of recovery during 2025, the Jacuí hydroelectric plant remained inoperative as of the date of this annual report. Normalization of operations at Jacuí is currently expected in 2027. In 2025, our capital expenditures included investments directed toward the recovery of the Jacuí hydroelectric plant, consistent with our broader capital allocation plan.

Recent Developments

Divestment Plan

On January 15, 2026, we announced our Divestment Plan, focused on improving our liquidity position, optimizing our capital structure and reorganizing our business portfolio. For more information on our Divestment Plan, see “—4A. History and Development of the Company.”

Credit Ratings

On January 19, 2026, S&P Global Ratings lowered our global scale rating to B+ from BB- and maintained a negative outlook. On February 2, 2026, Fitch Ratings downgraded our long-term foreign and local currency issuer default ratings to BB- from BB, downgraded our national long-term rating to AA-(bra) from AA(bra), and placed such ratings on negative watch. On February 19, 2026, Moody’s Ratings downgraded our long-term foreign and local currency issuer default ratings to B2 from Ba3, and on April 2, 2026, Moody’s Local downgraded our national long-term rating to AA-(bra) from AA(bra). Both placed such ratings on negative watch. For more information on risks relating to our credit ratings, see “Item 3. Key Information––3D. Risk Factors—Risks Relating to Us and the Industries in Which We Operate—We cannot assure you that our credit ratings will not be lowered, suspended or withdrawn by the rating agencies.”

New Iron Ore Pre-payment Agreement

In March 2026, CSN Mining International GmbH entered into a long-term agreement for the supply of iron ore with Glencore International AG, or Glencore, pursuant to which Glencore will prepay up to US$300.0 million with respect to the supply of approximately 7.2 million tons of iron ore over five years, commencing in January 2027.

Bridge Loan

On April 13, 2026, CSN Inova Ventures, as borrower, entered into a new senior secured syndicated credit facility, or the Bridge Loan Facility, guaranteed by CSN and CSN Cimentos. The Bridge Loan Facility is for an aggregate principal amount of US$1.2 billion, subject to a possible increase of up to US$1.4 billion, bears interest initially at a rate equal to SOFR plus 6.0% per annum, subject to step-up provisions that may increase the applicable rate upon the occurrence of certain events, and has a final maturity of five years.

We intend to use the net proceeds of the Bridge Loan Facility to refinance or reimburse debt or for the repayment of any debt owed by any of CSN Inova Ventures, CSN or any restricted subsidiary of CSN (other than CSN Mineração) to the extent such debt has payments that become due and payable during the period commencing on March 20, 2026 and ending on December 31, 2028.

Other Information

Our legal and commercial name is Companhia Siderúrgica Nacional. We are organized under the laws of the Federative Republic of Brazil with head offices located at Av. Brigadeiro Faria Lima, 3400, 19^th and 20^th floors, Itaim Bibi, São Paulo, Brazil, CEP 04538-132, and our telephone number is +55 (11) 3049-7100. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42^nd Street, 18^th Floor, New York, New York 10016. Our website is www.csn.com.br. Information contained on our website is not incorporated by reference in, and shall not be considered a part of, this annual report. The U.S. Securities and Exchange Commission, or the SEC, maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including our filings, at http://www.sec.gov.

4B. Business Overview

Competitive Strengths

We believe that we have the following competitive strengths:

Integrated business model. We are a highly integrated steelmaker, and we believe this integration supports resilient and profitable operations. Our integrated business model comprises our captive sources of raw materials, principally iron ore, and our infrastructure, including railways and deep-water port facilities. In terms of raw materials, we own a number of high-quality iron ore mines, strategically located within Brazil’s “Iron Ore Quadrangle,” which distinguishes us from our main competitors in Brazil who are required to purchase all or a portion of their iron ore from mining companies.

Strong presence in domestic market and strategic international exposure for steel products. We have a strong presence in the Brazilian market for steel products, with a market share in 2025 of approximately 22.7% of the domestic flat steel market. In addition, through our international subsidiaries, we sell our flat steel products in the United States and in Europe, which aggregate sales accounted for approximately 26.9% of our total flat steel sales in 2025. Our subsidiary SWT is a long steel producer in Germany with annual production capacity of approximately 1.1 million tons of steel profiles, strengthening our steel products mix and geographical diversification. In 2025, SWT accounted for 69.4% of our total long steel sales, representing 651 thousand tons.

Diverse product portfolio and product mix. We have a diversified flat steel product mix that includes hot-rolled, cold-rolled, galvanized and other corrosion resistant materials and tin mill products, in order to meet a wide range of customer needs across all steel-consuming industries. We focus on selling high-margin products, including tin-coated, pre-painted, Galvalume® and galvanized products. Galvalume® is a registered trademark owned by BIEC International Inc. or its affiliates. Our galvanized products provide material for exposed auto parts, using hot-dip galvanized steel and laser-welded blanks. Our CSN Paraná branch provides us with additional capacity to produce high-quality galvanized, Galvalume® and pre-painted steel products for the construction and home appliance industries. In addition, our distribution subsidiary, Prada, provides a strong sales channel in the domestic market, enabling us to meet demand from smaller customers and to establish an important presence in this market.

Profitable mining business. We have invested significantly in our mining business, placing us in a prominent position among the world’s leading iron ore players. Further mining expansions will enable us to expand our product portfolio and total output, increasing our presence in seaborne markets.

We have high-quality iron ore reserves in Casa de Pedra, Engenho, Fernandinho and other mines, all located in the state of Minas Gerais. We sold 42.7 million tons, 42.5 million tons and 45.8 million tons of iron ore in 2023, 2024 and 2025, respectively, of which 39.2 million tons, 38.5 million tons and 41.8 million tons were sold to third parties in those same years. Our mining business also includes TECAR, a solid bulks terminal at Itaguaí Port in the state of Rio de Janeiro, with a capacity to handle (i) shipments of 41 million tons per year of iron ore and (ii) landings of 4.0 million tons per year.

Second largest player in Brazilian cement market. We believe we are the second largest player in the Brazilian cement market, with an installed capacity of 17.0 million tons as of December 31, 2025. Our cement operations comprised seven integrated plants, six grinding and blending plants and 23 distribution centers throughout Brazil, in each case as of December 31, 2025. Our cement segment further diversifies our business model and permits us to use by-products of our other operations as inputs in our cement production.

We have state-of-the-art equipment at our cement production units, which contributes to our high operational efficiency in terms of consumption of resources and environmental impact. Moreover, we have an integrated base of assets, which increases our competitiveness.

Energy generation. We are self-sufficient in energy production, and we sell excess energy we generate in the energy market on a spot basis. We generate power through our hydroelectric facilities, as well as our thermoelectric plant located inside Presidente Vargas Steelworks, which allows us to benefit from reduced energy tariffs.

Since 2022, we operate Santa Ana Energética S.A., Brasil Central Energia Ltda. and CEC, which hold concessions for hydroelectric power plants, and CEEE-G, which holds concessions for hydroelectric power plants and greenfield wind power plant projects.

Thoroughly developed transport infrastructure. We have a thoroughly developed transport infrastructure, connecting our iron ore mines to our steel mills and to the port terminals we operate. Our Presidente Vargas Steelworks facility is located next to railway and port systems, which facilitates its supply of raw materials, product shipments and access to our main customers. Our steelworks are close to the main steel consumer centers in Brazil, with easy access to port facilities and railways. The concession for the main railway we use and operate is owned by MRS, in which we hold, directly and indirectly, as of December 31, 2025, a total of 37.49% ownership interest. The railway connects our Casa de Pedra mine to the Presidente Vargas Steelworks and to our terminals at Itaguaí Port, which handle our iron ore exports and most of our steel exports, as well as our imports of coal and metallurgical coke.

Low-cost structure. As a result of our fully integrated business model, our thoroughly developed transportation infrastructure and our energy generation, we have been consistently generating high margins compared to peer companies in the steel, mining and cement segments. Other factors that lead to our low-cost structure include the strategic location of our steelworks facility along with our low-cost, skilled workforce.

Our Strategies

Our goal is to make the most of our high-quality product portfolio, low-cost production and diverse consumer market to preserve our position as one of the world’s lowest-cost steel producers and as a global player in the mining of iron ore, increase our cement segment’s market share and optimize our infrastructure assets, including ports, railways and power generating plants, which support our high integration and low-cost structure. Additionally, as part of our strategy, we evaluate opportunities for investments and divestitures. To achieve these goals, we have developed specific strategies for each of our business segments, as described below. For more information, see “Item 4. Information on the Company—4B. Business Overview—Investments and Divestitures.”

Steel

The strategy for our steel business comprises:

Mining

Our mining strategy is focused on strengthening our position in the iron ore market through investments in our mining and logistics assets, which includes CSN Mineração, with the objective of supporting a competitive cost position, increasing operational flexibility and creating long-term growth opportunities.

Our strategy contemplates expanding iron ore shipments, including third-party products, through increases in mining capacity, including at the Casa de Pedra mine, and the expansion of export services for third-party producers. In the near term, our focus is to adapt our products to market demand in a manner that maximizes margins without affecting the balance of supply and demand in the transoceanic market.

To support this growth, we continue to advance the expansion plan for TECAR, our bulk terminal, which is expected to increase its capacity from 45 million tons per year to 60 million tons per year by 2028. As of the date of this annual report, the project remains on schedule. In 2025, TECAR exported 41.0 million tons of iron ore products, compared to 38.5 million tons in 2024. For more information on risks relating to iron ore price volatility, see “Item 3. Key Information—3D. Risk Factors—Risks Relating to Us and the Industries in Which We Operate—We are exposed to substantial changes in the demand for steel and iron ore, which significantly affect the prices of our products and may adversely affect us.”

This expansion will be funded by CSN Mineração’s financings. For more information on CSN Mineração’s financings, see “Item 5. Operating and Financial Review and Prospects—5B. Liquidity and Capital Resources—Sources of Funds and Working Capital—Debt Maturity Profile” and future issuances of debentures or other debt instruments.

We also seek to maximize the profitability of our product portfolio by serving a broad range of customer requirements and by increasing the share of the pellet feed from Itabirito deposits, as well as pursuing opportunities with strategic partners and customers across the pellet feed value chain.

Cement

We have made significant investments in our cement business and completed two important acquisitions in the last few years: Elizabeth Cimentos S.A., together with Elizabeth Mineração Ltda., in 2021 and LafargeHolcim (Brasil) S.A. in 2022. As a result of these acquisitions, we became the second largest player in the Brazilian cement market, with an installed capacity of 17.0 million tons as of December 31, 2025. As of that date, our operations consisted of seven integrated plants, six grinding and blending plants and 23 distribution centers throughout Brazil.

Our cement business strategy looks to increased production and competitiveness, portfolio diversification and capillarity expansion by means of greenfield and brownfield projects, as well as possible acquisition opportunities. We are also working to reduce the greenhouse gas emissions of our cement operations, mainly through the implementation of projects to improve our operational efficiency, the use of alternative fuels and biomass, and the development and use of new disruptive technologies related to carbon capture and use.

In addition, we expect favorable market perspectives in upcoming years due to a robust pipeline of infrastructure projects and higher industry utilization rates, each of which we expect will sustain cement consumption and favorable pricing in Brazil. The focus of our cement sales strategy is on the retail segment, which operates with a low level of inventory and for which our distribution centers provide a competitive advantage.

Logistics

We expect to expand our logistics capabilities, which comprise our integrated infrastructure operations of railways and ports, terminals and road transportation solutions in order to improve the transportation efficiency of both our incoming raw materials and distributed products. We also seek to enhance our product delivery in the Brazilian market, particularly steel and cement, through operational efficiency measures, increased use of rail transportation and the expansion of our distribution network to better serve end-customers.

In 2025, we acquired 70% of Estrela, the holding company of Grupo Tora, for R$742.5 million. This acquisition significantly strengthened our logistics segment in road and rail freight and is aligned with our vertical integration strategy by improving scale, reliability and service coverage. Grupo Tora operates in the Brazilian and international road cargo transportation markets and also provides integrated logistics services through terminals connected to multiple transportation modes, including road and rail, allowing customers’ cargo to arrive and depart through different logistics routes. In addition, Grupo Tora acts as a multimodal transport operator, assuming overall responsibility for logistics operations involving different transportation modes, including road, rail, waterway and air transportation, and managing and subcontracting the services required for such operations. Grupo Tora also operates bonded facilities, offering customs clearance, storage and cargo handling services, and is engaged in vehicle leasing and the sale of pre-owned light and heavy vehicles.

We also operate TECON, our container terminal at the Port of Itaguaí, which is adjacent to TECAR, CSN Mineração’s bulk terminal, with an annual handling capacity of approximately 660,000 TEUs per year. In 2025, construction commenced at Nelog, a port project designed to support the operations of TLSA and FTL, further strengthening the integration and expansion of our logistics segment.

With respect to railways, we are developing the TLSA project, which is designed to support the transportation of iron ore, agricultural commodities, gypsum and fuels. In 2025, TLSA completed its first cargo transportation operation, marking an important milestone in the development of this railway corridor. We also expect to improve efficiency and expand capacity in the southern region of Brazil through our participation in MRS. As MRS is expected to fund its expansion projects primarily through its own operating cash flow and alternative financing structures, these investments are not expected to require material capital expenditures by us.

Energy

We intend to continue to take advantage of certain acquisition opportunities in our energy segment to increase our clean energy generation volume to support the operations and expansion of our other segments, the growth of the energy segment and to replace concessions that will expire in the near future.

Our portfolio is composed of a thermal power plant in our steel complex, and several hydro power plants mostly concentrated in the southern region of Brazil, taking advantage of the great hydrological resources and transmission infrastructure, added to the synergy between our operations, engineering and the location in which we consume energy. The operations in our energy segment provide us with autonomy according to our energy needs, giving the industrial segment competitive prices due to energy production, cost predictability, and significant reduction of chargers and fees for our energy consumption. Since 2023, the electrical energy used for our industrial consumption is renewable.

Until June 2024, Presidente Vargas Steelworks procured natural gas through the local distribution company Naturgy (formerly Companhia Estadual de Gás do Rio de Janeiro S.A.), which sourced it from Petrobras. Subsequently, the plant transitioned to the Natural Gas Free Market, and began contracting the natural gas molecule, its transportation, and its distribution separately. This market structure provided CSN with a competitive edge among steel companies, given that we significantly reduced the cost of fuel by negotiating the acquisition price of gas molecule openly.

Investments and Divestitures

In addition to our planned investments and capital expenditures, we continue to evaluate acquisition opportunities, as well as joint ventures and brownfield or greenfield projects, aimed at enhancing the cost competitiveness and production efficiency of our steel, mining and cement operations, as well as strengthening our energy generation, logistics capabilities and infrastructure assets. We also continue to assess business opportunities to improve our liquidity position in the short to medium term, including through potential streaming transactions related to our iron ore business and the potential sale of our investment in Usinas Siderúrgicas de Minas Gerais S.A., or Usiminas.

In 2025, we acquired Gramperfil in Portugal and Galvacolor in Spain, through our subsidiaries, expanding our steel processing and value-added steel products operations. We also completed the acquisition of a 70% equity interest in the Tora Transportes Group, which expanded our logistics segment.

In August 2025, we sold a portion of our shares of Usiminas, reducing our direct and indirect equity interest in Usiminas to 4.99% of its common shares, preferred shares and total capital. In December 2025, our board of directors approved the transfer to CSN Mineração of up to 11.17% of the capital stock of MRS, for a total consideration of up to R$3.35 billion.

We have also continued to invest in expansion projects. In mining, our 2025 investments included expansion initiatives at Casa de Pedra and TECAR, particularly the Itabirito P15 plant.

On January 15, 2026, we announced our Divestment Plan. For more information on our Divestment Plan, see “Item 4. Information on the Company—4A. History and Development of the Company.” For information on risks relating to our investments and divestitures, see “Item 3. Key Information––3D. Risk Factors—Risks Relating to Us and the Industries in Which We Operate—We may not be able to consummate expected divestures or proposed acquisitions or integrate acquired businesses successfully.”

Joint Ventures, Strategic Alliances and Consortia

We currently operate parts of our business through joint ventures, strategic alliances and consortia with other companies. We have, among others: (i) a strategic alliance with an Asian consortium at our controlled investee CSN Mineração to mine iron ore; (ii) a concession jointly held with other Brazilian steel and mining companies at MRS to explore railway transportation in the Southeastern region of Brazil; (iii) a concession jointly held with certain Brazilian governmental entities at TLSA to explore railway transportation in the Northeastern region of Brazil; (iv) a joint operation with Engie Brasil Energia S.A., or Engie Brasil, and Companhia de Cimento Itambé, or Itambé, at ITASA, to produce electrical energy; (v) an energy consortium with Aliança, L.D.R.S.P.E. Geracão de Energia e Participações Ltda. and AngloGold to produce electrical energy through the hydroelectric power plant of Igarapava; (vi) a consortium with CSN Cimentos Brasil S.A. for self-production of electrical energy, called Consórcio Itaúba; (vii) a consortium with Elizabeth Cimentos S.A., CSN Mineração and Minérios Nacional S.A. for operation and maintenance of the Passo Real Hydroelectric Plant and self-production of electrical energy; and (viii) a strategic alliance with Itochu Corporation through CSN ITC Solutions AG to trade, distribute and process iron ore and related products in key strategic markets.

Description of our Operating Segments

Our Steel Segment

We produce carbon steel, the world’s most widely used type of steel, which accounts for a substantial share of global consumption. We sell a variety of carbon steel products, both domestically and abroad, to manufacturers in several industries. For more information on our steel segment, see “—4A. History and Development of the Company—General—Steel.”

Flat Steel

Our Presidente Vargas Steelworks produces flat steel products, including slabs, hot-rolled, cold-rolled, galvanized and other corrosion-resistant products, as well as tin mill products. For more information on our flat steel production process, see “—Production Output.”

Slabs

Slabs are semi-finished products used to produce hot-rolled, cold-rolled or coated coils and sheet products. We are able to produce continuously cast slabs with a standard thickness of 250 millimeters, widths ranging from 830 to 1,600 millimeters and lengths ranging from 5,250 to 10,500 millimeters. We produce high, medium and low carbon slabs, as well as micro-alloyed, ultra-low-carbon and interstitial free slabs. The slabs are then slit and finished, generating blooms which are delivered to the long products plant.

Hot-Rolled Products

Hot-rolled products include heavy and light-gauge hot-rolled coils and sheets. Under the Brazilian Technical Standards (Normas Brasileiras), issued by the Brazilian Association of Technical Standards (Associação Brasileira de Normas Técnicas), a heavy gauge hot-rolled product, is defined as a flat-rolled steel coil or sheet with a minimum thickness of 5.01 millimeters. We are able to supply heavy-gauge hot-rolled sheets with thicknesses up to 12.70 millimeters which are used in the manufacture of automotive parts, pipes, structural beams and other construction products. We also produce light gauge hot-rolled coils and sheets with a minimum thickness of 1.20 millimeters, which are used in welded pipe and tubing, automotive parts, gas containers, compressor bodies and light cold-formed shapes, channels and profiles for the construction industry.

Cold-Rolled Products

Cold-rolled products include cold-rolled coils and sheets. Under the Brazilian Technical Standards, a cold-rolled product, is defined as a flat cold-rolled steel coil or sheet with thickness ranging from 0.30 millimeters to 3.00 millimeters. Compared to hot-rolled products, cold-rolled products have more uniform thickness and better surface quality. Their main applications include automotive parts, home appliances and construction. We supply cold-rolled coils with thickness ranging from 0.30 millimeters to 2.99 millimeters.

Galvanized Products

Galvanized products consist of flat-rolled steel coated on one or both sides with zinc or a zinc-based alloy applied by either a hot-dip or an electrolytic process. We use the hot-dip process, which is approximately 20% less expensive than the electrolytic process. Galvanizing is one of the most effective and low-cost processes used to protect steel against corrosion caused by exposure to water and the atmosphere. Galvanized products are highly versatile and are used in the manufacture of a broad range of products, including:

Galvanized sheets, both painted and bare, are also frequently used in gutters and downspouts, outdoor and indoor cabinets and home appliances, among others. We produce galvanized sheets and coils on continuous hot-dip processing lines, with thicknesses ranging from 0.30 millimeters to 3.00 millimeters. The continuous process allows us to produce products with highly adherent and uniform zinc coatings that can be processed in nearly all kinds of bending and forming machinery.

In addition to standard products, we produce Galvanew, which is produced through an additional annealing cycle just after the zinc hot-dip coating process. This annealing process causes iron to diffuse from the base steel into the zinc coating. The resulting iron-zinc alloy coating provides better welding and paint performance. The combination of these qualities makes our Galvanew product particularly suitable for the manufacture of automotive and home appliance parts, including high gloss exposed parts.

At CSN Paraná, one of our branches, we also produce Galvalume®, a continuous aluminum-zinc coated material. Although the production process is similar to that used for hot-dip galvanized coating, Galvalume® has at least twice the corrosion resistance of standard galvanized steel. Galvalume® is primarily used in outdoor construction applications that may be exposed to severe acid corrosion, including marine environments.

The value added by the galvanizing process enables us to price our galvanized products at higher margin. Our management believes that our expertise in value-added galvanized products presents one of our best opportunities for profitable growth, particularly in light of increasing demand for these products in Brazil.

Through CSN Paraná, we also produce pre-painted flat steel on a continuous painting line. In this process, a layer of resin-based paint, available in a range of colors, is applied over either cold-rolled or galvanized base materials. Pre-painted material is a higher value-added product used primarily in the construction and home appliance markets.

Tin Mill Products

Tin mill products consist of flat-rolled low-carbon steel coils or sheets, coated or uncoated, with a maximum thickness of 0.45 millimeters, as defined under the Brazilian Technical Standards. Tin or chromium by electrolytic coatings are applied through an electrolytic process. Because the coating process adds value to these products, tin mill products are generally sold at higher prices and generate higher margins than other products. We produce four types of tin mill in coil and sheet forms:

Tin mill products are used primarily in the production of cans and other containers. With six electrolytic coating lines, we are one of the largest producers of tin mill products in the world and the only producer of coated tin mill products in Brazil.

Long Steel

We entered the long steel market in 2012, through the acquisition of SWT, located in Unterwellenborn, Germany. In 2013, our Volta Redonda plant began producing long steel products, which comprise products for civil construction and high-quality drawing and cold heading applications. For more information on our long steel production process, see “—Production Output.”

Quality Management System

We maintain a quality management system certified in accordance with the International Standardization Organization, or ISO, 9001:2015 standard and the automotive industry’s International Automotive Task Force, or IATF, standard 16949:2016. ISO 9001:2015 covers the design and manufacture of slabs, blooms, billets, hot-rolled flat, pickled and oiled, cold-rolled, galvanized steel, tin mill products and long steel products; and the IATF 16949:2016, certification third edition, covers the manufacture of hot-rolled flat, pickled and oiled steel products, cold-rolled and galvanized steel products. In addition, as a manufacturer and supplier for the food packaging industry, we hold a food safety management system certification, or FSSC 22000, recognized by the Global Food Safety Initiative. Moreover, we are also committed to customer satisfaction, constantly seeking to optimize our production processes based on three pillars: (i) quality management, (ii) alignment between strategies, and (iii) continuous process improvement.

Production Facilities

Flat Steel Mill

The Presidente Vargas Steelworks, located in the city of Volta Redonda, state of Rio de Janeiro, began operating in 1946. It is an integrated facility covering approximately four square km and includes five coke batteries, three of which are in operation, three sinter plants, two blast furnaces, a basic oxygen furnace steel shop, with three converters, three continuous casting units, one hot strip mill, three cold strip mills, two continuous pickling lines, one continuous annealing line, 28 batch annealing furnaces, three continuous galvanizing lines, four continuous annealing lines exclusively for tin mill products, three of which are in operation, and six electrolytic tinning lines, three of which are in operation.

The annual production capacity of steel at the Presidente Vargas Steelworks as of December 31, 2025 was 5.6 million tons.

Downstream Facilities

CSN Paraná

Our CSN Paraná facility produces and supplies regular galvanized products, Galvalume® products and pre-painted steel products for the automotive, construction and home appliance industries. The plant has an annual capacity of 295,000 tons of galvanized products and Galvalume® products, 131,000 tons of pre-painted products, which can use cold-rolled or galvanized steel as substrate, service capacity of 150,000 tons of sheets and narrow strips, and 384,000 tons of pickled hot-rolled coils in excess of the coils required for the coating process.

CSN Porto Real

Our CSN Porto Real facility produces and supplies plain regular galvanized, Galvanew and tailored blanks, mainly for the automotive industry. The plant has an annual capacity of 350,000 tons of galvanized products, including Galvanew products, and 354,000 tons of tailored blanks, sheets and narrow strips, which can use cold-rolled or galvanized steel as a substrate.

Companhia Metalúrgica Prada

Established in 1936, Companhia Metalúrgica Prada is the largest Brazilian manufacturer of steel can and has an annual production capacity of over one billion cans in its five industrial facilities located in the states of São Paulo, Minas Gerais, Rio de Janeiro and Rio Grande do Sul, as well as in the city of Brasília. We are the only Brazilian producer of tin plate, which is Companhia Metalúrgica Prada’s main raw material, making it one of our most important products. Companhia Metalúrgica Prada has important customers in the food and chemical industries, including packages of vegetables, fish, dairy products, meat, aerosols, infant nutrition and other business activities.

Prada Distribuição, the distribution arm of Companhia Metalúrgica Prada, is one of the leading distributors of steel products in Brazil with annual installed capacity of 600,000 tons. Prada Distribuição operates two steel service centers and three distribution centers strategically located in the southeastern region of Brazil. The service centers are located in the city of Mogi das Cruzes, state of São Paulo, and in the city of Valença, state of Rio de Janeiro. Its product mix also includes sheets, slit coils, sections, tubes and roofing products in standard or customized format, according to customer specifications. Prada Distribuição processes the full range of products manufactured by us and serves 4,000 customers annually across several sectors, including civil construction, automotive and home appliances.

In 2021, we acquired Metalgráfica Iguaçu S.A., which produces steel cans for the domestic and international metal food packaging markets. Metalgráfica Iguaçu S.A.’s operations also include the manufacture, commercialization, export and import of containers and packaging in general, whether metallic or not, as well as metal sheets, raw materials and inputs for steel or plastic products, equipment and electronic components in general. This acquisition represented a strategic step in expanding our production capacity in the packaging division.

Lusosider Aços Planos, S.A.

Lusosider is a flat steel processing facility located in Seixal, near Lisbon, Portugal. Lusosider has an annual production capacity of approximately 105,000 tons of hot-rolled pickled and oiled coils, 36,000 tons of cold-rolled steel products and 276,000 tons of galvanized steel products per year. Its main customers include service centers and manufacturers in the tube making industry.

Gramperfil

Gramperfil is located in Pombal, in central Portugal, approximately 175km north of Lisbon. It manufactures metal profiles for gypsum plasterboard systems and has an annual production capacity of approximately 30,000 tons. Gramperfil serves both domestic and international markets, with a strong presence in France, North Africa and Portuguese-speaking African countries.

Galvacolor

Galvacolor is a Spain-based producer of flat steel products, located in Jerez de los Caballeros, in the province of Badajoz. The company has an installed annual production capacity of approximately 300,000 tons, including 50,000 tons of pickled and oiled steel, 50,000 tons of cold-rolled steel and 200,000 tons of galvanized steel, with pre-coated and pre-painted capabilities.

CSN Distribuição

CSN Distribuição has one service center, located in the city of Camaçari, in the state of Bahia, to support sales in the northeastern and northern regions of Brazil. It also has a distribution center in the city of Canoas, in the state of Rio Grande do Sul, to support sales in the southern region of Brazil.

SWT Long Steel Mill

In February 2012, we acquired SWT in Germany, which marked our entry into the long steel market. SWT specializes in the production of profiles, including IPE (European I Beams) and HE (European Wide Flange Beams) sections, channels and UPE (Channels with Parallel Flanges) sections and steel sleepers. In total, SWT produces more than 200 types of sections according to different German and international standards. SWT possesses a 28 km internal railway system, as well as the logistics infrastructure to ensure supply of scrap and delivery of finished products. The main markets served by SWT include non-residential construction, equipment industries and engineering and transport, in Germany and in neighboring countries, including Poland and the Czech Republic. The following table sets forth SWT’s production capacity as of December 31, 2025:

Volta Redonda Long Steel Mill

Our Volta Redonda plant for the production of long steel products comprises a 50-ton electric arc steelmaking furnace, 50-ton ladle furnace, continuous casting machine for billets and a hot rolling mill for wire rod and reinforcing bar. This plant is operational and its production increases annually, providing the Brazilian market with products for civil construction and high-quality drawing and cold heading applications. In addition to our operational performance improvements, we are developing and negotiating certain equipment enhancements that we expect will provide for nominal capacity of 383 kt/year of billets and 450 kt/year of laminates.

Steelmaking Shop

Designed for an output of 200,000 tons per year, this unit mainly consists of one 50 ton UHP, AC electric arc furnace, one 50 ton ladle furnace, one continuous casting machine for billets with three strands, mobile equipment and cranes, power supply, distribution facilities and auxiliary equipment.

Rolling Mill

Designed for an output of 500,000 tons per year, this unit has one walking-beam reheating furnace, or RHF, a four-stand blooming mill, a 250 ton hot shear, a six-stand roughing mill, a six-stand intermediate mill, a six-stand pre-finishing mill, internal water cooling, a double length flying shear, a stepping cooling bed, a 500 ton cold shear, transfer inspection stand, bundling machine, a water-cooling section before wire finishing mill, a 10-stand high-speed wire finishing mill, a water-cooling section after wire finishing mill, a laying head, a loose coil cooling line, reforming device, bundling machine, stripper and coil handling devices.

Production Output

Flat Steel

The following table sets forth the aggregate annual production of crude steel in Brazil and by us, and the percentage of Brazilian production attributable to us for the periods indicated:

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Source: Brazilian Steel Institute (Instituto Aço Brasil).

The following table sets forth our selected operating statistics for the periods indicated:

Long Steel

The following table sets forth the production output of our Volta Redonda long steel mill:

The following table sets forth SWT’s production for the indicated years:

Raw Materials and Suppliers

Flat Steel

The main raw materials we use in our integrated steel mill include iron ore, coal (from which we make coke), coke, limestone, dolomite, aluminum, tin and zinc. In addition, our production operations consume water, natural gas, energy, diesel oil, and ancillary materials.

Iron Ore

We are able to obtain the majority of our iron ore requirements from our Casa de Pedra and Engenho mines located in the state of Minas Gerais. The only iron ore product that we buy from third parties is pellet. For more information, see “—Our Mining Segment.”

Coal

In 2025, our total consumption of carbon-based raw materials for ironmaking, comprising metallurgical coal and petroleum coke, totaled 1.11 million tons. Metallurgical coal includes coking coal and pulverized coal injection coal, or PCI coal, which is injected into the blast furnaces in a pulverized form to reduce coke consumption. To optimize production costs and raw material sourcing, in 2025 we integrated domestic petroleum coke, or petcoke, into our operations, utilizing it both as an additive in the coking blend and as an injected material.

The PCI system utilized a total of 0.43 million tons of injected materials in 2025. The countries of origin for the PCI materials were Russia (51.2%), Australia (32.0%), Colombia (14.7%), and Brazil (2.2% from domestic petcoke).

The countries of origin for the coking coal and blend components consumed in our plants in 2025 were: the United States (76.8%), Australia (14.4%), Brazil (7.6% from domestic petcoke), and Russia (1.2%).

Coke

In 2025, in addition to approximately 0.498 million tons of coke we produced, we also consumed 0.940 million tons of coke purchased from third parties in China, Indonesia and Colombia, which represented a decrease of 15.8% compared to our consumption in 2024.

Limestone and Dolomite

Our Bocaina Mine in the city of Arcos, in the state of Minas Gerais, has been supplying, since the early 1970s, limestone (calcium carbonate) and dolomite (dolomitic limestone) to our Presidente Vargas Steelworks in Volta Redonda. These products are used in the process of sintering and calcination. Limestone is used in the production of various products, including clinker and cement.

The annual production of limestone and dolomite in 2025 from the Bocaina Mine for our steelworks was approximately 1.3 million tons.

The main products obtained from limestone and dolomite that are transferred to our steelworks in Volta Redonda are:

The Bocaina Mine is also responsible for supplying limestone for cement and agricultural limestone manufacturing in Arcos.

Aluminum, Zinc and Tin

Aluminum is mostly used for steelmaking. Zinc and tin are important raw materials used in the production of certain higher-value steel products, such as galvanized and tin plate. We typically purchase aluminum and tin from third-party domestic suppliers and zinc from third-party domestic and international suppliers. We purchase part of our tin from our subsidiary ERSA. We maintain approximately 31-, 20- and 16-days’ inventory of tin, aluminum and zinc, respectively, at the Presidente Vargas Steelworks.

Ancillary Materials

In our production of steel, we consume, on an annual basis, significant amounts of spare parts, refractory bricks and lubricants, which we generally purchase from domestic suppliers.

We also consume significant amounts of oxygen, nitrogen, hydrogen, argon and other gases at the Presidente Vargas Steelworks. These gases are supplied by a third-party under a long-term contract from gas production facilities located at the Presidente Vargas Steelworks site.

In 2025, we used 0.6 million tons of oxygen at the Presidente Vargas Steelworks site.

Water

We require large quantities of water in the production of steel. Water serves as a solvent, a catalyst and a cleaning agent. It is also used to cool, carry waste, help produce and distribute heat and power and dilute liquids. Our source of water is the Paraíba do Sul River, which runs through the city of Volta Redonda. Over 94.5% of the water used in the steelmaking process is recirculated and the balance, after careful processing, is returned to the Paraíba do Sul River. Since March 2003, the Brazilian government has imposed an annual tax for our use of water from the Paraiba do Sul river, based on an annual fee, which in 2025 was of approximately R$3.5 million.

Natural Gas

The market for natural gas is strongly correlated with the energy market and we consume both natural gas and electrical energy, mainly in our hot strip mill. Following the transition of Presidente Vargas Steelworks into the free gas market, we have maintained a diverse portfolio of gas suppliers. We entered into a master sales agreement with each supplier, which outlines the general characteristics of our operations, including gas scheduling, supply metrics, and legal implications. The master sales agreement expedites transactions between parties, as only commercial characteristics remain to be agreed upon. In 2025, the Presidente Vargas Steelworks consumed 374.4 million cubic meters of natural gas.

Diesel Oil

We maintain agreements with Vibra Energia S.A., or Vibra, and Ipiranga Produtos de Petroleo S.A., or Ipiranga, to receive diesel oil to supply our equipment in our mining plants in the state of Minas Gerais, which provide the iron ore, dolomite and limestone used in our steel plant in Volta Redonda.

In 2025, our diesel oil consumption was 93,415 kiloliters, which was used to produce 33.7 million tons of iron ore, for which we paid R$375.6 million. For more information, see “Item 3. Key Information––3D. Risk Factors—Risks Relating to Us and the Industries in Which We Operate—We are exposed to substantial changes in commodities prices, including oil prices, which significantly affect the prices of our inputs and the prices of our products, and may adversely affect us.”

Long Steel – SWT

The main raw material we use in our long steel production is scrap. In addition, we require electrical energy, natural and technical gases and ancillary materials like ferroalloys, lime, dolomite and foaming coal.

Scrap

Our scrap consumption in 2025 was 0.85 million tons, as compared to 0.92 million tons in 2024. Scrap accounted for approximately 59% and 63% of our production costs in 2025 and 2024, respectively. The scrap price has decreased by 13.1% compared to 2024, and the production costs have decreased by 3.3%. We are able to obtain approximately 70% of our scrap needs from within a 250 km vicinity of our production facilities.

Ferroalloys, Lime and Foaming Coal

Because we do not own any sources of ferroalloys, lime or foaming coal, we must buy these raw materials from third-party traders, most of which are located in Europe and source these raw materials from producers around the world.

Rolls

We consume different types of rolls in our long steel rolling mill, usually cast rolls that come from Germany, Italy, Slovenia and China.

Graphite Electrodes

In the smelting shop, which is an electric arc furnace, we use graphite electrodes with a diameter of 750mm. In the ladle furnace, we use electrodes with a diameter of 400mm. We source these electrodes from Europe, Japan and China.

Other Raw Materials

Our production of long steel also requires the use of electrodes, rolls, refractory materials and materials for packaging and spare parts, which are mostly purchased from domestic suppliers.

Water

Large amounts of water are required in the long steel production process. Our source of water is the Saale River, located five km from the plant in Germany. We use our own water station to pump water via pipelines to the plant.

Electrical Energy and Natural Gas

The production of long steel also requires significant amounts of electrical energy and natural gas, for which we maintain supply contracts. In 2025, our consumption totaled approximately 402 GWh of electrical energy and 380 GWh of natural gas, compared to 444 GWh and 407 GWh, respectively, in 2024. This decrease was mainly due to lower production volumes of long steel, which decreased from 838,582 tons in 2024 to 770,114 tons in 2025.

In 2025, SWT’s electricity supply prices were 4% higher than in 2024, while natural gas prices were 49% higher than in 2024. Both remained significantly higher than pre-energy crisis levels, which began with the conflict between Russia and Ukraine. Notwithstanding these conditions, SWT ended 2025 with a natural gas price only 2.5% above the budgeted figure and an electricity price 4.5% lower than the budgeted amount.

Suppliers

We do not depend on any single supplier for our operations or profitability. We maintain a diversified supplier base, which allows us to replace individual suppliers without material disruption to our operations.

For information on risks relating to raw materials and energy supply, see “Item 3. Key Information—3D. Risk Factors—Risks Relating to Us and the Industries in Which We Operate—A decrease in the availability or an increase in the price of raw materials and energy required for steel production, particularly coal, coke and natural gas, may adversely affect us.”

Flat Steel

We acquire our inputs in Brazil and abroad. Aluminum, zinc, tin, spare parts, refractory bricks, lubricants, oxygen, nitrogen, hydrogen and argon are the main inputs we acquire in Brazil. Coal and coke are the inputs we acquire abroad.

In 2023, 2024 and 2025, we consumed 387,722 tons, 650,556 tons and 228,315 tons, respectively, of third-party slabs. Consumption in 2025 decreased by 64.9% compared to 2024 and by 41.1% compared to 2023, mainly due to high inventory levels.

Long Steel – SWT

We acquire the inputs necessary for the production of our long steel products globally.

Our Mining Segment

Our mining activities are among the largest in Brazil and are mainly driven by the exploration of our iron ore reserves. We sell our iron ore products mainly in Asia, Europe and Brazil with sales and marketing from Brazil and Austria. For more information on our mining segment, see “—4A. History and Development of the Company—General—Mining.”

Following is an overview of our material mining properties as of December 31, 2025:

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Following is an overview of our non-material mining property as of December 31, 2025:

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The following tables set forth each individual property’s production information for the indicated years:

Iron Ore Mining Properties

Our iron ore business is conducted by our subsidiary CSN Mineração in the state of Minas Gerais, within the area called the Iron Quadrangle. Casa de Pedra mine, Engenho mine and Fernandinho mine are our open pit mines. Casa de Pedra mine and Engenho mine belong to the same mining complex and run their own transportation and shipping capabilities. The mining complex comprises the Casa de Pedra central plant and the Pires Beneficiation Plant. Fernandinho mine, which is currently deactivated, is located on the North side of Brazil and, when it was active until 2015, it also ran its own transportation and shipping capabilities.

To complement its iron ore mining properties, CSN Mineração operates TECAR, a solid bulk terminal located at the Port of Itaguaí, in the municipality of Itaguaí, state of Rio de Janeiro. The terminal is connected by MRS’ railway network to CSN Mineração’s mines and to the Presidente Vargas Steelworks, located in the municipality of Volta Redonda, state of Rio de Janeiro.

The following map presents an overview of our iron ore operations:

Our iron ore properties comprise Casa de Pedra and Engenho (both material properties) and Fernandinho (non-material property), as further described below:

Casa de Pedra Mine – Congonhas, MG

Casa de Pedra mine is our main iron ore mine. It is located in the municipality of Congonhas, 80 km to the south of Belo Horizonte, the capital of the state of Minas Gerais. Its mining concession has no expiration date and covers 2,516 hectares. Casa de Pedra is in full production stage.

Casa de Pedra mine has all the necessary permits for current operations, and the authorization process related to its planned production expansion is running according to schedule. Related facilities, such as waste piles and tailings dams, also comply with applicable legislation.

Casa de Pedra mine is an open pit operation with high grade hematite ore type (iron grade of approximately 64%) mixed with a large amount of itabirite ore type (iron grade of approximately 30-60%). Mine occurrences are represented by banded iron formations, varying from low grade (~Fe@30%) to medium/high grade types (~Fe@60%), and supergenous/hypogenous hematite (Fe@64%), all varying from fresh to hard material types. Some types of mineralized covers are also mixed to feed the plant. The geology framework is complex as a consequence of innumerous geological events that created an integrate grade variability scenario. For this reason, mapping and drilling are always reinforced and are one of the work priorities at Casa de Pedra mine.

The Casa de Pedra central plant is fed with natural high grade run of mine, and the beneficiation process comprises crushing, screening, and flotation. The Casa de Pedra central plant generates lump ore, sinter feed and pellet feed. The Pires beneficiation plant is fed with low to medium grade in a dry beneficiation process.

All products from Casa de Pedra mine are transported by MRS’s railroad, which transports iron ore to the Itaguaí maritime terminal in the state of Rio de Janeiro.

Engenho Mine – Congonhas, MG

Engenho mine covers 344 hectares and has been integrated in the Casa de Pedra mining complex since 2012. Engenho mine production is constantly mixed with Casa de Pedra mine production, following the same process route.

The following map sets forth a detailed illustration of Casa de Pedra mine and Engenho mine locations:

Fernandinho Mine – Itabirito, MG

Fernandinho mine covers 147 hectares and has been integrated in the Casa de Pedra mining complex since 2012. Fernandinho mine’s operations were deactivated in 2015 as part of an internal strategic decision. In the future, additional geological, drilling and resource studies and estimations will be performed in order to update mineral resources conversion to mineral reserves.

The following map sets forth a detailed illustration of Fernandinho mine and its related facilities:

In addition to the mining properties detailed above, CSN Mineração conducts initial exploration activities in the surrounding areas of our mining operations.

Our Mining Plants

Casa de Pedra Plant

Casa de Pedra facilities are located in the city of Congonhas, in the state of Minas Gerais. Casa de Pedra mine is located 350 km from the Presidente Vargas Steelworks and supplies iron ore products to our steel mill, as well as for export through the Itaguaí Port. Casa de Pedra’s equipment fleet and treatment facilities have an installed annual run of mine capacity of approximately 120 million tons and 40 million tons, respectively.

Pires and Fernandinho Beneficiation Plants

The Pires beneficiation plants are dry beneficiation plants that receive material from Engenho mine and Casa de Pedra mine and generate final products, such as lump ore and sinter feed.

The Fernandinho beneficiation plant receives material from stockpiled tailings piles, located in the city of Rio Acima, state of Minas Gerais, and generates sinter feed and fines as final products.

The following table sets forth the production volume of iron ore in each of our mines in the last three years:

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The following table sets forth our consolidated sales in the periods presented:

Our Iron Ore Mineral Resources and Mineral Reserves

The following table sets forth a summary of our iron ore resources and reserves, updated to December 31, 2025, considering our ownership interest in each property:

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Updated December/2025.

The following table sets forth our proven, probable and total mineral reserves at the Casa de Pedra and Engenho mines, as of December 31, 2025:

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*We consider an average price of US$95 per ton for the economic analysis. Updated December/2025.

Casa de Pedra mine and Engenho mine are mill feed material (Run of Mine – ROM) and the point of reference for the mineral reserves is ore delivered to the processing facility. The following tables set forth Casa de Pedra mine and Engenho mine reserves pit optimization parameters:

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Metallurgical recovery or mass recovery for PC/OS = 82.40%

Metallurgical recovery or mass recovery for P15 = 43.80% Overall metallurgical recovery or mass recovery = 52.60%

Cut-off grade: 22.40%

The following table sets forth a reconciliation with the depletion of mineral resources (exclusive of reserves) for Casa de Pedra mine and Engenho mine in each of 2023, 2024 and 2025, considering our ownership interest of 79.8% as of December 31, 2023, 69.01% as of December 31, 2024 and 69.01% as of December 31, 2025:

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Note: Figures included in this table have been subject to rounding adjustments. Accordingly, figures shown as totals may not represent an arithmetic sum of the figures that precede them.

The following table sets forth a reconciliation with the depletion of mineral reserves for Casa de Pedra mine and Engenho mine in each of 2023, 2024 and 2025, considering our ownership interest of 79.8% as of December 31, 2023, 69.01% as of December 31, 2024 and 69.01% as of December 31, 2025:

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Note: Figures included in this table have been subject to rounding adjustments. Accordingly, figures shown as totals may not represent an arithmetic sum of the figures that precede them.

Mineral Resource and Mineral Reserve Estimation Internal Controls

We are committed to applying best practices in our mineral resource and mineral reserve estimations. Our team responsible for these estimations works with global institutions, organizations and universities to maintain updated estimation processes and to document and apply these processes. Our internal controls for mineral resource and mineral reserve estimation include the following:

In terms of quality control and quality assurance practices, we regularly inspect analytical and sample preparation laboratories, and we use five certified reference materials, blanks and laboratories duplicates, which are all inserted at appropriate frequencies to the primary and secondary laboratories. In addition, we regularly check specific gravity determinations using the water immersion method or the “sand bottle” method.

We interpret our geological model using domains classified into a series of lithology codes based on a combination of grain particles (lump and fines) and chemical thresholds used directly by our mine planning and beneficiation departments.

With respect to our mineral reserve estimation, we verify the following factors that may affect our estimates, and we constantly update and refine our estimates based on these factors:

We use our mineral resource and mineral reserve estimates information currently available to us, and these estimates may not represent actual production volumes in the future. We can provide no assurance that our estimates will not change or that we will be able to extract and convert all of our resources and reserves into production volumes. For more information, see “Item 3. Key Information—3D. Risk Factors—Risks Relating to Us and the Industries in Which We Operate—Our mineral reserves and mine life may prove inaccurate, market price fluctuations and cost changes may render certain ore reserves uneconomical to mine and we may face rising extraction costs or investment requirements over time as our reserves deplete.”

Dams

As a pioneer utilizing technologies that enable the stacking of tailings generated during the ore production process, CSN Mineração’s production is mostly independent of tailings dams. After significant investments to increase reliability, disposal and dry stacking, the majority of CSN Mineração’s tailings go through a dry filtering process and are stacked in dedicated areas. This initiative led to expertise in this technology, enabling current production and sustainable growth without the use of tailings dams.

In addition to our focus on the quality of our products and competitive costs, the environmental impact of our operations is one of our priorities. We are a pioneer in Brazil in our commitment to eliminate the use of tailings dams from our operations. The full implementation of CSN Mineração’s tailings filtering plant allowed us to achieve this independence in January 2020, filtering and dry stacking the majority of the tailings generated from our production process.

The following table sets forth certain information on the dams we operate as of the date of this annual report:

We constantly work on changing our processes to reduce tailings deposits and we continue to execute our plan for the decommissioning or de-characterization of our inactive tailings dams pursuant to a timeline that is, as of the date of this annual report, being developed by our ESG and engineering teams.

Expanding our Mining Capacity

We have projects at an advanced stage of development with a robust investment plan to finance and accelerate iron ore production by our mining subsidiary CSN Mineração. CSN Mineração’s current business plan contemplates an expansion in annual production and third-party purchasing capacity from 45.6 million tons in 2025 to over 60 million tons per year in 2030, assuming we are able to complete all of our planned expansion projects.

CSN Mineração has four projects under development that will be carried out gradually. The estimated total investment for the projects is R$13.2 billion:

(i)       Casa de Pedra Central Plant Expansion Project (Ultra Fine Tailings Processing Plants): licensed brownfield expansions to accelerate the production of pellet feed at low operating costs; increase by 1.0 million tons per year.

(ii)       Tailings Recovery Projects (Pires Dams B4 Dam and Casa de Pedra Dam Tailings Processing Plants): brownfield expansions to generate value by recovering more than 200 million tons of tailings stored in dams as part of our dam de-characterization program.

(iii)       Itabirito Processing Project (Itabirito Plant P15): licensed brownfield expansion project, with known technology and competitive investment per ton for the production of premium pellet feed with low impurities and high iron content (including direct reduction pellet feed); increase of 16.5 million tons per year.

(iv)       TECAR Expansion Project (Port expansion Phase 60): investment for expanding shipping capacity from 45 million tons per year to 60 million tons per year to support mining expansions in already existing areas.

Additionally, we have plans to further expand our mining production capacity in the medium and long term and are currently advancing the tradeoff studies for second and third Itabirito Plant P15 projects and conversion of the Casa de Pedra Central Plant.

Our Cement Segment

Our cement segment comprises seven integrated cement plants, six grinding and blending plants and 23 distribution centers throughout the Southeast, Northeast and Midwest of Brazil, in the states of Rio de Janeiro, Minas Gerais, São Paulo, Espírito Santo, Paraíba, Bahia and Goiás. For more information on our cement segment, see “—4A. History and Development of the Company—General—Cement.”

Cement Mining Properties

We own 100% of each of our cement mining properties and hold the respective mining and property rights for each such property.

All of our cement properties are operational as of the date of this annual report. The key permissions to guarantee the respective reserves are: mineral concessions; environmental licenses; and rights to use the property, all of which were in force as of December 31, 2025.

Following is an overview of our non-material mining properties as of December 31, 2025:

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The following maps present the location of each non-material cement mining property:

Bocaina Mine – Arcos, MG:

Pitimbu – Alhandra, PB:

Mata do Ribeirão and Capoeira Grande – Barroso, MG:

Fazenda Campinho – Pedro Leopoldo, MG:

Boa Vista – Montes Claros, MG:

Saudade – Cantagalo, RJ:

Miramar – Caaporã, PB:

Each property includes a mine: (i) Arcos – Bocaina Mine; (ii) Alhandra – Pitimbu Mine; (iii) Barroso Plant – Capoeira Grande Mine and Mata do Ribeirão Mine; (iv) Pedro Leopoldo Plant – Pedro Leopoldo Mine (Fazenda Campinho); (v) Montes Claros Plant – Mining complex of Montes Claros; (vi) Cantagalo Plant – Cantagalo (Saudade Mine); and (vii) Caaporã Plant – Caaporã (Miramar Mine).

Cement Products

The portfolio of cement products we offer in bagged and bulk forms includes the following: (i) CP II (Composite Portland Cement), (ii) CPIII (Blast Furnace Portland Cement) and (iii) CP V ARI (High Initial Strength Portland Cement). We produce these different types of cement with the addition of different elements in the composition, as well as filler (calcium carbonate), slag and pozzolan.

The types of cement we produce are: CP III 32, CP III-40 RS, CP II-E-32, CP II-E-40, CP II-F-40, CP II-F-40 Fibro, CP II-F 32, CP-II-F-32 SUPER, CP II-Z-32, CPV ARI, CPV ARI RS, CPV ARI PLUS, CP ARIF ESPECIAL, CP ARIF and ECOCEM 50, in each case in bagged and bulk forms.

The following table sets forth information on our plants as of December 31, 2025:

Production Process

Our cement production begins with the influx of raw materials comprising clinker, limestone, gypsum and sometimes slag in a cement mill. The cement grinding process in the Volta Redonda, Arcos and Barroso plants is performed by vertical mills. The mills have a hydraulic roller system, which uses pressure to grind the layer of material on the turntable. In other plants, the cement grinding process is performed by ball mills. The materials are ground to a fine powder, in rotating, cylindrical ball mills containing a charge of steel grinding balls.

The following tables set forth each individual property’s production information for the indicated periods:

We produce clinker in each of our integrated cement plants. The main raw materials for the production of clinker are limestone, clay and other correctives, such as iron ore, bauxite, etc. These materials undergo grinding and are then dosed, forming the so-called “raw meal.” After the homogenization of this raw meal, the mixture is taken to a kiln where it is heated to high temperatures. As a result of this procedure, we obtain clinker, which is the base material for our cement. We add gypsum and other ingredients to the clinker mix that are dosed and fed into the cement mills until we reach a granulometry suitable for the type of cement products.

Slag is a by-product of iron and steel, produced in the blast furnace, stored in a warehouse and transported by road. We use natural gypsum, which is transported by truck and stored in a warehouse. Certain of our plants have a slag supply contract with other steel plants.

Inside our plants, the raw materials are carried out by conveyor belts, placing inputs in scales according to a predefined formula and delivering them to the mills. The grinding stations receive clinker transferred from the integrated plants by rail or road.

Mineral Reserves and Resources for Our Cement Properties

The point of reference in which our reserves and resources are calculated for our non-material cement properties is in-situ.

The following tables set forth the mineral reserves and mineral resources for each of our cement properties, containing measured and indicated resources informed separately and useful life information calculated only for reserves. With respect to quality, the guidelines employed provide for a minimum CaO content of 45% for all cement mines. We do not report inferred resources for our non-material cement mines because they are resources of low geological knowledge, we consider that inferred resources provide little practical value for asset valuation, and we are not required to report inferred resources to the Brazilian mining authority.

The following tables set forth the measured and indicated proven reserves, resources and mine life for each of our cement properties, in each case as of December 31, 2025. These figures reflect a comprehensive update of our mine planning studies and incorporate revised projections of limestone consumption in our industrial operations. The figures are therefore not directly comparable to those reported in our prior annual reports, which were based on earlier mine planning studies.

The following table sets forth the pit optimization parameters for our non-material cement properties in millions of Brazilian reais, as of December 31, 2025:

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Our Logistics Segment

A number of railways and port terminals comprise the logistics system that integrates our mining, steelmaking and cement units. For more information on our logistics segment, see “—4A. History and Development of the Company—General—Logistics.”

Railways

Southeastern Railway System

MRS has a concession to operate Brazil’s Southeastern railway system until 2056. As of December 31, 2025, we held 37.49% (7.58% directly and 29.91% through CSN Mineração) of MRS’s total capital. For more information, see “Item 5. Operating and Financial Review and Prospects—5B. Liquidity and Capital Resources––Off-Balance Sheet Arrangements—“Take-or-Pay” Contractual Obligations.”

The Brazilian Southeastern railway system, with 1,643 km of track, serves the São Paulo – Rio de Janeiro – Belo Horizonte industrial triangle in southeast Brazil, and links our mines located in the state of Minas Gerais to the ports located in the states of São Paulo and Rio de Janeiro and to the steel mills of CSN, Companhia Siderúrgica Paulista and Gerdau Açominas.

In addition to serving other customers, the railway transports iron ore from our mines at Casa de Pedra in the state of Minas Gerais and coke and coal from Itaguaí Port in the state of Rio de Janeiro to the Presidente Vargas Steelworks and transports our exports to the ports of Itaguaí and Rio de Janeiro. The railway system connects the Presidente Vargas Steelworks to the container terminal at Itaguaí Port, which handles most of our steel exports.

Northeastern Railway System

We hold interest in companies that have concessions to operate the Northeastern railway system, which operates in the states of Maranhão, Piauí, Ceará and Pernambuco, and connects with the region’s leading ports, offering an important competitive advantage through opportunities for intermodal transportation solutions and made-to-measure logistics projects.

In 1997, we were awarded a concession granting the exclusive right to operate cargo transportation at the railway that belonged to Rede Ferroviária Federal S.A., or RFFSA, which we currently call Northeastern Railway System I, effective January 1, 1998, and the preference to operate cargo railway transportation in any new tracks of the Northeastern Railway System that the Brazilian government may elect to build.

Further, in 2005, we executed a letter of intent with the Brazilian government (the grantor of this concession) to enable the development of new tracks and certain other improvements of the Northeastern Railway System, in a project called “Nova Transnordestina.” The Nova Transnordestina project discussions resulted in the execution, in 2013 and 2014, of (i) a conduct adjustment agreement (termo de ajustamento de conduta), or TAC, that settled all claims of non-compliance by us with the original concession agreement until 2012, and (ii) multiple agreements, including an investment agreement (discussed below) and a new concession, pursuant to which we were granted the right to develop and operate new tracks and the Northeastern Railway System management was divided into the following two sub-railway systems:

In September 2013, we entered into an investment agreement, or the TLSA Investment Agreement, with Infra S.A., or Infra, and the Northeast National Development Fund (Fundo Nacional de Desenvolvimento do Nordeste), or FDNE, two Brazilian government entities focused on infrastructure and the development of the northeastern region and our shareholders in TLSA. Under the TLSA Investment Agreement, we, Infra and FDNE agreed on a budget of R$7.5 billion to complete the construction of the Northeastern Railway System II. Infra and FDNE have approved an updated budget of approximately R$14.9 billion, and an amendment to the TLSA Investment Agreement has been executed.

The TLSA Investment Agreement also provides for indicative terms and conditions, including amounts, under which the Brazilian National Economic and Social Development Bank (Banco Nacional de Desenvolvimento Econômico e Social), or BNDES, agreed to provide long-term financing for the completion of Northeastern Railway System II. Although we have received indicative terms, the financing is subject to several conditions, including the satisfactory completion of internal and credit approval processes by lenders. If any of the conditions are not met, including final credit approval by the lenders in terms and costs reasonable to us, we may not be able to obtain the financing. The other long-term financing from FDNE and the Constitutional Financing Fund of the Northeast (Fundo Constitucional de Financiamento do Nordeste), or FNE, has already been received by TLSA.

In 2016, the Brazilian federal court of accounts (Tribunal de Contas da União), or TCU, initiated a proceeding questioning the legality of certain aspects of the concession contract for the Northeastern Railway System II, which has contributed to a slow pace of construction of the new tracks, and the ANTT has initiated a proceeding claiming TLSA did not comply with the terms of the concession contract for the Northeastern Railway System I.

Infra’s non-compliance with material obligations under the TLSA Investment Agreement has also contributed to a slow pace of construction of the new tracks, resulting in the revised budget.

In the end of 2019, ANTT recommended the expiry of the concession contract for the Northeastern Railway System I, and in the first semester of 2020, ANTT recommended the expiry of the concession contract for the Northeastern Railway System II. The concessionaires requested the revision of both decisions. In December 2022, the concession contract for the Northeastern Railway System II was renewed for a new 30-year term beginning December 31, 2027, while the renewal of the Northeastern Railway System I concession remains under negotiation.

ANTT’s decisions do not become immediately effective and will only be implemented once they have been analyzed and decreed by the President of Brazil, as well as the matter has reached final and unappealable decisions in administrative and judicial proceedings. For more information, see “Item 8. Financial Information—8A. Consolidated Statements and Other Financial Information—Legal and Administrative Proceedings—Northeastern Railway System Proceedings.”

In December 2022, we entered into an amendment to the concession agreement of TLSA, pursuant to which, among other things, there was a change to the railroads granted to TLSA and we agreed to certain mandatory investments and to the conditions for the return of the Salgueiro – Porto de Suape’s grid, where the TLSA project currently has 1,206 km of railway network and a completion deadline of December 2029.

The concession contract for the Northeastern Railway System I remains valid in all its terms until 2027, with a request for extension of the contract under analysis by the federal government.

In November 2023, TLSA received R$811 million from FDNE and currently the Northeastern Railway System II represents one of the federal government’s most significant strategic initiatives regarding the economic and social development of the Northeastern region of Brazil. This amendment represents an important step in the evolution of TLSA’s operations, which will support our operations and the transportation of our products across the Northeast region of Brazil.

In December 2024, TLSA and Banco do Nordeste executed an amendment to the long-term financing agreement from FDNE, providing for an additional R$3.61 billion in funding and increasing the total project investment to R$7.48 billion through the issuance of debentures, 50% of which are convertible. The amendment also establishes new rules regarding fund disbursement, use of proceeds, guarantees, and other contractual terms.

In 2025, pursuant to the amended long-term financing agreement with FDNE, TLSA received aggregate disbursements of R$1.7 billion, comprising R$400 million in January 2025 and R$600 million in June 2025 (both corresponding to partial releases of the first R$1.0 billion tranche) and R$700 million in December 2025 (a partial release of the second R$1.0 billion tranche).

Also in 2025, TLSA received capital increases totaling R$1.61 billion, consisting of R$816 million from FDNE and R$792 million from CSN, through advances for future capital increases. These capital increases strengthened TLSA’s capitalization and supported the continuity of the project’s investment plan.

In addition, in October 2025, TLSA converted 50% of the debentures outstanding under the FDNE financing arrangement, in an aggregate principal amount of approximately R$3.6 billion, into equity. This conversion reduced the project’s outstanding indebtedness and improved TLSA’s capital structure and leverage profile.

Port Facilities

Solid Bulks Terminal

Part of our integrated and modern logistics structure includes the operation of TECAR through a concession renewed in 2015 and expiring in 2047.

TECAR is connected to road and rail systems across Southeast Brazil and is one of the four port terminals that make up the Itaguaí Port facilities. With a strategic location and a total area of 740,761 m², the terminal consists of a concrete molded berthing pier superposed on jacketed stilts connected to the mainland by an access bridge perpendicular to the berthing pier. Its backyard includes conveyor belts, an internal road system, bulk storage yards and a railway looping, as well as industrial and administrative facilities.

Container Terminal

We indirectly own substantially all of TECON, which holds a concession to operate the container terminal at Itaguaí Port for a 25-year term expiring in 2026. As of the date of this annual report, the renewal of this concession is under negotiation. In 2025, we paid R$52.3 million under the concession agreement, and as of December 31, 2025, no further amounts were payable.

The Itaguaí Port is located in Brazil’s southeast region, within 500 km of the principal exporting and importing regions in the states of São Paulo, Minas Gerais and Rio de Janeiro. Favorable natural conditions, including naturally deep waters and a low level of urbanization in the area surrounding Itaguaí Port, allow large vessels to operate and contribute to highly competitive service pricing. Following TECON’s investments in infrastructure and equipment, terminal capacity increased to 440,000 containers (660,000 TEUs) per year. Additional improvements implemented since 2019 have further enhanced service levels and productivity, including certification of maritime access and berths for a 15.4-meter draft, including tides, which we believe is the deepest in the east coast of South America, as well as the acquisition of new equipment.

In 2025, we continued to invest in upgrading our operational facilities and complying with regulatory requirements. In addition, in the same year, we purchased 24 terminal tractors, which improved our operational capacity. TECON will keep investing in the project expansion to increase its capacity by approximately 40%, which would make it one of the largest port terminals in Brazil, with a nominal capacity of 1,000,000 TEUs per year. This expansion project, which is under discussion with regulatory agencies, includes a quay extension of 273 meters, with a total resulting length of 1,083 meters, acquisition of two new gantry cranes (ship-to-shore) for larger container carriers, acquisition of additional yard civil works and equipment, and dredging of the access channel and maneuvering basin

In 2025, TECON moved 126 thousand containers, 803 thousand tons of steel products, 21 thousand tons of general cargo and 574 thousand tons of dry bulk, compared to 135 thousand containers, 1.3 million tons of steel products, 58.3 thousand tons of general cargo and 658.5 thousand tons of dry bulk in 2024.

The decrease in container volume in 2025 was mainly due to the impact of tariffs imposed on steel products in the United States, which negatively affected steel shipments through the terminal. Even with the decrease in container volume, TECON continued to serve other markets and processed a diversified range of cargo, including wood and other steel products, as well as billets, wire rod, plates, tubes, transformers and dry bulk.

Our Energy Segment

Our energy segment comprises our generation plants, which support reduction of our production costs and exposure to fluctuations or availability of certain energy sources.

Following is an overview of our energy segment related assets. For more information on our energy segment, see “—4A. History and Development of the Company—General—Energy.”

Thermoelectric Co-Generation Power Plant

We have a 245 MW thermoelectric co-generation power plant at the Presidente Vargas Steelworks. Aside from operational improvements, the power plant supplies our strip mills with electric energy, processed steam and forced air from the blast furnaces, benefiting the surrounding environment through the elimination of flares that burn steel-processing gases into the atmosphere. In addition, we have a turbine generator, which adds 22 MW to our installed capacity. This turbine is located near our blast furnace no. 3 and uses the outlet gases from the iron making process to generate energy. The total annual capacity of our thermoelectric co-generation power plant is 267 MW.

Itá Hydroelectric Facility

We hold a 29.50% equity interest in the Itá hydroelectric facility, as we and Engie Brasil each own 48.75% of ITASA, a special-purpose company formed to own and operate, under a 30-year concession granted in 2000, 60.5% of the Itá hydroelectric facility on the Uruguay River in Southern Brazil. Itambé owns the remaining 2.5% of ITASA. Engie Brasil directly owns the remaining 39.5% of the Itá hydroelectric facility, which has an installed capacity of 1,450 MW. The amount of energy generated by Itá represented approximately 60% of CSN Siderurgia’s energy consumption in 2025.

Igarapava Hydroelectric Facility

We own 17.92% of a consortium that built and has the right to operate, until September 2031, the Igarapava hydroelectric facility. Other consortium members are Aliança, L.D.R.S.P.E. Geracão de Energia e Participações Ltda. and AngloGold. The facility has an installed capacity of 210 MW. The amount of energy generated by Igarapava represented approximately 8% of CSN Siderurgia’s energy consumption in 2025.

Santa Ana Hydroelectric Facility

CSN Cimentos and our energy subsidiary CSN Energia own 100% of Santa Ana Energética S.A., which holds the concession for the Santa Ana hydroelectric power plant that has an installed capacity of 6.3 MW and is located in the state of Santa Catarina, in southern Brazil. The amount of energy generated by Santa Ana represented approximately 3% of CSN Cimentos’ energy consumption in 2025.

Sacre II Hydroelectric Facility

CSN Cimentos and our energy subsidiary CSN Energia own 100% of Topázio Energética S.A., which holds, through its subsidiary Brasil Central Energia Ltda., the concession for the Sacre II hydroelectric power plant that has an installed capacity of 30 MW and is located in the state of Mato Grosso, in the midwestern region of Brazil. The amount of energy generated by Sacre II represented approximately 22% of CSN Cimentos’ energy consumption in 2025.

Quebra-Queixo Hydroelectric Facility

CSN Mineração and our energy subsidiary CSN Energia own 100% of CEC, which holds the concession for the Quebra-Queixo hydroelectric power plant that has an installed capacity of 120 MW and is located in the state of Santa Catarina, in southern of Brazil. The amount of energy generated by Quebra Queixo supplied 100% of CSN Mineração’s energy consumption in 2025.

CEEE-G

Companhia Florestal do Brasil owns 100% of CEEE-G, which holds concessions of 15 hydroelectric power plants, and participates as a minor shareholder in 4 other hydro projects, that represent, in the aggregate, an installed capacity of 1,119 MW. CEEE-G has a strong commercialization strategy to ensure its results in the short and long term, such as a fixed income through leasing of 60% of the assured energy to us and our subsidiaries, 30% through medium-term power purchase agreements ranging from one to three years, and 10% for the spot market to assure a safe hedge for the Generation Scale Factor.

Marketing, Organization and Strategy

Flat Steel

Our steel products are sold both domestically and abroad to a broad range of industries, including the automotive, home appliance, packaging, construction and civil engineering sectors and steel processing industries.

Our sales approach is customer-oriented and based on long-term relationships. We seek to deliver high-quality products by developing close relationships with our customers, focusing on their specific needs, and providing tailor-made solutions.

Our distribution network division is responsible for supplying large steel processors and distributors. In addition to independent distributors, we also rely on our own distributor, Prada Distribuição. The pipes division supplies manufacturers of oil and gas pipe as well as industries that produce small diameter pipes and light profiles. The packaging division works in an integrated way with suppliers, representatives of the canning industry, and distributors in order to respond to customer demand for finished products. We supply the automotive division through a specialized mill, CSN Porto Real, as well as through a portion of the galvanized materials produced at Presidente Vargas Steelworks, thereby benefitting from a combined sales strategy.

Historically, our sales in international markets were primarily conducted through international brokers. However, as part of our strategy to establish direct, long-term relationships with end-users, we have reduced our reliance on brokers and have focused on direct sales to more profitable international markets.

All of our sales are on an order basis and have an average delivery time of 45 days. As a result, our production levels closely reflect our order book. We forecast sales trends in both the domestic and international markets based on historical data and general economic outlooks. We have our own data systems to monitor developments in the Brazilian and international markets. Our management believes that maintaining a presence in international markets is a key factor to our success, as it provides us with the flexibility to shift sales between domestic and international markets depending on market conditions.

Unlike other commodity products, steel is not traded on an exchange, nor has uniform pricing, due to significant differences in size, quality and specifications. In general, we price export sales based on prevailing international spot prices for steel at the time of sale, denominated in U.S. dollars or euros, depending on the destination. Sales are generally paid within 28 days, and, in the case of exports, usually backed by a letter of credit and an insurance policy. Sales are made primarily on cost and freight terms.

Sales by Geographic Region

In 2025, we sold steel products to customers in Brazil and in 15 other countries. Fluctuations in the share of total sales assigned to domestic and international markets, as presented in the table below, reflect our ability to reallocate sales in response to changes in domestic and international market conditions, as well as variation in steel demand and prices.

The two main export markets for our products are Europe and North America, representing approximately 60% and 17%, respectively, of our export sales volume in 2025. The following table sets forth the geographic break-down of our steel product exports by destination in 2025:

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Sales by Product

The following table sets forth our sales breakdown by product in Brazil in the periods indicated:

Sales by Industry

We sell our steel products to manufacturers in several industries. The following table sets forth our breakdown by market segment of domestic volume shipped in the periods indicated:

We believe we have a particularly strong domestic and export position in the sale of tin plates products used for packaging in Latin America. Our customers for these products include some of the world’s largest food processing companies, as well as many small and medium-sized entities. We also maintain a strong position in the sale of galvanized products for use in the automobile manufacturing, construction and home appliance industries in Brazil and abroad, supplied by CSN Porto Real and CSN Paraná. No single customer accounts for more than 10% of our net operating revenues.

For further information on steel sales, see “Item 5. Operating and Financial Review and Prospects—5A. Operating Results—Overview—Steel Market—Steel Segment Overview” and “—Results of Operations.”

Seasonality

Although steel demand is stronger in the second quarter of each year and weaker in the last quarter, our production is continuous throughout the year.

Long Steel – SWT

Our long steel products are sold by SWT both in Germany (approximately 30%) and other countries, mainly in Europe (approximately 60%), for use in industrial, infrastructure, civil construction and engineering industries.

Our sales approach is to establish brand loyalty and to maintain our reputation of high-quality products and excellent delivery performance by developing long-term relationships with our customers. SWT focuses on meeting specific customer needs, developing solutions for both low temperature and high temperature resistant applications, as well as optimized section shapes for special applications.

Our commercial area is responsible for sales of all of our long steel products worldwide. This area is divided into the direct sales team which is organized in 13 agencies located in Germany and in our core markets in Europe, the commercial back-office department (order management from entry via tracking to the final delivery and invoicing), logistics contracting (truck, rail, vessel, maritime, inventory worldwide) and a rail logistics department.

SWT does not possess its own distribution network, instead cooperating with the big steel distributors and traders in Europe and other countries. All of our sales are on an order-by-order basis. The delivery time is related to the logistics chain and varies between two to six weeks depending on the relevant Incoterms and section type. As a result, our production levels closely reflect our order log book status. We forecast sales trends in both the European and export markets based on the historical data available from the last two years and the general economic outlook for the near future. We believe that our presence in the export market outside of Europe gives us more flexibility to optimize production and maximize our profitability.

Sections are not sold based on uniform pricing in Europe, as wide differences exist in terms of size, quality and specifications. In general, exports are priced based on international spot prices of steel at the time of sale in U.S. dollars or euros, depending on the destination. Sales are normally paid within 30 days and, in the case of exports, usually backed by a letter of credit and an insurance policy. SWT’s businesses are 100% covered by Euler Hermes risk insurance, a bank guarantee or a letter of credit. Sales are made primarily on cost and freight terms.

Long Steel – Volta Redonda

In 2013, we started the production of long steel in Volta Redonda. This plant has a production capacity of 500 kt/year when fully operational, providing the domestic market with long steel products for civil and industrial construction.

Divided in wire rod, rebar CSN 50 and rebar CSN 25, we developed our products using high technology and in accordance with the highest quality and sustainability standards.

Our commercial team has its own sales force dedicated to meet all the needs of the long steel market: small customers as well as large wholesalers. We count with strategically located distribution centers to deliver our products throughout Brazil. In order to provide a wide range of long steel products for the civil construction segment, we include in our product portfolio, in addition to cement and structural section products derived from flat steel, products such as tiles and tubes, among others.

Iron Ore

Iron ore products are commercialized by our teams located in Brazil, Switzerland and Hong Kong. These three marketing units allow us to maintain close relations with our customers worldwide, understand the environment where they operate, monitor their requirements and provide all necessary assistance promptly. Market intelligence analysis, planning and administration of sales and third-party iron ore purchases are handled from Brazil by the staff in our Casa de Pedra mine and São Paulo headquarters, while our Switzerland and Hong Kong offices handle the export sales.

We supply our iron ore to the steel industry, and our main destinations are Brazil, Europe and Asia. Prevailing and expected levels of demand for steel products directly affect demand for iron ore. Demand for steel products is correlated to many factors, including GDP, global manufacturing production, urbanization, construction and infrastructure spending.

We believe our competitiveness has been improved by our customer service and market intelligence. It is paramount for us to have a clear understanding of our customers’ businesses in order to address their needs, surpass their expectations and build long-term relationships. We have a customer-oriented marketing policy and specialized local personnel in direct contact with our customers in order to help determine the product mix that best suits each specific customer.

We first entered the international iron ore market in February 2007, upon completion of the first phase of the expansion of our coal seaport terminal in Itaguaí, in the state of Rio de Janeiro, which enabled us to handle and export iron ore and to load from our own facilities the first shipment of our iron ore products.

In 2025, our iron ore sales reached 45.8 million tons, which represent a 7.7% increase compared to 2024 and marking the first time in our history that annual sales exceeded the 45 million ton mark. Of this total, 41.8 million tons corresponded to sales to third parties and 4.0 million tons to sales to our steel mills. Production plus ore purchases also reached a record 45.5 million tons in 2025.

Total mining net revenue increased 17.6% in 2025, mainly due to an increase in sales volume and in realized iron ore prices. The share of mining segment revenue in our total net revenue increased from 30.0% in 2024 to 34.4% in 2025.

In 2025, 85.3% of our iron ore export sales went to the Asian market, mainly China, and 4.2% were sold in the European market. Of our total sales volume to third parties, 91.8% were sinter feed and 8.2% were lump ore.

As global iron ore markets are highly competitive, we focus on our flexibility, reliability and efficient manner of supplying iron ore to the world market.

Through our marketing offices, we have long-term relationships with most players in the steel industry in China, Japan, Taiwan, South Korea, Europe and Brazil.

Cement

Our cement strategy is centered on sustainable growth and is structured around key pillars: geographic expansion, operational optimization and brand strengthening. These strategic directions aim to consolidate our position in the national market while driving greater efficiency and innovation for our products.

We have adopted a strategic approach focused on expanding our geographic footprint and increasing production capacity to strengthen our position in the Brazilian cement market. CSN Cimentos is making significant investments in new production units and in the expansion of existing facilities. As of the end of 2025, CSN Cimentos operated 13 cement manufacturing plants, served over 15,000 customers and maintained 23 distribution centers across the country.

Our strategy is further supported by adjacent businesses that enhance vertical integration and value creation. This includes CSN Cimentos’ (i) retail subsegment, comprising 27 construction material stores under the Fortaço brand; (ii) downstream concrete and aggregates operations; and (iii) the production of agricultural limestone. Together, these segments contribute to diversification, synergies and resilience across our cement platform.

In 2025, our cement sales reached 13.4 million tons, which represents a decrease of 0.97% compared to 2024. Total cement net revenue increased 2.93% in 2025, reflecting not only a greater commercial activity, but also the entire strategy to advance in the product chain with greater added value.

Energy

As part of our strategy in the energy segment, in April 2023, we entered into a lease agreement with Itauba and Passo Real HPPs for a consortia formed by our companies to assure a fixed income to CEEE-G, assuring self-production surcharges relief to the members of the consortia which represents energy cost reduction.

The energy sales strategy for CEEE-G involves a combination of a 15-year power purchase agreement, rolling power purchase agreements with short duration (of one to three years) and spot sales in order to maximize revenue.

The Floriano Complex, which is a solar project with an installed capacity of 1.2 GW, continues its development phase aiming to increase our energy capacity, which will support consumption increase and replace plants whose concession will expire starting 2030.

Insurance

We maintain various types of insurance policies as part of our risk management strategy across our business segments, and we seek to follow industry best practices in obtaining appropriate coverage. Our insurance portfolio includes, among others, coverage for domestic and international cargo transportation (import and export) via road, rail, sea or air, life insurance, personal accident, health, automobile, directors and officers (D&O) liability, general liability, construction and erection all risks, trade credit, surety, named perils, as well as port and terminal liabilities.

We also maintain an operational risk insurance policy covering property damage and business interruption for certain key subsidiaries, including Siderúrgica Presidente Vargas, CSN Mineração, and TECON. This policy is renewed annually with both domestic and international insurers and reinsurers. Our current policy, effective through September 2026, provides maximum indemnity coverage of US$225.0 million for a total insured value of US$11.0 billion, subject to a deductible of US$310.0 million for property damage and 45 days for business interruption losses.

Additionally, we maintain separate insurance policies for other entities operating within our steel, mining, cement, logistics, and energy segments, with a combined maximum coverage limit of US$93.0 million, each subject to its own applicable deductible.

There can be no assurance that the insurance coverage we maintain will be sufficient to cover all risks or the full extent of any losses we may incur. For more information, see “Item 3. Key Information—3D. Risk Factors—Risks Relating to Us and the Industries in Which We Operate—Our insurance policies may not be sufficient to cover all our losses.”

Intellectual Property

We maintain a dedicated team to manage our intellectual property portfolio, which includes trademarks, patents, know-how, trade secrets and industrial designs. This team ensures adequate protection for our intellectual assets, the pursuit of best knowledge management practices and explores the possibility of new business generation through technology transfer agreements, among others.

Our intellectual property team also supports our innovation agenda through CSN Inova and provides the legal framework needed for the partnership agreements negotiated with third parties (including universities and research institutes) that are essential to strengthen our knowledge generation and foster technical cooperation for the development of new, improved and more sustainable processes, products and operations.

ESG – Environmental, Social and Governance Matters

We are committed, in particular by means of our integrated sustainability policy, to enhance the sustainability of our businesses ethically, transparently and through continuous improvement in our management mechanisms to protect the environment and prevent the occurrence of pollution and accidents. Our initiatives consider all applicable laws and regulations and include employee training to foster a common vision of sustainable development and social responsibility. We aim to promote a positive relationship and engagement with the local communities where our operations are located.

In furtherance of this commitment, we continuously evolve our ESG practices and invest in sustainability initiatives to mitigate the risks inherent to our business activities, present opportunities to enhance our processes and respond to the demands of an increasingly ESG-concerned market. These investments include processes and equipment that offer modern and reliable technologies for monitoring and control of environmental, health and safety risks.

The last few years were marked by important initiatives toward the growth and expansion of our operations and the development of our ESG agenda. In February 2021, we installed our ESG committee, which is a non-statutory advisory committee to our board of directors. Our ESG committee is responsible for (i) defining our ESG strategies, (ii) identifying ESG risks and opportunities, (iii) developing projects to further our innovation agenda and (iv) monitoring corporate projects aligned with our strategic priorities.

We disclose detailed sustainability measures and data on our ESG webpage and in our annual integrated report on sustainability, which is available on our ESG webpage. The information on our ESG webpage and in our annual integrated report on sustainability is not part of, or incorporated by reference into, this annual report.

Environmental Matters

We continuously seek to transform natural resources into sources of economic prosperity through sustainable projects. In 2025, we continued our sustainability initiatives to mitigate and offset the environmental impacts of our activities by allocating R$0.9 billion to environmental initiatives. Our investments in environmental sustainability in 2025 were mainly related to: (i) operation, maintenance and retrofitting of environmental control equipment mainly related to air protection and water efficiency; (ii) tailing dams decommissioning; and (iii) rehabilitation of degraded areas.

Climate Change

Since 2013, we have conducted an inventory of greenhouse gas emissions, following the guidelines of the greenhouse gas Protocol. We have aimed to optimize our carbon management, risk mitigation and adaptation to climate change and, in 2025, for the 13^th consecutive year, we received the Gold Seal for having reported the emissions from all our units and submitting them to external verification. All our operational units located in Brazil and Germany utilize electricity from renewable sources. As a result, emissions from scope two, as per the market-based approach, are considered zero greenhouse gas protocol for those two countries. Through our energy generating assets, we are considered 100% self-sufficient in renewable energy, with new investments in renewable power plants planned.

Moreover, we annually report to the Carbon Disclosure Project or CDP, an international non-profit organization that seeks to further transparency of the environmental impact of companies’ operations, specific information related to climate change and water security. The CDP rating as of February 2026 was B for climate change and A- for water security. CSN Cimentos achieved A- list status. In 2025, CSN Cimentos also released its second climate action report, detailing advances in climate strategy, governance, and risk management.

Our performance related to climate change reflects our adoption of the best practices and are aligned with recognized methodologies such as those primarily established by the task-force on climate-related financial disclosures and task force on nature-related financial disclosures. In 2024, we concluded a climate vulnerability study to evaluate the existing physical risks and support our climate adaptation plan. Through the risk analysis conducted in the study, six physical risks were prioritized: (i) slope instability (mining); (ii) storms (mining); (iii) loss of internal supply of raw materials (mining-port); (iv) changes in wind patterns for the mining industry; (v) changes in wind patterns for the steel industry; and (vi) storms for the energy industry. These six risks were selected for an economic cost analysis and prioritization in the climate adaptation plans.

The cement segment accounts for more than 40% of our total emissions. In order to reduce its carbon dioxide emissions, CSN Cimentos took an important step by approving a science-based target in 2024. The target consists of a 23% reduction in emission’s intensity by 2030, based on the emission intensity registered in 2020, and the continued use of renewable energy by our cement plants. To set this new target, we integrated the decarbonization strategy of all our cement assets and updated the marginal abatement cost curve of the cement segment.

In the steel segment, our decarbonization target is a 20% reduction by 2035. In 2025, we achieved a reduction of approximately 7.4% compared to the base year. Moreover, we advanced the implementation of energy efficiency technologies and steel gas recovery systems, including investments in a 5 MW CSN Paraná plant currently in the installation and commissioning phase, with operations expected to begin in 2026.

CSN Mineração has set a target to reduce its emissions intensity by 30% by 2035 (measured in tCO₂e per ton of production) and to achieve carbon neutrality by 2044, covering Scope 1 and 2 emissions. Regarding Scope 3, CSN Mineração is investing in the Itabirito Plant P15, which will produce 16.5 Mt of high-grade iron ore (67% Fe content), supporting the decarbonization of the steel segment. This product is suitable for use in direct reduction processes combined with electric arc furnaces, offering an alternative to traditional blast furnace routes with potential emissions reductions of up to 98% when hydrogen is used as the reducing agent. We expect these reductions in greenhouse gas emissions will result from our existing expansion and efficiency projects and demand specific investments in order to meet these targets.

Water Resources

We source groundwater and surface water for various purposes, including human consumption, industrial processes, and cooling systems. To ensure responsible resource use, we maintain structured practices focused on optimizing consumption and properly treating wastewater generated by our operations, with emphasis on water security, business continuity, and environmental impact minimization.

As a result, UPV maintains water intake intensity below the global steel sector average and achieved a 94.5% water recirculation rate in 2025. In the same period, CSN Mineração achieved a 92.8% recirculation rate, with performance reaching 0.20 m³ of water per ton of ore processed.

Materials and Circular Economy

In our integrated sustainability, health & safety and environment policy, we set forth the importance of our environmental management through principles to reduce, reuse and recycle materials in our processes in order to optimize the use of natural resources. These principles are inherent in our processes as a fully integrated company. For example, we reuse all of our blast furnace slag in our production of cement and all of our metal scrap in our production of long steel. We constantly evaluate solutions and implement technologies for material reuse in our production processes or in our supply chains.

Additionally, our special sales department has been increasingly seeking opportunities to sell unused materials and by-products, aiming for zero landfill waste and for internal reutilization. In 2025, the special sales department achieved over R$278 million in revenue from commercializing unused materials and by-products.

Revalora is a strategic business unit within CSN Cimentos dedicated to transforming and recovering value from industrial and urban waste, in line with circular economy principles and our CO₂ emission reduction targets. The Revalora platform manages waste streams for use as alternative fuel in cement kilns, leveraging existing co-processing capabilities and strengthening our sustainable operations.

In 2025, CSN Cimentos maintained an average thermal substitution rate of approximately 27%, demonstrating progress toward our commitment to reduce fossil fuel dependency and minimize environmental impact through waste repurposing.

Biodiversity and Ecosystem Services

We protect 90,300 hectares of natural areas representing approximately four times the area occupied by our operations. In addition, for more than 20 years we have carried out programs for monitoring fauna and flora in the areas potentially impacted by our operations.

Our ESG committee has biodiversity as one of its priority agenda items and has formed a working group to develop action plans to protect the biomes where our operations are conducted. In 2024, we implemented the Biodiversity Index for Operations in all our applicable units, which is based on the Biodiversity Indicator and Reporting System guide from the International Union for Conservation of Nature and measures the biodiversity condition of our operational units.

Tailings Dams

All of our tailings dam structures meet the declaration of dam stability condition. Our tailings dam structures are biannually submitted to stringent audits and independent inspections in accordance with Brazilian regulations.

The operation of the tailings dam structure is carried out by strict operational parameters and limits, and by 24-hour monitoring system. The significant investments in filtering of tailings and piling of tailings enabled us to reach our ore beneficiation capacity in a sustainable manner, avoiding the use of tailings dams.

For more information on our dams, see “―Our Mining Segment―Dams.”

Social Matters

Human Rights

Since 2020, we are a signatory of the Global Compact, to which we committed to abide by its principles to support and respect the protection of human rights and to ensure that we are not complicit in any human rights violations. Moreover, we are committed to upholding human rights and adopt measures and tools to ensure and promote the protection and respect of all individuals to prevent, mitigate, and remedy any potential impacts that may violate human rights.

In 2023, a formal human rights due diligence process took place in the municipality of Congonhas, state of Minas Gerais, where Casa de Pedra Mine is located. The work was developed based on the framework of the UN Guiding Principles for Business & Human Rights, used as the main tool to identify risks and impacts on human rights associated with our business activities.

The due diligence process, along with the action plan, aims to mitigate potential human rights risks, strengthening our practices. In 2025, 92% of these actions were already completed or underway, reinforcing our commitment to human rights protection. The unit continues to implement the mitigation plan, led by a dedicated multidisciplinary team.

Gender Balance

We promote a zero-tolerance commitment to any type of discrimination, as set forth in our Code of Conduct. We believe that an inclusive and diverse environment is critical to stimulate innovation and guarantee the continuity of our business. We also believe that an inclusive approach is essential to eliminate barriers in hiring and retaining women employees and executives and to reap the improved performance generated by gender diversity.

In 2025, we met our target of doubling the share of women in the workforce relative to the 14% recorded in 2020. By the end of 2025, we reached 28% female representation, fulfilling our commitment and marking a meaningful advance in gender diversity. This result reflects an expansion of employment opportunities, income generation and career development for women in a sector historically characterized by low female participation.

Local Communities

We monitor the social impacts of our operations in the communities where we are located. The socio-environmental impact studies we develop allow us to identify the intensity, duration, and actions necessary to minimize or mitigate social risks and impacts, considering the characteristics of each community and of our operations. We implement tailored action plans to mitigate the identified impacts.

Additionally, through the CSN Foundation, we collaborate with local communities to foster social, educational, and cultural development. In 2025, we invested R$48 million in social responsibility initiatives. This included the granting of scholarships to 257 young people and support for projects that impacted over 6,200 people.

Safety and Health

Our Health and Safety guidelines are based on best market practices, guided by regulatory standards and national and international recommendations. Additionally, through guidelines established in our policies and manuals, all direct and indirect employees are trained in actions and behaviors related to occupational safety, proactivity, legal compliance, hazard and risk mitigation and control, and the prevention of occupational accidents and illnesses.

In 2025, we recorded a 10% reduction in events that could lead to fatalities or life-threatening injuries compared to 2024. During the same period, the rate of accidents with and without lost time among employees and contractors remained at 1.9 per million hours worked.

Lusosider in Portugal and SWT in Germany hold Health Management System and Management System and Occupational Safety certifications by ISO 45.001:2018. CSN Paraná underwent an adaptation process to comply with ISO 45.001:2018.

Governance Matters

We are dedicated to the continuous enhancement of our governance framework through the development and refinement of mechanisms within our governance committees.

We have a Code of Conduct that reinforces our ethical standards and the values that apply to all of our employees, including executive officers and directors. Instances of non-compliance with our Code of Conduct or with other policies, whether by employees, executive officers, directors, suppliers, or service providers, are subject to disciplinary measures, ranging from verbal or written warnings to suspension or dismissal or, in the case of third parties, termination of the relationship. We maintain a whistleblower channel for reports of suspected instances of non-compliance with our Code of Conduct or with other policies. In 2025, 100% of our employees were trained in compliance, covering our Code of Conduct and Anti-Corruption Policy.

For more information on our Code of Conduct, see “Item 16. Reserved—16B. Code of Ethics.”

Regulatory Matters

Environmental Regulation

We are subject to Brazilian federal, state and municipal environmental laws and regulations governing air emissions, water waste discharges, dams, solid and hazardous waste handling and disposal, wildlife management, forest maintenance, dangerous products transportation and preservation of traditional communities. We are committed to controlling the substantial environmental impact caused by our steelmaking, mining, cement, logistics and energy operations, in accordance with international standards and in compliance with environmental laws and regulations in Brazil. We believe we are in material compliance with applicable environmental requirements. While the Brazilian government has authority to promulgate environmental regulations setting forth minimum standards of environmental protection, state and local governments have the power to enact more stringent environmental regulations.

We are subject to regulation and supervision by the Brazilian Ministry of Environment (Ministério do Meio Ambiente), or MMA, the environmental national council (Conselho Nacional do Meio Ambiente), or CONAMA, which is responsible for enacting technical regulations and environmental protection standards, and the Brazilian Institute of Environment and Renewable Natural Resources (Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis), or IBAMA, which is responsible for enforcing environmental laws at the federal level. These agencies constitute the National Environmental System, or SISNAMA, which establishes the administrative framework for environmental policy in Brazil.

The environmental regulations of the state of Rio de Janeiro, in which the Presidente Vargas Steelworks and Cantagalo cement plant are located, are enforced by the governments of the state of Rio de Janeiro and of its applicable municipalities, and supervised by the state environment institute (Instituto Estadual do Ambiente), or INEA, and the municipal environmental secretariat of each of Volta Redonda and Cantagalo.

In the state of Minas Gerais, where our main mining operations and certain of our cement operations are located, we are subject to regulations and supervision by the Environmental Policy Council (Conselho Estadual de Política Ambiental – COPAM), the Regional Superintendent of Environment and Sustainable Development (Superintendência Regional de Meio Ambiente – SUPRAM), the Water Management Institute of Minas Gerais (Instituto Mineiro de Gestão das Águas – IGAM), the State Forestry Institute (Instituto Estadual de Florestas – IEF) and the State Environmental Foundation (Fundação Estadual do Meio Ambiente – FEAM), which are the competent bodies of the Secretary of State for the Environment and Sustainable Development of Minas Gerais (Secretaria de Estado de Meio Ambiente e Desenvolvimento Sustentável – SEMAD). We are also subject to local regulators, including the municipal environmental secretariats of Congonhas, Belo Vale, Ouro Preto and Rio Acima for our mining operations, and Arcos, Barroso, Montes Claros and Pedro Leopoldo, for our cement operations.

We are exposed to laws and regulations such as the law the state of Rio de Janeiro, which requires steelmaking and cement facilities to present action plans to reduce greenhouse gas emissions when renewing or applying for operational licenses. At the federal level, the environmental national council (Conselho Nacional do Meio Ambiente), which is responsible for enacting technical regulations and environmental protection standards, issued Resolution No. 436/2011 to address air emissions that obliged steel companies to comply with certain emission standards as of December 2018, including adjustments in the filters of plant chimneys. Moreover, the Brazilian government has established a national policy for solid waste (Política Nacional de Resíduos Sólidos), which provides for strict guidelines for solid waste management and industry targets for reverse logistics as part of the environmental licensing process. Finally, a new regulatory framework for mining operations was issued in June 2018, which has imposed regulations on our mining operations, including requests for environmental recovery of areas and investments for the granting of mining concessions.

In the second half of 2022, we initiated cement operations in certain Brazilian states, and consequently, new regional environmental agencies started to regulate our activities, such as: superintendence of environmental administration (Superintendência de Administração do Meio Ambiente) and the executive water management agency (Agência Executiva de Gestão das Águas do Estado da Paraíba) in the state of Paraíba; institute of the environment and water resources (Instituto do Meio Ambiente e Recursos Hídrico) in the state of Bahia; Secretary of State for environment and sustainable development (Secretaria de Estado de Meio Ambiente e Desenvolvimento Sustentável) in the state of Goiás; environmental company of the state of São Paulo (Companhia Ambiental do Estado de São Paulo); department of water and electric energy of the department of sanitation and water resources (Departamento de Águas e Energia Elétrica da Secretaria de Saneamento e Recursos Hídricos) in the state of São Paulo; and institute of environment and water resources (Instituto de Meio Ambiente e Recursos Hídricos) and state water resources agency (Agência Estadual de Recursos Hídricos) in the state of Espírito Santo.

Specific goals and standards are established in operating permits or environmental accords issued to each company or plant. These specific operational conditions complement the standards and regulations of general applicability and are required to be observed throughout the duration of the permit or accord. The terms of such operating permits are subject to change and are likely to become stricter. All of our facilities currently have or are in the process of obtaining or renewing their operating permits.

Considering the current mining environment in Brazil following accidents of other mining companies in the cities of Mariana and Brumadinho, in the state of Minas Gerais, involving the breaking of upstream mining dams, changes in applicable laws or regulations could require us to modify our technologies and operations and to make unexpected capital expenditures. Capital expenditures that we have already made may not generate the returns we expected, if any. In addition, new or more stringent environmental licensing requirements for our project operations, specifically for our dams, could be imposed on us and we may encounter delays in obtaining environmental or other operating licenses, or not be able to obtain or renew them. These events and additional costs may have a negative impact on us and the return from our projects and may render certain projects economically or otherwise unfeasible. For more information, see “Item 3. Key Information—3D. Risk Factors—Risks Relating to Us and the Industries in Which We Operate—Our activities depend on authorizations, concessions, licenses and permits, and changes in applicable laws, regulations or government measures could adversely affect us” and “—We are subject to environmental, health and safety incidents and current, new or more stringent regulations may result in liability exposure and increased capital expenditures.”

Mining Regulation

Under the Brazilian Federal Constitution of 1988, or the Brazilian Constitution, all mineral resources in Brazil belong to the federal government. The Brazilian Constitution, the Brazilian Mining Code (Código de Mineração) enacted through Decree Law No. 227/1967, or the Mining Code, and mining regulations enacted through Decree No. 9,406/2018 impose various regulatory restrictions on mining companies relating to, among other things:

The Mining Code also imposes certain notifications and reporting requirements.

Mining companies in Brazil can only prospect and mine pursuant to prospecting authorizations or mining concessions granted by the ANM. The ANM grants prospecting authorizations to a requesting party for an initial period of one to three years. These authorizations are renewable at the ANM’s discretion, provided that the requesting party is able to show that the renewal is necessary for proper conclusion of prospecting activities. Upon completion of prospecting activities and geological exploration at the site, the holder of the prospecting authorization must submit a final report to the ANM. If the geological exploration reveals the existence of a mineral deposit that is technically and economically exploitable, the grantee has one year (which the ANM may extend) from approval of the report by the ANM to apply for a mining concession by submitting an economic exploitation plan or to transfer its right to apply for a mining concession to an unrelated party. When a mining concession is granted, the holder of such mining concession must begin on-site mining activities within six months. The ANM grants mining concessions for an indeterminate period of time lasting until the exhaustion of the mineral deposit. After extraction, the mineral products that are specified in the concession belong to the holder of the concession. With the prior approval of the ANM, the holder of a mining concession can transfer it to an unrelated party that is qualified to own concessions. Under certain circumstances, unrelated parties may challenge mining concessions.

After accidents involving the breaking of upstream mining dams operated by other mining companies in the cities of Mariana and Brumadinho in the state of Minas Gerais, the ANM and Brazilian environmental regulatory authorities have applied more stringent environmental licensing requirements for mining project operations, specifically for dams. For more information, see “Item 3. Key Information—3D. Risk Factors—Risks Relating to Us and the Industries in Which We Operate—Our activities depend on authorizations, concessions, licenses and permits, and changes in applicable laws, regulations or government measures could adversely affect us” and “—We are subject to environmental, health and safety incidents and current, new or more stringent regulations may result in liability exposure and increased capital expenditures.”

Mining Concessions

We operate our iron ore mining activities at Casa de Pedra mine under a mining concession known as Manifesto de Mina under Brazilian regulations, which gives us the right to extract the iron ore deposits existing within our property limits. Our iron ore mining activities at Engenho and Fernandinho mines are based on a concession by the MME, which grants us the right to exploit mineral resources from the mine for an indeterminate period of time lasting until the exhaustion of the mineral deposit. Our limestone and dolomite mining activities at Bocaina mine and our tin mining activities at Ariquemes (ERSA mine) are based on concessions under similar conditions.

The Manifesto de Mina for Casa de Pedra mine and the Engenho mining concession are held by CSN Mineração, while the Fernandinho mining concession and the mining rights of Cayman and Pedras Pretas are held by Minérios Nacional.

For further information on our concessions, see “—4D. Property, Plant and Equipment.”

Mineral Rights and Ownership

Our mineral rights for Casa de Pedra mine include the mining concession, a beneficiation plant, roads, a loading yard and a railway branch, and are duly registered with the ANM. We have also been granted by the ANM easements in 19 mine areas located in the surrounding region. These areas are needed to expand our operations and as operating support areas. In addition, we have obtained and are in compliance with all environmental licenses and authorizations for our operations and projects at Casa de Pedra mine.

Quality requirements (chemical and physical) are the key “modifying factors” in the definition of ore reserves at Casa de Pedra mine and were properly accounted for by our mine planning department.

The Brazilian government charges us a royalty known as CFEM, which calculation considers gross revenue, excluding taxes on sales. The ANM is responsible for auditing mining companies and enacting regulations to ensure proper payment of CFEM.

Current CFEM rates vary between 1% and 3.5%, as follows:

The Mining Code and ancillary mining laws and regulations also impose other financial obligations. For example, mining companies must compensate landowners for the damages and loss of income caused by the use and occupation of the land (either for exploitation or exploration) and must also share with landowners the results of their exploration (at a rate of 50% of the applicable CFEM). Mining companies must also enter into agreements with the Brazilian government to use public lands and eventually compensate the government for damages caused to such public lands. A substantial majority of our mines and mining concessions are on lands owned by us or on public lands for which we hold mining concessions.

Antitrust Regulation

We are subject to various laws in Brazil which seek to maintain a competitive commercial environment. Competition law and practice in Brazil are governed by Law No. 12,529, dated November 30, 2011, which came into force on May 30, 2012, and provided for significant changes in the Brazilian antitrust system’s structure, including the creation of the Brazilian antitrust authority (Conselho Administrativo de Defesa Econômica), or CADE. This law introduced a mandatory pre-merger notification system, as opposed to the post-merger review system previously in force. CADE is composed of an Administrative Tribunal of Economic Defense (Tribunal Administrativo de Defesa Econômica), a General-Superintendence (Superintendência-Geral) and a Department of Economic Studies (Departamento de Estudos Econômicos).

CADE is responsible for the control of anti-competitive practices in Brazil. If CADE determines that certain companies have acted collusively to raise prices, it has the authority to impose fines on the offending companies, prohibit them from receiving loans from Brazilian government sources and bar them from bidding on public projects. In addition, CADE has the authority to prevent, or impose certain conditions or restrictions to, mergers and acquisitions transactions (for instance, require a company to divest assets or adopt other measures that CADE deems appropriate to guarantee a competitive environment) should it determine that the relevant industry is insufficiently competitive or that the transaction creates a market concentration that can affect competition. For further antitrust-related information, see “Item 8. Financial Information—8A. Consolidated Statements and Other Financial Information—Legal and Administrative Proceedings.”

Protectionist Measures

Over the past several years, exports of steel products from various countries and companies, including Brazil and us, have been the subject of anti-dumping, countervailing duty and other trade related investigations in importing countries. These investigations have resulted in duties that limit our access to certain markets. Worldwide, our exports are subject to the protectionist measures summarized below. 

United States: Anti-dumping (AD) and Countervailing Duties (CVD) 

In the United States, trade remedy proceedings are conducted under the supervision of the U.S. Department of Commerce, the U.S. International Trade Commission, or ITC, and the U.S. Customs and Border Protection, or CBP.

Corrosion Resistant Products 

In September 2024, Steel Dynamics, Inc., Nucor Corporation, United States Steel Corporation, Wheeling-Nippon Steel, Inc., and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, filed an antidumping petition with respect to certain corrosion resistant steel products, or CORE, from Australia, Brazil, Canada, Mexico, the Netherlands, South Africa, Taiwan, Turkey, the UAE, and Vietnam. The anti-dumping petitions were accompanied by countervailing duty petitions concerning imports of CORE from Brazil, Canada, Mexico, and Vietnam.

In October 2024, the U.S. Department of Commerce initiated antidumping and countervailing duty investigations on imports of CORE from Brazil, and the ITC issued affirmative preliminary injury determinations. The Commerce Department subsequently issued affirmative preliminary determinations in the countervailing duty investigation in February 2025 and in the antidumping investigation in April 2025. In September 2025, both investigations resulted in affirmative final determinations.

Section 232

In April 2017, the President of the United States, Donald Trump, requested an investigation under Section 232 of the U.S. Trade Expansion Act of 1962 to determine whether steel imports were harming U.S. national security. As a result of this investigation, in March 2018, the United States imposed Section 232 measures in the form of a 25% ad valorem tariff on imported steel. Brazil initially obtained a temporary suspension of the measure until the end of April 2018, which was later extended through the end of May 2018. Thereafter, Brazil entered into an agreement with the United States, establishing quotas for semi-finished steel products based on average exports between 2015 and 2017 and quotas for finished steel products based on average exports volumes for the same period, subject to a 30% reduction. Section 232 measures affected our exports of slabs, cold and hot-rolled steel sheets, pre-painted corrosion resistant, Al-Zn and tin mill products.

In February 2025, President Donald Trump signed executive orders increasing tariffs on steel and aluminum and certain derivative products from all countries to a flat 25% tariff. This measure directly affected suppliers in Brazil and other countries, including us.

In June 2025, President Trump signed a proclamation increasing the Section 232 tariff on steel and aluminum products, as well as certain derivative products, from 25% to 50%, effective June 4, 2025.

European Union: Anti-dumping

In the European Union, we are subject to regulation and supervision by the European Commission. 

Hot-Rolled Products 

In July 2016, the European Commission initiated an anti-dumping investigation concerning imports of certain hot-rolled flat steel products originating from Brazil, Iran, Russia, Serbia and Ukraine. The investigation was limited to a reasonable number of exporting producers by using a sample in accordance with Article 17(1) of Regulation (EU) 2016/1036 of the European Parliament. Three companies; CSN, Usiminas and Arcelor Mittal, collectively responsible for 97% of total steel exports from Brazil to the European Union, were chosen as part of the sample subject to investigation. 

In January 2017, the European Commission issued a regulation establishing that imports of hot-rolled flat steel products originating from Brazil and Russia be subject to customs registration, meaning that all imports cleared after January 7, 2017 would be exposed to the risk of retroactive collection of duties against Brazil at the end of the investigation. 

In October 2017, the European Commission issued a final determination imposing definitive anti-dumping duties for the exports of hot-rolled steel products into the European Union from Brazil. The duties imposed were a tariff rate of 53.4 euros/ton for CSN, 63 euros/ton for Usiminas, 54.5 euros/ton for Arcelor Mittal and 55.8 euros/ton for Gerdau.

In October 2022, the European Commission initiated the five year “sunset review” of anti-dumping duties on imports of certain hot-rolled flat steel products originating from, among other countries, Brazil. The final result was issued in December 2023, maintaining the anti-dumping order for another five years. 

Tin Free Steel

In September 2021, the European Commission initiated an anti-dumping investigation concerning imports of electrolytic chromium coated steel (tin free steel) products originating from Brazil and China. The European Commission issued a preliminary determination in May 2022, opting not to impose provisional duties on the imports of hot-rolled products from Brazil into the European Union. In October 2022, the European Commission issued a final determination imposing definitive anti-dumping duties for the exports of electrolytic chromium coated steel products into the European Union from Brazil. The duties imposed were a tariff rate of €348.39/ton for CSN.

Safeguard Measures

Prompted by the United States’ adoption of Section 232 measures, the European Union initiated, in April 2018, an investigation into safeguards for imports of 26 categories of steel products. In February 2019, a definitive European Union regulation imposed safeguard measures on imports of hot-rolled, cold-rolled and tin mill products and imposed quotas for the next three years. The quota system is divided into specific quotas for countries which participation in exports is above 5% on all European Union imports, and global quotas for the countries which participation is below 5% of European Union imports. Unlike the U.S. quotas pursuant to Section 232, the European Union quotas provide for imports above the quota, subject to a 25% tariff. Because our hot-rolled products are already subject to anti-dumping duties, these exports are unaffected by the European Union quotas. In the case of our cold-rolled and tin mill products, because the European Union quotas have not been reached since implemented, these exports have also been unaffected.

Consequently, the European Commission extended the measures until July 2026. The safeguard measure is expected to be replaced by a new steel trade measure from July 2026, subject to completion of the European Union legislative process.

CBAM

European Union Regulation No. 2023/956 established the Carbon Border Adjustment Mechanism, or CBAM, which applies to imports of certain carbon-intensive goods, including cement, iron, steel and aluminum. CBAM addresses the risk of carbon leakage by requiring European Union importers to account for the embedded carbon emissions associated with covered products. A transitional phase began in October 2023 and ran through December 2025, during which importers were required to submit quarterly emissions reports but did not face financial obligations. The definitive regime entered into force in January 2026, under which European Union importers must purchase CBAM certificates corresponding to the embedded emissions of covered imports.

Canada

In Canada, we are subject to regulation and supervision by the Canadian International Trade Tribunal, the Canada Border Services Agency and the Anti-dumping and Countervailing Directorate.

Since 2001, Canada has had an anti-dumping order in place relating to hot-rolled sheets and coils from Brazil. However, as of the date of this annual report, we are not affected by this anti-dumping order since we do not export hot-rolled sheets or coils to Canada.

Brazil

In Brazil, we are subject to regulation and supervision by the MDIC, the Secretary of Foreign Trade (Secretaria de Comércio Exterior), and the Brazilian Department of Trade Defense (Departamento de Defesa Comercial), or DECOM.

Anti-dumping Measures in Force

Tin mill products: In February 2024, DECOM initiated an anti-dumping investigation concerning the imports of tin mill products (tin free steel and tin plate) originating from China. 

In October 2024, the executive management committee of Brazil’s Foreign Trade Chamber approved the affirmative preliminary determination and application of provisional anti-dumping of tin mill products from China. The provisional duties were applied for a period of up to six months, in the form of a specific rate set in U.S. dollars per ton. The final affirmative determination was issued on August 2025. The dumping profit margins found ranged from US$284,34 to US$499,35 per ton.

Cold Rolled Products: In August 2024, DECOM initiated an anti-dumping investigation concerning the imports of cold rolled products originating from China. 

In March 2025, DECOM’s preliminary findings concluded that the effects of dumping in the exports of cold-rolled flat products to Brazil caused the deterioration in the domestic industry’s indicators. The final affirmative determination was issued on February 2026. The dumping profit margins found ranged from US$322,93 to US$641,73 per ton.

Corrosion resistant products (HDG and AlZn): In September 2024, DECOM initiated an anti-dumping investigation concerning the imports of corrosion resistant products originating from China.

In April 2025, DECOM’s preliminary findings concluded that the effects of dumping in the exports of corrosion resistant products to Brazil caused the deterioration in the domestic industry’s indicators. The final affirmative determination was issued on February 2026. The dumping profit margins found ranged from US$284,98 to US$709,63 per ton.

Pre-painted products: In September 2024, DECOM initiated an anti-dumping investigation concerning the imports of pre-painted products originating from China and India. 

In April 2025, DECOM’s preliminary findings concluded that the effects of dumping in the exports of pre-painted products to Brazil caused the deterioration in the domestic industry’s indicators. The final affirmative determination was issued on January 2026. The dumping profit margins found ranged from US$329,27 to US$597,44 per ton.

Ongoing Anti-dumping Investigations 

Tin mill products: In June 2025, DECOM initiated an anti-dumping investigation concerning the imports of tin mill products (tin free steel and tin plate) originating from Germany, Japan and The Netherlands. 

In March 2026, DECOM’s preliminary findings concluded that the effects of dumping in the exports of pre-painted products to Brazil caused the deterioration in the domestic industry’s indicators. According to DECOM, the dumping profit margins found ranged from 26% to 71%. The final determination is expected to be released by the second semester of 2026.

Hot Rolled Products: In June 2025, DECOM initiated an anti-dumping investigation concerning the imports of hot-rolled products originating from China. 

In December 2025, DECOM’s preliminary findings concluded that the effects of dumping in the exports of hot-rolled flat products to Brazil caused the deterioration in the domestic industry’s indicators. According to DECOM, the dumping profit margins found ranged from 46% to 51%. The final determination is expected by July 2026.

For more information, see “Item 3. Key Information––3D. Risk Factors—Risks Relating to Us and the Industries in Which We Operate—Protectionist and other measures adopted by foreign governments could adversely affect our export sales.”

Brazilian Import Tariffs

In April 2024, the Brazilian government initially approved the inclusion of eleven steel items in a list subject to a 25% import tariff and import volume quotas. These items included four hot-rolled, two cold-rolled, hot-deep galvanized, galvalume, wire-rod and two tubes products. The 25% tariff applies only to imports exceeding the applicable quota.

The quotas were calculated based on the average import volume between 2020 and 2022 for each tariff code within Mercosul, plus an additional 30%. The measure became effective for a period of twelve months. In June 2025, the measure was renewed for an additional twelve months and expanded to cover 23 steel items. In February 2026, nine additional steel items were included in the list.

Overview of Steel Industry

Global Steel Industry

The global steel industry comprises hundreds of steelmaking facilities, which may be broadly divided into two major categories: integrated steelworks and non-integrated steelworks, depending on the steel production process used. Integrated plants, which accounted for approximately two-thirds of worldwide crude steel production in 2025, typically produce steel by smelting iron ore in blast furnaces and refining the iron into steel, mainly through the use of basic oxygen furnaces or, more rarely, in electric arc furnaces. Non-integrated plants (sometimes referred to as mini-mills), which accounted for approximately one-third of worldwide crude steel production in 2025, produce steel by melting scrap metal, occasionally complemented with other metallic materials, such as direct reduced iron or hot-briquette iron, in electric arc furnaces. Industry experts expect that a lack of a reliable and continuous supply of quality scrap metal, as well as the high cost of energy, may restrict the growth of mini-mills.

Steel continues to be the material of choice in the automotive, construction, machinery and other industries. Despite competition from substitute materials such as plastics, aluminum, glass and ceramics, particularly in the automotive industry, steel continues to offer significant economic advantages.

In 2023, global crude steel production totaled 1,892 million tons remaining stable as compared to 2022.

In 2024, global crude steel production totaled 1,886 million tons, representing a decrease of 0.4% as compared to 2023, This performance reflected production growth in India, Turkey and Vietnam, as well as resilient Chinese blast furnace production, which helped offset a sharper slowdown in North America, Russia, Asia and Oceania.

In 2025, global crude steel production totaled 1,849 million tons, representing a decrease of 2% compared to 2024, this decline was mainly driven by a lower steel production in China and several other major steel-producing countries, partially offset by production growth in India, United States and Turkey.

Brazilian Steel Industry

Since the 1940s, steel has been of vital importance to the Brazilian economy. During the 1970s, significant government investments were made to provide Brazil with a steel industry able to support the country’s industrialization boom. After a decade of limited investment in the 1980s, the Brazilian government selected the steel sector as the first to undergo privatization beginning in 1991, which resulted in a more efficient group of companies operating today.

Privatization

During almost 50 years of state control, the Brazilian flat steel sector was coordinated on a national basis under the auspices of Siderbrás, the national steel monopoly. The state had significantly less involvement in the non-flat steel sector, which has traditionally consisted of smaller private sector companies. The largest integrated flat steel producers operated as semi-autonomous companies under the control of Siderbrás and were individually privatized between 1991 and 1993. We believe that the privatization of the steel sector in Brazil has resulted in improved financial performance, as a result of increased efficiencies, higher levels of productivity, lower operating costs and an increase in investment.

Domestic Demand

Historically, the Brazilian steel industry has been affected by substantial fluctuations in domestic demand for steel. Although national per capita consumption varies with GDP, fluctuations in steel consumption tend to be more pronounced than changes in economic activity. According to the WSA and the Brazilian Steel Institute (Instituto Aço Brasil), Brazil’s crude steel per capita consumption was 133.3 kg per inhabitant in 2024, compared to 289.5 kg per inhabitant in the United States and 330.6 kg per inhabitant in Germany. The comparable 2025 figure had not yet been published by the WSA and the Brazilian Steel Institute (Instituto Aço Brasil) as of the date of this annual report. Brazil’s per capita steel consumption remains relatively low compared to developed economies, indicating potential for long-term growth in domestic steel demand.

According IBGE, Brazil’s GDP, grew by 2.9%, 3.4% and 2.3% in 2023, 2024 and 2025, respectively. In 2025, the Brazilian crude steel production was 33,3 million tons, with a decrease of 1.6% compared to 2024, according to the Brazilian Steel Institute (Instituto Aço Brasil).

The Brazilian flat steel sector is shifting production to the higher value-added consumer durable sector, which is highly dependent on domestic consumer confidence that, in turn, is affected by economic policies and certain expectations of the current government administration. Over the past years, automobile manufacturers made significant investments in Brazil. In 2025, the apparent consumption of steel in Brazil increased 2.6% compared to 2024.

Capacity Utilization

Installed capacity in Brazil in 2025 was estimated at 51 million tons.

Exports/Imports

Brazil has been playing an important role in the export market, primarily as an exporter of semi-finished products. The Brazilian steel industry has taken several steps towards expanding its capacity to produce value-added products. The Brazilian steel industry has experienced periods of overcapacity, cyclicality and intense competition during the past several years. Demand for finished steel products, as measured by domestic apparent consumption, has consistently fallen short of total supply (defined as total production plus imports). In 2025, steel imports reached 6,4 million tons, which represented an increase of 7.4% as compared to 2024, and steel exports reached 11 million tons, or an increase of 14.73%, as compared to 2024.

For information on the production by the largest Brazilian steel companies, see “—Market Participants and Competition—Competition in the Brazilian Steel Industry.”

Market Participants and Competition

Both the worldwide and the Brazilian steel markets are intensely competitive. The primary competitive factors in these markets are quality, price, payment terms and customer service. Further, continuous advances in materials, sciences and resulting technologies have given rise to improvements in products such as plastics, aluminum, ceramics, glass and concrete, permitting them to serve as substitutes for steel for certain purposes.

Competition in the Global Steel Industry

In 2025, Brazil maintained its place as the largest producer of crude steel in South America, with a production output of 33.3 million tons and a 2% share of total global production, according to data from the World Steel Association, or WSA. In 2025, Brazil maintained the ninth position in the global steel production ranking, accounting for 80.2% of total production in South America.

We compete on a global basis with the world’s leading steel manufacturers. We have positioned ourselves in the world market with a product mix characterized by high margins and strong demand, such as tin plate and galvanized products. We have relatively low-cost, and sufficient availability of labor and energy resources, and own high-grade iron ore reserves. These global market advantages are partially offset by costs of transporting steel throughout the world, usually by ship. Shipping costs, which protect the domestic steel market, put pressure on our export prices. To maintain our position in the world steel market in light of the highly competitive international environment with respect to price, we must maintain our product quality and customer service at a high level. See “—Regulatory Matters—Protectionist Measures” for a description of protectionist measures adopted by steel-importing countries that could adversely affect our competitive position in the global steel industry.

Competition in the Brazilian Steel Industry

Brazil’s principal competitive advantages are its abundant supply of low-cost, high-grade iron ore and energy resources. Brazil also benefits from a vast internal market with large growth potential; a privatized industry making investments in plant and equipment; and deep-water ports that permit the operation of large ships and facilitate access to export markets.

According to the Brazilian Steel Institute (Instituto Aço Brasil), the Brazilian steel industry comprises 31 mills managed by eleven corporate groups, with an aggregate installed annual capacity of approximately 51 million tons, producing a full range of flat, long, carbon, stainless and specialty steel.

The following table sets forth the production of crude steel by Brazilian companies in the periods indicated:

_____________       

Source: Brazilian Steel Institute (Instituto Aço Brasil).

*2025 data was not available as of the date of this annual report.

Overview of Mining Industry

Global Mining Industry

Several countries play a significant role as iron ore producers, including Australia, Brazil, South Africa, Canada, China, India, Guinea, Russia, Sweden, Ukraine, Chile, Peru, and others. The competitive dynamics of this market are shaped by differences in ore quality, production cost structures, logistical infrastructure, geographic proximity to end markets, and the development of new supply sources, including the ramp-up of the Simandou project in Guinea, which commenced operations in November 2025 and is expected to reach a maximum capacity of up to 120 Mt per year.

Australia is the world’s largest iron ore exporter, with export volumes reaching approximately 915 Mt in 2025, compared to approximately 902 Mt in 2024, according to data published by the Australian Bureau of Statistics. Approximately 86% of Australian iron ore exports is directed to the Chinese market, with Japan and South Korea collectively accounting for approximately 5% of total export volumes. The remainder is distributed across other global markets.

Brazil is the second largest iron ore producer in the world. In 2025, Brazilian iron ore exports reached approximately 416.4 Mt, an increase of 7.1% compared to 2024 and the first year in which Brazil’s iron ore exports exceeded 400 Mt, according to data from Brazil’s Ministry of Development, Industry, Trade and Services. Domestic production is concentrated primarily in the states of Pará and Minas Gerais, with output largely attributable to established mining companies such as CSN Mineração, Vale, Samarco, and Anglo American. In recent years, smaller mining companies have also increased investment activity directed at accessing export markets.

Brazilian iron ore is differentiated from Australian supply in two respects. First, Brazil benefits from a geographically diversified customer base, with ore shipped to Asian, European, North American, and South American markets, which reduces dependence on any single demand center. Second, Brazilian ore generally has lower alumina and higher silica content relative to Australian ore, characteristics that are preferred by certain steel mill configurations. Notwithstanding these distinctions, Brazil maintains a first-quartile cost position on the global cost curve, supported by the quality of its products, efficient processing systems, competitive labor costs, and vertically integrated, company-owned transport infrastructure.

China represents a significant domestic source of iron ore supply to its integrated steel industry, with run-of-mine, or ROM, extraction estimated at approximately 983.7 Mt in 2025, a decrease of 2.8% compared to 2024, according to data from China’s National Bureau of Statistics. However, Chinese iron ore is predominantly low-grade and requires beneficiation and concentration prior to use. The United States Geological Survey estimated China’s 2025 usable iron ore production at approximately 290 Mt, compared to ROM output of approximately 983.7 Mt, reflecting the lower grade and beneficiation requirements of domestic Chinese ore. As a result, most Chinese domestic production requires industrial processing prior to use to achieve the iron content required by steel mills. This structural characteristic limits the competitiveness of Chinese domestic supply relative to seaborne iron ore on a cost-adjusted, grade-equivalent basis.

Brazilian Mining Industry

The Brazilian mining industry is focused on the extraction of iron, copper, gold, aluminum, nickel and niobium, which provides a surplus in Brazil’s trade balance, seizing vast natural mineral reserves and creating a high number of direct and indirect jobs. In 2025, the Brazilian mining industry registered R$298.8 billion in total revenue, representing a 10% growth compared to the previous year.

According to the Brazilian Mining Institute (Instituto Brasileiro de Mineração), or IBRAM, Brazilian mineral exports (excluding petroleum and gas) totaled approximately US$46.0 billion in 2025, representing about 13% of Brazil’s total exports of US$348.7 billion. Brazil’s mineral trade balance reached US$37.6 billion, equivalent to approximately 55% of the country’s total trade balance of US$68.3 billion, reinforcing the central role of the mineral sector in Brazil’s foreign trade. This compares to a 47% share of the trade balance in 2024.

According to The Commodity Exchange Inc., or Comex, in 2025, China was the country that most imported from the Brazilian mining industry. Of the total exports of the Brazilian mining industry in 2025, approximately 62.8% were related to iron ore, with copper and precious metals, such as gold, representing the other significant export categories.

Brazil is the second largest global producer and exporter of iron ore, alongside Australia, which together dominate global iron ore exports. In 2025, Brazilian iron ore exports reached 416 million tons, a 7% increase in physical volume compared to 2024, while export values totaled US$28.9 billion.

In addition, Brazil’s total iron ore reserves represent a volume of approximately 17 billion metric tons, which accounts for approximately 8.3% of global iron ore reserves, according to the U.S. Geological Survey, evidencing the importance of Brazil to the global iron ore extraction sector. Brazil holds the world’s second-largest iron ore reserves, after Australia.

Brazilian iron ore is considered as high quality and contains a low level of contaminants in its composition. Due to these characteristics, exported iron ore has gained ground in international markets, particularly in China. China absorbed approximately 51.5% of Brazil’s extractive industry exports in 2025, remaining the main buyer of Brazilian minerals.

Overview of Cement Industry

Cement is one of the primary inputs used in construction and, as such, the cement industry is closely tried to trends and developments in the civil construction market, which is, in turn, highly sensitive to macroeconomic conditions. In particular, GDP growth and declining interest rates tend to increase credit availability, thereby stimulating demand in the civil construction sector.

In Brazil, the civil construction market in Brazil is largely driven by infrastructure and affordable housing projects, which together account for a significant share of overall construction activity. One of the key government-led initiatives in this area is the Minha Casa, Minha Vida program designed to address the country’s housing deficit through affordable housing projects. As of December 31, 2025, Brazil faced an estimated deficit of approximately 6 million residential units, according to the Union of Real Estate Purchase, Sale and Administration Companies (Sindicato das Empresas de Compra, Venda e Administração de Imóveis), or SECOVI.

Additionally, Brazil’s infrastructure sector presents considerable opportunities for expansion. As one of the world’s largest economies, Brazil continues to experience significant infrastructure bottlenecks. These structural gaps represent a major opportunity for growth in civil construction and, consequently, in cement demand.

Overview of Logistics Industry

Brazil’s logistics industry plays a critical role in supporting national economic activity, given the country’s continental dimensions and its reliance on the transportation of goods over long distances. The sector is characterized by its heavy dependence on road transport, which accounts for the majority of freight movement, followed by rail, maritime, and air transport. However, the country’s logistical infrastructure still faces significant challenges that impact efficiency and cost competitiveness.

The Brazilian transportation network is marked by structural bottlenecks, including limited railway coverage, underutilization of inland waterways, and port congestion. Road infrastructure, while extensive, is often inadequately maintained, particularly in remote or rural areas. These conditions result in high logistical costs, extended lead times, and increased operational risks, especially for companies reliant on integrated supply chains and bulk commodity transport.

In recent years, the sector has seen increased private and public investment through concessions and public-private partnerships aimed at modernizing and expanding key infrastructure assets.

Overview of Energy Industry

The Brazilian energy market is characterized by a diverse energy matrix, with hydropower accounting for about 60% of the country’s installed capacity. This reliance on hydropower is due to Brazil’s extensive river systems and favorable geographical conditions, which make it an ideal location for hydroelectric plants. Additionally, Brazil has significantly invested in renewable sources such as solar and wind energy. These investments are driven by government policies aimed at reducing carbon emissions and promoting sustainable development, as well as the growing demand for clean energy from both consumers and industries.

4C. Organizational Structure

We conduct our business directly and through subsidiaries. For more information on our organizational structure, see note 10 to our audited consolidated financial statements included elsewhere in this annual report.

4D. Property, Plant and Equipment

Our principal executive offices are located in the city of São Paulo, state of São Paulo, and our principal industrial and operating assets are located in Brazil and abroad.

In Brazil, our principal steelmaking facility is the UPV, located in the city of Volta Redonda, state of Rio de Janeiro. Our property, plant and equipment include the mining assets of CSN Mineração and Minérios Nacional in the state of Minas Gerais. ERSA holds tin mining and smelting assets in the state of Rondônia. CSN Cimentos holds cement plants, mines, grinding units, cargo terminals, aggregates and concrete production assets. Companhia Metalúrgica Prada holds packaging and service center assets.

Our logistics segment comprises port terminal assets, including TECON and TECAR, equity interests in MRS, FTL and TLSA, as well as the multimodal logistics operations associated with Grupo Tora. Our energy segment includes a thermoelectric cogeneration plant located at the UPV, equity interests in the Itá and Igarapava hydroelectric facilities and energy generation assets held through CEEE-G, CEC, Santa Ana Energética S.A. and Brasil Central Energia Ltda.

Outside Brazil, our principal properties include the commercial operations of Companhia Siderúrgica Nacional, LLC in the United States; the steel processing and manufacturing assets of Lusosider in Portugal and SWT in Germany; and, following acquisitions completed in 2025, the downstream steel assets held by Gramperfil in Portugal and Galvacolor in Spain.

The table below sets forth certain material information regarding our properties as of December 31, 2025. For more information, see note 11 to our audited consolidated financial statements included elsewhere in this annual report.