Slides
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00 4Q24 and 2024 Earnings Release Conference Call March 13, 2025
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4Q24 – HIGHLIGHTS MINING C1 cost and production guidance fully achieved, with operational records for the year Operational excellence: 32.8% (EBITDA margin) New level of profitability reached in 4Q24: 50.1% Adjusted EBITDA margin once again exceeds the 50% mark STEEL +10% (4Q24 VS 4Q23 )Best result since 2Q21 Sales Volume more than offset the seasonality of the quarter 11% Surpassing the double-digit level for the first time this year Adjusted EBITDA Margin of Improvement in the price environment allowed for a new price increase at the beginning of the year, paving the way for better results in 2025 CEMENT LOGISTICS Prices increases in 4Q24 helped to offset the negative seasonality at the end of the year Focus on financial discipline as a pillar of M&A negotiations opens space for new organic growth +35% Increase in realized price in 4Q24 boosts mining results 40.3% Adjusted EBITDA Margin Best quarter of the year and solid earnings evolution Price improvements and cost control helped boost the result 2 R$ 24.9 bi Historic record due to strong cash management increased liquidity Cash of Leverage impacted by exchange rate variation One-off increase does not take away commitment to deleveraging ENERGY Drop in the result due to specific adjustments in costs -16.0% EBITDA Evolution 4Q24 VS 3Q24
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COMMITMENT TO DELEVERAGING Sale of stake in CMIN Strong due diligence in acquisitions Capital Recycling Dividends Liquidity, improvement in capital structure and attractive valuation were the main rationales for the transaction Evolution of analysis and alternatives as the infrastructure vehicle Caution in M&A analysis and commitment to deleveraging justify the non-continuation of some operations The year's results and commitment to financial discipline are behind the decision not to distribute dividends in May 2025, as usually happens at CSN 3
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Adjusted EBITDA and EBITDA Margin The improvement in EBITDA in 4Q24 is a consequence of a combination of higher realized prices in mining and cement, in addition to a substantial improvement in the steel segment. EBITDA recovery shows signs of stronger results in 2025. In the year, the main highlights were the operational records achieved in all segments, but which were offset by weaker dynamics in the iron ore price. ¹ 37.49% Stake in MRS 4 EBITDA and Margin¹ (R$ Million | %) Quarterly EBITDA Evolution (R$ Million) +46.0% 3.626 1.966 2.645 2.284 3.335 11.907 10.230 29,1% 19,3% 23,2% 19,7% 26,8% 25,3% 22,4% 00% 05% 10% 15% 20% 25% 30% 35% 0 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 18.000 20.000 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Adjusted EBITDA (R$ MM) EBITDA margin (%) 2.284 267 849 (124) (21) 36 (43) 3.335 3Q24 Adjusted EBITDA Steel Mining Logistics Energy Cement Eliminations 4Q24 Adjusted EBITDA
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5 CAPEX (R$ million) Investments • The increase in Capex is a direct result of projects aimed at business growth, such as the progress in the construction of the P15 infrastructure in mining and the improvements made in the steel plant, sintering and modernization of operations at the UPV. • In addition, it is important to note that CSN traditionally concentrates its investments at the end of the year and that the total invested in 2024 came in line with guidance. +29,2% +22.2% 669 631 1.045 1.954 2.826 515 488 672 1.549 1.852 411 190 341 1.020 847 1.595 1.309 2.058 4.523 5.525 0 1.000 2.000 3.000 4.000 5.000 6.000 7.000 4Q23 3Q24 4Q24 2023 2024 Steel Mining Others
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Net Working Capital • The increase in working capital mainly reflects the growth in accounts receivable due to the operational improvement in the period and the increase in the iron ore price, in addition to the reduction in the line of suppliers, given the adequacy of the drawn risk and forfaiting lines. Net Working Capital (R$ Million) Arcos, MG 6 +443.1% 3.269 2.318 2.901 9.568 10.538 10.445 (13.212) (10.858) (9.829) 999 (527) (1.376) (624) 1.471 2.412 (10.000) (8.000) (6.000) (4.000) (2.000) - 2.000 (30.000) (20.000) (10.000) - 10.000 20.000 30.000 4Q23 3Q24 4Q24 Accounts Recivable Inventories Suppliers Others
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7 Alhandra Adjusted Cash Flow • Negative cash flow reflects the impact of financial expenses due to exchange rate variation and the higher level of investments made. • In the end, the foreign exchange effect ended up more than offsetting all the operational improvement in the quarter. Adjusted Cash Flow (R$ Million) 3.335 (197) (1.214) (2.058) (1.462) (151) (1.748) Adjusted EBITDA Joinly Controlled EBITDA ∆ NWX/ Assets and Liabilities² Capex Financial Results Income Tax Adjusted Free Cash Flow
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8 Net Debt and Leverage Net Debt and Leverage (R$ Billion | x) Build-up Net Debt (R$ Billion) The increase in indebtedness is a direct consequence of the impact of the exchange rate variation on the debt in dollars, which ended up offsetting not only the operational improvement, but also all the effort made by the Company to strengthen cash through the sale of a relevant stake in CSN Mineração. In this sense, when excluding the effect of the exchange rate in the calculation of debt, the leverage would be 3.24x at the end of 2024. -1.5% 30,471 30,158 31,455 29,939 30,686 33,431 37,156 35,164 35,704 12,586 14,293 12,469 15,991 17,349 16,045 16,573 19,322 24,916 2,21x 2,45x 2,78x 2,63x 2,58x 3,12x 3,36x 3,34x 3,49x >3.00x -3,00x -2,00x -1,00x 0,00x 1,00x 2,00x 3,00x 4,00x 0,000 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2025 Net Debt Avaiabitities Leverage 35.164 1.748 (2.379) 3.608 1.302 681 (4.420) 35.704 3Q24 Free Cash Flow MPE Pre Pay Exchange Variation Minority Dividends and Interest on Equity paid ∆ Net Debt. MRS/ Others Sale of equity interest 4q24
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US$ 6.63% BRL 115,57% CDI Average Term: 48.45 months DEBT COMPOSITION DEBT BY CURRENCY Indebtedness Profile CSN remains very active in its objective of extending the amortization period, with a focus on long-term operations. Among the main transactions in 4Q24, the Company raised funds and refinanced some bilateral contracts with amortization flows between 2027 and 2029. 39% 23% 39% Banks Debentures Bonds 31% 69% R$ USD 24.916 2.525 2.197 1.684 8.800 5.159 6.522 4.765 442 2.380 6.378 3.998 5.369 2.917 782 777 605 302 207 8.903 6.195 7.053 11.717 1.750 5.942 7.299 5.370 744 2.587 0 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 Avaiabilities 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Capital Market Banks
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Steel 00 Usina Presidente Vargas, Volta Redonda/RJ 10
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Growth in the quarter demonstrates the strength of the Company's commercial activity by managing to overcome the negative seasonality of the period by presenting the highest sales volume since 2Q21. Sales Volume The domestic market continues to be the biggest highlight, showing strong resilience. In the year, 2024 was established as the year of recovery in the steel industry, with a growth of 9.2% in the pace of sales. 11 Volta Redonda/RJ Sales volume (Thousand tons) +10.4% +9.2% 762 732 798 867 876 2.917 3.273 302 354 326 300 299 1.249 1.278 1.064 1.086 1.123 1.166 1.175 4.166 4.551 0 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 5.000 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Domestic Market Foreign Market
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Slab production volume (Thousand tons) Steel Production 12 Slab Cost (R$/ton; USD/ton) Performance per ton (R$/ton) CSN's Steel Production continues its resumption process and takes place shortly after the scheduled maintenance shutdowns carried out in the sintering area of the Presidente Vargas Plant (UPV), once again reinforcing its normalization and efficiency. +7.8% +14.9% +79.2% -19.4% 894 945 883 995 963 3.296 3.786 0 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 5.000 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 3.462 3.366 3.510 3.803 3.457 697 622 627 761 661 -250 -50 150 350 550 750 0 1.000 2.000 3.000 4.000 5.000 6.000 4Q23 3Q24 4Q24 2023 2024 R$/t USD/t 311 333 558 437 352 0 100 200 300 400 500 600 700 800 900 1.000 4Q23 3Q24 4Q24 2023 2024
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Financial Performance 13 Net Revenue and Average Price (MI) (R$ million) EBITDA and EBITDA Margin (R$ Million; %) This was the first time in the year that the steelmaker's EBITDA margin reached a 2-digit profitability, which reinforces the gradual recovery that the segment experienced throughout 2024, with increased production, sales and lower expenses. 5.654 6.041 6.163 22.717 23.179 5.232 5.092 5.128 5.557 5.077 -7.500 -5.500 -3.500 -1.500 500 2.500 4.500 6.500 0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 4Q23 3Q24 4Q24 2023 2024 Net Revenue Average Domestic Price 331 389 656 1.821 1.603 5,9% 6,4% 10,6% 8,0% 6,9% -20,0% -15,0% -10,0% -5,0% 0,0% 5,0% 10,0% 15,0% 0 500 1.000 1.500 2.000 2.500 3.000 4Q23 3Q24 4Q24 2023 2024 Adjusted EBITDA Adjusted EBITDA Margin
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Mining 00 14
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Production and Sales 15 Ore Production + Purchases (Thousand tons) Sales Volume (Thousand tons) +0.3% -1.5% -3.7% -0.3% The small drop in production and sales recorded in 4Q24 reflects the seasonality with the beginning of the rainy season. On the other hand, the performance was strong enough for the Company to achieve its segment guidance, with several records of own production and shipments achieved throughout the year. 10.966 9.132 10.425 11.438 11.002 42.650 41.997 0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 50.000 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Production Purchased 9.586 8.123 9.933 10.778 9.677 37.669 38.512 1.558 1.022 859 1.106 1.054 4.993 4.040 11.144 9.145 10.792 11.884 10.731 42.662 42.552 0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 50.000 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Foreign Market Domestic Market
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Financial Performance Net revenue favored by solid price recovery in the quarter EBITDA margin once again surpasses 50% in 4Q24, reflecting the solid operating results achieved in the period 16 Casa de Pedra Net Revenue (R$ million) EBITDA and EBITDA Margin (R$ Million; %) 5.028 2.989 3.933 17.136 13.093 91,4 45,9 61,7 80,3 56,6 0,0 10,0 20,0 30,0 40,0 50,0 60,0 70,0 80,0 90,0 100,0 0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 4Q23 3Q24 4Q24 2023 2024 Net Revenue Unit Net Revenue 2.739 1.123 1.972 7.843 5.799 45,4% 37,6% 50,1% 45,8% 44,3% 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% -1.000 1.000 3.000 5.000 7.000 9.000 11.000 13.000 15.000 4Q23 3Q24 4Q24 2023 2024 Adjusted EBITDA Adjusted EBITDA Margin
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17 Adjusted EBITDA Projeto P - 15 Adjusted EBITDA (R$ Million) • The combination of the evolution in the iron ore price together with the lower freight pressure and the positive effect of cargoes with exposure to future quotation periods resulted in the strong EBITDA growth, highlighting the Company's operational excellence. 1.123 130 1.253 (113) 365 135 (222) 269 1.687 285 1.972 Adjusted EBITDA 3Q24 Price Provision Previous Quarters Adjusted EBITDA 3Q24 ex provisions Volume Ore Price Freifht Mix Costs and Others 4Q24 Adjusted EBITDA ex provisions Provisão de Preço Trimestre Anteriores Adjusted EBITDA 4Q24
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Cement 00 Alhandra, Paraíba 18
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4% increase in sales volume in 4Q24 year-on-year. However, when compared to the previous quarter, the drop of 11% reflects the seasonality of the period with fewer working days and higher incidence of rainfall. In the year, 2024 was another period of operational records in the segment, with cost management, optimization of the logistics network and the right commercial strategy. Sales Volume Sales volume (Thousand tons) +3.9% +5.9% 3.128 3.017 3.609 3.650 3.249 12.770 13.524 0 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024
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20 Performance Financeira Net Revenue (R$ million) EBITDA e Margem ENet Revenue (R$ million)BITDA (R$ Milhões; %) EBITDA margin of 32.8% represents a new brand for CSN's cement segment after the incorporation of the assets acquired in 2022 and reinforces not only the efficiency of the operation, but also all the success with the capture of synergies. 1.090 1.272 1.177 4.511 4.766 0 1.000 2.000 3.000 4.000 5.000 6.000 4Q23 3Q24 4Q24 2023 2024 263 350 386 975 1.361 23,0% 27,5% 32,8% 21,6% 28,5% 0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 35,0% 40,0% 45,0% 50,0% 0 500 1.000 1.500 2.000 2.500 3.000 3.500 4Q23 3Q24 4Q24 2023 2024 Adjusted EBITDA Adjusted EBITDA Margin
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00 Logistics 21
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22 Financial Performance Net Revenue (R$ million) In 4Q24, the Logistics segment was affected by lower shipments in both rail and port due to the seasonality of the period. Even so, the Company managed to deliver an EBITDA margin above 40%, which reinforces the efficiency and safety of the operation. EBITDA and EBITDA Margin (R$ Million; %) 795 892 758 2.911 3.245 -500 500 1.500 2.500 3.500 4.500 5.500 4Q23 3Q24 4Q24 2023 2024 350 429 305 1.393 1.527 43,5% 48,1% 40,3% 47,9% 47,1% 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 70,0% 0 500 1.000 1.500 2.000 2.500 3.000 3.500 4Q23 3Q24 4Q24 2023 2024 Adjusted EBITDA Adjusted EBITDA Margin
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00 ESG 23
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✓ +75% female representation in the CSN Group, compared to 2020 (baseline year). ✓ Zero fatalities in 2024. ✓ Launch of the climate management tool - CBRAIN. ✓ - 10% reduction in kgCO2e emissions per ton of ore, compared to the baseline year of the target (2020). GOVERNANCE SOCIAL AND DIVERSITY ENVIRONMENTAL MANAGE HEALTH AND SAFETY DAM MANAGEMENT ✓ DCEs renewed in September 2024, with all dams considered stable. ✓ Completion of the decommissioning works of the Taboquinha 2 dam at ERSA. ✓ -7% reduction in tCO2e emissions per ton of steel, compared to the baseline year of the target (2018). ✓ A 66.3% reduction in the accident severity rate compared to 2023, the lowest rate in the last 10 years. ✓ - 23% reduction in water intake intensity per ton of ore produced, compared to 2023. ✓ R$ 66 million invested in social responsibility. ✓ CSN recognized as Industry Top Rated (Sustainalytics). ✓ Completion of the Climate Vulnerability Study. ✓ -3% reduction in kgCO2e emissions per ton of cementitious material, compared to the baseline year of the target (2020).✓ 100% of employees trained in Compliance. ✓ A 63% reduction in lost days (both direct and third-party employees) compared to 2023, the lowest in the last 5 years. ✓ A 35% increase in training hours compared to 2023. ✓ Over 430,000 hours of training in health and safety in 2024. ✓ Definition of the ESG Supply Chain Risk Matrix. ✓ CSN Foundation receives the Racial Equality Seal from the São Paulo City Hall (PMSP). ✓ A record in environmental investments: R$ 1.2 billion in 2024 (CAPEX + OPEX). ESG Performance
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DO WELL, DO MORE, DO FOREVER.