SID 6-K SEC Filing Analysis

Latest settled — T+5d

SID ▼ -9.92% at T+5d

SHORT call ✓ call won +9.92% · α vs SPY +7.17% · entry $1.31 → $1.18

Next anchor: T+20d in 14d

Last close $1.22 (close Jun 12) · +6.87% from $1.31 entry (call sign-flipped)

Entry anchored
May 29, 2026
via day open

T+1d

+8.40%

call -8.40% · α -8.25%

$1.42

settled 14d ago

T+5d

-9.92%

call +9.92% · α +7.17%

$1.18

settled 10d ago

T+20d

—

call — · α —

—

in 14d

T+60d

—

call — · α —

—

in 2mo

Price Chart

Loading chart...

Executive Summary

CSN reported Q1 2026 results via 6-K showing net revenue of R$10.6B, down 2.8% YoY from R$10.9B. Net loss narrowed to R$555M from R$731M YoY, but operating profit (EBIT-like) collapsed 67% to R$294M from R$888M. Net cash from operating activities was negative R$777M. The mining segment drove profitability with R$861M operating profit, while steel segment posted a R$265M operating loss. The company secured a US$1.2B bridge loan (post-quarter) to refinance near-term maturities and fully redeemed its 2026 senior notes. Despite aggressive M&A spending (~R$1.9B cash deployed in 2025), fundamentals remain weak with negative free cash flow and mounting legal contingencies of ~R$48.3B in possible-risk claims.

Actionable Insight

Watch for margin recovery in steel segment and cash flow generation in coming quarters given the large debt load and the US$1.2B bridge loan refinancing. Monitor the outcome of the US$1B arbitration and the R$48.3B in possible-risk tax/labor contingencies. The 20-F filed 29 days ago provides annual context for these quarterly trends.

Key Facts

Q1 2026 consolidated net revenue declined to R$10.6B from R$10.9B YoY, a 2.8% drop
Consolidated net loss narrowed to R$555M from R$731M YoY
Operating profit (EBIT) plunged to R$294M from R$888M YoI, down 67%
Steel segment posted an operating loss of R$265M (vs +R$61M YoY)
Mining segment operating profit declined to R$861M from R$1.04B YoY
Consolidated net cash from operations was negative R$777M
Total debt stood at R$50.4B, with net leverage at 3.17x equity
Post-quarter: secured a US$1.2B bridge loan (up to US$1.4B) for debt refinancing and fully redeemed US$189.9M Senior Unsecured Notes due 2026
Contingent liabilities classified as possible risk total ~R$48.3B, including a US$1B arbitration claim
Cash and equivalents fell to R$12.8B from R$14.4B at year-end 2025
CAPEX spending remained elevated at R$1.13B in the quarter

Financial Impact

Consolidated revenue declined by R$304M (-2.8%) YoY; operating profit fell by R$593M (-67%); net loss improved by R$176M driven by lower financial expenses and higher deferred tax credits, but operating cash flow negative at -R$777M

revenueoperating_profitnet_incomeoperating_cash_flowdebt

Risk Factors

Operating cash flow negative for two consecutive quarters (-R$777M Q1 2026, -R$1.15B Q1 2025)
Massive contingent liabilities of R$48.3B classified as possible risk could materialize
US$1B arbitration claim outstanding against the company
High leverage with gross debt to equity ratio of 3.17x
Steel segment operating loss of R$265M signals core business stress

Market Snapshot

Exchange

NYSE

Sector

Steel Works, Blast Furnaces & Rolling & Finishing Mills

Analyst Consensus

0% bullish (16 analysts)

Documents Analyzed

This report is based on 4 SEC documents filed with EDGAR.

Document	Accession Number
6-K Filing (Primary)	0001292814-26-003249
Document: 0001292814-26-003249-index-headers.html	0001292814-26-003249
Document: 0001292814-26-003249-index.html	0001292814-26-003249
Document: 0001292814-26-003249.txt	0001292814-26-003249

US Market Status

Market Closed — Opens in 2h 56m

Related Tickers

Get Real-Time SEC Filing Intelligence

Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.

Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access