CSN Mineração Posts 356.3 Million-Reais Loss in Third Quarter of 2026
Key Facts
CSN Mineração posted a net loss of 356.3 million Brazilian reais in the third quarter of 2026, compared with net profit of 219.4 million reais in the second quarter and 669.3 million reais in the same period last year. The results report was filed with Brazil’s securities regulator on Nov. 12, 2026, at 23:41, according to Visno Invest, citing the financial disclosure. That marks a sharp swing from profit to loss in one quarter. The shift coincided with declines in revenue and adjusted operating profit, alongside a drop in the average iron ore price and higher shipping costs. The company is scheduled to hold a conference to discuss the results on Nov. 13, according to its investor calendar.
Adjusted net revenue was 2,343.9 million reais in the third quarter, down 18.3% from the previous quarter and 46.8% from the third quarter of 2025. Adjusted earnings before interest, taxes, depreciation and amortization fell to 414.3 million reais, down 59.3% quarter over quarter. The margin on those earnings narrowed to 17.7%, from 35.5% in the second quarter. The figures show that the revenue decline was accompanied by a sharper contraction in adjusted operating profit. Gross profit was 126.1 million reais, with a margin of 5.4%, while cost of goods sold reached 2,217.8 million reais, up 5.3% quarter over quarter.
The average benchmark price for IODEX Fe 61% CFR North China iron ore was $96.92 per dry metric ton in the third quarter, compared with $105.29 in the second quarter and $102.03 in the third quarter of 2025. Over the same period, average shipping on the Tubarão–Qingdao route was about $36.79 per ton. The decline in the benchmark price coincided with lower adjusted revenue, while transport costs added pressure to shipping economics. These indicators link the company’s results to changes in ore prices and transport costs during the quarter. The reported figures did not include a quantitative breakdown of each factor’s effect on the net loss.
Sales totaled 11.651 million tons, down 1.7% from the second quarter and 6.0% from the same period in 2025. Production also fell to 9.970 million tons, 8.4% below the previous quarter. The company said a temporary reduction in production of lower-quality ore at the Pires plant contributed to the decline in output. On costs, C1 cash cost rose to $26 per ton, from $24 in the second quarter. The company attributed the increase to a lower allocation of fixed costs across production.
Adjusted free cash flow remained positive at 37 million reais in the third quarter, while investments totaled 639 million reais. As of Sept. 30, 2026, the company reported cash and cash equivalents of 6.3 billion reais and net debt of 2.9 billion reais. Net debt to last-12-month earnings before interest, taxes, depreciation and amortization rose to 0.63 times, from 0.23 times in the second quarter. This puts positive cash flow and investment in the context of higher net debt and leverage during the period. The second-quarter report had recorded net profit of 219.4 million reais, up 89% year over year, and described leverage at the time as 0.23 times.
Before the results announcement, a market note published on Nov. 11 forecast adjusted earnings before interest, taxes, depreciation and amortization of 324 million reais and a net loss of 136 million reais. The note also cited a median of 8 Bloomberg estimates for adjusted operating profit, in a range between 344 million and 542 million reais. Actual adjusted operating profit of 414.3 million reais came within that range, while the actual net loss exceeded the note’s forecast. These figures do not provide a direct comparison between the actual loss and the median analyst estimate for net profit or loss. The results conference remains listed on the company’s calendar for Nov. 13.