CSN Mineração posts 356.3 million Brazilian reais loss in third quarter
Key Facts
CSN Mineração posted a net loss of 356.3 million Brazilian reais in the third quarter of 2026, after net profit of 219.4 million reais in the second quarter and 669.3 million reais in the same period of 2025, according to data based on a filing with Brazil’s securities regulator. The loss came in a quarter when adjusted revenue and operating profit fell, alongside a decline in iron ore prices and higher shipping costs. Adjusted net revenue was 2.3439 billion reais, down 18.3% from the previous quarter and 46.8% year over year. Revenue per ton also fell to $40.06. No verified comparison between the company’s results and analyst expectations is available, while the share-session data alone do not establish whether the decline occurred after the results announcement.
Adjusted earnings before interest, taxes, depreciation and amortization fell to 414.3 million reais, down 59.3% from the second quarter. Adjusted earnings margin contracted to 17.7% in the third quarter, from 35.5% in the previous quarter and 45.2% in the third quarter of 2025. The decline reflects the coincidence of price and shipping pressures with lower revenue per ton, according to figures cited in the report based on the filing. The average benchmark price for iron ore was $96.92 per dry ton in the third quarter, compared with $105.29 in the second quarter and $102.03 a year earlier. Average shipping on the Tubarão–Qingdao route was about $36.79 per ton during the quarter.
Sales volume fell to 11.651 million tons, down 1.7% from the second quarter and 6.0% from the third quarter of 2025. Production was 9.970 million tons, down 8.4% quarter over quarter. The company attributed part of the production decline to a temporary cut in lower-quality ore output at the Pires plant. Meanwhile, cash cost C1 rose to $26 per ton, from $24 in the previous quarter. The company said the increase resulted from a lower allocation of fixed costs across production amid a decline in quarterly output.
Despite recording a quarterly loss, adjusted free cash flow was positive at 37 million reais in the third quarter, while investments totaled 639 million reais. As of September 30, liquidity stood at 6.3 billion reais and net debt at 2.9 billion reais. Leverage, measured as net debt to earnings before interest, taxes, depreciation and amortization for the last 12 months, rose to 0.63 times from 0.23 times in the second quarter. These figures place the swing to a loss and the margin decline in the context of cash position and investment during the period. They also show leverage rising from the previous quarter alongside lower adjusted operating profit.
CMIN3 shares closed down 5.12% in the November 12, 2026 session, according to historical share data. The company’s calendar listed the third-quarter results announcement for November 12, but the available data do not establish the timing of the share move relative to the announcement. It is therefore not possible to conclude that the decline was a reaction to the results or attribute it to a failure to meet expectations. In the background to the share performance, the company said in its second-quarter results that its shares fell 15.6% during that quarter, compared with an 8.2% decline in the Ibovespa index. That comparison concerns the second quarter of 2026 and does not describe the share move on the November results-announcement session.