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Companhia Siderúrgica NacionalNYSE:SID Stock Report

Market Cap US$1.1b
Share Price
n/a
1Y-32.4%
7D-1.7%
1D-1.6%
Portfolio Value
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Companhia Siderúrgica Nacional

NYSE:SID Stock Report

Market Cap: US$1.1b

Companhia Siderúrgica Nacional (SID) Stock Overview

Operates as an integrated steel producer in Brazil and internationally. More details

SID fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance0/6
Financial Health1/6
Dividends0/6

Rewards

Earnings are forecast to grow 130.48% per year

Trading at good value compared to peers and industry

Risk Analysis

Interest payments are not well covered by earnings


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Companhia Siderúrgica Nacional Competitors

Price History & Performance

Summary of share price highs, lows and changes for Companhia Siderúrgica Nacional
Historical stock prices
Current Share PriceR$0.89
52 Week HighR$2.20
52 Week LowR$0.84
Beta0
1 Month Change-10.68%
3 Month Change-24.97%
1 Year Change-32.42%
3 Year Change-63.42%
5 Year Change-87.04%
Change since IPO-32.01%

Recent News & Updates

Seeking Alpha • Jul 23

Companhia Siderurgica Nacional: The Deleveraging Thesis Has Turned Into A Value Trap

Summary Companhia Siderúrgica Nacional (SID) faces mounting financial stress as organic deleveraging failed and cash burn persisted over four consecutive quarters. SID's reliance on asset sales, notably its cement unit, has become urgent, with proceeds delayed and bridge loans highlighting liquidity pressures. Despite trading at just 0.15x sales and at a 36% discount to the sector on EV/EBITDA, I now see SID as a potential value trap. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Jul 23

Companhia Siderurgica Nacional: The Deleveraging Thesis Has Turned Into A Value Trap

Summary Companhia Siderúrgica Nacional (SID) faces mounting financial stress as organic deleveraging failed and cash burn persisted over four consecutive quarters. SID's reliance on asset sales, notably its cement unit, has become urgent, with proceeds delayed and bridge loans highlighting liquidity pressures. Despite trading at just 0.15x sales and at a 36% discount to the sector on EV/EBITDA, I now see SID as a potential value trap. Read the full article on Seeking Alpha
Seeking Alpha • Feb 19

Companhia Siderúrgica Nacional: This Is How Tariffs Affect The Company

Summary I reiterate my sell recommendation on Companhia Siderúrgica Nacional due to ongoing challenges like unfair competition from Chinese steel and recent US tariffs on steel and aluminum. Despite a cheap valuation, the company's financial health is questionable, with below-market margins and high leverage, showing no signs of reduction. China's steel oversupply and Brazil's ineffective measures to tax Chinese steel further support my pessimistic outlook for Companhia Siderúrgica Nacional. Trump's steel and aluminum tariffs will severely impact Brazil, the second-largest steel exporter to the US, exacerbating the company's existing struggles. Read the full article on Seeking Alpha
Seeking Alpha • Jan 08

Companhia Siderurgica: Limited Tariffs And Vertical Integration Could Multiply FCF

Summary SID's vertical integration and recent acquisitions, including Elizabeth Cimentos and LafargeHolcim Brasil, are expected to drive capacity expansion and synergies, enhancing future financial performance. The company benefits from low tariff exposure due to domestic raw material sourcing and enjoys high margins by paying salaries in BRL and selling in USD. Risks include potential new environmental laws in Brazil and protectionist measures in other countries, but Companhia Siderúrgica Nacional remains significantly undervalued. With a WACC of 12%, the DCF valuation suggests a fair price target of $3 per share, indicating substantial upside potential. Read the full article on Seeking Alpha
Seeking Alpha • Sep 17

Companhia Siderurgica Nacional: Leverage And Steel Market Shifts Redefine Outlook

Summary CSN's stock has fallen over 40% this year, with initial optimism fading due to declining iron ore prices and ongoing steel sector challenges. Net debt increased by 12% QoQ, pushing its Net Debt/EBITDA ratio to 3.36x, highlighting persistent leverage concerns. The influx of Chinese steel has pressured local prices and margins, though recent protectionist measures and potential price recovery offer some hope for improvement. Given ongoing sector headwinds and high leverage, I am downgrading SID to neutral, despite its de-risked valuation and potential for future steel price recovery. Read the full article on Seeking Alpha
Seeking Alpha • May 29

Companhia Siderúrgica Nacional Q1: Weak Result And Risks Materializing

Summary Companhia Siderúrgica Nacional (CSN) released weak Q1 2024 results, failing to meet market expectations. The steel segment is doing so badly that the mining segment is already the business that contributes most to the consolidated result. CSN's high leverage and unattractive valuation compared to peers make it a sell recommendation. Read the full article on Seeking Alpha
Seeking Alpha • Apr 07

Companhia Siderúrgica Nacional: Competition, Low Margins And High Leverage

Summary The Brazilian steel industry is suffering from the large supply of Chinese steel in the domestic market. And there should be no action by the Government to protect the national. Domestic market demand remains weakened, coupled with the strong supply of Chinese steel and difficulty in passing on the price. Result? Low margins. Additionally, given the capital-intensive nature of the sector, SID trades at the highest P/B among its competitors, meaning it has a stretched valuation. Read the full article on Seeking Alpha
Seeking Alpha • Dec 08

Companhia Siderúrgica Nacional: A Positive Outlook Beyond Q3

Summary Companhia Siderúrgica Nacional, facing challenges in a cyclical sector, demonstrated resilience amid weaker global economic growth, influencing iron ore and steel prices. Limited demand in the Brazilian and Chinese steel markets affected CSN's revenues, putting pressure on costs due to reduced expense distribution. A notable rebound in iron ore prices in H2 2023, driven by a positive turnaround in China's construction sector, signals a favorable outlook for CSN's performance. SID's diversified business portfolio, including mining, logistics, and cement, contributes to stable results, making it more defensive than its peers. Despite weak Q3 results, CSN anticipates improvement, with a positive iron ore trend for 2024 and potential for a market rally, leading to a cautiously bullish stance. Read the full article on Seeking Alpha
Seeking Alpha • Oct 07

Companhia SiderúRgica Nacional: Possibly Undervalued, But Not That Attractive

Summary Companhia Siderúrgica Nacional faces low growth potential, potential undervaluation, and instability in the steel industry. The company's financial performance has been negative and modest, with a slowdown in revenue growth expected in the coming years. SID's valuation indicators suggest undervaluation compared to the sector and its competitors, but the high dividend and low growth potential weaken its future outlook. Read the full article on Seeking Alpha
Seeking Alpha • Aug 05

Companhia Siderúrgica Nacional Will Face Headwinds, But Opportunities May Emerge

Summary Companhia Siderúrgica Nacional is given a Hold rating amid headwinds from a slowdown in overseas steel markets and China's struggling economy. The steel division faces challenges from lower sales to foreign customers and increasing competition from imported products. The mining division benefits from Chinese demand but iron ore prices are weak. Business divisions within the SID group may come under more pressure if the economies of the most industrialized countries enter a recession. But the financial position seems solid enough for a worry-free ride to the next recovery. Read the full article on Seeking Alpha
Seeking Alpha • Jan 23

Companhia Siderurgica Nacional: Still A Compelling Steel Play

Summary Following a punishing 2022, Companhia Siderúrgica Nacional is turning a new chapter in 2023 and beyond. Supported by demand tailwinds in major global markets, steel looks set to benefit from a near-term recovery. Non-core growth opportunities will also help, while management’s emphasis on financial discipline should ensure sustainable shareholder returns. With the stock priced at undemanding valuations and offering an attractive yield, Companhia Siderúrgica Nacional is worth a look. Companhia Siderúrgica Nacional (SID) ("CSN"), a Brazilian steel conglomerate, followed up a challenging FY22 with an upbeat CSN day presentation. It cited near-term bullishness on the steel cycle, as well as mid to long-term growth opportunities across its business lines. Also positive was the emphasis on maintaining financial discipline (i.e., low leverage levels), as CSN looks to diversify and re-rate the stock over time. At least in the near term, I largely agree with the bullish take in light of steel demand tailwinds from the post-COVID China reopening. While the uncertain macro backdrop is also a concern for the coming months, management’s emphasis on balancing growth with profitability bodes well for shareholder value creation over the long run. At the current 3-4x EBITDA and ~1.2x P/Book, SID stock is priced very reasonably and offers an attractive mid to high-single-digits % yield to boot. Data by YCharts Bullish Steel Outlook for 2023 CSN had a challenging FY22 amid a steep decline in steel prices – hot rolled coil and rebar prices, for instance, declined >50% from their peak levels. A key driver of the weakness was Chinese property demand, which pulled back alongside the broader economic slowdown and the country-wide implementation of a zero-COVID policy throughout the year. Yet, there have been some positive signs toward the end of last year following the Chinese post-COVID reopening. Somewhat surprisingly, CSN is also pushing a 10% price hike in its domestic market for January, citing the need to maintain import parity premiums. This is in contrast with the company’s margin weakness last quarter, when an outsized -8% QoQ pricing decline outpaced the lower production costs. Companhia Siderúrgica Nacional Per new guidance for FY23, CSN’s steel volumes are also expected to reach 4,670kt (vs. 4,480kt in 2022), although capex will rise in tandem at R$4.4bn in 2023 before further ramping up to R$5.5-6.5bn/year through FY27. One of the key capex drivers will be the company’s long steel electric arc furnace greenfield project in the U.S., presenting an incremental 350kt/year of capacity by FY26. While the scale of the capex commitment is a concern, incremental cash generation from lower raw materials prices, in addition to demand tailwinds, should help. In particular, the two major global steel markets (U.S. and China) look poised for a better year ahead. In China, the major driver will be the post-COVID reopening, while in the U.S., a potential slowdown (or pause) in rate hikes and easing of supply chain headwinds should boost demand in the key automotive end market. In aggregate, CSN projects the demand side at 14Mt in FY23 – not too ambitious an assumption relative to the 13.7Mt base in FY22. Companhia Siderúrgica Nacional Non-Core Growth Opportunities in Energy and Logistics Beyond the core steel business, CSN aims to drive integration across its business lines to lower costs. Investments into the energy business, for instance, are targeted to increase self-sufficiency and create a more predictable earnings stream over time. Thus far, most of the growth here has been inorganic – recent acquisitions have allowed for a significant expansion in installed capacity to >2GW, while new projects such as UFV Floriano should further add to capacity upon completion (current target is >3.3GW). Successful integration will be key in reducing overall costs and is targeted to yield >R$500m in incremental EBITDA gains across all businesses. Companhia Siderúrgica Nacional Elsewhere, the logistics business will receive a boost from the Transnordestina railroad clearing regulatory hurdles, reinforcing CSN’s verticalization goals. Success here, along with increased international expansion efforts, will help to diversify and reduce the cyclicality of the overall business, potentially re-rating SID stock over time. Balancing Financial Discipline with Shareholder Returns While the focus on growth is positive, investors will also draw comfort from management’s emphasis on financial discipline. The CSN financial framework features two key metrics – maintaining low leverage levels and an attractive capital return. The former will be subject to a ~1x net debt/EBITDA target on a through-cycle basis and an upper limit of ~2x net debt/EBITDA to accommodate M&A and downcycle periods. Achieving the target range seems feasible, in my view, supported by CSN’s structurally strong free cash flow ("FCF") generation. Plus, even with the major LafargeHolcim transaction, the net debt ratio only increased to ~1.7x (trailing-twelve-month).
Seeking Alpha • Nov 08

Companhia Siderurgica Nacional: Brazil's Integrated Industrial Conglomerate Could Be A Steal

Summary With China’s COVID-induced economic shutdown and tight US monetary policy, commodity prices have hit a natural hardtop. Declines in iron ore prices and industrial steel have naturally followed. A new leftist Brazilian government highlights the risks of taking risk on exposure to Latin America’s biggest economy. Changes in China’s Covid policy could provide some serious upside. Macro-economic Overview A progressive reopening of the Chinese economy coupled with Brazilian political reform could spell serious upside for industrial national icon’s like Companhia Siderurgica Nacional (SID). The company’s positioning across steel, mining, logistics and energy positions it extremely well to reap risk adjusted upside as money managers look increasingly towards emerging markets for ameliorated growth prospects. Accordingly, I remain upbeat on the firm. Latin America’s biggest economy- a commodities powerhouse – has historically been the export kingpin for iron ore, oil, coffee, sugar cane or even cattle. In the space of only 20 years, its 213 million strong population, one of the continent’s most diverse, has embarked on a roller coaster ride of politics, corruption scandals, state interventionism, and a liberal markets free-for-all. In fact, centuries of political to-and-fro has been seemingly jammed into solely a couple of decades. Leftists, centrists, and right-leaning political figure heads have all taken a swing at righting some of the country's pressing issues – wealth disparity, crime, education or even healthcare. Yet despite a plethora of socio-economic issues, the country appears to hold its own on the world stage. Its $1.6T economy, which recently posted 3.2% year-on-year economic growth, has received a shot in the arm by a commodities boom. Price increases have remained comparably tame, with annual inflation easing to 7.17% in September 2022, down from 8.73% a month earlier. Only one data point -granted – but that has been the best reading since April 2021. Right now, nothing suggests a commodity focused behemoth like Brazil is about to fall off an economic cliff. Source: Trading Economics Eye-watering inflation has been recently tapering with Brazil’s CPI, food inflation & transportation costs all easing. The wildcard remains the newly elected government. Luiz Inacio Lula da Silva’s slim victory over President Bolsonaro underscores widespread divisiveness ever-present in Brazilian politics. Persuading financial markets that fiscal responsibility is a cornerstone of his political manifesto will be crucial. While Jair Bolsonaro’s pro-market politics may be dead and buried, any interventionist super loose Lula imposed fiscal giveaway may be countered with a swift broadside from global credit markets – just ask Kwasi Kwarteng. The Conference Board The Conference Board Leading Economic Index – detailed research completed in conjunction with Fundacao Getulio Vargas highlights some forward-looking positives for the Brazilian economy. Company Introduction Companhia Siderurgica Nacional is Brazil’s premier integrated steel producer. Present in multiple strategic sectors such as steel, mining, logistics, cement, and energy, the $3.5B Brazilian commodities venture was birthed in the early 1940s during the country’s industrialization. With beefed up industrial assets including plants, mines, an integrated steel mill, port terminals, railway facilities and interests in hydroelectric power generation, its 24,000 employees cover the complete commodities value chain. The firm offers a diverse product range including iron ore, flat steel products, hot rolled, cold rolled coils and sheets, galvanized products, and even structural steel pitched at construction, consumer durables and automotive applications. Companhia Siderurgica Nacional CSN’s industrial footprint includes steel manufacturing assets in Germany, Portugal, and the United States. Simplified Income Statement Since FY 2019, annual sales growth has progressed steadily – from $5.7B in sales FY 2019 to almost $8.6B in FY 2021. Despite China’s recent slowing, a boost in sales has firmly cemented the company’s financial standing. Koyfin Revenues have progressed in line with a bullish commodities environment spurred by Chinese industrial demand. From FY 2020 to FY 2021, operating income has tripled (from $1.095B FY 2020 to $3.2B FY 2021). The company’s $2.1B in FY 2021 net income has translated into net diluted earnings per share of $1.60, a company record. Dividends from CSN make up part of the total return, with the company disbursing $0.38/ share – albeit a yield of circa 5.50%. Analysts have penned in a progressive slowing beyond 2023 as the global economy starts to rollover. Between now and then, the outlook, particularly should China’s policy makers make a U-turn on Covid policy remains resolutely positive. Koyfin Analyst forecasts for EBITDA are bullish despite a progressive slowing of company numbers. Simplified Balance Sheet CSN’s balance sheet remains strong despite a few line-item standouts meriting further investigation. Cash and equivalents remain healthy ($2.9B in FY 2021 up from $270M in FY 2019) with that number suspected to taper as the company deploys capital into operating assets and distributions. Inventory has doubled (from $927M in FY 2020 to $1.9B in FY 2021), justifying further scrutiny to determine if sizable stock increases are a sign of a long-term slowing in demand or a product of supply chain bottlenecking. Receivables have held at around $500M over the past couple of years, with improvements made in extending cash outflows through a ~$200M increase in payables (from $900M in FY 2020 to $1.1B in FY 2021). Current liabilities had ballooned, mainly through adjustments to taxes payable and unearned revenues but now appear to be pointing in the right direction. Long term debt has held between ~$5B and ~6B over last few years, creating an interest expense of ~$400M in FY 2021. Goodwill has downsized through annual testing and impairment recognition, reducing from $668M in FY 2021 and providing relief that some of the accounting skeletons have already been pulled out of the closet. All in, there are no big accounting items in the balance sheet that should be scaring investors presently. Simplified Cash Flow Statement Big income tax charges have taken some of the shine of CSN’s cash flow statements. A $400M charge in Q1 2022 along with sizable reductions in receivables saw the company print -$810M in operating cash flow. Since then, the Brazilian steel venture has posted between ~$500M and ~$600M in operating cash flow over the past 3 quarters. Capex has figured meaningfully in cash flow from investing with the company putting roughly $150M per quarter into plant, property, and equipment. Cash acquisitions ($884M in Q3 2022 penned in to acquire LafargeHolcim’s cement assets) also are an important standout not only for company strategy but also for investing cash flows. Recourse to credit markets to partly fund strategic acquisitions and payoff maturing debt are highlights in cash flows from investing. Over the last 12 months, CSN has issued ~$3.3B, paid-off ~$1.9B, bought back circa $600M of stock and handed out $234M in dividends. Valuation & Risk CSN trades at a NTW price to earnings ratio of 5.7X. Price to sales over the next 12 months trades at a rock-bottom 0.4x with EV/EBITDA expected to print around 3.7X.
Seeking Alpha • Oct 31

Companhia Siderurgica Q3 2022 Earnings Preview

Companhia Siderurgica (NYSE:SID) is scheduled to announce Q3 earnings results on Tuesday, November 1st, before market open. The consensus EPS Estimate is $0.12 and the consensus Revenue Estimate is $2.01B Over the last 3 months, EPS estimates have seen 0 upward revisions and 2 downward. Revenue estimates have seen 1 upward revision and 1 downward.
Seeking Alpha • Jul 27

Companhia Siderurgica Nacional: A High-Yield Bullish Case Made Of Steel

SID has been beaten down amid the correction in steel prices and broader macro headwinds. Despite the challenging operating environment, we highlight overall solid fundamentals, including a strong long-term growth outlook. We like the stock for its high-yield dividend with significant upside in the share price as market conditions rebound. Companhia Siderurgica Nacional (SID) is a Brazil-based steel producer with a vertically integrated operation that includes iron ore mining and the manufacturing of value-added steel products. The attraction here is the company's profile as a low-cost producer backed by world-class assets. Income investors will also be attracted to the company's generous dividends which we estimate to yield over 7% on a forward basis. That being said, the stock price performance has been disappointing including the deep selloff in 2022 against a variety of macro headwinds. Part of the challenge is that SID generates more than half of its sales in the domestic market while the local Brazilian currency has depreciated significantly over the past several years. Still, we highlight what are overall solid fundamentals including a trend of balance sheet deleveraging and stronger growth as the company expands its mining production. We like the stock as a materials sector value play which is well-positioned to rebound into what we see as an improving outlook. SID Key Metrics The company last reported its Q1 results back in May with net revenue of BRL 11.8 billion, representing approximately $2.1 billion at an exchange rate of BRL 5.5 per USD. Higher market prices for steel and iron ore during the quarter balanced a 12% decline in steel sales volume while iron ore sales were 16% lower. Management explains that during the quarter, historically heavy rains in its operating region of Southern Brazil disrupted production. The impact was also felt through higher costs including on the logistics side leading to a 22% decline in the gross profit. From there, adjusted EBITDA of BRL 4.7 billion, declined by 19% from Q1 2021. The takeaway here is that despite operational setbacks, the underlying business remains profitable considering Q1 net income of BRL 1.4 billion or around $250 million. The expectation is for production to normalize through the second half of the year. We mentioned the trend of deleveraging which is confirmed as SID ended the quarter with a net debt to an adjusted EBITDA leverage ratio of 0.9x, down from 1.3x in Q1 2021 and levels near 4x as recently as 2019. source: company IR Companhia Siderurgica Nacional maintains a dividend policy to distribute between 80% to 100% of net income on an annual basis. The variable payout means the actual amount and timing to shareholders is unknown and simply at the discretion of the board of directors. Since 2019, the company has made between two and three distributions per year in Brazilian Reais and ultimately translated into USD at the prevailing exchange rate for ADR holders. Seeking Alpha The current dividend yield is listed at 15% although this captures an exceptionally large payment in Q3 of 2021. While it's difficult to estimate the per-share amount of dividends to be distributed in the year ahead, we estimate a net yield for ADR shareholders of at least 7%. This considers softer earnings for the full year 2022 compared to 2021 based on lower commodity prices thus far and including the mixed trends in Q1. Data by YCharts What's The Outlook For SID? It's been a difficult period for the broader materials sector. From the strong global growth enthusiasm for much of 2021 during the early stages of the post-pandemic recovery, the story this year has been the deteriorating economic environment pressured by record inflation worldwide, rising interest rates, and the impact of the stronger U.S. Dollar. Separately, weaker trends out of China including a strict Covid lockdown during Q2 have also weighed on global trade activity. These factors have driven a correction and extreme volatility in various market segments including industrial commodities. Benchmark prices for iron ore and steel have corrected sharply over the last several months, and are now trading down to 2020 levels. source: Trading Economics A bullish case for SID is largely going to require the macro setup to cooperate. On that point, we argue that the selloff has already priced in many of the near-term headwinds with the potential for an improving narrative going forward supporting a rebound in not only metals prices but also related equities. With the Fed's latest rate hike, a scenario that could develop is a sense that we have reached "peak hawkishness" as it relates to monetary policy in the U.S. Indications that inflation is peaking, considering the correction in commodities including energy along with normalizing supply chain conditions for various industries may provide some flexibility for the pace of rate hikes to slow which would, in turn, support a new boost of confidence that the global economy will find its footing. A pullback in the Dollar would be positive for emerging markets like Brazil and generally more positive risk sentiment. As it relates to SID, the company has exposure to various industries including automotive, construction, and manufacturing that are poised to recover as economic conditions stabilize. Putting it all together, the call here is that steel and iron ore prices will find a bottom supporting stronger operating and earnings trends going forward. source: company IR In terms of valuation, SID trading at an EV to forward EBITDA multiple of 2.4x is not necessarily the "cheapest" steel stock in the world, but screens well relative to a peer group from names like South Korea's POSCO Holdings Inc (PKX), Steel Dynamics Inc (STLD), and Cleveland-Cliffs Inc (CLF) which trade at a premium by the same metric. Keep in mind that the current consensus EBITDA for SID this year includes the softer Q1 results and can rebound into 2023. source: YCharts The reason we like SID is the combination of its short-term operational leverage and long-term growth outlook. One of the initiatives the company is moving forward with is an expansion of its mining facilities set to nearly double production from 2021 levels by 2026 and triple total output by 2021. Management explains that after the project, Companhia Siderurgica Nacional will stand among the top-5 largest iron ore producers in the world with significant synergies for its steel capacity.
Seeking Alpha • Jan 13

Companhia Siderurgica Nacional: Investor Day Marks A Timely Return To Growth

CSN appears to have turned a corner following years of deleveraging, highlighting a compelling growth strategy at its investor day. Helped by a rich pipeline and a more robust steel outlook, CSN looks set to outperform in the years ahead. CSN’s ESG leadership within the steel and cement industries should also justify a sustainability premium going forward. With shares down to near-trough valuations, I see plenty of room for a re-rating over time.
Seeking Alpha • Sep 23

Companhia Siderúrgica Nacional: LafargeHolcim Acquisition Represents Another Positive Step

CSN, through its subsidiary CSN Cimentos, recently announced a $1.0 billion acquisition of LafargeHolcim's assets in Brazil. The deal represents another key step in CSN's longer-term expansion plan to become a major low-cost cement player. The valuation is compelling as well, although the regulatory risk is worth monitoring in the coming months. Yet, shares continue to trade at a discounted valuation multiple, which seems unjustified at this point in the cycle.
Seeking Alpha • Jul 08

CSN: Value Creation Journey Continues With Latest Cement Acquisitions

Shortly after approving the IPO of its cement business, CSN has announced the acquisition of incremental cement capacity through Elizabeth Cimentos and Elizabeth Mineração. The acquisitions add clear strategic benefits and post-synergies, come at a very attractive price. With the balance sheet repair underway and a capital return story unfolding, shares appear undervalued at current levels.

Shareholder Returns

SIDUS Metals and MiningUS Market
7D-1.7%-0.4%0.6%
1Y-32.4%64.8%20.1%

Return vs Industry: SID underperformed the US Metals and Mining industry which returned 64.8% over the past year.

Return vs Market: SID underperformed the US Market which returned 20.1% over the past year.

Price Volatility

Is SID's price volatile compared to industry and market?
SID volatility
SID Average Weekly Movement8.6%
Metals and Mining Industry Average Movement10.1%
Market Average Movement7.1%
10% most volatile stocks in US Market16.3%
10% least volatile stocks in US Market3.1%

Stable Share Price: SID has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: SID's weekly volatility (9%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
194129,000Benjamin Steinbruchwww.csn.com.br

Companhia Siderúrgica Nacional, together with its subsidiaries, operates as an integrated steel producer in Brazil and internationally. It operates through five segments: Steel Industry, Mining, Logistics, Energy, and Cement. The Steel Segment offers produce and sells of flat and long steel.

Companhia Siderúrgica Nacional Fundamentals Summary

How do Companhia Siderúrgica Nacional's earnings and revenue compare to its market cap?
SID fundamental statistics
Market capUS$1.14b
Earnings (TTM)-US$503.09m
Revenue (TTM)US$8.64b
0.1x
P/S Ratio
-2.3x
P/E Ratio

Is SID overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
SID income statement (TTM)
RevenueR$45.11b
Cost of RevenueR$33.14b
Gross ProfitR$11.97b
Other ExpensesR$14.59b
Earnings-R$2.63b

Last Reported Earnings

Jun 30, 2026

Next Earnings Date

Nov 10, 2026

Earnings per share (EPS)-1.98
Gross Margin26.53%
Net Profit Margin-5.82%
Debt/Equity Ratio350.2%

How did SID perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/17 08:07
End of Day Share Price 2026/08/14 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Companhia Siderúrgica Nacional is covered by 22 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Leonardo CorreaBarclays
Mary Cleia da SilvaBB Banco de Investimento S.A.
Caio RibeiroBofA Global Research