NATIONAL STEEL Business Summary

National Steel Co (CSN) operates as a vertically integrated industrial conglomerate, generating revenue through five core segments: Steel, Mining, Logistics, Cement, and Energy. Its business model is anchored by self-sufficiency in raw materials, utilizing its own high-grade iron ore mines and a proprietary logistics network of railways and port terminals to drive a low-cost production structure. As of March 2026, the company is implementing an aggressive R$15–18 billion divestment program targeting its cement and infrastructure assets to address high leverage and refocus on its most synergistic steel and mining operations. CSN competes directly with Gerdau, Usiminas, and ArcelorMittal in the steel sector, and Vale in the iron ore market, distinguishing itself as Brazil’s most integrated producer despite current macroeconomic pressures from high interest rates and Chinese imports. Established in 1941 by President Getúlio Vargas and privatized in 1993, CSN is led by long-time Chairman and CEO Benjamin Steinbruch, whose family holding, Vicunha Aços, maintains controlling interest. The executive leadership was recently reinforced in December 2025 with the appointments of Augusto César Ferreira Lara as Executive Director of Steel Production and Tufi Daher Filho as Executive Director of Infrastructure and Logistics, joining Chief Financial and Investor Relations Officer Antonio Marco Campos Rabello. The board of directors, which includes figures such as Ricardo Steinbruch, oversees a strategic pivot toward deleveraging and industrial modernization. Notable institutional investors include BlackRock, while the company maintains a critical strategic relationship with the Brazilian Development Bank (BNDES) for its ongoing decarbonization and plant modernization initiatives in Volta Redonda.