Companhia Siderúrgica Nacional (SID) announced its Q2 2025 earnings on August 1, 2025, reporting a consolidated EBITDA of BRL 2.6 billion, a 5% increase quarter-on-quarter, with a margin expansion to 23.5%. The steel segment's EBITDA surged by 79% year-on-year, reaching a 10.8% margin, driven by a focus on value over volume.
The company demonstrated significant progress in debt management, reducing its gross debt by BRL 2.1 billion in Q2 2025, contributing to a BRL 5.7 billion reduction for the year. This led to a decrease in the Net Debt/EBITDA leverage from 3.33x in Q1 2025 to 3.24x in Q2 2025.
CSN also completed the sale of 35.19 million common shares and 27.34 million preferred shares of Usiminas on July 31, 2025, reducing its ownership to 7.92% of total share capital. This divestiture provides additional liquidity and aligns with the company's capital recycling strategy.
The cement segment showed resilience with an 8% quarterly growth in sales volume and a 10% expansion in net revenue, achieving a 24% EBITDA margin. The logistics segment recorded a new EBITDA record of BRL 519 million with a 44.1% margin, benefiting from strong rail performance and the Tora acquisition.
Despite a 36% quarter-on-quarter drop in mining EBITDA due to iron ore price corrections, the segment maintained a competitive cash cost of less than $21 per ton. The energy segment delivered extraordinary results, with EBITDA fivefold higher than the same period in 2024 due to increased prices.
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