CSN's €550 million German mill deal equals about 8% of net debt

CSN is a Brazilian group with five businesses: steel, mining, cement, logistics and energy. [C26][C26] First-quarter discussion and analysis, segmentsWe maintain integrated operations in five business segments: steel, mining, cement, logistics, and energy.CSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm In the second quarter it had sales of R$11.3 billion and adjusted EBITDA of R$2.77 billion, yet lost R$773.1 million. [C34][C34] Second-quarter release, consolidated resultsIn 2Q26, Net Revenue reached R$11,306.2 millionCSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C35][C35] Second-quarter release, adjusted EBITDAAdjusted EBITDA reached R$2,772.6 million in 2Q26CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C36][C36] Second-quarter release, consolidated resultsIn 2Q26, CSN reported a Net Loss of R$773.1 millionCSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm Its adjusted EBITDA also adds back other operating costs. It swaps income from part-owned companies for its share of their EBITDA, mainly 37.49% of the MRS railway, worth R$1,366.0 million in 2025. [C41][C41] Second-quarter release, adjusted EBITDA footnoteThe Company reports adjusted EBITDA excluding equity income and other operating income (expenses), as it believes these items should not be considered in the calculation of recurring operating cash generation.CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C41b][C41b] Second-quarter release, highlights definitionsAdjusted EBITDA is calculated based on net income (loss), plus depreciation and amortization, income taxes, net financial result, equity income, other operating income/expensesCSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C41c][C41c] Second-quarter release, highlights definitionsincludes the proportional consolidation of 37.49% of the EBITDA of jointly controlled subsidiary MRSCSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C75][C75] Segment table, year ended December 31, 2025 (millions of reais)Proportionate EBITDA of MRS - - - - - - - 1,366.0 1,366.0CSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm [C76][C76] Segment table footnote 1Railway logistics in our segment break-down includes our investee MRSCSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm

The Steinbruch family controls CSN through Vicunha Aços, which holds 41.66% of the voting shares. [C23][C23] Note 24.a, transactions with holding companiesVicunha Aços S.A. is the Company's controlling shareholder, with a 41.66% interest in its voting capital.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C23b][C23b] Item 6E, share ownershipby virtue of the Steinbruch family's indirect majority ownership interest in those entities.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm Benjamin Steinbruch, chief executive since 2002, became chairman in September. [C63b][C63b] Material fact, management changeits Board of Directors has approved today the election of Mr. Benjamin Steinbruch to the position of Chairman of the Board of Directors of CSN.CSN Form 6-K material fact on the new chief executive, filed September 3, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004460/sid20260902_6k.htm [C64b][C64b] Director biographies, Benjamin Steinbruchhe served as Chief Executive Officer of the Company from April 30, 2002 to September 2, 2026.CSN Form 6-K listing directors and executive officers, filed September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004556/sid20260914_6k.htm Fabio Schvartsman, a former head of Vale, took over as chief executive on September 3. [C63][C63] Material fact, management changeStarting September 3, 2026, Mr. Fabio Schvartsman will assume the position of Chief Executive Officer (CEO) of the Company.CSN Form 6-K material fact on the new chief executive, filed September 3, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004460/sid20260902_6k.htm [C64][C64] Executive biographies, Fabio SchvartsmanPreviously, he served as Chief Executive Officer of Vale S.A. from May 2017 to February 2019CSN Form 6-K listing directors and executive officers, filed September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004556/sid20260914_6k.htm

In New York, CSN's shares trade under the ticker SID, and each one equals one common share. [C22][C22] Item 9A, offer and listing detailseach ADS represents one common share.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm On August 13, the New York Stock Exchange warned that SID had averaged under $1.00 for 30 trading days. [C59][C59] Notice to the marketon August 13, 2026, it received a non-compliance notification letterCSN Form 6-K notice on the New York Stock Exchange minimum price letter, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004538/sid20260911_6k.htm [C60][C60] Notice to the marketwas less than $1.00 per ADS over a consecutive 30-trading-day period.CSN Form 6-K notice on the New York Stock Exchange minimum price letter, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004538/sid20260911_6k.htm CSN has six months to fix that, and in September it said the price was back above $1.00. [C61][C61] Notice to the marketthe Company has a period of six months from the receipt of the notice to regain compliance with the minimum share price requirementCSN Form 6-K notice on the New York Stock Exchange minimum price letter, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004538/sid20260911_6k.htm [C62][C62] Notice to the marketcurrently trading above the US$1.00 minimum threshold.CSN Form 6-K notice on the New York Stock Exchange minimum price letter, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004538/sid20260911_6k.htm

On January 15, 2026, CSN launched a plan to sell major assets and cut debt by R$15 billion to R$18 billion. The plan named a controlling stake in cement, a minority stake in infrastructure and partners for steel. [C18][C18] Item 4A, history and developmentOn January 15, 2026, we announced a series of strategic initiatives aimed at improving our liquidity position, optimizing our capital structure and reorganizing our business portfolio, or our Divestment Plan. Our Divestment Plan contemplates, among other things, (i) a potential sale of a controlling interest in our cement segment, (ii) a sale of a minority interest in our infrastructure segment and (iii) the pursuit of strategic partnerships for the development of our steel segmentCSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C17][C17] Note 36, subsequent events, structured asset disposalthrough the sale of important assets with the objective of deleveraging between R$15 billion and R$18 billion.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm Reuters said the shares first rose as much as 4.9% that day, then fell 5%. It said the plan was part of a goal to double core earnings in eight years. [W04][W04] Article bodySao Paulo-traded shares of the company rose as much as 4.9% after the announcement, but later reversed course to trade down 5%reuters.com · Read October 10, 2026Open source ↗https://www.reuters.com/world/americas/brazils-csn-plans-major-asset-sales-cut-debt-2026-01-15/ [W05][W05] Article bodyas part of a broader goal of doubling its core earnings over eight years.reuters.com · Read October 10, 2026Open source ↗https://www.reuters.com/world/americas/brazils-csn-plans-major-asset-sales-cut-debt-2026-01-15/

Rating firms then cut CSN's credit grades further. S&P moved it to B+ with a negative outlook, and Moody's cut it to B2. [C19][C19] Item 4A, recent developments, credit ratingsOn January 19, 2026, S&P Global Ratings lowered our global scale rating to B+ from BB- and maintained a negative outlook.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C20][C20] Item 4A, recent developments, credit ratingsOn February 19, 2026, Moody's Ratings downgraded our long-term foreign and local currency issuer default ratings to B2 from Ba3CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm In April, a CSN unit took a five-year, $1.2 billion secured bridge loan. It pays a floating base rate plus 6.0%, and the rate can step up. [C21b][C21b] Item 4A, recent developments, bridge loanOn April 13, 2026, CSN Inova Ventures, as borrower, entered into a new senior secured syndicated credit facility, or the Bridge Loan Facility, guaranteed by CSN and CSN Cimentos. The Bridge Loan Facility is for an aggregate principal amount of US$1.2 billionCSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C21][C21] Item 4A, recent developments, bridge loanbears interest initially at a rate equal to SOFR plus 6.0% per annum, subject to step-up provisions that may increase the applicable rate upon the occurrence of certain events, and has a final maturity of five years.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm CSN said the loan brings forward part of the expected sale money, with the cement business as its main collateral. [C69][C69] First-quarter release, indebtednessThe facility has a five-year term and is intended to anticipate part of the proceeds expected from the asset sale program, with the cement operation serving as the main collateral for the transaction.CSN Form 6-K first-quarter 2026 earnings release, filed May 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003025/sidpr1q26_6k.htm

In August, holders swapped $1,007.3 million of 6.75% notes due 2028. In return they got $698.3 million of new 11% notes due 2030, plus $255.7 million in cash. [C54][C54] Material fact, exchange offer results table6.750% Senior Notes due 2028 Rule 144A: 12642KAB0 / US12642KAB08 Regulation S: G2583X AB7 / USG2583XAB76 US$1,300,000,000.00 US$1,007,324,000 US$255,709,197.40 US$698,330,000CSN Form 6-K material fact on final exchange offer results, filed August 11, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004188/sid20260811_6k1.htm [C55][C55] Material fact, exchange offer termsdenominated 11.00% Notes due 2030CSN Form 6-K material fact on final exchange offer results, filed August 11, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004188/sid20260811_6k1.htm In April, Reuters reported that the cement unit alone could fetch over 10 billion reais, citing two people. [W06][W06] Article bodyfetch over 10 billion reais ($2 billion), according to two peoplereuters.com · Read October 10, 2026Open source ↗https://www.reuters.com/legal/transactional/brazilian-steelmaker-csn-pushes-ahead-with-cement-unit-sale-2026-04-14/

SWT is in Unterwellenborn, Germany, and makes steel beams. Its electric furnace is rated at 1,100,000 tonnes a year. [C3][C3] Material fact, description of SWTSWT is a long steel producer located in Unterwellenborn, Germany, specializing in structural sections, with an installed production capacity of 1.1 million metric tons of steel per year. It was acquired by CSN in 2012 to diversify its product portfolio and geographic footprint and strengthen its long steel segment.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C14][C14] Item 4B, SWT capacity tableEAF - Electric Arc Furnace 1,100,000 1 furnaceCSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm In 2025 it made 755,000 tonnes of raw steel, or 68.6% of that rating. [C13][C13] Item 4B, SWT production table (thousands of tons)Beam blank (crude steel) 764 827 755CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C14][C14] Item 4B, SWT capacity tableEAF - Electric Arc Furnace 1,100,000 1 furnaceCSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm About 30% of its sales go to German buyers and about 60% elsewhere, mostly in Europe. [C11][C11] Item 4B, marketing of long steelOur long steel products are sold by SWT both in Germany (approximately 30%) and other countries, mainly in Europe (approximately 60%)CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm

SWT's natural gas prices rose 49% in 2025 and stayed well above pre-crisis levels. [C12][C12] Item 4B, SWT energyIn 2025, SWT's electricity supply prices were 4% higher than in 2024, while natural gas prices were 49% higher than in 2024.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C12b][C12b] Item 4B, SWT energyBoth remained significantly higher than pre-energy crisis levels, which began with the conflict between Russia and Ukraine.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm Still, CSN's annual report says SWT ended the year with gas only 2.5% above budget and electricity 4.5% below it. [C12c][C12c] Item 4B, SWT energyNotwithstanding these conditions, SWT ended 2025 with a natural gas price only 2.5% above the budgeted figure and an electricity price 4.5% lower than the budgeted amount.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm

On September 29, CSN cut its 2026 iron ore volume goal by 6 million tonnes, to a range of 39 to 41 million. It blamed weaker markets and higher freight costs. [C65][C65] Material fact, guidance revision (i)Revision of the 2026 production and third-party ore purchase volume guidance from a range of 45.0-47.0 Mt to a range of 39.0-41.0 Mt.CSN Form 6-K material fact cutting 2026 iron ore guidance, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004734/sid20260929_6k.htm [C67][C67] Material fact, reason for cutThe decision reflects more challenging market conditions, including pressure from higher freight costs.CSN Form 6-K material fact cutting 2026 iron ore guidance, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004734/sid20260929_6k.htm It also raised its unit cash cost goal to $25.0 to $26.0 a tonne. [C66][C66] Material fact, guidance revision (ii)Revision of the 2026 C1 cash cost guidance from a range of US$22.0/ton to US$23.5/ton to a range of US$25.0/ton to US$26.0/ton.CSN Form 6-K material fact cutting 2026 iron ore guidance, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004734/sid20260929_6k.htm

Steel markets are mixed. In Brazil, antidumping duties, which are extra taxes on unfairly cheap imports, cut imports and lifted CSN's steel sales. [C46][C46] Second-quarter release, steel salesThis growth directly reflects the antidumping measures implemented in the Brazilian marketCSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm In Europe, the old safeguard, a temporary limit on steel imports, was set to give way to a new trade measure from July 2026. [C25][C25] Item 3D, risk factors, trade measuresthe current safeguard measure is expected to be replaced by a new steel trade measure from July 2026, subject to completion of the EU legislative process.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm

The October 9 term sheet covers the sale of all of SWT's shares. The sellers are CSN and its Spanish unit, CSN Steel S.L., which holds CSN's European assets. [C6b][C6b] Material fact, purpose of term sheetThe purpose of the Term Sheet is to set forth the key terms and conditions regarding the sale of all shares issued by StahlwerkCSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C6c][C6c] Material fact, partiesits wholly-owned subsidiary CSN Steel S.L., a Spanish company that holds the Company's operating assets in EuropeCSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C8][C8] Signature blockDate: October 9, 2026CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm Because SWT sits under that Spanish holding company, the money may land there first. The bridge loan limits dividends and other payouts by CSN and some of its units. No filing says how, or at what tax cost, the cash would reach the parent. [C72][C72] Financial statements, note on subsidiaries, SWTSWT is an indirect subsidiary of CSN Steel S.L.U., a wholly owned subsidiary of CSN.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C6c][C6c] Material fact, partiesits wholly-owned subsidiary CSN Steel S.L., a Spanish company that holds the Company's operating assets in EuropeCSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C28][C28] Certain restrictive debt instruments, bridge loanrestrictions on the ability to declare or pay dividends, make other distributions, make investments and incur indebtedness, as well as financial covenants, including certain financial ratios tested on a periodic basisCSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm [C28b][C28b] Certain restrictive debt instruments, bridge loanPursuant to the Bridge Loan Facility, CSN Inova Ventures, CSN, CSN Cimentos and certain of CSN's subsidiaries are subject to certain restrictionsCSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm

The buyer is Bipadosa S.L., the parent of Megasa. Megasa is a Spanish long-steel group with plants in Spain, Portugal and France. [C6][C6] Material fact, partieswith Bipadosa S.L., the holding company of the Megasa groupCSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C5][C5] Material fact, description of MegasaMegasa is a long-established Spanish industrial group operating in the European steel industry, with a focus on long steel products. It has industrial operations in Spain, Portugal and France.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm CSN said the deal followed long talks and called it another step in its plan to cut debt. [C7][C7] Material fact, openingfollowing a long negotiation periodCSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C4][C4] Material fact, purposeThe potential sale of SWT represents another important step in CSN's divestment program aimed at reducing its current leverage.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm

Megasa gets up to 10 weeks of exclusive talks at a €550 million enterprise value, subject to adjustments. The two sides still must sign final contracts with the usual closing conditions. [C1][C1] Material fact, terms paragraphThe Term Sheet provides for an exclusivity period of up to 10 weeks and an enterprise value of €550 million, subject to adjustments.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C2][C2] Material fact, terms paragraphIt also provides for the execution of definitive agreements governing the closing of the Transaction and reflecting certain principal terms of the Term Sheet, including customary conditions precedent for transactions of this nature.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm The cash paid for the shares can be lower once SWT's debt and other items come out. At Federal Reserve rates released October 5, €550 million is about $619 million, or about R$3.2 billion. That is about 8% of CSN's R$42.1 billion in adjusted net debt at June 30. It is also 18% to 22% of the debt-cut goal. [W00][W00] H.10 release headerRelease Date: October 5, 2026federalreserve.gov · Read October 10, 2026Open source ↗https://www.federalreserve.gov/releases/h10/current/?cxd=36297_413305&refid=36297 [W01][W01] H.10 table, Brazil row| BRAZIL | REAL | 5.2198 | 5.2323 | 5.1818 | 5.2329 | 5.2222 |federalreserve.gov · Read October 10, 2026Open source ↗https://www.federalreserve.gov/releases/h10/current/?cxd=36297_413305&refid=36297 [W02][W02] H.10 table, euro row| *EMU MEMBERS | EURO | 1.1367 | 1.1336 | 1.1345 | 1.1232 | 1.1259 |federalreserve.gov · Read October 10, 2026Open source ↗https://www.federalreserve.gov/releases/h10/current/?cxd=36297_413305&refid=36297 [W03][W03] H.10 table footnote* U.S. dollars per currency unit.federalreserve.gov · Read October 10, 2026Open source ↗https://www.federalreserve.gov/releases/h10/current/?cxd=36297_413305&refid=36297 [C1][C1] Material fact, terms paragraphThe Term Sheet provides for an exclusivity period of up to 10 weeks and an enterprise value of €550 million, subject to adjustments.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C37][C37] Second-quarter release, indebtednessAs of June 30, 2026, consolidated net debt reached R$42,138.2 million, with the leverage ratio, measured as Net Debt/LTM EBITDA, standing at 3.49x.CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C17][C17] Note 36, subsequent events, structured asset disposalthrough the sale of important assets with the objective of deleveraging between R$15 billion and R$18 billion.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm

CSN has 1,326,093,947 shares, and SID closed at $1.23 on October 8. That makes CSN worth roughly $1.63 billion. [C24][C24] Item 7, major shareholders tableTotal 1,326,093,947 100.00%CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C22][C22] Item 9A, offer and listing detailseach ADS represents one common share.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [P04][P04] IEX closeSID closed at $1.23 on October 8, 2026 (IEX)IEX closing prices for SIDOpen source ↗https://iextrading.com/trading/market-data/ Per tonne of furnace capacity, the price is about €500. [C1][C1] Material fact, terms paragraphThe Term Sheet provides for an exclusivity period of up to 10 weeks and an enterprise value of €550 million, subject to adjustments.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C14][C14] Item 4B, SWT capacity tableEAF - Electric Arc Furnace 1,100,000 1 furnaceCSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm

Megasa would get a German beam mill with its own 28-kilometer railway and customers across Europe. CSN would get the price after adjustments but give up the maker of 69.4% of its 2025 long-steel sales. [C10b][C10b] Item 4B, SWT long steel millSWT possesses a 28 km internal railway systemCSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C11][C11] Item 4B, marketing of long steelOur long steel products are sold by SWT both in Germany (approximately 30%) and other countries, mainly in Europe (approximately 60%)CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C1][C1] Material fact, terms paragraphThe Term Sheet provides for an exclusivity period of up to 10 weeks and an enterprise value of €550 million, subject to adjustments.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C9][C9] Item 4B, competitive strengthsIn 2025, SWT accounted for 69.4% of our total long steel sales, representing 651 thousand tons.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm Last quarter SWT sold 205,000 tonnes, its best quarter in years. That was most of the 357,000 tonnes CSN sold abroad. [C44][C44] Second-quarter release, steel salesThe result was mainly driven by sales abroad through the subsidiaries SWT, which reached 205 thousand tons, its best performance since 1Q22CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C70][C70] Second-quarter release, steel salestotaling 357 thousand tons in 2Q26CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm No filing gives SWT's sales in money, its EBITDA or its debt, so the earnings CSN gives up are unknown. Goodwill is the extra paid over asset values when buying a company. CSN carries R$454.2 million of goodwill and brand value for long steel. [C15][C15] Note 12.a, goodwill impairment test table (goodwill, trademarks, total, thousands of reais)Long steel (2) Steel 235,595 235,595 218,614 217,538 454,209 453,133CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm That figure comes from buying both SWT and Gallardo Sections in 2012. So SWT's own share, and any book gain or loss, cannot be judged yet. [C16][C16] Note 12.a, footnote 2 to the long steel rowAcquisition of Stahlwerk Thuringen GmbH ("SWT") and Gallardo Sections in 2012 by CSNCSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C15][C15] Note 12.a, goodwill impairment test table (goodwill, trademarks, total, thousands of reais)Long steel (2) Steel 235,595 235,595 218,614 217,538 454,209 453,133CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm

CSN held R$15.4 billion in cash at June 30. It said that was enough for its short-term debts. [C38][C38] Second-quarter release, indebtednessending the quarter with R$15.4 billion, an amount sufficient to cover its short-term financial obligations.CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm Debt due in the rest of 2026 and in 2027 came to R$13.1 billion. Another R$11.1 billion was due in 2028. Total borrowing was R$53.4 billion. [C51][C51] Note 12.b, debt maturities at June 30, 2026, consolidated (thousands of reais)2026 3,561,630 1,896,553 5,458,183 1,556,860 1,467,036 3,023,896 2027 4,272,431 3,402,494 7,674,925 1,951,625 2,680,176 4,631,801 2028 8,724,790 2,346,936 11,071,726CSN Form 6-K second-quarter 2026 interim financial statements, filed August 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004375/siditr2q26_6k.htm [C51b][C51b] Note 12.a, changes in borrowings (thousands of reais)Closing balance 53,365,560 52,924,547CSN Form 6-K second-quarter 2026 interim financial statements, filed August 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004375/siditr2q26_6k.htm The August swap pushed most of the 2028 notes out to 2030. About $292.7 million of them are still left. In April, CSN also repaid $189.9 million of notes that came due. [C54][C54] Material fact, exchange offer results table6.750% Senior Notes due 2028 Rule 144A: 12642KAB0 / US12642KAB08 Regulation S: G2583X AB7 / USG2583XAB76 US$1,300,000,000.00 US$1,007,324,000 US$255,709,197.40 US$698,330,000CSN Form 6-K material fact on final exchange offer results, filed August 11, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004188/sid20260811_6k1.htm [C68][C68] Note 32, subsequent eventsOn April 17, 2026, the Company fully redeemed the 2026 Senior Unsecured Notes, which matured on that date, in the amount of US$189.9 million.CSN Form 6-K first-quarter 2026 interim financial statements, filed May 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003249/siditr1q26_6k.htm

CSN says it meets its loan terms. Some lenders can demand early payment if debt hits set levels against EBITDA, which the filings do not give. [C52][C52] Note 12, covenantsAs of the present date, the Company has performed its financial and non-financial obligations (covenants) under existing contracts.CSN Form 6-K second-quarter 2026 interim financial statements, filed August 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004375/siditr2q26_6k.htm [C53][C53] Note 12, covenantsdeclaration of advance maturity if the net debt to EBITDA indicator reaches the levels specified in these contracts.CSN Form 6-K second-quarter 2026 interim financial statements, filed August 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004375/siditr2q26_6k.htm The bridge loan limits dividends, new debt and investments, and it has regular ratio tests. [C28][C28] Certain restrictive debt instruments, bridge loanrestrictions on the ability to declare or pay dividends, make other distributions, make investments and incur indebtedness, as well as financial covenants, including certain financial ratios tested on a periodic basisCSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm In the second quarter, adjusted EBITDA covered the R$1,843.0 million net financial cost about 1.5 times. That cost includes currency swings. [C35][C35] Second-quarter release, adjusted EBITDAAdjusted EBITDA reached R$2,772.6 million in 2Q26CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C43][C43] Second-quarter release, consolidated resultsThe Financial Result was negative by R$1,843.0 million in 2Q26CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm

If all R$3.2 billion went to debt, net debt would fall to about R$38.9 billion. But SWT's EBITDA would leave too, so the change in the debt ratio is unknown. [C37][C37] Second-quarter release, indebtednessAs of June 30, 2026, consolidated net debt reached R$42,138.2 million, with the leverage ratio, measured as Net Debt/LTM EBITDA, standing at 3.49x.CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C1][C1] Material fact, terms paragraphThe Term Sheet provides for an exclusivity period of up to 10 weeks and an enterprise value of €550 million, subject to adjustments.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [W01][W01] H.10 table, Brazil row| BRAZIL | REAL | 5.2198 | 5.2323 | 5.1818 | 5.2329 | 5.2222 |federalreserve.gov · Read October 10, 2026Open source ↗https://www.federalreserve.gov/releases/h10/current/?cxd=36297_413305&refid=36297 [W02][W02] H.10 table, euro row| *EMU MEMBERS | EURO | 1.1367 | 1.1336 | 1.1345 | 1.1232 | 1.1259 |federalreserve.gov · Read October 10, 2026Open source ↗https://www.federalreserve.gov/releases/h10/current/?cxd=36297_413305&refid=36297

CSN's profit figures need care. Adjusted EBITDA leaves out other operating costs, which were R$660.4 million in the second quarter. [C41][C41] Second-quarter release, adjusted EBITDA footnoteThe Company reports adjusted EBITDA excluding equity income and other operating income (expenses), as it believes these items should not be considered in the calculation of recurring operating cash generation.CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C42][C42] Second-quarter release, consolidated resultsThe Other Operating Income and Expenses line was negative by R$660.4 million in 2Q26CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm Free cash flow is the cash a business makes after paying for investment. CSN's was R$808.1 million that quarter. [C39][C39] Second-quarter release, free cash flowFree Cash Flow was positive by R$808.1 million in 2Q26CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm CSN said it freed up working capital, the cash tied up in stock and unpaid bills. Money raised in the period, mainly the bridge loan, also helped. [C40][C40] Second-quarter release, free cash flowThis performance reflects the combination of solid operating performance, working capital release and funding transactions completed during the period, mainly related to the bridge loan.CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm In 2025, adjusted EBITDA was R$11.8 billion. Operating profit plus asset charges was only about R$8.8 billion. [C31][C31] Segment table, year ended December 31, 2025Adjusted EBITDA (2) 2,194.2 6,309.1 93.8 1,593.9 245.4 255.4 1,290.0 (186.5) 11,795.4CSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm [C32][C32] Segment table, year ended December 31, 2025Operating result before financial income and taxes (409.5) 4,569.6 38.0 1,046.8 60.9 133.4 737.3 (1,359.9) 4,816.7CSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm [C33][C33] Segment table, year ended December 31, 2025Depreciation 1,452.6 1,302.9 46.6 507.3 99.2 89.2 861.0 (383.0) 3,976.0CSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm Against that smaller figure, the R$42.1 billion of net debt looks heavier than CSN's 3.49 times suggests. [C37][C37] Second-quarter release, indebtednessAs of June 30, 2026, consolidated net debt reached R$42,138.2 million, with the leverage ratio, measured as Net Debt/LTM EBITDA, standing at 3.49x.CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm

The deal sells SWT's shares, not CSN's, so it does not dilute CSN owners. [C6b][C6b] Material fact, purpose of term sheetThe purpose of the Term Sheet is to set forth the key terms and conditions regarding the sale of all shares issued by StahlwerkCSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm Bridge lenders hold pledged shares in some units, including CSN Cimentos. The new 11% notes can be paid off at face value at any time. [C27][C27] Certain restrictive debt instruments, bridge loanThe Bridge Loan Facility is secured by share pledges over equity interests held in certain of CSN's subsidiaries, including a pledge granted by CSN over its equity interests in CSN Cimentos.CSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm [C57][C57] Exchange offer announcement, redemptionThe Issuer may redeem the New Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of New NotesCSN Form 6-K announcing the exchange offer for 6.750% notes due 2028, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003996/sid20260730_6k1.htm [C55][C55] Material fact, exchange offer termsdenominated 11.00% Notes due 2030CSN Form 6-K material fact on final exchange offer results, filed August 11, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004188/sid20260811_6k1.htm Their rate falls to 10.5% if at least $200 million of them is retired before February 12, 2028. [C56][C56] Exchange offer announcement, new notes termsThe New Notes are subject to an interest rate decrease by 50 basis points to 10.500% per annum if (i) the aggregate principal amount of the New Notes is reduced by at least US$200 million and (ii) such reduction occurs and is given effect by DTC at any time prior to February 12, 2028CSN Form 6-K announcing the exchange offer for 6.750% notes due 2028, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003996/sid20260730_6k1.htm CSN has not said if SWT money will go there.

CSN's forward case is a goal, not a result: it aims to cut debt by R$15 billion to R$18 billion by selling assets. [C17][C17] Note 36, subsequent events, structured asset disposalthrough the sale of important assets with the objective of deleveraging between R$15 billion and R$18 billion.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm It received binding cement bids on August 10 and expects to finish that sale by the end of 2026. [C58][C58] Material fact, CSN Cimentos saleit has received binding proposals from the potential purchasers authorized to participate in this stage of the competitive process.CSN Form 6-K material fact on binding proposals for CSN Cimentos, filed August 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004156/sid20260810_6k.htm [C30][C30] Recent developments, offers for CSN Cimentosremains ongoing, and we expect to conclude this transaction by the end of 2026. No binding agreement has been executedCSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm Managers said the second quarter points to a lasting recovery in steel. They also said longer debt dates give them time without any immediate pressure. [C49][C49] Second-quarter release, steel resultsthe performance achieved in this quarter clearly points to a sustainable recovery in steelCSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C48][C48] Second-quarter release, indebtednessCSN was able to significantly extend the expected amortization schedule for the coming years, gaining time to execute its strategic projects without any immediate pressure.CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm

GGB is the New York stock of Gerdau, a Brazilian steelmaker. On September 29, the day of the mining cut, SID fell 7.3% while GGB fell 3.1%. [C74][C74] Item 5, Brazilian crude steel production tableProduction Flat Steel Gerdau 5.8 6.1CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [P02][P02] IEX closeSID closed at $1.1 on September 28, 2026 (IEX)IEX closing prices for SIDOpen source ↗https://iextrading.com/trading/market-data/ [P03][P03] IEX closeSID closed at $1.02 on September 29, 2026 (IEX)IEX closing prices for SIDOpen source ↗https://iextrading.com/trading/market-data/ [P10][P10] IEX closeGGB closed at $4.785 on September 28, 2026 (IEX)IEX closing prices for SIDOpen source ↗https://iextrading.com/trading/market-data/ [P11][P11] IEX closeGGB closed at $4.635 on September 29, 2026 (IEX)IEX closing prices for SIDOpen source ↗https://iextrading.com/trading/market-data/ SID last traded at $1.27 at 3:59 in the afternoon on October 9, the day CSN filed the notice. No source we have shows whether that trade came before or after the news. [P05][P05] IEX intraday tradeSID traded at $1.27 at 3:59 PM ET on October 9, 2026 (Tiingo IEX)IEX closing prices for SIDOpen source ↗https://iextrading.com/trading/market-data/ [C8][C8] Signature blockDate: October 9, 2026CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm That is about 25% above the September 29 close, and the shares ended June at $0.92. [P03][P03] IEX closeSID closed at $1.02 on September 29, 2026 (IEX)IEX closing prices for SIDOpen source ↗https://iextrading.com/trading/market-data/ [C50][C50] Second-quarter release, capital markets tableClosing Price (US$/ADR) 0.92CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm

The bull case starts with progress. CSN now has binding terms for a European mill, and its cement sale has binding bids. [C1][C1] Material fact, terms paragraphThe Term Sheet provides for an exclusivity period of up to 10 weeks and an enterprise value of €550 million, subject to adjustments.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C58][C58] Material fact, CSN Cimentos saleit has received binding proposals from the potential purchasers authorized to participate in this stage of the competitive process.CSN Form 6-K material fact on binding proposals for CSN Cimentos, filed August 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004156/sid20260810_6k.htm Steel is recovering too: the whole steel segment, which counts SWT among its units, posted a 10.5% adjusted EBITDA margin last quarter. [C45][C45] Second-quarter release, steel resultsAdjusted EBITDA Margin was 10.5%CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C77][C77] Segment information note, description of the steel segmentStahlwerk Th ringen (SWT), located in Germany, produces long steel and is specialized in the production of steel profiles used in civil construction.CSN Form 6-K second-quarter 2026 interim financial statements, filed August 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004375/siditr2q26_6k.htm No filing gives SWT's own profit, so it is not known whether selling it raises or lowers that margin.

The bear case, worst first: enterprise value is not cash, and adjustments could shrink what CSN gets. Second, a term sheet is not a final contract and can still fail. [C1][C1] Material fact, terms paragraphThe Term Sheet provides for an exclusivity period of up to 10 weeks and an enterprise value of €550 million, subject to adjustments.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C2][C2] Material fact, terms paragraphIt also provides for the execution of definitive agreements governing the closing of the Transaction and reflecting certain principal terms of the Term Sheet, including customary conditions precedent for transactions of this nature.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm Third, even the full value is small next to R$42.1 billion of net debt. Adjusted EBITDA covers net financial costs only about 1.5 times. [C37][C37] Second-quarter release, indebtednessAs of June 30, 2026, consolidated net debt reached R$42,138.2 million, with the leverage ratio, measured as Net Debt/LTM EBITDA, standing at 3.49x.CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C35][C35] Second-quarter release, adjusted EBITDAAdjusted EBITDA reached R$2,772.6 million in 2Q26CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C43][C43] Second-quarter release, consolidated resultsThe Financial Result was negative by R$1,843.0 million in 2Q26CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm Fourth, mining cut its volume goal and raised its cost goal on September 29. That is likely to lower EBITDA before any sale cash arrives. [C65][C65] Material fact, guidance revision (i)Revision of the 2026 production and third-party ore purchase volume guidance from a range of 45.0-47.0 Mt to a range of 39.0-41.0 Mt.CSN Form 6-K material fact cutting 2026 iron ore guidance, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004734/sid20260929_6k.htm [C66][C66] Material fact, guidance revision (ii)Revision of the 2026 C1 cash cost guidance from a range of US$22.0/ton to US$23.5/ton to a range of US$25.0/ton to US$26.0/ton.CSN Form 6-K material fact cutting 2026 iron ore guidance, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004734/sid20260929_6k.htm Leverage was already 3.49 times in June, just under the 'not above a 3.5x leverage' CSN had guided for June 30. Third-quarter results will show whether it crosses that line. [C37][C37] Second-quarter release, indebtednessAs of June 30, 2026, consolidated net debt reached R$42,138.2 million, with the leverage ratio, measured as Net Debt/LTM EBITDA, standing at 3.49x.CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm [C71][C71] Preliminary estimated results for the six months ended June 30, 2026Leverage ratio: a moderate increase in our leverage ratio as of June 30, 2026 when compared to March 31, 2026, but not above a 3.5x leverage.CSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm Fifth, credit ratings sit at B+ and B2. [C19][C19] Item 4A, recent developments, credit ratingsOn January 19, 2026, S&P Global Ratings lowered our global scale rating to B+ from BB- and maintained a negative outlook.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C20][C20] Item 4A, recent developments, credit ratingsOn February 19, 2026, Moody's Ratings downgraded our long-term foreign and local currency issuer default ratings to B2 from Ba3CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm

Dates to watch: exclusive talks end within 10 weeks of October 9. CSN expects to finish the cement sale by the end of 2026. The bridge loan's rate steps up if that sale is not done by certain dates, which the filings do not give. [C1][C1] Material fact, terms paragraphThe Term Sheet provides for an exclusivity period of up to 10 weeks and an enterprise value of €550 million, subject to adjustments.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C8][C8] Signature blockDate: October 9, 2026CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C30][C30] Recent developments, offers for CSN Cimentosremains ongoing, and we expect to conclude this transaction by the end of 2026. No binding agreement has been executedCSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm [C29][C29] Certain restrictive debt instruments, bridge loanother step ups in case the sale of CSN Cimentos Brasil S.A. is not consummated by certain step-up dates.CSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm Third-quarter results are the first after the September 29 mining cut. They will show whether leverage crosses the 3.5 times CSN guided against for June. [C71][C71] Preliminary estimated results for the six months ended June 30, 2026Leverage ratio: a moderate increase in our leverage ratio as of June 30, 2026 when compared to March 31, 2026, but not above a 3.5x leverage.CSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm [C65][C65] Material fact, guidance revision (i)Revision of the 2026 production and third-party ore purchase volume guidance from a range of 45.0-47.0 Mt to a range of 39.0-41.0 Mt.CSN Form 6-K material fact cutting 2026 iron ore guidance, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004734/sid20260929_6k.htm [C37][C37] Second-quarter release, indebtednessAs of June 30, 2026, consolidated net debt reached R$42,138.2 million, with the leverage ratio, measured as Net Debt/LTM EBITDA, standing at 3.49x.CSN Form 6-K second-quarter 2026 earnings release, filed August 13, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004216/sidpr2q26_6k.htm The New York listing fix period runs six months from August 13. [C61][C61] Notice to the marketthe Company has a period of six months from the receipt of the notice to regain compliance with the minimum share price requirementCSN Form 6-K notice on the New York Stock Exchange minimum price letter, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004538/sid20260911_6k.htm [C59][C59] Notice to the marketon August 13, 2026, it received a non-compliance notification letterCSN Form 6-K notice on the New York Stock Exchange minimum price letter, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004538/sid20260911_6k.htm Our view would be wrong if exclusive talks end without final contracts. It would also be wrong if the adjusted price lands well below €550 million.

Our call is on the share price when exclusive talks can end. [C1][C1] Material fact, terms paragraphThe Term Sheet provides for an exclusivity period of up to 10 weeks and an enterprise value of €550 million, subject to adjustments.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm We expect SID to close above $1. It traded at $1.27 on the day of the filing, about 27% above that line. Both the SWT and cement sales have also reached the binding stage. [P05][P05] IEX intraday tradeSID traded at $1.27 at 3:59 PM ET on October 9, 2026 (Tiingo IEX)IEX closing prices for SIDOpen source ↗https://iextrading.com/trading/market-data/ [C8][C8] Signature blockDate: October 9, 2026CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C60][C60] Notice to the marketwas less than $1.00 per ADS over a consecutive 30-trading-day period.CSN Form 6-K notice on the New York Stock Exchange minimum price letter, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004538/sid20260911_6k.htm [C1][C1] Material fact, terms paragraphThe Term Sheet provides for an exclusivity period of up to 10 weeks and an enterprise value of €550 million, subject to adjustments.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C58][C58] Material fact, CSN Cimentos saleit has received binding proposals from the potential purchasers authorized to participate in this stage of the competitive process.CSN Form 6-K material fact on binding proposals for CSN Cimentos, filed August 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004156/sid20260810_6k.htm The risks are failed talks or a further slide in iron ore. CSN already called that market more challenging on September 29. [C2][C2] Material fact, terms paragraphIt also provides for the execution of definitive agreements governing the closing of the Transaction and reflecting certain principal terms of the Term Sheet, including customary conditions precedent for transactions of this nature.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C67][C67] Material fact, reason for cutThe decision reflects more challenging market conditions, including pressure from higher freight costs.CSN Form 6-K material fact cutting 2026 iron ore guidance, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004734/sid20260929_6k.htm Either could push the shares back toward the $1.02 close of September 29. [P03][P03] IEX closeSID closed at $1.02 on September 29, 2026 (IEX)IEX closing prices for SIDOpen source ↗https://iextrading.com/trading/market-data/

The terms give an enterprise value subject to adjustments, not a share price or net cash. [C1][C1] Material fact, terms paragraphThe Term Sheet provides for an exclusivity period of up to 10 weeks and an enterprise value of €550 million, subject to adjustments.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm No filing gives SWT's debt, pension or working capital figures that would link the two.

Because CSN Steel holds SWT, sale cash may land in Spain first. The bridge loan limits dividends and other payouts by CSN and some of its units. [C72][C72] Financial statements, note on subsidiaries, SWTSWT is an indirect subsidiary of CSN Steel S.L.U., a wholly owned subsidiary of CSN.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C6c][C6c] Material fact, partiesits wholly-owned subsidiary CSN Steel S.L., a Spanish company that holds the Company's operating assets in EuropeCSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C28][C28] Certain restrictive debt instruments, bridge loanrestrictions on the ability to declare or pay dividends, make other distributions, make investments and incur indebtedness, as well as financial covenants, including certain financial ratios tested on a periodic basisCSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm [C28b][C28b] Certain restrictive debt instruments, bridge loanPursuant to the Bridge Loan Facility, CSN Inova Ventures, CSN, CSN Cimentos and certain of CSN's subsidiaries are subject to certain restrictionsCSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm No filing says how, or at what tax cost, that cash reaches the parent or the lenders.

The filings give SWT's tonnes and capacity but not its sales in money, EBITDA or profit. So the multiple Megasa pays is unknown. [C9][C9] Item 4B, competitive strengthsIn 2025, SWT accounted for 69.4% of our total long steel sales, representing 651 thousand tons.CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C13][C13] Item 4B, SWT production table (thousands of tons)Beam blank (crude steel) 764 827 755CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm

The terms mention only the usual closing conditions. No filing names a target closing date or the competition reviews needed. [C2][C2] Material fact, terms paragraphIt also provides for the execution of definitive agreements governing the closing of the Transaction and reflecting certain principal terms of the Term Sheet, including customary conditions precedent for transactions of this nature.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm

CSN says the plan aims to cut debt. No filing says whether SWT money must repay the bridge loan or the 11% notes. [C4][C4] Material fact, purposeThe potential sale of SWT represents another important step in CSN's divestment program aimed at reducing its current leverage.CSN Form 6-K material fact on the binding term sheet to sell Stahlwerk Thüringen to Megasa, filed October 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004888/sid20261009_6k.htm [C55][C55] Material fact, exchange offer termsdenominated 11.00% Notes due 2030CSN Form 6-K material fact on final exchange offer results, filed August 11, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004188/sid20260811_6k1.htm

The R$454.2 million of long-steel goodwill and brand value came from buying both SWT and Gallardo Sections. SWT's own book value and any tax on the sale are not given. [C15][C15] Note 12.a, goodwill impairment test table (goodwill, trademarks, total, thousands of reais)Long steel (2) Steel 235,595 235,595 218,614 217,538 454,209 453,133CSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm [C16][C16] Note 12.a, footnote 2 to the long steel rowAcquisition of Stahlwerk Thuringen GmbH ("SWT") and Gallardo Sections in 2012 by CSNCSN annual report on Form 20-F for 2025, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm

Lenders can demand early payment at set debt levels against EBITDA. The filings do not give those levels or the bridge loan's ratio tests. [C53][C53] Note 12, covenantsdeclaration of advance maturity if the net debt to EBITDA indicator reaches the levels specified in these contracts.CSN Form 6-K second-quarter 2026 interim financial statements, filed August 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004375/siditr2q26_6k.htm [C28][C28] Certain restrictive debt instruments, bridge loanrestrictions on the ability to declare or pay dividends, make other distributions, make investments and incur indebtedness, as well as financial covenants, including certain financial ratios tested on a periodic basisCSN Form 6-K first-quarter 2026 discussion and analysis with preliminary first-half figures, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426003994/sid20260730_6k.htm

CSN got binding cement bids on August 10 but has not named a bidder or a price. [C58][C58] Material fact, CSN Cimentos saleit has received binding proposals from the potential purchasers authorized to participate in this stage of the competitive process.CSN Form 6-K material fact on binding proposals for CSN Cimentos, filed August 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1049659/000129281426004156/sid20260810_6k.htm

No filing on the shelf says when CSN will report third-quarter results.