CSN (Companhia Siderúrgica Nacional) is one of Brazil's largest industrial conglomerates, anchored by an integrated steelmaking business and diversified across mining, cement, logistics, and energy. CSN's flagship steel facility in Volta Redonda, Rio de Janeiro, has ~5.6M tons of annual crude steel capacity and produces flat products (hot-rolled, cold-rolled, galvanized, Galvalume, pre-painted, tin mill) and long products (rebar and wire rod). CSN sells steel primarily into Brazil's domestic market, with exports going to Europe and North America. CSN's mining business, operated through listed subsidiary CSN Mineração, produces and exports iron ore from mines in Minas Gerais, selling primarily to Chinese steel mills at index-linked prices. Mining is a major profit contributor, with margins highly sensitive to iron ore spot prices. CSN is also Brazil's second-largest cement producer, with 17M tons of installed capacity, and benefits from a unique cost advantage by using blast furnace slag as a cement input. The logistics segment includes port terminals, railway interests (MRS Logística, Transnordestina), and road freight following the 2025 acquisition of Grupo Tora. CSN's energy segment, built around hydroelectric and thermoelectric assets, supplies 100% of CSN's industrial energy needs from renewable sources. CSN's primary growth investment is P15, a brownfield expansion at CSN Mineração targeting up to 16.5M additional tons per year of pellet feed capacity by 2027. CSN's balance sheet carries meaningful leverage, prompting a formal divestment plan in early 2026 targeting a potential sale of the cement segment and monetization of logistics assets.