CSN plans to sell up to R$18 billion in assets to reduce leverage

By Brazil Stock Guide – Companhia Siderúrgica Nacional (B3: CSNA3; NYSE: SID) has approved a strategic reorganization centered on two core transactions starting in 2026: the creation of CSN Infrastructure, a new platform bringing together the group’s ports, terminals and railway assets, and the sale of control of CSN Cimentos. The moves anchor a broader asset rotation and deleveraging strategy, with potential proceeds of R$15 billion to R$18 billion. The CSN Infrastructure platform was first reported by Brazil Stock Guide.

CSN Infrastructure will be structured as a standalone vehicle designed to consolidate the group’s logistics assets, allowing greater operational focus, clearer financial disclosure, and future monetization through the sale of a significant stake. According to the indicative timetable, the platform is expected to be formally launched in January 2026, with transaction signings anticipated throughout the year.

In parallel, the group plans to divest control of CSN Cimentos, reinforcing a strategic shift toward portfolio simplification and capital allocation to businesses with higher returns and stronger strategic relevance. The exit from cement is intended to reduce operational complexity while freeing up capital for mining and infrastructure, which management views as the group’s core value drivers.

Together, these transactions form the backbone of CSN’s deleveraging plan. As an initial step, the company sold an 11% stake in MRS Logística to CSN Mineração in 2025 for R$3.35 billion, a transaction that served as a proof of concept for the asset monetization strategy. CSN has said financial advisers are already engaged for all planned operations.

Based on the proposed asset sales, CSN expects a material improvement in its capital structure. Pro forma net debt to EBITDA would fall from 3.14 times in the third quarter of 2025 to around 1.83 times, a reduction of roughly 1.3 turns, while net debt would decline by approximately R$18 billion.

Debt amortization would be largely concentrated between 2026 and 2028, funded by asset disposal proceeds. The group estimates annual interest savings of R$1.5 billion to R$1.8 billion, strengthening cash generation, improving financial visibility, and reinforcing balance-sheet resilience over the medium term.