CSN Launches Divestment Plan to Reduce Debt by R$15–18 billion

Deleveraging plan credit positive, driving material spread compression

On January 15, 2026, CSN hosted its Strategic Plan update call, during which it announced that its Board of Directors authorized a structured divestment plan aimed at reducing the group’s gross debt by R$15 billion to R$18 billion. The company intends to sell a controlling stake in its cement subsidiary, CSN Cimentos, and a relevant minority stake in its infrastructure division, CSN Infraestrutura. Management indicated that the sales process begins immediately, stating “we’re beginning this project today,” with the signing of definitive agreements expected between the third and fourth quarters of 2026.

Chairman Benjamin Steinbruch framed the decision as a response to Brazil’s high interest rate environment, describing rates as “stratospheric” and noting that the targeted deleveraging amount represents roughly 50% of the company’s current debt. Management emphasized that waiting for a more benign rate cycle would continue to weigh on cash flow and pressure the capital structure, reinforcing the need to pursue balance sheet action despite challenging market conditions for asset valuations.