Companhia Siderurgica Nacional · BMFBOVESPA:CSNA3

Companhia Siderurgica Nacional — Q4 2023 Earnings Presentation

20 slides from Companhia Siderurgica Nacional's earnings presentation, May 7, 2024

  1. Slide 1: Earnings Presentation 4Q23 and 2023

    EARNINGS PRESENTATION 4Q23 AND 2023 March 7, 2024

  2. Slide 2: Highlights

    HIGHLIGHTS The combination of strong price realization with an excellent sales 1 performance in mining and the beginning of the operational recovery in the steel industry were the main highlights that guaranteed a solid EBITDA growth in 4Q23. As a consequence, Adjusted EBITDA reached R$3.6 billion,

  3. Slide 3: Financial Performance

    FINANCIAL PERFORMANCE Dezembro2022

  4. Slide 4: Consolidated Operating and Financial Indicators: Adjusted EBITDA

    CONSOLIDATED OPERATING AND FINANCIAL INDICATORS ADJUSTED EBITDA AND ADJUSTED MARGIN ADJUSTED EBITDA EVOLUTION (R$ mm and %) (R$ mm) +811 +28.8% 30% (4) 3,626 29% (107) 27% 28% 773 26% 24% 2,815 149 20% 13,816 +81.5% +39.3% -1.3% 11,907 ∆ 4T23/3T23 ∆ 4T23/3T23 ∆ 4T23/3T23 3,123 3,203 2,815 3,626 2,26

  5. Slide 5: Consolidated Operating and Financial Indicators: Capex and Working Capital

    CONSOLIDATED OPERATING AND FINANCIAL INDICATORS CAPEX +33% WORKING CAPITAL (R$ mm) 4,523 (R$ mm) 2,480 (624) 1,020 1,922 3,233 3,269 3,413 3,178 715 1,549 11,302 9,298 9,568 +34% 1,275 131 296 999 1,595 1,191 411 1,036 -10,850 304 1,954 -11,924 -13,212 400 515 430 1,423 240 396 457 669 4Q22 3Q23 4Q2

  6. Slide 6: Consolidated Operating and Financial Indicators: Adjusted Cash Flow

    CONSOLIDATED OPERATING AND FINANCIAL INDICATORS ADJUSTED CASH FLOW FREE ADJUSTED CASH FLOW ¹ - 4Q23 (R$ mm) (R$ mm) 3,626 685 (292) (1,562) 1,022 745 387 (1,582) -146 (488) 387 4Q23 Jointly ∆ NWC / Capex Financial Income Tax Free -2,134 Adjusted Controled Assets and Result Adjusted 4Q22 1Q23 2Q23 3Q

  7. Slide 7: Leverage, Liquidity and Net Debt

    CONSOLIDATED OPERATING AND FINANCIAL INDICATORS LEVERAGE, LIQUIDITY AND NET DEBT NET DEBT BUILD-UP (R$ bn ; Net Debt / EBITDA (x)) (R$ bn) 140 +0.75 120 +2.5% 2.21x 2.45x 2.78x 2.63x 2.58 0.76 30.69 100 1.69x Leverage 29.94 0.29 1.26 Guidance (0.39) 80 (1.17) 60 < 2.00x 43.06 44.45 43.92 45.93 48.04

  8. Slide 8: Debt Amortization Schedule

    DEBT AMORTIZATION SCHEDULE 16,252 Profile after completion of the Liabilities Management Plan Position in 12/29/2023 Gross Debt²: R$48.04 Bi Cash Net Debt: R$30.69 Bi December/23 Net Debt/EBITDA: 2.58x Average Term³: 54 months 8,245 1,201 6,816 5,780 5,323 4,803 572 4,097 4,778 3,492 3,717 2,758 7,0

  9. Slide 9: Steel

    STEEL

  10. Slide 10: Steel Performance

    STEEL PERFORMANCE SALES VOLUME NET REVENUE AND DOMESTIC MARKET 12.000 AVERAGE PRICE¹ -5.1% (Thousand ton.) (R$ mm; R$/ton.) 4,392 4,166 5.969 5.421 5.232 1,314 Net Revenue (R$MM) 1,249 Average Price (R$/ton.) 6.055 5.344 5.654 4Q22 3Q23 4Q23 +4.5% 3,077 2,917 ADJUSTED EBITDA AND ADJUSTED EBITDA MARG

  11. Slide 11: Steel Competitiveness

    STEEL COMPETITIVENESS SLAB PRODUCTION VOLUME SLAB COST -12.7% (Thousand ton.) (US$/t; R$/t) 3,774 -2.8% 750 729 697 3,296 Slab Cost (R$/t) Slab Cost (US$/t) 3,923 3,563 3,462 4Q22 3Q23 4Q23 -3.0% 959 922 894 748 732 PERFORMANCE PER TON (R$/ton) +74% 4Q22 1Q23 2Q23 3Q23 4Q23 2022 2023 819 EBITDA/ton

  12. Slide 12: Mining

    MINING Ax KO=0)

  13. Slide 13: Mining Performance

    MINING PERFORMANCE NET REVENUE TOTAL SALES VOLUME +28.0% (R$ mm) +16% (Million ton.) 91.0 75.0 42.66 69.0 33.33 4,335 5,028 3,529 Net Revenue Unitary Net Revenue (US$/ton) 4Q22 3Q23 4Q23 ADJUSTED EBITDA AND ADJUSTED MARGIN -4.3% (R$ mm; %) 11.26 11.64 11.14 54.5% 9.73 50.4% 8.62 45.4% 2,739 4Q22 1Q2

  14. Slide 14: Adjusted EBITDA (Mining)

    ADJUSTED EBITDA 2,739 R$ MM 2,506 234 115 45 741 1,966 160 1,806 92 120 3Q23 Provisional 3Q23 Volume Mix Platts Sea Freight Costs & 4Q23 Provisional 4Q23 EBITDA Prices Past EBITDA ex Others EBITDA ex Prices Past EBITDA Quarters Provisions Provisions Quarters The excellent EBITDA achieved in 4Q23 is

  15. Slide 15: Cement

    Fábrica de Barroso, MG CEMENT Dezembro2022

  16. Slide 16: Cement Performance

    CEMENT PERFORMANCE SALES VOLUME +75.8% NET REVENUE (Thousand ton.) (R$ mm) -6.0% 12,770 1,181 1,159 1,090 7.265 4Q22 3Q23 4Q23 +7.1% -4.1% ADJUSTED EBITDA AND ADJUSTED MARGIN 3,333 3,263 (R$ mm; %) 2,920 3,047 3,128 22.4 23.0 24.1 Adjusted EBITDA 265 266 263 Adjusted EBITDA Mg. 4Q22 1Q23 2Q23 3Q23 4

  17. Slide 17: ESG

    ESG Dezembro2022

  18. Slide 18: ESG Performance

    ESG PERFORMANCE DAM MANAGEMENT ¥ AIICSN Mineracdo dams audited and considered stable GOVERNANCE v New materiality matrix ¥ Evolution of the CDP grade from B to A- in Climate Change and in Water Security from B- to A- HEALTH AND SAFETY Lowest Accident Frequency Rate (CAF+ SAF own and third parties) i

  19. Slide 19: Investor Relations Contacts

    Marcelo Ribeiro CFO and IRO Pedro Gomes de Souza IR Manager Rafael Costa Byrro IR Analyst Contato: https://ri.csn.com.br invrel@csn.com.br 19

  20. Slide 20: Q&A

    Q&A CSNA = @ BSLISTEP NIYSE. FTSE4Good

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