National Steel Q1 Earnings Miss Estimates on Softer Steel Demand

About this update from Companhia Siderurgica Nacional

National Steel SID posted a first-quarter 2026 loss of 8 cents per share. The Zacks Consensus Estimate for the quarter’s bottom line was pegged at earnings of 23 cents. The company also posted a loss of 8 cents in the year-ago quarter.SID’s Q1 Top Line Dips on Lower Key Market RevenuesNational Steel reported a modest top-line pullback in the first quarter of 2026, reflecting softer revenues across both key markets.Domestic-market net revenues dipped 1.7% year over year to R$5.42 billion ($1.09 billion), while foreign-market revenues declined 3.8% to R$5.19 billion ($1.04 billion). Overall, total net revenues were R$10.60 billion ($2.01 billion), down 2.8% from the year-ago quarter.SID posted a net loss of R$555 million ($111 million) for the quarter, narrower than the R$731.6-million loss reported in the prior-year period.Results reflected a seasonally weaker quarter with heavy rainfall, while steel demand was pressured early in the period by higher imports.National Steel Company Price, Consensus and EPS Surprise National Steel Company price-consensus-eps-surprise-chart | National Steel Company QuoteNational Steel’s Profit Dips in Q1In the first quarter of 2026, SID reported cost of goods sold of R$8.08 billion ($1.62 billion), down 3.5% from the year-ago quarter. Gross profit totaled R$2.52 billion ($0.51 billion). While gross profit was down 0.4% year over year, the gross margin improved to 23.8% from 23.2%, aided by tighter cost control and the impacts of exchange-rate movements on certain U.S. dollar-denominated inputs.Adjusted EBITDA came in at R$2.65 billion ($0.53 billion), reflecting a 5.5% year-over-year increase, with an adjusted EBITDA margin of 23.9%.SID’s Q1 Segmental PerformanceSteel: The segment’s revenues totaled R$5.60 billion ($1.12 billion), down 8.3% year over year. Steel sales were 1,116 thousand tons, down 2.5% from the first quarter of 2025, reflecting pressure from imports and weaker activity in January and February, partly offset by a stronger March.Mining: The segment generated revenues of R$3.19 billion ($0.64 billion), down 8.0% year over year. Iron ore sales were 9,636 thousand tons, broadly in line with the prior-year quarter, while production reached 10,063 thousand tons, down 1.4% year over year.Logistics: The segment’s revenues totaled R$1.07 billion ($0.23 billion). The segment reported revenues of R$771 million ($154 mil...

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