SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of March, 2026

Commission File Number 1-14732

COMPANHIA SIDERÚRGICA NACIONAL

(Exact name of registrant as specified in its charter)

National Steel Company

(Translation of Registrant's name into English)

Av. Brigadeiro Faria Lima 3400, 20º andar
São Paulo, SP, Brazil
04538-132

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F. Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No ___X____


Companhia Siderúrgica Nacional S.A.
BALANCE SHEET
(In thousands of Reais)


		Consolidated		Parent Company				Consolidated		Parent Company
	Notes	12/31/2025	12/31/2024	12/31/2025	12/31/2024		Notes	12/31/2025	12/31/2024	12/31/2025	12/31/2024
ASSET						LIABILITIES AND SHAREHOLDERS' EQUITY
Current						Current
Cash and cash equivalents	4	14,421,022	23,310,197	3,529,453	5,666,618	Borrowings and financing	14	10,428,559	8,821,679	6,190,764	5,201,174
Financial investments	5	642,715	911,378	380,974	895,573	Payroll and related taxes		549,940	560,695	183,695	184,696
Trade receivables	6	2,397,033	2,900,998	1,702,245	1,555,141	Trade payables	17	7,162,929	7,030,734	3,941,596	3,596,080
Inventory	7	10,455,500	10,439,741	6,205,488	6,839,246	Tax payables		736,075	719,253	93,023	195,063
Recoverable taxes	8	1,376,434	1,367,316	511,925	668,137	Labor and civil provisions	22	61,455	132,112	40,225	61,008
Other current assets	9	1,037,925	856,063	1,867,765	1,012,495	Dividends and interest on equity payable	19	358,039	61,965	6,059	6,242
Total current assets		30,330,629	39,785,693	14,197,850	16,637,210	Contracts liabilities	18	4,347,937	3,648,639	481,905	382,350
						Trade payables – forfaiting	17.a	2,905,018	2,902,593	1,924,285	2,214,482
Non-Current						Other payables	19	1,524,447	1,238,805	1,038,720	1,174,978
Long-term realizable asset						Total current liabilities		28,074,399	25,116,475	13,900,272	13,016,073
Financial investments	5	25,257	169,977		142,423
Deferred taxes assets	20.b	7,100,375	7,345,326	4,885,921	4,750,333	Non-Current
Inventory	7	2,073,526	1,761,172			Borrowings and financing	14	42,495,988	48,092,942	21,285,656	25,044,466
Recoverable taxes	8	3,976,900	2,799,951	2,740,860	1,838,343	Deferred taxes assets	20.b	589,451	541,329
Other non-current assets	9	3,851,362	5,232,370	4,756,511	5,360,281	Provision for tax, social security, labor, civil and environmental risks	22	812,721	1,245,590	300,951	276,689
		17,027,420	17,308,796	12,383,292	12,091,380	Employee benefits	32	402,415	473,046	379,160	454,161
						Provisions for environmental liabilities and decommissioning	23	1,187,609	1,133,363	111,789	142,989
Investments	10	8,292,026	5,948,051	24,855,198	26,292,822	Provision for investment losses	10			11,446,531	11,458,813
Property, plant and equipment	11	33,919,169	30,426,023	10,729,570	9,664,413	Contracts liabilities	18	9,026,766	10,120,852	738,099	1,099,568
Intangible assets	12	11,006,125	10,438,091	65,956	68,070	Other payables	19	2,249,670	1,723,941	1,193,349	989,698
Total non-current assets		70,244,740	64,120,961	48,034,016	48,116,685	Total non-current liabilities		56,764,620	63,331,063	35,455,535	39,466,384

						Shareholders’ equity	25
						Paid-up capital	25.a	10,240,000	10,240,000	10,240,000	10,240,000
						Capital reserves		2,056,970	2,056,970	2,056,970	2,056,970
						Legal reserves	25.c		1,158,925		1,158,925
						Earnings reserves			640,460		640,460
						Net income/(loss)		(202,989)		(202,989)
						Other comprehensive income		782,078	(1,824,917)	782,078	(1,824,917)
						Total shareholders' equity of controlling shareholders		12,876,059	12,271,438	12,876,059	12,271,438
						Earnings attributable to the non-controlling interests		2,860,291	3,187,678
						Total shareholders' equity		15,736,350	15,459,116	12,876,059	12,271,438
TOTAL ASSETS		100,575,369	103,906,654	62,231,866	64,753,895	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		100,575,369	103,906,654	62,231,866	64,753,895
The Accompanying notes are an integral part of these consolidation financial statement

Companhia Siderúrgica Nacional S.A.
Statements of Income
(In thousands of Reais)

			Consolidated		Parent Company
	Notes	12/31/2025	12/31/2024	12/31/2025	12/31/2024

Net Revenue	27	44,797,946	43,687,460	16,581,495	18,688,306
Costs of goods sold and services rendered	28	(32,404,221)	(31,990,696)	(15,189,899)	(17,527,277)
Gross profit		12,393,725	11,696,764	1,391,596	1,161,029

Operating (expenses)/income		(7,577,051)	(7,426,742)	(1,828,795)	(2,296,986)
Selling expenses	28	(5,033,148)	(5,453,297)	(784,195)	(818,768)
General and administrative expenses	28	(979,164)	(855,999)	(396,105)	(357,180)
Equity in results of affiliated companies	10	518,744	448,048	(1,175,886)	81,721
Other operating (expenses)/income, net	29	(2,083,483)	(1,565,494)	527,391	(1,202,759)
Other operating income		301,454	252,216	2,500,915	157,128
Other operating expenses		(2,384,937)	(1,817,710)	(1,973,524)	(1,359,887)

Income before financial income (expenses)		4,816,674	4,270,022	(437,199)	(1,135,957)
Financial income (expenses), net	30	(6,496,192)	(5,813,371)	(2,846,886)	(2,426,188)
Financial income		1,516,807	1,398,063	746,241	579,123
Financial expenses		(6,452,575)	(6,964,267)	(2,829,298)	(3,387,055)
Other financial items, net		(1,560,424)	(247,167)	(763,829)	381,744

Income before income taxes		(1,679,518)	(1,543,349)	(3,284,085)	(3,562,145)
Income tax and social contribution	20	172,792	5,208	1,281,711	970,294

Net income for the exercise		(1,506,726)	(1,538,141)	(2,002,374)	(2,591,851)

Attributable to:
Earnings attributable to the controlling interests		(2,002,374)	(2,591,851)	(2,002,374)	(2,591,851)
Earnings attributable to the non-controlling interests		495,648	1,053,710

Loss basic and diluted per share (in R$)	25.g			(1.50998)	(1.9545)
The Accompanying notes are an integral part of these consolidation financial statement

Companhia Siderúrgica Nacional S.A.
Statements of Cash Flows
(In thousands of Reais)

			Consolidated		Parent Company
	Notes	12/31/2025	12/31/2024	12/31/2025	12/31/2024

Net cash from operating activities		(973,179)	8,650,505	(1,480,815)	1,706,282
Cash flow from operating activities		4,830,076	8,289,410	(243,972)	(513,476)
Earnings attributable to the controlling interests		(2,002,374)	(2,591,851)	(2,002,374)	(2,591,851)
Earnings attributable to the non-controlling interests		495,648	1,053,710
Adjustments to reconcile the result:
Financial charges in borrowing and financing raised	30	3,910,819	4,023,650	1,776,579	1,789,337
Financial charges in borrowing and financing granted		(405,257)	(163,517)	(369,076)	(226,881)
Charges on lease liabilities	16	115,529	99,998	3,401	2,131
Equity in results of affiliated companies	10	(518,744)	(448,048)	(1,175,190)	(81,721)
Deferred taxes assets	20.b	(1,094,263)	(1,305,928)	(1,274,539)	(942,394)
Provision for tax, social security, labor, civil and environmental risks		(503,472)	27,498	3,479	10,289
Exchange, Monetary and Cash Flow Hedge		312,612	2,929,120	1,330,767	(415,629)
Write-off of property, plant and equipment right to use and Intangible assets	11, 12, 13 and 16	102,480	62,081	1,717	45,490
Provision for environmental liabilities and decommissioning of assets		54,249	114,704	(31,200)	(17,979)
Updated shares – Fair value through profit or loss	30	57,562	632,612	57,562	632,612
Depreciation, amortization and depletion	11,12 e 13	4,150,475	3,791,413	1,421,174	1,335,262
Accrued/(reversal) for consumption and services		71,545	24,711	12,320	(37,351)
Net gain from the sale of corporate interest			(8,451)
Dividends USIMINAS		(7,663)	(44,859)	(7,531)	(44,706)
Other provisions		90,930	92,567	8,939	29,915

Changes in assets and liabilities		(5,803,255)	361,095	(1,236,843)	2,219,758
Trade receivables - third parties		945,759	69,518	416,204	(73,810)
Trade receivables - related party		(5,775)	(32,730)	(541,377)	742,751
Inventory		(388,797)	(906,034)	237,325	(557,875)
Dividends and receivables - related parties		158,110	(42,237)	1,747,770	4,443,109
Recoverable taxes		(1,165,274)	114,230	(746,306)	170,051
Judicial deposits		30,199	(137,381)	(24,581)	8,621
Receipt of RFFSA receivables		(506,381)		(506,381)
Receipt of RFFSA bond credit		506,381	442,246	506,381	442,246
Other assets
Trade payables		(196,314)	(851,095)	299,420	(202,745)
Trade payables – Forfaiting and Drawee risk		4,965	(1,327,749)	(290,198)	(1,765,521)
Payroll and related taxes		(41,573)	87,140	(1,001)	12,598
Tax payables		(72,179)	(215,862)	(98,712)	18,220
Payables to related parties		6,822	(24,231)	58,477	68,660
Costumers advances under mineral and energy contracts		(510,336)	6,967,508	(361,468)	641,756
Interest paid	14.a	(4,267,926)	(4,052,226)	(1,910,666)	(1,787,615)
Interest received				1,265	1,757
Receipts/(Payments) from hedging operations, cash flow and derivatives		(286,135)	(65,435)	(90,953)	(21,124)
Other liabilities		(14,801)	335,433	67,958	78,679

Net cash investment activities		(6,123,369)	(1,119,735)	244,587	1,410,489
Investments / AFAC / Acquisitions of Shares		(23,600)	(32,000)	(238,481)	(157,953)
Purchase of property, plant and equipment, intangible assets and investment property	11,12 and 13	(5,935,897)	(5,494,335)	(2,265,014)	(2,642,878)
Intercompany loans granted		(71,494)	(95,951)	(604,634)	(179,100)
Intercompany loans received		7,650	12,430	5,184	5,184
Cash received from the acquisition of Gramperfil		13,261
Gramperfil investment acquisition		(35,948)
Cash received from the acquisition of Grupo Estrela		87,046
Acquisition of investments of Grupo Estrela		(300,000)		(300,000)
Cash received in the acquisition of Galvacolor		4,914
Galvacolor investment acquisition		(58,729)
Acquisition of investments of Global Dot		(22,448)
Financial Investments, net of redemption		168,813	70,335	168,827	(34,550)
Sale of equity assets		43,063		128,705
Receipt of sale of equity interest			4,419,786	3,350,000	4,419,786
Net cash used in financing activities		(1,776,251)	(103,832)	(900,937)	279,777
Borrowings and financing raised	14.a	11,121,708	10,148,426	2,558,006	4,520,812
Transactions cost - Borrowings and financing		(113,488)	(145,187)	(11,368)	(85,848)
Borrowings and financing – related parties	14.a				2,831,586
Amortization of borrowings and financing	14.a	(11,717,772)	(6,927,383)	(2,545,551)	(2,721,956)
Amortization of borrowings and financing - related parties	14.a			(889,027)	(2,573,280)
Amortization of leases	16	(371,467)	(308,201)	(12,997)	(12,650)
Advance iron ore payments		66,717
Amortization advance iron ore payments		(66,717)
Repurchase of Treasury Shares
Dividends and interest on shareholder’s equity			(336,162)
		(695,232)	(2,535,325)		(1,678,887)
Exchange Variation on Cash and Equivalents		(16,376)	(162,959)

Increase (decrease) in cash and cash equivalents		(8,889,175)	7,263,979	(2,137,165)	3,396,548
Cash and equivalents at the beginning of the year		23,310,197	16,046,218	5,666,618	2,270,070
Cash and equivalents at the end of the year		14,421,022	23,310,197	3,529,453	5,666,618
The Accompanying notes are an integral part of these consolidation financial statement

Companhia Siderúrgica Nacional S.A.
Statements of Value Added
(In thousands of Reais)

		Consolidated		Parent Company
	12/31/2025	12/31/2024	12/31/2025	12/31/2024
Revenues
Sales of products and services rendered	50,764,334	49,795,325	20,249,676	22,662,066
Other income/(expenses)	57,097	433,429	2,385,173	364,561
Provision for (reversal of) doubtful debts	(26,497)	13,965	(14,129)	23,941
	50,794,934	50,242,719	22,620,720	23,050,568
Raw materials acquired from third parties
Cost of sales and services	(22,730,640)	(22,691,944)	(12,434,697)	(14,390,462)
Materials, electric power, outsourcing and other	(6,329,886)	(6,798,201)	(1,535,968)	(1,821,712)
Impairment/recovery of assets	(509,327)	(254,735)	(314,209)	(178,470)
	(29,569,853)	(29,744,880)	(14,284,874)	(16,390,644)
Gross value added	21,225,081	20,497,839	8,335,846	6,659,924

Retentions
Depreciation, amortization and depletion	(4,150,475)	(3,786,055)	(1,421,174)	(1,334,420)
Value added created	17,074,606	16,711,784	6,914,672	5,325,504

Value added received
Equity in results of affiliated companies	518,744	448,048	(1,175,886)	81,721
Financial income	1,516,806	1,398,062	746,242	579,123
Other and exchange gains	710,767	1,956,115	92,467	(129,345)
	2,746,317	3,802,225	(337,177)	531,499
Value added for distribution	19,820,923	20,514,009	6,577,495	5,857,003

Value added distributed
Personnel and Charges	4,506,709	4,158,901	1,654,153	1,588,725
Salaries and wages	3,559,614	3,301,468	1,243,716	1,190,271
Benefits	748,836	665,898	336,675	326,247
Severance payment (FGTS)	198,259	191,535	73,762	72,207
Taxes, fees and contributions	8,085,654	8,702,241	3,233,536	3,977,752
Federal	4,386,840	4,941,477	1,603,809	2,245,600
State	3,669,959	3,740,777	1,629,727	1,732,152
Municipal	28,855	19,987
Remuneration on third-party capital	8,735,286	9,191,008	3,692,180	2,882,377
Interest	5,906,105	5,335,474	2,770,066	2,423,716
Rental	11,522	23,460	6,585	6,411
Other and exchange losses	2,817,659	3,832,074	915,529	452,250
Interest on equity	(1,506,726)	(1,538,141)	(2,002,374)	(2,591,851)
Income for the year/Retained earnings	(2,002,374)	(2,591,851)	(2,002,374)	(2,591,851)
Non-controlling interests	495,648	1,053,710
	19,820,923	20,514,009	6,577,495	5,857,003
The Accompanying notes are an integral part of these consolidation financial statement

Companhia Siderúrgica Nacional S.A.
Statements of Changes in Equity
(In thousands of Reais)

				Capital	Legal
	Paid-up capital	Treasury shares	Capital transactions	Reserves			Retained earnings	Other comprehensive income	Total Shareholders' Equity Parent Company	Non-controlling interest	Total Consolidated Shareholders' Equity
	Paid-up capital	Treasury shares	Capital transactions	Capital	Legal	Statutory	Retained earnings	Other comprehensive income	Total Shareholders' Equity Parent Company	Non-controlling interest	Total Consolidated Shareholders' Equity

Balances on December 31, 2023	10,240,000			32,720	1,158,925	4,912,311		1,156,719	17,500,675	2,184,163	19,684,838

Adjusted opening balances	10,240,000			32,720	1,158,925	4,912,311		1,156,719	17,500,675	2,184,163	19,684,838
Total comprehensive income							(2,591,851)	(2,981,636)	(5,573,487)	936,061	(4,637,426)

Net loss							(2,591,851)		(2,591,851)	1,053,710	(1,538,141)

Other comprehensive income								(2,981,636)	(2,981,636)	(117,649)	(3,099,285)
Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes								28,548	28,548	(475)	28,073
Cumulative translation adjustments for the year								679,250	679,250		679,250
(Loss)/gain cash flow hedge accounting, net of taxes								(3,278,956)	(3,278,956)		(3,278,956)
Cash flow hedge reclassified to income upon realization, net of taxes								(137,082)	(137,082)		(137,082)
(Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes								(226,441)	(226,441)	(109,861)	(336,302)
(Loss)/gain on the percentage change in investments								(46,955)	(46,955)	(7,313)	(54,268)
Allocation of profit/(loss) for the year						(4,271,851)	2,591,851		(1,680,000)	(880,484)	(2,560,484)
Intermediary dividends approved on 05/09/2024						(950,000)			(950,000)	(207,529)	(1,157,529)
Intermediary dividends approved on 09/30/2024									-	(607,379)	(607,379)
Intermediary dividends approved on 11/14/2024						(730,000)			(730,000)		(730,000)
Interest on equity approved on 12/27/2024									-	(65,576)	(65,576)
Absorption of the loss of the year						(2,591,851)	2,591,851		-		-
Capital transactions		(223,830)	2,248,080						2,024,250	947,938	2,972,188
Gains on the sale of a subsidiary interest, net			2,248,080						2,248,080	1,013,604	3,261,684
Reflex treasury shares acquired by controlled		(223,830)							(223,830)	(77,487)	(301,317)
Treasury shares canceled									-	11,821	11,821

Balances on December 31, 2024	10,240,000	(223,830)	2,248,080	32,720	1,158,925	640,460		(1,824,917)	12,271,438	3,187,678	15,459,116

Adjusted opening balances	10,240,000	(223,830)	2,248,080	32,720	1,158,925	640,460		(1,824,917)	12,271,438	3,187,678	15,459,116

Total comprehensive income							(2,002,374)	2,606,995	604,621	(399,154)	205,467

Net loss							(2,002,374)		(2,002,374)	495,648	(1,506,726)

Other comprehensive income								2,606,995	2,606,995	(894,802)	1,712,193
Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes								50,887	50,887	73	50,960
Cumulative translation adjustments for the year								20,019	20,019		20,019
(Loss)/gain cash flow hedge accounting, net of taxes								2,479,943	2,479,943		2,479,943
Cash flow hedge reclassified to income upon realization, net of taxes								(321,341)	(321,341)		(321,341)
(Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes								350,435	350,435	157,367	507,802
Gain on the percentage change in investments								27,052	27,052		27,052
Allocation of profit/(loss) for the year					(1,158,925)	(640,460)	1,799,385			(1,052,242)	(1,052,242)
Dividends approved of subsidiary										(787,905)	(787,905)
Interest on equity approved of subsidiary										(264,337)	(264,337)
Absorption of the loss of the year					(1,158,925)	(640,460)	1,799,385				-
Capital transactions										71,767	71,767
Constitution of subsidiaries in foreign operations										1,170	1,170
Acquisition of stakes in subsidiaries										70,597	70,597
Balances on December 31, 2025	10,240,000	(223,830)	2,248,080	32,720	-	-	(202,989)	782,078	12,876,059	2,860,291	15,736,350
The Accompanying notes are an integral part of these consolidation financial statement

(In thousands of Reals, unless stated otherwise)

OPERATING CONTEXT

Companhia Siderúrgica Nacional (“CSN”, “the Company” or “Parent Company”) is a publicly-held corporation, headquartered in the State capital of São Paulo. Founded on April 9, 1941 during the mandate of former Brazilian president Getúlio Vargas, the Company was privatized in 1993.

CSN, together with its subsidiaries, controlled companies, jointly controlled companies and affiliates (referred to as “the Group” or “CSN Group”), operates across five main business segments:

(i)

Steel industry: production and commercialization of flat and long steels;

(ii)

Mining: extraction, processing and commercialization of iron ore, tin, limestone and dolomite;

(iii)

Cement: production and commercialization of bagged and bulk cement, in addition to aggregates, concrete, and other related products;

(iv)

Energy: generation and sale of energy that is nearly renewably-sourced in entirety; and

(v)

Logistics: participations in railways, port concessions and fleets of road transport vehicles.

CSN is listed on São Paulo’s B3 S.A. – Brasil, Bolsa, Balcão stock exchange (B3) and the NYSE - United States stock exchange under the codes CSNA3 and SID, respectively. Additionally, its subsidiaries CSN Mineração S.A., FTL - Ferrovia Transnordestina Logística S.A., and Companhia Estadual de Geração de Energia Elétrica – CEEE-G, are publicly traded, and CSN Mineração S.A. makes its common shares available for trading on B3 under the code CMIN3.

CSN Group maintains significantly diverse business areas, and is one of Brazil’s largest steel producers. The company is also the second largest exporter of iron ore and a pioneer in the preparation of tailings piles as part of the dam decommissioning process. In is also Brazil’s second largest player in Brazil’s cement sector.

Ongoing concern:

Management understands that the Company has adequate resources to continue its operations. Accordingly, these financial statements for the year ended December 31, 2025 were prepared based on the Company’s assumed capacity to continue as an ongoing concern.

BASIS OF PREPARATION AND DECLARATION OF CONFORMITY

2.a)

Declaration of conformity

The individual and consolidated financial statements ("financial statements") were prepared and are presented in accordance with accounting policies adopted in Brazil issued by the Accounting Pronouncements Committee ("CPC”) and approved by the Brazilian Securities and Exchange Commission ("CVM") and the Federal Accounting Council ("CFC"), and in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB"), currently referred to as IFRS Accounting Standards. All relevant information specific to the financial statements is presented herein, this information is exclusively used by the Company's Management in its operations. The consolidated financial statements are identified as “Consolidated”, and the Parent Company’s individual financial statements are identified as “Parent Company”.

(In thousands of Reals, unless stated otherwise)

2.b)

Basis of presentation

These financial statements have been prepared on a historical cost basis and adjusted to reflect: (i) the fair value measurement of certain financial assets and liabilities (including derivative instruments), as well as pension plan assets; and (ii) impairment losses. Whenever IFRS and CPCs allow for a choice to be made between the acquisition cost or another measurement criterion, the acquisition cost criterion was used.

The preparation of these financial statements requires that Management use certain accounting estimates, judgments, and assumptions that affect the application of accounting policies and the reported amounts for assets, liabilities, revenues, and expenses as of the balance sheet date, which may differ from actual future results. The assumptions used are based on historical data and other factors considered relevant and are reviewed by the Company's Management.

Critical estimates are presented in the following explanatory notes:

Note 3 – Business combination

Note 13 – Impairment of assets

Note 15 – Financial instruments (derivatives and hedge accounting)

Note 20 – Income tax and social security contributions (deferred taxes)

Note 22 – Tax, social security, labor, civil, and environmental provisions and judicial deposits

Note 23 – Provisions for environmental liabilities and decommissioning

Note 32 – Employee benefits

These individual and consolidated financial statements were approved by Management on March 11, 2026.

2.c)

Functional and presentation currency

The accounting records included in the financial information for each of the Company's subsidiaries are measured using the currency of the main economic environment in which each subsidiary operates ("functional currency"). The Parent Company and Consolidated financial statements are presented in R$ (Brazilian reals), which is the Company's functional currency and the Group's presentation currency.

Transactions in foreign currencies are translated into the functional currency using the exchange rates prevailing on the respective transaction or valuation dates, through which items are remeasured. The balances of the asset and liability accounts are translated at the exchange rate on the balance sheet date. As of December 31, 2025, $1 is equivalent to R$5.5024 (R$6.1923 on December 31, 2024) and €1 is equivalent to R$6.4692 (R$6.4363 on December 31, 2024), according to rates extracted from the Central Bank of Brazil’s website.

2.d)

Material accounting policies

We have consistently applied the main accounting policies in the years presented in the explanatory notes.

(In thousands of Reals, unless stated otherwise)

2.e)

Value added statement

According to Federal Law 11.638/07, the presentation of the statement of value added is required for all publicly-held companies. These statements were prepared in accordance with CPC 09 (R1) – Statement of Value Added. IFRS does not require the presentation of this statement; it is therefore presented as additional information.

2.f)

Adoption of new requirements, standards, amendments and interpretations

The new requirements, standards, amendments and interpretations that came into effect for fiscal years beginning on January 1, 2025, were:

• Amendment to IAS 21 – Lack of exchangeability/ CPC 02 (R2) - Effects on Changes in Exchange Rates and Conversion of Financial Statements: establishes specific guidelines for the measurement and disclosure of transactions and balances in foreign currency whenever there is no observable exchange rate due to a lack of exchangeability between currencies. This Amendment establishes criteria for estimating the applicable exchange rate in such circumstances;

• OCPC 10 – Carbon Credits (tCO2e), Emissions allowances and Decarbonization Credits (CBIO): guidance applicable to the recognition, measurement, presentation and disclosure of carbon credits, allowances and similar instruments, when relevant, given IFRS Standards previously issued.

In relation to the above-mentioned pronouncements, the Company did not identify significant impacts that would alter the recognition, measurement or disclosure of its financial statements for the year ended December 31, 2025. Although certain subsidiaries located in Europe hold carbon credits and/or similar instruments, the respective amounts were assessed by Management as immaterial in the context of the consolidated financial statements, and it was not necessary to prepare a specific explanatory note.

The requirements, standards, amendments, guidelines and interpretations that will come into effect for the fiscal years beginning on January 1, 2026 are:

IFRS S1/CBPs 01 – General requirements for the disclosure of financial information regarding sustainability: established requirements for the disclosure of risks and opportunities related to sustainability over the short, medium and long term that may affect the entity's cash flows, access to financing, and the cost of capital. The Company will use the initial adoption relief provided for in Appendix C of CBPs 01 – Transitional Provisions and will disclose this information in accordance with the standard as of the year beginning January 1, 2027.

IFRS S2/CBPs 02 – Climate-related disclosure requirements: establishes requirements for the disclosure of climate-related risks and opportunities that have a material impact on the Company's financial statements. The main expected impact of adopting such a standard is the establishment of connections between climate-related risks and opportunities previously disclosed on the market through other reports and financial statements and their respective projections. Adoption of these standards will begin with the fiscal year started January 1, 2026, and the Company is currently in an intermediary stage of implementing such a pronouncement.

Amendments to IFRS 9 and IFRS 7 – Classification and measurement of Financial Instruments: introduces specific clarifications on the assessment of the characteristics of contractual cash flows and on the derecognition of financial liabilities, in addition to expanding disclosure requirements applicable to certain financial instruments.

(In thousands of Reals, unless stated otherwise)

Amendments to IFRS 9 and IFRS 7 – Electricity contracts dependent on natural factors: provides clarifications for the accounting treatment applicable to electricity purchase and sale contracts for which volume or price is linked to natural factors, such as weather conditions.

IAS 21 – Conversion into a presentation currency used within a hyperinflated economy: provides clarifications regarding criteria for translating financial statements whenever the functional currency is part of a hyperinflated economy and the entity in question presents its information in a different currency.

Annual improvements to IFRS – Volume 11. Adoption of this standard is established for fiscal years beginning on January 1, 2026, with the possibility of early adoption:

IFRS 1 - First-time Adoption of International Financial Reporting Standards These changes aim to provide clarification for issues related to initial application of the standards to ensure a smoother adoption process for companies;

ii)

IFRS 7 - Financial Instruments: The amendments are intended to improve guidance on financial information disclosures regarding financial instruments and to offer clarification on the implementation of certain requirements;

iii)

IFRS 9 - Financial Instruments: These modifications aim to correct inconsistencies or provide greater clarity on the application of certain provisions of this standard, especially related to the measurement and classification of financial instruments.

iv)

IFRS 10 - Consolidated Financial Statements: The improvements address minor issues regarding the application of controls and determining situations in which an entity should consolidate its subsidiaries;

IAS 7 - Statement of Cash Flows: These changes are made to improve clarity in the guidance on the presentation of cash flows, especially in relation to financing activities and the classification of certain cash flows.

IFRS 18/CPC 51 – Presentation and Disclosure of Financial Statements: establishes new requirements for the presentation and disclosure of Income Statements and replaces the current presentation requirements provided for in IAS 1. This standard introduces improved principles for the aggregation, disaggregation and classification of information, in addition to requiring the disclosure, as part of an explanatory note, of performance measures defined by management that meet established criteria in order to increase the comparability and transparency of the financial statements. Based on the analyses carried out so far, the Company estimates that the main potential impacts are related to the presentation of profit or loss, possible reflections in the Statement of Cash Flows, and to the expansion of the disclosures in the explanatory note, including the reconciliation of measures such as adjusted EBITDA. This standard will be adopted for the fiscal year started on January 1, 2027, and the Company has already started a project for implementation of the standard.

IFRS 19 – Subsidiaries not subject to Public Accountability: Disclosures: establishes a series of reduced disclosure requirements applicable to eligible subsidiaries that are not subject to public accountability while maintaining the full application of the remaining recognition and measurement requirements provided for in IFRS Standards. The Company will adopt the standard for the fiscal year beginning on January 1, 2027, as provided for in applicable regulations.

There were no impacts other than those mentioned above identified with regards to the Company's accounting recognition, measurement and disclosure practices as of the base date and in subsequent fiscal years.

Brazilian tax reform: Constitutional Amendment 132/2023, which is regulated in part by Complementary Law No. 214/2025 introduced profound changes in Brazil’s national tax system. A long transition period will be implemented between 2026 and 2032. The Company recognizes the complexity of these changes and is committed to making every effort necessary to ensure its full compliance with established provisions. In this context, Management actively monitors developments in the tax reform process, evaluating potential impacts on the Company's operation and financial results. Planning and execution of adaptation measures will include investments in technology, training of teams and the review of processes, with the objective of mitigating risks and ensuring compliance with new legal requirements. The impacts of the new tax rules will only be fully apparent once pending regulatory matters are finalized. As a result, Brazil’s Tax Reform did not affect the Company’s financial statements as of December 31, 2025.

(In thousands of Reals, unless stated otherwise)

International tax reform: On May 23, 2023, the International Accounting Standards Board issued International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12 (equivalent to CPC 32), which clarifies that IAS 12 (CPC 32) applies to income taxes arising from tax legislation enacted or substantially enacted to implement the Pillar Two model rules published by the OECD, including tax legislation implementing Qualified Domestic Top-up Minimum Taxes. The Group adopted these amendments, considering that consolidated revenue exceeds the established minimum limit of 750,000 euros.

BUSINESS COMBINATION

Grupo Estrela

On April 1, 2025, CSN completed the acquisition of shares representing 70% of Estrela Comércio e Participações S.A.’s ("Estrela”) share capital, a holding company that controls the road transport and multimodal logistics group known as Grupo Estrela (“Grupo Estrela”). This operation was initially carried out for the total amount of R$ 742,500, R$ 300,000 of which was paid on the closing date. The remaining balance was paid in three annual payments, which totaled R$ 111,250, R$ 111,250, and R$ 220,000 as of March 2026, 2027, and 2028, respectively. In September 2025 an additional payment of R$ 9,994 was made through the assignment of shares.

This acquisition is part of the Company's strategy for expanding and integrating its logistics operations, which focuses on the transportation and handling of large volumes of cargo, especially those linked to the mining, steel and cement market segments. This operation aims to expand CSN's role as a logistics operator, capture operational synergies, and explore the existing infrastructure in the regions in which the Group operates in a more intensive manner.

The Estrela Group maintains a historical business relationship with the Company that favors operational integration and the generation of gains in scale.

Acquisition of 70% Estrela Comércio e Participações S.A.’s share capital. (Grupo Estrela)

Estrela is the parent company of several operating companies that provide road transport and intermodal t logistics, storage, equipment rental and related services, including Tora Transportes Ltda., Tora Locações S.A., FJX Transportes S.A., N. Minas Transportes e Locações Ltda., Saratoga Transportes Ltda., Lokamig Rent a Car S.A., Seminovos Lokamig Ltda., Tora Logística Armazéns e Terminais Multimodais S.A., Tora Recintos Alfandegários S.A. and Tora Seminovos Comércio de Veículos Ltda. These companies subsequently became part of the series of companies indirectly controlled by CSN.

CSN was identified as the acquiror for accounting purposes, after having obtained control of Estrela as of the acquisition date, as a result of holding a majority participation totaling 70% of the voting capital and the ability to direct the acquiree’s financial and operating policies. Estrela and its subsidiaries consequently came to be fully consolidated in the Company's financial statements as of that date.

(In thousands of Reals, unless stated otherwise)

(i) Determining purchase price

In accordance with CPC 15 (R1) / IFRS3 – Business Combination, purchase price is determined by the sum of the assets transferred, liabilities incurred, equity interests issued, non-controlling interests, and the fair value of any interest held prior to the transaction.

Percentage Acquired and Voting Capital

Estrela’s fully subscribed and paid-up share capital as of the acquisition date, consists of 229,993,768 registered common shares without par value. A majority interest, equivalent to 70% of Estrela’s share capital, was acquired during the transaction in question.

Preliminary calculation of Consideration Transferred and to be Transferred (“Transaction Amount”)

The adjusted transaction value totaled R$ 752,494 and was structured in a single one-time installment and three installments to be paid at a later date, as follows:

Value of the consideration transferred (R$ thousand)
Installment		Installment
in cash ⁽¹⁾		309,994
1ª		111,250
2ª		111,250
3ª		220,000
Amount paid for 70% of the shares		752,494

(1)

an amount of R$ 300,000 paid in April 2025, more R$ 9,994 paid in September of 2025.

(ii) Fair value of assets acquired and liabilities assumed

The following table presents the allocation of the preliminary fair value of assets acquired and liabilities assumed as of April 1, 2025, considering the Company's direct interests, which were calculated based on reports from independent appraisers.

(In thousands of Reals, unless stated otherwise)

	Fair value
Fair value of acquired assets:
Current Assets
Cash and cash equivalents	87,046
Trade receivables	205,529
Inventories	72,924
Recoverable taxes	18,672
Other current assets	26,561
Non-Current Asset
Deferred taxes	47,393
Other non-current assets	21,122
Prosperty, plant and equipament ⁽¹⁾	820,398
Intangible assets ⁽²⁾	71,591
	1,371,236
Fair value of assumed liabilities:
Current Liabilities
Trade payables	180,962
Borrowings and financing ⁽³⁾	251,201
Payroll and related taxes	29,600
Lease liabilities ⁽⁴⁾	19,633
Other payables	34,177
Non-current Liabilities
Borrowings and financing ⁽³⁾	378,655
Lease liabilities ⁽⁴⁾	189,545
Provisions for tax, social, labor civil, environmental risk ⁽⁵⁾	24,828
Deferred income tax ⁽⁶⁾	32,709
Other payables	7,510
	1,148,820

Total of identifiable net assets at fair value	222,416
70% ownership by the Controller	155,691

(1)

The fair value of fixed assets determined by market and cost approaches, mainly for vehicle groups (light and heavy-duty, dump trucks and semi-trailers), machinery and equipment and improvements.

(2)

The fair value of intangibles includes intangible goodwill assets acquired and recognized by the acquiree before the allocation of fair value, in the amount of R$ 17,108.

(3)

The Loans and financing assumed in the acquisition and their respective maturities are shown in the tables below:

	Current Liabilities	Non-current Liabilities	Total
Debt contracts in the foreign market
Fixed interest in US$
Bonds, Facility and ACC	35,277	38,500	73,777
	35,277	38,500	73,777

Debt contracts in national currency
R$
BNDES/FINAME/FINEP, Debentures, CRI and NCE	215,924	340,155	556,079
	215,924	340,155	556,079
Total Borrowings and Financing	251,201	378,655	629,856

(In thousands of Reals, unless stated otherwise)

Maturity	Foreign currency loans	Loans in National Currency	Total
2025		82,513	82,513
2026	35,277	176,201	211,478
2027		151,109	151,109
2028	38,500	49,128	87,628
2029		15,167	15,167
2030		81,961	81,961
	73,777	556,079	629,856

(4)

The Company measured acquired lease liabilities using the present value of the remaining lease payments as of the acquisition date. Right-to-use assets were measured at an amount equal to lease liabilities and adjusted to reflect favorable lease conditions relative to market terms.

(5)

Provisions and contingent liabilities assumed in the acquisition that were considered present obligations arising from past events and can be reliably measured have been recognized and are initially measured at fair value on the acquisition date and subsequently measured in accordance with the requirements of IFRS 3 (CPC 15 (R1)), at an amount in excess of that which would be recognized in accordance with IAS 37 (CPC 25). The table shown below presents the total amount of provisions and contingent liabilities assumed on the transaction date, including attributed fair value, as follows:

		R$
Tax		12,691
Labor		12,093
Civil		44
		24,828

(6)

Amounts mainly consist of deferred tax liabilities related to the acquiree’s initial balance and the net position of deferred tax assets and liabilities related to allocation of the purchase price.

(iii) Goodwill on the acquisition of control

In accordance with item 32 of CPC15 (R1)/IFRS3, the acquiror must recognize goodwill for expected future profitability as of the acquisition date, which is measured according to the amount by which the purchase price exceeds the fair value of assets and liabilities acquired (allocation of the purchase price). The transaction generated goodwill based on expected preliminary future profitability, as shown in the table below:

		Reference	Grupo Estrela
Total acquisition price	A	(i)	752,494
Fair value of net assets	B	(ii)	155,691
Goodwill ⁽¹⁾	= ( A - B )		596,803

(1)

Goodwill was mainly attributable to:

expected operational and logistical synergies;

vertical integration of transport operations within the CSN Group;

gains in scale and efficiency;

capacity to expand within the logistics market;

additionally, expected future profitability.

Goodwill arising from the transaction is expected to result in a tax benefit, i.e., to be deductible for tax purposes.

Goodwill is part of the investment’s carrying amount at the Parent Company. Goodwill is recognized in Consolidated statements as intangible assets and, given that such assets have an indefinite useful life, is not amortized, in accordance with CPC 04 (R1)/IAS 38. Goodwill is also submitted to an impairment test at a minimum annually.

(In thousands of Reals, unless stated otherwise)

(iv) Other disclosures: revenue and results

		Estrela Group
Period (from - to) ^a		04/01/2025 to 12/31/2025
Revenue		763,412
P&L		(16,912)
Period (from - to) ^b		01/01/2025 to 12/31/2025
Revenue		1,019,278
P&L		(36,778)

(a)

impact on the Company's consolidated financial statements (“FSs") in 2025

(b)

impact on FSs if the acquisition date had occurred at the start of the 2025 fiscal year

Galvacolor, Gramperfil and Global Dot

In 2025, the Company completed the acquisition of control of the companies Global Dot Com S.A. ("Global Dot"), Galvacolor Jerez S.L.U. ("Galvacolor") and Gramperfil, S.A. ("Gramperfil"), operations that may be considered business combinations.

These acquisitions were performed in line with the strategy of expanding and strengthening the Company's presence in the steel processing market segments and added greater value to the production chain while expanding commercial capillarity and enhancing operational, industrial, and logistical synergies.

(i) General Information on Acquisitions

	Galvacolor ⁽¹⁾	Gramperfil ⁽²⁾	Globaldot ⁽³⁾
Acquisition date	11/18/2025	03/23/2025	5/12/2025
Percentage ("%") acquired of the share capital	100%	90%	80%
Price paid (Consideration transferred) - R$	291,013	73,128	50,891

(1)

Galvacolor, which was acquired by CSN, maintains industrial operations dedicated to the galvanization and painting of flat steels. The company largely maintains operations in the civil construction sector. This transaction expanded the Company's portfolio of coated products and strengthens its competitive positioning on the European market.

(2)

Gramperfil, which was acquired by CSN Steel S.L., specializes in the manufacture of metal structural profiles and accessories used in the construction sector. This acquisition allows the Company to expand its operations in the market segment for structural solutions and offers greater proximity to end customers and an increase in operating margin.

(3)

Global Dot, which was indirectly acquired by CSN through its subsidiaries CSN Inova Ventures and CSN Inova Soluções S.A., provide complete fleet management services with a focus on improving internal logistics and improving processes used in making requests, scheduling, execution, measuring contracts and sizing fleets. This acquisition is in line with the Company's integration strategy, aiming at provided greater synergy, productivity and reducing costs through a single technological platform.

(In thousands of Reals, unless stated otherwise)

(ii)

Fair value of assets acquired and liabilities assumed

	Galvacolor	Gramperfil	Total
Fair value of acquired assets:
Current Assets
Cash and cash equivalents	4,914	13,261	18,175
Trade receivables	42,285	23,704	65,989
Inventories	193,943	23,621	217,564
Recoverable taxes	24,087	1,809	25,896
Other current assets	2,346	1,360	3,706
Non-current Assets
Deferred taxes	3,210		3,210
Other non-current assets	51	22	73
Property, plant and equipment	167,685	30,389	198,074
Intangíible assets	46	42	88
	438,567	94,208	532,775

Fair value of assumed liabilities:
Current Liabilities
Trade payables	115,669	7,017	122,686
Borrowings and financing		11,718	11,718
Taxes payable	26,947	2,143	29,090
Other payables	4,938	202	5,140
	147,554	21,080	168,634

Total of identifiable net assets at fair value	291,013	73,128	364,141

Due to the acquisition of Global Dot on December 5, 2025, the Company began the contracting process for the allocation of the purchase price (PPA) in 2026 in order to identify and measure the assets acquired and liabilities assumed at fair value. For preliminary disclosure purposes, the amount initially recognized as fair value for acquired assets is considered the book value of the acquiree's equity on the transaction base date. This amount totals R$ 11,728 and is subject to adjustments arising from the completion of the fair value measurement process, which may impact the final value of the goodwill recognized.

(iii)

Goodwill on acquisition of control

		Galvacolor	Gramperfil	Global Dot
Total acquisition price	A	291,013	73,128	50,891
Fair value of net assets	B	291,013	73,128	11,728
Goodwill ⁽¹⁾	= ( A - B )			39,163

(1)

Provisional goodwill recognized in acquisitions is mainly attributed to:

Expected operational and commercial synergies:

Gains in scale.

Logistics integration.

Specialized workforce.

Expansion of market presence.

Additionally, expected future profitability.

Goodwill arising from the transaction is expected to result in a tax benefit, i.e., to be deductible for tax purposes.

(In thousands of Reals, unless stated otherwise)

(iv) Other disclosures: revenue and results

	Galvacolor	Gramperfil	Global Dot*
Period (from - to) ^a	11/18/2025 to 12/31/2025	03/23/2025 to 12/31/2025	12/05/2025 to 12/31/2025	Total

Revenue	18,301	80,886		99,187
P&L	(4,543)	5,328		785

Period (from - to) ^b	01/01/2025 to 12/31/2025	01/01/2025 to 12/31/2025	01/01/2025 to 12/31/2025	Total

Revenue	315,216	113,179	26,349	454,744
P&L	(75,802)	6,299	9,838	(59,665)

(*)

Considering that the acquisition was completed on December 5, 2025, and there were no material transactions made in the last month of the year, there was no impact on the Company's financial statements.

(a)

impact on the Company's consolidated financial statements (“FSs") in 2025

(b)

impact on FSs if the acquisition date had occurred at the start of the 2025 fiscal year

Measurement and Appraisal Reports related to Business Combinations

As of the date these financial statements were issued, the process of measuring and preparing the fair value appraisal reports for identifiable assets acquired and liabilities assumed — including separable intangible assets — are in progress with independent appraisers in accordance with the permitted 12-month measurement period. As a result, amounts recognized are provisional and may undergo non-significant retrospective adjustments upon Purchase Price Allocation (PPA) reports being completed.

Accounting policy

Business combinations (except those involving entities under common control) are accounted for by applying the acquisition method. The consideration transferred, as well as the identifiable assets acquired and liabilities assumed, are measured at fair value as of the acquisition date. The consideration transferred does not include amounts related to settlements for pre-existing relationships; these amounts are normally recognized in profit or loss for the year.

The Company considers itself to haves acquired a business whenever the series of activities and assets acquired includes inputs and a substantive process that, together, contribute significantly to the ability to generate products or services (outputs). The process is considered substantive whenever it is essential to the continuity of the production of outputs and the inputs acquired include an organized workforce that holds the skills, knowledge or experience necessary to execute the process in question, or whenever, the process contributes to the ability to maintain the generation of outputs in a relevant manner. Assumed financial assets and liabilities are valued as of the acquisition date for classification and measurement purposes while considering contractual terms, economic circumstances and other conditions existing on that date.

Costs directly attributable to the acquisition are recognized as an expense as they are incurred and are recorded as other operating expenses. Goodwill arising from the transaction is subject, at a minimum annually, to an impairment test, as well as whenever there are indications that its book value may not be recoverable.

Goodwill is initially measured at cost, which corresponds to excess in the aggregate amount for:

(i)

the consideration transferred, measured at fair value;

(In thousands of Reals, unless stated otherwise)

(ii)

the value of any non-controlling interests in the acquiree; and

(iii)

in business combinations implemented in stages, the fair value of the interest previously held by the acquirer on the acquisition date; on the fair value of identifiable net assets acquired (identifiable assets acquired net of liabilities assumed).

Whenever this aggregate amount is lower than the value of the identifiable net assets acquired, the difference is recognized immediately in profit or loss as a gain from an advantageous purchase.

Goodwill is subsequently measured at cost, less accumulated impairment losses. For impairment testing purposes, goodwill recognized in a business combination is allocated to the Company's Cash Generating Units (“CGUs”) that are expected to benefit from the synergies offered by the combination as of the acquisition date, regardless of whether other assets or liabilities held by the acquiree are attributed to these units.

In cases involving business combinations maintained between entities under common control — in which all entities or businesses involved are, before and after the operation, controlled by the same party or group of parties, and this control is not transitory — the Company applies the predecessor value method.

Under this method, financial statements now reflect the continuity of the acquired entity’s historical accounting records, including:

(a)the acquiree’s equity position and historical operating results in previous periods;

(b)Profit and loss at the Company and the acquired entity arising from corporate reorganization;

(c)Assets and liabilities recognized at historical book values (and at fair value, when applicable);

(d)the Company's earnings per share for all periods presented, adjusted when necessary.

Goodwill is not recognized, and the corresponding effects are not recorded in Shareholders' Equity as part of such transactions.

Critical Estimates

Business combinations are accounted for using the acquisition method, which requires the measurement of identifiable assets acquired and liabilities assumed at fair value on reports prepared by independent appraisers. This measurement involves the use of estimates and assumptions that require that significant judgments be made on the part of the Company, including those applied in the identification and valuation of intangible assets, such as brands and customer portfolios, the measurement of lease liabilities — including adjustments to reflect favorable contractual conditions in relation to those practiced on the market — and the recognition and measurement of contingent liabilities.

(In thousands of Reals, unless stated otherwise)

CASH AND CASH EQUIVALENTS

		Consolidated		Parent Company
	12/31/2025	12/31/2024	12/31/2025	12/31/2024
Cash and banks
In Brazil	1,178,037	701,494	308,969	34,180
Abroad	5,626,095	13,318,603	61,089	868,839
	6,804,132	14,020,097	370,058	903,019

Financial investments
In Brazil	5,509,312	7,688,051	3,159,395	4,758,970
Abroad	2,107,578	1,602,049		4,629
	7,616,890	9,290,100	3,159,395	4,763,599
	14,421,022	23,310,197	3,529,453	5,666,618

The financial resources available in the country are primarily invested in private and public securities with income linked to the variation of Interbank Deposit Certificates (CDI) and repurchase and resale agreements backed by fixed income securities. The Company applies part of the resources through exclusive investment funds, whose financial statements were consolidated in the Company.

Overseas financial resources are held in dollars and euros and are invested in TD (Time Deposit) transactions at pre-fixed rates as well as in accounts subject to automatic remuneration and daily liquidity. Yields are pegged to FED Funds and the ECB’s deposit rate. Bank counterparties are considered to be first-rate by Management.

Accounting policy

Cash and cash equivalents include cash, bank deposits and other short-term investments of immediate liquidity that are redeemable within 90 days of the contracting date, readily convertible into a known cash amount, and presenting insignificant risk of change in market value.

FINANCIAL INVESTMENTS

				Consolidated				Parent Company
	Current		Non-current		Current		Non-current
	12/31/2025	12/31/2024	12/31/2025	12/31/2024	12/31/2025	12/31/2024	12/31/2025	12/31/2024
Investments ⁽¹⁾	270,318	50,787	25,257	27,554	8,577	34,982
Usiminas shares ⁽²⁾	372,397	860,591			372,397	860,591
Bonds ⁽³⁾	-			142,423				142,423
	642,715	911,378	25,257	169,977	380,974	895,573		142,423

(1)

Financial investments are restricted and linked to a Bank Deposit Certificate (CDB) used to secure a bank-issued letter of guarantee with financial institutions and Government bonds (LFT - Financial Treasury Bills) managed by the Company’s exclusive funds. Subsidiary CSN Cimentos Brasil maintains investments with restricted availability as collateral for a liability, for which the redemption term is indefinite. The investment balance totaled R$ 3,649 on December 31, 2025 (R$ 8,497 on December 31, 2024). The subsidiaries Estanho de Rondônia S.A. and Elizabeth Cimentos S.A. hold investments linked to financing agreements that will mature in 2028 and 2030, respectively, in the amount of R$ 21,214 (R$ 19,057 on December 31, 2024). An investment in the amount of R$ 243,624 from CSN Steel S.L.U. linked to the acquisition of Galvacolor and for which the redemption term is for November 2026 is also recorded in the consolidated.

(2)

The Company sold part of Usiminas' shares at market value according to the quotation provided on the transaction date, with a portion received immediately and the remainder in installments (See note 9). The investment’s final equity after the transaction was 4.99%.

(3)

Bonds held with Banco Fibra maturing in February 2028 were settled in advance on December 22, 2025. (See note 24.b)

(In thousands of Reals, unless stated otherwise)

Accounting policy

Investments that are not classified as cash equivalents are measured at amortized cost and fair value through profit or loss. Investments that are subject to restrictions on redemption are held to maturity and recorded at amortized cost and classified under non-current assets whenever maturity exceeds a period of 12 months.

RECEIVABLES

			Consolidated		Parent Company
	Ref.	12/31/2025	12/31/2024	12/31/2025	12/31/2024
Trade receivables
Third parties
In Brazil		1,241,180	1,457,840	615,807	868,360
Abroad		1,304,707	1,563,075	9,829	47,258
		2,545,887	3,020,915	625,636	915,618
(-) Estimated losses with doubtful liquidation credits		(246,153)	(212,088)	(109,746)	(95,617)
		2,299,734	2,808,827	515,890	820,001
Related parties	24.b	97,299	92,171	1,186,355	735,140
		2,397,033	2,900,998	1,702,245	1,555,141

The composition of the gross balance of accounts receivables from third party customers is shown as follows:

		Consolidated		Parent Company
	12/31/2025	12/31/2024	12/31/2025	12/31/2024
Current	1,928,230	2,522,661	485,412	821,965
Past-due up to 30 days	322,295	180,249	9,253	257
Past-due up to 180 days	71,947	139,106	16,870	1,442
Past-due over 180 days	223,415	178,899	114,101	91,954
	2,545,887	3,020,915	625,636	915,618

The changes in the expected credit losses for receivables from the Company's customers are as follows:

		Consolidated		Parent Company
	12/31/2025	12/31/2024	12/31/2025	12/31/2024
Opening balance	(212,088)	(226,053)	(95,617)	(119,558)
(Loss)/Reversal estimated	(32,660)	3,964	(18,923)	18,627
Recovery of receivables	6,164	10,001	4,794	5,314
Acquisition of stakes in subsidiaries	(7,569)
Closing balance	(246,153)	(212,088)	(109,746)	(95,617)

The Company carries out credit assignment operations without co-obligation. After the assignment of the customer's trade bills/securities and receipt of the proceeds from the closing of each transaction, CSN settles the related receivables and fully discharges the credit risk of the transactions. Finance charges on the credit assignment operation performed during the year ended December 31, 2025, totaled R$ 86,969 (R$ 45,587 on December 31, 2024) in the consolidated and R$ 75,338 (R$ 34,425 on December 31, 2024) in the parent company. These charges were classified under profit or loss.

(In thousands of Reals, unless stated otherwise)

Accounting policy

Receivables are initially recognized at the transaction price, provided that they do not contain financing components, and subsequently measured at amortized cost. When applicable, they are adjusted to present value including the respective taxes and ancillary expenses, and customer credits in foreign currency are adjusted at the exchange rate on the date the financial statements are published.

The Company annually measures the instrument’s expected credit losses,under which it considers all possible loss events over its receivables’ useful lives using a loss rate matrix based on maturity range adopted by the Company, from the asset’s initial recognition. This model considers customers' history, default rate, financial situation and the position of legal advisors to estimate expected credit losses.

In the Mining sector, receivables are composed of the value of invoices issued (quantities, moisture indexes, and preliminary quality levels), which are valued based on "Platts" commodity prices as of the shipment date, as established in each customer's contract.

When applicable, the mark-to-market for outstanding balances is prepared based on the average quotations of the Iron Ore Business Exchange, which are adjusted each month up until the date negotiated for closing of the final price.

Final invoices, which finalize export operations and are generally issued after the receipt and analysis of the commodities (approval of quantities, moisture indices and metal contents contained by customers), are valued according to each contract.

The result of the necessary adjustments made, both for issuing final invoices and to prepare a mark to market report, is recognized as sales results when it occurs.

(In thousands of Reals, unless stated otherwise)

INVENTORIES

		Consolidated		Parent Company
	12/31/2025	12/31/2024	12/31/2025	12/31/2024
Finished goods	3,565,541	4,250,175	1,932,948	2,623,991
Work in progress	4,515,197	3,976,448	2,035,686	1,888,560
Raw materials	2,804,157	2,845,578	1,502,000	1,902,306
Storeroom supplies	1,649,866	1,255,176	700,716	459,792
Advances to suppliers	99,325	23,463	60,045	1,432
(-) Provision for losses	(105,060)	(149,927)	(25,907)	(36,835)
	12,529,026	12,200,913	6,205,488	6,839,246

Classified:
Current	10,455,500	10,439,741	6,205,488	6,839,246
Non-current ⁽¹⁾	2,073,526	1,761,172
	12,529,026	12,200,913	6,205,488	6,839,246

(1)

Long-term inventories of iron ore that will be processed when implementing new processing plants, which will generate Pellet Feed as a final product. The start of operations is scheduled for the fourth quarter of 2028.

Changes in expected losses on inventories are as follows:

		Consolidated		Parent Company
	12/31/2025	12/31/2024	12/31/2025	12/31/2024
Opening balance	(149,927)	(121,871)	(36,835)	(24,304)
Reversal/(Provision for losses) on inventories with low turnover and obsolescence	44,867	(28,056)	10,928	(12,531)
Closing balance	(105,060)	(149,927)	(25,907)	(36,835)

Accounting policy

Inventories are recorded at the lower of cost and net realizable value. Cost is determined using the weighted average cost method in the acquisition of raw materials. The cost of finished products and work in progress comprises raw materials, labor, other direct and indirect costs (based on normal production capacity). The net realizable value is the estimated selling price in the normal course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Estimated losses in low turnover or obsolete inventories are constituted when considered necessary.

(In thousands of Reals, unless stated otherwise)

RECOVERABLE TAXES

		Consolidated		Parent Company
	12/31/2025	12/31/2024	12/31/2025	12/31/2024
ICMS (Brazilian State Value-Added Tax)	2,323,633	1,717,547	1,570,468	1,116,394
Brazilian federal taxes ⁽¹⁾	2,846,259	2,336,854	1,652,207	1,376,319
Other taxes	183,442	112,866	30,110	13,767
	5,353,334	4,167,267	3,252,785	2,506,480

Classified:
Current	1,376,434	1,367,316	511,925	668,137
Non-current	3,976,900	2,799,951	2,740,860	1,838,343
	5,353,334	4,167,267	3,252,785	2,506,480

(1)

The Brazilian federal tax balance mainly refers to PIS and COFINS, IRPJ and CSLL and IPI.

Accumulated tax credits generally derive from ICMS, PIS and COFINS credits on purchases of inputs and property, plant, and equipment used in production. These credits are generally realized through natural offsetting with debits for such taxes generated by sales operations and other taxed outputs.

The balance of recoverable taxes maintained over the short term is expected to be offset in the next 12 months. Based on budget analyses and projections approved by Management, there is no forecast for risks regarding the non-realization of such tax credits, provided that such budget projections materialize.

The increase in the ICMS balance for the period is mainly due to the increase in volume of credits generated by imports and the acquisition of third-party inputs and the growth of exports — which, although taxed at a rate of zero, increase the amount of ICMS credits to be recovered.

The increase in PIS and COFINS balances during the period mainly reflects the higher volume of import credits, the recognition of untimely credits from previous years and growth in exports, which increased the balance of credits to be recovered.

Accounting policy

Accumulated tax credits essentially derive from ICMS, PIS, and COFINS credits on purchases of inputs and property, plant and equipment used in production, more IRPJ and CSLL related to updating tax credits awaiting final legal resolution for compensation according to the Selic interest rate, which are classified under non-current assets. These credits are generally realized through natural offsetting with debits for such taxes generated by sales operations and other taxed outputs.

(In thousands of Reals, unless stated otherwise)

OTHER CURRENT AND NON-CURRENT ASSETS

					Consolidated				Parent Company
		Current		Non-current		Current		Non-current
	Ref.	12/31/2025	12/31/2024	12/31/2025	12/31/2024	12/31/2025	12/31/2024	12/31/2025	12/31/2024
Judicial deposits	22			621,012	632,950			226,793	202,212
Derivative transactions	15.a	494	152,967
Dividends receivable	24.b	76,026	201,436			1,167,342	501,267
Prepaid expenses		493,924	327,403	14,732	9,770	259,173	208,557	13,093	6,093
Actuarial asset	24.b			53,328	47,708			41,138	37,059
Receivables from related parties	24.b	5,978	7,146	2,137,882	3,695,607	177,324	252,380	3,474,388	4,293,152
Loans with related parties		4,147	5,315	2,137,882	1,903,028	4,147	5,315	3,474,388	2,499,112
Other receivables from related parties		1,831	1,831		1,792,579	173,177	247,065		1,794,040
Other assets		461,503	167,111	1,024,408	846,335	263,926	50,291	1,001,099	821,765
Trading securities		2,598	2,947			2,408	2,814
Compulsory loans from Eletrobrás ⁽¹⁾				3,787	51,012			678	48,437
Employee debts		120,327	92,628			64,047	47,332
Receivables by indemnity ⁽²⁾				779,827	790,914			779,827	773,241
Receivables - Usiminas Shares ⁽³⁾		192,911		150,578	-	192,911		150,578
Advances to suppliers		2,820	2,242
Others		142,847	69,294	90,216	4,409	4,560	145	70,016	87
		1,037,925	856,063	3,851,362	5,232,370	1,867,765	1,012,495	4,756,511	5,360,281

(1)

During the period between December 2, 2025 and December 26, 2025, the Company carried out the sale of shares on the market, recognizing a gain in profit or loss in the amount of R$ 128. The remaining balance at the parent company substantially refers to shares received as bonus from Eletrobras (Axia), at a total book value of R$ 678. Balance refers to participations in Axia shares at the Company’s subsidiaries at the consolidated.

(2)

Non-current assets are composed of liquidated and certain credit arising from an final and unappealable ruling issues in the Company’s favor, mainly due to losses and damages resulting from a drop in voltage in the energy supply during periods between January/1991 and June/2002.

(3)

The Company sold part of Usiminas' shares at market value according to the quotation provided as of the transaction date, for which a portion was received immediately and the remaining amount in installments. The investment’s final equity after the transaction was 4.99%. This balance is presented net of the adjusted present value (AVP).

10.

BASIS OF CONSOLIDATION AND INVESTMENTS

Accounting policies have been consistently applied to all consolidated companies. The consolidated financial statements for the years ended December 31, 2025, and 2024 include the following direct and indirect subsidiaries and joint ventures and affiliates, in addition to exclusive funds, as shown below:

(In thousands of Reals, unless stated otherwise)

	Equity interests (%)
Companies	12/31/2025	12/31/2024	Core business
Direct interest in subsidiaries
CSN Islands VII Corp.	100.00	100.00	Financial transactions
CSN Inova Ventures	100.00	100.00	Equity interests and financial transactions
CSN Islands XII Corp.	100.00	100.00	Financial transactions
CSN Steel S.L.U.	100.00	100.00	Equity interests and financial transactions
TdBB S.A ^(*)	100.00	100.00	Equity interests
Sepetiba Tecon S.A.	99.99	99.99	Port services
Minérios Nacional S.A.	99.99	99.99	Mining and Equity interests
Companhia Florestal do Brasil	99.99	99.99	Reforestation
Estanho de Rondônia S.A.	99.99	99.99	Tin Mining
Companhia Metalúrgica Prada	99.89	99.89	Manufacture of containers and distribution of steel products
CSN Mineração S.A.	69.01	69.01	Mining
CSN Energia S.A.	99.99	99.99	Sale of electric power
FTL - Ferrovia Transnordestina Logística S.A.	92.71	92.71	Railroad logistics
Nordeste Logística S.A.	99.99	99.99	Port services
CSN Inova Ltd.	100.00	100.00	Advisory and implementation of new development project
CBSI - Companhia Brasileira de Serviços de Infraestrutura	99.99	99.99	Equity interests and product sales and iron ore
CSN Cimentos Brasil S.A.	99.99	99.99	Cement manufacturing
Berkeley Participações e Empreendimentos S.A.	100.00	100.00	Electric power generation and equity interests
CSN Inova Soluções S.A.	99.99	99.99	Equity interests
CSN Participações I S.A	99.90	99.90	Equity interests
CSN Participações III S.A	99.90	99.90	Equity interests
CSN Participações IV S.A	99.90	99.90	Equity interests
CSN Participações V S.A	99.90	99.90	Equity interests
CSN Incorporação e Participações Ltda.	99.99	99.99	Equity interests
Estrela Comércio e Participações S.A. ⁽⁵⁾	70.00		Equity interests

Indirect interest in subsidiaries
Lusosider Projectos Siderúrgicos S.A.	100.00	100.00	Equity interests and product sales
Lusosider Aços Planos, S. A.	100.00	100.00	Steel and Equity interests
CSN Resources S.A.	100.00	100.00	Financial transactions and Equity interests
Companhia Brasileira de Latas	99.89	99.89	Sale of cans and containers in general and Equity interests
Companhia de Embalagens Metálicas - MMSA	99.88	99.88	Production and sale of cans and related activities
Companhia de Embalagens Metálicas - MTM	99.88	99.88	Production and sale of cans and related activities
CSN Productos Siderúrgicos S.L.	100.00	100.00	Financial transactions, product sales and Equity interests
Stalhwerk Thüringen GmbH	100.00	100.00	Production and sale of long steel and related activities
CSN Steel Sections Polska Sp.Z.o.o	100.00	100.00	Financial transactions, product sales and Equity interests
CSN Mining Holding, S.L.U.	69.01	69.01	Financial transactions, product sales and Equity interests
CSN Mining GmbH	69.01	69.01	Financial transactions, product sales and Equity interests
CSN Mining Asia Limited	69.01	69.01	Commercial representation
Lusosider Ibérica S.A.	100.00	100.00	Steel, commercial and industrial activities and equity interests
Companhia Siderúrgica Nacional, LLC	100.00	100.00	Import and distribution/resale of products
Elizabeth Cimentos S.A.	99.99	99.99	Cement manufacturing
Santa Ana Energética S.A.	99.99	99.99	Electric power generation
Topázio Energética S.A.	99.99	99.99	Electric power generation
Brasil Central Energia Ltda.	99.99	99.99	Electric power generation
Circula Mais Serviços de Intermediação Comercial S.A.	99.90	99.90	Commercial intermediation for the purchase and sale of assets and materials in general
Metalgráfica Iguaçu S.A	99.89	99.89	Metal packaging manufacturing
Companhia Energética Chapecó	69.01	69.01	Electric power generation
Companhia Estadual de Geração de Energia Elétrica - CEEE-G	100.00	100.00	Electric power generation
Ventos de Vera Cruz S.A.	99.99	99.99	Electric power generation
Ventos de Curupira S.A	99.99	99.99	Electric power generation
Ventos de Povo Novo S.A.	99.99	99.99	Electric power generation
MAZET Maschinenbau und Zerspanungstechnik Unterwellwnborn GmbH	100.00	100.00	Production and sale of long steel and related activities
CSN ITC Solutions AG ⁽¹⁾	55.21		Financial transactions, product sales and Equity interests
CSN Mining International GmbH	69.01	69.01	Commercial and representation of products
Gramperfil S.A. ⁽²⁾	90.00		Manufacturing and sale of metal profile
CSN International Steel GmbH	100.00	100.00	Commercial and representation of products
Tora Transportes Ltda ⁽⁵⁾	70.00		Road transport
Tora Locações S.A. ⁽⁵⁾	70.00		Road transport and automobile rental
FJX Transportes S.A. ⁽⁵⁾	42.00		Road transport and logistic
N. Minas Transportes e Locações Ltda. ⁽⁵⁾	70.00		Road transport and logistic
Saratoga Transportes Ltda ⁽⁵⁾	70.00		Road transport
Lokamig Rent a Car S.A.⁽⁵⁾	70.00		Automobile rental
Seminovos Lokamig Ltda. ⁽⁵⁾	70.00		Automobile rental
Tora Logística Armazéns e Terminais Multimodais S.A. ⁽⁵⁾	70.00		Logistics
Tora Recintos Alfandegários S.A. ⁽⁵⁾	70.00		General storage operations and road transport
Tora Seminovos Comércio de Veículos Ltda. ⁽⁵⁾	70.00		Commercial and automobile rental
CSN Captive Insurance Company, LLC ⁽⁶⁾	100.00		Captive Insurance Company
Global Dot Com S.A ⁽⁹⁾	80.00		Information service provision
Galvacolor Jerez S.L.U. ⁽⁸⁾	100.00		Transformation and commercialization of steel products

(In thousands of Reals, unless stated otherwise)

Direct interest in joint operations
Itá Energética S.A.	48.75	48.75	Electric power generation
Direct interest in joint ventures: equity method
MRS Logística S.A.	7.59	18.75	Railroad transportation
Aceros Del Orinoco S.A. ^(*)	31.82	31.82	Dormant company
Transnordestina Logística S.A. ⁽⁷⁾	33.89	48.03	Railroad logistics
Equibras S.A⁽¹¹⁾	50.00	50.00	Rental of commercial and industrial machinery and equipment

Indirect interest in joint ventures: equity method
MRS Logística S.A. ⁽¹⁰⁾	20.64	12.93	Railroad transportation

Direct interest in associates: equity method
Arvedi Metalfer do Brasil S.A.	20.00	20.00	Metallurgy and Equity interests
Panatlântica S.A.	29.92	29.92	Steel

Indirect interest in affiliates: equity method
Jaguari Energética S.A.	10.50	10.50	Electric power generation
Chapecoense Geração S.A.	9.00	9.00	Electric power generation
Companhia Energética Rio das Antas - Ceran	30.00	30.00	Electric power generation
Foz Chapecó Energia S.A.	9.00	9.00	Electric power generation

Exclusive Funds
Diplic II - Private credit balanced mutual fund	100.00	100.00	Investment fund
Caixa Vértice - Private credit balanced mutual fund	100.00	100.00	Investment fund
VR1 - Private credit balanced mutual fund	100.00	100.00	Investment fund

Consortiuns
Consórcio Itaúba ⁽³⁾	99.99	100.00	Electric power generation
Consórcio Passo Real ⁽⁴⁾	96.55	100.00	Electric power generation
Consórcio da Usina Hidrelétrica de Igarapava	17.92	17.92	Electric power generation
Consórcio Dona Francisca	15.00	15.00	Electric power generation

(*)

Dormant companies.

(1)

On March 5, 2025, CSN ITC Solutions AG ("CSN ITC”), a company in which the Company holds an indirect participation of 55.2% through its indirect subsidiary CSN Mining International GmbH, which in turns holds an 80% stake in CSN ITC, was incorporated. CSN ITC is located in Switzerland and was constituted as a corporation. CSN ITC's activities consist of the sale, distribution, and processing of iron ore and related products in key strategic expansion markets, with the objective of adding value to these products. It has been exploring and seeking out business opportunities in Switzerland and/or other countries;

(2)

On March 23, 2025, Gramperfil S.A. (“Gramperfil”) was acquired through means of the Company’s direct subsidiary CSN Steel S.L. for a total amount of EUR 11.8 million. Gramperfil, which is located in Portugal, was constituted as a corporation, and produces, commercializes and processes metal profiles and accessories, in addition to importing and exporting such products for use in metallic structures and civil construction.

(3)

On March 21, 2025, the 1st Amendment to the Consórcio Itaúba consortium’s incorporation agreement was signed, through which the equity interest of the consortium members was redistributed. As a result of the amendment, CSN and CSN Cimentos Brasil S.A. now hold a 39.03% and 60.97% participation in the Consortium, respectively.

(4)

On March 21, 2025, the 1st Amendment to the Passo Real consortium’s incorporation agreement was signed, through which there was a change in the equity interest of the consortium members. CSN's stake in the company increased from 46.97% to 56.40%; Elizabeth Cimentos S.A.’s stake increased from 28.18% to 24.14%. CSN Mineração S.A. came to hold 11.09% of Passo Real’s shares, and Minérios Nacional S.A. maintained its stake at 1.56%. Additionally, the following new consortium members joined the company: Companhia Metalúrgica Prada, with 3.36% of shares, Metalgráfica Iguaçu S.A., with 0.34% of shares, and Estanho de Rondônia S.A., with a 3.11% stake.

(5)

On April 1, 2025, CSN acquired shares representing 70% of Estrela Comércio e Participações S.A.’s ("Estrela”) share capital for a total amount of R$ 752,494 million. Estrela is a holding company that maintains participations in the following companies: Tora Transportes Ltda., Tora Locações S.A., FJX Transportes S.A., N. Minas Transportes e Locações Ltda., Saratoga Transportes Ltda., Lokamig Rent a Car S.A., Seminovos Lokamig Ltda., Tora Logística Armazéns e Terminais Multimodais S.A., Tora Recintos Alfandegários S.A. and Tora Seminovos Comércio de Veículos Ltda. (“Grupo Estrela”), which subsequently became part of the series of companies indirectly controlled by CSN. Grupo Estrela, which is mainly located in Minas Gerais, maintains operations in the field of road transport.

(6)

CSN Captive Insurance Company, LLC (“CSN Captive”) was incorporated on July 8, 2025, and its capital was paid in in full by the Company on August 29, 2025. CSN Captive, which is located in the United States, was incorporated as a limited liability company and its corporate purpose is to operate in the insurance market, providing insurance coverage to companies in which the Company holds an participation, as well as to third parties.

(In thousands of Reals, unless stated otherwise)

(7)

On October 17, 2025, an increase in Transnordestina Logística S.A.’s share capital ("TLSA”) through the issuance of new shares and partial capitalization of credits arising from AFACs held by CSN against TLSA. This increase resulted in the payment of the amount of R$ 1,792,580 being provided, after which CSN came to hold 33.89% of TLSA's share capital.

(8)

On November 18, 2025, the Company acquired Galvacolor Jerez, S.L.U. (“Galvacolor”), through its subsidiary CSN Steel S.L.U., for the amount of EUR 47 million. Located in Spain, Galvacolor is incorporated as a single-member limited liability company, and its corporate purpose involves the production of steel profiles and activities involved in the processing and sale of steel and smelting products.

(9)

On December 5, 2025, the Company acquired control of Global Dot Com S.A. (“Global Dot”) and came to indirectly hold 80% of the company’s share capital stock through the subsidiaries CSN Inova Ventures (2.51%) and CSN Inova Soluções S.A. (77.49%). The acquisition was carried out through the conversion of a loan into shares, as well as the purchase of an additional interest totaling R$ 50.89 million. The Company previously held an investment in Global Dot, which was controlled at fair value. Located in the municipality of Barueri, in the State of São Paulo, Global Dot was constituted as a corporation and aims to provide fleet management services via integrated software.

(10)

On December 18, 2025, the Agreement for the Purchase and Sale of Shares and Other Covenants was entered into by and between CSN Mineração and CSN, through which CSN Mineração acquired 974,851 common shares, 2,673,312 class A preferred shares and 27,333,064 class B preferred shares issued by MRS, representing 9.17% of MRS’s share capital, which were previously owned by CSN. In addition, on December 31, 2025, the Company completed the additional sale of 6,759,540 class B preferred shares issued by MRS to CMIN. Within this context, CSN became the direct holder of 25,636,431 common shares, representing 13.69% of the share capital entitling the respective holder to a right to vote and 7.59% of MRS’s share capital.

(11)

Equimac S.A. changed its trade name during 4Q25 to "Equibras S.A.", and there were no changes in the Company's participation in this company.

10.a) Changes in investments in controlled companies, jointly controlled companies, joint operations, associates, and other investments

The positions presented as at December 31, 2025 and 2024 refer to the participation held by CSN in the following companies:

								Consolidated
Companies	Final balance on 12/31/2024	Capital increase and (Decrease)/acquisition of shares	Write-offs	Transfers	Dividends	Equity Income	Comprehensive income	Final balance on 12/31/2025


Investments under the equity method
Joint-venture, Joint-operation and Affiliate
MRS Logistica	2,799,168					583,027	(102)	3,382,093
Fair Value MRS	480,622							480,622
Fair Value MRS amortization	(105,719)					(11,745)		(117,464)
Transnordestina Logística S.A. ⁽¹⁾	1,137,345	1,792,580				(18,129)	4,686	2,916,482
Fair Value -Transnordestina	659,106							659,106
Arvedi Metalfer do Brasil S.A.	35,257					(656)		34,601
Panatlântica S.A.	225,764				(19,477)	13,268		219,555
Equibras S.A. ⁽²⁾	31,733				(2,187)	9,508		39,054
Indirect interest in affiliates - CEEE-G	146,753				(44,846)	42,343		144,250
Fair Value indirect participation CEEE-G	319,709							319,709
Fair Value amortization indirect participation CEEE-G	(42,523)					(18,418)		(60,941)
Global Dot ⁽³⁾		1,685		10,043				11,728
	5,687,215	1,792,580		10,043	(66,510)	599,198	4,584	8,028,795
Other participations
Others ⁽⁴⁾	58,796	(9)	(5,038)	(10,043)				43,706
	58,796	(9)	(5,038)	(10,043)				43,706

Total shareholdings	5,746,011	1,794,256	(5,038)		(66,510)	599,198	4,584	8,072,501

Classification of investments in the balance sheet
Equity interests	5,746,011							8,072,501
Investment Property	202,040							219,525
Total investments in the asset	5,948,051							8,292,026

(1)

Paying in of AFACs by CSN on October 17, 2025.

(2)

Equimac S.A. changed its trade name during 4Q25 to "Equibras S.A.", and there were no changes in the Company's participation in this company.

(3)

On December 5, 2025, the Company acquired control of Global Dot Com S.A. (“Global Dot”) and came to indirectly hold 80% of the company’s share capital stock through the subsidiaries CSN Inova Ventures (2.51%) and CSN Inova Soluções S.A. (77.49%). The acquisition was carried out through the conversion of a loan into shares, as well as the purchase of an additional interest totaling R$ 49.9 million. The Company previously held an investment in Global Dot, which was controlled at fair value. Located in the municipality of Barueri, in the State of São Paulo, Global Dot was constituted as a corporation and aims to provide information services, particularly fleet management services via integrated software.

(4)

These strategic investments were made in startups by the subsidiary CSN Inova Ventures, either through the execution of a convertible loan with Alinea Health Holdings Ltda., or through an participation in the following companies: I Systems Automação Industrial S.A., H2Pro Ltda., 1S1 Energy Inc., Traive Inc. and Oico Holdings Limited.

(In thousands of Reals, unless stated otherwise)

								Consolidated
Companies	Ref.	Final balance on 12/31/2023	Capital increase	Dividends	Equity Income	Comprehensive income	Others	Final balance on 12/31/2024


Investments under the equity method
Joint-venture, Joint-operation and Affiliate
MRS Logistica		2,381,607		(126,163)	529,211		14,513	2,799,168
Fair Value MRS		480,622						480,622
Fair Value MRS amortization		(93,971)			(11,748)			(105,719)
Transnordestina Logística S.A.		1,160,944			(23,599)			1,137,345
Fair Value -Transnordestina		659,106						659,106
Arvedi Metalfer do Brasil S.A.		35,488			(231)			35,257
Panatlântica S.A.			150,000	(46,075)	19,233	23,871	78,737	225,766
Equimac S.A		23,793		(1,342)	9,282			31,733
Indirect interest in affiliates - CEEE-G		165,891		(31,610)	44,049		(31,577)	146,753
Fair Value indirect participation CEEE-G		319,709						319,709
Fair Value amortization indirect participation CEEE-G		(23,896)			(18,627)			(42,523)
		5,109,293	150,000	(205,190)	547,570	23,871	61,673	5,687,217

Fair value investments through profit or loss ⁽¹⁾	14	78,737					(78,737)
Others ⁽²⁾		49,149	5,494				4,151	58,794
		127,886	5,494				(74,586)	58,794

Total shareholdings		5,237,179	155,494	(205,190)	547,570	23,871	(12,913)	5,746,011

Classification of investments in the balance sheet
Equity interests		5,237,177						5,746,011
Investment Property		205,954						202,040
Total investments in the asset		5,443,131						5,948,051

(1)

Changes in the balance refer to a change in the valuation method used by the investee Panatlântica S.A. due to the above-mentioned share acquisitions. As mentioned, the company, which was previously valued at fair value through profit or loss, is now being valued using the equity method.

(2)

The reconciliation of equity income at jointly controlled entities classified as joint ventures and affiliates and the amount presented in the income statement is presented below, as well as profit and loss stemming from the elimination of CSN’s transactions with these companies:

		Consolidated
	12/31/2025	12/31/2024
	12/31/2025	12/31/2024
Equity in results of affiliated companies
MRS Logística S.A.	583,027	529,211
Transnordestina Logística S.A.	(18,129)	(23,599)
Arvedi Metalfer do Brasil S.A.	(656)	(231)
Equibras S.A.	9,508	9,282
Indirect interest in affiliates - CEEE-G	42,343	44,049
Panatlântica S.A.	13,268	19,233
Fair Value Amortization	(30,163)	(30,375)
	599,198	547,570
Reclassification IAS 28 ⁽¹⁾	(80,471)	(99,279)
Others	17	(243)
Equity in results	518,744	448,048

(1)

The operating margin of intercompany operations carried out with group companies classified as joint ventures but which are not consolidated, are reclassified under the Investment group’s Income Statement for groups of costs and income tax and social security contributions.

Changes in the Parent Company's investment are shown below:

(In thousands of Reals, unless stated otherwise)

							Parent Company
Companies	Final balance on 12/31/2024	Capital increase and (Decrease)/acquisition of shares	Sales of shares	Dividends	Equity Income	Comprehensive income	Final balance on 12/31/2025


Investments under the equity method
Subsidiaries
CSN Steel S.L.U.	4,618,406				(49,420)	19,956	4,588,942
Sepetiba Tecon S.A.	302,152				(9,063)		293,089
Minérios Nacional S.A.	90,578	113,754			(137,009)		67,323
Fair Value - Minérios Nacional	2,122,071						2,122,071
Companhia Metalúrgica Prada ⁽⁶⁾	181,686				(181,686)
Goodwill - Companhia Metalúrgica Prada	63,509						63,509
CSN Mineração S.A. ⁽¹⁾	7,086,794			(2,366,259)	1,138,430	373,539	6,232,504
Lucros não realizado CSN Mineração S.A. ⁽¹⁾					(2,351,078)		(2,351,078)
CSN Energia S.A.	20,142				6,098		26,240
FTL - Ferrovia Transnordestina Logística S.A.	100,314				(41,555)		58,759
Companhia Florestal do Brasil	1,246,403	2,700			(28,920)	427	1,220,610
CBSI - Companhia Brasileira de Serviços de Infraestrutura	84,226			(21,345)	90,730		153,611
Goodwill - CBSI - Companhia Brasileira de Serviços de Infraestrutura	15,225						15,225
CSN Cimentos Brasil S.A.	6,612,579			(21,441)	132,829	(2,556)	6,721,411
Estrela Comércio e Participações S.A ⁽²⁾		155,691			(16,914)		138,777
Ágio - Estrela Comércio e Participações S.A ⁽²⁾		596,802					596,802
NORDESTE LOGÍSTICA S.A		8,072			(2,909)		5,163
CSN Captive Insurance Company LLC ⁽³⁾		4,550			16	65	4,631
Others	313	31,483			(74)		31,722
	22,544,398	913,052	-	(2,409,045)	(1,450,525)	391,431	19,989,311
Joint-venture, Joint-operation and Affiliate
Itá Energética S.A.	177,351			(8,332)	9,818		178,837
MRS Logística S.A. ⁽¹⁾	1,400,002		(998,922)		283,182	(17)	684,245
Transnordestina Logística S.A. ⁽⁴⁾	1,137,345	1,792,580			(18,129)	4,686	2,916,482
Fair Value -Transnordestina	659,106						659,106
Equibras S.A. ⁽⁵⁾	31,733			(2,187)	9,508		39,054
Panatlântica S.A.	225,764			(19,477)	13,268		219,555
Arvedi Metalfer do Brasil S.A.	35,257				(656)		34,601
	3,666,558	1,792,580	(998,922)	(29,996)	296,991	4,669	4,731,880
Other participations
Profits on subsidiaries' inventories	(53,731)				32,898		(20,833)
Other investments	39						39
	(53,692)				32,898		(20,794)

Total shareholdings	26,157,264	2,705,632	(998,922)	(2,439,041)	(1,120,636)	396,100	24,700,397

Subsidiaries with unsecured liabilities
CSN Islands VII Corp.	(3,255,338)				244,960		(3,010,378)
CSN Inova Ventures	(3,348,913)				(119,331)		(3,468,244)
CSN Islands XII Corp.	(4,803,727)				(21,442)		(4,825,169)
Estanho de Rondônia S.A.	(47,190)	64,500			(80,992)		(63,682)
Companhia Metalúrgica Prada PPI ⁽⁶⁾					(65,095)		(65,095)
Others	(3,645)	3,032			(13,350)		(13,963)
Total subsidiaries with unsecured liabilities	(11,458,813)	67,532			(55,250)		(11,446,531)

Equity Income					(1,175,886)

Classification of investments in the balance sheet
Equity interests	26,157,265						24,700,397
Investment Property	135,557						154,801
Total active investments	26,292,822						24,855,198
Provision for Investments with Unsecured Liabilities (liabilities)	(11,458,813)						(11,446,531)
Total active and passive investments	14,834,009						13,408,667

(In thousands of Reals, unless stated otherwise)

(1)

In December 2025, CSN sold 59.5% of its equity interest in MRS to its subsidiary CSN Mineração and now holds a 7.59% stake in MRS. As of the same date, its subsidiary CMIN came to hold a 29.91% participation in MRS. This transaction was carried out for the total price of R$ 3,350,000 previously received by CSN, and the book value of MRS's investment was written off in the amount of (R$998,922) and a gain of R$ 2,351,078 subsequently recorded under other operating revenues note 29. As required by CPC 18 and ICPC 09, operations executed under common control, this amount was neutralized in the Parent Company through unrealized profit at CSN Mineração. This sale did not represent a realized gain or loss for the CSN Group. Effective economic realization of the investment will only take place once the sale is made outside CSN’s economic group.

(2)

Transaction related to the acquisition of a stake in Grupo Estrela, entered into on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of the acquisition date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report. (See note 3)

(3)

On August 29, 2025, the Company paid in capital in its subsidiary CSN Captive Insurance Company LLC. CSN Captive, which is located in the United States, was incorporated as a limited liability company and its corporate purpose is to operate in the insurance market, providing insurance coverage to companies in which the Company holds an participation, as well as to third parties.

(4)

Paying in of AFACs by CSN on October 17, 2025.

(5)

Equimac S.A. changed its trade name during 4Q25 to "Equibras S.A.", and there were no changes to the Company's participation in this company.

(6)

On December 31, 2025, the subsidiary Prada was transferred to the group of Subsidiaries with unsecured liabilities.

								Parent Company
Companies	Final balance on 12/31/2023	Capital increase	Sales of shares	Dividends	Equity Income	Comprehensive income	Others	Final balance on 12/31/2024


Investments under the equity method
Subsidiaries
CSN Steel S.L.U.	4,688,943			(871,053)	121,267	679,249		4,618,406
Sepetiba Tecon S.A.	372,251			(80,184)	10,085			302,152
Minérios Nacional S.A.	143,737			(14,881)	(38,278)			90,578
Fair Value - Minérios Nacional	2,122,071							2,122,071
Companhia Metalúrgica Prada	321,641				(139,955)			181,686
Goodwill - Companhia Metalúrgica Prada	63,509							63,509
CSN Mineração S.A.	8,532,643		(1,013,604)	(3,377,822)	3,470,914	(525,337)		7,086,794
CSN Energia S.A.	24,445	10,000			(14,303)			20,142
FTL - Ferrovia Transnordestina Logística S.A.	131,031				(30,717)			100,314
Companhia Florestal do Brasil	1,331,941				(94,115)	8,577		1,246,403
CBSI - Companhia Brasileira de Serviços de Infraestrutura	37,951			(15,425)	61,700			84,226
Goodwill - CBSI - Companhia Brasileira de Serviços de Infraestrutura	15,225							15,225
CSN Cimentos Brasil S.A.	6,555,144				54,671	2,764		6,612,579
Others	370			(15)	(1,080)		1,038	313
	24,340,902	10,000	(1,013,604)	(4,359,380)	3,400,189	165,253	1,038	22,544,398
Joint-venture, Joint-operation and Affiliate
Itá Energética S.A.	193,122			(18,835)	3,064			177,351
MRS Logística S.A.	1,191,104			(63,104)	264,486		7,516	1,400,002
Transnordestina Logística S.A.	1,160,944				(23,599)			1,137,345
Fair Value -Transnordestina	659,106							659,106
Equimac S.A	23,793			(1,342)	9,282			31,733
Panatlântica S.A.		150,000		(46,075)	19,233	23,871	78,735	225,764
Arvedi Metalfer do Brasil S.A.	35,488				(231)			35,257
	3,263,557	150,000		(129,356)	272,235	23,871	86,251	3,666,558
Other participations
Investments at fair value through profit or loss	78,737						(78,737)
Profits on subsidiaries' inventories	(20,109)				(33,622)			(53,731)
Other investments	29				11			40
	58,657				(33,611)		(78,737)	(53,691)

Total shareholdings	27,663,116	160,000	(1,013,604)	(4,488,736)	3,638,813	189,124	8,552	26,157,265

Subsidiaries with unsecured liabilities
CSN Islands VII Corp.	(2,516,395)				(738,943)			(3,255,338)
CSN Inova Ventures	(2,107,852)				(1,241,061)			(3,348,913)
CSN Islands XII Corp.	(3,286,160)				(1,517,567)			(4,803,727)
Estanho de Rondônia S.A.	(114,779)	124,500			(56,911)			(47,190)
Others					(2,610)		(1,035)	(3,645)
Total subsidiaries with unsecured liabilities	(8,025,186)	124,500			(3,557,092)		(1,035)	(11,458,813)

Equity Income					81,721

Classification of investments in the balance sheet
Equity interests	27,663,116							26,157,265
Investment Property	137,761							135,557
Total active investments	27,800,877							26,292,822
Provision for Investments with Unsecured Liabilities (liabilities)	(8,025,186)							(11,458,813)
Total active and passive investments	19,775,691							14,834,009

(In thousands of Reals, unless stated otherwise)

10.b)

Additional information on direct and indirect subsidiaries

· ELIZABETH CIMENTOS S.A. (“Elizabeth Cimentos”)

On August 31, 2021, the acquisition of control of Elizabeth Cimentos and Elizabeth Mineração was completed through the Group’s subsidiary CSN Cimentos.

Elizabeth Cimentos, which is located in Paraíba, was constituted as a corporation, and maintains operations in the manufacture and sale of portland cement and clinker. Its products are sold in the states comprising Brazil’s North and Northeast regions.

Elizabeth Mineração merged with CSN Cimentos on April 29, 2022.

· SEPETIBA TECON S.A. (“Tecon”)

Tecon objectives involve use of the Container Terminal of the Organized Port of Itaguaí, located in Itaguaí, in the state of Rio de Janeiro. The terminal is connected to UPV via the Southeast railway network, which was conceded to MRS Logística S.A. Services include container, steel product, and general cargo handling and storage operations, among other services such as container washing, maintenance, and sanitization.

TECON was the winner of the bidding process and on October 23, 1998 signed the lease for operation of the port terminal for a period of 25 years, starting in 2001, which can be extended if approved by the government.

Upon termination of the lease contract, all rights and benefits transferred to Tecon, along with Tecon's property assets and those resulting from investments made in leased assets, will be returned to the Union. These assets were declared reversible by the Union due to their being necessary for the continuity of the leased terminal's operation. Assets declared as reversible will be compensated by the Union for the residual value of their cost, determined under Tecon's accounting records after deducting depreciation.

· ESTANHO DE RONDÔNIA S.A. (“ERSA”)

Headquartered in the state of Rondônia, this subsidiary operates at two units, one located in the city of Itapuã do Oeste/RO and the other in Ariquemes/RO. ERSA’s mining operation is based in Itapuã do Oeste, where cassiterite (tin ore) is extracted, and smelting is carried out in Ariquemes, where metallic tin, the raw material used in UPV as part of the manufacture of metal sheets, is obtained.

· COMPANHIA METALÚRGICA PRADA (“Prada”)

Prada operates in two sectors: steel metal packaging and flat steel processing and distribution.

Packaging

Within the steel metal packaging sector, Prada produces the best and safest products used in cans, buckets and aerosols. The company offers services in the chemical and food sectors, providing packaging and lithography services for the main market companies.

Distribution

Prada also maintains operations in the processing and distribution of flat steels and offers a diversified product line. The company offers coils, rolls, sheets, strips, blanks, metal sheets, profiles, tubes and tiles, among other products, used in a wide range of industries - from automotive to civil construction. It is also specialized in providing steel processing services, meeting demand from companies throughout the country.

(In thousands of Reals, unless stated otherwise)

· METALGRÁFICA IGUAÇU S.A. (“Metalgráfica”)

Founded in 1951, Metalgráfica maintains facilities in Ponta Grossa (PR) and Goiânia (GO) and produces steel cans destined for the national market for metal food packaging. Its operation is a strategic asset for CSN's packaging division. The technology used by Metalgráfica is more modern than that used by Prada, which helped improved the Group’s competitiveness and strengthening the national supply chain, especially in relation to substitute packaging.

· CSN ENERGIA S.A. (“Energia”)

Energia’s main objective is the commercialization of electric energy to supply the operational needs of its Parent Company and its respective subsidiaries. If there is a surplus of purchased energy, it is sold to the market through the Electric Energy Trading Chamber (“CCEE”). The company’s registered office is located in Volta Redonda - Rio de Janeiro.

· FTL - FERROVIA TRANSNORDESTINA LOGÍSTICA S.A. (“FTL”)

Company created to incorporate the spun-off portion of Transnordestina Logística S.A. It operates public rail freight transport services in Brazil's northeastern network, along sections located between the cities of São Luís and Altos, Altos and Fortaleza, Fortaleza and Sousa, Sousa and Recife/Jorge Lins, Recife/Jorge Lins and Salgueiro, Jorge Lins and Propriá, Paula Cavalcante and Cabedelo (Cabedelo Branch) and Itabaiana and Macau (Macau Line) ("Network I").

· CSN MINERAÇÃO S.A. (“CSN Mineração”)

Based in Congonhas, in the state of Minas Gerais, CSN Mineração S.A.'s main objective is the production, purchase and sale of iron ore, and it primarily focuses on foreign market with regards to the sale of its products. As of November 30, 2015, CSN Mineração S.A. started to centralize CSN's main iron ore mining operations, including establishments at the Casa de Pedra mine, TECAR port and its 29.90% stake in MRS. CSN's participation in this subsidiary totaled 69.01% as of December 31, 2025 and 2024.

On November 21, 2023, CSN Mining International GmbH, a wholly-owned subsidiary of CSN Mining Holding S.L.U., was created, which, in turn, is a wholly-owned subsidiary of CSN Mineração. This entity is located in Zug, in the Canton of Zug, Switzerland, and its corporate purpose involves the sale of raw materials of any kind and other goods in its own name and on behalf of third parties, both in Switzerland and abroad. CSN Mining International is able to perform or intermediate services directly or indirectly related to this objective or in which it is involved.

· MINÉRIOS NACIONAL S.A. (“Minérios Nacional”)

Based in Congonhas, in the state of Minas Gerais, Minérios Nacional's main objective is the production and sale of iron ore. The subsidiary concentrates mineral rights assets related to the Fernandinho, Cayman and Pedras Pretas mines, all of which are located in Minas Gerais and were transferred to Minérios Nacional S.A. as part of the business combination operation that occurred in 2015.

(In thousands of Reals, unless stated otherwise)

· CBSI - COMPANHIA BRASILEIRA DE SERVIÇOS DE INFRAESTRUTURA (“CBSI”)

Based in São Paulo - SP, CBSI's main objective is to provide services to subsidiaries, affiliates, its parent company, and other third-party companies. The company performs activities related to recovery and maintenance of industrial machines and equipment, civil maintenance, industrial cleaning, product logistics preparation, among others.

· COMPANHIA FLORESTAL DO BRASIL (“CFB”)

Companhia Florestal do Brasil, a legal entity governed by private law, was incorporated on May 24, 2013. It is organized as a privately-held corporation and the company's registered office is located in São Paulo.

· STAHLWERK THÜRINGEN GMBH (“SWT”)

SWT was established from the former Maxhütte industrial steel complex, in the city of Unterwellenborn, located in Germany. SWT produces steel profiles used for civil construction according to international quality standards. The main raw material used by SWT steel scrap, and its installed production capacity is 1.1 million tons of steel/year. SWT is an indirect subsidiary of CSN Steel S.L.U., a wholly-owned subsidiary of CSN.

· COMPANHIA SIDERURGICA NACIONAL – LLC (“CSN LLC”)

Companhia Siderúrgica Nacional, LLC, a wholly-owned subsidiary of CSN Steel S.L.U. which, in turn, is a wholly-owned subsidiary of CSN, is an importer and vendor of steel products and maintains its activities in the United States.

· LUSOSIDER AÇOS PLANOS, S.A. (“Lusosider”)

Incorporated in 1996, in continuity with Siderurgia Nacional – a company privatized by the Portuguese government that year –, Lusosider is the only Portuguese plant active in the steel sector that produces cold-rolled flat steels with anticorrosion coating. The Lusosider has an installed capacity of approximately 550 thousand tons/year and produces four major groups of steel products: galvanized, cold rolled sheet, pickled and oiled sheets. The products manufactured by Lusosider can be applied in the packaging industry, civil construction (tubes and metallic structures) and in household appliance components.

· COMPANHIA ESTADUAL DE GERAÇÃO DE ENERGIA ELÉTRICA – CEEE-G.

On October 21, 2022, Companhia Florestal Brasileira (“CFB”) acquired a 66.23% stake in CEEE-G, which previously belonged to the State of Rio Grande do Sul. On December 15, 2022, CFB also subsequently acquired a 32.73% stake in CEEE-G, which was previously part of Centrais Elétricas Brasileiras S.A. – Eletrobras. In November 2023, CEEE-G held an auction for a Public Offer for the Acquisition of Shares ("OPA") to acquire up to 100% of the shares subject to the offer. During the auction, the Company acquired 1,271 common shares and 338 preferred shares, representing 0.017% of its total share capital. The success of the OPA culminated in the conversion of CEEE-G’s registration from a "Category A" to "Category B” company, which was approved by the CVM on January 25, 2024. On February 21, 2024, the company’s held its AGM, which resolved on the compulsory redemption and subsequent cancellation of 98,375 (ninety-eight thousand, three hundred and seventy-five) shares, of which 41,896 (forty-one thousand, eight hundred and ninety-six) and 56,479 (fifty-six thousand, four hundred and seventy-nine) were common and preferred shares issued by CEEE-G, respective, without making changes to the value of its share capital. As a result, as of this date, CFB came to hold 100% of the shares issued by CEEE-G.

Based in Porto Alegre, Rio Grande do Sul State, CEEE-G's main purpose is to conduct studies and implement projects and build and operate electric power plants, as well as to execute business activities resulting from these activities, such as electric energy commercialization. CEEE-G exercises shareholding control over the Special Purpose Entities (SPEs) Ventos de Curupira S.A., Ventos de Povo Novo S.A. and Ventos de Vera Cruz S.A., which were incorporated in February 2014 and members of the consortium responsible for the construction of the Povo Novo Wind Farm Complex.

(In thousands of Reals, unless stated otherwise)

CEEE-G also holds a 15% participation in the Dona Francisca Consortium, located in Nova Palma, in the state of Rio Grande do Sul, as well as a 30% stake in Companhia Energética Rio das Antas – CERAN, which is located in Florianópolis, in the state of Santa Catarina.

The Company's indirect equity interest in CEEE-G, as of December 31, 2025, is 100%.

· COMPANHIA ENERGÉTICA CHAPECÓ – CEC

CEC, the headquarters and central office of which is located in the capital of the state of São Paulo, is an independent electric power production concessionaire whose main activity involves the use of potential electricity on the Chapecó River, through a hydroelectric plant located between the municipalities of Ipuaçu and São Domingos, in the state of Santa Catarina, known as the Quebra-Queixo Central Generating Plant. On December 11, 2000, CEC signed a Concession Agreement for Use of Public Property for the generation of electricity No. 94/2000 with the National Electricity Agency – ANEEL. The concession has a term of 35 years counted from the date the contract was signed by the government, which may be extended under conditions established by ANEEL, provided that use of the hydroelectric project fulfills contractual conditions and sector legislation.

· CSN CIMENTOS BRASIL S.A (“CSN Cimentos Brasil”)

Acquired on September 6, 2022, CSN Cimentos Brasil was constituted as a corporation and is domiciled in Brazil. Is headquarters are located in Santa Cruz, Rio de Janeiro - RJ. This CSN subsidiary maintains industrial plants, warehouses and branches throughout most of Brazil’s national territory. Its main activities include: production, industrial activities and general trade of cement, lime, mortar, minerals and metals in general and complementary raw products used civil construction. CSN's participation in CSN Cimentos Brasil as of December 31, 2025 totaled 99.99%.

On August 31, 2023, the reverse merger between CSN Cimentos and CSN Cimentos Brasil was approved.

· CSN CIMENTOS S.A. (“CSN CIMENTOS”)

The company’s operations in the cement market segment were started by the Group in May 2009, through a milling facility located in Volta Redonda/RJ and were driven by the synergy between these activities and the slag produced by the blast furnaces at the Presidente Vargas Plant ("UPV”), a material used as the main raw material in cement production.

In 2011, the company started producing clinker with the installation of a rotary clinker kiln in Arcos, Minas Gerais, using calcitic limestone extracted from the Bocaina Mine. This facility was installed at the same location that supplies the steel limestone to UPV. The clinker produced is primarily sent by railway to the cement plant in Volta Redonda/RJ.

In 2015, the Arcos/MG unit started cement production with the installation of two vertical cement mills, and in 2016 a second clinker production line was installed, which allowed CSN Cimentos to become self-sufficient in supplying clinker used in cement production.

The main product produced at Arcos is CP-II type cement, which is essentially composed of clinker, slag, limestone, and gypsum. Cement’s composition may vary according to the product. Calcitic limestone and dolomite destined for UPV is also produced in Arcos.

Gramperfil S.A. (“Gramperfil”)

On March 23, 2025, Gramperfil was acquired for the total amount of EUR 11,801 on March 23, 2025. The entirety of its share capital is held by CSN Steel S.L.U., which is located in Portugal and constituted as a corporation. Gramperfil’s business activities consist of producing, selling and processing metal profiles and accessories, in addition to importing and exporting such products for use in metal structures in civil construction.

(In thousands of Reals, unless stated otherwise)

CSN ITC Solutions AG (“CSN ITC”)

CSN ITC was incorporated on March 5, 2025. The Company holds a direct take 55.2% in CSN ITC through its indirect subsidiary CSN Mining International GmbH, which holds an 80% stake in CSN ITC. Located in Switzerland, the entity is constituted as a corporation. CSN ITC's activities consist of the sale, distribution, and processing of iron ore and related products in key strategic expansion markets, with the objective of adding value to these products. It has been exploring and seeking out business opportunities in Switzerland and/or other countries;

Estrela Comércio e Participações S.A. (“Estrela Group”)

On April 1, 2025, CSN acquired shares representing 70% of Estrela Comércio e Participações S.A.’s ("Estrela”) share capital for the price of R$ 752,494 million reals. Whereas Estrela holds an equity interest in the following companies: Tora Transportes Ltda., Tora Locações S.A., FJX Transportes S.A., N. Minas Transportes e Locações Ltda., Saratoga Transportes Ltda., Lokamig Rent a Car S.A., Seminovos Lokamig Ltda., Tora Logística Armazéns e Terminais Multimodais S.A., Tora Recintos Alfandegários S.A. and Tora Seminovos Comércio de Veículos Ltda.("Grupo Estrela"), these companies became part of the series of companies indirectly controlled by the Company. Grupo Estrela, which is mainly located in Minas Gerais, maintains operations in the field of road transport.

CSN Captive Insurance Company LLC (“CSN Captive”)

CSN Captive was incorporated on July 8, 2025, and its share capital was paid in in full by the Company on August 29, 2025. CSN Captive is located in the United States in the State of Vermont, in the United States of America, and its corporate purpose is to operate in the insurance market, providing insurance coverage to companies in which the Company holds an participation, as well as to third parties.

Galvacolor Jerez S.L.U. (“Galvacolor”)

On October 18, 2025, the Company indirectly acquired Galvacolor for the amount of EUR 47 million, the entirety of the share capital of which is held by the subsidiary CSN Steel S.L.U. Located in Spain, Galvacolor is incorporated as a single-member limited liability company, and its corporate purpose involves the production of steel profiles and activities involved in the processing and sale of steel and smelting products.

Global Dot Com S.A. (“Global Dot”)

On December 5, 2025, the Company came to indirectly hold 80% of the company’s share capital through the subsidiaries CSN Inova Ventures (2.51%) and CSN Inova Soluções S.A. (77.49%). The acquisition was carried out through the conversion of a loan into shares, as well as the purchase of an additional interest totaling R$ 49.9 million. Located in the municipality of Barueri, in the State of São Paulo, Global Dot was constituted as a corporation and aims to provide information services, particularly fleet management services via integrated software.

10.c)

Main occurrences at subsidiaries in 2025 and 2024

CSN Mineração S.A. (“CSN Mineração”)

Additional sale of shares held by MRS Logística S.A.

This transaction was carried out for the total price of R$ 3,350,000 previously received by CSN, and the book value of MRS's investment was written off in the amount of (R$ 998,922) and a gain of R$ 2,351,078 subsequently recorded under other operating revenues note 29. As required by CPC 18 and ICPC 09, operations executed under common control, this amount was neutralized in the Parent Company through unrealized profit at CSN Mineração (see note 10.a).. This sale did not represent a realized gain or loss for the CSN Group.

(In thousands of Reals, unless stated otherwise)

Share buyback program at the subsidiary CSN Mineração

CSN Mineração approved Share Buyback Programs at Meetings of its Board of Directors, for maintenance of its treasury and subsequent sale or cancellation, under the terms of CVM instruction 77/2022, as described below:

Program

Board’s Authorization

Authorized quantity

Program period

Average buyback price

Minimum and maximum buyback price

Number bought back

Share cancelation

Treasury balance

4º

06/28/2024

100,000,000

from 06/28/2024 to 12/19/2025

R$6.05

R$5.2798 and R$7.1162

53,294,300

(3)

53,294,297

53,294,300

(3)

53,294,297

CSN Mineração's Share Repurchase Program, which is to remain in treasury and subsequent sold or canceled pursuant to CVM Resolution 77/2022, approved on June 28, 2024 by the Board of Directors, consists of:

• Buyback of up to 100,000,000 shares;

• Program implementation from June 28, 2024 to December 19, 2025;

• The acquisition price must not exceed the quotation available on the Stock Exchange;

• Buyback operations will be intermediated by qualified financial institutions.

On October 17, 2024, CSN Mineração approved the cancellation of three company shares held in treasury at a meeting of the Board of Directors. The were no changes in the subsidiary’s share capital as a result of the cancellation of shares. The Company’s share capital was therefore divided into 5,485,338,835 shares.

Program for the sale of shares held by the subsidiary CSN Mineração

The purpose of the Share Sale Program is to dispose of shares currently held in treasury as part of the Company's financial management/ investment process in order to contribute to the liquidity of shares on the market. Approved on November 21, 2025 by the Board of Directors, the Program consists of:

• Sale of up to 53,294,297 shares;

• Program implemented from November 24, 2025 to May 21, 2027;

• Acquisition price: Shares will be sold at B3 S.A. - Brasil, Bolsa, Balcão,

at market price.

• Repurchase operations will be intermediated by qualified financial institutions.

Distribution of dividends from the subsidiary CSN Mineração:

On May 9, 2024, the Board of Directors of CSN Mineração approved a payment in the amount of R$ 1,025,040 as an advance of the minimum mandatory dividend to the company’s profit reserve account.

On September 30, 2024, the Board of Directors of CSN Mineração approved the following items: 1. Payment in the total amount of R$ 2,375,000 as interim dividends made to the account of profits calculated under the balance sheet drawn up on August 31, 2024, t; 2. Payment in the amount of R$ 160,000 to the company’s profit reserve account as interim dividends; 3.; 3. Payment in the total gross amount of R$ 465,000 as interest on shareholders' equity.

On December 27, 2024, CSN Mineração’s Board of Directors approved a total gross amount of R$ 211,610 as interest on equity.

(In thousands of Reals, unless stated otherwise)

On May 8, 2025, CSN Mineração’s Board of Directors approved the following items: 1. A total amount of R$ 1,090,000 allocated to the profit reserve account as interim dividends; 2. A total net amount of R$ 178,201 allocated to the profit reserve account as Interest on Equity.

On November 4, 2025, CSN Mineração’s Board of Directors approved the following items: 1. Payment in the amount of R$ 424,206 to the company’s profit reserve account as interim dividends; 2. A total net amount of R$ 479,000 allocated to the profit reserve account as Interest on Equity.

On December 26, 2025, CSN Mineração’s Board of Directors approved the following items: 1. Payment in the amount of R$ 259,712 to the company’s profit reserve account as interim dividends; 2. A total net amount of R$ 163,998 allocated to the profit reserve account as Interest on Equity.

Additionally, within the scope of the proposal to allocate the income for the year, the subsidiary CSN Mineração decided to distribute additional dividends in the amount of R$ 768,596, which will be submitted at the company’s Annual General Meeting for approval.

Approval, execution and implementation of the sale of minority interest in the subsidiary CSN Mineração

The Company, during a Board of Directors meeting held on October 17, 2024, approved a Non-Binding Proposal with Itochu Corporation for the sale of a minority stake of up to 11% in its subsidiary CSN Mineração, at a price per share of R$ 7.50.

On November 5, 2024, at an additionally meeting of the Board of Directors, the Company resolved to approve the execution of the Share Purchase Agreement for the sale of 589,304,801 common shares issued by

CSN Mineração for a unit price of $7.50 per share, in the amount of R$ 4,419,786. This amount was paid to CSN in cash by Itochu Corporation on the Share transfer date.

		11/30/2024
Number of shares sold		589,304,801
Share price		R$ 7.50
(+) Cash received (a)		4,419,786
Number of shares sold		589,304,801
Equity cost of the share		R$ 1.72
(-) Write-off of investment (b)		1,013,604
(=) Gain in operation (a) - (b)		3,406,182

After the transaction was approved by the Administrative Council for Economic Defense – CADE, Itochu Corporation became a signatory to CSN Mineração’s Shareholders' Agreement, which was amended on November 6, 2024 and did not alter the rights of the parties to the agreement.

As a result of this transaction, as of November 12, 2024, CSN now holds 3,785,474,692 common shares issued by CSN Mineração, which reduces its direct participation to 69.01%. Conversely, Itochu Corporation now holds 589,304,801 common shares issued by CSN Mineração, for a total direct and indirect participation of 10.74% and 9.26%, respectively through Japan Brasil Minério de Ferro Participações LTDA. As a result, the shareholding composition at CSN Mineração came to present the following characteristics:

Shareholder	Shares	% Shareholding
COMPANHIA SIDÚRGICA NACIONAL	3,785,474,692	69.01%
ITOCHU CORPORATION	589,304,801	10.74%
Japão Brasil Minério de Ferro Participações LTDA	507,762,966	9.26%
POSCO Holding Inc.	102,186,675	1.86%
CHINA STEEL CORPORATION	22,366,860	0.41%
Treasury	53,294,297	0.97%
Other	424,948,544	7.75%
Total shares	5,485,338,835	100.00%

(In thousands of Reals, unless stated otherwise)

10.d)

Investments in joint ventures and joint operations

Balance sheet and income statement at companies subject to shared control are shown below and refer to 100% of the companies' profit or loss:

				12/31/2025				12/31/2024
	Joint-Venture			Joint-Operation	Joint-Venture			Joint-Operation
Equity interest (%)	MRS Logística (1)	Transnordestina Logística	Equibras S.A.	Itá Energética	MRS Logística	Transnordestina Logística	Equimac S.A.	Itá Energética
Equity interest (%)	37.49%	33.89%	50.00%	48.75%	37.49%	48.03%	50.00%	48.75%
Balance sheet
Current Assets
Cash and cash equivalents	4,131,117	1,740,636	16,678	112,820	4,147,393	277,966	22,028	82,129
Advances to suppliers	37,512	62,240	34	527	42,649	45,512	49	395
Other assets	1,127,557	92,864	36,254	31,004	1,182,598	83,348	25,070	27,251
Total current assets	5,296,186	1,895,740	52,966	144,351	5,372,640	406,826	47,147	109,775
Non-current Assets
Other assets	1,147,003	88,455	259	9,478	448,946	143,562	142	10,144
Investments, PP&E and intangible assets	18,259,793	15,142,520	79,683	233,519	14,791,500	13,193,728	75,782	263,998
Total non-current assets	19,406,796	15,230,975	79,942	242,997	15,240,446	13,337,290	75,924	274,142
Total Assets	24,702,982	17,126,715	132,908	387,348	20,613,086	13,744,116	123,071	383,917

Current Liabilities
Borrowings and financing	1,013,759	65,418	14,266		547,803	36,181	19,009
Lease liabilities	491,501		337		738,978		288
Other liabilities	1,710,146	176,437	19,979	15,074	2,103,399	128,528	16,642	15,664
Total current liabilities	3,215,406	241,855	34,582	15,074	3,390,180	164,709	35,939	15,664
Non-current Liabilities
Borrowings and financing	8,572,213	6,877,310	16,447		7,524,173	7,943,354	21,074
Lease liabilities	2,500,878		333		1,158,058		213
Other liabilities	1,393,766	1,402,711	3,438	5,429	1,074,757	3,268,493	2,379	4,457
Total non-current liabilities	12,466,857	8,280,021	20,218	5,429	9,756,988	11,211,847	23,666	4,457
Shareholders’ equity	9,020,719	8,604,839	78,108	366,845	7,465,918	2,367,560	63,466	363,796
Total liabilities and shareholders’ equity	24,702,982	17,126,715	132,908	387,348	20,613,086	13,744,116	123,071	383,917

				01/01/2025 to 12/31/2025				01/01/2024 to 12/31/2024
	Joint-Venture			Joint-Operation		Joint-Venture		Joint-Operation
Equity interest (%)	MRS Logística	Transnordestina Logística	Equibras S.A.	Itá Energética	MRS Logística	Transnordestina Logística	Equimac S.A.	Itá Energética
Equity interest (%)	37.49%	33.89%	50.00%	48.75%	37.49%	48.03%	50.00%	48.75%
Statements of Income
Net revenue	7,585,058		88,071	204,261	7,028,472		84,049	187,622
Cost of sales and services	(4,038,800)		(48,400)	(115,256)	(3,909,609)		(45,317)	(121,034)
Gross profit	3,546,258		39,671	89,005	3,118,863		38,732	66,588
Operating (expenses) income	(812,324)	(72,709)	(6,167)	(72,369)	89,237	(34,704)	(7,433)	(66,437)
Financial income (expenses), net	(584,004)	33,047	(4,334)	9,149	(1,160,359)	(14,421)	(3,308)	14,076
Profit/(Loss) before IR/CSLL	2,149,930	(39,662)	29,170	25,785	2,047,741	(49,125)	27,991	14,227
Current and deferred IR/CSLL	(594,868)		(8,984)	(5,644)	(632,231)		(8,398)	(7,909)
Profit / (loss) for the period	1,555,062	(39,662)	20,186	20,141	1,415,510	(49,125)	19,593	6,318

(1)

CSN holds a direct and indirect participation of 7.59% and 29.91%, respectively, through CSN Mineração as part of the total stake in MRS’ share capital mentioned above. A total of 28.23% was attributed to the CSN Group after participations of non-controlling shareholders was considered.

· ITÁ ENERGÉTICA S.A. - (“ITASA”)

ITASA is a corporation established in July 1996, the objective of which is to operate the Itá Hydroelectric Power Plant - UHE Itá ("UHE Itá”) under concession. The Itá HPP has 1,450 MW of installed capacity and is located on the Uruguay River along the border between the states of Santa Catarina and Rio Grande do Sul. The Itá HPP concession is shared with ENGIE Brasil Energia S.A., and CSN's stake in ITASA totals 48.75%.

(In thousands of Reals, unless stated otherwise)

· MRS LOGÍSTICA S.A. (“MRS”)

Located in Rio de Janeiro-RJ, the company seeks to provide public cargo railway transportation services along the Southeast Network’s right-of-way located along the Rio de Janeiro, São Paulo, and Minas Gerais axis belonging to the now-defunct Rede Ferroviária Federal S.A. - RFFSA through an onerous concession. The original concession term of 30 years counted from December 1, 1996, was extended by the government in July 2022 for an additional 30 years counted from December 1, 2026.

MRS can also use modal transport services related to rail transport and participate in projects aimed at expanding granted railway services.

For the provision of services, MRS leased assets necessary for the operation and maintenance of rail freight transport activities from RFFSA, for the same concession period. At the end of the concession, all leased assets will be transferred to the possession of the railway transport operator designated in that same act.

· CONSÓRCIO DA USINA HIDRELÉTRICA DE IGARAPAVA

Hidrelétrica Igarapava Power Plant is located in Rio Grande, in the city of Conquista - MG, and has an installed capacity of 210 MW. The plant consists of 5 Bulb-type generating units.

CSN holds a 17.92% stake in investment in the Consortium the purpose of which is the production of electric energy for the consumption of consortium members themselves according to the percentage stake held by each company.

· CONSÓRCIO DA USINA HIDRELÉTRICA DE ITAÚBA

The Hidrelétrica de Itaúba Power Plant is located on the Jacuí river, in the municipality of Pinhal Grande, in the state of Rio Grande do Sul, and is composed of 4 Generating Units, with an installed power capacity of 500,400.00 KW.

CSN holds a direct interest of 39.03% in the plant, as well as an indirect state through its subsidiaries totaling an additional 60.96% for total 99.99% participation.

· CONSÓRCIO DA USINA HIDRELÉTRICA DE PASSO REAL

The Hidrelétrica de Passo Real Power Plant is located on the Jacuí river, in the municipality of Salto do Jacuí, in the state of Rio Grande do Sul, and is composed of 2 Generating Units, with an installed power capacity of 158,000.00 KW.

CSN holds a direct participation of 56.40% and an indirect stake through its subsidiaries comprising an additional 40.15% for a total participation of 96.55%.

10.e)

TRANSNORDESTINA LOGÍSTICA S.A. (“TLSA”)

TLSA’s main objective is to make use of and develop public cargo railway transportation services in northeastern Brazil, comprising the sections of track between Missão Velha - Salgueiro, Salgueiro - Trindade, Trindade - Eliseu Martins, Salgueiro - Suape Port and Missão Velha - the Port of Pecém (“Network II"). On December 23, 2022, following extensive negotiations involving ANTT, TCU, and the Ministry of Infrastructure at that time, the first amendment to the Concession Contract was signed. This amendment redefined the scope and completion deadlines for TLSA's railway sections, notably providing for the return of the Salgueiro-Porto de Suape section, resulting in a project comprising the current 1,206 km of railway network and a completion deadline of December 2029.

Management relies on resources from its shareholders and third parties to complete the project, which it expects to be available based on agreements and recent discussions between the involved parties. The amendment signed in 2024 with FDNE for an operation totaling R$ 3.6 billion in convertible debentures has ensure the resources for completing the project are essentially fully secured. After evaluating this matter, Management concluded the use of the operational continuity accounting basis for the project in the preparation of its financial statements to be appropriate.

(In thousands of Reals, unless stated otherwise)

Accounting policy

Equity Method and Consolidation

The equity method is applied to controlled companies, jointly controlled companies and affiliates. Other investments are held at fair value or cost.

Subsidiaries: Entities over which the Company has a significant influence in terms of financial and operational policies and/or potential voting rights that are exercisable or convertible. Subsidiaries are fully consolidated from the date on which control is transferred to the Company and cease to be consolidated on the date that control ceases.

Jointly Controlled Companies: entities over which the Company has contractually agreed shared control with one or more parties and can be classified as follows:

Joint operations: joint operations are accounted for in the financial statements to represent the Company's contractual rights and obligations.

Joint ventures: joint ventures are accounted for using the equity method and are not consolidated.

Affiliates: entities over which the parent company holds significant influence, but not control, generally through a 20% to 50% interest in shares entitling the respective holder to voting rights. Investments in associates are initially recognized at cost and subsequently measured using the equity method.

Consortia: Electricity consortia are a form of collective electricity purchasing that allows groups of consumers to join together to negotiate better supply conditions. Within the Group, the Company and its subsidiaries CEEE-G, CSN Mineração, Cimentos Brasil, Elizabeth Cimentos, Minérios Nacional, Prada, Estanho de Rondônia and Metalgráfica Iguaçu participate in the listed consortia. Results arising from consortium operations are recognized at consortium companies according to the corresponding percentage of participation.

Transactions between subsidiaries, affiliates, joint ventures, and joint operations

Balances and unrealized gains in transactions with subsidiaries, joint ventures and affiliates are eliminated in a manner that is proportional to CSN's participation in the entity in question as part of the consolidation process. Unrealized losses are eliminated in the same manner as unrealized gains, but only to the extent that there is no evidence of a reduction to recovery value (impairment). Effects from transactions carried with jointly controlled companies are also eliminated, in which part of the equity method result from jointly controlled companies is reclassified to financial expense, cost of products sold, and income taxes and social security contributions.

The base date of the financial statements at subsidiaries and jointly controlled companies coincides with that of the parent company, and their accounting policies are in line with the policies adopted by the Company.

Transactions and balances in foreign currencies

These amounts are converted to the functional currency using the exchange rates in effect on the dates of transactions or valuation, in which items are remeasured. Exchange gains and losses resulting from the settlement of these transactions and from the conversion at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement as financial results, except when recognized in equity as a result of foreign operations characterized as foreign investments.

(In thousands of Reals, unless stated otherwise)

Advances made in foreign currencies are recorded at the exchange rate as of the date the entity makes advance payments or receipts and recognizes (transaction date) these amounts as a non-monetary asset or non-monetary liability.

10.f)

Investment properties

The balance of investment properties is shown below:

				Consolidated			Parent Company
	Ref.	Land	Buildings	Total	Land	Buildings	Total
Balance at December 31, 2023		156,811	49,143	205,954	94,257	43,504	137,761
Depreciation			(3,961)	(3,961)		(2,204)	(2,204)
Transfer between groups - fixed assets and investment property		726		726
Write-off		(679)		(679)
Balance at December 31, 2024		156,858	45,182	202,040	94,257	41,300	135,557
Cost		156,858	83,285	240,143	94,257	74,389	168,646
Accumulated depreciation			(38,103)	(38,103)		(33,089)	(33,089)
Balance at December 31, 2024		156,858	45,182	202,040	94,257	41,300	135,557
Acquisitions		21,401		21,401	21,401		21,401
Depreciation	28		(3,916)	(3,916)		(2,157)	(2,157)
Balance at December 31, 2025		178,259	41,266	219,525	115,658	39,143	154,801
Cost		178,259	83,285	261,544	115,658	74,389	190,047
Accumulated depreciation			(42,019)	(42,019)		(35,246)	(35,246)
Balance at December 31, 2025		178,259	41,266	219,525	115,658	39,143	154,801

The Company Management's estimate of the fair value of investment properties was carried out for December 31, 2025. The fair value of investment property at the consolidated as of December 31, 2025 totaled R$ 4,209,092 (R$2,431,581 as of December 31, 2024). At the parent company, these amounts totaled R$ 3,727,648 (R$2,306,478 as of December 31, 2024).

The estimated average useful lives for each fiscal year are as follows (in years):

		Consolidated		Parent Company
	12/31/2025	12/31/2024	12/31/2025	12/31/2024
Buildings	28	28	30	30

Accounting policy

The Company's investment properties consist of land and buildings maintained to earn rental income and for capital appreciation. The measurement method used is the acquisition or construction cost reduced by accumulated depreciation and impairment, when applicable. Accumulated depreciation of buildings is calculated using the linear method based on the estimated useful life of properties subject to depreciation. Land is not depreciated since it has an indefinite useful life.

11.

PROPERTY, PLANT AND EQUIPMENT

11.a)

Composition of property, plant and equipment

Description of Consolidated fixed assets as of December 31, 2025 and 2024, respectively:

(In thousands of Reals, unless stated otherwise)

									Consolidated
	Ref.	Land	Buildings and Infrastructure	Machinery, equipment and facilities	Furniture and fixtures	Construction in progress (*)	Right of use	Other (**)	Total
Balance at December 31, 2023		525,307	4,532,319	17,419,522	45,917	4,425,130	674,786	304,477	27,927,458
Effect of foreign exchange differences		9,943	14,711	209,148	2,991	(93,527)	14,627	916	158,809
Acquisitions		1,105	19,464	147,439	9,562	5,313,404	14,117	32,533	5,537,624
Capitalized interest	30					206,764			206,764
Write-offs	29			(22,978)	(19)	(37,463)	(855)	(204)	(61,519)
Depreciation	28		(290,195)	(2,981,703)	(11,689)		(231,394)	(54,260)	(3,569,241)
Transfers to other asset categories		57,087	464,518	3,197,335	58,293	(3,839,459)		62,226	-
Transfer between groups - intangible assets and investment property		(726)				(73,625)		(838)	(75,189)
Right of use - Remeasurement							285,533		285,533
Others			31,695	303		(19,888)		3,674	15,784
Balance at December 31, 2024		592,716	4,772,512	17,969,066	105,055	5,881,336	756,814	348,524	30,426,023
Cost		592,716	9,664,220	43,110,825	372,094	5,881,336	1,269,089	922,119	61,812,399
Accumulated depreciation			(4,891,708)	(25,141,759)	(267,039)		(512,275)	(573,595)	(31,386,376)
Balance at December 31, 2024		592,716	4,772,512	17,969,066	105,055	5,881,336	756,814	348,524	30,426,023
Effect of foreign exchange differences		8,772	(1,184)	(5,886)	(2,682)	14,549	(4,027)	(3,788)	5,754
Acquisitions		11,171	36,813	379,302	11,464	5,296,362	72,305	197,808	6,005,225
Capitalized interest	30					403,302			403,302
Write-offs	29		(6,141)	(69,999)	(16)	(14,714)	(10,707)	(903)	(102,480)
Depreciation	28		(347,648)	(3,184,112)	(19,799)		(283,840)	(120,756)	(3,956,155)
Transfers to other asset categories		6,952	274,578	3,308,081	(4,646)	(3,589,738)		4,773
Transfer between groups - intangible assets, investment property and inventory ⁽¹⁾				(34,100)		(45,190)		(34,122)	(113,412)
Right of use - Remeasurement							244,543		244,543
Acquisition of stakes in subsidiaries	3	9,414	144,879	94,773	1,676	1,550	183,929	582,251	1,018,472
Others				(207)				(11,895)	(12,102)
Balance at December 31, 2025		629,025	4,873,809	18,456,918	91,052	7,947,457	959,016	961,892	33,919,169
Cost		629,025	10,287,766	43,130,128	385,341	7,947,457	1,711,164	1,923,505	66,014,386
Accumulated depreciation			(5,413,957)	(24,673,210)	(294,289)		(752,148)	(961,613)	(32,095,217)
Balance at December 31, 2025		629,025	4,873,809	18,456,918	91,052	7,947,457	959,016	961,892	33,919,169

(*)

Progress is highlighted in the following projects: (i) business expansion, mainly expansion of the port in Itaguaí and Casa de Pedra, the Itabirito project and recovery of dams tailings; (ii) projects involving newly integrated cement plants (iii); general repair of the blast furnace and coke batteries at the Presidente Vargas Plant; and, (iv) added to the interest capitalized in the year. (**) Refer substantially to assets classified as vehicles and hardware.

(1)

Transfer to stock refers to the allocation of decommissioned or replaced vehicle assets. These assets are subsequently made available for sale by the companies Tora Seminovos Comércio de Veículos Ltda and Seminovos Lokamig Ltda, in line with the company's main commercial activities, which is the resale of used vehicles.

Description of the Parent Company’s property, plant and equipment as of December 31, 2025 and 2024, respectively:

									Parent Company
	Ref.	Land	Buildings and Infrastructure	Machinery, equipment and facilities	Furniture and fixtures	Construction in progress (*)	Right of use	Others (**)	Total
Balance at December 31, 2023		25,618	284,330	7,097,152	9,508	814,174	6,067	51,966	8,288,815
Acquisitions					1,894	2,640,984			2,642,878
Capitalized interest	30					80,457			80,457
Write-offs	29			(10,703)		(34,787)			(45,490)
Depreciation	28		(23,252)	(1,269,558)	(3,159)		(10,458)	(11,434)	(1,317,861)
Transfers to other asset categories			67,837	1,412,934	3,228	(1,490,352)		6,353
Transfers to intangible assets						(25,388)			(25,388)
Right of use - Remeasurement							41,973		41,973
Others				(97)		(874)			(971)
Balance at December 31, 2024		25,618	328,915	7,229,728	11,471	1,984,214	37,582	46,885	9,664,413
Cost		25,618	600,505	18,210,106	106,548	1,984,214	48,227	175,734	21,150,952
Accumulated depreciation			(271,590)	(10,980,378)	(95,077)		(10,645)	(128,849)	(11,486,539)
Balance at December 31, 2024		25,618	328,915	7,229,728	11,471	1,984,214	37,582	46,885	9,664,413
Acquisitions				173,392	368	2,090,139		1,115	2,265,014
Capitalized interest	30					210,732			210,732
Write-offs	29			(1,717)					(1,717)
Depreciation	28		(31,442)	(1,341,793)	(2,815)		(10,671)	(12,857)	(1,399,578)
Transfers to other asset categories			88,482	1,719,264	2,368	(1,820,944)		10,830
Transfers to intangible assets						(17,325)			(17,325)
Right of use - Remeasurement							8,238		8,238
Others				(207)					(207)
Balance at December 31, 2025		25,618	385,955	7,778,667	11,392	2,446,816	35,149	45,973	10,729,570
Cost		25,618	703,043	17,452,010	109,284	2,446,816	51,024	188,242	20,976,037
Accumulated depreciation			(317,088)	(9,673,343)	(97,892)		(15,875)	(142,269)	(10,246,467)
Balance at December 31, 2025		25,618	385,955	7,778,667	11,392	2,446,816	35,149	45,973	10,729,570

(*)

(i); general repair of the blast furnace and coke batteries at the Presidente Vargas Plant; and, (ii) added to the interest capitalized in the year.

(**)

Refer substantially to assets classified as vehicles and hardware.

The estimated average useful lives for the period are as follows (in years):

(In thousands of Reals, unless stated otherwise)

		Consolidated		Parent Company
	12/31/2025	12/31/2024	12/31/2025	12/31/2024
Buildings and Infrastructure	32	33	27	28
Machinery, equipment and facilities	17	17	18	18
Furniture and fixtures	10	10	12	12
Others	11	10	10	10

11.b)

Right-of-use assets

Changes right of use assets are shown below:

						Consolidated
	Ref.	Land	Buildings and Infrastructure	Machinery, equipment and facilities	Others	Total
Balance at December 31, 2023		512,923	86,057	54,149	21,657	674,786
Effect of foreign exchange differences			9,939	2,209	2,479	14,627
Addition		4,272		6,549	3,296	14,117
Remeasurement		58,103	3,627	202,990	20,813	285,533
Depreciation		(38,290)	(16,511)	(150,430)	(26,163)	(231,394)
Write-offs				(855)		(855)
Balance at December 31, 2024		537,008	83,112	114,612	22,082	756,814
Cost		655,481	150,311	360,925	102,372	1,269,089
Accumulated depreciation		(118,473)	(67,199)	(246,313)	(80,290)	(512,275)
Balance at December 31, 2024		537,008	83,112	114,612	22,082	756,814
Effect of foreign exchange differences			(4,622)	758	(163)	(4,027)
Acquisition of stakes in subsidiaries	3	183,929				183,929
Addition		5,906	1,826	61,968	2,605	72,305
Remeasurement		63,305	1,715	138,824	40,699	244,543
Depreciation		(63,113)	(17,914)	(175,799)	(27,014)	(283,840)
Write-offs		(680)		(10,028)		(10,708)
Balance at December 31, 2025		726,355	64,117	130,335	38,209	959,016
Cost		996,234	143,181	431,606	140,143	1,711,164
Accumulated depreciation		(269,879)	(79,064)	(301,271)	(101,934)	(752,148)
Balance at December 31, 2025		726,355	64,117	130,335	38,209	959,016

(In thousands of Reals, unless stated otherwise)

	Land	Machinery, equipment and facilities	Others	Total
Balance at December 31, 2023	5,110	957	-	6,067
Remeasurement	41,297	90	586	41,973
Depreciation	(9,013)	(859)	(586)	(10,458)
Balance at December 31, 2024	37,394	188		37,582
Cost	43,969	2,567	1,691	48,227
Accumulated depreciation	(6,575)	(2,379)	(1,691)	(10,645)
Balance at December 31, 2024	37,394	188		37,582
Remeasurement	7,068	669	501	8,238
Depreciation	(9,332)	(842)	(497)	(10,671)
Balance at December 31, 2025	35,130	15	4	35,149
Cost	47,980	851	2,193	51,024
Accumulated depreciation	(12,850)	(836)	(2,189)	(15,875)
Balance at December 31, 2025	35,130	15	4	35,149

Accounting policy

Recorded at acquisition, formation, or construction cost less depreciation or accumulated depletion and impairment. Depreciation is calculated using the linear method based on the shorter of the remaining useful life of the assets or the contractual term. The depletion of mines is calculated based on the quantity of ore extracted, and lands are not depreciated since they are considered to have an indefinite useful life. Other expenses are recorded under the expense account when incurred.

(In thousands of Reals, unless stated otherwise)

Capitalized interest

Borrowing costs directly attributable to the acquisition, construction, and/or production of qualifiable assets are capitalized as part of the asset cost when it is probable that they will result in future economic benefits and are ready to perform their functions according to the Company's intended purpose.

Development costs for new ore deposits

Costs for the development of new ore deposits, or for the expansion of the capacity of mines in operation are capitalized and amortized using the produced (extracted) units method based on probable and proven quantities of ore.

Exploration expenses

Exploration expenses are recognized as expenses until the viability of the mining activity is established; after this period, subsequent costs are capitalized.

Overburden Removal Expenses

Expenses incurred during the mine development phase and before the production phase are recorded as part of depreciable development costs. These costs are subsequently amortized during the mine's useful life based on probable and proven reserves.

Overburden Costs

The overburden costs incurred during the production phase are added to the inventory value, except whenever a specific extraction campaign is carried out to access deeper deposits within the ore body. In this case, costs are capitalized and classified in non-current assets and are amortized over the mine’s useful life.

12.

INTANGIBLE ASSETS

Composition of Consolidated’s intangible assets as of December 31, 2025 and 2024, respectively:

								Consolidated		Parent Company
	Ref.	Goodwill	Customer relationships	Software	Trademarks and patents	Rights and licenses (*)	Others	Total	Software	Total
Balance at December 31, 2023		4,126,255	85,276	17,708	213,997	6,090,962	2,283	10,536,481	57,882	57,882
Effect of foreign exchange differences			4,748	504	36,655			41,907
Acquisitions

NATIONAL STEEL CO 6-K