Companhia Siderurgica Nacional
(NYSE:SID)

Companhia Siderrgica Nacional operates as an integrated steel producer in Brazil and Latin America. The company operates in five segments: Steel, Mining, Cement, Logistics, and Energy. It offers flat steel products, such as slabs; hot-rolled products, including heavy and light-gauge hot-rolled coils...

Website: http://www.csn.com.br

Founded: 1941

Full Time Employees: 24,869

Sector: Basic Materials

Industry: Steel

Steel Materials

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2016-12-31	2015-12-31	2015-09-30	2015-06-30	2014-12-31	2014-06-30	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2005-06-30	2004-12-31	2003-12-31	2002-12-31	2002-06-30

net operating revenues							33,432,800,000										11,913,300,000																														1,950,000,000				915,000,000
cost of products sold							-25,138,900,000										-6,178,800,000																														922,000,000				550,000,000
gross profit							8,294,000,000										5,734,500,000																			-355,726	4,889,726										1,028,000,000				365,000,000
yoy																																															181.64%
qoq																																				-107.27%
operating expenses
selling							-2,725,100,000										-422,600,000																														95,000,000				60,000,000
general and administrative							-552,200,000										-134,500,000																														55,000,000				62,000,000
equity in results of affiliated companies							259,600,000										13,400,000																														1,000,000				-50,000,000
other incomes							-2,049,900,000										-574,100,000
other income							142,700,000										2,560,200,000
total							-4,925,000,000										1,442,500,000
operating income							3,369,000,000										7,177,100,000																														857,000,000				233,000,000
yoy																																															267.81%
qoq
financial income (expenses)
financial income							799,300,000										585,600,000																														35,000,000				253,000,000
financial expenses							-4,398,300,000										-787,100,000																														-295,000,000				-129,000,000
income before taxes							-230,000,000										6,975,600,000
income tax							-218,400,000										-1,278,200,000
net income for the period							-448,500,000										5,697,300,000																																		-209,000,000
non-operating income (expenses)
net income attributable to noncontrolling interest																	457,300,000
net income attributable to companhia siderúrgica nacional shareholders																	5,240,000,000
3.01																																	2,261,896.75	3,118,708	2,870,847
3.02																																	-1,732,492.75	-2,472,690	-2,267,849
3.03																																	529,404	646,018	602,998
3.04																																	621,422.25	2,232,150	-760,491
3.04.01																																	-119,870.25	-185,331	-148,232
3.04.02																																	-68,038.25	-96,783	-90,806
3.04.04																																	7,168	16,403	8,547
3.04.05																																	-127,337.75	-102,664	-204,927
3.04.06																																	929,500.5	2,600,525	-325,073
3.05																																	1,150,826.25	2,878,168	-157,493
3.06																																	-1,467,752.5	-3,287,418	-555,237
3.06.01																																	283,453.75	726,759	-87,637
3.06.02																																	-1,751,206.25	-4,014,177	-467,600
3.06.02.01																																	-1,083,738.25	-2,985,847	310,866
3.06.02.02																																	-667,468	-1,028,330	-778,466
3.07																																	-316,926.25	-409,250	-712,730
3.08																																	128,245	-123,263	98,462
3.09																																	-188,681.25	-532,513	-614,268
3.11																																	-188,681.25	-532,513	-614,268
3.99
3.99.01
3.99.01.01																																	-0.139	-0.392	-0.453
3.99.02
3.99.02.01																																	-0.139	-0.392
sales revenue from goods and/or services																																				4,328,108	17,312,432
cost of goods sold and/or services rendered																																				-3,105,676.5	-12,422,706
operating income/expenses																																				-442,493	-1,769,972
selling expenses																																				-218,718.75	-874,875
general and administrative expenses																																				-121,272.5	-485,090
other operating income/																																				-142,036.25	-568,145
equity in the earnings of s ubsidiaries																																				39,534.5	158,138
earnings before financial income and taxes																																				779,938.5	3,119,754
financial income/																																				-641,939	-2,567,756
net exchange variation of financial instruments																																				14,039.25	56,157
earnings before tax on income																																				152,038.75	608,155
income tax and social contribution on income																																				-18,540.25	-74,161
consolidated net income for the period																																				133,498.5	533,994
attributed to controlling shareholders																																				127,256.25	509,025
attributed to non-controlling interest																																				6,242.25	24,969
operating revenues
domestic sales																																															1,921,000,000				882,000,000
export sales																																															536,000,000				210,000,000
sales taxes, discounts, returns and allowances																																															507,000,000				177,000,000
other																																															21,000,000				-27,000,000
foreign exchange and monetary gain																																															266,000,000
income before income taxes and equity in results
of affiliated companies																																															863,000,000				-250,000,000
income taxes
current																																															-289,000,000
deferred																																															-23,000,000				92,000,000
net income																																															552,000,000
yoy
qoq
basic and diluted earnings per thousand common shares																																															201,000,000
weighted-average number of common shares																																																			-2,910,000
outstanding during the period																																															274,617,000,000
1,086																																																			1,092,000,000
others																																																			10,000,000
129																																																			132,000,000
foreign exchange and monetary loss																																																			-580,000,000
gain on sales of investments
net income before cumulative effect of a change in
accounting principle																																																			-209,000,000
extraordinary item
cumulative effect of a change in
accounting principle, net of income taxes
earnings per thousand common shares
income before cumulative effect of a change in
outstanding																																																			71,729,261,000,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-02-26	2022-12-31	2022-06-30	2021-12-31	2020-12-31	2019-12-31	2019-06-30	2016-12-31	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2014-12-31	2014-06-30	2013-12-31	2013-06-30	2012-12-31	2012-06-30	2011-12-31	2010-12-31	2009-12-31	2009-05-26	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2005-06-30	2004-12-31	2004-06-30	2003-12-31	2003-09-30	2002-12-31	2002-06-30

fs-43
schedule of changes in interest rates
interest
cdi
tjlp
ipca
sofr 6m
sofr
euribor 3m
euribor 6m
schedule of effects on profit and loss
changes in interest rates
fs-44
schedule of derivative instrument
maturity
11/01/2023 to 11/30/2023
12/01/2023 to 12/31/2023
01/01/2024 to 01/31/2024
02/01/2024 to 02/28/2024
03/01/2024 to 03/31/2024
04/01/2024 to 04/30/2024
05/01/2024 to 05/31/2024
06/01/2024 to 06/30/2024
schedule of changes in cash flow hedge accounting
cash flow hedge–“platts”	-672,280,000
income tax and social contribution on cash flow hedge	228,575,000
fair value of cash flow hedge - platts	-443,705,000
fs-45
fs-46
schedule of relations of hedge
designation date
07/31/2019
01/10/2020
01/28/2020
06/01/2022
12/1/2022
12/01/2022
05/16/2024
06/06/2024
06/25/2024
total		12,364,418,000		11,206,737,000																1,592,941				1,197,903
fs-47
schedule of hedge accounting movements
cash flow hedge	-2,509,225,000
fair value of cash flow accounting, net taxes	-1,656,088,000
schedule of liquidity risk
at december 31, 2024
borrowings and financing		5,193,636,000	198,778,000	5,486,859,000	4,126,453,000	5,125,843,000		3.9	29,883,379	1,874,681,000					2,642,807,000
lease liabilities			43,978,000
derivative financial instruments
trade payables		6,596,915,000	22,928,000	6,446,999,000	4,819,539,000	3,012,654,000		2.7	1,638,505	1,293,008,000					1,102,037,000
trade payables - forfaiting
dividends and interest on capital
concessions to be paid
fs-48
schedule of fair values of assets and liabilities
fixed rate notes	22,204,604,000
fs-49
schedule of position of the derivatives
instrument
exchange rate swap
exchange rate swap dollar x euro
exchange rate swap cdi x dollar
exchange dollar x real swap
exchange rate swap dollar x real
total exchange rate swap
interest rate swap
interest rate (debentures) cdi x ipca
total interest rate (debentures) cdi x ipca
schedule of balance sheet and statement of income
instruments
iron ore derivative
exchange rate swap cdi x ipca
fs-50
schedule of stock market price risks
class of shares
usim3
usim5
pati3
schedule of sensitivity analysis for stock price risks
schedule of capital management
thousands of reais
shareholder's equity																9,007,513,000	9,007,513	9,007,513,000
gross debit/shareholder's equity
fs-51
fs-52
assets
current assets								33.8					15,935,502	16,402,042		21,121,945,000	21,121,945	21,121,945,000	21,944,306		13,568,594,000			1,000,316							5,014,341,000
cash and cash equivalents		11,991,356,000	1,602,000	16,646,480,000	9,944,586,000	1,088,955,000		16.2		7,861,052,000			8,686,021	9,995,672	9,995,672,000	14,444,875,000	14,444,875	14,444,875,000	15,417,393		142,045,000		3,542,000,000	59,715	959,000,000	1,241,000,000	881,000,000	970,000,000				356,000,000	708,000,000
financial investments		1,456,485,000		2,644,732,000	3,783,362,000	2,633,173,000		1.6		763,599,000														17,713
trade receivables		3,233,164,000	13,000	2,597,838,000	2,867,352,000	2,047,931,000		3.2		1,578,277,000					2,522,465,000
inventories		11,289,229,000	422,000	10,943,835,000	4,817,586,000	5,282,750,000		10.2		4,941,314,000					3,160,985,000								1,165,000,000	91,627	1,031,000,000	687,000,000	797,000,000	819,000,000		642,435,000		210,000,000	244,000,000
recoverable taxes		1,865,626,000	2,000	1,655,349,000	1,605,494,000																		160,000,000		142,000,000	112,000,000	336,000,000	284,000,000
other current assets		776,500,000		484,120,000	367,814,000	1,672,996,000		2.6		1,286,449,000			1,374,303	722,920	722,920,000	1,302,479,000	1,302,479	1,302,479,000												436,415,000
total current assets		30,612,360,000		34,972,354,000	23,386,194,000	12,725,805,000				16,430,691,000					16,402,042,000
noncurrent assets
long-term assets													3,598,352				4,137,310		4,856,721		3,640,162,000			57,638							2,728,507,000
deferred taxes		5,095,718,000	-65,560,000	5,072,092,000				6.8					238,892	2,770,527		2,372,501,000		2,372,501,000
other non current assets		4,749,718,000		4,365,755,000
investments		5,219,082,000	312,800,000	4,011,828,000				8.2		3,998,227,000			13,665,453	13,487,023	13,487,023,000	2,351,774,000	2,351,774	2,351,774,000	2,088,225		321,889,000								438,663,000	2,879,772,000		8,000,000	26,000,000
property, plant and equipment		26,370,445,000	28,163,000	21,531,134,000	19,716,223,000	19,700,944,000		36.7		17,871,599,000			15,624,140	14,911,426	14,911,426,000	20,408,747,000	20,408,747	20,408,747,000					3,543,000,000		3,211,000,000	2,547,000,000	2,455,000,000	2,143,000,000	159,726,000	12,430,298,000		1,527,000,000	1,726,000,000
intangible assets		10,788,054,000		7,657,050,000	7,316,794,000	7,231,781,000		11.2		5,458,509,000				965,440	965,440,000	1,275,452,000		1,275,452,000
total noncurrent assets		54,741,999,000		44,406,749,000
total assets		85,354,359,000		79,379,103,000	63,002,149,000	50,869,276,000		100	49,767,100	48,649,974,000			49,767,100	50,402,539	50,402,539,000	49,295,228,000	49,295,228	49,295,228,000	46,869,702		29,167,224,000	2,455,124								24,310,782,000	23,388,638,000
note		2,022,000		2,021,000	2,020,000					2,015,000					2,013,000
liabilities and shareholders' equity
current liabilities								10.9					6,362,938	5,564,230		6,408,076,000	6,408,076	6,408,076,000	6,496,947		5,128,196,000			2,131,634							4,585,096,000
payroll and related taxes		422,495,000		328,443,000	282,630,000	317,510,000		0.5		256,840,000			219,740		208,921,000
taxes payables		870,333,000
provisions for tax, social security, labor and civil risks		73,089,000		66,047,000	81,073,000	96,479,000				127,262,000					333,519,000
advances from customers		1,120,072,000		2,140,783,000	1,100,772,000
dividends and interest on equity payable		611,307,000
trade payables – forfaiting and drawee risk		5,709,069,000
other payables		1,878,203,000	92,000	5,557,001,000	1,310,734,000	2,526,444,000		2.2		1,073,017,000					972,851,000
total current liabilities		22,475,119,000		24,541,616,000	14,725,696,000	11,619,957,000				5,325,571,000					5,564,230,000
noncurrent liabilities
deferred income taxes		216,950,000		503,081,000	3,874,946,000	2,473,304,000				3,307,027,000					2,770,527,000								317,000,000		193,000,000	226,000,000	186,000,000	204,000,000				124,000,000	136,000,000
pension and healthcare plan		555,329,000		584,288,000	758,426,000	912,184,000		1.1		514,368,000					485,105,000
provision for environmental liabilities and decommissioning of assets		937,657,000		898,597,000
total non current liabilities		41,063,196,000		31,463,098,000	37,024,948,000
shareholders' equity													5,734,975	8,069,059					8,417,170		5,510,433,000
paid-in capital		10,240,000,000		10,240,000,000	6,040,000,000
capital reserves		32,720,000		32,720,000	32,720,000	32,720,000				30,000				30	30,000															17,319,000
legal reserves		1,158,925,000		1,081,222,000	468,291,000	278,576,000
earnings reserves		7,829,517,000		9,948,596,000	5,414,323,000	4,210,888,000		5.1		2,104,804,000			1,131,298		2,839,568,000
treasury shares				-936,930,000	-58,264,000	-58,264,000
other comprehensive income		228,305,000		-50,610,000	-1,983,619,000	1,170,624,000		1.4		1,019,913,000			25,140	716,972		386,324,000	386,324	386,324,000	-1,366,776
total equity attributable to owners of the company		19,489,467,000		20,314,998,000	9,913,451,000	10,174,544,000				7,664,747,000					8,096,570,000
non-controlling interests		2,326,577,000		3,059,391,000	1,338,054,000	1,187,388,000		2.2		1,070,916,000					-27,511,000
total shareholders' equity		21,816,044,000		23,374,389,000	11,251,505,000
total liabilities and shareholders' equity		85,354,359,000		79,379,103,000	63,002,149,000	50,869,276,000		100		48,649,974,000			49,767,100	50,402,539			49,295,228		46,869,702
fs-14
schedule of fair value of assets acquired and liabilities assumed
other assets			125,516,000																			240,192
intangíible assets			2,041,196,000
total assets acquired			30,202,000
accounts payable			2,000
taxes payable			72,000	3,308,614,000	2,058,362,000	541,027,000		1.4		700,763,000			318,675	304,095	304,095,000								183,000,000	85,328	242,000,000	144,000,000	465,000,000	261,000,000		546,047,000		21,000,000	22,000,000
salaries and social charges			16,343,000
leases			26,000																											48,110,000
total liabilities assumed			192,000
net equity acquired			30,010,000
1											55,814,336	50,819,250
schedule of fair value allocation composition
assets acquired
3.c)
schedule of determination of purchase price
item
assets transferred
purchase price considered for the business combination
fs-15
schedule of fair value of assets and liabilities assumed
judicial deposits and guarantees			59,335,000
judicial contingencies			306,400,000
bonus grant payable			2,024,118,000
equity acquired			551,706,000
fs-16
schedule of goodwill on acquisition
purchase price considered			5,013,436,000
fair value of the assets and liabilities acquired			4,622,604,000
goodwill based on expectations for future profitability			390,832,000
fs-17
taxes in installments			148,249,000
legal contingencies			491,114,000
mining rights
trademarks
softwares
fs-18
schedule of determination of purchase
recoverable taxes and contributions			5,420,000
judicial deposits			151,000																					694,733						481,122,000
liabilities
labor obligations			364,000
concession payable			12,281,000
other accounts			1,567,000
advances from customer			100,012,000
total equity acquired			79,998,000
fs-19
equity interests issued
fs-20
goodwill for future profitability expected
receivables from related parties			96,374,000																				42,000,000
short-term investments			14,689,000																						353,000,000	187,000,000		143,000,000
investment
debits with related parties
indirect investiment			-40,663,000
licenses
fs-21
the accompanying notes are an integral part of these consolidated financial statements.
companhia siderúrgica nacional s.a. and subsidiaries
consolidated balance sheets as of december 31
proposed dividends and interest equity				1,206,870,000
other non-current assets					3,603,047,000	5,057,554,000		3.3		1,583,921,000				1,835,325	1,835,325,000	1,648,056,000		1,648,056,000
investments in associates and joint controlled entities					3,695,780,000	3,584,169,000
total non-current assets					39,615,955,000	38,143,471,000				32,219,283,000					34,000,497,000
companhia siderúrgica nacional and subsidiaries
proposed dividends and interests on net equity					946,133,000
provision for environmental liabilities and asset retirement obligations					803,835,000			0.7
non-current assets								66.2					33,831,598	34,000,497		28,173,283,000	28,173,283	28,173,283,000	24,925,396	1,592,941	15,598,630,000			197,587
thousands of brazilian reais
liabilities and shareholders’ equity						2,019,000
non-current liabilities								71.1					37,669,187	36,769,250			33,879,639		31,955,585		18,445,535,000			4,929,774
benefit from environmental liabilities and decommissioning of assets						524,001,000				328,931,000					370,454,000
total non-current liabilities						27,887,387,000				34,588,740,000					36,769,250,000
shareholders’ equity																								380
issued capital						4,540,000,000		9.3		4,540,000,000			4,540,000		4,540,000,000
total equity						11,361,932,000			5,734,975	8,735,663,000					8,069,059,000
u
receipt from disposal of the investment							1,525,590
deposit in warranty							7,712
contractual expenses and fees							9,021
basis price for alienation							1,542,323
working capital receivable							145,529
shareholder's equity da llc							514,537
net gain of alienation							1,164,294
llc
06/30/2018
trade receivable
inventory													4,122,122	3,160,985		3,580,025,000	3,580,025	3,580,025,000	3,734,984		2,588,946,000										715,940,000
social and labor obligations
tax payables
total liabilities									44,032,125													-4,667,187								24,310,782,000
net revenue from sales and/or services								15,331,852
cost of sales and/or services								-11,799,758
gross profit								3,532,094						4,889,726
operating expenses/income								1,645,531
selling expenses								-1,436,000						-874,875
general and administrative expenses								-470,368						-485,090
other operating income								2,391,551
equity in income of affiliates								1,160,348
profit before finance income (costs) and taxes								5,177,625
finance income								-2,633,260
net exchange difference on financial								-739,790
profit before taxes on income								1,804,575
income tax and social contribution								-188,624
consolidated profit for the year								1,615,951
attributed to owners of the company								1,617,793
attributed to non-controlling interests								-1,842
balance sheet														2,013
short-term investments measured at amortized cost
provision for tax, social security, labor and civil risks								0.3
consolidated shareholders’ equity								18
ifrs 7									2,016
ifrs 9
ifrs 11									2,016
ifrs15									2,018
ifrs16
other liabilities									12,510,241					972,851		1,221,350,000		1,221,350,000				-36,073
investments measured at fair value															30,756,000
consolidated balance sheet
liabilities and shareholders´ equity
shareholders equity																															7,829,356,000
1.01											9,868,283	8,584,404
1.01.01											2,353,142	2,241,912
1.01.02											627,418
1.01.03											3,039,009	2,114,594
1.01.04											3,210,222	3,418,312
1.01.08											638,492	809,586
1.02											45,946,053	42,234,846
1.02.01											4,528,125	4,357,256
1.02.01.06											3,164,079	3,213,075
1.02.01.09											1,364,046	1,144,181
1.02.02											26,809,924	23,839,714
1.02.03											14,524,467	13,952,132
1.02.04											83,537	85,744
parent company statements / balance sheet – liabilities
code
2											55,814,336	50,819,250
2.01											5,737,112	6,640,388
2.01.01											217,516	184,243
2.01.02											1,436,787	1,610,607
2.01.03											154,706	65,140
2.01.04											2,835,432	3,587,009
2.01.05											1,000,745	1,101,463
2.01.06											91,926	91,926
2.01.06.01											91,926	91,926
2.02											46,460,767	39,003,031
2.02.01											34,284,830	27,447,333
2.02.02											9,476,799	9,118,330
2.02.04											2,699,138	2,437,368
2.02.04.01											647,367	709,148
2.02.04.02											2,051,771	1,728,220
2.02.04.02.03											235,276	218,023
2.02.04.02.04											587,767	587,767
2.02.04.02.05											1,228,728	922,430
2.03											3,616,457	5,175,831
2.03.01											4,540,000	4,540,000
2.03.02											30	30
2.03.04											846,908	846,908
2.03.04.01											361,641	361,641
2.03.04.02											724,243	724,243
2.03.04.09											-238,976	-238,976
2.03.05											-754,725	-222,212
2.03.08											-1,015,756	11,105
trade accounts receivable													1,753,056	2,522,465		1,794,566,000	1,794,566	1,794,566,000	1,558,997		1,186,315,000				549,000,000	551,000,000	639,000,000	382,000,000			2,062,147,000	421,000,000	412,000,000
intangible													943,653				1,275,452		603,374		457,580,000
suppliers													1,638,505			1,957,789,000	1,957,789	1,957,789,000	1,232,075		504,223,000	-33,642		883,078						432,791,000
loans and financing													2,790,524			2,295,409,000	2,295,409	2,295,409,000	2,702,083			-4,597,472								2,279,335,000	3,105,193,000
others													845,109				4,388,451		183,983		957,319,000					172,000,000			10,873,000			22,000,000	28,000,000
benefit from tax, social security, labor and civil risks													550,385
loans, financing and debentures													27,092,855				27,856,350		25,186,505		1,191,066,000			1,148,821
other provisions													826,294	370,454		413,440,000		413,440,000
capital reserve													30			30,000	30	30,000	30		30,000										10,485,000
retained earnings																3,690,543,000	3,690,543	3,690,543,000													874,269,000
non-controlling shareholders' interests													38,507
sales revenue from goods and/or services														17,312,432
cost of goods sold and/or services rendered														-12,422,706
operating income/expenses														-1,769,972
other operating income/														-568,145
equity in the earnings of s ubsidiaries														158,138
earnings before financial income and taxes														3,119,754
financial income/														-2,567,756
net exchange variation of financial instruments														56,157
earnings before tax on income														608,155
income tax and social contribution on income														-74,161
consolidated net income for the period														533,994
attributed to controlling shareholders														509,025
attributed to non-controlling interest														24,969
financial investments valued at amortized cost														30,756
payroll and labor liabilities														208,921
trade accounts payable														1,102,037											717,000,000	430,000,000	429,000,000	242,000,000				158,000,000	164,000,000
loans and borrowings														2,642,807
provisions for tax, social security, labor and civil claims														333,519
health and pension plan														485,105
paid-up capital														4,540,000
profit reserves														2,839,568
non-controlling interest														-27,511
long-term receivables
equity
other comprehensive income/															716,972,000
total liabilities and shareholders´ equity															50,402,539,000						29,167,224,000
financial investments evaluated at amortized cost																116,753,000		116,753,000
credits from related-parties
tax , social security, labor and civil liabilities																241,291,000		241,291,000
tax liabilities																336,348,000		336,348,000
tax, social security, labor and civil provisions																355,889,000		355,889,000
non-current liabilites																33,879,639,000		33,879,639,000
deferred tax																284,110,000		284,110,000
pension and healthcare plans																565,591,000		565,591,000
capital																4,540,000,000	4,540,000	4,540,000,000	1,680,947		1,680,947,000										1,680,947,000
non-controlling shareholder's interests																390,616,000	390,616	390,616,000
total liabilities and shareholder's equity																49,295,228,000		49,295,228,000
taxes and contributions																	336,348		325,132		1,053,184,000
dividends payable																	301,618		928,924		1,562,085,000
other current provisions																	1,516,912
deferred income tax and social contribution																	284,110		584,273											302,931,000
other non-current provisions																	1,350,728
other trade accounts receivable																			55,652
guarantee margin of financial instruments																			407,467
intercompany loans																			1,557
pp&e																			17,377,076		11,145,530,000
provisions for contingencies, net judicial deposits																			1,137,709		1,568,966,000
accounts payable with subsidiaries																			3,094,453		2,980,772,000
earnings reserve																			7,671,620		5,403,329,000
non-controlling shareholders interest																			431,349		83,060,000
deferred																					33,469,000
tax loss on income tax																				4,944
negative basis of social contribution																				1,871
temporary differences																				1,586,126
- provision for contingencies																				298,708
- provision for losses in assets																				40,345
- provision for losses in inventories																				26,011
- provision for gains/losses in financial instruments																				183,169
- provision for interest on shareholders' equity																				121,351
- provision for long-term sales																				1,221
- provision for inputs and services																				43,828
- allowance for doubtful accounts																				146,865
- provision for payments of private pension plan																				7,012
- ifrs adjustments																				57,813
- tax benefit from merger																				599,730
- other																				60,073
marketable securities																					7,944,697,000			340,882
deffered income tax and social contribution																					749,272,000
equity swap
other																					817,638,000		409,000,000	315,778	211,000,000		101,000,000	105,000,000			617,802,000
long-term liabilities																					18,445,535,000										10,974,186,000
treasury stock																					-1,191,559,000		-326,000,000					-153,000,000	91,791,000
equity adjustments																					-382,314,000
cash and cash equivalents abroad																						1,925,602
accounts receivable – foreign market clients																						184,970
advances to suppliers																						31,944
securitization reserve fund																						72,416
gross exposure																						-2,212,063
notional value of contracted derivatives																						2,169,000
net exposure																						-43,063
the results obtained from these operations are in line with the policies and strategies defined by the company’s management.
f) organizational structure of risk management control
financial risks are calculated by the controllership department and managed by the financial department.
g) adequacy of the operational structure of internal controls to verify the effectiveness of the policy adopted
the responsibility for establishing and maintaining an adequate structure of internal controls over the company’s strategies, objectives and financial instruments, as well as for ensuring the effectiveness of these controls, their conformity with the prevailing laws/regulations and the reliability of the financial information, lies with the treasury department, the strategies having been duly approved by top management. the main duties of the company’s corporate risk management department, which is subordinate to the board of executive officers, is to map and assess, jointly with the process managers, the internal controls necessary to mitigate those operational, financial and strategic risks inherent to its activities, as well as ensuring their adherence to the prevailing laws/regulations and internal policies through the existing internal control structure. it is also responsible for reporting the results of this assessment to top management and monitoring the procedures to remedy any flaws detected in the processes. the internal audit department, linked to the board of directors, is responsible for monitoring internal controls by performing independent tests, reporting their results to top management and the audit committee.
derivative assets																							127,000,000		228,000,000	154,000,000	93,000,000	129,000,000				400,000,000
financial instruments guarantee margin																							1,059,000,000
related parties																							78,000,000		131,000,000
insurance claim																									209,000,000
other accounts receivable																							270,000,000
investments in affiliated companies																							2,588,000,000		275,000,000	230,000,000	216,000,000	188,000,000
goodwill																							127,000,000		100,000,000	82,000,000	45,000,000	45,000,000
restricted deposits for legal proceedings																							893,000,000		301,000,000	283,000,000	256,000,000	219,000,000				126,000,000	137,000,000
prepaid pension cost																									33,000,000
other assets - sum																							2,144,000,000		1,000,000,000	968,000,000		874,000,000
liabilities and stockholders’ equity
payroll and related charges																							68,000,000		59,000,000	31,000,000	42,000,000	42,000,000				29,000,000	28,000,000
dividends and interest on stockholders’ equity																							432,000,000
current portion of long-term debt																							1,296,000,000		270,000,000	354,000,000						30,000,000	170,000,000
accrued finance charges																							107,000,000		86,000,000	69,000,000	104,000,000	57,000,000				56,000,000	73,000,000
derivative liabilities																							686,000,000		101,000,000	152,000,000	65,000,000	27,000,000				298,000,000
other accounts payable																							131,000,000		44,000,000
trade accounts payable - sum																							3,813,000,000
accrued pension cost																							60,000,000		213,000,000	234,000,000	257,000,000	226,000,000				179,000,000	226,000,000
long-term debt and debentures																							3,436,000,000		3,703,000,000	2,942,000,000	2,737,000,000	2,357,000,000				996,000,000	1,289,000,000
due to related parties																							3,079,000,000
accrual for contingencies and disputed taxes payable																							1,618,000,000		1,820,000,000	1,538,000,000
taxes payable in installments																							270,000,000
long-term liabilities - sum																							8,580,000,000		5,823,000,000	4,750,000,000		3,615,000,000		12,316,105,000
stockholders’ equity
common stock – 1,200,000,000 shares (no par value) authorized – 816,203,838 shares issued at december 31, 2007 and 793,403,838 at december 31, 2008 – outstanding shares:
769,469,454 at december 31, 2007 and 758,669,454 at
december 31, 2008																							2,447,000,000
capital surplus																							53,000,000		53,000,000	53,000,000	53,000,000	53,000,000				53,000,000	53,000,000
appropriated																							1,920,000,000		474,000,000	416,000,000	350,000,000	310,000,000				282,000,000	391,000,000
unappropriated																							692,000,000		-146,000,000	77,000,000	199,000,000	487,000,000				-363,000,000	-436,000,000
accumulated other comprehensive loss																							-1,470,000,000		-1,525,000,000	-1,745,000,000	-1,857,000,000	-1,818,000,000
accounts receivable																								179,051			85,000,000			1,740,091,000		10,000,000	7,000,000
insurance claimed																								186,247
deferred income tax/social contribution																								13,263
deferred income and social contribution taxes																								622,434
permanent																								139,949
contingent liabilities- net of deposits																								55
other accounts receivables																									87,000,000
current assets - sum																									3,962,000,000	3,330,000,000		2,907,000,000
interest on stockholders’ equity																									81,000,000	111,000,000	50,000,000	90,000,000
current liabilities - sum																									1,678,000,000	1,398,000,000		1,216,000,000		4,551,745,000
common stock – 400,000,000 shares
authorized – 272,067,946 shares issued at december 31,
2005 and 2006 – outstanding shares: 258,182,046 at
december 31, 2005 and 257,413,446 at december 31, 2006
14,654,500 shares at december 31, 2006																									-256,000,000
restricted investments																										27,000,000	27,000,000	30,000,000
intercompany accounts																										77,000,000	27,000,000	23,000,000
authorized – 272,067,946 shares issued
at december 31, 2005 and 286,917,045 at december 31,
2004 – outstanding shares: 258,182,046 at december 31,
2005 and 276,893,446 at december 31, 2004																										2,447,000,000
10,023,599 shares at december 31, 2004																										-239,000,000	-276,000,000
short-term investment																											491,000,000
short-term debt and advances on export contracts																											757,000,000	430,000,000				979,000,000	1,228,000,000
accrual for contingencies																											1,184,000,000	968,000,000				196,000,000
authorized; 286,917,045 shares issued;
270,158,346 outstanding at june 30, 2005 and 276,893,446
outstanding at december 31, 2004																											2,447,000,000
authorized – 286,917,045 shares issued
outstanding – 276,893,446 at december 31, 2004 and
286,917,045 at december 31, 2003																												2,447,000,000
sources of funds
funds provided by operations
net income for the period																													833,002,000
expenses (income) not affecting working capital
- monetary and foreign exchange variation and long term accrued charges																													433,789,000
- equity pick up and amortization of goodwill																													-354,176,000
- write-offs of permanent assets																													650,000
- depreciation/depletion/amortization																													368,502,000
- amortization of deferred foreign exchange variation																													53,043,000
- deferred income tax and social contribution																													-145,148,000
- provision for contingent liabilities pis/cofins/cpmf																													75,320,000
- employee’s pension fund provision																													14,904,000
- deferred income variations
- others																													-21,335,000
funds provided by others
loans and financing resources																													2,194,711,000
decrease in other long term assets																													66,270,000
increase in other long term liabilities																													75,805,000
total sources of funds																													3,606,210,000
uses of funds
funds used in permanent assets
deferred assets																													21,582,000
interest on stockholder’s equity/dividends																													35,000,000
transfer of loans and financing to short-term																													1,218,160,000
increases in long-term assets																													76,974,000
decrease in long-term liabilities																													2,487,000
total uses of funds																													2,044,383,000
increase in net working capital																													1,561,827,000
changes in net working capital
at end of period																													5,534,896,000
at beginning of period																													5,507,669,000
cash and banks																														69,027,000
marketable securities and derivatives																														2,124,144,000
withholding income tax and
social contribution to offset																														75,407,000
proposed dividends receivable
compulsory loans - eletrobrÁs																														27,066,000
credits with subsidiary and associated companies																														1,285,434,000
securities receivable																														44,595,000
available for sale investments																														248,691,000
recoverable pis/pasep																														55,031,000
other long-term assets																														108,721,000
long-term assets - sum																														3,162,132,000
permanent assets
deferred asset																														330,911,000
permanent assets - sum																														15,640,981,000
debentures																														89,152,000
accounts payable - subsidiary																														183,491,000
salaries and payroll charges																														91,805,000
dividens and interest on stockholders' equity																														717,608,000
contingent liabilities																														8,177,000
other current liabilities																														41,778,000
provision for losses on investments																														68,437,000
accounts payable - subsidiary company																														1,006,489,000
other long-term liabilities																														285,408,000
deferred income
stockholders' equity
paid-in capital stock																														1,680,947,000
revaluation reserves																														5,008,072,000
revenue reserves																														736,594,000
stockholders' equity - sum																														7,442,932,000
cash and marketable securities																															1,618,452,000
permanent asstes																															15,645,790,000
investiments																															2,789,962,000
pp & e																															12,494,753,000
deffered																															361,075,000
deffered income and social contribution taxes																															2,498,418,000
revaluation reserve																															5,067,206,000
revenue reserve																															196,449,000
total liabilites and shareholders' equity																															23,388,638,000
taxes recoverable																																44,000,000	78,000,000
prepaid expenses																																13,000,000	45,000,000
1,313																																1,590,000,000	1,777,000,000
investments in affiliated companies and other
investments for sale																																71,000,000	74,000,000
debt and equity securities																																32,000,000
advances to employees																																4,000,000
600																																530,000,000
liabilities and stockholders' equity
interest on stockholders' equity																																83,000,000
1,445																																1,732,000,000	1,753,000,000
1,863																																1,416,000,000	1,775,000,000
common stock - 100,000,000 thousand shares																																2,447,000,000
authorized - 71,729,261 thousand shares issued and outstanding
cumulative translation adjustments																																-1,912,000,000	-1,981,000,000
time deposits																																	126,000,000
579																																	473,000,000
provision for contingencies																																	225,000,000
authorized - 71,729,261 shares issued and outstanding																																	2,447,000,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2015-12-31	2015-09-30	2006-09-30	2006-06-30	2006-03-31	2002-06-30

net income for the year
adjustments to reconcile net income to net cash from operations:
accrued charges on borrowings and financing
charges on loans and financing granted
depreciation/ depletion / amortization
equity earnings of affiliated companies
charges on lease liabilities
deferred income tax and social contribution
benefit from tax, social security, labor and civil risks
monetary variations and exchange differences
additions(reversals) of pp&e provisions for losses, net of write-offs
provision (reversal) for consumption and services
investment impairment reversal
benefit from environmental liabilities and decommissioning of assets
financial investments - shares – fair value through profit or loss
receivables by indemnity
net gains on the sale of the shares of usiminas
net gains on the sale of the shares of csn mineração
dividends of usiminas
other provisions
total adjustments to reconcile net income to net cash from operations
changes in assets and liabilities
trade receivables - third parties
trade receivables - related parties
inventories						32,000,000
receivables from related parties/dividends
recoverable taxes
judicial deposits
compulsory loan received
trade payables
trade payables – forfaiting and drawee risk
payroll and related taxes
taxes in installments
payables to related parties
advance from customer
advance from electric energy contracts
interest paid
cash flow hedge accounting paid
fs-5
equity in results of affiliated companies						50,000,000
provision for tax, social security, labor and civil risks
contractual agreement
proceeds from disposal of fixed and intangible assets
pis and cofins credits
provision for environmental liabilities and decommissioning of assets
updated shares – fair value through profit or loss
dividends usiminas
other
increase (decrease) in assets and liabilities
net cash generated by operating activities
investments / acquisition of shares
purchase of property, plant and equipment
loans granted to related parties
loans received from related parties
financial investment, net of redeemed amount
cash used to acquire interest in cbsi
net cash received from sale of csn mineração's shares
cash on elizabeth´s consolidation
deposit in guarantee for the acquisition of lafargeholcim
price paid in investments of elizabeth´s
net cash from (generated by) investing activities
borrowings and financing raised
cost of borrowing
payment of borrowings
amortization of leases
payment of dividends and interests on shareholder’s equity
issuance of new csn mineração's shares
share repurchase
net cash from (generated by) financing activities
exchange rate changes on cash and cash equivalents of foreign subsidiaries
increase (decrease) in cash and cash equivalents
cash and cash equivalents at the beginning of the year
cash and cash equivalents at the end of the year
charges on lease liabilities.
provision for actuarial liabilities
net gain on sale of a foreign subsidiary
unrealized loss (gains) on shares – fair value through profit or loss
trade payables – drawee risk
taxes in installments - refis
advances from customer
derivative instrument cash settlement
others						54,000,000
increase in assets and liabilities
net cash from operating activities						310,000,000
capital expenditures						-94,000,000
free cash flows						216,000,000
receipt/(payment) in derivative transactions
purchase of intangible assets
cash received by disposal of usiminas’ shares
net cash received from the sale of a foreign subsidiary
net cash from investing activities						-99,000,000
new borrowings and financing
cost of transaction
repayment of borrowings
payment of dividends and interests on net equity
treasury shares
net cash from financing activities						228,000,000
increase in cash and cash equivalents
profit for the year
gain of derivative financial instruments
contractual agremeent
eletrobrás's compulsory loan
adjustments to reconcile net income (loss) to net cash from operations:
gain on repurchase of debt securities
gain on business combination
gain on disposal of available for sale
impairment of transnordestina
interest received
interest on swaps paid
cash and cash equivalents from discontinued operations
cash and cash equivalents on acquisition of control
forfaiting funding / drawee risk
forfaiting amortization / drawee risk
buyback of debt securities
monetary adjustment related to the eletrobrás's compulsory loan
impairment of available-for-sale assets
proceeds from disposal of assets
gain on disposal of available for sale assets
receivables from related parties
capital reduction on joint venture
payment in derivative transactions
cash and cash equivalents in namisa consolidation
receipt loans – related party
payment of borrowings - related parties
the accompanying notes are an integral part of these consolidated financial statements.
cash flows from operating activities
net profit for the period / year
adjustments to reconcile profit before income tax and social contribution to net cash generated by operating activities:
inflation adjustments and exchange differences
depreciation/depletion/amortization
income tax and social contribution
provision for sales in installments
provision for interest receivable
dividends receivable - mrs logística
decrease in operating assets:
trade receivables
advances to suppliers
other receivables
increase in operating liabilities:
trade payables to third parties
trade payables to related parties
accrued payroll and related taxes
taxes payable
other payables
dividends received
income taxes paid
cash flows from investing activities
cash from acquisition of csn handel gmbh
net cash (generated by) used in investing activities
cash flows from financing activities
repayment of borrowings and financing
reduction of capital
dividends paid
effect of exchange rate changes on cash and cash equivalents
net increase in cash and cash equivalents
the accompanying notes are an integral part of these financial statements.
provision of swaps/forwards transactions
impairment loss adjustment
gain on loss of control over transnordestina
impairment of the transnordestina old railway network
cash generated from operations
dividends received from related parties
investments			-93,626,000	-86,420,000	-11,098,000
receipt in derivative transactions
cash and cash equivalents on the loss of control over transnordestina
receipt loans from related-party
short-term investment, net of redeemed amount
exchange rate changes on cash and cash equivalents
decrease in cash and cash equivalents
6.01		-108,595
6.01.01		1,534,346
6.01.01.01		-532,513
6.01.01.02		934,612
6.01.01.03		-6,214
6.01.01.04		227,396
6.01.01.05		-2,600,525
6.01.01.06		48,996
6.01.01.07
6.01.01.08		4,998,391
6.01.01.09
6.01.01.10
6.01.01.11		-93,916
6.01.01.12		36,222
6.01.02		-1,642,941
6.01.02.01		153,156
6.01.02.02		-1,253,753
6.01.02.03		233,729
6.01.02.04		92,020
6.01.02.05		-96,677
6.01.02.06		-13,716
6.01.02.09
6.01.02.10		-31,285
6.01.02.11		80,127
6.01.02.13
6.01.02.15
6.01.02.16		1,202,162
6.01.02.17
6.01.02.18
6.02		-1,402,870
6.02.01		-9,631
6.02.02		-768,774
6.02.03		0
6.02.04		0
6.02.07
6.02.09		0
6.02.10		21,285
6.02.11
6.03		1,622,695
6.03.01		339,396
6.03.02
6.03.03		-352,803
6.03.04		-89,493
6.03.05		0
6.03.06		0
6.05		111,230
6.05.01		0
6.05.02		111,230
6.01.01.14
6.01.02.12
6.01.02.14
6.01.02.19
6.02.08
decrease in assets and liabilities
cash from merger of subsidiaries
acquisition of subsidiaries
payment of loans (principal) - acquisition of subsidiaries
dividends and interest on capital paid
capital contribution by non-controlling shareholders
share of profits of investees
monetary variation and exchange differences
gain from write off and disposal of assets
realization of available-for-sale investments
receipt/payment in derivative transactions
repayments to financial institutions - principal
repayments of principal - acquisition of subsidiaries
dividends and interest on capital
net cash (used in) generated by financing activities
net cash from investment activities
foreign exchange variation on cash and cash equivalents
proceeds from write-off and disposal of assets
inflation adjustment and exchange differences
allowance for doubtful debts
contingent liabilities
interest paid on swap transactions
net cash generated by (used in) operating activities
disposal of investments
cash from acquisition of subsidiaries
property, plant and equipment			-1,103,056,000	-725,506,000	-188,354,000
intangible assets
companhia siderúrgica nacional and subsidiaries
consolidated statement of cash flow
thousands of brazilian reais
note
acquisition of subsidiary
borrowings and financing
net cash generated by (used in) financing activities
exchange variation without cash and cash equivalents
increase in cash and cash eqivalents
gain on change in percentage equity interest
net effects of equity swap
net cash generated by financing activities
- net income for the year
- provision for charges on loans and financing
- depreciation and amortization
- gain on disposal of assets
- deferred income tax expense
- provision for swap/forward transactions
- gain/loss on change in percentage equity interest
- allowance for doubtful accounts
- provision for actuarial liabilities
- accrual for contingencies
- inflation adjustment and foreign exchange gains
- other			1,358,000	20,160,000	-192,044,000
- trade accounts receivables
- inventories			-513,396,000	-362,088,000	44,218,000
- taxes for offset
- trade accounts payables
- payroll and related charges
- taxes payable
- taxes payable in installments - refis
- judicial deposits					-2,478,000
- contingent liabilities
- interest paid
- interest paid on swap transactions
- receipts/payments on derivative transactions
- net effects of equity swap
- investments
- property, plant and equipment
- intangible assets
- loans and financing			2,228,967,000	1,928,637,000	6,380,000
- financial institutions - principal
- dividends and interest on shareholders' equity
- capital contribution in subsidiaries by non-controlling shareholders
- treasury shares
effects of changes in exchange rates on cash and cash equivalents
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
net income for the period			1,084,110,000	749,882,000	298,028,000	-209,000,000
adjustments to reconcile net income for the period to net cash from operating activities
depreciation and amortization						69,000,000
foreign exchange and monetary loss						580,000,000
interest accrued
deferred income taxes						-92,000,000
decrease in operating assets
trade accounts receivable						-87,000,000
due from related parties
increase in operating liabilities
trade accounts payable
net assets merged
additions to property, plant and equipment						-94,000,000
due to related parties - intercompany loans
capital increase
additional paid-in capital
repayments						-119,000,000
cash and cash equivalents, beginning of period						330,000,000
cash and cash equivalents, end of period						708,000,000
cash paid during for the period
interest
income taxes
supplemental cash flow information:
dividends used for capital increase
ownership interest in mrs contributed by csn to namisa
tax credit from bje merger
interest receivable used for offsetting accounts payable
dividends payable
adjustments to reconcile net income for the year to net cash from operating activities
accrual for contingencies and disputed taxes payable
accrual for derivatives
gain on sale of short-term investments
gain on dilution of interest in namisa
deferred income tax expense
allowance for doubtful accounts
insurance claim
prepaid pension cost
payroll and related charges
accrued pension cost
proceeds from sale of short-term investments
purchase of short-term investments and debt securities
restricted deposits from legal proceedings
business acquisitions, net of cash acquired
proceeds received from insurance claims
proceeds from settlement of derivative instruments
financial instruments guarantee margin
loans to related parties
short-term debt
proceeds from prepayment agreements
intercompany loan
long-term debt
proceeds						321,000,000
treasury stock
dividends and interest on stockholders' equity
adjustments to reconcile net income for the year
to net cash from operating activities
foreign exchange and monetary gain
accrual for contingencies and disputed taxes
payable
short-term investments
purchase of short-term investments and debt
securities
effects of changes in exchange rates on cash and
cash equivalents						-61,000,000
net income
adjustments to reconcile net income to net cash
provided by operating activities:
foreign exchange and monetary (gain)
proceeds from sale of short term investments
short-term investments and debt securities
restricted deposits for legal proceedings
acquisition of investments
proceeds received from insurance related to property damages
dividends and interest on stockholders’ equity paid
supplemental disclosure of cash flow information
cash paid during the year for:
income tax and social contribution, including withholding income taxes
business acquisitions:
fair value of assets acquired, including goodwill
fair value of liabilities assumed
purchase price
cash acquired
purchase price, net of cash acquired
supplemental noncash financing and investment activities
interest on shareholders' equity unpaid in the year
adoption of fasb statement no. 158, net of tax effect accounted
under accumulated other comprehensive income
changes in fair value of available-for-sale securities accounted
under other comprehensive income
cash flow from operating activities
adjustments to reconcile the net income for the period
with the resources from operating activities:
- net monetary and exchange variations			-505,832,000	-525,230,000	-512,845,000
- provision for loan and financing charges			659,714,000	421,970,000	143,901,000
- depreciation, depletion and amortization			722,716,000	477,267,000	210,879,000
- write-offs of permanent assets			29,967,000
- equity accounting and amortization of goodwill and negative goodwill			63,565,000	35,360,000	-82,948,000
- deferred income tax and social contribution			-1,646,000	204,822,000	-15,611,000
- swap provision			-19,083,000	-151,831,000	-5,230,000
- provision for actuarial liability			48,404,000	32,315,000
- provision for insurance claims af3			-757,273,000	-636,226,000
- provision for contingencies			-164,392,000	-190,766,000
- other provisions			11,221,000	-22,252,000	34,433,000
decrease in assets:
- accounts receivable			35,663,000	443,370,000	172,105,000
- credits with subsidiaries					-9,927,000
- taxes recoverable			-11,947,000
increase in liabilities
- suppliers			353,449,000	14,261,000	-216,424,000
- salaries and payroll charges			33,590,000	18,294,000	-4,408,000
- taxes			282,340,000	192,014,000	121,897,000
- accounts payable - subsidiaries					-63,430,000
- contingent liabilities net of judicial deposits			652,661,000	537,327,000
net resources from operating activities			1,705,541,000	960,375,000	117,631,000
cash flow from investing activities
deferred assets			-12,155,000	-9,392,000	-904,000
net resources used on investing activities			-1,208,837,000	-821,318,000	-200,356,000
cash flow from financing activities
financial funding
- debentures			600,000,000	600,000,000
payments
- financial institutions
- principal			-1,450,164,000	-393,577,000	-194,339,000
- charges			-612,582,000	-344,242,000	-90,148,000
- dividends and interest on own capital			-2,069,725,000	-1,736,750,000	-936,215,000
- treasury stocks			-39,110,000	-39,110,000	-39,110,000
net resources from (to) financing activities			-1,342,614,000	14,958,000	-1,253,432,000
increase in cash and marketable securities			-845,910,000	154,015,000	-1,336,157,000
cash and marketable securities, beginning of period			3,495,799,000	3,495,799,000	1,495,795,000
cash and marketable securities (except for derivatives), end of period			2,649,889,000	3,649,814,000	159,638,000
- write-off of permanent assets				21,786,000
- recoverable taxes				-107,525,000	-27,090,000
increase in liabilities - sum				549,361,000	46,028,000
financial funding - sum				2,528,637,000
- financial institutions - sum				-2,513,679,000
- employees' pension fund provision					16,212,000
decrease in assets: - sum					-15,216,000
- financial institution
- financial institution - sum					-1,259,812,000
effects of changes in exchange rates on cash and cash
equivalents
supplemental disclosure of cash flow
information
income tax and social contribution, including
withholding income taxes
adjustments to reconcile net income
to net cash from operating activities:
provision for contingencies						29,000,000
residual value of equipment retired						16,000,000
trade accounts receivable and other
capital contribution in unconsolidated investment
business acquisition of galvasud and ersa, net of cash acquired
cash paid during the period for:
income tax and social contribution, including withholding income tax
acquisition of business:
accrual for contingencies
business acquisition of galvasud, net of cash acquired
short-term debt, net borrowings and repayments
interest, net of interest capitalized
withholding income tax
purchased price, net of cash acquired
adjustments to reconcile the net income for the year
- amortization of deferred exchange variation
- net monetary and exchange variation
- benefit from loan and financing charges
- depreciation/ depletion/ amortization
- write off of permanent assets
- equity pick up and amortization of good will
- deferred income tax and social controbution
- provision swap / forward
- provision marked to market
- employee’s pension fund provision
increase in assets:
- accounts receivable - trade
- credits with subsidiary and associated companies
- carryforward taxes
- others
- accounts payable - subsidiary companies
- option hedge premium
- deferred assets
- interest on stockholder’s equity/dividends
additional cash flow information
monetary variation and interest capitalized
- employee´s pension fund provision
- interest on stockholder´s equity/dividends
adjustments to reconcile net income to net cash from operating activities:
gain on sales of long-term investments
gain on debt extinguishment, net of income taxes
taxes recoverable						41,000,000
prepaid expenses						-35,000,000
derivative liabilities
suppliers						27,000,000
accounts payable in installments
disposition of investments
(as restated
see note 22)
provision for loss on investments
derivative assets
adjustments to reconcile net income for the period
with cash from operating activities:
non-cash items
provision for maintenance						8,000,000
provision for loss investments						54,000,000
accrued from finance charges						22,000,000
gain on long term investments disposal
gain on debt extinguishments, net of income taxes
decrease in assets
time deposits						-186,000,000
accounts receivable
employees post-retirement benefits						3,000,000
short-term debt, net issuances and repayments						86,000,000
dividends and interest on stockholders’ equity						-60,000,000

Companhia Siderurgica Nacional(NYSE:SID)

Companhia Siderurgica Nacional
(NYSE:SID)