National Steel SID posted a first-quarter 2026 loss of 8 cents per share. The Zacks Consensus Estimate for the quarter’s bottom line was pegged at earnings of 23 cents. The company also posted a loss of 8 cents in the year-ago quarter.
SID’s Q1 Top Line Dips on Lower Key Market Revenues
National Steel reported a modest top-line pullback in the first quarter of 2026, reflecting softer revenues across both key markets.
Domestic-market net revenues dipped 1.7% year over year to R$5.42 billion ($1.09 billion), while foreign-market revenues declined 3.8% to R$5.19 billion ($1.04 billion). Overall, total net revenues were R$10.60 billion ($2.01 billion), down 2.8% from the year-ago quarter.
SID posted a net loss of R$555 million ($111 million) for the quarter, narrower than the R$731.6-million loss reported in the prior-year period.
Results reflected a seasonally weaker quarter with heavy rainfall, while steel demand was pressured early in the period by higher imports.
National Steel Company Price, Consensus and EPS Surprise
National Steel Company price-consensus-eps-surprise-chart | National Steel Company Quote
National Steel’s Profit Dips in Q1
In the first quarter of 2026, SID reported cost of goods sold of R$8.08 billion ($1.62 billion), down 3.5% from the year-ago quarter. Gross profit totaled R$2.52 billion ($0.51 billion). While gross profit was down 0.4% year over year, the gross margin improved to 23.8% from 23.2%, aided by tighter cost control and the impacts of exchange-rate movements on certain U.S. dollar-denominated inputs.
Adjusted EBITDA came in at R$2.65 billion ($0.53 billion), reflecting a 5.5% year-over-year increase, with an adjusted EBITDA margin of 23.9%.
SID’s Q1 Segmental Performance
Steel: The segment’s revenues totaled R$5.60 billion ($1.12 billion), down 8.3% year over year. Steel sales were 1,116 thousand tons, down 2.5% from the first quarter of 2025, reflecting pressure from imports and weaker activity in January and February, partly offset by a stronger March.
Mining: The segment generated revenues of R$3.19 billion ($0.64 billion), down 8.0% year over year. Iron ore sales were 9,636 thousand tons, broadly in line with the prior-year quarter, while production reached 10,063 thousand tons, down 1.4% year over year.
Logistics: The segment’s revenues totaled R$1.07 billion ($0.23 billion). The segment reported revenues of R$771 million ($154 million) in the year-ago quarter. Adjusted EBITDA for the segment was R$448 million ($90 million), with an adjusted EBITDA margin of 41.8%.
Energy: The segment’s revenues totaled R$203 million ($40 million), up 13.6% year over year. Adjusted EBITDA was R$61.9 million ($12 million), with an adjusted EBITDA margin of 30.5%.
Cement: The segment’s revenues grew 14.0% year over year to R$1.26 billion ($0.25 billion). Cement sales volume totaled 3.064 million tons, down 4.5% from the prior-year quarter, as the company prioritized value over volumes. Adjusted EBITDA surged 62.7% year over year to R$392.5 million ($0.25 million), marking a record quarterly EBITDA for the segment.
National Steel’s Balance Sheet Updates
SID reported consolidated net debt of R$40.5 billion ($8 billion) as of March 31, 2026, and net leverage of 3.36X (Net Debt/LTM EBITDA), improving from the year-end levels. The company tied the move to operating progress, an iron ore prepayment agreement and the favorable impacts of exchange-rate variation on foreign-currency debt, while reiterating its focus on resolving capital structure through additional initiatives.
SID Stock’s Price Performance
National Steel’s shares have lost 19.1% in the past year against the industry’s 89.4% surge.
National Steel’s Zacks Rank
SID currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Peer Performance
ArcelorMittal S.A. MT recorded first-quarter 2026 net income of $575 million or 75 cents per share. This compares unfavorably with the net income of $805 million or $1.04 per share in the year-ago quarter.
ArcelorMittal recorded adjusted earnings of 76 cents per share. The bottom line beat the Zacks Consensus Estimate of 72 cents. ArcelorMittal’s revenues rose around 4% year over year to $15.5 billion in the quarter. The figure marginally missed the consensus estimate of $15.7 billion.
Nucor Corporation NUE reported earnings of $3.23 per share for the first quarter of 2026, up from 67 cents in the year-ago quarter. It beat the Zacks Consensus Estimate of $2.79. Nucor posted net revenues of $9.5 billion, up 21.3% year over year. The figure beat the Zacks Consensus Estimate of $8.7 billion.
Commercial Metals Company CMC reported adjusted earnings per share of $1.16 in second-quarter fiscal 2026 (ended Feb. 28, 2026), missing the Zacks Consensus Estimate of $1.28. Adjusted for one-time items, the company posted earnings of 31 cents in the prior-year quarter. Commercial Metals’ revenues in the reported quarter were $2.13 billion compared with $1.75 billion in the year-ago quarter. The reported figure beat the Zacks Consensus Estimate of $1.98 billion.
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National Steel Company (SID): Free Stock Analysis Report
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