6-K 1 siditr2q23_6k.htm 6-K

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 August, 2023
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____

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Table of Contents

Company Information |
Capital Breakdown | 1
Parent Company Financial Statements |
Balance Sheet – Assets | 2
Balance Sheet – Liabilities | 3
Statement of Income | 4
Statement of Comprehensive Income | 5
Statement of Cash Flows | 6
Statement of Changes in Shareholders’ Equity |
01/01/2023 to 06/30/2023 | 7
01/01/2022 to 06/30/2022 | 8
Statement of Value Added | 9
Consolidated Financial Statements |
Balance Sheet – Assets | 10
Balance Sheet - Liabilities | 11
Statement of Income | 12
Statement of Comprehensive Income | 13
Statement of Cash Flows | 14
Statement of Changes in Shareholders’ Equity |
01/01/2023 to 06/30/2023 | 15
01/01/2022 to 06/30/2022 | 16
Statement of Value Added | 17
Comments on the Company’s Consolidated Performance | 18
Notes to the financial information | 38
Comments on the Performance of Business Projections | 83
Reports and Statements |
Unqualified Independent Auditors’ Review Report | 87
Officers Statement on the Financial Statements | 89
Officers Statement on Auditor’s Report | 90

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Company Information / Capital Breakdown

Number of Shares (Units) | Current Period 6/30/2023 |
Paid-in Capital |  |
Common | 1,326,093,947 |
Preferred | 0 |
Total | 1,326,093,947 |
Treasury Shares |  |
Common | 0 |
Preferred | 0 |
Total | 0 |

1

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Parent Company Financial Statements / Balance Sheet - Assets |
(R$ thousand) |  |

Code | Description | Current Quarter 06/30/2023 | Previous Year 12/31/2022
1 | Total Assets | 57,267,132 | 61,196,813
1.01 | Current assets | 11,981,731 | 15,264,617
1.01.01 | Cash and cash equivalents | 1,644,167 | 2,839,405
1.01.02 | Financial investments | 1,202,825 | 1,207,610
1.01.02.01 | Financial investments measured a fair value through profit or loss | 1,167,137 | 1,184,895
1.01.02.01.03 | Financial investments measured a fair value through profit or loss – Usiminas’ shares | 1,167,137 | 1,184,895
1.01.02.03 | Financial investments at amortized cost | 35,688 | 22,715
1.01.03 | Trade receivables | 1,544,930 | 1,956,531
1.01.04 | Inventory | 5,704,913 | 7,413,421
1.01.06 | Recoverable taxes | 1,129,359 | 1,137,460
1.01.08 | Other current assets | 755,537 | 710,190
1.01.08.03 | Others | 755,537 | 710,190
1.01.08.03.04 | Prepaid expenses | 237,446 | 244,416
1.01.08.03.06 | Dividends receivable | 235,782 | 295,480
1.01.08.03.07 | Others | 282,309 | 170,294
1.02 | Non-current assets | 45,285,401 | 45,932,196
1.02.01 | Long-term assets | 9,303,211 | 9,167,437
1.02.01.03 | Financial investments at amortized cost | 110,842 | 140,510
1.02.01.07 | Deferred taxes assets | 3,082,109 | 3,256,712
1.02.01.10 | Other non-current assets | 6,110,260 | 5,770,215
1.02.01.10.03 | Judicial deposits | 218,218 | 231,627
1.02.01.10.04 | Recoverable taxes | 966,930 | 879,695
1.02.01.10.06 | Prepaid expenses | 60,229 | 58,950
1.02.01.10.11 | Receivable from related parties | 3,641,847 | 3,377,049
1.02.01.10.12 | Others | 1,223,036 | 1,222,894
1.02.02 | Investments | 27,932,253 | 28,918,775
1.02.02.01 | Equity interest | 27,793,309 | 28,778,632
1.02.02.02 | Investment Property | 138,944 | 140,143
1.02.03 | Property, plant and equipment | 7,996,194 | 7,786,485
1.02.03.01 | Property, plant and equipment in operation | 7,388,298 | 6,874,631
1.02.03.02 | Right of use in leases | 10,999 | 11,433
1.02.03.03 | Property, plant and equipment in progress | 596,897 | 900,421
1.02.04 | Intangible assets | 53,743 | 59,499

2

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Parent Company Financial Statements / Balance Sheet – Liabilities
(R$ thousand) |  |  |

Code | Description | Current Quarter 06/30/2023 | Previous Year 12/31/2022
2 | Total Liabilities | 57,267,132 | 61,196,813
2.01 | Current liabilities | 12,911,194 | 14,644,052
2.01.01 | Payroll and related taxes | 188,894 | 150,192
2.01.02 | Trade payables | 3,080,122 | 3,684,793
2.01.03 | Tax payables | 275,796 | 397,496
2.01.04 | Borrowings and financing | 5,915,173 | 3,419,019
2.01.05 | Other payables | 3,426,993 | 6,961,181
2.01.05.02 | Others | 3,426,993 | 6,961,181
2.01.05.02.01 | Dividends and interests on shareholder´s equity | 4,644 | 598,267
2.01.05.02.04 | Advances from customers | 83,318 | 83,300
2.01.05.02.07 | Derivative financial instruments | 30,998 | -
2.01.05.02.09 | Trade payables – Forfaiting and Drawee risk | 2,519,299 | 5,318,425
2.01.05.02.10 | Lease liabilities | 11,216 | 8,451
2.01.05.02.11 | Other payables | 777,518 | 952,738
2.01.06 | Provisions | 24,216 | 31,371
2.01.06.01 | Provision for tax, social security, labor and civil risks | 24,216 | 31,371
2.02 | Non-current liabilities | 25,873,962 | 27,063,294
2.02.01 | Borrowings and financing | 17,014,332 | 17,994,249
2.02.02 | Other payables | 145,024 | 148,990
2.02.02.02 | Others | 145,024 | 148,990
2.02.02.02.06 | Derivative financial instruments | - | 58,005
2.02.02.02.07 | Lease liabilities | 1,216 | 4,729
2.02.02.02.08 | Trade payables | 19,737 | 14,352
2.02.02.02.09 | Others | 124,071 | 71,904
2.02.04 | Provisions | 8,714,606 | 8,920,055
2.02.04.01 | Provision for tax, social security, labor and civil risks | 410,469 | 390,445
2.02.04.02 | Other provisions | 8,304,137 | 8,529,610
2.02.04.02.03 | Provision for environmental liabilities and decommissioning of assets | 165,600 | 158,213
2.02.04.02.04 | Pension and healthcare plan | 537,290 | 537,290
2.02.04.02.05 | Provision for losses on investments | 7,601,247 | 7,834,107
2.03 | Shareholders’ equity | 18,481,976 | 19,489,467
2.03.01 | Paid-up capital | 10,240,000 | 10,240,000
2.03.02 | Capital reserves | 32,720 | 32,720
2.03.04 | Earnings reserves | 7,374,442 | 8,988,442
2.03.04.01 | Legal reserve | 1,158,925 | 1,158,925
2.03.04.02 | Statutory reserve | 6,215,517 | 6,215,517
2.03.04.08 | Proposed Additional Dividend | - | 1,614,000
2.03.05 | Accumulated earnings (losses) | (742,793) | -
2.03.08 | Other comprehensive income | 1,577,607 | 228,305

3

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Parent Company Financial Statements / Statement of Income
(R$ thousand) |

Code | Description | Current Quarter 04/01/2023 to 06/30/2023 | Year to date 01/01/2023 to 06/30/2023 | Same quarter previous year 04/01/2022 to 06/30/2022 | YTD previous year 01/01/2022 to 06/30/2022
3.01 | Revenues from sale of goods and rendering of services | 4,878,076 | 9,348,143 | 6,139,087 | 12,537,589
3.02 | Costs from sale of goods and rendering of services | (4,611,523) | (8,702,487) | (4,894,623) | (9,762,356)
3.03 | Gross profit | 266,553 | 645,656 | 1,244,464 | 2,775,233
3.04 | Operating (expenses)/income | 134,319 | (643,914) | (516,257) | 532,629
3.04.01 | Selling expenses | (184,478) | (395,967) | (221,285) | (463,615)
3.04.02 | General and administrative expenses | (82,717) | (136,621) | (60,660) | (110,326)
3.04.04 | Other operating income | (35,407) | 12,540 | 18,022 | 37,592
3.04.05 | Other operating expenses | (311,527) | (1,102,012) | (572,375) | (751,829)
3.04.06 | Equity in results of affiliated companies | 748,448 | 978,146 | 320,041 | 1,820,807
3.05 | Income before financial income (expenses) and taxes | 400,872 | 1,742 | 728,207 | 3,307,862
3.06 | Financial income (expenses) | (732,232) | (1,333,570) | (605,967) | (1,361,652)
3.06.01 | Financial income | 73,552 | 263,876 | (597,115) | (721,877)
3.06.02 | Financial expenses | (805,784) | (1,597,446) | (8,852) | (639,775)
3.06.02.01 | Net exchange differences over financial instruments | (149,538) | (236,470) | 539,603 | 407,728
3.06.02.02 | Financial expenses | (656,246) | (1,360,976) | (548,455) | (1,047,503)
3.07 | Income before income taxes | (331,360) | (1,331,828) | 122,240 | 1,946,210
3.08 | Income tax and social contribution | 514,963 | 589,035 | 75,086 | (542,482)
3.08.01 | Current | 195,434 | 181,446 | (125,014) | (237,397)
3.08.02 | Deferred | 319,529 | 407,589 | 200,100 | (305,085)
3.09 | Net income from continued operations | 183,603 | (742,793) | 197,326 | 1,403,728
3.11 | Net income for the year | 183,603 | (742,793) | 197,326 | 1,403,728
3.99 | Earnings per share – (Reais / Share) |  |  |  |
3.99.01 | Basic earnings per share |  |  |  |
3.99.01.01 | Common shares | 0.13845 | (0.56014) | 0.14877 | 1.05710
3.99.02 | Diluted earnings per share |  |  |  |
3.99.02.01 | Common shares | 0.13845 | (0.56014) | 0.14877 | 1.05710

4

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Parent Company Financial Statements / Statement of Comprehensive Income
(R$ thousand)

Code | Description | Current Quarter 04/01/2023 to 06/30/2023 | Year to date 01/01/2023 to 06/30/2023 | Same quarter previous year 04/01/2022 to 06/30/2022 | YTD previous year 01/01/2022 to 06/30/2022
4.01 | Net income for the year | 183,603 | (742,793) | 197,326 | 1,403,728
4.02 | Other comprehensive income | 686,522 | 1,349,302 | (1,023,023) | (282,869)
4.02.01 | Actuarial gains over pension plan of subsidiaries, net of taxes | 670 | 1,342 | 25 | 56
4.02.04 | Reflex treasury shares acquired by subsidiary | (169,291) | (198,093) | 155,081 | (585,971)
4.02.11 | (Loss)/gain cash flow hedge accounting, net of taxes | 575,793 | 889,539 | (1,282,476) | 117,472
4.02.13 | Cash flow hedge reclassified to income upon realization, net of taxes | 6,621 | 239,735 | 341,734 | 421,030
4.02.15 | (Loss)/gain cash flow hedge accounting, net taxes, from investments in subsidiaries | 272,729 | 416,779 | (237,387) | (235,456)
4.03 | Comprehensive income for the year | 870,125 | 606,509 | (825,697) | 1,120,859

5

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Parent Company Financial Statements / Statements of Cash Flows – Indirect Method
(R$ thousand)

Code | Description | Year to date 01/01/2023 to 06/30/2023 | YTD previous year 01/01/2022 to 06/30/2022
6.01 | Net cash from operating activities | (401,881) | 2,912,298
6.01.01 | Cash from operations | (156,495) | 1,792,049
6.01.01.01 | Net income for the period | (742,793) | 1,403,728
6.01.01.02 | Financial charges in borrowing and financing raised | 799,557 | 571,407
6.01.01.03 | Financial charges in borrowing and financing granted | (118,574) | (82,010)
6.01.01.04 | Depreciation, amortization and depletion | 558,761 | 516,621
6.01.01.05 | Equity in results of affiliated companies | (978,146) | (1,820,807)
6.01.01.06 | Deferred taxes assets | (407,589) | 305,085
6.01.01.08 | Provision for tax, social security, labor, civil and environmental risks | 12,869 | (6,875)
6.01.01.09 | Monetary and exchange variations, net | 751,026 | (80,115)
6.01.01.10 | Updated shares – Fair value through profit or loss | 17,758 | 1,033,056
6.01.01.12 | Write-off and estimated losses net of reversal | (1,314) | 282
6.01.01.13 | Provision for environmental liabilities and decommissioning of assets | 7,387 | 5,416
6.01.01.14 | Charges on lease liabilities | 628 | 846
6.01.01.15 | Accrued for consumption and services | (16,445) | (2,080)
6.01.01.18 | Dividends USIMINAS | (51,111) | (103,671)
6.01.01.19 | Other provisions | 11,491 | 51,166
6.01.02 | Changes in assets and liabilities | (245,386) | 1,120,249
6.01.02.01 | Trade receivables - third parties | 2,485 | 38,477
6.01.02.02 | Trade receivables - related party | 345,511 | 429,502
6.01.02.03 | Inventory | 1,636,471 | (95,441)
6.01.02.04 | Receivables - related parties/dividends | 1,979,543 | 2,431,565
6.01.02.05 | Recoverable taxes | (79,134) | 414,779
6.01.02.06 | Judicial deposits | 13,409 | (16,078)
6.01.02.07 | Derivative transactions received | 15,340 | -
6.01.02.09 | Trade payables | (562,692) | (551,701)
6.01.02.10 | Trade payables – Forfaiting and Drawee risk | (2,799,126) | (535,835)
6.01.02.11 | Payroll and related taxes | 38,701 | 37,634
6.01.02.12 | Tax payables | (58,774) | (456,291)
6.01.02.14 | Payables to related parties | (13,090) | 65,032
6.01.02.16 | Interest paid | (741,416) | (489,841)
6.01.02.17 | Interest received | 1,565 | 1,593
6.01.02.19 | Others | (24,179) | (153,146)
6.02 | Net cash investment activities | (970,065) | (1,061,880)
6.02.01 | Investments / AFAC / Acquisitions of Shares | (110,782) | (278,399)
6.02.02 | Purchase of property, plant and equipment, intangible assets and investment property | (717,519) | (633,551)
6.02.08 | Intercompany loans granted | (161,052) | (150,312)
6.02.09 | Intercompany loans received | 2,592 | 2,383
6.02.11 | Financial Investments, net of redemption | 16,696 | (2,001)
6.03 | Net cash used in financing activities | 176,708 | (1,302,510)
6.03.01 | Borrowings and financing raised | 5,125,458 | 1,196,064
6.03.02 | Transactions cost - Borrowings and financing | (6,506) | (5,188)
6.03.03 | Borrowings and financing – related parties | 153,864 | 1,039,378
6.03.04 | Amortization of leases | (5,282) | (4,331)
6.03.05 | Amortization of borrowings and financing | (2,346,132) | (2,339,156)
6.03.06 | Amortization of borrowings and financing - related parties | (530,449) | (107,673)
6.03.07 | Dividends and interest on shareholder’s equity | (2,214,245) | (673,129)
6.03.08 | Share repurchase | - | (408,475)
6.05 | Increase (decrease) in cash and cash equivalents | (1,195,238) | 547,908
6.05.01 | Cash and equivalents at the beginning of the year | 2,839,405 | 3,885,265
6.05.02 | Cash and equivalents at the end of the year | 1,644,167 | 4,433,173

6

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Parent Company Financial Statements / Statement of Changes in Equity - 01/01/2023 to 06/30/2023
(R$ thousand) |  |  |  |  |

Code | Description | Paid-up capital | Capital reserve, granted options and treasury shares | Earnings reserve | Retained earnings (accumulated losses) | Other comprehensive income | Shareholders’ equity
5.01 | Opening balances | 10,240,000 | 32,720 | 8,988,442 | - | 228,305 | 19,489,467
5.03 | Adjusted opening balances | 10,240,000 | 32,720 | 8,988,442 | - | 228,305 | 19,489,467
5.04 | Capital transaction with shareholders | - | - | (1,614,000) | - | - | (1,614,000)
5.04.06 | Dividends | - | - | (1,614,000) | - | - | (1,614,000)
5.05 | Total comprehensive income | - | - | - | (742,793) | 1,349,302 | 606,509
5.05.01 | Net income for the period | - | - | - | (742,793) | - | (742,793)
5.05.02 | Other comprehensive income | - | - | - | - | 1,349,302 | 1,349,302
5.05.02.04 | Cumulative translation adjustments for the year | - | - | - | - | (198,093) | (198,093)
5.05.02.06 | Actuarial gains/(losses) on pension plan, net of taxes | - | - | - | - | 1,342 | 1,342
5.05.02.07 | (Loss) / gain on cash flow hedge accounting, net of taxes | - | - | - | - | 1,546,053 | 1,546,053
5.07 | Closing balance | 10,240,000 | 32,720 | 7,374,442 | (742,793) | 1,577,607 | 18,481,976

7

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Parent Company Financial Statements / Statement of Changes in Equity - 01/01/2022 to 06/30/2022
(R$ thousand) |  |  |  |

Code | Description | Paid-up capital | Capital reserve, granted options and treasury shares | Earnings reserve | Retained earnings (accumulated losses) | Other comprehensive income | Shareholders’ equity
5.01 | Opening balances | 10,240,000 | 32,720 | 10,092,888 | - | (50,610) | 20,314,998
5.03 | Adjusted opening balances | 10,240,000 | 32,720 | 10,092,888 | - | (50,610) | 20,314,998
5.04 | Capital transaction with shareholders | - | - | (395,180) | - | 224,806 | (170,374)
5.04.04 | Treasury shares acquired | - | (395,180) | - | - | - | (395,180)
5.04.08 | (Loss) / gain on the percentage change in investments | - | - | - | - | 224,806 | 224,806
5.04.10 | Treasury shares canceled | - | 1,332,110 | (1,332,110) | - | - | -
5.04.11 | Reclassifications of treasury shares | - | (936,930) | 936,930 | - | - | -
5.05 | Total comprehensive income | - | - | - | 1,403,728 | (282,869) | 1,120,859
5.05.01 | Net income for the period | - | - | - | 1,403,728 | - | 1,403,728
5.05.02 | Other comprehensive income | - | - | - | - | (282,869) | (282,869)
5.05.02.04 | Cumulative translation adjustments for the year | - | - | - | - | (585,971) | (585,971)
5.05.02.06 | Actuarial gains/(losses) on pension plan, net of taxes | - | - | - | - | 56 | 56
5.05.02.07 | (Loss) / gain on cash flow hedge accounting, net of taxes | - | - | - | - | 303,046 | 303,046
5.07 | Closing balance | 10,240,000 | 32,720 | 9,697,708 | 1,403,728 | (108,673) | 21,265,483

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Parent Company Financial Statements / Statement of Value Added
(R$ thousand)

Code | Description | Year to date 01/01/2023 to 06/30/2023 | YTD previous year 01/01/2022 to 06/30/2022
7.01 | Revenues | 11,291,561 | 15,156,167
7.01.01 | Sales of products and rendering of services | 11,268,196 | 15,136,063
7.01.02 | Other revenues | 14,606 | 9,834
7.01.04 | Allowance for (reversal of) doubtful debts | 8,759 | 10,270
7.02 | Raw materials acquired from third parties | (10,484,751) | (11,807,941)
7.02.01 | Cost of sales and services | (9,644,967) | (10,778,847)
7.02.02 | Materials, electric power, outsourcing and other | (816,177) | (951,557)
7.02.03 | Impairment/recovery of assets | (23,607) | (77,537)
7.03 | Gross value added | 806,810 | 3,348,226
7.04 | Retentions | (558,370) | (516,319)
7.04.01 | Depreciation, amortization and depletion | (558,370) | (516,319)
7.05 | Value added created | 248,440 | 2,831,907
7.06 | Value added received | 1,401,745 | 2,837,249
7.06.01 | Equity in results of affiliates companies | 978,146 | 1,820,807
7.06.02 | Financial income | 263,876 | 308,825
7.06.03 | Others | 159,723 | 707,617
7.06.03.01 | Other and exchange gains | 159,723 | 707,617
7.07 | Value added for distribution | 1,650,185 | 5,669,156
7.08 | Value added distributed | 1,650,185 | 5,669,156
7.08.01 | Personnel | 686,288 | 618,594
7.08.01.01 | Salaries and wages | 495,287 | 475,769
7.08.01.02 | Benefits | 158,003 | 113,188
7.08.01.03 | Severance payment (FGTS) | 32,998 | 29,637
7.08.02 | Taxes, fees and contributions | (54,155) | 1,267,837
7.08.02.01 | Federal | (200,943) | 1,040,473
7.08.02.02 | State | 146,788 | 227,364
7.08.03 | Remuneration on third-party capital | 1,760,845 | 2,378,997
7.08.03.01 | Interest | 1,168,747 | 579,028
7.08.03.02 | Rental | 3,676 | 903
7.08.03.03 | Other and passive exchange variations | 588,422 | 1,799,066
7.08.04 | Remuneration on Shareholders' capital | (742,793) | 1,403,728
7.08.04.03 | Retained earnings (accumulated losses) | (742,793) | 1,403,728

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Consolidated Financial Statements / Balance Sheet - Assets
(R$ thousand) |

Code | Description | Current Quarter 06/30/2023 | Previous Year 12/31/2022
1 | Total assets | 83,866,380 | 85,354,359
1.01 | Current assets | 28,283,039 | 30,612,360
1.01.01 | Cash and cash equivalents | 11,975,423 | 11,991,356
1.01.02 | Financial investments | 1,204,679 | 1,456,485
1.01.02.01 | Financial investments measured a fair value through profit or loss | 1,167,137 | 1,184,895
1.01.02.01.03 | Financial investments measured a fair value through profit or loss – Usiminas’ shares | 1,167,137 | 1,184,895
1.01.02.03 | Financial investments at amortized cost | 37,542 | 271,590
1.01.03 | Trade receivables | 2,671,612 | 3,233,164
1.01.04 | Inventory | 9,508,614 | 11,289,229
1.01.06 | Recoverable taxes | 1,986,314 | 1,865,626
1.01.08 | Other current assets | 936,397 | 776,500
1.01.08.03 | Others | 936,397 | 776,500
1.01.08.03.03 | Derivative financial instruments | 140,928 | -
1.01.08.03.04 | Prepaid expenses | 382,556 | 347,870
1.01.08.03.06 | Dividends receivable | 77,377 | 77,377
1.01.08.03.07 | Others | 335,536 | 351,253
1.02 | Non-current assets | 55,583,341 | 54,741,999
1.02.01 | Long-term assets | 12,812,185 | 12,364,418
1.02.01.03 | Financial investments at amortized cost | 127,242 | 156,185
1.02.01.05 | Inventory | 1,231,360 | 1,045,665
1.02.01.07 | Deferred taxes assets | 4,977,852 | 5,095,718
1.02.01.10 | Other non-current assets | 6,475,731 | 6,066,850
1.02.01.10.03 | Judicial deposits | 537,525 | 533,664
1.02.01.10.04 | Recoverable taxes | 1,427,358 | 1,317,132
1.02.01.10.06 | Prepaid expenses | 80,208 | 82,586
1.02.01.10.11 | Receivable from related parties | 3,168,120 | 2,869,532
1.02.01.10.12 | Others | 1,262,520 | 1,263,936
1.02.02 | Investments | 5,308,032 | 5,219,082
1.02.02.01 | Equity interest | 5,150,485 | 5,060,002
1.02.02.02 | Investment Property | 157,547 | 159,080
1.02.03 | Property, plant and equipment | 26,812,536 | 26,370,445
1.02.03.01 | Property, plant and equipment in operation | 22,405,977 | 21,700,015
1.02.03.02 | Right of use in leases | 701,683 | 644,880
1.02.03.03 | Property, plant and equipment in progress | 3,704,876 | 4,025,550
1.02.04 | Intangible assets | 10,650,588 | 10,788,054

10

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Consolidated Financial Statements / Balance Sheet – Liabilities
(R$ thousand) |

Code | Description | Current Quarter 06/30/2023 | Previous Year 12/31/2022
2 | Total Liabilities | 83,866,380 | 85,354,359
2.01 | Current liabilities | 18,537,814 | 22,475,119
2.01.01 | Payroll and related taxes | 486,135 | 422,495
2.01.02 | Trade payables | 6,248,846 | 6,596,915
2.01.03 | Tax payables | 702,210 | 870,333
2.01.04 | Borrowings and financing | 5,615,593 | 5,193,636
2.01.05 | Other payables | 5,444,605 | 9,318,651
2.01.05.02 | Others | 5,444,605 | 9,318,651
2.01.05.02.01 | Dividends and interests on shareholder´s equity | 4,955 | 611,307
2.01.05.02.04 | Advances from customers | 1,467,095 | 1,120,072
2.01.05.02.07 | Derivative financial instruments | 30,998 | 416,935
2.01.05.02.09 | Trade payables – Forfaiting and Drawee risk | 2,878,420 | 5,709,069
2.01.05.02.10 | Lease liabilities | 163,355 | 177,010
2.01.05.02.11 | Other payables | 899,782 | 1,284,258
2.01.06 | Provisions | 40,425 | 73,089
2.01.06.01 | Provision for tax, social security, labor and civil risks | 40,425 | 73,089
2.02 | Non-current liabilities | 44,708,983 | 41,063,196
2.02.01 | Borrowings and financing | 36,054,194 | 35,725,106
2.02.02 | Other payables | 5,151,728 | 2,216,418
2.02.02.02 | Others | 5,151,728 | 2,216,418
2.02.02.02.03 | Advances from customers | 3,833,205 | 943,919
2.02.02.02.06 | Derivative financial instruments | 68,399 | 69,472
2.02.02.02.07 | Lease liabilities | 596,036 | 516,836
2.02.02.02.08 | Trade payables | 27,916 | 46,269
2.02.02.02.09 | Others | 626,172 | 639,922
2.02.03 | Deferred taxes assets | 564,325 | 216,950
2.02.04 | Provisions | 2,938,736 | 2,904,722
2.02.04.01 | Provision for tax, social security, labor and civil risks | 1,393,164 | 1,411,736
2.02.04.02 | Other provisions | 1,545,572 | 1,492,986
2.02.04.02.03 | Provision for environmental liabilities and decommissioning of assets | 990,287 | 937,657
2.02.04.02.04 | Pension and healthcare plan | 555,329 | 555,329
2.02.04.02.05 | Provision for losses on investments | (44) | -
2.03 | Shareholders’ equity | 20,619,583 | 21,816,044
2.03.01 | Paid-up capital | 10,240,000 | 10,240,000
2.03.02 | Capital reserves | 32,720 | 32,720
2.03.04 | Earnings reserves | 7,374,442 | 8,988,442
2.03.04.01 | Legal reserve | 1,158,925 | 1,158,925
2.03.04.02 | Statutory reserve | 6,215,517 | 6,215,517
2.03.04.08 | Proposed Additional Dividend | - | 1,614,000
2.03.05 | Accumulated earnings (losses) | (742,793) | -
2.03.08 | Other comprehensive income | 1,577,607 | 228,305
2.03.09 | Earnings attributable to the non-controlling interests | 2,137,607 | 2,326,577

11

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Consolidated Financial Statements / Statements of Income
(R$ thousand) |  |  |
Code | Description | Current Quarter 04/01/2023 to 06/30/2023 | Year to date 01/01/2023 to 06/30/2023 | Same quarter previous year 04/01/2022 to 06/30/2022 | YTD previous year 01/01/2022 to 06/30/2022
3.01 | Revenues from sale of goods and rendering of services | 10,989,111 | 22,307,801 | 10,565,922 | 22,335,788
3.02 | Costs from sale of goods and rendering of services | (8,745,660) | (16,819,136) | (7,560,441) | (14,847,726)
3.03 | Gross profit | 2,243,451 | 5,488,665 | 3,005,481 | 7,488,062
3.04 | Operating (expenses)/income | (1,102,487) | (3,767,180) | (1,234,203) | (2,161,450)
3.04.01 | Selling expenses | (879,942) | (1,740,455) | (503,932) | (947,928)
3.04.02 | General and administrative expenses | (201,789) | (361,670) | (146,922) | (290,252)
3.04.04 | Other operating income | (53,557) | 41,172 | 26,215 | 49,616
3.04.05 | Other operating expenses | (74,501) | (1,835,038) | (663,970) | (1,046,551)
3.04.06 | Equity in results of affiliated companies | 107,302 | 128,811 | 54,406 | 73,665
3.05 | Income before financial income (expenses) and taxes | 1,140,964 | 1,721,485 | 1,771,278 | 5,326,612
3.06 | Financial income (expenses) | (1,185,909) | (2,375,536) | (890,012) | (2,015,249)
3.06.01 | Financial income | 249,015 | 593,834 | (462,956) | (498,815)
3.06.02 | Financial expenses | (1,434,924) | (2,969,370) | (427,056) | (1,516,434)
3.06.02.01 | Net exchange differences over financial instruments | (79,960) | (327,258) | 583,747 | 462,423
3.06.02.02 | Financial expenses | (1,354,964) | (2,642,112) | (1,010,803) | (1,978,857)
3.07 | Income before income taxes | (44,945) | (654,051) | 881,266 | 3,311,363
3.08 | Income tax and social contribution | 328,243 | 114,801 | (511,935) | (1,578,089)
3.08.01 | Current | 99,131 | (258,262) | (692,486) | (1,270,201)
3.08.02 | Deferred | 229,112 | 373,063 | 180,551 | (307,888)
3.09 | Net income from continued operations | 283,298 | (539,250) | 369,331 | 1,733,274
3.11 | Consolidated net income for the year | 283,298 | (539,250) | 369,331 | 1,733,274
3.11.01 | Earnings attributable to the controlling interests | 183,603 | (742,793) | 197,326 | 1,403,728
3.11.02 | Earnings it attributable to the non-controlling interests | 99,695 | 203,543 | 172,005 | 329,546
3.99 | Earnings per share – (Reais / Share) |  |  |  |
3.99.01 | Basic earnings per share |  |  |  |
3.99.01.01 | Common shares | 0.13845 | (0.56014) | 0.14877 | 1.05710
3.99.02 | Diluted earnings per share |  |  |  |
3.99.02.01 | Common shares | 0.13845 | (0.56014) | 0.14877 | 1.05710

12

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Consolidated Financial Statements / Statement of Comprehensive Income
(R$ thousand)

Code | Description | Current Quarter 04/01/2023 to 06/30/2023 | Year to date 01/01/2023 to 06/30/2023 | Year to date 01/01/2023 to 06/30/2023 | Year to date 01/01/2023 to 06/30/2023
4.01 | Consolidated net income for the year | 283,298 | (539,250) | 369,331 | 1,733,274
4.02 | Other comprehensive income | 755,757 | 1,455,112 | (1,083,398) | (342,641)
4.02.01 | Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes | 672 | 1,351 | (41) | 56
4.02.04 | Cumulative translation adjustments for the year | (169,291) | (198,093) | 155,081 | (585,971)
4.02.10 | Losses in cash flow hedge | 575,793 | 889,539 | (1,166,286) | 260,622
4.02.12 | Cash flow hedge reclassified to income upon realization, net of taxes | 6,621 | 239,735 | 225,544 | 277,880
4.02.15 | (Loss)/gain cash flow hedge accounting from investments in subsidiaries, net taxes | 341,962 | 522,580 | (297,696) | (295,228)
4.03 | Consolidated comprehensive income for the year | 1,039,055 | 915,862 | (714,067) | 1,390,633
4.03.01 | Earnings attributable to the controlling interests | 870,125 | 606,509 | (825,697) | 1,120,859
4.03.02 | Earnings it attributable to the non-controlling interests | 168,930 | 309,353 | 111,630 | 269,774

13

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Consolidated Financial Statements / Statements of Cash Flows – Indirect Method
(R$ thousand) |  |

Code | Description | Year to date 01/01/2023 to 06/30/2023 | YTD previous year 01/01/2022 to 06/30/2022
6.01 | Net cash from operating activities | 1,668,650 | (983,646)
6.01.01 | Cash from operations | 2,635,704 | 4,498,374
6.01.01.01 | Earnings attributable to the controlling interests | (742,793) | 1,403,728
6.01.01.02 | Earnings attributable to the non-controlling interests | 203,543 | 329,546
6.01.01.03 | Financial charges in borrowing and financing raised | 1,661,173 | 1,123,146
6.01.01.04 | Financial charges in borrowing and financing granted | (90,838) | (69,714)
6.01.01.05 | Depreciation, amortization and depletion | 1,614,863 | 1,320,050
6.01.01.06 | Equity in results of affiliated companies | (128,811) | (73,665)
6.01.01.07 | Deferred taxes assets | (373,063) | 307,888
6.01.01.08 | Provision for tax, social security, labor, civil and environmental risks | (66,405) | 6,190
6.01.01.09 | Monetary and exchange variations, net | 512,755 | (861,285)
6.01.01.12 | Updated shares – Fair value through profit or loss | 17,758 | 1,033,056
6.01.01.13 | Charges on lease liabilities | 35,528 | 34,124
6.01.01.14 | Accrued for consumption and services | (51,704) | 11,291
6.01.01.15 | Write-off and estimated losses net of reversal | 725 | 6,612
6.01.01.17 | Provision for environmental liabilities and decommissioning of assets | 52,587 | 38,493
6.01.01.19 | Dividends USIMINAS | (51,140) | (103,672)
6.01.01.20 | Other provisions | 41,526 | (7,414)
6.01.02 | Changes in assets and liabilities | (967,054) | (5,482,020)
6.01.02.01 | Trade receivables - third parties | 533,479 | (986,383)
6.01.02.02 | Trade receivables - related party | 44,495 | 40,232
6.01.02.03 | Inventory | 1,453,123 | (331,276)
6.01.02.04 | Dividends received | 51,140 | 103,672
6.01.02.05 | Recoverable taxes | (230,914) | 386,763
6.01.02.06 | Judicial deposits | (3,861) | (17,060)
6.01.02.08 | Trade payables | (342,038) | (616,644)
6.01.02.09 | Trade payables – Forfaiting and Drawee risk | (2,830,649) | (269,053)
6.01.02.10 | Payroll and related taxes | 65,552 | 61,784
6.01.02.11 | Tax payables | (224,357) | (2,292,821)
6.01.02.13 | Payables to related parties | (78,176) | 52,059
6.01.02.14 | Advances from customers | 3,186,240 | (393,005)
6.01.02.15 | Interest paid | (1,672,086) | (1,057,410)
6.01.02.16 | Receipt/(payment) of cash flow hedge operations | (793,899) | 22,286
6.01.02.18 | Others | (125,103) | (185,164)
6.02 | Net cash investment activities | (1,631,093) | (2,395,977)
6.02.01 | Cash received from the acquisition of investments -Topázio and Santa Ana | - | 6,486
6.02.02 | Investments | (141,369) | (272,239)
6.02.03 | Purchase of property, plant and equipment, intangible assets and investment property | (1,654,963) | (1,539,406)
6.02.11 | Intercompany loans granted | (101,912) | (112,693)
6.02.13 | Financial Investments, net of redemption | 262,993 | (11,972)
6.02.14 | Intercompany loans and interest received | 4,158 | -
6.02.15 | Acquisition of investments in Topázio Energética, Santa Ana and Brasil Central | - | (466,153)
6.03 | Net cash used in financing activities | (94,470) | 1,636,655
6.03.01 | Borrowings and financing raised | 7,270,697 | 9,545,800
6.03.03 | Transactions cost - Borrowings | (107,075) | (232,189)
6.03.05 | Amortization of borrowings and financing | (4,435,867) | (5,934,235)
6.03.06 | Amortization of leases | (102,123) | (66,137)
6.03.07 | Dividends and interest on shareholder’s equity | (2,720,102) | (1,266,016)
6.03.08 | Share repurchase | - | (410,568)
6.04 | Exchange rate on translating cash and cash equivalents | 40,980 | 20,182
6.05 | Increase (decrease) in cash and cash equivalents | (15,933) | (1,722,786)
6.05.01 | Cash and equivalents at the beginning of the year | 11,991,356 | 16,646,480
6.05.02 | Cash and equivalents at the end of the year | 11,975,423 | 14,923,694

14

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Consolidated Financial Statements / Statements of Changes in Equity - 01/01/2023 to 06/30/2023
(R$ thousand) |  |  |  |  |

Code | Description | Paid-up capital | Capital reserve, granted options and treasury shares | Earnings reserve | Retained earnings (accumulated losses) | Other comprehensive income | Shareholders’ equity | Non-controlling interests | Shareholders’ equity
5.01 | Opening balances | 10,240,000 | 32,720 | 8,988,442 | - | 228,305 | 19,489,467 | 2,326,577 | 21,816,044
5.03 | Adjusted opening balances | 10,240,000 | 32,720 | 8,988,442 | - | 228,305 | 19,489,467 | 2,326,577 | 21,816,044
5.04 | Capital transaction with shareholders | - | - | (1,614,000) | - | - | (1,614,000) | (498,323) | (2,112,323)
5.04.06 | Dividends | - | - | (1,614,000) | - | - | (1,614,000) | (441,749) | (2,055,749)
5.04.07 | Interest on equity | - | - | - | - | - | - | (56,574) | (56,574)
5.05 | Total comprehensive income | - | - | - | (742,793) | 1,349,302 | 606,509 | 309,353 | 915,862
5.05.01 | Net income for the year | - | - | - | (742,793) | - | (742,793) | 203,543 | (539,250)
5.05.02 | Other comprehensive income | - | - | - | - | 1,349,302 | 1,349,302 | 105,810 | 1,455,112
5.05.02.04 | Cumulative translation adjustments for the year | - | - | - | - | (198,093) | (198,093) | - | (198,093)
5.05.02.06 | (Loss) / gain on cash flow hedge accounting, net of taxes | - | - | - | - | 1,546,053 | 1,546,053 | 105,801 | 1,651,854
5.05.02.07 | Actuarial gains/(losses) on pension plan, net of taxes | - | - | - | - | 1,342 | 1,342 | 9 | 1,351
5.07 | Closing balance | 10,240,000 | 32,720 | 7,374,442 | (742,793) | 1,577,607 | 18,481,976 | 2,137,607 | 20,619,583

15

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Consolidated Financial Statements / Statements of Changes in Equity - 01/01/2022 to 06/30/2022
(R$ thousand) |  |  |  |

Code | Description | Paid-up capital | Capital reserve, granted options and treasury shares | Earnings reserve | Retained earnings (accumulated losses) | Other comprehensive income | Shareholders’ equity | Non-controlling interests | Shareholders’ equity
5.01 | Opening balances | 10,240,000 | 32,720 | 10,092,888 | - | (50,610) | 20,314,998 | 3,059,391 | 23,374,389
5.03 | Adjusted opening balances | 10,240,000 | 32,720 | 10,092,888 | - | (50,610) | 20,314,998 | 3,059,391 | 23,374,389
5.04 | Capital transaction with shareholders | - | - | (395,180) | - | 224,806 | (170,374) | (736,907) | (907,281)
5.04.04 | Treasury shares acquired | - | (395,180) | - | - | - | (395,180) | (1,638) | (396,818)
5.04.07 | Interest on equity | - | - | - | - | - | - | (510,463) | (510,463)
5.04.08 | (Loss)/gain on the percentage change in investments | - | - | - | - | 224,806 | 224,806 | (224,806) | -
5.04.09 | Reclassifications of treasury shares | - | (936,930) | 936,930 | - | - | - | - | -
5.04.10 | Treasury shares canceled | - | 1,332,110 | (1,332,110) | - | - | - | - | -
5.05 | Total comprehensive income | - | - | - | 1,403,728 | (282,869) | 1,120,859 | 269,774 | 1,390,633
5.05.01 | Net income for the year | - | - | - | 1,403,728 | - | 1,403,728 | 329,546 | 1,733,274
5.05.02 | Other comprehensive income | - | - | - | - | (282,869) | (282,869) | (59,772) | (342,641)
5.05.02.04 | Cumulative translation adjustments for the year | - | - | - | - | (585,971) | (585,971) | - | (585,971)
5.05.02.06 | Actuarial gains/(losses) on pension plan, net of taxes | - | - | - | - | 56 | 56 | - | 56
5.05.02.07 | (Loss) / gain on cash flow hedge accounting, net of taxes | - | - | - | - | 303,046 | 303,046 | (59,772) | 243,274
5.07 | Closing balance | 10,240,000 | 32,720 | 9,697,708 | 1,403,728 | (108,673) | 21,265,483 | 2,592,258 | 23,857,741

16

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Consolidated Financial Statements / Statements of Value Added
(R$ thousand)

Code | Description | Year to date 01/01/2023 to 06/30/2023 | YTD previous year 01/01/2022 to 06/30/2022
7.01 | Revenues | 25,411,662 | 25,461,350
7.01.01 | Sales of products and rendering of services | 25,314,536 | 25,459,603
7.01.02 | Other revenues | 87,376 | (4,632)
7.01.04 | Allowance for (reversal of) doubtful debts | 9,750 | 6,379
7.02 | Raw materials acquired from third parties | (19,327,048) | (16,536,910)
7.02.01 | Cost of sales and services | (16,164,886) | (14,613,156)
7.02.02 | Materials, electric power, outsourcing and other | (2,873,826) | (1,838,129)
7.02.03 | Impairment/recovery of assets | (288,336) | (85,625)
7.03 | Gross value added | 6,084,614 | 8,924,440
7.04 | Retentions | (1,610,985) | (1,316,597)
7.04.01 | Depreciation, amortization and depletion | (1,610,985) | (1,316,597)
7.05 | Value added created | 4,473,629 | 7,607,843
7.06 | Value added received | 1,547,472 | 2,267,121
7.06.01 | Equity in results of affiliated companies | 128,811 | 73,665
7.06.02 | Financial income | 593,834 | 531,887
7.06.03 | Others | 824,827 | 1,661,569
7.07 | Value added for distribution | 6,021,101 | 9,874,964
7.08 | Value added distributed | 6,021,101 | 9,874,964
7.08.01 | Personnel | 1,682,735 | 1,284,948
7.08.01.01 | Salaries and wages | 1,277,715 | 1,014,204
7.08.01.02 | Benefits | 326,547 | 215,277
7.08.01.03 | Severance payment (FGTS) | 78,473 | 55,467
7.08.02 | Taxes, fees and contributions | 1,082,153 | 2,646,069
7.08.02.01 | Federal | 654,046 | 2,357,651
7.08.02.02 | State | 395,778 | 264,219
7.08.02.03 | Municipal | 32,329 | 24,199
7.08.03 | Remuneration on third-party capital | 3,795,463 | 4,210,673
7.08.03.01 | Interest | 2,135,298 | 1,170,046
7.08.03.02 | Rental | 1,266 | 1,968
7.08.03.03 | Others | 1,658,899 | 3,038,659
7.08.04 | Remuneration on Shareholders' capital | (539,250) | 1,733,274
7.08.04.03 | Retained earnings (accumulated losses) | (742,793) | 1,403,728
7.08.04.04 | Non-controlling interests in retained earnings | 203,543 | 329,546

17

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

18

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

São Paulo, August 2nd, 2023 - - Companhia Siderúrgica Nacional ("CSN") (B3: CSNA3) (NYSE: SID) discloses its second quarter of 2023 (2Q23) financial results in Brazilian Reais, with all financial statements consolidated in accordance with accounting practices adopted in Brazil issued by the Accounting Pronouncements Committee ("CPC"), 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”).

The comments address the Company's consolidated results for the second quarter of 2023 (2Q23) and the comparisons are in relation to the first quarter of 2023 (1Q23) and the second quarter of 2022 (2Q22). The dollar price was BRL 5.24 on 06/30/2022; BRL 4.74 on 03/31/2023 and BRL 4.82 on 06/30/2023.

19

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Consolidated Table - Highlights

¹ Adjusted EBITDA is calculated from net income (loss), plus depreciation and amortization, taxes on profit, net financial result, investment participation result, other operating income/expenses result and includes the proportional share of 37.27% of the EBITDA of the joint subsidiary MRS Logística.

² Adjusted EBITDA Margin is calculated from Adjusted EBITDA divided by Management Net Revenue.

³ Adjusted Net Debt and Adjusted Cash/Availability consider 37.27% of MRS, in addition to not considering Forfaiting and Drawn Risk operations.

Consolidated Results

| · | Net revenue reached BRL 10,989 million in 2Q23, representing a decrease of 2.9% when compared to 1Q23. This performance reflects the lower prices in the mining sector, which ended up offsetting the record sales verified in the segment and the operational improvements observed in the steel and cement segments.

| · | Cost of goods sold (COGS) totaled BRL 8,746 million in 2Q23, up 8.3% from the previous quarter, mainly as a result of higher volumes sold in all segments of the Company's operations, in addition to the increased cost pressure with raw materials for the production of steel and cement.

| · | The combination of revenue reduction and cost pressure resulted in an 8.3p.p. reduction in gross margins in 2Q23, reaching 20.4%.

| · | Selling, general and administrative expenses totaled BRL 1,082 million in 2Q23, 6.0% higher than in the previous quarter, as a consequence of the record traded volumes in mining, generating a higher freight expense.

| · | The group of other operating revenues and expenses was negative by BRL 128 million in 2Q23, a decrease of 92.3% compared to 1Q23, mainly explained by the positive effect of iron ore hedging operations, which generated a balance of BRL 227 million in the quarter, in addition to the lower impact of hedge accounting on the operations.

| · | In 2Q23, the financial result was negative by BRL 1,186 million, practically stable compared to the previous quarter, as a consequence of the maintenance of the cost of debt and lower impact of Usiminas shares.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| · | The equity result was positive at BRL 107 million in 2Q23, an increase of 386% compared to the previous quarter, as a consequence of seasonality and recovery of MRS's result, after the strong rainfall recorded at the beginning of the year.

| · | CSN reported a net income of BRL 283 million in 2Q23, reversing the loss observed in the previous quarter, as a result of lower impacts on the line of other revenues and operating expenses, due to the positive effect of iron ore hedge, in addition to the tax (IR/CSLL) reversal provision verified in the period.

Adjusted EBITDA

*The Company discloses its Adjusted EBITDA excluding participation in investments and other operating income (expenses) because it understands that they should not be considered in the calculation of recurring operating cash generation.

| · | In 2Q23, Adjusted EBITDA was BRL 2,263 million, with an Adjusted EBITDA margin of 19.8% or 7.6 p.p. lower than last quarter. The reduction in profitability is a direct consequence of the worsening prices of the mining segment, which, even with the record sales volume, ended up presenting a much lower EBITDA in the period. In addition, rising raw material costs in steel and cement production also contributed to the reduction in margins in the quarter.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Adjusted EBITDA (BRL MM) and Adjusted Margin¹ (%)

¹ The Adjusted EBITDA Margin is calculated from the division between Adjusted EBITDA and Adjusted Net Revenue, which considers the interests of 100% in the consolidation of CSN Mineração and 37.27% in MRS.

Adjusted Cash Flow

Adjusted Cash Flow in 2Q23 was positive at BRL 745 million, as a result of the normalization of working capital, with a strong reduction in inventories, mainly in the mining segment.

Adjusted Cash Flow¹ in 2Q23 (BRL MM)

¹ The concept of Adjusted cash flow is calculated from Adjusted EBITDA, subtracting Ebitda from Joint Subsidiaries, CAPEX, IR, Financial Result and changes in Assets and Liabilities², excluding the effect of the Glencore advance.

² The Adjusted Working Capital is composed of the variation of the Net Working Capital, plus the variation of accounts of long-term assets and liabilities and disregarding the net variation of IR and CS.

Indebtedness

On 06/30/2023, the consolidated net debt reached BRL 31,455 million, with the leverage indicator, measured by the LTM Net Debt/EBITDA ratio reaching 2.78x. This one-off increase in leverage is mainly the result of the payment of BRL 2.7 billion in dividends in the period. On the other hand, when considering the prepayment operations of iron ore and energy, in a total of BRL 3.4 billion, of which BRL 2.4 billion after the end of the quarter, the pro forma leverage would go to 2.57x. These and other initiatives that are currently being evaluated, reinforce the Company's commitment to reduce its indebtedness, bringing leverage to the expected guidance for the end of the year. In addition, CSN maintained its policy of carrying high levels of cash, which in this quarter reached the level of BRL 12.5 billion.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

¹ Net Debt / EBITDA: For debt calculation considers the final dollar of each period and for net debt and EBITDA the average dollar of the period.

The Company remains very active in its objective of extending its amortization period, focusing on long-term operations and the local capital market. Among the main movements of the period, the 14th issuance of simple debentures in the total amount of BRL 700 million stands out, having as objective the investment in railway infrastructure in the logistics and transport sector.

Amortization Schedule (BRL Bi)

¹ IFRS: does not consider participation in MRS (37.27%).

² Management Gross / Net Debt considers participation in MRS (37.27%), without accrued interest.

3 Average Term after completion of the Liability Management Plan.

Foreign Exchange Exposure

The accumulated net foreign exchange exposure in the consolidated balance sheet up to 2Q23 was US$ 509 million, as shown in the table below, in line with the company's policy of minimizing the impacts of exchange rate volatility on the result. The adopted Hedge Accounting by CSN correlates the projected flow of dollar exports with the future maturities of debt in the same currency. With this, the exchange variation of the dollar debt is temporarily recorded in the shareholders' equity, being taken to the result when the dollar revenues from the referred exports occur.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Investments

A total of BRL 991 million were invested in 2Q23, 33% higher than the amount invested in 1Q23, with emphasis on repairs to coke batteries at the UPV plant, as well as advances in studies of new batteries and general maintenance in steel operations. In the mining segment, the advances in expansion projects stand out (P15, Tailings Dams Recovery and Tecar), as well as maintenance to increase productivity, accompanied by current investments in Cement and Energy operations.

Net Working Capital

The Net Working Capital applied to the business totaled BRL 3,010 million in 2Q23, with a reduction of 33% compared to 1Q23, due to (i) lower Company's inventories volume, in line with the increase in recorded sales in the period, and (ii) the reduction in accounts receivable in the foreign market.

The calculation of the Net Working Capital applied to the business disregards Glencore's advance, as shown in the following table:

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

¹ Other CCL Assets: Considers employee advances and other accounts receivable.

² Other CCL Liabilities: Considers other accounts payable, dividends payable, installment taxes and other provisions.

³ Inventories: Does not consider the effect of the provision for inventory/inventory losses. For the calculation of the SME, the balances of warehouse stocks are not considered.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Results by Business Segments

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

2Q23 Results (BRL million) | Steel | Mining | Logistics (Porto) | Logistics (Rail) | Energy | Cement | Corporate Expenses/Elimination | Consolidated
Net Revenue | 5,943 | 3,631 | 54 | 668 | 159 | 1,142 | (609) | 10,989
Domestic Market | 4,368 | 371,74 | 54 | 668 | 159 | 1,142 | (1,012) | 5,752
Foreign Market | 1,574 | 3,260 | - | - | - | - | 403 | 5,237
COGS | (5,419) | (2,626) | (61) | (352) | (100) | (952) | 765 | (8,746)
Gross profit | 523 | 1,006 | (7) | 316 | 59 | 191 | 156 | 2,243
DGA/DVE | (288) | (147.39) | (3) | (51) | (15) | (123) | (455) | (1,082)
Depreciation | 318 | 254 | 13 | 98 | 24 | 156 | (75) | 788
Proportional EBITDA of joint contr | - |  | - | - | - | - | 313 | 313
Adjusted EBITDA | 553 | 1,112 | 3 | 362 | 69 | 224 | (60) | 2,263
1Q23 Results (BRL million) | Steel | Mining | Logistics (Porto) | Logistics (Rail) | Energy | Cement | Corporate Expenses/Elimination | Consolidated
Net Revenue | 5,777 | 4,141 | 70 | 519 | 139 | 1,119 | (447) | 11,319
Domestic Market | 3,946 | 282,28 | 70 | 519 | 139 | 1,119 | (847) | 5,229
Foreign Market | 1,831 | 3,859 | - | - | - | - | 400 | 6,090
COGS | (5,021) | (2,247) | (59) | (340) | (124) | (960) | 677 | (8,073)
Gross profit | 756 | 1,895 | 10 | 179 | 16 | 160 | 230 | 3,245
DGA/DVE | (313) | (126.36) | (2) | (43) | (13) | (96) | (427) | (1,020)
Depreciation | 311 | 257 | 10 | 98 | 25 | 159 | (78) | 781
Proportional EBITDA of joint contr | - |  | - | - | - | - | 197 | 197
Adjusted EBITDA | 754 | 2,025 | 19 | 234 | 28 | 222 | (79) | 3,203
Result 2Q22 (BRL million) | Steel | Mining | Logistics (Porto) | Logistics (Rail) | Energy | Cement | Corporate Expenses/Elimination | Consolidated
Net Revenue | 7,706 | 2,608 | 77 | 592 | 47 | 475 | (940) | 10,566
Domestic Market | 5,248 | 411,20 | 77 | 592 | 47 | 475 | (1,032) | 5,819
Foreign Market | 2,458 | 2,196 | - | - | - | - | 93 | 4,747
COGS | (5,789) | (1,832) | (53) | (386) | (49) | (301) | 849 | (7,560)
Gross profit | 1,917 | 776 | 24 | 206 | (2) | 174 | (90) | 3,005
DGA/DVE | (313) | (87.03) | (8) | (34) | (8) | (69) | (132) | (651)
Depreciation | 301 | 242 | 8 | 126 | 4 | 57 | (95) | 643
Proportional EBITDA of joint contr | - |  | - | - | - | - | 265 | 265
Adjusted EBITDA | 1,905 | 931 | 24 | 298 | (6) | 163 | (52) | 3,262

Steel Result

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Steel Result

According to the World Steel Association (WSA), global crude steel production totaled 481.8 million tons (Mt) in the second quarter of 2023, representing a 4.9% increase compared to the previous quarter but a 1.7% reduction compared to the same period in 2022, impacted by lower production in the Chinese and European markets during the period, partially offset by a strong production rebound in India. In the quarter, the European Union reduced its production by 10.3% compared to the same period last year, still affected by the negative effects of the Russia-Ukraine war. On the other hand, China accounted for 56.8% of the global volume (273.8 Mt) in 2Q23, which corresponds to an annual decrease of 2.2%. The outlook for the second half of 2023 remains positive as an increase in incentives by the Chinese government is expected. Brazil, in turn, produced 8.2 Mt in 2Q23, a 6.8% decrease compared to the same period in 2022, impacted by scheduled and unscheduled plant shutdowns, as well as an increase in imported products in the country. The outlook for the local market in the second half of 2023 is more optimistic with the resumption of production after the shutdowns and with demand responding to government incentives through programs targeting the automotive, construction, and infrastructure sectors.

Steel Production (thousand tons)

In the case of CSN, plate production in 2Q23 totaled 732 thousand tons, a performance 2.2% lower than the previous quarter, as a consequence of the lower purchase volume of third-party plates, since its own production increased with the normalization of the operation verified throughout the quarter. In turn, the production of flat rolled products, our main market, reached 775 kton, which represents an increase of 10.3% compared to 1Q23, reflecting the normalization of the production process and bringing production up to numbers closer to previous periods.

Sales Volume (Kton) – Steel Industry

Total sales reached 1,051 thousand tons in the second quarter of 2023, volume 1.8% higher than that recorded in 1Q23. When analyzing the behavior in the different markets, it is noticed that the domestic market was the main responsible for this increase, with a strong performance in hot and zinc plated products. Domestic sales totaled 739 thousand tons of steel products in 2Q23, which represents an increase of 10.5% compared to 1Q23 and reinforces the normalization of the operation and the Company's resilience by being able to maintain an assertive commercial strategy even with strong pressure from imported products. In the foreign market, sales totaled 312 thousand tons in 2Q23 and were 14.3% lower than in 1Q23, as a result of weaker dynamics in the European market. During the quarter, 5,000 tons were exported directly, and 306,000 tons were sold by subsidiaries abroad, 78,000 tons by LLC, 143,000 tons by SWT and 85,000 tons by Lusosider.

In relation to the total sales volume in 2Q23, practically all segments showed an increase compared to the previous quarter, with the Home Appliances (+31.4%) and Automotive (+18.7%) appearing among the main highlights. In the annual comparison, there was an important recovery of flat steels for construction, home appliances, and distribution, but with declines in general industry and steel packaging.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

According to ANFAVEA (National Association of Motor Vehicle Manufacturers), production in 2Q23 reached 596,000 units, an increase of 11.2% compared to the previous quarter. The Association also reported that vehicle registrations volume rose by 11.7% in the second quarter. When we look at the data from the Brazilian Steel Institute (IABr), the production of Crude Steel in 2Q23 reached 8.16 million tons, a performance 7.9% lower compared to the same period in 2022 and 4.5% higher than 1Q23. As for Apparent Consumption, it was 5.78 million tons, a reduction of 3.7% in the annual comparison, and 0.1% lower than 1Q23. The Steel Industry Confidence Indicator (ICIA) for June was 44.1 points, representing an 11.4 p.p. increase compared to December. Although the indicator remains below the 50-point dividing line, there was a significant improvement in confidence in the domestic market's prospects for the next six months. According to data from IBGE, the production of home appliances in May 2023 increased by 12% compared to the previous year, indicating a recovery in the white goods sector following weak performance observed last year. | Selling by Market Segment

| · | Net revenue at the steel segment reached BRL 5,943 million in 2Q23, a performance 2.6% higher than in 1Q23, as a result of the higher sales volume presented in the period and the Company's ability to preserve prices even with greater pressure from imported products. In this sense, the average price of 2Q23 in the domestic market was 0.3% higher than that presented in 1Q23, which shows the pressure exerted by the imported material after the adjustment applied at the beginning of the quarter. In turn, the price of the foreign market was 0.1% lower compared to the last quarter, mainly impacted by a lower dynamism in the European market that was also impacted by greater penetration of imported products.

| · | The plate cost in 2Q23 reached BRL 4,113/t, a reduction of 0.8% compared to the previous quarter, as a result of the resumption of operations, helping to dilute fixed costs, in addition to the lower volume of plates purchased.

| · | The steel segment Adjusted EBITDA reached BRL 553 million in 2Q23 and was 26.6% lower than in 1Q23, with an EBITDA margin of 9.3% (- 3.7 p.p.). This result mainly reflects the cost pressure with operational performance, still in normalization. It is important to highlight the transitory effect of this lower profitability since it is already possible to observe a much lower cost structure from 3Q23 onwards.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Adjusted EBITDA and Steel Margin (BRL MM and %)

Mining Result

In the mining sector, the quarter was marked by weaker activity in China, mainly in the real estate sector, weakening expectations of higher demand for iron ore and weighing on the price outlook. Despite this weaker dynamic of the Chinese economy, steel production remained at high levels, supported by the infrastructure and automobile sectors, with producers selling the surplus to the international market. While the Chinese economy did not demonstrate the expected pace of economic activity recovery to justify a price appreciation in iron ore, the product's demand remained strong enough to keep inventories low and sustain its price at the current level. In this scenario, expectations of stimulus policies by the Chinese government for investments in civil construction and consumer goods persist, which are expected to boost domestic demand for steel products, reducing the volume of exports. Amidst this context, the iron ore price ended 2Q23 with an average of US$110.9/dmt (Platts, Fe62%, N. China), 11.6% lower than 1Q23 (US$125.5/dmt) but 12.1% higher than 4Q22 (US$99.0/dmt).

Regarding sea freight, the BCI-C3 Route (Tubarão-Qingdao) presented an average of US$ 21.06/wmt in 2Q23, which represents an increase of 15,7% in relation to the freight cost of the previous quarter, as a reflection of the lower supply of ships in the Atlantic Ocean, due to a greater demand in the Australian market.

| · | Iron ore production totaled a record volume of 11,157 thousand tons in 2Q23, representing a growth of 25% compared to 1Q23 and an increase of 35% compared to 2Q22. This performance reinforces the Company's operational improvement, especially after the difficulties experienced in the previous year and puts CSN on track to achieve the production and purchasing guidance stipulated for 2023 (which is from 39 to 41 Mton).

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| · | Sales volume also showed a record high of 11,258 thousand tons in 2Q23, a performance 31% higher than in 1Q23 and 49% higher than in the same period last year. In addition to positive seasonality with a drier weather, 2Q23 sales were boosted by the normalization of railroad operations.

| · | In 2Q23, adjusted net revenue reached BRL 3,631 million and was 12.3% lower than in 1Q23, even with the greater volume of shipments. This result reflects the lower price realization observed in the period, in addition to the negative impact of provisional prices. As a consequence, net unit revenue was US$ 66.06 per wet ton, which represents a reduction of 28.1% compared to 1Q23, in line with the downward trajectory of the Platts price, and with the appreciation of 5.9% of the Real exchange rate.

| · | In turn, the cost of products sold from mining totaled BRL 2,626 million in 2Q23, an increase of 16.9% compared to the previous quarter, impacted by higher iron ore volume, including higher purchasing volume. On the other hand, the C1 cost reached USD 21.7/t in 2Q23 and was 5.2% lower than at the beginning of the year, reflecting the higher fixed cost dilution and the lower SG&A unit costs in the period.

| · | Adjusted EBITDA, in turn, reached BRL 1,112 million in 2Q23, with a quarterly Adjusted EBITDA margin of 30.6% or 18.3p.p. lower than last quarter. This drop in profitability reflects the reduction in ore prices, aggravated by the negative pressure from provisional prices.

Cement Result

According to the National Union of the Cement Industry (SNIC), cement sales in Brazil during the first half of 2023 remained nearly stable compared to the same period of the previous year, with only an 1.8% decline, despite the high interest rates and uncertainties regarding monetary policy. The construction and infrastructure sectors, which are the main drivers of cement consumption, experienced a slowdown due to difficulties in accessing credit and a decrease in real estate launches and financing. Although there has been an improvement in industry and consumer confidence, the high level of household debt and weak demand still bring some short-term uncertainty. On the other hand, there are already some signs of economic improvement, with the sector being driven by federal programs such as Minha Casa, Minha Vida, PAC, infrastructure projects' resumption, and a probable decrease in interest rates.

Despite this stable market, CSN's sales in 2Q23 totaled 3.333 kton, which represents an increase of 9.4% over the previous quarter, in line with the seasonality of the period and the assertive commercial policy adopted by the Company. In this sense, it is important to highlight the synergies arising from the acquisitions of the Lafarge Holcim plants, which have provided an increase in market share, with the entry of CSN Cimentos in new regions.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Sales Volume - Cements (thousand tons)

* The operations of LafargeHolcim were integrated in September 2022.

| · | Net revenue reached BRL 1,142 million in 2Q23, a 2.1% higher performance compared to the previous quarter, with the higher sales volume offsetting the lower prices in the period.

| · | In 2Q23, the unit cost of cement decreased by 13.1% as a result of higher dilution of fixed costs, due to increase in production.

| · | In turn, the segment's Adjusted EBITDA increased by 0.7% compared to the previous quarter, reaching BRL 224 million in 2Q23 and with an Adjusted EBITDA margin of 19.6%, practically stable compared to 1Q23. For the second half, it is already possible to anticipate a consistent improvement in profitability with the capture of synergies, lower raw material costs and a more favorable price scenario.

Energy Result

In 2Q23, the high level of water in the reservoirs has kept energy prices at a level significantly below the average of recent years. As a result, the traded energy volume in the quarter generated a net revenue of BRL 159 million, which represents an increase of 14.1% compared to the previous quarter. Adjusted EBITDA increased in the period, reaching BRL 69 million and generating an EBITDA margin of 43.4%, an increase of 147% compared to the last quarter, positively impacted by the reduction in COGS in the period.

Logistics Result

Railway Logistics: In 2Q23, net revenue reached BRL 668 million, with an Adjusted EBITDA of BRL 362 million and Adjusted EBITDA margin of 54.2%. Compared to 1Q23, net revenue increased 28.8% due to the seasonality of the operation and the normalization of MRS's operations. In the same line of comparison, Adjusted EBITDA was 54.7% higher.

Port Logistics: In 2Q23, 221 thousand tons of steel products were shipped by Sepetiba Tecon, in addition to 15 thousand containers, 2 thousand tons of general cargo and 56 thousand tons of bulk. In comparison with the previous quarter, the Company had its change in the mix of shipments, with the decrease in the volume of steel products and the increase in the volume of bulk. On the other hand, the net revenue of the port segment was 22.4% lower than the previous quarter, reaching BRL 54 million in 2Q23, with a negative impact also on the Adjusted EBITDA of the period, which was BRL 3 million, with an EBITDA margin of 5%.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

ESG – Environmental, Social & Governance

ESG PERFORMANCE – CSN GROUP

Since the beginning of 2023, CSN has adopted a new format for disclosing its ESG actions and performance, providing its performance in ESG indicators on an individual basis. The new model allows stakeholders to have access to the main results and indicators on a quarterly basis and to monitor them effectively and even more quickly. Access can be made through the results center on CSN's IR website: https://ri.csn.com.br/informacoes-financeiras/central-de-resultados/

The information included in this release was selected based on relevance and materiality to the company. Quantitative indicators are presented compared to the period that best represents the metric for monitoring them. Thus, some are compared to the same quarter of the previous year, and others will be compared to the average of the previous period, ensuring a comparison based on seasonality and periodicity. Additionally, it is important to highlight that the ESG Performance Report also incorporates the performance indicators of the new assets of CSN Cimentos, acquired in 2022, so that some absolute indicators will change significantly when compared to the previous period.

More detailed historical data on CSN's performance and initiatives can be found in the 2022 Integrated Report, released in April 2023 (esg.csn.com.br/nossa-empresa/relatorio-integrado-gri). ESG indicator assurance occurs annually for the Integrated Report's closing, so the information contained in quarterly releases is subject to adjustments resulting from this process.

It is also possible to track CSN's ESG performance in an agile and transparent manner on our website through the following electronic address: esg.csn.com.br.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Capital Markets

In the second quarter of 2023 CSN shares appreciated by 21.4%, while the Ibovespa Index rose by 15.9%. The daily average value (CSNA3) traded on B3, in turn, was BRL 117.1 million in 2Q23. On the New York Stock Exchange (NYSE), the Company's American Depositary Receipts (ADRs) were down 15.6% in dollars, while the Dow Jones Industrial Average rose 3.4%. The average daily trading with ADRs (SID) on the NYSE in 2Q23 was US$9.8 million.

| 2Q23
Number of shares in thousands |  | 1.326.094
Market Value |  |
Closing Quote (BRL/share) |  | 12.13
Closing Quote (US$/ADR) |  | 2.59
Market Value (BRL million) |  | 16,086
Market Value (US$ million) |  | 3,435
Change in period |  |
CSNA3 (BRL) |  | -21.4%
SID (USD) |  | -15.6%
Ibovespa (BRL) |  | 15.9%
Dow Jones (USD) |  | 3.4%
Volume |  |
Daily average (thousand shares) |  | 8,768
Daily average (BRL thousand) |  | 117,124
Daily average (thousand ADRs) |  | 3,578
Daily average (US$ thousand) |  | 9,815
Source: Bloomberg |  |

Result Conference Call:

Earnings Presentation Webcast of the 2Q23 | Investor Relations Team
Conference Call in Portuguese with Simultaneous Translation into English August 03, 2023 11:30 a.m. (Brasilia time) 9:30 a.m. (New York time) +55 11 3181-8565 / +55 11 4210-1803 Code: CSN Phone Replay: +55 11 4118-5151 Replay code: 219011# Webcast: click here | Marcelo Cunha Ribeiro – CFO and IR Executive Director Pedro Gomes de Souza (pedro.gs@csn.com.br) Danilo Dias (danilo.dias.dd1@csn.com.br) Rafael Byrro (rafael.byrro@csn.com.br)

Some of the statements contained herein are forward-looking statements that express or imply expected results, performance or events. These perspectives include future results that may be influenced by historical results and the statements made in 'Outlook'. Current results, performance and events may differ materially from assumptions and prospects and involve risks such as: general and economic conditions in Brazil and other countries; interest and exchange rate levels, protectionist measures in the U.S., Brazil, and other countries, changes in laws and regulations, and general competitive factors (on a global, regional, or national basis).

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INCOME STATEMENT

CONSOLIDATED – Corporate Law – In Thousands of Reais

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

BALANCE SHEET

CONSOLIDATED – Corporate Law – In Thousands of Reais

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

CASH FLOW

CONSOLIDATED – Corporate Law – In Thousands of Reais

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS
(In thousands of reais, unless otherwise noted)

| 1. | DESCRIPTION OF BUSINESS

Companhia Siderúrgica Nacional (“CSN”, also referred to as “Company” or “Parent company”), is a publicly held company incorporated on April 9, 1941, under the laws of the Federative Republic of Brazil (Companhia Siderúrgica Nacional, its subsidiaries, joint ventures, joint operations and associates are collectively referred to herein as the "Group”). The Company’s registered office is located in São Paulo, SP, Brazil.

CSN is listed on the São Paulo Stock Exchange (B3 S.A. - Brasil, Bolsa, Balcão) and on the New York Stock Exchange (“NYSE”), reporting its information to the Brazilian Securities and Exchange Commission (“CVM”) and to the U.S. Securities and Exchange Commission (“SEC”).

The Group's main operating activities are divided into five 5 segments as follows:

| · | Steel:

The Company’s main industrial facility is the Presidente Vargas Steelworks (“UPV”), located in the city of Volta Redonda, State of Rio de Janeiro. This segment consolidates all operations related to the production, distribution and sale of flat steel, long steel, metallic containers and galvanized steel. In addition to the facilities in Brazil, CSN has commercial operations in the United States and operations in Portugal and Germany in order to gain markets and provide excellent services to final consumers. Its steel is used in home appliances, civil construction, package and automobile industries.

| · | Mining:

The production of iron ore is developed in the cities of Congonhas, Belo Vale and Ouro Preto, State of Minas Gerais, by its subsidiary CSN Mineração S.A. (“CSN Mineração”). The Company’s mining activities also include tin exploration in the state of Rondônia by CSN's subsidiary Estanho de Rondônia S.A. (“ERSA”), to supply the needs of the UPV. The surplus of this raw material is sold to subsidiaries and third parties.

Iron ore is sold basically in the international market, especially in Europe and Asia. The prices charged in these markets are historically cyclical and subject to significant fluctuations over short periods of time, driven by several factors related to global demand, strategies adopted by the major steel producers, and the foreign exchange rate. All these factors are beyond the Company’s control. The ore is transported by rail to the Terminal de Carvão e Minérios from the Itaguaí Port (“TECAR”), a solid bulk terminal, one of the four terminals that comprise the Itaguai Port, located in the State of Rio de Janeiro and from TECAR to customers around the world. The imports of coal and coke are also carried out through this terminal by provision of services by CSN Mineração to CSN.

As a pioneer in the use of technologies that result in the possibility of stacking the tailings generated in the iron ore production process, the CSN Mineração has its iron ore production, since January 2020, 100% independent of tailings dams. After significant investments in recent years to raise the level of reliability, disposal and dry stacking, the CSN Mineração has advanced to a scenario in which 100% of our tailings goes through a dry filtering process and are stacked in piles, geotechnically controlled, in areas exclusively destined for stacking.

As a consequence of these measures, decommissioning of dams is the natural path for processing filtered tailings. All of our mining dams are positively certified and comply with the environmental legislation in force.

| · | Cements:

CSN entered the cement production market boosted by the synergy between this activity and CSN’s current business. Beside the UPV facilities, in Volta Redonda/RJ, the Company installed a business unit, which produces CP-III type cement using the slag produced by the UPV’s own blast furnaces. It also explores limestone and dolomite at the Arcos/MG unit, to meet the needs of the steel and cement plants. Additionally, in Arcos/MG, the clinker production operation is located.

On August 31, 2021, the Company completed the acquisition of control of Elizabeth Cimentos S.A. ("Elizabeth Cimentos") and Elizabeth Mineração S.A. ("Elizabeth Mineração"), with operations in the Northeast region, especially in Paraíba and Pernambuco. On May 1, 2022, Elizabeth Mineração was merged into CSN Cimentos S.A.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

On September 9, 2021, CSN Cimentos entered into the Agreement for the Sale and Purchase of the Shares in LafargeHolcim (Brasil) S.A., for the acquisition of 100% of the shares issued by LafargeHolcim (Brasil) S.A. (“LafargeHolcim”). On August 17, 2022, the transaction was approved by the Administrative Council for Economic Defense ("CADE"), and on September 6, 2022, the acquisition of all shares issued by LafargeHolcim S.A. was completed, changing LafargeHolcim's name to "CSN Cimentos Brasil S.A.", which is now controlled by CSN Cimentos. The main activities of the Company are: production, industry and general trade of cement, lime, mortar, minerals and metals in general and complementary products for civil construction, in natura with industrial plants, warehouses and branches in much of the national territory.

| · | Logistics:

Railroads:

CSN has interests in three railroad companies: MRS Logística S.A. (“MRS”), which manages the former Southeast Railway System of Rede Ferroviária Federal S.A. (“RFFSA”), Transnordestina Logística S.A. (“TLSA”) and FTL - Ferrovia Transnordestina Logística S.A. (“FTL”), which holds the concession to operate the former Northeast Railway System of RFFSA, in the States of Maranhão, Piauí, Ceará, Rio Grande do Norte, Paraíba, Pernambuco, Alagoas - stretches from São Luís to Altos, Altos to Fortaleza, Fortaleza to Sousa, Sousa to Recife/Jorge Lins, Recife/Jorge Lins to Salgueiro, Jorge Lins to Propriá, Paula Cavalcante to Cabedelo, Itabaiana to Macau (Mesh I) and TLSA is responsible for the stretches from Eliseu Martins-Trindade, Trindade-Salgueiro, Salgueiro-Missão Velha and Missão Velha-Pecém (Mesh II), under construction.

Ports:

The Company operates in the State of Rio de Janeiro, by means of its subsidiary Sepetiba Tecon S.A., the Container Terminal (“TECON”) and by means of its subsidiary CSN Mineração, the TECAR, both located at the Itaguaí Port. Established in the harbor of Sepetiba, the mentioned port has a privileged highway, railroad, and maritime access.

TECON is responsible for the movement and storage of containers, vehicles, steel products, general cargo, among other products, and TECAR performs the operational activities of loading and unloading of solid bulk ships, storage and distribution (road and rail) of coal, coke, petroleum coke, clinker, zinc concentrate, sulfur, iron ore and other bulk, intended for the seaborne market, for our own operation and for different customers.

| · | Energy:

Since the energy supply is fundamental in CSN”s production process, the Company has electricity generation assets to mitigate costs, aiming at greater competitiveness.

On June 30, 2022, the Company's subsidiaries, CSN Cimentos and CSN Energia S.A. ("CSN Energia"), completed the acquisition of Santa Ana Energética S.A. (“Santa Ana”), as well as Topázio Energética S.A. ("Topázio") and, indirectly, Brasil Central Energia Ltda. ("BCE"), a subsidiary of Topázio, under the terms of the Share Purchase Agreement entered into on April 8, 2022 with Brookfield Americas Infrastructure (Brazil Power) Fundo de Investimento em Participações Multiestratégia, managed by Brookfield Brasil Asset Management Investimentos Ltda. On October 7, 2022, subsidiaries CSN Mineração and CSN Energia S.A. concluded the acquisition of 100% of the shares of Companhia Energética Chapecó – CEC, holder of the grant of Quebra-Queixo Hydroelectric Power Plant (“Chapecó”), as provided for in the Agreement for the Purchase and Sale of Shares and Other Covenants and in the Private Instrument of Assignment of Rights and Obligations entered into on July 1, 2022 and July 25, 2022, respectively.

In July 2022, The Company won the auction held by the State of Rio Grande do Sul, for the sale of 100% of the shares in its possession, 6,381,908 equivalent to 66.23% of the share capital, of Companhia Estadual de Energia Elétrica - CEEE-G, as part of the CEEE Group privatization program, in accordance with State Law 15.298/19.On October 21, 2022, the transaction was completed with payment by the company of the auction winning price. On December 22, 2022, the acquisition of Eletrobras' 32.74% interest in CEEE-G was concluded, and the Company currently holds 99% of the share capital of CEEE-G.

| · | Going Concern:

Management understands that the Company has adequate resources to continue its operations. Accordingly, the Company's interim financial information for the period ended June 30, 2023, have been prepared on a going concern basis.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| 2. | BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE

| 2.a) | Statement of compliance

The parent company and consolidated interim financial information (“interim financial information”) have been prepared and are being presented in accordance with the accounting practices adopted in Brazil issued by the Brazilian Accounting Pronouncements Committee (“CPC”), approved by the Brazilian Securities and Exchange Commission (“CVM”) and by the Brazilian Federal Accounting Council (“CFC”), and in accordance with the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standard Board (“IASB”) and disclose all the relevant information of the interim financial information, and only this information, which corresponds to that used by the Company's management in its activities. The consolidated interim financial information are identified as “Consolidated” and the parent company's individual interim financial information are identified as “Parent Company”.

| 2.b) | Basis of presentation

The interim financial statements were prepared based on the historical cost and were 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.

When IFRS and CPCs allows the option between cost or another measurement criterion, the cost of acquisition criterion was used.

The preparation of these interim financial statements requires Management to use certain accounting estimates, judgments and assumptions that affect the application of Accounting Polices and the amounts reported on the balance sheet date of assets, liabilities, income, and expenses may differ from actual future results. The assumptions used are based on history and other factors considered relevant and are reviewed by the Company’s management.

The interim financial information has been prepared and is being presented in accordance with CPC 21 (R1) - “Interim Financial Reporting” and IAS 34 - “Interim Financial Reporting”, consistently with the standards issued by the CVM.

This interim financial information does not include all requirements of annual or full financial statements and, accordingly, should be read in conjunction with the Company’s financial statements for the year ended December 31, 2022.

Therefore, in this interim financial information the following notes are not repeated, either due to redundancy or to the materiality in relation to those already presented in the annual financial statements:

Note 10 - Basis of consolidation and investments

Note 12 - Intangible assets

Note 18 - Income tax and social contribution

Note 19 - Installment taxes

Note 20 - Tax, social security, labor, civil, environmental provisions and judicial deposits

Note 29 - Information by business segment

Note 30 - Employee benefits

Note 31 - Commitments

The consolidated financial statements were approved by Board of Directors on August 2, 2023.

| 2.c) | Functional currency and presentation currency

The accounting records included in the interim financial statements of each of the Company’s subsidiaries are measured using the currency of the principal of the economic environment in which each subsidiary operates (“the functional currency”). The consolidated and parent company interim financial statements are presented in BRL(reais), which is the Company’s functional and reporting currency.

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing on the transaction or valuation dates, in which the items are remeasured. The balances of the asset and liability accounts are converted using the exchange rate on the balance sheet date. As of June 30, 2023, US$1.00 was equivalent to BRL4.8192 (BRL5.2177 on December 31, 2022) and €1.00 was equivalent to BRL5.2626 (BRL5.5694 on December 31, 2022), according to the rates obtained from Central Bank of Brazil website

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| 2.d) | Statement of value added

Pursuant to Law 11,638/07, the presentation of the statement of added value is required for all publicly held companies. These statements were prepared in accordance with CPC 09 - Added Value Statement, approved by CVM Resolution 557/08. The IFRS does not require the presentation of this statement and for IFRS purposes is presented as additional information.

| 3. | CASH AND CASH EQUIVALENTS

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Cash and banks |  |  |  |  |  |  |
In Brazil | 71,711 |  | 85,120 |  | 23,469 |  | 49,794
Abroad | 8,034,186 |  | 6,310,338 |  | 147,671 |  | 136,756
| 8,105,897 |  | 6,395,458 |  | 171,140 |  | 186,550
Investments |  |  |  |  |  |  |
In Brazil | 3,329,362 |  | 5,110,749 |  | 1,469,425 |  | 2,652,855
Abroad | 540,164 |  | 485,149 |  | 3,602 |  |
| 3,869,526 |  | 5,595,898 |  | 1,473,027 |  | 2,652,855
| 11,975,423 |  | 11,991,356 |  | 1,644,167 |  | 2,839,405

Our investments are basically in private and public securities with yields linked to the variation of Interbank Deposit Certificates (CDI) and repo operations backed by National Treasury Notes, respectively. The Company invests part of the funds through exclusive investment funds which have been consolidated in this interim financial information.

Our investments are in private securities in top-rated banks and are remunerated at pre-fixed rates.

| 4. | FINANCIAL INVESTMENTS

|  |  |  |  |  |  |  | Consolidated |  |  |  |  |  |  |  | Parent Company
|  | Current |  | Non-current |  | Current |  | Non-current
|  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Investments (1) |  | 37,542 |  | 271,590 |  | 16,400 |  | 15,675 |  | 35,688 |  | 22,715 |  |  |  |
Usiminas shares (2) |  | 1,167,137 |  | 1,184,895 |  |  |  |  |  | 1,167,137 |  | 1,184,895 |  |  |  |
Bonds (3) |  |  |  |  |  | 110,842 |  | 140,510 |  |  |  |  |  | 110,842 |  | 140,510
|  | 1,204,679 |  | 1,456,485 |  | 127,242 |  | 156,185 |  | 1,202,825 |  | 1,207,610 |  | 110,842 |  | 140,510

| (1) | These are restricted financial investments and linked to a Bank Deposit Certificate (CDB) to guarantee a letter of guarantee from financial institutions and financial investments in Public Securities (LFT - Letras Financeiras do Tesouro) managed by their exclusive funds.

| (2) | A guarantee (fiduciary alienation) was constituted over a portion of the shares of Usiminas Siderúrgica de Minas Gerais S.A. held by the Company.

| (3) | Bonds with Banco Fibra maturing in February 2028 (see note 20.a).

5. TRADE RECEIVABLES

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Trade receivables |  |  |  |  |  |  |
Third parties |  |  |  |  |  |  |
Domestic market | 1,542,952 |  | 1,636,804 |  | 862,301 |  | 860,942
Foreign market | 1,235,320 |  | 1,720,056 |  | 39,555 |  | 92,679
| 2,778,272 |  | 3,356,860 |  | 901,856 |  | 953,621
Allowance for doubtful debts | (216,033) |  | (232,830) |  | (114,113) |  | (122,872)
| 2,562,239 |  | 3,124,030 |  | 787,743 |  | 830,749
Related parties (Note 20 a) | 109,373 |  | 109,134 |  | 757,187 |  | 1,125,782
| 2,671,612 |  | 3,233,164 |  | 1,544,930 |  | 1,956,531

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

The composition of the gross balance of accounts receivable from third party consumers is shown as follows:

|  |  |  | Consolidated |  |  |  | Parent Company
|  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Current |  | 2,482,828 |  | 2,934,057 |  | 739,683 |  | 781,406
Past-due up to 30 days |  | 79,666 |  | 163,959 |  | 42,483 |  | 37,036
Past-due up to 180 days |  | 23,238 |  | 54,452 |  | 12,418 |  | 28,526
Past-due over 180 days |  | 192,540 |  | 204,392 |  | 107,272 |  | 106,653
|  | 2,778,272 |  | 3,356,860 |  | 901,856 |  | 953,621

The changes in estimated credit losses are as follows:

|  |  |  | Consolidated |  |  |  | Parent Company
|  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Opening balance |  | (232,830) |  | (236,927) |  | (122,872) |  | (133,227)
(Loss)/Reversal estimated |  | 7,964 |  | (87) |  | 5,293 |  | 1,623
Recovery and write-offs of receivables |  | 8,833 |  | 13,197 |  | 3,466 |  | 8,732
Consolidation in the acquisition of companies |  |  |  | (9,013) |  |  |  |
Closing balance |  | (216,033) |  | (232,830) |  | (114,113) |  | (122,872)

| 6. | INVENTORIES

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Finished goods | 3,558,698 |  | 4,421,166 |  | 1,921,276 |  | 2,308,211
Work in progress | 3,096,257 |  | 3,501,145 |  | 1,531,503 |  | 2,123,539
Raw materials | 2,717,227 |  | 3,297,213 |  | 1,663,188 |  | 2,492,779
Storeroom supplies | 1,425,872 |  | 1,174,244 |  | 600,522 |  | 474,846
Advances to suppliers | 34,740 |  | 37,619 |  | 8,575 |  | 30,170
Provision for losses | (92,820) |  | (96,493) |  | (20,151) |  | (16,124)
| 10,739,974 |  | 12,334,894 |  | 5,704,913 |  | 7,413,421
Classified: |  |  |  |  |  |  |
Current | 9,508,614 |  | 11,289,229 |  | 5,704,913 |  | 7,413,421
Non-current (1) | 1,231,360 |  | 1,045,665 |  |  |  |
| 10,739,974 |  | 12,334,894 |  | 5,704,913 |  | 7,413,421

| (1) | Long-term iron ore inventories that will be used after the construction of the processing plant, which will produce pellet feed.

The changes in estimated losses on inventories are as follows:

|  |  |  | Consolidated |  |  |  | Parent Company
|  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Opening balance |  | (96,493) |  | (98,730) |  | (16,124) |  | (14,426)
Reversal/(Estimated losses) of inventories with low turnover and obsolescence | 3,673 |  | 3,621 |  | (4,027) |  | (1,698)
Consolidation in the acquisition of companies |  |  |  | (1,384) |  |  |  |
Closing balance |  | (92,820) |  | (96,493) |  | (20,151) |  | (16,124)

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| 7. | RECOVERABLE TAXES

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
State Value-Added Tax | 1,205,189 |  | 1,130,843 |  | 864,968 |  | 793,761
Brazilian federal contributions (1) | 2,005,140 |  | 1,862,828 |  | 1,111,799 |  | 1,094,392
Other taxes | 203,343 |  | 189,087 |  | 119,522 |  | 129,002
| 3,413,672 |  | 3,182,758 |  | 2,096,289 |  | 2,017,155
Classified: |  |  |  |  |  |  |
Current | 1,986,314 |  | 1,865,626 |  | 1,129,359 |  | 1,137,460
Non-current | 1,427,358 |  | 1,317,132 |  | 966,930 |  | 879,695
| 3,413,672 |  | 3,182,758 |  | 2,096,289 |  | 2,017,155

| (1) | In a judgment finalized on September 24, 2021, the Federal Supreme Court, with general repercussion, decided for the unconstitutionality of the levy of IRPJ and CSLL on amounts of interest on arrears at the SELIC rate received because of the repetition of undue tax payment. Although the decision is still pending publication, and the Company's specific lawsuit is still pending judgment, based on its best estimate to date CSN reassessed the judgment on this lawsuit, as required by ICPC 22/IFRIC 23 and recorded a credit in the amount of R$229,000. After the final and unappealable court decision of the Company's legal action, these amounts will be considered in the tax assessments, in accordance with Federal Tax Authorities of Brazil.

Credits arise mainly from ICMS, PIS and COFINS on purchases of raw materials and fixed assets, in accordance with current legislation. These credits are naturally realized through offsetting with debts of the same nature or with other federal taxes, in the cases authorized by law. Based on analyses and projections made by Management, the Company does not expect risks of non-realization of these tax credits.

| 8. | OTHER CURRENT AND NON-CURRENT ASSETS

Other current and non-current assets are as follows:

|  |  |  |  |  |  | Consolidado |  |  |  |  |  |  |  | Controladora
| Circulante |  | Não Circulante |  | Circulante |  | Não Circulante
| 6/30/2023 |  | 12/31/2022 |  | 6/30/2023 |  | 12/31/2022 |  | 6/30/2023 |  | 12/31/2022 |  | 6/30/2023 |  | 12/31/2022
Judicial deposits (note 18) |  |  |  |  | 537,525 |  | 533,664 |  |  |  |  |  | 218,218 |  | 231,627
Derivative financial instruments (note 13) | 140,928 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends receivables (note 20 a) | 77,377 |  | 77,377 |  |  |  |  |  | 235,782 |  | 295,480 |  |  |  |
Prepaid expenses | 382,556 |  | 347,870 |  | 80,208 |  | 82,586 |  | 237,446 |  | 244,416 |  | 60,229 |  | 58,950
Prepaid expenses | 294,862 |  | 311,087 |  | 44,731 |  | 47,109 |  | 237,446 |  | 244,416 |  | 32,157 |  | 30,878
Prepaid expenses with sea freight | 87,694 |  | 36,783 |  |  |  |  |  |  |  |  |  |  |  |
Actuarial asset (note 20 a) |  |  |  |  | 35,477 |  | 35,477 |  |  |  |  |  | 28,072 |  | 28,072
Receivables from related parties | 85,601 |  | 7,241 |  | 3,168,120 |  | 2,869,532 |  | 237,891 |  | 107,078 |  | 3,641,847 |  | 3,377,049
Loans with related parties (note 20 a ) | 5,340 |  | 5,383 |  | 1,572,739 |  | 1,384,773 |  | 5,340 |  | 5,383 |  | 1,943,894 |  | 1,668,382
Other receivables from related parties (note 20 a) | 80,261 |  | 1,858 |  | 1,595,381 |  | 1,484,759 |  | 232,551 |  | 101,695 |  | 1,697,953 |  | 1,708,667
Other assets | 249,935 |  | 344,012 |  | 1,262,520 |  | 1,263,936 |  | 44,418 |  | 63,216 |  | 1,223,036 |  | 1,222,894
Trading securities | 8,325 |  | 9,596 |  |  |  |  |  | 8,203 |  | 9,488 |  |  |  |
Compulsory loans from Eletrobrás |  |  |  |  | 59,606 |  | 58,030 |  |  |  |  |  | 56,885 |  | 55,336
Employee debts | 71,512 |  | 59,578 |  |  |  |  |  | 36,215 |  | 28,101 |  |  |  |
Receivables by indemnity (1) | 37,486 |  |  |  | 1,165,066 |  | 1,166,353 |  |  |  |  |  | 1,165,066 |  | 1,166,353
Term of Agreement GSF DFESA | 14,264 |  | 14,264 |  | 23,774 |  | 30,906 |  |  |  |  |  |  |  |
Advances from Suppliers | 17,132 |  | 12,335 |  |  |  |  |  |  |  |  |  |  |  |
Others | 101,216 |  | 248,239 |  | 14,074 |  | 8,647 |  |  |  | 25,627 |  | 1,085 |  | 1,205
| 936,397 |  | 776,500 |  | 5,048,373 |  | 4,749,718 |  | 755,537 |  | 710,190 |  | 5,143,330 |  | 4,890,520

| (1) | In April 2023, the subsidiary CEEE-G recognized the amount of R$ 37,486, referring to the Taxes and Contributions Amounts (VIC) of the Hydroelectric Plants committed to Physical Guarantee Quota Contracts (CCGFs).In the 3rd quarter of 2022, the uncontroversial amount of R$422,254 was recognized in the same account, as a refund of the amounts overpaid for railroad freight from April 1994 to March 1994 and March 1996 to the company RFFSA, and that after its extinction, the Federal Government became a defendant. Additionally, in 2020, a credit was recognized, which is a net, certain and payable amount, arising from the final and unappealable decision of a court in favor of the Company, due to losses and damages arising from voltage sinking in the energy supply in the periods from January/1991 to June/2002, in the amount of R$ 561,466.

| 9. | BASIS OF CONSOLIDATION AND INVESTMENTS

The information related to the activities of jointly controlled subsidiaries, joint operations, associates and other investments did not change in relation to what was disclosed in the Company's financial statements as of December 31, 2022. Therefore, Management decided not to repeat them in the accounting information interim of June 30, 2023.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  | Equity interests (%) |  |
Companies |  | 06/30/2023 |  | 12/31/2022 |  | Core business
Direct interest in subsidiaries: full consolidation |  |  |  |  |  |
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. |  | 79.75 |  | 79.75 |  | 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 projec
CBSI - Companhia Brasileira de Serviços de Infraestrutura |  | 99.99 |  | 99.99 |  | Equity interests and product sales and iron ore
CSN Cimentos S.A. |  | 99.99 |  | 99.99 |  | Manufacturing and sale of cement
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 |  | 99.99 |  | 99.99 |  | Equity interests
Circula Mais Serviços de Intermediação Comercial S.A. |  | 0.01 |  | 0.01 |  | Commercial intermediation for the purchase and sale of assets and materials in general
CSN Participações III |  | 99.99 |  | 99.99 |  | Equity interests
CSN Participações IV |  | 99.99 |  | 99.99 |  | Equity interests
CSN Participações V |  | 99.99 |  | 99.99 |  | Equity interests
Indirect interest in subsidiaries: full consolidation |  |  |  |  |  |
Lusosider Projectos Siderúrgicos S.A. |  | 100.00 |  | 100.00 |  | Equity interests and product sales
Lusosider Aços Planos, S. A. |  | 99.99 |  | 99.99 |  | Steel and Equity interests
CSN Resources S.A. |  | 100.00 |  | 100.00 |  | Financial transactions and Equity interests
Companhia Brasileira de Latas |  | 99.88 |  | 99.88 |  | Sale of cans and containers in general and Equity interests
Companhia de Embalagens Metálicas MMSA |  | 99.87 |  | 99.87 |  | Production and sale of cans and related activities
Companhia de Embalagens Metálicas - MTM |  | 99.87 |  | 99.87 |  | 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. |  | 79.75 |  | 79.75 |  | Financial transactions, product sales and Equity interests
CSN Mining GmbH |  | 79.75 |  | 79.75 |  | Financial transactions, product sales and Equity interests
CSN Mining Asia Limited |  | 79.75 |  | 79.75 |  | Commercial representation
Lusosider Ibérica S.A. |  | 100.00 |  | 100.00 |  | Steel, commercial and industrial activities and equity interests
CSN Mining Portugal, Unipessoal Lda. |  | 79.75 |  | 79.75 |  | Commercial and representation of products
Companhia Siderúrgica Nacional, LLC |  | 100.00 |  | 100.00 |  | Import and distribution/resale of products
Elizabeth Cimentos S.A. |  | 99.98 |  | 99.98 |  | Manufacturing and sale of cement
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. |  | 99.99 |  | 99.99 |  | Commercial intermediation for the purchase and sale of assets and materials in general
CSN Cimentos Brasil S.A. |  | 99.99 |  | 99.99 |  | Manufacturing and sale of cement
Metalgráfica Iguaçu S.A |  | 99.89 |  | 99.89 |  | Metal packaging manufacturing
Companhia Energética Chapecó |  | 79.75 |  | 79.75 |  | Electric power generation
Companhia Estadual de Geração de Energia Elétrica - CEEE-G |  | 98.96 |  | 98.96 |  | Electric power generation
Ventos de Vera Cruz S.A. |  | 98.95 |  | 98.95 |  | Electric power generation
Ventos de Curupira S.A |  | 98.95 |  | 98.95 |  | Electric power generation
Ventos de Povo Novo S.A. |  | 98.95 |  | 98.95 |  | Electric power generation
MAZET - Maschinenbau Zerspanungstechnik GmbH (1) |  | 100.00 |  |  |  | Production and sale of long steel and related activities
Direct interest in joint operations: proportionate consolidation |  |  |  |  |  |
Itá Energética S.A. |  | 48.75 |  | 48.75 |  | Electric power generation
Consórcio da Usina Hidrelétrica de Igarapava |  | 17.92 |  | 17.92 |  | Electric power consortium
Consórcio Itaúba(2) |  | 36.60 |  |  |  | Electric power generation
Consórcio Passo Real (2) |  | 46.97 |  |  |  | Electric power generation
Direct interest in joint ventures: equity method |  |  |  |  |  |
MRS Logística S.A. |  | 18.64 |  | 18.64 |  | Railroad transportation
Aceros Del Orinoco S.A. (*) |  | 31.82 |  | 31.82 |  | Dormant company
Transnordestina Logística S.A. |  | 48.04 |  | 47.26 |  | Railroad logistics
Equimac S.A |  | 50.00 |  | 50.00 |  | Rental of commercial and industrial machinery and equipment
Consórcio Itaúba(2) |  | 63.40 |  |  |  | Electric power generation
Consórcio Passo Real (2) |  | 53.03 |  |  |  | Electric power generation
Indirect interest in joint ventures: equity method |  |  |  |  |  |
MRS Logística S.A. |  | 14.86 |  | 14.86 |  | Railroad transportation
Direct interest in associates: equity method |  |  |  |  |  |
Arvedi Metalfer do Brasil S.A. |  | 20.00 |  | 20.00 |  | Metallurgy and Equity interests
Indirect interest in affiliates: equity method |  |  |  |  |  |
Ventos da Lagoa Energia S.A. (3) |  |  |  | 10.00 |  | Electric power generation
Jaguari Energética S.A. |  | 10.50 |  | 10.50 |  | Electric power generation
Chapecoense Geração S.A. |  | 9.00 |  | 9.00 |  | Electric power generation
Parques Eólicos Palmares S.A. (3) |  |  |  | 10.00 |  | Electric power generation
Ventos do Litoral Energia S.A. (3) |  |  |  | 10.00 |  | Electric power generation
Ventos dos índios Energia S.A. (3) |  |  |  | 10.00 |  | Electric power generation
Companhia Energética Rio das Antas - Ceran |  | 30.00 |  | 30.00 |  | Electric power generation
Ventos do Sul S.A. |  | 10.00 |  | 10.00 |  | Electric power generation
Foz Chapecó Energia S.A. |  | 8.91 |  | 8.91 |  | Electric power generation
Exclusive funds: full consolidation |  |  |  |  |  |
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

(*) Dormant companies.

(1) On June 1, 2023, MAZET - Maschinenbau Zerspanungstechnik GmbH was acquired by the indirect subsidiary Stalhwerk Thüringen GmbH.

(2) On December 26, 2022, the Itaúba Consortium was formed, with Companhia Siderúrgica Nacional S.A., with a 63.4% stake, and CSN Cimentos Brasil S.A., with a 36.6% stake. Additionally, on January 17, 2023, the Passo Real Consortium was formed, with the consortium members Companhia Siderúrgica Nacional S.A., Elizabeth Cimentos S.A., CSN Mineração S.A. and Minérios Nacional S.A., with stakes of 46.97%, 28.18%, 23.29% and 1.56%, respectively.

(3) CEEE-G sold its ownership interest in affiliated companies Ventos Lagoa Energia S.A., Parques Eólicos Palmares S.A., Ventos do Litoral Energia S.A. and Ventos dos Índios Energia S.A.

44

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| 9.a) | Changes in investments in subsidiaries, joint ventures, joint operations, associates and other investments

The positions presented as of June 30, 2023 and the changes refer to the interest held by CSN in these companies:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
Companies |  | Final balance on 12/31/2022 |  | Capital increase |  | Dividends |  | Equity Income (2) |  | Comprehensive income |  | Others |  | Final balance on 06/30/2023
Investments under the equity method |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint-venture, Joint-operation and Affiliate |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRS Logistica |  | 2,054,898 |  |  |  |  |  | 179,367 |  | 8 |  |  |  | 2,234,273
Fair Value MRS |  | 480,622 |  |  |  |  |  |  |  |  |  |  |  | 480,622
Fair Value MRS amortization |  | (82,225) |  |  |  |  |  | (5,870) |  |  |  |  |  | (88,095)
Transnordestina Logística S.A. |  | 1,184,514 |  |  |  |  |  | (11,163) |  |  |  |  |  | 1,173,351
Fair Value -Transnordestina |  | 659,106 |  |  |  |  |  |  |  |  |  |  |  | 659,106
Arvedi Metalfer do Brasil (affiliate) |  | 25,782 |  | 11,037 |  |  |  | (1,373) |  |  |  |  |  | 35,446
Equimac S.A |  | 18,482 |  |  |  |  |  | 1,306 |  |  |  |  |  | 19,788
Indirect interest in affiliates - CEEE-G (1) |  | 216,307 |  |  |  | (33,608) |  | 24,732 |  |  |  | (44,396) |  | 163,035
Fair Value indirect participation CEEE-G (2) |  | 359,024 |  |  |  |  |  | (39,314) |  |  |  |  |  | 319,710
Fair Value amortization indirect participation CEEE-G |  | (25,889) |  |  |  |  |  | 11,303 |  |  |  |  |  | (14,586)
|  | 4,890,621 |  | 11,037 |  | (33,608) |  | 158,988 |  | 8 |  | (44,396) |  | 4,982,650
Equity interests evaluated by the cost method (3) |  | 41,093 |  | 9,000 |  |  |  |  |  |  |  |  |  | 50,093
Investments at fair value through profit or loss (note 13) |  | 94,700 |  |  |  |  |  |  |  |  |  |  |  | 94,700
Other (4) |  | 33,588 |  | 21,747 |  |  |  |  |  |  |  | (32,293) |  | 23,042
Total shareholdings |  | 5,060,002 |  | 41,784 |  | (33,608) |  | 158,988 |  | 8 |  | (76,689) |  | 5,150,485
Classification of investments in the balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity interests |  | 5,060,002 |  |  |  |  |  |  |  |  |  |  |  | 5,150,485
Investment Property |  | 159,080 |  |  |  |  |  |  |  |  |  |  |  | 157,547
Total investments in the asset |  | 5,219,082 |  |  |  |  |  |  |  |  |  |  |  | 5,308,032

(1) Refers mainly to the alienation by CEEE-G in the first quarter of its equity interest in affiliates Ventos Lagoa Energia S.A., Parques Eólicos Palmares S.A., Ventos do Litoral Energia S.A. and Ventos dos Índios Energia S.A., consequently, there was a write-off of these investments in the amount of (R$47,611), the effect of the operation was classified under the category of other operating expenses and revenues;

(2) The balance of R$359,024 refers to the Fair Value generated in the acquisition of the company CEEE-G, with the disposals mentioned in the item above, the Fair Value was written off in the amount of (R$39,314) referring to the capital gains of the companies sold, the effect of the write-off was classified under the equity method category;

(3) These are strategic investments in startups made by the subsidiary CSN Inova Ventures, which are valued using the cost method, in the following companies: Alinea Health Holdings Ltda. I.Systems Aut. Ind., 2D Materials, H2Pro Ltda, 1S1 Energy, Traive INC., OICO Holdings, Clarke Software and Global Dot, the latter acquired on June 5, 2023;

(4) On June 1, 2023, Stalhwerk Thüringen GmbH acquired the company from MAZET - Maschinenbau Zerspanungstechnik GmbH, for the amount of R$ 21,747, an investment that is currently being evaluated;

45

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

The reconciliation of equity in earnings of companies with shared control classified as joint ventures and associates and the amount presented in the income statement is presented below and results from the elimination of the results of CSN's transactions with these companies:

|  |  | Consolidated
| 06/30/2023 |  | 06/30/2022
Equity in results of affiliated companies |  |  |
MRS Logística S.A. | 179,367 |  | 114,541
Transnordestina | (11,163) |  | (15,872)
Arvedi Metalfer do Brasil | (1,373) |  | 2,514
Equimac S.A | 1,306 |  | 1,369
Indirect interest in affiliates - CEEE-G | 24,732 |  | -
Fair Value Amortization | (33,881) |  | (5,873)
| 158,988 |  | 96,679
Other adjustments |  |  |
Cost of sales | (47,716) |  | (33,968)
To taxes | 16,223 |  | 11,549
Others | 1,316 |  | (595)
Equity in results | 128,811 |  | 73,665

(1) The operating margin of intercompany transactions with group companies classified as joint ventures, which are not consolidated, are reclassified in the Statement of Income from the Investment group to the costs and income tax and social contribution groups.

The changes in the Parent Company's investment are presented below:

46

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  |  |  |  |  |  |  |  |  |  |  | Parent Company
Companies |  | Final balance on 12/31/2022 |  | Capital increase |  | Dividends |  | Equity Income |  | Comprehensive income |  | Final balance on 06/30/2023
Investments under the equity method |  |  |  |  |  |  |  |  |  |  |  |
Subsidiaries |  |  |  |  |  |  |  |  |  |  |  |
CSN Steel S.L.U. |  | 5,028,262 |  |  |  |  |  | (97,735) |  | (198,091) |  | 4,732,436
Sepetiba Tecon S.A. |  | 294,460 |  |  |  |  |  | (13,142) |  |  |  | 281,318
Minérios Nacional S.A. |  | 121,242 |  |  |  | 6,390 |  | 19,263 |  |  |  | 146,895
Fair Value - Minérios Nacional |  | 2,123,507 |  |  |  |  |  |  |  |  |  | 2,123,507
Companhia Metalúrgica Prada |  | 424,317 |  |  |  |  |  | (41,413) |  |  |  | 382,904
Goodwill - Companhia Metalúrgica Prada |  | 63,509 |  |  |  |  |  |  |  |  |  | 63,509
CSN Mineração S.A. |  | 9,086,716 |  |  |  | (1,963,023) |  | 805,499 |  | 416,784 |  | 8,345,976
CSN Energia S.A. |  | 56,736 |  |  |  |  |  | (13,371) |  |  |  | 43,365
FTL - Ferrovia Transnordestina Logística S.A. |  | 163,740 |  |  |  |  |  | (13,398) |  |  |  | 150,342
Companhia Florestal do Brasil |  | 1,300,726 |  |  |  | (4,270) |  | (6,028) |  | 1,333 |  | 1,291,761
CBSI - Companhia Brasileira de Serviços de Infraestrutura |  | 29,057 |  |  |  | (933) |  | 4,347 |  |  |  | 32,471
Goodwill - CBSI - Companhia Brasileira de Serviços de Infraestrutura |  | 15,225 |  |  |  |  |  |  |  |  |  | 15,225
CSN Cimentos S.A. |  | 6,938,822 |  |  |  |  |  | (62,314) |  |  |  | 6,876,508
Others |  | 120 |  | 160 |  |  |  | (1,691) |  |  |  | (1,411)
|  | 25,646,439 |  | 160 |  | (1,961,836) |  | 580,017 |  | 220,026 |  | 24,484,806
Joint-venture, Joint-operation and Affiliate |  |  |  |  |  |  |  |  |  |  |  |
Itá Energética S.A. |  | 189,513 |  |  |  |  |  | 5,317 |  |  |  | 194,830
MRS Logística S.A. |  | 1,027,709 |  |  |  |  |  | 89,706 |  | 4 |  | 1,117,419
Transnordestina Logística S.A. |  | 1,184,512 |  |  |  |  |  | (11,163) |  |  |  | 1,173,349
Fair Value -Transnordestina |  | 659,106 |  |  |  |  |  |  |  |  |  | 659,106
Equimac S.A |  | 18,482 |  |  |  |  |  | 1,306 |  |  |  | 19,788
Arvedi Metalfer do Brasil (affiliate) |  | 25,783 |  | 11,037 |  |  |  | (1,372) |  |  |  | 35,448
|  | 3,105,105 |  | 11,037 |  |  |  | 83,794 |  | 4 |  | 3,199,940
Other participations |  |  |  |  |  |  |  |  |  |  |  |
Investments at fair value through profit or loss (note 13) |  | 94,700 |  |  |  |  |  |  |  |  |  | 94,700
Profits on subsidiaries' inventories |  | (67,640) |  |  |  |  |  | 81,478 |  |  |  | 13,838
Other investments |  | 28 |  |  |  |  |  | (3) |  |  |  | 25
|  | 27,088 |  |  |  |  |  | 81,475 |  |  |  | 108,563
Total shareholdings |  | 28,778,632 |  | 11,197 |  | (1,961,836) |  | 745,286 |  | 220,030 |  | 27,793,309
Subsidiaries with unsecured liabilities |  |  |  |  |  |  |  |  |  |  |  |
CSN Islands VII Corp. |  | (2,661,734) |  |  |  |  |  | 188,642 |  |  |  | (2,473,092)
CSN Inova Ventures |  | (1,755,949) |  |  |  |  |  | (110,669) |  |  |  | (1,866,618)
CSN Islands XII Corp. |  | (3,340,129) |  |  |  |  |  | 170,253 |  |  |  | (3,169,876)
Estanho de Rondônia S.A. |  | (76,295) |  |  |  |  |  | (15,366) |  |  |  | (91,661)
Total subsidiaries with unsecured liabilities |  | (7,834,107) |  |  |  |  |  | 232,860 |  |  |  | (7,601,247)
Equity Income |  |  |  |  |  |  |  | 978,146 |  |  |  |
Classification of investments in the balance sheet |  |  |  |  |  |  |  |  |  |  |  |
Equity interests |  | 28,778,632 |  |  |  |  |  |  |  |  |  | 27,793,309
Investment Property |  | 140,143 |  |  |  |  |  |  |  |  |  | 138,944
Total active investments |  | 28,918,775 |  |  |  |  |  |  |  |  |  | 27,932,253
Provision for Investments with Unsecured Liabilities (liabilities) |  | (7,834,107) |  |  |  |  |  |  |  |  |  | (7,601,247)
Total active and passive investments |  | 21,084,668 |  |  |  |  |  |  |  |  |  | 20,331,006

| 9.b) | Joint ventures and joint operations financial information

The balance sheet and income statement balances of the companies with shared control are shown below and refer to 100% of the companies’ results:

47

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  |  |  |  |  |  |  | 06/30/2023 |  |  |  |  |  |  |  | 12/31/2022
|  | Joint-Venture |  | Joint-Operation |  | Joint-Venture |  | Joint-Operation
Equity interest (%) |  | MRS Logística |  | Transnordestina Logística |  | Equimac S.A. |  | Itá Energética |  | MRS Logística |  | Transnordestina Logística |  | Equimac S.A. |  | Itá Energética
| 37.27% |  | 48.04% |  | 50.00% |  | 48.75% |  | 37.27% |  | 48.04% |  | 50.00% |  | 48.75%
Balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1,225,069 |  | 1,800 |  | 8,730 |  | 84,824 |  | 867,937 |  | 1,164 |  | 8,983 |  | 46,946
Advances to suppliers |  | 87,300 |  | 3,689 |  | 26 |  | 1,290 |  | 29,500 |  | 21,036 |  | 1,384 |  | 1,273
Other current assets |  | 977,999 |  | 71,293 |  | 13,194 |  | 20,856 |  | 1,351,335 |  | 78,777 |  | 11,648 |  | 30,735
Total current assets |  | 2,290,368 |  | 76,782 |  | 21,950 |  | 106,970 |  | 2,248,772 |  | 100,977 |  | 22,015 |  | 78,954
Non-current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  | 660,569 |  | 222,898 |  | 599 |  | 18,039 |  | 887,987 |  | 255,367 |  | 1,643 |  | 19,007
Investments, PP&E and intangible assets |  | 11,826,172 |  | 11,563,307 |  | 44,023 |  | 310,372 |  | 11,541,779 |  | 11,029,525 |  | 41,709 |  | 325,911
Total non-current assets |  | 12,486,741 |  | 11,786,205 |  | 44,622 |  | 328,411 |  | 12,429,766 |  | 11,284,892 |  | 43,352 |  | 344,918
Total Assets |  | 14,777,109 |  | 11,862,987 |  | 66,572 |  | 435,381 |  | 14,678,538 |  | 11,385,869 |  | 65,367 |  | 423,872
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 934,842 |  | 173,048 |  | 8,034 |  |  |  | 735,231 |  | 142,073 |  | 5,497 |  |
Lease liabilities |  | 491,369 |  |  |  | 1,235 |  |  |  | 472,129 |  |  |  | 701 |  |
Other current liabilities |  | 1,378,452 |  | 69,518 |  | 6,230 |  | 16,509 |  | 1,682,928 |  | 150,268 |  | 5,777 |  | 14,326
Total current liabilities |  | 2,804,663 |  | 242,566 |  | 15,499 |  | 16,509 |  | 2,890,288 |  | 292,341 |  | 11,975 |  | 14,326
Non-current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 3,544,456 |  | 7,504,241 |  | 9,417 |  |  |  | 3,604,793 |  | 7,142,895 |  | 14,446 |  |
Lease liabilities |  | 1,679,058 |  |  |  | 253 |  |  |  | 1,928,931 |  |  |  | 630 |  |
Other non-current liabilities |  | 754,004 |  | 1,673,672 |  | 1,827 |  | 19,221 |  | 740,892 |  | 1,484,884 |  | 1,353 |  | 18,914
Total non-current liabilities |  | 5,977,518 |  | 9,177,913 |  | 11,497 |  | 19,221 |  | 6,274,616 |  | 8,627,779 |  | 16,429 |  | 18,914
Shareholders’ equity |  | 5,994,928 |  | 2,442,508 |  | 39,576 |  | 399,651 |  | 5,513,634 |  | 2,465,749 |  | 36,963 |  | 390,632
Total liabilities and shareholders’ equity |  | 14,777,109 |  | 11,862,987 |  | 66,572 |  | 435,381 |  | 14,678,538 |  | 11,385,869 |  | 65,367 |  | 423,872

|  |  |  |  |  |  |  | 01/01/2023 a 06/30/2023 |  |  |  |  |  |  |  | 01/01/2022 a 06/30/2022
|  | Joint-Venture |  | Joint-Operation |  |  |  | Joint-Venture |  | Joint-Operation
Equity interest (%) |  | MRS Logística |  | Transnordestina Logística |  | Equimac S.A. |  | Itá Energética |  | MRS Logística |  | Transnordestina Logística |  | Equimac S.A. |  | Itá Energética
| 37.27% |  | 48.04% |  | 50.00% |  | 48.75% |  | 37.27% |  | 48.04% |  | 50.00% |  | 48.75%
Statements of Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenue |  | 2,873,214 |  | 499 |  | 22,926 |  | 96,010 |  | 2,543,969 |  | 340 |  | 16,639 |  | 94,428
Cost of sales and services |  | (1,589,318) |  |  |  | (13,006) |  | (42,394) |  | (1,673,615) |  |  |  | (10,417) |  | (46,173)
Gross profit |  | 1,283,896 |  | 499 |  | 9,920 |  | 53,616 |  | 870,354 |  | 340 |  | 6,222 |  | 48,255
Operating (expenses) income |  | (227,070) |  | (21,842) |  | (2,128) |  | (39,463) |  | (69,477) |  | (22,861) |  | (1,587) |  | (36,376)
Financial income (expenses), net |  | (325,469) |  | (1,895) |  | (1,402) |  | 2,510 |  | (333,712) |  | (11,063) |  | (1,308) |  | (139)
Income before income tax and social contribution |  | 731,357 |  | (23,238) |  | 6,390 |  | 16,663 |  | 467,165 |  | (33,584) |  | 3,327 |  | 11,740
Current and deferred income tax and social contribution |  | (250,085) |  |  |  | (626) |  | (5,756) |  | (159,831) |  |  |  | (590) |  | (4,242)
Profit / (loss) for the period |  | 481,272 |  | (23,238) |  | 5,764 |  | 10,907 |  | 307,334 |  | (33,584) |  | 2,737 |  | 7,498

| 9.c) | TRANSNORDESTINA LOGÍSTICA S.A. (“TLSA”)

TSA is primarily engaged in the public service operation and development of a railroad network in the Northeast of Brazil, comprising the rail links Velha-Salgueiro, Salgueiro-Trindade, Trindade-Eliseu Martins, Salgueiro- Porto de Suape, and Missão Velha-Porto de Pecém (“Malha II”). On December 23, 2022, after extensive negotiations involving ANTT, TCU and the then Ministry of Infrastructure, signed first amendment to the Concession Agreement , which redefined the scope and deadlines for completion of the TLSA sections, notably to provide for the return of the section Salgueiro-Porto de Suape, which results in a project with the current 1,206 km of rail network and completion deadline up to December 2029.

Management relies on resources from its shareholders and third parties to complete the work, which is expected to be available, based on previously conducted agreements and recent discussions between the parties involved. After evaluating this matter, Management concluded that the use of the project’s business continuity accounting basis in the preparation of the interim financial information was considered appropriate.

| 9.d) | Investment properties

The balance of investment properties is shown below:

48

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  |  |  |  |  | Consolidated |  |  |  |  |  | Parent Company
|  | Land |  | Buildings |  | Total |  | Land |  | Buildings |  | Total
Balance at December 31, 2022 |  | 101,513 |  | 57,567 |  | 159,080 |  | 94,257 |  | 45,886 |  | 140,143
Cost |  | 101,513 |  | 87,977 |  | 189,490 |  | 94,257 |  | 74,392 |  | 168,649
Accumulated depreciation |  |  |  | (30,410) |  | (30,410) |  |  |  | (28,506) |  | (28,506)
Balance at December 31, 2022 |  | 101,513 |  | 57,567 |  | 159,080 |  | 94,257 |  | 45,886 |  | 140,143
Depreciation (note 24) |  |  |  | (1,533) |  | (1,533) |  |  |  | (1,199) |  | (1,199)
Balance at June 30, 2023 |  | 101,513 |  | 56,034 |  | 157,547 |  | 94,257 |  | 44,687 |  | 138,944
Cost |  | 101,513 |  | 87,977 |  | 189,490 |  | 94,257 |  | 74,392 |  | 168,649
Accumulated depreciation |  |  |  | (31,943) |  | (31,943) |  |  |  | (29,705) |  | (29,705)
Balance at June 30, 2023 |  | 101,513 |  | 56,034 |  | 157,547 |  | 94,257 |  | 44,687 |  | 138,944

The Company’s estimate of the fair value of investment properties was made for December 31, 2022. The fair value of investment property in the consolidated balance as of June 30, 2023, and December 31, 2022 is R$2,163,610 and in the parent company R$2,097,290.

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

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Buildings | 27 |  | 27 |  | 28 |  | 28

| 10. | PROPERTY, PLANT AND EQUIPMENT

|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
| Land |  | Buildings and Infrastructure |  | Machinery, equipment and facilities |  | Furniture and fixtures |  | Construction in progress |  | Right of use (i) |  | Other (4) |  | Total
Balance at December 31, 2022 | 485,107 |  | 4,451,114 |  | 16,525,293 |  | 40,882 |  | 4,025,550 |  | 644,880 |  | 197,619 |  | 26,370,445
Cost | 485,107 |  | 8,741,911 |  | 36,373,386 |  | 284,863 |  | 4,025,550 |  | 1,057,566 |  | 643,304 |  | 51,611,687
Accumulated depreciation |  |  | (4,290,797) |  | (19,848,093) |  | (243,981) |  |  |  | (412,686) |  | (445,685) |  | (25,241,242)
Balance at December 31, 2022 | 485,107 |  | 4,451,114 |  | 16,525,293 |  | 40,882 |  | 4,025,550 |  | 644,880 |  | 197,619 |  | 26,370,445
Effect of foreign exchange differences | (5,054) |  | (7,268) |  | (23,607) |  | (508) |  | (3,440) |  | (3,638) |  | (108) |  | (43,623)
Acquisitions | 39,694 |  | 35,022 |  | 65,665 |  | 861 |  | 1,586,309 |  | 65,997 |  | 8,277 |  | 1,801,825
Capitalized interest (1) (notes 26) |  |  |  |  |  |  |  |  | 94,342 |  |  |  |  |  | 94,342
Write-offs (note 25) | (575) |  | (10) |  | (68) |  | (26) |  |  |  |  |  | (46) |  | (725)
Depreciation (note 24) |  |  | (137,833) |  | (1,244,533) |  | (4,938) |  |  |  | (74,169) |  | (26,730) |  | (1,488,203)
Transfers to other asset categories | 951 |  | 48,443 |  | 1,692,804 |  | 209 |  | (2,008,525) |  |  |  | 266,118 |  |
Transfers to intangible assets |  |  |  |  |  |  |  |  | (2,713) |  |  |  |  |  | (2,713)
Right of use - Remesurement |  |  |  |  |  |  |  |  |  |  | 68,613 |  |  |  | 68,613
Others |  |  | (90) |  | (688) |  |  |  | 13,353 |  |  |  |  |  | 12,575
Balance at June 30, 2023 | 520,123 |  | 4,389,378 |  | 17,014,866 |  | 36,480 |  | 3,704,876 |  | 701,683 |  | 445,130 |  | 26,812,536
Cost | 520,123 |  | 8,599,991 |  | 37,355,497 |  | 282,891 |  | 3,704,876 |  | 1,168,256 |  | 1,729,238 |  | 53,360,872
Accumulated depreciation |  |  | (4,210,613) |  | (20,340,631) |  | (246,411) |  |  |  | (466,573) |  | (1,284,108) |  | (26,548,336)
Balance at June 30, 2023 | 520,123 |  | 4,389,378 |  | 17,014,866 |  | 36,480 |  | 3,704,876 |  | 701,683 |  | 445,130 |  | 26,812,536

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Parent Company
|  | Land |  | Buildings and Infrastructure |  | Machinery, equipment and facilities |  | Furniture and fixtures |  | Construction in progress |  | Right of use (i) |  | Other (4) |  | Total
Balance at December 31, 2022 |  | 25,618 |  | 287,746 |  | 6,533,142 |  | 10,201 |  | 900,421 |  | 11,433 |  | 17,924 |  | 7,786,485
Cost |  | 25,618 |  | 520,372 |  | 15,233,464 |  | 100,323 |  | 900,421 |  | 38,133 |  | 132,073 |  | 16,950,404
Accumulated depreciation |  |  |  | (232,626) |  | (8,700,322) |  | (90,122) |  |  |  | (26,700) |  | (114,149) |  | (9,163,919)
Balance at December 31, 2022 |  | 25,618 |  | 287,746 |  | 6,533,142 |  | 10,201 |  | 900,421 |  | 11,433 |  | 17,924 |  | 7,786,485
Acquisitions |  |  |  |  |  | 51,316 |  |  |  | 666,128 |  | 3,906 |  | 75 |  | 721,425
Capitalized interest (1) (note 26) |  |  |  |  |  |  |  |  |  | 38,810 |  |  |  |  |  | 38,810
Write-offs (note 25) |  |  |  |  |  | 1,314 |  |  |  |  |  |  |  |  |  | 1,314
Depreciation (note 24) |  |  |  | (8,790) |  | (534,017) |  | (908) |  |  |  | (4,340) |  | (3,343) |  | (551,398)
Transfers to other asset categories |  |  |  | 393 |  | 997,704 |  |  |  | (1,008,054) |  |  |  | 9,957 |  |
Transfers to intangible assets |  |  |  |  |  |  |  |  |  | (408) |  |  |  |  |  | (408)
Others |  |  |  |  |  | (34) |  |  |  |  |  |  |  |  |  | (34)
Balance at June 30, 2023 |  | 25,618 |  | 279,349 |  | 7,049,425 |  | 9,293 |  | 596,897 |  | 10,999 |  | 24,613 |  | 7,996,194
Cost |  | 25,618 |  | 520,765 |  | 16,283,791 |  | 100,323 |  | 596,897 |  | 41,997 |  | 142,104 |  | 17,711,495
Accumulated depreciation |  |  |  | (241,416) |  | (9,234,366) |  | (91,030) |  | - |  | (30,998) |  | (117,491) |  | (9,715,301)
Balance at June 30, 2023 |  | 25,618 |  | 279,349 |  | 7,049,425 |  | 9,293 |  | 596,897 |  | 10,999 |  | 24,613 |  | 7,996,194

(*) Refer substantially to: i) in the consolidated table: assets for railway use, such as yards, rails, mines, and sleepers; and ii) in the parent company's table: improvements to third-party assets, vehicles and hardware.

(1) The costs of capitalized borrowing are basically determined for the projects in Steelmaking and Mining and refer substantially, to:

49

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

- CSN: Technological updates and acquisition of new equipment for maintenance of the production capacity of UPV Plant (RJ);

- CSN Mineração: Expansion of Casa de Pedra (MG) and TECAR (RJ).

| (i) | Right of use

Below are the movements of the right of use:

|  |  |  |  |  |  |  |  | Consolidated
| Land |  | Buildings and Infrastructure |  | Machinery, equipment and facilities |  | Others |  | Total
Balance at December 31, 2022 | 465,048 |  | 62,431 |  | 83,161 |  | 34,240 |  | 644,880
Cost | 548,756 |  | 107,782 |  | 277,865 |  | 123,164 |  | 1,057,567
Accumulated depreciation | (83,708) |  | (45,351) |  | (194,704) |  | (88,924) |  | (412,687)
Balance at December 31, 2022 | 465,048 |  | 62,431 |  | 83,161 |  | 34,240 |  | 644,880
Effect of foreign exchange differences |  |  | (2,716) |  | 124 |  | (1,046) |  | (3,638)
Addition | 65,081 |  |  |  |  |  | 917 |  | 65,998
Remesurement | 4,264 |  | 41,977 |  | 19,131 |  | 3,240 |  | 68,612
Depreciation | (14,427) |  | (9,358) |  | (38,426) |  | (11,958) |  | (74,169)
Transfers to other asset categories | (2,701) |  | 2,340 |  | 2,296 |  | (1,935) |  |
Balance at June 30, 2023 | 517,265 |  | 94,674 |  | 66,286 |  | 23,458 |  | 701,683
Cost | 617,729 |  | 143,484 |  | 294,582 |  | 112,461 |  | 1,168,256
Accumulated depreciation | (100,464) |  | (48,810) |  | (228,296) |  | (89,003) |  | (466,573)
Balance at June 30, 2023 | 517,265 |  | 94,674 |  | 66,286 |  | 23,458 |  | 701,683

|  |  |  |  |  |  |  | Parent Company
|  | Land |  | Machinery, equipment and facilities |  | Others |  | Total
Balance at December 31, 2022 |  | 9,400 |  | 1,870 |  | 163 |  | 11,433
Cost |  | 33,307 |  | 2,639 |  | 2,187 |  | 38,133
Accumulated depreciation |  | (23,907) |  | (769) |  | (2,024) |  | (26,700)
Balance at December 31, 2022 |  | 9,400 |  | 1,870 |  | 163 |  | 11,433
Remesurement |  | 3,906 |  |  |  |  |  | 3,906
Depreciation |  | (3,828) |  | (389) |  | (123) |  | (4,340)
Transfers to other asset categories |  | 202 |  | (204) |  | 2 |  |
Balance at June 30, 2023 |  | 9,680 |  | 1,277 |  | 42 |  | 10,999
Cost |  | 37,414 |  | 2,392 |  | 2,191 |  | 41,997
Accumulated depreciation |  | (27,734) |  | (1,115) |  | (2,149) |  | (30,998)
Balance at June 30, 2023 |  | 9,680 |  | 1,277 |  | 42 |  | 10,999

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

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Buildings and Infrastructure | 34 |  | 34 |  | 31 |  | 31
Machinery, equipment and facilities | 18 |  | 18 |  | 19 |  | 20
Furniture and fixtures | 12 |  | 12 |  | 13 |  | 13
Others | 11 |  | 9 |  | 11 |  | 12

50

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

11. INTANGIBLE ASSETS

|  |  |  |  |  |  |  |  |  |  |  |  | Consolidated |  |  |  | Parent Company
| Goodwill |  | Customer relationships |  | Software |  | Trademarks and patents |  | Rights and licenses (*) |  | Others |  | Total |  | Software |  | Total
Balance at December 31, 2022 | 4,131,483 |  | 152,484 |  | 87,846 |  | 225,187 |  | 6,188,654 |  | 2,400 |  | 10,788,054 |  | 59,499 |  | 59,499
Cost | 4,371,890 |  | 753,307 |  | 296,456 |  | 226,581 |  | 6,400,593 |  | 2,400 |  | 12,051,227 |  | 178,747 |  | 178,747
Accumulated amortization | (131,077) |  | (600,823) |  | (208,610) |  | (1,394) |  | (211,939) |  |  |  | (1,153,843) |  | (119,248) |  | (119,248)
Adjustment for accumulated recoverable value | (109,330) |  |  |  |  |  |  |  |  |  |  |  | (109,330) |  |  |  |
Balance at December 31, 2022 | 4,131,483 |  | 152,484 |  | 87,846 |  | 225,187 |  | 6,188,654 |  | 2,400 |  | 10,788,054 |  | 59,499 |  | 59,499
Effect of foreign exchange differences |  |  | (5,643) |  | (185) |  | (10,368) |  |  |  | (132) |  | (16,328) |  |  |  |
Acquisitions |  |  |  |  | 995 |  |  |  |  |  |  |  | 995 |  |  |  |
Transfer of property, plant and equipment |  |  |  |  | 2,630 |  | 83 |  |  |  |  |  | 2,713 |  | 408 |  | 408
Amortization (note 24) |  |  | (38,641) |  | (10,090) |  | (1,569) |  | (74,827) |  |  |  | (125,127) |  | (6,164) |  | (6,164)
Others |  |  |  |  | 281 |  |  |  |  |  |  |  | 281 |  |  |  |
Balance at June 30, 2023 | 4,131,483 |  | 108,200 |  | 81,477 |  | 213,333 |  | 6,113,827 |  | 2,268 |  | 10,650,588 |  | 53,743 |  | 53,743
Cost | 4,371,890 |  | 713,759 |  | 298,899 |  | 216,296 |  | 6,400,610 |  | 2,268 |  | 12,003,722 |  | 179,155 |  | 179,155
Accumulated amortization | (131,077) |  | (605,559) |  | (217,422) |  | (2,963) |  | (286,783) |  |  |  | (1,243,804) |  | (125,412) |  | (125,412)
Adjustment for accumulated recoverable value | (109,330) |  |  |  |  |  |  |  |  |  |  |  | (109,330) |  |  |  |
Balance at June 30, 2023 | 4,131,483 |  | 108,200 |  | 81,477 |  | 213,333 |  | 6,113,827 |  | 2,268 |  | 10,650,588 |  | 53,743 |  | 53,743

(*) Composed mainly of: (i) mining rights whose amortization is based on production volume and (ii) Concession agreement for the use of water resources in the acquisition of control of Companhia Estadual de Geração de Energia Elétrica, amortized over the agreement term (note 3.c).

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

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Software | 9 |  | 10 |  | 10 |  | 10
Customer relationships | 13 |  | 13 |  |  |  |

| 11.a) | Goodwill impairment test

Goodwill arising from expected future profitability of acquired companies and intangible assets with indefinite useful lives (brands) were allocated to CSN’s cash generating units (CGUs) which represent the lowest level of assets or group of assets of the Company. According to NBC TG 01(R4)/IAS36, when a CGU has an intangible asset with no defined useful life allocated, the Company must perform an impairment test.

The assumptions used for impairment assessment in December 2022 remain in place and there is no event that would justify recording impairment on June 30, 2023.

| 12. | BORROWINGS, FINANCING AND DEBENTURES

The balances of borrowings, financing and debentures that are recorded at amortized cost are as follows:

51

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  |  |  |  |  |  |  |  | Consolidated |  |  |  |  |  |  | Parent Company
|  |  | Current Liabilities |  | Non-current Liabilities |  | Current Liabilities | Non-current Liabilities
|  |  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022 | 06/30/2023 |  | 12/31/2022
Foreign Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating Rates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prepayment |  |  | 489,163 |  | 1,571,208 |  | 6,114,697 |  | 5,474,359 |  | 194,770 |  | 956,219 | 1,874,669 |  | 1,147,894
Fixed Rates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds, Perpetual bonds, Facility, CCE and ACC |  |  | 1,557,143 |  | 1,189,717 |  | 16,110,769 |  | 16,790,284 |  | 1,290,314 |  | 616,954 | 1,323,532 |  | 782,655
Intercompany |  |  |  |  |  |  |  |  |  |  | 685,701 |  | 43,196 | 6,588,755 |  | 8,216,508
Fixed interest in EUR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany |  |  |  |  |  |  |  |  |  |  | 1,043,337 |  | 858 | 657,375 |  | 1,767,536
Facility |  |  | 650,314 |  | 62,187 |  | 134,556 |  | 166,302 |  |  |  |  |  |  |
|  |  | 2,696,620 |  | 2,823,112 |  | 22,360,022 |  | 22,430,945 |  | 3,214,122 |  | 1,617,227 | 10,444,331 |  | 11,914,593
Debt agreements in Brazil |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating Rate Securities in R$: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES/FINAME/FINEP, Debentures, NCE and CCB |  |  | 3,006,222 |  | 2,446,840 |  | 14,191,551 |  | 13,740,051 |  | 2,723,521 |  | 1,827,077 | 6,596,736 |  | 6,110,174
|  |  | 3,006,222 |  | 2,446,840 |  | 14,191,551 |  | 13,740,051 |  | 2,723,521 |  | 1,827,077 | 6,596,736 |  | 6,110,174
Total Borrowings and Financing |  |  | 5,702,842 |  | 5,269,952 |  | 36,551,573 |  | 36,170,996 |  | 5,937,643 |  | 3,444,304 | 17,041,067 |  | 18,024,767
Transaction Costs and Issue Premiums |  |  | (87,249) |  | (76,316) |  | (497,379) |  | (445,890) |  | (22,470) |  | (25,285) | (26,735) |  | (30,518)
Total Borrowings and Financing + Transaction cost |  |  | 5,615,593 |  | 5,193,636 |  | 36,054,194 |  | 35,725,106 |  | 5,915,173 |  | 3,419,019 | 17,014,332 |  | 17,994,249

| 12.a) | Borrowing and amortization, financing, and debentures

The following table shows amortization and funding during the period:

|  |  |  | Consolidated |  |  |  | Parent Company
|  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Opening balance |  | 40,918,742 |  | 32,507,522 |  | 21,413,268 |  | 20,432,844
New debts |  | 7,352,557 |  | 20,248,223 |  | 5,279,322 |  | 9,922,074
Repayment |  | (4,435,867) |  | (10,782,858) |  | (2,876,581) |  | (8,270,606)
Payments of charges |  | (1,672,086) |  | (2,315,586) |  | (741,416) |  | (1,128,874)
Accrued charges (note 26) |  | 1,755,515 |  | 2,595,011 |  | 838,367 |  | 1,270,946
Consolidation of companies |  |  |  | 81,978 |  |  |  |
Others (1) |  | (2,249,074) |  | (1,415,548) |  | (983,455) |  | (813,116)
Closing balance |  | 41,669,787 |  | 40,918,742 |  | 22,929,505 |  | 21,413,268

| (1) | Including unrealized exchange and monetary variations and funding cost.

The Company raised and amortized borrowings, financing and debentures during 2023, as shown below:

|  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  |  |  | 06/30/2023
Nature |  | New debts |  | Maturities |  | Repayment |  | Interest payment
Pre-Payment |  | 1,220,733 |  | 2023 to 2028 |  | (1,012,370) |  | (210,226)
Bonds, ACC, CCE and Facility |  | 2,765,126 |  | 2023 to 2024 |  | (1,162,595) |  | (479,424)
BNDES/FINAME/FINEP, Debentures, NCE, Facility and CCB |  | 3,366,698 |  | 2023 to 2025 |  | (2,260,902) |  | (982,436)
|  | 7,352,557 |  |  |  | (4,435,867) |  | (1,672,086)

52

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| 12.b) | Maturities of borrowings, financing and debentures presented in current and non-current liabilities

|  |  |  |  |  | Consolidated |  |  |  |  |  | Parent Company
|  |  |  |  |  | 06/30/2023 |  |  |  |  |  | 06/30/2023
|  | Borrowings and financing in foreign currency |  | Borrowings and financing in national currency |  | Total |  | Borrowings and financing in foreign currency |  | Borrowings and financing in national currency |  | Total
Average rate |  | in Dollar 6.79%in Euro 5.12% |  | in Real 15.57% |  |  | in Dollar 4.06%in Euro 3.41% |  | in Real 15.82% |
2023 |  | 1,495,825 |  | 1,742,702 |  | 3,238,527 |  | 1,116,454 |  | 1,499,560 |  | 2,616,014
2024 |  | 2,047,296 |  | 3,857,504 |  | 5,904,800 |  | 2,777,174 |  | 1,758,585 |  | 4,535,759
2025 |  | 3,085,184 |  | 1,706,466 |  | 4,791,650 |  | 3,097,818 |  | 1,237,101 |  | 4,334,919
2026 |  | 2,695,451 |  | 2,284,861 |  | 4,980,312 |  | 740,706 |  | 1,729,101 |  | 2,469,807
2027 |  | 854,569 |  | 2,527,949 |  | 3,382,518 |  | 87,709 |  | 1,999,101 |  | 2,086,810
2028 to 2031 |  | 12,090,409 |  | 2,673,492 |  | 14,763,901 |  | 3,196,212 |  | 1,003,186 |  | 4,199,398
After 2031 |  | 2,787,908 |  | 2,404,799 |  | 5,192,707 |  | 2,642,380 |  | 93,623 |  | 2,736,003
|  | 25,056,642 |  | 17,197,773 |  | 42,254,415 |  | 13,658,453 |  | 9,320,257 |  | 22,978,710

· Covenants

The Company maintains contracts that provide for the fulfillment of certain non-financial obligations, as well as the maintenance of certain parameters and performance indicators, such as the equity ratio disclosure of its audited interim financial information according to regulatory deadlines or payment of commission for risk assumption, if the indicator of net debt to EBITDA reaches the levels foreseen in those contracts.

To the moment, the Company is compliant with the financial and non-financial obligations (covenants) of its existing contracts.

13. FINANCIAL INSTRUMENTS

| 13.a) | Identification and valuation of financial instruments

The Company may operate with several financial instruments, with emphasis on cash and cash equivalents, including financial investments, marketable securities, accounts receivable from customers, accounts payable to suppliers and borrowings and financing. Additionally, we may also operate with derivative financial instruments, such as swap exchange rate swap, swap interest and derivatives with commodities.

Considering the nature of these instruments, their fair value is basically determined by the use of quotations in the capital markets in Brazil and the Mercantile and Futures Exchange. The amounts recorded in current assets and liabilities have immediate liquidity or maturity, mostly in the short term. Considering the terms and characteristics of these instruments, the carrying amounts approximate the fair values.

53

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| · | Classification of financial instruments

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
Consolidated |  |  |  |  |  | 06/30/2023 |  |  |  | 12/31/2022
| Notes |  | Fair value through other comprehensive income |  | Fair value through profit or loss |  | Measured at amortized cost |  | Balances |  | Fair value through other comprehensive income |  | Fair value through profit or loss |  | Measured at amortized cost |  | Balances
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 3 |  |  |  |  |  | 11,975,423 |  | 11,975,423 |  |  |  |  |  | 11,991,356 |  | 11,991,356
Short-term investments |  | 4 |  |  |  | 1,167,137 |  | 37,542 |  | 1,204,679 |  |  |  | 1,184,895 |  | 271,590 |  | 1,456,485
Trade receivables |  | 5 |  |  |  |  |  | 2,671,612 |  | 2,671,612 |  |  |  |  |  | 3,233,164 |  | 3,233,164
Dividends and interest on equity |  | 8 |  |  |  |  |  | 77,377 |  | 77,377 |  |  |  |  |  | 77,377 |  | 77,377
Derivative financial instruments |  | 8 |  | 140,928 |  |  |  |  |  | 140,928 |  |  |  |  |  |  |  |
Trading securities |  | 8 |  |  |  | 8,325 |  |  |  | 8,325 |  |  |  | 9,596 |  |  |  | 9,596
Loans - related parties |  | 8 |  |  |  |  |  | 5,340 |  | 5,340 |  |  |  |  |  | 5,383 |  | 5,383
Total |  |  |  | 140,928 |  | 1,175,462 |  | 14,767,294 |  | 16,083,684 |  |  |  | 1,194,491 |  | 15,578,870 |  | 16,773,361
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | 4 |  |  |  |  |  | 127,242 |  | 127,242 |  |  |  |  |  | 156,185 |  | 156,185
Other trade receivables |  | 8 |  |  |  |  |  | 12,967 |  | 12,967 |  |  |  |  |  | 8,059 |  | 8,059
Eletrobrás compulsory loan |  | 8 |  |  |  |  |  | 59,606 |  | 59,606 |  |  |  |  |  | 58,030 |  | 58,030
Receivables by indemnity |  | 8 |  |  |  |  |  | 983,720 |  | 983,720 |  |  |  |  |  | 974,863 |  | 974,863
Loans - related parties |  | 8 |  |  |  |  |  | 1,572,739 |  | 1,572,739 |  |  |  |  |  | 1,384,773 |  | 1,384,773
Investments |  | 9 |  |  |  | 94,700 |  |  |  | 94,700 |  |  |  | 94,700 |  |  |  | 94,700
Total |  |  |  |  |  | 94,700 |  | 2,756,274 |  | 2,850,974 |  |  |  | 94,700 |  | 2,581,910 |  | 2,676,610
Total Assets |  |  |  | 140,928 |  | 1,270,162 |  | 17,523,568 |  | 18,934,658 |  |  |  | 1,289,191 |  | 18,160,780 |  | 19,449,971
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 12 |  |  |  |  |  | 5,702,842 |  | 5,702,842 |  |  |  |  |  | 5,269,952 |  | 5,269,952
Leases |  | 14 |  |  |  |  |  | 163,355 |  | 163,355 |  |  |  |  |  | 177,010 |  | 177,010
Trade payables |  | 15 |  |  |  |  |  | 6,248,846 |  | 6,248,846 |  |  |  |  |  | 6,596,915 |  | 6,596,915
Trade payables - drawee risk |  | 16 |  |  |  |  |  | 2,878,420 |  | 2,878,420 |  |  |  |  |  | 5,709,069 |  | 5,709,069
Dividends and interest on capital |  | 16 |  |  |  |  |  | 4,955 |  | 4,955 |  |  |  |  |  | 611,307 |  | 611,307
Derivative financial instruments (note 16) |  |  |  |  |  | 30,998 |  |  |  | 30,998 |  | 416,935 |  |  |  |  |  | 416,935
Total |  |  |  |  |  | 30,998 |  | 14,998,418 |  | 15,029,416 |  | 416,935 |  |  |  | 18,364,253 |  | 18,781,188
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 12 |  |  |  |  |  | 36,551,573 |  | 36,551,573 |  |  |  |  |  | 36,170,996 |  | 36,170,996
Leases |  | 14 |  |  |  |  |  | 596,036 |  | 596,036 |  |  |  |  |  | 516,836 |  | 516,836
Trade payables |  | 15 |  |  |  |  |  | 27,916 |  | 27,916 |  |  |  |  |  | 46,269 |  | 46,269
Derivative financial instruments (note 16) |  | 16 |  |  |  | 68,399 |  |  |  | 68,399 |  |  |  | 69,472 |  |  |  | 69,472
Total |  |  |  |  |  | 68,399 |  | 37,175,525 |  | 37,243,924 |  |  |  | 69,472 |  | 36,734,101 |  | 36,803,573
Total Liabilities |  |  |  |  |  | 99,397 |  | 52,173,943 |  | 52,273,340 |  | 416,935 |  | 69,472 |  | 55,098,354 |  | 55,584,761

54

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  |  |  |  |  |  |  |  |  |  |  |  |  | Parent Company
Parent Company |  |  |  |  |  | 06/30/2023 |  |  |  | 12/31/2022
| Notes |  | Fair value through profit or loss |  | Measured at amortized cost |  | Balances |  | Fair value through profit or loss |  | Measured at amortized cost |  | Balances
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 3 |  |  |  | 1,644,167 |  | 1,644,167 |  |  |  | 2,839,405 |  | 2,839,405
Short-term investments |  | 4 |  | 1,167,137 |  | 35,688 |  | 1,202,825 |  | 1,184,895 |  | 22,715 |  | 1,207,610
Trade receivables |  | 5 |  |  |  | 1,544,930 |  | 1,544,930 |  |  |  | 1,956,531 |  | 1,956,531
Dividends and interest on equity |  | 8 |  |  |  | 235,782 |  | 235,782 |  |  |  | 295,480 |  | 295,480
Trading securities |  | 8 |  | 8,203 |  |  |  | 8,203 |  | 9,488 |  |  |  | 9,488
Loans - related parties |  | 8 |  |  |  | 5,340 |  | 5,340 |  |  |  | 5,383 |  | 5,383
Total |  |  |  | 1,175,340 |  | 3,465,907 |  | 4,641,247 |  | 1,194,383 |  | 5,119,514 |  | 6,313,897
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | 4 |  |  |  | 110,842 |  | 110,842 |  |  |  | 140,510 |  | 140,510
Other trade receivables |  | 8 |  |  |  | 1,003 |  | 1,003 |  |  |  | 1,003 |  | 1,003
Eletrobrás compulsory loan |  | 8 |  |  |  | 56,885 |  | 56,885 |  |  |  | 55,336 |  | 55,336
Receivables by indemnity |  | 8 |  |  |  | 983,720 |  | 983,720 |  |  |  | 974,863 |  | 974,863
Loans - related parties |  | 8 |  |  |  | 1,943,894 |  | 1,943,894 |  |  |  | 1,668,382 |  | 1,668,382
Investments |  | 9 |  | 94,700 |  |  |  | 94,700 |  | 94,700 |  |  |  | 94,700
Total |  |  |  | 94,700 |  | 3,096,344 |  | 3,191,044 |  | 94,700 |  | 2,840,094 |  | 2,934,794
Total Assets |  |  |  | 1,270,040 |  | 6,562,251 |  | 7,832,291 |  | 1,289,083 |  | 7,959,608 |  | 9,248,691
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 12 |  |  |  | 5,937,643 |  | 5,937,643 |  |  |  | 3,444,304 |  | 3,444,304
Leases |  | 14 |  |  |  | 11,216 |  | 11,216 |  |  |  | 8,451 |  | 8,451
Trade payables |  | 15 |  |  |  | 3,080,122 |  | 3,080,122 |  |  |  | 3,684,793 |  | 3,684,793
Trade payables - drawee risk |  | 16 |  |  |  | 2,519,299 |  | 2,519,299 |  |  |  | 5,318,425 |  | 5,318,425
Dividends and interest on capital |  | 16 |  |  |  | 4,644 |  | 4,644 |  |  |  | 598,267 |  | 598,267
Derivative financial instruments (note 16) |  |  |  | 30,998 |  |  |  | 30,998 |  |  |  |  |  |
Total |  |  |  | 30,998 |  | 11,552,924 |  | 11,583,922 |  |  |  | 13,054,240 |  | 13,054,240
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 12 |  |  |  | 17,041,067 |  | 17,041,067 |  |  |  | 18,024,767 |  | 18,024,767
Derivative financial instruments (note 16) |  | 16 |  |  |  |  |  |  |  | 58,005 |  |  |  | 58,005
Leases |  | 14 |  |  |  | 1,216 |  | 1,216 |  |  |  | 4,729 |  | 4,729
Trade payables |  | 15 |  |  |  | 19,737 |  | 19,737 |  |  |  | 14,352 |  | 14,352
Total |  |  |  |  |  | 17,062,020 |  | 17,062,020 |  | 58,005 |  | 18,043,848 |  | 18,101,853
Total Liabilities |  |  |  | 30,998 |  | 28,614,944 |  | 28,645,942 |  | 58,005 |  | 31,098,088 |  | 31,156,093

| · | Fair value measurement

The following table shows the financial instruments recorded at fair value by classifying them according to the fair value hierarchy:

55

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Consolidated |  |  |  |  |  | 06/30/2023 |  |  |  |  |  | 12/31/2022
| Level 1 |  | Level 2 |  | Balances |  | Level 1 |  | Level 2 |  | Balances
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |
Financial investments |  | 1,167,137 |  |  |  | 1,167,137 |  | 1,184,895 |  |  |  | 1,184,895
Derivative financial instruments |  | 140,928 |  |  |  | 140,928 |  |  |  |  |  |
Trading securities |  | 8,325 |  |  |  | 8,325 |  | 9,596 |  |  |  | 9,596
Non-current |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | 94,700 |  |  |  | 94,700 |  | 94,700 |  |  |  | 94,700
Total Assets |  | 1,411,090 |  | - |  | 1,411,090 |  | 1,289,191 |  | - |  | 1,289,191
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | 30,998 |  | 30,998 |  |  |  | 416,935 |  | 416,935
Non-current |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | 68,399 |  | 68,399 |  |  |  | 69,472 |  | 69,472
Total Liabilities |  | - |  | 99,397 |  | 99,397 |  | - |  | 486,407 |  | 486,407

Level 1 - Data prices are quoted in an active market for items identical to the assets and liabilities being measured.

Level 2 - Consider inputs observable in the market, such as interest rates, exchange rates, etc., but are not prices negotiated in active markets.

Level 3 - There are no assets and liabilities classified as level 3.

| 13.b) | Financial risk management

The Company uses risk management strategies with guidance on the risks incurred by us.

The nature and general position of financial risks are regularly monitored and managed in order to assess results and the financial impact on cash flow. Credit limits and hedge quality of counterparties are also reviewed periodically.

Market risks are hedged when we consider necessary to support the corporate strategy or when it is necessary to maintain the level of financial flexibility.

We are exposed to exchange rate, interest rate, market price and liquidity risks.

The Company may manage some of the risks through the use of derivative instruments not associated with any speculative trading or short selling.

| · | Exchange rate risk

The exposure arises from the existence of assets and liabilities denominated in Dollar or Euro, since the Company’s functional currency is substantially the Real and is referred to as natural exchange exposure. The net exposure is the result of the offsetting of the natural exchange exposure by the instruments of hedge adopted by CSN.

The consolidated net exposure as of June 30, 2023, is shown below.

56

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  | 06/30/2023 | 12/31/2022
Foreign Exchange Exposure |  | (Amounts in US$’000) |  | (Amounts in US$’000)
Cash and cash equivalents overseas |  | 1,601,595 |  | 1,191,036
Trade receivables |  | 216,743 |  | 315,920
Financial investments |  | 15,669 |  | 26,930
Borrowings and financing |  | (4,971,631) |  | (4,594,471)
Trade payables |  | (338,881) |  | (366,149)
Others |  | (21,762) |  | (23,079)
Natural Gross Foreign Exchange Exposure (assets - liabilities) |  | (3,498,267) |  | (3,449,813)
Cash flow hedge accounting |  | 4,193,480 |  | 4,409,760
Exchange rate swap CDI x Dollar |  | (67,000) |  | (67,000)
Exchange rate swap Real x Dollar |  | (115,000) |  | (115,000)
Net foreign exchange exposure |  | 513,213 |  | 777,947

CSN uses Hedge Accounting strategy, as well as derivative financial instruments to protect future cash flows.

Sensitivity analysis of Derivative Financial Instruments and Consolidated Foreign Exchange Exposure

The Company considered scenarios 1 and 2 to be 25% and 50% deterioration for currency volatility, using the exchange rate closing rate as of June 30, 2023, as a reference.

The currencies used in the sensitivity analysis and their respective scenarios are shown below:

|  |  |  |  |  |  |  | 06/30/2023
Currency |  | Exchange rate |  | Probable scenario |  | Scenario 1 |  | Scenario 2
USD |  | 4.8192 |  | 4.7457 |  | 6.0240 |  | 7.2288
EUR |  | 5.2626 |  | 5.2606 |  | 6.5783 |  | 7.8939
USD x EUR |  | 1.0920 |  | 1.1085 |  | 1.3650 |  | 1.6380

The effects on the result, considering scenarios 1 and 2, are shown below:

|  |  |  |  |  |  |  |  |  | 06/30/2023
Instruments |  | Notional |  | Risk |  | Probable scenario (*) R$ |  | Scenario 1 R$ |  | Scenario 2 R$
Gross exchange position |  | (3,498,267) |  | Dollar |  | 257,123 |  | (4,214,712) |  | (8,429,424)
Cash flow hedge accounting |  | 4,193,480 |  | Dollar |  | (308,221) |  | 5,052,305 |  | 10,104,609
Exchange rate swap CDI x Dollar |  | (67,000) |  | Dollar |  | 4,925 |  | (80,722) |  | (161,443)
Exchange rate swap Real x Dollar |  | (115,000) |  | Dollar |  | 8,453 |  | (138,552) |  | (277,104)
Net exchange position |  | 513,213 |  | Dollar |  | (37,720) |  | 618,319 |  | 1,236,638

(*) The probable scenarios were calculated considering the following variations for the risks: Real x Dollar – valuation of the Real by 0.63% / Real x Euro - devaluation of the Real by 1.33% / Euro x Dollar – devaluation of the dollar by 2.0%. Source: Central Bank of Brazil and European Central Bank quotations on July 20, 2023.

| · | Interest rate risk

This risk arises from financial investments, borrowings and financing and debentures linked to the fixed and floating interest rates of the CDI, TLP, LIBOR and SOFR, exposing these financial assets and liabilities to interest rate fluctuations as shown in the sensitivity analysis table below.

57

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

With the modification of the global financial market in recent years and in line with the recommendations of international regulatory bodies, the market began to transition from the Libor rate (London Interbank Offered Rate) to the SOFR (Secured Overnight Financing Rate) as of 2022. The Company has not yet migrated its contracts to SOFR, as it is awaiting guidance from the financial market to transition the rate of its contracts.

Sensitivity analysis of changes in interest rates

We present below the sensitivity analysis for interest rate risks. The Company considered scenarios 1 and 2 to be 25% and 50% deterioration for interest rate volatility using the closing rate as of June 30, 2023, as a reference.

The interest rates used in the sensitivity analysis and their scenarios are shown below:

|  |  |  |  |  | Consolidated
|  |  |  |  |  | 06/30/2023
Interest |  | Interest rate |  | Scenario 1 |  | Scenario 2
CDI |  | 13.65% |  | 17.06% |  | 20.48%
TJLP |  | 7.28% |  | 9.10% |  | 10.92%
LIBOR |  | 5.76% |  | 7.20% |  | 8.64%
SELIC |  | 13.75% |  | 17.19% |  | 20.63%
SOFR |  | 5.39% |  | 6.74% |  | 8.09%

The effects on balances, considering scenarios 1 and 2, are shown below:

|  |  |  |  |  |  |  |  |  |  |  | Consolidated
Changes in interest rates |  | % p.a |  | Assets |  | Liabilities |  | Probable scenario (*) |  | Scenario 1 |  | Scenario 2
CDI |  | 13.65 |  | 3,319,162 |  | (15,667,530) |  | (14,033,920) |  | (14,455,308) |  | (14,876,696)
TJLP |  | 7.28 |  |  |  | (1,110,749) |  | (1,191,612) |  | (1,211,827) |  | (1,232,043)
Libor |  | 5.76 |  |  |  | (2,329,987) |  | (2,464,248) |  | (2,497,813) |  | (2,531,378)
Selic |  | 13.75 |  |  |  | (15,438) |  | (17,561) |  | (18,091) |  | (18,622)
SOFR |  | 5.39 |  |  |  | (4,730,045) |  | (4,985,025) |  | (5,048,770) |  | (5,112,515)

(*) The sensitivity analysis is based on the premise of maintaining the market values as of June 30, 2023 as a probable scenario recorded in the company´s assets and liabilities.

| · | Market price risk

The Company is also exposed to market risks related to the volatility of commodity and input prices. In line with its risk management policy, risk mitigation strategies involving commodities can be used to reduce cash flow volatility. These mitigation strategies may incorporate derivative instruments, predominantly forward transactions, futures, and options.

Below are the instruments for price risk protection, as shown in the following topics:

a) Cash flow hedge accounting - “Platts” index

The Company had derivative operations for iron ore, contracted by the subsidiary CSN Mineração, with the objective of reducing the volatility of its exposure to the commodity.

In order to better reflect the accounting effects of the Platts hedge strategy in the result, CSN Mineração opted to make the formal designation of the hedge and consequently adopted hedge accounting of the iron ore derivative as a hedge accounting instrument of its highly probable future iron ore sales. With this, the mark-to-market resulting from the volatility of Platts will be temporarily recorded in shareholders' equity and will be taken to the result when the referred sales occur according to the contracted period of assessment, thus allowing the recognition of the volatility of Platts on the sales of iron ore to be recognized at the same moment.

The table below shows the result of the derivative instrument until June 30, 2023:

58

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  |  |  |  |  |  |  | 06/30/2023 |  | 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
|  |  |  | Appreciation (R$) |  | Fair value (market) |  | Other income and expenses (note 25) |  | Other comprehensive income |  | Exchange variation
Maturity |  | Notional |  | Asset position |  | Liability position |  | Amounts receivable / (payable) |  |  |
05/31/2022 (Settled) |  | Platts |  |  |  |  |  |  |  |  |  | 23,374 |  |  |  |  |  |  |  | (1,087)
01/01/2023 to 01/31/2023 (Settled) |  | Platts |  |  |  |  |  |  |  | (196,908) |  |  |  |  |  |  |  | (1,107) |  |
02/01/2023 to 02/28/2023 (Settled) |  | Platts |  |  |  |  |  |  |  | (212,418) |  |  |  |  |  |  |  | 2,423 |  |
03/01/2023 to 03/31/2023 (Settled) |  | Platts |  |  |  |  |  |  |  | (158,699) |  |  |  |  |  |  |  | 1,982 |  |
04/01/2023 to 04/30/2023 (Settled) |  | Platts |  |  |  |  |  |  |  | 21,394 |  |  |  |  |  |  |  | 65 |  |
05/01/2023 to 05/31/2023 (Settled) |  | Platts |  |  |  |  |  |  |  | 186,366 |  |  |  |  |  |  |  | (3,629) |  |
06/01/2023 to 06/30/2023 (*) |  | Platts |  | 1,180,864 |  | (1,126,385) |  | 54,479 |  | 19,090 |  |  |  |  |  |  |  | (4,801) |  |
07/01/2023 to 07/31/2023 |  | Platts |  | 339,961 |  | (304,581) |  | 35,380 |  |  |  |  |  | 38,598 |  |  |  | (3,218) |  |
08/01/2023 to 08/31/2023 |  | Platts |  | 182,334 |  | (157,689) |  | 24,645 |  |  |  |  |  | 26,964 |  |  |  | (2,319) |  |
09/01/2023 to 09/30/2023 |  | Platts |  | 181,539 |  | (155,115) |  | 26,424 |  |  |  |  |  | 28,910 |  |  |  | (2,486) |  |
|  |  |  | 1,884,698 |  | (1,743,770) |  | 140,928 |  | (341,175) |  | 23,374 |  | 94,472 |  | - |  | (13,090) |  | (1,087)

(*) The operation matured on June 30, 2023 and was settled in early July 2023.

The changes in the amounts related to cash flow hedge accounting - Platts index recorded in shareholders' equity on June 30, 2023, are shown as follows:

| 12/31/2022 |  | Movement |  | Realization |  | 06/30/2023
Cash flow hedge accounting – “Platts” | (341,269) |  | 94,566 |  | 341,175 |  | 94,472
Income tax and social contribution on cash flow hedge accounting | 116,031 |  | (32,152) |  | (116,000) |  | (32,121)
Fair Value of cash flow accounting - Platts, net | (225,238) |  | 62,414 |  | 225,176 |  | 62,351

The cash flow hedge accounting - Platts index - has been fully effective since the derivative instruments were contracted.

To support the above-mentioned designations, the Company prepared formal documentation indicating how the designation of cash flow hedge accounting - Platts index is aligned with CSN's risk management objective and strategy, identifying the hedge instruments used, the hedge object, the nature of the risk to be protected and demonstrating the expectation of high effectiveness of the relations designated. Iron ore derivative instruments (“Platts” index) were designated in amounts equivalent to the portion of future sales, comparing the amounts designated with the amounts expected and approved in the Management and Board budgets.

Sensitivity analysis for Platts price risks

We present below the sensitivity analysis for Platts price risks. The Company considered scenarios 1 and 2 to be 25% and 50% devaluation in the share price using the closing rate on June 30, 2023, as a reference.

The effects on the result, considering probable scenarios 1 and 2, are shown below:

Maturity |  | Probable scenario (*) R$ |  | Scenario 1 R$ |  | Scenario 2 R$
07/01/2023 to 07/31/2023 |  | 33,653 |  | (50,820) |  | (135,293)
08/01/2023 to 08/31/2023 |  | 20,725 |  | (23,912) |  | (68,549)
09/01/2023 to 09/30/2023 |  | 22,463 |  | (21,522) |  | (65,508)
|  | 76,841 |  | (96,254) |  | (269,350)

(*) The probable scenario was calculated considering the Platts quotation on July 24,2023.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

b) Cash flow hedge accounting

Foreign exchange hedge

The Company and its subsidiary CSN Mineração formally designates relations of hedge of cash flows to protect highly probable future flows exposed to the dollar related to sales made in dollars.

With the objective of better reflecting the accounting effects of the hedge exchange rate in the result, CSN and its subsidiary CSN Mineração designated part of their dollar liabilities as an instrument of future hedge exports. As a result, the exchange rate variation resulting from the designated liabilities will be temporarily recorded in shareholders’ equity and will be reflected in the income statement when said exports occur, thus allowing the recognition of dollar fluctuations on liabilities and on exports to be recorded at the same time. It is noteworthy that the adoption of this hedge accounting does not imply the contracting of any financial instrument.

The table below presents a summary of the relations of hedge as of June 30, 2023:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 06/30/2023
Designation Date |  | Hedging Instrument |  | Hedged item |  | Type of hedged risk |  | Hedged period |  | Exchange rate on designation |  | Designated amounts (US$’000) |  | Amortizated part (USD'000) |  | Effect on Result (*) (R$'000) |  | Impact on Shareholders' equity (R$'000)
04/02/2018 |  | Bonds |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | July 2018 - February 2023 |  | 3.3104 |  | 1,170,045 |  | (1,170,045) |  | (281,258) |  | -
07/31/2019 |  | Bonds and Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | January 2020 - April 2026 |  | 3.7649 |  | 1,342,761 |  | (871,761) |  | (57,873) |  | (496,575)
01/10/2020 |  | Bonds |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | March 2027 - January 2028 |  | 4.0745 |  | 1,416,000 |  | (1,287,000) |  | - |  | (1,310,666)
01/28/2020 |  | Bonds |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | March 2027 - January 2028 |  | 4.2064 |  | 1,000,000 |  | - |  | - |  | (612,800)
06/01/2022 |  | Bonds and Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | June 2022 - April 2032 |  | 4.7289 |  | 1,145,300 |  | (123,300) |  | (22,731) |  | (92,287)
06/01/2022 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | June 2022 - May 2033 |  | 4.7289 |  | 878,640 |  | (87,160) |  | (9,841) |  | (71,471)
12/01/2022 |  | Advance on foreign exchange contract |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | December 2022 - November 2023 |  | 5.1643 |  | 60,000 |  |  |  |  |  | 20,706
12/01/2022 |  | Advance on foreign exchange contract |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | December 2022 - December 2025 |  | 5.2565 |  | 100,000 |  |  |  |  |  | 43,730
12/01/2022 |  | Advance on foreign exchange contract |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | December 2022 - January 2024 |  | 5.2660 |  | 50,000 |  |  |  |  |  | 22,340
12/01/2022 |  | Advance on foreign exchange contract |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | December 2022 - November 2023 |  | 5.3270 |  | 20,000 |  |  |  |  |  | 10,156
12/01/2022 |  | Bonds |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | December 2022 - June 2031 |  | 5.0360 |  | 490,000 |  | (10,000) |  | (1,373) |  | 104,064
12/01/2022 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | December 2022 - June 2027 |  | 5.0360 |  | 70,000 |  |  |  |  |  | 15,176
Total |  |  |  |  |  |  |  |  |  |  |  | 7,742,746 |  | (3,549,266) |  | (373,076) |  | (2,367,627)

(*) The realization of Hedge accounting cash flow is recognized in Other operating income and expenses, note 25.

The net balance of amounts designated and already amortized in dollars totals US$2,096,740.

In the hedging relationships described above, the amounts of the debt instruments were fully designated for equivalent iron ore export portions.

As of June 30, 2023, the hedging relationships established by the Company were effective according to the retrospective and prospective tests performed. Thus, no reversal for cash flow hedge accounting ineffectiveness was recognized.

c) Net investment hedge in foreign subsidiaries

The information related to the net investment hedge did not change in relation to that disclosed in the Company's interim financial information as of December 31, 2022. The balance recorded as of June 30, 2023 and December 31, 2022 is R$6,293.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

d) Hedge accounting movements

The changes in the amounts related to cash flow hedge accounting recorded in shareholders’ equity as of June 30, 2023 are shown as follows:

|  |  |  |  |  |  | Consolidated
| 12/31/2022 |  | Movement |  | Realization |  | 06/30/2023
Cash flow hedge accounting | (4,434,697) |  | 1,693,994 |  | 373,076 |  | (2,367,627)
Income tax and social contribution on cash flow hedge accounting | 1,507,797 |  | (575,958) |  | (126,846) |  | 804,993
Fair Value of cash flow accounting, net taxes | (2,926,900) |  | 1,118,036 |  | 246,230 |  | (1,562,634)
|  |  |  |  |  |  | Parent Company
| 12/31/2022 |  | Movement |  | Realization |  | 06/30/2023
Cash flow hedge accounting | (4,022,353) |  | 1,347,786 |  | 363,235 |  | (2,311,332)
Income tax and social contribution on cash flow hedge accounting | 1,367,600 |  | (458,247) |  | (123,500) |  | 785,853
Fair Value of cash flow accounting, net taxes | (2,654,753) |  | 889,539 |  | 239,735 |  | (1,525,479)

| · | Credit risk

The exposure to credit risks of financial institutions considers the parameters established in the financial policy. The Company practices a detailed analysis of the financial situation of its customers and suppliers, the determination of a credit limit and the permanent monitoring of its outstanding balance.

With regard to financial investments, the Company only invests in institutions with low credit risk assessed by credit rating agencies. Since part of the funds is invested in repo operations that are backed by Brazilian government bonds, there is also exposure to the credit risk of the country.

As for the exposure to credit risk in accounts receivable and other receivables, the Company has a credit risk committee, in which each new customer is analyzed individually regarding their financial condition, before granting the credit limit and payment terms, and periodically reviewed based on procedures and circumstances of each business area.

| · | Liquidity risk

It is the risk that the Company may not have sufficient net funds to honor its financial commitments as a result of the mismatch of term or volume between expected receipts and payments.

Future receipt and payment premises are established to manage cash liquidity in domestic and foreign currencies, which are monitored on a day-to-day basis by the Treasury Department. The payment schedules for long-term installments of borrowings, financing and debentures are shown in note 12.

The following are the contractual maturities of financial liabilities including interest.

|  |  |  |  |  |  |  |  | Consolidated
At June 30, 2023 | Less than one year |  | From one to two years |  | From two to five years |  | Over five years |  | Total
Borrowings, financing and debentures (note 12) | 5,702,842 |  | 8,232,136 |  | 15,988,353 |  | 12,331,084 |  | 42,254,415
Lease Liabilities (note 14) | 163,355 |  | 201,448 |  | 148,089 |  | 246,499 |  | 759,391
Derivative financial instruments (note 13 a) | 30,998 |  | 68,399 |  |  |  |  |  | 99,397
Trade payables (note 15) | 6,248,846 |  | 14,089 |  | 12,861 |  | 966 |  | 6,276,762
Trade payables - Drawee Risk (note 16) | 2,878,420 |  |  |  |  |  |  |  | 2,878,420
Dividends and interest on equity (note 16) | 4,955 |  |  |  |  |  |  |  | 4,955
| 15,029,416 |  | 8,516,072 |  | 16,149,303 |  | 12,578,549 |  | 52,273,340

IV - Fair values of assets and liabilities in relation to the book value

Financial assets and liabilities measured at fair value through profit or loss are recorded in current and non-current assets and liabilities and gains and losses are recorded as financial income and expenses, respectively.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

The amounts are recorded in the interim financial information at their book values, which are substantially similar to those that would be obtained if they were traded on the market. The fair values of other long-term assets and liabilities do not differ significantly from their book values, except for the amounts below.

The estimated fair value for certain consolidated long-term borrowings and financing was calculated at current market rates, considering the nature, term and risks similar to those of the registered contracts, as follows:

|  |  | 06/30/2023 |  |  |  | 12/31/2022
| Closing Balance |  | Fair value |  | Closing Balance |  | Fair value
Fixed Rate Notes (*) | 14,460,360 |  | 12,332,359 |  | 15,656,088 |  | 13,782,836

(*) Source: Bloomberg

| 13.c) | Protection instruments: Derivatives

· Derivative financial instruments portfolio position

Swap exchange rate CDI x Dollar

The Company has derivative transactions to protect its debt in NCE raised in September 2019 with maturity in October 2023 in the amount of US$67.000 (equivalent to R$278.000) at a cost compatible with that usually practiced by the Company.

Swap exchange rate Real x Dollar

The subsidiary CSN Cimentos, after contracting a borrowing in foreign currency of US$115,000, contracted derivative operations to protect its exposure to the dollar, maturing on June 10, 2027.

Swap exchange rate CDI x IPCA

The subsidiaries CSN Mineração and CSN Cimentos issued debentures during 2021 and 2022, respectively, and entered derivative transactions to hedge their exposure to the IPCA. CSN Mineração's contracts have maturities scheduled from 2031 to 2037, while CSN Cimentos' contracts mature in 2032.

Below is the position of the derivatives:

|  |  |  |  |  |  |  |  |  |  |  |  |  | 06/30/2023 |  | 06/30/2022
|  |  |  |  |  |  |  | Appreciation (R$) |  | Fair value (market) |  | Impact on financial income (expenses) (note 26)
Instrument |  | Maturity |  | Functional Currency |  | Notional amount |  | Asset position |  | Liability position |  | Amounts receivable / (payable) |
Exchange rate swap |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange rate swap Dollar x Real |  | Settled |  | Dollar |  |  |  |  |  |  |  |  |  |  |  | 45,162
Exchange rate swap CDI x Dollar |  | 10/02/2023 |  | Dollar |  | 67,000 |  | 292,145 |  | (323,143) |  | (30,998) |  | 42,347 |  | 46,444
Exchange rate swap Real x Dollar |  | 06/10/2027 |  | Dollar |  | 115,000 |  | 575,315 |  | (643,714) |  | (68,399) |  | (82,377) |  | (25,238)
Total Swap |  |  |  |  |  | 182,000 |  | 867,460 |  | (966,857) |  | (99,397) |  | (40,030) |  | 66,368
Interest rate swap |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate (Debentures) CDI x IPCA |  | 07/15/2031 |  | Real |  | 576,448 |  | 672,432 |  | (649,730) |  | 22,702 |  | 41,478 |  | (3,564)
Interest rate (Debentures) CDI x IPCA |  | 07/15/2032 |  | Real |  | 745,000 |  | 832,180 |  | (790,637) |  | 41,543 |  | 45,467 |  |
Interest rate (Debentures) CDI x IPCA |  | 07/15/2036 |  | Real |  | 423,552 |  | 458,425 |  | (453,773) |  | 4,652 |  | 47,142 |  | (9,878)
Interest rate (Debentures) CDI x IPCA |  | 07/15/2037 |  | Real |  | 655,382 |  | 734,812 |  | (722,934) |  | 11,878 |  | (4,189) |  |
Interest rate (Debentures) CDI x IPCA |  | 02/16/2032 |  | Real |  | 600,000 |  | 677,405 |  | (622,343) |  | 55,062 |  | 39,377 |  | 13,070
Interest rate (Debentures) CDI x IPCA |  | 02/12/2032 |  | Real |  | 600,000 |  | 715,391 |  | (660,354) |  | 55,037 |  | 55,247 |  | 9,991
Total interest rate (Debentures) CDI x IPCA |  |  |  |  |  | 3,600,382 |  | 4,090,645 |  | (3,899,771) |  | 190,874 |  | 224,522 |  | 9,619
|  |  |  |  |  |  |  | 4,958,105 |  | (4,866,628) |  | 91,477 |  | 184,492 |  | 75,987

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| · | Classification of derivatives in the balance sheet and income statement

|  |  |  |  |  |  |  |  |  | 06/30/2023 |  | 06/30/2022
Instruments |  | Assets |  | Liabilities |  | Financial income (expenses), net (note 26)
| Current |  | Total |  | Non-current |  | Total |
Exchange rate swap (NDF) Dollar x euro (settled) |  |  |  |  |  |  |  |  |  |  |  | 45,162
Exchange rate swap Real x Dollar |  |  |  |  |  | (68,399) |  | (68,399) |  | (82,377) |  | (25,238)
Exchange rate swap CDI x Dollar |  |  |  |  |  | (30,998) |  | (30,998) |  | 42,347 |  | 46,444
Iron ore derivative |  | 140,928 |  | 140,928 |  |  |  |  |  | (13,090) |  | (1,087)
Interest rate swap CDI x IPCA |  |  |  |  |  | 190,874 |  | 190,874 |  | 224,522 |  | 9,619
|  | 140,928 |  | 140,928 |  | 91,477 |  | 91,477 |  | 171,402 |  | 74,900

Derivative instruments Swap CDI x IPCA are fully classified in the borrowings and financing group, since they are linked to debentures in order to protect exposure to the IPCA.

| 13.d) | Investments in securities measured at fair value through profit or loss

The Company has common shares (USIM3), preferred shares (USIM5) of Siderúrgica de Minas Gerais S.A. (“Usiminas”) and shares of Panatlântica S.A. (PATI3), which are designated as fair value through profit or loss.

Usiminas shares are classified as current assets in financial investments and Panatlântica shares are classified as non-current assets under the investment line item. They are recorded at fair value, based on the market price quote in B3.

In accordance with the Company’s policy, the gains and losses arising from the variation in the share price are recorded directly in the income statement as financial result in the case of financial investments, or as other operating income and expenses in the case of long-term investments.

Class of shares |  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 06/30/2022
| Quantity |  | Equity interest (%) |  | Share price |  | Closing Balance |  | Quantity |  | Equity interest (%) |  | Share price |  | Closing Balance |  | Profit or loss (notes 25 and 26)
USIM3 |  | 106,620,851 |  | 15.12% |  | 7.29 |  | 777,266 |  | 106,620,851 |  | 15.12% |  | 7.41 |  | 790,061 |  | (12,795) |  | (671,712)
USIM5 |  | 55,144,456 |  | 10.07% |  | 7.07 |  | 389,871 |  | 55,144,456 |  | 10.07% |  | 7.16 |  | 394,834 |  | (4,963) |  | (358,990)
|  |  |  |  |  |  |  | 1,167,137 |  |  |  |  |  |  |  | 1,184,895 |  | (17,758) |  | (1,030,702)
PATI3 |  | 2,705,726 |  | 11.31% |  | 35.00 |  | 94,700 |  | 2,705,726 |  | 11.31% |  | 35.00 |  | 94,700 |  |  |  | (2,354)
|  |  |  |  |  |  |  | 1,261,837 |  |  |  |  |  |  |  | 1,279,595 |  | (17,758) |  | (1,033,056)

| · | Stock market price risks

The Company is exposed to the risk of changes in the stock price due to the investments measured at fair value through profit or loss that have their quotations based on the market price on the B3.

Sensitivity analysis for stock price risks

We present below the sensitivity analysis for the stock price risks. The Company considered scenarios 1 and 2 with 25% and 50% devaluation in the stock price using as reference the closing price on June 30, 2023. The probable scenario considered a 5% devaluation in the stock price.

The effects on the result, considering probable scenarios, 1 and 2 are demonstrated below:

|  |  |  | 06/30/2023
Class of shares |  | Probable scenario |  | Scenario 1 |  | Scenario 2
|  | 5% |  | 25% |  | 50%
USIM3 |  | (38,863) |  | (194,317) |  | (388,633)
USIM5 |  | (19,494) |  | (97,468) |  | (194,936)
PATI3 |  | (4,735) |  | (23,675) |  | (47,350)

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| 13.e) | Capital management

The Company seeks to optimize its capital structure in order to reduce its financial costs and maximize the return to its shareholders. The table below shows the evolution of the Company’s consolidated capital structure, with financing by equity and third-party capital:

Thousands of reais |  | 06/30/2023 |  | 12/31/2022
Shareholder's equity (equity) |  | 20,619,583 |  | 21,816,044
Borrowings and Financing (Third-party capital) |  | 41,669,787 |  | 40,918,742
Gross Debit/Shareholder's equity |  | 2.02 |  | 1.88

14. LEASE LIABILITIES

Lease liabilities are shown below:

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Leases | 2,062,578 |  | 1,916,636 |  | 13,182 |  | 14,306
Present value adjustment - Leases | (1,303,187) |  | (1,222,790) |  | (750) |  | (1,126)
| 759,391 |  | 693,846 |  | 12,432 |  | 13,180
Classified: |  |  |  |  |  |  |
Current | 163,355 |  | 177,010 |  | 11,216 |  | 8,451
Non-current | 596,036 |  | 516,836 |  | 1,216 |  | 4,729
| 759,391 |  | 693,846 |  | 12,432 |  | 13,180

The Company has lease agreements for port terminals in Itaguaí, the Solid Bulk Terminal - TECAR, used for loading and unloading iron ores and others and the Container Terminal - TECON, with remaining terms of 24 and 27 years, respectively, and lease agreement for railway operation using the Northeast network with a remaining term of 7 years.

Additionally, the Company has operating equipment lease agreements, used mainly in the mining and steel operations, and real estate, used as operating facilities and administrative and sales offices, in several locations where the Company operates, with remaining terms of 1 to 12 years.

The present value of the future obligations was measured using the implicit rate observed in the contracts and for the contracts that did not have a rate, the Company applied the incremental borrowing rate - IBR, both in nominal terms.

The movement of lease liabilities is shown in the table below:

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Opening balance | 693,846 |  | 611,551 |  | 13,180 |  | 17,941
New leases | 180,977 |  | 29,633 |  |  |  | 2,808
Present Value Adjustments - New leases | (114,980) |  | (3,300) |  |  |  | (508)
Contract review | 68,613 |  | 99,419 |  | 3,906 |  | 201
Write-off |  |  | (781) |  |  |  |
Payments | (102,123) |  | (155,995) |  | (5,282) |  | (8,836)
Interest appropriated | 35,528 |  | 69,510 |  | 628 |  | 1,574
Acquisition of companies |  |  | 45,352 |  |  |  |
Exchange variation | (2,470) |  | (1,543) |  |  |  |
Net balance | 759,391 |  | 693,846 |  | 12,432 |  | 13,180

The estimated future minimum payments for the lease agreements include determinable variable payments, which are certain to occur, based on minimum performance and contractually fixed rates.

As of June 30, 2023, the expected minimum payments are the following:

64

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  |  |  |  |  |  | Consolidated
| Less than one year |  | Between one and five years |  | Over five years |  | Total
Leases | 170,142 |  | 487,423 |  | 1,405,013 |  | 2,062,578
Present value adjustment - Leases | (6,787) |  | (137,886) |  | (1,158,514) |  | (1,303,187)
| 163,355 |  | 349,537 |  | 246,499 |  | 759,391

| · | Recoverable PIS / COFINS

Lease liabilities were measured at the amount of consideration with suppliers, that is, without considering the tax credits incurred after payment. The potential right of PIS and COFINS embedded in the lease liability is shown below.

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Leases | 1,771,505 |  | 1,835,101 |  | 12,818 |  | 13,466
Present value adjustment - Leases | (1,187,523) |  | (1,221,378) |  | (729) |  | (1,066)
Potencial PIS and COFINS credit | 163,864 |  | 169,747 |  | 1,186 |  | 1,246
Present value adjustment – Potential PIS and COFINS credit | (109,846) |  | (112,977) |  | (67) |  | (99)

| · | Lease payments not recognized as a liability:

The Company chose not to recognize lease liabilities in contracts with a term of less than 12 months and for low value assets. Payments made for these contracts are recognized as expenses when incurred.

The Company has contracts for the right to use ports (TECAR) and railways (FTL) which, even if they establish minimum performance, it is not possible to determine its cash flow since these payments are fully variable and will only be known when they occur. In such cases, payments will be recognized as expenses when incurred.

The expenses related to payments not included in the measurement of the lease liability during the period are:

|  |  |  |  |  |  | Consolidated
| Six months ended |  | Three months ended
| 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Contract less than 12 months | 1,615 |  | 839 |  | 85 |  | 373
Lower Assets value | 6,872 |  | 1,904 |  | 3,662 |  | 1,024
Variable lease payments | 196,550 |  | 178,702 |  | 106,426 |  | 96,866
| 205,037 |  | 181,445 |  | 110,173 |  | 98,263
|  |  |  |  |  |  | Parent Company
| Six months ended |  | Three months ended
| 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Lower Assets value | 2,921 |  | 511 |  | 1,253 |  | 256
Variable lease payments |  |  | 808 |  |  |  | 495
| 2,921 |  | 1,319 |  | 1,253 |  | 751

| 15. | TRADE PAYABLES

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Trade payables | 6,352,868 |  | 6,723,077 |  | 3,155,382 |  | 3,750,724
(-) Adjustment present value | (76,106) |  | (79,893) |  | (55,523) |  | (51,579)
| 6,276,762 |  | 6,643,184 |  | 3,099,859 |  | 3,699,145
Classified: |  |  |  |  |  |  |
Current | 6,248,846 |  | 6,596,915 |  | 3,080,122 |  | 3,684,793
Non-current | 27,916 |  | 46,269 |  | 19,737 |  | 14,352
| 6,276,762 |  | 6,643,184 |  | 3,099,859 |  | 3,699,145

65

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| 16. | OTHER PAYABLES

The other payables classified in current and non-current liabilities are comprised as follows:

| Consolidated |  | Parent Company
| Current | Non-current |  | Current | Non-current
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Payables to related parties (note 20 a) | 41,367 |  | 109,087 |  | 35,510 |  | 53,356 |  | 379,204 |  | 406,583 |  | 239 |  | 41,694
Derivative financial instruments (note 13 a) | 30,998 |  | 416,935 |  | 68,399 |  | 69,472 |  | 30,998 |  |  |  |  |  | 58,005
Dividends and interest on capital | 4,955 |  | 611,307 |  |  |  |  |  | 4,644 |  | 598,267 |  |  |  |
Advances from customers (1) | 1,467,095 |  | 1,120,072 |  | 3,833,205 |  | 943,919 |  | 83,318 |  | 83,300 |  |  |  |
Taxes in installments | 197,150 |  | 280,721 |  | 206,018 |  | 184,106 |  | 15,070 |  | 9,173 |  | 56,765 |  |
Profit sharing - employees | 170,033 |  | 266,705 |  |  |  |  |  | 82,781 |  | 136,909 |  |  |  |
Taxes payable |  |  |  |  | 9,226 |  | 10,925 |  |  |  |  |  | 9,226 |  | 8,962
Provision for consumption and services | 190,261 |  | 241,965 |  |  |  |  |  | 94,465 |  | 110,910 |  |  |  |
Third party materials in our possession | 214,891 |  | 303,858 |  |  |  |  |  | 198,213 |  | 286,805 |  |  |  |
Trade payables - Drawee Risk and forfaiting (2) | 2,878,420 |  | 5,709,069 |  |  |  |  |  | 2,519,299 |  | 5,318,425 |  |  |  |
Trade payables (note 15) |  |  |  |  | 27,916 |  | 46,269 |  |  |  |  |  | 19,737 |  | 14,352
Lease Liabilities (note 14) | 163,355 |  | 177,010 |  | 596,036 |  | 516,836 |  | 11,216 |  | 8,451 |  | 1,216 |  | 4,729
Other payables | 86,080 |  | 81,922 |  | 375,418 |  | 391,535 |  | 7,785 |  | 2,358 |  | 57,841 |  | 21,248
| 5,444,605 |  | 9,318,651 |  | 5,151,728 |  | 2,216,418 |  | 3,426,993 |  | 6,961,181 |  | 145,024 |  | 148,990

(1) Advances from Customers: On December 31, 2022 the subsidiaries CSN Mineração and CSN Cimentos entered into advance contracts for the sale of electricity with national operators in the sector to be executed up to 8 years. Additionally, the subsidiary CSN Mineração S.A. received in advance the total amount of US$500.000 (R$2,599,300) referring to supply contracts of approximately 13 million tons of iron ore signed with a major international player, to be executed within 4 years, with supply expected to begin in 2024. On June 30, 2023, the subsidiary CSN Mineração entered into an amendment to the advance contract, signed on January 16, 2023, in the amount of US$300,000 for additional supply of 6.3 million tons of iron ore. From this amendment, the Company received on June 30, 2023 the amount of US$205,000 (R$987,936), the remaining balance of US$95,000 will be received until July 31, 2023.

(2) The Company classifies drawee risk and forfaiting transactions with suppliers under other liabilities. These transactions are negotiated with financial institutions by which suppliers to anticipate receivables arising from sales of goods and, consequently, lengthen the payment terms of the Company's own obligations. The actual anticipation of receivables depends on the acceptance by its suppliers, since their participation is not compulsory. The Company is not reimbursed and/or benefited by the financial institution for discounts for payment executed before the due date agreed with the supplier, there is no alteration in the degree of subordination of the title in the case of judicial execution and no alteration in the existing commercial conditions between the Company and its suppliers.

| 17. | INCOME TAX AND SOCIAL CONTRIBUTION

| 17.a) | Income tax and social contribution recognized in profit or loss:

The income tax and social contribution recognized in net income for the period are as follows:

|  |  |  |  |  |  | Consolidated
| Six months ended |  | Three months ended
| 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Income tax and social contribution income (expense) |  |  |  |  |  |
Current | (258,262) |  | (1,270,201) |  | 99,131 |  | (692,486)
Deferred | 373,063 |  | (307,888) |  | 229,112 |  | 180,551
| 114,801 |  | (1,578,089) |  | 328,243 |  | (511,935)
|  |  |  |  |  |  | Parent Company
| Six months ended |  | Three months ended
| 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Income tax and social contribution income (expense) |  |  |  |  |  |
Current | 181,446 |  | (237,397) |  | 195,434 |  | (125,014)
Deferred | 407,589 |  | (305,085) |  | 319,529 |  | 200,100
| 589,035 |  | (542,482) |  | 514,963 |  | 75,086

66

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

The reconciliation of income tax and social contribution expenses and income of the consolidated and parent company and the product of the current tax rate on income before income tax and social contribution are shown below:

|  |  |  |  |  |  | Consolidated
| Six months ended |  | Three months ended
| 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Income before income tax and social contribution | (654,051) |  | 3,311,363 |  | (44,945) |  | 881,266
Tax rate | 34% |  | 34% |  | 34% |  | 34%
Income tax and social contribution at combined statutory rate | 222,377 |  | (1,125,863) |  | 15,281 |  | (299,630)
Adjustment to reflect the effective rate: |  |  |  |  |  |  |
Equity in results of affiliated companies | 78,855 |  | 35,150 |  | 54,336 |  | 23,265
Difference Tax Rate in companies abroad | (18,123) |  | 6,811 |  | 56,459 |  | (243,683)
Tax incentives | 6,415 |  | 20,732 |  | 1,248 |  | 11,196
Interest on equity | 19,235 |  |  |  | 19,235 |  |
Recognition/(reversal) of tax credits | (141,484) |  | (530,171) |  | 223,349 |  | (24,920)
Other permanent deductions (additions) | (52,474) |  | 15,252 |  | (41,665) |  | 21,837
Income tax and social contribution in net income for the period | 114,801 |  | (1,578,089) |  | 328,243 |  | (511,935)
Effective tax rate | 18% |  | 48% |  | 730% |  | 58%
|  |  |  |  |  |  | Parent Company
| Six months ended |  | Three months ended
| 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Profit before income tax and social contribution | (1,331,828) |  | 1,946,210 |  | (331,360) |  | 122,240
Tax rate | 34% |  | 34% |  | 34% |  | 34%
Income tax and social contribution at combined statutory rate | 452,822 |  | (661,711) |  | 112,662 |  | (41,562)
Adjustment to reflect the effective rate: |  |  |  |  |  |  |
Equity in results of affiliated companies | 332,570 |  | 619,074 |  | 254,473 |  | 108,814
Indebtdness limit |  |  | (4,324) |  |  |  | (966)
Interest on equity | (75,772) |  |  |  | (75,772) |  |
Recognition/(reversal) of tax credits | (159,857) |  | (516,675) |  | 181,445 |  | (14,380)
Other permanent deductions (additions) | 39,272 |  | 21,154 |  | 42,155 |  | 23,180
Income tax and social contribution in net income for the period | 589,035 |  | (542,482) |  | 514,963 |  | 75,086
Effective tax rate | 44% |  | 28% |  | 155% |  | -61.4%

| 17.b) | Deferred income tax and social contribution:

Deferred income tax and social contribution balances are as follows:

|  |  |  | Consolidated |  |  |  | Parent Company
|  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Deferred |  |  |  |  |  |  |  |
Income tax losses |  | 2,910,820 |  | 2,679,028 |  | 1,509,879 |  | 1,279,792
Social contribution tax losses |  | 980,434 |  | 894,183 |  | 565,852 |  | 482,104
Temporary differences |  | 522,273 |  | 1,305,557 |  | 1,006,378 |  | 1,494,816
Tax, social security, labor, civil and environmental provisions |  | 579,164 |  | 584,834 |  | 212,416 |  | 205,440
Estimated losses on assets |  | 329,137 |  | 369,826 |  | 127,656 |  | 143,926
Gains/(Losses) on financial assets |  | 481,215 |  | 468,813 |  | 464,216 |  | 442,333
Actuarial Liabilities (Pension and Health Plan) |  | 228,479 |  | 226,875 |  | 222,745 |  | 222,745
Provision for consumption and services |  | 204,744 |  | 205,880 |  | 185,649 |  | 172,566
Cash Flow Hedge Accounting and Unrealized Exchange Variations |  | 678,678 |  | 1,459,012 |  | 711,370 |  | 1,206,064
(Gain) on loss of control of Transnordestina |  | (224,096) |  | (224,096) |  | (224,096) |  | (224,096)
Fair Value SWT/CBL Acquisition |  | (138,018) |  | (149,489) |  |  |  |
Business combination |  | (1,617,179) |  | (1,632,370) |  | (721,992) |  | (721,992)
Others |  | 149 |  | (3,728) |  | 28,414 |  | 47,830
Total |  | 4,413,527 |  | 4,878,768 |  | 3,082,109 |  | 3,256,712
Total Deferred Assets |  | 4,977,852 |  | 5,095,718 |  | 4,039,360 |  | 4,219,717
Total Deferred Liabilities |  | (564,325) |  | (216,950) |  | (957,251) |  | (963,005)
Total Deferred |  | 4,413,527 |  | 4,878,768 |  | 3,082,109 |  | 3,256,712

67

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

The Company has in its corporate structure subsidiaries abroad, whose income is taxed by the income tax in the respective countries where they were constituted at rates lower than those in force in Brazil. In the period between 2019 and 2023, these subsidiaries generated income in the amount of R$156,367. If the Brazilian tax authorities understand that this income is subject to additional taxation in Brazil for income tax and social contribution, these, if due, would reach approximately R$53,165. The Company, based on the position of its legal advisors, assessed only the likelihood of loss as possible in the event of possible tax questioning and, therefore, no provision was recognized in the interim financial information.

In addition, management evaluated the precepts of IFRIC 23 - “Uncertainty Over Income Tax Treatments” and recognized in 2021 the credit for the unconstitutionality of the levy of the IRPJ and CSLL on the amounts of default interest referring to the SELIC rate received due to the repetition of tax undue payment.

| 17.c) | Changes in deferred income tax and social contribution

The changes in deferred taxes is shown below:

|  | Consolidated |  | Parent Company
Balance at January 1, 2022 |  | 4,569,011 |  | 4,843,653
Recognized in the result |  | (420,773) |  | (988,588)
Recognized in other comprehensive income |  | (322,876) |  | (598,353)
Acquisition of companies |  | 1,053,406 |  |
Balance at December 31, 2022 |  | 4,878,768 |  | 3,256,712
Recognized in the result |  | 373,063 |  | 407,589
Recognized in other comprehensive income |  | (837,860) |  | (581,748)
Use of tax credit in installment program |  | (444) |  | (444)
Balance at June 30, 2023 |  | 4,413,527 |  | 3,082,109

| 17.d) | Income tax and social contribution recognized in equity:

The income tax and social contribution recognized directly in equity are shown below:

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Income tax and social contribution |  |  |  |  |  |  |
Actuarial gains on defined benefit pension plan | 101,481 |  | 100,139 |  | 99,288 |  | 99,288
Exchange differences on translating foreign operations | (325,350) |  | (325,350) |  | (325,350) |  | (325,350)
Cash flow hedge accounting | 775,501 |  | 1,571,953 |  | 785,853 |  | 1,367,601
| 551,632 |  | 1,346,742 |  | 559,791 |  | 1,141,539

| 18. | PROVISIONS FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS

Claims of different nature are being challenged at the appropriate courts. Details of the accrued amounts and related judicial deposits are as follows:

|  |  |  |  |  |  |  | Consolidated |  |  |  |  |  |  |  | Parent Company
|  | Accrued liabilities |  | Judicial deposits |  | Accrued liabilities |  | Judicial deposits
|  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Tax |  | 215,702 |  | 219,196 |  | 182,052 |  | 184,687 |  | 86,024 |  | 96,865 |  | 57,088 |  | 57,316
Social security |  | 1,626 |  | 1,567 |  | 4 |  |  |  | 1,596 |  | 1,549 |  |  |  |
Labor |  | 387,625 |  | 375,416 |  | 306,496 |  | 297,507 |  | 171,353 |  | 177,902 |  | 145,790 |  | 160,983
Civil |  | 782,709 |  | 851,305 |  | 26,680 |  | 25,502 |  | 158,810 |  | 130,250 |  | 14,187 |  | 12,174
Environmental |  | 45,927 |  | 37,341 |  | 2,791 |  | 2,859 |  | 16,902 |  | 15,250 |  | 1,153 |  | 1,154
Deposit of a guarantee |  |  |  |  |  | 19,502 |  | 23,109 |  |  |  |  |  |  |  |
|  | 1,433,589 |  | 1,484,825 |  | 537,525 |  | 533,664 |  | 434,685 |  | 421,816 |  | 218,218 |  | 231,627
Classified: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 40,425 |  | 73,089 |  |  |  |  |  | 24,216 |  | 31,371 |  |  |  |
Non-current |  | 1,393,164 |  | 1,411,736 |  | 537,525 |  | 533,664 |  | 410,469 |  | 390,445 |  | 218,218 |  | 231,627
|  | 1,433,589 |  | 1,484,825 |  | 537,525 |  | 533,664 |  | 434,685 |  | 421,816 |  | 218,218 |  | 231,627

68

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

The changes in tax, social security, labor, civil and environmental provisions in the year ended June 30, 2023 can be summarized as follows:

|  |  |  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  |  |  |  |  | Current + Non-current
Nature |  | 12/31/2022 |  | Additions |  | Accrued charges |  | Net utilization of reversal |  | 06/30/2023
Tax |  | 219,196 |  | 1,771 |  | 7,144 |  | (12,409) |  | 215,702
Social security |  | 1,567 |  |  |  | 62 |  | (3) |  | 1,626
Labor |  | 375,416 |  | 21,891 |  | 33,314 |  | (42,996) |  | 387,625
Civil |  | 851,305 |  | 13,397 |  | 34,080 |  | (116,073) |  | 782,709
Environmental |  | 37,341 |  | 3,266 |  | 19,089 |  | (13,769) |  | 45,927
|  | 1,484,825 |  | 40,325 |  | 93,689 |  | (185,250) |  | 1,433,589

|  |  |  |  |  |  |  |  |  | Parent Company
|  |  |  |  |  |  |  |  |  | Current + Non-current
Nature |  | 12/31/2022 |  | Additions |  | Accrued charges |  | Net utilization of reversal |  | 06/30/2023
Tax |  | 96,865 |  | 845 |  | 410 |  | (12,096) |  | 86,024
Social security |  | 1,549 |  |  |  | 50 |  | (3) |  | 1,596
Labor |  | 177,902 |  | 7,414 |  | 13,920 |  | (27,883) |  | 171,353
Civil |  | 130,250 |  | 1,070 |  | 29,614 |  | (2,124) |  | 158,810
Environmental |  | 15,250 |  | 1,655 |  | 68 |  | (71) |  | 16,902
|  | 421,816 |  | 10,984 |  | 44,062 |  | (42,177) |  | 434,685

The provision for tax, social security, labor, civil and environmental risks was estimated by Management and is mainly based on the legal advisors’ assessment. Only lawsuits for which the risk is classified as probable loss are provisioned. Additionally, tax liabilities from actions initiated by the Company is included in this provision and is subject to SELIC (Central Bank’s policy rate).

| § | Possible administrative and judicial proceedings

The Company does not make provisions for lawsuits, which Management’s expectations, based on the opinion of legal counsel, is a possible loss. The following table shows a summary of the balance of the main matters classified as possible risk compared to the balance as of June 30, 2023 and December 31, 2022.

69

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  |  |  | Consolidated
|  | 06/30/2023 |  | 12/31/2022
Notice of Violation and Imposition of Fine (AIIM) / Tax Foreclosure - RFB - IRPJ/CSLL - Capital Gain for alleged sale of equity interest in subsidiary NAMISA |  | 14,976,052 |  | 14,174,838
Notice of Violation and Imposition of Fine (AIIM) / Tax Foreclosure - RFB - IRPJ/CSLL - Disallowance of goodwill deductions generated in the reverse incorporation of Big Jump by Namisa |  | 5,211,018 |  | 4,920,177
Notice of Violation and Imposition of Fine (AIIM) / Tax Enforcement - RFB - IRPJ/CSLL - Disallowance of prepayment interest arising from iron ore supply and port services contracts |  | 2,556,876 |  | 2,388,423
Infraction and Fine Imposition Notices (AIIM) / Writ of Mandamus - RFB - IRPJ/CSLL - Profits earned abroad in 2008, 2010, 2011, 2012, 2014, 2015, 2016 and 2017 |  | 4,297,496 |  | 4,104,626
Unapproved compensation - RFB - IRPJ/CSLL, PIS/COFINS and IPI |  | 2,238,921 |  | 2,138,608
ICMS - SEFAZ/RJ - Assessment Notice - questions about sales for incentive area |  | 1,333,282 |  | 1,255,251
Notice of Violation and Imposition of Fine (AIIM) - RFB - Disallowance of PIS/COFINS Credits for inputs and freight |  | 1,322,886 |  | 1,238,018
CFEM – difference of understanding between CSN and ANM on the calculation basis |  | 1,217,334 |  | 1,143,275
Notice of Infraction and Imposition of Fine (AIIM) - RFB - Collection IRRF - Business Combinations CMIN 2015 |  | 1,053,800 |  | 986,196
ICMS - SEFAZ/RJ - Electricity Credits |  | 1,015,363 |  | 950,469
Notice of Violation and Imposition of Fine (AIIM) - IRPJ/CSLL - Disallowance of deductions of goodwill generated in the acquisition of Cimentos Mauá (1) |  | 767,656 |  | 715,152
ICMS - SEFAZ/RJ - Disallowance of the ICMS credits - Transfer of iron ore |  | 702,966 |  | 666,816
ICMS - SEFAZ/RJ - Disallowance of credits on purchases of intermediate products |  | 420,289 |  | 623,748
Disallowance of tax loss and negative calculation base resulting from adjustments in SAPLI - RFB |  | 706,942 |  | 663,594
Infraction and Fine Imposition Notices (AIIM) - RFB - IRPJ/CSLL - Transfer Pricing |  | 347,809 |  |
ICMS - SEFAZ/RJ - Transfer of imported raw material for a value lower than the TECAR import document |  | 378,191 |  | 357,006
Notice of Violation and Imposition of Fine (AIIM) / Annulment Action - RFB - IRRF - Capital gain of CFM company sellers located abroad |  | 305,140 |  | 289,406
Other tax lawsuits (federal, state, and municipal) (1) |  | 5,849,305 |  | 5,579,232
Social security lawsuits |  | 197,326 |  | 187,338
Action to discuss the balance of the construction contract – Tebas |  | 593,716 |  | 560,638
Action related to power supply payment’s charge - Light |  | 427,358 |  | 386,834
Action that discusses Negotiation of energy sales - COPEN - CEEE-G (1) |  | 196,174 |  | 193,469
Collection of defaulted amounts of contracts for the execution of the Presidente Médici Thermoelectric Power Plant - SACE - CEEE-G (1) |  | 197,660 |  | 192,212
Enforcement action applied by Brazilian antitrust authorities (CADE) |  | 116,441 |  | 109,206
Other civil lawsuits (1) |  | 1,368,834 |  | 1,168,591
Labor and social security lawsuits (1) |  | 1,916,073 |  | 1,726,517
Tax foreclosures – Fine – Volta Redonda IV |  | 134,421 |  | 122,639
ACP landfill Márcia |  | 306,389 |  | 306,389
Other environmental lawsuits (1) |  | 604,089 |  | 539,410
|  | 50,759,807 |  | 47,688,078

70

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

In the first quarter of 2021, the Company was notified of an arbitration proceeding based on an alleged unfulfillment of iron ore supply contracts. The counterparty asks for approximately US$1 billion, and the Company has no knowledge of the basis for the estimates of the amount asked. Finally, the Company informs that has responded the arbitration requirements in conjunction with its legal counselors and is currently at the initial stage of its defense. The Company expects the arbitration will be concluded in 2 years. The relevance of the arbitration to the Company is related to the amount attributed to the cause and its eventual financial impact. The discussion involves arbitration disputes initiated by both parties.

The Company has been offering judicial guarantees (Guarantee Insurance/Letter of Guarantee) in the total amount updated to June 30, 2023, of R$7,974,276 (December 31, 2022, R$4,939,419), as determined by the procedural legislation in force.

The assessments made by legal advisors define these administrative and judicial proceedings as a possible risk of loss and, consequently, no loss provisions have been recognized in accordance with Management's judgment and with the accounting practices adopted in Brazil.

| 19. | PROVISION FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS

The balance of provisions for environmental liabilities and asset retirement obligation is as follows:

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Environmental liabilities | 180,578 |  | 172,574 |  | 165,600 |  | 158,213
Asset retirement obligations | 809,709 |  | 765,083 |  |  |  |
| 990,287 |  | 937,657 |  | 165,600 |  | 158,213

| 20. | RELATED-PARTY BALANCES AND TRANSACTIONS

| 20.a) | Transactions with subsidiaries, jointly controlled entities, associates, exclusive funds and other related parties

| · | Consolidated

|  | Consolidated
|  | 06/30/2023 |  | 12/31/2022
|  | Subsidiaries and associates |  | Joint-ventures and Joint Operation |  | Other related parties |  | Total |  | Subsidiaries and associates |  | Joint-ventures and Joint Operation |  | Other related parties |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments | (1) |  |  |  |  | 1,645,154 |  | 1,645,154 |  |  |  |  |  | 1,768,915 |  | 1,768,915
Trade receivables (note 5) | (2) | 41,501 |  | 3,054 |  | 64,818 |  | 109,373 |  | 48,236 |  | 1,182 |  | 59,716 |  | 109,134
Dividends (note 8) | (3) |  |  | 77,377 |  |  |  | 77,377 |  |  |  | 77,377 |  |  |  | 77,377
Loans (note 8) | (4) |  |  | 5,340 |  |  |  | 5,340 |  |  |  | 5,383 |  |  |  | 5,383
Other receivables (note 8) |  |  |  | 1 |  | 80,260 |  | 80,261 |  | 30 |  |  |  | 1,828 |  | 1,858
|  | 41,501 |  | 85,772 |  | 1,790,232 |  | 1,917,505 |  | 48,266 |  | 83,942 |  | 1,830,459 |  | 1,962,667
Non-current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments | (1) |  |  |  |  | 110,842 |  | 110,842 |  |  |  |  |  | 140,510 |  | 140,510
Loans (note 8) | (4) | 3,704 |  | 1,569,035 |  |  |  | 1,572,739 |  | 3,678 |  | 1,381,095 |  |  |  | 1,384,773
Actuarial asset (note 8) |  |  |  |  |  | 35,477 |  | 35,477 |  |  |  |  |  | 35,477 |  | 35,477
Other receivables (note 8) | (5) |  |  | 1,595,381 |  |  |  | 1,595,381 |  |  |  | 1,484,759 |  |  |  | 1,484,759
|  | 3,704 |  | 3,164,416 |  | 146,319 |  | 3,314,439 |  | 3,678 |  | 2,865,854 |  | 175,987 |  | 3,045,519
|  | 45,205 |  | 3,250,188 |  | 1,936,551 |  | 5,231,944 |  | 51,944 |  | 2,949,796 |  | 2,006,446 |  | 5,008,186
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade payables |  |  |  | 129,079 |  | 10,566 |  | 139,645 |  |  |  | 93,115 |  | 37,448 |  | 130,563
Accounts payable |  |  |  | 22,166 |  | 16,556 |  | 38,722 |  |  |  | 23,555 |  | 24,134 |  | 47,689
Provision for consumption |  |  |  | 2,645 |  |  |  | 2,645 |  |  |  | 61,398 |  |  |  | 61,398
|  |  |  | 153,890 |  | 27,122 |  | 181,012 |  |  |  | 178,068 |  | 61,582 |  | 239,650
Non-current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  | 35,510 |  |  |  | 35,510 |  |  |  | 53,356 |  |  |  | 53,356
|  |  |  | 35,510 |  |  |  | 35,510 |  |  |  | 53,356 |  |  |  | 53,356
|  |  |  | 189,400 |  | 27,122 |  | 216,522 |  |  |  | 231,424 |  | 61,582 |  | 293,006

71

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  | Consolidated
|  | 06/30/2023 |  | 06/30/2022
|  | Subsidiaries and associates |  | Joint-ventures and Joint Operation |  | Other related parties |  | Total |  | Subsidiaries and associates |  | Joint-ventures and Joint Operation |  | Other related parties |  | Total
P&L |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | 21,702 |  | 9,582 |  | 800,677 |  | 831,961 |  | 118,975 |  | 9,931 |  | 1,368,032 |  | 1,496,938
Cost and expenses |  | (92) |  | (875,713) |  | (116,599) |  | (992,404) |  |  |  | (632,606) |  | (50,069) |  | (682,675)
Financial income (expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest (note 26) |  |  |  | 87,887 |  | 14,178 |  | 102,065 |  |  |  | 64,564 |  | 11,261 |  | 75,825
Exchange rate variations and monetary, net |  |  |  |  |  | (49,975) |  | (49,975) |  |  |  |  |  |  |  |
Financial investments (1) |  |  |  |  |  | (17,758) |  | (17,758) |  |  |  |  |  | (1,030,702) |  | (1,030,702)
|  | 21,610 |  | (778,244) |  | 630,523 |  | (126,111) |  | 118,975 |  | (558,111) |  | 298,522 |  | (140,614)

| · | Parent Company

|  | Parent Company
|  | 06/30/2023 |  | 12/31/2022
|  | Subsidiaries and associates |  | Joint-ventures and Joint Operation |  | Other related parties and exclusive funds |  | Total |  | Subsidiaries and associates |  | Joint-ventures and Joint Operation |  | Other related parties and exclusive funds |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments | (1) |  |  |  |  | 1,246,872 |  | 1,246,872 |  |  |  |  |  | 1,125,578 |  | 1,125,578
Trade receivables (note 5) | (2) | 695,728 |  |  |  | 61,459 |  | 757,187 |  | 1,066,375 |  |  |  | 59,407 |  | 1,125,782
Loans (note 8) | (4) |  |  | 5,340 |  |  |  | 5,340 |  |  |  | 5,383 |  |  |  | 5,383
Dividends (note 8) | (3) | 196,161 |  | 39,621 |  |  |  | 235,782 |  | 255,859 |  | 39,621 |  |  |  | 295,480
Other receivables (note 8) |  | 230,721 |  | 1 |  | 1,829 |  | 232,551 |  | 99,866 |  |  |  | 1,829 |  | 101,695
|  | 1,122,610 |  | 44,962 |  | 1,310,160 |  | 2,477,732 |  | 1,422,100 |  | 45,004 |  | 1,186,814 |  | 2,653,918
Non-current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments | (1) |  |  |  |  | 110,842 |  | 110,842 |  |  |  |  |  | 140,510 |  | 140,510
Loans (note 8) | (4) | 472,195 |  | 1,471,699 |  |  |  | 1,943,894 |  | 380,913 |  | 1,287,469 |  |  |  | 1,668,382
Actuarial asset (note 8) |  |  |  |  |  | 28,072 |  | 28,072 |  |  |  |  |  | 28,072 |  | 28,072
Other receivables (note 8) | (5) | 102,572 |  | 1,595,381 |  |  |  | 1,697,953 |  | 223,908 |  | 1,484,759 |  |  |  | 1,708,667
|  | 574,767 |  | 3,067,080 |  | 138,914 |  | 3,780,761 |  | 604,821 |  | 2,772,228 |  | 168,582 |  | 3,545,631
|  | 1,697,377 |  | 3,112,042 |  | 1,449,074 |  | 6,258,493 |  | 2,026,921 |  | 2,817,232 |  | 1,355,396 |  | 6,199,549
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany Loans (note 12) | (6) | 1,729,038 |  |  |  |  |  | 1,729,038 |  | 43,806 |  |  |  |  |  | 43,806
Trade payables |  | 441,349 |  | 37,396 |  | 9,311 |  | 488,056 |  | 269,264 |  | 41,654 |  | 36,289 |  | 347,207
Accounts payable |  | 80,843 |  |  |  | 16,555 |  | 97,398 |  | 103,012 |  |  |  | 24,134 |  | 127,146
Provision for consumption |  | 281,806 |  |  |  |  |  | 281,806 |  | 279,437 |  |  |  |  |  | 279,437
|  | 2,533,036 |  | 37,396 |  | 25,866 |  | 2,596,298 |  | 695,519 |  | 41,654 |  | 60,423 |  | 797,596
Non-current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany Loans (note 12) | (6) | 7,246,130 |  |  |  |  |  | 7,246,130 |  | 9,984,044 |  |  |  |  |  | 9,984,044
Accounts payable |  | 239 |  |  |  |  |  | 239 |  | 41,694 |  |  |  |  |  | 41,694
|  | 7,246,369 |  |  |  |  |  | 7,246,369 |  | 10,025,738 |  |  |  |  |  | 10,025,738
|  | 9,779,405 |  | 37,396 |  | 25,866 |  | 9,842,667 |  | 10,721,257 |  | 41,654 |  | 60,423 |  | 10,823,334
|  | Parent Company
|  | 06/30/2023 |  | 06/30/2022
|  | Subsidiaries and associates |  | Joint-ventures and Joint Operation |  | Other related parties and exclusive funds |  | Total |  | Subsidiaries and associates |  | Joint-ventures and Joint Operation |  | Other related parties and exclusive funds |  | Total
Net revenue and cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | 2,182,944 |  | (15) |  | 795,985 |  | 2,978,914 |  | 2,364,250 |  | 70 |  | 1,367,842 |  | 3,732,162
Cost and expenses |  | (1,360,701) |  | (210,368) |  | (135,814) |  | (1,706,883) |  | (1,213,824) |  | (234,829) |  | (55,828) |  | (1,504,481)
Financial income (expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest (note 26) |  | (89,727) |  | 86,431 |  | 13,910 |  | 10,614 |  | (24,216) |  | 64,346 |  | 10,300 |  | 50,430
Exclusive funds (note 26) |  |  |  |  |  | 8,819 |  | 8,819 |  |  |  |  |  | 6,492 |  | 6,492
Financial investments (1) |  | 677,308 |  |  |  | (9,166) |  | 668,142 |  |  |  |  |  | (1,030,702) |  | (1,030,702)
Exchange rate variations and monetary, net |  |  |  |  |  | (17,758) |  | (17,758) |  | 608,608 |  |  |  |  |  | 608,608
|  | 1,409,824 |  | (123,952) |  | 655,976 |  | 1,941,848 |  | 1,734,818 |  | (170,413) |  | 298,104 |  | 1,862,509

Consolidated and Parent Company Information:

| (1) | Financial investments: Refers mainly to investments in Usiminas shares, cash and cash equivalents and Bonds with Banco Fibra and government bonds and CDBs with the exclusive funds.

| (2) | Accounts receivables: refers mainly to sales transactions of steel products from the Parent Company to related parties.

72

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| (3) | Dividends receivable: In the Parent Company as of June 30, 2023, are interest on own capital from Mineração Nacional S.A in the amount of R$9,353 (R$14,785 in December 2022) and dividends from the subsidiary CSN Cimentos S. A in the amount of R$178,343 as of June 30, 2023 (R$178,345 as of December 31, 2022). A in the amount of R$178,348 on June 30, 2023 (R$178,348 on December 31, 2022) and in Consolidated dividends from MRS Logística S.A in the amount of R$77,377 (R$77,377 in December 2022).

| (4) | Loans (Assets):

Long term: In Consolidated refers mainly to loan agreements with Transnordestina Logística amounting to R$1,578,078 as of June 30,2023 (R$1,384,773 as of December 31, 2022) with an average rate of 125.0% to 130.0% of CDI.

| (5) | Others (Assets): In Consolidated as of June 30, 2023, refers advance for future capital increase with Transnordestina Logística S.A. in the amount of R$1,595,380 (R$1,484,759 as of December 31, 2022).

| (6) | Borrowings (Liabilities):

Foreign currency: In the Parent Company these are intercompany contracts amounting to R$8,975,168 as of June 30, 2023 (R$10,027,850 as of December 31, 2022).

| 20.b) | Key management personnel

The key management personnel with authority and responsibility for planning, directing, and controlling the Company’s activities include members of the Board of Directors and statutory officers. The following is information on the compensation of such personnel and the related balances as of June 30, 2023, and 2022.

|  | 06/30/2023 |  | 06/30/2022
|  | P&L
Short-term benefits for employees and officers |  | 40,292 |  | 37,608
Post-employment benefits |  | 227 |  | 128
|  | 40,519 |  | 37,736

| 20.c) | Guarantees

The Company is liable for guarantees of its subsidiaries and jointly controlled entities as follows:

| Currency |  | Maturities |  | Borrowings | Tax foreclosure | Others | Total
|  |  |  |  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022 |  | 06/30/2023 |  | 12/31/2022
Transnordestina Logísitca | R$ |  | Up to 09/19/2056 and Indefinite |  | 2,096,291 |  | 2,096,291 |  | 9,365 |  | 9,365 |  | 3,853 |  | 3,853 |  | 2,109,509 |  | 2,109,509
Controladas do Grupo | R$ |  | Up to 12/21/2024 and indefinite |  | 1,900,000 |  |  |  |  |  | 197 |  | 131,920 |  | 2,163 |  | 2,031,920 |  | 2,360
CSN Mineração | R$ |  | Up to 12/21/2024 |  |  |  | 540,946 |  |  |  |  |  |  |  |  |  |  |  | 540,946
Total in R$ |  |  |  |  | 3,996,291 |  | 2,637,237 |  | 9,365 |  | 9,562 |  | 135,773 |  | 6,016 |  | 4,141,429 |  | 2,652,815
CSN Inova Ventures | US$ |  | 01/28/2028 |  | 1,300,000 |  | 1,300,000 |  |  |  |  |  |  |  |  |  | 1,300,000 |  | 1,300,000
CSN Resources | US$ |  | Up to 04/17/2026 |  | 1,150,000 |  | 1,150,000 |  |  |  |  |  |  |  |  |  | 1,150,000 |  | 1,150,000
CSN Cimentos | US$ |  | Indefinite |  | 115,000 |  | 115,000 |  |  |  |  |  |  |  |  |  | 115,000 |  | 115,000
Total in US$ |  |  |  |  | 2,565,000 |  | 2,565,000 |  |  |  |  |  |  |  |  |  | 2,565,000 |  | 2,565,000
Lusosider Aços Planos | EUR |  | Indefinite |  |  |  |  |  |  |  |  |  | 75,000 |  | 75,000 |  | 75,000 |  | 75,000
Total in EUR |  |  |  |  |  |  |  |  |  |  |  |  | 75,000 |  | 75,000 |  | 75,000 |  | 75,000
Total in R$ |  |  |  |  | 12,361,248 |  | 13,867,929 |  |  |  |  |  | 394,695 |  | 396,780 |  | 12,755,943 |  | 14,264,709
|  |  |  |  | 16,357,539 |  | 16,505,166 |  | 9,365 |  | 9,562 |  | 530,468 |  | 402,796 |  | 16,897,372 |  | 16,917,524

| 21. | SHAREHOLDERS’ EQUITY

| 21.a) | Paid-up capital

The fully subscribed and paid-up capital as of June 30, 2023, is R$10,240,000, divided into 1,326,093,947 common and book-entry shares (as of December 31, 2022, R$10,240,000 divided into 1, 326,093,947 common and book-entry shares), with no par value. Each common share entitles to one vote in the resolutions of the General Meeting.

| 21.b) | Authorized capital

The Company’s bylaws in effect on June 30, 2023, define that the share capital may be increased to up to 2,400,000,000 shares, by decision of the Board of Directors, regardless of amendments to the bylaws.

73

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| 21.c) | Legal reserve

It is constituted at the rate of 5% of the net income calculated in each fiscal year, before any other allocation, pursuant to art. 193 of Law 6,404/86, up to a limit of 20% of the capital stock.

| 21.d) | Ownership structure

As of June 30, 2023, and December 31, 2022, the Company’s ownership structure was as follows:

|  |  |  |  |  | 06/30/2023 |  |  |  |  |  | 12/31/2022
|  | Number of common shares |  | % of total shares |  | % of voting capital |  | Number of common shares |  | % of total shares |  | % of voting capital
Vicunha Aços S.A. |  | 543,617,803 |  | 40.99% |  | 40.99% |  | 679,522,254 |  | 51.24% |  | 51.24%
Rio Iaco Participações S.A. |  | 45,706,242 |  | 3.45% |  | 3.45% |  | 45,706,242 |  | 3.45% |  | 3.45%
CFL Participações S.A. |  | 135,904,451 |  | 10.25% |  | 10.25% |  | 0 |  | 0.00% |  | 0.00%
NYSE (ADRs) |  | 269,650,326 |  | 20.33% |  | 20.33% |  | 254,520,040 |  | 19.19% |  | 19.19%
Other shareholders |  | 331,215,125 |  | 24.98% |  | 24.98% |  | 346,345,411 |  | 26.12% |  | 26.12%
Outstanding shares |  | 1,326,093,947 |  | 100.00% |  | 100.00% |  | 1,326,093,947 |  | 100.00% |  | 100.00%

As of June 30, 2023, an Asset Restructuring Agreement was entered into between Rio Purus Participações S.A. and CFL Participações S.A. ("CFL"), the shareholders that directly and indirectly hold all the shares of Vicunha Aços S.A. ("Vicunha Aços"). Thus, the implementation of this Transaction results in CFL Ana Participações S.A. ("CFL Ana"), a subsidiary of CFL, holding 135,904,451 common shares, book-entry and without par value issued by CSN, representing on this date 10.25% of its capital stock.

| 21.e) | Treasury shares

On June 30, 2023, the Company did not have an open treasury share buyback program, below is the movement of the programs that were closed:

Program |  | Board’s Authorization |  | Authorized quantity |  | Program period |  | Average buyback price |  | Minimum and maximum buyback price |  | Number bought back |  | Share cancelation |  | Sale of shares |  | Balance in treasury
|  | 04/20/2018 |  | 30,391,000 |  | From 4/20/2018 to 4/30/2018 |  | Not applicable |  | Not applicable |  |  |  |  |  | 22,981,500 |  | 7,409,500
1º |  | 06/21/2021 |  | 24,154,500 |  | From 06/22/2021 to 12/22/2021 |  | R$ 21.82 |  | R$20,06 and R$23,22 |  | 24,082,000 |  |  |  |  |  | 31,491,500
2º |  | 6/12/2021 |  | 30,000,000 |  | From 12/07/2021 to 6/30/2022 |  | R$ 25.00 |  | R$17,20 and R$26,76 |  | 29,938,600 |  |  |  |  |  | 61,430,100
|  | 05/18/2022 |  |  |  |  |  | Not applicable |  | Not applicable |  |  |  | 61,430,100 |  |  |  |
3º |  | 05/18/2022 |  | 58,000,000 |  | From 05/19/2022 to 05/18/2023 |  |  |  |  |  |  |  |  |  |  |  |

| 21.f) | Earnings per share

The earnings per share are shown below:

|  |  |  |  |  |  | Parent Company
| Six months ended |  | Three months ended
| 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
| Common Shares |  | Common Shares
(Loss)/profit for the period | (742,793) |  | 1,403,728 |  | 183,603 |  | 197,326
Weighted average number of shares | 1,326,093,947 |  | 1,327,901,762 |  | 1,326,093,947 |  | 1,326,412,628
Basic and diluted (loss)/earnings per share | (0.56014) |  | 1.05710 |  | 0.13845 |  | 0.14877

| 22. | COMPENSATION TO SHAREHOLDERS

On May 17, 2023, the Company paid its shareholders interest on equity in the amount of R$700,000, corresponding to a gross amount of R$0.52786606981 per share. Considering the incidence of Withholding Income Tax at the rate of 15%, the net amount of Income Tax will be paid of R$595,000 equivalent to R$0.44868615934 per share and dividends in the amount of R$1,614,000 equivalent to R$1.21710833810 per share.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| 23. | NET REVENUE FROM SALES

Net sales revenue is comprised as follows:

|  |  |  |  |  |  |  | Consolidated
|  | Six months ended |  | Three months ended
|  | 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Gross revenue |  |  |  |  |  |  |  |
Domestic market |  | 14,075,756 |  | 14,569,774 |  | 7,365,764 |  | 7,352,587
Foreign market |  | 11,474,848 |  | 11,011,254 |  | 5,302,548 |  | 4,808,001
|  | 25,550,604 |  | 25,581,028 |  | 12,668,312 |  | 12,160,588
Deductions |  |  |  |  |  |  |  |
Sales returns, discounts and rebates |  | (236,068) |  | (121,425) |  | (115,522) |  | (47,419)
Taxes on sales |  | (3,006,735) |  | (3,123,815) |  | (1,563,679) |  | (1,547,247)
|  | (3,242,803) |  | (3,245,240) |  | (1,679,201) |  | (1,594,666)
Net revenue |  | 22,307,801 |  | 22,335,788 |  | 10,989,111 |  | 10,565,922
|  |  |  |  |  |  |  | Parent Company
|  | Six months ended |  | Three months ended
|  | 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Gross revenue |  |  |  |  |  |  |  |
Domestic market |  | 10,261,565 |  | 13,077,910 |  | 5,377,734 |  | 6,524,208
Foreign market |  | 1,158,928 |  | 2,189,565 |  | 562,971 |  | 955,727
|  | 11,420,493 |  | 15,267,475 |  | 5,940,705 |  | 7,479,935
Deductions |  |  |  |  |  |  |  |
Sales returns, discounts and rebates |  | (152,297) |  | (131,412) |  | (50,310) |  | (70,974)
Taxes on sales |  | (1,920,053) |  | (2,598,474) |  | (1,012,319) |  | (1,269,874)
|  | (2,072,350) |  | (2,729,886) |  | (1,062,629) |  | (1,340,848)
Net revenue |  | 9,348,143 |  | 12,537,589 |  | 4,878,076 |  | 6,139,087

| 24. | EXPENSES BY NATURE

|  |  |  |  |  |  |  | Consolidated
|  | Six months ended |  | Three months ended
|  | 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Raw materials and inputs |  | (6,159,484) |  | (7,170,325) |  | (3,076,510) |  | (3,471,864)
Outsourcing material |  | (2,671,361) |  | (1,636,020) |  | (1,444,078) |  | (946,187)
Labor cost |  | (1,983,497) |  | (1,492,006) |  | (1,038,106) |  | (807,745)
Supplies |  | (2,017,484) |  | (1,510,099) |  | (1,085,244) |  | (826,767)
Maintenance cost (services and materials) |  | (200,892) |  | (576,794) |  | (100,845) |  | (277,516)
Outsourcing services |  | (1,667,020) |  | (974,819) |  | (895,033) |  | (499,360)
Freight |  | (1,996,645) |  | (1,001,069) |  | (1,003,201) |  | (506,636)
Depreciation, amortization and depletion |  | (1,569,427) |  | (1,278,361) |  | (788,151) |  | (642,891)
Others |  | (655,451) |  | (446,413) |  | (396,223) |  | (232,329)
|  | (18,921,261) |  | (16,085,906) |  | (9,827,391) |  | (8,211,295)
Classified as: |  |  |  |  |  |  |  |
Cost of sales |  | (16,819,136) |  | (14,847,726) |  | (8,745,660) |  | (7,560,441)
Selling expenses |  | (1,740,455) |  | (947,928) |  | (879,942) |  | (503,932)
General and administrative expenses |  | (361,670) |  | (290,252) |  | (201,789) |  | (146,922)
|  | (18,921,261) |  | (16,085,906) |  | (9,827,391) |  | (8,211,295)

75

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  |  |  |  |  |  |  | Parent Company
|  | Six months ended |  | Three months ended
|  | 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Raw materials and inputs |  | (5,270,113) |  | (6,683,951) |  | (2,733,559) |  | (3,296,556)
Labor cost |  | (799,401) |  | (702,023) |  | (431,515) |  | (362,092)
Supplies |  | (1,455,163) |  | (1,061,181) |  | (803,020) |  | (579,565)
Maintenance cost (services and materials) |  | (106,357) |  | (252,996) |  | (54,835) |  | (102,201)
Outsourcing services |  | (611,818) |  | (567,699) |  | (339,258) |  | (281,918)
Freight |  | (368,903) |  | (396,058) |  | (174,327) |  | (204,064)
Depreciation, amortization and depletion |  | (554,763) |  | (513,079) |  | (282,303) |  | (262,279)
Others |  | (68,557) |  | (159,310) |  | (59,901) |  | (87,893)
|  | (9,235,075) |  | (10,336,297) |  | (4,878,718) |  | (5,176,568)
Classified as: |  |  |  |  |  |  |  |
Cost of sales |  | (8,702,487) |  | (9,762,356) |  | (4,611,523) |  | (4,894,623)
Selling expenses |  | (395,967) |  | (463,615) |  | (184,478) |  | (221,285)
General and administrative expenses |  | (136,621) |  | (110,326) |  | (82,717) |  | (60,660)
|  | (9,235,075) |  | (10,336,297) |  | (4,878,718) |  | (5,176,568)

The depreciation, amortization and depletion for the period were distributed as follows.

|  |  |  |  |  |  | Consolidated
| Six months ended |  | Three months ended
| 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Production costs (1) | (1,547,467) |  | (1,257,473) |  | (776,557) |  | (632,619)
Selling expenses | (8,087) |  | (6,440) |  | (4,251) |  | (3,230)
General and administrative expenses | (13,873) |  | (14,448) |  | (7,343) |  | (7,042)
| (1,569,427) |  | (1,278,361) |  | (788,151) |  | (642,891)
Other operational (2) | (41,558) |  | (38,236) |  | (21,656) |  | (17,569)
| (1,610,985) |  | (1,316,597) |  | (809,807) |  | (660,460)
|  |  |  |  |  |  | Parent Company
| Six months ended |  | Three months ended
| 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Production costs (1) | (542,438) |  | (502,187) |  | (274,923) |  | (256,811)
Selling expenses | (4,692) |  | (4,121) |  | (2,539) |  | (2,084)
General and administrative expenses | (7,633) |  | (6,771) |  | (4,841) |  | (3,384)
| (554,763) |  | (513,079) |  | (282,303) |  | (262,279)
Other operational (2) | (3,607) |  | (3,240) |  | (1,836) |  | (1,551)
| (558,370) |  | (516,319) |  | (284,139) |  | (263,830)

(1) The cost of production includes PIS and COFINS credits on lease agreements as of June 30, 2023, in the amount of R$3,878 in the consolidated (R$3,453 as of June 30, 2022) and R$391 in the parent company (R$401 as of June 30, 2022).

(2) They mainly refer to the depreciation of investment properties, paralyzed equipment and amortization of the SWT customer portfolio, classified in other operating expenses, see note 25.

76

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| 25. | OTHER OPERATING INCOME AND EXPENSES

|  |  |  |  |  |  |  | Consolidated
|  | Six months ended |  | Three months ended
|  | 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Other operating income |  |  |  |  |  |  |  |
Receivables by indemnity |  | 5,466 |  | 9,031 |  | 1,511 |  | 3,671
Rentals and leases |  | 11,349 |  | 4,522 |  | 7,822 |  | 2,847
Contractual fines |  | 2,115 |  | 2,019 |  | 1,165 |  | 1,631
Updated shares – Fair value through profit or loss (Note 13) |  |  |  | (2,354) |  | (42,210) |  | (14,962)
Other revenues |  | 22,242 |  | 36,398 |  | (21,845) |  | 33,028
|  | 41,172 |  | 49,616 |  | (53,557) |  | 26,215
|  | - |  | - |  | - |  | -
Other operating expenses |  |  |  |  |  |  |  |
Taxes and fees |  | (62,151) |  | (59,156) |  | (30,752) |  | (45,619)
Expenses/reversal with environmental liabilities, net |  | (4,366) |  | 740 |  | (1,247) |  | 225
Write-off/(Provision) of judicial lawsuits |  | 4,511 |  | (44,643) |  | 85,725 |  | (16,098)
Depreciation and amortization (note 24) |  | (41,558) |  | (38,236) |  | (21,656) |  | (17,569)
Reversal/(Write-off) of estimated losses on property, plant and equipment, intangible assets and PPI, net of reversal (notes 9.d, 10 and 11) | (725) |  | (6,612) |  | (2,900) |  | 1,351
Estimated (Loss)/reversal in inventories (1) |  | (488,740) |  | (118,222) |  | (84,367) |  | (88,955)
Idleness in stocks and paralyzed equipment (2) |  | (267,014) |  | (94,628) |  | (122,821) |  |
Studies and project engineering expenses |  | (25,109) |  | (25,885) |  | (16,169) |  | (12,123)
Healthcare plan expenses |  | (53,188) |  | (51,159) |  | (26,483) |  | (24,977)
Cash flow hedge accounting realized (note 13) (3) |  | (714,251) |  | (397,656) |  | 216,272 |  | (318,360)
Other expenses |  | (182,447) |  | (211,094) |  | (70,103) |  | (141,845)
|  | (1,835,038) |  | (1,046,551) |  | (74,501) |  | (663,970)
Other operating income (expenses), net |  | (1,793,866) |  | (996,935) |  | (128,058) |  | (637,755)
|  |  |  |  |  |  |  | Parent Company
|  | Six months ended |  | Three months ended
|  | 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Other operating income |  |  |  |  |  |  |  |
Receivables by indemnity |  | 4,704 |  | 7,379 |  | 953 |  | 2,020
Rentals and leases |  | 6,641 |  | 4,176 |  | 5,339 |  | 2,661
Contractual fines |  | 1,282 |  | 1,312 |  | 624 |  | 1,304
Updated shares – Fair value through profit or loss (Note 13) |  |  |  | (2,354) |  | (42,210) |  | (14,962)
Other revenues |  | (87) |  | 27,079 |  | (113) |  | 26,999
|  | 12,540 |  | 37,592 |  | (35,407) |  | 18,022
Other operating expenses |  |  |  |  |  |  |  |
Taxes and fees |  | (34,548) |  | (33,924) |  | (16,024) |  | (26,525)
Expenses with environmental liabilities, net |  | (1,673) |  | 1,514 |  | (145) |  | 469
Write-off/(Provision) of judicial lawsuits |  | (46,720) |  | (26,714) |  | (3,337) |  | (7,707)
Depreciation of investment property, equipment paralyzed and amortization of intangible assets (note 24) | (3,607) |  | (3,240) |  | (1,836) |  | (1,551)
Write-offs and estimated losses of PPE, intangible assets and investment properties, net of reversal (notes 10 and 11) |  | 1,314 |  | (282) |  | (588) |  | (126)
Estimated (Loss)/reversal in inventories (1) |  | (230,861) |  | (77,455) |  | (74,848) |  | (65,219)
Idleness in stocks and paralyzed equipment (2) |  | (261,740) |  |  |  | (117,547) |  |
Studies and project engineering expenses |  | (8,298) |  | (9,481) |  | (4,618) |  | (5,400)
Healthcare plan expenses |  | (51,191) |  | (50,653) |  | (24,809) |  | (24,703)
Cash flow hedge accounting realized (note 13) (3) |  | (363,235) |  | (421,030) |  | (10,032) |  | (341,734)
Other expenses |  | (101,453) |  | (130,564) |  | (57,743) |  | (99,879)
|  | (1,102,012) |  | (751,829) |  | (311,527) |  | (572,375)
Other operating income (expenses), net |  | (1,089,472) |  | (714,237) |  | (346,934) |  | (554,353)

(1) In the Parent Company, refers substantially to losses incurred in the production process at the Presidente Vargas Plant ("UPV") and in Consolidated, losses in inventories in the amount of (R$213,490);

(2) In 2023, unused capacity due to lower than normal production volume at Presidente Vargas Plant ("UPV");

(3) In the Parent Company this is the realization of a Cash Flow Hedge in the amount of (R$353,203) and in Consolidated the realization of a Cash Flow Hedge in the amount of (R$9,841) and a Hedge of Platts in the amount of (R$341,175).

77

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

| 26. | FINANCIAL INCOME (EXPENSES)

|  |  |  |  |  |  |  | Consolidated
|  | Six months ended |  | Three months ended
|  | 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Financial income |  |  |  |  |  |  |  |
Related parties (Note 20 a) |  | 106,189 |  | 80,701 |  | 51,760 |  | 52,223
Income from financial investments |  | 386,940 |  | 315,046 |  | 192,395 |  | 188,523
Updated shares – Fair value through profit or loss (Note 13.d) |  | (17,758) |  | (1,030,702) |  | (84,634) |  | (808,347)
Interest and fines |  | 51,961 |  | 14,172 |  | 28,073 |  | 7,924
Other income |  | 66,502 |  | 76,807 |  | 61,421 |  | 51,560
|  | 593,834 |  | (543,976) |  | 249,015 |  | (508,117)
Financial expenses |  |  |  |  |  |  |  |
Borrowings and financing - foreign currency (note 12) |  | (709,062) |  | (600,218) |  | (406,836) |  | (306,640)
Borrowings and financing - local currency (note 12) |  | (1,046,453) |  | (585,791) |  | (543,664) |  | (313,089)
Capitalised interest (note 10) |  | 94,342 |  | 62,863 |  | 50,144 |  | 34,786
Related parties |  | (4,124) |  | (4,876) |  | (2,062) |  | (2,302)
Lease liabilities |  | (36,395) |  | (31,584) |  | (19,123) |  | (16,621)
Interest and fines |  | (117,794) |  | (49,718) |  | (16,898) |  | 71,766
Interest on drawn/forfaiting risk operations |  | (257,865) |  | (197,542) |  | (119,502) |  | (197,542)
(-) Adjustment present value of trade payables |  | (167,513) |  | (222,409) |  | (86,517) |  | (125,674)
Commission, bank fees, Guarantee and bank fees |  | (99,053) |  | (104,819) |  | (54,021) |  | (54,917)
PIS/COFINS over financial income |  | (34,636) |  | (56,972) |  | (16,346) |  | (49,839)
Other financial expenses |  | (263,559) |  | (187,791) |  | (140,139) |  | (50,731)
|  | (2,642,112) |  | (1,978,857) |  | (1,354,964) |  | (1,010,803)
Others financial items, net |  |  |  |  |  |  |  |
Foreign exchange and monetary variation, net |  | (511,750) |  | 431,597 |  | (242,587) |  | 580,437
Gains and (losses) on exchange derivatives (*) |  | 184,492 |  | 75,987 |  | 162,627 |  | 48,471
|  | (327,258) |  | 507,584 |  | (79,960) |  | 628,908
|  | (2,969,370) |  | (1,471,273) |  | (1,434,924) |  | (381,895)
Financial income (expenses), net |  | (2,375,536) |  | (2,015,249) |  | (1,185,909) |  | (890,012)
(*) Statement of gains and (losses) on derivative transactions (note 13.c) |  |  |  |  |  |  |  |
Dollar - to - real NDF |  |  |  | 45,162 |  |  |  | 45,162
Exchange rate swap Real x Dollar |  | (82,377) |  | (25,238) |  | (42,205) |  | 55,510
Interest rate swap CDI x IPCA |  | 224,522 |  | 9,619 |  | 181,378 |  | (33,249)
Exchange rate swap CDI x Dollar |  | 42,347 |  | 46,444 |  | 23,454 |  | (18,952)
|  | 184,492 |  | 75,987 |  | 162,627 |  | 48,471

78

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  |  |  |  |  |  |  | Parent Company
|  | Six months ended |  | Three months ended
|  | 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Financial income |  |  |  |  |  |  |  |
Related parties (Note 20 a) |  | 141,275 |  | 98,802 |  | 68,860 |  | 53,537
Income from financial investments |  | 43,450 |  | 97,309 |  | 12,893 |  | 72,325
Interest and fines |  | 38,110 |  | 7,267 |  | 21,093 |  | 3,624
Updated shares – Fair value through profit or loss (Note 13.d) |  | (17,758) |  | (1,030,702) |  | (84,634) |  | (808,347)
Other income |  | 58,799 |  | 105,447 |  | 55,340 |  | 81,746
|  | 263,876 |  | (721,877) |  | 73,552 |  | (597,115)
Financial expenses |  |  |  |  |  |  |  |
Borrowings and financing - foreign currency (note 12) |  | (94,540) |  | (68,899) |  | (57,984) |  | (19,795)
Borrowings and financing - local currency (note 12) |  | (621,985) |  | (473,931) |  | (338,524) |  | (247,090)
Related parties (note 12) |  | (121,842) |  | (41,880) |  | (60,548) |  | (25,357)
Lease liabilities |  | (541) |  | (768) |  | (285) |  | (412)
Capitalised interest (note 10) |  | 38,810 |  | 17,527 |  | 21,305 |  | 9,920
Interest and fines |  | (81,493) |  | (2,736) |  | 3,710 |  | 88,245
Interest on drawn/forfaiting risk operations |  | (257,865) |  | (197,542) |  | (119,502) |  | (197,542)
(-) Adjustment present value of trade payables |  | (127,644) |  | (191,741) |  | (65,274) |  | (111,936)
Commission, bank fees, Guarantee and bank fees |  | (47,924) |  | (50,110) |  | (26,640) |  | (21,156)
PIS/COFINS over financial income |  | (6,969) |  | (12,780) |  | (3,395) |  | (11,054)
Other financial expenses |  | (38,983) |  | (24,643) |  | (9,109) |  | (12,278)
|  | (1,360,976) |  | (1,047,503) |  | (656,246) |  | (548,455)
Others financial items, net |  |  |  |  |  |  |  |
Foreign exchange and monetary variation, net |  | (278,817) |  | 361,284 |  | (172,992) |  | 565,255
Gains and (losses) on exchange derivatives (*) |  | 42,347 |  | 46,444 |  | 23,454 |  | (25,652)
|  | (236,470) |  | 407,728 |  | (149,538) |  | 539,603
Financial income (expenses), net |  | (1,333,570) |  | (1,361,652) |  | (732,232) |  | (605,967)
(*) Statement of gains and (losses) on derivative transactions (note 13 c) |  |  |  |  |  |  |  |
Exchange rate swap CDI x Dollar |  | 42,347 |  | 46,444 |  | 23,454 |  | (25,652)
|  | 42,347 |  | 46,444 |  | 23,454 |  | (25,652)

| 27. | SEGMENT INFORMATION

The financial information related to the business segments is not changed from that disclosed in the Company's financial statements as of December 31, 2022. Accordingly, management has decided not to repeat them in this condensed interim financial information.

Results by segment

For the purpose of preparing and presenting the information by business segment, Management decided to maintain the proportional consolidation of the jointly controlled entities as historically presented. For purposes of reconciliation of the consolidated result, the amounts recorded by these companies are not included in the “Corporate expenses/elimination” column.

79

Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 06/30/2023
P&L |  | Steel |  | Mining |  | Logistics |  | Energy |  | Cement |  | Corporate expenses/elimination |  | Consolidated
|  |  | Port |  | Railroads |  |  |  |
Net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic market |  | 8,314,109 |  | 654,019 |  | 124,172 |  | 1,187,234 |  | 298,561 |  | 2,261,494 |  | (1,858,647) |  | 10,980,942
Foreign market |  | 3,405,442 |  | 7,118,726 |  |  |  |  |  |  |  |  |  | 802,691 |  | 11,326,859
Cost of sales and services (note 24) |  | (10,440,349) |  | (4,872,511) |  | (120,852) |  | (692,025) |  | (223,195) |  | (1,911,436) |  | 1,441,232 |  | (16,819,136)
Gross profit |  | 1,279,202 |  | 2,900,234 |  | 3,320 |  | 495,209 |  | 75,366 |  | 350,058 |  | 385,276 |  | 5,488,665
General and administrative expenses (note 24) |  | (600,778) |  | (273,748) |  | (4,903) |  | (94,197) |  | (27,402) |  | (219,275) |  | (881,822) |  | (2,102,125)
Other operating (income) expenses, net (note 25) |  | (935,095) |  | (456,320) |  | 1,848 |  | (992) |  | 101,724 |  | (76,432) |  | (428,599) |  | (1,793,866)
Equity in results of affiliated companies (note 9) |  |  |  |  |  |  |  |  |  |  |  |  |  | 128,811 |  | 128,811
Operating result before Financial Income and Taxes |  | (256,671) |  | 2,170,166 |  | 265 |  | 400,020 |  | 149,688 |  | 54,351 |  | (796,334) |  | 1,721,485
Sales by geographic area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia |  |  |  | 6,771,687 |  |  |  |  |  |  |  |  |  |  |  | 6,771,687
North America |  | 845,735 |  |  |  |  |  |  |  |  |  |  |  | 802,691 |  | 1,648,426
Latin America |  | 84,062 |  |  |  |  |  |  |  |  |  |  |  |  |  | 84,062
Europe |  | 2,475,645 |  | 347,039 |  |  |  |  |  |  |  |  |  |  |  | 2,822,684
Foreign market |  | 3,405,442 |  | 7,118,726 |  |  |  |  |  |  |  |  |  | 802,691 |  | 11,326,859
Domestic market |  | 8,314,109 |  | 654,019 |  | 124,172 |  | 1,187,234 |  | 298,561 |  | 2,261,494 |  | (1,858,647) |  | 10,980,942
Total |  | 11,719,551 |  | 7,772,745 |  | 124,172 |  | 1,187,234 |  | 298,561 |  | 2,261,494 |  | (1,055,956) |  | 22,307,801
|  |  |  |  |  |  |  |  |  |  |  |  | Three months ended
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 06/30/2023
P&L |  | Steel |  | Mining |  | Logistics |  | Energy |  | Cement |  | Corporate expenses/elimination |  | Consolidated
|  |  | Port |  | Railroads |  |  |  |
Net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic market |  | 4,368,460 |  | 371,743 |  | 54,269 |  | 668,226 |  | 159,124 |  | 1,142,363 |  | (1,011,959) |  | 5,752,226
Foreign market |  | 1,574,231 |  | 3,259,563 |  |  |  |  |  |  |  |  |  | 403,091 |  | 5,236,885
Cost of sales and services (note 24) |  | (5,419,308) |  | (2,625,677) |  | (61,374) |  | (352,333) |  | (99,677) |  | (951,813) |  | 764,522 |  | (8,745,660)
Gross profit |  | 523,383 |  | 1,005,629 |  | (7,105) |  | 315,893 |  | 59,447 |  | 190,550 |  | 155,654 |  | 2,243,451
General and administrative expenses (note 24) |  | (287,702) |  | (147,389) |  | (2,888) |  | (51,377) |  | (14,773) |  | (123,001) |  | (454,601) |  | (1,081,731)
Other operating (income) expenses, net (note 25) |  | (307,620) |  | 180,134 |  | (1,650) |  | (11,559) |  | 110,235 |  | (38,169) |  | (59,429) |  | (128,058)
Equity in results of affiliated companies (note 9) |  |  |  |  |  |  |  |  |  |  |  |  |  | 107,301 |  | 107,301
Operating result before Financial Income and Taxes |  | (71,939) |  | 1,038,374 |  | (11,643) |  | 252,957 |  | 154,909 |  | 29,380 |  | (251,075) |  | 1,140,963
Sales by geographic area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia |  |  |  | 3,002,538 |  |  |  |  |  |  |  |  |  |  |  | 3,002,538
North America |  | 443,244 |  |  |  |  |  |  |  |  |  |  |  | 403,091 |  | 846,335
Latin America |  | 37,303 |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,303
Europe |  | 1,093,684 |  | 257,025 |  |  |  |  |  |  |  |  |  |  |  | 1,350,709
Foreign market |  | 1,574,231 |  | 3,259,563 |  |  |  |  |  |  |  |  |  | 403,091 |  | 5,236,885
Domestic market |  | 4,368,460 |  | 371,743 |  | 54,269 |  | 668,226 |  | 159,124 |  | 1,142,363 |  | (1,011,959) |  | 5,752,226
Total |  | 5,942,691 |  | 3,631,306 |  | 54,269 |  | 668,226 |  | 159,124 |  | 1,142,363 |  | (608,868) |  | 10,989,111

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

|  |  |  |  |  |  |  |  |  |  |  |  | Six months ended
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 06/30/2022
P&L |  | Steel |  | Mining |  | Logistics |  | Energy |  | Cement |  | Corporate expenses/elimination |  | Consolidated
|  |  | Port |  | Railroads |  |  |  |
Net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic market |  | 10,432,496 |  | 926,572 |  | 153,189 |  | 1,050,682 |  | 91,457 |  | 860,977 |  | (2,023,517) |  | 11,491,856
Foreign market |  | 5,155,563 |  | 5,542,431 |  |  |  |  |  |  |  |  |  | 145,938 |  | 10,843,932
Cost of sales and services (note 24) |  | (11,615,879) |  | (3,427,030) |  | (108,159) |  | (727,501) |  | (96,176) |  | (572,764) |  | 1,699,783 |  | (14,847,726)
Gross profit |  | 3,972,180 |  | 3,041,973 |  | 45,030 |  | 323,181 |  | (4,719) |  | 288,213 |  | (177,796) |  | 7,488,062
General and administrative expenses (note 24) |  | (640,112) |  | (149,426) |  | (17,293) |  | (64,915) |  | (16,907) |  | (137,430) |  | (212,097) |  | (1,238,180)
Other operating (income) expenses, net (note 25) |  | (331,845) |  | (198,987) |  | (9,926) |  | 24,160 |  | (903) |  | (23,435) |  | (455,999) |  | (996,935)
Equity in results of affiliated companies (note 9) |  |  |  |  |  |  |  |  |  |  |  |  |  | 73,665 |  | 73,665
Operating result before Financial Income and Taxes |  | 3,000,223 |  | 2,693,560 |  | 17,811 |  | 282,426 |  | (22,529) |  | 127,348 |  | (772,227) |  | 5,326,612
Sales by geographic area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia |  |  |  | 4,698,621 |  |  |  |  |  |  |  |  |  | 145,938 |  | 4,844,559
North America |  | 1,191,869 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,191,869
Latin America |  | 172,446 |  |  |  |  |  |  |  |  |  |  |  |  |  | 172,446
Europe |  | 3,790,182 |  | 843,810 |  |  |  |  |  |  |  |  |  |  |  | 4,633,992
Others |  | 1,066 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,066
Foreign market |  | 5,155,563 |  | 5,542,431 |  |  |  |  |  |  |  |  |  | 145,938 |  | 10,843,932
Domestic market |  | 10,432,496 |  | 926,572 |  | 153,189 |  | 1,050,682 |  | 91,457 |  | 860,977 |  | (2,023,517) |  | 11,491,856
Total |  | 15,588,059 |  | 6,469,003 |  | 153,189 |  | 1,050,682 |  | 91,457 |  | 860,977 |  | (1,877,579) |  | 22,335,788
|  |  |  |  |  |  |  |  |  |  |  |  | Three months ended
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 06/30/2022
|  | Steel |  | Mining |  | Logistics |  | Energy |  | Cement |  | Corporate expenses/elimination |  | Consolidated
|  |  |  | Port |  | Railroads |  |  |  |
Net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic market |  | 5,247,692 |  | 411,196 |  | 77,298 |  | 592,238 |  | 47,320 |  | 474,996 |  | (1,032,156) |  | 5,818,584
Foreign market |  | 2,458,294 |  | 2,196,493 |  |  |  |  |  |  |  |  |  | 92,551 |  | 4,747,338
Cost of sales and services (note 24) |  | (5,789,150) |  | (1,831,888) |  | (53,379) |  | (385,864) |  | (49,139) |  | (300,518) |  | 849,497 |  | (7,560,441)
Gross profit |  | 1,916,836 |  | 775,801 |  | 23,919 |  | 206,374 |  | (1,819) |  | 174,478 |  | (90,108) |  | 3,005,481
General and administrative expenses (note 24) |  | (312,832) |  | (87,027) |  | (7,585) |  | (34,172) |  | (8,354) |  | (68,509) |  | (132,375) |  | (650,854)
Other operating (income) expenses, net (note 25) |  | (230,017) |  | (48,729) |  | (8,896) |  | 11,530 |  | (454) |  | (3,462) |  | (357,727) |  | (637,755)
Equity in results of affiliated companies (note 9) |  |  |  |  |  |  |  |  |  |  |  |  |  | 54,406 |  | 54,406
Operating result before Financial Income and Taxes |  | 1,373,987 |  | 640,045 |  | 7,438 |  | 183,732 |  | (10,627) |  | 102,507 |  | (525,804) |  | 1,771,278
Sales by geographic area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia |  |  |  | 1,615,360 |  |  |  |  |  |  |  |  |  | 92,551 |  | 1,707,911
North America |  | 654,147 |  |  |  |  |  |  |  |  |  |  |  |  |  | 654,147
Latin America |  | 67,874 |  |  |  |  |  |  |  |  |  |  |  |  |  | 67,874
Europe |  | 1,736,273 |  | 581,133 |  |  |  |  |  |  |  |  |  |  |  | 2,317,406
Foreign market |  | 2,458,294 |  | 2,196,493 |  |  |  |  |  |  |  |  |  | 92,551 |  | 4,747,338
Domestic market |  | 5,247,692 |  | 411,196 |  | 77,298 |  | 592,238 |  | 47,320 |  | 474,996 |  | (1,032,156) |  | 5,818,584
Total |  | 7,705,986 |  | 2,607,689 |  | 77,298 |  | 592,238 |  | 47,320 |  | 474,996 |  | (939,605) |  | 10,565,922

| 28. | ADDITIONAL INFORMATION TO CASH FLOWS

The following table provides additional information about transactions related to the statement of cash flows:

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2023 |  | 06/30/2022 |  | 06/30/2023 |  | 06/30/2022
Income tax and social contribution paid | 502,464 |  | 2,338,584 |  |  |  | 126,103
Addition to PP&E with interest capitalization (notes 10 and 26) | 94,342 |  | 62,863 |  | 38,810 |  | 17,527
Remeasurement and addition – Right of use (note 10 i) | 134,610 |  | 51,614 |  | 3,906 |  | 2,501
Addition to PP&E without adding cash | 81,860 |  |  |  |  |  |
Capitalization in associate with no cash effect | 11,037 |  |  |  | 11,037 |  |
| 824,313 |  | 2,453,061 |  | 53,753 |  | 146,131

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| 29. | STATEMENT OF COMPREHENSIVE INCOME

| 30. | SUBSEQUENT EVENTS

Debentures:

On July 19, 2023, the Company announced the closing of the public distribution offering ("Offering") of 700,000 simple, non-convertible debentures, unsecured, in three series of its 14th issue ("Debentures"), with a nominal unit value of R$1, totaling R$700,000 ("Issue"), of which (i) 320,000 Debentures of the 1st series ("First Series Debentures"), corresponding to R$320,000; (ii) 180,000 Debentures of the 2nd series ("Second Series Debentures"), corresponding to R$180,000; and (iii) 200,000 Debentures of the 3rd series ("Third Series Debentures"), corresponding to R$200,000.

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Advances from customers:

After the close of the second quarter of 2023, the Company entered into three new energy advance agreements with prominent national players. The transactions involve advances totaling R$1,000,000 with realizations expected to take place from July 2023 to December 2028.

On July 28, 2023, the subsidiary CSN Mineração concluded negotiations for a long-term iron ore supply contract with an international trading company. The transaction involves an advance payment of US$200,000 for the supply of approximately 4.3 million tons of iron ore, to be executed over a period of 4 years, with supply starting in 2024.

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11.1 Projections

The Company clarifies that the information disclosed in this item represents a mere estimation, with hypothetical data and in no way constitute a promise of performance on behalf of the Company and/or its directors. The projections presented below involve market factors beyond the Company's control and, therefore, may change.

| a) | Projection object.

The Company estimates the following variables below:

| b) | Projected period and the validity of the projection.

The projected period and expiration dates can be viewed in the table above in item 11.1 a), and the numbers are always presented at the end of the fiscal year and duly published in the Standardized Financial Statements (DFP) of each fiscal year.

| c) | Assumptions of the projection, with the indication of which ones can be influenced by the administration of the issuer and which escape its control.

All the premises of the projections mentioned above are subject to external influence factors, which are outside the control of the Company's management. Therefore, in the event of any material change in these assumptions, the Company may revise its estimates, changing them compared to those originally presented.

The main premise that can be influenced by the Company's management would be its production and sales volumes, along with the associated costs.

The volume of ore production always considers our 2022 mining plan, with increased pellet feed production. However, key factors such as sales prices and raw material inputs are outside the Company's control.

| d) | Values of the indicators that are the subject of the forecast.

The values can be found above in item 11.1 a).

11.2 In the event that the issuer has disclosed, during the last 3 fiscal years, projections on the evolution of its indicators:

a) inform which ones are being replaced by new projections included and which are being repeated.

Estimates maintained:

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Estimates replaced in the last 3 fiscal years:

CSN replaced in Dec/21 the estimated volume of iron ore production in 2021 to 36-37Mton, against previous expectation of 38-40Mton.

CSN replaced in Dec/21 Mining Cash Cost in 2021 to $19.00, against a previous expectation of $16.00.

CSN replaced in Dec/21 Mining Expansion Capex in 2021 to BRL560 million, against a previous expectation of BRL1,000 million.

CSN replaced in Dec/21 the estimated Mining Expansion Capex between 2022-2026 to BRL12,000 million, against a previous expectation of BRL14,000 million between 2021-2025.

CSN replaced in Dec/21 the Steel Capex estimates between 2022-2026 to BRL6,300 million, against a previous expectation of BRL6.100 million between 2021-2025.

CSN replaced in Aug/22 Mining Cash Cost in 2022 between $20.00 - $22.00, against a previous expectation of $18.00.

CSN replaced in Aug/22 estimated volume of iron ore production in 2022 to 36-38Mton, against previous expectation of 39-41Mton.

The Company replaced in October/22 estimated Consolidated CAPEX in 2022 to the amount of BRL3,000 million, against a previous expectation of BRL 4,100 million.

The Company replaced in October/22 the leverage projection, measured by the Indicator Adjusted Net Debt/EBITDA from 1.0x in 2022 to a level between 1.75x and 2.0x between the closings of the annual balance sheets for 2022 and 2023.

The Company replaced in October/22 estimated iron ore production volume in 2022 to 34Mton, against previous expectation of 36-38Mton.

The Company replaced in December 2022, the projected steel sales volume of 4,480Kton for 2022 with the projection of 4,670Kton for 2023.

The Company replaced in December 2022, the projected expansion Capex in mining of approximately BRL 13.8 billion for the period of 2023-2027, related to phase 1 of the capacity addition project.

The Company, in December 2022, added the projected mining cash cost to a range between US$19/ton and US$21/ton in 2023.

The Company, in December 2022, added the projected volume of production and purchases of third-party ores to be between 39-41 Mton in 2023.

The Company, in December 2022, added the projected EBITDA in the Energy segment of BRL 23 million for 2022.

The Company replaced in December 2022, the projected Consolidated Capex in the range of BRL 5.5 - BRL 6.5 billion for the period of 2024-2027 with the projection of BRL 4.4 billion for 2023.

b) regarding the projections related to periods already elapsed, compare the projected data with the effective performance of the indicators, clearly indicating the reasons that led to deviations in the projections.

2021

Regarding the major deviations above and below the expectation, our evaluations are as follows:

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

The increase in net debt, in millions of reais, compared to the guidance was mainly tied by the share repurchase programs, in addition to the exchange variation observed in the period. However, even with the increase in net debt, the company's leverage was still below the 1.0x Net Debt/EBITDA level.

The steel Sales Volume was impacted by the lower sales volume during the third quarter, which was marked by the commercial strategy of prioritizing price, without the application of discounts, to the detriment of the sold volume. This strategy proved to be assertive for the Company's financial results.

The company's dollarized Cash Cost annual average was $2.6/t, worse than the guidance presented due to a one-off pressure in November, impacted by the scheduled halts and heavy rainfall in the period, causing a lower dilution of the mine’s and port’s fixed cost. If we discount the month of November from the calculation of the average of the year, the average cash cost would be $19.00, which is in line with what was expected by The Company.

2022

Regarding the major deviations above and below the expectation, our evaluations are as follows:

The volume of ore production was impacted by above-normal rainfall in the Company's operations, which affected the mining and transportation capacity of the ore, and the ramp-up of projects connected to the Central Plant (CMAI 3, spirals, and regrinding).

The increase in Capex expenditures, which were above expectations, mainly occurred in the fourth quarter with the integration of Cimentos Brasil's operations.

The increase in net debt, in millions of reais, compared to the guidance, was mainly caused by large cash expenditures related to the Company's acquisitions, with the aim of diversifying its business portfolio.

c) as of projections for periods still in progress, to inform whether the projections remain valid on the date of delivery of the form and, where appropriate, to explain why they were abandoned or replaced.

Current and valid estimates:

Monitoring and changes in projections disclosed

Replaced estimates:

CSN replaced in Aug/22 Mining Cash Cost in 2022 between $20.00 - $22.00, against a previous expectation of $18.00.

CSN replaced in Aug/22 estimated volume of iron ore production in 2022 to 36-38Mton, against previous expectation of 39-41Mton.

The Company replaced in October/22 estimated Consolidated CAPEX in 2022 to the amount of BRL3,000 million, against a previous expectation of BRL 4,100 million.

The Company replaced in October/22 the leverage projection, measured by the Indicator Adjusted Net Debt/EBITDA from 1.0x in 2022 to a level between 1.75x and 1.95x between the closings of the annual balance sheets for 2022 and 2023.

The Company replaced in October/22 estimated iron ore production volume in 2022 to 34Mton, against previous expectation of 36-38Mton.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

The Company replaced in December 2022, the projected steel sales volume of 4,480Kton for 2022 with the projection of 4,670Kton for 2023.

The Company replaced in December 2022, the projected expansion Capex in mining of approximately BRL 13.8 billion for the period of 2023-2027, related to phase 1 of the capacity addition project.

The Company, in December 2022, added the projected mining cash cost to a range between US$19/ton and US$21/ton in 2023.

The Company, in December 2022, added the projected volume of production and purchases of third-party ores to be between 39-41 Mton in 2023.

The Company, in December 2022, added the projected EBITDA in the Energy segment of BRL 23 million for 2022.

The Company replaced in December 2022, the projected Consolidated Capex in the range of BRL 5.5 - BRL 6.5 billion for the period of 2024-2027 with the projection of BRL 4.4 billion for 2023.

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To the Shareholders, Directors and Managers of

Companhia Siderúrgica Nacional

Sao Paulo-SP

Introduction

We have reviewed the parent company and consolidated interim financial information of Companhia Siderúrgica Nacional ("Company"), contained in the Quarterly Information Form - ITR for the quarter ended June 30, 2023, which comprises the balance sheet as of June 30, 2023 and the related statements of income, comprehensive income for the three and six-month periods then ended, the statement of changes in equity and cash flows for the six month period then ended, including a summary of significant accounting policies and notes.

The Company's management is responsible for preparing and presenting the parent company and consolidated interim financial information, in accordance with NBC TG 21 - Interim Financial Statements and with the International Accounting Standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission, applicable to the preparation of the Quarterly Information - ITR. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards for Reviews of Interim Financial information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The scope of a review is significantly less than that of an audit conducted in accordance with auditing standards and, consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the parent company and consolidated interim financial information

Based on our review, we are not aware of any fact which leads us to believe that the parent company and consolidated interim financial information included in the aforementioned quarterly information was not prepared, in all material respects, in accordance with NBC TG 21 and IAS 34, applicable to the preparation of the Quarterly Information - ITR, and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission.

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Quarterly Financial Information – June 30, 2023 – Companhia Siderúrgica Nacional – CSN (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |

Other matters

Statement of Value Added

The aforementioned quarterly information includes the parent company and consolidated Statements of Value Added (DVA), referring to the six-month period ended June 30, 2023, prepared under the responsibility of the Company's management and presented as supplementary information for IAS purposes 34. These statements have been submitted to review procedures performed together with the review of the Company's quarterly information - ITR -, in order to conclude whether they are reconciled with the interim financial information and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in NBC TG 09 - "Demonstration of Added Value". Based on our review, we are not aware of any facts that lead us to believe that these statements of value added have not been prepared, in all material respects, in accordance with the criteria defined in this standard and in a manner consistent with the parent company and consolidated interim financial information taken as a whole.

Barueri, August 02, 2023.

Mazars Auditores Independentes – Sociedade Simples Ltda.

CRC 2 SP023701/O-8

Éverton Araken Paetzold

Contador CRC 1PR 047.959/O-9

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Opinions and Statements / Officers Statement on the Financial Statement

As Executive Officers of Companhia Siderúrgica Nacional, we declare pursuant to Article 27, paragraph 1º, item VI, and Article 31, paragraph 1º, item II of CVM Instruction 80, of March 29, 2022, that we reviewed, discussed and agreed with the Company’s Financial Statements for the quarter ended June 30,2023.

São Paulo, August 02, 2023.

Benjamin Steinbruch

CEO

Marcelo Cunha Ribeiro

Executive Officer – CFO and Investors Relations

David Moise Salama

Executive Officer

Luis Fernando Barbosa Martinez

Executive Officer

Stephan Heinz Josef Victor Weber

Executive Officer

Alexandre de Campos Lyra

Executive Officer

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Opinions and Statements / Officers Statement on Auditor’s Report

As Executive Officers of Companhia Siderúrgica Nacional, we declare pursuant to Article 27, paragraph 1º, item V and Article 31, paragraph 1º, item II of CVM Instruction 80, of March 29,2022, that we reviewed, discussed and agreed with the opinion expressed on the Independent Auditors’ Report related to the Company’s Financial Statements for the quarter ended June 30,2023.

São Paulo, August 02, 2023

Benjamin Steinbruch

CEO

Marcelo Cunha Ribeiro

Executive Officer – CFO and Investors Relations

David Moise Salama

Executive Officer

Luis Fernando Barbosa Martinez

Executive Officer

Stephan Heinz Josef Victor Weber

Executive Officer

Alexandre de Campos Lyra

Executive Officer

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 25, 2023

COMPANHIA SIDERÚRGICA NACIONAL
By: | /S/ Benjamin Steinbruch
| Benjamin Steinbruch Chief Executive Officer

By: | /S/ Marcelo Cunha Ribeiro
| Marcelo Cunha Ribeiro Chief Financial and Investor Relations Officer

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.