6-K 1 siditr2q25_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, 2025
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____

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) INTERIM FINANCIAL INFORMATION COMPANHIA SIDERÚRGICA NACIONAL AS OF JUNE 30, 2025 AND INDEPENDENT AUDITOR’S REPORT Docusign Envelope ID: D280BE2A-1BC5-4FEC-A9F3-656761CACA86

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) 2 Independent auditor's report on review the individual and consolidated interim financial information. To the Shareholders, Directors and Managers of Companhia Siderúrgica Nacional Sao Paulo-SP Introduction We have reviewed the individual and consolidated interim financial information of Companhia Siderúrgica Nacional ("Company"), identified as parent company and consolidated, contained in the Quarterly Information Form - ITR for the quarter ended June 30, 2025, which comprise the balance sheet as of June 30, 2025 and the related statements of income, comprehensive income, for three and six months period then ended and changes in shareholder’s equity and cash flows for the six-month period then ended, including the explanatory notes. The Company's management is responsible for preparing and presenting the individual and consolidated interim financial information, in accordance with technical pronouncement CPC 21 (R1) - 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 reviewing interim financial information (NBC TR 2410 - Review of Interim Financial Information Performed by the Entity Auditor 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, as a result, did not enable us to obtain assurance that we have taken knowledge of all significant matters that could be identified in an audit. Therefore, we do not express an audit opinion. Conclusion on the individual and consolidated interim financial information Based on our review, we are not aware of any fact which leads us to believe that the individual and consolidated interim financial information included in the aforementioned quarterly information was not prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1) and IAS 34, applicable to the preparation of the Quarterly Information - ITR, and presented in accordance with the rules issued by the Brazilian Securities and Exchange Commission (CVM). Docusign Envelope ID: D280BE2A-1BC5-4FEC-A9F3-656761CACA86

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) 3 Other matters Statement of Value Added The previously mentioned quarterly information includes the individual and consolidated interim financial information of Value Added (DVA), referring to the six-months period ended June 30, 2025, prepared under the responsibility of the Company's management and presented as supplementary information for international standard IAS 34 purposes. These statements were submitted to review procedures performed in conjunction 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 technical pronouncement CPC 09 (R1) - "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 were not prepared, in all material respects, in accordance with the criteria defined in this standard and in a manner consistent with the interim financial information, individual and consolidated, taken as a whole. Barueri, July 31, 2025. Forvis Mazars Auditores Independentes - Sociedade Simples Ltda. CRC 2 SP023701/O-8 Danhiel Augusto Reis CRC 1SP254522/O-0 Docusign Envelope ID: D280BE2A-1BC5-4FEC-A9F3-656761CACA86

Companhia Siderúrgica Nacional S.A.
BALANCE SHEET
(In thousands of Reais)
|  |  | Consolidated |  | Parent Company |  |  |  |  | Consolidated |  | Parent Company
| Notes |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  |  | Notes |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
ASSET |  |  |  |  |  |  |  |  |  |  | LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  | Current |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 3 |  | 18,305,208 |  | 23,310,197 |  | 2,088,073 |  | 5,666,618 |  | Borrowings and financing | 12 |  | 7,819,043 |  | 8,821,679 |  | 4,013,991 |  | 5,201,174
Financial investments | 4 |  | 851,397 |  | 911,378 |  | 834,560 |  | 895,573 |  | Payroll and related taxes |  |  | 644,740 |  | 560,695 |  | 210,962 |  | 184,696
Trade receivables | 5 |  | 2,437,043 |  | 2,900,998 |  | 1,630,275 |  | 1,555,141 |  | Trade payables | 15 |  | 7,066,323 |  | 7,030,734 |  | 3,792,941 |  | 3,596,080
Inventory | 6 |  | 10,355,385 |  | 10,439,741 |  | 6,671,060 |  | 6,839,246 |  | Tax payables |  |  | 880,497 |  | 719,253 |  | 170,180 |  | 195,063
Recoverable taxes | 7 |  | 1,954,302 |  | 1,367,316 |  | 738,137 |  | 668,137 |  | Labor and civil provisions | 18 |  | 115,105 |  | 132,112 |  | 70,698 |  | 61,008
Other current assets | 8 |  | 796,486 |  | 856,063 |  | 1,124,145 |  | 1,012,495 |  | Dividends and interest on equity payable | 16 |  | 1,437,467 |  | 61,965 |  | 6,095 |  | 6,242
Total current assets |  |  | 34,699,821 |  | 39,785,693 |  | 13,086,250 |  | 16,637,210 |  | Advances from customers | 16 |  | 3,899,218 |  | 3,648,639 |  | 350,208 |  | 382,350
|  |  |  |  |  |  |  |  |  |  | Trade payables – Forfaiting and Drawee risk | 15.a |  | 2,747,027 |  | 2,902,593 |  | 2,215,234 |  | 2,214,482
Non-Current |  |  |  |  |  |  |  |  |  |  | Other payables | 16 |  | 1,128,846 |  | 1,238,805 |  | 888,202 |  | 1,174,978
Long-term realizable asset |  |  |  |  |  |  |  |  |  |  | Total current liabilities |  |  | 25,738,266 |  | 25,116,475 |  | 11,718,511 |  | 13,016,073
Financial investments | 4 |  | 29,758 |  | 169,977 |  |  |  | 142,423 |  |  |  |  |  |  |  |  |  |  |
Deferred taxes assets | 17 |  | 6,731,080 |  | 7,345,326 |  | 4,399,095 |  | 4,750,333 |  | Non-Current |  |  |  |  |  |  |  |  |
Inventory | 6 |  | 1,954,823 |  | 1,761,172 |  |  |  |  |  | Borrowings and financing | 12 |  | 43,747,995 |  | 48,092,942 |  | 23,135,590 |  | 25,044,466
Recoverable taxes | 7 |  | 3,066,272 |  | 2,799,951 |  | 2,168,950 |  | 1,838,343 |  | Deferred taxes assets | 17.b |  | 604,421 |  | 541,329 |  |  |  |
Other non-current assets | 8 |  | 5,331,042 |  | 5,232,370 |  | 6,128,369 |  | 5,360,281 |  | Provision for tax, social security, labor, civil and environmental risks | 18 |  | 743,797 |  | 1,245,590 |  | 253,232 |  | 276,689
|  |  | 17,112,975 |  | 17,308,796 |  | 12,696,414 |  | 12,091,380 |  | Employee benefits | 0 |  | 502,039 |  | 473,046 |  | 481,609 |  | 454,161
|  |  |  |  |  |  |  |  |  |  | Provisions for environmental liabilities and decommissioning | 19 |  | 1,188,320 |  | 1,133,363 |  | 138,041 |  | 142,989
Investments | 9 |  | 6,191,787 |  | 5,948,051 |  | 26,501,360 |  | 26,292,822 |  | Provision for investment losses | 9 |  |  |  |  |  | 10,699,022 |  | 11,458,813
Property, plant and equipment | 10 |  | 32,031,883 |  | 30,426,023 |  | 10,089,593 |  | 9,664,413 |  | Other payables | 16 |  | 11,692,665 |  | 11,844,793 |  | 2,111,894 |  | 2,089,266
Intangible assets | 11 |  | 11,034,277 |  | 10,438,091 |  | 68,322 |  | 68,070 |  | Total non-current liabilities |  |  | 58,479,237 |  | 63,331,063 |  | 36,819,388 |  | 39,466,384
Total non-current assets |  |  | 66,370,922 |  | 64,120,961 |  | 49,355,689 |  | 48,116,685 |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Shareholders’ equity |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Paid-up capital | 21 |  | 10,240,000 |  | 10,240,000 |  | 10,240,000 |  | 10,240,000
|  |  |  |  |  |  |  |  |  |  | Capital reserves |  |  | 2,056,970 |  | 2,056,970 |  | 2,056,970 |  | 2,056,970
|  |  |  |  |  |  |  |  |  |  | Earnings reserves |  |  | (144,686) |  | 640,460 |  | (144,686) |  | 640,460
|  |  |  |  |  |  |  |  |  |  | Legal reserve |  |  | 1,158,925 |  | 1,158,925 |  | 1,158,925 |  | 1,158,925
|  |  |  |  |  |  |  |  |  |  | Other comprehensive income |  |  | 592,831 |  | (1,824,917) |  | 592,831 |  | (1,824,917)
|  |  |  |  |  |  |  |  |  |  | Total shareholders' equity of controlling shareholders |  |  | 13,904,040 |  | 12,271,438 |  | 13,904,040 |  | 12,271,438
|  |  |  |  |  |  |  |  |  |  | Earnings attributable to the non-controlling interests |  |  | 2,949,200 |  | 3,187,678 |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Total shareholders' equity |  |  | 16,853,240 |  | 15,459,116 |  | 13,904,040 |  | 12,271,438
TOTAL ASSETS |  |  | 101,070,743 |  | 103,906,654 |  | 62,441,939 |  | 64,753,895 |  | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |  |  | 101,070,743 |  | 103,906,654 |  | 62,441,939 |  | 64,753,895
The accompanying notes are an integral part of these consolidated financial statements

Companhia Siderúrgica Nacional S.A.
Statements of Income
(In thousands of Reais)
|  |  |  | Consolidado |  |  |  | Controladora |  |  | Consolidado |  |  | Controladora
|  | Six-month period ended |  | Six-month period ended |  | Three-month period ended |  | Three-month period ended
| Notes | 6/30/2025 |  | 6/30/2024 |  | 6/30/2025 |  | 6/30/2024 |  | 6/30/2025 | 6/30/2024 |  | 6/30/2025 | 6/30/2024
Net Revenue | 23 | 21,600,915 |  | 20,594,732 |  | 8,666,001 |  | 8,871,519 |  | 10,693,286 | 10,881,740 |  | 4,175,677 | 4,663,735
Costs of goods sold and services rendered | 24 | (16,342,573) |  | (15,414,669) |  | (8,048,779) |  | (8,555,029) |  | (7,967,187) | (7,892,701) |  | (3,844,781) | (4,454,735)
Gross profit |  | 5,258,342 |  | 5,180,063 |  | 617,222 |  | 316,490 |  | 2,726,099 | 2,989,039 |  | 330,896 | 209,000
Operating (expenses)/income |  | (2,727,949) |  | (2,983,619) |  | (280,700) |  | (1,023,331) |  | (1,083,343) | (1,375,530) |  | 193,621 | (474,152)
Selling expenses | 0 | (2,293,241) |  | (2,561,916) |  | (414,881) |  | (413,670) |  | (1,233,009) | (1,363,352) |  | (209,599) | (210,782)
General and administrative expenses | 0 | (480,923) |  | (430,917) |  | (195,904) |  | (191,176) |  | (263,525) | (224,064) |  | (107,690) | (103,146)
Equity in results of affiliated companies | 9 | 245,227 |  | 191,599 |  | 741,975 |  | (76,814) |  | 166,793 | 98,279 |  | 652,598 | 33,081
Other operating (expenses)/income, net | 25 | (199,012) |  | (182,385) |  | (411,890) |  | (341,671) |  | 246,398 | 113,607 |  | (141,688) | (193,305)
Other operating income |  | 143,809 |  | 604,280 |  | 142,310 |  | 108,506 |  | 76,794 | 546,371 |  | 87,460 | 42,031
Other operating expenses |  | (342,821) |  | (786,665) |  | (554,200) |  | (450,177) |  | 169,604 | (432,764) |  | (229,148) | (235,336)
Income before financial income (expenses) |  | 2,530,393 |  | 2,196,444 |  | 336,522 |  | (706,841) |  | 1,642,756 | 1,613,509 |  | 524,517 | (265,152)
Financial income (expenses), net | 26 | (3,750,586) |  | (2,619,918) |  | (1,831,827) |  | (958,802) |  | (1,900,239) | (1,495,391) |  | (1,047,288) | (565,066)
Financial income |  | 825,975 |  | 718,966 |  | 430,447 |  | 334,987 |  | 270,918 | 342,437 |  | 182,095 | 139,316
Financial expenses |  | (3,473,681) |  | (3,164,902) |  | (1,613,441) |  | (1,563,416) |  | (1,773,273) | (1,804,104) |  | (961,547) | (988,447)
Other financial items, net |  | (1,102,880) |  | (173,982) |  | (648,833) |  | 269,627 |  | (397,884) | (33,724) |  | (267,836) | 284,065
Income before income taxes | 17 | (1,220,193) |  | (423,474) |  | (1,495,305) |  | (1,665,643) |  | (257,483) | 118,118 |  | (522,771) | (830,218)
Income tax and social contribution |  | 358,244 |  | (278,800) |  | 710,159 |  | 547,163 |  | 127,114 | (340,730) |  | 356,771 | 301,439
Net income/(loss) |  | (861,949) |  | (702,274) |  | (785,146) |  | (1,118,480) |  | (130,369) | (222,612) |  | (166,000) | (528,779)
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings attributable to the controlling interests |  | (785,146) |  | (1,118,480) |  | (785,146) |  | (1,118,480) |  | (166,000) | (528,779) |  | (166,000) | (528,779)
Earnings attributable to the non-controlling interests |  | (76,803) |  | 416,206 |  |  |  |  |  | 35,631 | 306,167 |  |  |
Loss basic and diluted per share (in R$) | 21.e |  |  |  |  | (0.59207) |  | (0.84344) |  |  |  |  | (0.12518) | (0.39875)
The accompanying notes are an integral part of these consolidated financial statements

Companhia Siderúrgica Nacional S.A.
Statements of Changes in Equity
(In thousands of Reais)
| Capital social integralizado | Ações em tesouraria | Transações de capital | Reservas |  |  | Lucros / (Prejuízos) acumulados | Outros resultados abrangentes | Total do Patrimônio Líquido da Controladora | Participação acionistas não controladores | Total do Patrimônio Líquido Consolidado
|  |  |  | Capital | Legal | Estatutária |  |  |  |  |
| Paid-up capital | Treasury shares | Capital transactions | Reserves | Retained earnings | Other comprehensive income | Total Shareholders' Equity Parent Company | Non-controlling interest | Total Consolidated Shareholders' Equity
| Capital | Legal | Statutory
Balances on December 31, 2024 | 10,240,000 | (223,830) | 2,248,080 | 32,720 | 1,158,925 | 640,460 |  | (1,824,917) | 12,271,438 | 3,187,678 | 15,459,116
Adjusted opening balances | 10,240,000 | (223,830) | 2,248,080 | 32,720 | 1,158,925 | 640,460 |  | (1,824,917) | 12,271,438 | 3,187,678 | 15,459,116
Total comprehensive income |  |  |  |  |  |  | (785,146) | 2,417,748 | 1,632,602 | (321,751) | 1,310,851
Net loss |  |  |  |  |  |  | (785,146) |  | (785,146) | (76,803) | (861,949)
Other comprehensive income |  |  |  |  |  |  |  | 2,417,748 | 2,417,748 | (244,948) | 2,172,800
Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes |  |  |  |  |  |  |  | 74 | 74 | (1) | 73
Cumulative translation adjustments for the year |  |  |  |  |  |  |  | (3,083) | (3,083) |  | (3,083)
(Loss)/gain cash flow hedge accounting, net of taxes |  |  |  |  |  |  |  | 1,918,399 | 1,918,399 |  | 1,918,399
Cash flow hedge reclassified to income upon realization, net of taxes |  |  |  |  |  |  |  | 141,920 | 141,920 |  | 141,920
(Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes |  |  |  |  |  |  |  | 351,656 | 351,656 | 157,911 | 509,567
Gain on the percentage change in investments |  |  |  |  |  |  |  | 8,782 | 8,782 |  | 8,782
Allocation of profit/(loss) for the year |  |  |  |  |  |  |  |  |  | (402,858) | (402,858)
Dividends approved at SBM 05/08/2025 |  |  |  |  |  |  |  |  |  | (337,781) | (337,781)
Interest on shareholders' equity approved at SBM 05/08/2025 |  |  |  |  |  |  |  |  |  | (65,077) | (65,077)
Capital transactions |  |  |  |  |  |  |  |  |  | 83,273 | 83,273
Constitution of subsidiaries in foreign operations |  |  |  |  |  |  |  |  |  | 1,170 | 1,170
Result of acquisition of ownership interest in Grupo Estrela |  |  |  |  |  |  |  |  |  | 82,103 | 82,103
Balances as at June 30 2025 | 10,240,000 | (223,830) | 2,248,080 | 32,720 | 1,158,925 | 640,460 | (785,146) | 592,831 | 13,904,040 | 2,949,200 | 16,853,240

Companhia Siderúrgica Nacional S.A.
Statements of Cash Flows
(In thousands of Reais)
|  |  |  |  |  | Consolidated |  |  |  | Parent Company
|  | Notes |  | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Net cash from operating activities |  |  |  | (1,399,172) |  | 1,637,196 |  | (545,454) |  | (706,091)
Cash flow from operating activities |  |  |  | 1,504,113 |  | 3,309,993 |  | 470,529 |  | (225,600)
Earnings attributable to the controlling interests |  |  |  | (785,146) |  | (1,118,480) |  | (785,146) |  | (1,118,480)
Earnings attributable to the non-controlling interests |  |  |  | (76,803) |  | 416,206 |  |  |  |
Adjustments to reconcile the result: |  |  |  |  |  |  |  |  |  |
Financial charges in borrowing and financing raised |  | 26 |  | 2,024,049 |  | 1,951,417 |  | 953,008 |  | 881,371
Financial charges in borrowing and financing granted |  |  |  | (202,236) |  | (77,804) |  | (170,350) |  | (107,134)
Charges on lease liabilities |  | 14 |  | 56,175 |  | 48,640 |  | 1,743 |  | 293
Equity in results of affiliated companies |  | 9 |  | (245,227) |  | (191,599) |  | (741,975) |  | 79,259
Deferred taxes assets |  | 17.b |  | (649,190) |  | (618,916) |  | (710,159) |  | (547,163)
Provision for tax, social security, labor, civil and environmental risks |  |  |  | (518,536) |  | (31,184) |  | (13,767) |  | 3,631
Exchange, Monetary and Cash Flow Hedge |  |  |  | (406,143) |  | 873,519 |  | 1,025,614 |  | (232,984)
Write-off of property, plant and equipment right of use and Intangible assets |  | 9, 10, 11 e 14 |  | 20,429 |  | 9,601 |  | (12,498) |  | (1,474)
Provision for environmental liabilities and decommissioning of assets |  |  |  | 54,948 |  | 50,557 |  | (4,948) |  | (5,377)
Updated shares – Fair value through profit or loss |  | 26 |  | 191,986 |  | 243,494 |  | 191,986 |  | 243,494
Depreciation, amortization and depletion |  | 24 |  | 2,045,784 |  | 1,834,550 |  | 719,953 |  | 647,772
Accrued/(reversal) for consumption and services |  |  |  | (53,264) |  | (75,100) |  | (618) |  | (37,132)
Dividends USIMINAS |  |  |  |  |  | (44,798) |  |  |  | (44,681)
Other provisions |  |  |  | 47,287 |  | 39,890 |  | 17,686 |  | 13,005
Changes in assets and liabilities |  |  |  | (2,903,285) |  | (1,672,797) |  | (1,015,983) |  | (480,491)
Trade receivables - third parties |  |  |  | 715,658 |  | 590,164 |  | 66,543 |  | (84,715)
Trade receivables - related party |  |  |  | 4,924 |  | (10,817) |  | (220,174) |  | 202,093
Inventory |  |  |  | (401,411) |  | (478,898) |  | (229,045) |  | (652,530)
Dividends and receivables - related parties |  |  |  | 25,106 |  | 44,798 |  | 777,379 |  | 1,034,915
Recoverable taxes |  |  |  | (832,514) |  | (63,275) |  | (400,607) |  | (163,027)
Judicial deposits |  |  |  | 57,360 |  | (130,413) |  | (8,452) |  | 11,379
Receipt of RFFSA receivables |  |  |  |  |  |  |  |  |  |
Other assets |  |  |  | 26,116 |  | 180,487 |  | (37,986) |  | (93,643)
Trade payables |  |  |  | (246,422) |  | (1,327,689) |  | 208,786 |  | (265,022)
Trade payables – Forfaiting and Drawee risk |  |  |  | (151,175) |  | 636,632 |  | 752 |  | 127,862
Payroll and related taxes |  |  |  | 53,247 |  | 98,353 |  | 26,268 |  | 39,084
Tax payables |  |  |  | 120,253 |  | (30,405) |  | (23,016) |  | 36,734
Payables to related parties |  |  |  | (6,651) |  | (25,817) |  | 26,276 |  | 29,189
Advance of customers of mineral and energy contracts |  |  |  | (303,796) |  | 861,201 |  | (179,249) |  | 146,930
Interest paid |  | 12.a |  | (2,168,480) |  | (1,964,382) |  | (989,286) |  | (846,224)
Interest received |  |  |  |  |  |  |  | 687 |  | 968
Receipts/(Payments) from hedging operations, cash flow and derivatives |  |  |  | (45,707) |  | 55,761 |  | (38,913) |  | 1,553
Other liabilities |  |  |  | 250,207 |  | (108,500) |  | 4,054 |  | (6,036)
Net cash investment activities |  |  |  | (2,744,733) |  | (2,106,180) |  | (1,944,511) |  | (1,298,360)
Investments / AFAC / Acquisitions of Shares |  |  |  | (23,600) |  | (32,000) |  | (58,600) |  | (104,500)
Cash paid in acquiring investments Gramperfil |  |  |  | (35,948) |  |  |  |  |  |
Purchase of property, plant and equipment, intangible assets and investment property |  | 9, 10 e 11 |  | (2,457,970) |  | (2,127,047) |  | (1,033,563) |  | (1,069,672)
Intercompany loans granted |  |  |  | (39,015) |  | (48,356) |  | (566,390) |  | (108,189)
Intercompany loans received |  |  |  | 3,279 |  | 4,317 |  | 2,592 |  | 2,592
Financial Investments, net of redemption |  |  |  | 8,214 |  | 96,906 |  | 11,450 |  | (18,591)
Cash received in acquiring investments Gramperfil |  |  |  | 13,261 |  |  |  |  |  |
Cash paid in acquiring investments Grupo Estrela |  |  |  | (300,000) |  |  |  | (300,000) |  |
Cash received in acquiring investments Grupo Estrela |  |  |  | 87,046 |  |  |  |  |  |
Net cash used in financing activities |  |  |  | (856,116) |  | 61,114 |  | (1,088,580) |  | 1,388,734
Borrowings and financing raised |  | 12.a |  | 6,457,284 |  | 5,381,083 |  | 1,060,044 |  | 2,351,299
Transactions cost - Borrowings and financing |  |  |  | (84,528) |  | (63,821) |  | (8,816) |  | (42,133)
Borrowings and financing – related parties |  | 12.a |  |  |  |  |  |  |  | 2,487,558
Amortization of borrowings and financing |  | 12.a |  | (8,077,655) |  | (3,877,726) |  | (1,784,013) |  | (1,707,434)
Amortization of borrowings and financing - related parties |  | 12.a |  |  |  |  |  | (349,221) |  | (744,878)
Amortization of leases |  | 14 |  | (177,067) |  | (145,491) |  | (6,574) |  | (6,289)
Share repurchase |  |  |  | 42,611 |  |  |  |  |  |
Dividends and interest on shareholder’s equity |  |  |  |  |  | (1,232,931) |  |  |  | (949,389)
Exchange Variation on Cash and Equivalents |  |  |  | 983,239 |  |  |  |  |  |
Exchange Variation on Cash and Equivalents |  |  |  | (4,967) |  | (92,970) |  |  |  |
Increase (decrease) in cash and cash equivalents |  |  |  | (5,004,988) |  | (500,841) |  | (3,578,545) |  | (615,715)
Cash and equivalents at the beginning of the year |  |  |  | 23,310,197 |  | 16,046,218 |  | 5,666,618 |  | 2,270,070
Cash and equivalents at the end of the year |  |  |  | 18,305,208 |  | 15,545,377 |  | 2,088,073 |  | 1,654,353
The accompanying notes are an integral part of these consolidated financial statements |  |  |  |  |  |  |  |  |  |

Companhia Siderúrgica Nacional S.A.
Statements of Value Added
(In thousands of Reais)
|  |  |  |  | Consolidated |  |  |  | Parent Company
|  |  | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Revenues |  |  |  |  |  |  |  |  |
Sales of products and services rendered |  |  | 24,659,841 |  | 23,447,605 |  | 10,608,095 |  | 10,691,326
Other income/(expenses) |  |  | 94,183 |  | 76,053 |  | 83,957 |  | 49,978
Provision for (reversal of) doubtful debts |  |  | 2,748 |  | (29,160) |  | (867) |  | (21,613)
|  |  | 24,756,772 |  | 23,494,498 |  | 10,691,185 |  | 10,719,691
Raw materials acquired from third parties |  |  |  |  |  |  |  |  |
Cost of sales and services |  |  | (11,238,767) |  | (11,436,836) |  | (6,300,815) |  | (7,300,269)
Materials, electric power, outsourcing and other |  |  | (2,476,206) |  | (2,802,313) |  | (666,133) |  | (599,142)
Impairment/recovery of assets |  |  | (88,858) |  | (96,646) |  | (51,392) |  | (94,697)
|  |  | (13,803,831) |  | (14,335,795) |  | (7,018,340) |  | (7,994,108)
Gross value added |  |  | 10,952,941 |  | 9,158,703 |  | 3,672,845 |  | 2,725,583
Retentions |  |  |  |  |  |  |  |  |
Depreciation, amortization and depletion |  |  | (2,045,784) |  | (1,832,760) |  | (719,953) |  | (647,323)
Value added created |  |  | 8,907,157 |  | 7,325,943 |  | 2,952,892 |  | 2,078,260
Value added received |  |  |  |  |  |  |  |  |
Equity in results of affiliated companies |  |  | 245,227 |  | 191,599 |  | 741,975 |  | (76,814)
Financial income |  |  | 583,216 |  | 475,472 |  | 187,689 |  | 91,493
Other and exchange gains |  |  | 965,567 |  | (1,600,692) |  | 185,581 |  | 143,712
|  |  | 1,794,010 |  | (933,621) |  | 1,115,245 |  | 158,391
Value added for distribution |  |  | 10,701,167 |  | 6,392,322 |  | 4,068,137 |  | 2,236,651
Value added distributed |  |  |  |  |  |  |  |  |
Personnel and Charges |  |  | 2,296,129 |  | 1,417,119 |  | 852,628 |  | 565,924
Salaries and wages |  |  | 1,804,900 |  | 1,154,592 |  | 635,358 |  | 439,823
Benefits |  |  | 375,598 |  | 202,270 |  | 172,024 |  | 102,008
Severance payment (FGTS) |  |  | 115,631 |  | 60,257 |  | 45,246 |  | 24,093
Taxes, fees and contributions |  |  | 3,962,466 |  | 4,164,895 |  | 1,793,084 |  | 1,590,654
Federal |  |  | 2,025,923 |  | 2,389,406 |  | 890,485 |  | 808,015
State |  |  | 1,923,205 |  | 1,766,510 |  | 902,599 |  | 782,639
Municipal |  |  | 13,338 |  | 8,979 |  | - |  | -
Remuneration on third-party capital |  |  | 5,304,521 |  | 1,512,582 |  | 2,207,570 |  | 1,198,553
Interest |  |  | 2,574,398 |  | 2,047,486 |  | 1,242,921 |  | 921,207
Rental |  |  | 5,152 |  | 17,884 |  | 2,473 |  | 4,546
Other and exchange losses |  |  | 2,724,971 |  | (552,788) |  | 962,176 |  | 272,800
Interest on equity |  |  | (861,949) |  | (702,274) |  | (785,145) |  | (1,118,480)
Dividends |  |  |  |  | (950,000) |  |  |  | (950,000)
Income for the year/Retained earnings |  |  | (785,146) |  | (168,480) |  | (785,145) |  | (168,480)
Non-controlling interests |  |  | (76,803) |  | 416,206 |  |  |  |
|  |  | 10,701,167 |  | 6,392,322 |  | 4,068,137 |  | 2,236,651
The accompanying notes are an integral part of these consolidated financial statements |  |  |  |

(In thousands of R$, unless otherwise stated)

| 1. | DESCRIPTION OF BUSINESS

Companhia Siderúrgica Nacional (CSN) is a publicly-held corporation, headquartered in the capital of the State of São Paulo. Founded on April 9, 1941 during the Getúlio Vargas government, the Company was privatized in 1993. CSN ("Company"), together with its subsidiaries, controlled entities, jointly controlled entities and affiliates (referred to as "Group"), operates in five main business segments:

| (i) | Steel industry: production and marketing of flat and long steels;

| (ii) | Mining: mining and processing of iron ore, tin, limestone and dolomite, as well as the sale of iron ore;

| (iii) | Cements: production and marketing of bagged and bulk cements, as well as aggregates and other related products;

| (iv) | Energy: production and sale of energy from renewable sources;

| (v) | Logistics: participations in railways, concession of ports and road fleet.

CSN is listed on São Paulo’s B3 – Brasil, Bolsa, Balcão stock exchange under the code CSNA3, where its shares are traded, and on NYSE - United States stock exchange under the code SID. Additionally, its subsidiaries CSN Mineração S.A. and Companhia Estadual de Geração de Energia Elétrica are publicly traded, and CSN Mineração S.A. trades shares of common stock at B3 under the code CMIN3.

CSN Group has a significant business diversification, being one of the largest steel producers in Brazil, the second largest exporter of iron ore and a pioneer in the stacking of tailings for de-characterization of dams. It also occupies the position of the second largest player in the cement sector in the country.

| · | Going Concern:

Management understands that the Company has adequate resources to continue its operations. Accordingly, the Company's financial statements for the year ended June 30, 2025 have been prepared on a going concern basis.

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

| 2.a) | Declaration of conformity

The individual and consolidated interim financial information ("interim financial information") was prepared and presented in accordance with the accounting policies 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 the International Financial Standards Reporting ("IFRS"), issued by the International Accounting Standards Board ("IASB"), currently referred to as IFRS Accounting Standards, and evidences all relevant information specific to the financial statements, and only this information corresponds to that used by the Company's Management in its activities. The consolidated financial information is identified as “Consolidated” and the individual financial information of the Parent Company is identified as “Parent Company”.

(In thousands of R$, unless otherwise stated)

| 2.b)Basis of presentation

The individual and consolidated interim financial information was prepared based on historical cost and adjusted to reflect: (i) the fair value measurement of certain financial assets and liabilities (including derivative instruments), as well as pension plan assets; and (ii) impairment losses. When IFRS and CPCs allow the option between acquisition cost or another measurement criterion, the acquisition cost criterion was used.

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

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", in accordance with the standards established by the CVM. Interim financial information does not include all requirements for annual or complete financial statements; as a result, it should be read together with the Company's financial statements for the year ended December 31, 2024.

In this context, this interim financial information was not repeated, either due to redundancy or relevance in relation to that already presented in the following explanatory notes to the annual financial statements:

Note 2.d - Material accounting policies

Note 2.f - Adoption of new requirements, standards, amendments and interpretations

Note 9.b - Additional information on direct and indirect subsidiaries

Note 9.c - Main events occurred in subsidiaries in 2024 and 2023

Note 11.a - Assets with indefinite useful lives

Note 12 – Impairment of assets

Note 19 - Taxes in installments

Note 22.a - Transactions with controllers

Note 22.c - Other unconsolidated related parties

Note 30 - Employee benefits

Note 31 - Commitments

Note 32 - Insurance

The provided individual and consolidated financial information was approved by Management as of July 31, 2025.

| 2.c) | Functional and presentation currency

The accounting records included in the financial information of each of the Company's subsidiaries are measured using the currency of the main economic environment in which each subsidiary operates ("functional currency"). The parent company's interim and consolidated information are presented in Brazilian reals (BRL), which is the Company's functional currency and reporting currency.

Transactions in foreign currencies are translated into the functional currency using the exchange rates prevailing on the dates of the transactions or valuation, in which the items are remeasured. The balances of the asset and liability accounts are translated at the exchange rate on the balance sheet date. As of June 30, 2025, US$ 1.00 is equivalent to BRL 5.4571 (BRL 6.1923 on December 31, 2024) and €1.00 is equivalent to BRL 6.4230 (BRL6.4363 on December 31, 2024) according to rates obtained from the Central Bank of Brazil’s website.

(In thousands of R$, unless otherwise stated)

| 2.d) | Statement of value added

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

| 3. | CASH AND CASH EQUIVALENTS

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Cash and banks |  |  |  |  |  |  |
In Brazil | 1,004,852 |  | 701,494 |  | 206,567 |  | 34,180
Abroad | 11,644,055 |  | 13,318,603 |  | 107,714 |  | 868,839
| 12,648,907 |  | 14,020,097 |  | 314,281 |  | 903,019
Financial investments |  |  |  |  |  |  |
In Brazil | 3,494,041 |  | 7,688,051 |  | 1,773,792 |  | 4,758,970
Abroad | 2,162,260 |  | 1,602,049 |  |  |  | 4,629
| 5,656,301 |  | 9,290,100 |  | 1,773,792 |  | 4,763,599
| 18,305,208 |  | 23,310,197 |  | 2,088,073 |  | 5,666,618

Financial resources available in Brazil are primarily invested in private and public securities for which the respective income is linked to variation in Interbank Deposit Certificates (CDI) and transactions linked to fixed income securities. The Company applies part of the resources through exclusive investment funds, whose financial statements were consolidated in the Company.

Overseas financial resources are held in dollars and euros and are invested in TD (Time Deposit) transactions at pre-fixed rates as well as in accounts subject to automatic remuneration and daily liquidity. Income is linked to FED Funds the ECB’s deposit rate, and Management considers counterparty banks to be blue-chip institutions.

| 4. | FINANCIAL INVESTMENTS

|  |  |  |  |  |  |  | Consolidated |  |  |  |  |  |  |  | Parent Company
|  | Current |  | Non-current |  | Current |  | Non-current
|  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Investments (1) |  | 53,199 |  | 50,787 |  | 29,758 |  | 27,554 |  | 36,363 |  | 34,982 |  |  |  |
Usiminas shares (2) |  | 668,606 |  | 860,591 |  |  |  |  |  | 668,605 |  | 860,591 |  |  |  |
Bonds (3) |  | 129,592 |  |  |  |  |  | 142,423 |  | 129,592 |  |  |  |  |  | 142,423
|  | 851,397 |  | 911,378 |  | 29,758 |  | 169,977 |  | 834,560 |  | 895,573 |  |  |  | 142,423

| (1) | These are financial investments with a restricted modality and linked to a bank deposit certificate (CDB) to guarantee a letter of guarantee with financial institutions and financial investments in public securities (LFT - Financial Treasury Bills) managed by their exclusive funds. The Subsidiary CSN Cimentos Brasil maintains investments with restricted availability as giving in security for liabilities. These securities are subject to an indefinite redemption term and corresponded to a balance of BRL 8,985 on June 30, 2025 (BRL 8,497 as of December 31, 2024). The subsidiaries Elizabeth Cimentos S/A and Estanho de Rondônia maintained investments linked to financing agreements which will mature in 2030 and 2028, respectively, in the amount of BRL 20,773 (BRL 19,057 as of December 31, 2024).
| (2) | Usiminas shares held by the Company ceased to be considered collateral (fiduciary sale) as of June 8, 2024.
| (3) | Bonds maintained with Banco Fibra maturing in February 2028 will be paid in advance by the end of 2025 fiscal year. (See explanatory note 20.a.)

(In thousands of R$, unless otherwise stated)

| 5. | TRADE RECEIVABLES

|  |  |  | Consolidated |  |  |  | Parent Company
| Ref. | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Trade receivables |  |  |  |  |  |  |  |
Third parties |  |  |  |  |  |  |  |
In Brazil |  | 1,583,880 |  | 1,457,840 |  | 751,815 |  | 868,360
Abroad |  | 948,979 |  | 1,563,075 |  | 34,751 |  | 47,258
|  | 2,532,859 |  | 3,020,915 |  | 786,566 |  | 915,618
Provision for doubtful debts |  | (216,909) |  | (212,088) |  | (96,484) |  | (95,617)
|  | 2,315,950 |  | 2,808,827 |  | 690,082 |  | 820,001
Related parties | 20.a | 121,093 |  | 92,171 |  | 940,193 |  | 735,140
|  | 2,437,043 |  | 2,900,998 |  | 1,630,275 |  | 1,555,141

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

|  |  |  | Consolidated |  |  |  | Parent Company
|  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Current |  | 2,101,251 |  | 2,522,661 |  | 626,429 |  | 821,965
Past-due up to 30 days |  | 122,657 |  | 180,249 |  | 1,660 |  | 257
Past-due up to 180 days |  | 70,239 |  | 139,106 |  | 33,851 |  | 1,442
Past-due over 180 days |  | 238,712 |  | 178,899 |  | 124,626 |  | 91,954
|  | 2,532,859 |  | 3,020,915 |  | 786,566 |  | 915,618

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

|  |  |  | Consolidated |  |  |  | Parent Company
|  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Opening balance |  | (212,088) |  | (226,053) |  | (95,617) |  | (119,558)
(Loss)/Reversal estimated |  | (1,703) |  | 3,964 |  | (4,428) |  | 18,627
Recovery of receivables |  | 4,451 |  | 10,001 |  | 3,561 |  | 5,314
Result of acquistion of ownership interest in Grupo Estrela (1) | (7,569) |  |  |  |  |  |
Closing balance |  | (216,909) |  | (212,088) |  | (96,484) |  | (95,617)

| (1) | Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

The Company carries out credit assignment operations without co-obligation. After the assignment of the customer's trade notes/securities and receiving funds throught the closing of each transaction, CSN settles the related receivables and fully discharges the credit risk of the transactions. The financial charges on the credit assignment operation in the period ended June 30, 2025 were BRL 25,828 in the consolidated and BRL 20,293 in the parent company, respectively, and were classified under finance expenses.

(In thousands of R$, unless otherwise stated)

| 6. | INVENTORIES

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Finished goods | 3,744,898 |  | 4,250,175 |  | 2,248,180 |  | 2,623,991
Work in progress | 4,200,322 |  | 3,976,448 |  | 1,951,191 |  | 1,888,560
Raw materials | 2,804,983 |  | 2,845,578 |  | 1,839,189 |  | 1,902,306
Storeroom supplies | 1,650,314 |  | 1,255,176 |  | 675,819 |  | 459,792
Advances to suppliers | 32,770 |  | 23,463 |  | 11,079 |  | 1,432
Result of acquistion of ownership interest in Grupo Estrela (2) | 15,906 |  |  |  |  |  |
(-) Provision for losses | (138,985) |  | (149,927) |  | (54,398) |  | (36,835)
| 12,310,208 |  | 12,200,913 |  | 6,671,060 |  | 6,839,246
Classified: |  |  |  |  |  |  |
Current | 10,355,385 |  | 10,439,741 |  | 6,671,060 |  | 6,839,246
Non-current (1) | 1,954,823 |  | 1,761,172 |  |  |  |
| 12,310,208 |  | 12,200,913 |  | 6,671,060 |  | 6,839,246

| (1) | Long-term inventories of iron ore that will be processed when implementing new beneficiation plants, which will generate Pellet Feed as a product. The start of operations is scheduled for the fourth quarter of 2027.

| (2) | Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report. This balance includes warehouse stock.

The movements in estimated losses in inventories are as follows:

|  |  |  | Consolidated |  |  |  | Parent Company
|  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Opening balance |  | (149,927) |  | (121,871) |  | (36,835) |  | (24,304)
Reversal/(Provision for losses) on inventories with low turnover and obsolescence | 10,942 |  | (28,056) |  | (17,563) |  | (12,531)
Closing balance |  | (138,985) |  | (149,927) |  | (54,398) |  | (36,835)

| 7. | RECOVERABLE TAXES

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
ICMS (Brazilian State Value-Added Tax) | 2,033,257 |  | 1,717,547 |  | 1,347,857 |  | 1,116,394
Brazilian federal contributions | 2,843,777 |  | 2,336,854 |  | 1,539,179 |  | 1,376,319
Other taxes | 143,540 |  | 112,866 |  | 20,051 |  | 13,767
| 5,020,574 |  | 4,167,267 |  | 2,907,087 |  | 2,506,480
Classified: |  |  |  |  |  |  |
Current | 1,954,302 |  | 1,367,316 |  | 738,137 |  | 668,137
Non-current | 3,066,272 |  | 2,799,951 |  | 2,168,950 |  | 1,838,343
| 5,020,574 |  | 4,167,267 |  | 2,907,087 |  | 2,506,480

Credits are mainly related to ICMS, PIS and COFINS levied on purchases of process inputs and fixed assets as determined under current legislation. Credits are provided in a standardized manner by offsetting debts of the same nature and/or through other federal taxes, in cases authorized under existing legislation. The Company's Management periodically evaluate recorded amounts and has not determined there to be greater risk regarding the realization of these tax credits.

(In thousands of R$, unless otherwise stated)

| 8. | OTHER ASSETS (CURRENT AND NON-CURRENT)

|  |  |  |  |  |  |  | Consolidated |  |  |  |  |  |  |  | Parent Company
|  | Current |  | Non-current |  | Current |  | Non-current
| Ref. | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Judicial deposits | 18 |  |  |  |  | 593,671 |  | 632,950 |  |  |  |  |  | 210,664 |  | 202,212
Derivative transactions | 13 |  |  | 152,967 |  |  |  |  |  |  |  |  |  |  |  |
Dividends receivable | 8 | 212,542 |  | 201,436 |  |  |  |  |  | 396,103 |  | 501,267 |  |  |  |
Prepaid expenses |  | 399,887 |  | 327,403 |  | 20,818 |  | 9,770 |  | 218,157 |  | 208,557 |  | 17,119 |  | 6,093
Actuarial asset | 8 |  |  |  |  | 50,552 |  | 47,708 |  |  |  |  |  | 39,375 |  | 37,059
Receivables from related parties | 20.a | 7,139 |  | 7,146 |  | 3,832,130 |  | 3,695,607 |  | 458,234 |  | 252,380 |  | 5,033,009 |  | 4,293,152
Loans with related parties |  | 5,308 |  | 5,315 |  | 2,039,551 |  | 1,903,028 |  | 5,308 |  | 5,315 |  | 3,236,915 |  | 2,499,112
Other receivables from related parties |  | 1,831 |  | 1,831 |  | 1,792,579 |  | 1,792,579 |  | 452,926 |  | 247,065 |  | 1,796,094 |  | 1,794,040
Other assets |  | 176,918 |  | 167,111 |  | 833,871 |  | 846,335 |  | 51,651 |  | 50,291 |  | 828,202 |  | 821,765
Trading securities |  | 4,235 |  | 2,947 |  |  |  |  |  | 4,059 |  | 2,814 |  |  |  |
Compulsory loans from Eletrobrás |  |  |  |  |  | 59,892 |  | 51,012 |  |  |  |  |  | 57,166 |  | 48,437
Employee debts |  | 104,103 |  | 92,628 |  |  |  |  |  | 47,486 |  | 47,332 |  |  |  |
Receivables by indemnity (1) |  |  |  |  |  | 770,970 |  | 790,914 |  |  |  |  |  | 770,970 |  | 773,241
Term of Agreement GSF DFESA |  | 9,509 |  | 14,264 |  |  |  | 2,377 |  |  |  |  |  |  |  |
Advances to suppliers |  | 1,792 |  | 2,242 |  |  |  |  |  |  |  |  |  |  |  |
Others |  | 57,279 |  | 55,030 |  | 3,009 |  | 2,032 |  | 106 |  | 145 |  | 66 |  | 87
|  | 796,486 |  | 856,063 |  | 5,331,042 |  | 5,232,370 |  | 1,124,145 |  | 1,012,495 |  | 6,128,369 |  | 5,360,281

(1) Non-current assets comprise a balance of BRL 596,893 referring to net and certain credit arising from a final and unappealable court ruling favorable to the Company, mainly due to losses and damages resulting from a drop in voltage in the power supply in the periods between January/1991 and June/2002. The remaining amount of BRL 174,077 corresponds to other credits that the Company is to receive. In September 2024, the Company carried out the assignment of credit rights for the amounts overpaid for rail freight from April 1994 to March 1996 to the company RFFSA and received BRL 442,246 in the operation, recording a discount of BRL 84,237. The Company has a purchase option, which can be exercised unilaterally according to the price agreed between the parties until December 31, 2025 or up to 5 days after settlement of the balance by the debtor.

| 9. | BASIS OF CONSOLIDATION AND INVESTMENTS

Accounting policies were treated uniformly in all consolidated companies. Consolidated financial information for the period ended June 30, 2025 and consolidated financial statements for the year ended December 31, 2024 include the following direct and indirect subsidiaries and joint ventures and affiliates, in addition to exclusive funds, as shown below:

(In thousands of R$, unless otherwise stated)

|  | Equity interests (%) |  |
Companies |  | 06/30/2025 |  | 12/31/2024 |  | 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. |  | 69.01 |  | 69.01 |  | Mining
CSN Energia S.A. |  | 99.99 |  | 99.99 |  | Sale of electric power
FTL - Ferrovia Transnordestina Logística S.A. |  | 92.71 |  | 92.71 |  | Railroad logistics
Nordeste Logística S.A. |  | 99.99 |  | 99.99 |  | Port services
CSN Inova Ltd. |  | 100.00 |  | 100.00 |  | Advisory and implementation of new development project
CBSI - Companhia Brasileira de Serviços de Infraestrutura |  | 99.99 |  | 99.99 |  | Equity interests and product sales and iron ore
CSN Cimentos Brasil S.A. |  | 99.99 |  | 99.99 |  | 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 |  | 99.90 |  | 99.90 |  | Equity interests
Circula Mais Serviços de Intermediação Comercial S.A. |  | 0.10 |  | 0.10 |  | Commercial intermediation for the purchase and sale of assets and materials in general
CSN Participações III |  | 99.90 |  | 99.90 |  | Equity interests
CSN Participações IV |  | 99.90 |  | 99.90 |  | Equity interests
CSN Participações V |  | 99.90 |  | 99.90 |  | Equity interests
CSN Incorporação e Participações Ltda. |  | 99.99 |  | 99.99 |  | Equity interests
Estrela Comércio e Participações S.A. (5) |  | 70.00 |  |  |  | Equity interests
Indirect interest in subsidiaries: full consolidation |  |  |  |  |  |
Lusosider Projectos Siderúrgicos S.A. |  | 100.00 |  | 100.00 |  | Equity interests and product sales
Lusosider Aços Planos, S. A. |  | 100.00 |  | 100.00 |  | Steel and Equity interests
CSN Resources S.A. |  | 100.00 |  | 100.00 |  | Financial transactions and Equity interests
Companhia Brasileira de Latas |  | 99.89 |  | 99.89 |  | Sale of cans and containers in general and Equity interests
Companhia de Embalagens Metálicas MMSA |  | 99.88 |  | 99.88 |  | Production and sale of cans and related activities
Companhia de Embalagens Metálicas - MTM |  | 99.88 |  | 99.88 |  | Production and sale of cans and related activities
CSN Productos Siderúrgicos S.L. |  | 100.00 |  | 100.00 |  | Financial transactions, product sales and Equity interests
Stalhwerk Thüringen GmbH |  | 100.00 |  | 100.00 |  | Production and sale of long steel and related activities
CSN Steel Sections Polska Sp.Z.o.o |  | 100.00 |  | 100.00 |  | Financial transactions, product sales and Equity interests
CSN Mining Holding, S.L.U. |  | 69.01 |  | 69.01 |  | Financial transactions, product sales and Equity interests
CSN Mining GmbH |  | 69.01 |  | 69.01 |  | Financial transactions, product sales and Equity interests
CSN Mining Asia Limited |  | 69.01 |  | 69.01 |  | Commercial representation
Lusosider Ibérica S.A. |  | 100.00 |  | 100.00 |  | Steel, commercial and industrial activities and equity interests
Companhia Siderúrgica Nacional, LLC |  | 100.00 |  | 100.00 |  | Import and distribution/resale of products
Elizabeth Cimentos S.A. |  | 99.99 |  | 99.99 |  | 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
Metalgráfica Iguaçu S.A |  | 99.89 |  | 99.89 |  | Metal packaging manufacturing
Companhia Energética Chapecó |  | 69.01 |  | 69.01 |  | Electric power generation
Companhia Estadual de Geração de Energia Elétrica - CEEE-G |  | 100.00 |  | 100.00 |  | Electric power generation
Ventos de Vera Cruz S.A. |  | 99.99 |  | 99.99 |  | Electric power generation
Ventos de Curupira S.A |  | 99.99 |  | 99.99 |  | Electric power generation
Ventos de Povo Novo S.A. |  | 99.99 |  | 99.99 |  | Electric power generation
MAZET Maschinenbau und Zerspanungstechnik Unterwellwnborn GmbH |  | 100.00 |  | 100.00 |  | Production and sale of long steel and related activities
CSN ITC Solutions AG (1) |  | 55.20 |  |  |  | Financial transactions, product sales and Equity interests
CSN Mining International GmbH |  | 69.01 |  | 69.01 |  | Commercial and representation of products
Gramperfil S.A. (2) |  | 100.00 |  |  |  | Production and commercialization of steel profiles
CSN International Steel GmbH |  | 100.00 |  | 100.00 |  | Commercial and representation of products
Tora Transportes Ltda (5) |  | 70.00 |  |  |  | Land transport
Tora Locações S.A. (5) |  | 70.00 |  |  |  | Land transport and vehicle rentals
FJX Transportes S.A. (5) |  | 42.00 |  |  |  | Land transport and logistics
N. Minas Transportes e Locações Ltda. (5) |  | 70.00 |  |  |  | Land transport and logistics
Saratoga Transportes Ltda (5) |  | 70.00 |  |  |  | Land transport
Lokamig Rent a Car S.A.(5) |  | 70.00 |  |  |  | Vehicle rentals
Seminovos Lokamig Ltda. (5) |  | 70.00 |  |  |  | Vehicle rentals
Tora Logística Armazéns e Terminais Multimodais S.A. (5) |  | 70.00 |  |  |  | Logistics
Tora Recintos Alfandegários S.A. (5) |  | 70.00 |  |  |  | General warehousing operations and land transport
Tora Seminovos Comércio de Veículos Ltda. (5) |  | 70.00 |  |  |  | Trade and vehicle rentals

(In thousands of R$, unless otherwise stated)

Direct ownership interest in companies exercising shared control classified as joint-operation
Itá Energética S.A. |  | 48.75 |  | 48.75 |  | Electric power generation
Direct interest in joint ventures: equity method |  |  |  |  |  |
MRS Logística S.A. |  | 18.75 |  | 18.75 |  | Railroad transportation
Aceros Del Orinoco S.A. (*) |  | 31.82 |  | 31.82 |  | Dormant company
Transnordestina Logística S.A. |  | 48.03 |  | 48.03 |  | Railroad logistics
Equimac S.A |  | 50.00 |  | 50.00 |  | Rental of commercial and industrial machinery and equipment
Indirect interest in joint ventures: equity method |  |  |  |  |  |
MRS Logística S.A. |  | 12.93 |  | 12.93 |  | Railroad transportation
Direct interest in associates: equity method |  |  |  |  |  |
Arvedi Metalfer do Brasil S.A. |  | 20.00 |  | 20.00 |  | Metallurgy and Equity interests
Panatlântica S.A. |  | 29.92 |  | 29.92 |  | Steel
Indirect interest in affiliates: equity method |  |  |  |  |  |
Jaguari Energética S.A. |  | 10.50 |  | 10.50 |  | Electric power generation
Chapecoense Geração S.A. |  | 9.00 |  | 9.00 |  | Electric power generation
Companhia Energética Rio das Antas - Ceran |  | 30.00 |  | 30.00 |  | Electric power generation
Foz Chapecó Energia S.A. |  | 9.00 |  | 9.00 |  | Electric power generation
Exclusive funds: 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
Consortiuns |  |  |  |  |  |
Consórcio Itaúba (3) |  | 99.99 |  | 100.00 |  | Electric power generation
Consórcio Passo Real (4) |  | 96.55 |  | 100.00 |  | Electric power generation
Consórcio da Usina Hidrelétrica de Igarapava |  | 17.92 |  | 17.92 |  | Electric power generation
Consórcio Dona Francisca |  | 15.00 |  | 15.00 |  | Electric power generation

(*) Dormant companies.

| (1) | On March 5, 2025, CSN ITC Solutions AG was incorporated. The Company holds a 55.2% ownership interest in CSN ITC Solutions AG, through its indirect subsidiary CSN Mining International GmbH - which owns 80% of CSN IT. Located in Switzerland, the company is incorporated in the form of a corporation. CSN IT's activities consist of marketing, distributing and processing iron ore and related products in key strategic expansion markets, with the objective of adding value to these products by exploring and seeking related business opportunities, in Switzerland or abroad;

| (2) | Gramperfil S.A., which holds 90% of the shares issued by the Company, was acquired by CSN Steel S.L. in March. The remaining 10% of the Company's shares are held in treasury. On March 23, 2025, the Company completed the acquisition of Gramperfil S.A. for a total amount of EUR 11,801 thousand. Located in Portugal, the company is incorporated in the form of a corporation. The activities of Gramperfil S.L consist of producing, marketing and transforming metal profiles and accessories, in addition to importing and exposing profiles and accessories for metal and civil construction;

| (3) | On March 21, 2025, the 1st amendment was made to the Itaúba Consortium Agreement, which redistributed equity interest among consortium members. The consortium member Companhia Siderúrgica Nacional and CSN Cimentos S.A. now hold a 39.03% and 60.97% ownership interest in the Consortium, respectively;

| (4) | On March 21, 2025, the 1st amendment was made to the Passo Real Consortium Agreement, which redistributed equity interest among consortium members. The ownership interest held by consortium member Companhia Siderúrgica Nacional increased from 46.97% to 56.40%. Elizabeth Cimentos S.A.’s stage increased from 28.18% to 24.14%, and CSN Mineração S.A.’s ownership interest grew from 23.29% to 11.09%. Minérios Nacional S.A. maintained its ownership interest in the consortium at 1.56%. In addition, there was the entry of new consortium members, which are: Companhia Metalúrgica Prada, which holds a 3.36% ownership interest. Metalgráfica Iguaçu S.A. and Estanho de Rondônia S.A. hold a 0.34% and 3.11% ownership interest, respectively;

| (5) | On April 1, 2025, CSN acquired shares representing 70% of Estrela Comércio e Participações S.A.’s ("Estrela”) share capital. Estrela directly and indirectly holds a 100% ownership interest in the companies Tora Transportes Ltda., Tora Locações S.A., N. Minas Transportes e Locações Ltda., Saratoga Transportes Ltda., Lokamig Rent a Car S.A., Seminovos Lokamig Ltda., Tora Logística Armazéns e Terminais Multimodais S.A., Tora Recintos Alfandegários S.A. and Tora Seminovos Comércio de Veículos Ltda. and a 60% stake in FJX Transportes S.A. Estrela exercises control over these companies, which became part of the series of companies controlled by CSN.

(In thousands of R$, unless otherwise stated)

| 9.a) | Movement of investments in controlled companies, jointly controlled companies, joint operations, associates, and other investments

Positions presented on June 30, 2025 and transactions refer to the ownership interest held by CSN in these companies:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
Companies |  | Ref. |  | Final balance on 12/31/2024 |  |  | Dividends |  | Equity Income |  | Comprehensive income |  | Others |  | Final balance on 06/30/2025
Investments under the equity method |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint-venture, Joint-operation and Affiliate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRS Logistica |  |  |  | 2,799,168 |  |  |  |  | 286,798 |  | 8 |  |  |  | 3,085,974
Fair Value MRS |  |  |  | 480,622 |  |  |  |  |  |  |  |  |  |  | 480,622
Fair Value MRS amortization |  |  |  | (105,719) |  |  |  |  | (5,874) |  |  |  |  |  | (111,593)
Transnordestina Logística S.A. |  |  |  | 1,137,345 |  |  |  |  | (15,178) |  |  |  |  |  | 1,122,167
Fair Value -Transnordestina |  |  |  | 659,106 |  |  |  |  |  |  |  |  |  |  | 659,106
Arvedi Metalfer do Brasil S.A. |  |  |  | 35,257 |  |  |  |  | 458 |  |  |  |  |  | 35,715
Panatlântica S.A. |  |  |  | 225,764 |  |  |  |  | 9,406 |  |  |  |  |  | 235,170
Equimac S.A |  |  |  | 31,733 |  |  | (2,187) |  | 3,812 |  |  |  |  |  | 33,358
Indirect interest in affiliates - CEEE-G |  |  |  | 146,753 |  |  | (32,971) |  | 10,508 |  |  |  |  |  | 124,290
Fair Value indirect participation CEEE-G |  |  |  | 319,709 |  |  |  |  |  |  |  |  |  |  | 319,709
Fair Value amortization indirect participation CEEE-G |  |  |  | (42,523) |  |  |  |  | (9,298) |  |  |  |  |  | (51,821)
|  |  |  | 5,687,215 |  |  | (35,158) |  | 280,632 |  | 8 |  |  |  | 5,932,697
Others (2) |  |  |  | 58,796 |  |  |  |  |  |  |  |  | 212 |  | 59,008
|  |  |  | 58,796 |  |  |  |  |  |  |  |  | 212 |  | 59,008
Total shareholdings |  |  |  | 5,746,011 |  |  | (35,158) |  | 280,632 |  | 8 |  | 212 |  | 5,991,705
Classification of investments in the balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity interests |  |  |  | 5,746,011 |  |  |  |  |  |  |  |  |  |  | 5,991,705
Investment Property |  |  |  | 202,040 |  |  |  |  |  |  |  |  |  |  | 200,082
Total investments in the asset |  |  |  | 5,948,051 |  |  |  |  |  |  |  |  |  |  | 6,191,787

| (1) | These are strategic investments in startups made by the subsidiary CSN Inova Ventures in the following companies: Alinea Health Holdings Ltda. I.Systems Aut. Ind., 2D Materials, H2Pro Ltda, 1S1 Energy, Traive INC., OICO Holdings and Global Dot.

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

|  |  | Consolidated
| 06/30/2025 |  | 06/30/2024
Equity in results of affiliated companies |  |  |
MRS Logística S.A. | 286,798 |  | 249,519
Transnordestina Logística S.A. | (15,178) |  | (12,869)
Arvedi Metalfer do Brasil S.A. | 458 |  | (47)
Equimac S.A | 3,812 |  | 3,289
Indirect interest in affiliates - CEEE-G | 10,508 |  | 9,976
Panatlântica S.A. | 9,406 |  | 2,623
Fair Value Amortization | (15,172) |  | (15,183)
| 280,632 |  | 237,308
Reclassification IAS 28 (1) | (35,413) |  | (45,726)
Others | 8 |  | 17
Equity in results | 245,227 |  | 191,599

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

(In thousands of R$, unless otherwise stated)

Below is the movement of the Parent Company's investment:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Parent Company
Companies |  | Final balance on 12/31/2024 |  | Capital increase |  | Dividends |  | Equity Income |  | Comprehensive income |  | Others |  | Final balance on 06/30/2025
Investments under the equity method |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |
CSN Steel S.L.U. |  | 4,618,406 |  |  |  |  |  | (73,157) |  | (3,082) |  |  |  | 4,542,167
Sepetiba Tecon S.A. |  | 302,152 |  |  |  |  |  | (14,381) |  |  |  |  |  | 287,771
Minérios Nacional S.A. |  | 90,578 |  |  |  |  |  | (23,401) |  |  |  |  |  | 67,177
Fair Value - Minérios Nacional |  | 2,122,071 |  |  |  |  |  |  |  |  |  |  |  | 2,122,071
Companhia Metalúrgica Prada |  | 181,686 |  |  |  |  |  | (65,881) |  |  |  |  |  | 115,805
Goodwill - Companhia Metalúrgica Prada |  | 63,509 |  |  |  |  |  |  |  |  |  |  |  | 63,509
CSN Mineração S.A. |  | 7,086,794 |  |  |  | (905,941) |  | (166,595) |  | 360,458 |  |  |  | 6,374,716
CSN Energia S.A. |  | 20,142 |  |  |  |  |  | (74) |  |  |  |  |  | 20,068
FTL - Ferrovia Transnordestina Logística S.A. |  | 100,314 |  |  |  |  |  | (22,812) |  |  |  |  |  | 77,502
Companhia Florestal do Brasil |  | 1,246,403 |  | 600 |  |  |  | 1,344 |  | 69 |  |  |  | 1,248,416
CBSI - Companhia Brasileira de Serviços de Infraestrutura |  | 84,226 |  |  |  |  |  | 25,359 |  |  |  |  |  | 109,585
Goodwill - CBSI - Companhia Brasileira de Serviços de Infraestrutura |  | 15,225 |  |  |  |  |  |  |  |  |  |  |  | 15,225
CSN Cimentos Brasil S.A. |  | 6,612,579 |  |  |  |  |  | 187,048 |  |  |  |  |  | 6,799,627
Estrela Comércio e Participações S.A |  |  |  | 168,825 |  |  |  | 57 |  |  |  |  |  | 168,882
Goodwill - Estrela Comércio e Participações S.A (1) |  |  |  | 573,675 |  |  |  |  |  |  |  |  |  | 573,675
Others |  | 313 |  | 15 |  |  |  | 15 |  |  |  | (5) |  | 338
|  | 22,544,398 |  | 743,115 |  | (905,941) |  | (152,478) |  | 357,445 |  | (5) |  | 22,586,534
Joint-venture, Joint-operation and Affiliate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Itá Energética S.A. |  | 177,351 |  |  |  |  |  | 7,483 |  |  |  |  |  | 184,834
MRS Logística S.A. |  | 1,400,002 |  |  |  |  |  | 143,443 |  | 6 |  |  |  | 1,543,451
Transnordestina Logística S.A. |  | 1,137,345 |  |  |  |  |  | (15,178) |  |  |  |  |  | 1,122,167
Fair Value -Transnordestina |  | 659,106 |  |  |  |  |  |  |  |  |  |  |  | 659,106
Equimac S.A |  | 31,733 |  |  |  | (2,187) |  | 3,812 |  |  |  |  |  | 33,358
Panatlântica S.A. |  | 225,764 |  |  |  |  |  | 9,406 |  |  |  |  |  | 235,170
Arvedi Metalfer do Brasil S.A. |  | 35,257 |  |  |  |  |  | 458 |  |  |  |  |  | 35,715
|  | 3,666,558 |  |  |  | (2,187) |  | 149,424 |  | 6 |  |  |  | 3,813,801
Other participations |  |  |  |  |  |  |  |  |  |  |  |  |  |
Profits on subsidiaries' inventories |  | (53,731) |  |  |  |  |  | 20,237 |  |  |  |  |  | (33,494)
Other investments |  | 40 |  |  |  |  |  |  |  |  |  |  |  | 40
|  | (53,691) |  |  |  |  |  | 20,237 |  |  |  |  |  | (33,454)
Total shareholdings |  | 26,157,265 |  | 743,115 |  | (908,128) |  | 17,183 |  | 357,451 |  | (5) |  | 26,366,881
Subsidiaries with unsecured liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
CSN Islands VII Corp. |  | (3,255,338) |  |  |  |  |  | 308,029 |  |  |  |  |  | (2,947,309)
CSN Inova Ventures |  | (3,348,913) |  |  |  |  |  | 184,594 |  |  |  |  |  | (3,164,319)
CSN Islands XII Corp. |  | (4,803,727) |  |  |  |  |  | 280,256 |  |  |  |  |  | (4,523,471)
Estanho de Rondônia S.A. |  | (47,190) |  | 35,000 |  |  |  | (47,843) |  |  |  |  |  | (60,033)
Others |  | (3,645) |  |  |  |  |  | (244) |  |  |  |  |  | (3,889)
Total subsidiaries with unsecured liabilities |  | (11,458,813) |  | 35,000 |  |  |  | 724,792 |  |  |  |  |  | (10,699,021)
Equity Income |  |  |  |  |  |  |  | 741,975 |  |  |  |  |  |
Classification of investments in the balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity interests |  | 26,157,265 |  |  |  |  |  |  |  |  |  |  |  | 26,366,881
Investment Property |  | 135,557 |  |  |  |  |  |  |  |  |  |  |  | 134,479
Total active investments |  | 26,292,822 |  |  |  |  |  |  |  |  |  |  |  | 26,501,360
Provision for Investments with Unsecured Liabilities (liabilities) |  | (11,458,813) |  |  |  |  |  |  |  |  |  |  |  | (10,699,022)
Total active and passive investments |  | 14,834,009 |  |  |  |  |  |  |  |  |  |  |  | 15,802,338

(1) Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

| 9.b)Investments | in joint ventures and joint operations

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

(In thousands of R$, unless otherwise stated)

|  |  |  |  |  |  |  | 06/30/2025 |  |  |  |  |  |  |  | 12/31/2024
|  | 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
| 37.49% |  | 48.03% |  | 50.00% |  | 48.75% |  | 37.49% |  | 48.03% |  | 50.00% |  | 48.75%
Balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 2,096,349 |  | 317,450 |  | 19,839 |  | 116,353 |  | 4,147,393 |  | 277,966 |  | 22,028 |  | 82,129
Advances to suppliers |  | 54,679 |  | 37,567 |  | 138 |  | 436 |  | 42,649 |  | 45,512 |  | 49 |  | 395
Other assets |  | 1,063,316 |  | 81,230 |  | 22,314 |  | 23,968 |  | 1,182,598 |  | 83,348 |  | 25,070 |  | 27,251
Total current assets |  | 3,214,344 |  | 436,247 |  | 42,291 |  | 140,757 |  | 5,372,640 |  | 406,826 |  | 47,147 |  | 109,775
Non-current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | 962,958 |  | 138,248 |  | 259 |  | 9,345 |  | 448,946 |  | 143,562 |  | 142 |  | 10,144
Investments, PP&E and intangible assets |  | 15,817,126 |  | 14,086,706 |  | 74,219 |  | 248,358 |  | 14,791,500 |  | 13,193,728 |  | 75,782 |  | 263,998
Total non-current assets |  | 16,780,084 |  | 14,224,954 |  | 74,478 |  | 257,703 |  | 15,240,446 |  | 13,337,290 |  | 75,924 |  | 274,142
Total Assets |  | 19,994,428 |  | 14,661,201 |  | 116,769 |  | 398,460 |  | 20,613,086 |  | 13,744,116 |  | 123,071 |  | 383,917
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 933,027 |  | 51,565 |  | 21,798 |  |  |  | 547,803 |  | 36,181 |  | 19,009 |  |
Lease liabilities |  | 767,094 |  |  |  | 344 |  |  |  | 738,978 |  |  |  | 288 |  |
Other liabilities |  | 1,915,102 |  | 206,542 |  | 13,879 |  | 14,363 |  | 2,103,399 |  | 128,528 |  | 16,642 |  | 15,664
Total current liabilities |  | 3,615,223 |  | 258,107 |  | 36,021 |  | 14,363 |  | 3,390,180 |  | 164,709 |  | 35,939 |  | 15,664
Non-current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 6,124,608 |  | 8,804,430 |  | 10,379 |  |  |  | 7,524,173 |  | 7,943,354 |  | 21,074 |  |
Lease liabilities |  | 864,482 |  |  |  | 213 |  |  |  | 1,158,058 |  |  |  | 213 |  |
Other liabilities |  | 1,159,206 |  | 3,262,700 |  | 3,439 |  | 4,950 |  | 1,074,757 |  | 3,268,493 |  | 2,379 |  | 4,457
Total non-current liabilities |  | 8,148,296 |  | 12,067,130 |  | 14,031 |  | 4,950 |  | 9,756,988 |  | 11,211,847 |  | 23,666 |  | 4,457
Shareholders’ equity |  | 8,230,909 |  | 2,335,964 |  | 66,717 |  | 379,147 |  | 7,465,918 |  | 2,367,560 |  | 63,466 |  | 363,796
Total liabilities and shareholders’ equity |  | 19,994,428 |  | 14,661,201 |  | 116,769 |  | 398,460 |  | 20,613,086 |  | 13,744,116 |  | 123,071 |  | 383,917

|  |  |  |  |  |  |  | 01/01/2025 to 06/30/2025 |  |  |  |  |  |  |  | 01/01/2024 to 06/30/2024
|  | 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
| 37.49% |  | 48.03% |  | 50.00% |  | 48.75% |  | 37.49% |  | 48.03% |  | 50.00% |  | 48.75%
Statements of Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenue |  | 3,607,492 |  |  |  | 38,916 |  | 100,768 |  | 3,497,614 |  |  |  | 31,377 |  | 91,948
Cost of sales and services |  | (1,962,878) |  |  |  | (21,902) |  | (48,945) |  | (1,808,873) |  |  |  | (16,512) |  | (59,656)
Gross profit |  | 1,644,614 |  |  |  | 17,014 |  | 51,823 |  | 1,688,741 |  |  |  | 14,865 |  | 32,292
Operating (expenses) income |  | (445,205) |  | (26,714) |  | (2,883) |  | (36,908) |  | (91,298) |  | (19,996) |  | (3,075) |  | (40,670)
Financial income (expenses), net |  | (199,246) |  | (4,882) |  | (2,034) |  | 3,627 |  | (584,221) |  | (6,792) |  | (1,043) |  | 2,174
Profit/(Loss) before IR/CSLL |  | 1,000,163 |  | (31,596) |  | 12,097 |  | 18,542 |  | 1,013,222 |  | (26,788) |  | 10,747 |  | (6,204)
Current and deferred IR/CSLL |  | (235,213) |  |  |  | (3,302) |  | (3,191) |  | (342,656) |  |  |  | (3,144) |  | (291)
Profit / (loss) for the period |  | 764,950 |  | (31,596) |  | 8,795 |  | 15,351 |  | 670,566 |  | (26,788) |  | 7,603 |  | (6,495)

| 9.c) | Investment properties

The balance of investment properties is shown below :

|  |  |  |  |  |  |  | Consolidated |  |  |  |  |  | Parent Company
|  | Ref. |  | Land |  | Buildings |  | Total |  | Land |  | Buildings |  | Total
Balance at December 31, 2024 |  |  |  | 156,858 |  | 45,182 |  | 202,040 |  | 94,257 |  | 41,300 |  | 135,557
Cost |  |  |  | 156,858 |  | 83,285 |  | 240,143 |  | 94,257 |  | 74,389 |  | 168,646
Accumulated depreciation |  |  |  |  |  | (38,103) |  | (38,103) |  |  |  | (33,089) |  | (33,089)
Balance at December 31, 2024 |  |  |  | 156,858 |  | 45,182 |  | 202,040 |  | 94,257 |  | 41,300 |  | 135,557
Depreciation |  |  |  |  |  | (1,958) |  | (1,958) |  |  |  | (1,078) |  | (1,078)
Balance at June 30, 2025 |  |  |  | 156,858 |  | 43,224 |  | 200,082 |  | 94,257 |  | 40,222 |  | 134,479
Cost |  |  |  | 156,858 |  | 83,285 |  | 240,143 |  | 94,257 |  | 74,390 |  | 168,647
Accumulated depreciation |  |  |  |  |  | (40,061) |  | (40,061) |  |  |  | (34,168) |  | (34,168)
Balance at June 30, 2025 |  |  |  | 156,858 |  | 43,224 |  | 200,082 |  | 94,257 |  | 40,222 |  | 134,479

The Company Management's estimate of the fair value of investment properties was carried out for December 31, 2024. The fair value of investment properties held in the consolidated as of June 30, 2025 totaled BRL 2,431,581 (BRL 2,431,581 as of December 31, 2024). and in the parent company BRL 2,306,478 (BRL 2,306,478 as of December 31, 2024).

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

(In thousands of R$, unless otherwise stated)

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Buildings | 28 |  | 28 |  | 30 |  | 30

| 10. | PROPERTY, PLANT AND EQUIPMENT

| 10.a) | Composition of property, plant and equipment

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
|  | Ref. |  | Land |  | Buildings and Infrastructure |  | Machinery, equipment and facilities |  | Furniture and fixtures |  | Construction in progress (*) |  | Right of use (i) |  | Other (2) |  | Total
Balance at December 31, 2024 |  |  |  | 592,716 |  | 4,772,512 |  | 17,969,066 |  | 105,055 |  | 5,881,336 |  | 756,814 |  | 348,524 |  | 30,426,023
Cost |  |  |  | 592,716 |  | 9,664,220 |  | 43,110,825 |  | 372,094 |  | 5,881,336 |  | 1,269,089 |  | 922,119 |  | 61,812,399
Accumulated depreciation |  |  |  |  |  | (4,891,708) |  | (25,141,759) |  | (267,039) |  |  |  | (512,275) |  | (573,595) |  | (31,386,376)
Balance at December 31, 2024 |  |  |  | 592,716 |  | 4,772,512 |  | 17,969,066 |  | 105,055 |  | 5,881,336 |  | 756,814 |  | 348,524 |  | 30,426,023
Effect of foreign exchange differences |  |  |  | 15,290 |  | 36,367 |  | (75,771) |  | (4,040) |  | 77,472 |  | (4,841) |  | (27,215) |  | 17,262
Acquisitions |  |  |  | 3,100 |  | 3,234 |  | 238,488 |  | 6,206 |  | 2,156,053 |  | 61,644 |  | 50,187 |  | 2,518,912
Capitalized interest |  | 26 |  |  |  |  |  |  |  |  |  | 176,491 |  |  |  |  |  | 176,491
Estimated derecognition and losses, net of reversal |  | 25 |  |  |  | (6,123) |  | (4,262) |  | (12) |  | (4) |  | (9,812) |  | (216) |  | (20,429)
Depreciation |  | 24 |  |  |  | (170,910) |  | (1,584,857) |  | (9,155) |  |  |  | (135,050) |  | (47,217) |  | (1,947,189)
Transfers to other asset categories |  |  |  | 3,080 |  | 93,848 |  | 1,166,435 |  | 15,438 |  | (1,308,979) |  |  |  | 30,178 |  |
Transfers between groups - intangíble assets, IPP and stock (1) |  |  |  |  |  |  |  | (22,570) |  |  |  | (33,447) |  |  |  | (16,470) |  | (72,487)
Right of use - Remeasurement |  |  |  |  |  |  |  |  |  |  |  |  |  | 99,628 |  |  |  | 99,628
Result of acquisition of ownership interest in Grupo Estrela (2) |  |  |  | 6,963 |  | 33,350 |  | 19,984 |  | 1,230 |  | 1,550 |  | 183,929 |  | 590,134 |  | 837,140
Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,468) |  | (3,468)
Balance at June 30, 2025 |  |  |  | 621,149 |  | 4,762,278 |  | 17,706,513 |  | 114,722 |  | 6,950,472 |  | 952,312 |  | 924,437 |  | 32,031,883
Cost |  |  |  | 621,149 |  | 9,911,617 |  | 44,517,014 |  | 400,685 |  | 6,950,472 |  | 1,632,229 |  | 1,773,930 |  | 65,807,096
Accumulated depreciation |  |  |  |  |  | (5,149,339) |  | (26,810,501) |  | (285,963) |  |  |  | (679,917) |  | (849,493) |  | (33,775,213)
Balance at June 30, 2025 |  |  |  | 621,149 |  | 4,762,278 |  | 17,706,513 |  | 114,722 |  | 6,950,472 |  | 952,312 |  | 924,437 |  | 32,031,883

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

(2) Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Parent Company
|  | Ref. |  | Land |  | Buildings and Infrastructure |  | Machinery, equipment and facilities |  | Furniture and fixtures |  | Construction in progress (*) |  | Right of use (i) |  | Others (**) |  | Total
Balance at December 31, 2024 |  |  |  | 25,618 |  | 328,915 |  | 7,229,728 |  | 11,471 |  | 1,984,214 |  | 37,582 |  | 46,885 |  | 9,664,413
Cost |  |  |  | 25,618 |  | 600,505 |  | 18,210,106 |  | 106,548 |  | 1,984,214 |  | 48,227 |  | 175,734 |  | 21,150,952
Accumulated depreciation |  |  |  |  |  | (271,590) |  | (10,980,378) |  | (95,077) |  |  |  | (10,645) |  | (128,849) |  | (11,486,539)
Balance at December 31, 2024 |  |  |  | 25,618 |  | 328,915 |  | 7,229,728 |  | 11,471 |  | 1,984,214 |  | 37,582 |  | 46,885 |  | 9,664,413
Acquisitions |  |  |  |  |  |  |  | 118,670 |  | 290 |  | 914,521 |  |  |  | 82 |  | 1,033,563
Capitalized interest |  | 26 |  |  |  |  |  |  |  |  |  | 95,537 |  |  |  |  |  | 95,537
Estimated derecognition and losses, net of reversal |  | 25 |  |  |  |  |  | 12,498 |  |  |  |  |  |  |  |  |  | 12,498
Depreciation |  | 24 |  |  |  | (15,515) |  | (680,396) |  | (1,461) |  |  |  | (5,416) |  | (6,570) |  | (709,358)
Transfers to other asset categories |  |  |  |  |  | 66,187 |  | 393,836 |  | 2,303 |  | (472,469) |  |  |  | 10,143 |  |
Transfers to intangible assets |  |  |  |  |  |  |  |  |  |  |  | (9,769) |  |  |  |  |  | (9,769)
Right of use - Remeasurement |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,709 |  |  |  | 2,709
Balance at June 30, 2025 |  |  |  | 25,618 |  | 379,587 |  | 7,074,336 |  | 12,603 |  | 2,512,034 |  | 34,875 |  | 50,540 |  | 10,089,593
Cost |  |  |  | 25,618 |  | 666,692 |  | 18,735,110 |  | 109,141 |  | 2,512,034 |  | 45,495 |  | 185,978 |  | 22,280,068
Accumulated depreciation |  |  |  |  |  | (287,105) |  | (11,660,774) |  | (96,538) |  |  |  | (10,620) |  | (135,438) |  | (12,190,475)
Balance at June 30, 2025 |  |  |  | 25,618 |  | 379,587 |  | 7,074,336 |  | 12,603 |  | 2,512,034 |  | 34,875 |  | 50,540 |  | 10,089,593

(*) Progress is highlighted in the projects of: (i) business expansion, mainly expansion of the port in Itaguaí and Casa de Pedra, Itabirito project and recovery of tailings from dams; (ii) projects of new integrated cement plants (iii); general repair of the blast furnace and coke batteries at the Presidente Vargas Plant; and (iv) added to the interest capitalized in the period..

(**) Refer substantially to assets classified as vehicles and hardware.

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

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Buildings and Infrastructure | 32 |  | 33 |  | 27 |  | 28
Machinery, equipment and facilities | 17 |  | 17 |  | 18 |  | 18
Furniture and fixtures | 10 |  | 10 |  | 12 |  | 12
Others | 11 |  | 10 |  | 9 |  | 10

(In thousands of R$, unless otherwise stated)

| 10.b)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, 2024 | 537,008 |  | 83,112 |  | 114,612 |  | 22,082 |  | 756,814
Cost | 655,481 |  | 150,311 |  | 360,925 |  | 102,372 |  | 1,269,089
Accumulated depreciation | (118,473) |  | (67,199) |  | (246,313) |  | (80,290) |  | (512,275)
Balance at December 31, 2024 | 537,008 |  | 83,112 |  | 114,612 |  | 22,082 |  | 756,814
Effect of foreign exchange differences |  |  | (4,889) |  | 672 |  | (624) |  | (4,841)
Result of acquisition of ownership interest in Grupo Estrela (1) |  |  |  |  |  |  | 183,929 |  | 183,929
Addition | 1,917 |  | 1,826 |  | 55,295 |  | 2,606 |  | 61,644
Remeasurement | 12,078 |  | 139 |  | 73,059 |  | 14,352 |  | 99,628
Depreciation | (20,278) |  | (9,084) |  | (85,362) |  | (20,326) |  | (135,050)
Write-offs |  |  |  |  | (9,812) |  |  |  | (9,812)
Balance at June 30, 2025 | 530,725 |  | 71,104 |  | 148,464 |  | 202,019 |  | 952,312
Cost | 666,271 |  | 146,816 |  | 417,436 |  | 401,706 |  | 1,632,229
Accumulated depreciation | (135,546) |  | (75,712) |  | (268,972) |  | (199,687) |  | (679,917)
Balance at June 30, 2025 | 530,725 |  | 71,104 |  | 148,464 |  | 202,019 |  | 952,312

(1) Transaction related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group, which entered into effect on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

|  |  |  |  |  |  |  | Parent Company
|  | Land |  | Machinery, equipment and facilities |  | Others |  | Total
Balance at December 31, 2024 |  | 37,394 |  | 188 |  |  |  | 37,582
Cost |  | 43,969 |  | 2,567 |  | 1,691 |  | 48,227
Accumulated depreciation |  | (6,575) |  | (2,379) |  | (1,691) |  | (10,645)
Balance at December 31, 2024 |  | 37,394 |  | 188 |  |  |  | 37,582
Remeasurement |  | 1,638 |  | 669 |  | 402 |  | 2,709
Depreciation |  | (4,629) |  | (488) |  | (299) |  | (5,416)
Balance at June 30, 2025 |  | 34,403 |  | 369 |  | 103 |  | 34,875
Cost |  | 42,550 |  | 851 |  | 2,093 |  | 45,494
Accumulated depreciation |  | (8,147) |  | (482) |  | (1,990) |  | (10,619)
Balance at June 30, 2025 |  | 34,403 |  | 369 |  | 103 |  | 34,875

(In thousands of R$, unless otherwise stated)

| 11. | INTANGIBLE ASSETS

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated |  |  |  |  | Parent Company
|  | Ref. |  | Goodwill |  | Customer relationships |  | Software |  | Trademarks and patents |  | Rights and licenses (*) |  | Others |  | Total |  |  | Software |  | Total
Balance at December 31, 2024 |  |  |  | 4,126,255 |  | 40,239 |  | 114,000 |  | 252,428 |  | 5,902,886 |  | 2,283 |  | 10,438,091 |  |  | 68,070 |  | 68,070
Cost |  |  |  | 4,675,302 |  | 858,748 |  | 389,604 |  | 256,085 |  | 6,384,805 |  | 2,283 |  | 12,566,827 |  |  | 217,832 |  | 217,832
Accumulated amortization |  |  |  | (549,047) |  | (818,509) |  | (275,604) |  | (3,657) |  | (481,919) |  |  |  | (2,128,736) |  |  | (149,762) |  | (149,762)
Balance at December 31, 2024 |  |  |  | 4,126,255 |  | 40,239 |  | 114,000 |  | 252,428 |  | 5,902,886 |  | 2,283 |  | 10,438,091 |  |  | 68,070 |  | 68,070
Effect of foreign exchange differences |  |  |  |  |  |  |  | 3,045 |  | (575) |  | 377 |  | (91) |  | 2,756 |  |  |  |  |
Acquisitions |  |  |  |  |  |  |  | 702 |  |  |  |  |  |  |  | 702 |  |  |  |  |
Transfer between groups - fixed assets |  |  |  |  |  |  |  | 33,447 |  |  |  |  |  |  |  | 33,447 |  |  | 9,769 |  | 9,769
Amortization |  | 24 |  |  |  | (8,347) |  | (17,213) |  | (8) |  | (71,069) |  |  |  | (96,637) |  |  | (9,517) |  | (9,517)
Transfers to other asset categories |  |  |  |  |  | (10,579) |  | 16,347 |  |  |  | (3,586) |  | (2,182) |  |  |  |  |  |  |
Result of acquisition of ownership interest in Grupo Estrela (1) |  |  |  | 596,624 |  | 11,684 |  | 952 |  | 45,280 |  |  |  |  |  | 654,540 |  |  |  |  |
Others |  |  |  |  |  |  |  |  |  |  |  | 1,378 |  |  |  | 1,378 |  |  |  |  |
Balance at June 30, 2025 |  |  |  | 4,722,879 |  | 32,997 |  | 151,280 |  | 297,125 |  | 5,829,986 |  | 10 |  | 11,034,277 |  |  | 68,322 |  | 68,322
Cost |  |  |  | 5,271,926 |  | 875,368 |  | 422,366 |  | 300,790 |  | 6,384,018 |  | 10 |  | 13,254,478 |  |  | 227,601 |  | 227,601
Accumulated amortization |  |  |  | (549,047) |  | (842,371) |  | (271,086) |  | (3,665) |  | (554,032) |  |  |  | (2,220,201) |  |  | (159,279) |  | (159,279)
Balance at June 30, 2025 |  |  |  | 4,722,879 |  | 32,997 |  | 151,280 |  | 297,125 |  | 5,829,986 |  | 10 |  | 11,034,277 |  |  | 68,322 |  | 68,322

(*) Composed mainly of: (i) mining rights amortized by production volume and (ii) Concession contract for hydroelectric resource utilization in acquiring control of Companhia Estadual de Geração de Energia Elétrica, with amortization performed over the contract's term.

(1) Transaction related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group, which entered into effect on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

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

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Software | 8 |  | 8 |  | 9 |  | 9
Customer relationships | 13 |  | 13 |  |  |  |

| 12. | LOANS, FINANCING AND DEBENTURES (“DEBTS”)

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

|  |  |  |  |  |  |  |  | Consolidated |  |  |  |  | Parent Company
|  |  | Current Liabilities |  | Non-current Liabilities |  | Current Liabilities | Non-current Liabilities
|  |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 | 06/30/2025 |  | 12/31/2024
Foreign Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating Rates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prepayment |  |  | 2,026,408 |  | 2,331,452 |  | 6,700,233 |  | 7,585,516 |  | 1,101,797 |  | 1,223,673 | 1,655,684 |  | 1,991,444
Fixed Rates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds, Facility and ACC |  |  | 3,420,840 |  | 2,804,036 |  | 19,736,910 |  | 24,162,280 |  | 2,035,450 |  | 2,464,054 | 1,023,206 |  | 1,263,229
Intercompany |  |  |  |  |  |  |  |  |  |  | 194,809 |  | 470,156 | 9,965,657 |  | 11,310,104
Fixed interest in EUR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany |  |  |  |  |  |  |  |  |  |  | 7,490 |  | 351,827 | 350,930 |  |
Facility |  |  | 737,152 |  | 657,980 |  | 268,831 |  | 305,556 |  |  |  |  |  |  |
|  |  | 6,184,400 |  | 5,793,468 |  | 26,705,974 |  | 32,053,352 |  | 3,339,546 |  | 4,509,710 | 12,995,477 |  | 14,564,777
Debt agreements in R$ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating Rate Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES/FINAME/FINEP, Debentures, CRI and NCE |  |  | 1,722,746 |  | 3,109,090 |  | 17,641,001 |  | 16,602,668 |  | 699,770 |  | 715,567 | 10,257,005 |  | 10,602,270
|  |  | 1,722,746 |  | 3,109,090 |  | 17,641,001 |  | 16,602,668 |  | 699,770 |  | 715,567 | 10,257,005 |  | 10,602,270
Total Borrowings and Financing |  |  | 7,907,146 |  | 8,902,558 |  | 44,346,975 |  | 48,656,020 |  | 4,039,316 |  | 5,225,277 | 23,252,482 |  | 25,167,047
Transaction Costs and Issue Premiums |  |  | (88,103) |  | (80,879) |  | (598,980) |  | (563,078) |  | (25,325) |  | (24,103) | (116,892) |  | (122,581)
Total Borrowings and Financing + Transaction cost |  |  | 7,819,043 |  | 8,821,679 |  | 43,747,995 |  | 48,092,942 |  | 4,013,991 |  | 5,201,174 | 23,135,590 |  | 25,044,466

(In thousands of R$, unless otherwise stated)

| 12.a) | Changes in debt

The following table shows the reconciliation of the book value at the beginning and end of the period:

|  |  |  |  |  | Consolidated |  |  |  | Parent Company
|  | Ref. |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Opening balance |  |  |  | 56,914,621 |  | 44,859,075 |  | 30,245,640 |  | 23,691,305
New debts |  |  |  | 6,457,284 |  | 10,180,554 |  | 1,060,044 |  | 7,352,398
Repayment |  |  |  | (8,077,655) |  | (6,927,383) |  | (2,133,234) |  | (5,295,236)
Payments of charges |  |  |  | (2,168,480) |  | (4,052,226) |  | (989,286) |  | (1,787,615)
Accrued charges |  | 26 |  | 2,200,540 |  | 4,230,413 |  | 1,048,545 |  | 1,869,794
Result of acquisition of ownership interest in Grupo Estrela (1) |  |  |  | 629,856 |  |  |  |  |  |
Advance iron ore payments (2) |  |  |  | 42,612 |  |  |  |  |  |
Others (3) |  |  |  | (4,431,740) |  | 8,624,188 |  | (2,082,128) |  | 4,414,994
Closing balance |  |  |  | 51,567,038 |  | 56,914,621 |  | 27,149,581 |  | 30,245,640

(1)Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

(2) These transactions refer to advance iron ore payment bonds that were initially recognized as contract liabilities, as they refer to a future obligation to deliver the product. However, given the impossibility of delivering the product during the period and the need for a cash settlement, this obligation came to be characterized as a monetary item and was reclassified as a financial liability. The amounts were paid on July 3, 2025.

(3)Amounts include unrealized changes in exchange rate and inflation, as well as funding costs.

The Company raised and amortized the debts during 2025 as shown below:

|  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  |  |  | 06/30/2025
Nature |  | New debts |  | Maturities |  | Repayment |  | Interest payment
Pre-Payment |  | 759,263 |  | 2027 |  | (874,332) |  | (302,796)
Bonds, ACC and Facility |  | 2,552,626 |  | 2025 to 2028 |  | (3,417,753) |  | (838,348)
BNDES/FINAME/FINEP, Debentures, CRI and NCE |  | 3,145,395 |  | 2025 to 2042 |  | (3,785,570) |  | (1,027,336)
|  | 6,457,284 |  |  |  | (8,077,655) |  | (2,168,480)
|  |  |  |  |  |  |  | Parent Company
|  |  |  |  |  |  |  | 06/30/2025
Nature |  | New debts |  | Maturities |  | Repayment |  | Interest payment
Pre-Payment |  | 143,244 |  | 2032 |  | (804,403) |  | (304,635)
Bonds and ACC |  | 766,800 |  | 2025 to 2028 |  | (816,030) |  | (82,406)
BNDES/FINAME/FINEP, Debentures, CRI and NCE |  | 150,000 |  | 2025 to 2039 |  | (163,580) |  | (586,551)
Intercompany |  |  |  | 2025 to 2032 |  | (349,221) |  | (15,694)
|  | 1,060,044 |  |  |  | (2,133,234) |  | (989,286)

(In thousands of R$, unless otherwise stated)

| 12.b) | Maturities of debts presented in current and non-current liabilities

|  |  |  |  |  | Consolidated |  |  |  |  |  | Parent Company
|  |  |  |  |  | 06/30/2025 |  |  |  |  |  | 06/30/2025
|  | In foreign currency |  | In national currency - R$ |  | Total |  | In foreign currency |  | In national currency - R$ |  | Total
Average rate |  | in Dollar 6.57%in Euro 3.38% |  | in Real 16.34% |  |  | in Dollar 3.63%in Euro 3.53% |  | in Real 17.05% |
2025 |  | 2,671,529 |  | 1,379,175 |  | 4,050,704 |  | 1,108,576 |  | 462,270 |  | 1,570,846
2026 |  | 4,831,743 |  | 1,949,391 |  | 6,781,134 |  | 2,997,736 |  | 1,643,290 |  | 4,641,026
2027 |  | 3,266,726 |  | 3,843,262 |  | 7,109,988 |  | 1,422,666 |  | 3,232,334 |  | 4,655,000
2028 |  | 8,282,512 |  | 2,416,022 |  | 10,698,534 |  | 3,169,417 |  | 1,850,620 |  | 5,020,037
2029 |  | 646,867 |  | 1,513,931 |  | 2,160,798 |  | 1,174,565 |  | 972,894 |  | 2,147,459
2030 to 2032 |  | 12,798,539 |  | 4,569,265 |  | 17,367,804 |  | 6,462,063 |  | 1,256,659 |  | 7,718,722
After 2032 |  | 392,458 |  | 3,692,701 |  | 4,085,159 |  |  |  | 1,538,708 |  | 1,538,708
|  | 32,890,374 |  | 19,363,747 |  | 52,254,121 |  | 16,335,023 |  | 10,956,775 |  | 27,291,798

· Covenants

The Company's debt contracts provide for compliance with certain non-financial obligations, as well as maintenance of specific performance parameters and indicators, such as the disclosure of audited financial statements according to regulatory deadlines or having early maturity declared if the net debt to EBITDA indicator reaches the levels specified in these contracts.

Until now, the Company is compliant with the financial and non-financial obligations (covenants) of its current contracts.

| 13. | FINANCIAL INSTRUMENTS

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

The Company may operate with several financial instruments, with an emphasis on cash and cash equivalents, including investments, marketable securities, accounts receivables from customers, accounts payables to suppliers and loans and financing. Additionally, we may also operate with financial derivatives, such as swap, exchange rate swap, swap interest and commodity and derivatives.

Considering the nature of the instruments, fair value is basically determined by using quotations in the open capital market of Brazil and the Commodities and Futures Exchange. The amounts recorded in current assets and liabilities have immediate liquidity or short-term maturity. Considering the term and characteristics of these instruments, the book values approximate the fair values.

(In thousands of R$, unless otherwise stated)

Classification of financial instruments

|  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  | 06/30/2025 |  |  |  | 12/31/2024
| Ref. |  | 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 |  |  |  | 18,305,208 |  | 18,305,208 |  |  |  | 23,310,197 |  | 23,310,197
Financial investments |  | 4 |  | 668,606 |  | 182,791 |  | 851,397 |  | 860,591 |  | 50,787 |  | 911,378
Trade receivables |  | 5 |  |  |  | 2,437,043 |  | 2,437,043 |  | 181,262 |  | 2,719,736 |  | 2,900,998
Dividends and interest on equity |  | 8 |  |  |  | 212,542 |  | 212,542 |  |  |  | 201,436 |  | 201,436
Derivative financial instruments |  | 8 |  |  |  |  |  |  |  | 152,967 |  |  |  | 152,967
Trading securities |  | 8 |  | 4,235 |  |  |  | 4,235 |  | 2,947 |  |  |  | 2,947
Loans - related parties |  | 20.a |  |  |  | 5,308 |  | 5,308 |  |  |  | 5,315 |  | 5,315
Total |  |  |  | 672,841 |  | 21,142,892 |  | 21,815,733 |  | 1,197,767 |  | 26,287,471 |  | 27,485,238
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial investments |  | 4 |  |  |  | 29,758 |  | 29,758 |  |  |  | 169,977 |  | 169,977
Other trade receivables |  |  |  |  |  | 2,866 |  | 2,866 |  |  |  | 1,888 |  | 1,888
Eletrobrás compulsory loan |  | 8 |  |  |  | 59,892 |  | 59,892 |  |  |  | 51,012 |  | 51,012
Receivables by indemnity |  | 8 |  |  |  | 770,970 |  | 770,970 |  |  |  | 790,914 |  | 790,914
Loans - related parties |  | 20.a |  |  |  | 2,039,551 |  | 2,039,551 |  |  |  | 1,903,028 |  | 1,903,028
Total |  |  |  |  |  | 2,903,037 |  | 2,903,037 |  |  |  | 2,916,819 |  | 2,916,819
Total Assets |  |  |  | 672,841 |  | 24,045,929 |  | 24,718,770 |  | 1,197,767 |  | 29,204,290 |  | 30,402,057
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 12 |  |  |  | 7,819,043 |  | 7,819,043 |  |  |  | 8,902,558 |  | 8,902,558
Lease liabilities |  | 14 |  |  |  | 227,950 |  | 227,950 |  |  |  | 206,323 |  | 206,323
Trade payables |  | 15 |  |  |  | 7,066,323 |  | 7,066,323 |  |  |  | 7,030,734 |  | 7,030,734
Trade payables - Forfaiting |  | 15.a |  |  |  | 2,747,027 |  | 2,747,027 |  |  |  | 2,902,593 |  | 2,902,593
Dividends and interest on capital |  | 16 |  |  |  | 1,437,467 |  | 1,437,467 |  |  |  | 61,965 |  | 61,965
Adjustments to price of iron ore |  |  |  | 195,564 |  |  |  | 195,564 |  |  |  |  |  |
Concessions to be paid |  |  |  |  |  | 12,238 |  | 12,238 |  |  |  |  |  |
Total |  |  |  | 195,564 |  | 19,310,048 |  | 19,505,612 |  |  |  | 19,104,173 |  | 19,104,173
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 12 |  |  |  | 43,747,995 |  | 43,747,995 |  |  |  | 48,656,020 |  | 48,656,020
Lease liabilities |  | 14 |  |  |  | 845,478 |  | 845,478 |  |  |  | 633,982 |  | 633,982
Trade payables |  | 15 |  |  |  | 2,699 |  | 2,699 |  |  |  | 43,263 |  | 43,263
Derivative financial instruments |  | 13 |  | 150,590 |  |  |  | 150,590 |  | 157,857 |  |  |  | 157,857
Concessions to be paid |  | 16 |  |  |  | 82,420 |  | 82,420 |  |  |  | 78,728 |  | 78,728
Total |  |  |  | 150,590 |  | 44,678,592 |  | 44,829,182 |  | 157,857 |  | 49,411,993 |  | 49,569,850
Total Liabilities |  |  |  | 346,154 |  | 63,988,640 |  | 64,334,794 |  | 157,857 |  | 68,516,166 |  | 68,674,023

(In thousands of R$, unless otherwise stated)

|  |  |  |  |  |  |  |  |  |  |  |  |  | Parent Company
|  |  |  |  |  | 06/30/2025 |  |  |  | 12/31/2024
| Ref. |  | 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 |  |  |  | 2,088,073 |  | 2,088,073 |  |  |  | 5,666,618 |  | 5,666,618
Financial investments |  | 4 |  | 668,605 |  | 165,955 |  | 834,560 |  | 860,591 |  | 34,982 |  | 895,573
Trade receivables |  | 5 |  |  |  | 1,630,275 |  | 1,630,275 |  |  |  | 1,555,141 |  | 1,555,141
Dividends and interest on equity |  | 8 |  |  |  | 396,103 |  | 396,103 |  |  |  | 501,267 |  | 501,267
Trading securities |  | 8 |  | 4,059 |  |  |  | 4,059 |  | 2,814 |  |  |  | 2,814
Loans - related parties |  | 20.a |  |  |  | 5,308 |  | 5,308 |  |  |  | 5,315 |  | 5,315
Total |  |  |  | 672,664 |  | 4,285,714 |  | 4,958,378 |  | 863,405 |  | 7,763,323 |  | 8,626,728
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial investments |  | 4 |  |  |  |  |  |  |  |  |  | 142,423 |  | 142,423
Other trade receivables |  |  |  |  |  | 1,003 |  | 1,003 |  |  |  | 1,003 |  | 1,003
Eletrobrás compulsory loan |  | 8 |  |  |  | 57,166 |  | 57,166 |  |  |  | 48,437 |  | 48,437
Receivables by indemnity |  | 8 |  |  |  | 770,970 |  | 770,970 |  |  |  | 773,241 |  | 773,241
Loans - related parties |  | 20.a |  |  |  | 3,236,915 |  | 3,236,915 |  |  |  | 2,499,112 |  | 2,499,112
Total |  |  |  |  |  | 4,066,054 |  | 4,066,054 |  |  |  | 3,464,216 |  | 3,464,216
Total Assets |  |  |  | 672,664 |  | 8,351,768 |  | 9,024,432 |  | 863,405 |  | 11,227,539 |  | 12,090,944
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 12 |  |  |  | 4,013,991 |  | 4,013,991 |  |  |  | 5,225,277 |  | 5,225,277
Lease liabilities |  | 14 |  |  |  | 10,663 |  | 10,663 |  |  |  | 10,229 |  | 10,229
Trade payables |  | 15 |  |  |  | 3,792,941 |  | 3,792,941 |  |  |  | 3,596,080 |  | 3,596,080
Trade payables - Forfaiting |  | 15.a |  |  |  | 2,215,234 |  | 2,215,234 |  |  |  | 2,214,482 |  | 2,214,482
Dividends and interest on capital |  | 16 |  |  |  | 6,095 |  | 6,095 |  |  |  | 6,242 |  | 6,242
Total |  |  |  |  |  | 10,038,924 |  | 10,038,924 |  |  |  | 11,052,310 |  | 11,052,310
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 12 |  |  |  | 23,135,590 |  | 23,135,590 |  |  |  | 25,167,047 |  | 25,167,047
Lease liabilities |  | 14 |  |  |  | 25,668 |  | 25,668 |  |  |  | 28,224 |  | 28,224
Trade payables |  | 15 |  |  |  | 1,366 |  | 1,366 |  |  |  | 580 |  | 580
Derivative financial instruments |  | 13 |  | 118,314 |  |  |  | 118,314 |  | 157,857 |  |  |  | 157,857
Total |  |  |  | 118,314 |  | 23,162,624 |  | 23,280,938 |  | 157,857 |  | 25,195,851 |  | 25,353,708
Total Liabilities |  |  |  | 118,314 |  | 33,201,548 |  | 33,319,862 |  | 157,857 |  | 36,248,161 |  | 36,406,018

Fair value measurement

The table below shows the financial instruments recorded at fair value through profit or loss and fair value through other comprehensive income classifying them according to the fair value hierarchy:

(In thousands of R$, unless otherwise stated)

Consolidated |  |  |  |  |  | 06/30/2025 |  |  |  |  |  | 12/31/2024
| Level 1 |  | Level 2 |  | Balances |  | Level 1 |  | Level 2 |  | Balances
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |
Financial investments |  | 668,606 |  |  |  | 668,606 |  | 860,591 |  |  |  | 860,591
Trade receivables, net |  |  |  |  |  |  |  | 181,262 |  |  |  | 181,262
Derivative transactions |  |  |  |  |  |  |  |  |  | 152,967 |  | 152,967
Trading securities |  | 4,235 |  |  |  | 4,235 |  | 2,947 |  |  |  | 2,947
Total Assets |  | 672,841 |  |  |  | 672,841 |  | 1,044,800 |  | 152,967 |  | 1,197,767
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Non-current |  |  |  |  |  |  |  |  |  |  |  |
Derivative transactions |  |  |  | 150,590 |  | 150,590 |  |  |  | 157,857 |  | 157,857
Total Liabilities |  |  |  | 150,590 |  | 150,590 |  |  |  | 157,857 |  | 157,857

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

Level 2 – Considers observable inputs in the market, such as interest rates, foreign exchange, etc., but are not prices traded in active markets.

Level 3 - There are no assets or liabilities classified in the level.

| 13.b) | Financial risk management

The Company follows risk management strategies, with guidelines regarding the risks incurred by the company.

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

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

The Company believes it is exposed to exchange rate and interest rate risk, market price, credit risk, and liquidity risk.

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

| i) | Foreign exchange risk

The exposure arises mainly from the existence of assets and liabilities denominated in dollars, since the Company's functional currency is substantially the Real and is called natural foreign exchange exposure. The net exposure is the result of offsetting the natural foreign exchange exposure by hedging instruments adopted by the Company.

(In thousands of R$, unless otherwise stated)

The consolidated net exposure is shown below:

|  | 06/30/2025 | 12/31/2024
Foreign Exchange Exposure |  | (Amounts in US$’000) |  | (Amounts in US$’000)
Cash and cash equivalents overseas |  | 2,091,690 |  | 1,951,025
Trade receivables |  | 135,828 |  | 58,296
Financial investments |  | 427,348 |  | 270,038
Borrowings and financing |  | (5,872,123) |  | (5,983,492)
Trade payables |  | (383,140) |  | (284,843)
Others |  | (49,495) |  | (37,185)
Natural Gross Foreign Exchange Exposure (assets - liabilities) |  | (3,649,892) |  | (4,026,161)
Derivative transactions (¹) |  | 4,753,567 |  | 5,098,257
|  | 1,103,675 |  | 1,072,096

(*) Total notional value of derivative and non-derivative financial instruments used for exchange risk management.

The Company uses Hedge Accounting as a 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 evaluated two different scenarios for the analysis of the exchange rate impact: Scenario 1 projects a horizon of increased currency volatility, and Scenario 2 predicts a horizon of appreciation of the Real against the Dollar. Calculations were based on the closing exchange rate on June 30, 2025 and made use of assumptions based on a dispersion calculation that considers both historical changes in exchange rates and projections developed by Management.

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

|  |  |  |  |  |  |  | 06/30/2025
Currency |  | Exchange rate |  | Probable scenario |  | Scenario 1 |  | Scenario 2
USD |  | 5.4571 |  | 5.5433 |  | 5.7944 |  | 4.9881

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

|  |  |  |  |  |  |  |  |  | 06/30/2025
Instruments |  | Notional amount |  | Risk |  | Probable scenario (*) R$ |  | Scenario 1 R$ |  | Scenario 2 R$
Cash and cash equivalents overseas |  | 2,091,690 |  | Dollar |  | 32,526 |  | 121,765 |  | (196,664)
Trade receivables |  | 135,828 |  | Dollar |  | 2,112 |  | 7,907 |  | (12,771)
Financial investments |  | 427,348 |  | Dollar |  | 6,645 |  | 24,877 |  | (40,180)
Borrowings and financing |  | (5,872,123) |  | Dollar |  | (91,313) |  | (341,837) |  | 552,105
Trade payables |  | (383,140) |  | Dollar |  | (5,958) |  | (22,304) |  | 36,023
Others |  | (49,495) |  | Dollar |  | (770) |  | (2,881) |  | 4,654
Derivative financial instruments |  | 4,753,567 |  | Dollar |  | 73,919 |  | 276,722 |  | (446,937)
Impact on profit or loss |  |  |  |  |  | 17,161 |  | 64,249 |  | (103,770)

(*) The probable scenarios were calculated considering the following variations for the risks: Real x Dollar - Devaluation of the Real of 1.58%.

Source: Banco Central do Brasil on July 10, 2025.

(In thousands of R$, unless otherwise stated)

| ii) | Interest rate risk

This risk stems from financial investments, loans, and financing and debentures in short and long terms linked to pre-fixed and post-fixed interest rates of CDI, TJLP, SOFR, exposing these financial assets and liabilities to interest rate fluctuations as demonstrated in the sensitivity analysis chart below.

Sensitivity analysis of interest rate changes

Below, we present the sensitivity analysis to risks related to interest rates. The Company considered two different scenarios to assess the impact of variations in these rates: Scenario 1 predicts a horizon of rising interest rates, and Scenario 2 projects a reduction horizon. To calculate these risks, the closing rates as of June 30, 2025 were used as a reference based on a dispersion model, which considers not only historical variations in interest rates, but also detailed projections from management.

This approach allows a comprehensive and precise assessment of potential economic impacts arising from interest rate fluctuations.

|  |  |  |  |  | Consolidated
|  |  |  |  |  | 06/30/2025
Interest |  | Possible scenarios |  | Scenario 1 |  | Scenario 2
CDI |  | 14.90% |  | 15.22% |  | 13.16%
TJLP |  | 8.65% |  | 9.29% |  | 8.07%
IPCA |  | 5.35% |  | 7.54% |  | 5.05%
SOFR 6M |  | 4.15% |  | 5.44% |  | 3.98%
SOFR |  | 4.45% |  | 4.80% |  | 3.92%
EURIBOR 3M |  | 1.94% |  | 2.26% |  | 1.20%
EURIBOR 6M |  | 2.05% |  | 2.72% |  | 1.32%

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

|  |  |  |  |  |  |  |  |  |  |  | Impact on balances on 06/30/2025
Changes in interest rates |  | % p.a |  | Assets |  | Liabilities |  | Probable scenario (*) |  | Scenario 1 |  | Scenario 2
CDI |  | 14.90% |  | 5,702,397 |  | (12,495,450) |  | (1,012,165) |  | (1,033,755) |  | (894,039)
TJLP |  | 8.65% |  |  |  | (821,055) |  | (71,021) |  | (76,305) |  | (66,229)
IPCA |  | 5.35% |  |  |  | (1,244,843) |  | (66,599) |  | (93,922) |  | (62,826)
SOFR 6M |  | 4.15% |  |  |  | (3,976,480) |  | (164,887) |  | (216,151) |  | (158,178)
SOFR |  | 4.45% |  |  |  | (1,960,455) |  | (87,240) |  | (94,183) |  | (76,784)
EURIBOR 3M |  | 1.94% |  |  |  | (815,745) |  | (15,858) |  | (18,470) |  | (9,805)
EURIBOR 6M |  | 2.05% |  |  |  | (29,421) |  | (603) |  | (801) |  | (389)
|  |  |  |  |  |  |  | (1,418,373) |  | (1,533,586) |  | (1,268,251)

(*) ) Sensitivity analyses are based on the assumption that market values as of June 30, 2025 recorded in the Company's assets and liabilities will be maintained.

| iii) | 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 may be used to reduce cash flow volatility. These mitigation strategies may incorporate derivative instruments, predominantly forward, futures, and options transactions.

(In thousands of R$, unless otherwise stated)

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

a) Cash flow hedge accounting – “Platts” index

To better reflect the accounting effects of the "Platts" hedge strategy on the result, CSN Mineração opted to formally designate the hedge and, consequently, adopted hedge accounting for the iron ore derivative as a hedge accounting instrument for its highly probable future iron ore sales. As a result, the mark-to-market arising from the "Platts" volatility will be temporarily recorded in shareholders' equity and will be taken to the income statement when the sales occur according to the contracted evaluation period. This allows the recognition of "Platts" volatility on iron ore sales to be recognized at the same time.

The Company has periodically reviewed market scenarios to assess its exposure to iron ore price risk to ensure adequate coverage of market price fluctuations. This process involves monitoring fluctuations and trends in global prices, in addition to considering economic and geopolitical factors that may impact the value of this commodity.

The following table presents profit and loss for derivative instruments as of June 30, 2025:

|  |  |  | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
|  |  |  | Other operating income expenses (note 25) |  | Financial income (expenses) (note 26)
Maturity |  | Notional |  |
01/01/2024 to 01/31/2024 (Settled) |  | Platts |  |  |  | (202,702) |  |  |  | (720)
02/01/2024 to 02/28/2024 (Settled) |  | Platts |  |  |  | (39,977) |  |  |  | (133)
03/01/2024 to 03/31/2024 (Settled) |  | Platts |  |  |  | 248,710 |  |  |  | 5,132
04/01/2024 to 04/30/2024 (Settled) |  | Platts |  |  |  | 192,625 |  |  |  | 9,922
05/01/2024 to 05/31/2024 (Settled) |  | Platts |  |  |  | 81,139 |  |  |  | 5,244
06/01/2024 to 06/30/2024 (Settled) |  | Platts |  |  |  | 173,111 |  |  |  |
03/01/2025 to 03/31/2025 (Settled) |  | Platts |  | 40,578 |  |  |  |  |  |
04/01/2025 to 04/30/2025 (Settled) |  | Platts |  | 29,501 |  |  |  | 81 |  |
05/01/2025 to 05/31/2025 (Settled) |  | Platts |  | 17,344 |  |  |  |  |  |
|  |  |  | 87,423 |  | 452,906 |  | 81 |  | 19,445

Activity related to cash flow hedge accounting amounts - "Platts" index recorded under shareholders' equity on June 30, 2025 is as follows:

| 12/31/2024 |  | Movement |  | Realization |  | 06/30/2025
Cash flow hedge – “Platts” |  |  | 87,423 |  | (87,423) |  |
Income tax and social contribution on cash flow hedge |  |  | (4,660) |  | 4,660 |  |
Fair Value of cash flow hedge - Platts, net |  |  | 82,763 |  | (82,763) |  |

The cash flow hedge - "Platts" index was fully effective since the contracting of derivative instruments.

To support the above-mentioned designations, the Company prepared formal documentation indicating the manner which the designation of cash flow hedge accounting - "Platts" index aligned with CSN's risk management objectives 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 designated relationships. Iron ore derivative instruments ("Platts" index) were designated in amounts equivalent to the portion of future sales, comparing the designated amounts with the expected and approved amounts in the budgets of the Management and Board.

(In thousands of R$, unless otherwise stated)

b)Cash flow hedge accounting

Foreign Exchange Hedge Accounting

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

The table below presents a summary of hedging relationships maintained as of June 30, 2025:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 06/30/2025
Designation Date |  | Hedging Instrument |  | Hedged item |  | Type of hedged risk |  | Hedged period |  | Exchange rate on designation |  | Designated amounts (US$’000) |  | Amortized part (USD'000) |  | Effect on Result (*) (R$'000) |  | Impact on Shareholders' equity (R$'000)
07/31/2019 |  | Bonds and Export prepayments in US$ 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) |  |  |  | (797,026)
1/10/2020 |  | Bonds |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | March 2020 to November 2025 until December 2050 |  | 4.0745 |  | 1,416,000 |  | (1,404,000) |  |  |  | (1,339,705)
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 |  |  |  |  |  | (1,250,700)
6/1/2022 |  | 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 |  | (360,321) |  | (215,030) |  | (571,622)
12/1/2022 |  | 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 |  | (37,000) |  |  |  | (190,758)
6/6/2024 |  | Advance on foreign exchange contract |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | June 2024 - February 2025 |  | 5.2700 |  | 30,000 |  | (30,000) |  |  |  |
06/25/2024 |  | Advance on foreign exchange contract |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | June 2024 - February 2025 |  | 5.4405 |  | 10,000 |  | (10,000) |  |  |  |
05/16/2024 |  | Export Prepayments in US$ with third parties, ACC and Bonds |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | September 2024 - March 2035 |  | 5.1270 |  | 1,202,000 |  | (230,200) |  |  |  | (320,791)
1/12/2022 |  | 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 |  |  |  |  |  | (20,060)
Total recognized at the parent company |  | 6,736,061 |  | (2,943,282) |  | (215,030) |  | (4,490,662)
1/6/2022 |  | 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 |  | (208,980) |  | (50,272) |  | (487,637)
1/12/2022 |  | 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 |  |  |  |  |  | (29,486)
05/16/2024 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | August 2025 - March 2035 |  | 5.1270 |  | 208,717 |  |  |  |  |  | (68,897)
Total recognized in the consolidated |  | 7,893,418 |  | (3,152,262) |  | (265,302) |  | (5,076,682)

The net balance of amounts allocated and previously amortized in US dollars totaled USD$ 4,741,156.

In the hedge relationships described above, the values of the debt instruments were fully designated for equivalent portions of iron ore exports.

As of June 30, 2025, the hedging relationships established by the Company remained effective according to prospective and retrospective tests that were performed. Thus, no reversal due to ineffectiveness of cash flow hedge accounting was recorded.

(In thousands of R$, unless otherwise stated)

c) Net Overseas Investment Hedge

Information related to the hedge for net overseas investments has not changed in relation to that disclosed in the Company's financial statements as of December 31, 2024. The balance recorded under shareholders' equity on June 30, 2025 and December 31, 2024 totaled BRL 6,292.

d) Hedge accounting transactions

Activity related to cash flow hedge accounting amounts recorded under shareholders' equity on June 30, 2025 is as follows:

|  |  |  |  |  |  | Consolidated
| 12/31/2024 |  | Movement |  | Realization |  | 06/30/2025
Cash flow hedge | (8,970,450) |  | 3,628,465 |  | 265,302 |  | (5,076,683)
Income tax and social contribution on cash flow hedge | 3,049,954 |  | (1,233,678) |  | (90,203) |  | 1,726,073
Fair Value of cash flow accounting, net taxes | (5,920,496) |  | 2,394,787 |  | 175,099 |  | (3,350,610)
|  |  |  |  |  |  | Parent Company
| 12/31/2024 |  | Movement |  | Realization |  | 06/30/2025
Cash flow hedge | (7,612,357) |  | 2,906,665 |  | 215,030 |  | (4,490,662)
Income tax and social contribution on cash flow hedge | 2,588,202 |  | (988,266) |  | (73,110) |  | 1,526,826
Fair Value of cash flow accounting, net taxes | (5,024,155) |  | 1,918,399 |  | 141,920 |  | (2,963,836)

| iv) | Credit risks

Exposure to credit risks with financial institutions considers the parameters established under the CSN’s financial policy. The Company's practice is the detailed analysis of the equity and financial situation of its customers and suppliers, the establishment of a credit limit and the permanent monitoring of its outstanding balance.

Regarding financial investments, the Company only makes investments in institutions for which a low credit risk was assessed by credit rating agencies. Since part of the resources is invested in repurchase agreements that are backed by Brazilian government bonds, there is also exposure to the credit risk of the Brazilian State.

With regards to exposure credit risk under accounts receivable and other receivables, the Company has a credit risk committee where each new customer is individually analyzed for their financial condition before credit limits and payment terms are granted. This is periodically reviewed according to the procedures specific to each business area.

| v) | Liquidity risk

It is the risk that the Company does not have sufficient net resources to honor its financial commitments, due to a mismatch in terms of volume between the expected receipts and payments.

To manage cash liquidity in national and foreign currency, assumptions of future disbursements and receipts are established and monitored daily by the Treasury area. The payment schedules of long-term installments of loans and financing and debentures are presented in note 12.

(In thousands of R$, unless otherwise stated)

The amounts represent contractual maturities for financial liabilities including interest:

|  |  |  |  |  |  |  |  |  |  |  | Consolidated
At June 30, 2025 |  | Ref. |  | Less than one year |  | From one to two years |  | From two to five years |  | Over five years |  | Total
Loans, financing and debentures |  | 12.b |  | 7,907,146 |  | 10,034,679 |  | 12,859,332 |  | 21,452,964 |  | 52,254,121
Lease liabilities |  | 14 |  | 227,950 |  | 329,333 |  | 140,173 |  | 375,972 |  | 1,073,428
Derivative financial instruments |  | 13 |  |  |  |  |  |  |  | 150,590 |  | 150,590
Trade payables |  | 15 |  | 7,066,323 |  | 1,662 |  | 207 |  | 830 |  | 7,069,022
Trade payables - Forfaiting |  | 15.a |  | 2,747,027 |  |  |  |  |  |  |  | 2,747,027
Dividends and interest on capital |  | 16 |  | 1,437,467 |  |  |  |  |  |  |  | 1,437,467
Concessions to be paid |  | 16 |  | 12,238 |  | 13,350 |  | 53,400 |  | 13,350 |  | 92,338
|  |  |  | 19,398,151 |  | 10,379,024 |  | 13,053,112 |  | 21,993,706 |  | 64,823,993

Fair values of assets and liabilities in relation to book value

Financial assets and liabilities measured at fair value through profit or loss are recorded in current and non-current assets and liabilities while gains and any losses are recorded as revenue, other operating income (expenses) and finance expenses.

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

The estimated fair value for certain consolidated long-term loans and financing was calculated at current market rates, considering their characteristics, term and risks similar to those of the registered contracts, as shown below:

|  |  | 06/30/2025 |  |  |  | 12/31/2024
| Closing Balance |  | Fair value |  | Closing Balance |  | Fair value
Fixed Rate Notes (*) | 19,570,132 |  | 17,399,414 |  | 22,204,604 |  | 19,584,985

(*) Fonte: Bloomberg

| 13.c) | Protective instruments: Derivatives

Position of the Company’s derivative financial instruments portfolio

Currency swap Dollar x Euro

The subsidiary Lusosider Projectos Siderúrgicos S.A. had a derivative operation to protect its exposure to the dollar, which was settled in November 2024.

Foreign exchange swap CDI x Dollar

In October 2023, the Company entered into a new swap agreement with the purpose of mitigating the risk associated with an External Credit Note (NCE) acquired during the same period, which is scheduled to mature in October 2028, and is subject to a principal amount of BRL 680,000.

In January 2025, the Company entered into a new swap agreement to hedge its foreign exchange exposure to the dollar on an Export Credit Note (ECN) acquired during the same period, which is scheduled to mature in January 2028, and is subject to a principal amount of BRL 295,000.

(In thousands of R$, unless otherwise stated)

Foreign exchange swap dollar x real

In July 2024, the subsidiary CSN Cimentos Brasil, after obtaining a foreign currency loan in the amount of USD $50,000, contracted derivative operations to hedge its exposure to the dollar, which will mature in July 2027.

In June 2025, CSN Cimentos Brasil provided payment for derivative transaction that sought to hedge the Company’s foreign exchange exposure to the dollar for the loan received in foreign currency in the amount of US$ 115,000. This debt was paid during the same period.

Interest swap CDI x IPCA

CSN Mineração, CSN Cimentos Brasil and CSN issued debentures during the years 2021, 2022 and 2023, respectively, and contracted derivative operations to protect their exposure to IPCA (Broad Consumer Price Index). The end of CSN Mineração contract terms are staggered between 2031 and 2037. CSN Cimentos and CSN’s contracts will expire in 2032 and between 2030 and 2039, respectively.

Below is the position of derivatives:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  |  |  |  |  |  |  |  |  | 06/30/2025 |  | 06/30/2024
|  |  |  |  |  |  |  | Appreciation (R$) |  | Fair value (market) |  | Impact on financial income (expenses)
Instrument |  | Maturity |  | Functional Currency |  | Notional amount |  | Asset position |  | Liability position |  | Amounts receivable / (payable) |
Exchange rate swap |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange Swap Dollar x Euro - Lusosider |  | Settled |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,570
Exchange Swap CDI x Dollar - CSN |  | 2028 |  | Real |  | 975,000 |  | 1,020,594 |  | (1,138,908) |  | (118,314) |  | 52,291 |  | 76,709
Exchange Swap Dollar x Real - CSN Cimentos Brasil |  | 7/7/2027 |  | Dollar |  | 50,000 |  | 299,547 |  | (315,370) |  | (15,822) |  | (171,663) |  | 72,750
Exchange Swap Dollar x CDI - Grupo Estrela |  | 7/7/2027 |  | Dollar |  | 45,009 |  | 251,590 |  | (268,044) |  | (16,454) |  | (9,321) |  |
Total Exchange rate Swap |  |  |  |  |  | 1,070,009 |  | 1,571,731 |  | (1,722,322) |  | (150,590) |  | (128,693) |  | 151,029
Interest rate swap |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap (Debentures) CDI x IPCA - CSN |  | 2030 to 2039 |  | Real |  | 2,012,358 |  | 2,142,152 |  | (2,183,421) |  | (41,269) |  | 59,556 |  | (56,971)
Interest Rate Swap (Debentures) CDI x IPCA - CSN Mineração |  | 2031 to 2037 |  | Real |  | 2,400,000 |  | 2,729,029 |  | (2,753,334) |  | (24,305) |  | 65,485 |  | (179,342)
Interest Rate Swap (Debentures) CDI x IPCA - CSN Cimentos Brasil | 2032 |  | Real |  | 1,200,000 |  | 1,390,476 |  | (1,325,917) |  | 64,559 |  | 31,847 |  | (86,296)
Total interest rate (Debentures) CDI x IPCA |  |  |  |  |  | 5,612,358 |  | 6,261,657 |  | (6,262,672) |  | (1,015) |  | 156,888 |  | (322,609)
|  |  |  |  |  |  |  | 7,833,388 |  | (7,984,994) |  | (151,605) |  | 28,195 |  | (171,580)

Classification of derivatives under balance sheet and income statement

|  |  |  |  |  | 06/30/2025 |  | 06/30/2024
Instruments |  | Liabilities |  | Financial income (expenses), net (note 26)
| Non-current |  | Total |
Iron ore derivative |  |  |  |  |  | 81 |  | 19,445
Exchange rate swap Dollar x Euro |  |  |  |  |  |  |  | 1,570
Exchange rate swap CDI x Dollar |  | (134,768) |  | (134,768) |  | 42,970 |  | 76,709
Exchange rate swap CDI x IPCA (1) |  | (1,015) |  | (1,015) |  | 156,889 |  | (322,609)
Dollar x Real swap |  | (15,822) |  | (15,822) |  | (171,664) |  | 72,750
|  | (151,605) |  | (151,605) |  | 28,276 |  | (152,135)

(1) CDI x IPCA SWAP derivative instruments are fully classified under the loans and financing group since they are linked to debentures in order to hedge against exposure to IPCA.

(In thousands of R$, unless otherwise stated)

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

The Company has common (USIM3), preferred (USIM5) shares of Usiminas Siderúrgica de Minas Gerais S.A. (“Usiminas”). Usiminas shares are classified as current assets in financial investments and at fair value, based on the market price quotation on B3.

According to the Company's policy, gains and losses resulting from changes in stock prices are recorded directly in the income statement under financial income for shares classified as financial investments and under other operating income and expenses for shares classified as investments.

| i) | Stock Market Price Risks

Class of shares |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 06/30/2024
| Quantity |  | Equity interest (%) |  | Share price |  | Closing Balance |  | Quantity |  | Equity interest (%) |  | Share price |  | Closing Balance |  | Profit or loss (note 26)
USIM3 |  | 106,620,853 |  | 15.12% |  | 4.14 |  | 441,410 |  | 106,620,853 |  | 15.12% |  | 5.32 |  | 567,222 |  | (125,813) |  | (167,395)
USIM5 |  | 55,144,456 |  | 10.07% |  | 4.12 |  | 227,196 |  | 55,144,456 |  | 10.07% |  | 5.32 |  | 293,369 |  | (66,173) |  | (76,099)
|  |  |  |  |  |  |  | 668,606 |  |  |  |  |  |  |  | 860,591 |  | (191,986) |  | (243,494)
PATI3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (78,737)
|  |  |  |  |  |  |  | 668,606 |  |  |  |  |  |  |  | 860,591 |  | (191,986) |  | (322,231)

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

Sensitivity analysis for stock price risks

We present below the sensitivity analysis for the risks related to the stock price variation. The Company evaluated two different scenarios for the impact of fluctuations in prices: Scenario 1 (optimistic extreme) provides a projection for a price appreciation horizon, while Scenario 2 (pessimistic extreme) considers a deterioration horizon for price volatility. Calculations were based on the closing price of the shares on June 30, 2025 and assumptions were made based on both the dispersion of historical variations in prices and projections prepared by Management.

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

|  |  |  |  |  |  |  |  |  | 06/30/2025
Class of shares |  | Quantity |  | Share price on 06/30/2025 |  | Closing Balance |  | Extreme Optimistic Scenario (1) |  | Extreme Pessimistic Scenario (2)
USIM3 |  | 106,620,853 |  | 4.14 |  | 441,410 |  | 41,691 |  | (157,779)
USIM5 |  | 55,144,456 |  | 4.12 |  | 227,196 |  | 22,223 |  | (32,823)
|  |  |  |  |  | 668,606 |  | 63,914 |  | (190,602)

(In thousands of R$, unless otherwise stated)

| 13.e) | Capital Management

The Company seeks to optimize its capital structure with the purpose of reducing its financial costs and maximizing return to its shareholders. The following chart demonstrates the evolution of the Company's consolidated capital structure, with financing through equity and third-party capital:

Thousands of Reais |  | 06/30/2025 |  | 12/31/2024
Shareholder's equity (equity) |  | 16,853,240 |  | 15,459,116
Borrowings and Financing (Third-party capital) |  | 51,567,038 |  | 56,914,621
Gross Debit/Shareholder's equity |  | 3.06 |  | 3.68

| 14. | LEASE LIABILITIES

The lease liabilities are presented below:

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Leases | 2,426,574 |  | 2,122,768 |  | 43,314 |  | 46,760
Adjusted present value - Leases | (1,353,146) |  | (1,282,463) |  | (6,983) |  | (8,307)
| 1,073,428 |  | 840,305 |  | 36,331 |  | 38,453
Classified: |  |  |  |  |  |  |
Current | 227,950 |  | 206,323 |  | 10,663 |  | 10,229
Non-current | 845,478 |  | 633,982 |  | 25,668 |  | 28,224
| 1,073,428 |  | 840,305 |  | 36,331 |  | 38,453

The Company has entered into lease agreements for port terminals located in Itaguaí. The lease for its Terminal de Granéis Solidos – TECAR, which is used to load and unload iron ore and other bulk materials has a remaining term of 22 years, and the Terminal de Contêineres – TECON lease agreement has a remaining contractual term of 27 years. The Company also maintains a lease agreement for railway operation using the Northeast railway network, which has a remaining term of contract of 3 years. Additionally, it maintains a lease agreement for property located in Taubaté, São Paulo as part of the expansion of operations in the Steel segment, which has a remaining contractual term of 18 years.

The Company also maintains lease agreements for operating equipment, mainly used in mining and cement and steel production activities. Agreements are also in place for vehicles obtained as part of the acquisition of Grupo Estrela, which are used in logistics operations, and properties to be used as operating facilities and administrative offices distributed through the Company’s various operational sites. The remaining terms of these contracts range from between 1 and 19 years.

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

(In thousands of R$, unless otherwise stated)

The average rates used in measuring new lease liabilities in the consolidated and parent company are demonstrated in the table below:

|  | 06/30/2025
Contract term (in years) |  | Incremental Rate (p.a.)
1 |  | 15.43%
2 |  | 18.02%
3 |  | 16.76%
5 |  | 14.76%

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

|  |  | Consolidated |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Opening balance | 840,305 |  | 733,761 |  | 38,453 |  | 6,999
New leases | 61,644 |  | 14,117 |  |  |  |
Contract review | 99,628 |  | 285,533 |  | 2,709 |  | 41,973
Write-off | (10,995) |  | (915) |  |  |  |
Payments | (177,067) |  | (308,201) |  | (6,574) |  | (12,650)
Interest appropriated | 56,175 |  | 99,998 |  | 1,743 |  | 2,131
Result of acquisition of ownership interest in Grupo Estrela (1) | 209,178 |  |  |  |  |  |
Exchange variation | (5,440) |  | 16,012 |  |  |  |
Net balance | 1,073,428 |  | 840,305 |  | 36,331 |  | 38,453

(1) Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

The estimated future minimum payments for the lease agreements include variable payments, fixed in essence when based on minimum performance and contractually fixed rates.

Minimum lease payments as of June 30, 2025 are shown below:

|  |  |  |  |  |  | Consolidated
| Less than one year |  | Between one and five years |  | Over five years |  | Total
Leases | 256,372 |  | 830,059 |  | 1,340,143 |  | 2,426,574
Adjusted present value - Leases | (28,422) |  | (360,552) |  | (964,172) |  | (1,353,146)
| 227,950 |  | 469,507 |  | 375,971 |  | 1,073,428

| · | PIS and COFINS recoverable

Lease liabilities were measured by the value of the considerations with suppliers, that is, without considering tax credits that apply after payment. The potential right to PIS and COFINS embedded in the lease liability is shown below:

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Leases | 2,346,632 |  | 2,040,811 |  | 42,908 |  | 46,202
Adjusted present value - Leases | (1,350,001) |  | (1,279,742) |  | (6,915) |  | (8,225)
Potencial PIS and COFINS credit | 217,063 |  | 188,775 |  | 3,969 |  | 4,274
Adjusted present value – Potential PIS and COFINS credit | (124,875) |  | (118,376) |  | (640) |  | (761)

(In thousands of R$, unless otherwise stated)

Lease payments not recognized as liabilities:

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

The Company maintains lease agreements for its TECAR and TECON port terminals for which it is not possible to accurately estimate the respective cash flows despite these agreements establishing minimum performance targets since payments are completely variable and are determined as they occur. In such cases, amounts will be recognized as an expense for the period in which they are incurred.

Expenses related to payments not included in the measurement of the lease liability are:

|  |  |  |  |  |  | Consolidated
| Six months ended | Three months ended
| 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2025
Contract less than 12 months |  |  | 880 |  |  |  | 381
Lower Assets value | 5,976 |  | 5,550 |  | 2,311 |  | 2,964
Variable lease payments | 165,389 |  | 140,978 |  | 84,726 |  | 67,789
| 171,365 |  | 147,408 |  | 87,037 |  | 71,134
|  |  |  |  |  |  | Parent Company
| Six months ended | Three months ended
| 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2025
Contract less than 12 months |  |  |  |  |  |  |
Lower Assets value | 4,007 |  | 3,931 |  | 1,602 |  | 2,119
| 4,007 |  | 3,931 |  | 1,602 |  | 2,119

| 15. | TRADE PAYABLES

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Trade payables | 7,159,159 |  | 7,172,161 |  | 3,851,341 |  | 3,646,232
(-) Adjusted present value | (90,137) |  | (98,164) |  | (57,034) |  | (49,572)
| 7,069,022 |  | 7,073,997 |  | 3,794,307 |  | 3,596,660
Classified: |  |  |  |  |  |  |
Current | 7,066,323 |  | 7,030,734 |  | 3,792,941 |  | 3,596,080
Non-current | 2,699 |  | 43,263 |  | 1,366 |  | 580
| 7,069,022 |  | 7,073,997 |  | 3,794,307 |  | 3,596,660

15.a) Suppliers – Forfaiting

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
In Brazil | 1,815,115 |  | 2,159,399 |  | 1,283,322 |  | 1,525,579
Abroad | 931,912 |  | 743,194 |  | 931,912 |  | 688,903
| 2,747,027 |  | 2,902,593 |  | 2,215,234 |  | 2,214,482

The Company discloses and classifies in a specific group its drawee risk and forfaiting operations with suppliers where the nature of the securities continue to be part of the Company's operating cycle. These transactions are negotiated with financial institutions to enable the Company's suppliers to anticipate receivables arising from sales of goods and, consequently, to extend the payment terms of the Company's own obligations. Transactions are subject to a term of up to 360 days.

(In thousands of R$, unless otherwise stated)

The table below provides a comparison of invoice payment terms both with and without a supplier finance agreement, in cases in which goods were exclusively acquired, for the base date of June 30, 2025:

|  |  | Consolidated
Trade payables | Forfaiting |  | No Forfaiting
Due between 1 and 180 days | 1,507,437 |  | 5,331,930
Due between 181 to 360 days | 1,239,590 |  | 1,734,393
Over 360 days |  |  | 2,699
Total | 2,747,027 |  | 7,069,022

Impact of variations without effect on cash flow as of June 30, 2025:

| Consolidated
Exchange variation | (105,035)
Interest Appropriation | 39,268
Total | (65,767)

| 16. | OTHER OBLIGATIONS (CURRENT AND NON-CURRENT)

The other obligations classified in current and non-current liabilities have the following composition:

|  |  |  |  |  |  |  |  |  | Consolidated |  |  |  |  |  |  |  | Parent Company
|  | Ref. |  | Current | Non-current |  | Current | Non-current
|  |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Related party liabilities |  |  |  | 36,768 |  | 45,816 |  |  |  | 20,850 |  | 576,221 |  | 629,654 |  | 353,912 |  | 402,406
Derivative financial instruments |  |  |  |  |  |  |  | 150,590 |  | 157,857 |  |  |  |  |  | 118,314 |  | 157,857
Dividends and interest on capital |  | 13 |  | 1,437,467 |  | 61,965 |  |  |  |  |  | 6,095 |  | 6,242 |  |  |  |
Advances from customers (1) |  |  |  | 3,899,218 |  | 3,648,639 |  | 9,545,755 |  | 10,120,950 |  | 350,208 |  | 382,350 |  | 920,319 |  | 1,099,568
Accounts payable as part of acquisition of companies |  |  | 156,191 |  |  |  | 425,251 |  | 94,404 |  | 119,011 |  |  |  | 425,251 |  | 94,404
Taxes in installments |  |  |  | 42,765 |  | 56,226 |  | 97,509 |  | 103,955 |  | 16,856 |  | 16,504 |  | 51,686 |  | 53,320
Profit sharing - employees |  |  |  | 202,058 |  | 235,789 |  |  |  |  |  | 94,289 |  | 123,325 |  |  |  |
Taxes payable |  |  |  |  |  |  |  | 10,119 |  | 9,767 |  |  |  |  |  | 10,119 |  | 9,767
Provision for consumption and services |  |  |  | 149,282 |  | 202,006 |  |  |  |  |  | 17,714 |  | 18,129 |  |  |  |
Trade payables |  | 15 |  |  |  |  |  | 2,699 |  | 43,263 |  |  |  |  |  | 1,366 |  | 580
Lease liabilities |  | 14 |  | 227,950 |  | 206,323 |  | 845,478 |  | 633,982 |  | 10,663 |  | 10,229 |  | 25,668 |  | 28,224
Concessions to be paid |  |  |  | 12,238 |  |  |  | 82,420 |  | 78,728 |  |  |  |  |  |  |  |
Other payables |  |  |  | 301,594 |  | 492,645 |  | 532,844 |  | 581,037 |  | 53,448 |  | 377,137 |  | 205,259 |  | 243,140
|  |  |  | 6,465,531 |  | 4,949,409 |  | 11,692,665 |  | 11,844,793 |  | 1,244,505 |  | 1,563,570 |  | 2,111,894 |  | 2,089,266

(1) Customer Advances:

Iron ore: refers to iron ore supply contracts signed by the Company with important international players.

On June 28, 2024, the indirect subsidiary CSN Mining International GmbH entered into an advance iron ore supply agreement in the amount of US$ 255 million, for the supply of 6.5 million tons expected to be provided over the next 4 years. In addition, on September 25, 2024, a second ore advance contract was signed in the amount of US$ 450 million, for the supply of an additional 9.7 million tons of iron ore. In addition, on September 27, 2024, a third iron ore supply advance contract was signed in the amount of US$ 300 million for the supply of 7.2 million tons. Contracts are subject to an initial performance date of the month of January 2025 and a deadline for completion by December 2028. On December 17, 2024, the subsidiary CSN Mining International GmbH signed two advance payment contracts that, together, total an amount of US$ 355 million. The contracts are expected to start in January 2025 and will extend until 2029. During this period, the company undertakes to supply iron ore according to the terms agreed in the contracts, guaranteeing the delivery of 8.1 Mt over the next five years from its signature.

On June 30, 2025, the indirect subsidiary CSN Mining International GmbH entered into an advance payment agreement totaling USD$ 241 million. The contract is expected to enter into effect in January 2026 and will extend up until 2029. During this period, the company shall seek to supply iron ore according to the terms agreed upon under contracts and will guarantee the delivery of 5.9 Mt over the next four years counted from the signature date.

Electricity contracts: Between 2022 and 2024, the subsidiaries CSN Mineração and CSN Cimentos signed advance agreements for the sale of electricity with national operators in the sector to be executed for up to 8 years.

(In thousands of R$, unless otherwise stated)

| 17. | INCOME TAX AND SOCIAL SECURITY CONTRIBUTIONS

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

Income tax and social security contributions recognized in the income statement for the period are as follows:

|  |  |  |  |  |  | Consolidated
| Six months ended |  | Three months ended
| 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Income tax and social contribution income (expense) |  |  |  |  |  |
Current | (290,946) |  | (897,716) |  | (87,175) |  | (654,492)
Deferred | 649,190 |  | 618,916 |  | 214,289 |  | 313,762
| 358,244 |  | (278,800) |  | 127,114 |  | (340,730)
|  |  |  |  |  |  | Parent Company
| Six months ended |  | Three months ended
| 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Income tax and social contribution income (expense) |  |  |  |  |  |
Current | - |  | - |  | - |  | -
Deferred | 710,159 |  | 547,163 |  | 356,771 |  | 301,439
| 710,159 |  | 547,163 |  | 356,771 |  | 301,439

The reconciliation of expenses related to income tax and social contributions and consolidated and parent company and the product of the current rate on profit before income tax (IRPJ) and social contribution (CSLL) are shown below:

|  |  |  |  |  |  | Consolidated
| Six months ended |  | Three months ended
| 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Profit/(Loss) before income tax and social contribution | (1,220,193) |  | (423,474) |  | (257,483) |  | 118,118
Tax rate | 34% |  | 34% |  | 34% |  | 34%
Income tax and social contribution at combined statutory rate | 414,866 |  | 143,981 |  | 87,544 |  | (40,160)
Adjustment to reflect the effective rate: |  |  |  |  |  |  |
Equity in results of affiliated companies | 102,748 |  | 92,973 |  | 66,126 |  | 49,640
Difference Tax Rate in companies abroad | (148,721) |  | (493,018) |  | (46,371) |  | (345,526)
Indebtdness limit | (5,711) |  | 4,882 |  | (3,733) |  | 1,759
Tax incentives | 11,446 |  | 21,673 |  | 5,525 |  | 15,439
Interest on equity | 21,643 |  |  |  | 21,643 |  |
Recognition/(reversal) of tax credits | (22,339) |  | (64,554) |  | (8,816) |  | (36,087)
Result of acquisition of ownership interest in Grupo Estrela (1) | (3,146) |  |  |  | (3,146) |  |
Other permanent deductions (add-backs) | (12,542) |  | 15,263 |  | 8,342 |  | 14,205
Income tax and social contribution in net income for the period | 358,244 |  | (278,800) |  | 127,114 |  | (340,730)
Effective tax rate | 29% |  | -66% |  | 49% |  | 288%

(In thousands of R$, unless otherwise stated)

|  |  |  |  |  |  | Parent Company
| Six months ended |  | Three months ended
| 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Profit/(Loss) before income tax and social contribution | (1,495,305) |  | (1,665,643) |  | (522,771) |  | (830,218)
Tax rate | 34% |  | 34% |  | 34% |  | 34%
Income tax and social contribution at combined statutory rate | 508,404 |  | 566,319 |  | 177,742 |  | 282,274
Adjustment to reflect the effective rate: |  |  |  |  |  |  |
Equity in results of affiliated companies | 252,272 |  | (26,117) |  | 221,883 |  | 11,248
Indebtdness limit | (5,711) |  | 4,882 |  | (3,732) |  | 1,759
Interest on equity | (49,757) |  |  |  | (49,757) |  | -
Other permanent deductions (additions) | 4,951 |  | 2,079 |  | 10,635 |  | 6,158
Income tax and social contribution in net income for the period | 710,159 |  | 547,163 |  | 356,771 |  | 301,439
Effective tax rate | 47% |  | 33% |  | 68% |  | 36%

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

Below the composition of deferred income tax and social contribution can be shown as follows :

|  |  |  | Consolidated |  |  |  | Parent Company
|  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Deferred |  |  |  |  |  |  |  |
Income tax losses |  | 3,949,122 |  | 3,896,856 |  | 2,388,724 |  | 2,286,697
Social contribution tax losses |  | 1,356,222 |  | 1,336,041 |  | 886,322 |  | 848,003
Temporary differences |  | 821,315 |  | 1,571,100 |  | 1,124,049 |  | 1,615,633
Tax, social security, labor, civil and environmental provisions |  | 343,841 |  | 559,621 |  | 170,978 |  | 173,463
Estimated losses on assets |  | 247,412 |  | 267,768 |  | 146,779 |  | 164,297
Gains/(Losses) on financial assets |  | 715,944 |  | 565,250 |  | 685,836 |  | 634,428
Actuarial Liabilities (Pension and Health Plan) |  | 175,204 |  | 165,418 |  | 163,747 |  | 154,415
Provision for consumption and services |  | 8,848 |  | 4,933 |  | 9,034 |  | 4,215
Cash Flow Hedge and Unrealized Exchange Variations |  | 1,237,427 |  | 2,014,231 |  | 923,970 |  | 1,419,712
(Gain) on loss of control of Transnordestina |  | (224,096) |  | (224,096) |  | (224,096) |  | (224,096)
Fair Value SWT/CBL Acquisition |  | (149,490) |  | (149,489) |  |  |  |
Business combination |  | (1,469,106) |  | (1,425,853) |  | (721,992) |  | (721,992)
Reflexo da aquisição de participação no Grupo Estrela (1) |  | 2,529 |  |  |  |  |  |
Others |  | (67,198) |  | (206,683) |  | (30,207) |  | 11,191
Total |  | 6,126,659 |  | 6,803,997 |  | 4,399,095 |  | 4,750,333
Total Deferred Assets |  | 6,731,080 |  | 7,345,326 |  | 4,399,095 |  | 4,750,333
Total Deferred Liabilities |  | (604,421) |  | (541,329) |  |  |  |
Total Deferred |  | 6,126,659 |  | 6,803,997 |  | 4,399,095 |  | 4,750,333

(1)Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

The Company's corporate structure includes foreign subsidiaries, the income of which is taxed in the countries in which they are incorporated at rates lower than those applicable in Brazil. In the period between 2020 and 2025, these subsidiaries did not generate profits subject to additional taxation in Brazil by income tax and social contribution. The Company, based on the position of its legal advisors, assessed only as possible the probability of loss in case of possible tax challenge and, therefore, no provision was recognized in the Financial Statement.

Furthermore, Management evaluated the precepts of IFRIC 23 - "Uncertainty Over Income Tax Treatments" and recognized in 2021 the credit for the unconstitutionality of IRPJ and CSLL incidence on SELIC interest of mora values received due to tax undue repetition.

(In thousands of R$, unless otherwise stated)

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

The following shows the movement of deferred taxes:

|  | Consolidated |  | Parent Company
Balance at January 1, 2024 |  | 4,729,632 |  | 3,213,410
Recognized in profit and loss |  | 1,305,927 |  | 942,394
Recognized in equity |  | 769,162 |  | 594,529
Use of tax credit in installment program |  | (724) |  |
Balance at December 31, 2024 |  | 6,803,997 |  | 4,750,333
Recognized in profit and loss |  | 643,961 |  | 710,159
Recognized in equity |  | (1,323,828) |  | (1,061,397)
Result of acquisition of ownership interest in Grupo Estrela (1) |  | 2,529 |  |
Balance at June 30, 2025 |  | 6,126,659 |  | 4,399,095

(2)Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

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

Income tax and social contribution recognized directly in shareholders' equity are shown below:

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Income tax and social contribution |  |  |  |  |  |  |
Actuarial gains on defined benefit pension plan | 76,950 |  | 76,876 |  | 70,673 |  | 70,673
Exchange differences on translating foreign operations | (325,350) |  | (325,350) |  | (325,350) |  | (325,350)
Cash flow hedge | 1,664,327 |  | 2,906,859 |  | 1,526,826 |  | 2,588,202
Gain on sale of shares | (1,158,102) |  | (1,158,102) |  | (1,158,102) |  | (1,158,102)
| 257,825 |  | 1,500,283 |  | 114,047 |  | 1,175,423

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

Actions and complaints of various kinds are being discussed in the competent spheres. The details of the provisioned values and respective judicial deposits related to these actions are presented below:

|  |  |  |  |  |  |  | Consolidated |  |  |  |  |  |  |  | Parent Company
|  | Accrued liabilities |  | Judicial deposits |  | Accrued liabilities |  | Judicial deposits
|  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Tax |  | 109,099 |  | 130,755 |  | 181,741 |  | 176,086 |  | 24,714 |  | 50,990 |  | 71,626 |  | 70,944
Social security |  | 1,500 |  | 1,546 |  |  |  |  |  | 1,500 |  | 1,546 |  |  |  |
Labor |  | 460,039 |  | 387,612 |  | 347,204 |  | 294,233 |  | 149,469 |  | 144,407 |  | 123,669 |  | 114,994
Civil |  | 252,342 |  | 815,180 |  | 36,953 |  | 134,609 |  | 137,726 |  | 130,308 |  | 15,086 |  | 15,991
Environmental |  | 35,922 |  | 42,609 |  | 3,723 |  | 3,723 |  | 10,521 |  | 10,446 |  | 283 |  | 283
Deposit of a guarantee |  |  |  |  |  | 24,050 |  | 24,299 |  |  |  |  |  |  |  |
|  | 858,902 |  | 1,377,702 |  | 593,671 |  | 632,950 |  | 323,930 |  | 337,697 |  | 210,664 |  | 202,212
Classified: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 115,105 |  | 132,112 |  |  |  |  |  | 70,698 |  | 61,008 |  |  |  |
Non-current |  | 743,797 |  | 1,245,590 |  | 593,671 |  | 632,950 |  | 253,232 |  | 276,689 |  | 210,664 |  | 202,212
|  | 858,902 |  | 1,377,702 |  | 593,671 |  | 632,950 |  | 323,930 |  | 337,697 |  | 210,664 |  | 202,212

(In thousands of R$, unless otherwise stated)

Activity related to tax, social security, labor, civil and environmental provisions during the period ended June 30, 2025 can be demonstrated as follows:

|  |  |  |  |  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  |  |  |  |  |  |  | Current + Non-current
Nature |  | 12/31/2024 |  | Additions |  | Accrued charges |  | Result of acquisition of ownership interest in Grupo Estrela (1) |  | Net utilization of reversal |  | 06/30/2025
Tax |  | 130,755 |  | 18,415 |  | 3,057 |  | 12,691 |  | (55,819) |  | 109,099
Social security |  | 1,546 |  |  |  | 30 |  |  |  | (76) |  | 1,500
Labor |  | 387,612 |  | 32,917 |  | 72,074 |  | 12,094 |  | (44,658) |  | 460,039
Civil |  | 815,180 |  | 10,288 |  | 17,426 |  | 44 |  | (590,596) |  | 252,342
Environmental |  | 42,609 |  | 764 |  | 1,048 |  |  |  | (8,499) |  | 35,922
|  | 1,377,702 |  | 62,384 |  | 93,635 |  | 24,829 |  | (699,648) |  | 858,902

|  |  |  |  |  |  |  |  |  | Parent Company
|  |  |  |  |  |  |  |  |  | Current + Non-current
Nature |  | 12/31/2024 |  | Additions |  | Accrued charges |  | Net utilization of reversal |  | 06/30/2025
Tax |  | 50,990 |  | 13,144 |  | 238 |  | (39,658) |  | 24,714
Social security |  | 1,546 |  |  |  | 30 |  | (76) |  | 1,500
Labor |  | 144,407 |  | 14,516 |  | 9,496 |  | (18,950) |  | 149,469
Civil |  | 130,308 |  | 428 |  | 11,148 |  | (4,158) |  | 137,726
Environmental |  | 10,446 |  | 581 |  | 10 |  | (516) |  | 10,521
|  | 337,697 |  | 28,669 |  | 20,922 |  | (63,358) |  | 323,930

(1 Transaction related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group, which entered into effect on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report.

Provisions for taxes, social security, labor, civil and environmental matters have been estimated by management and substantially substantiated by legal counsel, and only those causes that are considered probable of loss are recorded. These provisions also include tax liabilities arising from actions taken at the Company's initiative, plus SELIC (Special System for Settlement and Custody) interest.

Possible Administrative and Judicial Proceedings

The Company does not make provisions for legal proceedings whose expectation of the Management, based on the opinion of legal advisors, is of possible loss. The following table presents a summary balance for main matters classified as a potential risk by comparing the balance for June 30, 2025 with that of December 31, 2024.

|  |  |  | Consolidated
|  | 06/30/2025 |  | 12/31/2024
Notice of Violation and Imposition of Fine (AIIM) / Tax Foreclosure - RFB - IRPJ/CSLL - Capital Gain for alleged sale of equity interest in subsidiary NAMISA (1) |  | 10,578,207 |  | 10,246,424
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 (1) |  | 4,673,837 |  | 4,346,118
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 |  | 2,210,181 |  | 2,284,914
Notice of Violation and Imposition of Fine (AIIM) / Writ of Mandamus - RFB - IRPJ/CSLL - Profits earned abroad in 2008, 2010, 2011, 2012, 2014, 2015, 2016, 2017 and 2018 |  | 6,460,289 |  | 6,239,017
Unapproved compensation - RFB - IRPJ/CSLL, PIS/COFINS and IPI |  | 2,234,856 |  | 2,169,108

(In thousands of R$, unless otherwise stated)

Offsets not approved - RFB - Exclusion of credits under ruling 69/STF (inclusion of ICMS in PIS/CONFINS calculation base) (1) |  | 715,017 |  |
ICMS - SEFAZ/RJ - Assessment Notice - questions about sales for incentive area |  | 1,481,232 |  | 1,460,763
Notice of Violation and Imposition of Fine (AIIM) - RFB - Disallowance of PIS/COFINS Credits for inputs and freight |  | 1,866,258 |  | 1,499,578
CFEM – difference of understanding between CSN and ANM on the calculation basis |  | 1,636,923 |  | 1,570,733
Notice of Infraction and Imposition of Fine (AIIM) - RFB - Collection IRRF - Business Combinations CMIN 2015 |  | 212,106 |  | 205,621
ICMS - SEFAZ/RJ - ICMS Credits for acquisition of Electric Energy Industrialization |  | 41,665 |  | 39,939
Notice of Violation and Imposition of Fine (AIIM) - IRPJ/CSLL - Disallowance of deductions of goodwill generated in the acquisition of Cimentos Mauá |  | 442,849 |  | 422,499
ICMS - SEFAZ/RJ - Disallowance of the ICMS credits - Transfer of iron ore |  | 807,081 |  | 779,093
ICMS - SEFAZ/RJ - Disallowance of credits on purchases of intermediate products |  | 513,220 |  | 488,238
Disallowance of tax loss and negative calculation base resulting from adjustments in SAPLI - RFB |  | 831,787 |  | 798,226
Notice of Infraction and Imposition of a Fine (AIIM) - RFB - IRPJ/CSLL - Transfer Pricing (2) |  | 284,224 |  | 389,919
ICMS - SEFAZ/RJ - Transfer of imported raw material for a value lower than the TECAR import document |  | 439,211 |  | 422,807
Assessment Notice- IRRF- Capital Gain of CFM vendors located abroad (3) |  | 159,667 |  | 338,273
Other tax lawsuits (federal, state, and municipal) |  | 7,176,863 |  | 6,977,524
Social security lawsuits |  | 746,466 |  | 647,801
Action to discuss the balance of the construction contract – Tebas |  | 650,979 |  | 621,724
Action related to power supply payment’s charge - Light |  | 535,120 |  | 492,535
Action that discusses Negotiation of energy sales - COPEN - CEEE-G |  | 243,423 |  | 229,983
Proceedings challenging ruling imposed by CADE on company acquired by CSN Group due to alleged participation in Cement Cartel (4) |  | 493,347 |  |
Other civil lawsuits |  | 1,737,420 |  | 1,620,259
Labor and social security lawsuits |  | 2,715,209 |  | 2,580,452
Tax Execution Traffic Ticket Volta Grande IV |  | 164,474 |  | 152,322
ACP Landfill Márcia I |  | 306,389 |  | 306,389
Notice of IEF Commitment Agreement (5) |  | 337,951 |  | 337,951
Other environmental lawsuits |  | 835,759 |  | 786,360

(In thousands of R$, unless otherwise stated)

Result of acquisition of ownership interest in Grupo Estrela (6) |  | 50,745 |  |
|  | 51,582,755 |  | 48,454,570

(1) In March 2025, CSN was informed of orders that partially ratified offsetting through credits arising from a final and unappealable lawsuit ruling recognized the unconstitutionality the inclusion of ICMS amounts under the calculation base for PIS and Cofins contributions. According to the federal supervisory body, approximately 20% of the credit authorized by the company would lack liquidity and certainty, and, therefore, could not compose the amount to be offset. Given these orders, CSN presented a manifestation of non-conformity to demonstrate the inappropriateness of the premises adopted by the supervisory body and liquidity and legal certainty underpinning complete authorized credits.

(3) Reduction of 113MM due to the partial cancellation of the debt through an administrative decision that was not subject to appeal. Awaiting ruling and adjustments to debt statement to cancel contingency.

(4) Reduction of 184MM due to the cancellation of fines and interest on fines provided for in L. 14.689/2023. Change of contingency supported by legal opinion.

(In thousands of R$, unless otherwise stated)

(5) Reclassification of the likelihood of risk from probable to possible, according to the current jurisprudential understanding on the subject according to assessment from the Company's legal advisors .

(6) Transactions related to the acquisition of ownership interest in the Estrela Comércio e Participações S.A. group which became effective on April 1, 2025. According to CPC 15 (R1) – Business combination, the Company has one year, as of this date, to form the respective business combination, which may impact the recorded fair value within this period based on an appraisal report. The acquisition of this company generated a possible increase in contingency on June 30, 2025.

In the 1st quarter of 2021, the Company was notified of the initiation of an arbitration proceeding based on an alleged breach of iron ore supply contracts. The counterparty's request at that time was around US$ 1 billion, which the Company, in addition to understanding that the allegations presented are unfounded due to the complete absence of damages, is also unaware of the bases for estimating said amount. The Company informs that it has prepared, together with its legal advisors, the response to the arbitration request and is currently developing its defense. It also clarifies that the discussions involve ongoing arbitration disputes initiated by both parties. It is also estimated that the arbitrations will be completed in 2 years. The relevance of the process for the Company is related to the value attributed to the cause and the possible financial impact.

The Company has offered judicial guarantees (Surety Bond/Letter of Guarantee) in the total updated amount as of June 30, 2025 of BRL 10,780,897 (BRL 10,620,316 as of December 31, 2024), as determined under current procedural legislation.

The evaluations carried out by legal advisors define these administrative and judicial proceedings as a possible risk of loss, and are not provisioned in accordance with Management's judgment and accounting practices adopted in Brazil.

| 19. | PROVISIONS FOR ENVIRONMENTAL LIABILITIES AND DECOMMISSIONING

The balance of provisions for environmental liabilities and asset decommissioning can be shown as follows:

|  |  | Consolidated |  |  |  | Parent Company
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Environmental liabilities | 149,122 |  | 155,471 |  | 138,041 |  | 142,989
Asset retirement obligations | 1,039,198 |  | 977,892 |  |  |  |
| 1,188,320 |  | 1,133,363 |  | 138,041 |  | 142,989

(In thousands of R$, unless otherwise stated)

| 20. | BALANCE AND TRANSACTIONS BETWEEN RELATED PARTIES

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

| · | Consolidated

|  | Consolidated
|  | 06/30/2025 |  | 12/31/2024
|  | Associates |  | Joint-ventures and Joint Operation |  | Other related parties |  | Total |  | Associates |  | Joint-ventures and Joint Operation |  | Other related parties |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  | 1,844,646 |  | 1,844,646 |  |  |  |  |  | 912,532 |  | 912,532
Financial investments | 4 |  |  |  |  | 798,198 |  | 798,198 |  |  |  |  |  | 860,592 |  | 860,592
Trade receivables | 5 | 104,168 |  | 16,819 |  | 106 |  | 121,093 |  | 88,750 |  | 3,230 |  | 191 |  | 92,171
Dividends receivable | 8 |  |  | 128,232 |  | 84,310 |  | 212,542 |  |  |  | 127,386 |  | 74,050 |  | 201,436
Borrowings | 8 |  |  | 5,308 |  |  |  | 5,308 |  |  |  | 5,315 |  |  |  | 5,315
Other receivables | 8 |  |  | 2 |  | 1,829 |  | 1,831 |  |  |  | 2 |  | 1,829 |  | 1,831
|  | 104,168 |  | 150,361 |  | 2,729,089 |  | 2,983,618 |  | 88,750 |  | 135,933 |  | 1,849,194 |  | 2,073,877
Non-current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial investments | 4 |  |  |  |  |  |  |  |  |  |  |  |  | 142,423 |  | 142,423
Borrowings | 8 | 5,523 |  | 2,034,028 |  |  |  | 2,039,551 |  | 3,789 |  | 1,899,239 |  |  |  | 1,903,028
Actuarial liabilities | 8 |  |  |  |  | 50,552 |  | 50,552 |  |  |  |  |  | 47,708 |  | 47,708
Other receivables | 8 |  |  | 1,792,579 |  |  |  | 1,792,579 |  |  |  | 1,792,579 |  |  |  | 1,792,579
|  | 5,523 |  | 3,826,607 |  | 50,552 |  | 3,882,682 |  | 3,789 |  | 3,691,818 |  | 190,131 |  | 3,885,738
|  | 109,691 |  | 3,976,968 |  | 2,779,641 |  | 6,866,300 |  | 92,539 |  | 3,827,751 |  | 2,039,325 |  | 5,959,615
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade payables |  | 15,715 |  | 240,980 |  | 960 |  | 257,655 |  | 13,676 |  | 217,289 |  | 184,892 |  | 415,857
Accounts payable | 16 |  |  | 21,862 |  | 215,538 |  | 237,400 |  | 23,245 |  | 22,571 |  | 140,991 |  | 186,807
Dividends payable |  |  |  |  |  | 990,000 |  | 990,000 |  |  |  |  |  |  |  |
Provision for consumption | 16 |  |  | 14,906 |  |  |  | 14,906 |  |  |  |  |  |  |  |
|  | 15,715 |  | 277,748 |  | 1,206,498 |  | 1,499,961 |  | 36,921 |  | 239,860 |  | 325,883 |  | 602,664
Non-current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  |  |  |  |  |  | 20,850 |  |  |  | 20,850
|  |  |  |  |  |  |  |  |  |  |  | 20,850 |  |  |  | 20,850
|  | 15,715 |  | 277,748 |  | 1,206,498 |  | 1,499,961 |  | 36,921 |  | 260,710 |  | 325,883 |  | 623,514

|  | Consolidated
|  | 06/30/2025 |  | 06/30/2024
|  | Associates |  | Joint-ventures and Joint Operation |  | Other related parties |  | Total |  | Associates |  | Joint-ventures and Joint Operation |  | Other related parties |  | Total
P & L |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | 1,141,247 |  | 24,278 |  | 135 |  | 1,165,660 |  | 1,072,828 |  | 10,370 |  | 7 |  | 1,083,205
Cost and expenses |  | (80,165) |  | (1,082,885) |  | (80,673) |  | (1,243,723) |  | (87,815) |  | (1,016,143) |  | (131,617) |  | (1,235,575)
Financial income (expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest | 26 | 833 |  | 100,017 |  | 25,326 |  | 126,176 |  |  |  | 75,506 |  | 22,249 |  | 97,755
Exchange rate variations and monetary, net |  |  |  |  |  | (60,980) |  | (60,980) |  |  |  |  |  | 87,502 |  | 87,502
Financial investments | 26 |  |  |  |  | (191,986) |  | (191,986) |  |  |  |  |  | (243,494) |  | (243,494)
Dividends received |  |  |  |  |  |  |  |  |  |  |  |  |  | 42,347 |  | 42,347
Other income and expenses |  | 7 |  | 53 |  | (3,917) |  | (3,857) |  |  |  | (2,604) |  | 1,640 |  | (964)
|  | 1,061,922 |  | (958,537) |  | (312,095) |  | (208,710) |  | 985,013 |  | (932,871) |  | (221,366) |  | (169,224)

(In thousands of R$, unless otherwise stated)

| · | Parent Company

|  | Parent Company
|  | 06/30/2025 |  | 12/31/2024
| Ref. | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  | 308,759 |  | 308,759 |  |  |  |  |  | 311,607 |  | 311,607
Financial investments | 4 |  |  |  |  | 798,197 |  | 798,197 |  |  |  |  |  | 860,591 |  | 860,591
Trade receivables | 5 | 940,087 |  |  |  | 106 |  | 940,193 |  | 734,972 |  | 62 |  | 106 |  | 735,140
Dividends receivable | 8 | 330,145 |  | 65,958 |  |  |  | 396,103 |  | 436,154 |  | 65,113 |  |  |  | 501,267
Borrowings | 8 |  |  | 5,308 |  |  |  | 5,308 |  |  |  | 5,315 |  |  |  | 5,315
Other receivables | 8 | 451,095 |  | 2 |  | 1,829 |  | 452,926 |  | 245,235 |  | 2 |  | 1,828 |  | 247,065
|  | 1,721,327 |  | 71,268 |  | 1,108,891 |  | 2,901,486 |  | 1,416,361 |  | 70,492 |  | 1,174,132 |  | 2,660,985
Non-current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial investments | 4 |  |  |  |  |  |  |  |  |  |  |  |  | 142,423 |  | 142,423
Borrowings | 8 | 1,301,757 |  | 1,935,158 |  |  |  | 3,236,915 |  | 696,886 |  | 1,802,226 |  |  |  | 2,499,112
Actuarial asset | 8 |  |  |  |  | 39,375 |  | 39,375 |  |  |  |  |  | 37,059 |  | 37,059
Other receivables | 8 | 3,515 |  | 1,792,579 |  |  |  | 1,796,094 |  | 1,461 |  | 1,792,579 |  |  |  | 1,794,040
|  | 1,305,272 |  | 3,727,737 |  | 39,375 |  | 5,072,384 |  | 698,347 |  | 3,594,805 |  | 179,482 |  | 4,472,634
|  | 3,026,599 |  | 3,799,005 |  | 1,148,266 |  | 7,973,870 |  | 2,114,708 |  | 3,665,297 |  | 1,353,614 |  | 7,133,619
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany Loans | 12 | 202,298 |  |  |  |  |  | 202,298 |  | 821,983 |  |  |  |  |  | 821,983
Trade payables | 15 | 760,724 |  | 103,568 |  | 457 |  | 864,749 |  | 519,749 |  | 116,466 |  | 184,078 |  | 820,293
Accounts payable | 16 | 117,696 |  |  |  | 167,797 |  | 285,493 |  | 138,804 |  |  |  | 86,248 |  | 225,052
Provision for consumption |  | 443,618 |  | 14,907 |  |  |  | 458,525 |  | 490,850 |  |  |  |  |  | 490,850
|  | 1,524,336 |  | 118,475 |  | 168,254 |  | 1,811,065 |  | 1,971,386 |  | 116,466 |  | 270,326 |  | 2,358,178
Non-current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany Loans | 12 | 10,316,587 |  |  |  |  |  | 10,316,587 |  | 11,310,104 |  |  |  |  |  | 11,310,104
Accounts payable | 16 | 353,912 |  |  |  |  |  | 353,912 |  | 402,406 |  |  |  |  |  | 402,406
|  | 10,670,499 |  |  |  |  |  | 10,670,499 |  | 11,712,510 |  |  |  |  |  | 11,712,510
|  | 12,194,835 |  | 118,475 |  | 168,254 |  | 12,481,564 |  | 13,683,896 |  | 116,466 |  | 270,326 |  | 14,070,688

|  | Parent Company
|  | 06/30/2025 |  | 06/30/2024
|  | 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 |  | 2,066,748 |  | 29 |  |  |  | 2,066,777 |  | 2,651,628 |  | 918 |  | - |  | 2,652,546
Cost and expenses |  | (2,125,647) |  | (260,235) |  | (50,925) |  | (2,436,807) |  | (1,788,703) |  | (277,848) |  | (104,776) |  | (2,171,327)
Financial income (expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest | 26 | (20,367) |  | 98,271 |  | 7,960 |  | 85,864 |  | (62,649) |  | 74,070 |  | 5,957 |  | 17,378
Exclusive funds | 26 |  |  |  |  | 5,366 |  | 5,366 |  |  |  |  |  | 4,004 |  | 4,004
Financial investments | 26 |  |  |  |  | (191,986) |  | (191,986) |  |  |  |  |  | (243,494) |  | (243,494)
Dividends receivable |  |  |  |  |  |  |  |  |  |  |  |  |  | 42,347 |  | 42,347
Exchange rate variations and monetary, net |  | 1,351,602 |  |  |  | (16,910) |  | 1,334,692 |  | (1,577,457) |  |  |  | 16,505 |  | (1,560,952)
Other operating income and expenses |  | 112,874 |  | 53 |  | (4,445) |  | 108,482 |  |  |  | (2,604) |  | 1,398 |  | (1,206)
|  | 1,385,210 |  | (161,882) |  | (250,940) |  | 972,388 |  | (777,181) |  | (205,464) |  | (278,059) |  | (1,260,704)

Consolidated and Controlling Information:

Cash and cash equivalents: Refers to checking account balances and investments held with Banco Fibra subject to immediate liquidity.

Financial Investments: Refers to investments in Usiminas shares, CDBs and bonds held with Banco Fibra, as well as government bonds.

Receivables: Mainly refers to sales operations of steel products of the Parent Company to related parties.

(In thousands of R$, unless otherwise stated)

Dividends receivable: In the Parent Company, the balance is mainly composed of dividends and interest on equity of

CSN Mineração in the amount of BRL 178,348. Dividends receivable under the Company’s Consolidated statements refers to dividends in the amount of BRL 126,044 originating from MRS Logística S.A. BRL 84,310 corresponding to CEEE-G's affiliates.

Loans (Assets):

Long-term: Long term loans under the Consolidated statements mainly refer to loan agreements with Transnordestina Logística totaling BRL 2,032,386 with an average rate between 125.0% and 130.0% on the CDI as of June 30, 2025.

Other (Assets): Other assets recorded under Consolidated statements include an advance for a future increase in capital with Transnordestina Logística S.A. totaling BRL 1,792,579 as of June 30, 2025 and December 31, 2024.

Loans (Liabilities)

Foreign currency: In the Parent Company, these liabilities constitute intercompany contracts in the amount of BRL 10,518,885 as of June 30, 2025 and BRL 12,132,087 as of December 31, 2024.

Dividends (Liabilities): Under the Consolidated statements, these dividends refer to balance of the majority of balance of dividends receivable from CSN MINERAÇÃO with the related party financial institution (Banco Fibra) in the amount of BRL 990,000 and transaction discount of BRL 6,761. This transaction was paid in full on July 15, 2025.

| 20.b) | Key Management Personnel

Key Management personnel holding the necessary authority and responsibility for planning, directing and controlling the Company's activities include the members of the Board of Directors and the Statutory Officers. Information on offsetting and balances as of June 30, 2025 and 2024 are shown below.

|  | 06/30/2025 |  | 06/30/2024
|  | P&L
Short-term benefits for employees and officers |  | 55,717 |  | 42,417
Post-employment benefits |  | 438 |  | 181
|  | 56,155 |  | 42,598

| 20.c) | Guarantees

The Company has responsibility for fiduciary guarantees with its subsidiaries and jointly controlled companies, as presented below :

| Currency |  | Maturities |  | Borrowings | Tax foreclosure | Others | Total
|  |  |  |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Transnordestina Logísitca | R$ |  | Up to 09/19/2056 and Indefinite |  | 4,223,822 |  | 3,966,722 |  | 10,869 |  | 10,717 |  | 4,972 |  | 4,828 |  | 4,239,663 |  | 3,982,267
Subsidiaries | R$ |  | Up to 01/10/2028 and Indefinite |  | 1,551,256 |  | 2,079,693 |  |  |  |  |  | 600 |  | 1,920 |  | 1,551,856 |  | 2,081,613
Total in R$ |  |  |  |  | 5,775,078 |  | 6,046,415 |  | 10,869 |  | 10,717 |  | 5,572 |  | 6,748 |  | 5,791,519 |  | 6,063,880
CSN Inova Ventures | US$ |  | 01/28/2028 |  | 1,300,000 |  | 1,300,000 |  |  |  |  |  |  |  |  |  | 1,300,000 |  | 1,300,000
CSN Resources | US$ |  | Up to 04/08/2032 |  | 2,233,000 |  | 2,230,000 |  |  |  |  |  |  |  |  |  | 2,233,000 |  | 2,230,000
Total in US$ |  |  |  |  | 3,533,000 |  | 3,530,000 |  |  |  |  |  |  |  |  |  | 3,533,000 |  | 3,530,000
Lusosider Aços Planos | EUR |  | Indefinite |  |  |  |  |  |  |  |  |  |  |  | 75,000 |  |  |  | 75,000
Total in EUR |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,000 |  |  |  | 75,000
Total in R$ |  |  |  |  | 19,279,934 |  | 21,858,819 |  |  |  |  |  |  |  | 482,723 |  | 19,279,934 |  | 22,341,542
|  |  |  |  | 25,055,012 |  | 27,905,234 |  | 10,869 |  | 10,717 |  | 5,572 |  | 489,471 |  | 25,071,453 |  | 28,405,422

(In thousands of R$, unless otherwise stated)

| 21. | SHAREHOLDERS' EQUITY

| 21.a) | Paid-up share capital

The fully subscribed and paid-up capital as of June 30, 2025 and December 31, 2024 is BRL 10,240,000 divided into 1,326,093,947 common stock and book-entry shares, each without par value. Each share of common stock entitles the respective holder to one vote in the resolutions made at Annual General Meeting.

| 21.b) | Authorized capital

The Company's bylaws in force as of June 30, 2025 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 statutory reform.

| 21.c) | Legal reserve

5% of the net income calculated in each fiscal year will be applied, before any other destination, pursuant to art. 193 of Federal Law no. 6.404/76, which shall not exceed 20% of the share capital.

| 21.d) | Ownership structure

As of June 30, 2025 and December 31, 2024, the Company’s shareholding structure was as follows:

|  |  |  |  |  | 06/30/2025 |  |  |  |  |  | 12/31/2024
|  | Number of common shares |  | % of total shares |  | % of voting capital |  | Number of common shares |  | % of total shares |  | % of voting capital
Vicunha Aços S.A. (*) |  | 552,412,693 |  | 41.66% |  | 41.66% |  | 552,412,693 |  | 41.66% |  | 41.66%
Rio Iaco Participações S.A. (*) |  | 45,706,242 |  | 3.45% |  | 3.45% |  | 45,706,242 |  | 3.45% |  | 3.45%
CFL Ana Participações S.A. |  | 132,523,250 |  | 9.99% |  | 9.99% |  | 132,523,251 |  | 9.99% |  | 9.99%
NYSE (ADRs) |  | 304,871,296 |  | 22.99% |  | 22.99% |  | 283,799,438 |  | 21.40% |  | 21.40%
Other shareholders |  | 290,580,466 |  | 21.91% |  | 21.91% |  | 311,652,323 |  | 23.50% |  | 23.50%
Outstanding shares |  | 1,326,093,947 |  | 100.00% |  | 100.00% |  | 1,326,093,947 |  | 100.00% |  | 100.00%

(*) Controlling group companies .

On June 20, 2024, CFL, in compliance with the provisions of article 12, §6 of CVM Resolution 44/2021, informed the Company about the disposal by CFL Ana of common shares issued by CSN. CSN, in turn, informed the market about the sale of a relevant equity interest on that same date, informing that CFL Ana's interest became 132,523,251 common shares, representing 9.99% of its share capital, according to correspondence received.

On December 2, 2024, Vicunha Aços, in compliance with the provisions of article 12, §6 of CVM Resolution 44/2021, informed the Company about the acquisition of common shares issued by CSN. CSN, in turn, informed the market about the acquisition of a relevant equity interest the following day, informing that Vicunha Aços' interest now represents 41.66% of the share capital, according to correspondence received.

(In thousands of R$, unless otherwise stated)

| 21.e) | Income per share

Earnings per share are shown below:

|  |  |  |  |  |  | Parent Company
| Six months ended |  | Three months ended
| 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
| Common Shares |  | Common Shares
Loss for the period | (785,146) |  | (1,118,480) |  | (166,000) |  | (528,779)
Weighted average number of shares | 1,326,093,947 |  | 1,326,093,947 |  | 1,326,093,947 |  | 1,326,093,947
Basic and diluted loss per share | (0.59207) |  | (0.84344) |  | (0.12518) |  | (0.39875)

| 22. | SHAREHOLDER COMPENSATION

On May 9, 2024 and November 14, 2024, the Board of Directors approved the proposal to pay interim dividends to the Profit Reserve Account in the amount of BRL 950,000 and BRL 730,000, corresponding to BRL 0.716389666168954 and BRL 0.550488901371933 per share, respectively. Dividends were paid, without monetary restatement, from May 29, 2024 and November 28, 2024.

As of December 31, 2024, the Company recorded a loss for the year of (BRL 2,591,851), compensated through the consumption of statutory reserve values.

| 23. | OTHER OPERATING INCOME AND (EXPENSES)

Net sales revenue has the following composition:

|  |  |  |  |  |  |  | Consolidated
|  | Six months ended |  | Three months ended
|  | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Gross revenue |  |  |  |  |  |  |  |
In Brazil |  | 14,510,919 |  | 13,626,420 |  | 7,383,476 |  | 7,136,931
Abroad |  | 10,498,201 |  | 10,234,442 |  | 5,030,187 |  | 5,434,299
|  | 25,009,120 |  | 23,860,862 |  | 12,413,663 |  | 12,571,230
Deductions |  |  |  |  |  |  |  |
Sales returns, discounts and rebates |  | (349,279) |  | (413,257) |  | (177,525) |  | (182,312)
Taxes on sales |  | (3,058,926) |  | (2,852,873) |  | (1,542,852) |  | (1,507,178)
|  | (3,408,205) |  | (3,266,130) |  | (1,720,377) |  | (1,689,490)
Net revenue |  | 21,600,915 |  | 20,594,732 |  | 10,693,286 |  | 10,881,740

(In thousands of R$, unless otherwise stated)

|  |  |  |  |  |  |  | Parent Company
|  | Six months ended |  | Three months ended
|  | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Gross revenue |  |  |  |  |  |  |  |
In Brazil |  | 10,335,534 |  | 9,856,213 |  | 5,081,497 |  | 5,122,076
Abroad |  | 466,204 |  | 1,097,071 |  | 140,575 |  | 586,596
|  | 10,801,738 |  | 10,953,284 |  | 5,222,072 |  | 5,708,672
Deductions |  |  |  |  |  |  |  |
Sales returns, discounts and rebates |  | (193,643) |  | (261,958) |  | (101,067) |  | (95,041)
Taxes on sales |  | (1,942,094) |  | (1,819,807) |  | (945,328) |  | (949,896)
|  | (2,135,737) |  | (2,081,765) |  | (1,046,395) |  | (1,044,937)
Net revenue |  | 8,666,001 |  | 8,871,519 |  | 4,175,677 |  | 4,663,735

| 24. | EXPENSES BY NATURE

|  |  |  |  |  |  |  | Consolidated
|  | Six months ended |  | Three months ended
|  | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Raw materials and inputs |  | (6,160,200) |  | (6,580,633) |  | (3,052,758) |  | (3,184,757)
Outsourcing material |  | (1,709,318) |  | (1,447,564) |  | (822,375) |  | (681,602)
Labor cost |  | (2,713,559) |  | (2,447,676) |  | (1,407,116) |  | (1,298,885)
Supplies |  | (1,531,260) |  | (1,481,721) |  | (683,409) |  | (874,171)
Maintenance cost (services and materials) |  | (644,173) |  | (454,779) |  | (281,937) |  | (261,973)
Outsourcing services |  | (1,442,191) |  | (938,768) |  | (734,142) |  | (477,301)
Freight |  | (2,386,861) |  | (2,714,942) |  | (1,277,943) |  | (1,484,278)
Depreciation, amortization and depletion |  | (1,997,340) |  | (1,789,150) |  | (1,025,332) |  | (914,086)
Others |  | (531,835) |  | (552,269) |  | (178,709) |  | (303,064)
|  | (19,116,737) |  | (18,407,502) |  | (9,463,721) |  | (9,480,117)
Classified as: |  |  |  |  |  |  |  |
Cost of sales |  | (16,342,573) |  | (15,414,669) |  | (7,967,187) |  | (7,892,701)
Selling expenses |  | (2,293,241) |  | (2,561,916) |  | (1,233,009) |  | (1,363,352)
General and administrative expenses |  | (480,923) |  | (430,917) |  | (263,525) |  | (224,064)
|  | (19,116,737) |  | (18,407,502) |  | (9,463,721) |  | (9,480,117)

(In thousands of R$, unless otherwise stated)

|  |  |  |  |  |  |  | Parent Company
|  | Six months ended |  | Three months ended
|  | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Raw materials and inputs |  | (4,562,061) |  | (5,078,538) |  | (2,345,144) |  | (2,547,377)
Labor cost |  | (1,016,485) |  | (939,626) |  | (529,134) |  | (496,544)
Supplies |  | (1,090,672) |  | (1,231,398) |  | (407,241) |  | (696,782)
Maintenance cost (services and materials) |  | (187,366) |  | (122,581) |  | (57,992) |  | (60,588)
Outsourcing services |  | (643,393) |  | (638,079) |  | (255,683) |  | (368,845)
Freight |  | (391,274) |  | (437,039) |  | (195,056) |  | (228,681)
Depreciation, amortization and depletion |  | (685,089) |  | (641,862) |  | (347,906) |  | (325,630)
Others |  | (83,224) |  | (70,752) |  | (23,914) |  | (44,216)
|  | (8,659,564) |  | (9,159,875) |  | (4,162,070) |  | (4,768,663)
Classified as: |  |  |  |  |  |  |  |
Cost of sales |  | (8,048,779) |  | (8,555,029) |  | (3,844,781) |  | (4,454,735)
Selling expenses |  | (414,881) |  | (413,670) |  | (209,599) |  | (210,782)
General and administrative expenses |  | (195,904) |  | (191,176) |  | (107,690) |  | (103,146)
|  | (8,659,564) |  | (9,159,875) |  | (4,162,070) |  | (4,768,663)

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

|  |  |  |  |  |  | Consolidated
| Six months ended |  |  |  | Three months ended |
| 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Production costs | (1,946,643) |  | (1,749,560) |  | (999,341) |  | (891,488)
Selling expenses | (29,118) |  | (25,402) |  | (15,133) |  | (13,535)
General and administrative expenses | (21,579) |  | (14,188) |  | (10,858) |  | (9,063)
| (1,997,340) |  | (1,789,150) |  | (1,025,332) |  | (914,086)
Other operational (1) | (48,444) |  | (43,610) |  | (21,266) |  | (22,772)
| (2,045,784) |  | (1,832,760) |  | (1,046,598) |  | (936,858)
|  |  |  |  |  |  | Parent Company
| Six months ended |  |  |  | Three months ended |  |
| 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Production costs | (661,834) |  | (626,703) |  | (336,249) |  | (317,904)
Selling expenses | (9,702) |  | (5,755) |  | (4,865) |  | (2,985)
General and administrative expenses | (13,553) |  | (9,404) |  | (6,792) |  | (4,741)
| (685,089) |  | (641,862) |  | (347,906) |  | (325,630)
Other operational (1) | (34,864) |  | (5,461) |  | (17,624) |  | (3,209)
| (719,953) |  | (647,323) |  | (365,530) |  | (328,839)

(1) They refer substantially to the depreciation of investment properties and scheduled shutdown for the renovation of Blast Furnace 2.

(In thousands of R$, unless otherwise stated)

| 25. | FINANCIAL INCOME (EXPENSES)

|  |  |  |  |  |  |  |  |  | Consolidated
|  | Ref. |  | Six months ended |  | Three months ended
|  |  | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Other operating income |  |  |  |  |  |  |  |  |  |
Receivables by indemnity |  |  |  | 17,209 |  | 68,604 |  | 15,552 |  | 29,779
Rentals and leases |  |  |  | 16,012 |  | 8,617 |  | 4,935 |  | 1,609
Contractual fines |  |  |  | (24,974) |  | 12,708 |  | (26,299) |  | 2,891
Reversals/(Estimated write-offs or losses) in property, plant and equipment, intangible assets and investment properties, net of reversals |  |  |  |  |  |  |  |  |  | 265
Realized cash flow hedge |  | 13 |  |  |  | 456,912 |  |  |  | 438,659
Tax recuperation |  |  |  | 62,982 |  | 9,533 |  | 36,855 |  | 9,533
Net reversals/(expenses) on legal proceedings |  |  |  |  |  | 3,660 |  |  |  | 41,480
Reversals/(Expenses) on receivables |  |  |  |  |  |  |  |  |  | 473
Other revenues |  |  |  | 72,580 |  | 44,246 |  | 45,751 |  | 21,682
|  |  |  | 143,809 |  | 604,280 |  | 76,794 |  | 546,371
Other operating expenses |  |  |  |  |  |  |  |  |  |
Taxes and fees |  |  |  | (68,779) |  | (64,298) |  | (30,459) |  | (27,185)
Expenses with environmental liabilities, net |  |  |  | (12,778) |  | (24,588) |  | (2,567) |  | (11,185)
Net reversals/(expenses) on legal proceedings (1) |  |  |  | 346,636 |  |  |  | 500,582 |  |
Contractual fines |  |  |  |  |  | (104,239) |  |  |  | (88,244)
Depreciation of investment properties, idle equipment and amortization of intangible assets |  | 24 |  | (48,444) |  | (43,610) |  | (21,266) |  | (22,772)
Reversals/(Estimated write-offs or losses) in property, plant and equipment, intangible assets and investment properties, net of reversals |  | 9.d, 10 and 11 |  | (20,429) |  | (9,605) |  | (33,315) |  |
(Losses)/Estimated reversals in inventories |  |  |  | (60,994) |  | (100,206) |  | (68,455) |  | (53,594)
Idleness in stocks and paralyzed equipment |  |  |  | (78,054) |  | (145,364) |  | (30,782) |  | (92,612)
Studies and project engineering expenses |  |  |  | (35,636) |  | (25,619) |  | (18,000) |  | (16,219)
Healthcare plan expenses |  |  |  | (54,525) |  | (52,300) |  | (27,947) |  | (26,480)
Realized cash flow hedge |  |  |  | (177,879) |  |  |  | (24,997) |  |
Pension plan expense |  |  |  | (28,994) |  | (22,875) |  | (14,497) |  | (11,437)
Reversals/(Expenses) on receivables |  |  |  | (3,086) |  | (37,254) |  | (20) |  |
Other expenses |  |  |  | (99,859) |  | (156,707) |  | (58,673) |  | (83,036)
|  |  |  | (342,821) |  | (786,665) |  | 169,604 |  | (432,764)
Other operating income (expenses), net |  |  |  | (199,012) |  | (182,385) |  | 246,398 |  | 113,607

|  |  |  |  |  |  |  |  |  | Parent Company
|  | Ref. |  | Six months ended |  | Three months ended
|  |  | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Other operating income |  |  |  |  |  |  |  |  |  |
Receivables by indemnity |  |  |  | 16,031 |  | 55,622 |  | 15,551 |  | 17,164
Rentals and leases |  |  |  | 11,365 |  | 8,753 |  | 2,662 |  | 3,732
Contractual fines |  |  |  | 1,564 |  | 11,608 |  | (8,043) |  | 1,832
Realized cash flow hedge (3) |  | 13 |  |  |  | 13,271 |  |  |  |
Tax recuperation |  |  |  | 56,835 |  |  |  | 42,110 |  |
Reversals/(Estimated write-offs or losses) in property, plant and equipment, intangible assets and investment properties, net of reversals |  | 9.d, 10 and 11 |  |  |  | 1,474 |  |  |  | 3,690
Reversals of net environmental liabilities |  |  |  |  |  | 1,130 |  |  |  | 150
Write-off of judicial lawsuits |  |  |  |  |  |  |  |  |  | 12,076
Reversals on receivables |  |  |  |  |  |  |  |  |  | 473
Other revenues |  |  |  | 56,515 |  | 16,648 |  | 35,180 |  | 2,914
|  |  |  | 142,310 |  | 108,506 |  | 87,460 |  | 42,031

(In thousands of R$, unless otherwise stated)

Other operating expenses |  |  |  |  |  |  |  |  |  |
Taxes and fees |  |  |  | (20,871) |  | (29,954) |  | (8,344) |  | (14,605)
Expenses with environmental liabilities, net |  |  |  | 1,462 |  |  |  | 653 |  |
Net legal expenses |  |  |  | (32,802) |  | (2,815) |  | (17,727) |  |
Contractual fines |  |  |  |  |  | (58,175) |  |  |  | (41,839)
Depreciation of investment properties, idle equipment and amortization of intangible assets |  | 24 |  | (34,864) |  | (5,461) |  | (17,624) |  | (3,209)
Estimated write-offs or losses in property, plant and equipment, intangible assets and investment properties, net of reversals |  | 9.d, 10 and 11 |  | 12,498 |  |  |  | (1,679) |  |
(Losses)/Estimated reversals in inventories (1) |  |  |  | (51,442) |  | (56,297) |  | (55,659) |  | (32,065)
Idleness in stocks and paralyzed equipment (2) |  |  |  | (71,542) |  | (134,120) |  | (27,445) |  | (86,869)
Studies and project engineering expenses |  |  |  | (14,845) |  | (6,177) |  | (5,683) |  | (3,795)
Healthcare plan expenses |  |  |  | (48,690) |  | (51,026) |  | (24,727) |  | (25,681)
Realized cash flow hedge (3) |  | 13 |  | (215,030) |  |  |  | (29,174) |  |
Pension plan expense |  |  |  | (27,448) |  | (21,375) |  | (13,724) |  | (10,687)
Expenses on securities receivable |  |  |  | 50 |  | (37,165) |  | (12) |  |
Other expenses |  |  |  | (50,676) |  | (47,612) |  | (28,003) |  | (16,586)
|  |  |  | (554,200) |  | (450,177) |  | (229,148) |  | (235,336)
Other operating income (expenses), net |  |  |  | (411,890) |  | (341,671) |  | (141,688) |  | (193,305)

(1) Consolidated statements include the reversal of a provision in the amount of BRL493,347 thousand, related to legal proceedings for which the respective risk classification was changed from probable to possible, according to a reassessment carried out by the Company's legal advisors given current jurisprudence on the subject. (see note 18)

(In thousands of R$, unless otherwise stated)

| 26. | NET FINANCIAL INCOME

|  |  |  |  |  |  |  |  |  | Consolidated
|  | Ref. |  | Six months ended |  | Three months ended
|  |  | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Financial income |  |  |  |  |  |  |  |  |  |
Related parties |  | 20.a |  | 128,164 |  | 143,271 |  | 74,823 |  | 90,438
Income from financial investments |  |  |  | 580,987 |  | 441,320 |  | 164,127 |  | 230,262
Updated shares – Fair value through profit or loss |  | 13.d |  | 50,772 |  |  |  |  |  |
Dividends receivable |  |  |  | 2,395 |  | 2,451 |  | 22 |  | 2,451
Interest and fines |  |  |  | 36,188 |  | 27,947 |  | 23,706 |  | 14,353
Other income |  |  |  | 27,469 |  | 103,977 |  | 8,240 |  | 4,933
|  |  |  | 825,975 |  | 718,966 |  | 270,918 |  | 342,437
Financial expenses |  |  |  |  |  |  |  |  |  |
Borrowings and financing - foreign currency |  | 12 |  | (1,178,184) |  | (1,093,451) |  | (579,148) |  | (613,352)
Borrowings and financing - local currency |  | 12 |  | (1,022,356) |  | (947,488) |  | (520,612) |  | (465,411)
Capitalized interest |  | 10 |  | 176,491 |  | 89,522 |  | 97,547 |  | 51,842
Interest of advances from customers |  |  |  | (530,201) |  | (218,976) |  | (180,282) |  | (98,428)
Updated shares – Fair value through profit or loss |  |  |  | (242,758) |  | (243,494) |  | (242,758) |  | (301,324)
Related parties |  | 20.a |  | (1,988) |  | (3,169) |  | (1,621) |  | (1,698)
Lease liabilities |  | 14 |  | (51,485) |  | (45,417) |  | (26,306) |  | (23,065)
Interest and fines |  |  |  | (63,491) |  | (40,293) |  | (39,210) |  | (29,836)
Interest on forfaiting operations |  |  |  | (95,912) |  | (213,238) |  | (51,572) |  | (97,874)
(-) Adjusted present value of trade payables |  |  |  | (242,925) |  | (176,384) |  | (119,202) |  | (84,601)
Commission, bank fees, guarantee and bank fees |  |  |  | (94,545) |  | (96,070) |  | (40,061) |  | (48,605)
PIS/COFINS over financial income |  |  |  | (39,152) |  | (74,443) |  | (17,745) |  | (37,255)
Other financial expenses |  |  |  | (87,175) |  | (102,001) |  | (52,303) |  | (54,497)
|  |  |  | (3,473,681) |  | (3,164,902) |  | (1,773,273) |  | (1,804,104)
Others financial items, net |  |  |  |  |  |  |  |  |  |
Foreign exchange and monetary variation, net |  |  |  | (1,131,075) |  | (2,402) |  | (459,513) |  | 23,263
Gains and (losses) on exchange derivatives (*) |  |  |  | 28,195 |  | (171,580) |  | 61,629 |  | (56,987)
|  |  |  | (1,102,880) |  | (173,982) |  | (397,884) |  | (33,724)
|  |  |  | (4,576,561) |  | (3,338,884) |  | (2,171,157) |  | (1,837,828)
Financial income (expenses), net |  |  |  | (3,750,586) |  | (2,619,918) |  | (1,900,239) |  | (1,495,391)
(*) Statement of gains and (losses) on derivative transactions (note 13.c) |  |  |  |  |  |  |  |
Exchange rate swap Real x Dollar |  |  |  | (171,663) |  | 72,750 |  | (55,742) |  | 60,126
Exchange rate swap Dollar x Euro |  |  |  |  |  | 1,570 |  |  |  | (7,712)
Interest rate swap CDI x IPCA |  |  |  | 156,888 |  | (322,609) |  | 135,438 |  | (188,424)
Exchange rate swap CDI x Dollar |  |  |  | 42,970 |  | 76,709 |  | (18,067) |  | 79,023
|  |  |  | 28,195 |  | (171,580) |  | 61,629 |  | (56,987)

|  |  |  |  |  |  |  |  |  | Parent Company
|  | Ref. |  | Six months ended |  | Three months ended
|  |  | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Financial income |  |  |  |  |  |  |  |  |  |
Related parties |  | 20.a |  | 177,405 |  | 159,442 |  | 100,308 |  | 101,476
Income from financial investments |  |  |  | 155,841 |  | 57,547 |  | 61,036 |  | 23,558
Updated shares – Fair value through profit or loss |  |  |  | 50,772 |  |  |  |  |  |
Dividends receivable |  |  |  | 2,360 |  | 2,334 |  | 22 |  | 2,334
Interest and fines |  |  |  | 22,105 |  | 17,746 |  | 15,028 |  | 9,297
Other income |  |  |  | 21,964 |  | 97,918 |  | 5,701 |  | 2,651
|  |  |  | 430,447 |  | 334,987 |  | 182,095 |  | 139,316

(In thousands of R$, unless otherwise stated)

Financial expenses |  |  |  |  |  |  |  |  |  |
Borrowings and financing - foreign currency |  | 12 |  | (268,482) |  | (218,657) |  | (150,132) |  | (149,197)
Borrowings and financing - local currency |  | 12 |  | (780,063) |  | (597,126) |  | (361,208) |  | (288,465)
Capitalized interest |  |  |  | 95,537 |  | 30,124 |  | 53,105 |  | 15,020
Updated shares – Fair value through profit or loss |  | 13.d |  | (242,758) |  | (243,494) |  | (242,758) |  | (301,324)
Related parties |  | 20.a |  | (86,175) |  | (95,713) |  | (45,197) |  | (50,589)
Lease liabilities |  |  |  | (1,743) |  | (206) |  | (860) |  | (106)
Interest and fines |  |  |  | (36,522) |  | (9,711) |  | (19,521) |  | (7,228)
Interest on forfaiting operations |  |  |  | (94,860) |  | (212,058) |  | (50,520) |  | (97,874)
(-) Adjusted present value of trade payables |  |  |  | (157,097) |  | (115,691) |  | (74,699) |  | (54,761)
Commission, bank fees, guarantee and bank fees |  |  |  | (41,723) |  | (48,297) |  | (23,871) |  | (23,256)
PIS/COFINS over financial income |  |  |  | (17,622) |  | (25,795) |  | (8,324) |  | (9,714)
Other financial expenses |  |  |  | 18,067 |  | (26,792) |  | (37,562) |  | (20,953)
|  |  |  | (1,613,441) |  | (1,563,416) |  | (961,547) |  | (988,447)
Others financial items, net |  |  |  |  |  |  |  |  |  |
Foreign exchange and monetary variation, net |  |  |  | (760,679) |  | 249,887 |  | (311,678) |  | 248,546
Gains and (losses) on exchange derivatives (*) |  |  |  | 111,846 |  | 19,740 |  | 43,842 |  | 35,519
|  |  |  | (648,833) |  | 269,627 |  | (267,836) |  | 284,065
Financial income (expenses), net |  |  |  | (1,831,827) |  | (958,802) |  | (1,047,288) |  | (565,066)
(*) Statement of gains and (losses) on derivative transactions (note 13.c) |  |  |  |  |  |  |  |
Interest rate swap CDI x IPCA |  |  |  | 52,290 |  | (56,969) |  | (8,746) |  | (43,504)
Exchange rate swap CDI x Dollar |  |  |  | 59,556 |  | 76,709 |  | 52,588 |  | 79,023
|  |  |  | 111,846 |  | 19,740 |  | 43,842 |  | 35,519

| 27. | SEGMENT INFORMATION

According to the Group's structure, the businesses are distributed and managed in five operating segments as follows:

| · | Steel operations

The Steel sector consolidates all operations related to the production, distribution and marketing of flat steel, long steel, metal packaging and galvanized steel, with operations in Brazil, United States, Portugal and Germany. The steel sector supplies the civil construction and steel packaging markets for the country's chemical and food industries, as well as the household appliance, automotive and OEM (engines and compressors) sectors. The Company's steel units produce hot-rolled, cold-rolled, galvanized, and pre-painted steel with great durability. It also produces tinplate, a raw material used in the production of packaging.

Operations in Brazil also involve the production and commercialization of long steel products, which consolidates the company's provision of complete civil construction solutions and complements its portfolio of high value-added products within the steel value chain.

Abroad, Lusosider, in Portugal, produces cold rolled and galvanized steels. CSN LLC, in the United States, provides services on the local market and imports and commercializes steel products. Stahlwerk Thüringen (SWT), which is based in Germany, produces long steel products and specializes in the production of steel profiles used in construction.

In March 2025, the Company acquired the company Gramperfil S.A. which is located in Portugal. This acquisition will complement local operations involving the production, importing, commercialization and processing of metal profiles and accessories used in metal products and civil construction.

(In thousands of R$, unless otherwise stated)

| · | Mining

Mining includes iron ore and tin mining activities.

Operations producing high-quality iron ore are located in Minas Gerais’ Iron Quadrangle where iron ore purchased from third parties is sold in addition to production.

At the end of 2015, CSN and the Asian Consortium formalized a shareholders' agreement for the combination of assets involved in iron ore operations and related logistics, to form a new company, which will concentrate the Group's mining activities as of December 2015. Within this context, the new company, which is currently known as CSN Mineração S.A., came to hold a lease for the TECAR terminal, as well as the Casa de Pedra mine and all shares in the company Namisa. Namisa was incorporated on December 31, 2015. Additionally, CSN holds 100% of the National Minerals that comprise the Fernandinho (operational), Cayman and Pedras Pretas (mineral resource) mines, all of which are located in Minas Gerais.

In addition, CSN controls Estanho de Rondônia S.A., a company with tin mining and smelting units in the state of Rondônia.

| · | Logistics

i. Railway

CSN has a stake in three railway companies: MRS Logística S.A., which manages the former Malha Sudeste da Rede Ferroviária Federal S.A., Transnordestina Logística S.A. and FTL - Ferrovia Transnordestina Logística S.A. FTL - Ferrovia Transnordestina Logística S.A is the holder of the concession owned by the former Malha Nordeste da RFFSA in the states of Maranhão, Piauí, Ceará, Rio Grande do Norte, Paraíba, Pernambuco and Alagoas.

a) MRS

The rail transport services provided by MRS are fundamental to the supply of raw materials and the transport of final products. The entirety of the iron ore, coal and coke consumed at the Presidente Vargas Plant is transported by MRS, as well as part of the steel produced by CSN both for the domestic market and for export.

Southeastern Brazil’s railway system, which comprises 1,674 km of railways, provides services in the industrial triangle formed by the states of São Paulo - Rio de Janeiro - Minas Gerais, in the Southeast region and links company mines located in Minas Gerais to ports

in São Paulo and Rio de Janeiro. The network also connects steel mills belonging to CSN, Companhia Siderúrgica Paulista, or Cosipa, and Gerdau Açominas. In addition to providing service to other clients, the railway line transports iron ore from the Company’s Casa de Pedra mine in Minas Gerais, and coke and coal from the Port of Itaguaí in Rio de Janeiro, to Volta Redonda/RJ. The network also transports products destined for export to the Ports of Itaguaí and Rio de Janeiro.

(In thousands of R$, unless otherwise stated)

b) TLSA and FTL

TLSA and FTL hold the concession of the former RFFSA Northeast network. The northeastern railway system covers 4,238 km of railway network divided into two sections: i) Network I, which includes the sections of São Luiz - Mucuripe, Arrojado - Recife, Itabaiana - Cabedelo, Paula Cavalcante - Macau - and Propriá - Jorge Lins; and ii) Network II, which includes the sections of Missão Velha - Salgueiro, Salgueiro - Trindade, Trindade - Eliseu Martins and Missão Velha - Porto de Pecém.

It also connects to the main ports in the region, thus offering an important competitive advantage through opportunities for combined transport solutions and tailor-made logistics projects.

ii. Port

The Company’s activities in port logistics sector were consolidated through the operation of the Sepetiba terminal, which was built after a port modernization law (Federal Law 8.630/1993) allowing the transfer of port activities to the private sector was passed. The Sepetiba terminal offers the infrastructure required to meet all the needs of exporters, importers and shipowners. Its installed capacity exceeds that of most Brazilian terminals. It has berths and large storage area, as well as the most modern and appropriate equipment, systems, and intermodal connections.

The Company's ongoing investment in terminal projects has allowed the Itaguaí Port Complex to be consolidated as one of the most modern of its kind in Brazil.

iii. Land Transport

On April 1, 2025, CSN completed the acquisition of Estrela Comércio e Participações S.A. (“the Estrela Group"), the Tora Transportes group’s ("Tora Group”) holding company.

Initially founded in the 1970s meet road transport needs, the Tora Group currently offers an "Integrated Logistics System” that seeks to integrate modes of transport, especially in road-rail operations and transport in the steel, mining, solid bulk, automotive and dry cargo sectors in general. The Tora Group’s services portfolio also includes terminal management, storage, operation of bonded warehouses, and production chain and light vehicle fleet management services, including the rental and resale of used vehicles.

The Tora Group maintains a national and international presence within the transport sector. The Group relies on more than 70 branches distributed throughout Brazil. It currently operates at four multimodal terminals located in the Southeast region of Brazil and a border terminal located in the city of Uruguaiana/RS. With regards to bonded warehouses, the Tora Group operates a terminal located in the city of Betim/MG that receives goods imported from the Brazil’s largest ports and airports.

In March 2024, the Tora Group began operations in the light vehicle segment (fleet management, lease and resale of used vehicles), through the acquisition of the Lokamig Group.

| · | Energy

CSN is one of the largest industrial consumers of electricity in Brazil. Since energy is a fundamental input in the Company’s production process, it holds electricity generation assets and achieved energy self-sufficiency with the acquisitions made in 2022. CSN subsequently began to operate within the sector as a player in electricity generation through the commercialization of its surplus energy.

(In thousands of R$, unless otherwise stated)

With the acquisitions, the CSN group now offers a portfolio of generation assets with a total installed capacity of 2,011 MW, which comprise the following assets:

| 1. | Itá Hydroelectric Power Plant, located in the state of Santa Catarina, in which CSN holds a 29.50% stake through the SPE ITASA, with installed capacity equivalent to its participation of 428 MW;

| 2. | Igarapava Hydroelectric Power Plant, located in Minas Gerais, in which CSN holds 17.92% participation in the consortium, with installed capacity equivalent to its participation of 38 MW;

| 3. | Thermoelectric Cogeneration Center CTE#1, CTE#2 and TRT – Top Recovery Turbine, operating at Presidente Vargas Plant with installed capacity of 10 MW, 235 MW and 22 MW respectively, using industrial gases recirculated from steel production as fuel;

| 4. | Sacre II Small Hydroelectric Power Plant, located in the state of Mato Grosso, with installed capacity of 30 MW, of which CSN Cimentos holds full control of the asset through indirect control of the Brasil Central Energia SPE;

| 5. | Santa Ana Small Hydroelectric Power Plant, which is located in the state of Santa Catarina and has a totaled installed capacity of 6.3 MW. CSN Cimentos fully controls this asset through by maintaining direct control of the Santa Ana Energética SPC;

| 6. | Quebra Queixo Hydroelectric Power Plant, located in the state of Santa Catarina, with an installed capacity of 120 MW, of which CSN Mineração holds full control of the asset through direct control of the SPE of CEC – Companhia Energética Chapecó;

| 7. | Cachoeira dos Macacos Small Hydroelectric Power Plant, located in the state of Minas Gerais, with an installed capacity of 3.4 MW, of which CSN Cimentos holds full control of the asset through the acquisition of LafargeHolcim;

| 8. | Companhia Estadual de Geração de Energia Elétrica – CEEE-G, which is located in the state of Rio Grande do Sul and maintains a platform of 13 operational assets, including its own Hydroelectric Power Plants, wind and solar assets, in addition to a minority interest in other projects. CEEE-G has a total current installed capacity of 1,119 MW..

| · | Cement

The Cement segment, which operates through CSN Cimentos, consolidates the production, commercialization, and distribution operations of cement, aggregates, and concrete. In the factories located in the Southeast, the slag used is the same produced by the blast furnaces of the Presidente Vargas Plant itself, in Volta Redonda/RJ.

The Company has intensified its strategy of expanding to new regions, starting with the acquisition of Elizabeth Cimentos S.A. and Elizabeth Mineração Ltda. As of August 31, 2021, these companies, which maintain operations in Brazil’s Northeast region, have added a total of 1.3 Mtpa in cement production capacity.

On September 6, 2022, CSN Cimentos made relevant advances in terms of its capacity and geographic positioning through the acquisition of LafargeHolcim (Brasil) S.A. This asset will add a total of 11 million tons of cement production capacity, in addition to introducing new businesses areas to the Company’s current portfolio: Aggregates and Concrete. When all operations are combined, CSN's Cement segment is currently the second largest in Brazil in terms of effective production capacity, which totals 17 million tons per year.

(In thousands of R$, unless otherwise stated)

The Company’s cement plants are located in the states of Minas Gerais, Rio de Janeiro, Espírito Santo Bahia, Goiás and São Paulo. The production process essentially occurs through grinding primary raw materials which include clinker, limestone, gypsum, and slag.

The Company currently supplies the cement market through a diverse product portfolio that is suitable for both the technical segment and the distribution market according to ABNT NBR 16697. The cement is marketed in both bagged and bulk form.

| · | Sales by Geographic Area

Sales by geographic area are determined based on customers' location. National sales on a consolidated basis are represented by revenues from customers located in Brazil and export sales represent revenues from customers located abroad.

Result by segment

For the purposes of preparing and presenting information by business segment, Management decided to maintain the proportional consolidation of the jointly controlled companies, as historically presented. For the purpose of consolidating the income statement, the values of these companies are eliminated in the column "Corporate expenses/elimination".

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Six months ended
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 06/30/2025
P&L |  | Ref. |  | Steel |  | Mining |  | Logistics |  | Energy |  | Cement |  | Corporate expenses/elimination |  | Consolidated
|  |  |  | Port |  | Railroads |  | Land Transport |  |  |  |
Net revenues |  |  |  | 11,498,986 |  | 6,845,843 |  | 142,955 |  | 1,485,641 |  | 318,983 |  | 381,860 |  | 2,314,459 |  | (1,387,812) |  | 21,600,915
In Brazil |  |  |  | 8,279,429 |  | 834,544 |  | 142,955 |  | 1,485,641 |  | 311,710 |  | 381,860 |  | 2,314,455 |  | (2,518,986) |  | 11,231,608
Abroad |  |  |  | 3,219,557 |  | 6,011,299 |  |  |  |  |  | 7,273 |  |  |  | 4 |  | 1,131,174 |  | 10,369,307
Cost of sales and services |  | 24 |  | (10,529,614) |  | (4,704,196) |  | (122,001) |  | (849,305) |  | (268,344) |  | (238,517) |  | (1,651,877) |  | 2,021,281 |  | (16,342,573)
Gross profit |  |  |  | 969,372 |  | 2,141,647 |  | 20,954 |  | 636,336 |  | 50,639 |  | 143,343 |  | 662,582 |  | 633,469 |  | 5,258,342
General and administrative expenses |  | 24 |  | (677,328) |  | (152,131) |  | (5,887) |  | (130,609) |  | (13,729) |  | (18,854) |  | (551,348) |  | (1,224,278) |  | (2,774,164)
Other operating income/(expenses), net |  | 25 |  | (129,235) |  | (140,858) |  | (11,316) |  | (48,951) |  | (1,261) |  | (34,029) |  | 411,962 |  | (245,324) |  | (199,012)
Equity in results of affiliated companies |  | 9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 245,227 |  | 245,227
Operating result before Financial Income and Taxes |  |  |  | 162,809 |  | 1,848,658 |  | 3,751 |  | 456,776 |  | 35,649 |  | 90,460 |  | 523,196 |  | (590,906) |  | 2,530,393
Sales by geographic area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia |  |  |  |  |  | 5,636,655 |  |  |  |  |  |  |  |  |  |  |  | 1,113,676 |  | 6,750,331
North America |  |  |  | 637,983 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 637,983
Latin America |  |  |  | 25,765 |  |  |  |  |  |  |  | 7,273 |  |  |  | 4 |  |  |  | 33,042
Europe |  |  |  | 2,555,809 |  | 374,644 |  |  |  |  |  |  |  |  |  |  |  | 17,498 |  | 2,947,951
Foreign market |  |  |  | 3,219,557 |  | 6,011,299 |  |  |  |  |  | 7,273 |  |  |  | 4 |  | 1,131,174 |  | 10,369,307
Domestic market |  |  |  | 8,279,429 |  | 834,544 |  | 142,955 |  | 1,485,641 |  | 311,710 |  | 381,860 |  | 2,314,455 |  | (2,518,986) |  | 11,231,608
Total |  |  |  | 11,498,986 |  | 6,845,843 |  | 142,955 |  | 1,485,641 |  | 318,983 |  | 381,860 |  | 2,314,459 |  | (1,387,812) |  | 21,600,915
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Three months ended
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 06/30/2025
P&L |  | Ref. |  | Steel |  | Mining |  | Logistics |  | Energy |  | Cement |  | Corporate expenses/elimination |  | Consolidated
|  |  |  | Port |  | Railroads |  | Road transport |  |  |  |
Net revenues |  |  |  | 5,391,860 |  | 3,413,704 |  | 57,364 |  | 800,534 |  | 318,983 |  | 203,413 |  | 1,212,746 |  | (705,318) |  | 10,693,286
In Brazil |  |  |  | 4,062,222 |  | 405,425 |  | 57,364 |  | 800,534 |  | 311,710 |  | 203,413 |  | 1,212,746 |  | (1,337,315) |  | 5,716,099
Abroad |  |  |  | 1,329,638 |  | 3,008,279 |  |  |  |  |  | 7,273 |  |  |  |  |  | 631,997 |  | 4,977,187
Cost of sales and services |  | 24 |  | (4,866,085) |  | (2,420,561) |  | (60,181) |  | (428,989) |  | (268,344) |  | (125,888) |  | (844,484) |  | 1,047,345 |  | (7,967,187)
Gross profit |  |  |  | 525,775 |  | 993,143 |  | (2,817) |  | 371,545 |  | 50,639 |  | 77,525 |  | 368,262 |  | 342,027 |  | 2,726,099
General and administrative expenses |  | 24 |  | (338,037) |  | (85,916) |  | (3,095) |  | (68,009) |  | (13,729) |  | (9,716) |  | (289,855) |  | (688,177) |  | (1,496,534)
Other operating income/(expenses), net |  | 25 |  | (85,469) |  | (95,513) |  | (8,375) |  | (65,574) |  | (1,261) |  | 62,968 |  | 442,182 |  | (2,560) |  | 246,398
Equity in results of affiliated companies |  | 9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 166,793 |  | 166,793
Operating result before Financial Income and Taxes |  |  |  | 102,269 |  | 811,714 |  | (14,287) |  | 237,962 |  | 35,649 |  | 130,777 |  | 520,589 |  | (181,917) |  | 1,642,756

(In thousands of R$, unless otherwise stated)

Sales by geographic area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia |  |  |  |  |  | 2,878,498 |  |  |  |  |  |  |  |  |  |  |  | 631,997 |  | 3,510,495
North America |  |  |  | 192,447 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 192,447
Latin America |  |  |  | 15,775 |  |  |  |  |  |  |  | 7,273 |  |  |  |  |  |  |  | 23,048
Europe |  |  |  | 1,121,416 |  | 129,781 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,251,197
Foreign market |  |  |  | 1,329,638 |  | 3,008,279 |  |  |  |  |  | 7,273 |  |  |  |  |  | 631,997 |  | 4,977,187
Domestic market |  |  |  | 4,062,222 |  | 405,425 |  | 57,364 |  | 800,534 |  | 311,710 |  | 203,413 |  | 1,212,746 |  | (1,337,315) |  | 5,716,099
Total |  |  |  | 5,391,860 |  | 3,413,704 |  | 57,364 |  | 800,534 |  | 318,983 |  | 203,413 |  | 1,212,746 |  | (705,318) |  | 10,693,286
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Six months ended
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 06/30/2024
P&L |  | Ref. |  | Steel |  | Mining |  | Logistics |  | Energy |  | Cement |  | Corporate expenses/elimination |  | Consolidated
|  |  |  | Port |  | Railroads |  | Road transport |  |  |  |
Net revenues |  |  |  | 10,974,798 |  | 6,170,450 |  | 163,325 |  | 1,431,408 |  |  |  | 206,748 |  | 2,317,582 |  | (669,579) |  | 20,594,732
In Brazil |  |  |  | 7,850,118 |  | 742,324 |  | 163,325 |  | 1,431,408 |  |  |  | 206,748 |  | 2,317,582 |  | (2,241,456) |  | 10,470,049
Abroad |  |  |  | 3,124,680 |  | 5,428,126 |  |  |  |  |  |  |  |  |  |  |  | 1,571,877 |  | 10,124,683
Cost of sales and services |  | 24 |  | (10,484,851) |  | (3,914,658) |  | (128,825) |  | (784,628) |  |  |  | (187,176) |  | (1,656,299) |  | 1,741,768 |  | (15,414,669)
Gross profit |  |  |  | 489,947 |  | 2,255,792 |  | 34,500 |  | 646,780 |  |  |  | 19,572 |  | 661,283 |  | 1,072,189 |  | 5,180,063
General and administrative expenses |  | 24 |  | (643,492) |  | (141,367) |  | (6,262) |  | (123,518) |  |  |  | (21,133) |  | (404,040) |  | (1,653,021) |  | (2,992,833)
Other operating income/(expenses), net |  | 25 |  | (305,531) |  | 275,901 |  | (1,399) |  | 75,309 |  |  |  | 1,544 |  | (83,778) |  | (144,431) |  | (182,385)
Equity in results of affiliated companies |  | 9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 191,599 |  | 191,599
Operating result before Financial Income and Taxes |  |  |  | (459,076) |  | 2,390,326 |  | 26,839 |  | 598,571 |  |  |  | (17) |  | 173,465 |  | (533,664) |  | 2,196,444
Sales by geographic area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia |  |  |  |  |  | 5,012,589 |  |  |  |  |  |  |  |  |  |  |  | 1,571,877 |  | 6,584,466
North America |  |  |  | 859,567 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 859,567
Latin America |  |  |  | 21,235 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,235
Europe |  |  |  | 2,243,879 |  | 357,725 |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,601,604
Others |  |  |  |  |  | 57,812 |  |  |  |  |  |  |  |  |  |  |  |  |  | 57,812
Foreign market |  |  |  | 3,124,680 |  | 5,428,126 |  |  |  |  |  |  |  |  |  |  |  | 1,571,877 |  | 10,124,684
Domestic market |  |  |  | 7,850,118 |  | 742,324 |  | 163,325 |  | 1,431,408 |  |  |  | 206,748 |  | 2,317,582 |  | (2,241,456) |  | 10,470,049
Total |  |  |  | 10,974,798 |  | 6,170,450 |  | 163,325 |  | 1,431,408 |  |  |  | 206,748 |  | 2,317,582 |  | (669,579) |  | 20,594,732
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Three months ended
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 06/30/2024
|  | Ref. |  | Steel |  | Mining |  | Logistics |  | Energy |  | Cement |  | Corporate expenses/elimination |  | Consolidated
|  |  |  |  | Port |  | Railroads |  | Road transport |  |  |  |
Net revenues |  |  |  | 5,590,548 |  | 3,347,059 |  | 79,155 |  | 759,518 |  |  |  | 102,795 |  | 1,238,353 |  | (235,688) |  | 10,881,740
In Brazil |  |  |  | 4,110,175 |  | 314,433 |  | 79,155 |  | 759,518 |  |  |  | 102,795 |  | 1,238,353 |  | (1,101,613) |  | 5,502,816
Abroad |  |  |  | 1,480,373 |  | 3,032,626 |  |  |  |  |  |  |  |  |  |  |  | 865,925 |  | 5,378,924
Cost of sales and services |  | 24 |  | (5,309,455) |  | (1,998,527) |  | (62,130) |  | (417,029) |  |  |  | (103,317) |  | (856,270) |  | 854,027 |  | (7,892,701)
Gross profit |  |  |  | 281,093 |  | 1,348,532 |  | 17,025 |  | 342,489 |  |  |  | (522) |  | 382,083 |  | 618,339 |  | 2,989,039
General and administrative expenses |  | 24 |  | (320,487) |  | (58,943) |  | (3,357) |  | (64,323) |  |  |  | (6,518) |  | (226,247) |  | (907,541) |  | (1,587,416)
Other operating income/(expenses), net |  | 25 |  | (145,099) |  | 334,704 |  | (2,505) |  | 37,552 |  |  |  | (4,429) |  | (32,839) |  | (73,777) |  | 113,607
Equity in results of affiliated companies |  | 9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 98,279 |  | 98,279
Operating result before Financial Income and Taxes |  |  |  | (184,493) |  | 1,624,293 |  | 11,163 |  | 315,718 |  |  |  | (11,469) |  | 122,997 |  | (264,700) |  | 1,613,509
Sales by geographic area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia |  |  |  |  |  | 2,877,958 |  |  |  |  |  |  |  |  |  |  |  | 865,925 |  | 3,743,883
North America |  |  |  | 435,561 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 435,561
Latin America |  |  |  | 13,935 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,935
Europe |  |  |  | 1,030,878 |  | 186,668 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,217,546
Others |  |  |  |  |  | (32,000) |  |  |  |  |  |  |  |  |  |  |  |  |  | (32,000)
Foreign market |  |  |  | 1,480,373 |  | 3,032,626 |  |  |  |  |  |  |  |  |  |  |  | 865,925 |  | 5,378,924
Domestic market |  |  |  | 4,110,175 |  | 314,433 |  | 79,155 |  | 759,518 |  |  |  | 102,795 |  | 1,238,353 |  | (1,101,613) |  | 5,502,816
Total |  |  |  | 5,590,548 |  | 3,347,059 |  | 79,155 |  | 759,518 |  |  |  | 102,795 |  | 1,238,353 |  | (235,688) |  | 10,881,739

(In thousands of R$, unless otherwise stated)

| 28. | ADDITIONAL INFORMATION ON CASH FLOW

The following table sets forth the additional transaction information related to the statement of cash flows:

|  |  |  |  |  | Consolidated |  |  |  | Parent Company
|  | Ref. |  | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Income tax and social contribution paid |  |  |  | 240,929 |  | 669,902 |  |  |  |
Addition to PP&E with interest capitalization |  | 26 |  | 176,491 |  | 89,522 |  | 95,537 |  | 30,124
Remeasurement and addition – Right of use |  | 10.b |  | 161,272 |  | 128,505 |  | 2,709 |  | 4,940
Addition to PP&E without adding cash |  |  |  |  |  | 32,128 |  |  |  |
Capitalization/acquisition of affiliates and subsidiary without effect on cash flow |  |  |  | 479,680 |  |  |  | 442,500 |  |
|  |  |  | 1,058,372 |  | 920,057 |  | 540,746 |  | 35,064

| 29. | STATEMENT OF COMPREHENSIVE INCOME

|  |  |  |  |  |  |  | Consolidado
|  | Six-month period ended |  |  |  | Three-month period ended |  |
|  | 6/30/2025 |  | 6/30/2024 |  | 6/30/2025 |  | 6/30/2024
Net income/(loss) |  | (861,949) |  | (702,274) |  | (130,369) |  | (222,612)
Other comprehensive income |  |  |  |  |  |  |  |
Items that will not be subsequently reclassified to the statement of income |  |  |  |  |  |  |  |
Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes |  | 73 |  | (1,335) |  | 37 |  | (1,058)
|  | 73 |  | (1,335) |  | 37 |  | (1,058)
Items that could be subsequently reclassified to the statement of income |  |  |  |  |  |  |  |
Cumulative translation adjustments for the year |  | (3,083) |  | 379,204 |  | 105,844 |  | 350,057
(Loss)/gain cash flow hedge accounting, net of taxes |  | 1,918,399 |  | (1,788,401) |  | 722,735 |  | (1,474,416)
Cash flow hedge reclassified to income upon realization, net of taxes |  | 141,920 |  | (8,759) |  | 19,255 |  |
(Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes |  | 509,567 |  | 235 |  | 187,649 |  | (820,294)
|  | 2,566,803 |  | (1,417,721) |  | 1,035,483 |  | (1,944,653)
|  | 2,566,876 |  | (1,419,056) |  | 1,035,520 |  | (1,945,711)
Comprehensive income for the year |  | 1,704,927 |  | (2,121,330) |  | 905,151 |  | (2,168,323)
Attributable to: |  |  |  |  |  |  |  |
Earnings attributable to the controlling interests |  | 1,632,602 |  | (2,537,585) |  | 820,151 |  | (2,308,414)
Earnings attributable to the non-controlling interests |  | 72,325 |  | 416,255 |  | 85,000 |  | 140,091
|  | 1,704,927 |  | (2,121,330) |  | 905,151 |  | (2,168,323)
The accompanying notes are an integral part of these consolidated financial statements |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Controladora
|  | Six-month period ended |  |  |  | Three-month period ended |  |
|  | 6/30/2025 |  | 6/30/2024 |  | 6/30/2025 |  | 6/30/2024
Net income/(loss) |  | (785,146) |  | (1,118,480) |  | (166,000) |  | (528,779)
Other comprehensive income |  |  |  |  |  |  |  |
Items that will not be subsequently reclassified to the statement of income |  |  |  |  |  |  |  |
Actuarial gains/(losses) over pension plan of subsidiaries, net of taxes |  | 74 |  | (1,336) |  | 37 |  | (1,058)
|  | 74 |  | (1,336) |  | 37 |  | (1,058)
Items that could be subsequently reclassified to the statement of income |  |  |  |  |  |  |  |
Cumulative translation adjustments for the year |  | (3,083) |  | 379,204 |  | 105,844 |  | 350,057
(Loss)/gain cash flow hedge accounting, net of taxes |  | 1,918,399 |  | (1,788,401) |  | 722,735 |  | (1,474,416)
Cash flow hedge reclassified to income upon realization, net of taxes |  | 141,920 |  | (8,759) |  | 19,255 |  |
(Loss)/gain cash flow hedge accounting – “Platts” from investments in subsidiaries, net of taxes |  | 351,656 |  | 187 |  | 129,498 |  | (654,218)
Gain on the percentage change in investments |  | 8,782 |  |  |  | 8,782 |  |
|  | 2,417,674 |  | (1,417,769) |  | 986,114 |  | (1,778,577)
|  | 2,417,748 |  | (1,419,105) |  | 986,151 |  | (1,779,635)
Comprehensive income for the year |  | 1,632,602 |  | (2,537,585) |  | 820,151 |  | (2,308,414)

(In thousands of R$, unless otherwise stated)

| 30. | SUBSEQUENT EVENTS

HOLDING OF AN ANNUAL GENERAL MEETING OF CSN CEMENTOS BRASIL S.A.’S DEBENTURE HOLDERS

Companhia Siderúrgica Nacional wishes to inform those concerned that, on July 4, 2025, at 10:00 a.m., a General Meeting of Debenture Holders was held to deliberate on the 4th (fourth) issue of simple debentures, which are unsecured and not convertible into shares together with an additional personal guarantee, in a single series for public distribution as part of a restricted offering, held by the Company’s subsidiary CSN Cimentos Brasil S.A.

Amendments to Clauses 3.6.1 and 3.6.3 of the Indenture were approved at the meeting.

ELECTION OF NEW PERMANENT EXECUTIVE BOARD AT CEEE-G

Companhia Siderúrgica Nacional wishes to inform those concerned that, on July 11, 2025, at 5:00 p.m., a meeting of the Board of Directors of its subsidiary CEEE-G was held, in order to deliberate upon the election of members of the Executive Board.

The new composition of the Executive Board was approved at the meeting. Mr. Marcelo Cunha Ribeiro was elected to the position of Superintendent and will accumulate the functions of the Investor Relations Officer. Mr. Alberto de Senna Santos, Mr. David Moise Salama and Mr. Pedro Barros Mercadante Oliva were elected to the positions of Directors without specific designation.

The officers elected in this act started their two-year mandate on the same date as provided for in the Company's Bylaws.

NOTICE OF SALE OF RELEVANT OWNERSHIP INTEREST

On July 11, 2025, Companhia Siderúrgica Nacional provided notice on the market of having received a letter from CFL Participações S.A. (“CFL”), CFL Ana Participações S.A.’s (“CFL Ana”) parent company, informing a corporate restructuring process in which 66,261,625 shares of common issued by the Company were transferred from CFL Ana to Avelina Participações S.A. (“Avelina”), a company over which CFL also holds complete control.

The transaction did not result in a change in CFL's total ownership – whether direct and indirect – in CSN, which continues to comprise 132,524,250 (one hundred and thirty-two million five hundred and twenty-four thousand two hundred and fifty) shares of common stock representing 9.99% of the Company's share capital.

As part of the transfer, Avelina agreed to the entirety of the terms of the Company's Shareholders' Agreement according to the Accession Agreement delivered to CSN on May 30, 2025 and amended on July 8, 2025.

CSN’s shareholding structure therefore now comprises:

(In thousands of R$, unless otherwise stated)

SALE OF OWNERSHIP INTEREST IN USIMINAS

On July 31, 2025, Companhia Siderurgica Nacional provided notice of a Material Event involving the sale of 35,192,508 shares of common stock and 27,336,139 shares of preferred stock issued by Usinas Siderúrgica de Minas Gerais S.A. –

Usiminas to Globe Investimentos S.A. at the closing trade price as of July 29, 2025. As a result, CSN's direct and indirect ownership interest in Usiminas’ share capital stock came to comprise a total of 10.13% shares of common stock, 5.08% of shares of preferred stock issued by Usiminas, or 7.92% of the Company’s total share capital.

Subsequent events at subsidiaries

| · | CSN Cimentos Brasil

HOLDING OF AN ANNUAL GENERAL MEETING OF CSN CEMENTOS BRASIL S.A.’S DEBENTURE HOLDERS

On July 4, 2025, at 10:00 a.m., a General Meeting of Debenture Holders was held to deliberate on the 4th (fourth) issue of simple debentures, which are unsecured and not convertible into shares together with an additional personal guarantee, in a single series for public distribution as part of a restricted offering, held by CSN Cimentos Brasil S.A.

Amendments to Clauses 3.6.1 and 3.6.3 of the Indenture were approved at the meeting.

| · | CEEE-G

ELECTION OF NEW PERMANENT EXECUTIVE BOARD

On July 11, 2025, at 5:00 p.m., a meeting of the Company's Board of Directors was held to deliberate on the election of members of the Executive Board. The new composition of the Executive Board was approved at the meeting, of which Mr. Marcelo Cunha Ribeiro was elected to the position of Superintendent and will accumulate the functions of the Investor Relations Officer. Mr. Alberto de

Senna Santos, Mr. David Moise Salama and Mr. Pedro Barros Mercadante Oliva were elected to the positions of Directors without specific designation. The officers elected in this act started their two-year mandate on the same date as provided for in the Company's Bylaws.

| · | CSN Mineração

PAYMENT OF DIVIDENDS AND INTEREST ON SHAREHOLDERS' EQUITY

On July 15, CSN Mineração S.A. paid dividends and interest on shareholders’ equity according to resolutions made at a meeting of the Board of Directors held on December 27, 2024 and May 8, 2025, as disclosed in the respective Notices to Shareholders published on October 30, 2024 and May 8, 2025.

A net amount of BRL 0.03311256395 per share was paid as part of the resolution made on December 27, 2024 as interest on shareholders’ equity (gross amount of BRL 0.03895595758 per share). Shareholders holding a position with the depository institution Banco Bradesco S.A. were entitled to receive this payment based on their position as of January 6, 2025. Shares began to be traded on an ex-rights basis as of January 7, 2025.

With respect to the resolution made May 8, 2025, a net amount of BRL 0.200661094064 per share was paid as interim dividends and BRL 0.03286055531 per share as interest on shareholders’ equity (gross amount of BRL 0.0386594768380 per share). Shareholders holding an active ownership interest in the Company on May 13, 2025 were entitled to the resulting proceeds. Shares began to be traded on an ex-dividend basis as of May 14, 2025.

In total, an amount of BRL1,511 million was distributed among shareholders.

(In thousands of R$, unless otherwise stated)

| · | TRANSNORDESTINA LOGÍSTICA

In July 2025, an amount of BRL582,895 related to the 10th issue of debentures (FDNE) was released according to the 15th Amendment to the Public Deed for Issuance of Debentures.

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 14, 2025

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

By: | /S/ Antonio Marco Campos Rabello
| Antonio Marco Campos Rabello 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.