CSN surges on CEO leadership change

On 3 September 2026, Companhia Siderúrgica Nacional shares surged up to 19.90% after the company announced that Benjamin Steinbruch is stepping down as CEO after 24 years. Fabio Schvartsman, former president of Vale and Klabin, will take over as CEO, while Steinbruch remains chairman of the board of directors. By 10:51 BRT that day, shares were trading 13.88% higher at R$ 6.81.

Fábio Lemos, partner at Fatorial Investimentos, stated that Schvartsman faces the task of cutting between R$ 18 billion and R$ 20 billion in debt. Companhia Siderúrgica Nacional closed the second quarter of 2026 with R$ 42.1 billion in net debt, financial leverage of 3.49 times, and projected cash burn of R$ 9.3 billion over the subsequent 12 months. Lemos also noted that elevated short positions likely amplified the share rally.

BTG Pactual described the unexpected appointment as welcome news, highlighting Schvartsman's background at Vale, Klabin, and Grupo Ultra, where he previously served as CFO. The bank noted that the change brings clarity to succession planning and reinforces capital discipline and deleveraging.

Companhia Siderúrgica Nacional is also advancing the sale of CSN Cimentos, evaluating bids from Huaxin and a consortium of Votorantim and Cementir. The divestment could yield up to R$ 12 billion, down from Steinbruch's initial target of R$ 15 billion, with a decision expected in about 45 days and closing by November.