CSN Mineracao cuts output guidance and Citi targets CSN Mineracao stock

Published on 10/01/2026 at 19:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

CSN Mineracao cut 2026 volume guidance to 39-41 million tonnes from 45-47 million. Citi set a BRL 6.00 target for CSN Mineracao stock.

CSN Mineracao, BRCMINACNOR2, Illustration mit AI erstellt.

CSN Mineracao cut its 2026 production and third-party purchase guidance to 39-41 million tonnes from 45-47 million tonnes, while Citi set a BRL 6.00 target for the stock on September 30, 2026, according to The Rio Times. The guidance reset followed weaker market conditions, higher Brazil-China freight costs and lower-grade processing changes at the Pires complex.

Guidance drops to 39-41 million tonnes

The new volume range is 6 million tonnes below the former midpoint of 46 million tonnes, a reduction of 13.04 percent. The company also raised its 2026 C1 cash-cost guidance to US$25.00-26.00 per tonne from US$22.00-23.50 per tonne, according to SMM. The change increases the importance of freight rates and ore quality for the miner's near-term margins.

The Rio Times reported on October 1, 2026, that Itaú BBA estimated the guidance cut could reduce 2026 EBITDA by BRL 0.7-1.0 billion, or 13.00-20.00 percent of its earlier estimate. Citi retained a neutral view and set a BRL 6.00 target in a note dated September 30, 2026.

Second-quarter revenue falls 2.45 percent

CSN Mineracao reported revenue of BRL 3.613 billion and net income of BRL 219.65 million in the second quarter of 2026, compared with BRL 3.704 billion and BRL 222.37 million in the first quarter, according to Investing.com. Revenue therefore declined 2.45 percent quarter over quarter, while net income fell 1.22 percent.

The earnings profile adds a second pressure point to the guidance cut. Lower volume reduces operating leverage, while the higher C1 range raises the cost burden on each tonne sold.

B3 quote reaches BRL 4.93

CSN Mineracao traded at BRL 4.93 on B3 at 2:21 p.m. BRT on October 1, 2026, down BRL 0.08, or 1.60 percent, from BRL 5.01. The 52-week B3 range was BRL 4.08 to BRL 7.07, while market capitalization stood at BRL 26.8 billion on October 1, 2026.