S&P cuts CSN Mineracao rating from brA- to brBBB for CSN Mineracao stock

Published on 10/25/2026 at 03:27 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

S&P cut CSN Mineracao's rating to brBBB on October 21, 2026. CSN Mineracao stock faces 2026 output of 39-41 million tons.

Credit pressure and reporting dates

S&P National Ratings cut CSN Mineração's rating from brA- to brBBB on October 21, 2026.
Adjusted net revenue reached BRL 2.8 billion in the second quarter of 2026, down 15.8 percent year over year.
CSN Mineração's third-quarter 2026 results are scheduled for November 12, 2026.

CSN Mineracao, BRCMINACNOR2, Illustration mit AI erstellt.

CSN Mineracao received a national credit-rating cut from brA- to brBBB on October 21, 2026, as S&P National Ratings kept a negative outlook. The downgrade adds pressure to CSN Mineracao stock after the miner reduced its 2026 production and third-party purchasing guidance to 39-41 million tons from 45-47 million tons, according to Valor.

Credit pressure meets lower output

The rating action links the weaker credit profile to higher freight and fuel costs, lower commodity prices and weaker mining conditions. S&P projected CSN's consolidated EBITDA at BRL 7.7 billion for 2026, down from its earlier BRL 10.1 billion forecast and below BRL 8.8 billion recorded in 2025, while the agency expected leverage to peak at 7.6-7.9 times by year-end.

The operating reset began on September 29, 2026, when CSN Mineração reduced its 2026 volume guidance to 39-41 million tons from 45-47 million tons and raised C1 cash-cost guidance to USD 25.00-26.00 per ton from USD 22.00-23.50 per ton, according to XP Investimentos.

What does the downgrade mean?

The immediate issue is the gap between strong physical output and weaker economics. In the second quarter of 2026, adjusted net revenue was BRL 2.8 billion, down 15.8 percent from the second quarter of 2025, while adjusted EBITDA reached BRL 1.0 billion with a 35.5 percent margin, according to the Yahoo Finance transcript.

Three events define the reset

The chronology is clear: on September 29, 2026, production guidance fell to 39-41 million tons; on October 16, 2026, Goldman Sachs raised its CSN Mineração price target from BRL 3.80 to BRL 3.90 while cutting its 2026 EBITDA estimate by 24%, as reported by InfoMoney; and on October 21, 2026, S&P National Ratings cut the rating to brBBB from brA-.

Results arrive in November

CSN Mineração's investor-relations calendar schedules the third-quarter 2026 earnings release for November 12, 2026, after market close, followed by an English-translated conference on November 13, 2026. The company also reported 45.6 million tons of production in 2025, its highest historical volume, on its investor-relations page.

Listed in Brazil

CSN Mineracao is listed on B3 under ticker CMIN3 and ISIN BRCMINACNOR2. Its market capitalization was BRL 27.0 billion on October 23, 2026, while the 52-week range was BRL 4.08 to BRL 7.07. The next report will show whether lower volumes and higher logistics costs have begun to weaken margins further.