XP reiterated Neutral for CSN Mineracao stock after output cut

Published on 10/14/2026 at 06:07 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Output guidance fell to 39-41 million tons for 2026 from 45-47 million. CSN Mineracao stock posted BRL 3.61 billion revenue in the second quarter.

Output outlook and earnings dates

XP reiterated a Neutral view on September 29, 2026, after the 2026 output range fell to 39-41 million tons.
Second-quarter revenue reached BRL 3.61 billion and net income was BRL 219.65 million.
Investing.com lists November 10, 2026, as the next earnings date.

CSN Mineracao, BRCMINACNOR2, Illustration mit AI erstellt.

XP reiterated a Neutral view on CSN Mineracao stock on September 29, 2026, after the miner cut its 2026 output and third-party purchase outlook to 39-41 million tons from 45-47 million tons and raised C1 cash cost guidance to USD 25-26 per ton from USD 22-23.50. The revision makes volume and cost control the central test for the Brazilian iron ore producer.

Lower volumes raise cost pressure

According to XP Investimentos on September 29, 2026, the company temporarily reduced production of lower-grade ore at the Pires dry-processing plant. The research note linked the change to weaker economics for lower-grade material and freight costs of USD 40 per ton on the Brazil-China route.

XP estimated a negative impact of BRL 1.20 billion on mining EBITDA in the second half of 2026 and reiterated a Neutral recommendation for CSN Mineracao. That assessment gives the output range more weight than the headline profit figure because lower volumes and higher unit costs can pressure cash generation together.

Second-quarter profit still grew

Investing.com identifies the latest reported period as the second quarter of 2026, released on August 12, 2026. Revenue reached BRL 3.61 billion, compared with BRL 3.70 billion in the first quarter, a decline of 2.45 percent quarter over quarter, while net income was BRL 219.65 million versus BRL 222.37 million, down 1.22 percent.

The operating picture is therefore mixed rather than uniform. The company remained profitable in the second quarter, but the guidance revision came with a higher C1 cost range and a lower volume range for 2026, leaving freight and product mix as important variables for the next report.

Next report date matters

Investing.com lists November 10, 2026, as the next earnings date. The release should show whether the lower-grade production adjustment is limiting costs as intended and whether the second-quarter revenue base can stabilize after the 2.45 percent quarterly decline.

Global Banking and Finance identifies CSN Mineracao as CMIN3 on B3, in the Materials sector, under ISIN BRCMINACNOR2. The listing places the company in Brazil's iron ore market, where the revised volume and cost assumptions now define the near-term earnings debate.