SIDNYSESteel Works, Blast Furnaces & Rolling & Finishing MillsFiscal year ends December 31
NATIONAL STEEL CO
Financials through fiscal 2024, year ended Dec 31, 2024Last filing: 20-F on Apr 30, 2026
$1.13+0.02 (+1.80%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2007 to 2024
Gross margin
26.8%−5.4 pts over 5 years
Operating margin
9.8%−4.2 pts over 5 years
Net margin
-5.9%−13.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2024
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -3.9% | -3.0% | +11.4% | – | |
| Gross profit | -2.2% | -19.1% | +7.4% | – | |
| Operating income | -17.7% | -40.8% | +3.8% | – | |
| Free cash flow | +9.4% | -35.8% | +3.5% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2015 | FY2019 | FY2024 | Trend |
|---|---|---|---|---|
| Return on equity | – | 19.0% | -17.4% | |
| Return on assets | – | 3.6% | -2.7% | |
| Current ratio | – | 1.10 | – | |
| Debt to equity | – | 2.75 | 4.64 | |
| Net debt to EBITDA | – | 5.31× | 4.17× | |
| Interest coverage | 1.3× | 1.4× | 0.6× | |
| Inventory turnover | – | 3.3× | 3.2× | |
| Capex to revenue | 10.6% | 8.7% | 12.6% | |
| Diluted shares | 1.36B | 1380.11B | 53M |
Where the cash went
Fiscal 2020 to 2024, five years combined
National Steel generated 42.36B BRL from operations and spent 31.68B BRL on capital expenditure, dividends and share buybacks. 56% of that went back into the business.
Generated
42.36B BRL
Used
31.68B BRL
Capital expenditure17.80B BRL56%Dividends13.87B BRL44%Share buybacks0 BRL0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-5.9%
×Asset turnover0.45×
×Equity multiplier6.56×
=Return on equity, FY2024-17.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | -5.9% | 0.45× | 6.56× | -17.4% |
| FY2023 | -0.7% | 0.51× | 4.78× | -1.7% |
| FY2022 | 3.5% | 0.54× | 4.14× | 7.8% |
| FY2021 | 25.6% | 0.67× | 4.71× | 81.1% |
| FY2020 | 12.6% | 0.53× | 5.67× | 37.8% |
| FY2019 | 7.0% | 0.52× | 5.20× | 19.0% |
| FY2018 | 22.1% | 0.50× | 5.88× | 64.5% |
| FY2017 | 0.1% | 0.41× | 6.76× | 0.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2024 against fiscal 2023
4of 8 tests passed in fiscal 2024. Some tests lack the figures they need.
- ProfitableNet income above zero-2.59B BRL
- Cash generatingOperating cash flow above zero8.65B BRL
- Return on assets improvedROA up on the prior year-0.4% → -2.8%
- Earnings backed by cashOperating cash flow above net income8.65B BRL vs -2.59B BRL
- Less leverageLong-term debt to assets fell40.7% → 46.3%
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise105M → 53M
- Gross margin improvedGross margin up on the prior year26.33% → 26.77%
- More efficientAsset turnover rose0.53 → 0.48