3Q22 RESULTS

São Paulo, October 31, 2022 - Companhia Siderúrgica Nacional ("CSN") (B3: CSNA3) (NYSE: SID) discloses its third quarter of 2022 (3Q22) financial results in Brazilian Reais, with all financial statements consolidated in accordance with accounting practices adopted in Brazil issued by the Accounting Pronouncements Committee ("CPC"), approved by the Brazilian Securities and Exchange Commission ("CVM") and the Federal Accounting Council ("CFC") and in accordance with international financial reporting standards (“IFRS”), issued by the International Accounting Standards Board (“IASB”).

The comments address the Company's consolidated results in the third quarter of 2022 (3Q22) and the comparisons are in relation to the third quarter of 2021 (3Q21) and the second quarter of 2022 (2Q22). The price of the dollar was BRL 5.44 on 09/30/2021; BRL 5.24 on 06/30/2022 and BRL 5.41 on 09/30/2022.

Operational and financial highlights of 3Q22

	3Q22 RESULTS

Consolidated Table - Highlights

¹ Adjusted EBITDA is calculated from net income (loss), plus depreciation and amortization, taxes on income, net financial result, income from investment participation, income from other operating income/expenses and includes a proportional participation of 37.27% of the EBITDA of the joint subsidiary MRS Logística.

² Adjusted Ebitda Margin is calculated from Adjusted Ebitda divided by Management Net Revenue.

³ Adjusted Net Debt and Adjusted Cash/Availability consider 37.27% of MRS, in addition to not considering Forfaiting and Cashed Risk transactions.

Consolidated Results

	3Q22 RESULTS

·        The equity result was positive at BRL 94 million in 3Q22, a performance 74% higher than in the last quarter, as a consequence of the operational improvement in MRS results.

·        In 3Q22, the Company's Net Income was BRL 238 million, 35.5% lower than in the last quarter, highlighting the lower operating performance in the period due to the decline in international prices, which ended up compensating for the lower financial expenses presented in the quarter.

Adjusted EBITDA

* The Company discloses its adjusted EBITDA excluding participation in investments and other operating income (expenses), understanding that it should not be considered in the calculation of recurring Operational Cash generation.

	3Q22 RESULTS

Adjusted EBITDA (BRL MM) and Adjusted EBITDA Margin¹ (%)

¹ Adjusted EBITDA Margin is calculated from the division between Adjusted EBITDA and Adjusted Net Revenue, which considers 100% of the stakes in CSN Mineração's consolidation and 37.27% in MRS.

Adjusted Cash Flow¹

Adjusted Cash Flow in 3Q22 reached BRL 3,168 million, an increase of BRL 2,338 million compared to the previous quarter due to the combination of (i) efficient working capital management, (ii) seasonality in the payment of taxes, and (iii) lower impact of financial expenses. With this, the Company was able to mitigate the lowest operating results, presenting a reduction in accounts receivable and longer term with suppliers.

Adjusted Cash Flow¹ on 3Q22 (BRL MM)

¹ The concept of adjusted cash flow is calculated from adjusted Ebitda, subtracting Ebitda from Jointly Controlled Companies, CAPEX, IT, Financial Results and Changes in Assets and Liabilities², excluding the effect of the Glencore advance.

² Adjusted Working Capital is composed by the change in Net Working Capital, plus the change in accounts of long-term assets and liabilities and disregarding the net change in IT and SC.

Debt

As of 09/30/2022, consolidated net debt reached BRL 24,300 million, with the leverage indicator measured by the Net Debt/EBITDA ratio reaching 1.69x. This leverage increase is a consequence of the disbursement made in the period, with the payment for the acquisition of LafargeHolcim, in addition to the CSN Mineração’s 2^nd Debentures Issuance. However, despite this greater need for financial disbursements, CSN maintained its policy of carrying a large amount of cash, which in this quarter reached approximately BRL 15.7 billion.

	3Q22 RESULTS

Debt (BRL Billion) and

Net Debt /Adjusted EBITDA (x)

¹ Net Debt / EBITDA: To calculate the debt, please consider the final dollar of each period and for net debt and EBITDA the average dollar of the period.

The Company remains very active in its goal of extending its debt amortization period, focusing on long-term operations and the local capital market. Among the main projects of 3Q22, the second issuance of CMIN’s Infrastructure debentures in the amount of BRL 1.4 billion, as well as operations to support the acquisition of LafargeHolcim's Brazilian assets, stand out. In addition, the Company has just completed its 12^th issuance of institutional debentures, which will impact the 4Q22 result and focuses precisely on the extension of the average debt term.

Amortization Schedule (BRL Billion)

¹ IFRS: does not consider participation in MRS (37.27%).

² Gross Debt/Management Net considers participation in MRS (37.27%) and gross interest.

³ Medium term after completion of the Liability Management Plan.

Foreign Exchange Exposure

The accumulated net foreign exchange exposure in the consolidated balance sheet of 3Q22 was US$ 217 million, as shown in the table below, in line with the Company's policy of minimizing the impacts of exchange rate volatility on the result. The Hedge Accounting adopted by CSN correlates the projected dollar exports flow with future debt maturities in the same currency. Thus, the exchange variation of the dollar debt is temporarily recorded in the equity, being brought to the result when the dollar revenues from said exports occur.

	3Q22 RESULTS

Investments

A total of BRL 839 million was invested in 3Q22, a stable performance compared to the previous quarter with the increase in investments in cement offsetting the delayed delivery of orders for expansion projects in the mining segment, which should present a higher concentration at the beginning of 2023.

Net Working Capital

Net Working Capital applied to the business totaled BRL 1,343 million in 3Q22, a 69% decrease when compared to 2Q22 as a result of the increase in the line of suppliers, due to the mix of purchases and longer negotiated terms, in addition to the drop in inventories.

The calculation of the Net Working Capital applied to the business does not take Glencore's advances, as shown in the following table:

	3Q22 RESULTS

¹ Other CCL Assets: Considers employees advances and other accounts receivable.

² Other CCL Liabilities: Considers other accounts payable, dividends payable, installment taxes and other provisions.

³ Inventories: Does not consider the effect of the provision for inventory losses. For the calculation of the SME, warehouse balances are not considered.

Closing of LafargeHolcim

On September 6, 2022, the Company completed the acquisition of 100% of the shares issued by LafargeHolcim Brasil and officially became the second largest cement producer in the Brazilian market, with an installed capacity of 16.3 Mton year, 172% higher than 2021. With the conclusion of this operation, the cement segment had one month of LafargeHolcim’s results in its 3Q22 numbers.

	3Q22 RESULTS

Results by Business Segments

	3Q22 RESULTS

Steel Result

According to the World Steel Association (WSA), global crude steel production totaled 450.0 million tons (Mt) on 3Q22, representing a drop of 2.5% compared to the same period in 2021, also reflecting the effects of the conflict between Russia and Ukraine and its direct developments for the lowest volume of production in European countries. China produced 56.1% of the global volume (252.3 Mt), which corresponds to an increase of 3.1 p.p. in relation to the same period of 2021, mainly as a result of the September performance where it was possible to verify a seasonal return of demand and low inventories, in addition to the lower production observed in Europe. In the accumulated year-to-date, however, there is a 3.7% drop in the volume produced in China, reflecting the direct impact of production interruptions due to the Covid Zero Policy, in addition to the lower dynamism of the real estate market, which reduced the consumption of steel in China throughout 2022. Despite this situation, the Chinese government has sought to increase investment in infrastructure through economic stimulus that should keep demand at a satisfactory level by the end of this year. On the other hand, Brazil accrued a YTD production of 25.9 Mt, which corresponds to an annual reduction of 5.3%, as a result of the cost pressures faced by the industry, and a more difficult comparison basis due to the strong volumes seen last year.

Steel Production (thousand tons)

Regarding to CSN, plate production on 3Q22 totaled 1,027 Kton, a performance 15.4% higher than in the previous quarter. In turn, the production of flat laminates, our main market, reached 911 Kton, an increase of 18.7% compared to 2Q22, due to the normalization of the production process since the previous quarter was impacted by planned maintenances.

	3Q22 RESULTS

Sales Volume (Kton) - Steel

Total sales reached 1,160 Kton on the third quarter of 2022, a volume 18.2% higher than in the same period of last year. When analyzing the behavior in the different markets, it is perceived that domestic sales were the main responsible for this growth by adding 859 thousand tons of steel products, an increase of 18.7% compared to 2Q22, as a result of a very resilient demand and more competitive prices. In the foreign market, 3Q22 sales totaled 301 thousand tons and were 12% lower than those realized in 2Q22, as a consequence of a weaker sales volume verified in Europe, affecting the results of SWT and Lusosider. In the quarter, 22 Kton were exported directly and 279 Kton were sold by subsidiaries abroad, 62 Kton by LLC, 159 Kton by SWT and 58 Kton by Lusosider.

In relation to the total sales volume in 3Q22 compared to the previous quarter, the construction (+49%), distribution (+37%) and automotive (+9.5%) segments were the main positive highlights of the period and ended up compensating for the still uncertain period lived by the home appliances sector and industry, mainly in the State of São Paulo.

	3Q22 RESULTS

Mining Result

In 3Q22, concerns about the Chinese market and the sustainability of growth continued to dictate the pace of iron ore prices in the international market. The quarter in China was still marked by heat waves that led to a water crisis and increased the cost of energy. In addition, the continuous stoppages resulting from Covid Zero policy and the continuing crisis in the real estate market were other components that increased instability and mitigated the government's efforts to bring, through incentive packages and credit concessions, greater economic dynamism. In addition, the quarter was also marked by the ongoing conflict between Russia and Ukraine, by the maintenance of inflationary pressures and by the increase in interest rates that jointly helped to increase concerns about the global demand for iron ore. In the midst of this context, the price of iron ore underwent a greater adjustment at the beginning of the quarter, ending 3Q22 with an average of US$ 103.31/dmt (Platts, Fe62%, N. China), 25.1% lower than the 2Q22 (US$ 137.9/dmt), and 36.6% below 3Q21 (US$ 162.94/dmt).

	3Q22 RESULTS

In relation to sea freight, the BCI-C3 Route (Tubarão-Qingdao) presented an average of US$ 24.03/wmt in 3Q22, which represents a significant contraction of 21% in relation to the cost of the previous quarter, as a reflection of the normalization and better logistics organization of the transoceanic market, in addition to the lower pressure on fuel costs.

	3Q22 RESULTS

Cement Result

Throughout 3Q22, the cement segment maintained the strong dynamism presented in the previous quarter, packed by consumption-friendly movements, with the increase in Brazil aid, GDP growth and the decrease in inflationary impact. This combination of factors eventually offset higher interest rates and the slow recovery in wages, which make credit and new loans more difficult. According to the National Cement Industry Union (SNIC), cement sales reached 16.97 Mton in 3Q22, 6.7% higher than the previous quarter, but still 3.0% below the same period in 2021. In this context, the real estate market remains an important demand driver, but the segment has also seen a significant increase in sales directed to infrastructure projects. To corroborate this favorable environment, the Industrial Entrepreneur Confidence Index (ICEI), measured by the Brazilian Chamber of the Construction Industry (CBIC), presented values above 50 in all indicators, reaching 60.2 in October.

Regarding to CSN Cimentos, on September 6 the Company completed the acquisition process of LafargeHolcim, now called CSN Cimentos Brasil S.A., consolidating one month of the operating and financial results in the segment performance. Sales on 3Q22 totaled 1,890 Kton, a result 50% higher than the previous quarter, reflecting (i) the incorporation of part of Lafarge's sales in the quarter, and (ii) a positive performance in the other cement operations of the Company which also managed to overcome the strong dynamism observed in the previous quarter.

* LafargeHolcim's operations were integrated in September 2022.

	3Q22 RESULTS

Logistics Result

Rail Logistics: In 3Q22, net revenue reached BRL 653 million, with an Adjusted EBITDA of BRL 327 million and an Adjusted EBITDA Margin of 50%. Comparing to 2Q22, net revenue increased 10.3% due to the increased volume and prices of goods transported. In the same comparison line, Adjusted EBITDA was 9.8% higher.

Port Logistics: In 3Q22, 431,000 tons of steel products were shipped by Sepetiba Tecon, in addition to 12,000 containers, 32,000 tons of general cargo and 52,000 tons of bulk. Compared to the previous quarter, the Company had a change in its shipment mix, giving more relevance to the overall cargo volume, with a quarterly increase of 672%, against a 76% reduction in the bulk volume. In addition to this variation, the volume of steel products increased by 40% in the period. As a result, the net revenue of the port segment was 11.3% lower than in the last quarter, reaching BRL 69 million in 3Q22 and also impacting the Adjusted EBITDA for the period, which had a margin decrease of 7.8 p.p.

Energy Result

In 3Q22, the energy volume traded generated a net revenue of BRL 48 million, with a negative Adjusted EBITDA of BRL 10 million. Compared to the second quarter of 2022, the net revenue was practically stable, even with lower prices, while there was a small increase in the production cost, generating this negative EBITDA in the quarter.

	3Q22 RESULTS

ESG - Environmental, Social & Governance

ESG COMMITMENTS - CSN GROUP

	3Q22 RESULTS

ESG PERFORMANCE - CSN GROUP

In the third quarter of 2022, CSN maintains its reporting model aligned with relevance and materiality for the Company and its stakeholders, in order to offer greater transparency and access to the main results and ESG indicators, also enabling its monitoring in an agile and effective manner.

Quantitative indicators are presented in comparison with the period that best represents the metric monitoring. Thus, some are compared with the same quarter of the previous year, and others with the average of the previous period, ensuring a comparison based on seasonality and periodicity.

More detailed historical data on CSN's performance and initiatives can be verified in the 2021 Integrated Report, available in the Company's website. The 2021 Integrated Report follows internationally recognized guidelines and frameworks, such as GRI, IIRC, SASB and TCFD, and are presented with due correlation with the Sustainable Development Goals (SDGs) and Principles of the UN Global Compact. The assurance of ESG indicators occurs annually for the closing of the Integrated Report, so the information contained in the quarterly releases is subject to adjustments arising from this process.

It is also possible to monitor CSN's ESG performance in an agile and transparent manner, on our website, through the following e-mail address: esg.csn.com.br

ESG RATINGS

In the third quarter of 2022, the Company received for the 8th consecutive year the GOLD SEAL of the GHG Protocol, which granted the CSN Group the highest level of qualification of its greenhouse gas emission inventories. Also in this period, CSN improved its performance in the Global S&P Rating to 55 points, when the global average of the sector is 21 points. Additionally, it maintained its performance in the MSCI and Mood's ESG - V.E. and TPI (Transition Pathway Initiative) ratings, global initiatives that assess the maturity of companies in relation to ESG themes.

	3Q22 RESULTS

PERFORMANCE OF THE MAIN ESG TARGETS

	Indicators	Unit	Base Year Indicator	Accrued 2022	Status	Goal	Target
Environmental	Steel Emission Intensity (WSA)¹	tCO2and/t raw steel	2.10 (Base year 2018)	2.00		1.68	2035
	Intensity of Emission Cements (CSI)²	kgCO2and/t cement	519 (Base year2020)	480		374	2030
	Mining Emission Intensity (GHG)3 and 4	kgCO2and ore /t	5.77 (Base year 2019)	7.55		4.04	2035
Social	Frequency Rate5	CAF+SAF	2.46 (Base year 2020)	2.02		1.72	2030
Governance	Diversity (women in the functional framework)	%	14% (Base year2020)	18.4%		28%	2025

¹ Considers the scope 1+2 emissions and production of the UPV and SWT units.

³ The base year and the target were adjusted because Alhandra came to be considered in the data management of CSN Cimentos.

² Considers the emissions of scopes 1 and 2 divided per ton of iron ore produced at CSN Mineração, according to the methodology of the Brazilian GHG Protocol Program.

⁴ Considers emissions only from CSN Mining Scope 1 mobile combustion category. They represent 95% of CSN Mineração's Scope 1 emissions, noting that scope 2 emission is zero due to electricity consumption coming from 100% renewable sources. The data reported in the Company's Integrated Report 2021 considers the total emissions of csn mining, scope 1 and 2. The emission intensity was reported 6.58 kgCO2e/ton of ore produced.

⁵ Rate considers (CAF+SAF - own and third/1 million hours worked).

CLIMATE CHANGE

CSN initiated a study of climate scenarios and review of risk and opportunity management processes. The construction of the scenarios was based on the best market practices using as a basis the reports of the IPCC (2021) and the International Energy Agency, which will enable a more practical decision-making on the issues related to climate change. In September of this year, communication with the Company's senior leadership was reinforced, with periodic monitoring of emission reduction targets and the progress of decarbonization projects.

ENVIRONMENTAL MANAGEMENT

Energy

Sustainability with the purchase of CEEE-G

The acquisition of CEEE-G, completed in October of this year, is in line with CSN's strategy of strengthening its operations in the Energy segment, and also aims to support and strengthen the expansion strategy of its business and its subsidiaries, through investments in renewable energy, through self-sufficiency in electricity, for greater competitiveness of its business. Investment in renewable energy is a fundamental pillar in the Company's sustainability strategy and an important step in the decarbonization journey of its operations.

NATURAL CAPITAL - ENVIRONMENTAL INDICATORS

¹ Considers all steel units and cement units in Brazil.

² Considers all steel units and cement units in Brazil.

	3Q22 RESULTS

³ Considers all steel, mining and cement producing units.

DAM MANAGEMENT

In the third quarter of 2022, the decharacterization works of the Vigia Dam advanced with the completion of the structural work. For the next quarters, it is expected the completion of the drainage system, and, with this, the mischaracterization of the dam will be completed.

In September, all stability statements were also renewed of the dams of CSN Mineração e Minérios Nacional, with the exception of the B2A Dam, belonging to Minérios Nacional, which, due to the ongoing stabilization works, showed improvement in its safety factors, and was requested by the Company to ANM, its reclassification from level 2 to emergency level 1.

SOCIAL DIMENSION

HEALTH AND SAFETY AT WORK

2022 SipatMA

In September 2022, the Internal Week for The Prevention of Accidents at Work and Environment (SipatMA) was held in a hybrid format in the various units of the CSN Group. There were five days of awareness-raising actions and lectures with internal and external specialists on health, safety and environment issues. The lectures with online transmission allowed more than 6,000 unique accesses held during the week and a total number of participants estimated at 10,000 people, since in many units were made available screens and auditoriums for employees to have access to the content.

	3Q22 RESULTS

¹Considers all csn group units in Brazil.

PEOPLE MANAGEMENT

Corporate University

CSN is considered a school by many of its employees. The Company's potential to create opportunities for professional and personal development is a visible foundation on every page of those who write our history. With this motivation and, in order to complement this journey, CSN incorporated in its educational trajectory the Corporate University, which began in September 2022, building innovative education solutions aligned with organizational competencies and culture.

CSN's Corporate University emerges to strengthen the principles, promoting a meeting between the legacy of success and a continuous and enriching learning process of the Company. The online platform has several contents and training, such as skills of the future, emotional intelligence, among other training straining that will contribute to the development and improvement of skills and competencies fundamental to the career of each professional.

¹ The data do not consider employees "Non-CLT" and "Internship Program".

	3Q22 RESULTS

VALUE CHAIN

³Considers CSN Group in Brazil.

SOCIAL RESPONSIBILITY

On September 21, and in celebration of Tree Day, CSN and the CSN Foundation initiated a week of activities through its Environmental Education Program (PEA). With the support of the Municipal Departments of Education and the Environment Secretariat (SME and SMMA) social and environmental activities were developed directed to the local community of Volta Redonda. A sustainable playground for early childhood education was inaugurated with the participation of students and teachers of the Municipal Center for Early Childhood Education Iracema Leite Nader.

In addition to the events planned for Education, the PEA also had its participation guaranteed in the Internal Week for The Prevention of Accidents at Work and Environment held at the Presidente Vargas Plant. Awareness related to Selective Waste Collection were performed. The end of the week included the planting of 70 native seedlings of Atlantic Forest in the UPV, carried out by employees of CSN, CBSI and the Municipal Environment Department.

The CSN Fundação materializes the SDDs in its programs and projects, with the involvement in the dissemination of knowledge about the 2030 Agenda

At the end of the third quarter of 2022, there was the graduation of the class of the first cycle of the Citizen Mentoring program. This program, developed by the CSN Foundation, aims to increase opportunities for professional development and contribute to the employability of young participants. As a result of this cycle, 84% of the beneficiaries of the program joined the Young Apprentice program of CSN.

	3Q22 RESULTS

Capital Markets

In the third quarter of 2022, CSN shares devalued 17.6%, while the Ibovespa rose 11.7%. The average daily value (CSNA3) negotiated at B3, in turn, was BRL 171.4 million. On the New York Stock Exchange (NYSE), the Company's American Depositary Receipts (ADRs) devaluation in the dollar of 18.8%, while the Dow Jones index fell 6.7%. The average daily trading with ADRs (SID) on the NYSE was $14.3 million.

Result Conference Call:

Some of the statements contained herein are future perspectives that express or imply expected results, performance or events. These perspectives include future results that may be influenced by historical results and statements made in 'Perspectives'. Current results, performance and events may differ significantly from hypotheses and perspectives and involve risks such as: general and economic conditions in Brazil and other countries; interest rate and exchange rate levels, protectionist measures in the U.S., Brazil and other countries, changes in laws and regulations, and general competitive factors (globally, regionally or nationally)

	3Q22 RESULTS

INCOME STATEMENT

CONSOLIDATED - Corporate Law - In Thousands of Reais

	3Q22 RESULTS

BALANCE SHEET

CONSOLIDATED - Corporate Law - In Thousands of Reais

	3Q22 RESULTS

CASH FLOW

CONSOLIDATED - Corporate Law - In Thousands of Reais

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.