What CSN Mineracao does

CSN Mineracao S.A. is a Brazilian iron ore mining company majority-controlled by steelmaker Companhia Siderurgica Nacional (CSN holds 69.69% of shares) and listed on B3 under ticker CMIN3 since its February 2021 IPO. The company is the 6th largest iron ore exporter globally and the 2nd largest in Brazil, operating three core mining complexes in Minas Gerais — Casa de Pedra (the oldest iron ore mine in Brazil, with 30 Mt/a capacity and JORC-certified reserves of 3+ billion tonnes plus 6+ billion tonnes of resources), Engenho (300 Mt reserves), and Pires (processing only) — feeding lump (>61% Fe), sinter feed (>63% Fe), and pellet feed (>66% Fe) products.

The business is built on vertically integrated mine-to-port logistics: CSN Mineracao holds an 18.63% controlling-group interest in MRS Logistica railway (raised to 29.91% in December 2025) and operates the TECAR port terminal at Itaguai with 42+ Mt/a export capacity. All tailings-dam-dependent processes were eliminated by 2020, and the company has an ESG score improvement from S&P Global (55 to 62 in 2025) and an 8% reduction in CO2e emissions intensity.

Revenue is generated primarily through B2B sales of iron ore products to steel manufacturers in Asia, Europe, North America, and the domestic Brazilian market, using a mix of long-term offtake contracts (notably a 28-year Itochu contract for 6.0 Mton/year of P15 pellet feed from 2026-2054) and spot seaborne sales. The company reported record production of 45.6 Mt and sales of 45.8 Mt in 2025, with revenue of approximately US$3.29 billion for the year and adjusted EBITDA margin of 42.9% in Q4 2025. The parent conglomerate (CSN) represented 11.29% of net revenue. The Itabirito P15 expansion project, scheduled for first production in Q1 2027 with 15 Mt/a capacity, targets lifting iron content from 58% to 65% Fe and is expected to lift total production to 68 Mt/a by 2028 with a projected R$4 billion in incremental EBITDA at maturity; phase 1 CAPEX is R$15.3 billion over 2023-2028. Total reported debt at end-2025 was R$41.2 billion, and the company is pursuing an asset divestiture program (including the planned sale of the cement division for R$15-18 billion) to deleverage.

Name

CSN Mineracao

Legal name

CSN Mineração S.A.

Website

https://ri.csnmineracao.com.br

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

CSN Mineracao is a Brazilian iron ore producer and exporter, listed on B3 under CMIN3, operating the Casa de Pedra mine and TECAR port to sell lump, sinter feed, and pellet feed to steel manufacturers across Asia, Europe, North America, and Brazil.

Ownership category

akta.pro rank

Headquarters

HQ city

Congonhas

HQ country

Brazil

HQ region

Latin America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Personnel

Revenue model

1. Iron Ore Product Sales: CSN Mineração generates revenue primarily through the sale of iron ore products (lump, sinter feed, pellet feed) to steel manufacturers in the seaborne market (Asia, Europe, North America) and domestic Brazil market. The company utilizes long-term offtake contracts to secure volume commitments.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

CSN Mineracao is a Brazilian iron ore mining company that produces and exports iron ore products — Lump Iron Ore, Sinter Feed, and Pellet Feed — extracted from its Casa de Pedra and Engenho mines, processed at the Pires Processing Complex, and shipped through its owned TECAR port terminal. Output is sold primarily to global steel manufacturers.

Product overview

CSN Mineracao S.A. is a mining company producing iron ore products for the steel industry. The company's product portfolio includes three main iron ore product categories: Lump (Granulado), Sinter Feed, and Pellet Feed. These products are sourced from mining operations at Casa de Pedra, Engenho, and Pires complexes, processed through crushing, screening, and concentration facilities, and exported via the company's owned TECAR port terminal with railway connections through MRS Logística.

Differentiator

Problem solved

Functional benefit

Products and services

• Lump Iron Ore

Quantifiable outcome

• Record production of 45.6 million tonnes in 2025
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Morgan StanleyminorImplementation/ SI/ Consulting Partner · 1 January 2026CSN has hired Morgan Stanley to advise on the sale of its cement division, targeting proceeds of 15-18 billion reais to reduce net debt. Potential buyers include Votorantim, Huaxin Cement, and other cement companies.
• ITOCHU Corporation (Offtake)coreStrategic or Co-development Partner · 1 January 2023Offtake contract signed with Itochu for supply of 6.0 Mton/year of pellet feed from the P15 plant at Casa de Pedra mine for mining years 2026 to 2054. This contract also fulfills conditions for export prepayment financing from Japan Bank for International Cooperation and a syndicate of banks, insured by Nippon Export and Investment Insurance.
• MRS Logística S.A.coreStrategic or Co-development Partner · 1 January 2015CSN Mineração holds 18.63% interest in the controlling group of MRS Logística, a railway concessionaire operating in MG, RJ, and SP regions, transporting over 160 million tonnes of cargo per year. MRS provides critical logistics infrastructure connecting CSN's mines to the TECAR port for export.

Scale indicators10 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• Vale S.A. Brazil's largest iron ore producer and global #1 iron ore exporter. Direct competitor operating in the same iron ore belt of Minas Gerais with integrated mine-railway-port operations, accessing the same seaborne market. Most direct comparable for CSN Mineracao given shared geography, infrastructure, and customer base.
• Kumba Iron Ore: South African iron ore producer (Anglo American subsidiary) and a major seaborne iron ore exporter. Highly comparable in scale and product mix to CSN Mineracao, serving similar Asian and European steel mill customers.
• BHP Group: Major iron ore producer through its Western Australia Iron Ore operations, one of the top-three global iron ore exporters. Competes with CSN Mineracao in the Asian seaborne market with comparable integrated mine-to-port operations.
• Rio Tinto Group: World's second-largest iron ore producer through its Pilbara operations in Australia. Direct competitor in the seaborne iron ore market serving Asian steel mills, with higher-grade products (Pilbara Blend) competing with CSN's pellet feed and sinter feed offerings.
• Fortescue Metals Group: Australia's third-largest iron ore producer and the fourth-largest globally. Competes directly with CSN Mineracao in the seaborne iron ore market, targeting similar Chinese steel mill customers with hematite and magnetite products.
• Anglo American plc: Owner of Kumba Iron Ore in South Africa and a major diversified mining company. Direct competitor in iron ore exports with significant exposure to seaborne markets and integrated operations comparable to CSN Mineracao's mine-to-port model.

Regional players

• Cleveland-Cliffs Inc. Largest flat-rolled steel producer and iron ore pellet producer in North America. Operates iron ore mines in the US Midwest and competes with CSN in the high-grade pellet feed segment, though primarily serving the North American and intra-group steel demand.

Emerging players

• Champion Iron Limited: Canadian-headquartered iron ore producer operating the Bloom Lake mine in Quebec. An emerging high-grade iron ore producer competing with CSN Mineracao in the premium high-Fe product segment targeting Asian steelmakers.
• Ferrexpo plc: Swiss-headquartered Ukrainian iron ore pellet producer and the third-largest pellet exporter globally. Comparable in product focus (high-grade pellets) to CSN's pellet feed business and competes in the European and Asian steel markets.

Broad incumbents

• ArcelorMittal: World's largest steelmaker with significant captive iron ore mining operations. While primarily a steel producer, its mining segment (including the Liberia, Canada, and Mexico operations) competes with CSN Mineracao in iron ore and serves as a major downstream buyer of iron ore products.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/congonhas-minerios

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CSN Mineracao