Companhia Siderurgica Nacional
SID
Materials
3
exclusion reasons
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Companhia Siderúrgica Nacional (CSN) is a major integrated steel producer in Brazil, an industry that is inherently carbon-intensive. Available data indicates the company's Scope 1 greenhouse gas emissions were approximately 15.2 million tCO2e in 2024. This emissions profile places CSN among the higher-emitting entities within the global steel sector, a peer group where leadership on climate transition is critically assessed.
While CSN publicly states it invests in efforts to reduce emissions and adopted an innovative technology to cut fossil fuel consumption in late 2024, its overall climate policy engagement is assessed as limited and mixed. The company does not have publicly available, comprehensive data on its full carbon footprint, including Scope 3 emissions, which are material for a steelmaker. This lack of transparent disclosure makes peer-relative performance evaluation difficult and indicates emissions governance may not be treated with the centrality required for the sector.
The Transition Pathway Initiative rates Companhia Siderurgica Nacional's cement operations as aligned only to national pledges, falling short of the Paris 1.5C trajectory for the cement sector. CSN operates across steel, cement, and mining with stated targets of 10% CO2 reduction per ton of crude steel by 2030 and 23% per ton of cementitious material by 2030, but these targets rely on World Steel Association methodology rather than SBTi verification. TPI has assessed both CSN's cement and steel operations and found gaps in offset transparency, capital expenditure alignment with decarbonization, and consistency between climate policy and trade association positions. CSN claims 100% renewable electricity from its own generation sources but has not addressed the bulk of its Scope 1 process emissions from steelmaking and cement kilns.
Companhia Siderurgica Nacional (CSN) is among 40 companies held responsible for contamination at the Maryland Sand, Gravel and Stone Superfund Site in Elkton, Maryland. From 1969 to 1974, industrial waste—including processing water, sludge, and hazardous waste drums—was disposed of at this former quarry, leading to a chemical waste fire in 1974. The disposal resulted in high levels of contaminants, including benzene, chlorobenzene, 1,4-dioxane, and vinyl chloride, in the site's soil and groundwater.
The site was added to the EPA's Superfund list in 1984. Under a 2026 consent decree approved by the federal district court in Baltimore, CSN and the other settling defendants are required to complete the third and final phase of the EPA-supervised cleanup. This phase, estimated to cost $23.5 million, involves excavating and treating contaminated soil and expanding the groundwater treatment system. An additional $7 million may be required to address 1,4-dioxane contamination. Total cleanup costs for the 150-acre site may exceed $50 million, with past activities having already cost $20.7 million.
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