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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001292814-08-002645.txt : 20080930
<SEC-HEADER>0001292814-08-002645.hdr.sgml : 20080930
<ACCEPTANCE-DATETIME>20080929191352
ACCESSION NUMBER:		0001292814-08-002645
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080930
FILED AS OF DATE:		20080930
DATE AS OF CHANGE:		20080929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL STEEL CO
		CENTRAL INDEX KEY:			0001049659
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		081095898

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sid20080929_6k2.htm
<DESCRIPTION>NOTICE TO THE MARKET
<TEXT>
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   <TITLE>Provided By MZ Data Products</TITLE>

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<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>Washington, D.C. 20549 </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<HR align=center NOSHADE WIDTH="21%" COLOR="#000000">
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>FORM 6-K </B></FONT></DIV>
<DIV><FONT
SIZE="1">&nbsp;</FONT></DIV
><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"
COLOR="#000000">Report of Foreign Private Issuer<BR>
  Pursuant to Rule 13a-16 or 15d-16 of the</FONT></DIV>
<DIV
ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">Securities Exchange Act of 1934</FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center">
  <div><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B> For the month of September, 2008</B></FONT></DIV>
  <p></p>
  <FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B> Commission File Number 1-14732 </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<HR align=center NOSHADE WIDTH="21%" COLOR="#000000">
<DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B> COMPANHIA SIDER&#218;RGICA NACIONAL </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Exact name of registrant as specified in its charter) </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"> </DIV>
<P></P>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B> National Steel Company </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Translation of Registrant's name into English)</FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<P></P>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B> Av. Brigadeiro Faria Lima 3400, 20&#186; andar<BR>
  S&#227;o Paulo, SP, Brazil<BR>
  04538-132 </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Address of principal executive office)</FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<P>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"> Indicate by check mark whether the registrant files or will file annual reports<BR>
  under cover Form 20-F or Form 40-F.&nbsp;</FONT>
    <P></P>
    Form 20-F ___X___ Form 40-F _______
    <P>&nbsp;<FONT FACE="Times New Roman, Times, Serif" SIZE=3>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </FONT>&nbsp;</P>
    Yes _______ No ___X____
    <p></p>
    <hr size="2" noshade color="#000000" align="left">
</DIV>
<H5 align="left" style="page-break-before:always"></H5>
<A name="page_1"></A>

<P align="center">NOTICE TO THE MARKET<B><br>
  </B>COMPANHIA SIDER&Uacute;RGICA NACIONAL <br>
  Rua S&atilde;o Jos&eacute; n&ordm; 20, Grupo 1602 <br>
  Rio de Janeiro/RJ <br>
CNPJ n&ordm; 33.042.730/0001 -04<B> </B></P>
<P align="justify">
COMPANHIA SIDERURGICA NACIONAL (BOVESPA: CSNA3; NYSE: SID) hereby informs its shareholders and market participants, in light of news recently published by the press and the re-opening of its share repurchase program, as follows: </P>
<P align="justify">
1. The company has a conservative financial management policy relating to its investments and assets. The purpose of this policy is to protect its cash flow and balance sheet. The company does not have any leveraged transactions relating to fixed
income or foreign exchange derivatives, including transactions relating to &#147;double indexed&#148; or &#147;target forward&#148; derivatives. The objective of eventual foreign exchange derivative transactions is to hedge against foreign exchange
exposures. The company&#146;s foreign exchange exposure, in the context of the company&#146;s operations, remained immaterial throughout the year.</P>
<P align="justify">
2. On April 2<SUP>nd</SUP>, 2003, the company entered into an equity swap transaction. The transaction has been renewed since then. The terms and conditions applicable to the latest renewal are reflected in a press release (i.e.,
&#147;fato relevante&#148;) dated July 11<SUP>th</SUP>, 2008. Pursuant to the terms and conditions of such last renewal, the company owes to its counterparty a LIBOR-based interest rate on a notional amount corresponding to the
average price of approximately American Depositary Receipts ("ADRs") representing common stock of the company, while the counterparty owes the company an amount corresponding to the appreciation of the ADRs corresponding to the notional amount and to the
dividends allocated to such ADRs. Since its inception, the financial result of this transaction is reported in the notes to the company&#146;s financial statements. The transactions&#146; aggregate financial result, from April 2<SUP>nd</SUP>, 2003
to September 26<SUP>th</SUP>, 2008, corresponds to approximately US&#36;845 million.</P>
<P align="justify">
3. The company has a solid financial position  and does business solely with first tier financial institutions. The company&#146;s cash availability on September 26<SUP>th</SUP>, 2008, corresponded to approximately US&#36;1.7 billion.</P>
<P align="justify">
4. As recently covered by the press, there are negotiations in progress concerning an eventual sale of an equity interest, or investment in, Nacional Min&eacute;rios S.A., a subsidiary of the company.</P>
<P align="center">
<B>Companhia Sider&uacute;rgica Nacional <br>
</B>Ot&aacute;vio de Garcia Lazcano<br>
Investor Relations Officer<br>
</P>
<H5 align="left" style="page-break-before:always"></H5>

<hr size="2" noshade color="#000000" align="left">
<p><FONT SIZE="1">&nbsp;</FONT></p>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>SIGNATURE </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="3"COLOR="#000000">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>
<p></p>
<DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"> Date: September 29, 2008</FONT></DIV>
<p></p>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center">
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0">
    <TR>
      <TD VALIGN="top" COLSPAN="3" WIDTH="50%"><DIV align=left><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"> COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD>
    </TR>
    <TR>
      <TD HEIGHT="16"></TD>
    </TR>
    <TR>
      <TD VALIGN="top" WIDTH="5%"><DIV align=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></DIV></TD>
      <TD VALIGN="bottom" ALIGN="center" WIDTH="43%"><DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>
          <HR NOSHADE SIZE=1 COLOR="#000000" ALIGN="left"></TD>
    </TR>
    <TR>
      <TD><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="center" WIDTH="43%"><DIV ALIGN=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B> Benjamin Steinbruch
 </B></FONT></DIV>
          <DIV ALIGN=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Chief Executive Officer <br>
          <br>
      </B></FONT></DIV></TD>
    </TR>
  </TABLE>
</DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<P>&nbsp;</P>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center">
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0">
    <TR>
      <TD VALIGN="top" COLSPAN="3" WIDTH="50%"><DIV align=left></DIV></TD>
    </TR>
    <TR>
      <TD HEIGHT="16"></TD>
    </TR>
    <TR>
      <TD VALIGN="top" WIDTH="5%"><DIV align=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></DIV></TD>
      <TD VALIGN="bottom" ALIGN="center" WIDTH="43%"><DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">/<SMALL>S</SMALL>/&nbsp;Ot&#225;vio de Garcia Lazcano </FONT></DIV>
          <HR NOSHADE SIZE=1 COLOR="#000000" ALIGN="left"></TD>
    </TR>
    <TR>
      <TD><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="center" WIDTH="43%"><DIV ALIGN=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B> Ot&#225;vio de Garcia Lazcano
 </B></FONT></DIV>
          <DIV ALIGN=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Chief Financial Officer and  Investor Relations Officer<br>
          <br>
      </B></FONT></DIV></TD>
    </TR>
  </TABLE>
</DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<P>&nbsp;</P>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"
COLOR="#000000"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>
<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 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. </FONT></P>
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