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<SEC-DOCUMENT>0001292814-10-000121.txt : 20100119
<SEC-HEADER>0001292814-10-000121.hdr.sgml : 20100118
<ACCEPTANCE-DATETIME>20100119070919
ACCESSION NUMBER:		0001292814-10-000121
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100331
FILED AS OF DATE:		20100119
DATE AS OF CHANGE:		20100119

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:		10531863

	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>sid20100118_6k.htm
<DESCRIPTION>APPRAISAL REPORT
<TEXT>
<HTML>
<HEAD>
   <TITLE>Provided by MZ Technologies</TITLE>

</HEAD>

<BODY style="font-family: 'Times New Roman, Times, Serif'; text-align:justify; font-size:11px" bgcolor="#ffffff">

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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 January, 2010</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>
</DIV>
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<P align="center">
<B>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</B></P>
<P align="center">
<B>GalvaSud S.A.</B><BR>
</P>
<P align="center">
<B>Appraisal of net book value <br>
determined based on the<br>
accounting books as of<br>
December 31, 2009 </B></P>

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<B>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</B></P>

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<B>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD></TD>
	<TD width=25%></TD>
	<TD width=25%></TD></TR>
<TR valign="bottom">
	<TD align=left><B>KPMG Auditores Independentes</B>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>R. Dr. Renato Paes de Barros, 33&nbsp;</TD>
	<TD align=left>Tel&nbsp;</TD>
	<TD align=left>55 (11) 2183-3000&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>04530-904 &#150; S&atilde;o Paulo, SP &#150; Brazil&nbsp;</TD>
	<TD align=left>Fax (National)</TD>
	<TD align=left>55 (11) 2183-3001&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Caixa Postal 2467&nbsp;</TD>
	<TD align=left>Fax (International)</TD>
	<TD align=left>55 (11) 2183-3034&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>01060-970 &#150; S&atilde;o Paulo, SP &#150; Brazil&nbsp;</TD>
	<TD align=left>Website&nbsp;</TD>
	<TD align=left>www.kpmg.com.br&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
<B>APPRAISAL REPORT </B></P>
<P>
To the <br>
Board of Executive Officers of GalvaSud S.A. <br>
Rio de Janeiro - RJ </P>
<P align="justify">
<B>KPMG Auditores Independentes, </B>a company headquartered in the City and State of S&atilde;o Paulo, at Rua Dr. Renato Paes de Barros, 33, with Corporate Taxpayer&#146;s ID no. 57.755.217/0001-29, originally registered at the Regional Accounting Council of the State of S&atilde;o Paulo under no. 2SP014428/O-6, with its Articles of Incorporation registered at the 2<SUP>nd</SUP> Civil Registry of Deeds and Documents for Legal Entities of S&atilde;o Paulo, State of S&atilde;o Paulo, on June
24, 1987, with subsequent amendments registered at the 2<SUP>nd</SUP> Civil Registry of Deeds and Documents for Legal Entities of S&atilde;o Paulo, State of S&atilde;o Paulo, the last amendment being dated August 21, 2009, recorded in microfilm under no. 101.590, on September 30, 2009, represented by its undersigned partner Mrs. Carla Bellangero, Brazilian, divorced, accountant, bearer of Identity Card (RG) no. 17.041.698, with Individual Taxpayer&#146;s ID(CPF) under no. 101.832.328-79,
and enrolled at the Regional Accounting Council of the State of S&atilde;o Paulo (CRC) under no. 1SP196751/O-4, resident and domiciled in the City and State of S&atilde;o Paulo, with office at the same address of the company being represented, appointed by <B>Companhia Sider&uacute;rgica Nacional, </B>to determine the net book value on December 31, 2009, summarized in Attachment 1, according to the accounting practices adopted in Brazil, presents the result of its work.</P>
<p align="right">KPMG Auditores Independentes, a Brazilian<BR>
  entity and a member firm of the KPMG network<BR>
  of independent member firms affiliated with<BR>
  KPMG International Cooperative (&#147;KPMG<BR>
  International&#148;), a Swiss entity. <BR>
</p>

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<B>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</B></P>
<P align="right">
- -3-<BR>
</P>
<P>
<B>1 &#150; Appraisal purpose </B><br>
This report is being issued with the purpose of appraising, according to the accounting practices adopted in Brazil, the net book value of GalvaSud S.A. on December 31, 2009, to be part of the process of merger of GalvaSud S.A. into Companhia
Sider&uacute;rgica Nacional, and shall not be used for other purposes. </P>
<P>
<B>2 &#150; Scope of the work </B><br>
This appraisal report of net book value is being issued in line with the audit of the balance sheet as of December 31, 2009, prepared under the responsibility of the Company&#146;s management. </P>
<P>
Our audit was conducted in accordance with the Independent Audit Standards for Financial Statements applicable in Brazil, and consisted of the following procedures, among others: (a) planning of the engagement, considering the relevance of the
balances, transaction volumes, accounting and internal control systems of the Company; (b) the verification, based on tests, of documents and records supporting the amounts presented; and (c) the evaluation of the most important accounting practices
and estimates adopted by the Company&#146;s management. </P>
<P>
<B>3 &#150; Appraisal result </B><br>
Based on the work performed, we concluded that the value of the assets, rights and obligations that compose the net book value of <B>GalvaSud S.A.</B>, based on the balance sheet as of December 31, 2009, summarized in the Attachment 1, is seven
hundred and eighty-three million, four hundred and twenty thousand, six hundred and twenty six reais and forty-nine cents (R&#36;783,420,626.49), and is recorded in the Company&#146;s accounting records, in accordance with the accounting practices
adopted in Brazil. </P>
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<P align="right">
- -4- </P>
<P>
In compliance with the requirements of the Brazilian Securities and Exchange Commission, we inform that: </P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD nowrap valign=top>
(a)&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
in accordance with the professional rules established by the Federal Accounting Council, we are not aware of any direct or indirect conflicts of interest or any other circumstances representing a conflict of interest with regard to the services
rendered by us and described above; and	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
(b)&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
we are not aware of any attempt by the Company&#146;s controlling shareholder or administrators to direct, limit, hinder or practice any acts that have or may have hindered the access to, the use or knowledge of information, assets, documents or
work methodology relevant to the quality of the respective conclusions.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<p>S&atilde;o Paulo, January 13, 2010</p>
<p>KPMG Auditores Independentes<BR>
CRC 2SP014428/O-6 </p>
<p>Carla Bellangero <BR>
  Accountant <BR>
  CRC SP-196751/O-4 S-RJ
</p>
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<B>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</B></P>
<P align="right">
- -5-<BR>
</P>
<P align="center">
<B>Attachment 1 to the Appraisal Report of GalvaSud S.A. </B><br>
<B>Summarized net assets (assets/liabilities) <br>
Balance as of December 31, 2009 </B><br>
<B><I>(in Brazilian reais) </I></B></P>
<B>A - Assets</B><BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD></TD>
	<TD width=31%></TD></TR>
<TR valign="bottom">
	<TD align=left><B>Current</B>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Cash and cash equivalents&nbsp;</TD>
	<TD align=right>290,779,424.45&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Trade accounts receivable&nbsp;</TD>
	<TD align=right>84,272,272.57&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Accounts receivable from related parties&nbsp;</TD>
	<TD align=right>6,723,652.93&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Inventories&nbsp;</TD>
	<TD align=right>122,103,805.94&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Taxes recoverable&nbsp;</TD>
	<TD align=right>96,839,838.77&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Other credits&nbsp;</TD>
	<TD align=right>89,156.78&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD align=right>600,808,151.44&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Non-current</B>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;<B>Long-term assets</B>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Taxes recoverable&nbsp;</TD>
	<TD align=right>43,093,211.94&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Court deposits&nbsp;</TD>
	<TD align=right>543,517.78&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD align=right>43,636,729.72&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;<B>Fixed assets</B>&nbsp;</TD>
	<TD align=right>228,183,849.71&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Total assets</B>&nbsp;</TD>
	<TD align=right>872,628,730.87&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
</TABLE>
<BR>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

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<A name="page_7"></A>

<P align="center">
<B>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</B></P>
<P align="right">
- -6-<BR>
</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD></TD>
	<TD width=30%></TD></TR>
<TR valign="bottom">
	<TD align=left><B>B &#150; Liabilities</B>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Current</B>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;Suppliers&nbsp;</TD>
	<TD align=right>4,951,824.85&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;Related parties&nbsp;</TD>
	<TD align=right>4,453,992.78&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;ICMS (Tax on circulation of goods and&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;services) payable - FUNDES&nbsp;</TD>
	<TD align=right>13,509,745.26&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;Taxes and contributions payable&nbsp;</TD>
	<TD align=right>15,886,196.17&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;Wages and vacation payable&nbsp;</TD>
	<TD align=right>2,561,196.20&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;Other accounts payable&nbsp;</TD>
	<TD align=right>2,982,602.63&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD align=right>44,345,557.89&nbsp;</TD></TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Non-current</B>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;Provision for contingencies&nbsp;</TD>
	<TD align=right>955,872.40&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;ICMS (Tax on circulation of goods and&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;services) payable - FUNDES&nbsp;</TD>
	<TD align=right>43,906,674.09&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD align=right>44,862,546.49&nbsp;</TD></TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Shareholders&#146; equity</B>&nbsp;</TD>
	<TD align=right>783,420,626.49&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Total liabilities</B>&nbsp;</TD>
	<TD align=right>872,628,730.87&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
</TABLE>
<p><BR>
  Lu&iacute;s Fernando Barbosa Martinez<BR>
Chief Executive Officer </p>
<p>  Ricardo Cond&eacute; de Lima <BR>
  Accountant <BR>
  CRC/RJ - 1SP107383/O-8</p>


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<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: January 19, 2010</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>
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      <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;Paulo Penido Pinto Marques </FONT></DIV>
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      <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> Paulo Penido Pinto Marques
 </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>
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<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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