<SEC-DOCUMENT>0001292814-11-001471.txt : 20110517
<SEC-HEADER>0001292814-11-001471.hdr.sgml : 20110517
<ACCEPTANCE-DATETIME>20110516202339
ACCESSION NUMBER:		0001292814-11-001471
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110630
FILED AS OF DATE:		20110517
DATE AS OF CHANGE:		20110516

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:		11849543

	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>sid20110516_6k4.htm
<DESCRIPTION>VALUATION REPORT
<TEXT>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Washington, D.C. 20549 </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>FORM 6-K </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Report of Foreign Private Issuer<BR>Pursuant to Rule 13a-16 or 15d-16 of the</FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Securities Exchange Act of 1934</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center>

<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of May, 2011</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>COMPANHIA SIDER&#218;RGICA NACIONAL </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Exact name of registrant as specified in its charter) </FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>National Steel Company </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Translation of Registrant's name into English)</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><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 color=#000000 size=2 face="Times New Roman">(Address of principal executive office)</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<P></P>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">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> Form 20-F ___X___ Form 40-F _______

<P>&nbsp;<FONT size=3 face="Times New Roman, Times, Serif">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____ </DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 133%; LETTER-SPACING: 0.4pt; FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Inal Nordeste S.A.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 18pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 17pt" lang=EN-US face=Arial,sans-serif>Valuation report of the book value of <BR>shareholders&#8217; equity based on the</FONT><FONT style="FONT-SIZE: 17pt" lang=EN-US face=Arial,sans-serif>&nbsp;<BR>accounting books as of April 30,2011</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 18pt" align=center><B><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.2pt; FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Valuation report of the book value of shareholders&#8217; equity </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 18pt" align=center><B><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.2pt; FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>based on the accounting books</FONT></B></P>

<P style="MARGIN: 32pt 0cm 0pt 3.6pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>To</FONT></P>

<P style="MARGIN: 4pt 0cm 0pt 3.6pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Management of</FONT></P>

<P style="MARGIN: 4pt 306pt 0pt 3.6pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Inal Nordeste S.A. </FONT></P>

<P style="MARGIN: 4pt 306pt 0pt 3.6pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Cama&#231;ari &#8211; BA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 9pt 7.2pt 0pt 3.6pt"><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>KPMG Auditores Independentes, </FONT></B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>a company headquartered in the City of S&#227;o Paulo at Rua Dr. Renato Paes de Barros, 33, corporate taxpayer ID (CNPJ/MF) 57.755.217/0001-29, originally registered at the S&#227;o Paulo State Regional Accounting Council under no. 2SP014428/O-6 and secondarily registered in the State of Bahia under CRC SP-014428/F-7, with its Articles of Incorporation registered at the 2<SUP>nd</SUP> Registry of Deeds and Documents of Legal Entities of the City and State of S&#227;o Paulo under no. 23.244 on June 24,1987 and further amendments registered at the 2<SUP>nd</SUP> Registry of Deeds and Documents of Legal Entities of the City and State of S&#227;o Paulo, with the last amendment, dated October 1, 2010, registered on microfilm under no. 107.295 on December 3, 2010, herein represented by its undersigned partner, Mr. Anselmo Neves Macedo, Brazilian citizen, separated, accountant, identity card (RG) 9.491.182, individual taxpayer register (CPF/MF) 033.169.788-28 and at the S&#227;o Paulo State Regional Accounting Council under no. SP160482/O-6 and secondary registration under no. SP160482/O-6-S-BA, resident and domiciled in the City and State of S&#227;o Paulo, with office at the same address as the company represented, appointed expert by </FONT><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Inal Nordeste S.A.</FONT></B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif> (Company) to appraise the book value of shareholders&#8217; equity on April 30, 2011, in accordance with the accounting practices adopted in Brazil, presents the results of its works.</FONT></P>

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<P style="LINE-HEIGHT: 116%; MARGIN: 20pt 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Helvetica,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 116%; MARGIN: 20pt 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Helvetica,sans-serif>1</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Helvetica,sans-serif>- </FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Helvetica,sans-serif>Objective of the valuation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 20pt 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>This report is issued with the objective of evaluating, in accordance with the accounting practices adopted in Brazil, the book value of shareholders&#8217; equity of Inal Nordeste S.A. on April, 30, 2011, for the purpose of its merger by Companhia Sider&#250;rgica Nacional, and should not be used for any other purpose.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 20pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>2 &#8211; Scope of works</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 22pt 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>The valuation report on the book value of shareholders&#8217; equity has been issued in connection with the audit of the balance sheet drawn up on April 30, 2011, which was prepared under the responsibility of the Company&#8217;s Management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 18pt 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 11pt" lang=EN-US face=Helvetica,sans-serif>Our review was conducted in accordance with the Brazilian and international audit standards, and included, among other procedures: (a) the planning of works, considering the relevance of balances, the volume of transactions and the Company&#8217;s internal controls and accounting systems; (b) the confirmation, based on tests, of the evidence and records supporting the values presented; and (c) the evaluation of the representative accounting practices and estimates adopted by the Company&#8217;s Management.</FONT></P>

<P style="MARGIN: 20pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 125%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>3 &#8211; Valuation results </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 18pt 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Based on the works conducted, we conclude that the value of the assets, rights and liabilities of the Company&#8217;s book value of shareholders&#8217; equity on April 30,2011, summarized in Attachment I, is twenty-seven million, seven hundred, fifty-three thousand, eight hundred, twenty reais and fifty-seven centavos&nbsp; (R$27,753,820.57). The book value of shareholders&#8217; equity, as indicated in Attachment I, is recorded in the accounting books, in accordance with the accounting practices adopted in Brazil.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Helvetica,sans-serif>In addition, in compliance with the requirements of the Brazilian Securities and Exchange Commission, we declare that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.4pt; MARGIN: 16pt 0cm 0pt 14.4pt"><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.2pt; FONT-SIZE: 11pt" lang=EN-US face=Helvetica,sans-serif>(a)</FONT><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.2pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"> </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Helvetica,sans-serif>in accordance with the professional rules established by the Federal Accounting Council, we are not aware of any conflict of interests, either direct or indirect, neither of any other circumstance representing conflict of interests regarding the services provided by us and described above; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.4pt; MARGIN: 14pt 0cm 0pt 14.4pt"><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.2pt; FONT-SIZE: 11pt" lang=EN-US face=Helvetica,sans-serif>(b)</FONT><FONT style="LINE-HEIGHT: 150%; LETTER-SPACING: 0.2pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Helvetica,sans-serif>&nbsp;we are not aware of any actions taken by the controlling shareholder or Management of the Company to manipulate, limit, hinder or practice any acts that affected or could have affected the access, use or knowledge of information, assets, documents or work methodologies that are relevant to the quality of the respective conclusions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 31pt 0cm 0pt"><FONT style="LINE-HEIGHT: 125%; FONT-SIZE: 11pt" lang=PT-BR face=Helvetica,sans-serif>S&#227;o Paulo, May 12, 2011</FONT></P>

<P style="MARGIN: 34pt 255.6pt 27pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=PT-BR face=Arial,sans-serif>KPMG Auditores Independentes<BR></FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=PT-BR face=Helvetica,sans-serif>CRC SP-014428/F-7</FONT></P>

<P style="MARGIN: 0cm 0cm 10.8pt 57.6pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 125%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Anselmo Neves Macedo</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 11pt" lang=EN-US face=Helvetica,sans-serif>Accountant - CRC SP-160482/0-6 S-BA</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 2pt" align=center><B><FONT style="LINE-HEIGHT: 141%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Attachment I</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 2pt" align=center><B><FONT style="LETTER-SPACING: 0.65pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Book value of shareholders&#8217; equity of balance sheet items<BR></FONT></B><B><FONT style="LETTER-SPACING: 0.4pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>on April 30,2011<BR></FONT></B><B><FONT style="LETTER-SPACING: 0.8pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>(amounts in Brazilian Reais)</FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Cash and cash equivalents</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>6,060,196.14</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Recoverable taxes</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4,269,549.17</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Inventories</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18,170,954.62</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Other assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>58,635.67</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Noncurrent</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Bonds and deposits</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>59,219.15</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Recoverable taxes</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>63,055.64</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Property, plant and equipment</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>11,398,575.84</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none; BACKGROUND: yellow" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; BACKGROUND: yellow; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>A </FONT></B></FONT><FONT style="DISPLAY: none; BACKGROUND: yellow" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; BACKGROUND: yellow; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&#8211; </FONT><B><FONT style="LINE-HEIGHT: 108%; BACKGROUND: yellow; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>total assets</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none; BACKGROUND: yellow" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; BACKGROUND: yellow; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>47,981,257.76</FONT></B></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Liabilities</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Accounting balance</FONT></B></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Current</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Suppliers:</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Third parties</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>550,843.29</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Companhia Sider&#250;rgica Nacional</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18,401,550.23</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Companhia Metal&#250;rgica Prada</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>113,662.48</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Payroll and social contributions</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>236,095.77</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Recoverable taxes</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>43,476.38</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Other accounts payable</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>550,490.46</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Advances from customers</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>120,487,97</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Provisions for labor contingencies</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>50,620.70</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Noncurrent</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Liabilities and tax installment payment (Refis program)</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>160,209.91</FONT></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; DISPLAY: none"><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 108%; BACKGROUND: yellow; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>B &#8211; total liabilities</FONT></B></H1></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none; BACKGROUND: yellow" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; BACKGROUND: yellow; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>20,227,437.19</FONT></B></FONT></P></TD></TR>

<TR style="DISPLAY: none">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Book value of shareholders&#8217; equity (A-B)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="DISPLAY: none; BACKGROUND: yellow" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; BACKGROUND: yellow; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>27,753,820.57</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 70%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Accounting balance</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>7,901,071.53</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Accounts receivable</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>6,060,196.14</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>4,269,549.17</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Inventories</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>18,170,954.62</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Other assets</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>58,635.67</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Noncurrent</FONT></B></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Bonds and deposits</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>59,219.15</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>63,055.64</FONT></P></TD></TR>

<TR style="HEIGHT: 15.25pt">

   <TD style="HEIGHT: 15.25pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.25pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Property, plant and equipment</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; HEIGHT: 15.25pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>11,398,575.84</FONT></P></TD></TR>

<TR style="HEIGHT: 15.25pt">

   <TD style="HEIGHT: 15.25pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.25pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>A </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&#8211; </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>total assets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 15.25pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>47,981,257.76</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.25pt">

   <TD style="HEIGHT: 15.25pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.25pt" vAlign=top width="70%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.25pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Accounting balance</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Suppliers:</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Third parties</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>550,843.29</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Companhia Sider&#250;rgica Nacional</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>18,401,550.23</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>113,662.48</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Payroll and social contributions</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>236,095.77</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>43,476.38</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Other accounts payable</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>550,490.46</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Advances from customers</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>120,487,97</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Provisions for labor contingencies</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>50,620.70</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Noncurrent</FONT></B></P></TD>

   <TD style="HEIGHT: 14.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.25pt">

   <TD style="HEIGHT: 15.25pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.25pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; Liabilities and tax installment payment (Refis program)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; HEIGHT: 15.25pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>160,209.91</FONT></P></TD></TR>

<TR style="HEIGHT: 15.25pt">

   <TD style="HEIGHT: 15.25pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.25pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; B &#8211; total liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 15.25pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>20,227,437.19</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="HEIGHT: 15.95pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Book value of shareholders&#8217; equity (A-B)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 15.95pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial,sans-serif>27,753,820.57</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.4pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 108%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 65pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 10.8pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-US face=Helvetica,sans-serif>Jo&#227;o Lauriano Bernardo</FONT></P>

<P style="MARGIN: 0cm 54pt 0pt 10.8pt"><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 9pt" lang=EN-US face=Helvetica,sans-serif>General Accounting Manager<BR>CRC/SP &#8211; 123598/O-0 S-BA</FONT></P>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>SIGNATURE </B></FONT></DIV>

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<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">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>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;May 16, 2011</FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

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   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Benjamin Steinbruch </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

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   <DIV align=left>&nbsp;</DIV></TD></TR>

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   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Paulo Penido Pinto Marques </FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Paulo Penido Pinto Marques </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Financial Officer and Investor Relations Officer<BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">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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