<SEC-DOCUMENT>0001292814-12-000830.txt : 20120403
<SEC-HEADER>0001292814-12-000830.hdr.sgml : 20120403
<ACCEPTANCE-DATETIME>20120403172358
ACCESSION NUMBER:		0001292814-12-000830
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120630
FILED AS OF DATE:		20120403
DATE AS OF CHANGE:		20120403

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:		12739023

	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>sid20120403_6k.htm
<DESCRIPTION>EXCERPT OF THE MINUTES OF THE BOARD OF DIRECTORS
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<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>

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of April, 2012</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>

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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>

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<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>

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<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: justify; MARGIN: 0cm 0pt 0cm 0cm"><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">EXCERPT OF THE MINUTES OF THE BOARD OF DIRECTORS&#8217; MEETING OF COMPANHIA SIDER&#218;RGICA NACIONAL HELD ON MARCH 26, 2012, DRAWN UP IN SUMMARY FORMAT. </FONT></B></P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0pt 0cm 0cm"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Publicly-held Company</FONT></H4>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0pt 0cm 0cm"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Company Registry (NIRE): 35300396090</FONT></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">1.</FONT></B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">Date:&nbsp;</FONT></B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 26, 2012</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time:</FONT></B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 p.m.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venue:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">Avenida Brigadeiro Faria Lima, 3400 &#8211; 20&#176; andar.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attendance:</FONT></B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman"> &nbsp;&nbsp; Benjamin Steinbruch, Jacks Rabinovich, Antonio Francisco dos Santos, Yoshiaki Nakano and Gilberto Say&#227;o da Silva &#8211; Board members and Cl&#225;udia Maria Sarti &#8211; General Secretary of the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0cm 0cm"><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matters Discussed: </FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">6.1 &#8211; Issuance of Promissory Notes. &nbsp;</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Board of Directors approved the Issuance and the Restricted Offering, which will have the following characteristics and conditions: </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(i) Issuance Number:</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> First (1<SUP>st</SUP>) issuance of promissory notes by the Company; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(ii)&nbsp;</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">Total Issuance Amount.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> The total issuance amount will be eight hundred million reais (R$800,000,000.00) on the Issuance Date of the promissory notes (as defined below); </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(iii) Number.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> Forty (40) Promissory Notes will be issued; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(iv) Nominal Unit Value and Adjustment of the Nominal Unit Value.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> The Promissory Notes will have a Nominal Unit Value of twenty million reais (R$20,000,000.00) on the Issuance date (as defined below) (&#8220;</FONT><U><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Nominal Unit Value</FONT></U><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;). The Nominal Unit Value of the Promissory Notes will not be restated or adjusted by any index; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(v) Number of Series.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> The Issuance will be made in a single series; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(vi) Allocation of Proceeds.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> The net proceeds of the Issuance and the Restricted Offering, less commissions due to the broker and other expenses to be paid by the Company, will be fully allocated to extending the Company&#8217;s debt profile; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(vii)&nbsp;</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">Form and Proof of Ownership</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">. &nbsp;</FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Promissory Notes will be physically issued as instruments and will be deposited in the agent bank to be hired by the Company, as defined in the </FONT><I><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Manual de Normas de Nota Comercial</FONT></I><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> (Manual of Rules for Commercial Notes) (NOTA) of the CETIP S.A. - Organized Over-the-Counter Market (&#8220;</FONT><U><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">CETIP</FONT></U><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">For all legal purposes, ownership of the Promissory Notes will be attested to by the physically issued instrument. In addition, for the Promissory Notes held under electronic custody by the CETIP, the CETIP will issue a statement on behalf of the respective owner, which will also function as Proof of Ownership;</FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman"> (viii) Price and Form of Subscription and Payment</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">. The Promissory Notes will be subscribed at their Nominal Unit Value. Subscription and payment of the Promissory Notes will be made pursuant to CETIP procedures through the Distribution Model &#8211; SDT. The Promissory Notes will be paid in cash, at the moment of subscription, in current domestic currency and in accordance with CETIP procedures; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(ix) Placement and Distribution Plan</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">. The Promissory Notes will be the object of a public offering with restricted placement efforts, pursuant to CVM Instruction 476/09, under a firm placement guarantee, provided by BB &#8211; Banco de Investimento S.A. (&#8220;Lead Coordinator&#8221;) targeting qualified investors, as defined in article 109 of CVM Instruction 409, of August 18, 2004, as amended, and pursuant to article 4 of CVM Instruction 476/09; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(x)&nbsp;</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">Registration for Distribution and Trading. </FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Promissory Notes will be distributed through the Distribution Module &#8211; SDT, managed and operated by the CETIP. The Promissory Notes will be registered for secondary trading in the CETIP21, managed and operated by the CETIP, respecting the prohibition on trading for ninety (90) </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0cm 0cm"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">days, in article 13 of CVM Instruction 476/09, with financial settlement and electronic custody provided by the CETIP; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(xi)&nbsp;</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">Issuance Date of Promissory Notes.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> The issuance date will be the effective date of subscription and payment of the Promissory Notes (&#8220;</FONT><U><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Issuance Date</FONT></U><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;); </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(xii)&nbsp;</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">Effective Period.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> The Promissory Notes will mature in up to one hundred and eighty (180) days as of the Issuance Date ("</FONT><U><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Maturity Date</FONT></U><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">"); </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(xiii) Yield.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> Compensatory interest corresponding to one hundred and five point eight percent (105.8%) of the accumulated variation of the average daily rates of interbank deposit rate, DI rate over extra group, expressed as an annual percentage, based on two hundred and fifty-two (252) working days, calculated and disclosed by the CETIP in the daily bulletin available on their website (</FONT><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US color=#0070c0 face="Times New Roman">www.cetip.com.br</FONT><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">), will be levied on the nominal Unit Value. The Compensatory Interest will be calculated in an exponential and cumulative form, proportional to the number of working days elapsed, on the Nominal Unit Value of each Promissory Note from the Issuance Date, inclusive, to the payment date, in accordance with the criteria defined in the </FONT><I><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Caderno de F&#243;rmulas de Notas Comerciais e Obriga&#231;&#245;es</FONT></I><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> (Booklet of Formulas for Commercial Notes and Obligations) &#8211; CETIP21, available on the CETIP&#8217;s website (</FONT><U><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US color=#0070c0 face="Times New Roman">www.cetip.com.br</FONT></U><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">). The Compensatory Interest will be paid in a single installment, on the Maturity Date, on the date of early settlement resulting from early maturity or on the date of early redemption of the Promissory Notes; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(xiv) Payment of Principal.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> The Nominal Unit Value of the Promissory Notes will be paid in a single installment, on the Maturity date, on the date of early settlement resulting from early maturity or on the date of early redemption of the Promissory Notes; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(xv) Guarantees / Suretyship. </FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;The Promissory Notes will not have any guarantees or suretyships; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(xvi) Early Maturity</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">. The maturity of the Promissory Notes may be anticipated, requiring the immediate payment by the Company of the Nominal Unit Value plus Compensation, calculated proportionally until the effective payment date, in addition to the other charges due in early maturity situations to be established in the instruments of the Promissory Notes; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(xvii) Voluntary Early Redemption. </FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;The Company reserves the right to undertake the early redemption of all the Promissory Notes, at any time, at its sole discretion ("</FONT><U><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Voluntary Early Redemption</FONT></U><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">"), in accordance with CVM Instruction 134 of November 1, 1990, in particular article 7, paragraph 2, and under the terms to be established in the instruments of the Promissory Notes, provided that the payment of said redemption be made solely with proceeds from the public offering of debentures, with restricted placement efforts, with BB &#8211; Banco de Investimento S.A. as a Lead Coordinator. The Voluntary Early Redemption will be made through the payment of Nominal Unit Value plus Yield, calculated proportionally from the Issuance Date to the effective date of the Voluntary Early Redemption, with no additional premium. If the Promissory Notes are registered in the CETIP, the early redemption will be performed in accordance with the procedures adopted by it;</FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman"> (xviii) Default Charges. </FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The default charges of the Promissory Notes are defined in its instruments; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(xix) Place of Payment.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> The payments related to the Promissory Notes will be effected in accordance with the procedures adopted by the CETIP for promissory notes held under electronic custody in the CETIP21. If the Promissory Notes are not linked to the CETIP21, the payments will be made directly to the owners of the Promissory Notes at the Company&#8217;s headquarters; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(xx) Additional Obligations of the Company.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> The Company undertakes to fully comply with article 17 of CVM Instruction 476/09, as applicable, in addition to the obligations defined in the instruments of the Promissory Notes; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(xxi) Registration of the Issuance with the CVM.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> The Issuance is automatically exempt from distribution registration with the CVM, pursuant to article 6 of CVM Instruction 476/09; and </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">(xxii) Term Extension.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> The terms related to the payment of any obligation related to the Promissory Notes will be considered as extended until the first subsequent working day if the maturity date is a national, municipal (in the city where the Company is headquartered) or bank holiday, with no additions to the amounts payable, except in the cases in which payments must be made through the CETIP, in which case, the term will only be extended when the payment date is a Saturday, a Sunday or a national holiday; </FONT><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">6.1.1. &#8211; </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0cm 0cm"><B><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">Authorization to the Board of Executive Officers.</FONT></B><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> The members of the Board of Executive Officers are hereby authorized to take any and all measures necessary to implement this resolution and may, pursuant to the Company&#8217;s bylaws, (i) define and approve the content of the instruments of the Promissory Notes and other documents related to the Issuance, pursuant to the conditions in item 6.1 above; (ii) take any and all measures necessary to sign the instruments of the Promissory Notes; (iii) take any and all measures necessary to hire the Lead Coordinator, agent bank, legal counsel, notes agent and other institutions that may be necessary to undertake the Issuance, establishing their respective fees; and (iv) publish and register the corporate documents with the competent authorities and take any and all necessary measures before the CETIP or any bodies or agencies.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0cm 0cm"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">This is a free English translation of the minutes filed at the Company&#8217;s headquarters.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></P>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US color=windowtext face="Times New Roman">Claudia Maria Sarti</FONT></H2>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">General Secretary of the Board of Directors</FONT></H3>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">SIGNATURE </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;April 03, 2012</FONT></DIV>

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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=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;David Moise Salama </FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>David Moise Salama </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Investor Relations Executive 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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