<SEC-DOCUMENT>0001292814-13-000285.txt : 20130214
<SEC-HEADER>0001292814-13-000285.hdr.sgml : 20130214
<ACCEPTANCE-DATETIME>20130214163255
ACCESSION NUMBER:		0001292814-13-000285
CONFORMED SUBMISSION TYPE:	20-F/A
CONFIRMING COPY:	
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20130214
DATE AS OF CHANGE:		20130214

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:		20-F/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732

	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>20-F/A
<SEQUENCE>1
<FILENAME>sidform20fa_2011.htm
<DESCRIPTION>FORM 20F 2011
<TEXT>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 10pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As filed with the Securities and Exchange Commission on&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-DECORATION: none; LETTER-SPACING: 0pt" face="Times New Roman">February 14</FONT><FONT style="COLOR: #000000"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LETTER-SPACING: 0pt" face="Times New Roman">, 2013</FONT></FONT></P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 16pt" color=black face="Times New Roman">UNITED STATES</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 16pt" color=black face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Washington, D.C. 20549</FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 5pt" color=black face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 16pt" face="Times New Roman">FORM 20-F</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 16pt; COLOR: #000000; TEXT-DECORATION: none; LETTER-SPACING: 0pt" face="Times New Roman">/A&nbsp;</FONT></B></P><FONT style="COLOR: #000000">

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none; LETTER-SPACING: 0pt" face="Times New Roman">(Amendment No. 1)</FONT></P></FONT>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt" vAlign=top width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=black face=webdings>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="92%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="8%">

   <P style="MARGIN: 0cm 0cm 3pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="92%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">OR</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 3pt"><FONT style="FONT-SIZE: 12pt" color=black face="wingdings 2">R</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="92%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF<BR>THE SECURITIES EXCHANGE ACT OF 1934</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 3pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="92%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">For the fiscal year ended December 31, 2011</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 3pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="92%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">OR</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 3pt"><FONT style="FONT-SIZE: 12pt" color=black face=webdings>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="92%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF<BR>THE SECURITIES EXCHANGE ACT OF 1934</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 3pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">OR</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=black face=webdings>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="92%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 3pt" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Commission File Number 1-14732</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 5pt" color=black face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"><BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(Exact Name of Registrant as Specified in its Charter)</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">NATIONAL STEEL COMPANY</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"><BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(Translation of Registrant&#8217;s name into English)</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">THE FEDERATIVE REPUBLIC OF BRAZIL</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"><BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(Jurisdiction of incorporation or organization)</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 5pt" color=black face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">David Moise Salama, Investor Relations Executive Officer<BR>Phone:&nbsp; +55 11 3049-7100&nbsp;&nbsp; Fax:&nbsp; +55 11 3049-7212</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">invrel@csn.com.br<BR></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Av.&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Brigadeiro Faria Lima, 3,400 &#8211; 20<SUP>th</SUP> floor<BR>04538-132, S&#227;o Paulo-SP, Brazil</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(Address of principal executive offices)</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 5pt" color=black face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Securities registered or to be registered pursuant to Section 12(b) of the Act.</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Title of each class</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Name of each exchange on which registered</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Common Shares without par value</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 48.6pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">New York Stock Exchange*</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">American Depositary Shares, (as evidenced by American Depositary Receipts), each representing one share of Common Stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt 48.6pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">New York Stock Exchange</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" color=black face="Times New Roman">____________________</FONT></P>

<P style="MARGIN: 0cm 0cm 5pt 18pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">*&nbsp; Not for trading purposes, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Securities registered or to be registered pursuant to Section 12(g) of the Act:</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">None</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">None</FONT></P>

<P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the period covered by the annual report: </FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Common Shares, without par value.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">1,457,970,108. For further information, see &#8220;Item&nbsp;7A.&nbsp; Major Shareholders,&#8221;&nbsp; &#8220;Item&nbsp;9A. Offer and Listing Details&#8221; and &#8220;Item&nbsp;10B. Memorandum and Articles of Association.&#8221;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="wingdings 2">
<IMG border=0 src="checked_square.jpg"></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; Yes&nbsp;&nbsp;&nbsp;
<IMG border=0 src="empty_square.jpg"></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; No</FONT></B></P>

<P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=webdings>
<IMG border=0 src="empty_square.jpg"></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; Yes&nbsp;&nbsp;&nbsp;
<IMG border=0 src="checked_square.jpg"></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; No</FONT></B></P>

<P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="wingdings 2">
<IMG border=0 src="checked_square.jpg"></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; Yes&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=webdings>
<IMG border=0 src="empty_square.jpg"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">No</FONT></B></P>

<P style="MARGIN: 0cm 9pt 6pt 0cm; TEXT-INDENT: 0.9pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face="Times New Roman">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 5pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="wingdings 2">
<IMG border=0 src="checked_square.jpg"></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; Yes&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=webdings>
<IMG border=0 src="empty_square.jpg"></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; No</FONT></B></P>

<P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.&nbsp; See definition of &#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act.&nbsp; (Check one):</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Large Accelerated Filer&nbsp;
<IMG border=0 src="checked_square.jpg"></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated Filer&nbsp;
<IMG border=0 src="empty_square.jpg"></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated Filer&nbsp;&nbsp;
<IMG border=0 src="empty_square.jpg"></FONT></B></P>

<P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">U.S. GAAP
   <IMG border=0 src="empty_square.jpg"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="35%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">International Financial Reporting Standards as issued by the International Accounting Standards Board
   <IMG border=0 src="checked_square.jpg"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-TOP: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Other
   <IMG border=0 src="empty_square.jpg"></FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Item 17&nbsp;
<IMG border=0 src="empty_square.jpg"></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; Item 18&nbsp;
<IMG border=0 src="empty_square.jpg"></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=webdings>
<IMG border=0 src="empty_square.jpg"></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; Yes&nbsp;&nbsp;</FONT>
<IMG border=0 src="checked_square.jpg"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> No </FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">EXPLANATORY NOTE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are amending our Annual Report on Form 20-F for the year ended December 31, 2011, or the Annual Report, to include amended copies of two exhibits to our Annual Report regarding amendments to certain agreements in connection with our strategic partnership agreement with a consortium of Asian companies concerning Nacional Min&#233;rios S.A., or Namisa, one of our subsidiaries. The two amended exhibits are:</FONT></P>

<UL style="MARGIN-BOTTOM: 0cm; MARGIN-TOP: 0cm" type=disc>

<LI style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">amendment to the Share Purchase Agreement, dated June 30, 2011; and</FONT>

<LI style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">amendment to the Shareholders&#8217; Agreement of Namisa, dated June 30, 2011.</FONT> </LI></UL>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">These exhibits were amended after discussions with the Staff of the Securities and Exchange Commission, or the SEC, during their review of an application for confidential treatment of certain portions of these amendments. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">No other changes are being made to the Annual Report, as originally filed. The Annual Report, as amended by this amendment, continues to speak as of the date of its original filing and we have not updated the disclosure as of a later date.&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 19.&nbsp; Exhibits</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Exhibit</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Description</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Number</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">1.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Bylaws of CSN, as amended to date. (incorporated by reference to the Annual Report on Form 20-F for the year ended December 31, 2011, filed with the SEC on April 30, 2012)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Form of Amended and Restated Deposit Agreement dated as of November 1, 1997 as amended and restated as of November 13, 1997, among Companhia Sider&#250;rgica Nacional, JP Morgan Chase Bank, N.A. (as successor to Morgan Guaranty Trust Company of New York), as successor depositary, and all holders from time to time of American Depositary Receipts issued thereunder (incorporated by reference from the Registration Statement on Form F-6 (333-7818) filed with the SEC).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Form of Amendment No. 1 to the Deposit Agreement (incorporated by reference from the Registration Statement on Form F-6EF (333-115078) filed with the SEC on April&nbsp;30, 2004).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Form of Amendment No. 2 to Deposit Agreement, including the form of American Depositary Receipt (corporate by reference from the Registration Statement on Form F-6POS filed with the SEC on January 5, 2011)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">8.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">List of subsidiaries. (incorporated by reference to the Annual Report on Form 20-F for the year ended December 31, 2011, filed with the SEC on April 30, 2012)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">10.1*&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Share Purchase Agreement, dated October 21, 2008, among CSN, Big Jump Energy Participa&#231;&#245;es S.A., Itochu Corporation, JFE Steel Corporation, Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nishin Steel Co., Ltd., and Posco. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">
   <A href="exhibit_102.htm">10.2*+</A>&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">
   <A href="exhibit_102.htm">Amendment to the Share Purchase Agreement, dated June 30, 2011</A>.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">10.3*&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Shareholders Agreement of Nacional Min&#233;rios S.A., dated October 21, 2008, between CSN and Big Jump Energy Participa&#231;&#245;es S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">
   <A href="exhibit_104.htm">10.4*+</A>&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">
   <A href="exhibit_104.htm">Amendment to the Shareholders&#8217; Agreement of Nacional Min&#233;rios S.A., dated June 30, 2011</A>.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">10.5*&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">High Silica ROM Iron Ore Supply Contract, dated October 21, 2008, between CSN and Nacional Min&#233;rios S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">10.6*&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Low Silica ROM Iron Ore Supply Contract, dated October 21, 2008, between CSN and Nacional Min&#233;rios S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">10.7*&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Iron Ore Supply Contract, dated October 21, 2008, between CSN and Nacional Min&#233;rios S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">10.8*&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Port Operating Services Agreement, dated October 21, 2008, between CSN and Nacional Min&#233;rios S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="13%">

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   <A href="exhibit_121.htm">12.1+</A>&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">
   <A href="exhibit_121.htm">Section 302 Certification of Chief Executive Officer.&nbsp;</A>&nbsp;</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">12.2+&nbsp;</FONT></P></A></TD>

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   <A href="exhibit_122.htm">

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   <A href="exhibit_122.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Section&nbsp;302 Certification of Principal Financial Officer.&nbsp;&nbsp;</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">*&nbsp; &nbsp; &nbsp; Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission as part of an application for confidential treatment pursuant to the Securities Exchange Act of 1934, as amended.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">+&nbsp; &nbsp; &nbsp; Filed herewith.</FONT></P></TD></TR>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">SIGNATURE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">The registrant hereby certifies that it meets all the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 32.6pt"><FONT style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-DECORATION: none; LETTER-SPACING: 0pt" face="Times New Roman">February&nbsp;14</FONT><FONT style="COLOR: #000000"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LETTER-SPACING: 0pt" face="Times New Roman">, 2013</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="48%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Companhia Sider&#250;rgica Nacional </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">By: </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">/s/ Benjamin Steinbruch</FONT></U><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"> &nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Name: </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Benjamin Steinbruch </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Title: </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Chief Executive Officer </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">By: </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">/s/ Rog&#233;rio Leme Borges dos Santos</FONT></U><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"> &nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Name: </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Rog&#233;rio Leme Borges dos Santos</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Controller / Principal Financial Officer</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>exhibit_102.htm
<DESCRIPTION>EXHIBIT 10.2
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<p align=right style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:right;text-indent:36.0pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">EXHIBIT 10.2</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font style="font-variant:small-caps;"><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Fifth Amendment to the Share
Purchase Agreement and Other Covenants</font></u></font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">by and among</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Companhia Sider&#250;rgica Nacional,</font></font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">as Seller</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Brazil Japan Iron Ore Corporation </font></font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">and</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Posco,</font></font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">as Buyer</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Itochu Corporation,</font></font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">JFE Steel Corporation,</font></font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Kobe Steel, Ltd.,</font></font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> and</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Nisshin Steel Co., Ltd.,</font></font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">as Guarantors</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">and, as intervening party,</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Nacional Min&#233;rios S.A </font></font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:17.0pt;">Dated June 30<sup>th</sup></font><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:17.0pt;">, </font></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:17.0pt;">2011&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;text-indent:36.0pt;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:17.0pt;">&nbsp;</font></font></p>

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<P style="TEXT-ALIGN: center; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-VARIANT: small-caps"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fifth Amendment to the Share Purchase Agreement and other Covenants</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This Fifth Amendment to the Share Purchase Agreement and Other Covenants (this "</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amendment</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"), is made and entered into on June 30<SUP>th</SUP>, 2011, by and among: </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(i) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Companhia Sider&#250;rgica Nacional</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, a publicly-held corporation (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">sociedade an&#244;nima</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) incorporated, organized and existing under the laws of Brazil, having its registered office at the city of S&#227;o Paulo, state of S&#227;o Paulo, at Av. Brigadeiro Faria Lima 3400, 20 floor enrolled with the Federal Taxpayers&#8217; Registry (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CNPJ/MF</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) under N. 33.042.730/0001-04, herein represented pursuant to its by-laws ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">" or "</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Seller</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(ii) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil Japan Iron Ore Corporation</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, a company duly organized and existing under the laws of Japan, with its head office located at Watanabe Bldg. 5F, 1-4-2, Minami-Aoyama Minato-ku, Tokyo, 107-0062, Japan, herein represented pursuant to its by-laws ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Japanese SPC</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(iii) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Posco</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, a company incorporated, organized and existing under the laws of Korea, having its registered office at 892 Daechi 4-dong Gangnam-gu, Seoul, 135-777, Korea, herein represented pursuant to its by-laws ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Posco</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">" and, together with Japanese SPC, "</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Buyer</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(iv) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Itochu Corporation</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, a company incorporated, organized and existing under the laws of Japan, having its principal office at 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo, Japan, herein represented pursuant to its by-laws ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Itochu</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"); &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(v) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">JFE Steel Corporation</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">,</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a company incorporated, organized and existing under the laws of Japan, having its registered office at 2-2-3, Uchisaiwai-cho, Chiyoda-ku, Tokyo, Japan, herein represented pursuant to its by-laws ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">JFE</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(vi) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Kobe Steel</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ltd</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">., a company incorporated, organized and existing under the laws of Japan, having its registered office at&nbsp; 10-26, Wakinohama-cho 2-chome, Chuo-Ku, Kobe, Hyogo, 651-8585, Japan, herein represented pursuant to its articles of association ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Kobe</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"); and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(vii) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Nisshin Steel</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Co., Ltd</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">., a company incorporated, organized and existing under the laws of Japan, having its registered office at 4-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo 100-8366, Japan, herein represented pursuant to its articles of association ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Nisshin</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">" and, together with Itochu, JFE and Kobe, &#8220;</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Guarantors</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8221;);&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">and, as intervening party,</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(viii) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Nacional Min&#233;rios S.A., </FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a closely-held corporation (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">sociedade an&#244;nima</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) incorporated, organized and existing under the laws of Brazil, having its registered office at the Municipality of Congonhas, State of Minas Gerais, at Logradouro Casa de Pedra, without number, part, enrolled with the Federal Taxpayers&#8217; Registry (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CNPJ/MF</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) under N. 08.446.702/0001-05, herein represented pursuant to its by-laws ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Company</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN, Posco and Japanese SPC are referred to herein, individually, as a "</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Party</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">" and, collectively, as the "</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Parties</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">".&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Recitals</FONT></FONT></P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Whereas on October 21, 2008, the Parties and the Guarantors</FONT><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=blue face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">entered into the "Share Purchase Agreement and Other Covenants" ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Original Agreement</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">B.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Whereas the Parties and the Guarantors also executed (i) on December 22, 2008, the "First Amendment to the Share Purchase Agreement and Other Covenants" ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First Amendment</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">") and (ii) on December 23, 2008, the <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"Second Amendment to the Share Purchase Agreement and Other Covenants" ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Second Amendment</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"), in order to amend certain terms and conditions of the Original Agreement;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">C.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Whereas on December 30, 2008, the Closing was held by the Parties and the Guarantors in accordance with the terms and conditions set forth in Article 4 of the Original Agreement, as amended;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">D.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Whereas on April 22, 2009 and on July 29, 2009, the Parties and the Guarantors executed, respectively, (i)&nbsp;the "Third Amendment to the Share Purchase Agreement and Other Covenants" ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Third Amendment</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"), and (ii)&nbsp;the "Fourth Amendment to the Share Purchase Agreement and Other Covenants" (&#8220;</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fourth Amendment</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8221; and, together with the Original Agreement, the First Amendment, the Second Amendment and the Third Amendment, the "</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Agreement</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"), in order to amend certain other terms and conditions of the Original Agreement;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whereas, </FONT><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">due to the delay on the implementation of the Company&#8217;s Long-Term Business Plan and the Mid-Term Business Plan</FONT><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman"> (as defined in the Shareholders&#8217; Agreement of the Company dated December 30, 2008, as amended)</FONT><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=red face="Times New Roman">,&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> the Parties </FONT><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">and the Guarantors </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">have discussed in good faith certain adjustments to the Long-Term Business Plan and the Mid-Term Business Plan and, therefore, agreed to amend certain terms and conditions of the Agreement regarding the Post-Closing Covenants, as defined in the Agreement, to reflect the revised business structure of the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">T</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">he Parties</FONT><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"> and the Guarantors</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> agree, in consideration of the foregoing, to enter into this Amendment as per the following terms and conditions:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Capitalized terms used in this Amendment and not otherwise defined herein shall have the meaning ascribed to them in the Agreement).</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 0pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Article 1</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-VARIANT: small-caps"><U><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Post-Closing Covenants</FONT></U></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 12pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Parties hereby decide to amend Section 7.2 of the Agreement in order to reflect the negotiations held among the Parties with respect to the Post-Closing Covenants.&nbsp; Therefore, Section 7.2 of the Agreement is hereby amended and shall become effective as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 18pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">"Section 7.2 </FONT></I><I><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Post-Closing Covenants</FONT></U></I><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">. &nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 18pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Parties agree as follows with respect to the period following the Closing ("</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Post-Closing Covenants</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"):&nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 21.3pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.2.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seller shall guarantee and procure that (i) all of the areas necessary for the construction, implementation and operation of the first and second Pellet Plants, the High Silica Plant, the B-58 Tailing Dam ("</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Relevant Areas</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">" and "</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Relevant Assets</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">", respectively) are purchased by the Company (at the sole expense of Seller) by the deadlines as set forth below, (ii) the Company obtains all Permits (except for (a) Section 7.2.2, (b) the environmental operation license </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(licen&#231;a de opera&#231;&#227;o</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) (the "</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">LO</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"), and (c) any renewal of the environmental installation license (</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">licen&#231;a de instala&#231;&#227;o</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) (the "</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">LI</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">") obtained by the Company or by the Seller in relation to any Relevant Asset) required under Applicable Law in relation to the construction and implementation of the Relevant Assets; provided, however, that each of the LIs shall be obtained by the deadlines as set forth below; and, if applicable, (iii) any communities potentially occupying the Relevant Areas are definitely and legally relocated as provided in the agreement with government of the State of Minas Gerais ("</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Relevant Communities</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">") so that the applicable deadlines for the acquisitions of the Relevant Areas and the obtaining of LIs are not impacted by such potential occupation.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 15.2pt; MARGIN: 0cm 0cm 6pt 18pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">[Relevant Areas]</FONT></I></P></DIV>

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<TR>

   <TD width="6%"><FONT size=2><EM><FONT size=2><EM>(1)</EM></FONT></EM></FONT></TD>

   <TD width="47%"><FONT size=2><EM>First Pellet Plant </EM></FONT></TD>

   <TD width="47%"><FONT size=2><FONT color=#060200>[&#9679;]<SUP>1</SUP></FONT></FONT></TD></TR>

<TR>

   <TD width="6%"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT size=2><EM>(2)</EM></FONT></FONT></I></TD>

   <TD width="47%"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Second Pellet Plant</FONT></I></TD>

   <TD width="47%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">[&#9679;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">]&nbsp;</FONT></TD></TR>

<TR>

   <TD width="6%"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT size=2><EM>(3)</EM></FONT></FONT></I></TD>

   <TD width="47%"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">High Silica Plant</FONT></I></TD>

   <TD width="47%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">[&#9679;<FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">]</FONT></FONT></TD></TR>

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   <TD width="6%"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT size=2><EM>(4)</EM></FONT></FONT></I></TD>

   <TD width="47%"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">B-58 Tailing Dam</FONT></I></TD>

   <TD width="47%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">[&#9679;<FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">]</FONT></FONT></TD></TR>

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   <P></P>

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<TR>

   <TD width="6%"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT size=2><EM>(1)</EM></FONT></FONT></I></TD>

   <TD width="47%"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Second Pellet Plant&nbsp;</FONT></I></TD>

   <TD width="47%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">[&#9679;<FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">]</FONT></FONT></TD></TR>

<TR>

   <TD width="6%"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT size=2><EM>(2)</EM></FONT></FONT></I></TD>

   <TD width="47%"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">High Silica Plant</FONT></I></TD>

   <TD width="47%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">[&#9679;<FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">]</FONT></FONT></TD></TR>

<TR>

   <TD width="6%"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT size=2><EM>(3)</EM></FONT></FONT></I></TD>

   <TD width="47%"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">B-58 Tailing Dam</FONT></I></TD>

   <TD width="47%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">[&#9679;<FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">]</FONT></FONT></TD></TR></TABLE></FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 21.3pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with each of the Relevant Assets, as from the date in which the LIs are obtained as per Section 7.2.1, each of Seller and Buyer acknowledges that the Company shall be solely responsible for maintaining, renewing and/or obtaining all Permits required under Applicable Law, including but not limited to the LOs.&nbsp; Seller and Buyer hereby acknowledge that the LI for the First Pellet Plant was obtained on December 11, 2007 and Seller and Buyer agree that, subject to Section 7.2.2.1(i) and (ii), if any renewal of such LI is required, each of Seller and Buyer shall provide the Company with the reasonably necessary</FONT></I><U><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US color=blue face="Times New Roman"> </FONT></U><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">support.&nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 21.3pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.2.2.1. Notwithstanding the foregoing, each of Seller and Buyer shall provide the Company with the reasonably necessary</FONT></I><U><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US color=blue face="Times New Roman"> </FONT></U><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">support service aiming at the Company obtaining the LOs for each of the Relevant Assets by no later than the end of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. For avoidance of doubt, (i) any such support service shall not be interpreted nor be considered as a guarantee nor as a responsibility by Seller and/or Buyer in connection with the obtaining of any LO or any renewal of LI, nor shall Seller and/or Buyer be liable for any consequence that may result from the failure in the obtaining of any such LO or any renewal of LI; and (ii) each of Seller and Buyer shall not be considered liable for the failure to obtain the LO or to renew any LI, if such failure results from any support service that it provides to the Company during the period in which the Company is not structured to duly conduct its activities and implement or operate the Relevant Assets, as an independent Company. </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 21.3pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.2.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exclusively in the case Buyer demonstrates that the failure to obtain the LO by no later than the end of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> is due to a reason exclusively attributable to Seller, Buyer shall have the right to terminate this Agreement pursuant to Section 7.2.4 below.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 21.3pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of Seller and Buyer shall cause the Company to approve all Major Decisions (as defined in the Shareholders&#8217; Agreement) necessary for the acts or events described in Section 7.2.1.&nbsp; </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 21.3pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary as contained herein, Buyer shall have the right at its sole discretion to forthwith terminate this Agreement by sending a written notice ("</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Termination Notice</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">") to Seller to that effect no later than </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> counted from the date which any of the particular items as set forth in Section 7.2.1 is not obtained and/or completed by the deadline applicable to such item for any reason or circumstance whatsoever, even in case of any circumstances not under Seller&#8217;s command or control, including but not limited to force majeure events (without limiting the generality of the provisions under Article 393 of the Brazilian Civil Code).</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 21.3pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In case of termination of this Agreement as set forth in Sections 7.2.2.2 and/or 7.2.4 above and Section 10.1.6 (a &#8220;</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Termination for Breach of PCC</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8221;), Buyer, as sole and exclusive remedy as a consequence of such Termination for Breach of PCC, shall sell its Shares to Seller and receive from Seller, <I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">no later than </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> counted from receipt by Seller of the Termination Notice, a refund, in Dollars, for its investment in the Company as set out in Section 7.2.5.1 and 7.2.5.2 below (&#8220;</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Refund</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8221;), in exchange for the transfer by Buyer of all the Acquired Shares and of the New Shares to the Seller, which shall be transferred to Seller simultaneously to the receipt by Buyer of the full amount of the Refund.</FONT></I></FONT></I></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><SUP>1</SUP>Text marked as [&#9679;] denotes CONFIDENTIAL PORTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.</FONT></P><FONT lang=PT-BR></FONT>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 21.3pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.2.5.1</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The amount of the Refund shall be equivalent to (A) the amount paid by Buyer in Dollars for the Investment (as defined in Section 3.1.2), together with&nbsp; (i) the interest accrued thereon from and including the Closing Date through but excluding the date of the payment of the Refund by Seller to Buyer at the fixed annual rate of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">% applicable on a pro-rata basis minus (ii) any dividends, interest on capital stock (juros sobre capital proprio) or other profit distributions paid to Buyer since the Closing Date together with the interest accrued thereon from and including the date of receipt through but excluding the date of the payment of the Refund at the fixed annual rate of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">%&nbsp; applicable on a pro rata basis and (B) any and all amounts provided by Buyer to the Company as capital increase to the Company, together with interest accrued from and including the date of the payment of any of such amounts to the Company through but excluding the date of the payment of the Refund by Seller to Buyer at the fixed annual rate of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">% applicable on a pro-rata basis.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 21.3pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.2.5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Refund shall be paid in Dollars, in one or more bank accounts in the United States of America, Korea or Japan (to the extent payments in Dollars are permitted under such jurisdictions) to be designated and informed in writing by Buyer to Seller within 30 (thirty) days prior to the date of payment of the Refund. In all events, the Refund shall be paid without setoff or counterclaim and free and clear of any costs and/or any Taxes applicable in Brazil at the time of the Refund (including, without limitation, tax on foreign exchange transactions (Imposto Sobre Opera&#231;&#245;es de C&#226;mbio &#8211; IOF/C&#226;mbio) and withholding income tax). If any costs and/or Brazilian Taxes are due or required to be withheld from any amounts payable to Buyer, the Refund so payable to Buyer shall be increased to the extent necessary to yield to Buyer (after payment of all Taxes) the full amount of the Refund payable hereunder.&#8221; </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 21.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.2 In order to reflect the amendment to Section 7.2, as described above, the Parties hereby decide to delete the definition of &#8220;Relevant Permits&#8221; set forth in Article 1 (Definitions and Rules of Construction) of the Agreement.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 0pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Article 2</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-VARIANT: small-caps"><U><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Termination</FONT></U></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 12pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Parties hereby decide to amend Sections 10.1 and 10.2 of the Agreement in order to reflect the amendments agreed above on Section 7.2 in connection with the Post-Closing Covenants.&nbsp; Therefore, Sections 10.1 and 10.2 of the Agreement are hereby amended and shall become effective as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 21.3pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;Section 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 42.55pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This Agreement may be terminated prior to Closing (except for breach of Post-Closing Covenant, in which case termination may occur after Closing) by one or more Parties and all of the transactions contemplated hereby abandoned:</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 42.55pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.1.1 by the mutual written consent of Buyer and Seller; </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 42.55pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.1.2 by Buyer, if there has been a material breach, inaccuracy, omission or non-performance by Seller of any representation, warranty, covenant (excluding Post-Closing Covenants) or obligation contained in this Agreement and either (a) has not been waived by Buyer, or (b) if capable of being cured, was not cured by Seller within 30 (thirty) days after written notice thereof from Buyer;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 42.55pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.1.3 by either Buyer or Seller if any Governmental Authority having competent jurisdiction has issued a final, non-appealable order, decree, ruling or injunction (other than a temporary restraining order) or taken any other action materially changing, restraining, enjoining, prohibiting or otherwise <I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">materially and adversely affecting the transactions contemplated by this Agreement and the Operational Agreements; </FONT></I></FONT></I></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 42.55pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.1.4 by Seller, if there has been a material breach, inaccuracy, omission or non-performance by Buyer of any representation, warranty, covenant or obligation contained in this Agreement and either (a) has not been waived by Seller or (b) if capable of being cured, was not cured by Buyer within 30 (thirty) days after written notice thereof from Seller; and</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 42.55pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.1.5 by any of the Parties if the Closing has not occurred because the conditions provided in Section 4.2 hereunder were not properly fulfilled or waived by the relevant Party on or before 180 (one hundred and eighty) days from the date of this Agreement or such later date as the Parties may agree upon in writing.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 42.55pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.1.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by Buyer, in case of Sections 7.2.2.2 and/or 7.2.4 above.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 42.55pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Section 10.2&nbsp;&nbsp;&nbsp;&nbsp; Effect of Termination.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 42.55pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In order to effect the termination of this Agreement by Seller or Buyer pursuant to Section 10.1, written notice thereof shall promptly be given by the terminating Party to the other Party, and this Agreement shall thereupon terminate, except for termination notice based on Section 10.1.6, which notice shall be provided in accordance with Section 7.2.4. This Agreement shall have no further force or effect, and all further obligations of the Parties under this Agreement shall terminate without further Liability of any Party to any other Party, except (a) that such termination shall not affect (i) any claim any Party may have for damages caused by any reason of, or relieve any Party from Liability for, any breach of this Agreement prior to termination, but excluded any Liability that is related to the Termination for Breach of PCC</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">,&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (ii) the provisions of Section 12.3 (Arbitration) and (iii) Section 12.12 (Confidentiality); and (b) the right of Buyer to receive the Refund from Seller as sole and exclusive remedy pursuant to Section 7.2.5 as a result of Termination for Breach of PCC pursuant to Section 10.1.6.&#8221;</FONT></I></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-VARIANT: small-caps"><U><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Miscellaneous</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The invalidity or nullity, in whole or in part, of any Section of this Amendment shall not affect other Sections, which shall continue to be valid and in effect.&nbsp; In the event of any such invalidity or nullity, the Parties hereby undertake to negotiate, in the shortest period of time possible, as replacement for the invalid or null Section, the inclusion in this Amendment of valid terms and conditions that reflect the terms and conditions of the invalid or null Section, taking into consideration the intention and the purpose of the Parties at the time of the negotiation of the invalid or null Section and the context in which it appears.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 3.2</FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Guarantors execute this Amendment for the sole purpose of Section 11.1 of the Original Agreement. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">This Amendment shall be governed by, enforced and interpreted in accordance with the laws of Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Section </FONT><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">3.4&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any dispute, controversy or claim arising out of or relating to this Amendment will be solved by arbitration, in accordance with the provisions set forth in Section 12.3 of the Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the undersigned have caused their respective duly authorized representatives to execute this Amendment as of the day and year first above written.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT 10.4</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt" align=center><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Second Amendment and Restatement of the<BR>Shareholders' Agreement</FONT></FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> of<BR></FONT></FONT><FONT style="FONT-VARIANT: small-caps"><U><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=AF face="Times New Roman">Nacional Min&#233;rios S.A.</FONT></U></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This Second Amendment and Restatement of the Shareholders' Agreement of Nacional Min&#233;rios S.A. is entered into by and among:</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">I.</FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">as parties:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-VARIANT: small-caps"><B><FONT style="FONT-SIZE: 10pt" lang=AF face="Times New Roman">Companhia Sider&#250;rgica Nacional</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, with head offices in the city of </FONT><FONT style="LETTER-SPACING: 0.4pt; FONT-SIZE: 10pt" lang=AF face="Times New Roman">S&#227;o Paulo</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, state of </FONT><FONT style="LETTER-SPACING: 0.4pt; FONT-SIZE: 10pt" lang=AF face="Times New Roman">S&#227;o Paulo</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, at </FONT><FONT style="LETTER-SPACING: 0.2pt; FONT-SIZE: 10pt" lang=AF face="Times New Roman">Av. Brigadeiro Faria Lima 3400, 20 floor</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, enrolled with the Federal Taxpayer's Registry under N. </FONT><FONT style="FONT-SIZE: 10pt" lang=AF face="Times New Roman">33.042.730/0001-04</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, herein represented in accordance with its by-laws ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-VARIANT: small-caps"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil Japan Iron Ore Corporation</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, with its head office at Watanabe Bldg. 5F, 1-4-2, Minami-Aoyama Minato-ku, Tokyo, 107-0062, Japan, herein represented in accordance with its by-laws</FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Japanese SPC</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"); and</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-VARIANT: small-caps"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-VARIANT: small-caps"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Posco</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, with its head office at 892 Daechi 4-dong Gangnam-gu, Seoul, 135-777, Korea, herein represented in accordance with its by-laws</FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Posco</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">" and, together with the Japanese&nbsp;SPC, the "</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">New Investor</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"); and</FONT></P>

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<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as intervening party:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-VARIANT: small-caps"><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=AF face="Times New Roman">Nacional Min&#233;rios S.A.,</FONT></B></FONT><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=AF face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">with head offices in the city of </FONT><FONT style="LETTER-SPACING: 0.3pt; FONT-SIZE: 10pt" lang=AF face="Times New Roman">Congonhas</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, state of </FONT><FONT style="LETTER-SPACING: 0.3pt; FONT-SIZE: 10pt" lang=AF face="Times New Roman">Minas Gerais</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, at </FONT><FONT style="LETTER-SPACING: 0.3pt; FONT-SIZE: 10pt" lang=AF face="Times New Roman">Logradouro Casa da Pedra, without number, part,</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> enrolled with the Federal Taxpayer's Registry under N. </FONT><FONT style="LETTER-SPACING: 0.3pt; FONT-SIZE: 10pt" lang=AF face="Times New Roman">08.446.702/0001-05</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, herein represented in accordance with its by-laws ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Company</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">").&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(CSN and the New Investor jointly referred to as "</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Parties</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">" or "</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Shareholders</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">" and individually as "</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Party</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">" or "</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Shareholder</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">")&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Whereas</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 12pt 53.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(A)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On December 30, 2008, the original shareholders of the Company entered into a shareholders' agreement to agree on principles, procedures and rules to govern their relationship as shareholders of the Company ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Original Shareholders' Agreement</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">", as amended, the "</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Shareholders&#8217; Agreement</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 12pt 53.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(B)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Due to the delay on the implementation of the Company&#8217;s Long-Term Business Plan and the Mid-Term Business Plan (as defined in the Shareholders&#8217; Agreement), the Parties have discussed in good faith certain adjustments to such plans; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 53.25pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(C)</FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Parties have agreed on certain additional amendments to the Shareholders&#8217; Agreement. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">now, therefore,</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> the Parties and the Company agree to enter into this "Second Amendment and Restatement of the Shareholders' Agreement of Nacional Min&#233;rios S.A." ("</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Second Amendment</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"), as follows:</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt" align=center><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Article 1</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><BR>Amendments to the Shareholders' Agreement</FONT></U></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.1</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Parties hereby, (i)&nbsp;pursuant to the shareholders meeting held on the date hereof approving the amendment to the Long-Term Business Plan and to the Mid-Term Business Plan, have decided to amend </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 1.1</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Long-Term Business Plan) and </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 11.1</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Mid-Term Business Plan) of the Shareholders Agreement which shall be replaced by </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 1.1</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 11.1</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> of this Second Amendment, and (ii)&nbsp;have also decided to include two new Exhibits to the Shareholders Agreement to (a)&nbsp;provide further details on the necessary steps for the achievement of the Long-Term Business Plan, in the form of </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit&nbsp;1.1(a)</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">; and (b)&nbsp;provide guidelines to the Company and to the Shareholders with respect to funding plans of the Company for completion of its projects, in the form of </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit&nbsp;1.1(b)</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; As a result of such, Sections 1.1 and 1.2 of the Shareholders&#8217; Agreement are hereby amended and shall be read as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Parties shall exercise their voting rights and controlling power so as to ensure that the activities of the Company comply with the following basic principles and premises:</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(i)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the management of the businesses of the Company shall be exercised by capable and experienced professionals, who must be duly qualified to hold their positions; </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(ii)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the strategic decisions of the Company shall procure the growth of its business, the development of new projects, and the maximization of the return of the investment made by its shareholders in compliance with prudent management practices; </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(iii)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the management (</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">administra&#231;&#227;o</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) of the Company shall always seek high levels of profitability, efficiency and competitiveness pursuant to applicable law; and</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(iv)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the basic guiding principles and premises set forth in </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit&nbsp;1.1</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit&nbsp;1.1(a)&nbsp;</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 1.1(b)</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> attached hereto.</FONT></I></P>

<P style="TEXT-INDENT: 0.55pt; MARGIN: 0cm 0cm 0pt 35.45pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.2.</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Parties agree and acknowledge that </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit&nbsp;1.1</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> attached hereto constitutes the Long-Term Business Plan (as defined below) of the Company approved by the Parties.&nbsp; Subject to events not under reasonable control of the Parties, the Parties agree to cause the Company to construct the production facilities listed on such </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 1.1</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, including the beneficiation plant and the pellet plants substantially in accordance with those descriptions.&nbsp; In order to achieve the Long-Term Business Plan, the Parties shall endeavor their best efforts to cause the Company to comply with the guidelines and provisions set forth on </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 1.1(a)</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 1.1(b)</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, as they may be updated from time to time by the management of the Company, provided that such updates shall be in line in all aspects with the Long-Term Business Plan and the Mid-Term Business Plan."</FONT></I></P>

<P style="TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt 36pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.2</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Parties hereby decide to amend Section 2.5 of the Shareholders&#8217; Agreement, which shall become effective as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 35.4pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Parties agree that any and all Direct Transfers of Shares are hereby prohibited, except for: </FONT></I></P>

<P style="TEXT-INDENT: -35.55pt; MARGIN: 0cm 0cm 12pt 106.2pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; direct purchases and sales of the Shares in accordance with Section III (Right of First Refusal); </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.55pt; MARGIN: 0cm 0cm 12pt 106.2pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct Transfer of all or part of the Shares held by Posco to any third party, provided, however, that (1) Japanese SPC, one or more shareholders of the Japanese SPC (on the date hereof) and/or Posco shall hold, directly or indirectly, </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]<SUP>1 </SUP></FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">%</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> of all Shares held by the New Investor on the date hereof, (2) such acquiring person adheres to this Shareholders' Agreement, and (3) be considered jointly with the Japanese SPC and/or Posco, if applicable, as one single Party for any and all purposes hereunder; </FONT></I></P>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><SUP>1</SUP>Text marked as [&#9679;] denotes CONFIDENTIAL PORTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.</FONT><FONT lang=PT-BR></FONT>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.55pt; MARGIN: 0cm 0cm 12pt 106.2pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct Transfer of Shares by and between Japanese SPC and Posco; </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.55pt; MARGIN: 0cm 0cm 12pt 106.2pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct Transfer of Shares between a Party and any entity directly or indirectly Controlled by such Party, provided that,&nbsp; (i)&nbsp;the transferring Party is, during all times, the direct and/or indirect owner of at least </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">% </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> of voting and total capital stock of the acquirer, which shall remain during all times as the direct holder of all acquired Shares, and (ii) the acquirer adheres in writing to this Shareholders' Agreement, becoming a Party hereto and undertakes to comply with all obligations set forth herein; provided, however, that the transferring Party shall remain jointly and severally liable with respect to the obligations (including transfer restrictions) provided in this Shareholders' Agreement;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 12pt 106.35pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct Transfer of all but not less than all Shares from CSN to a subsidiary which is </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> owned directly or indirectly by CSN for </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">provided, however, that the following material conditions are complied with: (1)&nbsp;CSN shall (a) remain, during all times prior to</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman"> [&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> or until the expiration of the Lockup Period (as defined in item (a) of Section 2.9), whichever occurs first, the direct or indirect owner (in the latter case exclusively through a subsidiary which is </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> directly or indirectly owned by CSN </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) of at least </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">of the voting and total capital stock of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;],&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (b) remain, on and after </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> until the expiration of the Lockup Period, the direct or indirect owner (in the latter case exclusively through a </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) of more than </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">of the voting capital stock of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, and (c) have the right prior, on and after </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> until the expiration of the Lockup Period, </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">; provided that, in case of indirect ownership exclusively through a </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, such indirect ownership shall not adversely impact the existing rights of New Investor under this Shareholders&#8217; Agreement or the NAMISA Transactional Documents (as defined below); (2) </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> adheres in writing to this Shareholders' Agreement, becoming a Party hereto and undertakes to comply with all obligations from CSN set forth herein (including, without limitation, the Lockup Period), (3) this Shareholders&#8217; Agreement is filed in the head office of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">for the purpose of Article 118 of Law N. 6,404 of December 15, 1976, as amended and (4) this Shareholders' Agreement, the Share Purchase Agreement </FONT></I><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">and Other Covenants entered into on October 21, 2008, by and among the New Investor, CSN and the Company,</FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></I><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">as amended</FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the &#8220;</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">SPA</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8221;), the Operational Agreements (as defined in Section 9.1(iii) below), and any other agreement in respect of the Namisa project which the New Investor, the Company and CSN are parties and/or guarantors or any other agreement as expressly agreed between the Parties (the &#8220;</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NAMISA Transactional Documents</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8221;) shall be amended and reinstated only to include </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">as the party responsible for compliance with the obligations originally assumed by CSN therein in lieu of CSN, which shall remain jointly and severally liable with </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">in respect to such CSN's obligations (including transfer restrictions) provided in any of the NAMISA Transactional Documents; and </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.55pt; MARGIN: 0cm 0cm 12pt 106.2pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as expressly provided for in Sections IV (Tag Along Rights), X (Put and Call &#8211; Disagreement) and XV (Put and Call &#8211; Default under the Shareholders&#8217; Agreement and the Operational Agreements) (each such permitted Direct Transfer a "</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Permitted Transfer</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"). &nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 12pt 70.65pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the purposes of this Shareholders' Agreement, "</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Direct Transfer</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">" shall mean any direct sale, transfer, assignment, exchange, donation, increase of the capital stock of a company with, disposal of, cancellation or replacement of the Shares, with or without consideration therefor, foreclosure on a pledge (excuss&#227;o de penhor ou cau&#231;&#227;o), placement in trust (fideicomisso), or any other transaction (including, without limitation, any corporate restructuring event, such as spin-off, merger, amalgamation or drop down of assets) which results in the direct transfer of ownership of, and/or rights inherent to, the Shares.</FONT></I></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 12pt 70.65pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permitted Transfers may not be used to circumvent any of the provisions of this Shareholders' Agreement, including, but not limited to, the right of first refusal set forth in Section III and the tag along rights set forth in Section IV</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 70.65pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.5.3</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition to the provisions of Section 2.5(v) above, the Parties hereby acknowledge and agree that, in case CSN makes a Direct Transfer of its Shares to </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;],&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> the following material conditions shall be further complied with:</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 70.9pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(i)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN shall transfer to </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> the </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">and, upon such transfer,</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman"> [&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> shall be free to manage its own assets as it deems appropriate, except that (1)&nbsp;during all times </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">shall, directly or indirectly, hold one hundred percent (100%) of ownership of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">and (2)&nbsp;until the expiration of the Lockup Period, </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> shall maintain </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. &nbsp;</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 70.9pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(ii)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN shall own, on and after </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">and until the expiration of the Lockup Period, directly or indirectly, (1) more than fifty percent (50%) of the voting capital stock of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and (2) participation in the capital stock of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> that ensures CSN continues to have its current rights under the existing </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">;&nbsp;</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 70.9pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(iii)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">whenever CSN decides to </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, CSN shall (1) as soon as practicable, provide the New Investor with a written notice informing its decision to </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, (2) engage in good faith discussions with the New Investor, as a strategic partner of CSN in Namisa, on the details of&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and on the New Investor&#8217;s concerns (if any), and (3) upon request from the New Investor, CSN shall discuss with the New Investor in good faith, </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;],&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> provided, however, that any such discussion referred to in items (2) and (3) above shall not negatively impact </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and that nothing contained herein shall be interpreted as an obligation of the Parties to reach a final agreement on </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">;&nbsp;</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 70.9pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(iv)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">on and after</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman"> [&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, CSN shall not enter into and/or be a party to </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> which negatively impacts the New Investor&#8217;s and/or the Company&#8217;s existing rights under the NAMISA Transactional Documents, the Mid-Term Business Plan and/or the Long-Term Business Plan; CSN shall use its best efforts, but not have the obligation, to avoid </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> in relation to matters subject to </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> under this Shareholders&#180; Agreement </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">;&nbsp;</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 70.9pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(v)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> shall not negatively impact the New Investor&#8217;s and/or the Company&#8217;s existing rights under the NAMISA Transactional Documents, the Mid-Term Business Plan and/or the Long-Term Business Plan;</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 70.9pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(vi)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">shall properly and accurately disclose the New Investor&#8217;s and the Company&#8217;s existing rights under the NAMISA Transactional Documents;</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 70.9pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(vii)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN&#180;s preliminary target (but not obligation) shall be to own, directly or indirectly (provided that, in the latter case, exclusively through a </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) (1), as a result of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> of the voting capital stock of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, and (2) after the Lockup Period, </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> of the voting capital stock of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. If by any reason (1) at the time of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, CSN intends to hold </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">voting capital stock, directly or indirectly (provided that, in the latter case exclusively through a </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">); or (2) after the expiration of the Lockup Period </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> voting capital stock, directly or indirectly (provided that, in the latter case exclusively through a </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), CSN shall discuss in good faith with the New Investor any concerns that the New Investor may have in connection thereto; provided, however, that such discussion shall not negatively impact the timetable of any proposed transaction and that nothing contained herein shall be interpreted as an obligation of CSN;</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 70.9pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(viii)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">as long as </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to the expiration of the Lockup Period and without prejudice to the provisions of Section 2.5(v) above, if CSN decides to </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> after the expiration of the Lockup Period) </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> the New Investor shall have the right </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, in accordance with the provisions of Section 2.5.3.1 below. For purposes of this Shareholders&#8217; Agreement, </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> shall mean </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> plus any other share of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">; and (b) </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. For purposes of this Shareholders&#8217; Agreement, </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> shall <I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">mean any company that is directly or indirectly </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (including but not limited to </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> related thereto); and</FONT></I></FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 70.9pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(ix)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">notwithstanding the above, at the request of New Investor, CSN shall engage in good faith discussions with the New Investor for a </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> to the New Investor </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> under </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> terms and conditions to be discussed between CSN and the New Investor, provided, however, that such discussion shall not negatively impact </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and that nothing contained herein shall be interpreted as an obligation of the Parties to </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> to the New Investor.</FONT></I></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 37.5pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.5.3.1&nbsp; As long as </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to the expiration of the Lockup Period and without prejudice to the provisions of Section 2.5(v) and 2.5.3(vii) above, in case CSN decides to </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> after the expiration of the Lockup Period) </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, it shall deliver a written notice (&#8220;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&#8221;) </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to that effect to the New Investor containing (i) CSN's intention to </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">; (ii)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman"> [&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">; (iii) </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, which shall consist solely of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (in the latter, based on an evaluation to be conducted by an independent first tier financial institution) to be </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">; and (iv) any other material terms of </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (including, without limitation, in case the </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">is comprised by </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> setting forth the evaluation conducted by the independent first tier financial institution), and give the New Investor the </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, except if the </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">is comprised by </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> the relevant evaluation conducted by the independent first tier financial institution, as set forth above.</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 33.4pt; MARGIN: 0cm 0cm 0pt 37.5pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.5.3.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> shall be exercised by means of a written notice (&#8220;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&#8221;)&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> to be delivered by the New Investor within </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> days from the date of receipt of the </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. In case the New Investor does not deliver a </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> as set forth in this Section within such </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> day period, CSN may </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> set forth in the </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. The definitive agreement </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> shall be executed within </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> days from the final date for </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. If the definitive agreements </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> are not executed within such </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">-day period, or otherwise </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, for any reason whatsoever, </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> set forth in this Section 2.5.3.1.</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.5.3.1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the New Investor exercises the </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> as per this Section 2.5.3.1, it shall </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, in accordance with Section 2.5.3.1.</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.5.3.1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the New Investor exercises its </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> pursuant to this Section, the New Investor, CSN and </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> shall carry out any and all acts and execute any and all documents that may be necessary for the due performance of the transaction contemplated by this Section.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.5.3.1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the avoidance of doubt, the </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> pursuant to this Section 2.5.3.1 shall not be applicable in case (i) </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the Lockup Period; and (ii) </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the expiration of the Lockup Period.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.5.3.1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> that violates this Shareholders' Agreement shall be null and void and of no effect with respect to </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> or any Party.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.5.3.2&nbsp;&nbsp; For the avoidance of doubt, (a) the rights contained in Sections 2.5.3(ii) and (viii) shall not be applicable in case </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> the Lockup Period; and (b) the rights contained in Sections 2.5.3(i), (iii), (iv), (v), (vi), (vii) and (ix) shall be applicable after the Lockup Period </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> the Lockup Period. </FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.3</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Parties hereby decide to amend Section 2.9 of the Shareholders&#8217; Agreement, which shall read as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary set forth in this Shareholders' Agreement, (a)&nbsp;CSN acknowledges and agrees that except for any Permitted Transfer under Section 2.5(iv) or Section 2.5(v) above, it shall not make any Direct Transfer and/or Indirect Transfer of all or part of its Shares until the earlier of (i)&nbsp;December 31<SUP>st</SUP>, 2017; or (ii)&nbsp;the completion of the construction of the second Pellet Plant by the Company (as contemplated in </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit&nbsp;1.1</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) without the prior written consent of the New Investor (the &#8220;</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Lockup Period</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8221;); and (b)&nbsp;while CSN, directly or indirectly, is a shareholder of the Company, the New Investor agrees that it shall not make any Direct Transfer and/or Indirect Transfer of all or part of its Shares to Companhia Vale do Rio Doce (or any of its direct or indirect Controlled companies) or Banco Bradesco S.A. (or any of its direct or indirect Controlled or Controlling companies) at any time during the term of this Shareholders' Agreement without prior written consent of CSN."</FONT></I></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.4</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Parties hereby decide to amend Section 9.1(iii) of the Shareholders&#8217; Agreement, which shall read as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 35.45pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;9.1 (&#8230;)</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36.55pt; MARGIN: 0cm 0cm 12pt 72pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; approval of</FONT></I><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> any amendment or change in any condition of the operational agreements of the Company and/or its Controlled subsidiaries (including the following agreements as defined in the SPA, as amended from time to time:</FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (being (i) to (viii) collectively the "</FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operational Agreements</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">")&nbsp;</FONT></I><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">and (ix) </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, provided that the Directors appointed by CSN shall not have the right to vote in any such resolution if CSN has breached such operational agreements and has not cured such breach within the applicable grace period, in which case the Major Decision shall be taken by Company with the affirmative vote of all the remaining Directors;&#8221;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.5</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Parties hereby decide to amend Section 9.2(vi) of the Shareholders&#8217; Agreement, which shall read as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 12pt 67.5pt"><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(vi)</FONT></I><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">entry into, modification, renewal or termination of any transaction (including, without limitation, guarantee, security and/or indemnification) or agreement with or involving any Controlled subsidiary or Affiliate of the Company or any Shareholder (a &#8220;</FONT></I><I><U><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Related Party Agreement</FONT></U></I><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8221;) or the granting of any waiver, consent or forbearance under any Related Party Agreement, provided&nbsp; that approval of such events shall not be unreasonably withheld, and provided further that the Directors appointed by the relevant related party shall not have the right to vote in any such resolution if such related party breached such Related Party Agreement and has not cured such breach within the applicable grace period;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.6</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Considering that the Parties agree that the Annual Operating Budget should at all times reflect, be aligned with and allow the achievement by the Company of the Mid-Term Business Plan and the Long-Term Business Plan, the Parties hereby decide to include a new Section 11.1.3, which shall read as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"11.1.3&nbsp; Subject to Section 9.2(i), in case the Shareholders decide to (i) approve or amend the Annual Operating Budget; and/or (ii) approve or amend the Mid-Term Business Plan, the Shareholders shall, prior to such approval or amendment, discuss in good faith, based on the potential impacts to the Mid-Term Business Plan or Long-Term Business Plan expressly identified and presented by the management of the Company and/or by any Shareholder, if any amendment to the Mid-Term Business Plan or Long-Term Business Plan (as applicable) is necessary or not.&nbsp; If the Shareholders conclude in good faith that it is necessary to amend the Mid-Term Business Plan or Long-Term Business Plan (as applicable) accordingly, the Shareholders shall, on the same date of the approval of the Annual Operating Budget or Mid-Term Business Plan or any amendment thereto (as applicable), also approve (pursuant to Section 9.2(i)) such amendment to the Mid-Term Business Plan and/or the Long Term Business Plan (as applicable) accordingly."</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.7</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Parties hereby decide to include a new Section 12.1.3, which shall become effective as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">"12.1.3&nbsp; It is hereby agreed that the Minimum Dividend may be reduced in a given fiscal year (exerc&#237;cio social) in the case the Board of Directors recommends, based on a major decision quorum as set forth in Section 9.1 above, that the Company will need additional funding to implement its projects or to carry on its businesses as described in the Mid-Term Business Plan and/or the Long-Term Business Plan.&nbsp; In such case, the Shareholders shall discuss and determine, in good faith and upon mutual consent, whether or not to change the amount of the Minimum Dividend for that specific period."</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.8</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Parties hereby decide to include a new Section 13.8, which shall become effective as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 35.45pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;13.8&nbsp;&nbsp;&nbsp;&nbsp; The Company shall deliver to each Shareholder a monthly report providing information in accordance with the template contained in Exhibit 13.8 in connection with the status of the implementation of the Long-Term Business Plan, as provided in Exhibit 1.1.&#8221;</FONT></I></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.9</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As a result of the amendments approved under this Second Amendment, and other amendments resulted from the First Amendment, the Parties hereby have decided to restate the Shareholders&#8217; Agreement, which shall become effective in accordance with the restated shareholders agreement attached hereto as </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 1.9</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Article</FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"> 2</FONT></FONT><U><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><BR></FONT></U><FONT style="FONT-VARIANT: small-caps"><U><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Miscellaneous</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The articles and sections of the Shareholders&#8217; Agreement which have not been amended by this Second Amendment shall remain in full force and effect, and the Shareholders&#8217; Agreement, as amended by this Second Amendment, shall be binding upon the Parties and their successors.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The invalidity or nullity, in whole or in part, of any Section of this Second Amendment shall not affect other Sections, which shall continue to be valid and in effect.&nbsp; In the event of any such invalidity or nullity, the Parties hereby undertake to negotiate, in the shortest period of time possible, as replacement for the invalid or null Section, the inclusion in this Second Amendment of valid terms and conditions that reflect the terms and conditions of the invalid or null Section, taking into consideration the intention and the purpose of the parties at the time of the negotiation of the invalid or null Section and the context in which it appears.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Second Amendment shall be governed by, enforced and interpreted in accordance with the laws of Brazil.&nbsp; For the purposes of article 118 of Law N.&nbsp;6,404, of December 15, 1976, as amended, this Second Amendment shall be filed at the Company's head office.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any dispute, controversy or claim arising out of or relating to this Amendment will be solved by arbitration, in accordance with the provisions set forth in Section 19.11 of the Shareholders&#8217; Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Witness Whereof</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, the Parties hereto, together with the intervening party, have caused this Second Amendment to be duly signed in 4 (four) counterparts, each of which shall be deemed to be an original, but all of which together shall constitute the same agreement, binding upon the Parties and the intervening party and their respective heirs and successors in the presence of the 2 (two) witnesses below.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">S&#227;o Paulo, June 30<SUP>th</SUP>, 2011</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">[</FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Signatures on the next pages</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">]</FONT></P>

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<SEQUENCE>4
<FILENAME>exhibit_121.htm
<DESCRIPTION>EXHIBIT 12.1
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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 5pt 0cm; TEXT-INDENT: 18pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">EXHIBIT 12.1</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm; TEXT-INDENT: 18pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 </FONT></B></P>

<P style="MARGIN: 0cm 0cm 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">I, Benjamin Steinbruch, certify that:</FONT></P>

<P style="MARGIN: 0cm 0cm 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Companhia Sider&#250;rgica Nacional, as amended by this Amendment No. 1;</FONT></P>

<P style="MARGIN: 0cm 0cm 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 288.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dated:&nbsp;February 14</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, 2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Benjamin Steinbruch</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Name:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Benjamin Steinbruch</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Chief Executive Officer</FONT></P></TD></TR></TABLE>

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<TYPE>EX-12.2
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<FILENAME>exhibit_122.htm
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">EXHIBIT 12.2</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 </FONT></B></P>

<P style="MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">I, Rog&#233;rio Leme Borges dos Santos, certify that:</FONT></P>

<P style="MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">1. I have reviewed this annual report on Form 20-F of Companhia Sider&#250;rgica Nacional, as amended by this Amendment No. 1;</FONT></P>

<P style="MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 288.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dated:&nbsp;February 14</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, 2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Rog&#233;rio Leme Borges dos Santos&nbsp;&nbsp;<U> </U></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Name:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Rog&#233;rio Leme Borges dos Santos</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0cm 0cm 0pt 287pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Controller / Principal Financial Officer</FONT></P></TD></TR></TABLE>

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