<SEC-DOCUMENT>0001292814-14-000062.txt : 20140404
<SEC-HEADER>0001292814-14-000062.hdr.sgml : 20140404
<ACCEPTANCE-DATETIME>20140110120627
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001292814-14-000062
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140110

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">January 10, 2014</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Via EDGAR Transmission</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Ms. Melissa Rocha<BR>Senior Assistant Chief Accountant<BR>Division of Corporation Finance<BR>United States Securities and Exchange Commission<BR>100 F Street, N.E.<BR>Washington, D.C. 20549-4631</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 12pt 72pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Steel Company<BR>Form&nbsp;20-F for the fiscal year ended December 31, 2012<BR>Filed April 30, 2013<BR>File No. 1-14732<BR>Response to Staff Comment Letter dated November 25, 2013</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Dear Ms. Rocha:</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Companhia Sider&#250;gica Nacional (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Company</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) received a comment letter from the staff of the United States Securities and Exchange Commission (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Staff</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) on November 25, 2013, concerning the Company&#8217;s annual report on Form 20-F filed on April 30, 2013 (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2012 Form 20-F</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; This letter provides the Company&#8217;s responses to the Staff&#8217;s comments. For your convenience, we have reproduced below in italics the Staff&#8217;s comments numbered 1 through 9 and have provided responses immediately below such comments. All page numbers referred to herein are to the 2012 Form 20-F.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 1.</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Information on the Company, page&nbsp;15</FONT></U></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Business Overview, page&nbsp;17</FONT></U></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1)</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: 12pt" lang=EN-US face="Times New Roman">In future filings, please disclose and update your resources and/or reserves tabulations annually for your iron ore (Casa de Pedra, Engenho, and Fernandinho), limestone (Bocaina), and tin (Santa Barbara) properties reflecting the depletion of your resources/reserves due to your annual production, coinciding with your fiscal year end.</FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 1. </FONT></B></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note the Staff&#8217;s comment and will include the information requested in future filings to the extent available.</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note that we currently only have resources/reserves data for our Casa de Pedra property, as shown in the table on page 37 of our 2012 Form 20-F. We are in the process of performing reserve studies for our Namisa properties (Engenho and Fernandinho) and expect it will be completed by late 2014 (also as discussed in page 37 of our 2012 Form 20-F).</FONT></P>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 18pt 0pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 9pt" face="Times New Roman">Companhia Sider&#250;rgica Nacional</FONT></B></H1></FONT></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm 0pt" align=center><FONT style="FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 7pt">Escrit&#243;rio Central</FONT></P><FONT style="COLOR: #000000"></FONT><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">Av. Brigadeiro Faria Lima, 3400 &#8211; 20&#186; andar - Edificio<BR>Financial Faria Lima Center<BR>Cep: 04538-132 - S&#227;o Paulo - SP</FONT> </TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 10pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1</FONT></P></TD></TR></TABLE></DIV></DIV></DIV>

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<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">As to our Bocaina and Santa Barbara properties, we do not have resources/reserves studies and do not currently plan to begin campaigns to complete a study in connection with these properties in light of their low materiality to our business, the fact that these properties have the sole purpose of supplying our internal needs and the abundant availability of limestone, dolomite and tin in the Brazilian market, as discussed further in our response to the Staff&#8217;s comment No. 2.</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">As an example, for our 2012 Form 20-F, this disclosure would have been:</FONT></P>

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<TR style="HEIGHT: 15pt">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="72%" colSpan=6 noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Summary of Casa de Pedra Mine Iron Ore Reserves<SUP>(1)</SUP></FONT></B></P></DIV></TD></TR>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Proven - 2012</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Probable - 2012</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total - 2012</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total - 2011</FONT></B></P></DIV></TD></TR>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Ore Tonnage<SUP>(2)</SUP></FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Ore Tonnage</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Ore Tonnage</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Grade<SUP>(3)</SUP></FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Ore Tonnage</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Grade</FONT></B></P></DIV></TD></TR>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 16.65pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">957</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 16.65pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">514</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 16.65pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1,471</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 16.65pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">47.49%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 16.65pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1,499</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 16.65pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">47.49%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">(1)&nbsp; &nbsp; &nbsp; Reserves means the part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. The reserves for the Casa de Pedra mine were audited in 2006 and we have reduced the amount of proven reserves by our annual production since then. </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">(2)&nbsp; &nbsp; &nbsp; Represents ROM material.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">(3)&nbsp; &nbsp; &nbsp; Grade is the proportion of metal or mineral present in ore or any other host material.</FONT></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 2. </FONT></B></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 36pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Please add disclosure for your Bocaina and Santa Barbara properties in future filings and describe the following:</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A description of your ownership or interest in the properties and all other interests in your properties, including the terms of all underlying agreements and royalties.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Please include certain identifying information, such as the property names, claim numbers, grant numbers, mining concession name or number, and dates of recording and expiration that is sufficient to enable the claims to be distinguished from other concessions that may exist in&nbsp; the area of your properties.&nbsp; </FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The conditions that must be met to retain your concessions or leases, including quantification and timing of all necessary payments, annual maintenance fees, and disclose who is responsible for paying these fees.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The area of your concessions, either in hectares or in acres.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></P>

<P style="MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Please ensure that you fully discuss the material terms of the land or mineral rights securing agreements, as required under paragraph (b)(2) of Industry Guide 7.</FONT></I></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm 0pt" align=center><FONT style="FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 7pt">Escrit&#243;rio Central</FONT></P><FONT style="COLOR: #000000"></FONT><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">Av. Brigadeiro Faria Lima, 3400 &#8211; 20&#186; andar - Edificio<BR>Financial Faria Lima Center<BR>Cep: 04538-132 - S&#227;o Paulo - SP</FONT> </TD>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 2. </FONT></B></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note the Staff&#8217;s comment but kindly request to continue to not include this information regarding our limestone (Bocaina), dolomite (also Bocaina) and tin (Santa Barbara) properties as neither property is material to our business.</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Limestone, dolomite and tin are abundant and easily available in the Brazilian market and these properties have the sole purpose of supplying our internal needs. In addition, we also purchase tin in the market as our internal production is not sufficient to supply all our needs.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Limestone is used in our cement segment to produce clinker. In 2012, the cement segment represented 2.3% (R$388 million) of our total net operating revenues and 2.4% (R$286 million) of our total cost of goods sold. Also in 2012, limestone represented approximately 2.9% (R$8 million) of our cost of goods sold in that segment.</FONT></P></DIV>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In addition, we also use trace amounts of limestone and dolomite in our steel segment to produce certain products and, in the case of dolomite, to coat our blast furnaces. Although steel is our largest segment, in 2012, limestone represented approximately 0.7% (R$59 million) and dolomite represented approximately 0.3% (R$27 million) of the cost of goods sold in the steel segment.</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Tin is used in our steel segment only to coat tin plates. In 2012, we sold 574 thousand tons of tin plates, which represented 10.1% (R$1,712 million) of our total net operating revenues and 9.4% (R$1,140 million) of our total cost of goods sold. Also in 2012, tin represented approximately 6.1% (R$70 million) of the cost of goods sold for tin plates, of which only approximately half came from our properties.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 3.</FONT></B></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 36pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In future filings, please disclose the information required under paragraph (b) of Industry Guide 7 for your Bocaina and Santa Barbara properties.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The location and means of access to your property, including the modes of transportation utilized to and from the property.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A brief description of the rock formations and mineralization of existing or potential economic significance on the property.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A description of any work completed on the property and its present condition.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The details as to modernization and physical condition of the plant and equipment, including subsurface improvements and equipment.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A description of equipment, infrastructure, and other facilities.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The source of power and water that can be utilized at the property.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If applicable, provide a clear statement that the property is without known reserves and the proposed program is exploratory in nature.</FONT></I></P>

<P style="MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">You may refer to Industry Guide 7, paragraphs (b) (1) through (5), for specific guidance pertaining to the foregoing, available on our website at the following address: www.sec.gov/about/forms/industryguides.pdf</FONT></I></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm 0pt" align=center><FONT style="FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 7pt">Escrit&#243;rio Central</FONT></P><FONT style="COLOR: #000000"></FONT><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">Av. Brigadeiro Faria Lima, 3400 &#8211; 20&#186; andar - Edificio<BR>Financial Faria Lima Center<BR>Cep: 04538-132 - S&#227;o Paulo - SP</FONT> </TD>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 3. </FONT></B></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note the Staff&#8217;s comment but kindly request to continue to not include this information regarding our limestone (Bocaina), dolomite (also Bocaina) and tin (Santa Barbara) properties as </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">neither property is material to our business, as discussed in our response to the Staff&#8217;s comment No. 2.</FONT></P></DIV>

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<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 4.</FONT></B></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Please add disclosure for your Bocaina and Santa Barbara properties in future filings, describing your annual production as required by instruction 1(a) to Item 4.D of Form 20-F.&nbsp; This would include resource/reserve materials mined and salable products.</FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 4. </FONT></B></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note the Staff&#8217;s comment but kindly request to continue to not include this information regarding our limestone (Bocaina), dolomite (also Bocaina) and tin (Santa Barbara) properties as neither property is material to our business, as discussed in our response to the Staff&#8217;s comment No. 2.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 5.</FONT></B></P>

<H1 style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: auto; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 36pt; VERTICAL-ALIGN: baseline" align=left><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">5)</FONT></I><I><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Please insert a small-scale map showing the location and access to each material property, as required by Instruction 1(a) to Item 4.D of Form 20-F in your future filings.&nbsp; Please note the EDGAR program now accepts Adobe PDF files and digital maps, so please include these maps in any amendments that are uploaded to EDGAR.&nbsp; It is relatively easy to include automatic links at the appropriate locations within the document to GIF or JPEG files, which will allow figures and diagrams to appear in the right location when the document is viewed on the Internet.&nbsp; For more information, please consult the EDGAR manual, and if additional assistance is required, please call Filer Support at (202) 551-3600 for Post-Acceptance Filing Issues or (202) 551-8900 for Pre-Acceptance Filing Issues. We believe the guidance in Instruction 1(a) to Item 4.D of Form 20-F would generally require maps and drawings to comply with the following features:</FONT></I></H1>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A legend or explanation showing, by means of pattern or symbol, every pattern or symbol used on the map or drawing.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A graphical bar scale should be included.&nbsp; Additional representations of scale such as "one inch equals one mile" may be utilized provided the original scale of the map has not been altered.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A north arrow.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">An index map showing where the property is situated in relationship to the state or province, etc., in which it was located.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A title of the map or drawing, and the date on which it was drawn.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In the event interpretive data is submitted in conjunction with any map, the identity of the geologist or engineer that prepared such data.</FONT></I></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Any drawing should be simple enough or of sufficiently large scale to clearly show all features on the drawing.</FONT></I></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm 0pt" align=center><FONT style="FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 7pt">Escrit&#243;rio Central</FONT></P><FONT style="COLOR: #000000"></FONT><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">Av. Brigadeiro Faria Lima, 3400 &#8211; 20&#186; andar - Edificio<BR>Financial Faria Lima Center<BR>Cep: 04538-132 - S&#227;o Paulo - SP</FONT> </TD>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 5. </FONT></B></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note the Staff&#8217;s comment and will include the information requested regarding our iron ore (Casa de Pedra, Engenho, and Fernandinho) properties in future filings. We kindly request to continue to not include this information regarding our limestone (Bocaina), dolomite (also Bocaina) and tin (Santa Barbara) properties as neither property is material to our business, as discussed in our response to the Staff&#8217;s comment No. 2.</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>SEC Comment No. 6.</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Operating and Financial Review and Prospects, page 63</FONT></U></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Liquidity and Capital Resources, page 87</FONT></U></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sources of Funds and Working Capital, page 87</FONT></U></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Year 2012 Compared to Year 2011, page 87</FONT></U></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note your disclosure stating that the decrease in your cash provided by operations from 2011 to 2012 was mainly due to a decrease of R$1,215 million in net income adjusted for items that do not impact cash and a decrease of R$501 million in working capital.&nbsp; Given the significant impact items like deferred income taxes, impairments on available for sales securities and inflation adjustments had on operating cash flows, please expand your disclosure to discuss and quantify the underlying reasons for changes in line items presented on your statement of cash flows.&nbsp; Refer to FRC Section 501.13.b and 13.b.1.&nbsp; Submit any proposed disclosure revisions with your response.&nbsp; </FONT></I></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm 0pt" align=center><FONT style="FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 7pt">Escrit&#243;rio Central</FONT></P><FONT style="COLOR: #000000"></FONT><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">Av. Brigadeiro Faria Lima, 3400 &#8211; 20&#186; andar - Edificio<BR>Financial Faria Lima Center<BR>Cep: 04538-132 - S&#227;o Paulo - SP</FONT> </TD>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 6. </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note the Staff&#8217;s comment and would like to clarify that in 2012 our operating results were impacted by significant non-cash items as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In 2012, we recognized the impairment of our investment in Usiminas&#8217; shares and consequently reclassified the accumulated losses recorded in shareholders&#8217; equity in the amount of R$2,023 million to other operating expenses (income statement) partially offset by R$688 million in deferred taxes. This reclassification is also the reason for the significant impact on the items &#8220;Impairment of available-for-sale investments&#8221; and &#8220;deferred income tax and social contribution.&#8221; For a more detailed description of our policy regarding impairment of financial assets, see Note 13.II. to the consolidated financial statements included in &#8220;Item 18. Financial Statements.&#8221;</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In 2012, inflation adjustments and exchange differences effects totaled R$1,247 million mainly due to the depreciation of the </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> against the U.S. dollar and the increase of our foreign exchange exposure.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">However, based on the FRC Section 501.13.b and 13.b.1, we believe our explanations should focus on operations that have cash impacts and we therefore propose to revise our disclosure in future filings as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Operating Activities</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 36pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Cash provided by operations was R$3,488 million and R$4,202 million, in 2012 and 2011, respectively. The R$714 million decrease was mainly due to</FONT><STRIKE><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a decrease of R$1,215 million in net income adjusted for items that do not impact cash and a decrease of R$501 million in our working capital</FONT></STRIKE><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> the decrease of 28.2% in gross profit driven by significant increases in production costs, partially offset by a better working capital management, as explained below:</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 54pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Increase of trade receivables driven by the higher steel sales volume to domestic and foreign markets in 2012.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Reduction of inventories mainly due to a better inventory management. In 2012 the average inventory turnover period fell by 27 days (from 103 days on December 31, 2011 to 76 days on December 31, 2012).&#8221;</FONT></U></B></P>

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<P style="MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Directors, Senior Management, and Employees, page 97</FONT></U></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">7)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Please expand your disclosures under this heading to include the information required by Item 6 of Form 20-F for your Chief Financial Officer, Mr. Rogerio Leme Borges dos Santos, or tell us why you believe this information has been appropriately omitted.&nbsp; Submit any proposed disclosure revisions with your response.&nbsp; </FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 7. </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note the Staff&#8217;s comment and would like to clarify that we include under members of our executive board only statutory executive officers who are appointed pursuant to Brazilian law and our by-laws. Mr. Rogerio Leme Borges dos Santos is not one of these statutory executives officers and we do not have a chief financial officer (CFO) as such term is generally used in the market. Nonetheless, for 2012 we determined that, for purposes of the 20-F and related certifications, Mr. Rog&#233;rio Leme Borges dos Santos was our principal financial officer. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We will include the information requested in future filings. We propose to revise our disclosure as follows:</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 36pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Other Key Executives</FONT></B></P></DIV>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 36pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In addition to our statutory board of executive officers, who are appointed pursuant to Brazilian corporate law and our by-laws, our controller, Mr. Rog&#233;rio Leme Borges dos Santos, is also one of our key executives.</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">Rog&#233;rio Leme Borges dos Santos</FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">. </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mr. Santos has been our controller since April, 2009 and is currently our principal financial officer. Previously to CSN, he worked at Alcoa Inc. as Latin America regional controller and at Coopers &amp; Lybrand Auditores (later incorporated by PricewaterhouseCoopers) as audit manager. Mr. Santos graduated in accounting from Pontif&#237;cia Universidade Cat&#243;lica de S&#227;o Paulo - PUC/SP and has an International Executive MBA from the University of Pittsburgh (EUA).&#8221;</FONT></P>

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<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 8.</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Financial Statements, page 137</FONT></U></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note 2- Significant Accounting Policies, page FS-10</FONT></U></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i) Property, plant and equipment, page FS-14</FONT></U></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">8)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">You include your accounting policy for stripping costs and the fact that you adopted IFRIC 20 on January 1, 2013.&nbsp; Supplementally tell us how you are accounting for stripping cost as a result of your IFRIC 20 adoption, and quantify the impact the adoption on your financial statements. </FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 8. </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-AU face="times new roman">We note the Staff&#8217;s comment and </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">would like to clarify that, based on the IFRIC 20, during the initial development of a mine, the stripping is frequently removed in order to gain access to the ore body. In this stage, costs are initially capitalized as &#8220;construction working in progress&#8221; and cease when ore begins to be extracted from the mine. After the completion of this stage, the amount recorded in &#8220;construction working in progress&#8221; is capitalized and amortized over the useful life of the mine. After the start of the production phase of the mine, stripping costs are treated as production costs. During the operation/production phase, there are stripping campaigns and routine stripping costs. Stripping campaigns costs are also capitalized and routine stripping costs are accounted for as costs of production. In order to clarify our accounting policy for stripping costs, we </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-AU face="times new roman">propose to revise our disclosure in future filings as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 1cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">&#8220;Stripping costs (the costs associated with the removal of overburdened and other waste materials) incurred during the development of a mine, before production commences, are capitalized as part of the depreciable cost of developing the property. Such costs are subsequently amortized over the useful life of the mine based on the mine&#8217;s reserves.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 1cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Post-production stripping costs are included in the cost of the inventory produced (that is extracted), </FONT><B><STRIKE><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">at each mine individually during the period that stripping costs are incurred</FONT></STRIKE></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman"> </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">except when a new campaign is launched to permit the access to a significant </FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">new ore body. In such cases, the cost is capitalized as a non-current asset and amortized during the extraction of the ore body.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">&#8221;&nbsp;</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">The adoption of IFRIC 20 did not have a material effect on prior periods and, as we did not have any predecessor stripping asset balance recognized, no adjustment in opening retained earnings was needed on the first-time adoption. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">During the years of 2012 and 2013, there were no new stripping campaign costs or initial development of a mine. During the operation/production phase in 2012 and 2013 we incurred only routine stripping costs in the amount of R$144 million and R$149 million, respectively, accounted for as costs of production.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm 0pt" align=center><FONT style="FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 7pt">Escrit&#243;rio Central</FONT></P><FONT style="COLOR: #000000"></FONT><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">Av. Brigadeiro Faria Lima, 3400 &#8211; 20&#186; andar - Edificio<BR>Financial Faria Lima Center<BR>Cep: 04538-132 - S&#227;o Paulo - SP</FONT> </TD>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 9.</FONT></B></P>

<P style="MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(v)- Financial Instruments, page FS-19</FONT></U></P>

<P style="MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">iv)- Derivative Instruments and Hedging Activities, page FS-22</FONT></U></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">9)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note your disclosure under this heading and elsewhere in your filing stating that changes in the fair value of derivative instruments are immediately recognized in the income statement under &#8220;Other gains(losses), net.&#8221;&nbsp; However, there is no line item labeled as such on your Income Statement.&nbsp; Please revise your disclosures accordingly.</FONT></I></P>

<P style="MARGIN: 0cm 0cm 12pt 36pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In addition, your disclosure in Note 7, on page FS-29, and in Note 14, on page FS-53, indicates that you have recorded unrealized gains on derivatives in other current and non-current assets and unrealized losses on derivative instruments in other current and non-current payables, respectively, on your Balance Sheet, and it appears you have attributed the same value to these unrealized gains and losses as you have to the fair value of derivative assets and liabilities as disclosed in Note 13, on page FS-43.&nbsp; Please tell us why the amounts of unrealized gains and losses on derivative instruments have the same value as your derivative assets and liabilities, why you have recorded unrealized gains and losses on your Balance Sheet, or revise the labeling of these amounts to appropriately characterize their nature and tell us where we can find the change in the value of the derivative instruments on the income statement as it appears the change may be in finance income and expense but the amounts do not reconcile. </FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 9. </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note the Staff&#8217;s comment and would like to inform that the changes in the fair value of any derivative instruments are immediately recognized in the income statement under &#8220;Finance income&#8221; and &#8220;Finance costs&#8221;. The disclosure on page F-22 of our 2012 Form 20-F under the heading &#8220;Other gains (losses), net&#8221; is not correct and we propose to revise it in future filings as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;iv) Derivative instruments and hedging activities</FONT></U></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">- Derivatives measured at fair value through profit or loss</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are immediately recognized in the statement of income under </FONT><B><STRIKE><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Other gains (losses), net" </FONT></STRIKE></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Finance income&#8221; and &#8220;Finance costs&#8221;</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">. Even though the Company uses derivatives for hedging purposes, it does not apply hedge accounting.&#8221;</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm 0pt" align=center><FONT style="FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 7pt">Escrit&#243;rio Central</FONT></P><FONT style="COLOR: #000000"></FONT><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">Av. Brigadeiro Faria Lima, 3400 &#8211; 20&#186; andar - Edificio<BR>Financial Faria Lima Center<BR>Cep: 04538-132 - S&#227;o Paulo - SP</FONT> </TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We also propose to reflect this correction on Critical Accounting Estimates &#8211; Derivatives section on page 73 of our 2012 Form 20-F, as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt 36pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Critical Accounting Estimates</FONT></U></P>

<P style="MARGIN: 0cm 0cm 12pt 36pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Derivatives</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 36pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IAS 39, &#8220;Financial Instruments: Recognition and Measurement&#8221;, requires that we recognize all derivative financial instruments as either assets or liabilities on our balance sheet and measure such instruments at fair value. Changes in the fair value of derivatives are recorded in each period in the statement of income or in other comprehensive income, in the latter case depending on whether a transaction is designated as an effective hedge. Our derivative instruments do not qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are immediately recorded in the statements of income under</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><B><STRIKE><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Other gains (losses), net" </FONT></STRIKE></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Finance income&#8221; and &#8220;Finance costs&#8221;</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">. Although the Company uses derivative for hedging purposes, it does not apply hedge accounting. With respect to the fair value measurement, we must make assumptions such as to future foreign currency exchange and interest rates. For a discussion of the possible impact of fluctuations in the foreign currency exchange and interest rates on our principal financial instruments and positions, see &#8220;Item 11. Quantitative and Qualitative Disclosures About Market Risk.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In addition we clarify that our unrealized gains and losses from derivatives are recognized in the statement of income under &#8220;Finance income&#8221; and &#8220;Finance costs&#8221; and we will revise the disclosures in Note 7 and Note 14 to substitute the description of these amounts to &#8220;derivative financial instruments&#8221;, as disclosed in Note 13.</FONT></P>

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<LI style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">we are responsible for the adequacy and accuracy of the disclosure in the filing;</FONT>

<LI style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</FONT>

<LI style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">we may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</FONT> </LI></UL>

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   <P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm 0pt" align=center><FONT style="FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 7pt">Escrit&#243;rio Central</FONT></P><FONT style="COLOR: #000000"></FONT><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">Av. Brigadeiro Faria Lima, 3400 &#8211; 20&#186; andar - Edificio<BR>Financial Faria Lima Center<BR>Cep: 04538-132 - S&#227;o Paulo - SP</FONT> </TD>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If you have any questions or require any additional information with respect to the above, please do not hesitate to contact Andrew J&#225;nszky at +55-11-3927-7701, Felipe Camara at +55-11-3927-7716 or Marcos Lessa at +55-11-3049-7584.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 252pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sincerely</FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">,&nbsp;</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 252pt"><U><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">/s/ Rog&#233;rio Leme Borges dos Santos<BR></FONT></U><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">Companhia Sider&#250;rgica Nacional <BR>By: Rog&#233;rio Leme Borges dos Santos</FONT><U><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"><BR></FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Title: Controller</FONT></P>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 18pt 0pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 9pt" face="Times New Roman">Companhia Sider&#250;rgica Nacional</FONT></B></H1></FONT></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm 0pt" align=center><FONT style="FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 7pt">Escrit&#243;rio Central</FONT></P><FONT style="COLOR: #000000"></FONT><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">Av. Brigadeiro Faria Lima, 3400 &#8211; 20&#186; andar - Edificio<BR>Financial Faria Lima Center<BR>Cep: 04538-132 - S&#227;o Paulo - SP</FONT> </TD>

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