<SEC-DOCUMENT>0001292814-15-000738.txt : 20150401
<SEC-HEADER>0001292814-15-000738.hdr.sgml : 20150401
<ACCEPTANCE-DATETIME>20150331194102
ACCESSION NUMBER:		0001292814-15-000738
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150331
FILED AS OF DATE:		20150401
DATE AS OF CHANGE:		20150331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL STEEL CO
		CENTRAL INDEX KEY:			0001049659
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		15740996

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sid20150331_6k2.htm
<DESCRIPTION>FORM 6-K
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

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

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

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of March 31, 2015</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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

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

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

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

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Av. Brigadeiro Faria Lima 3400, 20&#186; andar<BR>S&#227;o Paulo, SP, Brazil<BR>04538-132 </B></FONT></DIV>

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

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Indicate by check mark whether the registrant files or will file annual reports<BR>under cover Form 20-F or Form 40-F.&nbsp;</FONT> Form 20-F ___X___ Form 40-F _______

<P>&nbsp;<FONT size=3 face="Times New Roman, Times, Serif">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </FONT>&nbsp;</P>Yes _______ No ___X____ </DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">EXCERPT OF THE MINUTES OF THE EXTRAORDINARY MEETING OF THE BOARD OF DIRECTORS OF COMPANHIA SIDER&#218;RGICA NACIONAL HELD ON MARCH 18, 2015, DRAWN UP IN SUMMARY FORMAT.</FONT></B></P>

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

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"></FONT></FONT>&nbsp;</H4>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Corporate Taxpayer's ID (CNPJ): 33.042.730/0001-04</FONT></FONT></H4>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Company Registry (NIRE): 35300396090</FONT></FONT></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Date:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 18, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0pt 0pt 0in"><B><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time:</FONT></B><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5:00 p.m.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0pt 0pt 0in"><B><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venue:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman">Avenida Brigadeiro Faria Lima, 3400 &#8211; 20&#186; andar, S&#227;o Paulo, SP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attendance:</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman"> &nbsp;&nbsp; Benjamin Steinbruch, Antonio Francisco dos Santos, Yoshiaki Nakano, Fernando Perrone, Antonio Bernardo Vieira Maia and Luis Felix Cardamone Neto &#8211; Board members and Claudia Maria Sarti &#8211; General Secretary of the Board of Directors. </FONT></FONT><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Some members attended via conference call, as permitted by article 15, paragraph 2 of the Company&#8217;s Bylaws.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matters Discussed: 5.1 &#8211; Issue of Promissory Notes. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The Board of Directors unanimously approved the issue of commercial promissory notes by the Company (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Issue</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; and &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Promissory Notes</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;, respectively), and their public distribution with restricted placement efforts, pursuant to CVM Instruction 476/09 (&#8220;Restricted Offering&#8221;), which will have the following characteristics and conditions: </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(i)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> I</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">ssue Number.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Second (2<SUP>nd</SUP>)</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">issue of Promissory Notes by the Company; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(ii) Total Issue Amount.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The total Issue amount will be one hundred million reais (R$100,000,000.00)</FONT><B><FONT lang=EN-US style="FONT-SIZE: 12.5pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">on the Issue Date (as defined below); </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(iii) Number.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> Fifty (50)</FONT><B><FONT lang=EN-US style="FONT-SIZE: 12.5pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Promissory Notes will be issued; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(iv) Nominal Unit Value and Adjustment of the Nominal Unit Value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">. The Promissory Notes will have a Nominal Unit Value of two million reais (R$2,000,000.00) on the Issue date ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Nominal Unit Value</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">"). The Nominal Unit Value of the Promissory Notes will not be monetarily restated or adjusted by any index; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(v) Allocation of Proceeds.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The net proceeds from the issue of the Promissory Notes</FONT><B><FONT lang=EN-US style="FONT-SIZE: 12.5pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">will be fully allocated to the amortization of part of the principal of 1<SUP>st</SUP> series of the Company&#8217;s 6<SUP>th</SUP> debenture issue, maturing on March 30, 2015;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman"> (vi) Form and Proof of Ownership. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The Promissory Notes will be issued as instruments and will be deposited with the Promissory Notes&#8217; physical custodian, to be contracted hired by the Company (&#8220;Custodian&#8221;), as defined in the Manual of Rules for Debentures, Commercial Notes and Obligations of CETIP S.A. - Organized Over-the-Count Market (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">CETIP</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), their ownership being transferred by nominal endorsement of the beneficiary, without guarantee</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">For all legal purposes, ownership of the Promissory Notes will be attested to by the possession of the instruments. In the case of Promissory Notes held in electronic custody by the CETIP, the CETIP will issue a statement on behalf of the respective owner, which will also function as proof of ownership; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(vii) Price and Form of Subscription and Payment.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Promissory Notes will be subscribed at their Nominal Unit Value. Subscription and payment of the Promissory Notes will be made pursuant to CETIP procedures, exclusively through the Asset Distribution Model &#8211; MDA. The Promissory Notes will be paid in cash, at the moment of subscription, in current domestic currency and in accordance with CETIP procedures; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(viii) Placement and Distribution Plan.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Promissory Notes will be the object of a public offering with restricted distribution efforts, pursuant to CVM Instruction 476/09, under a firm placement </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">guarantee provided by BB &#8211; Banco de Investimento S.A. (&#8220;Lead Manager&#8221;) targeting qualified investors, as defined in article 109 of CVM Instruction 409/04, and pursuant to article 4 of CVM Instruction 476/09; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(ix) Registration for Distribution and Trading. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The Promissory Notes will be registered for distribution in the primary market through the Asset Distribution Module &#8211; MDA, managed and operated by the CETIP. On the occasion of settlement, the Promissory Notes will be deposited in the name of their owner in the CETIP&#8217;s Electronic Custody System. The Promissory Notes will also be registered for trading in the secondary market through the CETIP21 Module, managed and operated by the CETIP. The Promissory Notes may only be traded among qualified investors and only after ninety (90) days have elapsed since each subscription or acquisition by the investors, pursuant to articles 13 and 15 of CVM Instruction 476/09 and compliance, by the Company, with article 17 of CVM Instruction 476/09. The distribution and trades will be settled and the Promissory Notes held in electronic custody by the CETIP; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(x) Issue Date of Promissory Notes.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The issue date will be the effective date of subscription and payment of the Promissory Notes (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Issue Date</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">"); </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xi) Effective Maturity Term.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Promissory Notes will have a maturity term of one hundred and eighty (180) days as of the Issue Date ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Maturity Date</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;);</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=cambria> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xii) Yield.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Promissory Notes will receive compensatory interest payments (&#8220;Compensatory Interest&#8221;) corresponding to one hundred and thirteen and seven tenths of a percent (113.70%) of the accumulated variation in the average daily interbank deposit rate (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">over extra grupo)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">DI Rate</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), expressed as an annual percentage, based on a year of two hundred and fifty-two (252) working days, calculated and disclosed by the CETIP in the daily bulletin available on its&nbsp; website (</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">http://www.cetip.com.br</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">). The Compensatory Interest will be calculated in an exponential and cumulative manner, proportional to the number of working days elapsed, on the Nominal Unit Value of the Promissory Notes from the Issue Date to the respective payment date, in accordance with the criteria defined in the Booklet of Formulas for Commercial Notes and Obligations &#8211; CETIP21, available on the CETIP&#8217;s website (</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">http://www.cetip.com.br</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">), and reproduced in the instruments. The Compensatory Interest will be paid in a single installment, on the Maturity Date, on the date of early settlement resulting from early maturity or on the date of early redemption of the Promissory Notes, whichever occurs first; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xiii) Payment of Principal.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Nominal Unit Value of the Promissory Notes will be paid in a single installment, on the Maturity date, on the date of early settlement resulting from early maturity, or on the date of early redemption of the Promissory Notes, whichever occurs first; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xiv) Guarantees / Suretyship.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Promissory Notes will not have any kind of guarantee of suretyship;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman"> xv) Renegotiation. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The Promissory Notes will not be subject to renegotiation; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xvi)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Early Maturity.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The maturity of the Promissory Notes may be anticipated, requiring the immediate payment by the Company of the Nominal Unit Value plus Compensatory Interest, calculated proportionally until the effective payment date, in addition to the other charges due in early maturity situations to be established in the instruments of the Promissory Notes; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xvii) Mandatory Early Redemption.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Company will undertake the early redemption of all the Promissory Notes (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Mandatory Early Redemption</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), through payment, by the Company, of the Nominal Unit Value plus Compensatory Interest, calculated proportionally from the Issue Date to the effective date of the Mandatory Early Redemption, with no additional premium, if the Issuer raises funds from a public offering of debentures, with restricted placement efforts, in order to redeem the Promissory Notes. The CETIP and the owners of the Promissory Notes must be informed by the Company, with a copy to the Agent of the Notes, at least two (2) business days in advance of the stipulated date of the Mandatory Early Redemption, which shall be performed in accordance with the procedures adopted by the CETIP; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xviii)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Default Charges. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The default charges of the Promissory Notes are defined in its instruments; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xix) Place of Payment.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The payments related to the Promissory Notes will be effected in accordance with the procedures adopted by the CETIP for promissory notes held under its electronic custody. If the Promissory Notes are not held in electronic custody by the CETIP, the payments will be made directly to the owners of the Promissory Notes at the Company&#8217;s headquarters or in accordance with the procedures of the mandated bank;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman"> (xx)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Additional Obligations of the Company.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Company undertakes to fully comply with article 17 of CVM Instruction 476/09, as applicable, in addition to the obligations defined in the instruments of the Promissory Notes; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xxi)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Registration of the Issue with the CVM.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Issue is automatically exempt from distribution registration with the CVM, pursuant to article 6 of CVM Instruction 476/09; and </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xxii)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Term Extension.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The terms related to the payment of any obligation related to the Promissory Notes will be considered as extended until the first subsequent working day if the maturity date is a national, municipal (in the city where the Company is headquartered) or bank holiday, with no additions to the amounts payable, except for cases in which payments must be made through the CETIP, in which case, the term will only be extended when the payment date is a Saturday, a Sunday or a national holiday; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">5.1.1 &#8211; Authorization to the Board of Executive Officers.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The members of the Board of Executive Officers are hereby authorized to take any and all measures necessary to implement this resolution and may, pursuant to the Company&#8217;s Bylaws, (i) define and approve the content of the instruments of the Promissory Notes and other documents related to the Issue, pursuant to the conditions in item 5.1 above; (ii) take any and all measures necessary to sign the instruments of the Promissory notes; (iii) take any and all measures necessary to contract the Lead Manager, mandated bank, custodian, legal counsel, notes agent and other institutions that may be necessary to undertake the Issue, establishing their respective fees; and (iv) publish and register the corporate documents with the competent authorities and take any and all necessary measures before the CETIP or any other bodies or agencies.</FONT></P>

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

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

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

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

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

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<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;March 31, 2015</FONT></DIV>

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

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

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

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

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

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

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

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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