<SEC-DOCUMENT>0001292814-15-000032.txt : 20150413
<SEC-HEADER>0001292814-15-000032.hdr.sgml : 20150413
<ACCEPTANCE-DATETIME>20150109063810
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001292814-15-000032
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150109

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
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt 4.5in" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">January 9, 2015</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mr. Terence O&#8217;Brien<BR>Branch Chief <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: -0.5in; MARGIN: 0in 0in 12pt 1in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">National Steel Company<BR>Form 20-F for the fiscal year ended December 31, 2013<BR>Filed April 30, 2014<BR>File No. 1-14732<BR>Response to Second Staff Comment Letter dated December 23, 2014</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Dear Mr. O&#8217;Brien:</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Companhia Sider&#250;rgica 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 two comment letters 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 December 23, 2014, concerning the Company&#8217;s annual report on Form 20-F filed on April 30, 2014 (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2013 Form 20-F</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;). This letter provides the Company&#8217;s responses to the Staff&#8217;s comments in the second letter. For your convenience, we have reproduced below in italics the Staff&#8217;s comments numbered 6 through 8 and have provided responses immediately below such comments. All page numbers referred to herein are to the 2013 Form 20-F.</FONT></P>

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

<P style="MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Operating and Financial Review and Prospects, page 70</FONT></U></P>

<P style="MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Operating Results, page 70</FONT></U></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 provide a discussion of the business reasons for changes in the various line items and in cases where there is more than one business reason for the change, please quantify the incremental impact of each individual business reason on the overall change in the line item. We note in particular that for your steel and mining segments you cite only changes in volume and price to explain changes in revenue. When financial statements reflect material changes in revenue based on changes in volume and price, the narrative analysis should not only identify the changes in volume and price, but also should analyze the reasons underlying such changes and should discuss the material causes for each of these changes. Please also discuss whether you believe these factors </FONT></I>


<I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">are the result of a trend and, if so, whether you expect it to continue and how it may impact revenues, income from continuing operations, your planned acquisitions, your available liquidity, or any other factors. See Item 5.A of Form 20-F and SEC Release No. 33-835.</FONT></I></P>

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   <TD width="100%" align=center><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">Escrit&#243;rio Central <BR>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></TR></TABLE></P>

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<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 6. </FONT></B></P>

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

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 7.</FONT></B></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Related Party Transactions, page 111</FONT></U></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Please provide disclosure responsive to Item 7.B of Form 20-F under this heading in future filings rather than incorporating broad portions elsewhere in your annual report by reference. If you wish to incorporate other sections of your annual report by reference, please do so with precision. Please also ensure that you include disclosure responsive to Item 7.B.2 of Form 20-F in future filings. </FONT></I></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 7. </FONT></B></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note the Staff&#8217;s comment and will revise our disclosure in future filings.</FONT></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 8.</FONT></B></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibits, page 146</FONT></U></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 number your exhibits as indicated in the Instructions as to Exhibits in Form 20-F. Please note that the exhibits you currently have numbered in the 10 series appear to be material contracts, which are numbered in the 4 series. </FONT></I></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 8. </FONT></B></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We note the Staff&#8217;s comment and will renumber our exhibits in future filings.</FONT></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 6pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We hereby acknowledge that:</FONT></P>

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<LI style="MARGIN: 0in 0in 6pt"><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></UL></DIV>

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   <TD width="100%" align=center><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">Escrit&#243;rio Central <BR>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></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="text-underline: none" color=black face="Times New Roman"><FONT><FONT style="TEXT-TRANSFORM: none; FONT-STYLE: normal; FONT-SIZE: 8pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman">#4850-3359-6705v2</FONT></FONT></FONT></P></DIV></DIV>

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<LI style="MARGIN: 0in 0in 6pt"><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: 0in 0in 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; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.25in" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">*******</FONT></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 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 Maria Beatriz Martinez Alves at +55-11-3049-7537.</FONT></P>

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   <P style="MARGIN: 0in" align=left><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">Sincerely,</FONT></P>

   <P style="MARGIN: 0in 0in 0pt 252.05pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 0pt" align=left><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">/s/ Rog&#233;rio Leme Borges dos Santos</FONT></P>

   <P style="MARGIN: 0in 0in 0pt 252.05pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 0pt" align=left><U><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">_____________________________</FONT></U></P>

   <P style="MARGIN: 0in 0in 0pt 0pt" align=left><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=PT-BR face="Times New Roman">Title: Controller and Principal Financial Officer</FONT></P></TD></TR></TABLE></P></DIV>

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   <TD width="100%" align=center><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">Escrit&#243;rio Central <BR>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></TR></TABLE></DIV></DIV>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
