<SEC-DOCUMENT>0001292814-16-004728.txt : 20160517
<SEC-HEADER>0001292814-16-004728.hdr.sgml : 20160517
<ACCEPTANCE-DATETIME>20160516193208
ACCESSION NUMBER:		0001292814-16-004728
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160630
FILED AS OF DATE:		20160517
DATE AS OF CHANGE:		20160516

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:		161655798

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
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<TYPE>6-K
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<FILENAME>sid20160516_6k.htm
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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>

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

<DIV align=center>

<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of May, 2016</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>

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

<DIV align=center></DIV>

<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>

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

<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>

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

<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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<IMG border=0 src="logo.gif"></FONT><B><FONT lang=PT-BR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Corporate Taxpayer&#8217;s ID (CNPJ/MF): 33.042.730/0001-04</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Publicly-held Company</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">S&#227;o Paulo, May 16<SUP>th</SUP>, 2016.</FONT></P>

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Mr. Nelson Barroso Ortega</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">Superintend&#234;ncia de Acompanhamento de Empresas</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">BM&amp;FBovespa</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">Cc:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">CVM - Comiss&#227;o de Valores Mobili&#225;rios</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">Mr. Fernando Soares Vieira </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=PT-BR style="FONT-SIZE: 11pt" face="Times New Roman">(Superintendente de Rela&#231;&#245;es com Empresas)</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">Mr. Francisco Jos&#233; Bastos Santos </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=PT-BR style="FONT-SIZE: 11pt" face="Times New Roman">(Superintendente de Rela&#231;&#245;es com o Mercado e Intermedi&#225;rios)</FONT></I></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Ref.:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> Official Letter SAE 2177/2016 on May 13<SUP>th</SUP> 2016 &#8211; clarification request about information published by the press.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="arial narrow,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In attendance of the Official Letter SAE 2177/2016 on May 13<SUP>th</SUP>, 2016, which request clarification about the news on Valor Econ&#244;mico, in your 05/13/2016 edition, which includes, among other information, that the Company (i) will announce in this quarter an asset sale to reduce indebtedness; and (ii) expects its total CAPEX to be around R$ 1.2 billion in 2016 (in 2015 it was R$ 2.2 billion), against a previous guidance of R$ 1.5 billion in the end of 2015, we clarify the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 25.1pt; LINE-HEIGHT: 16pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">On May 1</FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face="Times New Roman">2</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">th</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">,</FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face="Times New Roman"> 201</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">6, the Company hold a Conference call with live broadcast on the internet </FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face="Times New Roman">(</FONT><I><FONT lang=X-NONE style="FONT-SIZE: 12pt" face="Times New Roman">webcast</FONT></I><FONT lang=X-NONE style="FONT-SIZE: 12pt" face="Times New Roman">)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">, relating to its 1Q16 Earnings Release and management current perspectives about the Company (&#8220;Conference Call&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 1cm; LINE-HEIGHT: 16pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 25.1pt; LINE-HEIGHT: 16pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The Conference Call had its schedule previously announced and the event was open to the market with wide participation of investors and analysts, allowing them to ask questions about the leverage reduction plan, as well as the asset sales expectations and planned investments for 2016, according to the Conference Call in the minutes 22:12 and 24:07, respectively. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="HEIGHT: 37px; WIDTH: 99px; POSITION: absolute; MARGIN-LEFT: 0px; LEFT: 0px; MARGIN-TOP: 0px">
<IMG border=0 src="logo.gif"></FONT><B><FONT lang=PT-BR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Corporate Taxpayer&#8217;s ID (CNPJ/MF): 33.042.730/0001-04</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Publicly-held Company</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 1cm; LINE-HEIGHT: 16pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">We reaffirm that some statements made during this conference call relative to CSN's business prospects, operational and financial projections and goals are beliefs and assumptions of the Company's management and they could affect the results and the performance of the Company and future events. The actual results, Company&#180;s performance and future events could be materially different from those expressed in such forward-looking statements as a consequence of economic conditions of Brazil and other countries, interests rates, exchange rates, future renegotiations or obligation prepayments or credit denominated in foreign currency, protectionist measures in the United States, Brazil and others countries, changes in law and regulations and general competitive factors (in global, regional and national base).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; LINE-HEIGHT: 16pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 25.1pt; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt"><FONT style="LINE-HEIGHT: 116%" face=symbol><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 116%"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face="Times New Roman">Both presentation and full content of the Conference Call audio are available on CSN's Investor Relations website (</FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">www.csn.com.br/i</FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face="Times New Roman">r), on the &#8220;Webcast 1Q16&#8221; section.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 25.1pt; LINE-HEIGHT: 16pt; TEXT-INDENT: -18pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Other information can be obtained in the Quarterly Financial Statement (ITR), and available in the Comiss&#227;o de Valores Mobili&#225;rios &#8211; CVM (www.cvm.gov.br), BM&amp;FBovespa (www.bmfbovespa.com.br) and the Company (www.csn.com.br/ri) websites.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; LINE-HEIGHT: 18pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; LINE-HEIGHT: 18pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face="Times New Roman">We are </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">available</FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face="Times New Roman"> for any further clarifications deemed necessary.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; LINE-HEIGHT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</H1>

<P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm; LINE-HEIGHT: 18pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">S&#227;o Paulo, May 16th 2016.</FONT></P>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm; LINE-HEIGHT: 18pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 18pt" align=center><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Paulo Rog&#233;rio Caffarelli</FONT></H2>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt" color=windowtext face="Times New Roman">IR Executive Officer</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></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;May 16, 2016</FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

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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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   <TD vAlign=bottom width="45%" align=center>

   <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=left>&nbsp;</DIV></TD></TR>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Paulo Rog&#233;rio Caffarelli </FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Paulo Rog&#233;rio Caffarelli </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
