<SEC-DOCUMENT>0001292814-18-000936.txt : 20180329
<SEC-HEADER>0001292814-18-000936.hdr.sgml : 20180329
<ACCEPTANCE-DATETIME>20180328204010
ACCESSION NUMBER:		0001292814-18-000936
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180331
FILED AS OF DATE:		20180329
DATE AS OF CHANGE:		20180328

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:		18720297

	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
<SEQUENCE>1
<FILENAME>sid20180328_6k.htm
<DESCRIPTION>SID20180328_6K
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<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 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>

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of March, 2018</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>

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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>

<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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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=black face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=black face="Times New Roman">Publicly-Held Company</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=black 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" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=black face="Times New Roman">Company Registry (NIRE): 35-3.0039609.0</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">MATERIAL FACT</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Companhia Sider&#250;rgica Nacional (&#8220;CSN&#8221; or &#8220;Company&#8221;)&nbsp; hereby announces to its shareholders and the market in general updates and new projections, as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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; LINE-HEIGHT: normal" face="times new roman">(i) Projected net revenue of R$18 billion for 2017 and projected annualized adjusted EBITDA of around R$5 billion for 2017:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">Said projections were met within the expected deadline;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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; LINE-HEIGHT: normal" face="times new roman">(ii) Projected leverage measured by the net debt to adjusted EBITDA ratio of nearly 5 times on December 31, 2017:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">CSN expected to reduce the net debt to adjusted EBITDA ratio to 5 times by the end of fiscal year 2017. However, the Company only managed to reduce this ratio to 5.66 times, due to the decline in adjusted EBITDA and the increase in dollar-denominated gross debt as a result of the appreciation of the dollar against the real in the fourth quarter of 2017 (4Q17), which had a negative impact on the indicator; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" 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; LINE-HEIGHT: normal" face="times new roman">(iii) Projected growth of 20% in net revenue and adjusted EBITDA for 2018:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">The Company projects growth of 20% in net revenue between 2017 and 2018, as well as an increase of 20% in adjusted EBITDA in the same comparison base.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">These projections will be included or updated, as applicable, in section 11 of the Company&#8217;s Reference Form and will be available on the website of the CVM (http://www.cvm.gov.br/) and the Company (http://ri.csn.com.br/) within the legal term.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">CSN points out that the information disclosed in this document represents an estimate and involves market factors beyond CSN&#8217;s control. Therefore, it does not constitute a promise of performance by the Company and/or its Management and may be subject to change.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">S&#227;o Paulo, March 28, 2018.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: 107%" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: 107%" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: 107%" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: 107%" color=black face="times new roman">Marcelo Cunha Ribeiro</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 107%" color=black face="times new roman">Chief Financial and Investor Relations Officer</FONT></B></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;March 28, 2018</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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   <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>&nbsp;

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

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Marcelo Cunha Ribeiro </B></FONT></DIV>

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