<SEC-DOCUMENT>0001292814-20-004267.txt : 20201110
<SEC-HEADER>0001292814-20-004267.hdr.sgml : 20201110
<ACCEPTANCE-DATETIME>20201110093204
ACCESSION NUMBER:		0001292814-20-004267
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20201110
DATE AS OF CHANGE:		20201110

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:		201299832

	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>sid20201110_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Washington, D.C.
20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" COLOR="Black" STYLE="width: 21%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">Report of Foreign Private
Issuer<BR>
Pursuant to Rule 13a-16 or 15d-16 of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">Securities Exchange
Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>For the month of
November 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Commission File
Number 1-14732</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" COLOR="Black" STYLE="width: 21%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>COMPANHIA SIDER&Uacute;RGICA
NACIONAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(<I>Exact name of registrant
as specified in its charter</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>National Steel Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(<I>Translation of
registrant&rsquo;s name into English</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Av. Brigadeiro Faria
Lima 3400, 20th Floor<BR>
S&atilde;o Paulo, SP, Brazil<BR>
04538-132</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(<I>Address of principal
executive office</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">Indicate by check mark
whether the registrant files or will file annual reports<BR>
under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">Form 20-F ___X___ Form
40-F _______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center; background-color: white">&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">Yes _______ No ___X____</P>

<HR SIZE="1" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B><IMG SRC="image_001.jpg" ALT="" STYLE="height: 70px; width: 157px"></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTAIN UPDATES AND CHANGES TO 2019 ANNUAL
REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">This report on Form 6-K presents certain updates to Companhia
Sider&uacute;rgica Nacional&rsquo;s (&ldquo;<U>CSN</U>,&rdquo; &ldquo;<U>we</U>,&rdquo; &ldquo;<U>us</U>&rdquo; or &ldquo;<U>our</U>&rdquo;)
Annual Report on Form 20-F for its fiscal year ended December 31, 2019 (&ldquo;<U>2019 Annual Report</U>&rdquo;), as filed with
the U.S. Securities and Exchange Commission on April 3, 2020 and amended on April 14, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 8%"><B>Exhibit&nbsp;A:</B></TD>
    <TD STYLE="width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations for the Nine Months Ended September 30, 2020</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>Exhibit B:</B></TD>
    <TD>Certain Updates
and Changes to 2019 Annual Report</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>S&atilde;o Paulo,
November 10, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>COMPANHIA SIDER&Uacute;RGICA
NACIONAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Marcelo Cunha Ribeiro</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Chief Financial
and Investor Relations Officer</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>FINANCIAL CONDITION
AND RESULTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white"><I>The following discussion
of our financial condition and results of operations should be read in conjunction with our unaudited interim consolidated financial
information as of September 30, 2020 and for the nine months ended September 30, 2019 and 2020, as furnished to the U.S. Securities
and Exchange Commission on Form 6-K on November 3, 2020, and the information presented under the sections entitled &ldquo;Item
3. Key Information&mdash;Selected Financial Data,&rdquo; &ldquo;Item 5. Operating and Financial Review and Prospects&rdquo; and
&ldquo;Item 11. Quantitative and Qualitative Disclosures About Market Risk&rdquo; in our 2019 Annual Report, which includes our
audited consolidated financial statements as of December 31, 2018 and 2019 and for the years ended December 31, 2017, 2018 and
2019.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><FONT STYLE="background-color: white"><B>Consolidated
Results of Operations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.25in">The following table presents certain financial
information with respect to our operating results for the nine months ended September 30, 2019 and 2020:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 7.65pt; text-indent: -7.65pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Nine months
        ended September 30,</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%; padding-right: 5.75pt; padding-left: 7.65pt; text-indent: -7.65pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2019</B></P></TD>
    <TD STYLE="width: 19%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="width: 19%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020<SUP>(1)</SUP></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: -5pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt"><B>Income Statement Data </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-bottom: 8pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>(in millions of R$, except per share data)</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 8pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>(in millions of US$, except per share data)</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt"><B>Net operating revenues</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">18,912.6</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">20,269.9</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">3,593.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: 13.6pt"><FONT STYLE="font-size: 9pt">Cost of products sold&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(12,834.1)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(13,528.9)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,398.4)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt"><B>Gross profit</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,078.5</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,741.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,195.1</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt"><B>Operating expenses</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: 13.6pt"><FONT STYLE="font-size: 9pt">Selling&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,429.6)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,398.3)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(247.9)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: 13.6pt"><FONT STYLE="font-size: 9pt">General and administrative&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(383.4)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(369.7)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(65.5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 21.25pt"><FONT STYLE="font-size: 9pt">Equity in results of affiliated companies&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">119.0</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">9.2</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">1.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: 13.6pt"><FONT STYLE="font-size: 9pt">Other expenses&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,636.6)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,606.4)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(462.1)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: 13.6pt"><FONT STYLE="font-size: 9pt">Other income&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">(163.9)</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">432.5</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">76.7</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: 13.6pt"><FONT STYLE="font-size: 9pt">Total&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,494.5)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,932.7)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(697.2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt"><B>Operating income</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,584.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,808.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>497.9</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt"><B>Non-operating income (expenses), net</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: 13.6pt"><FONT STYLE="font-size: 9pt">Financial income&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">311.0</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">656.3</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">116.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: 13.6pt"><FONT STYLE="font-size: 9pt">Financial expenses&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,143.8)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,728.6)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(306.5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt"><B>Income before taxes</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>751.1</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,736.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>307.8</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt">Income tax </FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">359.4</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,340.2)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(237.6)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt"><B>Net income&nbsp;(loss) from continuing operations</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,110.6</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>395.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>70.2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt"><B>Net income (loss) for the period</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,110.6</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>395.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>70.2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt"><B>Net income (loss) attributable to noncontrolling interest</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>366.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>330.7</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>58.6</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt"><B>Net income&nbsp;(loss) attributable to Companhia Sider&uacute;rgica Nacional shareholders</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>744.6</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>65.1</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>11.5</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt">Basic earnings per common share&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">0.53949</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">0.04718</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">0.00836</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.2pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt">Diluted earnings per common share &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">0.53949</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">0.04718</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">0.00836</FONT></TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Translated solely for the convenience of the reader at the rate of R$5.6407 to US$1.00, which was the U.S. dollar selling rate
as reported by the Central Bank as of September 30, 2020.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="text-indent: 20pt; font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-indent: 0in"><B><I>Nine Months Ended September 30,
2019 Compared to Nine Months Ended September 30, 2020</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.25in">Our consolidated results for the nine months
ended September 30, 2019 and 2020 by business segment are presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Nine months
        ended September 30, 2019</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Consolidated Results</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Steel</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Mining</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Port Logistics</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Railway
        Logistics</B><SUP>(1)</SUP></P></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Energy</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Cement</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Eliminations</B></P></TD>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Consolidated</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><I>(in millions of R$)</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Net operating revenues&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">10,599.6 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">7,505.9 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">185.0 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,028.9 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">221.9 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">426.5</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,055.2)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">18,912.6 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt"><FONT STYLE="font-size: 8pt">Domestic market&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">7,498.7 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">685.1 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">185.0 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,028.9 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">221.9 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">426.5 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,856.0)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">8,190.0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt"><FONT STYLE="font-size: 8pt">Export market&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">3,101.0 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">6,820.8 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">800.8 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">10,722.6 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Cost of products sold&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(9,791.5)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(3,073.5)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(133.9)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(770.0)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(183.0)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(466.6)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,584.4 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(12,834.1)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Gross profit&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">808.1 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">4,432.4 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">51.0 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">258.9 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">38.8 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(40.1)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">529.2 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">6,078.5 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">General and administrative expenses&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(605.5)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(143.0)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(26.0)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(78.1)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(21.6)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(67.1)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(871.7)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,813.0)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Depreciation&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">471.7 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">342.2 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">23.4 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">287.7 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">13.1 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">96.6 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(244.7)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">989.9 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Proportionate EBITDA of joint ventures&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">415.6 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">415.6 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Adjusted EBITDA<SUP>(2)</SUP>&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">674.3 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">4,631.6 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">48.5 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">468.6 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">30.3 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(10.7)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(171.6)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">5,671.1 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Nine months
        ended September 30, 2020</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt"><B>Consolidated Results</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Steel</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Mining</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Port Logistics</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Railway
        Logistics</B><SUP>(1)</SUP></P></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Energy</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Cement</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Eliminations</B></P></TD>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Consolidated</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><I>(in millions of R$)</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Net operating revenues&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">11,551.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">8,194.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">207.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,081.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">119.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">576.7</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,462.2)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">20,269.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 19.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Domestic market&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">7,934.1</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,038.3</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">207.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,081.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">119.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">576.7</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(2,236.5)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">8,721.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 19.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Export market&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">3,617.7</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">7,156.5</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">774.3</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">11,548.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Cost of products sold&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(10,368.8)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(3,480.7)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(138.6)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(803.8)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(96.4)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(475.6)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,835.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(13,528.9)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Gross profit&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,183.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">4,714.1</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">68.4</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">278.1</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">23.4</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">101.1</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">372.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">6,740.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">General and administrative expenses&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(673.4)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(134.1)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(27.5)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(82.5)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(22.7)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(64.5)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(763.5)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,768.2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Depreciation&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">663.4</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">453.1</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">23.6</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">333.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">13.2</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">105.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(288.8)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,303.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Proportionate EBITDA of joint ventures&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">486.3</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">486.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 10.15pt; text-indent: -10.15pt"><FONT STYLE="font-size: 8pt">Adjusted EBITDA<SUP>(2)</SUP>&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,173.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">5,033.1</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">64.5</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">529.4</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">13.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">141.6</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(193.2)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">6,762.3</FONT></TD></TR>
</TABLE>
<HR SIZE="1" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 20%">


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Railway logistics in our segment break-down includes our investee MRS, which is not consolidated in our unaudited interim consolidated
financial information or our audited consolidated financial statements and is reflected only in equity in results of affiliated
companies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Adjusted EBITDA is a measurement which helps us to assess the performance of our operations and our capacity to generate recurring
operating cash, consisting of net income (loss) for the year <I>less</I> net financial income (expenses), income tax and social
contribution, depreciation and amortization, equity in results of affiliated companies, results of discontinued operations and
other operating income (expenses), <I>plus</I> the proportionate EBITDA of joint ventures. Although Adjusted EBITDA is an indicator
used for performance measurement purposes, it is not a measurement recognized under IFRS. Therefore, it has no standard definition
and may not be comparable with measurements using similar names provided by other companies. For the reconciliation of net income
to EBITDA and Adjusted EBITDA, see note 23 to our unaudited interim consolidated financial information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I>Net Operating Revenues</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.25in">Net operating revenues increased R$1,357.3&nbsp;million,
or 7.2%, from R$18,912.6 million in the nine months ended September 30, 2019 to R$20,269.9 million in the nine months ended September
30, 2020, due to an increase in sales volume and in prices.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.25in">Net revenues of exports and sales abroad
increased R$825.9&nbsp;million, or 7.7%, from R$10,722.6&nbsp;million in the nine months ended September 30, 2019 to R$11,548.5&nbsp;million
in the nine months ended September 30, 2020, and <FONT STYLE="background-color: white">net domestic revenues increased R$531.3
million, or </FONT>6.5<FONT STYLE="background-color: white">%, from R$8,190.0&nbsp;million in the nine months ended September 30,
2019 to R$</FONT>8,721.3<FONT STYLE="background-color: white">&nbsp;million in the nine months ended September 30, 2020, </FONT>in
each case due to increases in realized iron ore and steel prices and sales volume.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I><U>Steel</U></I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Steel net operating revenues increased
R$952.2&nbsp;million<FONT STYLE="background-color: white">, or 9.0%, from R$10,599.6&nbsp;million in the nine months ended September
30, 2019 to R$11,551.8&nbsp;million in the nine months ended September 30, 2020.</FONT> Sales volume was stable with an increase
of 0.4%, from 3.4 million tons in the nine months ended September 30, 2019 to 3.4 million tons in the nine months ended September
30, 2020. Steel net domestic revenues increased R$435.4&nbsp;million, or 5.8%, from R$7,498.7 million in the nine months ended
September 30, 2019 to R$7,934.1 million in the nine months ended September 30, 2020, mainly due to an increase in average steel
prices. Steel net revenues of exports and of direct sales of our foreign subsidiaries, which are denominated in U.S. dollars, increased
R$516.7&nbsp;million, or 16.7%, from R$3,101.0 million in the nine months ended September 30, 2019 to R$3,617.7 million in the
nine months ended September 30, 2020, mainly due to the depreciation of the <I>real </I>against the U.S. dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I><U>Mining</U></I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Mining net operating revenues increased
R$688.9&nbsp;million, or 9.2%, from R$7,505.9&nbsp;million in the nine months ended September 30, 2019 to R$8,194.8&nbsp;million
in the nine months ended September 30, 2020, due to an increase in iron ore prices and the depreciation of the <I>real</I> against
the U.S. dollar, which effect was partially offset by a decrease of 20.2% in sales volume from 28.2 million tons in the nine months
ended September 30, 2019 to 22.5 million tons in the nine months ended September 30, 2020.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">In the nine months ended September 30,
2020, iron ore production reached 22,865.1 million tons, which represented a 22.6% decrease over the same period in 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I><U>Logistics</U></I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">In the nine months ended September 30,
2019, net operating revenues from railway logistics were R$1,028.9&nbsp;million and net operating revenues from port logistics
were R$185.0&nbsp;million, while in the nine months ended September 30, 2020, net operating revenues from railway logistics were
R$1,081.9&nbsp;million and net operating revenues from port logistics were R$207.0&nbsp;million. In the nine months ended September
30, 2020, port logistics handled 470,000 tons of steel products, 9,000 tons of general cargo, 113,000 containers and 1,081,000
tons of bulk.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I><U>Energy</U></I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Our net operating revenues from the energy
segment decreased R$102.1 million, or 46.0%, from R$221.9&nbsp;million in the nine months ended September 30, 2019 to R$119.8&nbsp;million
in the nine months ended September 30, 2020, mainly due to the decrease in electricity consumption in Brazil, according to the
Energy Research Company, or EPE, and a decrease in the volume of traded energy, mainly as a result of effects from developments
relating to the COVID-19 pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><FONT STYLE="background-color: white"><I>Cost
of Products Sold</I></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Cost of products sold increased R$694.8
million, or 5.4%, from R$12,834.1&nbsp;million in the nine months ended September 30, 2019 to R$13,528.9&nbsp;million in the nine
months ended September 30, 2020, mainly due to operating costs of blast furnace no.3 at Volta Redonda in our steel segment and
the effects of the depreciation of the <I>real</I> against the U.S. dollar on the cost of purchases of iron ore from third parties
in our mining segment, which effects were partially offset by an increase in eliminations of related party transactions between
our consolidated entities, principally as a result of exchange rate variations on transactions with CSN Minera&ccedil;&atilde;o.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I><U>Steel</U></I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><FONT STYLE="background-color: white">Steel
costs of products sold increased R$577.3 million, or 5.9%, from R$9,791.5 million in the nine months ended September 30, 2019 to
R$10,368.8 million in the nine months ended September 30, 2020, </FONT>mainly due to our recording operating costs of blast furnace
no.3 at Volta Redonda as idle capacity under other expenses during its refurbishment in the nine months ended September 30, 2019.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: -5pt; padding-left: 7.65pt; text-indent: -7.65pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-align: center; text-indent: -7.65pt; border-bottom: Black 0.5pt solid"><B>Nine
        months ended September 30,</B></P></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-align: center; text-indent: -7.65pt; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: -5pt; padding-left: 7.65pt; text-indent: -7.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-align: center; text-indent: -7.65pt; border-bottom: Black 0.5pt solid"><B>2019</B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-align: center; text-indent: -7.65pt; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 34%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-indent: -7.65pt"><B>Steel Production Cost </B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-indent: -7.65pt"><B>(Parent Company)</B></P></TD>
    <TD STYLE="width: 11%; padding-right: 5.75pt; padding-left: 7.65pt; text-align: right; text-indent: -7.65pt"><FONT STYLE="font-size: 8pt"><I>(R$ million)</I></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.75pt; padding-left: 7.65pt; text-align: right; text-indent: -7.65pt"><FONT STYLE="font-size: 8pt"><I>(R$/ ton)</I></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.75pt; padding-left: 7.65pt; text-align: right; text-indent: -7.65pt"><FONT STYLE="font-size: 8pt"><I>(R$ million)</I></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.75pt; padding-left: 7.65pt; text-align: right; text-indent: -7.65pt"><FONT STYLE="font-size: 8pt"><I>(R$/ ton)</I></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.75pt; padding-left: 7.65pt; text-align: right; text-indent: -7.65pt"><FONT STYLE="font-size: 8pt"><I>(R$ million)</I></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.75pt; padding-left: 7.65pt; text-align: right; text-indent: -7.65pt"><FONT STYLE="font-size: 8pt"><I>(R$/ ton)</I></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt">Raw materials&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,180</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,894</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>4,465</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,708</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(715)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(186)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Iron ore &#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">613</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">224</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">952</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">364</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">339</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">140</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Coal&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">900</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">329</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">750</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">287</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(150)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(42)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Coke&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">1,008</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">368</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">1,107</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">423</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">99</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">55</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Coils</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">440</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">161</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">3</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(437)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(160)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Metals&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">555</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">203</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">562</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">215</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Outsourced slabs&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">975</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">357</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">131</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">50</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(844)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(307)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Pellets&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">394</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">144</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">718</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">275</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">324</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">131</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Scrap&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">164</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">60</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">104</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">40</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(60)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(20)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Other<SUP>(1)</SUP>&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">131</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">48</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">138</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">53</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt">Labor&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>729</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>266</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>689</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>264</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(40)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(2)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt">Other production costs&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,944</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>711</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,014</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>770</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>70</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>59</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt">Energy/fuel&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">1,070</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">391</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">1,015</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">388</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(55)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(3)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt">Services and maintenance&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">242</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">88</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">201</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">77</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(41)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">(11)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt">Tools and supplies&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">271</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">99</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">281</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">108</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">10</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt">Depreciation&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">310</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">113</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">463</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">177</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">153</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt">64</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt">Other&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">51</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">20</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">54</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">20</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">3</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">-</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: -1.25pt; padding-left: 7.65pt; text-indent: -7.65pt"><FONT STYLE="font-size: 9pt"><B>Total</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>7,853</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,871</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>7,168</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,743</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(685)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(128)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I><U>Mining</U></I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Our mining costs of products sold increased
R$407.2 million, or 13.2%, from R$3,073.5&nbsp;million in the nine months ended September 30, 2019, to R$3,480.7 million in the
nine months ended September 30, 2020, mainly due to the depreciation of the <I>real</I> against the U.S. dollar, which effect increased
the cost of our purchases of iron ore from third parties by R$393.8 million in the nine months ended September 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I><U>Logistics</U></I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><FONT STYLE="background-color: white">Cost
of services attributable to our logistics segment increased R$83.5 million, or 9.2%, from R$</FONT>903.9 <FONT STYLE="background-color: white">million
in the nine months ended September 30, 2019 to R$</FONT>987.4 <FONT STYLE="background-color: white">million in the nine months
ended September 30, 2020, mainly due to adjustments in fuel prices. </FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I><U>Energy</U></I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Cost of products sold attributable to
our energy segment decreased R$86.6 million, or 47.3%, from R$183.0&nbsp;million in the nine months ended September 30, 2019 to
R$96.4 million in the nine months ended September 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><FONT STYLE="background-color: white"><I>Gross
Profit</I></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.25in">Gross profit increased R$662.4 million,
or 10.9%, from R$6,078.5 million in the nine months ended September 30, 2019 to R$6,740.9 million in the nine months ended September
30, 2020, due to an increase of R$1,357.2 million in net operating revenues, which was partially offset by an increase of R$694.8
million in cost of products sold, as discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><FONT STYLE="background-color: white"><I>Selling,
General and Administrative Expenses</I></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Selling, general and administrative expenses
were stable with a decrease of R$44.8 million, or 2.5%, from R$1,813.0 million in the nine months ended September 30, 2019 to R$1,768.0
million in the nine months ended September 30, 2020. Selling expenses were stable with a decrease of R$31.3 million, or 2.2%, from
R$1,429.6 million in the nine months ended September 30, 2019 to R$1,398.3 million in the nine months ended September 30, 2020,
mainly due to a decrease in costs of freight as a result of a decrease in exports sales volume of our mining segment. General and
administrative expenses were stable with a decrease of R$13.7 million, or 3.6%, from R$383.4 million in the nine months ended September
30, 2019 to R$369.7 million in the nine months ended September 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><FONT STYLE="background-color: white"><I>Other
Operating Income (Expenses)</I></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Net other operating expenses increased
R$373.4 million, or 20.7%, from R$1,800.5 million in the nine months ended September 30, 2019 to R$2,173.9 million in the nine
months ended September 30, 2020, due to (i) an increase of R$969.8 million, or 59.3%, from R$1,636.6 million in the nine months
ended September 30, 2019 to R$2,606.4 million in the nine months ended September 30, 2020, mainly due to changes in our hedge accounting,
pursuant to which foreign exchange variations on our borrowings and financing were reclassified as financial income (expenses).
These effects were partially offset by an increase of R$596.4 million in other operating income, from R$(163.9) million in the
nine months ended September 30, 2019 to R$432.5 million in the nine months ended September 30, 2020. This increase was mainly due
to (i) R$368.2 million as a result of our reclassification of accumulated losses on our shares in Usiminas as financial income
(expenses), (ii) an increase of R$33.1 million in recorded PIS and COFINS tax credits and (iii) our recognition of R$191.0 million
in indemnities receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><FONT STYLE="background-color: white"><I>Equity
in Results of Affiliated Companies</I></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Equity in results of affiliated companies
decreased R$109.8 million, or 92.3%, from R$119.0 million in the nine months ended September 30, 2019 to R$9.2 million in the nine
months ended September 30, 2020, mainly due to a decrease in the net income of our investee MRS as a result of an increase in its
financial expenses resulting from the depreciation of the <I>real</I> against the U.S. dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I>Operating Income</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Operating income increased R$224.3 million,
or 8.7%, from R$2,584.0 million in the nine months ended September 30, 2019 to R$2,808.3 million in the nine months ended September
30, 2020, due to the reasons discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I>Financial Income (Expenses)</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Net financial expenses decreased R$760.5
million, or 41.5%, from net financial expenses of R$1,832.8 million in the nine months ended September 30, 2019 to net financial
expenses of R$1,072.3 million in the nine months ended September 30, 2020, mainly due to (i) an increase in financial income of
R$345.3 million, comprised of R$97.4 million in gains on our shares in Usiminas, which we recorded as other operating income (expense)
in the same period in 2019, and R$365.1 million in interest income on indemnities receivable, which effects were partially offset
by a decrease of R$117.2 million interest income on tax credits and financial investments, and (ii) an increase in net foreign
exchange gains of R$615.3 as a result of changes in our hedge accounting, pursuant to which foreign exchange variations on our borrowings and financing were previously
recorded in other operating income (expenses). The effects of these increases in our financial income were partially offset by
an increase in our financial expenses due to increased interest expense and losses on certain derivative instruments as a result
of exchange rate variation.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><FONT STYLE="background-color: white"><I>Income
Taxes</I></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Income tax expense in Brazil refers to
federal income tax and social contribution. The statutory rates for these taxes applicable to the periods presented were 25% for
federal income tax and 9% for social contribution. Adjustments are made to income in order to reach the effective tax expense or
benefit for each fiscal year. As a result, our effective tax rate is volatile among fiscal periods.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">At statutory rates, we had a tax expense
of R$255.4 million in the nine months ended September 30, 2019 and R$590.2 million in the nine months ended September 30, 2020,
which represents 34% of our income before taxes. After adjustments to meet the effective income tax rates, we recorded an income
tax and social contribution credit of R$359.4 million in the nine months ended September 30, 2019 and an expense of R$1,340.2 million
in the nine months ended September 30, 2020.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Expressed as a percentage of pre-tax
income, our effective income tax rate was (48)% in the nine months September 30, 2019 and 77% in the nine months ended September
30, 2020.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">In the nine months ended September 30,
2019, we had a positive net adjustment of R$614.8 million, mainly due to the recognition of R$780.0 million in income tax credits,
partially offset by R$223.1 million in results of subsidiaries taxed at different rates.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">In the nine months ended September 30,
2020, in order to meet the effective income tax rate, we had a negative net adjustment of R$749.9 million, mainly due to our valuation
allowance of R$212.3 million in tax credits and R$542.3 million in results of subsidiaries taxed at different rates or not taxed.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">For further information, see note 14
to our unaudited interim consolidated financial information. It is not possible to predict future adjustments to federal income
tax and social contribution statutory rates, as they depend on interest on shareholders&rsquo; equity, tax incentives and non-taxable
factors, including income from offshore operations and tax losses from offshore operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><FONT STYLE="background-color: white"><I>Net
Income for the Period</I></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">In the nine months ended September 30,
2020, we recorded net income of R$395.8 million, as compared to R$1,110.6 million in the nine months ended September 30, 2019.
The decrease of R$714.8 million was due to the reasons discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><B><I>Cash Flows</I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Cash and cash equivalents decreased R$352.1
million in the nine months ended September 30, 2019, compared to an increase of R$4,635.4 million in the nine months ended September
30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I>Operating Activities</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Cash provided by operating activities
increased R$1,825.6 million, or 48.5%, from R$3,760.4 million in the nine months ended September 30, 2019 to R$5,586.0 million
in the nine months ended September 30, 2020, mainly due to (i) an increase of R$1,980.3 million in our reconciliation of non-cash
adjustments to net income, as follows: positive adjustments of R$1,543.2 million in deferred income taxes, R$1,071.7 million in
unrealized exchange rate variation and R$311.2 in depreciation and amortization, which effects were partially offset by negative
adjustments of R$512.7 million in indemnities receivable and R$465.6 million in fair value through profit and loss of our shares
in Usiminas; and (ii) an increase of R$560.2 million in working capital accounts and other assets and liabilities, mainly accounts
receivable, inventories, suppliers, advances to customers and taxes, in the nine months ended September 30, 2020 as compared to
the same period in 2019, which effects were partially offset by a decrease in net income for the period of R$714.8 million.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I>Investing Activities</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Cash used in investing activities was
stable with an increase of R$31.7 million, or 2.4%, from cash outflows of R$1,316.5 million in the nine months ended September
30, 2019 to cash outflows of R$1,348.2 million in the nine months ended September 30, 2020, mainly due to an increase of R$272.3
million in new time deposits net of withdrawals, which effect was partially offset by a decrease of R$259.1 million in acquisition
of tangible assets in the amount of R$1,118.2 million in the nine months ended September 30, 2020 as compared to R$1,377.3 million
in the nine months ended September 30, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; background-color: white"><I>Financing Activities</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Cash provided by or used in financing
activities changed R$3,232.0 million, or 116.0%, from cash used of R$2,790.0 million in the nine months ended September 30, 2019
to cash provided of R$442.2 million in the nine months ended September 30, 2020. This change was mainly due to (i) payment of dividends
and interest on shareholders&rsquo; equity in the amount of R$134.9 million in the nine months ended September 30, 2020, as compared
to R$1,821.2 million in the same period in 2019, and (ii) a decrease of R$5,114.8 million in debt amortization payments in the
nine months ended September 30, 2020 as compared to the same period in 2019. These effects were partially offset by a decrease
of R$3,567.3 million in new borrowings and financing in the nine months ended September 30, 2020 as compared to the same period
in 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><B><I>Trade Accounts Receivable Turnover Ratio </I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Our trade accounts receivable turnover
ratio, which is the ratio between our trade accounts receivable and our annualized net operating revenues, measured in days of
sales, decreased by seven days from 30 days as of September 30, 2019 to 31 days as of September 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><B><I>Inventory Turnover Ratio</I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Our inventory turnover ratio, which we
measure by dividing our inventories by our annualized cost of products sold, measured in days of cost of products sold, decreased
by 23 days from 107 days as of September 30, 2019 to 84 days as of September 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><B><I>Trade Accounts Payable Turnover Ratio </I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Our trade accounts payable turnover ratio,
which we measure by dividing our trade accounts payable by our annualized cost of products sold, measured in days of cost of products
sold, increased by 22 days from 83 days as of September 30, 2019 to 105 days as of September 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><B><I>Liquidity Management </I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Given the capital intensive and cyclical
nature of our industry and the generally volatile Brazilian macroeconomic environment, we retain sufficient cash on hand to run
our operations and to meet our short-term financial obligations.&nbsp;As of September 30, 2019, cash and cash equivalents were
R$1,895.9 million, as compared to R$5,724.4 million as September 30, 2020.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">As of September 30, 2020, our short-term
and long-term indebtedness accounted for 10% and 90%, respectively, of our total debt, and the average life of our existing debt
was equivalent to approximately 3.5 years, considering a 40-year term for the perpetual bonds issued in September&nbsp;2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><B><I>Capital Expenditures and Investments </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">We invested R$1,179.0 million in the
nine months ended September 30, 2020, mainly:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$560.1 million in improvements in our steel plant
at Volta Redonda; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$523.1 million in mining expansion projects.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><B><I>Debt and Derivative Instruments</I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">As of September 30, 2020, our total debt,
which comprises current and non-current portions of borrowings and financing, was R$36,158.1 million (including transactions costs),
which represents 570% of shareholders&rsquo; equity as of September 30, 2020. As of September 30, 2020, our short-term debt, which
comprises current borrowings and financing and includes current portions of long-term debt,
was R$3,598.5 million and our long-term debt, which comprises non-current borrowings and financing, was R$32,559.6 million.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">As of September 30, 2020, approximately
29.0% of our debt was denominated in <I>reais</I>&nbsp;and substantially all of the remaining balance was denominated in U.S. dollars.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Our policy is to protect ourselves against
foreign exchange losses and interest rate losses on our debt, which we do through hedge accounting.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">The following table sets forth our borrowings,
financing and debentures, which we record at amortized cost:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>As of September
        30, 2020</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 54%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 22%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Current
        liabilities</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 24%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Non-current
        liabilities</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><I>(in millions of R$)</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B><I>Debt Agreements in the International Market</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Variable interest:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>US$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Prepayment&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,021.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">4,000.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Fixed interest:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>US$ </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Bonds, Perpetual Bonds and ACC&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">276.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">19,883.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>EUR</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Others&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">419.9</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">165.3</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><B>1,718.3</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><B>6,154.5</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B><I>Debt Agreements in Brazil</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Variable interest:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>R$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">BNDES/FINAME, Debentures, NCE and CCB&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,911.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">8,611.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Fixed interest:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>R$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Prepayment&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><B>1,911.7</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><B>8,611.4</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Total borrowings and financing</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><B>3,630.0</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><B>32,660.9</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Transaction costs and issue premiums&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">(31.5)</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">(101.2)</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Total borrowings and financing + transaction costs</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>3,598.5</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>32,559.7</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">The following table sets forth the average
interest rate of our borrowings and financing:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 34%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 33%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>As of September
        30, 2020</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Average
        interest rate<SUP>(1)</SUP></B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Total Debt</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><I>(in millions of R$)</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">US$&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">6.66%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">25,182.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">R$&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.85%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">10,523.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">EUR&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1.50%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">585.3</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>32,290.9</B></P></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>In order to determine the average interest rates for our borrowings and financing agreements with floating rates, we used rates
as of September 30, 2020.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><B><I>Debt Maturity Schedule</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">The following chart sets forth our debt
maturity profile as of September 30, 2020:</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 6pt"><FONT STYLE="font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 239px; width: 578px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><B><I>Debt Reprofiling Initiatives</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">In the nine months ended September 30,
2020, we took the following steps to extend the amortization profile of our debt:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in January, we issued US$1.0 billion in aggregate
principal amount of 6.750% notes due 2028, part of which proceeds we used to repurchase US$263.0 million in aggregate principal
amount of 6.50% notes due 2020 issued by our Luxembourg financing subsidiary CSN Resources S.A., and guaranteed by us, and the
remaining US$170.6 million in aggregate principal amount of such notes matured in July; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in April, we extended the maturity of R$1.3 billion
in financing with Banco do Brasil S.A., scheduled for May 2020 to March 2021, to 2022; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in June, we extended the maturity of R$300.0 million
in financing with Caixa Econ&ocirc;mica Federal S.A., scheduled for June and September 2020, to 2021 and 2024, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">In addition, as of the date of this offering
memorandum, we extended the maturity of R$618.0 million in financing with other financial institutions, scheduled for 2020, to
2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">For further information on our indebtedness,
see note 11 to our unaudited interim consolidated financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt"><B>Developments Relating to the COVID-19 Pandemic</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">The COVID-19 pandemic has significantly
affected the global economy in 2020, including in Brazil and our main export markets. While our operations, principally in our
steel segment, were affected in the first half of 2020 by developments relating to the pandemic, we have adapted to measures imposed
by Brazilian authorities to contain the spread of COVID-19, most of which have, as of the date of this offering memorandum, been
lifted or amended to be less restrictive. While the full effects of developments relating to the COVID-19 pandemic on the global
economy, the industries in which we operate and our operations remain uncertain, we have not identified risks to our continuity
of operations and have substantially maintained our operating assumptions unchanged. For more information on the effects of developments
relating to the COVID-19 pandemic, see &ldquo;Item 3D. Risk Factors&mdash;Risks Relating to Us and the Industries in Which We Operate&mdash;The
outbreak of communicable diseases such as the ongoing COVID-19 outbreak on a global scale may affect investment sentiment, cause
operational disruptions and result in sporadic volatility in global markets&rdquo; in our 2019 Annual Report and note 2(d) to our
unaudited interim consolidated financial information.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The following are certain corrections to our 2019 Annual
Report:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>(a)</B></TD><TD>To replace the 2019 columns for sales of all steel products by destination under the heading &ldquo;4B. Business Overview&mdash;Marketing,
Organization and Strategy&mdash;Flat Steel&mdash;Sales by Geographic Region&rdquo; with the following:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="6" STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sales of All Steel Products by Destination</B></FONT></TD></TR>
<TR STYLE="background-color: #D0DBF0">
    <TD COLSPAN="6" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><I>(in thousands of tons and millions of R$)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: #4472C4 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2019</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 24%; background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Tons</B></FONT></TD>
    <TD STYLE="width: 16%; background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>% of Total</B></FONT></TD>
    <TD STYLE="width: 29%; background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Net Operating Revenues</B></FONT></TD>
    <TD STYLE="width: 15%; background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>% of Total</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">3,151 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">70%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">10,028</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">72%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Export</FONT></TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,374 </FONT></TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">3,921</FONT></TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">28%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>4,525 </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>13,949</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>100%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Exports by Region</B></FONT></TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Asia</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">47 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">North America<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">205 </FONT></TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">561 </FONT></TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Latin America</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">44 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">3%</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">332 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Europe</FONT></TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,124 </FONT></TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">82%</FONT></TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2,979 </FONT></TD>
    <TD STYLE="background-color: #D0DBF0; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">76%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">All Others</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">0 </FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3.5pt; padding-left: 0.5in; text-align: center; font-size: 10pt; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.5pt"></TD><TD STYLE="width: 4.5pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 8pt">Sales to Mexico are included in North America. </FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>(b)</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">To replace the text under the heading &ldquo;4D. Property, Plant and Equipment&mdash;Acquisitions
and Dispositions&mdash;CBSI &ndash; <I>Companhia Brasileira de Servi&ccedil;os de Infraestrutura</I>&rdquo; with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">In November 2019, we acquired from CKTR Brasil Servi&ccedil;os
Ltda. 1,875,146 common shares of CBSI &ndash; <I>Companhia Brasileira de Servi&ccedil;os de Infraestrutura</I>, corresponding to
50% of its outstanding shares, for R$24.0 million, and we now hold the entirety of its share capital.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>(c)</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">To replace the text under the heading &ldquo;Item 5A. Operating Results&mdash;Overview&mdash;Steel
Market&rdquo; with the following:</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify;font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">For the years ended December 31, 2017, 2018 and 2019, our
steel segment represented 70%, 68% and 55% of our net revenues, respectively, and 49%, 44% and 12% of our gross profit, respectively.
In 2019, 72% of our steel revenues were in Brazil and 28% were abroad. In 2018, 66% of our steel revenues were in Brazil and 34%
were abroad, as compared to 60% and 40%, respectively, in 2017.</P>

<P STYLE="text-align: justify;font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">According to the WSA, global crude steel production was 1.9
billion tons in 2019, or a 3.4% increase over 2018, and 1.8 billion tons in 2018, or a 4.4% increase over 2017. In 2019, China
was responsible for 996.3 million tons, or about 53% of the global output, representing an increase of 8.3% as compared to 2018.
Japan&rsquo;s crude steel production reached 99 million tons, representing a decrease of 5% as compared to 2018. In the European
Union, production reached 159 million tons in 2019, representing a decrease of 4.9% compared to 2018. In the U.S., crude steel
production was 88 million tons in 2019, up by 1.5% on 2018. According to the global energy and mining consultancy company Wood
Mackenzie, global capacity usage increased by 2.5% in 2019 to 75%.</P>

<P STYLE="text-align: justify;font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">According to IABr, domestic crude steel production was 32.2
million tons in 2019, or a 7.2% decrease over 2018, while rolled steel output was 22.2 million tons in 2019, or a 6.3% increase
over 2018.</P>

<P STYLE="text-align: justify;font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Domestic steel product consumption in Brazil was 20.6 million
tons in 2019, or a 2.7% decrease over 2018, while domestic sales decreased 2.2% to 18.5 million tons. Annual imports to Brazil
were 2.4 million tons, or a 1.9% decrease over 2018, and exports decreased 12.8 million tons, or 8.0%, in 2019 as compared to 2018.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>(d)</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">To replace the 2019 column for sales abroad under the heading &ldquo;5A. Operating Results&mdash;Steel
Markets and Product Mix&mdash;Product Mix and Prices&rdquo; with the following:</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 76%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B>Sales Abroad</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 24%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2019 </B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(<I>in tons</I>)</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-right: -7.95pt"><FONT STYLE="font-size: 9pt">Slabs&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: -7.95pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Hot-rolled&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">55</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: -7.95pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Cold-rolled&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: -7.95pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Galvanized&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">423</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: -7.95pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Tin plate&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">78</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: -7.95pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Long steel&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">791</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: -7.95pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><B>Subtotal</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><B>1,374</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>(e)</B></TD><TD>To clarify that the following table under the heading &ldquo;Item 11. Quantitative and Qualitative Disclosures About Market
Risk&mdash;Interest Rate Risk&rdquo; presents values as of December 31, 2019 and to replace the table setting forth our cash and
cash equivalents with the information below:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>Maturities</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #D0DBF0">
    <TD STYLE="width: 101px; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #2F5496"><B>Exposure as of December 31,&nbsp;2019*</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #2F5496"><B>&nbsp;(amortization) </B></P></TD>
    <TD STYLE="width: 21px; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 66px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>Notional amount</B></FONT></TD>
    <TD STYLE="width: 21px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">2019</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">2020</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">2021</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: -5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>Thereafter</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: #D0DBF0">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>U.S. dollar LIBOR</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">4,334</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">1,770</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">1,073</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">480</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">608</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">403</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #D0DBF0">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>U.S. dollar fixed rate</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">12,126</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">1,949</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">3,728</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">6,449</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #D0DBF0">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>CDI</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">10,037</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">955</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">2,363</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">2,619</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">2,928</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">1,172</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #D0DBF0">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>Euro fixed rate</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">111</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">111</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #D0DBF0">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>TJLP</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">881</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">69</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">56</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">55</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">54</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">65</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">583</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #D0DBF0">
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">602</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">299</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">84</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">159</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">60</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">-</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #2F5496">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">*All figures in millions of <I>reais</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>December 31,&nbsp;2019 </B></FONT></TD>
    <TD STYLE="width: 3%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>December 31,&nbsp;2018 </B></FONT></TD>
    <TD STYLE="width: 3%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>Exposure </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #D0DBF0">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>Cash in <I>reais</I>: </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #2F5496">697</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #2F5496">778</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #2F5496">CDI&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt; color: #2F5496"><B>Cash in U.S. dollars: </B></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #2F5496">392</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #2F5496">1,470</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #2F5496">LIBOR&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">Pursuant to the requirements
of the U.S. Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">November 10, 2020</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Companhia Sider&uacute;rgica Nacional </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><I>/s/ Benjamin Steinbruch </I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Benjamin Steinbruch</P></TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 39%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%"><FONT STYLE="font-size: 10pt">Chief Executive Officer </FONT></TD></TR>
<TR>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><I>/s/ Marcelo Cunha Ribeiro</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Marcelo Cunha Ribeiro</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Chief Financial and Investor Relations Officer</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
