<SEC-DOCUMENT>0001292814-20-004596.txt : 20210107
<SEC-HEADER>0001292814-20-004596.hdr.sgml : 20210107
<ACCEPTANCE-DATETIME>20201202161624
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001292814-20-004596
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201202

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4.5in; text-align: right">December 2, 2020</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>VIA EDGAR TRANSMISSION</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ms. Melissa Gilmore</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jean Yu<BR>
Division of Corporation Finance</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Office of Manufacturing<BR>
United States Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549-4631</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><P STYLE="margin-top: 0; margin-bottom: 0"><B>National Steel Company<BR> Form 20-F for the fiscal year ended December 31, 2019<BR> Filed on April 3, 2020</B></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><B>File No. 001-14732 <B></B></B></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><B><B>Response to Staff Comment Letter
Dated November 17, 2020 </B></B></P></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dear Ms. Gilmore and Mr. Yu:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Reference is made to the comment letter from the staff (the &ldquo;<U>Staff</U>&rdquo;)
of the United States Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo; or the &ldquo;<U>Commission</U>&rdquo;) received
by Companhia Sider&uacute;rgica Nacional (&ldquo;<U>National Steel Company</U>&rdquo; or the &ldquo;<U>Company</U>&rdquo;) on November
17, 2020, regarding the Company&rsquo;s annual report on Form 20-F for the fiscal year ended December 31, 2019, filed on April
3, 2020 (the &ldquo;<U>2019 Form 20-F</U>&rdquo;). For your convenience, we have reproduced the Staff&rsquo;s comments in italics
and have provided responses immediately below.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Company will improve its disclosure in accordance with the additional
information provided herein in future filings.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>Notes to the Consolidated Financial Statements</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>2. Summary of Significant Accounting Policies</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>2.p) Revenue recognition, page FS-20</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>We note your disclosures of your revenue recognition policies
and that you adopted IFRS 15 on January 1, 2018 and assets are recorded according to the respective practice. Please revise your
footnote to expand your disclosures to provide company-specific information for your performance obligations, including (a) the
nature of the goods or services promised; (b) the timing of when you recognize revenue (i.e., point in time or over time); (c)
the typical payment terms and (d) any warranties. Also, provide disclosures for each type of variable consideration, if applicable.
Please be advised the information provided should be at a level of detail to meet the objective of the disclosure requirements
outlined in paragraphs 110-112 of IFRS 15. Refer to the IFRS 15.110 through 128 as applicable.</I></P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Response to Comment </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, 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-size: 11pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 11pt"><I>Nature of goods and services</I>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Company generates revenue from (i) the production and
sale of steel, cement and iron ore, (ii) the provision of maritime freight services, in the case of iron ore export sales, and
rail and port logistics services and (iii) sales of energy.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, 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-size: 11pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 11pt"><I>Timing of revenue recognition</I>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">The Company recognizes revenue once all of the following conditions
are satisfied:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, 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-size: 11pt">1.</FONT></TD><TD><FONT STYLE="font-size: 11pt">Identification of the contract for sale of goods or provision of services;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, 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-size: 11pt">2.</FONT></TD><TD><FONT STYLE="font-size: 11pt">Identification of the performance obligations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, 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-size: 11pt">3.</FONT></TD><TD><FONT STYLE="font-size: 11pt">Determination of the contract value;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, 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-size: 11pt">4.</FONT></TD><TD><FONT STYLE="font-size: 11pt">Determination of the value allocated to each performance obligation included in the contract;
and</FONT></TD></TR></TABLE>

<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: 11pt">5.</FONT></TD><TD><FONT STYLE="font-size: 11pt">Revenue recognition over time or at the time the performance obligations are completed.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">In the case of sales of goods, performance obligations are
usually completed upon delivery of the goods to the destination specified by customers, which may be customers&rsquo; warehouses
or, in the case of iron ore export sales, when the product is loaded on the ship. In certain cases, judgment may be required to
determine when performance obligations are completed, based on the following indicators:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD><FONT STYLE="font-size: 11pt">Whether the customer has the significant risks and rewards of ownership and has the ability to
direct the use of, and obtain substantially all of the remaining benefits from, the good; and</FONT></TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(ii)</FONT></TD><TD><FONT STYLE="font-size: 11pt">Whether the customer has a present obligation to pay in accordance with the terms of the sales
contract.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Accordingly, the Company discloses revenue from each of its
business segments as follows:</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Steel: </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.3in">The Company recognizes revenues from sales of steel
products when control of the product passes to customers, which may be either upon delivery of the goods to the destination specified
by customers or when the customer picks up the goods for delivery, depending on whether the customer contracts logistics services
from the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Cement:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.3in">The Company recognizes revenues from sales of cement
when control of the product passes to customers, which may be either upon delivery of the goods to the destination specified by
customers or when the customer picks up the goods for delivery, depending on whether the customer contracts logistics services
from the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Mining</B>:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 21.3pt">The Company recognizes revenues from sales of iron
ore when control of the product passes to customers, which generally occurs, in the case of export sales, when the product is loaded
on the ship and, in the case of domestic sales, when the product is loaded on the train.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.3in">Iron ore export sales pursuant to the Incoterms &ldquo;Cost,
Insurance and Freight &ndash; CIF&rdquo; and &ldquo;Cost and Freight &ndash; CFR&rdquo; include maritime freight service embedded
in the same invoice. In this case, the performance obligation of the maritime freight service is considered separately from the
shipment of iron ore and the Company recognizes revenue from the provision of this service upon delivery of the goods to the destination
specified by customers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Logistics:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 22.5pt"><B><I>Rail logistics services</I>. </B>The Company&rsquo;s
rail logistics services are provided by its subsidiary Ferrovia Transnordestina Log&iacute;stica S.A. (&ldquo;<U>FTL</U>&rdquo;).
The Company recognizes revenues from rail logistics services when the performance obligation, which is the contracted service,
is completed, which occurs upon delivery of the goods to the destination specified by customers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 22.3pt"><B><I>Port logistics services</I>. </B>The Company&rsquo;s
port logistics services, which comprise handling of containers and storage, are provided by its subsidiary Sepetiba Tecon S.A.
(&ldquo;<U>TECON</U>&rdquo;). The Company recognizes revenues from port logistics services when the performance obligation is completed.
In the case of handling of containers, the performance obligation comprises the pool of services contracted. In the case of storage
services, each month of storage represents a performance obligation and, consequently, the Company recognizes revenue on a monthly
basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Energy: </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 21.3pt">The Company recognizes revenues from sales of energy
that it has not used in its operations. This excess energy is made available through the public network and the Chamber of Electric
Energy Commercialization (<I>C&acirc;mara de Comercializa&ccedil;&atilde;o de Energia El&eacute;trica</I>), which is the governmental
agency responsible for managing the network, redirects the energy to the electric system and, on a monthly basis, informs the
Company of the amount of energy that was redirected to the electric system. Accordingly, the Company issues its invoice to this
governmental agency and simultaneously recognizes the revenue from the sale of energy.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 21.3pt"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Company&rsquo;s only variable consideration arises when
iron ore is provisionally priced and there is a difference with the final price, which depends on future index prices. In this
case, the Company initially recognizes revenue based on the applicable forward market price and then accounts for any eventual
adjustment based on the final price. The period between provisional pricing and final invoicing is typically between 60 and 120
days.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Where the Company has contracts with unfulfilled performance
obligations at the end of a fiscal period, it discloses the transaction price allocated to these performance obligations. The Company
does not disclose this information for contracts with an expected duration of one year or less.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Company presents revenues on a consolidated basis in
its income statement and by segment in the explanatory note &ldquo;Segment Information.&rdquo;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, 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-size: 11pt">(c)</FONT></TD><TD><FONT STYLE="font-size: 11pt"><I>Payment terms.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Generally, all sales of goods and provisions of services are
payable within 30 days of the invoice date.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">In the case of sales of steel and cement, the Company issues
its invoice when the products are loaded for delivery, regardless of whether the Company delivers the goods to the destination
specified by customers or whether the customer picks up the goods for delivery. In the case of domestic iron ore sales, the Company
issues its invoice upon delivery of the goods to the destination specified by customers, which occurs when the product is loaded
on the train.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">For the portion of the Company&rsquo;s iron ore export sales
pursuant to the Incoterms &ldquo;Cost, Insurance and Freight &ndash; CIF&rdquo; and &ldquo;Cost and Freight &ndash; CFR&rdquo;,
the obligation to pay for the good and the maritime freight service, which is embedded in the same invoice, generally arises when
the product is loaded on the ship. Because the Company pays for the maritime freight service in advance, the Company recognizes
the contracted maritime freight service as an asset, as advances to suppliers, until arrival at the port of destination, at which
time it is charged to income statement as freight expenses. Concurrently, the Company records the price of the maritime freight
service that it is responsible for as a liability, as advances from customers, until arrival at the port of destination, at which
time the Company completes its performance obligation for the maritime freight service and, accordingly, recognizes revenue for
the provision of this service. The Company generally realizes advances to suppliers and advances from customers as freight expenses
and revenue for maritime freight services provided, respectively, within one month. The Company records advances to suppliers and
advances from customers as other current assets and other current liabilities, respectively, as these amounts, while outstanding,
are not sufficiently material to require separate line item disclosure.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">In the case of port logistics services, the Company issues
its invoice once it has completed the provision of the contracted service. In the case of rail logistics services, the Company
issues its invoice when the product is loaded on the train and the respective fiscal document (CTE &ndash; <I>Conhecimento de Transporte
Eletr&ocirc;nico</I>) is generated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">In the case of energy sales, the Company issues its invoice
once the Chamber of Electric Energy Commercialization (<I>C&acirc;mara de Comercializa&ccedil;&atilde;o de Energia El&eacute;trica</I>)
measures and informs the amount of energy the Company has provided.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, 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-size: 11pt">(d)</FONT></TD><TD><FONT STYLE="font-size: 11pt"><I>Warranties</I>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">None of the Company&rsquo;s products or services
carry warranties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">*******</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">If you have any questions or require any additional
information with respect to the above, please do not hesitate to contact Tobias Stirnberg, the Company&rsquo;s counsel, at +55
(11) 3927-7702 or Claudia Sarti at +55 (11) 3049-7341.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 225pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 225pt">Sincerely,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 225pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 225pt"><I>/s/ Marcelo Cunha Ribeiro</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 225pt"><U>___________________________________<BR>
</U><B>Companhia Sider&uacute;rgica Nacional</B><BR>
By: Marcelo Cunha Ribeiro</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 225pt">Title: Chief Financial and Investor Relations Officer</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">cc: Tobias Stirnberg</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt"><I>Milbank LLP</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Companhia Sider&uacute;rgica Nacional</B></FONT></TD><TD STYLE="width: 5%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center">Av. Brigadeiro Faria Lima, 3400 &ndash; 20th Floor</P><P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center">Faria Lima Financial Center</P><P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center">04538-132 &ndash; S&atilde;o Paulo &ndash; SP</P></TD><TD STYLE="text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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


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