<SEC-DOCUMENT>0001292814-24-002111.txt : 20240621
<SEC-HEADER>0001292814-24-002111.hdr.sgml : 20240621
<ACCEPTANCE-DATETIME>20240516201539
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001292814-24-002111
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL STEEL CO
		CENTRAL INDEX KEY:			0001049659
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		ORGANIZATION NAME:           	04 Manufacturing
		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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 4.5in; text-align: right">&#9;May 16, 2024</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. John Coleman</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Craig Arakawa</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. Kevin Woody</P>

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

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

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></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><B>National Steel Company (<I>Companhia Sider&uacute;rgica Nacional</I> &ndash; CSN)<BR>
Form 20-F for the fiscal year ended December 31, 2022</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"><B>File No. 001-14732</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"><B>Response to Staff Comment Letter Dated
May 2, 2024</B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Dear Mr. Coleman, Mr. Arakawa, Ms. Gilmore and Mr. Woody:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Reference is made to the comment letter from the staff (the &ldquo;<U>Staff</U>&rdquo;)
of the U.S. Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) received by National Steel Company (<I>Companhia Sider&uacute;rgica
Nacional &ndash; </I>CSN) (the &ldquo;<U>Company</U>&rdquo; or &ldquo;<U>CSN</U>&rdquo;) on May 2, 2024, regarding the Company&rsquo;s
annual report on Form 20-F for the fiscal year ended December 31, 2022, filed on April 27, 2023 and amended on April 25, 2024. 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: 12pt 0 0"><B>SEC Comment No. 1 </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><U>Item 4. Information on the Company, page 1</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><I>Please provide an updated reconciliation with depletion due to
mining activities for your resources/reserves as reported in the most recent year compared to the prior year, as required by Item 1304(e)
of Regulation S-K and confirm that you will include this reconciliation in subsequent annual filings. Note that this is only required
for material properties.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-indent: -0.5in"><B>Response to Comment No. 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">The following table sets forth a reconciliation
with the depletion of mineral resources (exclusive of reserves) for Casa de Pedra mine and Engenho mine in each of 2022 and 2023, considering
our ownership interest of 78.2% as of December 31, 2021 and 79.8% as of December 31, 2022 and 2023:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>As of<BR>
    December 31, 2021</B></P></TD>
    <TD STYLE="width: 12%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center; text-indent: 0.7pt"><B>2022
    Depletion</B></P></TD>
    <TD STYLE="width: 12%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center; text-indent: 0.7pt"><B>2022
    Net Difference</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center; text-indent: 0.7pt"><B>As
    of December 31, 2022</B></P></TD>
    <TD STYLE="width: 12%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>2023 Depletion</B></P></TD>
    <TD STYLE="width: 12%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.15pt; border-bottom: Black 0.5pt solid; text-align: center; text-indent: -0.15pt"><B>2023
    Net Difference</B></P></TD>
    <TD STYLE="width: 12%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.15pt; border-bottom: Black 0.5pt solid; text-align: center; text-indent: -0.15pt"><B>As
    of<BR>
    December 31, 2023</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 11pt Times New Roman, Times, Serif; padding-right: -3.4pt"><FONT STYLE="font-size: 8pt">Mineral Resources (million tons)&#9;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,895</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1.17%</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2,929</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(0.96)%</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,901</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">_________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 8pt/107% Times New Roman, Times, Serif; margin: 0">Note: Figures included in this table have been subject to rounding
adjustments. Accordingly, figures shown as totals may not represent an arithmetic sum of the figures that precede them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The following table sets forth a reconciliation
with the depletion of mineral reserves for Casa de Pedra mine and Engenho mine in each of 2022 and 2023, considering our ownership interest
of 78.2% as of December 31, 2021 and 79.8% as of December 31, 2022 and 2023:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.25pt solid; text-align: center"><B>As of<BR>
    December 31, 2021</B></P></TD>
    <TD STYLE="width: 12%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.25pt solid; text-align: center; text-indent: 0.7pt"><B>2022
    Depletion</B></P></TD>
    <TD STYLE="width: 12%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.25pt solid; text-align: center; text-indent: 0.7pt"><B>2022
    Net Difference</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.25pt solid; text-align: center; text-indent: 0.7pt"><B>As
    of December 31, 2022</B></P></TD>
    <TD STYLE="width: 12%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.25pt solid; text-align: center"><B>2023 Depletion</B></P></TD>
    <TD STYLE="width: 12%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.15pt; border-bottom: Black 0.25pt solid; text-align: center; text-indent: -0.15pt"><B>2023
    Net Difference</B></P></TD>
    <TD STYLE="width: 12%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.15pt; border-bottom: Black 0.25pt solid; text-align: center; text-indent: -0.15pt"><B>As
    of<BR>
    December 31, 2023</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 11pt Times New Roman, Times, Serif; padding-right: -3.4pt"><FONT STYLE="font-size: 8pt">Mineral Reserves (million tons)&#9;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,626</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">0.48%</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,634</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(1.71)%</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,606</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">_____________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 8pt/107% Times New Roman, Times, Serif; margin: 0">Note: Figures included in this table have been subject to rounding
adjustments. Accordingly, figures shown as totals may not represent an arithmetic sum of the figures that precede them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">We will include updated annual reconciliation with depletion
due to mining activities for our mineral resources and reserves in material mining properties in future filings.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>SEC Comment No. 2</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><U>Item 4. Information on the Company, page 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in"><I>Please provide proposed disclosure of non-material
resource and reserve tables which includes the following, as required by Item 1303(b)(3) of Regulation S-K: </I></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">&bull;</TD><TD><I>the point of reference in which reserves and resources are calculated, such as in-situ, mill feed, saleable product, etc; and</I></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: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>the currency with respect to the pit optimization parameters on page 26.</I></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-indent: -0.5in"><B>Response to Comment No. 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">The point of reference in which our reserves and
resources are calculated for our non-material properties is in-situ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">We will disclose the point of reference in which our
reserves and resources are calculated in future filings.</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 0 6pt; text-indent: 0in"><B>Form 20-F for the year ended December 31, 2022:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">The following table sets forth the pit optimization parameters
for our non-material properties in millions of Brazilian <I>reais</I>.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 37%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Alhandra</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Arcos</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Barroso</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Caapor&atilde;</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Cantagalo</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Montes Claros</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Pedro Leopoldo</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt">Diesel/Gasoline&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">3.783 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">11.692 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;5.276 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2.841 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2.084 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1.842 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1.968 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt">Electrical Energy Variable&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">0.453 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">2.920 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1.930 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;0.679 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;0.332 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.416 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;1.008 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Wear Parts&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;344 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">0.004 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;0.073 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;0.098 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">0.226 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Production and Distribution Material&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">2.450 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;3.546 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2.036 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;1.743 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;0.788 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;0.999 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1.536 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt">Outsourced Activities&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">3.910 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;2.574 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;0.515 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">2.509 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1.090 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt">Mining Concessions and Royalties&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1.218 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;0.773 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;0.461 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;0.452 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;0.420 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt"><B>Variable Cash Cost</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;6.687 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>18.158 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;14.714 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;8.614 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;4.253 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;6.316 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;6.249 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt">Electrical Energy Fixed&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;0.221 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;0.093 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;0.099 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;0.361 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt">Labor Expenses Own&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;4.049 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;14.747 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;7.080 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;4.781 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">3.372 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;3.521 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;3.221 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt">Third Party Services&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;1.247 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;22.365 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;4.206 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1.076 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;0.297 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">0.507 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1.822 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt">Maintenance Material&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1.541 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.503 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;2.748 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">0.837 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;0.372 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;0.321 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1.813 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt">Other Cost&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;0.165 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;5.055 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2.827 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;0.331 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;0.053 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">0.101 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;0.213 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt"><B>Fixed Cash Cost</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;7.002 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;44.668 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>12.971 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;4.541 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;3.292 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>3.197 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;6.161 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt"><B>Cash Cost</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;13.689 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;62.826 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;27.684 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;13.155 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>7.544 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>9.514 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;12.410 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt">Depreciation and Amortization&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;0.387 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">30.452 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">22.383 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;6.710 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;4.243 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1.257 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;2.590 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt"><B>Cost of Goods Sold</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;14.076 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;93.278 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>50.068 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;19.934 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;11.787 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>10.770 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;15.049 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 6.9pt; text-indent: -6.9pt"><FONT STYLE="font-size: 8pt"><B>Price*</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">_____________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0.25in"><FONT STYLE="font-size: 10pt; font-weight: normal">*</FONT></TD><TD><FONT STYLE="font-size: 8pt; font-weight: normal">With respect to price parameters, we assume a margin of 10% over total cost of goods
sold, since we do not conduct direct sales. With respect to commodity price, pricing dynamics for cement are a function of local supply
and demand and are not, like other commodities such as steel and iron ore, pegged to an index or to global commodity prices. In addition,
cement prices take into account the costs of cement plants, which may vary by plant and by company.</FONT></TD></TR></TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in"><B>Form 20-F for the year ended December 31, 2023:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">The following table sets forth the pit optimization parameters
for our non-material <FONT STYLE="letter-spacing: -0.1pt">properties</FONT> in millions of Brazilian <I>reais</I><FONT STYLE="letter-spacing: -0.1pt">:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 27%; padding: 0.75pt 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Alhandra</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Arcos</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Barroso</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Caapor&atilde;</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Cantagalo</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Montes Claros</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: center"><B>Pedro Leopoldo</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.45pt; text-indent: -5.45pt"><FONT STYLE="font-size: 8pt"><B>Plant</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.45pt; text-indent: -5.45pt"><FONT STYLE="font-size: 8pt">Fuel&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.542</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">11.302</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">5.781</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.555</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.148</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.132</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.585</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.45pt; text-indent: -5.45pt"><FONT STYLE="font-size: 8pt">Electric Energy&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.406</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.201</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1.678</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.340</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.187</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.283</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.845</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.45pt; text-indent: -5.45pt"><FONT STYLE="font-size: 8pt">Other Variable Costs&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">2.498</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">3.177</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">2.968</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">2.444</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">0.927</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">1.905</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">3.257</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.45pt; text-indent: -5.45pt"><FONT STYLE="font-size: 8pt"><B>Variable Cost</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>5.445</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>16.680</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>10.426</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>5.339</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>3.261</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>4.320</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>6.687</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.45pt; text-indent: -5.45pt"><FONT STYLE="font-size: 8pt">Labor Expenses&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">6.081</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">17.574</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">3.421</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.044</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.920</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1.713</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1.980</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.45pt; text-indent: -5.45pt"><FONT STYLE="font-size: 8pt">Third Party Services&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.054</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">12.868</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">4.415</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1.516</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.187</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1.653</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.131</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.45pt; text-indent: -5.45pt"><FONT STYLE="font-size: 8pt">Maintenance (Material and Services)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.990</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">16.598</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">3.923</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.852</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.284</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.354</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.236</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.45pt; text-indent: -5.45pt"><FONT STYLE="font-size: 8pt">Other Fixed Costs&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">(0.296)</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">4.549</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">(2.805)</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">0.217</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">0.132</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">0.169</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">0.068</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.45pt; text-indent: -5.45pt"><FONT STYLE="font-size: 8pt"><B>Fixed Cost</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right"><B>10.829</B></P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right"><B>51.590</B></P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right"><B>11.756</B></P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right"><B>4.630</B></P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right"><B>3.522</B></P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right"><B>3.889</B></P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right"><B>4.415</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.45pt; text-indent: -5.45pt"><FONT STYLE="font-size: 8pt"><B>Cash Cost</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>16.274</B></P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>68.270</B></P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>22.183</B></P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>9.968</B></P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>6.783</B></P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>8.209</B></P></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>11.103</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.45pt; text-indent: -5.45pt"><FONT STYLE="font-size: 8pt"><B>Price*</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.75pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>~10%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>_________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></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"><FONT STYLE="font-size: 10pt; font-weight: normal">*</FONT></TD><TD><FONT STYLE="font-weight: normal">With respect to price parameters, we assume a margin of 10% over total cost of goods sold, since
we do not conduct direct sales. With respect to commodity price, pricing dynamics for cement are a function of local supply and demand
and are not, like other commodities such as steel and iron ore, pegged to an index or to global commodity prices. In addition, cement
prices take into account the costs of cement plants, which may vary by plant and by company.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">We will specify the currency with respect to the
pit optimization parameters in future filings.</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>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">If you have any questions or require any additional information with respect
to the above, please do not hesitate to contact Tobias Stirnberg, CSN&rsquo;s counsel, at +55 (11) 3927-7702.</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">&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">/s/ <I>Antonio Marco Campos Rabello</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 225pt">___________________________________<BR>
<B>Companhia Sider&uacute;rgica Nacional</B><BR>
By: Antonio Marco Campos Rabello</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/107% Times New Roman, Times, Serif; margin: 0">cc: Tobias Stirnberg</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt"><I>Milbank LLP</I></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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