1

Corporate Presentation

April 2010

22

Timeline

1996/2002

CSN investedUS$4 Billion

in technologicaladvances

2005

Casa de Pedraand Itaguaí Terminal

expansions begin

2007

Acquisition of CFM

2007

First ironore exportshipment

1993/1994

CSN privatization

1993/1994

CSN privatization

1974/1989

Three Expansions

in UPV

1974/1989

Three Expansions

in UPV1946

Operational start-up

1946

Operational start-up1941

CSN is founded

1941

CSN is founded

2008

Sale of40% ofNAMISA

CSN – Share Ownership - December 31, 2009

VicunhaVicunha

CBSCBS

BNDESPARBNDESPAR

ADR´sADR´s

BovespaBovespa

23%

21%

5% 3%

48%

3

Competitive Advantages

Fully integrated business model: high quality mining operations with transport infrastructure and self-sufficiency in energy generation

Fully integrated business model: high quality mining operations with transport infrastructure and self-sufficiency in energy generation

Low cost structure and high profitabilityLow cost structure and high profitability

Diverse product portfolio and product mixDiverse product portfolio and product mix

Strong liquidity with large cash balanceStrong liquidity with large cash balance

Resilient performance in adverse market conditionsResilient performance in adverse market conditions

Strong presence in Brazilian market, location in high-growth

markets and presence in mature markets

Strong presence in Brazilian market, location in high-growth

markets and presence in mature markets

Pricing power with large buyersPricing power with large buyers

High barriers to entryHigh barriers to entry

Experienced management teamExperienced management team

44

► # 6 globally in iron ore production (23 Mt in 2009)

► CSN is self-sufficient in iron ore production

► 5.6 mt of flat steel (2009 capacity)

► # 2 flat steel producer in Brazil

► Focus on high margin products

► Operations started in May 2009

► The by-products generated by CSN’s blast furnaces and CSN’s limestone reserves will be utilized to produce 6.4MT of cement.

MiningMiningSteelSteel EnergyEnergyCementCement LogisticsLogistics

Casa de Pedra & NAMISA

Flat SteelLong Steel (*)

Thermal & Hydro

Electric Plants

Cement PlantItaguaí

Logistics Platform

MRS Railway & Transnordestina

► Developed transport infrastructure, from iron ore mines to steel mills and ports

► MRS Railway connects the Presidente Vargas steelworks to Casa de Pedra and terminals at Itaguaí Port, which handles steel exports

► CSN has concessions to operate two deep-sea water terminals (TECON and TECAR) from which CSN exports its products and imports coal and coke

► CSN is self-sufficient in energy production

► CSN total energy Capacity: 428 MW

16%72% 12%Net Revenues% of 2009

Key Business Highlights

CSN - Key Business Areas

* Operation expected to start up by 2011

30%55% 10%Expected Net Revenues by

20165%

RJSP

MG ES

BrasilBrasil

5

CSN, a Fully Integrated Company

Sepetiba Port 60 miles

Iron ore & Coal Terminal and Conteiners terminal (controled by CSN)

Lime & Dolomite mine (Arcos)

260 miles

Iron Ore mines(Casa de Pedra & NAMISA)200 miles

Rio de Janeiro Port80 miles

FCA railway

São Paulo (Brazilian largest market)270 miles

MRS railway(equity of 33%)

CSN mill (UPV)

Rio de Janeiro

MRSFCA

Angra Port

Self-sufficiency in practically all relevant raw materials for steel production, in special, captives iron ore mines and power plants, along with equity participation or operating concessions of outstanding infrastructure assets, positions CSN not only as a truly low-cost producer but also one of the most independent and profitable steel producer worldwide

6

Steel

6

(*) IABR

ArcelorMittal

Usiminas

CSN

19%

45%

36%

ArcelorMittal

Gerdau

Others

39%49%

12%

11,022 10,168 11,12213,390 13,930

10,732

7,2946,644

7,413

8,67010,118

7,809

2004 2005 2006 2007 2008 2009

18,31616,812

18,535

22,060

24,048

18,541

** estimated** estimated

7

Apparent Steel Use *

Market Share Flat Products 2009**

Market Share Long Products 2009

Brazilian Steel Market Overview

Flat ProductsLong Products

8

Domestic Market Export

Steel – Sales Volume and Net Revenues

CSN is Domestically Focused

(000 Tons)

Sales Volume Net Revenues

(BRL MM)

85% 67%

64% 59%

15% 33%

36% 41%

2005 2006 2007 2008

4,8644,384

5,3784,891

79%

21%

2009

4,110

87%

72% 67% 65%

13%

28%

33% 35%

2005 2006 2007 2008

8,890

7,766

9,545

86%

14%

2009

10,566

7,894

• Production of 500,000 tons/year of long steel, such as CA50 rod bar (400Kt) wire rod

(100Kt);

• CSN will benefit from the existing infrastructure and utilities in Volta Redonda steel mill;

• Operations expected to start by the 1st half 2011;

• The total investment in long steel production will be of approximately US$340 million,

including expansion and acquisition of an electric furnace;

• The company plans to build two new long steel plants with annual capacity of 500,000 tons

besides a long steel cold rolling unit aiming the expansion of its product portfolio (CA60 rod

bar, lattice and wire) in order to better meet construction segment demand;

• Flat steel expansion will be executed in 1.5 million tons modules.

• Production of 500,000 tons/year of long steel, such as CA50 rod bar (400Kt) wire rod

(100Kt);

• CSN will benefit from the existing infrastructure and utilities in Volta Redonda steel mill;

• Operations expected to start by the 1st half 2011;

• The total investment in long steel production will be of approximately US$340 million,

including expansion and acquisition of an electric furnace;

• The company plans to build two new long steel plants with annual capacity of 500,000 tons

besides a long steel cold rolling unit aiming the expansion of its product portfolio (CA60 rod

bar, lattice and wire) in order to better meet construction segment demand;

• Flat steel expansion will be executed in 1.5 million tons modules.

Increase of the Steel Capacity

9

101310

Mining

11

Iron Ore – Sales Volume and Net Revenues

Net Revenues (2)

(BRL MM)(MM Tons)

Sales Volume (1)

Domestic Market Export

3.2

10.5

18.4

22.4

100% 20% 3%

80%

51%

49%

97%

2006 2007 2008 2009

100% 44% 18%

5%

82%

56%

95%

2006 2007 2008 2009

166

721

2,0851,814

(1) Total sales volume reflects 100% of NAMISA sales. (2) Net revenues are consolidated (according to BRGAAP), considering 60% of NAMISA sales since Dec/08, given the NAMISA acquisition of 40% by the Asian Consortium.

(2) Net revenues are consolidated (according to BRGAAP), considering 60% of NAMISA sales since Dec/08, given the NAMISA acquisition of 40% by the Asian Consortium.

12

Iron Ore Project Expansion Mining and Logistics

Casa de Pedra Mine• Current capacity : 21 Mtpy• CSN Consumption: ~8.5 Mtpy• Future capacity (by 2016): 70 Mtpy • Mineral resources of ~8.4 billion ton • Reserves : 1.6 billion ton

NAMISA (60%)• Current capacity: 6.8 Mtpy• Future capacity: 33 Mtpy• Acquisition from third-parties: 6.0

Mtpy• Future sales (by 2014): 39 Mtpy

Mining

Logistics

Itaguaí Port • Current capacity: 30 Mtpy• Future capacity (by 2016): 130

Mtpy Railway• MRS

VITÓRIACST

ATLANTIC OCEAN

USIMINAS

ACESITA

BELOHORIZONTE

NAMISA / ENGENHOGERDAU- AÇOMINAS

CSN CASA DE PEDRA

JUIZ DE FORACSN – PRESIDENTE

VARGAS STEEL WORKS

RESENDE

COSIGUA

RIO DE JANEIRO

SÃO PAULO

COSIPA

SANTOS

Steel Railway – MRS

Central Line – MRS

'

CSN – PORT OF ITAGUAIÍ 0 km 100 km

NOVALIMA NAMISA /

FERNANDINHO

NAMISA /SARZEDO

VALE’S MINESLOADING TERMINALS

CITIESSTEELWORKS

CSN/NAMISA Facilities

Souza Noschese Railway Terminal

Sarzedo Multicargo Railway Terminal

13

Cement13

• CSN started the production and sale of cement in May/09, operating with current

capacity of 1 million tonnes;

• 2009 sales totaled 338,000 tonnes;

• Capex (cement/clinker): US$ 410 million (US$ 279 million already invested);

• Takes advantage of the slag generated by CSN´s blast furnaces, own production

of clinker and CSN´s limestone reserves;

• CSN will use its own infrastructure:

- MRS Logística S/A;

- Distribution centers;

• Current grinding capacity of 2.8 million tonnes:

- Capacity expansion of grinding may reach 6.4 million tonnes;

• Current clinker capacity of 800,000 tonnes (Dec/2010):

- Capacity expansion of clinker may reach 4.6 million tonnes.

• CSN started the production and sale of cement in May/09, operating with current

capacity of 1 million tonnes;

• 2009 sales totaled 338,000 tonnes;

• Capex (cement/clinker): US$ 410 million (US$ 279 million already invested);

• Takes advantage of the slag generated by CSN´s blast furnaces, own production

of clinker and CSN´s limestone reserves;

• CSN will use its own infrastructure:

- MRS Logística S/A;

- Distribution centers;

• Current grinding capacity of 2.8 million tonnes:

- Capacity expansion of grinding may reach 6.4 million tonnes;

• Current clinker capacity of 800,000 tonnes (Dec/2010):

- Capacity expansion of clinker may reach 4.6 million tonnes.

Cement Production

14

15Logistics

15

16

Logistics – Railways and Port

MRS Railway Itaguaí Port Nova Transnordestina

► MRS Logística is a publicly held company with a concession to operate Brazil’s Southeastern railway system until the year 2026

► CSN holds directly and indirectly 33.27% of MRS’ total share capital, sharing control with Vale and Usiminas (as of December 31, 2009)

► Net Revenues: R$ 2,276m in 2009

► EBITDA: R$ 1,230m in 2009

► EBITDA Margin of 54.0% in 2009

► Net Income: R$ 606m in 2009

► Total carloads: 129mt in 2009

► Concession: November 1996

► Maturity: October 2026 (30 years)

► Renewable

► TECAR: exports iron ore and imports coke and coal

Current capacity: iron ore shipments of 30 Mtpy and coal and coke unloading capacity of 4 Mtpy;

Future capacity: iron ore shipments of 130 Mtpy by 2016 and coal and coke unloading capacity of 8.5 Mtpy;

► TECON: exports CSN’s steel products and export third-party containers

Current capacity: general cargo and steel products (2 Mtpy) and containers (480 K TEUpy);

Future capacity: general cargo and steel products (6 Mtpy) and containers (610 K TEUpy).

► CSN owns 81.6% of the share capital

► 1,728 km of track will be built creating the Nova Transnordestina

► When completed, the railroad will connect the northeastern cerrado to Pecém/CE and Suape/PE Ports

► The railroad will transport mainly grains, fertilizers, ores and fuels

► Locos: 94 (current) + 56 (2010)

► Cars: 1,700 (current) + 2,400 (2010) Legend

Existing Railway“Nova Transnordestina”Railway in process of remodeling

SÃO LUÍS

TERESINA

NATAL

RECIFE

MACEIÓ

Porto de Pecém

Crato

MISSÃO VELHA

Caruarú

PA

MA

PI

CE

RN

PB

PE

AL

SE

CRATEÚS

Sobral

Porto de Suape

FORTALEZA

ARARIPINA

PETROLINA

Propriá

C.Grande

SALGUEIRO

PIQUET CARNEIRO

PARNAMIRIM

Uruçuí

RibeiroGonçalves

Balsas

Barreiras

BA

Jucurutú

Limoeiro do Norte

PA

EliseuMartins

JOÃO PESSOA

Potential for 85 million annual tons(15.4 million ha)1/ 4 of the Brazilian Agricultural Frontier

LegendExisting Railway“Nova Transnordestina”Railway in process of remodeling

SÃO LUÍS

TERESINA

NATAL

RECIFE

MACEIÓ

Porto de Pecém

Crato

MISSÃO VELHA

Caruarú

PA

MA

PI

CE

RN

PB

PE

AL

SE

CRATEÚS

Sobral

Porto de Suape

FORTALEZA

ARARIPINA

PETROLINA

Propriá

C.Grande

SALGUEIRO

PIQUET CARNEIRO

PARNAMIRIM

Uruçuí

RibeiroGonçalves

Balsas

Barreiras

BA

Jucurutú

Limoeiro do Norte

PA

EliseuMartins

JOÃO PESSOA

Potential for 85 million annual tons(15.4 million ha)1/ 4 of the Brazilian Agricultural Frontier

SÃO LUÍS

TERESINA

NATAL

RECIFE

MACEIÓ

Porto de Pecém

Crato

MISSÃO VELHA

Caruarú

PA

MA

PI

CE

RN

PB

PE

AL

SE

CRATEÚS

Sobral

Porto de Suape

FORTALEZA

ARARIPINA

PETROLINA

Propriá

C.Grande

SALGUEIRO

PIQUET CARNEIRO

PARNAMIRIM

Uruçuí

RibeiroGonçalves

Balsas

Barreiras

BA

Jucurutú

Limoeiro do Norte

PA

EliseuMartins

JOÃO PESSOA

Potential for 85 million annual tons(15.4 million ha)1/ 4 of the Brazilian Agricultural Frontier

Source: MRS Logística websiteSource: MRS Logística website

17

Energy

18

Self-sufficiency in Energy

Thermoelectric Power Plant

• CSN owns a thermoelectric power plant at Presidente Vargas mill, which provides approximately 60% of CSN’s electric energy needs. The plant processes steam and blown air from CSN’s blast furnaces.

• Currently CSN is building a Top Recovery Turbine, which will start operating in 2011 and will provide additional capacity of 17MW. Total CAPEX: US$30 million.

Hydroelectric Power Plants

• CSN owns indirectly 29.5% of Itá hydroelectric facility, which has an installed capacity of 1,450 MW.

• Additionally, CSN owns 17.9% of a consortium that operates Igarapava hydroelectric facility with an installed capacity of 210 MW.

CSN Total Capacity: 428 MW

Thermoeletric Power Plant

Itá Hydroelectric Power Plant

Igarapava Hydro Power Plant

238 MW

167 MW

23 MW

Average Utilized Capacity

83

89

81

2007

2008

2009 %

%

%

Concession

Maturity*

Renewable

Itá Oct 2000 Oct 2030 X

Igarapava

Dec 1998 Dec 2028

X

* 30 years

CSN’s InvestmentsProjects for 2010 to 2016

(1) Potential production expansions of Casa de Pedra to 70 mtpa and TECAR to 130 mtpa are in process of development;(2) Amount equivalent to 100% of the project, regardless of equity interest.

R$ millionTotal Investments (2010 to 2016)Mining

Casa de Pedra Expansion up to 50 mtpa (1)

NAMISA expansion up to 39 mtpa (2)

TECAR expansion up to 84 mtpa (1)

SteelLong Steel expansionFlat Steel expansion

Other Projects (such as distribution, packaging)

CementConclusion of Volta Redonda plant (2.8 mpta)Expansion (0.6 mtpa)3 greenfield plants (3 mtpa)Others (such as Chalk and Clinker)

Logistics

Transnordestina (2)

TECON

OPERATIONAL EXCELLENCE / CONTINUITY

34,695.811,423.5

8,806.8

1,880.7

6,229.2

6,355.6

2020

Financials

21

Strong Revenue GrowthAll Figures in charts are BRGAAP

(BRL MM)

Net Revenue by Market

71% 72%

77%

74%

23%

28%

29%

26%

-

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

2006 2007 2008 2009

9,040

11,441

14,003

10,978

Domestic Market Export

Net Revenue by Business Segment

(BRL MM)

86% 84%

75%

72%

10% 10%

12% 12%

16% 2%

6%

15%

-

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

2006 2007 2008 2009

9,040

11,441

14,003

10,978

Steel Mining Other

2009 Performance

22

Gross Profit (R$ MM) and Gross Margin (%)

1,3

76

1,1

77

83

6

80

2

45%

39%

34%33%

1Q09 2Q09 3Q09 4Q09

Gross Profit Gross Margin

EBITDA (R$ MM) and EBITDA Margin (%)

68

3

72

8 99

2

1,2

04

28%29%

33%

39%

1Q09 2Q09 3Q09 4Q09

EBITDA EBITDA Margin

23

Debt Trends

Net Debt / LTM EBITDATotal Debt / LTM EBITDATotal Debt

(BRL MM)

Debt Trends(x)

Note: (1) EBITDA adjusted for earnings losses

8,470 8,799 9,425 8,759 11,635 14,363

1.81.9

2.5

1.8 1.8

4.0

1.0 1.0

1.7

1.3

0.4

1.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006(1) 2007 2008 2009

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

In terms of Market Cap, CSN is ranked 8th among the main steel and mining

companies worldwide

Source: Bloomberg, March 26, 2010

24

Market Cap Ranking

208.1

156.3132.8

70.855.7 54.2

41.626.5 25.6 24.6 23.9 23.028.9

BHP Bill

iton

Vale

Rio T

into

Arcelor

mitt

al

Anglo A

mer

ican

Xstra

ta

Posc

oCSN

Nippo

n St

eel

Tena

ris

JFE

Holdi

ngs

Teck

Res

ourc

es

Eura

sian

Natur

al

US$ BillionUS$ Billion

CSN’s shares performance

25

Performance: CSN x IBOVESPA

100

200

300

400

500

600

700

800

900

dec/

04

mar

/ 05

jun/

05

sep/

05

dec/

05

mar

/ 06

jun/

06

sep/

06

dec/

06

mar

/ 07

jun/

07

sep/

07

dec/

07

mar

/ 08

jun/

08

sep/

08

dec/

08

mar

/ 09

jun/

09

sep/

09

dec/

09

Base 100

CSNA3

IBOVESPA

Over the last 5 years, CSN’s shares appreciated by 411%, morethan double the IBOVESPA 162% appreciation in the same period.

26

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