ITR - 1Q13

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    ITR- Quarterly Information03/31/2013 USINAS SIDERRGICAS DE MINAS GERAIS SA

    Table of Contents

    Company Data

    Capital Composition 1

    Individual Financial Statements

    Balance Sheet Assets 2

    Balance Sheet Liabilities 3

    Statement of Income 5

    Comprehensive Statement of Income 6

    Statement of Cash Flows 7

    Statement of Changes in Net Equity

    SCNE - 01/01/2013 to 03/31/2013 8

    SCNE - 01/01/2012 to 03/31/2012 9

    Statement of Value Added 10

    Consolidated Financial Statements

    Balance Sheet Assets 11

    Balance Sheet Liabilities 12

    Statement of Income 14

    Comprehensive Statement of Income 15

    Statement of Cash Flows 16

    Statement of Changes in Net Equity

    SCNE - 01/01/2013 to 03/31/2013 17

    SCNE - 01/01/2012 to 03/31/2012 18

    Statement of Value Added 19

    Explanatory Notes 20

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    ITR- Quarterly Information03/31/2013 USINAS SIDERRGICAS DE MINAS GERAIS SA

    Com an Data

    Number of Shares Current Quarter(Units) 03/31/2013

    Paid-up Capital

    Common 505,260,684

    Preferred 508,525,506

    Total 1,013,786,190

    In Treasury

    Common 2,526,654

    Preferred 24,060,356

    Total 26,587,010

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    ITR- Quarterly Information03/31/2013 USINAS SIDERRGICAS DE MINAS GERAIS SA

    Individual Financial Statements / Balance Sheet Assets

    (In thousands of Reais)

    Account Code Account Description Current Quarter03/31/2013

    Prior Year12/31/2012

    1 Total Assets 28,993,571 29,667,154

    1.01 Current Assets 5,332,657 5,829,216

    1.01.01 Cash and Cash Equivalents 854,109 1,251,103

    1.01.02 Financial Investments 14,158 9,137

    1.01.02.03 Marketable Securities 14,158 9,137

    1.01.03 Accounts Receivable 919,705 949,368

    1.01.03.01 Trade Receivables 919,705 949,368

    1.01.04 Inventories 2,987,846 2,985,220

    1.01.08 Other Current Assets 556,839 634,388

    1.01.08.03 Other 556,839 634,388

    1.01.08.03.01 Taxes Recoverable 254,797 369,678

    1.01.08.03.02 Dividends Receivable 136,143 129,936

    1.01.08.03.03 Advances to Suppliers 3,833 5,120

    1.01.08.03.04 Financial Instruments 0 22,440

    1.01.08.03.05 Other 162,066 107,214

    1.02 Non-Current Assets 23,660,914 23,837,938

    1.02.01 Long term Receivables 1,851,515 1,935,331

    1.02.01.03 Accounts Receivable 22,701 23,176

    1.02.01.06 Deferred Taxes 1,135,149 1,058,842

    1.02.01.06.01 Deferred income tax and social contribution 1,135,149 1,058,842

    1.02.01.08 Credits with Related Parties 69,363 69,862

    1.02.01.09 Other Non-Current Assets 624,302 783,451

    1.02.01.09.03Judicial Deposits

    401,718 391,9561.02.01.09.04 Deposits for tax incentives 290 290

    1.02.01.09.05 Properties for sales 8,286 8,020

    1.02.01.09.06 Financial Instruments 138,914 281,356

    1.02.01.09.07 Taxes recoverable 63,728 70,063

    1.02.01.09.08 Other 11,366 31,766

    1.02.02 Investments 7,870,127 7,780,318

    1.02.02.01 Equity Investments 7,870,127 7,780,318

    1.02.02.01.01 Interest in Associated Companies 142,958 143,040

    1.02.02.01.02 Interest in Subsidiaries 6,985,693 6,938,944

    1.02.02.01.03 Interest in Jointly Controlled Subsidiaries 741,476 698,334

    1.02.03 Property, Plant and Equipment 13,793,456 13,974,626

    1.02.03.01 Property, Plant and Equipment in operation 12,293,226 12,478,1581.02.03.03 Construction in progress 1,500,230 1,496,468

    1.02.04 Intangible assets 145,816 147,663

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    ITR- Quarterly Information03/31/2013 USINAS SIDERRGICAS DE MINAS GERAIS SA

    Individual Financial Statements / Balance Sheet Liabilities

    (In thousands of Reais)

    Account Code Account DescriptionCurrent Quarter

    03/31/2013Prior Y

    12/31/2

    2 Total Liabilities 28,993,571 29,667

    2.01Current Liabilities

    3,521,409 4,6902.01.01 Social Security and Labor Obligations 180,801 185

    2.01.02 Suppliers 1,728,280 1,833

    2.01.03 Tax Obligations 70,749 76

    2.01.04 Loans and Financing 683,794 1,551

    2.01.04.01 Loans and Financing 672,371 1,293

    2.01.04.02 Debentures 11,423 257

    2.01.05 Other Obligations 857,785 1,044

    2.01.05.01 Liabilities with Related Parties 611,960 794

    2.01.05.02 Other 245,825 250

    2.01.05.02.01 Dividends and Interest on Own Capital Payable 914

    2.01.05.02.04 Accounts Payable 147,484 165

    2.01.05.02.05Taxes Payable in Installments

    25,417 312.01.05.02.06 Financial Instruments 38,808 42

    2.01.05.02.07 Advances from clients 33,202 10

    2.02 Non-Current Liabilities 8,925,556 8,368

    2.02.01 Loans and Financing 7,118,006 6,563

    2.02.01.01 Loans and Financing 6,120,556 6,563

    2.02.01.02 Debentures 997,450

    2.02.02 Other Obligations 120,835 140

    2.02.02.01 Liabilities with Related Parties 41,235 41

    2.02.02.02 Other 79,600 99

    2.02.02.02.03 Taxes Payable in Installments 32,683 30

    2.02.02.02.04 Financial Instruments 5,888 15

    2.02.02.02.05 Other payables 41,029 532.02.04 Provisions 1,686,715 1,664

    2.02.04.01 Tax Social Security Labor and Civil Provisions 1,668,671 1,642

    2.02.04.01.02 Social Security and Labor Provisions 1,409,743 1,396

    2.02.04.01.05 Contingent Liabilities 258,928 246

    2.02.04.02 Other Provisions 18,044 21

    2.02.04.02.03 Provision for Environmental Liabilities and Demobilization 18,044 21

    2.03 Net Equity 16,546,606 16,608

    2.03.01 Realized Capital 12,150,000 12,150

    2.03.02 Capital Reserves 221,836 219

    2.03.04 Revenue Reserves 3,871,384 3,871

    2.03.04.01 Legal Reserve 699,587 699

    2.03.04.10 For investments and working capital 3,171,797 3,171

    2.03.05 Retained earnings/Accumulated losses -133,060

    2.03.06 Equity Valuation Adjustments 436,446 367

    2.03.06.01 Result from capital transaction 871,258 871

    2.03.06.02 Actuarial gains and losses with Retirement Benefits -618,951 -592

    2.03.06.03 Indexation of property, plant and equipment (IAS 29) 190,400 194

    2.03.06.04 Accumulated Translation Adjustments 0

    2.03.06.05 Cash Flow Hedge Reserve -6,261 -121

    2.03.06.06 Other 0 15

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    ITR- Quarterly Information03/31/2013 USINAS SIDERRGICAS DE MINAS GERAIS SA

    Individual Financial Statements / Statement of Income

    (In thousands of Reais)

    AccountCode

    Account DescriptionAccumulated Current

    Year

    01/01/2013 to 03/31/2013

    Accumulated

    01/01/2012 to 03/31

    3.01 Revenue from Sale of Assets and/or Services 2,666,305 2,55

    3.02 Cost of Assets and/or Services Sold -2,654,720 -2,58

    3.03 Gross Result 11,585 -2

    3.04 Operating Income/Expenses -35,572 -4

    3.04.01 Selling Expenses -43,348 -3

    3.04.02 General and Administrative -99,802 -5

    3.04.04 Other Operating Income 77,090 1

    3.04.05 Other Operating Expenses -65,362 -2

    3.04.06 Equity in the Results 95,850 5

    3.04.06.01 In associated and subsidiaries 99,608 2

    3.04.06.02 Net capital deficiency 0 2

    3.04.06.03 Unrealized Profit in Transactions with Subsidiaries and Associated -3,758

    3.05 Result Before Financial Result and Taxes -23,987 -7

    3.06 Financial Result -251,716 -5

    3.07 Result Before Taxes on Profit -275,703 -12

    3.08 Income Tax and Social Contribution on Net Income 122,089 5

    3.08.01 Current 0

    3.08.02 Deferred 122,089 5

    3.09 Net Result from Continued Operations -153,614 -7

    3.11 Net Income/Loss for the Period -153,614 -7

    3.99 Net Income per Share(Reais/Share)

    3.99.01 Basic Earnings per Share

    3.99.01.01 ON -0.15

    3.99.01.02 PN -0.16 3.99.02 Earnings per share diluted

    3.99.02.01 ON -0.15

    3.99.02.02 PN -0.16

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    ITR- Quarterly Information03/31/2013 USINAS SIDERRGICAS DE MINAS GERAIS SA

    Individual Financial Statements / Comprehensive Statement of Income

    (In thousands of Reais)

    AccountCode

    Account DescriptionAccumulated Current

    Year01/01/2013 to 03/31/2013

    Accumulated PriorYear

    01/01/2012 to 03/31/2012

    4.01 Net Income for the Period -153,614 -70,835

    4.02 Other Comprehensive Income 88,976 24,674

    4.02.01 Actuarial gain (loss) with retirement benefits -26,464 -13,008

    4.02.02 Exchange variation on foreign subsidiaries 104 -284

    4.02.04 Hedge Accounting 115,336 37,966

    4.03 Comprehensive Income for the Period -64,638 -46,161

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    ITR- Quarterly Information03/31/2013 USINAS SIDERRGICAS DE MINAS GERAIS SA

    Individual Financial Statements / Statement of Cash Flow Indirect Method

    (In thousands of Reais)

    AccountCode

    Account DescriptionAccumulated Current

    Year01/01/2013 to 03/31/2013

    Accumulated PriorYear

    01/01/2012 to 03/31/2012

    6.01 Cash Flows from Operating Activities -242,246 991,564

    6.01.01 Cash Generated in Operations 162,799 55,896

    6.01.01.01 Net income (loss) for the year -153,614 -70,835

    6.01.01.02 Indexation charges and foreign exchange gains/losses, net 251,995 -12,503

    6.01.01.03 Interest expenses 32,267 73,280

    6.01.01.04 Depreciation and amortization 228,254 191,648

    6.01.01.05 Losses/(gains) on sale of property, plant and equipment -31,187 324

    6.01.01.07 Equity in the Results -95,850 -53,725

    6.01.01.08 Stock Option Plan 2,815 1,649

    6.01.01.09 Deferred income tax and social contribution -122,089 -56,815

    6.01.01.10 Changes in provisions 34,730 3,913

    6.01.01.11 Actuarial losses (gains) 15,478 -21,040

    6.01.02 Changes in Assets and Liabilities -405,045 935,668

    6.01.02.01 Marketable Securities -5,021 124,396

    6.01.02.02 Trade receivables 29,663 -77,424

    6.01.02.03 Inventories -23,622 223,461

    6.01.02.04 Taxes recoverable 121,216 171,864

    6.01.02.05 Receivables from related companies 499 1,118

    6.01.02.06 Judicial Deposits -14,076 -19,558

    6.01.02.07 Other (increase) decrease in assets 15,259 -28,186

    6.01.02.08 Suppliers, Contractors and Freights -104,770 288,024

    6.01.02.09 Advances from customers 22,497 4,035

    6.01.02.10 Payables to related companies -182,565 409,893

    6.01.02.11 Taxes payable -5,333 27,931

    6.01.02.12 Payment of actuarial liability -42,645 -40,138

    6.01.02.13 Other (increase) decrease in liabilities -27,616 -57,044

    6.01.02.14 Interest paid -188,531 -92,704

    6.02 Cash flow from Investing Activities -78,183 -486,298

    6.02.01 Amount received on disposal (acquisition) of fixed assets 1,421 0

    6.02.02 Purchase of property, plant and equipment -65,834 -480,070

    6.02.04 Purchase of intangible assets -13,811 -11,810

    6.02.05 Dividends Received 41 5,582

    6.03 Cash flow from Financing Activities -48,121 -303,093

    6.03.01 New borrowings, financing and debentures 1,302,532 317,113

    6.03.02 Repayment of borrowings and financing -1,343,980 -604,306

    6.03.03 Taxes paid in installments -7,476 -8,367

    6.03.04 Settlement of swap transactions 804 -7,517

    6.03.05 Dividends and interest on own capital -1 -16

    6.04 Foreign exchange variation on cash and cash equivalents -28,444 -3,816

    6.05 Increase (Decrease) in Cash and Cash Equivalents -396,994 198,357

    6.05.01 Opening balance of Cash and Cash Equivalents 1,251,103 363,586

    6.05.02 Closing balance of Cash and Cash Equivalents 854,109 561,943

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    ITR- Quarterly Information 03/31/2013 USINAS SIDERRGICAS DE MINAS GERAIS SA

    Individual Financial Statements / Statements of Changes in Equity - 01/01/2013 to 03/31/2013

    (in thousands of Reais)

    AccountCode

    Account Description Paid- up CapitalCapital Reserves,Options Granted

    and Treasury Stock

    RevenueReserve

    RetainedEarnings/Accumulated

    Losses

    OtherComprehensive

    ResultsNet Eq

    5.01 Opening balance 12,150,000 219,684 3,871,384 0 367,361 16,608,

    5.02 Prior Year Adjustments 0 0 0 0 0

    5.03 Adjusted opening balances 12,150,000 219,684 3,871,384 0 367,361 16,608,

    5.04 Capital transactions with shareholders 0 2,152 0 663 0 2,

    5.04.03 Recognized Granted Options 0 2,152 0 663 0 2,

    5.05 Total Comprehensive Result 0 0 0 -149,484 84,846 -64,

    5.05.01 Net income for the period 0 0 0 -153,614 0 -153,

    5.05.02 Other Comprehensive Results 0 0 0 4,130 84,846 88,

    5.05.02.06 Actuarial loss (gain) with retirement benefits 0 0 0 0 -26,464 -26,

    5.05.02.07Exchange rate changes on foreign associated andother changes 0 0 0 0 104

    5.05.02.08 Hedge of Cash Flow in Parent Company 0 0 0 0 115,336 115,

    5.05.02.09 Adjustment property, plant and equipment IAS 29 0 0 0 4,130 -4,130

    5.06 Internal Changes in Net Equity 0 0 0 15,761 -15,761

    5.06.04 Other Changes 0 0 0 15,761 -15,761

    5.07 Closing Balances 12,150,000 221,836 3,871,384 -133,060 436,446 16,546,

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    ITR- Quarterly Information 03/31/2013 USINAS SIDERRGICAS DE MINAS GERAIS SA

    Individual Financial Statements / Statements of Changes in Equity - 01/01/2012 to 03/31/2012

    n thousands of Reais)

    ccountode

    Account Description Paid- up CapitalCapital Reserves,

    Options Granted andTreasury Stock

    Revenue ReserveRetained

    Earnings/AccumulatedLosses

    Other ComprehensiveResults

    N

    .01 Opening balance 12,150,000 2,274 4,490,822 0 640,697 17,

    .02 Prior Year Adjustments 0 0 0 0 0

    .03 Adjusted opening balances 12,150,000 2,274 4,490,822 0 640,697 17,

    .04 Capital transactions with shareholders 0 315 0 415 0

    .04.03 Recognized Granted Options 0 315 0 0 0

    .04.08 Prescribed dividends 0 0 0 415 0

    .05 Total Comprehensive Result 0 0 0 -66,575 20,414

    .05.01 Net income for the period 0 0 0 -70,835 0

    .05.02 Other Comprehensive Results 0 0 0 4,260 20,414

    .05.02.06 Adjustment property, plant and equipment IAS 29 0 0 0 4,260 -4,260

    .05.02.07 Constitution Hedge of Cash Flow 0 0 0 0 37,966

    .05.02.08 Actuarial loss (gain) with retirement benefits 0 0 0 0 -13,008

    .05.02.09 Exchange rate changes on foreign subsidiaries 0 0 0 0 -284

    .07 Closing Balances 12,150,000 2,589 4,490,822 -66,160 661,111 17,

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    ITR- Quarterly Information03/31/2013USINAS SIDERRGICAS DE MINAS GERAIS SA

    Individual Financial Statements / Statement of Value Added

    (In thousands of Reais)

    AccountCode

    Account DescriptionAccumulated Current

    Year01/01/2013 to 03/31/2013

    Accumulated PriorYear

    01/01/2012 to 03/31/2012

    7.01 Revenues 3,522,004 3,411,766

    7.01.01 Sales of Goods, Products and Services 3,513,054 3,410,768

    7.01.02 Other Revenues 8,950 2,691

    7.01.04 Provision/Reversal of Allowance for Doubtful Accounts 0 -1,693

    7.02 Inputs Acquired from Third Parties -2,852,889 -2,722,369

    7.02.01 Cost of Products, Goods and Services Sold -2,732,117 -2,591,239

    7.02.02 Materials, Energy, Third Party Services and Other -120,772 -131,130

    7.03 Gross Value Added 669,115 677,531

    7.04 Retentions -228,254 -191,648

    7.04.01 Depreciation, Amortization and Depletion -228,254 -191,648

    7.05 Net Value Added 440,861 497,749

    7.06 Value Added Received in Transfer 324,097 290,607

    7.06.01 Equity in the Results 95,850 53,725

    7.06.02 Financial Income 40,002 46,653

    7.06.03 Other 188,245 190,229

    7.06.03.01 Actuarial Gains (losses) -15,479 21,040

    7.06.03.02 Net foreign Exchange variations 203,724 169,189

    7.07 Total Value Added to be distributed 764,958 788,356

    7.08 Distribution of Value Added 764,958 788,356

    7.08.01 Personnel 236,503 243,429

    7.08.01.01 Direct Remuneration 186,503 202,823

    7.08.01.02 Benefits 32,607 21,620

    7.08.01.03 Severance Fund (F.G.T.S). 17,393 18,986

    7.08.02 Taxes, Fees and Contributions 186,627 343,784

    7.08.02.01 Federal 36,385 114,411

    7.08.02.02 State 138,586 220,024

    7.08.02.03 Municipal 11,656 9,349

    7.08.03 Third Party Capital Remuneration 495,442 271,978

    7.08.03.01 Interest 345,490 147,488

    7.08.03.03 Other 149,952 124,490

    7.08.04 Own Capital Remuneration -153,614 -70,835

    7.08.04.03 Retained Earnings / Loss for the Period -153,614 -70,835

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    ITR- Quarterly Information03/31/2013USINAS SIDERRGICAS DE MINAS GERAIS SA

    Consolidated Financial Statements/Balance Sheet - Assets

    (In thousands of Reais)

    Account Code Account Description Current Quarter03/31/2013

    Prior Year12/31/2012

    1 Total Assets 31,945,784 32,605,145

    1.01 Current Assets 10,172,779 10,706,114

    1.01.01 Cash and Cash Equivalents 2,687,056 3,123,318

    1.01.02 Financial Investments 1,552,163 1,537,558

    1.01.02.03 Marketable Securities 1,552,163 1,537,558

    1.01.03 Accounts Receivable 1,599,098 1,568,105

    1.01.03.01 Trade Receivables 1,599,098 1,568,105

    1.01.04 Inventories 3,693,606 3,767,984

    1.01.08 Other Current Assets 640,856 709,149

    1.01.08.03 Other 640,856 709,149

    1.01.08.03.01 Taxes recoverable 380,531 485,093

    1.01.08.03.02 Dividends Receivable 15,822 12,134

    1.01.08.03.03 Advances to Suppliers 26,721 33,1781.01.08.03.04 Other Accounts Receivable 185,168 128,651

    1.01.08.03.05 Financial Instruments 32,614 50,093

    1.02 Non-Current Assets 21,773,005 21,899,031

    1.02.01 Long Term Receivables 2,385,153 2,450,695

    1.02.01.06 Deferred taxes 1,605,919 1,513,879

    1.02.01.06.01 Deferred Income Tax and Social Contribution 1,605,919 1,513,879

    1.02.01.08 Credits with Related Parties 19,848 19,636

    1.02.01.09 Other non-current assets 759,386 917,180

    1.02.01.09.04 Judicial deposits 441,561 430,531

    1.02.01.09.05 Financial Instruments 143,631 286,508

    1.02.01.09.06 Taxes recoverable 126,228 131,583

    1.02.01.09.07 Other 47,966 68,5581.02.02 Investments 1,231,420 1,182,052

    1.02.02.01 Interest Corporation 1,231,420 1,182,052

    1.02.02.01.01 Interest in Associated Companies 456,282 450,146

    1.02.02.01.04 Other Interest Corporation 775,138 731,906

    1.02.03 Property, plant and equipment 15,751,008 15,852,506

    1.02.03.01 Property, plant and equipment in Operation 13,461,421 13,651,283

    1.02.03.03 Construction in Progress 2,289,587 2,201,223

    1.02.04 Intangible assets 2,405,424 2,413,778

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    ITR- Quarterly Information03/31/2013USINAS SIDERRGICAS DE MINAS GERAIS SA

    Consolidated Financial Statements / Balance Sheet - Liabilities

    (In thousands of Reais)

    Account Code Account Description Current Quarter03/31/2013

    Prior Year12/31/2012

    2 Total Liabilities 31,945,784 32,605,145

    2.01 Current Liabilities 4,282,912 5,401,055

    2.01.01 Social and Labor Obligations 273,104 279,233

    2.01.02 Suppliers 2,205,921 2,280,432

    2.01.03 Tax Obligations 145,556 198,029

    2.01.03.01 Federal Tax Obligations 145,556 198,029

    2.01.03.01.01 Income Tax and Social Contribution Payable 39,129 83,185

    2.01.03.01.02 Taxes Payable 106,427 114,844

    2.01.04 Loans and Financing 759,342 1,658,487

    2.01.04.01 Loans and Financing 747,919 1,400,823

    2.01.04.02 Debentures 11,423 257,664

    2.01.05 Other Obligations 898,989 984,874

    2.01.05.01Liabilities with Related Parties

    210,504 204,9202.01.05.02 Other 688,485 779,954

    2.01.05.02.01 Dividends and Interest on Own Capital Payable 27,196 26,635

    2.01.05.02.04 Taxes Payable in Installments 26,422 32,103

    2.01.05.02.05 Financial Instruments 38,808 42,209

    2.01.05.02.06 Advances from Customers 202,881 279,297

    2.01.05.02.07 Accounts Payable for Acquisition of Investments 177,605 178,249

    2.01.05.02.08 Accounts Payable 215,573 221,461

    2.02 Non-Current Liabilities 9,181,815 8,691,017

    2.02.01 Loans and Financing 7,021,539 6,339,267

    2.02.01.01 Loans and Financing 6,024,089 6,339,267

    2.02.01.02 Debentures 997,450 0

    2.02.02 Other Obligations 382,867 597,9772.02.02.02 Other 382,867 597,977

    2.02.02.02.03 Taxes Payable in Installments 43,314 41,483

    2.02.02.02.04 Financial Instruments 164,391 323,790

    2.02.02.02.05 Accounts Payable for Acquisition of Investments 133,204 178,249

    2.02.02.02.06 Other 41,958 54,455

    2.02.04 Provisions 1,777,409 1,753,773

    2.02.04.01 Tax Social Labor and Civil Provisions 1,701,896 1,676,070

    2.02.04.01.02 Social Security and Labor Provisions 1,409,743 1,396,812

    2.02.04.01.05 Contingent Liabilities 292,153 279,258

    2.02.04.02 Other Provisions 75,513 77,703

    2.02.04.02.03 Provisions for Environmental Liabilities and Demobilization 75,513 77,703

    2.03 Consolidated Equity 18,481,057 18,513,0732.03.01 Realized Capital Share 12,150,000 12,150,000

    2.03.02 Capital reserves 221,836 219,684

    2.03.04 Revenue Reserves 3,871,384 3,871,384

    2.03.04.01 Legal Reserve 699,587 699,587

    2.03.04.10 For Investments and Working Capital 3,171,797 3,171,797

    2.03.05 Retained Earnings/Accumulated Deficit -133,060 0

    2.03.06 Equity valuation adjustments 436,446 367,361

    2.03.06.01 Result in capital transaction 871,258 871,258

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    ITR- Quarterly Information03/31/2013USINAS SIDERRGICAS DE MINAS GERAIS SA

    2.03.06.02 Actuarial gains and losses with retirement benefits -618,951 -592,487

    2.03.06.03 Restatement of property, plant and equipment (IAS 29) 190,400 194,530

    2.03.06.04 Accumulated Translation Adjustments 0 -104

    2.03.06.05 Cash Flow Hedge Reserve -6,261 -121,597

    2.03.06.06 Other 0 15,761

    2.03.09 Non-controlling interest 1,934,451 1,904,644

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    Consolidated Financial Statements/Statement of Income

    (In thousands of Reais)

    AccountCode

    Account DescriptionAccumulated Current

    Year01/01/2013 to 03/31/2013

    Accumulated PriorYear

    01/01/2012 to 03/31/2012

    3.01 Revenue from Sale of Assets and/or Services 3,194,709 2,882,120

    3.02 Cost of Assets and/or Services Sold -2,987,542 -2,729,679

    3.03 Gross Result 207,167 152,441

    3.04 Operating Expenses/Income -169,766 -177,255

    3.04.01 Selling Expenses -92,881 -79,204

    3.04.02 General and Administrative Expenses -142,172 -108,815

    3.04.04 Other Operating Income 84,137 21,259

    3.04.05 Other Operating Expenses -72,689 -40,729

    3.04.06 Equity in the Results 53,839 30,234

    3.05 Result Before Financial Result and Taxes 37,401 -24,814

    3.06 Financial Result -236,150 -29,514

    3.07 Result Before taxes on Profit -198,749 -54,328

    3.08 Income Tax and Social Contribution on Net Income 76,054 17,528

    3.08.01 Current -61,796 -43,685

    3.08.02 Deferred 137,850 61,213

    3.09 Net Result from Continued Operations -122,695 -36,800

    3.11 Consolidated Net Income/Loss for the Period -122,695 -36,800

    3.11.01 Attributed to Parent Company shareholders -153,614 -70,835

    3.11.02 Attributed to Noncontrolling interest 30,919 34,035

    3.99.01.01 ON -0.15 -0.07

    3.99.01.02 PN -0.16 -0.08

    3.99.02 Diluted Earnings per Share

    3.99.02.01 ON -0.15 -0.07

    3.99.02.02 PN -0.16 -0.08

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    Consolidated Financial Statements/Comprehensive Statement of Income

    (In thousands of Reais)

    AccountCode

    Account DescriptionAccumulated Current

    Year01/01/2013 to 03/31/2013

    Accumulated PrioYea

    01/01/2012 to 03/31/201

    4.01 Consolidated Net Income for the Period -122,695 -36,80

    4.02 Other Comprehensive Income 88,976 24,67

    4.02.01 Actuarial gain (loss) from Retirement Benefits -26,464 -13,00

    4.02.02Foreign exchange variation on foreign associated companies and otherchanges 104 -28

    4.02.04 Hedge Accounting 115,336 37,96

    4.03 Consolidated Comprehensive Income for the Period -33,719 -12,12

    4.03.01 Attributed to Parent Company Shareholders -64,638 -46,16

    4.03.02 Attributed to Non-controlling interest 30,919 34,03

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    Consolidated Financial Statements/Statement of Cash Flow Indirect Method

    (In thousands of Reais)

    AccountCode

    Account DescriptionAccumulated CurrentYear01/01/2013 to 03/31/2013

    Accumulated PriorYear01/01/2012 to 03/31/2012

    6.01 Cash Flow from Operating Activities -97,930 964,260

    6.01.01 Cash Generated in Operations 231,125 138,089

    6.01.01.01 Net Income (loss) for the year -122,695 -36,800

    6.01.01.02Indexation charges and foreign exchange gain/losses,net 222,208 -11,580

    6.01.01.03 Interest expenses 39,541 75,667

    6.01.01.04 Depreciation and amortization 258,483 217,762

    6.01.01.05 Result from sale of property, plant and equipment -31,146 -165

    6.01.01.07 Equity in the results -53,839 -30,234

    6.01.01.08 Stock option plan 2,815 1,649

    6.01.01.09 Deferred Income Tax and Social Contribution -137,850 -61,413

    6.01.01.10 Constitution (reversal) of provisions 38,130 4,243

    6.01.01.11 Actuarial losses (gains) 15,478 -21,0406.01.02 Changes in Assets and Liabilities -329,055 826,171

    6.01.02.01 Marketable Securities -14,605 492,075

    6.01.02.02 Trade Receivables -30,993 -61,794

    6.01.02.03 Inventories 53,382 192,416

    6.01.02.04 Taxes recoverable 103,409 154,569

    6.01.02.05 Judicial deposits -15,967 -20,905

    6.01.02.06 Receivables from related companies -212 86

    6.01.02.07 Other (increases) decreases in assets 23,465 -27,247

    6.01.02.08 Suppliers, Contractors and Freights -74,511 464,778

    6.01.02.09 Payables to related companies 5,584 -50,616

    6.01.02.10 Advances from customers -76,416 21,130

    6.01.02.11 Taxes payable -8,417 20,6496.01.02.12 Payment of actuarial liability -42,645 -40,138

    6.01.02.13 Other increase (decrease) in liabilities 44,644 -54,165

    6.01.02.14 Interest paid -196,622 -97,284

    6.01.02.15 Income tax and social contribution payable -99,151 -167,383

    6.02 Cash Flow from Investing Activities -233,343 -610,087

    6.02.01 Amount received on disposal of investments -47,957 -42,490

    6.02.02 Purchases of property, plant and equipment -173,248 -558,954

    6.02.03 Proceeds from sale of fixed assets 1,468 683

    6.02.04 Purchase of intangible assets -14,777 -12,190

    6.02.05 Dividends received 1,171 2,864

    6.03 Cash Flow from Financing Activities -76,545 -276,115

    6.03.01 New borrowings, financing and debentures 1,313,289 364,8106.03.02 Repayment of borrowings, financing and debentures -1,391,604 -630,108

    6.03.03 Taxes paid in installments -7,730 -8,610

    6.03.04 Settlement of swap transactions 10,065 -2,191

    6.03.05 Dividends and interest on own capital paid -565 -16

    6.04 Exchange gains/losses on Cash and Cash Equivalents -28,444 -3,816

    6.05 Increase (Decrease) in Cash and Cash Equivalents -436,262 74,242

    6.05.01 Opening Balance of Cash and Cash Equivalents 3,123,318 2,842,422

    6.05.02 Closing Balance of Cash and Cash Equivalents 2,687,056 2,916,664

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    Consolidated Financial Statements/Statements of Changes in Equity - 01/01/2013 to 03/31/2013

    thousands of Reais)

    countde

    Account DescriptionPaid upCapital

    Capital Reserves,Options Granted

    and Treasury Stock

    RevenueReserves

    RetainedEarnings/Accumulated

    Deficit

    OtherComprehensive

    ResultsNet Equity

    NoncontrollingInterest

    ConsolNet E

    01 Opening Balances 12,150,000 219,684 3,871,384 0 367,361 16,608,429 1,904,644 18,51

    02 Prior year Adjustments 0 0 0 0 0 0 0

    03 Adjusted Opening Balances 12,150,000 219,684 3,871,384 0 367,361 16,608,429 1,904,644 18,51

    04 Capital Transactions with Shareholders 0 2,152 0 663 0 2,815 -1,126

    04.03 Recognized granted options 0 2,152 0 663 0 2,815 0 04.06 Dividends 0 0 0 0 0 0 -1,126 -

    05 Total Comprehensive Result 0 0 0 -149,484 84,846 -64,638 30,919 -3

    05.01 Net Income for the Period 0 0 0 -153,614 0 -153,614 30,919 -122

    05.02 Other Comprehensive Results 0 0 0 4,130 84,846 88,976 0 8

    05.02.06 Actuarial loss (gain) with retirement benefits 0 0 0 0 -26,464 -26,464 0 -2

    05.02.07Foreign exchange variation in foreign associatedand other changes 0 0 0 0 104 104 0

    05.02.08 Cash Flow Hedge in the Parent Company 0 0 0 0 115,336 115,336 0 11

    05.02.09 Adjustment property, plant and equipment IAS 29 0 0 0 4,130 -4,130 0 0

    06 Internal Changes in Net Equity 0 0 0 15,761 -15,761 0 14

    06.04 Other Changes 0 0 0 15,761 -15,761 0 14

    07 Closing Balances 12,150,000 221,836 3,871,384 -133,060 436,446 16,546,606 1,934,451 18,48

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    Consolidated Financial Statements/Statements of Changes in Equity - 01/01/2012 to 03/31/2012

    (In thousands of Reais)

    AccountCode

    Account DescriptionPaid upCapital

    Capital Reserves,Options Granted

    and Treasury Stock

    RevenueReserves

    RetainedEarnings/Accumulated

    Deficit

    OtherComprehensive

    ResultsNet Equity

    NoncontrollingInterest

    ConsolidaNet Eq

    5.01 Opening Balances 12,150,000 2,274 4,490,822 0 640,697 17,283,793 1,730,412 19,014,

    5.02 Prior year Adjustments 0 0 0 0 0 0 0

    5.03 Adjusted Opening Balances 12,150,000 2,274 4,490,822 0 640,697 17,283,793 1,730,412 19,014,

    5.04Capital Transactions withShareholders 0 315 0 415 0 730 0

    5.04.03 Recognized granted options 0 315 0 0 0 315 0

    5.04.08 Prescribed Dividends 0 0 0 415 0 415 0

    5.05 Total Comprehensive Result 0 0 0 -66,575 20,414 -46,161 34,035 -12,

    5.05.01 Net Income for the Period 0 0 0 -70,835 0 -70,835 34,035 -36,

    5.05.02 Other Comprehensive Results 0 0 0 4,260 20,414 24,674 0 24,

    5.05.02.06Adjustment property, plant andequipment IAS 29 0 0 0 4,260 -4,260 0 0

    5.05.02.07 Hedge Accounting constitution 0 0 0 0 37,966 37,966 0 37,

    5.05.02.08Actuarial loss (gain) withretirement benefits 0 0 0 0 -13,008 -13,008 0 -13,

    5.05.02.09Foreign exchange variation inforeign subsidiary 0 0 0 0 -284 -284 0 -

    5.07 Closing Balances 12,150,000 2,589 4,490,822 -66,160 661,111 17,238,362 1,764,447 19,002,

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    Consolidated Financial Statements/Statement of Value

    n thousands of Reais)

    Account Code Account DescriptionAccumulated Current

    Year

    01/01/2013 to 03/31/2013

    Accumulated PrYe

    01/01/2012 to 03/31/20

    .01 Revenues 4,227,095 3,834,5

    .01.01 Sales of Goods, Products and Services 4,219,325 3,833,4

    .01.02 Other Revenues 9,455 2,9

    .01.04 Provision/Reversal of Allowance for Doubtful Accounts -1,685 -1,9

    .02 Inputs Acquired from Third Parties -3,264,645 -2,985,1

    .02.01 Costs of Products, Goods and Services Sold -3,060,819 -2,751,7

    .02.02 Materials, Energy, Third Party Services and Other -203,826 -233,3

    .03 Gross Value Added 962,450 849,4

    .04 Retentions -258,483 -217,7

    .04.01 Depreciation, Amortization and Depletion -258,483 -217,7

    .05 Net Value Added 703,967 631,6

    .06 Value Added Received in Transfer 163,673 181,3

    .06.01 Equity in the Results 53,839 30,2

    .06.02 Financial Income 74,917 119,3

    .06.03 Other 34,917 31,8

    .06.03.01 Actuarial Gains and Losses -15,479 21,0

    .06.03.02 Net Foreign Exchange Variations 50,396 10,7

    .07 Total Value Added to be Distributed 867,640 813,0

    .08 Distribution of Value Added 867,640 813,0

    .08.01 Personnel 481,466 443,6

    .08.01.01 Direct Remuneration 413,539 381,5

    .08.01.02 Benefits 42,389 31,4

    .08.01.03 Severance Fund - F.G.T.S. 25,538 30,6

    .08.02 Taxes, Fees and Contributions 147,406 246,5

    .08.02.01 Federal 92,526 141,7

    .08.02.02 State 40,195 92,8

    .08.02.03 Municipal 14,685 11,9

    .08.03 Remuneration of Third Party Capital 361,463 159,6

    .08.03.01 Interest 375,528 183,5

    .08.03.03 Other -14,065 -23,8

    .08.03.03.01 Other -14,065 -23,8

    .08.04 Remuneration of Own Capital -122,695 -36,8

    .08.04.03 Retained Earnings/Loss for the Period -153,614 -70,8

    .08.04.04 Non-controlling interest in Retained Earnings 30,919 34,0

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    COMMENTS ON THE PERFORMANCE

    See Earnings Release

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    1 Operations

    Usinas Siderrgicas de Minas Gerais S.A.USIMINAS (Usiminas or the Company),headquartered in Belo Horizonte, State of Minas Gerais, operates in the steel industry and relatedactivities. The Company produces flat rolled carbon steel at the Intendente Cmara plant in Ipatinga,State of Minas Gerais and the Jos Bonifcio de Andrada e Silva plant in Cubato, State of SoPaulo, for the Brazilian domestic and export markets.

    The Company, through its subsidiaries, jointly-controlled and associated companies (collectively, theUsiminas companies), has several service and distribution centers in Brazil, in addition to theCubato and Praia Mole ports located in the states of So Paulo and Esprito Santo, respectively, asstrategic ports for shipping of its production.

    The Company's shares are listed for trading on the stock exchange in So Paulo (BM&FBOVESPA)under the tickers USIM3 and USIM5.

    The Company has been implementing measures to improve the operating performance, with thereduction of its net indebtedness. Among these, the increase in the level of use of the installedcapacity in the plants, with better absorption of fixed costs, the reduction of structural expenses(selling and administrative); working capital reduction, remarkably of inventories of work in process,finished products and warehouse, and the reduction of investments in Capital Expenditure (Capex),should be highlighted. In addition, the Company has a significant volume of cash with its foreignsubsidiaries.

    Aiming to increase its business, the Company holds direct or indirect investments in subsidiaries,jointly-controlled entities and associates, whose main activities are summarized below:

    (a) Subsidiaries

    Automotiva Usiminas S.A. (Automotiva Usiminas) Located in Pouso Alegre, State of MinasGerais, manufactures and sells steel stamped parts.

    Cosipa Commercial Ltd. (Cosipa Commercial) Located in the Cayman Islands, was established inApril 2006 to raise funds in the foreign market.

    Cosipa Overseas Ltd. (Cosipa Overseas) Located in the Cayman Islands, established inFebruary 1994 to optimize the Company's foreign trade operations, facilitate the purchase ofimported raw materials and the export of steel products and to raise funds in the foreign market.

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    Minerao Usiminas S.A. (Minerao Usiminas or MUSA) - Headquartered in Belo Horizonte,State of Minas Gerais, is a partnership between the Company (70%) and Sumitomo Group (30%),with the main purpose of extracting and processing pellet-feed, sinter-feed and lump iron ore. Mostof the production, which is extracted from mines located in the Serra Azul region in the iron

    quadrilateral of the State, is allocated to the consumption of the Company's steel plants. MUSAholds a 50% interest in the jointly controlled entity Modal Terminal de Granis Ltda. (Modal),headquartered in Itana, Minas Gerais, the main activities of which are the operation of road and railcargo terminals, the storage and handling of ore and steel products and road transportation of cargo.It also holds a 22.2% interest in the associate Terminal de Cargas Sarzedo Ltda. (TerminalSarzedo) headquartered in Sarzedo, Minas Gerais, the main activities of which are the storage ofcargo, operation of a railroad terminal, warehousing, in addition to related services. MUSA also fullycontrols Usiminas Participaes e Logstica S.A. (UPL) headquartered in So Paulo, State of SoPaulo, the sole activity of which is to directly hold shares and other securities issued by MRSLogstica S.A. MUSA acquired an interest in Minerao Ouro Negro S.A. (Minerao Ouro Negro)

    in 2011, as mentioned in Note 16 (d) (iii).

    Rios Unidos Logstica e Transporte de Ao Ltda. (Rios Unidos) Established in Guarulhos, Stateof So Paulo, the main activity of which is rendering road transportation services for cargo.

    Solues em Ao Usiminas S.A. (Solues Usiminas) Located in Belo Horizonte, State of MinasGerais, has 14 industrial units strategically located throughout Brazil, the main purpose of which is todevelop steel product solutions and operate as a distribution center. Solues Usiminas supplies themarket with varied higher value added products, particularly to small and medium-sized customersand is a partnership between the Company (68.88%), Metal One (20%) and others (11.12%).

    Usiminas Commercial Ltd. (Usiminas Commercial) Established in 2006, with the purpose ofraising foreign funding for the Company.

    Usiminas Europa A/S (Usiminas Europa) - Located in Copenhagen, Denmark, was established in

    2005 to hold the Company's investments in the jointly controlled entities Usiminas Galvanized SteelApS (Usiminas Galvanized ) and Usiminas Eletrogalvanized Steel ApS (UsiminasEletrogalvanized), the main activity of which is to promote the sales to foreign customers ofgalvanized steel and electro galvanized steel produced by the Company.

    Usiminas International Ltd. - (Usiminas International) - Located in Luxembourg, established in2001, to hold the Company's investments abroad and also the investments in Usiminas PortugalServios de Consultoria Ltd. (Usiminas Portugal) located in Madeira Island.As mentioned in Note16 (d) (v), Usiminas Portugal was liquidated on November 30, 2012.

    Usiminas Mecnica S.A. - (Usiminas Mecnica) - Located in Ipatinga, State of Minas Gerais, tomanufacture equipment and installations utilized in the following industries: steel production, oil andgas, petrochemical, hydroelectric, mining, railroad transport, cement, pulp and paper, recovery of

    parts, rolls, heavy industry cylinders, plate stamping and cutting for serial auto parts, stationarydumpcarts and environmental control.

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    (b) Jointly-controlled entities

    Unigal Usiminas Ltda (Unigal) - Located in Belo Horizonte, State of Minas Gerais, incorporated in1998 as a joint venture between the Company (70%) and Nippon Steel Corporation (30%) totransform cold-rolled coils into galvanized coils via hot dipping, mainly for the automotive industry.Unigal's plant is located in Ipatinga, State of Minas Gerais, and has an installed capacity for thegalvanization of 1,030 thousand metric tons of steel per year.Fasal Trading Brasil S.A (Fasal Trading Brasil). Created on November 30, 2009, is located inBelo Horizonte, State of Minas Gerais. Its main activity comprises the sale of steel and metallurgicalproducts and the rendering of related services, as well as, the participation in the capital of othernational or foreign companies with activities similar or supplementary to its own activities.Usiroll Usiminas Court Tecnologia em Acabamento Superficial Ltda. (Usiroll) - Located inIpatinga, State of Minas Gerais, renders services, especially for the rectification of cylinders andreels.

    (c) Investments in associates

    Codeme Engenharia S.A. (Codeme)-Headquartered in Betim, State of Minas Gerais,manufactures and assembles iron constructions, mainly industrial buildings, commercial warehousesand multiple-floor buildings. Codeme has plants in Betim, State of Minas Gerais, and Taubat, Stateof So Paulo.

    Metform S.A. (Metform) -Headquartered in Betim, State of Minas Gerais, manufactures iron tiles,steel decks and galvanized accessories with or without painting. Metform has plants in Betim, Stateof Minas Gerais, and Taubat, State of So Paulo.

    MRS Logstica S.A. (MRS) - Located in Rio de Janeiro, State of Rio de Janeiro, MRS providesrailroad transport and logistics services in the southeastern region of Brazil. The Company's holdingin MRS represents a strategic investment for optimizing the supply of raw materials and the transport

    of finished products and third party cargo, mainly related to the operation of the Company's marineterminals.

    2 Interim Financial Statements

    The issue and disclosure of these interim financial statements included in the Guide of QuarterlyInformation (ITR) for the Parent Company and Consolidated were approved by the Statutory Boardof the Company at a meeting held on April 25, 2013.

    3 Presentation of the Interim Financial Statements and Summary of Principal

    Accounting Policies

    The principal accounting policies applied in the preparation of these financial statements areconsistent with the policies described in Note 3 to the Companys Financial Statements for the yearended December 31, 2012 as filed with the CVM. These policies have been consistently adopted forall the years presented, unless otherwise stated.

    The interim financial statements are presented in thousands of reais (R$ thousands), except whenindicated in other way.

    3.1 Preparation basis

    (a) Individual interim financial statements Parent Company

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    The individual interim financial statements of Usiminas, presented as Parent Company, have beenprepared in accordance with CPC 21, Interim Statements, based on the rules and regulations of theCVM.

    These interim financial statements should be read together with the Company financial statementsfor the year ended December 31, 2012.

    (b) Consolidated interim financial statements

    The consolidated interim statements, (Consolidated), have been prepared and are being presentedin accordance with the CPC 21, Interim Statements, in accordance with CVM regulations. Theyhave also been prepared in accordance with IAS 34, Presentation of Interim Financial Reports,based on CVM rules.

    These interim financial statements should be read together with the Company Financial Statementsfor the year ended December 31, 2012.

    3.2 Accounting standards, amendments and interpretations that are not yet effective

    In the quarter ended March 31, 2013, no standards, amendments and interpretations, except forthose disclosed in Note 3.24 to the Companys financial statements for the year ended December31, 2012, have been issued, nor amendments related to expected effects that have been previouslydisclosed that could affect the interim financial statements.

    As from 2013 the Company applied IFRS 11 - "Joint Agreements", issued in May 2011, and includedas amendment to the text of CPC 19(R2) - Business Combination". Thus, as the proportionalconsolidation method is no longer permitted, the Company ceased to consolidate the jointly ownedsubsidiaries Fasal Trading Brasil, Unigal and Usiroll. Additionally, as from January 1, 2013, theinterest in Fasal Trading Brasil (50%), Unigal (70%) and in Usiroll (50%) shall be recorded at the

    equity method.

    For comparison purposes, the balances as of December 31, 2012 and March 31, 2012 have beenadjusted to reflect such change in accounting police.

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    4 Financial Risk Management

    As at March 31, 2013, no alterations in the policies and management of financial risks occurred inrelation to those disclosed in the Company financial statements for the year ended December 31,2012.

    There were no significant alterations to the information related to: (a) cash flow of financialinstruments; (b) foreign currency denominated assets and liabilities; (c) new loans and financing anddebentures by currency and interest rate; (d) financial leverage index ;(e) classification of assets andliabilities measured at fair value and (f) fair value of loans and financing and of other financial assetsand liabilities in relation to those disclosed in the Company financial statements at December 31,2012 and, accordingly, Management decided not to repeat them in these interim financial statementsat March 31, 2013.

    4.1 Sensitivity analysis

    In the preparation of the sensitivity analysis for derivative financial instruments, the Company usedthe quotations available in the financial market, (Broadcast, Bloomberg, BM&F). These quotationswere used for the calculation of the future amounts of swap transactions and NDF to present thescenario considered to beprobable by Management. Additionally, scenarios II and III were stressedbased on factors of 25% and 50% from the base risk level deemed as probable by management.

    (a) Sensitivity analysis - exchange rate and interest risk of derivative financial instruments

    (i) Parent company

    Gain/(Loss)

    03/31/2013Transaction Risk Probable I Probable II Probable III

    Swap of interest Increase in CDI (1,007) (1,588) (2,165)

    Swap ofcommodities

    Decrease in the priceof zinc

    (2,059) 6,733) (11,406)

    Swap of interest Decrease in LIBOR (10,735) 11,594) (12,452)

    (ii) Consolidated

    Gain/(Loss)

    03/31/2013Transaction Risk Probable I Probable II Probable III

    Swap of interest Increase in CDI (3,638) (4,676) (5,710)

    Swap ofcommoditiesDecrease in the priceof zinco (2,059) (6,733) (11,406)

    Swap of interest Decrease in LIBOR (10,735) 11,594) (12,452)

    Swap of exchange Decrease in Euro 1 (45) (92)

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    (b) Sensitivity analysis exchange risk of assets and liabilities in foreign currency

    The following values represent the balance in brazilian reais of assets and liabilities inforeign currency, outstanding at the end of the period. Scenarios II and III were calculatedwith deterioration of 25% and 50%, respectively, on the risk variable considered probableby management.

    The currencies used in the sensitivity analysis and their respective scenarios are as follows:

    03/31/2013

    Currency Probable I Probable II Probable III

    Dollar 2.0138 2.5173 3.0207

    EUR 2.5853 3.2316 3.8780

    JPY 0.0214 0.0268 0.0321

    (i) Parent company

    12/31/2012 03/31/2013

    Transaction Risk Balance Balance Probable I Probable II Probable III

    Account receivablesAppreciation

    to USD 155,102 195,678 195,678 244,598 293,517

    Total 155,102 195,678 195,678 244,598 293,517

    SuppliersAppreciation

    to USD (649,438) (500,271) (500,271) (625,339) (750,407)

    Loans and financing linked to US$Appreciation

    to USD (2,341,716) (1,642,889) (1,642,889) (2,053,611) (2,464,334)

    Loans and financing linked to EURAppreciation

    to EUR (29,541) (23,334) (23,334) (29,168) (35,001)

    Loans and financing linked to JPYAppreciation

    to JPY (1,582,454) (1,424,157) (1,424,157) (1,780,196) (2,136,236)

    Total (4,603,149) (3,590,651) (3,590,651) (4,488,314) (5,385,978)

    Net total (4,448,047) (3,394,973 (3,394,973) (4,243,716) (5,092,461)

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    (i) Consolidated

    12/31/2012 03/31/2013

    Transaction Risk Balance Balance Probable I Probable II Probable III

    Account receivablesAppreciation

    to USD 439,528 317,511 317,511 396,889 476,267

    Financial investmentsAppreciation

    to USD 1,528,421 1,538,005 1,538,005 1,922,506 2,307,008

    Total 1,967,949 1,855,516 1,855,516 2,319,395 2,783,275

    SuppliersAppreciation

    to USD (670,449) (522,755) (522,755) (653,444) (784,133)

    Loans and financing linked to US$Appreciation

    to USD (3,621,388) (2,897,764) (2,897,764) (3,622,205) (4,346,646)

    Loans and financing linked to EURAppreciation

    to EUR (29,541) (23,334) (23,334) (29,168) (35,001)

    Loans and financing linked to JPYAppreciation

    to JPY (2,852) (1,970) (1,970) (2,463) (2,955)

    Total (4,324,230) (3,445,823) (3,445,823) (4,307,280) (5,168,735)

    Net total (2,356,281) (1,590,307) (1,590,307) (1,987,885) (2,385,460)

    On March 31, 2013, considering the foreign currencies variation of 5% in comparison to Real, theimpact in the result of this variation on assets and liabilities contracted in foreign currency would bean expense of R$169,749 in the Parent Company and R$79,515 in Consolidated.

    The exposure of Parent Company and Consolidated, previously described, are partially offset by thederivative financial instruments described in Note 5.

    5 Derivative financial instruments

    The Usiminas companies carries out swap and NDF (Non Deliverable Forward) transactions with theobjective of hedging against and managing risks inherent to volatility of foreign currencies, interestrates, prices and others. These transactions aim to mitigate exposure to foreign exchange risks andabrupt changes in the prices of commodities (aluminum, nickel, copper and zinc). Usiminascompanies do not contract financial instruments transactions for speculative purposes.

    The transactions with derivative financial instruments are summarized as follows:

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    (a) Parent Company

    Gai

    re

    Maturity

    month/year

    Asset position Liability position Asset position Liability position Asset position Liability position Asset position Liability position Asset position Asset position Lia

    EXCHANGE RATES HEDGE (SWAP)

    Credit Suisse 02/09 to 02/14 Libor + 4% a.a 100% CDI US$ 20,000 US$ 20,000 US$ 30,000 US$ 30,000 1,398 (2,316) 2,953 (3,156)

    Pre-pagamento Citibank 10/09 to 03/15 Libor + 1.35% a.a. 4.23% a.a. US$ 300,000 US$ 300,000 562,400 (580,443)

    Pre-pagamento HSBC 10/09 to 03/13 Libor + 1.10% a.a. 3.3375% US$ 128,871 US$ 128,871 175,753 (176,950)

    Banco do Brasil S.A 05/10 to 03/13 Pre fixed rate 11.48% a.a. 98% CDI $300.00 $300.00 407,379 (387,904)

    MERRIL LYNCH 09/10 to 03/17 Libor + 0.83% 3.05% a.a. US$ 96,000 US$ 96,000 US$ 96,000 US$ 96,000 189,354 (198,424) 193,591 (204,104)

    ABN AMRO 01/08 to 01/18 Yen + 4.1165% a.a. Dollar + 7.34% a.a. JPY 42,952,000 US$ 400,000 JPY 42,952,000 US$ 400,000 1,076,943 (1,023,448) 1,217,765 (1,070,078)

    ABN AMRO 06/06 to 06/16 Yen + 4.275% a.a Dollar + 8.35% a.a. JPY 22,800,000 US$ 200,000 JPY 22,800,000 US$ 200,000 553,453 (500,970) 617,158 (510,708)

    Bradesco 10/12 to 01/13 US dollar at 2.0702 Sale PTAX US$66,369 US$66,369 136,993 (135,630)

    Votorantim 10/12 to 02/13 US dollar at 2.0800 Sale PTAX US$20,824 US$20,824 42,944 (42,747)

    Credit Agricole 11/12 to 02/13 US dollar at 2.0789 Sale PTAX US$39,746 US$39,746 81,922 (81,590)

    Hsbc 11/12 to 03/13 US dollar at 2.0857 Sale PTAX US$34,159 US$34,159 70,251 (69,903)

    1,821,148 (1,725,158) 3,509,109 (3,263,213)

    Accounting balance (net asset position liability position) 95,990 245,896

    Result from settled transactions

    Result for the period - Financial result

    HEDGING OF PRODUCT PRICE - COMMODITIES

    BRADESCO S.A. (ZINC) 02/28/2013 Average price (Zn) x Ptax Call position (Zn) x Ptax USD 1,312 USD 1,312 3,003 (2,681)

    ABC BRASIL S.A. (ZINC) 01/02/2013 Average price (Zn) x Ptax Call position (Zn) x Ptax USD 1,310 USD 1,310 2,991 (2,678)

    BRADESCO S.A. (ZINC) 04/30/2013 Average price (Zn) x Ptax Call position (Zn) x Ptax USD 1,497 USD 1,682 3,014 (3,388)

    ABC BRASIL S.A. (ZINC) 05/31/2013 Average price (Zn) x Ptax Call position (Zn) x Ptax USD 1,507 USD 1,684 3,035 (3,395)

    VOTORANTIM S.A. (ZINC) 06/28/2013 Average price (Zn) x Ptax Call position (Zn) x Ptax USD 1,515 USD 1,691 3,052 (3,406)

    ABC BRASIL S.A. (ZINC) 07/31/2013 Average price (Zn) x Ptax Call position (Zn) x Ptax USD 1,522 USD 1,694 3,066 (3,412)

    ABC BRASIL S.A. (ZINC) 08/30/2013 Average price (Zn) x Ptax Call position (Zn) x Ptax USD 1,530 USD 1,696 3,080 (3,418)

    TOTAL 15,247 (17,019) 5,994 (5,359)

    Accounting balance (net asset position liability position) (1,772) 635

    Result from settled transactions

    Result for the period - Cost of Assets and/or Services Sold

    Accounting balance (net asset position liability position) 94,218 246,531

    Result from settled transactions

    Total result with financial instruments

    INDEX NOTIONAL VALUE (contracted value - Notional) FAIR VALUE (MARKET) -BOOK

    3/31/2013 3/31/2013 12/31/2012 3/31/2013 12/31/2012

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    The transactions with derivative financial instruments are summarized as follows:

    Parentcompany Consolidated

    03/31/2013 12/31/2012 03/31/2013 12/31/2012

    Current assets 22,440 32,614 50,093

    Non- current assets 138,914 281,356 143,631 286,508

    Current liabilities (38,808) (42,209) (38,808) (42,209)

    Non-current liabilities (5,888) (15,056) (164,391) (323,790)

    94,218 246,531 (26,954) (29,398)

    Parentcompany Consolidated

    03/31/2013 03/31/2012 03/31/2013 03/31/2012

    In cost of products or services sold (1,558) 8,141 (1,558) 8,141

    Other operating income (expenses), net 10,209 10,209

    In financial result (149,952) (124,490) 14,065 23,880

    (151,510) (106,140) 12,507 42,230

    (c) Hedging activities cash flow hedge (hedge accounting)

    On August 1, 2011, the Company designated some export prepayment transactions as hedgeinstrument against part of the foreign exchange risk arising from highly probable future transactions

    (exports)and decided to discontinue the hedging accounting of exports as from October 1, 2012.

    The export prepayment transactions designated as hedging instrument are as follows:

    Parent Company andConsolidated

    Balance of principalNominal value

    US$ thousands Maturity 03/31/2013 12/31/2012

    Credit Suisse 20,000 2014 40,276 61,305

    Sindicato (HSBC) 2012 to 2015 732,476

    20,000 40,276 793,781

    In current liabilities 40,276 438,954

    In non current liabilities 354,827

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    The hedge accounting recognition on equity may be stated as follows:

    Parent Company and Consolidated

    03/31/2013 12/31/2012

    Initial balance recognized on equity (184,238) (217,781)

    Amount reversed in the period 174,752 33,543

    Balance before taxes on profit (9,486) (184,238)

    Taxes on deferred profit (34%) 3,225 62,641

    Final balance recognized on equity (6,261) (121,597)

    Up to the date of discontinuity of hedge accounting, the Company conducted prospective andretrospective effectiveness tests in conformity with IAS 39/CPC 38 Standard. These tests presented

    100% of effectiveness for the export prepayment transactions defined as hedge instrument, as wellas for the exports defined as hedge object.

    In order to improve its indebtedness situation, the Company settled, in the quarter ended on March31, 2013 the amount of US$368,442 thousand related to export prepayment transactions, being thatUS$245,00 thousand refers to operations whose original maturities extended up to 2015. Due to thissettlement, the Company recognized as a financial expense the total of R$174,752 which wasreversed from the accumulated balance of hedge accounting recorded in equity. From this total,R$116,419 refer to the settlement of operations whose original maturities extended up to 2015.

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    6 Cash and Cash Equivalents

    Cash and cash equivalents include cash in hand, bank deposits, high liquidity short terminvestments, with original maturity of three months or less, with insignificant risk of change in value,as follows:

    Parent Company

    03/31/2013 12/31/2012

    Loans andreceivables

    Fair valuethroughresults Total

    Loans andreceivables

    Fair valuethroughresults Total

    Current account 44,369 44,369 27,861 27,861

    Offshore current account 7,653 7,653 48,647 48,647

    Certificates of deposits CDBs (i) 802,087 802,087 1,146,932 1,146,932

    Offshore time deposit 27,663 27,663

    52,022 802,087 854,109 104,171 1,146,932 1,251,103

    (i) In 2012 new resources occurred arising from the reduction of capital of foreign subsidiaries.

    Consolidated

    03/31/2013 12/31/2012

    Loans andreceivables

    Fair valuethroughresults Total

    Loans andreceivables

    Fair valuethroughresults Total

    Current account 100,753 100,753 79,006 79,006

    Offshore current account 22,352 22,352 58,440 58,440

    Certificates of deposits CDBs 2,481,479 2,481,479 2,871,103 2,871,103

    Offshore time deposit 82,472 82,472 114,769 114,769

    205,577 2,481,479 2,687,056 252,215 2,871,103 3,123,318

    The average certificates of deposits yield, was a spread over the Interbank Deposit Certificate - CDIfrom 99% to 100%.

    The fair value of CDBs is based on CDI percentages. The CDI rates are obtained from the ClearingHouse for the Custody and Financial Settlement of Securities (CETIP).

    On March 31, 2013, Usiminas Companies do not have any overdraft accounts.

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    7 Marketable securities

    Marketable securities include financial assets with maturities above 90 days from the original date ofinvestment and investments abroad which require specific procedures to enter Brazil, as follows:

    Parent Company03/31/2013 12/31/2012Loans and

    receivablesLoans and

    receivables

    Bank deposit certificates - CDBs 14,158 9,137

    14,158 9,137

    Consolidated

    03/31/2013 12/31/2012Loans and

    receivables

    Loans and

    receivables

    Financial investments abroad (Time Deposit) 1,538,005 1,528,421

    Bank deposit certificates - CDBs 14,158 9,137

    1,552,163, 1,537,558

    Financial investments in CDBs are linked to CDI variation from 99% to 100%. Financial investmentsabroad are subject to prefixed rates plus foreign exchange variation.

    None of these financial assets is overdue orimpaired.

    8 Trade Receivables

    Parent Consolidated

    03/31/2013 12/31/2012 03/31/2013 12/31/2012

    Brazilian customers 622,508 607,049 1,332,313 1,228,402Export customers 195,678 142,854 317,511 298,815

    Provision for losses on tradereceivables (98,294) (98,382) (117,785) (116,786)

    Trade receivables, net 719,892 651,521 1,532,039 1,410,431

    Receivables from related parties 199,813 297,847 67,059 157,674

    919,705 949,368 1,599,098 1,568,105

    Trade receivables have no financing feature and are initially assessed and recorded at fair value.

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    9 Inventories

    ParentCompany Consolidated

    03/31/2013 12/31/2012 03/31/2013 12/31/2012

    Finished goods 735,449 799,618 958,448 1,017,748

    Work in progress 922,601 953,396 955,371 999,910

    Raw materials 465,717 511,677 776,947 875,478

    Supplies and spare parts 586,512 603,674 667,879 699,048

    Imports in transit 128,879 35,654 131,634 42,150

    Other 148,688 81,201 203,327 133,650

    2,987,846 2,985,220 3,693,606 3,767,984

    On March 31, 2013, the Company had provision for reduction to market value, obsolescence andother adjustments of inventories items in the amount of R$95,284 (December 31, 2012 - R$74,288).In Consolidated, this provision amounted to R$102,831(December 31, 2012 - R$77,564). The contraentry of the mentioned provision was recorded in the caption Cost of assets orservices sold in theIncome Statement.

    On March 31, 2013, the increase of said provision generated negative effect on the cost of productsand/or products sold in the amount of R$20,996 (March 31, 2012 expense of R$12,950). InConsolidated, this effect totaled an expense of R$25,267 (March 31, 2012 revenue of R$194).

    At March 31, 2013, the Company held inventories in the amount of R$15,241 (December 31, 2012 -R$15,547) offered in guarantee to judicial processes.

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    10 Taxes Recoverable

    The taxes recoverable are composed mainly by credits and prepayment of taxes. The Companyperiodically accompanies the development of accumulated tax credits, aiming at their use in theshort term.

    The breakdown of credits is as follows:

    Parent Company

    03/31/2013 12/31/2012

    Current Non-current Current Non-current

    Prepayments of income tax 10,812 6,093

    Prepayments of social contribution 68 776

    Social Integration Program (PIS) 13,473 81 24,124 276

    Social Contribution on Revenues (COFINS) 62,060 371 111,409 1,270Value-added Tax on Sales and Services(ICMS) 146,484 51,566 185,747 56,807

    Export credit - Reintegra 16,314 37,626

    Other 5,586 11,710 3,903 11,710

    254,797 63,728 369,678 70,063

    Consolidated

    03/31/2013 12/31/2012

    Current Non-current Current Non-current

    Prepayments of income tax 20,069 15,006

    Prepayments of social contribution 3,552 4,269

    Social Integration Program (PIS) 16,635 330 33,652 572

    Social Contribution on Revenues (COFINS) 81,016 1,520 105,330 2,637Value-added Tax on Sales and Services(ICMS) 211,877 111,979 252,908 116,509

    Export credit - Reintegra 16,314 37,626

    Other 31,068 12,399 36,302 11,865

    380,531 126,228 485,093 131,583

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    11 Income tax and social contribution

    (a) Taxes on Profits

    The effective income tax (IRPJ) and the social contribution (CSLL) expenses differs from the amountwhich would be obtained using the statutory income tax and social contribution nominal rates

    applicable to profit before taxation, at the Parent Company and Consolidated, as follows:

    ParentCompany

    Consolidated

    03/31/2013 03/31/2012 03/31/2013 03/31/2012

    Result Before Taxes on Profit (275,703) (127,596) (198,749) (54,328)

    Statutory rates of tax 34% 34% 34% 34%

    IRPJ and CSLL at statutory rates 93,739 43,383 67,575 18,472

    Adjustments to determine the effective IRPJ andCSLL expense::

    Equity in the results (25% and 9%) 33,867 18,266 18,305 10,280

    Interest on own capital (25% and 9%)

    Permanent exclusions (additions) (25% and 9%) (4,921) (4,834) (6,659) (5,983)

    Tax incentive (227) (288)

    Foreign subsidiary profits not-taxable (114) (5,642)

    DIPJ adjustment (i) (54) (3,094) 723

    Other (596) 268 (34)

    Taxes on Profits 122,089 56,761 76,054 17,528

    Current (54) (61,796) (43,685)

    Deferred 122,089 56,815 137,850 61,213

    Taxes on net profits (loss) in the results 122,089 56,761 76,054 17,528

    (i) Corporate Annual Income Tax Return.

    The differences between the tax bases of assets and liabilities included in accounting records,prepared in accordance with IFRS and CPC, were recognized as temporary differences for recordingpurposes of deferred taxes in contra entry to the expense (or income) in the result.

    There are no current tax items taken directly to equity in these interim financial statements.

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    (b) Changes in deferred income tax and social contribution

    The changes in deferred income tax and social contribution for the quarter are as follows:

    AssetsParent

    Company Consolidated

    At December 31,2012 1,058,842 1,513,879Constitution/reversal of deferred taxes in results of operations, net 122,089 137,850Constitution of deferred taxes in the comprehensive result (actuarial liabilities) 13,633 13,633Constitution of deferred taxes in the comprehensive result (hedge accounting) (59,415) (59,415)Other (28)

    At March 31, 2013 1,135,149 1,605,919

    Long term deferred income tax and social contribution are expected to be realized in accordancewith future taxable income based on projections approved by the Companys Management, and inaccordance with accounting practices adopted in Brazil. These projections are based onassumptions reflecting the Companys economic and operating environment.

    The projections are subject to factors which may present variations in relation to actual data. Shouldthe future taxable income used in the recovery study be impaired at 10%, the Company wouldrecover the tax credits in the same period.

    Should the sales prices be impaired at 1% or the cost of sales increased at 2% or further the salesvolume decreased at 1% in relation to the assumptions used, the Company would recover the creditsduring 11 years.

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    At March 31, 2013, long term deferred income tax and social contribution shall be realized asfollows:

    ParentCompany Consolidated

    2013 90,592

    2014 114,203 165,335

    2015 121,328 172,895

    2016 122,204 173,888

    2017 113,910 165,226

    2018 165,146 214,401

    2019 134,950 178,920

    2020 155,777 197,249

    2021 250,514 280,795

    From 2022 415,701 445,981

    Assets 1,593,733 2,085,282

    Liabilities (458,584) (479,363)

    Net assets 1,135,149 1,605,919

    Since the taxable basis of income tax and social contribution on net income arises not only from theprofit that may be generated, but also from the existence of nontaxable income, nondeductibleexpenses, tax incentives and other variances, there is no immediate correlation between theCompanys net profit and the result from income tax and social contribution.

    Accordingly, the expectation of use of tax credits should not be considered as the only indication offuture results of Usiminas Companies.

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    12 Judicial deposits

    The composition of judicial deposits balances has not significantly changed in relation to those

    disclosed in the Company financial statements for December 31, 2012 and, accordingly,Management decided not to repeat them in the interim financial statements for March 31, 2013.

    The changes in judicial deposits for the quarter are as follows:

    ParentCompany Consolidated

    At December 31, 2012 before offsetting provisionsfor contingencies 714,991 792,146

    Additions 8,333 12,231

    Interest/restatements 8,099 9,121

    Payments (1,064) (1,064)

    Reversals (1,292) (4,321)

    729,069 808,113

    Deposits linked to provisions forContingencies and taxes payable in installments (327,349) (366,552)

    At March 31, 2013 401,718 441,561

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    14 Property, Plant and Equipment

    The composition of property, plant and equipment did not present significant changes in relation tothose disclosed in the Company financial statements for December 31, 2012 and, accordingly,Management decided not to repeat them in the interim financial statements for March 31, 2013.

    Changes in property, plant and equipment in the quarter are as follows:

    Parent Company Consolidated

    At December 31, 2012 13,974,626 15,852,506

    Additions 65,834 173,248Disposals (5,524) (5,612)Depreciation (225,060) (247,619)Capitalized indexation charges 2,863 2,863Transfers to intangible assets (841) (1,038)Disposal of advances (18,442) (23,340)

    At March 31, 2013 13,793,456 15,751,008

    At March 31, 2013, the additions to property, plant and equipment, in the amount of R$173,248, refermainly to hot strip mill 2 (R$10,852), cock plant 2 (R$9,849), Converter 6 (R$11,886) and FriableProjects (R$73,405) of Minerao Usiminas.

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    15 Intangible Assets

    The composition of intangible assets did not present significant changes in relation to thosedisclosed in the Company financial statements for December 31, 2012 and, accordingly,Management decided not to repeat them in the interim financial statements for March 31, 2013.

    The changes in intangible assets, for the quarter are as follows:

    Parent Company Consolidated

    At December 31, 2012 147,663 2,413,778

    Additions 506 1,472Amortization (3,194) (10,864)Transfers from property, plant and equipment 841 1,038

    At March 31, 2013 145,816 2,405,424

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    16 Loans and Financing

    On March 28, 2013, to improve the conditions of its debt, the Company prepaid US$245 thousandrelated to certain prepayment of exports operations, which corresponded to R$494,345 of theamortization of principal of loans and financing in the quarter ended on March 31, 2013.

    Except for the early settlement, mentioned above, the composition of loans and financing suffered noother significant changes in relation to the published financial statements of December 31, 2012 and,accordingly, the Directors decided not to repeat them in the interim financial statements as of March31, 2013

    (a) Changes in loans and financing

    The changes in loans and financing are as follows:

    ParentCompany Consolidated

    At December 31,2012 7,857,274 7,740,090

    New loans and financing 302,532 313,289Charges provisioned 31,214 38,488Indexation charges 64,099 65,014Foreign exchange(gains) losses (191,705) (58,671)Payment of charges (178,935) (187,026)Payment of principal (1,093,980) (1,141,604)

    Deferral of commissions 2,428 2,428

    At March 31, 2013 6,792,927 6,772,008

    (b) Changes in Debentures

    The changes in debentures are as follows:

    Parent Company andConsolidated

    At December 31, 2012 257,664

    Addition 1,000,000Charges provisioned (3,102)Indexation charges 13,723Payment of charges (9,412)Payment of principal (250,000)

    At March 31, 2012 1,008,873

    On February 1, 2013, the Company amortized the second and last installment of debenturesdistributed in 2008 in the total amount of R$250,000.

    Additionally, the Company carried out the operation of simple debentures approved by the

    Companys Board of Directors, not convertible into shares, of subordinated type, by means of public

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    offering of securities distributed with restricted placement efforts, pursuant to CVM Instruction 476 of01/16/2009, in the total amount of R$1,000,000, with maturity over six years.

    (c) Other significant information on loans and financing

    (i) CovenantsThe Company has loans and financing with certain contractual conditions, which require thefulfillment of covenants based on certain financial ratios, as follows:

    Consolidated Interest Coverage Ratio payment capacity of interest on loans and financing inrelation to Ebitda;

    Total Debt to Ebitda and Net Debt to Ebitda payment capacity of debt in relation to Ebitda; Total Capitalization Ratio relation between own capital and third party capital ; Liquidity Level payment capacity of short term liabilities; Capitalization Level relation between Net Equity and total Assets;

    The above described ratios are calculated on the Companys consolidated basis. Thenoncompliance with these requirements by the Company might generate an advance of maturity ofthe obligations recorded in non current liabilities with local and foreign creditors.

    At March 31, 2013 there are no ratios of compulsory measuring.

    (ii) Revolving line of credit

    On March 25, 2013, Management decided to cancel the revolving credit facility (Revolving CreditFacility), hired on July 28, 2011, totaling US$750 million and with duration of 5 years.

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    Provision for Contingencies

    At March 31, 2013, the information related to the progress of processes, expectation of success andactive contingencies did not present significant changes in relation to those disclosed in theCompany financial statements for December 31, 2012 and, accordingly, Management decided not torepeat them in the interim financial statements for March 31, 2013.

    (a) Probable loss contingencies

    The composition of reserves for contingencies can be demonstrated as follows:

    ParentCompany

    03/31/2013 12/31/2012

    ContingenciesJudicial

    deposits Net balance ContingenciesJudicial

    deposits Net balance

    IR and CSLL 16,590 (16,590) 16,503 (16,503)INSS 43,464 (5,868) 37,596 43,194 (5,805) 37,389

    Labor 183,082 (101,591) 81,491 170,712 (97,734) 72,978

    Civil 140,450 (9,987) 130,463 136,013 (10,053) 125,960

    Other 9,751 (373) 9,378 9,748 9,748

    393,337 (134,409) 258,928 376,170 (130,095) 246,075

    Consolidated

    03/31/2013 12/31/2012

    ContingenciesJudicial

    deposits Net balance ContingenciesJudicial

    deposits Net balance

    IR and CSLL 32,429 (26,492) 5,937 33,276 (26,405) 6,871INSS 43,492 (5,896) 37,596 43,222 (5,833) 37,389

    CIDE

    PIS / COFINS 14,551 (14,089) 462 12,335 (11,873) 462

    Labor 217,366 (113,743) 103,623 203,435 (109,317) 94,118

    Civil 142,529 (10,012) 132,517 138,091 (10,060) 128,031

    Other 15,399 (3,381) 12,018 17,574 (5,187) 12,387

    465,766 (173,613) 292,153 447,933 (168,675) 279,258

    The Company has judicial deposits recorded in non-current assets, for which no provisions wererecorded (Note 12).

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    The changes in the provisions for contingencies are as follows:

    Parent

    Company Consolidated

    Balances at December 31,2012 before theoffset of judicial deposits 376,170 447,933

    Additions 14,969 18,835

    Interest/indexation 11,173 11,454

    Amortization/disposals (5,766) (6,448)

    Reversals (3,209) (4,694)

    Other (1,314)

    393,337 465,766

    (-) Offset of judicial deposits (134,409) (173,613)

    Balance at March 31, 2013 258,928 292,153

    The provisions for contingencies were recorded to cover probable losses on administrative andjudicial litigation relating to tax, labor and civil issues, in amounts deemed sufficient by management,based on the advice and evaluation of internal and external legal counsel.

    (b) Possible loss contingencies

    On March 31, 2013, information relating to the progress of cases, the expectations of success andthe contingent assets did not change in relation to the Companys financial statements disclosed inDecember 31, 2012. Thus, the Administration decided not to repeat them in the interim financial

    statements of March 31, 2013.

    In the quarter ended March 31, 2013, the company is also party to lawsuits in the total amount ofR$36,551 in consolidated, which involve risk of loss classified as possible by management, basedon the evaluation of its legal counsel, for which no provisions have been recorded, being: R$8,931 ofICMS, R$5,528 of ISS, R$162 of CIDE, R$19,721 of labor claims and R$2,209 of other lawsuits.

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    18 Retirement Benefit Obligations

    At March 31, 2013, there were no alterations in the nature and conditions of the retirement benefitplans in relation to the description in Note 26 to the Company financial statements for the year endedDecember 31, 2012.

    The balances of retirement benefits are set out as follows:Parent Company and

    Consolidated

    03/31/2013 12/31/2012

    Balance sheet obligations for:

    Pension benefits 1,334,210 1,322,845

    Post-employment medical benefits 75,533 73,967

    1,409,743 1,396,812

    Parent Company andConsolidated

    03/31/2013 03/31/2012

    Income (expenses) recognized in income statement for (Note 32 (b)):

    Pension benefits (13,913) 22,302

    Post-employment medical benefits (1,566) (1,262)

    (15,479) 21,040

    Parent Company andConsolidated

    03/31/2013 03/31/2012

    Actuarial gains(losses) recognized immediately in other comprehensive income (20,981) (40,095)

    Actuarial gains/losses) of the debt recognized immediately in othercomprehensive income CPC 33 and IFRIC 14 (29,810) 4,563

    (Increase)/decrease in asset ceiling in other comprehensive income - paragraph58 CPC 33 and IAS 19 24,327 22,524

    (26,464) (13,008)

    Cumulative actuarial losses recognized in the statement of othercomprehensive income (618,952) (354,734)

    Change in the retirement benefit obligations

    The actuarial study in conformity with CPC 33 and IAS 19, conducted by independent actuary for thebase date of December 31, 2012, presented a liability of R$1,396,812. This actuarial study will bereviewed again at December 31, 2013. The change in the defined benefit obligations is set out asfollows:

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    Parent Company andConsolidated

    Balance at December 31, 2012 1,396,812Amortization (42,645)

    Amounts recognized in results of operations 15,479

    Actuarial losses directly recognized in other comprehensive results 40,097

    At March 31, 2013 1,409,743

    19 Equity

    (a) Share capital

    At March 31, 2013 and December 31, 2012, the Company share capital, amounting to R$12,150,000and comprising 1,013,786,190 shares, is as follows:

    Common Class A Preferred Class B Preferred Total

    Total shares 505,260,684 508,439,712 85,794 1,013,786,190

    Total treasury stock (2,526,654) (24,060,356) (26,587,010)

    Total shares except treasury stock 502,734,030 484,379,356 85,794 987,199,180

    At March 31, 2013, there were no alterations in the nature and conditions of the share capital in

    relation to the description in Note 27(b) to the Company financial statements for the year endedDecember 31, 2012. Accordingly, Management decided not to repeat them in the interim financialstatements for March 31, 2013.

    (b) Reserves

    At March 31, 2013, there were no alterations in the nature and conditions of the share capital inrelation to the description in Note 27(c) to the Company financial statements for the year endedDecember 31, 2012. Accordingly, Management decided not to repeat them in the interim financialstatements for March 31, 2013.

    (c) Dividends and interest on capital

    Dividends and interest on own capital distribution are as follows:

    Parent Company Consolidated

    Balance at December 31, 2012 915 26,635

    Dividends paid (1) (565)Dividends declared 1,126

    Balance at March 31, 2013 914 27,196

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    20 Segment Information

    Management has determined the Usiminas companies operating segments based on the reportsreviewed by the Board of Directors that are used to make strategic decisions. The Board of Directorsanalyses the business by segment of products sold.

    The revenue generated by the reported operating segments arises mainly from the manufacture andsale of steel products and related services.

    20.1 Information on operating profit (loss) before the financial result, assets andliabilities by reportable segment

    03/31/2013

    Mining andLogistics

    SteelMetallurgy

    SteelTransformation

    CapitalAssets Subtotal

    Eliminationsand

    adjustments Total

    Revenue 247,876 2,665,658 546,060 259,332 3,718,926 (524,217) 3,194,709Cost of goods and/orproducts sold (85,536) (2,590,264) (495,564) (249,355) (3,420,719) 433,177 (2,987,542)

    Gross profit (loss) 162,340 75,394 50,496 9,977 298,207 (91,040) 207,167

    Operatingincome/(expenses) (29,296) (133,566) (47,754) (14,460) (225,076) 1,471 (223,605)

    Selling expenses (22,020) (43,517) (23,528) (3,911) (92,976) 95 (92,881)General andadministrative (11,217) (101,609) (19,991) (12,751) (145,568) 3,396 (142,172)

    Other income and

    (expenses) 3,941 11,560 (4,235) 2,202 13,468 (2,020) 11,448

    Operating profit (loss) 133,044 (58,172) 2,742 (4,483) 73,131 (89,569) (16,438)

    Adjustes EBITDA 143,590 178,192 16,206 2,062 340,050 (26,560) 313,490

    EBITDA margim 57.9% 6.7% 3.0% 0.8% 9.1% 9.8%

    Assets 6,076,845 29,088,300 1,579,047 1,024,404 37,768,596 (5,822,812) 31,945,784

    Total assets includes:Investments inassociated (other thangoodwill) companies 292,238 5,248,200 2,838 5,543,276 (4,443,165) 1,100,111

    Additions to non-

    current assets (otherthan financialinstruments anddeferred tax assets) 113,811 75,037 11,437 8,756 209,041 (21,209) 187,832

    Current and non-current liabilities 740,435 12,530,942 327,115 472,837 14,071,329 (606,602) 13,464,727

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    03/31/2012

    Mining and

    Logistics

    Steel

    Metallurgy

    Steel

    Transformation

    Capital

    Assets Subtotal

    Eliminationsand

    adjustments Total

    Revenue 239,334 2,573,426 496,750 250,741 3,560,251 (678,131) 2,882,120

    Cost of goods and/orproducts sold (100,335) (2,573,558) (447,274) (258,073) (3,379,240) 649,561 (2,729,679)

    Gross profit 138,999 (132) 49,476 (7,332) 181,011 (28,570) 152,441

    Operatingincome/(expenses) (35,529) (99,772) (51,083) (23,007) (209,391) 1,902 (207,489)

    Selling expenses (17,012) (33,017) (24,254) (4,331) (78,614) (590) (79,204)General andadministrativeexpenses (12,899) (61,327) (22,044) (16,525) (112,795) 3,980 (108,815)

    Other income and

    (expenses) (5,618) (5,428) (4,785) (2,151) (17,982) (1,488) (19,470)

    Operating profit (loss) 103,470 (99,904) (1,607) (30,339) (28,380) (26,668) (55,048)

    Adjustes EBITDA 110,773 99,823 11,479 (24,852) 197,223 (7,387) 189,836

    EBITDA margim 46.3% 3.9% 2.3% (9.9%) 5.5% 6.6%

    Sales between segments were carried as sales between independent parties.

    The invoicing is spread, and the Company and its subsidiaries do not have individual clientsrepresenting more than 10% of invoicing. More than 95% of revenues arise from revenues withassets and services.

    20.2 Reconciliations of assetsand liabilities by reporting segments

    The amounts provided by the Board of Directors in relation to total assets are consistent with thebalances recorded in the consolidated financial statements. These assets are allocated based on thesegment operations and on the physical location of the asset.The eliminations of assets between segments refer to intercompany common balances.

    (a) Reconciliation of assets

    The assets corresponding to the reported segments are reconciled with total assets, as follows:

    03/31/2013

    Assets from reported segments 37,768,596

    Elimination of assets between segments (5,822,812)

    Total assets 31,945,784

    (b) Reconciliation of liabilities

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    The liabilities corresponding to the reported segments are reconciled with total liabilities, as follows:

    03/31/2013

    Liabilitiesfrom reported segments 14,071,329Elimination of liabilities between segments (606,602)

    Total liabilities 13,464,727

    21 Expenses by Nature

    ParentCompany Consolidated

    03/31/2013 03/31/2012 03/31/2013 03/31/2012

    Depreciation and amortization (228,254) (191,648) (258,483) (217,762)Employee benefit expenses (293,115) (260,452) (559,496) (493,043)

    Granting stock options plan (2,815) (1,649) (2,815) (1,649)

    Raw materials and consumables (1,940,460) (1,866,248) (1,956,414) (1,708,613)

    Distribution cost (24,030) (10,864) (55,941) (31,573)

    Third-party services (249,880) (257,434) (195,247) (295,938)

    Net revenue (expenses) with contingencies (11,760) (16,044) (14,141) (21,425)

    Proceeds from sale of property, plant and equipment ,

    intangible assets and

    investment 31,187 (324) 31,146 165

    Other income (expenses) (67,015) (72,294) (199,756) (167,330)

    (2,786,142) (2,676,957) (3,211,147) (2,937,168)

    Cost of goods and/or services sold (2,654,720) (2,580,074) (2,987,542) (2,729,679)

    Selling expenses (43,348) (33,017) (92,881) (79,204)

    General and administrative expenses (99,802) (58,998) (142,172) (108,815)

    Other operating income (expenses), net 11,728 (4,868) 11,448 (19,470)

    (2,786,142) (2,676,957) (3,211,147) (2,937,168)

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    22 Financial Income (Expenses)

    The financial income (expenses) are summarized as follows:

    ParentCompany Consolidated

    03/31/2013 03/31/2012 03/31/2013 03/31/2012

    Financial income

    Client interest 2,370 4,009 3,037 5,663

    Income from financial investments 51 1,094 4,035 31,881

    Indexation credits 10,939 4,269 37,899 45,211

    Interest on judicial deposits 8,098 11,295 9,121 11,505

    Interest on tax credits 222 1,913 222 1,985

    Realization of adjustment to present value of tradeaccounts receivable 16,668 22,435 16,732 22,394

    Other financial income 1,654 1,638 3,871 716

    40,002 46,653 74,917 119,355

    Financial expenses

    Interest on financing (29,870) (37,937) (39,669) (44,893)

    Results of swap transactions (149,952) (124,490) 14,065 23,880

    Indexations charges (78,262) (70,982) (81,467) (74,220)

    Interest, commissions and expenses on arrears (50) (4,510) (1,080) (8,337)

    Tax on Financial Transactions (IOF) (533) (2,250) (856) (3,026)

    Interest on contingent liabilities (11,173) (7,670) (11,454) (7,907)

    Realization of adjustment to present value ofaccounts payable (12,004) (17,458) (20,214) (30,888)

    Commissions on financing and others (29,555) (5,028) (29,555) (5,028)

    Realization hedge accounting (174,752) (174,752)Other financial expenses (9,291) (1,653) (16,481) (9,212)

    (495,442) (271,978) (361,463) (159,631)

    Foreign exchange gains and losses, net 203,724 169,189 50,396 10,762