CSN Announces 2Q14 Results

SAO PAULO, Aug. 4, 2014

• Adjusted EBITDA amounted to R$1.3 billion in 2Q14, 19% up on 2Q13;
• Adjusted EBITDA from the steel segment totaled R$793 million, 28% more than in 2Q13 and the highest quarterly figure since 3Q10;
• The adjusted steel segment EBITDA margin was 28%, an 8 p.p. improvement over 2Q13;
• Second-quarter cement sales came to 564,000 tonnes, with net revenue of R$113 million, adjusted EBITDA of R$34 million and an adjusted EBITDA margin of 30%, all of which Company records;
• Gross profit totaled R$1.3 billion in 2Q14, 26% more than in the same period last year;
• The second-quarter gross margin widened by 6 p.p. over 2Q13 to 32%;
• CSN closed 2Q14 with cash and cash equivalents of R$11.9 billion;
• The Net Debt/EBITDA ratio ended the quarter at 2.71x, virtually identical to the end-of-March figure.

The full Earnings Release is available on CSN's IR website at www.csn.com.br/ir.

CSN will be hosting conference call about its 2Q14 Earnings on Monday, August 4^th, 2014, at 10:00 a.m. (US ET) in Portuguese with simultaneous translation into English. Connection details may be obtained on the Company's IR website.

Investor Relations
David Salama

Investor Relations Executive Officer
Phone: +55 11 3049-7588
david.salama@csn.com.br

SOURCE CSN - Companhia Siderúrgica Nacional