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CSN Announces R$2.6 Billion EBITDA and a 48% Margin in 1H05

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    SAO PAULO, Brazil, Aug. 10 /PRNewswire-FirstCall/ -- Companhia Siderurgica
 Nacional -- CSN (NYSE:   SID and BOVESPA: CSNA3) releases its second quarter
 2005 results (2Q05), in accordance with Brazilian accounting principles and
 denominated in Reais. The comments presented herein refer to consolidated
 results and the comparisons refer to the second quarter 2004 (2Q04), unless
 otherwise stated.
     -- Sales in the quarter totaled 1,137 thousand tonnes, 60 thousand down
        the previous quarter. Exports share in total sales grew from 25% to
     -- Prices in the domestic market fell only by 4% in Reais and export
        prices fell by 10% in dollars. The Company does not expect significant
        adjustments in prices: the downward trend in steel prices should be
        interrupted in the end of 3Q05.
     -- Net revenue year-to-date is 22% higher than in 1H04.
     -- The coke cost was US$380/t, compared to US$408/t in 1Q05 and US$445/t
        in 4Q04. Coal cost was US$112/t, against US$107/t and US$100/t,
     -- EBITDA was R$1.2 billion in the quarter and R$2.6 billion in the
        first half of the year, with a 48% margin in both.
     -- Net debt of 1x EBITDA, after the dividend payment. Securitization of
        receivables totaling US$250 million (cost of 6.1% p.a.) and perpetual
        bonds issued in the amount of US$750 million (9.5% p.a.).
     -- Net income accumulated in 2005 is 50% higher than in 1H04.
                                                    2Q05                  1H05
                                                     x                     x
                                    2Q 04  2Q 05    2Q04   1H04   1H05    1H04
                                                   (Ch.%)                (Ch.%)
     Crude Steel Production
     (thousand t)                   1,368  1,362   -0.4%  2,723  2,529   -7.1%
     Sales Volume (thousand t)      1,354  1,137  -16.0%  2,491  2,334   -6.3%
     Domestic Market                  848    767   -9.5%  1,624  1,664   +2.5%
     Exports                          506    370  -26.9%    867    670  -22.8%
     Net Revenue per unit (R$/t)    1,791  1,960   +9.5%  1,674  2,049  +22.4%
     Financial Data (in R$ millions)
     Net Revenue                    2,562  2,545   -0.6%  4,428  5,407  +22.1%
     Gross Income                   1,193  1,215   +1.8%  2,034  2,598  +27.7%
     EBITDA                         1,180  1,214   +2.9%  2,013  2,621  +30.2%
     Net Income                       424    419   -1.2%    757  1,136  +50.1%
     For the full release, please visit
      Conference Calls:
      English Presentation                 Portuguese Presentation
      August 11, 2005                      August 11, 2005
      11:00 am - US ET                     9:00 am - US ET
      Phone: (1-973) 582-2734              Phone:(55 11) 2101-1490
      Code: CSN or 6315561                 Code: CSN


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