CSN Convenes General Shareholders' Meeting Agenda: approval of a 1:3 stock split, cancellation and buy-back of shares

and proposal for the payment of R$800 million in Dividends and Interest on

Shareholders' Equity



    SAO PAULO, Brazil, Dec 21 /PRNewswire-FirstCall/ -- CSN's Board of
 Directors approved the Executive Board's proposal to submit the following
 matters to a General Shareholders Meeting:
 
 
1) Dividends: Payment of R$665,081,000.00 (six hundred and sixty-five million and eighty-one thousand Reais), equivalent to R$2.593011 per share on this date, as an advance on the minimum mandatory dividend payment. 2) Interest on Equity: Payment, also as an advance on the minimum mandatory dividend payment, of R$134,919,000.00 (one hundred and thirty- four million and nine hundred and nineteen thousand Reais) as Interest on Equity. Shareholders registered as such on this date will receive R$0.447118 per share, net of 15% withholding tax. The dividends and interest on shareholders' equity will be paid, without monetary restatement, as of January 8, 2008. CSN's shares will be traded ex- dividends as of December 26, 2007, inclusive. In order to maximize shareholder value through efficient capital structure management, the Board of Directors will also present the General Shareholders' Meeting with the following proposals: 3) Cancellation of shares held in treasury -- the Board will propose the cancellation of 4,000,000 shares currently held in treasury. 4) Acquisition of CSN shares -- the Board will also propose the acquisition of up to 4,000,000 shares issued by CSN, to be held in treasury for subsequent sale or cancellation, via transactions on the Sao Paulo Stock Exchange (BOVESPA). For this purpose, CSN will retain the services of the following brokers: Itau Corretora de Valores S.A. and Pactual DTVM S.A. The transactions shall be initiated on the day following approval of the cancellation of the shares by the General Shareholders Meeting and shall continue until February 27, 2008. The acquisition price of the shares shall not be higher than their respective Stock Market price. 5) 1:3 Stock split -- The Board will also propose a stock split designed to improve the liquidity of the Company's shares on the national and international markets. As a result, each CSN share will be represented by 3 shares. The ratio of 1 CSN underlying share for 1 ADR (American Depositary Receipt) in the USA will be maintained. For further information, please contact CSN - IR: invrel@csn.com.br (55 11) 3049-7591 www.csn.com.br/ir

SOURCE CSN

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