CSN announces 1Q14 Results

São Paulo, May 07, 2014 – Companhia Siderúrgica Nacional (CSN) (BM&FBOVESPA: CSNA3) (NYSE: SID) announces today its consolidated results for the first quarter of 2014 (1Q14), which are presented in Brazilian Reais and in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and with Brazilian accounting practices, which are fully convergent with international accounting norms, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of September 1, 2010. The comments herein refer to the Company’s consolidated results and comparisons refer to the fourth quarter of 2013 (4Q13) and first quarter of 2013 (1Q13), unless otherwise stated. On March 31, 2014, the Real/US Dollar exchange rate was R$2.263.

Highligths

Net revenue totaled R$4.4 billion in 1Q14, 20% up on 1Q13;
Gross profit came to R$1.3 billion, 69% more than in 1Q13;
Adjusted EBITDA amounted to R$1.4 billion, a 60% improvement over the R$0.9 billion recorded in 1Q13, with an adjusted EBITDA margin of 30%, up by 8 p.p. in the same period;
Adjusted EBITDA from the steel segment totaled R$761 million in 1Q14, 44% higher than in the same quarter last year.
CSN closed 1Q14 with cash and cash equivalents of R$12.9 billion;
The Net Debt/EBITDA ratio ended the quarter at 2.66x, 0.25x less than at the end of 2013;

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