CSN announces 2Q14 Results

São Paulo, August 04, 2014 – Companhia Siderúrgica Nacional (CSN) (BM&FBOVESPA: CSNA3) (NYSE: SID) announces today its consolidated results for the second quarter of 2014 (2Q14), 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. All comments presented herein refer to the Company’s consolidated results and comparisons refer to the second quarter of 2013 (2Q13) and first quarter of 2014 (1Q14), unless otherwise stated. The Real/U.S. Dollar exchange rate on June 30, 2014 was R$2.2025.

Highligths

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.

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