Material Fact – New Guidance


Companhia Siderúrgica Nacional (“CSN” or “Company”) hereby announces to its shareholders and the market in general projections adjustments, as follow:

 (I) Iron Ore Production Projection Update in 2020. The Company changed the way it presents the production of iron ore, which from the first quarter of 2020 onwards considers production plus purchase of third parties, which expects to reach around 33 to 36 million tons of iron ore
production in the period.

(II) The Company expects CAPEX spending in 2020 from R$1.8 billion to R$1.1 billion.

CSN points out that the information disclosed in this document represents an estimate and involves market factors beyond CSN’s control. Therefore, it does not constitute a promise of performance by the Company and/or its Management and may be subject to change.

São Paulo, May 14, 2020.

Marcelo Cunha Ribeiro
Chief Financial and Investor Relations Officer