COMPANHIA SIDERÚRGICA NACIONAL (“CSN”) would like to inform its shareholders and the public at large that its subsidiary CSN Madeira Ltda. (“CSN Madeira”) has entered, on the date hereof, into a derivative transaction known in the market as Total Return Equity Swap with a first tier financial institution (“Counterparty”), which transaction has the scope of exchanging the return on assets (swap). The obligations of CSN Madeira are guaranteed by CSN. The transaction will substitute for previous swap transactions referenced in a similar number of ADRs of CSN which will mature on July 31, 2008.
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