Notice to the Market – CSN Average Closing Price below NYSE Continued Listing Standards

Material Fact
Strategic Alliance

São Paulo, February 22, 2016 – COMPANHIA SIDERURGICA NACIONAL (“Company”) hereby informs that on January 21, 2016 the New York Stock Exchange (“NYSE”) informed Companhia Siderúrgica Nacional (the “Company”) that the price of the Company´s American Depositary Shares (“ADSs”), each representing one ordinary share of the Company, has fallen below the NYSE´s continued listing standard. Such standard requires a minimum average closing price of $1.00 per ADS over 30 consecutive trading days.

Under NYSE rules, the Company needs to comply with the minimum share price requirement within 6 months from such notice. During the interim period, the Company´s ADSs will continue to be listed and traded on the NYSE, subject to the Company´s compliance with other NYSE continued listing requirements.

The Company intends to undertake the necessary measures to comply with such requirement and is considering the available alternatives. Any such measures requiring shareholder consent shall be proposed to the shareholders no later than its next annual meeting. The NYSE notice does not affect the Company´s business operations or its Securities and Exchange Commission reporting requirements and does not conflict with or cause an event of default under any of the Company´s material debt or other agreements.

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São Paulo, February 22, 2016

Paulo Rogério Caffarelli
Executive Officer