Notice to the Market – Pricing of Notes

Announcement of CSN Islands XI Corp.’s Pricing of US$1.0 Billion of 6.750% Notes Due 2028


São Paulo, January 23, 2020 Companhia Siderúrgica Nacional (“CSN”) (NYSE: SID) announced today that its Cayman Islands finance subsidiary, CSN Islands XI Corp., priced an offering of US$1.0 billion in aggregate principal amount of 6.750% notes due 2028 (the “Notes”), at an issue price of 100.000% of principal amount, offered pursuant to exemptions from registration under Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Closing is expected to occur on January 28, 2020.

CSN expects to use the net proceeds from this offering to purchase notes tendered in connection with a concurrent tender offer announced on January 17, 2020 for any and all 6.50% notes due 2020, issued by CSN’s Luxembourg finance subsidiary, CSN Resources S.A., and for general corporate purposes.

The Notes were offered and will be sold only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act. When issued, the Notes will not have been registered under the Securities Act or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the Notes will be made only by means of a private offering memorandum.



São Paulo, January 23, 2020


Marcelo Cunha Ribeiro

Chief Financial and Investor Relations Officer