Amendment - Fitch Affirms CSN; Corus Remains on Watch Neg.

CHICAGO -- (This amends the release just sent today, and makes note of the affirmation.)

Fitch Ratings has affirmed and removed the following ratings for Companhia Siderurgica Nacional (CSN) and related issuances from Rating Watch Negative:

--CSN foreign currency and local currency Issuer Default Ratings (IDRs) 'BBB-';

--Unsecured debt obligations issued by CSN Islands entities 'BBB-';

--National scale rating and local debenture issuances 'AA(bra)';

The above ratings have a Stable Rating Outlook.

CSN Export Trust

--Series 2003-1 'BBB';

--Series 2004-1 'BBB';

--Series 2005-1 'BBB'.

National Steel S.A. (National Steel)

--US$450 million 9.875% perpetual notes: 'BB'.

These rating actions reflect the fact that CSN was not successful with its proposed plan to acquire the Corus Group Plc (Corus). The Negative Rating Watch reflected the concern that if CSN had been successful in its attempt to buy Corus, a material portion of the transaction could have been funded with CSN's cash and proceeds from debt issuances.

Fitch's 'BB-' rating on Corus, which was placed on Rating Watch Negative on Oct. 26, 2006, due to a financing structure proposed by the successful bidder, India-based Tata Steel Limited (Tata Steel), that would burden Corus with much of the acquisition debt. Tata's final bid for Corus reached US$12 billion.

With annual production capacity of 5.6 million tons of crude steel and 5.1 million tons of rolled products, CSN ranks as one of the largest steel producers in Latin America. The company's fully integrated steel operations, located in the state of Rio de Janeiro in Brazil, produce steel slabs and hot- and cold-rolled coils and sheets for the automobile, construction and appliance industries, among others.

National Steel is a holding company that is 100% indirectly controlled by Brazil's Steinbruch family. National Steel's sole asset consists of 100% of the redeemable preferred shares of Acos. Acos, in turn, is a holding company that owns 100% of Vicunha. Vicunha is also a holding company that owns 42.74% of the common shares and controlling interest in Brazilian steel producer CSN.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.