CSN Consolidated Net Income Reaches R$ 203 Million In The Third Quarter Of 2003.

Business Editors

SAO PAULO, Brazil--(BUSINESS WIRE)--Nov. 13, 2003

Companhia Siderurgica Nacional ("CSN") (NYSE:SID) (BOVESPA:CSNA3) today announced its third quarter results (3Q03) in accordance with Brazilian Corporate Law accounting principles. All figures are stated in Brazilian Reais. Unless otherwise stated, the comments in this press release pertain to consolidated results and all comparisons are to the same period in 2002 (3Q02). The Real/US dollar exchange rate on September 30th, 2003 was R$2.9234.

    --  In 3Q03, crude steel output reached 1,360 thousand tons while
        rolled finished product volume stood at 1,243 thousand tons.

    --  Sales volume of finished and slabs products reached 1.3
        million tons in the quarter, a 6% increase compared to the
        same period last year.

    --  Consolidated net revenue grew 35% compared to the same period
        last year, totaling R$1,782 million in 3Q03.

    --  In the third quarter, EBITDA grew 42% to R$747 million.

    --  Financial results (comprised of financial income and expense
        as well as net foreign exchange gains and losses excluding
        amortization of the deferred of foreign exchange variation
        losses) in 3Q03 were a net expense of R$242 million.

    --  Consolidated net income in 3Q03 was R$203 million against a
        loss of R$ 167 million in 3Q02 and a loss of R$ 116 million in
        the previous quarter. In 2003, net income totaled R$ 716
        million, compared to a loss of R$574 million in the same
        period of last year.

3Q03 Earnings Conference Call - November 14, 2003
Portuguese:
7:00 am - ET Time
10:00 am - Brasilia time
Tel: [phone]
Code: CSN

English:
9:00 am - ET Time
12:00 pm - Brasilia time
Tel: [phone]
Conference Call ID: CSN or 4279592

CSN, located in the State of Rio de Janeiro, Brazil, is a steel complex integrated by investments in infrastructure and logistics, that combines in its operation captive mines, an integrated steel mill, service centers, ports and railways. With a total annual production capacity of 5.4 million tons of crude steel and consolidated gross revenues of R$6.1 billion reported in 2002, CSN is also the only tin-plate producer in Brazil and one of the five largest tin-plate producers worldwide.

Full information available at CSN IR website www.csn.com.br