CSN gives update on US$215mn dividend cancellation

Thursday, August 30, 2018

By Companhia Siderúrgica Nacional.

São Paulo, Brazil, August 29, 2018 - Companhia Siderúrgica Nacional ("Company") in continuity with the information disclosed in the material fact of August 28, hereby announces the following:

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Due to the unexpected decision of the Federal Court of São Paulo, which resulted in the blocking of the distribution of dividends declared on August 17, even though the fiscal execution referred to in the decision was duly guaranteed, the Board of Directors has decided, well informed, to cancel said dividends.

The Company states that it intends to use the undistributed resources to pay short-term debt that, with the payment of dividends, would have lengthened our financial obligations according to the Material Fact of 08/17/2018;

The Company reiterates its confidence in the rapid continuity of the extension of its financial liabilities, through its ongoing divestment program and constant operational improvement.

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For further information, please contact:

Investor Relations

Marcelo Cunha Ribeiro

Investor Relations Executive Officer

Phone: +55 (11) 3049-7585

About CSN

CSN is a highly integrated company, with steel, mining, cement, logistics and energy businesses. The Company operates throughout the entire steel production chain, from the mining of iron ore to the production and sale of a diversified range of high value-added steel products. Thanks to its integrated production system and exemplary management, CSN's production costs are among the lowest in the global steel sector.