CSN Posts 1Q08 Net Income of R$767 Million. Net Revenue Reaches R$3.0 Billion and EBITDA Totals R$1.3 Billion

SAO PAULO, Brazil, May 7 /PRNewswire-FirstCall/ -- Companhia Siderurgica Nacional CSN (BOVESPA: CSNA3) NYSE: SID today its results for the 1Q08:

    -- CSN posted a 1Q08 net income of R$ 767 million, 51% up on the previous
       quarter and flat over the 1Q07, when the Company recognized
       non-recurring gains of R$ 255 million (net) from the transaction
       involving the offer for all the shares of the UK-based Corus group;

    -- Steel product sales volume totaled 1.4 million tones in 1Q08, a new
       first quarter record, 17% up on the first quarter of 2007 and flat when
       compared to 4Q07, a period when sales are traditionally higher prior to
       the end-of-year holidays;

    -- The domestic market accounted for 80% of quarterly sales volume and the
       exports for 20%. In March 2008, the ratio of sales on the domestic
       market, where margins are traditionally higher, over total sales volume
       reached the record level of 84%;

    -- First-quarter net revenue totaled R$ 3.0 billion, a quarterly record,
       22% up year-on-year and slightly more than the 4Q07, when sales are
       traditionally higher;

    -- The Company recorded a 38% share of the domestic flat steel market, led
       by tin plate, galvanized, hot-rolled and cold-rolled which posted
       respective growth of 1%, 4%, 3% and 6% over 4Q07;

    -- 1Q08 EBITDA came to R$ 1.3 billion, 26% more than in the 1Q07 and 1%
       higher than the 4Q07, while the EBITDA margin stood at 42%, 1.5 p.p.
       wider year-on-year and flat in quarter-over-quarter terms. In the last
       seven years, CSN's EBITDA margin has never fallen below 40%;

    -- Net debt closed the quarter at R$ 4.8 billion, R$ 1.3 billion down on
       the 1Q07 and stable in relation to the previous quarter, even after the
       dividend payment and investments of R$ 800 million and R$ 400 million,
       respectively. The LTM net debt/EBITDA ratio stood at 0.93x and the
       debt-to-equity ratio at 2.17.