FOR IMMEDIATE RELEASE

Contacts: USIMINAS Breno Jlio de Melo Milton (bmilton@usiminas.com.br) Luciana Valadares dos Santos (lsantos@usiminas.com.br) Douglas Lee Arnold (darnold@usiminas.com.br) Matheus Perdigo Rosa (mprosa@usiminas.com.br) Phone: 55 (31) 3499-8710 Fax: 55 (31) 3499-9357 Thomson Financial/Carson Mariana Crespo (mariana.crespo@tfn.com) Phone.: 1 (212) 701-1826 Paulo Esteves (paulo.esteves@thomsonir.com.br) Phone.: (11) 3848-0887

Net Revenue Increases by 23% in the Year and Net Profit Reaches R$ 241 Million
Belo Horizonte, March 07, 2002 - Usinas Siderrgicas de Minas Gerais S/A - USIMINAS (BOVESPA: USIM3, USIM5, USIM6; OTC: USNZY), today announced earnings for the fourth quarter and fiscal year 2001. Except where otherwise specified, the operating and financial data presented herein are stated in Brazilian Reais as determined under the prevailing Brazilian Corporate Law. Furthermore, all the comparisons provided in this release have been made in relation to the same period in 2000, except where indicated to the contrary. Usiminas finalized 2001 with record production and sales. In terms of raw steel, 4.6 million tons were produced and sales reached 4.1 million tons of flat rolled steel. Net revenues grew by 23% in the year, totaling R$ 2.9 billion and EBITDA grew by 16%, reaching R$ 1.1 billion. An EBITDA margin of 38% placed Usiminas among the most profitable steel companies in the world. Also, Usiminas was benefited in 4Q01 by the valuation of the Real and finished out the fiscal year with a net profit of R$ 241 million, 4.5% above the year 2000 figure. It is import to note that the Company fully recognized all the exchange rate impacts in the year and did not utilize the recourse of deferment allowed by the CVM. The records obtained in 2001 are the result of the strategy implemented by Usiminas involving strong investments made through 2000 in the areas of production optimization and technology updating. The efforts made by marketing and logistics also contributed to the results, with a commitment to offering high valued-added products and services to our customers, affirmed Rinaldo Campos Soares, President-CEO of the Company. Due to the efficient risk management model implanted by Usiminas, we were able to anticipate scenarios and to rapidly implement measures that allowed us to deal with the electrical energy rationing established by the government, with minimum losses for the company, as well as manage our capital structure, avoiding losses in a year of high market volatility. All this permitted us to achieve positive results in a challenging year, such as in 2001, concluded the executive.

Highlights
R$ million 4Q 2001 4Q 2000 3Q 2001 2001 2000

%
4Q/4Q 7% 14% -11% -19% -107% 182% -8% -14% 4% -2% -3%

%
4Q/3Q 3% -2% -17% -15% -105% -2317% -17% -19% 0% -12% -2%

% Y/Y
11% 23% 16% 13% 20% 4% 16% 4% 4% -2% -3%

Total Sales Volume (thousand tons) Net Revenues Gross Profit Operating Result (EBIT) Financial Result Net Income EBITDA b EBITDA (R$/t) Total Assets Net Debt Stockholders' Equity
(a) Earnings before interest and tax
a

1,063 748 230 192 11 244 243 228 8,885 3,362 3,374

991 659 258 238 (154) 87 264 267 8,539 3,430 3,494

1,037 767 278 227 (221) (11) 293 283 8,861 3,819 3,445

4,103 2,942 1,037 869 (605) 241 1,106 270 8,885 3,362 3,374

3,693 2,395 892 769 (505) 231 954 258 8,539 3,430 3,494

(b) Earnings before interest, tax, depreciation and amortization

Brazilian flat-rolled market grows by 2.3% in 2001

Market, Production and Volume

The Brazilian auto industry wound up the year with lower demand than its production level, which caused several car companies to anticipate collective work stoppages in December. The other industrial segments also retracted, with the exception of heavy plate consumers and the building industry. As a result, flat rolled demand fell in the domestic market by 2.3% in relation to the previous quarter. Total demand was 2 million tons in the quarter. In 2001, the domestic market for flat steel was 8.6 million tons, a growth of 2.3% in relation to the previous year. Demand grew thanks to an active 1st half of the year, before energy rationing and the deterioration of economic conditions. The segments with the best performance were those related to power generation and transmission (pipelines, industrial machinery and equipment). In spite of a decline at the end of the year, auto industry demand was 5% higher than in 2000. Production and Sales Volume - Usiminas
4Q01 Production (Crude Steel) 1,192
% Ch. Y/Y 4%

4Q00 1,154

3Q01 1,152

2001 4,620

2000 4,438

Sales volume grows 11% in 2001

Sales Volume Domestic Market Export Market Total 740 323 1,063
70% 30% 100%

775 216 991

78% 22% 100%

853 182 1,035

82% 18% 100%

3,270 833 4,103

80% 20% 100%

3,089 604 3,693

84% 16% 100%

Market share surpasses 37%

With sales volume exceeding 1 million tons quarterly, Usiminas ended 2001 with 4.1 million tons sold, 11% above the previous year, an all-time record at the Company. In 4Q01 Usiminas sold 740 thousand tons in the domestic market, totaling 3.3 million tons of steel products sold in the year. This resulted in a market share of 37.4% in the flat rolled segment (35.3% in 2000), its largest since 1994. The Company stood out as an important supplier of products for the energy generation industry (turbines and generators), transmission (gas pipelines and transmission towers) and energy conservation (high-efficiency motors) in the midst of the energy crisis. Also in the domestic market, heavy plate sales grew by 43% in 2001. A positive point for the sales mix was the increase in the share of coated products, growing from 7% in 2000 to 11% in 2001.

S a le s V o lu m e (t h o u s a n d t .)
942
14%

935 825
12% 18%

991

964
18%

1 ,0 4 2
15%

1 ,0 3 5
18%

1 ,0 6 3

22%

30%

88%

82%

86%

78%

82%

85%

82%

70%

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

Share of exports increases to 20% in 2001

D o m e s tic M a r k e t

E x p o r ts

To compensate the domestic market retraction and fulfill its sales goals, Usiminas increased its exports in 4Q01, accounting for 30% of total sales volume in the period. Over the year, exports totaled 833 thousand tons, in line with the strategic guidelines of the Company (80% domestic sales vs. 20% exports).

USIMINAS 4Q01 Release

Slab exports in 2001 accounted for 30% of the total sales volume shipped. By region, NAFTA accounted for 35%. Latin America, Asia and Europe took 32%, 29% and 4%, respectively.

Net Revenue
Net sales totaled R$ 2.9 billion in 2001
Net sales were R$ 748 million in 4Q01, growing by 14% and totaling R$ 2.9 billion in 2001, 23% above the previous year. This development was a consequence of the 11% growth in volume, as well as an 11% higher average price, with the average price at R$ 717,16/ton. The sales volume was especially influenced by the growth in heavy plate, while the average price was influenced by price increases in the domestic market, the exchange rate effects on exports and an increase in the share of coated products of higher aggregate value. Hot and cold rolled coils and sheets were 26% and 25%, respectively, of sales revenues in 2001. Heavy plate accounted for 22% of total Usiminas sales. Hot dip galvanized products, which began production in 2000 through Unigal, accounted for 5% of the Companys revenues.

Gross Profit
Gross profit reached R$ 230 million in the quarter, a drop of 11%. Nevertheless, in the year, gross profit grew by 16%, totaling R$ 1.04 billion, reflecting scale gains in the period.

Annual gross profit grows 16%

Gross margin fell from 39% to 31% in 4Q01, affected mainly by the increases in the cost of coal and iron ore and the larger volume of semi-finished exports. In the annual comparison the drop was from 37% to 35%, also reflecting in exchange rate impact on imported raw materials, besides other domestic production cost pressures, such as the increase in the prices of iron ore and electrical energy. Average per ton cost was R$ 464.34 in 2001, 14% above the previous year.

Operating Result
Operational profit before financial expenses (EBIT), reached R$ 192 million in the quarter. In 2001, EBIT totaled R$ 869 million, 13% higher than in 2000. Compared to the previous year, there was a decline in EBIT from 32% to 30%. Reflecting the policy of cost cutting at Usiminas, administrative and selling expenses grew at a lesser rate than revenues. On the other hand the operational expenses account grew comparatively to expenses in the previous period, which in 2000 had been affected by non-recurring revenues.

EBITDA Margin of 38% in 2001 place Usiminas among the most profitable in the industry

EBITDA
34% 30% 30%

40%

38%

954 555 528 636

1,106

1997

1998 EBITDA (R$ million)

1999

2000

2001

EBITDA Margin (%)

EBITDA was R$ 243 million in the quarter, totaling R$ 1.1 billion in the year, 16% above that of 2000. Even with the margin compression in 4Q01, the EBITDA margin of 38% in 2001 situated Usiminas among the most profitable companies in the global steel industry.

USIMINAS 4Q01 Release

Financial Result and Debt

Net debt fell by 15% in 2001
The Real appreciated 15% against the dollar in 4Q01, partially offsetting the impact of net financial expenses in 2001, which totaled R$ 605 million in the year, 20% higher than in 2000. Of this total R$ 192 million were derived from exchange rate variations, due to a devaluation of the Real of 19% in the year. T o tal D eb t Usiminas ended the year with a gross debt of R$ 3.5 billion. Of this total, 28% is from export and import financing operations, 32% refer to BNDES financing 17% is local 2 ,5 2 5 debentures and the remainder refers to sundry operations. The debt profile is well-spaced, without shortterm amortization pressure and with a potential for 2000 gradual reduction, considering the Company has concluded its most significant investments.
R $ m illio n

2 ,1 4 5

2001

The portion of foreign currency debt protected by both operational and financial hedges was 78% on Dec. 31, 2001.

Net Income totaled R$ 241 million

Equity Income
The Equity Income was R$ 2.5 million in year 2001 (R$ 41 million in 2000). This result was mainly impacted by exchange variation of controlled companies and by the increase in the share of Cosipa through the conversion of debentures in October, 2001.

Net Income
Conclusion of the main investment cycle made it possible to surpass production records
Usiminas overcame adversities in the economy and obtained net income of R$ 241 million, 4.5% above the previous years results. Favored by the exchange rate at the end of the year, the Company achieved net profit of R$ 244 million in 4Q01, reverting the accumulated loss of 3Q01.

Capital Expenditures
The company completed its investment cycle in new technologies, revamping of equipment and production capacity expansion reached R$ 2.6 billion from 1997 to 2001. The success of this project was reflected by the record production reached in 2001. In 2001 R$ 221 million was invested, with R$ 145 million directed to technological updating, R$ 74 million for production optimization projects and R$ 2 million for environmental protection. In October Usiminas exercised its right to convert the 496,055 debentures it held, issued by Cosipa, as part of its strategic planning. The debentures were converted into 2,400 ordinary shares and 4,800 preferential shares. With the conversion, Usiminas raised its stake in total Cosipa capital from 31.8% to 92.9%.

USIMINAS 4Q01 Release

Subsequent Events
On March 5, 2002, the President of the United States approved tariffs on Brazilian finished steel products of 30%, establishing also a tariff import quota of 4.9 m metric tons for slabs for certain countries. Of this, Brazil was allocated 52% of that total, or 2.5 million tons.

Domestic market should grow 4.6%

In relation to finished products, Usiminas has had its US exports restricted by antidumping processes. In 2001, flat-rolled exports to that country accounted for around 5% of the Companys total sales. Considering the small volumes involved, the impact of possible losses will, in turn, be minimal due to the above restrictions.

Prospects
The Company believes in an economic scenario of moderate growth in the domestic market in 2002, with flat steel demand increasing by 4.6%. Industrial performance is expected to be centered on the same segments that showed growth in demand in 2001. The order book for pipeline steel should continue with sufficient volume to sustain the high performance of the heavy plate line, also boosted by orders in the industrial machinery segment and building industry. Furthermore, the trend for migration of cold rolled products to hot dip galvanized products, mainly in the auto industry, should continue to improve Usiminass product mix. In the export markets, the behavior of steel demand will be determined mainly by the markets reaction to the Section 201 determinations and to the rate of recovery of the US economy, which analysts estimate will occur in the second half of the year.

Declarations contained in the communiqu relative to business perspectives of the Company, operating and financial results and projections, and references to the growth of the Company, constitute mere forecasts and were based on Managements expectations in relation to future performance. These expectations are highly dependent on market behavior, of Brazils economic situation, on the industry and on international markets, and are therefore subject to change.

###
Usinas Siderrgicas de Minas Gerais S/A USIMINAS is an integrated steel producer, with net sales of R$2.9 billion in 2001. Located in Ipatinga, in the State of Minas Gerais, it has an annual production of approx. 4.7 million tons of raw steel. USIMINAS is the domestic market leader in flat-rolled steel in the automobile industry, autoparts, agricultural and highway machinery sectors, electrical and electronic equipment segments and line pipe industry.

USIMINAS 4Q01 Release

Attachment 1

Financial Statements
Income Statement
Brazilian GAAP (Legislao Societria) in million of Reais - R$ Net Revenues Domestic Market Export Market COGS Gross Profit Gross Margin % Operating Income (Expenses) Selling General and administrative Others, net Operating Income (Loss) before interest and taxes Operating Margin % Financial Result Financial Income Financial Expenses Equity Income Operating Income Non-Operating Income Profit Before Taxes Social Contribution Income Tax Income (Loss) before taxes and profit sharing Profit sharing Net income (loss) Net income (loss)
(per thousand shares)

4Q 2001 747,918 573,196 174,722 (518,082) 229,836 31% (37,646) (14,814) (17,647) (5,185) 192,190 26% 11,074 (176,778) 187,852 52,299 255,563 4,563 260,126 20,254 (36,517) 243,863 0 243,863 1.13374

4Q 2000 658,570 524,921 133,649 (400,725) 257,845 39% (19,360) (18,571) (17,111) 16,322 238,485 36% (154,326) 68,644 (222,970) 23,444 107,603 (1,597) 106,006 (3,324) (7,079) 95,603 -9075 86,528 0.40228

3Q 2001 767,058 653,157 98,570 (488,627) 278,431 36% (51,374) (13,512) (17,605) (20,257) 227,057 30% (220,572) 221,831 (442,403) (21,754) (15,269) 3,434 (11,835) (87) 796 (11,126) 0 (11,126) (0.05173)

2001 2,942,383 2,448,354 494,029 (1,905,082) 1,037,301 35% (167,992) (55,804) (66,271) (45,917) 869,309 30% (604,707) 214,599 (819,306) 2,570 267,172 (4,294) 262,878 13,384 (35,330) 240,932 0 240,932 1.12012

2000 2,394,514 2,021,659 372,855 (1,502,178) 892,336 37% (123,632) (49,532) (62,170) (11,930) 768,704 32% (504,828) 117,413 (622,241) 41,000 304,876 (17,592) 287,284 (30,031) (16,978) 240,275 (9,704) 230,571 1.07195

Var. 4Q/4Q

Var. 4Q/3Q

Var. Y/Y

14% 9% 31% 29% -11%

-2% -12% 77% 6% -17%

23% 21% 32% 27% 16%

94% -20% 3% -132% -19%

-27% 10% 0% -74% -15%

36% 13% 7% 285% 13%

-107% -358% -184% 123%

-105% -180% -142% -340%

20% 83% 32% -94% -12% -76% -8%

138% -1774%
-

33%

145% -2298%

-709% -23380% -145% 416% -4688% 108% 0%

155% -2292%

182% -2292%

4%

EBITDA EBITDA Margin % Depreciation

242,567 32.4% (56,266)

267,298 40.6% (56,154)

293,477 38.3% (56,750)

1,106,283 37.6% (226,252)

953,948 39.8% (212,585)

-9%

-17%

16%

0%

-1%

6%

USIMINAS 4Q01 Release

Attachment 2

Financial Statements
Cash Flow
Brazilian GAAP (Legislao Societria) R$ thousand Operating Activities Operating Income (Loss) before interest and taxes Depreciation, exhaustion and amortization Reversion of Long-term provision 869,309 226,252 10,722 1,106,283 (88,726) (86,963) (56,002) 25,123 (36,605) 863,110 768,704 212,585 (27,341) 953,948 (38,103) (111,434) (13,759) 25,505 (89,516) 726,641 2001 2000

Operating Cash Generation (EBITDA)

Increase (Decrease) in Accounts Receivables Increase (Decrease) in Inventories Increase (Decrease) in Other Receivables Increase (Decrease) in Suppliers Increase (Decrease) in Accounts Payable

Cashflow generated from operating activities

Financial Activities Inflow in Loans, Financing and Debentures Payments in Loans, Financing and Debentures Payments of Tax Installments Interest paid on Loans and Financing Interest paid on Tax Installments Dividends paid Net Result of Swap Operations Legal Deposits Other financing activities, net

730,012 (1,165,211) (68,151) (347,626) (11,370) (99,410) 215,327 (63,276) (69,179) (878,884)

765,839 (961,593) (53,475) (316,793) (28,144) (80,000) 66,562 0 (159,227) (766,831)

Net funds from financial activities

Investment Activities Additions in Investments Additions to Permanent Assets, except deferred charges Decrease of Permanent Assets Non-operating income

(10,781) (171,349) 154,558 0 (27,572) (43,346) 210,177 166,831

(30,315) (197,371) 30,641 0 (197,045) (237,235) 447,412 210,177

Funds used for Investments Cash balance variation

At the beginning of the period At the end of the period

USIMINAS 4Q01 Release

Attachment 3

Financial Statements
Balance Sheet
Brazilian GAAP (Legislao Societria) - in thousands of Reais Liabilities and Shareholders' equity Current Liabilities Loans and financing Debentures Suppliers Taxes and payroll taxes Dividends Provisions Related Companies Tax Payable in Installments Others Long-term receivable Deferred income and social contribution taxes Related Companies Deposits at law Other 1,525,519 1,154,644 185,124 91,896 93,855 1,312,662 1,049,889 137,560 28,620 96,593 Long-term Liabilities Loans and financing Debentures Provision for contingent liabilities Actuarial liability Tax payable in installments Others Permanent assets Investments Convertible Bonds (Debentures Cosipa) Property, plant and equipament 5,969,854 2,112,899 3,856,955 6,031,453 1,266,486 892,900 3,872,067 Shareholders' equity Capital Capital reserves Revaluation reserve Revenue reserves Accumulated loss Total assets 8,884,696 8,539,140 Total liabilities and shareholders' equity

Assets

12/31/01

12/31/00

12/31/01

12/31/00

Current Assets Cash and cash equivalents Marketable Securities Trade accounts receivable Advances to suppliers Taxes Recoverable Other Securities Receivables Inventories Other

1,389,323 8,704 158,127 434,839 22,138 74,636 22,345 650,130 18,404

1,195,025 8,806 195,418 346,113 13,505 32,001 18,145 563,167 17,870

1,429,865 898,881 8,604 115,332 32,466 51,806 31,267 144,683 65,738 81,088 4,081,164 1,847,709 578,330 385,299 909,466 129,475 230,885 3,373,667 1,221,000 2,107,415 45,252 8,884,696

1,351,299 862,361 4,027 90,209 35,846 54,806 30,141 119,535 92,605 61,769 3,693,994 2,022,952 478,559 389,170 525,024 179,321 98,968 3,493,847 1,221,000 2,107,415 8,970 156,462 8,539,140

USIMINAS 4Q01 Release

Attachment 4

Sales Breakdown
Sales Volume Breakdown
Thousand tons Total Sales Heavy Plates Hot Coils / Sheets Cold Coils / Sheets Eletrogalvanized Coils Hot Dip Galvanized Coils Processed Products Slabs 4Q 2001 1,063 236 289 194 34 45 79 188
100%

4Q 2000 991 221 310 226 71 80 84

100%

3Q 2001 1,035 234 346 197 55 51 80 72

100%

2001 4,103 928 1,300 839 204 150 358 323

100%

2000 3,693 713 1,401 872 250 23 340 94

### 19% 38% 24% 7% 1% 9% 3%

%
4Q/4Q

%
4Q/4Q

% Y/Y
11% 30% -7% -4% -18% 6% 243%

7% 7% -7% -14% -52% -1% 124%

3% 1% -16% -1% -38% -11% -2% 159%

22% 27% 18% 3% 4% 7% 18%

22% 31% 23% 7% 0% 8% 8%

23% 33% 19% 5% 5% 8% 7%

23% 32% 20% 5% 4% 9% 8%

Total Sales - Domestic Market Heavy Plates Hot Coils / Sheets Cold Coils / Sheets Eletrogalvanized Coils Hot Dip Galvanized Coils Processed Products Slabs

740 202 238 153 33 43 62 8

100%

775 151 248 176 64 71 64

100%

853 200 292 175 54 49 74 9

100%

3,270 778 1,090 693 201 144 322 42

100%

3,089 546 1,174 737 226 313 94

### 18% 38% 24% 7% 0% 10% 3%

-5% 34% -4% -13% -48% -13% -87%

-13% 1% -18% -12% -39% -13% -17% -6%

6% 43% -7% -6% -11% 3% -55%

27% 32% 21% 4% 6% 8% 1%

19% 32% 23% 8% 0% 9% 8%

23% 34% 20% 6% 6% 9% 1%

24% 33% 21% 6% 4% 10% 1%

Total Sales - Domestic Market Heavy Plates Hot Coils / Sheets Cold Coils / Sheets Eletrogalvanized Coils Hot Dip Galvanized Coils Processed Products Slabs

324 33 51 41 1 2 17 179

100%

216 70 62 49 7 8 20

100%

182 34 54 22 1 2 6 64

100%

833 151 211 146 3 6 36 280

100%

603 167 227 135 25 23 26 -

### 28% 38% 22% 4% 4% 4% 0%

50% -52% -17% -17% -88% 95% -

78% -1% -6% 85% -24% 25% 176% 182%

38% -10% -7% 9% -86% 38% -

10% 16% 13% 0% 1% 5% 55%

32% 29% 23% 3% 0% 4% 9%

19% 30% 12% 1% 1% 3% 35%

18% 25% 18% 0% 1% 4% 34%

Sectorial Sales
Thousand tons Domestic Market Auto Autoparts Shipbuilding Electrical Equipment Household Appliance Line Pipes Small Diameter Pipes Packaging Civil Construction Distributors Others 4Q 2001 740 75 94 2 97 66 13 20 67 35 169 105
100% 10% 13% 0% 13% 9% 2% 3% 9% 5% 23% 14%

4Q 2000 775 87 83 62 49 19 30 64 40 186 155

100% 11% 11% 0% 8% 6% 2% 4% 8% 5% 24% 20%

3Q 2001 852 111 123 1 98 53 13 22 73 41 180 137

100% 13% 14% 0% 11% 6% 2% 3% 9% 5% 21% 16%

2001 3,270 414 466 5 342 245 57 95 267 163 717 500
100% 13% 14% 0% 10% 7% 2% 3% 8% 5% 22% 15%

2000 3,090 384 400 198 226 89 111 205 168 825 484
100% 12% 13% 0% 6% 7% 3% 4% 7% 5% 27% 16%

%
4Q/4Q

%
4T/3T

% Y/Y
6% 8% 17% 73% 8% -36% -15% 30% -3% -13% 3%

-4% -14% 13% 56% 34% -34% -34% 5% -14% -9% -32%

-13% -33% -24% -1% 24% -3% -10% -8% -16% -6% -23%

USIMINAS 4Q01 Release

Attachment 5

Market Share
Market Share (*)
2001 Domestic Market Auto Autoparts Shipbuilding Electrical Equipament Household Appliance Line Pipes Small Diameter Pipes Packaging Civil Construction Distributors 37% 56% 57% 18% 51% 36% 89% 32% 8% 32% 29% 2000 35% 56% 51% 6% 52% 36% 88% 32% 9% 24% 30% 1999 34% 64% 58% 59% 47% 35% 85% 26% 8% 25% 28%

(*) Defined by USIMINAS, Cosipa and CSN market

Source: USIMINAS

USIMINAS 4Q01 Release

10

Attachment 6

Financial Indebtedness
Loans and Financing
R$ million TOTAL DEBT Foreign Currency (94.93% USdollar) IGP-M TJLP TR Sub-Total Debentures Sub-Total Taxes payable in installments TOTAL 706,217 63,982 117,725 10,957 898,881 8,604 907,485 65,738 973,223 1,262,314 360,349 205,770 19,276 1,847,709 578,330 2,426,039 129,475 2,555,514 1,968,531 424,331 323,495 30,233 2,746,590 586,934 3,333,524 195,213 3,528,737 2,027,746 421,429 406,594 29,544 2,885,313 482,586 3,367,899 271,926 3,639,825
-3% 1% -20% 2%

12/31/01 Short-Term

12/31/01 Long-Term

09/30/01 Total

12/31/00 Total

Var. 2001/2000

-5%
22%

-1%
-28%

-3%

Closing exchange rate (R$ per US$ 1.00)

2.3204

1.9554

Debt converted into US$

1,520,745

1,861,422

-18%

Financial Income (Expenses), Net.

R$ million Monetary Effects Exchange Variation Hedge Income Payments of Loans and Financing Interest Income Other Financial Expenses NET INTEREST INCOME 4Q 2001 4Q 2000 3Q 2001 (19.7) 295.5 (190.2) (70.9) 13.3 (17.0) 11.1 (6.2) (117.2) 48.5 (83.3) 20.1 (16.2) (154.3) (42.2) (312.3) 214.3 (79.0) 7.4 (8.8) (220.6) 2001 (100.4) (357.7) 166.1 (322.0) 48.3 (39.0) (604.7) 2000 (95.8) (164.0) 38.7 (328.2) 78.5 (34.0) (504.8)

USIMINAS 4Q01 Release

11