1Q03

ADVANCED TECHNOLOGY TO MAKE STEEL AND BENEFIT LIVES

Net Revenues grow 62% in 1Q03 and Net Profit reaches R$ 356 million
Belo Horizonte, May 15, 2003 - Usinas Siderrgicas de Minas Gerais S/A - USIMINAS (BOVESPA: USIM3, USIM5, USIM6; OTC: USNZY), released today its first quarter 2003 results, preliminarily informed on April 11. Financial and operational information of the Company, except where otherwise mentioned, is presented based on consolidated figures in reais, according the existing Corporate Legislation Legislao Societria. All comparisons made in this release refer to the same period in 2002, except where specified differently. HIGHLIGHTS Sales and Revenues Driven by production increases and export expansion, sales volume of the Usiminas System grew 5% and totaled 1.8 million tons in 1Q03. Net revenues totaled R$ 2.1 billion, 62% above the same period of last year. The favorable performance was the result of positive development of international prices, upgrading of the product mix, as well as dollar-based exchange variations from export revenues. EBITDA Cash generation grew 155% and totaled R$ 889 million in 1Q03, reinforced by good performance of subsidiaries and associated companies. In addition to growth in revenues, productivity increases and efficient operational expense controls collaborated in the expansion of EBITDA margins, which went from 26.7% in 1Q02 to 41.9% in 1Q03. Net Income Usiminas recorded net profit of R$ 356 million in 1Q03. This result is a consequence of good operational performance and of the new production capacity level of the System, 9.2 million tons annually of raw steel, achieved in September 2002. Economy of scale gains and operational efficiency with new equipment helped to raise the net margins of the Company. Perspectives In the domestic market, demand conditions registered in the beginning of the year should persist into 2Q03, sustaining sale volume and price levels. With respect to exports, it is important to point out the shipments to China were interrupted, affecting all exporters to the region. For the second half, however, there is expectation of the resumption of steel shipments to China, as soon as the excessive inventory levels have been adjusted in the ports. In the domestic market, macroeconomic conditions may stimulate sales in the hypothesis of a decrease in interest rates and growth in the level of economic activity.

Highlights
R$ million 1Q 2003 1Q 2002 Chg %

C o n s o lid a te d N e t R e v e n u e
5
R $ m illio n

Total Sales Volume (000 t) Net Revenues Gross Profit Operating Result (EBIT)a Financial Result Net Income EBITDA b EBITDA (R$/t) Total Assets Net Debt Stockholders' Equity
(a) Earnings before interest and tax. (b) Earnings before interest, depreciation and amortization.

1,830 2,120 875 758 (171) 356 889 486 15,139 8,061 3,390

1,736 1,308 339 283 (189) 31 349 201 14,010 6,914 3,389

62 158 168 -10 1048 155 142 8 17 0

+62%

1 ,3 0 8

2 ,1 2 0

1Q02

1Q03

IMMEDIATE RELEASE
Contacts: Breno Jlio de Melo Milton bmilton@usiminas.com.br Tel: (55 31) 3499-8710 Paulo Esteves paulo.esteves@thomsonir.com.br Tel: (55 11) 3897-6466

Market, Production and Sales

Brazilian production totals 7.5 million tons in 1Q03
Brazilian raw steel production totaled 7.5 million tons in 1Q03, 6.9% above that recorded in the same period of 2002. Production of flat steel products grew 6.9%, reaching 4.5 million tons, driven by the ramping up of new production lines. Domestic finished flat steel demand was bolstered by exporting industries and grew 1.7% in 1Q03, totaling 2.2 million tons. On the other hand, exports of semi-finished and finished goods were stable and totaled 1.8 million tons. The Usiminas System produced 2.1 million tons in 1Q03, a growth of 11%, a consequence of the new production capacity at Cosipa.

Usiminas System production grows 11%

Production (Crude Steel)

Thousand tons 1Q03 1Q02 4Q02
Chg % 1Q/1Q Chg.% 1Q/4Q

2002

2001

Chg.%

Usiminas Cosipa Total

1,130 952 2,082

1,091 793 1,884

1,170 1,101 2,271

4 20 11

-3 -14 -8

4,575 3,872 8,447

4,620 2,460 7,080

-1 57 19

Sales volume grows 5%

Consolidated sales grew 5% in relation to sales in 1Q02, reaching 1.8 million tons. Exports represented 25% of the total in the period. The decrease in sales volume in relation to 4Q02 was the result of strategy adopted by the Company to take maximum advantage of exceptional market conditions at the end of 2002. With favorable international prices and the dollar at its peak at the end of last year, Usiminas anticipated shipments and put off maintenance stoppages in its subsidiary Cosipa until 1Q03.

C o n s o lid a te d S a le s ( 0 0 0 t.)
2 ,1 8 5

1 ,8 9 0 1 ,7 1 5 1 ,5 5 2 1 ,4 1 8 17% 18% 1 ,5 7 0 12% 1 ,5 7 0 19% 1 ,5 4 5 14% 13% 17% 27% 22% 1 ,6 5 2 1 ,6 9 2 1 ,7 3 6 31%

1 ,9 1 0 33% 1 ,8 3 0

33%

25%

88% 83% 82% 81%

86%

87%

83% 73%

78%

69%

67% 67% 75%

1Q 00

2Q 00

3Q 00

4Q 00

1Q 01

2Q 01

3Q 01

4Q 01

1Q 02

2Q 02

3Q 02

4Q 02

1Q 03

Product mix advances in galvanized and cold-rolled products Usiminas System domestic market share is 61%

D o m e s t i c M a rk e t

E x p o rt M a rk e t

In 1Q03 the Usiminas System continued to improve its product mix. Sales of electrogalvanized and hot dip galvanized products grew 51% and reached 143 thousand tons in the quarter. Cold rolled product sales totaled 479 thousand tons, a growth of 39%. The domestic market continued firm in 1Q03, with special mention of the auto industry and agricultural machinery and equipment. After the strong demand pressure seen at the end of the year, steel distributors also took advantage of the first months of 2003 to replenish inventories. Reflecting heated domestic demand, the mix of sales to the domestic market rose in relation to 4Q02 and reached 75%. Usiminas maintained market domestic share above 60%, in spite of increased supply of flat products from its competitors.

USIMINAS Release 1Q03

2/13

Sales

Exports account for 25% of sales

Thousand tons

1Q03

1Q02

Usiminas Domestic Market Export Market Total Cosipa Domestic Market Export Market Total Consolidado Domestic Market Export Market Total

820 201 1,020

80 20 100

811 218 1,029

79 21 100

In the international market, sales remained stable, influenced by demand in Asian markets, especially China. With expansion already concluded at Cosipa, the Usiminas System has assured its competitive capacity in international markets with high quality products at advantageous costs. Nevertheless, compared to 4Q02, the Company earmarked a larger share of its production to domestic sales in 1Q03, taking advantage of heated demand seen in several industrial segments in Brazil.

548 262 809

68 32 100

543 164 708

77 23 100

1,367 463 1,830

75 25 100

1,354 382 1,736

78 22 100

Sales Mix - Volume 1Q03

U sim in a s C o sip a S y ste m

Expt 20% Expt 32% Dom Dom M kt 80% M kt 68%

Expt 25% Dom M kt 75%

Net Sales Revenues

Net sales grow 62% and reach R$ 2.1 billion
Consolidated net sales revenues grew 62% and totaled R$ 2.1 billion in 1Q03. Average price increased 54%, reaching R$ 1,158.47/ton, and sales volume grew 5%. This performance reflected exchange rates and favorable prices, as well as growth in sales volume and product mix improvements, with a greater share of higher valueadded products.

Gross Profit
Gross profit was R$ 875 million in 1Q03, a growth of 158%. Average cost per ton rose 22%, coming to R$ 680.22. The most significant increases in cost of production were raw materials, such as coal, coke, alloys and flux powders, directly affected by the exchange rate devaluation. In addition to the exchange effect, zinc weighed more heavily on average cost due to the growth in sales of galvanized products. Gross margin went from 26% to 41%, boosted by gain in economy of scale and by the growing sales of higher valued added products.

Gross profit grows 158% and totals R$ 875 million

USIMINAS Release 1Q03

3/13

Operating Results
Cash generation totals R$ 889 million in the quarter
Operational profit before financial expenses (EBIT) grew 168% and reached R$ 758 million. EBIT margin, on the other hand, went from 22% to 26%. Operational cash generation grew 155% and totaled R$ 889 million in 1Q03.

4 1 .9 % 2 6 .7 % 889 349

1Q02
E B IT D A (R $ m illio n )

1Q03
E B IT D A Marg in

Consolidated EBITDA margin reaches 42% in 1Q03

In addition to the growth in sales revenues, productivity increases and efficient control of operating expense contributed to the growth in EBITDA margin, which went from 26.7% in 1Q02 to 41.9% in 1Q03.

Financial Results and Debt

In 1Q03, the Real appreciated by 5% and generated exchange gains of R$ 79 million (net of hedging operations). This decreased the impact of net financial expense, which totaled R$ 171 million. T o ta l D e b t Gross consolidated debt totaled R$ 8.7 billion at the end of March. Out of this total, 49% made up of export and import financing, 20% refers to BNDES, 5% is domestic debentures and the remainder refers to sundry operations.
R$ m illio n

9 ,5 3 5 8 ,6 9 3

Usiminas reduces total debt by R$ 842 million in 1Q03

Thanks to its expanded cash generation, Usiminas has 12/31/02 3/31/03 intensified efforts to reduce debt. Between December, 2002 and March, 2003, the Company reduced total debt by R$ 842 million.

Net Profit
Net income reaches R$ 356 million in 1Q03
Usiminas recorded consolidated net profit of R$ 356 million in 1Q03. This result is a consequence of the good operational performance and the new production capacity of the System, of 9.2 million tons of raw steel annually, achieved in September, 2002. Gains in economy of scale and operational efficiency of new equipment collaborated in raising the net margin of the Company.

USIMINAS Release 1Q03

4/13

Investments
Investments total R$ 76 million in 1Q03
Investments totaled R$ 76 million in 1Q03. Resources were earmarked basically for equipment maintenance, considering that the modernization and expansion programs at Usiminas and Cosipa have been concluded, enabling the System to operate at full capacity.

Outlook
Market conditions remain stable in 2Q03
The level of domestic demand and the maintenance of steel exports allowed the Company to sustain volume and prices in 2Q03. Usiminas is forecasting growth of 4.2% in domestic demand for flat steel this year, around 8.9 million tons. The continuation of a favorable scenario for the steel industry in the second semester in the domestic market will depend on the development of macroeconomic factors, such as the interest rate and the reduction of inflationary pressures, which will allow for growth of industrial production. In the export markets, besides the resumption of imports by China, recovery in the American economy and the results of the revision of the 201 safeguards in that market will be relevant. Revenue increase stemming from output expansion, coupled with lower pressure on costs and no need to make major investments will enable the Company to progress towards reducing indebtedness during the course of the year.

Declarations contained in this release 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 na integrated steel producer, with consolidated net Sales of R$ 6.6 billion in 2002. The Usiminas System, made up of Usiminas and Cosipa and 15 other companies, has an annual production capacity of 9.2 million tones of raw steel and holds the position of domestic market leader in flat rolled steel in the auto, autoparts, agricultural and highway machinery, electrical and electronic equipment and linepipe industries.

USIMINAS Release 1Q03

5/13

Attachment 1

Financial Statements
Income Statement - Parent Company
Brazilian GAAP (Legislao Societria)

Parent Company
R$ thousand Net Revenues COGS Gross Profit Gross Margin % Operating Income (Expenses) Selling General and Administrative Othres, Net EBIT EBIT Margin % Financial Result Financial Income Financial Expenses Equity Income Operating Result Non-Operating Income Profit Before Taxes Social Contribution Income Tax Income before Taxes and Profit Sharing Profit Sharing Net Income Net Income
per thousand shares

1Q 2003 1,222,500 (710,878) 511,622 42% (65,049) (13,097) (19,309) (32,643) 446,573 37% (108,438) (18,565) (89,873) 151,236 489,371 (9,278) 480,093 (30,991) (87,026) 362,076 0 362,076 1.68333

1Q 2002 754,562 (553,778) 200,784 27% (339) (14,030) (16,720) 30,411 200,445 27% (101,438) 11,337 (112,775) (43,286) 55,721 2,674 58,395 (7,994) (24,129) 26,272 0 26,272 0.12214

Chg.

62 28 155 57 19088 -7 15 -207 123 38 7 -264 -20 -449 778 -447 722 288 261 1278

1278

EBITDA EBITDA Margin% Depreciation Provisions

514,733 42.1% 59,663 8,497

214,260 28.4% 63,199 (49,384)

140 48 -6 -117

USIMINAS Release 1Q03

6/13

Attachment 2

Financial Statements
Income Statement - Consolidated
Brazilian GAAP (Legislao Societria)

Consolidated
R$ thousand Net Revenues COGS Gross Profit Gross Margin % Operating Income (Expenses) Selling General and Administrative Othres, Net EBIT EBIT Margin % Financial Result Financial Income Financial Expenses Equity Income Operating Result Non-Operating Income Profit Before Taxes Social Contribution Income Tax Income before Taxes and Profit Sharing Profit Sharing Minority Interests Net Income 1Q 2003 2,119,826 (1,244,808) 875,018 41% (117,073) (35,404) (46,237) (35,432) 757,945 36% (171,065) (35,320) (135,745) 391 587,271 (11,801) 575,470 (53,861) (152,521) 369,088 0 (12,900) 356,188 1Q 2002 1,308,109 (968,925) 339,184 26% (56,370) (25,817) (41,918) 11,365 282,814 22% (189,115) (9,660) (179,455) (25,028) 68,671 2,708 71,379 (9,542) (28,356) 33,481 (2,042) (521) 30,918
Chg.

62 28 158 59 108 37 10 -412 168 65 -10 266 -24 -102 755 -536 706 464 438 1002 -100 2376 1052

EBITDA EBITDA Margin% Depreciation Provisions

888,802 41.9% 123,286 7,571

349,125 26.7% 115,502 (49,191)

155 57 7 -115

USIMINAS Release 1Q03

7/13

Attachment 3

Financial Statements
Cash Flow
Brazilian GAAP (Legislao Societria)

Parent Company
R$ thousand Operating Activities Net Income (Loss) in the Period Financial Expenses and Monetary Var/Net Exchge Var Depreciation, Exhaustion and Amortization Investment Write-offs (Decrease in Permanent Assets) Equity in the Results of Subsidiaries/Associated Companies Income Tax and Social Contribution Reversion of Long-Term Provision Adjustment for Minority Participation Total Increase/Decrease of Increase (Decrease) Increase (Decrease) Increase (Decrease) Increase (Decrease) Others Total Assets in Accounts Receivables in Inventories in Recovery of Taxes in Judicial Deposits 1Q 2003 362,076 82,214 59,663 7,642 (151,236) 118,017 18,307 0 496,683 1Q 2002 26,272 97,250 63,199 0 43,286 32,123 (46,708) 0 215,422

Consolidated
1Q 2003 356,188 125,971 123,286 7,066 (391) 206,382 14,226 12,860 845,588 1Q 2002 30,918 179,455 115,502 0 25,028 37,898 (46,515) 521 342,807

(5,104) (44,010) (1,008) 6,793 (38,580) (81,909)

(45,468) (8,535) 7,658 (38) 33,044 (13,339)

183,487 (149,617) (6,653) 3,297 (22,691) 7,823

(87,884) 25,246 (59,164) (2,439) 65,042 (59,199)

Increase (Decrease) of Liabilities Increase (Decrease) in Suppliers Increase (Decrease) in Accounts Payable Others Total

11,305 (52,847) (62,234) (103,776) 310,998

(22,636) 59,474 (25,857) 10,981 213,064

(60,072) 10,094 (62,763) (112,741) 740,670

(88,018) 56,696 (8,105) (39,427) 244,181

Cashflow Generated from Operating Activities

Financial Activities Inflow of Loans and Financing Payment of Loans, Financing and Debentures Interest Paid on Loans and Financing Dividends Paid Swap Operations Redemptions

200,155 (536,069) (69,189) (3) 23,445 (381,661)

163,402 (266,468) (59,067) 0 174 (161,959)

952,028 (1,550,648) (169,904) (919) 22,741 (746,702)

528,166 (511,463) (126,817) (323) 174 (110,263)

Net Funds from Financial Activities

Investment Activities (Additions) in Long-term Investments (Additions) to Permanent Assets, except Deferred Charges Decrease of Permanent Assets

0 (50,700) 0 (50,700) (121,363) 461,692 340,329

(5,637) (14,273) 0 (19,910) 31,195 166,831 198,026

2,073 (96,297) 0 (94,224) (100,256) 731,755 631,499

(5,637) (85,448) 0 (91,085) 42,833 449,909 492,742

Funds Used for Investments Cash Balance Change

At the Beginning of the Period At the End of the Period

USIMINAS Release 1Q03

8/13

Attachment 4

Financial Statements
Balance Sheet - Assets
Brazilian GAAP (Legislao Societria) - R$ thousand

Assets Current Assets Cash and Cash Equivalents Trade Accounts Receivable Taxes Recoverable Financial Instruments Inventories Deferred Income Tax & Social Contrb'n Other Securities Receivables

Parent Company
31-Mar-03 2,119,823 340,329 767,542 37,938 69,632 705,750 86,161 112,471 31-Dec-02 2,103,290 461,692 762,438 36,930 103,582 661,741 76,907

Consolidated
31-Mar-03 3,666,274 631,923 1,193,114 101,846 73,498 1,399,999 86,161 179,733 31-Dec-02 3,700,748 731,755 1,375,178 95,193 113,226 1,250,382 135,014

Long-Term Receivable Deferred Income Tax & Social Contrb'n Related Company Credits Deposits at Law Financial Instruments Others

1,585,862 1,037,327 228,166 123,030 87,355 109,984

1,794,241 1,162,529 239,510 129,823 155,062 107,317

2,069,461 1,425,788 24,396 186,516 200,153 232,608

2,394,009 1,555,217 7,499 189,814 368,054 273,425

Permanent Assets Investments Property, Plant and Equipment Deferred

5,355,535 1,715,877 3,639,658 -

5,233,422 1,577,183 3,656,239 -

9,403,143 63,404 9,266,315 73,424

9,428,066 60,246 9,297,978 69,842

Total Assets

9,061,220

9,130,953

15,138,878

15,522,823

USIMINAS Release 1Q03

9/13

Attachment 5

Financial Statements
Balance Sheet - Liabilities and Shareholders' Equity
Brazilian GAAP (Legislao Societria) - R$ thousand

Liabilities and Shareholders' Equity

Parent Company
31-Mar-03 2,110,033 1,324,512 144,467 261,272 68,348 328 164,474 26,182 55,624 64,826 31-Dec-02 2,277,864 1,489,552 133,855 243,143 49,630 331 207,842 25,441 57,632 70,438

Consolidated
31-Mar-03 4,839,236 3,458,700 144,467 627,019 220,331 1,099 19,124 27,622 74,229 266,645 31-Dec-02 5,038,478 3,760,337 133,855 687,091 130,645 2,018 33,664 26,843 62,202 201,823

Current Liabilities Loans and Financing Debentures Suppliers, Subcontractors and Freight Taxes, Charges and Payroll Taxes Dividends Related Companies Taxes Payable in Installments Salaries and Social Contribution Others

Long-Term Liabilities Loans and Financing Debentures Provision for Contingencies Actuarial Liability Taxes Payable in Installments Others

3,536,569 1,482,474 309,665 436,007 947,207 99,503 261,713

3,800,547 1,739,963 326,264 416,972 938,710 102,246 276,392

6,810,119 4,218,787 309,665 642,040 1,004,115 103,010 532,502

7,363,918 4,787,586 326,264 630,619 995,288 106,013 518,148

Minority Interests

3,414,618 1,221,000 1,831,542 362,076

3,052,542 1,221,000 1,831,542 -

99,915 3,389,608 1,221,000 1,831,542 337,066

87,007 3,033,420 1,221,000 2,152,667 (340,247)

Shareholders' Equity Capital Capital Reserves Revenue (Loss) Reserves Total Liabilities and Shareholsers' Equity

9,061,220

9,130,953

15,138,878

15,522,823

USIMINAS Release 1Q03

10/13

Attachment 6

Sales Breakdown
Sales Volume Breakdown - Consolidated
Thousand tons TOTAL SALES Heavy Plates Hot Coils/Sheets Cold Coils/Sheets Eletrogalvanized Coils Hot Dip Galvanized Coils Processed Products Slabs TOTAL SALES - DOMESTIC MARKET Heavy Plates Hot Coils/Sheets Cold Coils/Sheets Eletrogalvanized Coils Hot Dip Galvanized Coils Processed Products Slabs TOTAL SALES - EXPORTS Heavy Plates Hot Coils/Sheets Cold Coils/Sheets Eletrogalvanized Coils Hot Dip Galvanized Coils Processed Products Slabs 1Q 2003 1,830 390 519 479 50 93 123 175 1,367 298 492 355 42 80 81 19 463 92 27 124 9 13 42 156
100% 21% 28% 26% 3% 5% 7% 10%

1Q 2002 1,736 390 542 345 38 57 107 257 1,354 345 488 313 37 56 88 26 382 45 54 31 1 1 18 232
100% 22% 31% 20% 2% 3% 6% 15%

Chg
5% 0% -4% 39% 32% 65% 15% -32%

75% 16% 27% 19% 2% 4% 4% 1%

78% 20% 28% 18% 2% 3% 5% 1%

1% -14% 1% 13% 11% 43% -8% -27%

25% 5% 1% 7% 0% 1% 2% 9%

22% 3% 3% 2% 0% 0% 1% 13%

21% 106% -50% 294% 864% 1988% 126% -33%

Sectorial Sales - Consolidated

Thousand Tons Domestic Market Auto Autoparts Shipbuilding Line Pipes Small Diameter Pipes Packaging Household Appliance Civil Construction Electrical Equipment Distributors Industrial Equipment Others 1T 2003 1,367 117 167 6 97 140 12 55 120 40 413 44 156
100% 9% 12% 0% 7% 10% 1% 4% 9% 3% 30% 3% 11%

1Q 2002 1,354 114 141 11 118 145 11 57 95 37 406 36 183

100% 8% 10% 1% 9% 11% 1% 4% 7% 3% 30% 3% 14%

Chg
0.9% 2% 19% -43% -18% -3% 5% -3% 27% 8% 2% 21% -15%

USIMINAS Release 1Q03

11/13

Attachment 7

Market Share

Market Share - Usiminas System (*)

(% volume) 1Q 2003(**) DOMESTIC MARKET Auto Autoparts Shipbuilding Electrical Equipment Household Appliance Line Pipes Small Diameter Pipes Packaging Civil Construction Distributors 61% 59% 71% 100% 60% 43% 100% 68% 12% 62% 60% 2002(**) 62% 62% 73% 100% 54% 44% 100% 80% 14% 54% 62% 2001(*) 62% 66% 69% 100% 64% 47% 100% 77% 12% 45% 66% 2000(*) 59% 67% 63% 100% 62% 48% 100% 72% 13% 40% 64%

(*) Defined by USIMINAS, Cosipa, and CSN markets. (**) Defined by USIMINAS, Cosipa, CSN, Acesita and CST (since September), markets. Source: IBS Information System

USIMINAS Release 1Q03

12/13

Attachment 8

Financial Indebtedness
Financial Income (Expenses), Net
R$ million TOTAL DEBT Foreign Currency (98,45%) IGP-M TJLP Others Sub-Total Debentures Sub-Total Taxes Payable in Installments TOTAL FEMCO TOTAL 2,903 80 254 222 3,459 144 3,603 28 3,631 24 3,655 3,213 329 586 91 4,219 310 4,528 103 4,631 407 5,038
Closing FX rate

3/31/03 Short Term

3/31/03 Long Term

3/31/03 Total

12/31/02 Total

Chg. 2003/2002

6,116 409 840 312 7,677 454 8,132 131 8,262 431 8,693
3.3531

6,890 421 889 348 8,548 460 9,008 133 9,141 394 9,535
3.5333

-11% -3% -5% -10%

-10%
-1%

-10%
-2%

-10%
9%

-9%
-5%

Debt converted into US$

2,593

2,699

-4%

Financial Income (Expenses), Net

R$ million Monetary Effects Exchange Variation Hedge Income Interest of Loans and Financing Interest of Pre-Export Payment Financial Income Other Financial Expenses NET INTEREST INCOME 1Q 2003 (77) 295 (216) (157) (10) 33 (39) (171) 1Q 2002 (16) 0 (12) (121) (9) 4 (35) (189)

USIMINAS Release 1Q03

13/13