(Free Translation: For reference only Original in Portuguese)

USINAS SIDERRGICAS DE MINAS GERAIS S/A USIMINAS

CNPJ/MF 60.894.730/0001-05
NIRE 313.000.1360-0
Publicly Traded Company

Minutes of the Ordinary Meeting of the Board of Directors of Usinas Siderrgicas de Minas
Gerais S/A - USIMINAS, held at the Companys office, in So Paulo/SP, at Av. do Caf, 277,
Tower A, 9th floor, Jabaquara, on March 23rd, 2017, at 9 a.m.

Board Members Participants Elias de Matos Brito, Chairman; Yoichi Furuta, Wanderley
Rezende de Souza, Nobuhiko Takamatsu, Oscar Montero Martinez, Guilherme Poggiali
Almeida, Rita Rebelo Horta de Assis Fonseca, Ricardo Antonio Weiss, Francisco Augusto da
Costa e Silva and Luiz Carlos de Miranda Faria. General Secretary Bruno Lage de Arajo
Paulino.

The preparation of the minutes in summary form, pursuant to article 130, 1st paragraph of
the Brazilian Corporate Law combined with article 14, 8th paragraph of the Bylaws, was
unanimously approved.

Agenda:

Items for approval

I - Replacement of the members of the Board of Directors appointed by the NSSMC

- The Board of Directors acknowledged the resignation of the Effective Members of the Board
of Directors Yoichi Furuta and Nobuhiko Takamatsu, and of the Alternate Member of the
Board of Directors Eiji Hashimoto, resignation which will be effective as of April 1st, 2017.
The Board of Directors also acknowledged the appointment of Messrs. Kazuhiro Egawa,
Ichiro Sato and Yuichi Akiyama, to, respectively, replace them.

In view of the above, the Directors unanimously approved, according to Article 150 of the
Law n. 6,404/1976, the appointment of Messrs. Kazuhiro Egawa, Japanese, married,
businessman, bearer of passport no. TK7729457, with business address at 6-1, Marunouchi,
Chiyoda-ku, Tokyo, Japan, for the position of effective Member of the Board of Directors;
Ichiro Sato Japanese, married, businessman, bearer of passport No.TR5017172, with
business address at 6-1, Marunouchi, Chiyoda-ku, Tokyo, Japan, for the position of Effective
Member of the Board of Directors; and Yuichi Akiyama, Japanese, married, businessman,
bearer of passport No. TK0064607, with business address at 6-1, Marunouchi, Chiyoda-ku,
Tokyo, Japan, for the position of Alternate Member of the Board of Directors, all for a term of
office from April 1st, 2017 until the next Shareholders Meeting to be held.

In view of the abovementioned appointments, the Board of Directors of the Company shall
be consolidated as follows, as of April 1st, 2017:

Effective Members Term of Office

Kazuhiro Egawa Until the next Shareholders Meeting of the
Company to be held
Wanderley Rezende de Souza Until the next Shareholders Meeting of the
Company to be held
Ichiro Sato Until the next Shareholders Meeting of the
Company to be held
Oscar Montero Martinez Until the next Shareholders Meeting of the
Company to be held
Guilherme Poggiali Almeida Until the next Shareholders Meeting of the
Company to be held
Elias de Matos Brito Chairman of the Board Until the next Shareholders Meeting of the
of Directors Company to be held
Rita Rebelo Horta de Assis Fonseca Until the next Shareholders Meeting of the
Company to be held
Gesner Jos Oliveira Filho Until the next Shareholders Meeting of the
Company to be held
Ricardo Antnio Weiss Until the 2018 Annual Shareholders
(Free Translation: For reference only Original in Portuguese)
Francisco Augusto da Costa e Silva
Luiz Carlos de Miranda Faria
Alternate Members (in the order of
alternance defined by the Annual
Shareholders Meeting held on April 28,
2016)
Hironobu Nose
Hirohiko Maeke
Yuichi Akiyama
Simone Galante Alves
Pablo Daniel Brizzio
Mario Giuseppe Antonio Galli
Gileno Antnio de Oliveira
Derci Alcntara
Sonia Julia Sulzbeck
Durval Jos Soledade Santos
Jorge Malta
Closing With no further business, the meeting was closed and the minutes were drawn up
in own Book with the signature of the Directors and the Secretary. So Paulo, March 23rd,
2017.
Meeting of the Company to be held
Until the next Shareholders Meeting of the
Company to be held
Until the 2018 Annual Shareholders
Meeting of the Company to be held
Term of Office
Until the next Shareholders Meeting of the
Company to be held
Until the next Shareholders Meeting of the
Company to be held
Until the next Shareholders Meeting of the
Company to be held
Until the the next Shareholders Meeting of
the Company to be held
Until the next Shareholders Meeting of the
Company to be held
Until the next Shareholders Meeting of the
Company to be held
Until the next Shareholders Meeting of the
Company to be held
Until the next Shareholders Meeting of the
Company to be held
Until the 2018 Annual Shareholders
Meeting of the Company to be held
Until the next Shareholders Meeting of the
Company to be held
Until the 2018 Annual Shareholders
Meeting of the Company to be held