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     Webcast
     First Quarter 2005 Results
Presentation:
Paulo Penido Pinto Marques
Director of Finance and Investor Relations
                          Disclaimer


"Declarations 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 Management's expectations in relation to future
performance. These expectations are highly dependent on market
behavior, Brazil's economic situation, the industry and
international markets, and are therefore subject to change."




                                                                     2
              The Steel Industry - Brazil

· Brazilian crude steel production totaled 7.9 million tonnes
  in 1Q05, a reduction of 0.4% over the same period of the
  previous year.

· Domestic flat steel demand grew 12.4% in comparison
  with 1Q04 and reached 2.8 million tonnes in 1Q05.

· The Brazilian market was sustained by good performance
  in important segments of the economy, such as
  automotive and auto parts industries, home appliances
  and those companies with long-term export programs.
                                                                3
              The Global Steel Industry

· D emand:
     ­  USA and Europe with high inventory levels.
     ­  Asia with strong demand influence by China

· Global raw steel production grew 7%, with highlight to
  China (24% increase), responding with 90% of the
  variation.

· Excluding Chinese production in the first quarters of 2004
  and 2005, there was a 1% increase global production,
  reaching 189.4 million tonnes.

                                                               4
                             Consolidated Results


                                                                                          Var.
                                                                                          
         R$ million                     1Q 2005         1Q 2004         4Q 2004
         1Q05/1Q04
                                             1,768            1,910