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     Webcast
     Third Quarter 2004 Results
Presentation:
Paulo Penido Pinto Marques
CFO and Investor Relations Director
                          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, of Brazil's economic situation, on the industry and on
international markets, and are therefore subject to change."




                                                                     2
              The Steel Industry in 3Q04

· Brazilian raw steel production reached 8.4 million tonnes
  in 3Q04, accumulating 24.6 million tonnes in 9M04, an
  expansion of 5.6%.
· Domestic flat steel demand totaled 7.8 million tonnes in
  the year, a 14.9% growth.
· The high level of activity in exporting segments was
  accompanied by growing demand of domestic
  consumption segments, favored by the beginning of
  improvements in employment level and revenue.

                                                              3
                       Consolidated Results QoQ
                                               Highlights
                                               C h g .%
                                            3Q 2004       3Q 2003              2Q
                                            2004
            R$ million
                                                                                          3Q/3Q
                                                                                          
                                               2,011            1,822
                                               1,971        10
  Total Sales Volume (000 t)
                                               3,285            1,984
                                               2,771        66
  Net Revenues
                                               1,591              658
                                               1,316      142
  Gross Profit