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                      USINAS SIDERÚRGICAS DE MINAS GERAIS S/A
                                 CNPJ 60.894.730/0001-05
                                 A Publicly Listed Company
                   NOTICE TO THE SHAREHOLDERS
We communicate to our shareholders that the Board of Directors, in a meeting
held on
December 18, 2003, deliberated on the distribution of complementary interest
on equity
relative to the 2003 fiscal year, in accordance with Article 9 of Law 9.249 of
12/26/1995, according to which interest on equity will be considered and
compensated
in the obligatory dividend calculation in accordance with paragraph 5 of Article
24 of
the Bylaws in the amount of R$270,004,308.64 (two hundred and seventy million
four
thousand three hundred and eight reais and sixty four centavos) , which
corresponds to
R$ 1.1977 per ordinary share and R$ 1.3175 per preferential share. Payment date
will
be defined in the Board of Directors'Meeting to be held on March 4, 2004.

Holders of shares will have the right to said benefit who are Registered in the
Shareholder Registry on 12/29/2003, deducting 15% income withholding, except
those
shareholders dispensed from withholding under the terms of prevailing law.


Belo Horizonte, December 18, 2003


Paulo Penido Pinto Marques
Director of Finance and Investor Relations