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     Webcast
     Second Quarter 2004 Results
Presentation:
Paulo Penido Pinto Marques
CFO and Investor Relations Director
                          Disclaimer

"Declarations contained in this presentation regarding the business
 outlook of the Company, projections of operational and financial
    results and references to potential growth of the Company
 constitute mere forecasts and were based on the expectations of
  the Management in relation to its future performance. These
  expectations are highly dependent on market behavior, on the
   economic situation in Brazil, the industry and international
         markets, and are therefore subject to change."


                                                                      2
              The Steel Industry in 2Q04
· Brazilian production of crude steel reached 8.2 million
  tonnes and totaled 16.2 million tonnes in 1H04, 5.5%
  above 1H03.
· Domestic sales of flat steel products grew 5.3% in 1H04,
  with a sales volume of 4.8 million tonnes.
· Domestic demand was led by export-oriented companies,
  most notably the automobile manufacturers and
  agribusiness related products.




                                                             3
                    Consolidated Highlights ­ QoQ
                                                                                         %
                                                                                         Chg.
                                                                                         
                                           2Q 2004          2Q 2003          1Q
                                           2004
            R$ million
                                                                                         2Q/2Q
                                                                                         
                                              1,971            1,939
                                              1,910       2
  Total Sales Volume (000 t.)
                                              2,771            2,114
                                              2,365      31
  Net Revenues
                                              1,316              762
                                              936      73
  Gross Profit