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        USINAS SIDERÚRGICAS DE MINAS GERAIS S/A - USIMINAS
                    (C.N.P.J. 60.894.730/0001-05)
                  NOTICE TO SHAREHOLDERS
            PAYMENT OF INTEREST ON EQUITY CAPITAL
                      (Partial Distribution)



We hereby notify shareholders that, pursuant to deliberations at a meeting of the
Board of Directors held on 8/26/2004, we will begin the payment, as of 9/14/04,
of
Interest on Equity Capital related to the first half of 2004, in the amount of R$
1.17318
per common share and R$ 1.29050 per preferred share, to all those shareholders
holding shares on 8/27/04. Shares transferred as of 8/30/2004 (that date
inclusive)
will be made without interest on equity capital.      The amounts now paid will
be
computed in the calculation for the minimum dividend required for the 2004 fiscal
year. Income withholding tax will also be deducted at a rate of fifteen percent
(15%),
subject to applicable legal exceptions.



FORM AND LOCATION OF PAYMENT

Shareholders that maintain bank accounts with BRADESCO or OTHER BANKS and
communicate this fact will receive this credit automatically on the first date of
payment. All other shareholders with addresses on file will receive a form by
mail
entitled NOTICE FOR RECEIPT -- PROCEEDS OF BOOK ENTRY SHARES.
To
receive the credit, these shareholders should proceed to the Bradesco agency
of their
choice, together with the above-mentioned form, RG identity card and CIC taxpayer
identity card. Shareholders not receiving the NOTICE OF CREDIT or NOTICE FOR
RECEIPT should proceed to any Bradesco agency to receive this credit and update
their personal file information. The credit related to shares held in deposit
by the
Stock Exchanges' Fungible Custody Service will be credited to the respective
Stock
Exchanges through the member brokerage houses responsible for paying the
respective shareholders.




                           PAULO PENIDO PINTO MARQUES
                         DIRECTOR OF INVESTOR RELATIONS