Results for the 3 rd Quarter of 2011

Simplified Income Statement and Balance Sheet Income StatementBalance Sheet Cash Position:R$ million Total Debt: R$ million Net Debt:R$ million 1

Capex Iron Ore Project Capex for the 3Q11: R$ 272 million Total Capex (Project) : R$ 2.8 billion Total Capex (Project) : R$ 2,273 billion Capex ( ) : R$ 1,5 billion LLX Minas -Rio Capex: R$ 974 million AFMR Capex :R$ 1,3 billion LLX Açu 2

General view of the access bridge – TX1 3

General view of the LLX Minas-Rio area at TX1 4

Iron Ore Stockyard and Filtering area 5

Building the first concrete block – for Breakwater 6

Assembling reinforcing steel for the third concrete block 7

Dredging underway at the TX2 9 August/2011 The Cyrus II has begun dredging the canal and is progressing at a rate of 25 meters per day, extracting a daily volume of 34,000 cubic meters. November/2011

Milestones  LLX Logística and FCA sign Memorandum of Understanding:  On August 23 rd, 2011, LLX entered into a non binding memorandum of understanding with Ferrovia Centro-Atlântica S.A. with a view to jointly develop technical feasibility studies for constructing a railroad that will link up the Açu Superport to the region of Ambaí, in Nova Iguaçu, Rio de Janeiro state.  The implementation of this logistics corridor will integrate the Açu Superport into the national railway network, permitting the transportation of a whole range of goods, such as iron ore, steel products, coal and solid and liquid bulks.  Environmental license is granted to Ternium's steel plant:  On September 27, 2011, the State Comission for Environmental Control granted the Environmental License to Ternium Brazil S.A. to build a steel plant in the Açu Superport Industrial Complex.  The LP granted allows the steel mill to produce up to 8.4 million tons of crude steel per year. The approved project includes a pelletizing plant and an integrated steel plant to produce steel plates and laminates. 10

Comercial Contracts  NKTF signs land lease agreement at Açu Superport: Term: 20 years, renewable for a further 20 years Area:121,905m 2 – with 210m of quay Revenue: R$8 million per year Date: October 20 th 2011  OSX and LLX sign agreement for installation of Açu Superport: Term: 40 years, renewable for a further 40 years Area: 3,200,000m 2 Revenue: R$28 million per year Date: October 31 st