1. 3rd Quarter 2005

2. Source: International Iron and Steel Institute - IISI - 2005 100 400 200 300 500 600 700 800 900 1,000 1,100 World Steel Production (million t.) 3 Substantial growth in the past few years... 1

3. Source: International Iron and Steel Institute - IISI - 2005 2004 (million t.) ChinaJapanUSARussiaKoreaGermanyUkraineBrazilIndiaItaly Steel Production... mainly coming from China 2

4. Source: International Iron and Steel Institute - IISI - 2005 Top net Exporters Top net importers World Steel Trade million t. 3Trade ~ 200 million tons per year 3Trend may continue through 2005 Vietnam Italy Hong Kong Thailand China USA 3

5. Source: IISI - 2005 Source: IBS - 2005 million t. 3Usiminas System is the 23rd largest producer in the world and 1st flat steel producer in Latin America Top Brazilian Steel Producers - 2004 Usiminas Leading Producer Major Steel Plants 2004 (crude steel production) million t. 4

6. Steel in Brazil High quality iron ore Well located plants and modern technology Competitive Costs Product quality and environmental management Qualified labor and management 3 Its competitive conditions make the country a global leader 5

7. Source: WSD - August 2005 Cost Competitiveness Production Cost – (US$/t) Slabs (Jun 2005) 3 Brazil has the lowest production cost in the world 6

8. Operating Margin % - 2004 Cost Competitiveness 3 Usiminas has one of the highest operating margins in the world Data: Integer Research, Company Annual Reports September, 2005 7

9. RAILROAD HIGHWAY CVRD ESPÍRITO SANTO SÃO PAULO BAHIA MINAS GERAIS ATLANTIC OCEAN Itabira Vitória Port of Praia Mole Santos RIO DE JANEIRO Ipatinga Usiminas Belo Horizonte Usiminas Headquarters Sepetiba Port Rio de Janeiro São Paulo Cosipa Cubatão Usiminas Location:Ipatinga, State of Minas Gerais Cosipa Cubatão, State of São Paulo Usiminas is strategically located 3Close to main markets 3 2 ports 3Railroad (MRS) 8

10. Products 3 Complete product lines: from slabs to coated products Major consumers Heavy plate 1,000,000 Hot coil 3,550,0002,100,000 Cold coil 2,500,0001,200,000 - - Capacity (tonnage/year) 360,000 400,000 Slab5,000,0004,500,000 Electrogalvanized coil Hot dip galvanized coil Uncoated Coated Pipelines, pressure vessels, shipbuilding, general structures. Agricultural machinery, pipe and tube, chassis, gas cylinders, containers, general structures. Auto industry, household appliances, packaging. Auto industry, household appliances. Auto industry, household appliances, civil construction. Rolling mills. Capacity: 4.5 million t. Capacity: 5.0 million t. 9

11. Sales (thousand t.) 3 Domestic market is a priority Usiminas + Cosipa As of September, 2005 Domestic Market Foreign Market 6,602 7,722 7,710 8,062 5,367 10

12. Domestic Sales - 9M05 Usiminas + Cosipa Volume: 3.88 million t. Fasal, Rio Negro and Dufer 7% { 3Combination of market leadership and diversified customer base reduces market risk 11 As of September, 2005

13. Usiminas + Cosipa = 53% Domestic Market Share (%) 9M05 3Combination of market leadership and diversified customer base reduces market risk 12 As of September, 2005

14. Domestic Market Outlook Source: Anfavea / Usiminas Source: IBS / Usiminas Flat Steel Demand (1,000 t.) Vehicle Production (1,000 vehicles) Source: Usiminas -9.0% 8.6% 13

15. Usiminas + Cosipa Volume: 1.5 million t. - 9M 2005 International Market 3Diversified geographic sales 14 As of September, 2005

16. Investments & Technology (US$ million) 3Commitment to the best technology More than US$ 3 billion invested in the last decade Partnership with Nippon Steel assures access to state-of-the-art technology in steel production, including high value-added products 6 th Technology Transfer Agreement with Nippon Steel, valid until 2009 407 registered patents, of which 23 are international 150 researchers In the last 3 years, for each US$ 1 spent in technology Usiminas sells US$ 3 15

17. Investments & Technology (US$ million) 3Commitment to the best technology New Investments 737 740 500 292 546 111 119 117 200 390 Usiminas Cosipa 140 16

18. 3Commitment to the best technology Investments & Technology (US$ million) Next 2 years: 3 Maintenance - approximately US$ 120 million per year 3 Projects approved by the Board Increase of self-generated energy from 16% to 33% Power Plant 60 MW - Usiminas BF Top blowing turbine 12 MW - Cosipa Self-sufficiency in coke production by 2007 550.000 tons/year Coke plant - Usiminas Productivity Revamping of Continuos Casting Machine - Cosipa 3 Projects under study Production Capacity Increase (on-going studies) 1.0 ~ 2.0 million tons 17

19. Creation of Ternium 3Consolidate control of Hylsamex, Sidor and Siderar 3Ternium will have ~ 11.5 million t. capacity Present SituationProposed Situation UsiminasTechint G. Siderar SidorHylsamex Ternium Amazônia Usiminas SiderarSidor 16.6% 5.3% 59.7% Control 59.7% Control 16.3%83.7%Initial C. Amazônia 18

20. Ebitda Evolution Consolidated (US$ million) AVG. US$ 3Investment return and market conditions have allowed consistent cash generation... 19 As of September, 2005

21. Ebitda Evolution Consolidated (US$ million) AVG. US$ 3Investment return and market conditions have allowed consistent cash generation... 20 As of September, 2005

22. R$ / US$ Total Debt Evolution Consolidated (US$ million)... and have made it possible to considerably reduce debt 21 As of September, 2005

23. Swap CDI 44% US$ 56% Debt Maturity Consolidated (US$ million) Long 74% US$ 1,344 mi Short 26% US$ 473 mi Foreign 69% Local 31% TERMCURRENCY Note: Principal, 2005- October to December maturities 3Debt has an adequate maturity profile 3“Stand by Facility” - Export Pre-Payment US$ 250 million 22 As of September, 2005

24. Control Group: 53% Usiminas Voting Capital Shareholder Structure 3Excellence of the main shareholders Board of Directors from solid Brazilian and foreign groups Long-term relationships with steel business and Usiminas Committed to add excellence and experience to business management 23 As of September, 2005

25. 24 Potential value creation for shareholders Annual shareholder return (2003 - Jul 2005) Belgo Gerdau CST Usiminas CSN % p.a. Source: Economática, Banco Itaú (Oct./05) Creation of Value for Usiminas and the steel industry has been considerable over the last few years...... and Usiminas still has strong potential for additional value creation Acesita Ibovespa = 28% Multiples

26. Positive stock market reaction (*) Theoretical Ibovespa portfolio Sept/Dec 2005 2001 2002 2003 2004 Steel Sector Bovespa 2004 Ibovespa Portfolio 5.72% 4th 2005 (*) New Ibov. Portfolio... & ADR I e Latibex Usiminas PNA 31% Sid Nacional ON 29% Gerdau PN 21% Sid Tubarao PN 9% Others 10% 25

27. Sept 30/05 Dec 31/04 Dec 31/03 Dec 31/02 Crude Steel Production (thsd t) 6,517 8,951 8,621 8,447 Sales (thsd t) 5,367 8,062 7,710 7,722 Net sales (US$ million) 4,035 4,197 2,845 2,250 EBITDA (US$ million) 1,840 1,930 1,002 794 Net Profit (US$ million) 1,167 1,032 426 (152) Gross Debt (US$ million) 1,817 2,033 2,626 2,699 Gross Debt / EBITDA 0.7 1.1 2.5 3.9 EBITDA / Interest Expenses 16.9 11.3 4.3 3.7 Other Highlights Consolidated Figures - USIMINAS 26

28. www.usiminas.com.br Investor Relations : Bruno Seno Fusaro Luciana Valadares dos Santos Matheus Perdigão Rosa brunofusaro@usiminas.com.br lsantos@usiminas.com.brmprosa@usiminas.com.br Tel.: + 55-31-3499-8772 Tel.: + 55-31-3499-8619 Tel.: + 55-31-3499-8056 Fax: + 55-31-3499-9357 Gilson Rodrigues Bentes - COSIPA (São Paulo Office) gilson@cosipa.com.br Tel.: + 55 11 5070-8980 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. 27