EXCERPT OF THE MINUTES OF ORDINARY MEETING OF THE BOARD OF DIRECTORS OF
COMPANHIA SIDERÚRGICA NACIONAL, HELD ON
MARCH 27, 2006, DRAWN UP IN SUMMARIZED FORMAT.

4. Attendees: Benjamin Steinbruch (Chairman), Jacks Rabinovich, Antonio Francisco dos Santos, Dionísio Dias Carneiro Netto, Fernando Perrone, Darc Antonio da Luz Costa and Claudia Maria Sarti (Secretary of the Meeting).

6. Agenda: 6.1 – Election and reelection of Executive Officers – The Board of Directors approved, by unanimous vote of the presents, in accordance with the provisions of Article 17, item III, of the By-laws, the election of Mr. ISAAC POPOUTCHI, Brazilian citizen, married, architect, bearer of the identity card RG n. 4.134.199 and enrolled with the Individual Taxpayers Registry of the Ministry of Finance under n. 243.397.683 -04, with business address in the City of São Paulo, State of São Paulo, at Av. Brigadeiro Faria Lima, n. 3400, 20^th floor, as Executive Officer in charge of the institutional area, and of Mr. JULIANO DE OLIVEIRA, Brazilian citizen, divorced, geologist, bearer of the identity card RG n. 7.586.633 and enrolled with the Individual Taxpayers Registry of the Ministry of Finance under n. 733.665.958 -68, with business address in the City of São Paulo, State of São Paulo, at Av. Brigadeiro Faria Lima, n. 3400, 20^th floor, as Executive Officer in charge of the affiliate companies, both with term of office of 2 (two) years, counting as of this date, being ratified any and all acts performed by them on behalf of the Company until this date. The Board of Directors also approved the reelection of Mr. MARCOS MARINHO LUTZ, Brazilian citizen, married, naval engineer, bearer of the identity card RG n. 15649492-9 and enrolled with the Individual Taxpayers Registry of the Ministry of Finance under n. 147.274.178 -12, with business address in the City of São Paulo, State of São Paulo, at Av. Brigadeiro Faria Lima, n. 3400, 20^th floor, as Executive Officer in charge of infrastructure and energy area, with term of office of 2 (two) years, counting as of this date. The Officers hereby elected, attending the meeting, declare that they are not subject to the impediments set forth in Article 147 of Law 6,404/76, amended by Law 10,303/01, and in the Instruction CVM n. 367/02; 6.1.1 – Redefinition of Executive Officers Attributions – The attributions/activity areas of the Executive Officers were defined as follows: (i) Mr. BENJAMIN STEINBRUCH as Chief Executive Officer, including financial area and cumulatively performing the position of Investor Relations Officer; (ii) Mr. MARCOS MARINHO LUTZ as Executive Officer in charge of infrastructure and energy areas; (iii) Mr. ENÉAS GARCIA DINIZ as Executive Officer in charge of production area; (iv) Mr. PEDRO FELIPE BORGES NETO as Executive Officer in charge of supply and corporate areas; (v) Mr. ISAAC POPOUTCHI as Executive Officer in charge of the

institutional area; (vi) Mr. JULIANO DE OLIVEIRA as Executive Officer in charge of the affiliate companies; 6.6 – Slab Production Mill – The Board of Directors approved unanimously the investments of up to US$ 3.6 billion in a 4-year period starting on the contracting date, to enable the production of 6 million tones of additional slabs per year, with installation of four blast-furnaces with 1.5Mt/year each. The first two blast furnaces will be located in Itaguaí, State of Rio de Janeiro, totaling 3Mt/year, and the location of the other two blast furnaces will be defined in a timely manner. These investments are subject to the approval of the adequate financing conditions. The Board of Directors authorizes the Executive Board to take the required actions to enable these investments approved; 6.7 – Casa de Pedra – Mr. Juarez Saliba de Avelar presented, facing the new iron ore production level of 53 million tonnes in 2011, the review of “CSN Iron Ore Project” and recommended the implementation of a new model that encompasses the expansion of Casa de Pedra Mine, of TECAR, as well as the setting up of the second Pellet Unit. The Board of Directors unanimously approved the review of “CSN Iron Ore Project”, as well as the expected investments of up to one billion, five hundred twenty three million dollars (US$ 1,523,000,000.00) considering the exchange rate of R$2.46 per US$ for the 2004 – 2010 (including the latter) period; 6.7.1 – The Board of Directors approved the hiring of a financial institution to carry out study for the an economic valuation of the Casa de Pedra expansion project, and for a possible sale of a minor interest in the project through a public or private transaction; 6.11 – Branch – The Board of Directors approved, by unanimous vote of the presents, the change of the address of the branch of the Company located in Camaçari - BA from: Avenida Henry Ford, Prédio CSN – CPI 4437 – COPEC – Camaçari – BA – CEP 42.810 -000, to: Rua do Alumínio s/n –lotes 1 a 6 quadra II, parte – Polo de Apoio – Bairro Ponto Certo – Camaçari – BA - CEP 42801-170. The Executive Board is authorized to take all required actions with the corresponding authorities to implement the decision made. I certify that the decisions herein drawn up are accurate copy of the original minutes filed with the head offices of the Company.

COMPANHIA SIDERÚRGICA NACIONAL

Claudia Maria Sarti
Secretary of the Meeting

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