Untitled

(A free translation of the original in Portuguese)
Usinas Siderrgicas de Minas Gerais S.A. USIMINAS

Quarterly Information (ITR) at June 30, 2012 and Report on Review of Quarterly Information
(A free translation of the original in Portuguese)
Report on Review of Quarterly Information

To the Board of Directors and Shareholders Usinas Siderrgicas de Minas Gerais S.A. - USIMINAS
Introduction We have reviewed the accompanying parent company and consolidated interim accounting information of Usinas Siderrgicas de Minas Gerais S.A. - USIMINAS, included in the Quarterly , Information Form (ITR) for the quarter ended June 30, 2012, comprising the ba balance sheet as at that date and the statements of income and comprehensive income for the quarter and six six-month periods then ended, and the statements of changes in equity and cash flows for the six six-month period then ended, and a summary of significant accounting policies and other explanatory information. accounting Management is responsible for the preparation of the parent company interim accounting information in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC), and of the consolidated interim accounting nting information in accordance with CPC 21 and International Accounting Standard (IAS) 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB as well as the (IASB), presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 Review of Interim Financial Information Performed Perfo by the Independent Auditor of the Entity and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, responsible and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant t matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Usinas Siderrgicas de Minas Gerais S.A. - USIMINAS
Conclusion on the parent company interim information Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the CVM. Conclusion on the consolidated interim information Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the CVM. Other matters Statements of value added We have also reviewed the parent company and consolidated statements of value added for the six-month period ended June 30, 2012. These statements are the responsibility of the Companys management, and are required to be presented in accordance with standards issued by the CVM applicable to the preparation of Quarterly Information (ITR) and are considered supplementary information under IFRS, which do not require the presentation of the statement of value added. These statements have been submitted to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they have not been prepared, in all material respects, in a manner consistent with the parent company and consolidated interim accounting information taken as a whole. Belo Horizonte, July 30, 2012.
ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A
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Table of Contents Company Data

Capital Composition Earnings in cash 1 2
Individual Financial Statements

Balance Sheet Assets Balance Sheet Liabilities 3 4
Statement of Income Comprehensive Statement of Income Statement of Cash Flows Statement of Changes in Net Equity SCNE - 01/01/2012 to 06/30/2012 SCNE - 01/01/2011 to 06/30/2011 Statement of Value Added
6 7 8
10 11 12
Consolidated Financial Statements

Balance Sheet Assets Balance Sheet Liabilities Statement of Income Comprehensive Statement of Income Statement of Cash Flow Statement of Changes in Net Equity SCNE - 01/01/2012 to 06/30/2012 SCNE - 01/01/2011 to 06/30/2011 Statement of Value Added Management Report/Discussion on Performance Explanatory Notes Other Information Considered Relevant 20 21 22 23 25 73 13 14 16 17 18
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Company Data/Capital Composition

Number of Shares (Units) Paid-up Capital Common Preferred Total In Treasury Common Preferred Total Current Quarter 06/30/2012
505,260,684 508,525,506 1,013,786,190 2,526,654 24,060,356 26,587,010
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Company Data / Earnings in cash

Beginning of Payment Type of Share 04/26/2012 04/26/2012 Common Preferred Class A Preferred Amount per Share (Reais / Share) 0.07877 0.08665
Event Board of Directors Meeting Board of Directors Meeting
Approval 03/06/2012 03/06/2012
Amounts Interest on Own Capital Interest on Own Capital
Class of Share
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Individual Financial Statements/Balance Sheet Assets

(In thousands of Reais) Account Code 1 1.01 1.01.01 1.01.02 1.01.03 1.01.03.01 1.01.04 1.01.06 1.01.08 1.01.08.03 1.01.08.03.01 1.01.08.03.02 1.01.08.03.03 1.01.08.03.04 1.02 1.02.01 1.02.01.06 1.02.01.06.01 1.02.01.08 1.02.01.09 1.02.01.09.03 1.02.01.09.04 1.02.01.09.05 1.02.01.09.06 1.02.01.09.07 1.02.01.09.08 1.02.01.09.09 1.02.02 1.02.02.01 1.02.02.01.01 1.02.02.01.02 1.02.02.01.03 1.02.03 1.02.03.01 1.02.03.01.01 1.02.03.01.02 1.02.03.03 1.02.04 Account Description Total Assets Current Assets Cash and Cash Equivalents Financial Investments Accounts Receivable Trade Receivables Inventory Taxes Recoverable Other Current Assets Other Advances on Supplies and Services Financial Instruments Dividends Receivable Other Receivables Non-Current Assets Long term Receivables Deferred Taxes Deferred income tax and social contributions Credits with Related Parties Other Non-Current Assets Judicial Deposits Deposits for tax incentives Property for sale Financial Instruments Taxes recoverable Prepaid expenses Other receivables Investments Equity Investments Interest in Associated Companies Interest in Subsidiaries Interest in Jointly Controlled Subsidiaries Property, Plant and Equipment Property, Plant and Equipment in operation Property, Plant and Equipment in operation Depreciation Construction in Progress Intangible Assets Current Quarter 06/30/2012 30,768,312 6,211,362 646,892 0 1,188,123 1,188,123 3,653,497 523,129 199,721 199,721 9,556 18,687 8,313 163,165 24,556,950 2,034,837 942,011 942,011 72,398 1,020,428 469,232 5,490 7,519 407,451 97,925 11,727 21,084 8,279,068 8,279,068 138,821 7,444,848 695,399 14,099,503 9,583,133 19,111,457 -9,528,324 4,516,370 143,542 Prior Year 12/31/2011 30,238,550 6,415,996 363,586 124,396 783,520 783,520 4,263,673 646,160 234,661 234,661 18,396 10,560 61,952 143,753 23,822,554 1,793,183 676,592 676,592 57,113 1,059,478 448,653 5,490 7,124 431,772 123,381 16,567 26,491 8,100,465 8,100,465 142,017 7,188,154 770,294 13,786,171 8,815,399 17,971,838 -9,156,439 4,970,772 142,735
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Individual Financial Statements/Balance Sheet Liabilities

(In thousands of Reais) Account Code 2 2.01 2.01.01 2.01.02 2.01.03 2.01.04 2.01.04.01 2.01.04.02 2.01.05 2.01.05.01 2.01.05.02 2.01.05.02.01 2.01.05.02.04 2.01.05.02.05 2.01.05.02.06 2.01.05.02.07 2.02 2.02.01 2.02.01.01 2.02.01.02 2.02.02 2.02.02.01 2.02.02.02 2.02.02.02.03 2.02.02.02.04 2.02.02.02.05 2.02.04 2.02.04.01 2.02.04.01.05 2.02.04.02 2.02.04.02.03 2.02.04.02.04 2.03 2.03.01 2.03.01.01 2.03.01.02 2.03.02 2.03.02.07 2.03.02.01 2.03.02.05 2.03.04 2.03.04.01 2.03.04.10 2.03.04.11 2.03.05 2.03.06 2.03.06.01 Account Description Total Liabilities Current Liabilities Social Security and Labor Obligations Suppliers Tax Obligations Loans and Financing Loans and Financing Debentures Other Obligations Liabilities with Related Parties Other Dividends and Interest on Own Capital Payable Taxes Payable in Installments Financial Instruments Advances from clients Other payables Non-Current Liabilities Loans and Financing Loans and Financing Debentures Other Obligations Liabilities with Related Parties Other Taxes Payable in Installments Financial Instruments Other payables Provisions Tax Social Security Labor and Civil Provisions Contingent Liabilities Other Provisions Provision for Environmental Liabilities and Demobilization Provision for retirement benefits Net Equity Realized Capital Common shares Preferred shares Capital Reserves Recognized Granted Options Premium on Share Issue Treasury Stock Revenue Reserves Legal Reserve For investments and working capital Unappropriated dividends Retained earnings/Accumulated losses Equity valuation adjustments Results of capital transactions Current Quarter 06/30/2012 30,768,312 5,135,501 216,071 1,802,763 79,664 1,783,073 1,523,532 259,541 1,253,930 1,034,823 219,107 952 53,052 38,187 17,054 109,862 8,624,258 7,013,167 7,013,167 0 161,343 39,728 121,615 5,224 20,495 95,896 1,449,748 183,224 183,224 1,266,524 32,344 1,234,180 17,008,553 12,150,000 6,055,436 6,094,564 3,917 3,917 105,295 -105,295 4,490,822 699,587 3,791,235 0 -161,322 525,136 871,258 Prior Year 12/31/2011 30,238,550 3,405,007 200,423 1,270,212 83,402 1,104,034 829,615 274,419 746,936 428,592 318,344 57,171 57,169 43,589 12,189 148,226 9,549,750 7,832,780 7,582,780 250,000 231,643 43,085 188,558 22,050 23,990 142,518 1,485,327 150,500 150,500 1,334,827 57,354 1,277,473 17,283,793 12,150,000 6,055,436 6,094,564 2,274 2,274 105,295 -105,295 4,517,043 699,587 3,791,235 26,221 0 614,476 871,258
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Individual Financial Statements/Balance Sheet Liabilities

(In thousands of Reais) Account Code 2.03.06.02 2.03.06.03 2.03.06.04 2.03.06.05 2.03.06.06 Account Description Actuarial gains and losses Indexation of property, plant and equipment (IAS 29) Accumulated translation adjustments Cash flow hedge reserve Other Current Quarter 06/30/2012 Prior Year 12/31/2011 -396,002 203,097 1,789 -170,767 15,761 -341,725 211,887 1,030 -143,735 15,761
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Individual Financial Statements/Statement of Income

(In thousands of Reais) Current Quarter Accumulated current year 04/01/2012 to 06/30/2012 01/01/2012 to 06/30/2012 3,042,297 -3,074,512 -32,215 219,979 -38,585 -50,167 107,506 -58,981 260,206 263,801 -3,595 187,764 -456,206 -268,442 166,716 0 166,716 -101,726 0 -101,726 5,594,069 -5,654,586 -60,517 176,821 -71,602 -109,165 126,102 -82,445 313,931 290,600 23,331 116,304 -512,342 -396,038 223,477 -54 223,531 -172,561 0 -172,561 Same Prior Year Quarter 04/01/2011 to 06/30/2011 2,693,403 -2,586,264 107,139 4,231 -52,650 -71,022 23,362 12,742 91,799 75,519 16,280 111,370 31,433 142,803 -31,171 -11,750 -19,421 111,632 0 111,632 Accumulated prior year 01/01/2011 to 06/30/2011 5,410,168 -5,286,329 123,839 85,313 -118,523 -137,895 83,257 53,019 205,455 180,033 25,422 209,152 38,626 247,778 -37,317 -11,750 -25,567 210,461 -124,919 85,542
Account Code 3.01 3.02 3.03 3.04 3.04.01 3.04.02 3.04.04 3.04.05 3.04.06 3.04.06.01 3.04.06.02 3.05 3.06 3.07 3.08 3.08.01 3.08.02 3.09 3.10 3.11 3.99 3.99.01 3.99.01.01 3.99.01.02 3.99.02 3.99.02.01 3.99.02.02
Account Description Revenue from Sale of Assets and/or Services Cost of Assets and/or Services Sold Gross Result Operating Income/Expenses Selling Expenses General and Administrative Other Operating Income Other Operating Expenses Equity in the Results In associated and subsidiaries Net capital deficiency Results Before Financial Results and Taxes Financial Results Results Before Taxes on Profit Income Tax and Social Contributions on Net Income Current Deferred Net Result from Continued Operations Net Result from Discontinued Operations Net Income/Loss for the Period Earnings per Share (Reais/ Per share) Earnings per Share - Basic ON PN Earnings per share diluted ON PN
-0.10200 -0.10000 -0.10200 -0.10000
-0.17000 -0.18000 -0.1700 -0.1800
0.11000 0.12000 0.11000 0.12000
0.08000 0.09000 0.08000 0.09000
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Individual Financial Statements / Comprehensive Statement of Income

(In thousands of Reais) Current Quarter 04/01/2012 to 06/30/2012 -101,726 -105,224 -41,268 1,043 0 -64,999 -206,950 Accumulated current year 01/01/2012 to 06/30/2012 -172,561 -80,550 -54,276 759 0 -27,033 -253,111 Same Prior Year Quarter 04/01/2011 to Accumulated prior year 06/30/2011 01/01/2011 to 06/30/2011 111,632 -24,813 -40,564 15,751 0 0 86,819 85,542 89,865 -91,641 175,728 5,778 0 175,407
Account Code 4.01 4.02 4.02.01 4.02.02 4.02.03 4.02.04 4.03
Account Description Net Income for the Period Other Comprehensive Income Actuarial gains (losses) on benefit plans Exchange variations on foreign subsidiaries Cash flow hedging in subsidiaries Hedge Accounting Comprehensive Income for the Period
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Individual Financial Statements/Statement of Cash Flow Indirect Method

(In thousands of Reais) Accumulated Current Year 01/01/2012 to Accumulated Prior Year 06/30/2012 01/01/2011 to 06/30/2011 1,317,967 127,690 -172,561 401,561 92,562 388,133 493 0 -313,931 -223,531 -4,601 -42,078 1,643 1,190,277 124,396 -404,603 610,176 148,487 -30,070 -15,285 5,221 532,551 602,874 4,865 -3,738 -82,484 -48,141 -253,918 -54 -480,420 0 -613,427 161,280 -24,738 -3,535 -562,726 271,281 -712,484 -16,241 -23,751 -81,531 8,485 283,306 363,586 111,625 405,662 85,542 -173,630 235,798 377,316 -22,391 124,919 -205,455 25,567 1,435 -43,439 0 -294,037 34,968 50,076 -274,980 -137,503 -30,558 -4,226 -48,194 470,457 -38,844 29,702 13,364 -77,844 -50,956 -229,499 0 -772,998 35,953 -900,180 91,303 -74 0 24,659 869,616 -478,212 -14,305 -32,780 -319,660 -12,868 -649,582 1,526,767
Account Code 6.01 6.01.01 6.01.01.01 6.01.01.02 6.01.01.03 6.01.01.04 6.01.01.05 6.01.01.06 6.01.01.07 6.01.01.09 6.01.01.10 6.01.01.11 6.01.01.13 6.01.02 6.01.02.01 6.01.02.02 6.01.02.03 6.01.02.04 6.01.02.05 6.01.02.06 6.01.02.07 6.01.02.08 6.01.02.09 6.01.02.10 6.01.02.11 6.01.02.12 6.01.02.13 6.01.02.14 6.01.02.15 6.02 6.02.01 6.02.02 6.02.03 6.02.04 6.02.05 6.03 6.03.01 6.03.02 6.03.03 6.03.04 6.03.05 6.04 6.05 6.05.01
Account Description Cash Flow from Operating Activities Cash Generated in Operations Net income (loss) for the year Indexation charges and foreign exchange gains/losses, net Interest expenses Depreciation and amortization Losses/(gains) on sales of property, plant and equipment Results from the disposal of discontinued operations Equity in the Results Deferred income tax and social contributions Changes in provisions Actuarial losses (gains) Stock Option Plan Changes in Assets and Liabilities Marketable Securities Trade receivables Inventory Taxes recoverable Judicial Deposits Receivables from related companies Other (increase)/decrease in assets Suppliers Payables to related companies Advances from customers Taxes payable Payment of actuarial liabilities Other (increase)/decrease in liabilities Interest Paid Income Tax and Social Contributions Paid Cash Flow from Investment Activities Amounts received on the disposal/(acquisition) of investments Purchases of property, plant and equipment Dividends Received Purchases of intangible assets Amount Paid for the Acquisition of Investments Cash Flow from Financing Activities New borrowing, financing and debentures Repayment of borrowing and financing Taxes paid in installments Settlement of swap transactions Dividends and interest on own capital Foreign exchange variations on cash and cash equivalents Increase/(Decrease) in Cash and Cash Equivalents Opening Balance of Cash and Cash Equivalents
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Individual Financial Statements/Statement of Cash Flow Indirect Method

(In thousands of Reais) Accumulated Current Year 01/01/2012 to Accumulated Prior Year 06/30/2012 01/01/2011 to 06/30/2011 646,892 877,185
Account Code 6.05.02
Account Description Closing Balance of Cash and Cash Equivalents
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Individual Financial Statements/Statements of Changes in Equity - 01/01/2012 to 06/30/2012

(In thousands of Reais) Retained Earnings/Accumulated Losses 0 0 2,449 1,540 0 909 -163,771 -172,561 8,790 8,790 0 0 0 -161,322 -89,340 0 -89,340 -8,790 -27,033 -54,276 759 525,136
Account Code 5.01 5.03 5.04 5.04.03 5.04.07 5.04.08 5.05 5.05.01 5.05.02 5.05.02.06 5.05.02.07 5.05.02.08 5.05.02.09 5.07
Account Description Opening balances Adjusted opening balances Capital transactions with shareholders Recognized Granted Options Interest on Own Capital Prescribed dividends Total comprehensive result Net income for the period Other Comprehensive Results Adjustment property, plant and equipment - IAS 29 Constitution of Hedges Accounting Actuarial loss (gain) on benefit plans Exchange rate changes on foreign subsidiaries Closing Balances
Paid- up Capital 12,150,000 12,150,000 0 0 0 0 0 0 0 0 0 0 0 12,150,000
Capital Reserves, Options Granted and Treasury Stock 2,274 2,274 1,643 1,643 0 0 0 0 0 0 0 0 0 3,917
Revenue Reserve 4,517,043 4,517,043 -26,221 0 -21,221 0 0 0 0 0 0 0 0 4,490,822
Other Comprehensive Results 614,476 614,476 0 0 0
Net Equity 17,283,793 17,283,793 -22,129 3,183 -26,221 909 -253,111 -172,561 -80,550 0 -27,032 -54,277 759 17,008,553
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Individual Financial Statements/Statements of Changes in Equity - 01/01/2011 to 06/30/2011

(In thousands of Reais) Capital Reserves, Options Granted and Treasury Stock 0 0 0 0 0 0 0 0 0 0 0 0 Retained Earnings/ Revenue Accumulated Reserve Losses 4,493,825 4,493,825 -176,833 -176,833 0 0 0 0 0 0 0 4,316,992 0 0 0 0 96,604 85,542 11,062 0 11,062 0 0 96,604 Other Comprehensive Results 788,774 788,774 0 0 78,803 0 78,803 5,778 -11,062 -91,641 175,728 867,577
Account Code 5.01 5.03 5.04 5.04.07 5.05 5.05.01 5.05.02 5.05.02.06 5.05.02.07 5.05.02.08 5.05.02.09 5.07
Account Description Opening balances Adjusted opening balances Capital transactions with shareholders Interest on Own Capital Total comprehensive result Net Income for the Period Other Comprehensive Results Hedging of Cash Flow in Associated Entities Adjustment property, plant and equipment IAS 29 Actuarial losses/(gains) on benefit plans Exchange rate changes on foreign subsidiaries Closing Balances
Paid- up Capital 12,150,000 12,150,000 0 0 0 0 0 0 0 0 0 12,150,000
Net Equity 17,432,599 17,432,599 -176,833 -176,833 175,407 85,542 89,865 5,778 0 -91,641 175,728 17,431,173
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Individual Financial Statements/Statement of Value Added

(In thousands of Reais) Account Code Account Description Revenue 7.01 7.01.01 7.01.02 7.01.04 7.02 7.02.01 7.02.02 7.03 7.04 7.04.01 7.05 7.06 7.06.01 7.06.02 7.06.03 7.06.03.01 7.06.03.02 7.07 7.08 7.08.01 7.08.01.01 7.08.01.02 7.08.01.03 7.08.02 7.08.02.01 7.08.02.02 7.08.02.03 7.08.03 7.08.03.01 7.08.03.03 Sales of Goods, Products and Services Other Revenue Provision/Reversal of Allowance for Doubtful Accounts Inputs Acquired from Third Parties Cost of Products, Goods and Services Sold Materials, Energy, Third Party Services and Other Gross Value Added Retentions Depreciation, Amortization and Depletion Net Value Added Value Added Received in Transfer Equity in the Results Financial Income Other Actuarial Gains/(Losses) Net Foreign Exchange Variations Total Value Added to be Distributed Distribution of Value Added Personnel Direct Remuneration Benefits Severance Fund (FGTS). Taxes, Fees and Contributions Federal State Municipal Third Party Capital Remuneration Interest Other Accumulated Current Year 01/01/2012 to 06/30/2012 7,387,711 7,385,086 4,508 -1,883 -6,582,130 -6,327,629 -254,501 805,581 -388,133 -388,133 417,448 455,742 313,931 99,733 42,078 42,078 0 873,190 873,190 529,600 444,568 44,701 40,331 -95,924 72,130 -185,610 17,556 612,075 273,378 338,697 298,203 40,494 -172,561 -172,561 Accumulated Prior Year 01/01/2011 to 06/30/2011 7,301,018 7,287,091 23,019 -9,092 -6,620,757 -6,409,614 -211,143 680,261 -377,316 -377,316 302,945 644,646 205,455 146,720 292,471 43,439 249,032 947,591 947,591 444,281 337,009 70,891 36,381 -64,277 208,450 -289,650 16,923 357,126 313,669 43,457 0 43,457 210,461 210,461
7.08.03.03.01 Net Foreign Exchange Variations 7.08.03.03.02 Other Own Capital Remuneration 7.08.04 7.08.04.03 Retained Earnings/Losses for the Period
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Consolidated Financial Statements/Balance Sheet - Assets

(In thousands of Reais) Account Code 1 1.01 1.01.01 1.01.02 1.01.03 1.01.03.01 1.01.04 1.01.06 1.01.08 1.01.08.03 1.01.08.03.01 1.01.08.03.02 1.01.08.03.03 1.01.08.03.04 1.02 1.02.01 1.02.01.06 1.02.01.06.01 1.02.01.08 1.02.01.09 1.02.01.09.03 1.02.01.09.04 1.02.01.09.05 1.02.01.09.06 1.02.02 1.02.02.01 1.02.03 1.02.03.01 1.02.03.01.01 1.02.03.01.02 1.02.03.03 1.02.04 Account Description Total Assets Current Assets Cash and Cash Equivalents Financial Investments Accounts Receivable Trade Receivables Taxes Recoverable Taxes Recoverable Other Current Assets Other Advances on Supplies and Services Financial Instruments Dividends Receivable Other Accounts Receivable Non-Current Assets Long Term Receivables Deferred Taxes Deferred Income Tax and Social Contributions Credits with Related Parties Other Non-current Assets Judicial Deposits Financial Investments Taxes Recoverable Other Non-current Assets Investments Interest Corporation Property, plant and equipment Property, plant and equipment in Operation Property, plant and equipment in Operation Depreciation Construction in Progress Intangible Assets Current Quarter 06/30/2012 33,516,475 11,925,042 2,772,289 2,071,255 1,567,895 1,567,895 4,536,628 669,481 307,494 307,494 38,353 40,809 27,066 201,266 21,591,433 2,244,971 1,106,669 1,106,669 13,796 1,124,506 504,828 413,970 155,206 50,502 431,110 431,110 16,472,506 11,494,075 21,822,291 -10,328,216 4,978,431 2,442,846 Prior Year 12/31/2011 33,360,425 12,616,945 2,901,312 2,289,383 1,254,435 1,254,435 5,058,876 799,635 313,304 313,304 71,758 29,464 13,587 198,495 20,743,480 1,939,992 797,146 797,146 5,710 1,137,136 486,327 435,972 154,737 60,100 428,382 428,382 15,921,154 10,489,802 20,390,687 -9,900,885 5,431,352 2,453,952
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Consolidated Financial Statements/Balance Sheet Liabilities

(In thousands of Reais) Account Code 2 2.01 2.01.01 2.01.02 2.01.03 2.01.03.01 2.01.03.01.01 2.01.03.01.02 2.01.04 2.01.04.01 2.01.04.02 2.01.05 2.01.05.01 2.01.05.02 2.01.05.02.01 2.01.05.02.04 2.01.05.02.05 2.01.05.02.06 2.01.05.02.07 2.01.05.02.08 2.02 2.02.01 2.02.01.01 2.02.01.02 2.02.02 .02.02.01 2.02.02.02 2.02.02.02.03 2.02.02.02.04 2.02.02.02.05 2.02.02.02.06 2.02.03 2.02.03.01 2.02.04 2.02.04.01 2.02.04.01.05 2.02.04.02 2.02.04.02.03 2.02.04.02.04 2.03 2.03.01 2.03.01.01 2.03.01.02 2.03.02 Account Description Total Liabilities Current Liabilities Social and Labor Obligations Suppliers Tax Obligations Federal Tax Obligations Income Tax and Social Contributions Payable Taxes Payable Loans and Financing Loans and Financing Debentures Other Obligations Liabilities to Related Parties Other Dividends and Interest on Own Capital Payable Taxes Payable in Installments Financial Instruments Advances from Customers Acquisition of Minerao Ouro Negro Other Accounts Payable Non-Current Liabilities Loans and Financing Loans and Financing Debentures Other Obligations Liabilities to Related Parties Other Taxes Payable in Installments Financial Instruments Acquisition of Minerao Ouro Negro Other Accounts Payable Deferred Taxes Deferred Income Tax and Social Contributions Provisions Tax, Social, Labor and Civil Provisions Contingent Liabilities Other Provisions Provisions for Environmental Liabilities and Demobilization Provision Retirement Benefits Consolidated Equity Realized Capital Shares Common Shares Preferred Shares Capital Reserves Current Quarter 06/30/2012 33,516,475 5,452,214 317,590 2,297,765 167,326 167,326 55,680 111,646 1,882,630 1,623,089 259,541 786,903 95,227 691,676 954 57,227 38,187 245,582 172,490 177,236 9,276,047 6,839,573 6,839,573 0 859,819 0 859,819 20,425 497,385 258,736 83,273 23,181 23,181 1,553,474 236,397 236,397 1,317,077 82,897 1,234,180 18,788,214 12,150,000 6,055,436 6,094,564 3,917 Prior Year 12/31/2011 33,360,425 4,092,173 301,950 1,462,373 323,838 323,838 197,636 126,202 1,139,516 865,097 274,419 864,496 92,815 771,681 69,704 61,169 43,589 202,978 156,193 238,048 10,254,047 7,623,126 7,373,126 250,000 1,023,053 6,750 1,016,303 38,637 547,250 312,385 118,031 17,880 17,880 1,589,988 204,255 204,255 1,385,733 108,260 1,277,473 19,014,205 12,150,000 6,055,436 6,094,564 2,274
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Consolidated Financial Statements/Balance Sheet Liabilities

(In thousands of Reais) Account Code 2.03.02.07 2.03.02.08 2.03.02.09 2.03.04 2.03.04.01 2.03.04.10 2.03.04.11 2.03.05 2.03.06 2.03.06.01 2.03.06.02 2.03.06.03 2.03.06.04 2.03.06.05 2.03.06.06 2.03.09 Account Description Recognized Granted Options Premium on Share Subscriptions Treasury Stock Revenue Reserves Legal Reserve Other Revenue Reserves Unappropriated Dividends Retained Earnings/Accumulated Deficit Equity Valuation Adjustments Results from Capital Transactions Actuarial gains and losses Restatement of property, plant and equipment (IAS 29) Other Accumulated Translation Adjustments Cash Flow Hedge Reserve Non-controlling Interests Current Quarter 06/30/2012 3,917 105,295 -105,295 4,490,822 699,587 3,791,235 0 -161,322 525,136 871,258 -396,002 203,097 15,761 1,789 -170,767 1,779,661 Prior Year 12/31/2011 2,274 105,295 -105,295 4,517,043 699,587 3,791,235 26,221 0 614,476 871,258 -341,725 211,887 15,761 1,030 -143,735 1,730,412
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Consolidated Financial Statements/Statement of Income

(In thousands of Reais) Current Quarter 04/01/2012 to 06/30/2012 3,225,265 -3,066,955 158,310 -145,732 -97,497 -112,611 116,536 -65,510 13,350 12,578 -255,660 -243,082 156,570 -49,441 206,011 -86,512 0 0 -86,512 -101,726 15,214 Accumulated Current Year 01/01/2012 to 06/30/2012 6,111,499 -5,779,825 331,674 -341,987 -176,111 -223,360 137,795 -106,797 26,486 -10,313 -278,495 -288,808 165,496 -95,340 260,836 -123,312 0 0 -123,312 -172,561 49,249 Same Prior Year Quarter 04/01/2011 Accumulated Prior Year to 06/30/2011 01/01/2011 to 06/30/2011 3,025,659 -2,605,607 420,052 -184,617 -95,242 -135,635 29,326 3,213 13,721 235,435 45,615 281,050 -124,451 -114,175 -10,276 156,599 0 0 156,599 111,632 44,967 6,089,135 -5,370,364 718,771 -304,129 -206,382 -261,523 99,244 32,835 31,697 414,642 89,088 503,730 -206,191 -187,771 -18,420 297,539 -124,919 -124,919 172,620 85,542 87,078
Account Code 3.01 3.02 3.03 3.04 3.04.01 3.04.02 3.04.04 3.04.05 3.04.06 3.05 3.06 3.07 3.08 3.08.01 3.08.02 3.09 3.10 3.10.02 3.11 3.11.01 3.11.02 3.99 3.99.01 3.99.01.01 3.99.01.02 3.99.02 3.99.02.01 3.99.02.02
Account Description Revenue from Sales of Assets and/or Services Cost of Assets and/or Services Sold Gross Results Operating Expenses/Income Selling Expenses General and Administrative Expenses Other Operating Income Other Operating Expenses Equity in the Results Results Before Financial Results and Taxes Financial Results Results Before Taxes on Profit Income Tax and Social Contributions on Net Income Current Deferred Net Results from Continued Operations Net Results from Discontinued Operations Net Gains/Losses on Assets from Discontinued Operations Consolidated Net Income/Loss for the Period Attributed to Parent Company Shareholders Attributed to Non-controlling Interests Earnings per Share (Reais/ per share) Earnings per Share - Basic ON PN Earnings per Share - Diluted ON PN
-0.10200 -0.10000 -0.10200 -0.10000
-0.17000 -0.18000 -0.17000 -0.18000
0.11000 0.12000 0.11000 0.12000
0.08000 0.09000 0.08000 0.09000
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Consolidated Financial Statements/Comprehensive Statement of Income

(In thousands of Reais) Accumulated Current Year 01/01/2012 to 06/30/2012 -123,312 -80,550 -54,276 759 0 -27,033 -203,862 -253,111 49,249 Same Prior Year Quarter 04/01/2011 to 06/30/2011 156,599 -24,813 -40,564 15,751 0 0 131,786 86,819 44,967 Accumulated Prior Year 01/01/2011 to 06/30/2011 172,620 89,865 -91,641 175,728 5,778 0 262,485 175,407 87,078
Account Code 4.01 4.02 4.02.01 4.02.02 4.02.03 4.02.04 4.03 4.03.01 4.03.02
Account Description Consolidated Net Income for the Period Other Comprehensive Income Actuarial Gains/(Losses) on Retirement Benefits Foreign exchange variations on foreign associated companies and other changes Cash Flow Hedging in Associated Companies Hedge Accounting Consolidated Comprehensive Income for the Period Attributed to Parent Company Shareholders Attributed to Non-controlling Interests
Current Quarter 04/01/2012 to 06/30/2012 -86,512 -105,224 -41,268 1,043 0 -64,999 -191,736 -206,950 15,214
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Consolidated Financial Statements/Statement of Cash Flow Indirect Method

(In thousands of Reais) Account Code Account Description Cash Flow from Operating Activities 6.01 6.01.01 6.01.01.01 6.01.01.02 6.01.01.03 6.01.01.04 6.01.01.05 6.01.01.06 6.01.01.07 6.01.01.08 6.01.01.09 6.01.01.10 6.01.01.11 6.01.02 6.01.02.01 6.01.02.02 6.01.02.03 6.01.02.04 6.01.02.05 6.01.02.06 6.01.02.07 6.01.02.08 6.01.02.09 6.01.02.10 6.01.02.11 6.01.02.12 6.01.02.13 6.01.02.14 6.01.02.15 6.02 6.02.01 6.02.02 6.02.03 6.02.04 6.02.05 6.02.06 6.03 6.03.01 6.03.02 6.03.03 6.03.04 6.03.05 6.04 6.05 Cash Generated in Operations Net Income/(Loss) for the year Indexation charges and foreign exchange gains/(losses), net Interest expenses Depreciation and amortization Results from the sale of property, plant and equipment Result from the disposal of discontinued operations Equity in the results Deferred Income Tax and Social Contributions Constitution/(Reversal) of Provisions Actuarial Losses/(Gains) Stock Option Plan Changes in Assets and Liabilities Marketable Securities Trade Receivables Inventory Taxes Recoverable Judicial Deposits Receivables from related companies Other (increases)/decreases in liabilities Suppliers Payables to related companies Advances from customers Taxes payable Payment of actuarial liabilities Other increase/(decrease) in liabilities Interest paid Income tax and social contributions payable Cash Flow from Investment Activities Amount received on disposal of investments Purchases of property, plant and equipment Amount Paid on Acquisition of Investments Dividends received Purchases of intangible assets Proceeds from sales of fixed assets Cash Flow from Financing Activities New borrowings, financing and debentures Repayment of borrowing, financing and debentures Taxes paid in installments Settlement of swap transactions Dividends and interest on own capital paid Exchange gains/losses on Cash and Cash Equivalents Increase/(Decrease) in Cash and Cash Equivalents Accumulated Current Year 01/01/2012 to 06/30/2012 1,425,846 538,778 -123,312 384,722 150,210 458,828 685 0 -26,486 -260,836 -4,598 -42,078 1,643 887,068 218,128 -313,460 522,248 71,968 -30,166 -8,086 48,972 835,392 -4,338 42,604 -14,556 -82,484 62,161 -281,735 -179,580 -1,024,186 0 -914,758 -92,152 8,121 -26,188 791 -539,168 371,860 -784,616 -18,302 -14,048 -94,062 8,485 -129,023 Accumulated prior Year 01/01/2011 to 06/30/2011 -1,126,995 680,647 172,620 -216,681 249,766 428,400 -18,355 124,919 -31,697 18,420 -3,306 -43,439 0 -1,807,642 -1,591,410 114,618 -344,925 -158,373 -31,651 126 -46,921 519,796 -25,464 99,460 10,200 -77,844 -101,098 -250,295 -126,057 512,889 1,656,740 -1,154,988 -63 12,320 -2,379 1,259 121,540 909,001 -412,017 -14,808 -19,626 -341,010 -12,868 -505,434
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Consolidated Financial Statements/Statement of Cash Flow Indirect Method

(In thousands of Reais) Account Code Account Description Opening Balance of Cash and Cash Equivalents 6.05.01 6.05.02 Closing Balance of Cash and Cash Equivalents Accumulated Current Year 01/01/2012 to 06/30/2012 2,901,312 2,772,289 Accumulated prior Year 01/01/2011 to 06/30/2011 4,145,779 3,640,345
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Consolidated Financial Statements/Statements of Changes in Equity - 01/01/2012 to 06/30/2012

(In thousands of Reais) Paid up Capital Account Description Opening Balances Adjusted Opening Balances Capital Transactions with Shareholders Recognized Granted Options Interest on Own Capital Prescribed Dividends Total Comprehensive Results Net Income for the Period Other Comprehensive Results Adjustments to Property, Plant and Equipment - IAS 29 Hedge Accounting Constitution Actuarial Losses/(Gain) on Retirement Benefits Foreign exchange variations in foreign subsidiaries Closing Balance 12,150,000 12,150,000 0 0 0 0 0 0 0 0 0 0 0 12,150,000 Capital Reserves, Options Granted and Treasury Stock 2,274 2,274 1,643 1,643 0 0 0 0 0 0 0 0 0 3,917 Revenue Reserves 4,517,043 4,517,043 -26,221 0 -26,221 0 0 0 0 0 0 0 0 4,490,822 Retained Earnings/ Accumulated Deficit 0 0 2,449 1,540 0 909 -163,771 -172,561 8,790 8,790 0 0 0 -161,322 Other Comprehensive Results 614,476 614,476 -26,2210 0 0-26,221 0 -89,340 0 -89,340 -8,790 -27,0323 -54,2776 759 525,136 Net Equity 17,283,793 17,283,793 -22,129 3,183 -26,221 909 -253,111 -172,561 -80,550 0 -27,033 -54,2776 759 17,008,553 Noncontro lling Interest 1,730,412 1,730,412 0 0 0 0 49,249 49,249 0 0 0 0 0 1,779,661 Consolidated Net Equity 19,014,205 19,014,205 -22,129 3,183 -26,221 909 -203,862 -123,312 -80,550 0 -27,0323 -54,2776 759 18,788,214
Account Code 5.01 5.03 5.04 5.04.03 5.04.07 5.04.08 5.05 5.05.01 5.05.02 5.05.02.06 5.05.02.07 5.05.02.08 5.05.02.09 5.07
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Consolidated Financial Statements/Statements of Changes in Equity - 01/01/2011 to 06/30/2011

(In thousands of Reais) Capital Reserves, Options Granted and Treasury Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 Retained Earnings/ Accumulated Deficit 0 0 0 0 0 96,604 85,542 11,062 0 0 0 11,062 96,604 Other Comprehensive Results 788,774 788,774 0 0 0 78,803 0 78,803 5,778 -91,641 175,728 -11,062 867,577
Account Code 5.01 5.03 5.04 5.04.06 5.04.07 5.05 5.05.01 5.05.02
Account Description Opening Balances Adjusted Opening Balances Capital Transactions with Shareholders Dividends Interest on Own Capital Total Comprehensive Result Net Income for the Period Other Comprehensive Results
Paid up Capital 12,150,000 12,150,000 0 0 0 0 0 0 0 0 0 0 12,150,000
Revenue Reserves 4,493,825 4,493,825 -176,833 0 -176,833 0 0 0 0 0 0 0 4,316,992
Net Equity 17,432,599 17,432,599 -176,833 0 -176,833 175,407 85,542 89,865 5,778 -91,641 175,728 0 17,431,173
Noncontrolling Interest 1,596,838 1,596,838 -6,706 -6,706 0 87,078 87,078 0 0 0 0 0 1,677,210
Consolidated Net Equity 19,029,437 19,029,437 -183,539 -6,706 -176,833 262,485 172,620 89,865 5,778 -91,641 175,728 0 19,108,383
5.05.02.06 Hedge Accounting Constitution Actuarial Loss/(Gain) on 5.05.02.07 Retirement Benefits Foreign exchange Variations in 5.05.02.08 Foreign Subsidiaries Adjustments to Property, Plant 5.05.02.09 and Equipment - IAS 29 5.07 Closing Balances
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Consolidated Financial Statements/Statement of Value Added

(In thousands of Reais) Account Code 7.01 7.01.01 7.01.02 7.01.04 7.02 7.02.01 7.02.02 7.03 7.04 7.04.01 7.05 7.06 7.06.01 7.06.02 7.06.03 7.06.03.01 7.06.03.02 7.07 7.08 7.08.01 7.08.01.01 7.08.01.02 7.08.01.03 7.08.02 7.08.02.01 7.08.02.02 7.08.02.03 7.08.03 7.08.03.01 7.08.03.03 7.08.03.03.01 7.08.03.03.02 7.08.04 7.08.04.03 7.08.04.04 Account Description Revenue Sales of Goods, Products and Services Other Revenue Provision/Reversal of Allowance for Doubtful Accounts Inputs Acquired from Third Parties Costs of Products, Goods and Services Sold Materials, Energy, Third Party Services and Other Gross Value Added Retentions Depreciation, Amortization and Depletion Net Value Added Value Added Received in Transfer Equity in Results Financial Income Other Actuarial Gains and Losses Net Foreign Exchange Variations Total Value Added to be Distributed Distribution of Value Added Personnel Direct Remuneration Benefits Severance Fund (FGTS) Taxes, Fees and Contributions Federal State Municipal Remuneration of Third Party Capital Interest Other Net Foreign Exchange Variations Other Remuneration of Own Capital Retained Earnings/Losses for the Period Non-controlling Interest in Retained Earnings Accumulated Current Year 01/01/2012 to 06/30/2012 8,056,001 8,053,977 4,936 -2,912 -6,984,025 -6,515,394 -468,631 1,071,976 -458,828 -458,828 613,148 302,129 26,486 233,565 42,078 42,078 0 915,277 915,277 889,451 772,324 56,123 61,004 -362,922 8,778 -395,013 23,313 512,060 344,892 167,168 188,079 -20,911 -123,312 -172,561 49,249 Accumulated Prior Year 01/01/2011 to 06/30/2011 8,181,142 8,167,975 23,644 -10,477 -6,841,201 -6,453,298 -387,903 1,339,941 -428,400 -428,400 911,541 494,749 31,697 294,767 168,285 43,439 124,846 1,406,290 1,406,290 877,261 728,626 85,354 63,281 -99,035 326,760 -453,697 27,902 330,525 334,802 -4,277 0 -4,277 297,539 210,461 87,078
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ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A Management Report/Comment on the Performance COMMENTS ON CONSOLIDATED PERFORMANCE FOR THE SECOND QUARTER OF 2012
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Results In the second quarter of 2012 USIMINAS recorded a loss of R$ 87 million, against a loss of R$ 37 million in the first quarter. The increase in the loss for the current quarter was mainly due to foreign exchange losses amounting to R$ 204 million (Foreign Exchange gains amounting to R$ 16 million in the prior quarter), reflecting the devaluation of the Real against the US Dollar by 10.93% (the prior quarter saw the Real appreciate at 2.86%). The foreign exchange losses have been partially offset by operating gains as tax concessions (Reintegra) amounting to R$ 35 million and gains relating to the refunding of import fees amounting to R$ 34 million in the current quarter.
Sales Revenue Net sales revenue for the quarter was 12% higher due to the increase in the sale of steel laminated products by 376 thousand tons, or an increase of 26% in relation to the previous quarter. The average price of laminated products sold in the foreign market was 3% higher, increasing from R$ 1,265 per ton in the first quarter to R$ 1,302 per ton in the second quarter. This was partially due to the appreciation of the US Dollar in the period. The prices for the domestic market were stable.
Cost of Sales 1Q 2012 Cost of sales - Consolidated (2,713) Cost of sales/Net revenue % - Consolidated - 94.0% -95.1% 1% (3,067) 13% (354) 2 Q 2012 In thousands of Reais Variation Variation % (R$)
The increase in costs by 13% mainly reflects the increase in sales volume by the steel company at 376 thousand tons.
Operating Income (Expenses) Selling expenses increased by R$ 18 million, a result of higher port expenses arising from the increase in the export of steel products at 295 thousand tons and increase in ore exports at 209 thousand tons. Administrative expenses remained stable across the quarters. Other operating income (expenses) increased from negative R$ 20 million in the first quarter to R$ 51 million in the second quarter due to gains of R$ 35 million in export incentives (Reintegra) and gains related to refunds of import fees amounting to R$ 34 million.
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ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A Management Report/Comment on the Performance
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Financial Result The increase in financial expenses arose mainly from foreign exchange losses reflecting the devaluation of the Real before the US Dollar at 10.93% (prior quarter appreciation of the Real was 2.86%) Production Indicators Ipatinga and Cubato Plants Liquid steel Crude steel Cock Laminated First quarter 2012 1,699 1,672 731 1,630 In thousand tons Second quarter 2012 1,874 1,845 715 1,846
Mining Production Sales to third parties Transferred/sold to the plants
First quarter 2012 1,854 478 1,252
In thousand tons Second quarter 2012 1,518 425 1,073
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Explanatory Notes 1 Operations Usinas Siderrgicas de Minas Gerais S.A. USIMINAS (USIMINAS or the Company), headquartered in Belo Horizonte, State of Minas Gerais, operates in the steel industry and related activities. The Company produces flat rolled carbon steel at the Intendente Cmara plant in Ipatinga, State of Minas Gerais, and the Jos Bonifcio de Andrada e Silva plant in Cubato, State of So Paulo, for the Brazilian domestic and export markets. The Company, through its subsidiaries, jointly-controlled and associated companies (collectively, the Usiminas companies), has several service and distribution centers in Brazil, in addition to the Cubato and Praia Mole ports located in the states of So Paulo and Esprito Santo, respectively, as strategic ports for shipping of its production. The activities of the Usiminas Companies are described in Note 1 to the financial statements for the year ended December 31, 2011, filed with the Brazilian Securities Commission (CVM). The Company's shares are listed for trading on the stock exchange in So Paulo (BM&FBOVESPA) under the tickers USIM3 and USIM5. As described in Note 43.2, Ternium S.A (Ternium), executed an agreement to purchase the interests of the companies group Votorantim and Camargo Corra Cimentos S.A. in USIMINAS, in addition to part of the shares held by Caixa dos Empregados da Usiminas (CAIXA), in the amount totaling 139.7 million shares, or 27.7% of the Companys voting capital. After the approval of the transaction, the controlling group of USIMINAS comprises Nippon (46.1%), Ternium and Tenaris (43.3%) and CAIXA (10.6%). The completion of the transactions and, as a consequence, the effectiveness of the New Shareholders Agreement occurred on January 16, 2012, according to a Material Fact notice disclosed to the market on January 17, 2012. The Company has been implementing measures to improve the operating performance, with a reduction in its level of indebtedness and the maintenance of a high liquidity level. These include an increase in the level of use of the installed capacity in the plants, with better absorption of fixed costs, a reduction of structural expenses (selling and administrative), working capital reduction, especially of inventories of work in process, finished products and warehouse inventory, and the reduction of investments in capex, should be highlighted. In addition, the Company has a significant volume of cash held by foreign subsidiaries.
Interim Financial Statements The issue of these interim financial statements included in this Quarterly Information (ITR) off the Parent Company and the Consolidated statements were considered and approved by the Company Board of Directors on July 30, 2012.
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Explanatory Notes 3 Presentation of the Interim Financial Statements and Summary of Principal Accounting Policies The principal accounting policies applied in the preparation of these financial statements are consistent with the policies described in Note 3 to the Companys Financial Statements for the year ended December 31, 2011 as filed with the CVM. These policies have been consistently adopted for all of the years presented, unless otherwise stated. 3.1 (a) Preparation basis Individual interim financial statements Parent Company The individual interim financial statements of USIMINAS, presented as Parent Company, have been prepared in accordance with CPC 21 - Interim Statements, based on the rules and regulations of the CVM. These interim financial statements should be read together with the Company financial statements for the year ended December 31, 2011.
(b)
Consolidated interim financial statements The consolidated interim statements, (Consolidated), have been prepared and are being presented in accordance with CPC 21 - Interim Statements, in accordance with CVM regulations. They have also been prepared in accordance with IAS 34 - Presentation of Interim Financial Reports, based on CVM rules. These interim financial statements should be read together with the Company Financial Statements for the year ended December 31, 2011.
3.2
Accounting standards, amendments and interpretations that are not yet effective In the six month period ended June 30, 2012 no standards, amendments and interpretations, except for those disclosed in Note 3.24 to the Companys financial statements for the year ended December 31, 2011, have been issued, nor amendments related to expected effects that have been previously disclosed that could affect the interim financial statements.
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Explanatory Notes 4 Financial Risk Management As at June 30, 2012, no alterations in the policies for the management of financial risks occurred in relation to those disclosed in the Companys financial statements for the year ended December 31, 2011. There were no significant alterations to the information related to: (a) the cash flow of financial instruments, (b) foreign currency denominated assets and liabilities, (c) new loans and financing and debentures by currency and interest rate, (d) the financial leverage index, (e) the classification of assets and liabilities measured at fair value, (f) the fair value of loans and financing and of other financial assets and liabilities in relation to those disclosed in the Companys financial statements at December 31, 2011 and, accordingly, Management decided not to repeat them in these interim financial statements as at June 30, 2012. 4.1 Sensitivity analysis In the preparation of the sensitivity analysis for derivative financial instruments, the Company used the quotations available in the financial market (Broadcast, Bloomberg, BM&F). These quotations were used to calculate the future amounts of swap transactions and NDF to present the scenario considered to be probable by Management. Additionally, Scenarios II and III were based on stress factors of 25% and 50% from the base risk level deemed as probable by management.
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Explanatory Notes
(a)
(i)
Exchange rate and interest risk Parent company
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Explanatory Notes (ii) Consolidated
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Explanatory Notes
(b)
(i)
Sensitivity analysis of loans and financing Parent company
(i)
Consolidated
As at June 30, 2012, considering the foreign currency variations of 5% in comparison to the Real, the impact of this variation on loans and financing would be R$233,902 (December 31, 2011 R$277,387) in the Parent Company, and R$220,272 (December 31, 2011 R$212,411) in the Consolidated figures. The net balance of trade receivables, financial investments and payables in foreign currency are not material and, therefore, do not represent significant risks arising from the foreign exchange volatility.
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Explanatory Notes
Derivative financial instruments

The Usiminas companies carry out swap and NDF transactions with the objective of hedging against and managing risks inherent to the volatility of foreign currencies, interest rates, prices and other variables. These transactions aim to mitigate exposure to foreign exchange risks and abrupt changes in the prices of commodities (aluminum, nickel, copper and zinc). The Usiminas companies do not enter into financial instrument transactions for speculative purposes. The Company generally does not settle transactions prior to their respective original due dates and do not prepay their derivative financial instruments.
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Explanatory Notes The transactions involving derivative financial instruments are summarized as follow:
(a) Parent Company

INDEX Maturity month/year Asset position 06/30/2012 Liability position Asset position NOTIONAL VALUE (contracted value - Notional) 06/30/2012 Liability position Asset position 12/31/2011 Liability position Asset position 06/30/2012 Liability position Asset position FAIR VALUE (MARKET) -BOOK 12/31/2011 Liability position Gain (loss) in the result for the period 06/30/2012 Gain (loss)
EXCHANGE RATES HEDGE (SWAP)
Credit Suisse Pre-pagamento Citibank Pre-pagamento HSBC Banco do Brasil S.A MERRIL LYNCH ABN AMRO ABN AMRO
02/09 a 02/14 07/10 a 03/15 10/09 a 03/13 04/10 a 03/13 09/10 a 09/16 01/08 a 01/18 13/06/2016
US Dollar at 2,3784 + libor US Dollar at 2,0261 + libor US Dollar at 2,0261 + libor Pre fixed rate 11.48% p.a. Libor + 0,83% Yen at 0,0163307 Yen at 0,019887
100% CDI US Dollar at 2,0261 + 4,23% US Dollar at 2,0261 +3,3375% 98% CDI 3,05% p.a. US Dollar at 1,7536 US Dollar at 2,2672
US$ 70.000 US$ 300.000 US$ 300.000 R$ 300.000 US$ 96.000 JPY 42.952.000 JPY 22.800.000
US$ 70.000 US$ 300.000 US$ 300.000 R$ 300.000 US$ 96.000 US$ 400.000 US$ 200.000
US$ 70.000 US$ 300.000 US$ 300.000 R$ 300.000 US$ 96.000 JPY 42.952.000 JPY 22.800.000
US$ 70.000 US$ 300.000 US$ 300.000 R$ 300.000 US$ 96.000 US$ 400.000 US$ 200.000
4.982 603.464 349.286 392.490 176.921 1.261.915 640.842
(9.198) (626.743) (352.693) (374.350) (186.902) (1.020.013) (492.552)
6.737 555.126 483.124 367.894 168.468 1.191.394 615.282
(12.816) (580.281) (489.146) (357.599) (176.610) (934.863) (457.413)
(2.486) (4.644) (1.322) 7.845 (3.318) (19.853) (13.873)
3.429.900
(3.062.451)
3.388.025
(3.008.728)
(37.651)
Accounting balance (net asset position liability position)
367.449
379.297 Result from settled transactions Result for the period - Financial income (expenses)
(37.651) (2.843) (40.494)
HEDGING OF PRODUCT PRICE - NDF
HSBC Bank HSBC Bank Goldman Sacks MERRIL LYNCH MERRIL LYNCH Citibank Standard Chartered Bank S.A. Standard Chartered Bank S.A. VOTORANTIM S.A. BRADESCO S.A.
15/02/2012 17/01/2012 17/01/2012 15/02/2012 15/03/2012 15/03/2012 13/07/2012 31/07/2012 15/08/2012 14/09/2012
US Dollar at 1,8445 US Dollar at 1,841 US Dollar at 1,843 US Dollar at 1,843 US Dollar at 1,8609 US Dollar at 1,9382 US Dollar at 2,0223 US Dollar at 2,027 US Dollar at 2,0338 US Dollar at 2,0395
Sale PTAX Sale PTAX Sale PTAX Sale PTAX Sale PTAX Sale PTAX Sale PTAX Sale PTAX Sale PTAX Sale PTAX USD 57.728 USD 22.581 USD 111.788 USD 33.542 USD 57.728 USD 22.581 USD 111.788 USD 33.542
USD 9.189 USD 24.920 USD 3.410 USD 35.378 USD 14.191 USD 4.368
USD 9.189 USD 24.920 USD 3.410 USD 35.378 USD 14.191 USD 4.368 116.392 45.471 225.120 67.313 (115.980) (45.390) (225.069) (67.445)
64.360 6.255 15.258 25.565 25.873 8.295
(66.100) (6.361) (15.536) (26.138) (26.502) (8.029) 412 81 51 (132)
454.296
(453.884)
145.606
(148.666)
412
412
(3.060) Result from settled transactions Result for the period - Operating income (expenses)
412 10.206 10.618
HEDGING OF PRODUCT PRICE - COMMODITIES
SANTANDER SA (ZINCO) Citibank (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO)
02/02/2012 02/03/2012 02/02/2012 02/03/2012 03/04/2012 03/05/2012 04/06/2012 03/07/2012 02/08/2012 04/09/2012 02/10/2012 05/11/2012 04/12/2012 03/01/2013 03/07/2012 02/08/2012 04/09/2012
Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax
Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax USD 149 USD 151 USD 151 USD 151 USD 151 USD 151 USD 151 USD 1.195 USD 1.195 USD 1.195 USD 149 USD 151 USD 151 USD 151 USD 151 USD 151 USD 151 USD 1.195 USD 1.195 USD 1.195
USD 1.387 USD 1.412 USD 148 USD 148 USD 148 USD 149 USD 149 USD 149 USD 151 USD 151 USD 151 USD 151 USD 151 USD 151
USD 1.387 USD 1.412 USD 148 USD 148 USD 148 USD 149 USD 149 USD 149 USD 151 USD 151 USD 151 USD 151 USD 151 USD 151 304 2.282 304 2.282 304 2.280 304 304 304 305 (302) (2.415) (305) (2.415) (305) (2.415) (305) (305) (305) (306)
1.879 1.926 273 274 275 276 276 277 278 279 280 281 282 283
(2.602) (2.649) (277) (277) (277) (280) (280) (280) (283) (283) (283) (284) (284) (284) 5 4 3 2 1 1 (132) (133) (136)
TOTAL
8.973
(9.378)
7.139
(8.623)
(385)
(405)
(1.484) Result from settled transactions Result for the period - Cost of Sales
(385) (787) (1.172)
367.456
374.753 Result from settled transactions Total Result with Financial Instruments
(37.624) 6.576 (31.048)
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Explanatory Notes
(b) Consolidated
INDEX NOTIONAL VALUE (contracted value - Notional) FAIR VALUE (MARKET) -BOOK Gain (loss) in the result for the period 12/31/2011 Asset position Liability position 06/30/2012 Gain (loss)
Maturity month/year Asset position
06/30/2012 Liability position Asset position
06/30/2012 Liability position
12/31/2011 Asset position Liability position Asset position
06/30/2012 Liability position
EXCHANGE RATES HEDGE (SWAP)
Credit Suisse Pre-pagamento Citibank Pre-pagamento HSBC Banco do Brasil S.A MERRIL LYNCH ABN AMRO ABN AMRO ABN AMRO ABN AMRO Ita BBA
02/09 a 02/14 07/10 a 03/15 10/09 a 03/13 04/10 a 03/13 09/10 a 09/16 01/08 a 01/18 13/06/2016 01/08 a 01/18 13/06/2016 23/06/2014
US Dollar at 2,3784 + libor US Dollar at 2,0261 + libor US Dollar at 2,0261 + libor Pre fixed rate 11.48% p.a. Libor + 0,83% Yen at 0,0163307 Yen at 0,019887 US$ 0.0825 US$
100% CDI US Dollar at 2,0261 + 4,23%
US$ 70.000 US$ 300.000
US$ 70.000 US$ 300.000 US$ 300.000 R$ 300.000 US$ 96.000 US$ 400.000 US$ 200.000 JPY 42.952.000 JPY 22.800.000 US$ 30.000
US$ 70.000 US$ 300.000 US$ 300.000 R$ 300.000 US$ 96.000 JPY 42.952.000 JPY 22.800.000 US$ 400.000 US$ 200.000 US$ 30.000
US$ 70.000 US$ 300.000 US$ 300.000 R$ 300.000 US$ 96.000 US$ 400.000 US$ 200.000 JPY 42.952.000 JPY 22.800.000 US$ 30.000
4.982 603.464 349.286 392.490 176.921 1.261.915 640.842 1.105.869 523.457 30.555
(9.198) (626.743) (352.693) (374.350) (186.902) (1.020.013) (492.552) (1.392.652) (688.442) (27.036)
6.737 555.126 483.124 367.894 168.468 1.191.394 615.282 1.028.656 492.767 36.126
(12.816) (580.281) (489.146) (357.599) (176.610) (934.863) (457.413) (1.352.657) (673.122) (31.926)
(2.486) (4.644) (1.322) 7.845 (3.318) (19.853) (13.873) 42.546 19.746 (887)
US Dollar at 2,0261 +3,3375% US$ 300.000 98% CDI 3,05% p.a. US Dollar at 1,7536 US Dollar at 2,2672 JPY 0,04275 2,775% + 25% IR p.a. R$ 300.000 US$ 96.000 JPY 42.952.000 JPY 22.800.000 US$ 400.000 US$ 200.000 US$ 30.000
5.089.781
(5.170.581)
4.945.574
(5.066.433)
23.754
(80.800)
(120.859) Result from settled transactions Result for the period - Financial income (expenses)
23.754 (2.843) 20.911
HEDGING OF PRODUCT PRICE - NDF
HSBC Bank HSBC Bank Goldman Sacks MERRIL LYNCH MERRIL LYNCH Citibank Standard Chartered Bank S.A. Standard Chartered Bank S.A. VOTORANTIM S.A. BRADESCO S.A.
15/02/2012 17/01/2012 17/01/2012 15/02/2012 15/03/2012 15/03/2012 13/07/2012 31/07/2012 15/08/2012 14/09/2012
US Dollar at 1,8445 US Dollar at 1,841 US Dollar at 1,843 US Dollar at 1,843 US Dollar at 1,8609 US Dollar at 1,9382 US Dollar at 2,0223 US Dollar at 2,027 US Dollar at 2,0338 US Dollar at 2,0395
Sale PTAX Sale PTAX Sale PTAX Sale PTAX Sale PTAX Sale PTAX Sale PTAX Sale PTAX Sale PTAX Sale PTAX USD 57.728 USD 22.581 USD 111.788 USD 33.542 USD 57.728 USD 22.581 USD 111.788 USD 33.542
USD 9.189 USD 24.920 USD 3.410 USD 35.378 USD 14.191 USD 4.368
USD 9.189 USD 24.920 USD 3.410 USD 35.378 USD 14.191 USD 4.368 116.392 45.471 225.120 67.313 (115.980) (45.390) (225.069) (67.445)
64.360 6.255 15.258 25.565 25.873 8.295
(66.100) (6.361) (15.536) (26.138) (26.502) (8.029) 412 81 51 (132)
454.296
(453.884)
145.606
(148.666)
412
412
(3.060) Result from settled transactions Result for the period - Operating income (expenses)
412 10.206 10.618
PROTEO DE PREO DE PRODUTO - COMMODITIES
SANTANDER SA (ZINCO) Citibank (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO) Barclays (ZINCO)
02/02/2012 02/03/2012 02/02/2012 02/03/2012 03/04/2012 03/05/2012 04/06/2012 03/07/2012 02/08/2012 04/09/2012 02/10/2012 05/11/2012 04/12/2012 03/01/2013 03/07/2012 02/08/2012 04/09/2012
Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax Average price (Zn) x Ptax
Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax Call position (Zn) x Ptax USD 149 USD 151 USD 151 USD 151 USD 151 USD 151 USD 151 USD 1.195 USD 1.195 USD 1.195 USD 149 USD 151 USD 151 USD 151 USD 151 USD 151 USD 151 USD 1.195 USD 1.195 USD 1.195
USD 1.387 USD 1.412 USD 148 USD 148 USD 148 USD 149 USD 149 USD 149 USD 151 USD 151 USD 151 USD 151 USD 151 USD 151
USD 1.387 USD 1.412 USD 148 USD 148 USD 148 USD 149 USD 149 USD 149 USD 151 USD 151 USD 151 USD 151 USD 151 USD 151 304 2.282 304 2.282 304 2.280 304 304 304 305 (302) (2.415) (305) (2.415) (305) (2.415) (305) (305) (305) (306)
1.879 1.926 273 274 275 276 276 277 278 279 280 281 282 283
(2.602) (2.649) (277) (277) (277) (280) (280) (280) (283) (283) (283) (284) (284) (284) 5 4 3 2 1 1 (132) (133) (136)
TOTAL
8.973
(9.378)
7.139
(8.623)
(385)
(405)
(1.484) Result from settled transactions Result for the period - Cost of Sales
(385) (787) (1.172)
(80.793)
(125.403) Result from settled transactions Total Result with financial Instruments
23.781 6.576 30.357
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Explanatory Notes The transactions involving derivative financial instruments are summarized as follows:
Parent Company 06/30/2012 Current assets Non- current assets Current liabilities Non-current liabilities 18,687 407,451 (38,187) (20,495) 367,456 12/31/2011 10,560 431,772 (43,589) (23,990) 374,753 06/30/2012 40,809 413,970 (38,187) (497,385) (80,793) Consolidated 12/31/2011 29,464 435,972 (43,589) (547,250) (125,403)
Parent Company 06/30/2012 Result Cost of assets and/or services sold Other operating income (expenses), net In financial results (1,172) 10,618 (40,494) (31,048) (42,971) (48,228) (5,257) (1,172) 10,618 20,911 30,357 06/30/2011 06/30/2012
Consolidated 06/30/2011
(5,257)
5,466 209
(c)
Hedging activities cash flow hedging (hedge accounting) On August 1, 2011, the Company designated some export prepayment transactions as hedging instruments against part of the foreign exchange risk arising from highly probable future transactions (exports). The purpose of the hedge accounting adoption is consistent with the risk management strategy to reduce the impacts from foreign exchange rate volatility on the financial statements due to an accounting mismatch generated by future transactions not recognized in the books. The application of the hedge accounting involves the recognition of the net effect on the result of gains and losses from the changes in the fair value of the hedging instruments and hedging objects at the same time.
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Explanatory Notes The export prepayment transactions designated as hedging instruments are as follow:
Parent Company and Consolidated Principal balance Nominal value
US$
thousands Interest rate Libor + 1.25% p.a. 45,000 40,000 Libor + 0.65% p.a. Libor + 4% p.a. Libor + 2.317% p.a. Libor + 1.1% to 1.35% p.a. Maturity 06/30/2012 12/31/2011
BNP Paribas Club Deal (Mizuho, Tokio Mitsubishi, West LB) Credit Suisse Bawag PSK Sindicato (HSBC)
2012 2012 to 2013 2014 2012 2012 to 2015 952,899 1,124,710 612,953 511,757 90,959 80,852
13,643 112,548 93,790 13,534 1,045,089 1,278,604 493,692 784,912
471,429 556,429
In current liabilities In non current liabilities
The recognition of hedge accounting in equity is as follows:

Parent Company and Consolidated 06/30/2012 Initial balance recognized in equity Amount recognized in the period Amount reversed from equity to export revenue Taxes on deferred profits (34%) Final balance recognized in equity (143,735) (73,099) 32,141 13,925 (170,768) (229,714) 11,933 74,046 (143,735) 12/31/2011
On June 30, 2012, the Company conducted prospective and retrospective effectiveness tests in conformity with IAS 39/CPC 38. Those tests showed 100% of effectiveness for the export prepayment transactions defined as hedging instruments, as well as for exports defined as hedging objects.
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Explanatory Notes 6 Cash and Cash Equivalents Cash and cash equivalents include the financial assets as follow:
Parent Company 12/31/2011 Fair value through results Total 29,379 12,223 248,619 73,365 363,586
06/30/2012 Loans and receivables Current account Offshore current account Certificates of deposit CDBs Offshore time deposits 45,233 71,180 498,148 32,331 148,744 498,148 Fair value through results Loans and receivables 29,379 12,223
Total 45,233 71,180 498,148 32,331 646,892
248,619 73,365 114,967 248,619
06/30/2012 Loans and receivables Current account Offshore current account Certificates of deposit CDBs Offshore time deposits 60,896 97,397 2,441,774 172,222 330,515 2,441,774 Fair value through results Loans and receivables 72,142 33,846 2,721,957 73,367 179,355 2,721,957
Consolidated 12/31/2011 Fair value through results
Total 60,896 97,397 2,441,774 172,222 2,772,289
Total 72,142 33,846 2,721,957 73,367 2,901,312
The average yield of certificates of deposit was a spread over the Interbank Deposit Certificate rate (CDI) from 100% to 103%.
Marketable securities Marketable securities include financial assets classified as loans and receivables, as follow:
Parent Company 12/31/2011 Financial investments abroad 124,396 124,396 Consolidated 12/31/2011 2,289,383 2,289,383
06/30/2012 2,071,255 2,071,255
Although the investments have immediate liquidity, they were classified as marketable securities as they are subject to foreign exchange variations and/or a pre-fixed interest rates. Financial investments overseas are remunerated at fixed interest rates plus foreign exchange gains/losses.
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Explanatory Notes 8 Trade Receivables

Parent Company 12/31/2011 517,997 144,948 (107,868) 555,077
06/30/2012 Brazilian customers Export customers Provision for losses on trade receivables Trade receivables, net 697,984 254,915 (109,752) 843,147
06/30/2012 1,305,706 369,967 (128,916) 1,546,757
Consolidated 12/31/2011 1,124,237 238,468 (126,149) 1,236,556
Receivables from related parties
344,976 1,188,123
228,443 783,520
21,138 1,567,895
17,879 1,254,435
Trade receivables have no financing characteristics and are initially assessed and recorded at fair value.
Inventory
Parent Company 06/30/2012 Finished goods Work in progress Raw materials Supplies and spare parts Imports in transit Other 949,011 1,199,016 512,217 675,834 72,667 244,752 3,653,497 12/31/2011 1,143,730 1,706,518 514,088 729,966 108,890 60,481 4,263,673 06/30/2012 1,270,289 1,263,467 912,336 770,550 77,436 242,550 4,536,628 Consolidated 12/31/2011 1,463,147 1,752,084 857,639 807,774 109,184 69,048 5,058,876
As at June 30, 2012, the Company held inventory of R$15, 496 (December 31, 2011 - R$17,463) offered as guarantees for judicial processes.
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Explanatory Notes 10 Taxes Recoverable

Parent Company 06/30/2012 Current Non-current Current 12/31/2011 Non-current
Prepayments of income tax Prepayments of social contributions Social Integration Program (PIS) Social Contributions on Revenue (COFINS) Value-added Tax on Sales and Services (ICMS) Excise Tax (IPI) Export credit - Reintegra Import credits recoverable Other
34,805 137 61,490 245,185 121,364 3,254 20,809 34,384 1,701 523,129 11,709 97,925 1,038 4,781 80,397
86,926 70,040 67,331 305,338 110,464 3,933 2,480 11,425 95,165
2,128 646,160
14,311 123,381 Consolidated
06/30/2012 Current Prepayments of income tax Prepayments of social contribution Social Integration Program (PIS) Social Contribution on Revenues (COFINS) Value-added Tax on Sales and Services (ICMS) Excise Tax (IPI) Export credit - Reintegra (*) Import credits recoverable Other 54,544 4,949 73,302 259,573 174,226 38,114 20,809 39,011 4,953 669,481 11,864 155,206 22,482 799,635 1,439 6,632 135,271 Non-current Current 117,529 79,506 80,049 321,261 156,618 22,190
12/31/2011 Non-current
2,929 13,495 123,847
14,466 154,737
(*) Refers to the Special Rules of Reintegration of Tax Amounts for Export Companies (Reintegra), whose objective is to restore values resulting from remaining tax costs calculated in the supply chain of export companies. The Reintegra was established by Provisional Measure 540/2011 and regulated by Decree 7633/2011. The basis of calculation represents 3% of export revenue.
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Explanatory Notes 11 (a) Income tax and social contributions Income tax and social contribution expenses The effective income tax (IRPJ) and the social contribution (CSLL) expenses differ from the amount which would be obtained using the statutory income tax and social contribution nominal rates applicable to profit before taxation, at Parent Company and Consolidated levels, as follows:
Parent Company 06/30/2012 Profit (loss) before income tax and social contributions Statutory rates of tax IRPJ and CSLL at statutory rates Adjustments to determine the effective IRPJ and CSLL expenses: Equity in the results Permanent exclusions (additions) Tax incentives Foreign subsidiary profits (not-taxable) Adjustments to the IR/CS Returns of prior years Other IRPJ and CSLL Current Deferred IRPJ and CSLL expenses 223,477 (54) 223,531 223,477 (8,115) (11,750) (1,137) (37,317) (11,750) (25,567) (37,317) 106,737 (9,798) 69,855 (10,040) 9,005 (12,429) 2,163 74,559 (7,255) 1,258 165,496 (95,340) 260,836 165,496 10,777 (8,970) 1,000 (27,807) (9,146) (777) (206,191) (187,771) (18,420) (206,191) 06/30/2011 06/30/2012 Consolidated 06/30/2011
(396,038) 34% 134,653
247,778 34% (84,245)
(288,808) 34% 98,195
503,730 34% (171,268)
There are no current tax items recorded directly in equity in these interim financial statements. (b) Changes in deferred income tax and social contributions The changes in deferred income tax and social contributions for the six month period ended June 30, 2012 are as follow:
Parent Company Assets As at December 31,2011 Deferred taxes charged to results Reversal of deferred taxes Deferred taxes charged to comprehensive results (actuarial liabilities) Deferred taxes charged to comprehensive results (hedge accounting) Other As at June 30, 2012 Assets Consolidated Liabilities
676,592 435,696 (212,165) 27,963 13,925
797,146 484,806 (218,669) 27,963 13,925 1,498 1,106,669
17,880 5,301
942,011
23,181
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Explanatory Notes As at June 30, 2012, according to projections approved by the Companys Management, long term deferred income tax and social contributions shall be realized as follow:
Parent Company 2012 2013 2014 2015 2016 2017 2018 onwards Assets Liabilities Net assets (42.340) (2.138) 116.205 126.106 172.263 166.441 1.033.405 1.569.942 (627.931) 942.011
Consolidated (21.959) 14.034 132.377 142.278 188.435 182.613 1.098.092 1.735.870 (629.201) 1.106.669
12
Judicial deposits
The composition of the balance of judicial deposits has not significantly changed in relation to those disclosed in the Companys financial statements for December 31, 2011 and, accordingly, Management decided not to repeat them in the interim financial statements for June 30, 2012. The changes in judicial deposits for the six month period ended June 30, 2012 are as follow:
Parent Company As at December 31, 2011 before offsetting provisions for contingencies Additions Interest/restatements Payments Reversals 754,431 14,590 21,647 (4,646) (1,522) 784,500 Deposits linked to provisions for Contingencies and taxes payable in installments As at June 30, 2012 Consolidated 831,637 19,540 23,641 (4,809) (8,208) 861,801
(315,268) 469,232
(356,973) 504,828
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Explanatory Notes 13
Investments
As at June 30, 2012, the changes in investments were as follow:
(i)
Parent Company
Additions (disposals) Interest on Equity in Conversion own capital the results adjustments and dividends
12/31/2011 Subsidiaries Automotiva Usiminas S.A. Cosipa Commercial Ltd. Cosipa Overseas Ltd. Minerao Usiminas S.A. Rios Unidos Logstica e Transporte de Ao Ltda. Solues em Ao Usiminas S.A. Usiminas Europa A/S Usiminas International Ltd. Usiminas Mecnica S.A. UPL Usiminas Participaes e Logstica S.A. Goodwill in subsidiaries 17,579 3,227,711 10,206 756,614 1,962,976 217,362 703,521 45,944 130,801 7,188,154 Jointly controlled subsidiaries Fasal Trading Brasil Unigal Ltda. Usiroll Usiminas Court Tecnologia em Acabamento Superficial Ltda. 9,617 754,729 5,948 115,440
Other
06/30/2012
(3,888) 7,870 1,249 110,794 (3,954) (3,843) 168,819 18,019 (42,736) 3,247
(1,719)
300
110,133 7,870 18,828 3,338,505
6 (2,288)
6,258 750,483 2,131,795 235,381
6,757 (932)
(484) (523)
667,058 48,259 130,278 7,444,848
255,577
4,106
(2,989)
(452) 28,950 832
759 (105,000) 16
9,924 678,679 6,796
770,294
29,330
759
(105,000)
16
695,399
Associated companies Codeme Engenharia S.A. Metform S.A. MRS Logstica S.A. 38,290 17,840 6,423 (437) (1,705) 3,256 1,950 487 (1,872) (4,541) (334) 39,237 13,544 6,576
Goodwill in associated companies
79,464
79,464
142,017
(2,142)
5,693
(6,747)
138,821
8,100,465
(2,142)
290,600
759
(107,641)
(2,973)
8,279,068
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Explanatory Notes (ii) Consolidated

Additions (disposals) Equity in the results Interest on own capital and dividends
12/31/2011
Other
06/30/2012
Codeme Engenharia S.A. Metform S.A. MRS Logstica S.A. Terminal de Cargas Sarzedo Ltda. Other
38,290 17,840 262,397 3,381 3,185
(437) (1,705)
3,256 1,950 19,764 1,620
(1,872) (4,541) (13,480) (1,767) 61 6
39,237 13,544 268,681 3,234 3,125
(23)
(104)
Goodwill
103,289
103,289
428,382
(2,165)
26,486
(21,599)
431,110
14
Property, Plant and Equipment The composition of property, plant and equipment did not present significant changes compared to those disclosed in the Companys financial statements for December 31, 2011 and, accordingly, Management decided not to repeat them in the interim financial statements for June 30, 2012. The changes in property, plant and equipment in the six month period ended June 30, 2012 were as follow:
Parent Company Consolidated 15,921,154 914,758 (1,039) (436,741) 92,912 (9,379) (4,235) (4,924) 16,472,506
As at December 31, 2011

Additions Disposals Depreciation Capitalized indexation charges Transfers Disposal of advances Other
13,786,171 613,427 (79) (381,796) 92,912 (6,992) (4,140) 14,099,503
As at June 30, 2012
As at June 30, 2012, additions to property, plant and equipment amounting to R$ 914,758 refer mainly to the hot strip mill R$ 182,448, stripping activities R$ 18,223 the cock plant 2 refurbishment R$ 51,656, the blooming mill in thick plates line R$ 122,470 the control of particled material of the coke extinction tower R$ 22,250, and friable projects of the Parent Company Minerao Usiminas R$ 107,567.
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Explanatory Notes 15 Intangible Assets The composition of intangible assets refer mainly to mineral rights, did not present significant changes in relation to those disclosed in the Companys financial statements for December 31, 2011 and, accordingly, Management decided not to repeat them in the interim financial statements as at June 30, 2012. The changes in intangible assets for the six month period ended June 30, 2012, were as follow:
Parent Company
As at December 31, 2011 Additions
Consolidated 2,453,952 1,602 (22,087) 9,379 2,442,846
142,735 152 (6,337) 6,992 143,542
Amortization Transfers from property, plant and equipment As at June 30, 2012
16
Loans and Financing The composition of loans and financing did not present significant changes in relation to those disclosed in the Companys financial statements for December 31, 2011 and, accordingly, Management decided not to repeat them in the interim financial statements for June 30, 2012.
(a)
Changes in loans and financing The changes in loans and financing, for the six month period ended June 30, 2012, are as follow:
Parent Company As at December 31,2011 New loans and financing Financial charges provisioned Indexation charges Foreign exchange Payment of charges Payment of principal Escrow accounts ( *) Other As at June 30, 2012 8,412,395 271,281 137,069 111,779 303,080 (224,095) (421,785) (40,699) (12,326) 8,536,699
Consolidated 8,238,223 371,860 194,333 115,930 341,170 (251,912) (493,917) (40,699) (12,326) 8,462,662
(*) Export receivables which shall be used for the amortization of export prepayment contracts.
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Explanatory Notes (b) Other significant information on loans and financing Contracting of Guarantee Letter On January 13, 2012, the Companys Board of Directors approved the contracting of a guarantee letter from Banco Safra, amounting to US$79,692 thousand, to guarantee the supplementary payment for and final acquisition of Minerao JMendes Ltda., from Siderrgica do Oeste de Minas Gerais Ltda. and from Global Minerao Ltda., as set forth in the original agreement disclosed as a Material Fact, dated February 2, 2008. The balance of the credit letter for the quarter ended June 30, 2012 was US$ 66,410 thousand. Covenants The Company has loans and financing with certain contractual conditions including covenants based on certain financial ratios, as follows: Consolidated Interest Coverage Ratio payment capacity of interest on loans and financing in relation to EBITDA Total Debt to EBITDA and Net Debt to EBITDA payment capacity of debt in relation to Ebitda Total Capitalization Ratio relation between own capital and third party capital Liquidity Level payment capacity of short term liabilities Capitalization Level ratio of Net Equity to Total Assets Collections History ratio between payment of principal and interest on ACC (advances on exchange contracts) debt and export prepayments and net export revenues. Minimum cash level Maximum level of indebtedness
The above ratios are calculated on a consolidated basis of Company. As at June 30,2012, the Company has not fulfilled the contractual conditions related to the Ratios of Total Debt to EBITDA and Net Debt to EBITDA for certain contracts. This fact has been duly communicated to the creditors and a waiver was requested, which was successfully obtained prior to the date of preparation of these financial statements
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Explanatory Notes 17 (a) Provision for Contingencies Probable loss contingencies The composition of reserves for contingencies is as follows:
Parent Company 06/30/2012 12/31/2011
Contingencies
IR and CSLL INSS 16,311 42,600 151,365 93,221 2,055 305,552
Judicial deposits
(16,311) (5,669) (91,971) (8,377)
Net balance
Contingencies
16,070
Judicial deposits
(16,070) (5,498) (83,461) (7,809)
Net balance
36,931 59,394 84,844 2,055
41,852 131,919 73,497
36,354 48,458 65,688
Labor Civil Other
(122,328)
183,224
263,338
(112,838)
150,500
Consolidated 06/30/2012 12/31/2011
Contingencies
ICMS IR and CSLL INSS CIDE COFINS PIS 1,381 56,184 42,628 6,316 12,335 2,216 180,881 95,717 2,773 400,431
Judicial deposits
Net balance
1,381
Contingencies
3,583 54,973 41,880 6,019
Judicial deposits
Net balance
3,583
(26,213) (5,697) (6,316) (11,873) (2,216) (102,719) (8,385) (615) (164,034)
29,971 36,931
(25,966) (5,526) (6,019) (11,873) (2,216) (92,284) (7,809) (677) (152,370)
29,007 36,354
462
12,335 2,216
462
Labor Civil Other
78,162 87,332 2,158 236,397
159,000 75,916 703 356,625
66,716 68,107 26 204,255
As at June 30, 2012, the Company has judicial deposits recorded in non-current assets, for which no provisions were recorded (Note 12).
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Explanatory Notes The changes in the provisions for contingencies for the six month period ended June 30, 2012 are as follow:
Parent Company Balances as at December 31,2011 before the offsetting of judicial deposits Additions Interest/indexation Amortization/disposals Reversals Other 263,338 52,493 15,407 (8,194) (8,939) (8,553) 305,552 Consolidated 356,625 58,225 17,731 (8,457) (13,285) (10,408) 400,431
Offsetting of judicial deposits Balance as at June 30, 2012
(122,328) 183,224
(164,034) 236,397
The provisions for contingencies were recorded to cover probable losses on administrative and judicial procedures relating to tax, labor and civil issues, with amounts deemed to be sufficient by management, based on the advice and evaluation of internal and external legal counsel. (b) Possible loss contingencies In addition, the parent company and some of its subsidiaries are also parties to lawsuits which involve a risk of loss classified as possible by management, based on the evaluation of its legal counsel, for which no provisions have been recorded. For the six month period ended June 30, 2012, the Company is a party to new processes, amounting to R$ 278,648, which are presented as follow:
Description New tax assessment notice issued by the State of Sao Pauloclaiming the reversal of ICMS credits on materials deemed to be use and consumption (refractory and other). New tax assessment notice issued by the State of Minas Gerais for the reversal of ICMS credits for the purchase of materials deemed to be for use and consumption by the tax authorities. Tax execution procedure proposed by Ipatinga to cover the payment of IPTU/2011 debits and request for review of IPTU/2012 presented by Usiminas. Lawsuit aiming to avoid the collection of social contributions levied on profit-sharing paid to the employees in the period from 1995 to 1998. Other Position In January, 2012, Usiminas presented its defense. Awaiting judgment at the first administrative level.
Balance
95,380
In January, 2012, Usiminas presented its defense. Awaiting judgment at the first administrative level. Awaiting citation of process of Usiminas tax collection of IPTU 2011. Awaiting judgment at the first administrative level of IPTU 2012. Usiminas obtained a partially favorable decision at the second judicial level and filed an appeal, which is still pending judgement.
34,842
66,942
15,324 66,160 278,648
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Explanatory Notes As at June 30, 2012, there was no new information regarding the progress, expectation of success and contingencies on assets relating to these lawsuits, compared to that disclosed in the Companys financial statements as at December 31, 2011, and accordingly Management decided not to repeat them in the interim financial statements for June 30, 2012. 18 Retirement Benefit Obligations As at June 30, 2012, there were no alterations in the nature and conditions of the retirement benefit plans in relation to the description in Note 26 to the Company financial statements for the year ended December 31, 2011. The balances of retirement benefits are set out as follow:
Parent Company and Consolidated 06/30/2012 12/31/2011 Balance sheet obligations for Pension benefits Post-employment medical benefits
1,179,626 54,554 1,234,180
1,223,587 53,886 1,277,473
Parent Company and Consolidated 06/30/2012 06/30/2011 Income (expenses) recognized in income statement for Pension benefits Post-employment medical benefits 44,601 (2,523) 42,078 Actuarial gains(losses) recognized directly in other comprehensive income Actuarial gains/(losses) on the debt recognized directly in other comprehensive income CPC 33 and IFRIC 14 (Increase)/decrease in asset ceiling in other comprehensive income paragraph 58 CPC 33 and IAS 19 (80,424) (19,213) 45,970 (2,531) 43,439 (81,717) (53,525)
45,360 (54,277)
43,601 (91,641)
Cumulative actuarial losses recognized in the statement of other comprehensive income
(396,002)
(279,193)
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Explanatory Notes Change in the retirement benefit obligations The actuarial study, in conformity with CPC 33 and IAS 19, was conducted by an independent actuary with a base date of December 31, 2011, presented a liability of R$1,277,473. This actuarial study will be reviewed again at December 31, 2012. The changes in the defined benefit obligations are as follow:
Parent Company and Consolidated Balance as at December 31, 2011 Amortization Amounts recognized in results of operations Actuarial losses directly recognized in other comprehensive results Amortization costs of past service Balance as at June 30, 2012 1,277,473 (82,484) (42,078) 82,236 (967) 1,234,180
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Explanatory Notes 19 (a) Equity New shareholders agreement On January 17, 2012, the Company informed the Market of the Material Fact of the completion of the purchase and sale transactions of shares that occurred on January 16, 2012, pursuant to the regulations applicable to the Brazilian Capital Market, the contents of which is described below:
(i)
Confab Industrial S.A. (Confab), Prosid Investments S.C.A. (Prosid), Siderar S.A.I.C. (Siderar) and Ternium Investments S. r.l. (Ternium and, jointly with Confab, Prosid and Siderar, Techint Group ) completed the purchase and sale of shares pursuant to the purchase and sales of shares agreement executed with VBC Energia S.A. (VBC), to Votorantim Industrial S.A. (Votorantim) and to Caixa dos Empregados da Usiminas (CEU and the Purchase and Sales Agreement of Techint Group) on November 27, 2011 and acquired 139,741,296 common shares of Usiminas, representing approximately 27.66% of Usiminas common shares and approximately 13.78% of Usiminas share capital, at a price of R$36.00 per share, totaling R$5,030,687. Nippon Steel Corporation (NSC) completed the purchase and sale of shares pursuant to the purchase and sales of shares agreement executed with CEU on November 27, 2011, and acquired 8,527,440 common shares of Usiminas, representing approximately 1.69% of Usiminas common shares and approximately 0.84% of Usiminas share capital, at a price of R$36.00 per share, totaling R$306,988. Techint Group, NSC, Nippon Usiminas Co. Ltd. (NU), Metal One Corporation (Metal One), Mitsubishi Corporation do Brasil S.A. (Mitsubishi) and CEU executed an Amended and Consolidated Shareholders Agreement of Usinas Siderrgicas de Minas Gerais S.A. USIMINAS (the New Shareholders Agreement), with terms essentially identical to those of the Amended and Consolidated Shareholders Agreement of Usinas Siderrgicas de Minas Gerais S.A. USIMINAS executed on November 27, 2011, but excluding the conditions required for the agreement to become effective . The New Shareholders Agreement amends, consolidates and fully replaces the Amended and Consolidated Shareholders Agreement of Usiminas as of November 6, 2006 (the Original Shareholders Agreement) and, from now on, shall govern the relationships between the parties to this agreement as shareholders and members of the controlling group of Usiminas. A copy of the New Shareholders Agreement was delivered to Usiminas on January 17, 2012, to be signed as a consenting party and filed at its headquarters for the purposes of Article 118 of Law 6,404/76.
(ii)
(iii)
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Explanatory Notes
(iv)
The New Shareholders Agreement also replaces and revokes the Usiminas Shareholders Agreement of February 18, 2011, between Mitsubishi, Metal One, NSC, NU, VBC and Votorantim, which was expressly terminated by the parties on this date. For reference purposes, the table below indicates the distribution of USIMINAS voting capital among the parties to the New Shareholders Agreement as at this date and after the completion of the transactions referred to in items (i) and (ii):
Original Shareholders Agreement Linked Total common Common shares (%) shares(%) NSC (a) NU Total NSC and NU Mitsubishi and Metal One Total NSC, NU, Mitsubishi and Metal One Ternium Siderar Prosid Confab Techint Group V/C Group (Votorantim and Camargo Correa) CEU 3.75 37.18 40.93 2.54 43.47 2.40 23.74 26.14 1.62 27.76 New Shareholders Agreement Linked Total common Common shares (%) shares (%) 6.40 37.18 43.58 2.54 46.12 26.26 3.10 6.20 7.75 43.31 4.09 23.74 27.83 1.62 29.45 16.77 1.98 3.96 4.95 27.66
40.67 15.86
25.97 10.13 10.57 6.75
Controlling shareholders Non-controlling shareholders
100.00
63.86 36.14
100.00
63.86 36.14
(a) NSC Group holds 6,726,600 free common shares, not linked to the New Shareholders Agreement.
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Explanatory Notes
(b)
Share capital As at June 30, 2012 and December 31, 2011, the Company share capital, amounting to R$12,150,000 and comprising 1,013,786,190 shares, is as follows:
Common Class A Preferred Class B Preferred Total
Total shares Total treasury stock Total shares except treasury stock
505,260,684 (2,526,654) 502,734,030
508,439,712 (24,060,356) 484,379,356
85,794
1,013,786,190 (26,587,010)
85,794
987,199,180
Each common share is entitled to one vote in General Meetings, while preferred shares have no voting rights, but (i) will receive dividends 10% higher than those attributed to common shares, (ii) are entitled to share, with equal conditions to the common shares, of any gratuities voted in the General Meeting, (iii) priority in capital reimbursements, with no premium rights, in the event of the Companys liquidation, (iv) will acquire voting rights at General Meetings, if the Company does not pay preferred dividends during three consecutive years. The preferred shares may not be converted into common shares. The Class B preferred shareholders will have priority on capital reimbursements, with no premium rights, in the event of the Companys liquidation. The Class A preferred shareholders will have the same priority, however, only after complying with the priority granted to the Class B preferred shares. The Class B preferred shares may, at any time, and at the sole discretion of the shareholder, be converted into Class A preferred shares. The shareholders are assured a minimum dividend of 25% of net income for the year calculated pursuant to the Corporate Law.
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(c)
Reserves Premium on share subscription - established during the merger process, in accordance with article14, sole paragraph of Law 6,404/76. This reserve may be used to absorb losses which exceedretained earnings and revenue reserves, for redemption, reimbursement or purchase of shares,redemption of founders' shares, capital increase and payment of dividends on preferred shares, when applicable (Article 200 of Law 6,404/76). Treasury stock As at June 30, 2012 and December 31, 2011 the Company held 2,526,654 common shares and 24,060,356 Class A preferred shares in treasury. Legal reserve Constituted based on 5% of net income for each year, up to 20% of capital. The reserve for investments and working capital comprises:
(i)
(ii)
An appropriation of 50% of net income for the year adjusted by the amount of the legal reserve, as set forth in the Companys bylaws. The investments and working capital reserves cannot exceed 95% of capital, and its balance may be used to absorb losses, dividend distributions, redemptions, reimbursement or purchase of shares, or capitalized. An appropriation to the statutory reserve, in the terms of Article 196 of Law 6,404/76, based on the capital budget approved at the meeting of the Board of Directors. Dividends and interest on capital Dividends and interest on the Companys own capital distribution are as follow:
Parent Company Balance as at December 31, 2011 Dividends paid Dividends prescribed Dividends related to the prior years profit Balance as at June 30, 2012 57,171 (81,531) (909) 26,221 952 Consolidated 69,704 (94,062) (909) 26,221 954
(d)
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Explanatory Notes 20 Segment Information Management has determined the Usiminas companies operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions, which analyse the business by product segment. The revenue generated by the reported operating segments arises mainly from the manufacture and sale of steel products and related services. 20.1 Information on operating profit/(loss), assets and liabilities by reportable segment
06/30/2012 Mining and Logistics Revenue Cost of sales Gross profit Operating income/(expenses) Selling expenses General and administrative expenses Other income and (expenses) 452,370 (173,169) 279,201 (84,519) (47,109) (30,345) (7,065) Steel Metallurgy 5,670,192 (5,630,868) 39,324 (142,959) (71,602) (114,376) 43,019 Steel Transformation 1,029,401 (942,618) 86,783 (101,361) (48,617) (48,421) (4,323) Capital Assets 456,150 (482,940) (26,790) (39,634) (8,783) (34,310) 3,459 Eliminations Subtotal and adjustments 7,608,113 (7,229,595) 378,518 (368,473) (176,111) (227,452) 35,090 4,092 (4,092) (1,496,614) 1,449,770 (46,844) Total 6,111,499 (5,779,825) 331,674 (368,473) (176,111) (223,360) 30,998
Operating profit (i)
194,682
(103,635)
(14,578)
(66,424)
10,045
(46,844)
(36,799)
Assets Total assets includes: Investments in associated (other than goodwill) companies Additions to noncurrent assets (other than financial instruments and deferred tax assets) Current and noncurrent liabilities
5,517,964
30,593,268
1,648,245
1,197,504
38,956,981
(5,440,506)
33,516,475
265,339
59,423
3,059
327,821
327,821
224,406
638,378
28,373
40,523
931,680
7,755
939,435
688,738
13,573,331
421,865
527,336
15,211,270
(483,009)
14,728,261
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Mining and Logistics Revenue Cost of sales Gross profit Operating income/(expenses) Selling expenses General and administrative expenses Other operating income and (expenses) Operating profit (i) 479,606 (122,667) 356,939 (52,067) (23,790) Steel Metallurgy 5,484,376 (5,311,876) 172,500 (130,956) (118,609) Steel Transformation 1,101,668 (992,538) 109,130 (104,676) (51,438) Capital Assets 680,850 (604,035) 76,815 (51,290) (12,545) Eliminations and adjustments (1,657,365) 1,660,752 3,387 3,163
Subtotal 7,746,500 (7,031,116) 715,384 (338,989) (206,382)
06/30/2011 6,089,135 (5,370,364) 718,771 (335,826) (206,382)
(26,355)
(145,735)
(52,280)
(37,153)
(261,523)
(261,523)
(1,922) 304,872
133,388 41,544
(958) 4,454
(1,592) 25,525
128,916 376,395
3,163 6,550
132,079 382,945
(i) The reconciliation of operating profit is as follows:

06/30/2012 Operating profit information by business segment Financial results Equity in the results Operating results before taxation on net income (36,799) (278,495) 26,486 (288,808) 06/30/2011 382,945 89,088 31,697 503,730
Sales between segments were carried as sales between independent parties. There are no individually significant customers representing more than 10% of revenues. Over 95% of the revenues originate from sale of goods and services.
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Explanatory Notes 20.2 (a) Reconciliations of assets, liabilities and revenue by reporting segments Reconciliation of assets The amounts provided by the Board of Directors in relation to total assets are consistent with the balances recorded in the consolidated financial statements. These assets are allocated based on the segment operations and on the physical location of the asset. The assets corresponding to the reported segments are reconciled with the total assets, as follow:
06/30/2012 Assets from reported segments Elimination of assets between segments Total assets 38,956,981 (5,440,506) 33,516,475
The eliminations of assets between segments refer to intercompany common balances. (b) Reconciliation of liabilities The amounts provided by the Board of Directors in relation to total liabilities are consistent with the balances recorded in the consolidated financial statements. These liabilities are allocated based on the segment operations. The liabilities corresponding to the reported segments are reconciled with total liabilities, as follow:
06/30/2012 Liabilities from reported segments Elimination of liabilities between segments Total liabilities 15,211,270 (483,009) 14,728,261
The eliminations of assets between segments refers to intercompany common balances.
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Explanatory Notes 21 Expenses by Nature

Parent Company 06/30/2012 Depreciation ,amortization and depletion Employee benefit expenses Raw materials and consumables Distribution cost Third-party services Net revenue (expenses) with contingencies Other income (expenses) (388,133) (573,781) (3,800,277) (27,918) (586,460) (43,554) (371,573) (5,791,696) Cost of assets and/or services sold Selling expenses General and administrative expenses Other operating income (expenses), net (5,654,586) (71,602) (109,165) 43,657 (5,791,696) 06/30/2011 (377,316) (473,632) (3,891,100) (46,379) (612,481) 134,083 (139,646) (5,406,471) (5,286,329) (118,523) (137,895) 136,276 (5,406,471) 06/30/2012 (458,828) (994,984) (3,412,885) (79,115) (605,010) (45,942) (551,534) (6,148,298) (5,779,825) (176,111) (223,360) 30,998 (6,148,298) Consolidated 06/30/2011 (428,400) (984,631) (3,256,451) (84,082) (706,002) 126,625 (373,249) (5,706,190) (5,370,364) (206,382) (261,523) 132,079 (5,706,190)
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Explanatory Notes 22 Financial Income (Expenses) The financial income (expenses) can be summarized as follow:
Parent Company 06/30/2012 Financial income Client interest Income from financial investments Monetary effects Interest on judicial deposits Realization of adjustment to present value of trade accounts receivable Interest on tax credits Other financial income 6,569 4,754 13,182 21,648 44,985 4,327 4,268 99,733 Financial expenses Interest on financing Results of swap transactions Monetary effects Interest, commission and expenses in arrears Tax on Financial Transactions (IOF) Funding expenses Interest on contingent liabilities Realization of adjustments to present value of accounts payable Commission on financing and others Other financial expenses (87,249) (40,494) (122,215) (2,106) (2,345) (268) (15,405) (34,546) (8,791) (453) (313,872) Foreign exchange gains and losses, net (298,203) (512,342) (74,509) (42,971) (161,536) (3,348) (7,625) (1,286) (20,437) (30,219) (6,840) (8,355) (357,126) 249,032 38,626 (105,149) 20,911 (129,906) (6,056) (3,278) (268) (17,731) (52,167) (8,791) (21,546) (323,981) (188,079) (278,495) (87,807) 5,466 (168,510) (4,237) (7,683) (1,286) (21,902) (31,391) (6,840) (6,335) (330,525) 124,846 89,088 5,456 6,275 39,376 20,989 57,920 13,049 3,655 146,720 10,554 62,850 85,265 22,430 44,910 5,181 2,375 233,565 6,483 43,664 151,385 20,989 48,777 13,049 10,420 294,767 06/30/2011 06/30/2012 Consolidated 06/30/2011
Foreign exchange differences charged or credited to the income statements arise from the foreign exchange gains/losses on loans and financing, foreign suppliers, current accounts, financial investments and customers.
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Explanatory Notes The Company reassessed the interpretation and accounting of interest and monetary restatement of the contracts indexed to CDI and segregated the Amplified Consumer Prices Index (IPCA) of loans and financing, whose contracted index is the Interbank Deposit Certificate (CDI) rate. The portion related to IPCA was segregated from the interest on loans and financing and included in Monetary Effects in the group of Financial Expenses, which comprises Financial Income (Expenses). For comparison purposes, as at June 30, 2011, the amounts of monetary variations have also been reclassified.
23 (a)
Losses per Share Basic and Diluted Basic and diluted earnings (losses) per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of common shares issued during the six month period, excluding common shares purchased by the Company and held as treasury shares. The Company does not have debt convertible into shares or share purchase options and, accordingly, it does not have potentially dilutable common and preferred shares.
Parent Company and Consolidated 06/30/2011 Common Preferred Total
Common Basic and diluted Basic and diluted numerator Losses available to the stockholders Basic and diluted denominators Weighted average of shares, excluding treasury shares Losses per share in R$ - basic and diluted
Preferred
06/30/2012 Total
(83,766)
(88,795)
(172,561)
41,525
44,017
88,542
502,734,030
484,465,150
987,199,180
502,734,030
484,465,150
987,199,180
(0.17)
(0.18)
(0.08)
(0.09)
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Explanatory Notes 24 Related Party Transactions As at June 30, 2012 and December 31, 2011, the Companys shareholding position was as follows:
06/30/2012 Common Shares Shareholder Number Nippon Usiminas Co. Ltd. (*) Ternium (*) Caixa de Previdncia dos Funcionrios do Banco do Brasil Companhia Siderrgica Nacional - CSN Confab (*) Prosid (*) CAIXA (*) Nippon Steel Corporation Co. Ltd. (*) BNDES Participaes S.A. Usiminas in treasury Other shareholders Total 119,969,788 84,741,291 52,980,090 41,468,000 25,000,000 20,000,000 34,109,762 27,347,796 2,526,654 97,117,303 505,260,684 % 23.74 16.77 10.49 8.21 4.95 3.96 6.75 5.41 0.50 19.22 100.00 Number 2,830,832 % 0.56 Number 122,800,620 84,741,291 59,523,440 119,619,800 25,000,000 20,000,000 34,109,762 27,655,722 13,525,730 26,587,010 480,222,815 1,013,786,190 % 12.11 8.36 5.87 11.80 2.47 1.97 3.36 2.73 1.33 2.62 47.38 100.00 Preferred Shares Total
6,543,350 78,151,800
1.28 15.37
307,926 13,525,730 24,060,356 383,105,512 508,525,506
0.06 2.66 4.73 75.34 100.00
12/31/2011 Common Shares Shareholder Number Nippon Usiminas Co. Ltd. (*) Votorantim (*) VBC Energia S.A. (*) Caixa de Previdncia dos Funcionrios do Banco do Brasil CAIXA (*) Companhia Siderrgica Nacional - CSN Nippon Steel Corporation Co. Ltd. (*) BNDES Participaes S.A. Usiminas in treasury Other shareholders Total 119,969,788 65,606,930 65,606,926 52,769,590 51,164,642 31,554,500 18,820,356 2,526,654 97,241,298 505,260,684 % 23.74 12.98 12.98 10.45 10.13 6.25 3.72 0.50 19.25 100.00 Number 2,830,832 % 0.56 Number 122,800,620 65,606,930 65,606,926 59,410,540 51,164,642 108,528,300 19,128,282 18,549,230 26,587,010 476,403,710 1,013,786,190 % 12.11 6.47 6.47 5.86 5.05 10.71 1.89 1.83 2.62 46.99 100.00 Preferred Shares Total
6,640,950 76,973,800 307,926 18,549,230 24,060,356 379,162,412 508,525,506
1.31 15.14 0.06 3.65 4.73 74.55 100.00
(*) Controlling shareholders, by means of shareholders agreement
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Explanatory Notes The main balances and transactions with related parties are as follow: (a) Current assets
Parent Company 06/30/2012 12/31/2011
Trade accounts receivable Controllers

CAIXA Confab 2 14,529
Dividends receivable
Other accounts receivable
Trade accounts receivable

1
Dividends receivable
Non-controllers
Companhia Siderrgica Nacional - CSN 63
Subsidiaries
Automotiva Usiminas S.A. Cosipa Overseas Ltd. Minerao Usiminas S.A. Rios Unidos Logstica e Transporte de Ao Ltda. Solues em Ao Usiminas S.A. Usiminas Eletrogalvanized Steel ApS Usiminas Galvanized Steel ApS Usiminas Mecnica S.A.. Usiminas Participaes e Logstica S.A. 120,485 16,773 67,744 41,028 1,036 7,084 71,524 366 695 12,952 7,312 30,372 53,324 40 1,354 83,050 7,012 20,089 17,147 23,647 2,806 9,963 29,238 695 9,222 5,593
Jointlycontrolled subsidiaries
Fasal Trading Brasil Fasal Trading Corporation Unigal Ltda. Usiroll Usiminas Court Tecnologia em Acabamento Superficial Ltda. 385 54 333 366 91 1 14,421 333
Associated companies
Codeme Engenharia S.A. Metform S.A. MRS Logstica S.A. 4,685 317 668 8,494 1,312 335
Other related parties

Metal One 5 5,727 9
344,976
8,313
14,688
228,443
61,952
34,310
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Consolidated 06/30/2012 12/31/2011
Trade accounts receivable Controllers

CAIXA Confab Siderar Votorantin 2 14,529
Other accounts Trade accounts receivable receivable
462
Non-controllers
Companhia Siderrgica Nacional - CSN 63
Fasal Trading Corporation Unigal Ltda. Usiroll Usiminas Court Tecnologia em Acabamento Superficial Ltda. 193 1,411 183 917 7,210
Codeme Engenharia S.A. Metform S.A. MRS Logstica S.A. 4,686 317 27,066 8,539 1,312 675 13,587

Metal One 5 5,727 9
21,138
27,071
17,879
20,806
Trade accounts receivable classified as related parties mainly arise from sales transactions and fall due within no more than 30 days. The accounts receivable have no guarantees and are subject to interest. As at June 30, 2012 and December 31, 2011, no provisions were made for accounts receivable from related parties. Other receivables from related parties refer mainly to dividens (MRS) and loans. (b) Non-current assets receivables from related companies
Parent Company 12/31/2011 5,710 Consolidated 12/31/2011 5,710
06/30/2012 Controllers Caixa dos Empregados da Usiminas - CAIXA (a) Subsidiaries Usiminas Europa A/S Usiminas Mecnica S.A. (b) Usiroll 5,641
06/30/2012 5,641
81 50,366 16,310 72,398
74 51,329 8,155 57,113 13,796 5,710
(a) Related to the actuarial deficit. (b) Related to the actuarial deficit.
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Explanatory Notes (c) Current liabilities

Parent Company 06/30/2012 12/31/2011
Liabilities to related companies Other Suppliers payables

Controllers
CAIXA (a) Mitsubishi Corporation Nippon Steel Corporation Co. Ltd. Nippon Usiminas Co. Ltd. (b) 51,931 4 400 450
Loans and financing
Loans and financing
199
4 100,214 93,015
Non-controllers
Companhia Siderrgica Nacional - CSN 15,641
Subsidiaries
Automotiva Usiminas S.A. Cosipa Commercial Ltd. Cosipa Overseas Ltd. Minerao Usiminas S.A. Rios Unidos Logstica e Transporte de Ao Ltda. Solues em Ao Usiminas S.A. Usiminas Commercial Ltd. Usiminas Eletrogalvanized Steel ApS Usiminas Galvanized Steel ApS Usiminas Mecnica S.A. 144,562 181,576 134,076 193,396 418,922 12,612 5,557 23,033 2 91,450 2,796 559 100 22,107 1 299 1,332 271 1,279 13,680
Unigal Ltda. Usiroll Usiminas Court Tecnologia em Acabamento Superficial Ltda. 78,826 836 90,067 534
Codeme Engenharia S.A. Metform S.A. MRS Logstica S.A. 90 1,124 1,635 516 99 1,075 24,624 7,776

Metal One Corporation. 1,405
716,168
318,655
124,579
395,892
32,700
130,081
(a) Refers to the contribution of Usiprev and PBI (part company and part employee). (b) Loans in US Dollars, bearing interest varying from 0.83% to 2.35% p.a. + LIBOR.
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Explanatory Notes
Consolidated 06/30/2012 12/31/2011

Controllers
CAIXA (a) Mitsubishi Nippon Steel Corporation Co. Ltd. Nippon Usiminas Co. Ltd. (b) Votorantin 37 51,931 4 400 491
Loans and financing

36 221
Loans and financing
4 100,214 17 93,015
Non-controllers
Companhia Siderrgica Nacional - CSN 15,641
Modal Terminal de Granis Ltda. Unigal Ltda. Usiroll Usiminas Court Tecnologia em Acabamento Superficial Ltda. 187 23,648 418 299 27,200 268
Codeme Engenharia S.A. Metform S.A. MRS Logstica S.A. Terminal de Cargas Sarzedo Ltda. 90 5,553 1,622 1,635 516 7,290 99 8,343 998 24,624 7,776 7,289

Metal One Corporation 1,405
84,895
10,332
100,214
52,888
39,927
93,015
(c) Refers to the contribution of Usiprev and PBI (part company and part employee). (d) Loans in US Dollars, bearing interest varying from 0.83% to 2.35% p.a. + LIBOR.
The payables to related companies classified as suppliers arise mainly from purchase transactions, and fall due no more than 45 days after the purchase date. The payables to related companies bear no interest.
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Explanatory Notes (d) Non-current liabilities

Parent Company 06/30/2012 12/31/2011 06/30/2012 Consolidated 12/31/2011
Loans and financing

Controllers
Nippon Usiminas Co. Ltd. (a) 360,871
Other
Loans and financing
Other
Loans and financing
Loans and financing
Other
379,996
360,871
379,996
Subsidiaries
Cosipa Commercial Ltd. Usiminas Commercial Ltd. Usiminas Eletrogalvanized Steel ApS Usiminas Galvanized Steel ApS 577,524 1,087,974 13,895 25,833 554,268 1,044,163 12,709 23,626
Codeme Engenharia S.A. Metform S.A. 5,130 1,620 5,130 1,620
2,026,369
39,728
1,978,427
43,085
360,871
379,996
6,750
(a) Loans in US Dollars, bearing charges varying from 0.83% to 2.35% p.a. + LIBOR.
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Explanatory Notes (e) Sales and purchases

Parent Company Sales 06/30/2012 06/30/2011 06/30/2012 Purchases 06/30/2011 06/30/2012 Sales 06/30/2011 06/30/2012 Consolidated Purchases 06/30/2011
Controllers
Camargo Corra Cimentos S.A. Confab Construes e Comrcio Camargo Corra S.A. Mitsubishi Nippon Steel Corporation Co. Ltd. Siderar Ternium 265 225,485 675 138,900 4,259 5,848 265 4,570 42,103 377 225,492 675 138,900 4,259 6,371 4,570 42,103 579
Non-controllers
Companhia Siderrgica Nacional CSN 48,321 48,321
Subsidiaries
Automotiva Usiminas S.A. Cosipa Overseas Ltd. Minerao Usiminas S.A. Rios Unidos Logstica e Transporte de Ao Ltda. Solues em Ao Usiminas S.A. Usiminas Eletrogalvanized Steel ApS Usiminas Galvanized Steel ApS Usiminas Mecnica S.A. 960,171 21,002 124,728 126,662 117,897 253,208 42,915 189,083 380 3 868,331 56,367 143,107 495,586 35,824 16,158 3,825
4,482
571,888 26,293 12,224
367,398
Fasal Trading Corporation Modal Terminal de Granis Ltda. Unigal Ltda. Usiroll Usiminas Court Tecnologia em Acabamento Superficial Ltda. 313 317 183,261 37 79,201 240 139 173,635 1,451 9,478 19 39,601 1,081 54,979 120 1,294 52,090
5,165
2,747
2,918
1,374
Codeme Engenharia S.A. Metform S.A. MRS Logstica S.A. Terminal de Cargas Sarzedo Ltda. 28,992 9,270 22,503 13,137 3,535 306 78,296 2,253 768 85,002 51 29,015 9,270 1,849 22,503 13,137 469 3,535 846 78,296 2,253 1,024 156,079 4,983

Metal One 414 13,070 8,433 414 13,070 8,433
1,729,717
1,343,641
1,279,714
1,266,348
267,775
127,966
346,205
239,170
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Explanatory Notes The main Company transactions with related parties are summarized as follow: Purchase of services from Nippon Steel Corporation Co Ltd., including the provision of advanced industrial technology, technical assistance services and training for employees. Sale of products to Confab Industrial S.A. for the production of large diameter pipes, in addition to industrial equipment. Sales of products to Automotiva Usiminas S.A. for application in the stamping of pieces for the automobile industry. Purchase of iron ore from Mineraes Usiminas S.A. to be used in the Plants of Ipatinga and Cubato. Purchase from Rios Unidos Logstica and Transporte de Ao S.A. of railroad transportation services for iron and steel products and various materials. Sales of products to Solues em Ao Usiminas S.A. for transformation and distribution. In addition, Solues em Ao Usiminas S.A. renders technical services in the steel area to clients of Usiminas Companies. Sales of electro-galvanized and galvanized steel to Usiminas Galvanized Stell ApS. and Usiminas Eletrogalvanized Stell ApS., respectively, to foster sales to foreign clients. Sales of products to Usiminas Mecnica S.A. and purchase of services, like the industrialization of steel products and equipment. Purchase from Unigal Ltda. of hot-dip galvanized steel sheets and cold-rolled steel sheets and coils. Purchase from Usiroll Usiminas Court Tecnologia em Acabamento Superficial Ltda. of services of texturing and chrome plating of cylinders used in lamination. Purchase of railroad transportation services from MRS Logstica S.A. for the transportation of iron ore. Purchase from Modal Terminal de Graneis S.A. and Terminal de Cargas Sarzedo Ltda. of storage services and loading of ore. Purchase from Mitsubishi Corporation do Brasil S.A. of equipment for the hot strip mill n. 2 of the Cubato plant. Sale of products to Siderar S.A.I.C.. Credit assignment with invoices of Minerao Usiminas S.A. related to the supply of iron ore.
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Explanatory Notes Sales among related parties are carried out based on the effective price list and based on terms and conditions similar to those that would be available to third parties. The other related party transactions are mainly contracted at market prices and terms. (f) Financial result
06/30/2012
Controllers
Parent Company 06/30/2011
06/30/2012
Consolidated 06/30/2011
CAIXA Camargo Corra Cimentos S.A. Confab Mitsubishi Nippon Steel Corporation Co. Ltd. Nippon Usiminas Co. Ltd. Prosid Investments Siderar
Non-controllers
340 809 1 3,444 (21)
342 242
340 809 1
342 242
(12) 24,798
3,444 (21)
(12) 24,798
Companhia Siderrgica Nacional CSN

Subsidiaries
(410)
(410)
Automotiva Usiminas S.A. Cosipa Commercial Ltd. Cosipa Overseas Ltd. Minerao Usiminas S.A. Rios Unidos Logstica e Transporte de Ao Ltda. Solues em Ao Usiminas S.A. Usiminas Commercial Ltd. Usiminas Europa A/S Usiminas Eletrogalvanized Steel ApS Usiminas Galvanized Steel ApS Usiminas International Ltd. Usiminas Mecnica S.A.
226 (37,497) 1,050 (1,968) (229) 5,974 (68,510) 7 (28,357) (16,943) 2,793
170 14,345 (1,296) (2,555) (260) 6,980 28,232
4,069 276
Fasal Trading Corporation Modal Terminal de Granis Ltda. Unigal Ltda. Usiroll Usiminas Court Tecnologia em Acabamento Superficial Ltda.
(18) (1,015) 845
(254) (1) (1,055) (33)
(9) (305) 423
(127) (10) (316) (16)
Codeme Engenharia S.A. Metform S.A. MRS Logstica S.A. Terminal de Cargas Sarzedo Ltda.
10,376 2,817 (138)
84 35 (189)
10,376 2,817 (138)
84 35 (325) (17)
(126,424)
73,918
17,327
24,678
The financial results with related parties refer mainly to charges on loans and financing in items (c) and (d) above. 67 of 79
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Explanatory Notes
(g)
Management key personnel compensation The compensation paid or payable to key Management personnel for employee services is set out below:
Parent Company and Consolidated 06/30/2012 06/30/2011 Fees and charges Profit sharing Retirement and pension plans 7,581 4,245 144 11,970 8,457 6,801 135 15,393
The Company has a share-based compensation plan as described in Note 25.
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Explanatory Notes 25 Stock Option Plan The Company has a stock option plan for its shares. This plan is managed by the Companys Board of Directors, with the advisory of the Human Resources Committee, subject to the limitations included in the Plan. No changes occurred in the guidelines and characteristics of the plan in relation to those described in the Financial Statements as at December 31, 2011. As at October 3, 2011, 2,589,451 Options were granted for the Basic Granting and 402,302 for the Bonus Granting, totaling 2,991,753 Options related to 2011 (the First Granting), to be granted to the executive and statutory officers (the Participants) of the Company through the Contract for Granting of the Stock Option Plan. (a) Modalities of Granting Options A total of 3,965,910 options was allocated to the Plan, for the grants related to 2011. The Options were granted in two different modalities: (i) Basic Granting in which the number of Options granted shall be based on Usiminas strategy, and each Option granted will entitle its owner to acquire or subscribe to one preferred share in the Company. (ii) Bonus Granting shall be linked to a voluntary investment by the Participant, who addresses part of the net value of the variable compensation for the acquisition of preferred shares. The fair values of the Options at the granting date, as well as the main assumptions used in accordance with the Black & Sholes pricing model, are as follow:
First year Fair value at the granting date Share price Exercise price Volatility of the share price Grace period (three years) Dividends estimate Free risk return rate Adjusted effectiveness Second year Third year
R$4.83 R$ 11.45 R$ 11.98 50.70%

33% after first year
R$5.07 R$ 11.45 R$ 11.98 50.70%

33% after 2nd. year
R$5.27 R$ 11.45 R$ 11.98 50.70%

33% after 3rd. year
2.94% 11.62% p.a. 4 years
2.94% 11.65% p.a. 4,5 years
2.94% 11.69% p.a. 5 years
The exercise price was determined based on the daily average quotation in the exercise of 30 days prior to the Option granting.
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Explanatory Notes As at June 30, 2012 and December 31, 2011, the total number of outstanding options is as follows:
Options 12/31/2011
06/30/2012 Outstanding options at the beginning of the year Granted during the year Cancelled during the year Outstanding options at the end of the year 2,991,753
2,991,753 1,274,135 1,717,618 2,991,753
As at June 30, 2012 and December 31, 2011, the weighted average exercise price totaled R$ 11.98. As at June 30, 2012, there were no exercised options. The technical pronouncement CPC 10 (R1) - Share-based Payment requires that the effects of transactions of share-based payments are recorded in the income statement and in the balance sheet of the Company. The value recorded in the income statement of the Parent Company and the Consolidated statements on June 30, 2012 was R$3,183. The impact on equity in the six month period ended June 30, 2012 was R$3,917.
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Explanatory Notes 26 Notes presented in the annual financial statements that are not presented in this intermediary financial information Pursuant to Circular Letter CVM/SYNC/SEP/N003/2011, the Company has complied with the explanatory notes presentation in the Basic Accounting Pronouncement Conceptual Structure for the Preparation and Presentation of the Financial Statements. All information on omissions or effects that might influence a users economic decisions has been duly disclosed in the financial information, which should be read together with the Financial Statements at December 31, 2011. The explanatory notes which the information was not repeated in these interim financial information either by redundancy or by relevance are as follows: Note 04 - Critical accounting estimates and judgments Note 07 Financial instruments by category Note 08 Credit quality of financial assets Note 18 Impairment of non-financial assets Note 21 Debentures Note 22 Taxes payable Note 23 Taxes payable in installments Note 25 Provision for environmental recovery Note 29 Statement of adjusted EBITDA (unaudited) Note 30 Revenue Note 32 Employment benefit expenses Note 33 Operating income (expenses) Note 36 Commitments Note 37 Business combination Note 39 Statements of cash flow Note 40 Insurance coverage Note 42 Net results from discontinued operations
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Explanatory Notes Board of Directors

Paulo Penido Pinto Marques President Alcides Jos Morgante Alosio Macrio Ferreira de Souza
Counselor
Daniel Agustn Novegil
Counselor
Fumihiko Wada
Counselor
Jos Oscar Costa de Andrade
Counselor
Lrio Albino Parisotto
Counselor
Nobuhiko Ikura
Counselor
Rita Rebelo Horta de Assis Fonseca
Counselor
Roberto Caiuby Vidigal
Counselor
Counselor Fiscal Council

Paulo Frank Coelho da Rocha
President
Lcio de Lima Pires Masato Ninomiya
Counselor
Marco Antnio Bersiani
Counselor
Telma Suzana Mezia
Counselor
Counselor
Executive Board Julin Alberto Eguren President-Director

Marcelo Rodolfo Chara Rmel Erwin de Souza
Industrial Vice-President
Ronald Seckelmann
Information Technology and Quality VicePresident

Srgio Leite de Andrade
Finance Vice-President and Investors Relation

Paolo Felice Bassetti
Business Vice-President
Nobuhiro Yamamoto
Subsidiaries Vice-President
Corporate Planning Vice-President
Antnio Geraldo Vilela de Moraes
General Manager of Accounting

Responsvel Tcnico TC CRC-MG 57.658
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Other Information Considered Relevant
Differentiated Corporate Governance Practices Level 1 In compliance with the Regulation of Differentiated Governance Practices Level 1, we present below all shareholding positions exceeding 5% of the companys shares, segregated by type and class, up to the individual level.
USINAS SIDERRGICAS DE MINAS GERAIS S.A. USIMINAS - CNPJ 60.894.730/000105 SHARES IN UNITS BASE DATE : 06/30/2012
Common Shares Shareholders Number Companhia Siderrgica Nacional Nippon Usiminas Co., Ltd. Caixa dos Empregados da Usiminas Nippon Steel Corporation Ternium Investments S.A.R.L. Prosid Investments S.C.A. Confab Industrial S.A. Usiminas S.A. in Treasury Caixa de Previdncia dos Funcionrios do Banco do Brasil Other Total 41,468,000 119,969,788 34,109,762 27,347,796 84,741,291 20,000,000 25,000,000 2,526,654 52,980,090 97,117,303 505,260,684 % 8.21 23.74 6.75 5.41 16.77 3.96 4.95 0.5 10.48 19.23 100 24,060,356 6,543,350 396,545,448 508,439,712 4.73 1.28 78 100 85,794 85,794 100 100 307,926 0.06 Number 78,151,800 2,830,832 % 15.37 0.56 Number % Number 119,619,800 122,800,620 34,109,762 27,655,722 84,741,291 20,000,000 25,000,000 26,587,010 59,523,440 493,748,545 1,013,786,190 % 11.8 12.11 3.36 2.73 8.36 1.97 2.47 2.62 5.87 48.71 100 Preferred Shares "A" Preferred Shares. "B" Total
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COMPANHIA SIDERRGICA NACIONAL CNPJ n 33.042.730/0001-04 SHARES IN UNITS BASE DATE : 06/30/2012
Common Shares Shareholders Number Rio Iaco Participaes S.A. Vicunha Siderurgia S.A. Other Total 58,193,503 697,719,990 702,056,615 1,457,970,108 % 3.99 47.86 48.15 100 Number % Number 58,193,503 697,719,990 702,056,615 1,457,970,108 % 3.99 47.86 48.15 100 Preferred Shares Total
RIO IACO PARTICIPAES S.A CNPJ n 06.990.482/0001-50 SHARES IN UNITS BASE DATE : 06/30/2012
Common Shares Shareholders Number Rio Purus Participaes S.A. Other Total 499 1 500 % 99.80 0.20 100 Number % Number 499 1 500 % 99.80 0.20 100 Preferred Shares Total
VICUNHA SIDERURGIA S.A. CNPJ n 02.871.007/0001-04 SHARES IN UNITS BASE DATE : 06/30/2012
Common Shares Shareholders Number Vicunha Aos S.A. Other Total 580,634,272 6 580,634,278 % 99.99 0.01 100 468,298,605 100 Number 468,298,605 % 100 Number 1,048,932,877 6 1,048,932,883 % 99.99 0.01 100 Preferred Shares Total
RIO PURUS PARTICIPAES S.A. CNPJ n 60.078.060/0001-59 SHARES IN UNITS BASE DATE : 06/30/2012
Common Shares Shareholders Number Dorotha Steinbruch Other Total 702,046,223 1,500 702,047,723 % 99.99 0.01 100 702,047,723 702,047,723 100 100 Number % Number 702,046,223 702,049,223 1,404,095,446 % 49.99 50.01 100 Preferred Shares Total
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VICUNHA AOS S.A. CNPJ n 04.213.131/0001-08 SHARES IN UNITS BASE DATE : 06/30/2012
Common Shares Shareholders Number Vicunha Steel S.A. Other Total 223,982,554 8 223,982,562 % 99.99 0.01 100 110,521,137 110,521,137 100 100 Number % Number 223,982,554 110,521,145 334,503,699 % 66.96 33.04 100 Preferred Shares Total
VICUNHA STEEL S.A. CNPJ n 04.169.992/0001-36 SHARES IN UNITS BASE DATE : 06/30/2012
Common Shares Shareholders Number CFL Participaes S.A. Rio Purus Participaes S.A. Other Total 88,994,551 133,491,823 8 222,486,382 % 39.99 60 0.01 100 Number % Number 88,994,551 133,491,823 8 222,486,382 % 39.99 60 0.01 100 Preferred Shares Total
CFL PARTICIPAES S.A. CNPJ n 60.078.045/0001-00 SHARES IN UNITS BASE DATE : 06/30/2012
Common Shares Shareholders Number Clarice Steinbruch Fbio Steinbruch Leo Steinbruch Total 327,396,429 327,396,430 327,396,429 982,189,288 % 33.33 33.34 33.33 100 Number % Number 327,396,429 327,396,430 327,396,429 982,189,288 % 33.33 33.34 33.33 100 Preferred Shares Total
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NIPPON USIMINAS CO., LTD. SHARES IN UNITS BASE DATE : 06/30/2012

Common Shares Shareholders Number Nippon Steel Corporation - NSC (1) Japan International Cooperation Agency - JICA (2) Mitsubishi Corporation Total 268,874 30,092 1,948 300,914 % 89.35 10.00 0.65 100.00 Number % Number 268,874 30,092 1,948 300,914 % 89.35 10.00 0.65 100.00 Preferred Shares Total
(1) NSC Nippon Steel Corporation is a publicly held company listed on the Tokyo Stock Exchange Japan, and is the parent company of Nippon Steel Group, the main business of which is steel production, in addition to rendering Engineering, Construction, Chemistry Systems Technology and others services through different subsidiaries. (2) JICA - Japan International Cooperation Agency is a Japanese Government Agency responsible for the implementation of Technical Cooperation ODA (Official Development Assistance) Loans and Japanese Non Reimbursable Financial Cooperation in developing countries aiming to improve the social economic conditions. JICA has offices in almost 100 countries in addition to the head Office in Tokyo and training centers in different regions of Japan.
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CONFAB INDUSTRIAL S.A. CNPJ 60.882.628/0001-90 SHARES IN UNITS BASE DATE: 06/30/2012
Common Shares Shareholders Number Siderca S.A.I.C.(1) Tenaris Investments S. rl. Total 167,308,639 1,310,117 168,618,756 % 99.22 0.78 100.00 230,591,281 230,591,281 Number % 0.00 100.00 100.00 Number 167,308,639 231,901,398 399,210,037 % 41.91 58.09 100.00 Preferred Shares Total
(1) Siderca S.A.I.C. is an Argentine joint stock company and its main shareholders are Tenaris Investments S. rl., Luxembourg company, and Tenaris Global Services S.A., Uruguayan company, both jointly owned subsidiaries of Tenaris S.A., which hold approximately 97.49% and 2.50%, respectively, of the shares issued by Siderca S.A.I.C. Tenaris S.A. is a publicly held company, listed at New York Stock Exchange (NYSE) United States of America, at Buenos Aires Stock Exchange Argentina, at the Milan Stock Exchange (MTA) Italy and at Mexico Stock Exchange Mexico. Tenaris S.A. is the parent company of Tenaris Group, which, through its different subsidiaries, has as its main business the production and supply of steel pipes and services provision for the world energetic industry, as well as for certain industrial use. Tenaris S.A. is controlled by San Faustin S.A., Luxembourg joint stock company (San Faustin), which, indirectly holds, through its Luxembourg jointly owned subsidiary Techint Holdings S. r.l., approximately 60.5% of the shares issued by Tenaris S.A. Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin, a Dutch private foundation (RP STAK), owns shares issued by San Faustin in sufficient number to control San Faustin. No person or group of persons controls RP STAK.
PROSID INVESTMENTS S.C.A. CNPJ 14.759.342/0001-02 06/30/2012 Prosid Investments S.C.A. has as its main shareholder Siderar S.A.I.C. with 99.99% participation in the capital shares.
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SIDERAR S.A.I.C. CNPJ 05.722.544/0001-80 06/30/2012 Siderar S.A.I.C. is an Argentine publicly held joint stock company, listed on the Buenos Aires Stock Exchange Argentina. Siderar S.A.I.C. has as its main shareholders Ternium Internacional Espaa, S.L.U., Spanish jointly owned subsidiary of Ternium S.A., which owns approximately 60.94% of the shares issued by Siderar S.A.I.C., and to Administracin Nacional de la Seguridad Social (ANSeS), Argentine government body, which owns approximately 26.03% of the shares issued by Siderar S.A.I.C. Ternium S.A. control is detailed below.
TERNIUM INVESTMENTS S. R.L. CNPJ 12.659.927/ 0001-17 06/30/2012 Ternium Investments S. r.l. is a Luxembourg limited liability company whose single partner is Ternium S.A. with 100% participation in its capital shares. Ternium S.A. is a publicly held company, listed at New York Stock Exchange (NYSE) United States of America. Ternium S.A. is the parent company of Ternium Group, which, through its different subsidiaries, has as its main business the production of long and flat steel, with production centers located in Argentina, in Colombia, in the United States of America, in Guatemala and in Mexico. Ternium S.A. is controlled by San Faustin, which indirectly holds, through its Luxembourg jointly owned subsidiary Techint Holdings S. r.l., approximately 62% of the shares issued by Ternium S.A. RP STAK owns shares issued by San Faustin in sufficient number to control San Faustin. No person or group of persons controls RP STAK.
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Other Information Considered Relevant In compliance with the Regulation of Differentiated Corporate Governance Practices Level 1 we present below the nature of the marketable securities issued by the Company which are owned directly or indirectly by the Controlling Shareholder, Officers, Members of the Fiscal Council and Board of Directors. The table also presents the outstanding shares and their percentage of the total number of shares issued.
Position at 06/30/2012 Common Shareholders Units % Preferred class A Units % Preferred class B Units % Units
Total
%
Controlling Shareholders
329,377,429
65.19
3,138,758
0.62
332,516,187
32.80
Officers
Board of Directors Executive Board 13 2 132,003 9,245 0.03 132,016 9,247 0.02
Fiscal Council
101
101
Treasury Shares
2,526,654
0.50
24,060,356
4.73
26,587,010
2.62
Other shareholders
173,356,485
34.31
481,098,570
94.62
86,574
100
654,541,629
64.56
Total
505,260,684
100.00
508,438,932
100.00
86,574
100 1,013,786,190
100.00
Outstanding shares
173,356,586
34.31
481,098,570
94.62
86,574
100
654,541,730
64.56
Position at 06/30/2011 Common Shareholders Units % Preferred class A Units % Preferred class B Units % Units Total %
Controlling Shareholders
329,377,434
65.19
3,138,758
0.62
332,516,192
32.80
Officers
Board of Directors Executive Board 4,024 10 4,006 1,182 8,030 1,192
Fiscal Council
8,100
8,100
Treasury Shares
2,526,654
0.50
24,060,356
4.73
26,587,010
2.62
Other shareholders
173,352,562
34.31
481,226,910
94.65
86,194
100.00
654,665,666
64.58
Total
505,260,684
100.00
508,439,312
100.00
86,194
100.00 1,013,786,190
100.00
Outstanding shares
173,352,562
34.31
481,235,010
94.65
86,194
100.00
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(A free translation of the original in Portuguese)

Usinas Siderrgicas de Minas Gerais S.A. USIMINAS

(A free translation of the original in Portuguese)

Report on Review of Quarterly Information

Usinas Siderrgicas de Minas Gerais S.A. - USIMINAS

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Table of Contents Company Data

Individual Financial Statements

Consolidated Financial Statements

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Company Data/Capital Composition

505,260,684 508,525,506 1,013,786,190 2,526,654 24,060,356 26,587,010

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Company Data / Earnings in cash

Event Board of Directors Meeting Board of Directors Meeting

Approval 03/06/2012 03/06/2012

Amounts Interest on Own Capital Interest on Own Capital

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Individual Financial Statements/Balance Sheet Assets

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Individual Financial Statements/Balance Sheet Liabilities

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Individual Financial Statements/Balance Sheet Liabilities

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Individual Financial Statements/Statement of Income

-0.10200 -0.10000 -0.10200 -0.10000

-0.17000 -0.18000 -0.1700 -0.1800

0.11000 0.12000 0.11000 0.12000

0.08000 0.09000 0.08000 0.09000

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Individual Financial Statements / Comprehensive Statement of Income

Account Code 4.01 4.02 4.02.01 4.02.02 4.02.03 4.02.04 4.03

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Individual Financial Statements/Statement of Cash Flow Indirect Method

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Individual Financial Statements/Statement of Cash Flow Indirect Method

Account Code 6.05.02

Account Description Closing Balance of Cash and Cash Equivalents

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Individual Financial Statements/Statements of Changes in Equity - 01/01/2012 to 06/30/2012

Paid- up Capital 12,150,000 12,150,000 0 0 0 0 0 0 0 0 0 0 0 12,150,000

Revenue Reserve 4,517,043 4,517,043 -26,221 0 -21,221 0 0 0 0 0 0 0 0 4,490,822

Other Comprehensive Results 614,476 614,476 0 0 0

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Individual Financial Statements/Statements of Changes in Equity - 01/01/2011 to 06/30/2011

Paid- up Capital 12,150,000 12,150,000 0 0 0 0 0 0 0 0 0 12,150,000

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Individual Financial Statements/Statement of Value Added

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Consolidated Financial Statements/Balance Sheet - Assets

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Consolidated Financial Statements/Balance Sheet Liabilities

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Consolidated Financial Statements/Balance Sheet Liabilities

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Consolidated Financial Statements/Statement of Income

-0.10200 -0.10000 -0.10200 -0.10000

-0.17000 -0.18000 -0.17000 -0.18000

0.11000 0.12000 0.11000 0.12000

0.08000 0.09000 0.08000 0.09000

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A

Consolidated Financial Statements/Comprehensive Statement of Income

ITR Quarterly Information - 06/30/2012 - USINAS SIDERURGICAS DE MINAS GERAIS S A