ADVANCED TECHNOLOGY TO MAKE STEEL AND BENEFIT LIVES

EBITDA grows 39% in the quarter, totals R$ 1.4 billion in the year
Belo Horizonte, November 14, 2002 Usinas Siderrgicas de Minas Gerais S/A USIMINAS (BOVESPA: USIM3, USIM5, USIM6; OTC: USNZY), released today its third quarter 2002 results. The operating and financial information of the Company, except where otherwise mentioned, is presented based on consolidated figures and in reais, according the existing Corporate Legislation Legislao Societria. All comparisons made in this release refer to the same period in 2001, except where specified differently. HIGHLIGHTS Sales Volume Favored by the positive operational performance of Cosipa, the Usiminas System increased sales volume in the quarter by 16%, reaching 1.9 million tonnes. In the first nine months of the year, sales totaled 5.5 million tonnes in the first nine months of the year, an increase of 13% over the same period last year. Sales Revenues Net sales revenues totaled R$ 1.7 billion in the quarter and R$ 4.4 billion in first nine months of the year, which was 37% and 21% above the same period of last year, respectively. Price improvement in both domestic and international markets and the favorable impact of the exchange rate on export revenues, as well as the expansion of sales of higher value-added products, collaborated toward the raising of average price to R$ 877, 03/t in 3Q02, an increase of 18%. EBITDA As a result of the strong sales increase, price recovery and good management of its product mix, Usiminas achieved EBITDA of R$ 620 million in 3Q02, 39% above that realized in 3Q01. In the first nine months of the year, EBITDA totaled R$ 1.4 billion, an increase of 14% over the same period of the previous year. Net Results The consolidated net less was R$ 684 million in 3Q02 and R$ 943 million in the first nine months of the year. This was caused exclusively by foreign exchange variation of 37% in the quarter (68% in the 9M02), applied to foreign debt. However, we would like to emphasize the accounting nature of this loss, which does not affect the Companys cash flow. An expressive parcel of the exchange variation, equivalent to R$ 969 million is resultant from advance contracts with guarantee of future exports of COSIPA. This cannot be considered a loss, since the realization of the sales will bring funds indexed to the exchange rate, integrally compensating the exchange rate variation. Outlook The outlook for the fourth quarter is quite favorable, with growth in exports and expectation of domestic market recovery. Already favored by the return of auto industry orders and the gradual recovery of industrial production in Brazil, the Usiminas System has sold a record volume in October/02 of 497 thousand tonnes in the domestic market. At the years end, financial results should also improve significantly, as market estimates of exchange rates are confirmed and the current electoral turbulence passes.

Consolidated Key Figures

R$ million 3Q 2002 3Q 2001 Chg % Jan-Sep 2002 Jan-Sep 2001 Chg %

Total Sales Volume (000 t) Net Revenues Gross Profit Operating Result (EBIT)a Financial Result Net Income (Loss) EBITDA b EBITDA (R$/t) Total Assets Net Debt Stockholders' Equity
(a) Earnings before interest and tax.

1,910 1,676 615 450 (1,432) (684) 620 325 15,947 9,691 2,415

1,652 1,226 400 314 (443) (23) 447 270 16,766 8,292 3,429

16 37 54 43 223 39 20 -5 17 -30

5,537 4,393 1,357 987 (2,553) (943) 1,410 253 15,947 9,691 2,415

4,911 3,645 1,172 926 (1,113) 0 1,241 315 16,766 8,292 3,429

13 21 16 7 129 14 -20 -5 17 -30

(b) Earnings before interest, depreciation and amortization.

FOR IMMEDIATE RELEASE

Contacts: Breno Jlio de Melo Milton bmilton@usiminas.com.br Tel: +55 (31) 3499-8710 Mariana Crespo mariana.crespo@tfn.com Tel: +1 (212) 807-5014

Market, Production and Sales

Forex and international prices maintain attractiveness of exports
The weak domestic market has caused the steel industry to continue to direct a good part of its production to exports, aided by the recovery in international prices and the devaluaton of the Real. According to IBS (The Brazilian Steel Institute), Brazilian steel production grew 9.8%, reaching 21.8 million tonnes in the first nine months of 2002. In the same period, domestic steel product sales contracted by 3.7%. The main consumer segments, such as the auto industry, whose sales fell by 11.8%, also performed poorly. On the other hand, Brazilian export volume grew 43%, totaling 8.4 million tonnes over the year. The Usiminas System produced 2.2 million tonnes in 3Q02, 39% higher than in the same period of the last year. Cumulatively, production grew 15% and totaled 6.2 million tonnes. The main contribution to this achievement was the operating performance of Cosipa, which reached full production capacity in the quarter of an annualized 4.5 million tonnes and broke records in the blast furnace production.

Usiminas System production grows 15% on an annual basis

Production (Crude Steel)

Thousand tonnes 3Q02 3Q01 2Q02
Chg % 3Q/3Q Chg.% 3Q/2Q

Jan-Sep 2002

Jan-Sep 2001

Chg. %

Usiminas Cosipa Total

1,160 1,026 2,186

1,152 425 1,577

1,153 953 2,106

1 141 39

1 8 4

3,404 2,772 6,176

3,428 1,953 5,381

-1 42 15

Consolidated sales grow 16% in the quarter and 13% annually

Consolidated sales grew 16% in the quarter over 3Q01, reaching 1.9 million tonnes. Exports accounted for 33% of the total in the period. On an annual basis sales of 5.5 million tonnes represented a growth of 13%. Out of this total, 1.6 million tonnes (29% of consolidated sales) were exported.

Consolidated Sales (000t.)

1,890 1,715 1,418
17%

1,910

1,552 1,570
18% 12%

1,570 1,545
19% 14%

1,652 1,692
17% 27%

1,736
22% 31% 33%

13%

82% 83%

88%

81%

86%

87%

83%

73%

78%

69%

67%

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

Domestic Market

Export Market

Sales highlights for Cosipa slab and Usiminas galvanized products

Regarding sales, slab and galvanized product sales particularly stand out, growing 408% and 81%, respectively in the year. The large expansion in slab sales is a consequence of the increased production capacity at Cosipa. The American market had good demand for slabs, and, even with the imposition of global quotas of 5 million tonnes, it was possible to place additional volume in the market. On the other hand, hot dip galvanized sales were favored by domestic demand from large customers who substituted previously imported raw materials and by price improvement on the international market.

USIMINAS 3Q02 Release

2/13

Heavy plate sales remained active. The fall in domestic sales was compensated by increased exports, motivated by the main linepipe producer, who directed part of the quarters production to its plant in Argentina.

Sales
Thousand tons 3Q02 % 3Q01 %

Exports account for one third of the Systems sales in 3Q02

Jan-Sep 2002

Jan-Sep 2001

Usiminas Domestic Market Export Market Total Cosipa Domestic Market Export Market Total Consolidated Domestic Market Export Market Total

772 249 1,021

76 24 100

854 182 1,036

82 18 100

2,387 681 3,068

78 22 100

2,531 510 3,041

83 17 100

514 375 889

58 42 100

523 94 617

85 15 100

1,556 913 2,469

63 37 100

1,671 199 1,870

89 11 100

1,286 624 1,910

67 33 100

1,377 275 1,652

83 17 100

3,943 1,594 5,537

71 29 100

4,202 709 4,911

86 14 100

Domestic market share of the Usiminas System was 61% in the first nine months of the year. This share exceptionally reached 63% in the same period of last year due to stoppage for maintenance of the competitor. Despite this variation Usiminas is increasing its market share in galvanized and cold rolled products, thus improving its product mix, in keeping with its strategic planning.

Net Sales
Consolidated net sales grow 37%
Consolidated net sales grew 37% and totaled R$ 1.7 billion in 3Q02. The average price grew 18%, reaching R$ 877.03/t., and sales volume grew 16%. Net sales in 2002 totaled R$ 4.4 billion, a growth of 21%. The growth is explained by a 7% average price growth (R$ 793.39/t) and by a 13% sales volume increase.

Consolidated Net Revenue

R$ million

The favorable growth in average price, especially in this quarter, reflected several factors, such as the 11% average price increase Jan-Sept 2001 Jan-Sept 2002 applied in the domestic market in 3Q02, improved prices in the international market and the favorable impact of the exchange rate on exports, in addition to larger sales of higher value-added products, such as galvanized and cold rolled goods. Sales volume, as already mentioned, grew because of the increased production capacity of Cosipa, which has already reached a 4.5 million-tonne annualized rate of production, raising the Systems raw steel capacity to 9.2 million tonnes/yr.

3,645

4,393

Gross Profit
Gross margin reaches 37%
Consolidated gross profit in 3Q02 grew 54%, influenced by growing sales, price recovery, exchange rate effect on export sales revenues and also economies of scale, with greater dilution of fixed production costs. Average per-tonne cost reached R$ 554.26/t, with an increase of 11% in relation to 3Q01. Confirming the trend toward the margin recovery forecast last quarter, gross margin reached 37% in 3Q02. Cumulated gross margin reached 31% for the first nine months of 2002, nearing the historical levels at Usiminas.

USIMINAS 3Q02 Release

3/13

Operating Results
Operating profits before financial expenses (EBIT) grew 43% in the quarter, reaching R$ 450 million. In the year-to-date, EBIT, totaled R$ 987 million, a 7% increase. EBIT margin, however, declined from 25% in the first nine months of 2001 to 22% in 2002, affected by raw materials cost increases and higher operating expenses related to export, besides expenses with adjustments in the Usiminas pension fund.
37.0%

Cash generation totals R$ 621 million in the quarter and R$ 1.4 billion in 9M02

36.5%

620

447

3Q01 EBITDA (R$ million)

3Q02 EBITDA Margin

EBITDA reached R$ 620 million in 3Q02. For 9M02, EBITDA totaled R$ 1.4 billion, 14% above that of the same period last year.

Financial Results and Debt

Forex variation represents 78% of financial expense in the year
Net financial expenses totaled R$ 1.4 billion in the quarter, affected by exchange rate variation of 37% in the period. Over the year, net financial expenses came to R$ 2.6 billion. Out of that R$ 1.9 billion (78% of the total) resulted from net exchange rate variation, deducting hedge revenues. Usiminas gross debt was R$ 10.6 billion at the end of September, 2002. Of the total, 52% refer to export/import financing, 18% refers to BNDES, 4% are domestic debentures and the remaining are sundry operations.

Total Debt
converted in US$ million

Debt converted into dollars falls 10% and totals US$ 2.8 billion

The Usiminas System companies do not have Eurobond or any other international capital market operations that cause a concentration of maturities of its debt. Its foreign currency financing mainly utilizes the instrument of trade financing, anticipation of exports and financing for the purchase of coal and capital goods. These operations are routinely renewed with financial institutions and may be supported by trading companies when necessary.

3,106 2,807

6/30/02

9/30/02

Exchange rate protection operations of the Usiminas System totaled US$ 687 million on 09/30/02 and contributed to reduce financial expenses by R$ 1 billion in consolidated 9M02.

Extraordinary Event
Sale of stake improves Usiminas cash position
As part of its strategy to focus on investments in the production and sales areas of steel products, as well as advancing in the reduction of its debt, Usiminas sold its stake in Camargo Corra Cimentos S.A. to Construes e Comrcio Camargo Corra S.A. The amount received at sight was R$ 177 million, booked against the accounting entry of R$ 85 million, thereby generated non-operating revenue of R$ 92 million in 3Q02.

USIMINAS 3Q02 Release

4/13

Net Results
FX variation explains net loss
The consolidated net loss was R$ 684 million in 3Q02 and R$ 943 million in the first nine months of the year. This was caused exclusively by foreign exchange variation of 37% in the quarter (68% in the year), applied to foreign debt. However, we would like to emphasize the accounting nature of this loss, which does not affect the Company's cash flow. An expressive parcel of the exchange variation, equivalent to R$ 969 million is resultant from advance contracts with guarantee of future exports of COSIPA. This cannot be considered a loss, since the realization of the sales will bring funds indexed to the exchange rate, integrally compensating the exchange rate variation.

Investments
No large investments programmed
Investments totaled R$ 75 million in 3Q02, accumulating a total of R$ 294 million in the year. With the conclusion of investments in Cosipas steel shop, there are no large investments projected for the coming quarters, allowing Usiminas to direct its future cash generation toward reduction of its debt.

Outlook
Signs of domestic market recovery improve industry perspectives
Outlook for the fourth quarter are positive, with the increase in export levels and recovery in domestic sales. Domestic demand is increasing at the end of this year, with auto industry orders resuming and a gradual recovery of domestic industry in process. As a consequence, in October, the Usiminas System sold a record 497 thousand tonnes in the domestic market. It is also worth mentioning the domestic price recovery as of November, narrowing the gap between prices practiced in Brazil versus prevailing foreign market prices.

Declarations contained in the communiqu relative to business perspectives of the Company, operating and financial results and projections, and references to the growth of the Company, constitute mere forecasts and were based on Managements expectations in relation to future performance. These expectations are highly dependent on market behavior, of Brazils economic situation, on the industry and on international markets, and are therefore subject to change. ### Usinas Siderrgicas de Minas Gerais S/A USIMINAS is an integrated steel producer, with consolidated net sales of R$ 4.9 billion in 2001. The Usiminas System, made up of Usiminas and Cosipa, has an annual production capacity of 9.2 million tonnes of raw steel and holds the position of domestic market leader in flat rolled steel in the auto, autoparts, agricultural and highway machinery, electrical and electronic equipment and linepipe industries.

USIMINAS 3Q02 Release

5/13

Attachment 1

Financial Statements
Income Statement - Parent Company
Brazilian GAAP (Legislao Societria)

Parent Company
R$ thousand Net Revenues COGS Gross Profit Gross Margin % Operating Income (Expenses) Selling General and Administrative Othres, Net EBIT EBIT Margin % Financial Result Financial Income Financial Expenses Equity Income Operating Result Non-Operating Income Profit (Loss) Before Taxes Social Contribution Income Tax Deferred Income Tax Income (Loss) before Taxes and Profit Sharing Profit Sharing Minority Interests Net Income (Loss) Net Income (Loss)
(per thousand shares)

3Q 2002 939,405 (581,953) 357,452 38% (113,192) (35,610) (27,674) (49,908) 244,260 26% (464,581) 186,403 (650,984) (561,533) (781,854) 86,770 (695,084) 2,611 8,669 (683,804) 0 0 (683,804) (3.17907)

3Q 2001 767,058 (488,627) 278,431 36% (51,374) (13,512) (17,605) (20,257) 227,057 30% (220,572) 51,742 (272,314) (21,754) (15,269) 3,434 (11,835) (87) 796 (11,126) 0 0 (11,126) (0.05173)

Chg.

Jan-Sep 2002 Jan-Sep 2001 22 19 28 5 2,494,565 (1,683,671) 810,894 33% (215,433) (62,957) (63,805) (88,671) 595,461 24% (838,250) 306,702 (1,144,952) (851,287) (1,094,076) 133,186 (960,890) 3,918 12,955 (944,017) 0 0 (944,017) (4.38883) 2,194,465 (1,387,000) 807,465 37% (130,346) (40,990) (48,624) (40,732) 677,119 31% (615,781) 122,698 (738,479) (49,729) 11,609 (8,857) 2,752 (6,193) (2,658) 3,168 (2,931) 0 0 (2,931) (0.01363)

Chg.

14 21 0 -12 65 54 31 118 -12 -23

120 164 57 146 8 -12

EBITDA EBITDA Margin%

356,118 37.9%

293,477 38.3%

21 -1

851,875 34.1%

863,716 39.4%

-1 -13

USIMINAS 3Q02 Release

6/13

Attachment 2

Financial Statements
Income Statement - Consolidated
Brazilian GAAP (Legislao Societria)

Consolidated
R$ thousand Net Revenues COGS Gross Profit Gross Margin % Operating Income (Expenses) Selling General and Administrative Othres, Net EBIT EBIT Margin % Financial Result Financial Income Financial Expenses Equity Income Operating Result Non-Operating Income Profit (Loss) Before Taxes Social Contribution Income Tax Deferred Income Tax Income (Loss) before Taxes and Profit Sharing Profit Sharing Minority Interests Net Income (Loss) Net Income (Loss) EBITDA EBITDA Margin%
(per thousand shares)

3Q 2002 1,676,171 (1,061,109) 615,062 37% (164,813) (65,783) (55,873) (43,157) 450,249 27% (1,431,671) 426,275 (1,857,946) (54,350) (1,035,772) 5,190 (1,030,582) 2,144 7,411 292,770 (728,257) (208) 44,462 (684,003) (3.18000) 620,474 37.0%

3Q 2001 1,225,673 (825,469) 400,204 33% (86,432) (31,247) (45,958) (9,227) 313,772 26% (443,112) 110,802 (553,914) (692) (130,032) 3,527 (126,505) (1,879) (7,243) 114,652 (20,975) 12 (2414) (23,377) (0.10868) 447,205 36.5%

Chg.

Jan-Sep 2002 37 29 54 12 91 4,393,202 (3,035,929) 1,357,273 31% (370,442) (122,817) (145,516) (102,109) 986,831 22% (2,553,259) 602,668 (3,155,927) 85,230 (1,481,198) (9,574) (1,490,772) (1,918) (1,052) 481,238 (1,012,504) (2,250) 71,577 (943,177) (4.38492) 39 1 1,409,749 32.1%

Jan-Sep2001 3,644,864 (2,473,344) 1,171,520 32% (245,441) (84,321) (124,539) (36,581) 926,079 25% (1,112,648) 234,248 (1,346,896) 17,308 (169,261) (7,426) (176,687) (6,787) 1,445 195,780 13,751 (7,848) (5,881) 22 0.00010 1,240,746 34.0%

Chg.

21 23 16 -4 51 46 17 179 7 -12

111 22 368 43 5

14 -6

USIMINAS 3Q02 Release

7/13

Attachment 3

Financial Statements
Cash Flow
Brazilian GAAP (Legislao Societria)

Parent Company
R$ thousand Operating Activities Operating Income (Loss) before Interest and Taxes Depreciation, Exhaustion and Amortization Reversion of Long-Term Provision Jan-Sep 2002 Jan-Sep 2001 595,459 189,589 66,825 851,873 (210,237) (28,203) 9,945 (23,027) 99,186 699,537 677,119 169,986 16,611 863,716 (67,955) (56,715) (17,535) 11,861 22,153 755,525

Consolidated
Jan-Sep 2002 Jan-Sep 2001 986,831 353,743 69,175 1,409,749 (364,893) 26,007 (126,362) 17,635 105,841 1,067,977 926,079 297,856 16,811 1,240,746 (172,354) (163,723) 1,397 2,044 16,477 924,587

Operating Cash Generation (EBITDA)

Increase Increase Increase Increase Increase (Decrease) (Decrease) (Decrease) (Decrease) (Decrease) in in in in in Accounts Receivables Inventories Other Receivables Suppliers Accounts Payable

Cashflow Generated from Operating Activities

Financial Activities Inflow in Loans and Financing Payment in Loans, Financing and Debentures Payment of Tax Installments Interest Paid on Loans and Financing Dividends Paid Other Financing Activities, Net

584,300 (964,125) (55,560) (189,348) (50,000) 144,686 (530,047)

593,804 (932,819) (68,257) (268,184) (99,410) 85,685 (689,181)

2,008,950 (2,310,689) (57,134) (395,986) (51,987) 306,156 (500,690)

1,859,480 (1,578,506) (106,233) (475,977) (99,410) 219,242 (181,404)

Net Funds from Financial Activities

Investment Activities Additions in Investments Additions to Permanent Assets, except Deferred Charges Decrease of Permanent Assets

171,881 (54,927) 0 116,954 286,444 166,831 453,275

(1,037) (114,417) 8,996 (106,458) (40,114) 204,224 164,110

171,881 (309,648) 223 (137,544) 429,743 449,909 879,652

(1,037) (812,309) 18,016 (795,330) (52,147) 848,955 796,808

Funds Used for Investments Cash Balance Change

At the Beginning of the Period At the End of the Period

USIMINAS 3Q02 Release

8/13

Attachment 4

Financial Statements
Balance Sheet - Assets
Brazilian GAAP (Legislao Societria) - R$ thousand

Assets Current Assets Cash and Cash Equivalents Trade Accounts Receivable Taxes Recoverable Securities Receivables Inventories

Parent Company
30-Sep-02 2,092,040 453,275 645,076 102,196 213,160 678,333 31-Dec-01 1,389,323 166,831 434,839 74,636 62,887 650,130

Consolidated
30-Sep-02 3,709,369 879,652 1,183,641 153,683 287,167 1,205,226 31-Dec-01 2,826,956 577,531 750,405 123,184 144,603 1,231,233

Long-Term Receivable Deferred Taxes Related Companies Deposits at Law Financial Instruments Others

1,861,923 1,167,405 251,072 83,882 267,736 91,828

1,525,519 1,154,644 185,116 91,896 93,863

2,775,398 1,776,194 7,980 138,399 649,311 203,514

1,655,615 1,297,077 11,184 134,620 212,734

Permanent Assets Investments Property, Plant and Equipment Deferred

5,020,939 1,341,475 3,679,464 -

5,969,854 2,112,899 3,856,955 -

9,462,122 59,724 9,329,972 72,426

9,373,610 210,795 9,092,957 69,858

Total Assets

8,974,902

8,884,696

15,946,889

13,856,181

USIMINAS 3Q02 Release

9/13

Attachment 5

Financial Statements
Balance Sheet - Liabilities and Shareholders' Equity
Brazilian GAAP (Legislao Societria) - R$ thousand

Liabilities and Shareholders' Equity Current Liabilities Loans and Financing Debentures Suppliers Taxes and Payroll Taxes Dividends Provisions Tax Payable in Installments Others

Parent Company
30-Sep-02 2,406,839 1,816,672 49,545 92,305 49,121 352 187,365 53,878 157,601 31-Dec-01 1,429,865 889,778 8,604 115,332 32,807 51,465 144,683 65,738 121,458

Consolidated
30-Sep-02 5,450,360 4,525,244 49,545 335,851 105,357 1,762 42,045 55,239 335,317 31-Dec-01 3,062,529 2,280,837 8,604 298,671 95,648 51,522 32,568 68,005 226,674

Long-Term Liabilities Loans and Financing Debentures Provision for Contingencies Actuarial Liability Tax Payable in Installments Others

4,138,413 1,976,823 425,728 384,263 935,486 97,290 318,823

4,081,164 1,816,157 578,330 385,299 909,466 129,475 262,437

8,025,970 5,413,405 425,728 598,149 999,000 101,270 488,418

7,304,134 4,432,838 578,330 619,888 965,242 132,721 575,115

Minority Interests

2,429,650 1,221,000 1,998,775 153,892 (944,017)

3,373,667 1,221,000 1,998,775 153,892 -

55,566 2,414,993 1,221,000 1,998,775 138,395 (943,177)

131,348 3,358,170 1,221,000 1,998,775 138,395 -

Shareholders' Equity Capital Capital Reserves Revenue Reserves Accumulated Loss

Total Liabilities and Shareholsers' Equity

8,974,902

8,884,696

15,946,889

13,856,181

USIMINAS 3Q02 Release

10/13

Attachment 6

Sales Breakdown
Sales Volume Breakdown - Consolidated
Thousand tons TOTAL SALES Heavy Plates Hot Coils/Sheets Cold Coils/Sheets Eletrogalvanized Coils Hot Dip Galvanized Coils Processed Products Slabs TOTAL SALES - DOMESTIC MARKET Heavy Plates Hot Coils/Sheets Cold Coils/Sheets Eletrogalvanized Coils Hot Dip Galvanized Coils Processed Products Slabs TOTAL SALES - EXPORTS Heavy Plates Hot Coils/Sheets Cold Coils/Sheets Eletrogalvanized Coils Hot Dip Galvanized Coils Processed Products Slabs 3Q 2002 1,910 366 589 396 52 78 123 306 1,286 257 499 312 47 58 82 31 624 109 90 84 5 20 41 275
100% 19% 31% 21% 3% 4% 6% 16%

3Q 2001 1,652 369 566 395 57 51 158 56 1,377 320 503 345 56 49 88 16 275 49 63 50 1 2 70 40
100% 22% 34% 24% 3% 3% 10%

Chg
16% -1% 4% 0% -9% 53% -22%

Jan-Sep 2002 5,537 1,100 1,711 1,108 143 192 344 939 3,943 879 1,491 939 133 171 256 74 1,594 221 220 169 10 21 88 865
100% 20% 31% 20% 3% 3% 6% 17%

Jan-Sep 2001 4,911 1,093 1,713 1,320 173 106 321 185 4,202 938 1,533 1,123 170 102 286 50 709 155 180 197 3 4 35 135
100% 22% 35% 27% 4% 2% 7%

Chg
13% 1% 0% -16% -17% 81% 7%

3% 446%

4% 408%

67% 13% 26% 16% 2% 3% 4% 2%

83% 19% 30% 21% 3% 3% 5% 1%

-7% -20% -1% -10% -16% 18% -7% 94%

71% 16% 27% 17% 2% 3% 5% 1%

86% 19% 31% 23% 3% 2% 6% 1%

-6% -6% -3% -16% -22% 68% -10% 48%

33% 6% 5% 4% 0% 1% 2% 14%

17%

127%

29% 4% 4% 3% 0% 0% 2% 16%

14% 3% 4% 4%

125% 43% 22% -14%

3% 122% 4% 3% 43% 68%

0% 400% 0% 900% 4% -41%

0% 233% 0% 425% 1% 151% 3% 541%

2% 588%

Sectorial Sales - Consolidated

Thousand Tons Domestic Market Auto Autoparts Shipbuilding Line Pipes Small Diameter Pipes Packaging Household Appliance Civil Construction Electrical Equipment Distributors Industrial Equipment Others 3Q 2002 1,286 113 134 10 102 138 15 52 108 32 374 25 183
100% 9% 10% 1% 8% 11% 1% 4% 8% 2% 29% 2% 14%

3Q 2001 1,377 131 144 13 111 135 13 61 110 41 385 38 195

100% 10% 10% 1% 8% 10% 1% 4% 8% 3% 28% 3% 14%

Chg
-6.6% -14% -7% -23% -8% 2% 15% -15% -2% -22% -3% -34% -6%

Jan-Sep 2002 3,943 363 447 32 313 408 41 161 298 101 1,139 88 552
100% 9% 11% 1% 8% 10% 1% 4% 8% 3% 29% 2% 14%

Jan-Sep 2001 4,202 388 422 19 271 449 44 192 310 127 1,300 96 584
100% 9% 10% 0% 6% 11% 1% 5% 7% 3% 31% 2% 14%

Chg
-6.2% -6% 6% 68% 15% -9% -7% -16% -4% -20% -12% -8% -5%

USIMINAS 3Q02 Release

11/13

Attachment 7

Market Share

Market Share - Usiminas System (*)

(% volume) Jan-Sep 2002(**) DOMESTIC MARKET Auto Autoparts Shipbuilding Electrical Equipment Household Appliance Line Pipes Small Diameter Pipes Packaging Civil Construction Distributors 61% 63% 73% 100% 54% 44% 100% 80% 13% 50% 61% Jan-Sep 2001(*) 63% 66% 67% 100% 65% 51% 100% 76% 13% 45% 67% 2001(*) 62% 66% 69% 100% 64% 47% 100% 77% 12% 45% 66% 2000(*) 59% 67% 63% 100% 62% 48% 100% 72% 13% 40% 64%

(*) Defined by USIMINAS, Cosipa, CSN and Acesita markets. (**) Defined by USIMINAS, Cosipa, CSN, Acesita and CST markets, since September. Fonte: USIMINAS

USIMINAS 3Q02 Release

12/13

Attachment 8

Financial Indebtedness
Financial Income (Expenses), Net
R$ million TOTAL DEBT Foreign Currency (98,44%) IGP-M TJLP Others Sub-Total Debentures Sub-Total Taxes Payable in Installments TOTAL FEMCO TOTAL 3,976 54 262 233 4,525 50 4,575 55 4,630 0 4,630 4,319 312 671 111 5,413 426 5,839 101 5,940 364 6,304
Closing FX rate

9/30/02 Short Term

9/30/02 Short Term

9/30/02 Total

6/30/02 Total

Chg.

8,294 366 934 344 9,939 475 10,414 157 10,570 364 10,934
3.8949

6,408 374 984 128 7,893 424 8,317 170 8,487 347 8,834
2.8444

29% -2% -5% 169%

26%
12%

25%
-8%

25%
5%

24%

Debt converted into US$

2,807

3,106

-10%

Financial Income (Expenses), Net

R$ million Monetary Effects Exchange Variation Hedge Income Interest of Loans and Financing Financial Income Other Financial Expenses NET INTEREST INCOME Jan-Sep 2002 (130) (2,995) 1,001 (374) 94 (149) (2,553) Jan-Sep 2001 (109) (1,216) 269 (461) 495 (92) (1,113)

USIMINAS 3Q02 Release

13/13