Usiminas Sede

Rua Prof. Jos Vieira de Mendona, 3.011

Engenho Nogueira
31310-260 Belo Horizonte, MG
T 55 31 3499-8000
F 55 31 3499-8899

www.usiminas.com



USINAS SIDERRGICAS DE MINAS GERAIS S/A USIMINAS
CNPJ/MF 60.894.730/0001-05
NIRE 313.000.1360-0
Publicly Traded Company


Minutes of the Ordinary Meeting of the Board of Directors of Usinas Siderrgicas de Minas Gerais S/A -
USIMINAS, held at the Companys office, Av. do Caf, 277, Tower B/9
th
floor, in So Paulo/SP, on
September 25
th
, 2014, at 10AM.

Board Members Participants Paulo Penido Pinto Marques, Chairman; Eiji Hashimoto, Fumihiko
Wada, Daniel Agustn Novegil, Roberto Caiuby Vidigal, Alcides Jos Morgante, Rita Rebelo Horta de Assis
Fonseca, Jos Oscar Costa de Andrade, Marcelo Gasparino da Silva and Wanderley Rezende de Souza.
Secretary-General Guilherme Poggiali Almeida.

The Board Members approved, by majority of its members with a contrary vote from the Board Member
Marcelo Gasparino da Silva, the preparation of the minutes in summary form, pursuant article 130, 1
st

paragraph of the Brazilian Corporate Law and article 14, 8
th
paragraph of the Bylaws.

It is registered herein that all the Board Members, except for Board Member Marcelo Gasparino da Silva,
presented statements as well as written votes regarding the items in the agenda, which shall be
attached to the respective minutes and filed in the Board of Directors Minutes Book.

1. Agenda:

I. Discussion about the compliance issues reported in the internal and external audit reports,
and deliberation of appropriate measures to be taken in connection therewith As requested
by Board Member Rita Rebelo Horta de Assis Fonseca, the Legal Opinions from law firms Veirano
Advogados and Carvalhosa & Eizirik Advogados, requested by the Companys Legal Department, were
delivered to the Board Members and shall be attached to the respective minutes.

The Board Members Paulo Penido Pinto Marques, Eiji Hashimoto, Fumihiko Wada, Marcelo Gasparino da
Silva and Wanderley Rezende de Souza voted for the immediate dismissal of Officers Julin Alberto
Eguren, Marcelo Rodolfo Chara and Paolo Felice Bassetti from their positions and for the refund of the
amounts that were improperly received. The Board Members Daniel Agustn Novegil, Roberto Caiuby
Vidigal, Alcides Jos Morgante, Rita Rebelo Horta de Assis Fonseca and Jos Oscar Costa de Andrade, in
view of the lack of resolution in the Preparatory Meeting of the Controlling Group, voted against any
resolutions at this time and, consequently, the maintenance of the referred Officers in their positions.

The Chairman of the Board of Directors informed that, despite the lack of resolution in the Preliminary
Meeting of the Controlling Group, he would count the votes cast by all the Board Members due to the
reasons stated in his written statement of vote, which shall be attached in the respective minutes.

Considering the provisions of Article 11 of the Bylaws, which states that "the person who is in the
presidency of the works shall have, in addition to his personal vote, the casting vote", was approved the
immediate dismissal of Officers Julin Alberto Eguren, Marcelo Rodolfo Chara and Paolo Felice Bassetti
from their positions and the refund of the amounts that were improperly received by them.

II. Election of the members of the Board of Officers In view of the resolutions passed on item I
above, the Board Member Hashimoto suggested the adjournment of the Meeting, to hold a Preliminary
Meeting in order to tentatively reach an agreement due to the new circumstances.

Once the Meeting was resumed, it was informed that there was no agreement on the Controlling Group
about the definitive composition. The Board decided, by majority, with a contrary vote from Board
Member Marcelo Gasparino, not to appoint any Officer definitively for a term of office until the 2016
Ordinary Shareholders Meeting.

Board Member Hashimoto presented a list of indications to a temporary composition of the Board of
Officers, until a new appointment is decided by the Board of Directors, which shall be attached to the
respective minutes. It was also presented a Term of Designation executed by Mr. Julin Alberto Eguren
for the purposes of article 17 of the Bylaws, which shall also be attached to the respective minutes,
about which the Board Members presented diverging opinions.

The Board Members Paulo Penido Pinto Marques, Eiji Hashimoto, Fumihiko Wada, Marcelo Gasparino da
Silva and Wanderley Rezende de Souza voted for the appointment, on a temporary basis, of Mr. Rmel
Erwin de Souza for the position of Chief Executive Officer and Industrial Vice President Officer of
the Company and Mr. Ronald Seckelmann for the position of Subsidiaries Vice President Officer of

Usiminas Sede
Rua Prof. Jos Vieira de Mendona, 3.011
Engenho Nogueira
31310-260 Belo Horizonte, MG
T 55 31 3499-8000
F 55 31 3499-8899

www.usiminas.com



the Company, who shall therefore accumulate such positions with the current ones already held. The
Board Members Daniel Agustn Novegil, Roberto Caiuby Vidigal, Alcides Jos Morgante, Rita Rebelo Horta
de Assis Jos Fonseca e Jos Oscar Costa de Andrade, in view of the lack of resolution in the Preliminary
Meeting of the Controlling Group, voted against any resolution at this time, as the votes cast in the
previous item of the agenda. The Board Members Daniel Agustn Novegil, Roberto Caiuby Vidigal and
Alcides Jos Morgante, in view of the divergence of the temporary appointment, voted for the
acceptance of the Term of Designation. It is herein registered that the Board Member Marcelo Gasparino
followed the single proposal and voted to hire a head-hunter consultant for, within two months, provide
an indication of the CEO of the Company. Board Member Marcelo Gasparino also registered that, in his
understanding, the CEO should be replaced by the Chairman of the Board of Directors, pursuant to the
third paragraph of Article 12 of the Bylaws, and that voted in the Vice Presidents due to the statement of
the Chairman of the Board of Directors, the other Directors appointed by NSC Group and by Board
Member Wanderley Rezende de Souza that there could be an election on a temporary basis.

The Chairman of the Board of Directors informed that, despite the lack of resolution in the Preliminary
Meeting of the Controlling Group, he would count the votes cast by all the Board Members due to the
reasons stated in his written statement of vote, which shall be attached to the respective minutes.

Considering the provisions of Article 11 of the Bylaws, which stated that "the person who is in the
presidency of the works shall have, in addition to his personal vote, the casting vote", was approved the
appointment, on a temporary basis, of Mr. Rmel Erwin de Souza for the position of Chief Executive
Officer and Industrial Vice President Officer of the Company and Mr. Ronald Seckelmann for the
position of Subsidiaries Vice President Officer of the Company.

Thus, the Companys Board of Officers shall be composed, in a temporary basis, until a new appointment
is performed by the Board of Directors, pursuant to article 150, fourth paragraph, of Law 6.404/1976, by
the following manner:

Rmel Erwin de Souza Chief Executive Officer, Technology Vice President
Officer and Industrial Vice President Officer
Ronald Seckelmann Finance and Investor Relations Vice President
Officer and Subsidiaries Vice President Officer
Sergio Leite de Andrade Commercial Vice President Officer
Nobuhiko Takamatsu Corporate Planning Vice President Officer


2. Adjournment With no further business, the minutes were closed and were drawn up in Book 04
with the signature of the participating Board Members and the Secretary. So Paulo, September 25
th
,
2014.