USINAS SIDERÚRGICAS DE MINAS GERAIS S/A - USIMINASCNPJ/MF Corporate Taxpayers’ ID 60,894,730/0001-05

NIRE 313,000,1360-0Publicly Traded Company

Summary of General Meeting of the Board of Directors of Usinas Siderúrgicas de Minas Gerais S/A - USIMINAS, held at the Company’s headquarter, at Rua Professor José Vieira de Mendonça, 3011, at the city of Belo Horizonte, capital of the Minas Gerais state, on November 12, 2008, at 10:00 a.m. (Brasilia time).Quorum – Wilson Nélio Brumer, Chairman; other board members: Albano Chagas Vieira, Bertoldo Machado Veiga, Francisco Caprino Neto, Hidemi Kawai, Humberto Eudes Vieira Diniz, Rinaldo Campos Soares, Toru Obata and Toshimi Sugiyama. General Secretary - Frederico Vasconcelos Pinheiro.Deliberations-Before initiating matters of the Order of the Day, the Chairman presented the new Secretary of the Board of Directors of Usiminas, Frederico Vasconcelos Pinheiro, that replaced Mr. Juventino Moraes da Franca, to whom, in name of the present, the Chairman expressed special thanks for his great contribution to Usiminas. Following act, the Chairman gave recognition to the presents of the Resignation Letters presented by Board Members Mr. Gabriel Stoliar and his respective alternate Mr. José James Mendes Pessoa, as well as the nomination by Shareholder Companhia Vale do Rio Doce – VALE to be part of the Board of Directors in replacement of Mr. Gabriel Stoliar and his alternate José James Mendes Pessoa, as member, Mr. José Carlos Martins, Brazilian, separated, economist, ID 5,589,681-9 SSP-SP, Individual Taxpayers’ ID (CPF) 304,880,288-68, with commercial office at Av. Graça Aranha 26, 18th floor, Rio de Janeiro, at the Rio de Janeiro state – 20030-900 and as Alternate, Mr. Aristides Maria Ricci Corbellini, Brazilian, married, engineer, ID 3000716 IFP, Individual Taxpayers’ ID (CPF) 265,496,627-53, with commercial office at Av. Graça Aranha 26, 6th floor, Rio de Janeiro, at the Rio de Janeiro state – 20030-900. The Board Members approved the nomination and replacement of the members of the Board to fulfill the term. The Chairman, in behalf of the Board, expressed special thanks to the Board Members Gabriel Stoliar and José James Mendes Pessoa for their contribution to the tasks of the Full Board.Deliberations of the Order of the Day:I – Payment of Interest on Capital – In the terms of the corporate law in effect and of the Bylaws, the Board approved, ad referendum the General Shareholders’ Meeting, the Executive Board’s proposal of payment of Interest on Capital, complementary, in the amount of R$ 375,002,000.00 (three hundred and seventy five million and two thousand Brazilian Real), where each common share will receive R$ 0.72419 and, each preferred share, R$ 0.79661, amounts that will be added to the calculation of the minimum mandatory dividend for the 2008 fiscal year. The payment date will be defined by the Board of Directors scheduled for February 18, 2009, to the shareholders who hold shares on December 29, 2008. The accounting credit will occur on December 30, 2008;II – Approval of the Board Meetings’ 2009 Calendar – The Board of Directors Meetings’ 2009 calendar was presented by the Chairman of the Board. The Board Members approved the calendar of the Meetings and defined that the Meetings will be held at the Company’s headquarter, at Rua Professor José Vieira de Mendonça, 3011, at the city of Belo Horizonte, capital of the Minas Gerais state, on February 18

(Wednesday), April 29 (Wednesday), July 22 (Wednesday) and October 21 (Wednesday);III – Mining and Port Projects – For common knowledge, the current stage of the Company’s Mining and Port projects was presented to the Board Members by the Company’s Mining Director, Juarez Rabello.IV – Investment Plan of the Company’s Expansion Plan – Initially, the Industrial Director Vice-President presented the current stage of all the Company’s industrial projects under way. Presented the information on Santana do Paraíso Mill, registering the obtainment of the Preliminary License on November 7. The Board of Directors proposed to the Board Members to forward, by November 22, 2008, new studies projecting also a stress scenario, due to the worsening of the global financial crisis. The Board Members, unanimously, agreed to the Board of Directors’ proposal.V – Company’s Bylaws – The Legal Director, Guilherme H. Lanziotti, presented the proposal of amendment of the Company’s Bylaws. The Board Members, unanimously, decided that eventual suggestions and questionings shall be forwarded to the Board’s Secretary, that will take the necessary actions so that they are analyzed and answered in a way to allow that the subject be deliberated in the next Board of Directors Meeting, scheduled for February 18, 2009 and taken to approval of the Company’s General Shareholders’ Meeting that will occur on the month of April 2009.The meeting was adjourned as there was nothing further to be resolved. The respective minutes were drawn up in Book CA-02, with the signature of the Board Members present and the General Secretary. Belo Horizonte, November 12, 2008.