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Usiminas Presentation1Q12

Agenda

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Usiminas and its Business Units

Financial Highlights

Market Overview

2

World Production - 2011Total 1,490 million tons

3Source: World Steel

* 2011 data not available yet

695.5

107.6 86.2 72.2 68.7 68.5 44.3 35.3 35.2 34.1

China J apan USA India Russia South Korea

Germany Ukraine Brazil Turkey

Production per Company – 2010*

98.2 37.0 35.4 35.0

31.1 23.2 23.2 22.3 22.1

18.7

7.3

Arcelor MittalBaosteel

PoscoNippon Steel

J FEJ iangsu Shangang

Tata SteelU.S. Steel

AnsteelGerdau

30th - Usiminas

78 61 68 76 83

61 57 72

35 28 29

15

21 14 12

9

17 21

18

26 41 39

7 18 18 13 9

22 22 10

39 31 32

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Steel Iron Ore Coal

Value Transfer on the Steel ChainProfit distribution on the steel production chain – %

4Source: Mckinsey

Production – million tons

Brazilian MarketFlat Steel

5Source: IABR / INDA

Inventories in the Distribution Network Flat Steel Imports – thousand tons

Apparent Consumption – million tons

3.5 3.7 3.8 4.1 4.0 3.7 3.8 3.7 3.3 3.23.8

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

2.7 2.93.4

3.93.3 3.1 3.1 3.3 3.2 3.0 3.4

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

0.78 0.77 0.781.04

1.24 1.24 1.15 1.23 1.11 1.01 1.01

2.4 2.6 2.43.2

3.9 4.13.2

3.63.0 2.9 2.8

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Thousand tons Monthly basis

315 283

667790 823 865

416 415570

500584

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Domestic Market

Investments in industry in 2012: R$17.1 billion Investments in infrastructure in 2012: R$105.3 billion Investments in housing during the period of 2011/2014 : R$279 billion

Benefit from the Brazilian positive outlook

6

MEDIUM AND LONG TERM PROJECTS

2011-2015~ US$ 389 Bi

2012~ R$ 761 millions

2012~ R$ 230 millions

Source: Valor Economico, PAC’s website, Petrobras’s website,Portal da Copa – Governo Federal

2012~ R$ 25,6 Bi

2012~ R$ 11.1 Bi

4.5 million tons of steel

2.7 long

1.8 flat

1.5 million tons of steel

0.9 long

0.6 flat

Agenda

7

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Usiminas and its Business Units

Financial Highlights

Market Overview

Time line

Foundationof Usiminas

OperationStart Up

Privatization

Usiminas:1991

Cosipa: 1993

Listing on Latibex

Aquisition of J. Mendes iron ore mines

Aquisition of Zamprogna

Soluções Usiminas,

con-solidation

of the companies Rio Negro,

Dufer, Fasal and

Zamprogna and

industrial units Usial and Usicort

Single CNPJ: Cosipa is

incorporated by

Usiminas

Creation of Mineração Usiminas

Port AgreementMineração

Usiminas and MMX

Selling of Ternium shares

Joint Mining and

Cooperation Agreement with MMX, MBL and Ferrous

Negociation with J.

Mendes concluded

Acquisition of Litigation

Area

1956

1991

2005

2008

2009

2010

20112012

Entrance of Ternium/ Tenaris

in Usiminas’ Control Group

New shareholders agreement

singned among

Niippon Group,

Ternium / Tenaris and

Usiminas Pension Fund.

8

Strategically Located

9

Mining

Steel

Steel processing Capital Goods

Everyday Steel Application

10

Auto Industries

Cold Rolled and Galvanized (EG and

HDG)

Ship-Building

Heavy Plates

Pipelines

Heavy Plates and Hot Rolled

Pressure Vessels

Heavy Plates

Agricultural Machines

Heavy Plates and Hot Rolled

Civil Construction

Heavy Plates, Cold and Hot Rolled and Galvanized (EG and

HDG)

Autoparts

Hot Rolled

Household Appliances

Cold Rolled and Galvanized (EG

and HDG)

Shareholder Composition

11

Voting Capital – ON

Control Group: 63.86% of Voting

Capital

Total Capital 1,013,786,190

Nippon Group29.45%

Ternium / Tenaris 27.66%

Usiminas Pension Fund

6.75%

Free Float25.70%

Previ10.44%

49.84%46.84%

Geração Futuro, 3.42%

ON PNPN 508,525,506ON

505,260,684

The highlighted shareholders are the ones in the control group and those represented on the Board of Directors. The Board of Directors is represented by: 3 representatives from Ternium / Tenaris, 3 from Nippon Group, 1 from Usiminas Pension Fund, 1 from the Employees Representative, 1 from Previ and 1 from Geração Futuro Funds.

Complete solution of services and value added products through its Business

Units

12

Mining

Steel

Steel Processing Capital Goods

UPS

TREA

MD

OW

NST

REAM

* Controled by Usiminas ** Results accounted through equity income

Ipatinga

Automotiva Usiminas *

Metform and Codeme stake **

Cubatão

Unigal Usiminas *Mineração Usiminas *

Soluções Usiminas *

Usiminas Mecânica *

Investments

Total amount for 2011R$ 2.5 billion

Strategic focus on enhancing competitiveness of current operations

Ongoing Projects

Coke Plant 3 750,000

tons(Usiminas Ipatinga)

CLC500,000

tons(Usiminas Ipatinga)

Galvanizing Line

550,000 tons

(Unigal)

Hot Strip Mill 2.3 million

tons(Usiminas Cubatão)

MiningProduction Reach total capacity of29 million

tons

In operation

3Q10 4Q10 2Q11

Foundry24,000 tons(Usiminas Mecânica)

4Q11 1Q12 Energy self sufficiency Reach total capacity of

500 MW

Hot Run

13

Results Accounted by Business Unit

14

Income Statement per Business Units - Non Audited (R$ million)

Note: All transactions among the business units are made at market price. MRS results are accounted through equity on Equity Income.

R$ million1Q12 4Q11 1Q12 4Q11 1Q12 4Q11 1Q12 4Q11 1Q12 4Q11 1Q12 4Q11

Net Revenue 239 241 2,573 2,426 497 519 251 368 (674) (739) 2,886 2,815Domestic Market 217 214 2,234 2,141 490 508 251 368 (654) (729) 2,539 2,502 Export Market 22 27 339 285 6 11 0 0 (20) (11) 347 313

COGS (100) (78) (2,574) (2,439) (447) (494) (258) (311) 666 735 (2,713) (2,587)Gross Profit 139 163 0 (14) 49 25 (7) 58 (8) (4) 173 227Operating Income (Expenses) (35) (50) (100) (81) (51) (62) (23) (24) 0 1 (209) (216)EBIT 104 113 (100) (95) (2) (38) (30) 34 (8) (3) (36) 11EBITDA 111 129 100 74 11 (22) (25) 41 (8) (4) 190 218 EBITDA Margin 46% 54% 4% 3% 2% -4% -10% 11% - - 7% 8%

Mining Steel Steel Processing

Capital Goods Adjustment Consolidated

Cubatão

Ipatinga

Steel

1515

Installed Nominal Capacity : 9.5 million tons / year

Flat Steel ProductionUsiminas has a full range of flat steel products

Slabs Hot Coils Cold CoilsHeavy PlatesSlab Caster EG HDG

1,950,000t OptmizedRolling Capacity

2,000,000t 1,900,000t 1,020,000t350,000t

Cubatão Plant -1,200,000t -2,100,000t 1,000,000t 4,500,000t

3,700,000t Nominal Capacity 5,650,000t 2,000,000t 9,500,000t 1,050,000t360,000t

-

Ipatinga Plant 1,050,000t360,000t 2,500,000t 3,550,000t1,000,000t5,000,000t

16

Galvanized

Domestic MarketUsiminas is focused on the domestic market with a product range tosupply different sectors

17

17%14%

3%7%

7%

6%

28%

8%

10%

Auto Parts

Auto industries

Rolled Machinery

Small Diameter Tubes

Civil Construction/Shapes

Household Appliances

Distribuitors

Industrial Equipment

Other

Sales – thousand tons

Segments Breakdown of Sales

– 1Q12

1Q11 2Q11 3Q11 4Q11 1Q12

1,230 1,343

1,162 1,136 1,246

358 240

243 204

266

Domestic Market Foreing Market

EBITDA / ton

18*Iron Ore at Market price

US$*

R$*

91 126 98 101 119227

291236

299

420

111158

47 37

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q12

166 231 230 294 367

664 709

513 581

771

221 277

78 66

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q12

Steel Business Unit

Mining and Logistics

19

Belo HorizonteItabiraIPATINGA

São Paulo

ITAÚNAVitória

TUBARÃOPort

ITAGUAÍ Port

CUBATÃOPort

19

Logistics

20

Tubarão Port

Itaguaí Port(Ingá)

MODALMineraç

ão Usiminas

EFVM

Existing Routes

CUBATÃO Plant / Port

New Routes

TCS / TSA

Trammel

Sepetiba Port

ExportsExports Exports

40 Km

60 Km

IPATINGA Mill

Current status Mining and Logistics

4 mining sites, acquired from J. Mendes Group in Feb/2008

Reserves of 2.6 billion tons Located in Serra Azul-MG, one of the

richest iron ore sites in Brazil

1Q12: production of 1.9 million tons MRS: 20% of voting shares and part

of the Control Group Land in Itaguaí-RJ, acquired in 2008

Production – MM ton:

2008 2009 2010 2011 1Q12

3.85.5

6.8 6.3

1.9

21

Mining and LogisticsStrategic partnership

US$ 6.4 billionMineração Usiminas S.A Estimated Market Value

Acquisition by Sumitomo Corporation of 30% of Mineração Usiminas S.A., through the subscription of new shares, up to the total amount of US$ 1.9 billion.

70.0%

30.0%

22

Expansion Plan

Capex until 2015 is estimated at R$4.5 billion including new processing lines/plants, industrial facilities projects, equipment, loading terminals, etc.

Lifetime until 2045

Mining

23

Iron Ore Production Capacity – million tons by the end of the year

2010 2011 2012 2013 2014 20152 2 2 2 2 25 6 6 4 4 4

7 8 10 12

29 29

2 6

23 23

Lump Sinter Feed Pellet Feed

AgreementsMining

24

MMX Port and Joint Mining Agreements

MBL Joint Mining Agreement

New mine acquired from Mineração Ouro Negro (former

litigation area)

Conclusion of the negotiation with J. Mendes

Right of way agreement with Ferrous

Mineração Usiminas

25

MBL

Arcelor Mittal

Ferrous(Santanense)

Comisa Emicon

MMX

Ferrous

MUSAPau de Vinho

MUSAEast

Minerita

MUSACentral

MUSAWest

Itatiaiuçu

Igarapé São JoaquimDe Bicas

Serra Azul

Mineração Usiminas mining operation is highlighted in yellow.

Itaguaí Port

2626

27

Camaçari

CachoeirinhaPorto Alegre

Campo Limpo Paulista

São PauloGuarulhos

Taubaté

Recife

Serra

BetimSanta Luzia

Soluções UsiminasSteel Processing

Soluções Usiminas

28

11 industrial units in MG, SP, RS, ES and PE. Processing capacity of 2 million tons/year.

1Q12 Net Revenues of R$239 million

Leadership: Is the leader in the steel distribution sector since 2010, according to INDA.

Steel Processing

Steel Processing

Automotiva Usiminas

29

Clients 500 km

1.000 km

1.500 km

Pouso Alegre Unit

30

Automotiva Usiminas

Pouso Alegre – MG– Close to major auto makers. – Full service company.

1Q12 Net Revenues of R$58 million

Major Clients: – Ford, Mercedes Benz, Fiat, Volkswagen,

Volvo, General Motors, International Trucks, Honda Toyota, PSA Peugeot Citroën, Scania.

Steel Processing

30

Capital Goods

31

Usiminas Mecânica

Ipatinga – MG It is one of the largest capital goods’ company in the country.

1Q12 Net Revenues of R$251 million Market Sectors:

– Industrial Assembly– Structures / Metal Bridges and Blanks– Industrial Equipment – Industrial Erection– Foundry and Railcars

Highlights: – Electrical-mechanical Assembly Services for

Mineração Usiminas and Sitrel (Votorantim).– Supply of the steel beams for the lane change of the

urban transportation compositions - São Paulo Expresso Tiradentes Project.

Capital Goods

32

33

Usiminas MecânicaCapital Goods – some of its projects

Ship Block

3rd Bridge in Brasília

Ship Blocks Plant Design

Agenda

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Usiminas and its Business Units

Financial Highlights

Market Overview

34

4Q11 Consolidated ResultsHighlights*

35

EBITDA – R$ Million Net Income – R$ Million

Sales – thousand tons (steel products) Net Revenues – R$ Million

1Q11 4Q11 1Q12

1,558

1,340

1,512

1Q11 4Q11 1Q12

3,063

2,8152,886

1Q11 4Q11 1Q12

337

218 190

1Q11 4Q11 1Q12

16

77

-37

1Q12

EBITDA / EBITDA Margin

36*IFRS

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1T120

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

954 1,3441,5472,429

3,072

5,6245,5254,368

5,003

6,008

1,4852,650

1,264190

40%

34% 32%37% 35%

46%42%

35% 36% 38%

14%20%

11%7%

Ebitda (R$) Ebitda Margin

Debt Profile

37

Debt - R$ million

Cash 2012 2013 2014 2015 2016 2017 2018 2019 2020 on

2,899

412824 924 904 734

415 30333 155

1,935

264

977 569 440 653

242923

2 1

Local Currency Foreign Currency

676

4,834

1,801 1,493

1,387

657

1,226

15635

1,344

DEBT PROFILEDuration: R$: 39 months US$: 43 months

Leverage – Consolidated Basis

38

Net Debt / EBITDA

*

* For the purpose of covenant calculation, this ratio was in the range of 2.94 times and 3.10 times, depending on the criteria used by the lenders, even though there is no measurement in the 1Q12.

1Q09 2Q09 3Q08 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

4.33.8

3.1 2.93.3

4.14.9

3.6

2.32.8

3.43.9 3.9

0.8 1.0 1.3 1.9 1.7 1.5 1.6 1.4 1.0 1.62.5 3.1 3.6

Net Debt (R$ bi) Net Debt/EBITDA

Balance Sheet Structure1Q12

39

Capital Employed Funded By

Total: 22,958 Million

79%

21%

17%

83%

Net Working Capital

Net Fixed Assets

Shareholders Equity

Net Debt

Cristina Morgan C. DrumondHead of IR

cristina.drumond@usiminas.comPhone: 55-31-3499.8772

Fax: 55-31-3499.9357

www.usiminas.com/ri

ADRLevel I

Luciana Valadares dos Santosluciana.santos@usiminas.com

Phone: 55-31-3499.8619

Leonardo Karam Rosaleonardo.rosa@usiminas.com

Phone: 55-31-3499.8056

Diogo Dias Gonçalvesdiogo.goncalves@usiminas.com

Phone: 55-31-3499.8710

Mariana Paes Campolinamariana.paes@usiminas.com

Phone: 55-31-3499.8617

Declarations 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 Management’s expectations in relation to future performance. These expectations are highly dependent on market behavior, on Brazil’s economic situation, on the industry and on international markets, and are therefore subject to change.