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CNPJ: 33.042.730/0001-04

Having in mind that Companhia Siderúrgica Nacional stockholders, at General and Extraordinary Stockholders’ Meetings, held cumulatively on 04/29/2004, approved payment of (i) R$245,521,000.00 (two hundred and forty five million, five hundred and twenty one thousand reais) in interest on equity; and (ii) R$471,779,000.00 (four hundred and seventy one million, seven hundred and nine thousand reais), in dividends, we inform Stockholders as follows:

1 – Interests On Equity and Income Tax

Stockholders registered with the depository institution, on 04/29/2004, are entitled to receiving Interests on equity in the gross amount of R$3.422885 per lot of one thousand shares, such amount being subject to 15% (fifteen percent) Income Tax, excepting the application of this tax rate to stockholders domiciled in a country that does not tax income or that taxes at the maximum rate under 20% (twenty percent), who in this case are subject to Income Tax at the rate of 25% (twenty five percent), as set forth in article 8 of Law No. 9,779/99, providing the net amount of R$2.90945 per lot of one thousand shares.

Immune or exempt entities, reached by articles 12 and 15 of Law No. 9,532/97, which are supported by a judicial measure or decision determining not to withhold and not to pay the referred tax, specifically on payment of interests on equit, shall submit, again, to CSN, up to 05/03/2004: (i) copy of the same authenticated by the respective Court Registry; and (ii) letter addressed to CSN, whereby they expressly assume,the commitment of: (a) informing, within 24 hours from being notified, eventual reform or annulment of said measure or decision; and (b) reimbursing CSN the tax and all other charges that may eventually be demanded, as a result of referred to payment, within 3 (three) business days from the notification made by CSN.

Private Pension Entities opting for the Special Taxing System, established by Provisional Measure No. 2,222, of September 4^th, 2001 in order to be exempted from Income Tax Withheld at Source, must submit up to 05/03/2004, in authenticated copies: (i) Statement, according to the model contained in annex II of Regulatory Instruction No. 126, of January 25^th, 2002; and, (ii) Option Document, dealt with § 3 of art. 4 of the same Regulatory Instruction duly received at the competent SRF (Internal Revenue Service) unit.

2 – Dividends

Stockholders registered with the depository institution, on 04/29/2004, are entitled to receiving dividends at the ratio of R$6.577218 per lot of one thousand shares.

3 – Instructions Regarding Credit of Interests and Dividends

Stockholders will have interest and dividend amounts available as of 06/11/04, without price-level restatement, at their banking domiciles, such as supplied to depository institution, Itaú; Corretora de Valores S.A.

Stockholders users of fiduciary custodies will have their interests and dividends credited according to criteria adopted by Stock Exchanges.

Stockholders, whose records do not contain the CPF/CNPJ (Individual/Corporate Taxpayers’ Registers) number or the indication of “Bank/Branch/Checking Account”, will have their interests and dividends credited, within 3 (three) business days, starting on due regularization of respective records at Banco Itaú; S.A. branches, or through a letter addressed to Superintendência de Serviços a Acionistas of Itaú; Corretora de Valores S.A., located at Rua Boa Vista, 185 – 6º andar – São Paulo – SP – CEP: 01092-900.

4 – Service Locations

At Banco Itaú; S.A. branches, specialized in Stockholder Care, during banking hours.

Rio de Janeiro, April 29^th, 2004.

 

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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

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