EXTRACT FROM THE MINUTES OF THE EXTRAORDINARY BOARD OF DIRECTORS MEETING OF COMPANHIA SIDERÚRGICA NACIONAL, HELD ON AUGUST 1, 2008, DRAWN UP IN SUMMARY FORMAT.

Corporate Registry (NIRE): 33300011595

1. Date: August 1, 2008.

2. Time: 05:00 p.m.

3. Venue: Av. Brigadeiro Faria Lima, n° 3400 – 20° andar, in the city and state of São Paulo.

4. Attendance: Benjamin Steinbruch, Jacks Rabinovich, Antonio Francisco dos Santos, Yoshiaki Nakano, Dionísio Dias Carneiro, Mauro Molchansky, Darc Antonio da Luz Costa, Fernando Perrone and Claudia Maria Sarti (Secretary of the Meeting).

5. Agenda: 6.1 – Company shares – The Board of Directors (“Board”) unanimously approved the acquisition of up to 10,800,000 Company’s shares to be held in treasury for subsequent sale or cancellation, pursuant to article 3 of CVM Instruction 10/80, via transactions on Stock Exchange, using the following brokers: Itaú Corretora de Valores S.A., located at Av. Engenheiro Armando de Arruda Pereira, 707 -15° andar- in the city of São Paulo, UBS Pactual Corretora de Mercadorias Ltda., located at Av. Brigadeiro Faria Lima, 3729 – 10° andar – in the city of São Paulo, Credit Suisse First Boston CTVM S.A., located at Av. Brigadeiro Faria Lima 3064 – 13° andar- in the city of São Paulo, and Itaú USA Securities Inc., located at 540 Madison Avenue - 23rd Floor- in New York city. The maximum term for the realization of the transactions is from August 4, inclusive, to August 27, 2008. The acquisition price of the shares may not exceed their stock market price. Pursuant to article 5 of CVM Instruction 10 of February 14, 1980, the number of shares outstanding is 455,343,843. The Company’s objective is to maximize the creation of value to shareholders through an efficient capital structure management. The Board of Directors entrust the Board of Executive Officers to implement the resolution taken herein. 6.2 – Change of Subsidiary’s Address – The Board unanimously approved, pursuant to the provisions of article 17, item XIX of the Company’s Bylaws, the transference of the subsidiary, Corporate Taxpayers’ ID (CNPJ) 33.042.730/0030-49, currently located in the city of Duque de Caxias, State of Rio de Janeiro, at Rua Santa Tereza nº 164, Quadra 70, lote 41/42, Vila São Luiz, CEP 25086-110, to the city of Volta Redonda, State of Rio de Janeiro, at Rua Vinte e Cinco-A  nº 23, Sala nº 401, Condomínio 60 do  Edifício CBS B, Bairro Vila Santa Cecília CEP 27260.160. This is a free translation of the original minutes filed at the Company’s headquarters.

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COMPANHIA SIDERÚRGICA NACIONAL

Claudia Maria Sarti
Secretary of the Meeting

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.