SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
FORM 6-K
 
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
 
For the month of March, 2004

Commission File Number 1-14732
 

 
COMPANHIA SIDERÚRGICA NACIONAL
(Exact name of registrant as specified in its charter)
 

National Steel Company
(Translation of Registrant's name into English)
 

Rua Lauro Muller, 116 - sala 3702
Rio de Janeiro, RJ
Federative Republic of Brazil
(Address of principal executive office)
 

 

Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

 Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  

Yes _______ No ___X____


 

For additional information contact:

  Luciana Paulo Ferreira Bovespa: CSNA3 R$199.50/thousand shares
  CSN – Investor Relations NYSE: SID US$69.30/ADR (1 ADR=1,000 shares)
  (11) 3049-7591 Shares Outstanding = 71.7 billion
  luferreira@csn.com.br www.csn.com.br Market Capitalization: R$14.3 billion
    Prices as of 03/08/2004

NET INCOME SURPASSES R$ 1 BI AND EBITDA SURPASSES US$1 BI IN 2003

São Paulo, Brazil, March 9, 2004 – Companhia Siderúrgica Nacional (CSN) (BOVESPA: CSNA3) (NYSE: SID) announces today its fourth quarter results (4Q03) as well as its 2003 full-year results, in accordance with the Brazilian Corporate Law and denominated in Reais. The comments included in this press release, unless otherwise stated, refer to consolidated results and comparisons are to the fourth quarter 2002 (4Q02) and to 2002 year-end. The real/US dollar exchange rate on December 31, 2003 was R$2.8892.

Message from Benjamin Steinbruch, CEO and Chairman

We are pleased to announce CSN’s excellent results achieved in 2003. Thanks to its team’s commitment and professionalism, CSN registered important achievements in 2003. CSN Paraná launched two innovative products - Galvalume and pre-painted steel – that supply a promising market segment, due to their high quality and usage level. In the distribution sector, the company got a stronger market position, through its partners and INAL, which is currently the largest Brazilian flat steel distributor, operating all over the country. Once more, we showed a record crude steel production as a result of our technical and technological efficiency, which secures to CSN state of the art product quality and the lowest production cost in the world.

Outside of Brazil, the conclusion of the acquisitions of CSN LLC (USA) and of 50% of Lusosider (Portugal) strengthen our global company status and represent important steps towards the company’s internationalization.

For all these reasons, performance of our shares in 2003, both in Brazil and abroad, was excellent and has the fundamentals to maintain the upward trend in 2004. We started 2004 with renewed optimism. The promptness implemented in our processes give us confidence that we can obtain better results than last year. We have structured our actions to better capture value in this moment of world steel demand growth and thus ensure the success of our investments.

As of 2004, our challenge will be to fully participate in the mining business. The large investment to be made in Mineração Casa de Pedra will provide an increase in its installed capacity, which will reach 40 million tons/year. Resulting from growing demand, the competition for the ore that exceeds our steel production needs shall exponentially rise. And we are concentrating efforts to meet such demand in the best way possible.

Consolidated Highlights

  4 Q 2003 Year to date
  2003 2002 Var.% 3 Q Var.% 2003 2002 Var.%
Crude Steel Production 1,350 1,318 2 1,360 (1) 5,318 5,107 4
Sales Volume (000 tons) 1,466 1,304 12 1,320 11 5,000 4,970 1
Domestic Market 897 800 12 654 37 3,035 3,343 (9)
Export Market 569 504 13 666 (15) 1,965 1,627 21
Net Revenues (steel products) (R$/t) 1,282 1,229 4 1,266 1 1,305 965 35

Financial Data (R$ million)

Net Revenue 2,022 1,700 19 1,782 14 6,977 5,165 35
Gross Profit 806 904 (11) 768 5 3,140 2,417 30
EBITDA1 732 937 (22) 747 (2) 3,002 2,276 32
Net income (loss) 315 380 (17) 203 55 1,031 (195) -


Net Debt R$ MM Dec/03 Sep/03 Dec/02
4,908 5,483 4,871



EBITDA Reconciliation to Operating Income
  4Q 2003 Year to date
  2003 2002   3Q   2003 2004
EBITDA 732 937   747   3,002 2,276
Depreciation (204) (147)   (191)   (690) (546)
Other operating expenses (201) (139)   (22)   (229) (235)
Operating income before Fin. and equity 327 651   534   2,083 1,495

Record Production and Full Capacity

In 4Q03, crude steel output reached 1.4 million tons, while rolled finished product volume stood at 1.2 million tons, representing an increase of 2% for crude steel, compared to the same period of 2002.

In 2003, crude steel production amounted to 5,318 thousand tons, a 4% increase over last year’s production due to better operating performance of the revamped equipment (BF-3 and HSM-2). Another highlight of the year was the operating performance of Presidente Vargas Mill, which registered an average productivity growth of 7% over 2002, reaching 946 tons/man/year.

In 4Q03, total production costs were 38% higher, mostly due to hot rolled coil purchases (to supply CSN Paraná and our coated products customers) and higher prices of purchased coke and scrap. Another important reason was an increase in depreciation resulting from asset revaluations held in April 2003.

Total Production Costs

In addition to the above mentioned items, the increase of zinc costs caused by a larger production of galvanized products impacted the year-over-year comparison. It is also important to mention the impact resulting from the transfer of expenses previously treated as administrative expenses to production costs, as well as the increase of personnel expenses due to the wage adjustment, which was 9.55% in 2002, increasing to more than 18% in 2003 and tariffs increase.

In the breakdown for 4Q03 production costs, we highlight that coal/coke accounted for 24% of total costs compared to 26% in 4Q02. Dollar denominated or dollar linked materials accounted for 36% of cash costs in 4Q03, while in 4Q02 it was 38%.

Net Revenue increased 35% y-o-y

Sales volume of finished products and slabs amounted to 1.5 million tons in the quarter, a 12% increase compared to the same period last year. In the domestic market, sales rose 12%, representing 61% of 4Q03 sales. In the same comparison, export sales were 13% higher.

Consolidated net revenue grew 19%, totaling R$2,022 million, reflecting the higher sales volume and increase in average prices obtained both in domestic and external markets, as well as the consolidation of CSN LLC and Lusosider in the Company’s results. Additionally, the improvement of the product mix was a positive contribution from diversifying sales and clients.

For 2003, net revenue had a substantial growth of 35%. Domestic sales constituted 66% of total net revenues, against 69% in 2002. Annual sales volume was 5 million ons, fairly stable (+1%), registering a 21% growth in export sales, which offset the 9% reduction in the domestic market caused by a lower economic activity level in Brazil and the lower pricing practices of competitors during part of the year.

Export highlights came from the Asian market, representing 60% of our exports, significantly higher due to a stronger demand from the Chinese market that increased its imports 55% compared to 2002. The European market was responsible for 17% of the exports and the Latin American market, for 14%. The North American market represented only 6% of exports sales, due to antidumping and countervailing duties as well as import barriers imposed by the “Section 201-safeguard measures” (imposition of tariffs or quotes on imported steel products), which were cancelled by the US Government in December 2003.

Gross Profit and EBITDA reached R$3 billion

Gross profit in 4Q03 decreased R$98 million due to higher costs per ton, as noted in ‘Production Costs’. Likewise, gross margin was 13 percentage points (p.p.) lower, decreasing to 40% in 4Q03.

For the same reason in the full year, although gross profit increased 30% to R$3,140 million, gross margin decreased from 47% in 2002 to 45% in 2003.

In 2003, operational results were R$2,083 million, a R$588 million increase, driven by a higher gross profit, partially offset by higher sales expenses, as a consequence of higher transportation costs resulting from both high contracted freight prices and from the 13% growth in exports. In the 4Q03, the R$324 million reduction is again due to lower gross profit and higher sales expenses.

Notwithstanding higher production costs, weak internal demand and the impact of the real appreciation on export sales, CSN maintained its consolidated EBITDA margin (EBITDA divided by net revenues) at 43%. EBITDA reached a record level of R$3,002 million, 32% over 2002 EBITDA of R$2,276 million.

4Q03 EBITDA was 22% lower when compared to 4Q02, totaling R$732 million. Such reduction, in spite of the sales volume increase, is mostly explained by a non-recurrent effect resulting from changes of accounts for provisioning MAE receivables in 4Q02. EBITDA margin fell from 55% to 36%.

Financial Results were less than R$1 billion

Financial results (which include financial revenues and expenses as well as net exchange and monetary variation, but exclude amortization of deferred exchange losses) totaled an expense of R$102 million in the quarter, compared to an expense of R$31 million registered in the same period 2002. Such increase in financial expenses resulted from the non-recurrence of the exchange variation’s positive impact on CSN’s foreign indebtedness in the quarter, given that the Company had a lower hedge volume in 4Q02. This amount does not include fiscal fines of R$243 million, related to the income tax and social contribution (IT/SC) over the previous years results.

The successful rollover of debt maturities during the year, combined with the exchange variation net effect, provided a reduction in the nominal cost of dollar-denominated gross debt, since the Company maintained an exchange hedge strategy, backing its foreign currency financial charges to CDI (Brazilian Interbank Deposit Rate), produced an annual net debt cost of approximately 11% in 2003, or 46% of annualized CDI. These factors substantially reduced financial expenses from R$ 1,616 million in 2002 to R$903 million in 2003.

Deferred Foreign Exchange Impact: In 2003, the Company amortized R$133 million of 2001 foreign exchange deferrals, while in 2002 the total amortization was R$622 million. The Company will amortize the remaining balance of R$103 million in 2004.

Net income higher than R$1billion

As a result of the foregoing, the Company’s consolidated net income in 4Q03 amounted to R$315 million, 17% lower than 4Q02 net income of R$380 million. In the year, net income reached R$ 1 billion, compared to an R$195 million loss in 2002.

Net Debt/EBITDA = 1.6 x

As of December 31, 2003, consolidated net debt was R$4,908 million, R$575 million lower than the September 30, 2003 net indebtedness of R$5,483 million. Such reduction is due to the increase in cash balance and in time deposits, which amounted to R$4 billion, as a result of funds raised during the year, EBITDA of R$732 million in the quarter and R$3,002 in the year, and working capital variation. Compared to the R$4,871 million registered on December 31, 2002, net debt was impacted by the conclusion of the acquisition of CSN, LLC, through the US$175 million loan payment in July 2003. Up until then, this facility was accrued only in US GAAP (General Accounting Principles Accepted in the United States of America).

Gross indebtedness ended the year at R$8,957 million. Compared to September 30, 2003, such amount is approximately R$1.2 billion higher, mostly due to issuances of debentures in the Brazilian market and of 10-year notes in the external market in December 2003.

As previously mentioned, 2003 was marked by an improvement in the Company’s debt profile, with the reduction of net debt costs and short-term indebtedness, which ended the year representing 27% of total debt, compared to 38% at September 30, 2003 and 44% at the end of 2002. The main components of such short-term indebtedness are external trade-related facilities, which comprise 26% of the total, and notes issued in the beginning of 2003, representing 26%. Note that the average life of long term debt increased to 6 years.

Net indebtedness at the end of 2003 was 1.6x EBITDA, which is within the Company’s expectations announced with the 3Q03 results. The Company expects to bring such ratio down to 1-1.5x annualized EBITDA by the end of 2004.

Investments

In 2003, total capital expenditures amounted to R$831 million. In addition to projects related to the maintenance of technological and operating excellence of Presidente Vargas Mill (UPV), the main highlight is the final investments made in the galvanization, galvalume and pre-painted unit in the state of Paraná. This amount includes the impacts of the consolidation of Lusosider and CSN LLC of approximatelly R$310 million and the increase in the stake of Sepetiba Tecon (R$52 million).

Recent Events
Outlook

In 2004, CSN expects to grow in the domestic market, following an approximate GDP growth of 3%. As a result, approximately 65% of the company’s sales should be sold in the domestic market, while the other 35% is expected to be exported, based on an expected 10% raise in sales volume. The coated product mix will be improved with the consolidation of operations in external markets and also with the beginning of operations of CSN Paraná. As far as prices are concerned, the international market has been reacting quite fast in this quarter, with increases ranging from 15% to 25%, depending on the region. Such prices are expected to be even higher, making predicted average prices approximately 30% higher than in 2003. In the domestic market, prices were adjusted, in average, by 12% last January, and considering the recent adjustments occurred in international markets, the spread to export prices was reduced, in dollar terms.

They are approximately at the same level of European export prices, in dollars. In terms of costs, coke prices continue to rise, which led CSN to announce the revamping of one of its coke batteries in order to achieve self-sufficiency, which is expected to occur in 2006. Freight and coal prices may be adjusted in 2004 as well. Based on the foregoing, we expect to maintain our consolidated EBITDA margin between 40 and 45%.

As far as financial leverage is concerned, the Company intends to keep working within an interval ranging from 1 to 1.5x consolidated net debt/EBITDA, expecting to be closer to 1x by the end of 2004. The current exchange exposure protection policy will be maintained, making our consolidated net debt cost to be lower than 100% of CDI.

2003 Earnings Announcement

CSN will promote a disclosure event at Casa de Pedra. Seats are limited. Presentations will be transmitted live over the Internet through the Company’s website – www.csn.com.br, Investors section. Replays will be available at the website approximately one hour after the end of the event.

Date: Thursday, March 11, 2004
Time: 12 pm – Eastern time
           2 pm – Brasília time
           5 pm - GBT

Companhia Siderúrgica Nacional, located in the State of Rio de Janeiro, Brazil, is a steel complex formed by investments in infrastructure and logistics, that combines, in its operation, captive mines, an integrated steel mill, service centers, ports and railways. With a total annual production capacity of 5.8 million tons of crude steel and consolidated gross revenues of R$ 8.3 billion reported in 2003, CSN is also the only tin-plate producer in Brazil and one of the five largest tin-plate producers worldwide.

Certain of the statements contained herein are forward-looking statements, which express or imply results, performance or events that are expected in the future. They include future results that may be implied by historical results, the statements under “Outlook”, the belief that 2004 results will be better than 2003 results, proposed capital expenditures and what they will attain, and the expected ratio at 2004 year-end of net indebtedness to EBITDA. Actual results, performances or events may differ materially from those expressed or implied by the forward-looking statements, as a result of several factors, such as general and economic conditions in Brazil and other countries, interest rate and exchange rate levels, protectionist measures in the US, Brazil and other countries, changes in laws and regulations and general competitive factors (on a global, regional or national basis).

Five pages of tables follow

INCOME STATEMENT
Consolidated – Corporate Law – In thousands of R$ – Audited

4Q03 3Q03 4Q02 2002 2003
Gross revenue 2,393,331 2,066,634 1,976,204 6,108,182 8,291,700
Gross revenue deductions (371,689) (284,460) (275,788) (942,873) (1,314,275)
Net revenue 2,021,642 1,782,174 1,700,416 5,165,309 6,977,425
Domestic Market 1,348,162 1,033,073 1,041,509 3,587,222 4,625,489
Export Market 673,480 749,102 658,907 1,578,087 2,351,936
Cost of goods sold (COGS) (1,215,283) (1,013,827) (796,494) (2,747,994) (3,837,555)
COGS, excluding depreciation (1,022,786) (832,226) (660,636) (2,243,407) (3,186,136)
Depreciation allocated to COGS (192,497) (181,601) (135,858) (504,587) (651,419)
Gross Profit 806,359 768,347 903,922 2,417,315 3,139,870
Gross Margin (%) 39.9 43.1 53.2 46.8 45.0
Selling expenses (197,417) (148,485) (38,584) (368,797) (546,038)
General and administrative expenses (69,438) (53,976) (64,011) (276,899) (243,631)
Depreciation allocated to SG&A (10,967) (9,141) (11,042) (41,317) (37,778)
Other operating income (expense). Net (201,483) (22,346) (139,141) (235,505) (229,213)
Operating income before financial and equity interest 327,054 534,399 651,144 1,494,797 2,083,210
Net financial result (376,733) (275,100) (93,427) (2,238,023) (1,035,657)
Financial expenses (500,455) (196,122) (62,951) (667,175) (1,031,814)
Financial income 69,780 53,731 (474,836) 1,603,477 (785,579)
Monetary and foreign exchange loss 85,326 (99,917) 507,212 (2,552,333) 914,744
Defferral of foreign exchange loss (31,384) (32,792) (62,852) (621,992) (133,008)
Equity interest in subsidiaries (33,648) 23,684 (19,596) (36,644) 936
Operating Income (loss) (83,327) 282,983 538,121 (779,870) 1,048,489
Non-operating income (expenes) Net 49,779 (9,992) (4,289) (14,781) 29,982
Income Before Income and Social Contribution Taxes (33,548) 272,991 533,832 (794,651) 1,078,471
(Provision)/Credit for income tax 316,208 (51,484) (92,481) 465,021 6,453
(Provision)/Credit for social contribution 32,368 (18,464) (61,669) 134,949 (53,911)

Net income (Loss) 315,028 203,043 379,682 (194,681) 1,031,013

EBITDA 732,001 747,487 937,185 2,276,206 3,001,620
EBITDA margin (%) 36.2 41.9 55.1 44.1 43.0

* Amounts differ from previously disclosed financial statements due to the segregation of the effect of foreign exchange loss deferrals. For a breakdown of these amounts, see Note 22 of the financial statements.
EBITDA = Gross profit less selling, general and administrative expenses, provision for profit sharing, depreciation, amortization and depletion.

INCOME STATEMENT
Parent Company – Corporate Law – In thousands of R$ - Audited


4Q03
 

3Q03
 

4Q02
 

2002
 

2003
 
Gross revenue 1,989,773 1,791,743 1,723,755 5,405,645 7,283,930
Gross revenue deductions (318,085) (236,343) (228,883) (796,810) (1,113,726)
Net revenue 1,671,688 1,555,400 1,494,872 4,608,835 6,170,204
Domestic Market 1,223,002 926,463 947,158 3,246,393 4,345,276
Export Market 448,686 628,937 547,714 1,362,442 1,824,928
Cost of goods sold (COGS) (972,897) (911,096) (737,528) (2,503,088) (3,439,429)
COGS, excluding depreciation (799,279) (739,621) (605,582) (2,013,598) (2,829,607)
Depreciation allocated to COGS (173,618) (171,475) (131,946) (489,490) (609,822)
Gross Profit 698,791 644,304 757,344 2,105,747 2,730,775
Gross Margin (%) 41.8 41.4 50.7 45.7 44.3
Selling expenses (85,372) (68,070) (50,425) (199,105) (246,329)
General and administrative expenses (50,670) (45,710) (55,285) (245,852) (199,717)
Depreciation allocated to SG&A (5,246) (6,448) (8,615) (34,176) (25,312)
Other operating income (expense). Net (140,537) (19,792) (129,170) (217,872) (159,429)
Operating income before financial and equity interest 416,966 504,284 513,849 1,408,742 2,099,988
Net financial result (529,400) (415,374) 63,005 (3,021,445) (1,068,661)
Financial expenses (503,006) (229,932) (99,015) (805,926) (1,093,779)
Financial income (59,738) (15,560) (472,548) 1,548,442 (1,057,934)
Monetary and foreign exchange loss 64,061 (137,758) 696,751 (3,144,639) 1,213,391
Defferral of foreign exchange loss (30,717) (32,124) (62,183) (619,322) (130,339)
Equity interest in subsidiaries 10,789 171,245 (94,618) 785,014 5,473
Operating Income (loss) (101,645) 260,155 482,236 (827,689) 1,036,800
Non-operating income (expenes. Net 49,246 (10,182) (7,358) (18,973) 26,905
Income Before Income and Social Contribution Taxes (52,399) 249,973 474,878 (846,662) 1,063,705
(Provision)/Credit for income tax 338,123 (42,735) (85,087) 465,563 37,596
(Provision)/Credit for social contribution 40,251 (15,391) (31,641) 162,484 (42,463)
Net income (Loss) 325,975 191,847 358,150 (218,615) 1,058,838
EBITDA 736,367 701,999 783,580 2,150,280 2,894,551
EBITDA Margin (%) 44.0 45.1 52.4 46.7 46.9


Additional Information


Interest on Own Capital - Proposed 717,300 293,482 343,482 717,300


Dividends - proposed / decided


Number of Shares - thousands 71,729,261 71,729,261 71,729,261 71,729,261 71,729,261


Earnings (Loss) per 1,000 shares - R$ 4.54 2.67 4.99 (3.05) 14.76


* Amounts differ from previously disclosed financial statements due to the segregation of the effect of foreign exchange loss deferrals. For a breakdown of these amounts, see Note 22 of the financial statements.

BALANCE SHEET
Corporate Law – thoushands of R$ – Audited

 
Parent Company
Consolidated
 
Dec. 31, 2003
Dec. 31, 2002
Dec. 31, 2003
Dec. 31, 2002
Current Assets
5,507,669
4,257,340
6,775,380
4,030,619
Cash and marketable securities
2,193,171
1,282,177
3,879,672
1,618,246
Trade accounts receivable
1,740,091
1,715,375
1,114,111
1,241,466
Inventory
642,435
484,911
891,807
574,250
Other
931,972
774,877
889,790
596,657
Long-term assets
3,162,132
1,597,714
1,964,670
1,600,929
Permanent asstes
15,640,981
11,457,326
13,782,155
9,606,228
Investiments
2,879,772
2,853,039
241,783
134,821
PP&E
12,430,298
8,194,064
13,134,055
8,975,706
Deffered
330,911
410,223
406,317
495,701

Total Assets
24,310,782
17,312,380
22,522,205
15,237,776

Current Liabilities
4,551,745
3,443,414
4,542,518
4,532,184
Loans and financing
2,368,487
1,791,658
2,386,771
2,880,039
Dividends Payable
717,608
293,847
717,608
293,847
Other
1,465,650
1,357,909
1,438,139
1,358,298
Long-term liabilities
12,316,105
8,960,737
10,553,809
5,810,400
Loans and financing
7,446,565
5,769,808
6,570,642
3,709,570
Deffered income and social contribution taxes
2,422,146
1,252,126
2,460,007
1,253,033
Other
2,447,394
1,938,803
1,523,160
847,797
Shareholders' Equity
6,496
Capital
7,442,932
4,908,229
7,419,382
4,895,192
Capital reserve
1,680,947
1,680,947
1,680,947
1,680,947
Revaluation reserve
17,319
10,485
17,319
10,485
Revenue reserve
5,008,072
2,514,209
5,008,072
2,514,209
Retained earnings
736,594
702,588
713,044
689,551
 

Total liabilites and shareholders' equity
24,310,782
17,312,380
22,522,205
15,237,776

EXCHANGE RATE
In R$/US$

  4Q02 1Q03 2Q03 3Q03 4Q03
End of Period 3.5333 3.3531 2.872 2.9234 2.8892

% change -9.3 -5.1 -14.35 1.8 -1.2
Acumulated (%) 52.3 -5.1 -18.7 -17.3 -18.2

SALES VOLUME
Consolidated – thousand of tons


  4Q03 3Q03 4Q02 2002 2003

DOMESTIC MARKET 897  654  800  3,343  3,035 

Hot rolled 340  214  258  1,222  1,081 
Cold rolled 184  152  194  778  671 
Galvanized 164  122  146  626  558 
Tim mill products 185  152  192  673  656 
Slabs 24  14  10  44  69 

EXPORT MARKET 569  666  504  1,627  1,965 

Hot rolled 216  278  205  485  750 
Cold rolled 40  51  60  138  138 
Galvanized 149  107  103  196  329 
Tim mill products 90  120  99  345  387 
Slabs 74  110  37  463  361 

TOTAL 1,466  1,320  1,304  4,970  5,000 

Hot rolled 556  492  463  1,707  1,831 
Cold rolled 224  203  254  916  809 
Galvanized 313  229  249  822  887 
Tim mill products 275  272  291  1,018  1,043 
Slabs 98  124  47  507  430 

SALES VOLUME
Parent Company – thousands of tons


  4Q03 3Q03 4Q02 2002 2003

DOMESTIC MARKET 873  627  776  3,237  3,069 

Hot rolled 340  203  252  1,187  1,096 
Cold rolled 172  153  201  801  694 
Galvanized 156  118  129  540  564 
Tim mill products 180  139  185  664  647 
Slabs 25  14  45  68 

EXPORT MARKET 475  645  476  1,562  1,824 

Hot rolled 247  297  203  482  799 
Cold rolled 25  43  49  94  98 
Galvanized 52  84  90  182  208 
Tim mill products 76  111  96  341  363 
Slabs 75  110  38  463  356 

TOTAL 1,348  1,272  1,252  4,799  4,893 

Hot rolled 587  500  455  1,669  1,895 
Cold rolled 197  196  250  895  792 
Galvanized 208  202  219  722  772 
Tim mill products 256  250  281  1,005  1,010 
Slabs 100  124  47  508  424 

NET SALES PER UNIT
Consolidated – In R$/ton


  4Q03 3Q03 4Q02 2002 2003

TOTAL 1,282  1,266  1,229  965  1,305 

Hot rolled 979  959  936  736  995 
Cold rolled 1,232  1,309  1,150  924  1,282 
Galvanized 1,519  1,564  1,547  1,302  1,592 
Tim mill products 1,857  1,790  1,584  1,346  1,845 
Slabs 736  710  680  494  767 

NET SALES PER UNIT
Parent Company – In R$/ton


  4Q03 3Q03 4Q02 2002 2003

TOTAL 1,236  1,152  1,135  908  1,187 

Hot rolled 894  875  862  698  906 
Cold rolled 1,130  1,161  1,040  857  1,143 
Galvanized 1,511  1,468  1,404  1,231  1,523 
Tim mill products 1,719  1,702  1,542  1,304  1,705 
Slabs 660  619  611  451  669 

 


 

 
SIGNATURE
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 10, 2004

 
COMPANHIA SIDERÚRGICA NACIONAL
By:
/S/  Otavio de Garcia Lazcano

 
Otavio de Garcia Lazcano
Principal Financial Officer
 

 

 
FORWARD-LOOKING STATEMENTS

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.