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 July, 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 please contact:  
    Luciana Paulo Ferreira Bovespa: CSNA3 R$43.13/shares 
    CSN - Investor Relations NYSE: SID US$14.20/ADR (1 ADR=1 share) 
    (5511) 3049-7591 Shares Outstanding = 286.9 million 
    luferreira@csn.com.br   www.csn.com.br Market Capitalization: R$12.4 billion 
  Prices as of 07/28/2004 



CSN ANNOUNCES 2Q04 CONSOLIDATED RESULTS
 

São Paulo, Brazil, July 29, 2004 – Companhia Siderúrgica Nacional (CSN) (BOVESPA: CSNA3) (NYSE: SID) today announced its second quarter results (2Q04), in accordance with accounting principles required by the Brazilian Corporate Law and denominated in Reais. The comments included in this press release, unless otherwise stated, refer to such consolidated results with comparisons to the second quarter of 2003 (2Q03) and to the first half of 2003 (1H03). The US dollar/Real exchange rate on June 30, 2004 was R$3.1075.


Message from Benjamin Steinbruch, CEO and Chairman
 

“As we mentioned over two months ago, the steel industry is still enjoying a positive momentum, with international prices at high levels and increased consumption in key regions, such as Asia and the United States. The domestic market is also showing significant improvement, as the consumption of flat steel grew 4% in the second quarter compared to the same period of the previous year.

CSN has continuously presented improved results, reflecting more favourable market prices and the management focus on the continuous pursuit for competitiveness and productivity. Consolidated EBITDA increased by R$347 million from the 1Q04 to the 2Q04 and the margins were flat even with the increases in imported raw materials prices, especially coal and coke. We are adapting our working capital needs to an environment that demands higher raw material inventories, and that, given the intensity of exports, has a more significant amount of accounts receivable. All the same, in these first six months alone, we recorded 70% of the net income and EBITDA for the FYE 2003.

Despite of this positive outlook and the overweight recommendations from analysts, the stock market is still extremely cautious when it comes to the Brazilian steel industry. I believe that our results and estimates will give the investors confidence in CSN’s capacity to deliver results, and in the promising future of our upcoming investments.”

Consolidated Results

  2Q 1H
  2004 2003 Chg. % 2004 2003 Chg.%
Crude Steel Production 1,368  1,336  2.4 2,723  2,608  4.4
Sales Volume (000 tons) 1,354  1,124  20.5 2,491  2,215  12.5
    Domestic Market 848  763  11.1 1,624  1,485  9.4
    Export Market 506  361  40.2 867  730  18.8
Net Revenues (steel products) (R$/ton) 1,791  1,334  34.2 1,674  1,342  24.7







Financial Data (R$ million)







    Net Revenue 2,562  1,588  61.3 4,428  3,174  39.5
    Gross Profit 1,193  744  60.4 2,034  1,565  29.9
    EBITDA 1,180  735  60.6 2,013  1,522  32.2
    Net income (loss) 424  116  263.9 757  513  47.5








 

Jun/04

Mar/04

Dec/03

Consolidated Net Debt R$ MM

5,998

4,729

4,908

For the periods indicated, US$2,227 million (79%) of the Consolidated Gross Debt was foreign currency denominated as of June 2004, US$2,238 million (75%) was foreign currency denominated as of March 2004 and US$2,177 million (70%) was foreign currency denominated debt as of December 2003.

  2Q   1H   
  2004  2003     2004  2003    
EBITDA 1,180  735     2,013  1,522    
Depreciation (223) (161)    (403) (295)   
Other operating expenses (18) (23)    (13) (5)   
Operating income bef Fin.and equity 939  549     1,597  1,222    

EBITDA consists of operating income plus depreciation and other operating expenses. EBITDA does not represent net income or cash flows from operations, as these terms are defined by U.S. GAAP. EBITDA, as presented, may not be comparable to other similarly titled measures of other companies. We believe that EBITDA is useful because comparisons based on other measures, such as net income or cash flows from operating activities, include elements that vary from company to company depending on where they are located or on their capital structure. We present in the table above a reconciliation from EBITDA to operating income before financial and equity results.


Production and Production Costs
 

•  Production

Output volumes in the second quarter of 2004 totaled 1.4 million tons of crude steel and 1.2 million tons of rolled finished products. In the first half of 2004, the production of crude steel reached 2.7 million tons, equivalent to a 4% increase, while rolled finished product also increased by 4%, reaching 2.4 million tons. These increases are the result of continuous efforts to improve productivity.

•  Production Costs (Parent Company)

In 2004, total production costs were higher than in 2003 (38% when comparing quarters and 36% between semesters). This increase is explained mainly by the higher imported raw materials prices – as a result of the supply and demand unbalance in the international market, driven by increased internal consumption in China.

In 1H04, coal and coke costs were R$237 million higher, with the major effect impacting the second quarter. During the quarter, these costs represented 34% of the total - an 11 percentage points (p.p.) increase to 1Q04 and a 10 p.p. difference from 2Q03. Therefore, dollar-denominated or dollar-linked costs represented 47% of the cash costs in 2Q04.

Higher crude steel output in 2004 also contributed to an increase in the consumption of materials in general. However, our costs were also effected by the increase in electrical energy tariffs. The non-cash effect of higher depreciation (resulting from assets revaluation and CSN Paraná start-up) corresponded to an R$82 million increase.


Net Revenues
 

Sales volumes of finished products and slabs reached 1.4 million tons in the quarter, up 20% compared to the same period of last year. In the domestic market, sales rose 11%, representing 63% of total Sales in the quarter. In the same comparison, export Sales increased by 40%. In 1H04, we highlight the 12% increase in total volume, and 19% higher export sales.

In 2Q04, consolidated net revenues grew 61% reaching R$2,562 million, due to a better product mix, with higher participation of coated products, 34% increase in average prices and greater sales volume. Sales in the domestic market accounted for 62% of the net revenues in quarter, while domestic volume represented 63% of the total, this difference is a result of the effect of better international prices on export revenues. In 1H04, this situation is more balanced with both domestic revenues and volume representing 65%.

For the parent company, exports were largely to the United States of America and Europe, which represented 37% and 34% of total volume, respectively. This mainly reflects our operations with CSN LLC and Lusosider. Exports for Asia and Latin America were 15% and 10% of export volumes, respectively. Since CSN LLC and Lusosider sales are made in their respective regions, CSN consolidated sales showed substantially the same distribution worldwide.


Gross Profit, Operational Income and EBITDA
 

•  Gross Profit

Gross profit for 2Q04 increased by R$449 million when compared to 2Q03 and by R$352 million compared to 1Q04. Gross margin was stable at 47%, as higher steel prices offset the increases in raw materials. In relation to the previous quarter, gross margin increased by 1.5 p.p. In 1H04, gross income increased by 30%, but the gross margin was 3.4 p.p. lower, given our new investments abroad, which are reflected in the consolidated figures as of the second half of 2003.

•  Operational Income

In 2Q04, operational income reached R$939 million, compared to R$549 million in 2Q03. This R$390 million increase reflects the higher gross profit, partially offset by greater operational expenses mostly due to higher sales expenses, as a consequence of higher export volumes and freight costs. Operational income in the first half of 2004 grew by 31%.

•  EBITDA

EBITDA reached R$1,180 million in the second quarter, a 61% increase compared to the R$735 million registered in the same period of last year. Compared to 2Q03, EBITDA margin was stable at 46%, but it was 1.3 p.p. up first quarter margin. In 1H04, EBITDA was over R$2 billion, with a 46% margin, representing a 32% increase.



Financial Results
 

Financial results (which include financial revenues and expenses as well as results from net exchange and monetary variation, but exclude amortization of deferred exchange losses) totaled negative R$443 million in the quarter, compared to negative R$265 million in the same period of last year, due to a higher cost of net debt in the period as explained below. For the same reason, the financial result in 1H04 was a negative R$619 million, compared to a negative R$315 million for the same period in 2003.

Deferred Exchange Losses: Total amortization of deferred exchanges losses due to the real devaluation in 2001 was R$26 million in 2Q04, compared to R$34 million in 2Q03. The balance to be amortized in 2004 is R$50 million.


Net Income
 

As a consequence, consolidated net income was R$424 million in the 2Q04, 264% higher than the net income of R$116 million registered in the same period of 2003, and 27% higher than 1Q04. In 1H04, net income reached R$757 million, a R$244 million increase over 1H03.


Net Debt/EBITDA = 1.5 x
 

At June 30, 2004, consolidated net debt totaled R$5,998 million, R$1,269 higher than net debt on March 31, 2004. This increase is related to greater working capital (especially given the strategic increase in raw material inventories, in the amount of R$371 million, and higher accounts receivable in the amount of R$383 million, especially for exports), the payment of R$752 million in dividends and interest on equity and to the increase to 100% interest in GalvaSud, an approximate impact of R$300 million. Current net debt/annualized EBITDA ratio is 1.5x, in line with the expectations announced in the 2003 earnings release.

We seek to hedge our exposure net of financial assets and liabilities, accounts receivable and payable denominated in foreign currency and investments in offshore affiliates (registered in the Equity Results line), as a result of which the amount of the exposure hedged by currency swaps is approximately US$1 billion. As a result, financial results on a standalone basis are partially exposed to the foreign rate.

For the full year 2004 the net debt cost is expected to remain at 100% of CDI, as previously disclosed.


Capex
 

At the first half of 2004, total capital expenditures were R$521 million. The highlight, once more, was the capex related to CSN Paraná, besides projects related to maintaining the operating and technological excellence of the facilities and the remaining Galvasud’s capital acquisition, which corresponded to R$306 million.


Recent Events
 

On July 27, 2004, CSN’s Board of Directors approved the following corporate and financial events:

In June, CSN announced a number of corporate and financial events, as described below:


Outlook
 

Despite the higher share of the international markets in 2Q04, we reiterate our estimate of a maximum 35% export mix. Our consolidated annual sales volume should be slightly above 2003 volumes, as the decision to outsource hot-rolled coils was revised and the supply of most of CSN LLC`s and Lusosider’s slabs and hot rolled needs was kept, which did not happen during 2003. We will loose in volume but gain in consolidated margins.

We have not witnessed any fall in international prices and believe that, given the continued high levels of global demand and unfavorable conditions to the expansion of the supply, international prices will remain favourable at least until the end of this year. The current lag between domestic and international prices is around US$50 for less value-added products like hot and cold-rolled.

In terms of costs for the second half, we maintain the expectations for the previously announced increase in coal costs and, until the end of 3Q04, the high coke prices. Export freight, which had increased over 50% in 2003, has fallen, and returned to early 2003 levels. For the year, we expect to slightly increase our consolidated EBITDA margin compared to the 45.5% margin of the first half.

Regarding cash flow, the increase in strategic inventories of coal and the increased focus in the international market during this last quarter, led to a greater requirement of working capital. We are working for this to return to normal levels during the second half. Another factor that we do not expect again in 2004 is the intermediate distribution of dividends and interest on equity. Therefore, CSN’s net debt should return, until the end of the year, to levels closer to a Net Debt/EBITDA ratio of 1x.


2Q04 Earnings Result Conference Call
 

CSN will host conference call to discuss second quarter of 2004 results on July 30, 2004, as follows:

Conference Call in English
July 30, 2004, 1 pm ET USA / 2 pm Brasilia Time
International: (1-973) 582-2734
Conference Call ID: CSN or 5009721



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 “Message from CEO” and “Outlook”, the expected nominal cost of gross debt compared to CDI 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$ - Limited Revision

  2Q04  1Q04  2Q03  1H03  1H04 
Gross revenue 2,999,802  2,261,816  1,956,400  3,831,735  5,261,618 
    Gross revenue deductions (437,431) (396,666) (367,962) (658,126) (834,097)
Net revenue 2,562,371  1,865,150  1,588,438  3,173,609  4,427,521 
    Domestic Market 1,577,156  1,283,828  1,120,140  2,202,208  2,860,984 
    Export Market 985,215  581,322  468,298  971,401  1,566,537 
Cost of goods sold (COGS) (1,369,553) (1,024,309) (844,608) (1,608,445) (2,393,862)
    COGS, excluding depreciation (1,158,305) (854,693) (691,274) (1,331,124) (2,012,998)
    Depreciation allocated to COGS (211,248) (169,616) (153,334) (277,321) (380,864)
Gross Profit 1,192,818  840,841  743,830  1,565,164  2,033,659 
Gross Margin (%) 46.6% 45.1% 46.8% 49.3% 45.9%
    Selling expenses (152,476) (122,821) (98,289) (200,136) (275,297)
    General and administrative expenses (71,848) (54,594) (64,282) (120,217) (126,442)
    Depreciation allocated to SG&A (11,103) (10,602) (8,588) (17,670) (21,705)
    Other operating income (expense), net (18,113) 4,726  (23,374) (5,384) (13,387)
Operating income before financial and equity interest 939,278  657,550  549,297  1,221,757  1,596,828 
Net financial result (469,412) (203,809) (298,951) (383,824) (673,221)
    Financial expenses (218,151) (290,067) (170,968) (335,237) (508,218)
    Financial income 93,965  167,436  (784,435) (909,090) 261,401 
    Monetary and foreign exchange loss* (318,772) (53,009) 690,543  929,335  (371,781)
    Defferral of foreign exchange loss (26,454) (28,169) (34,091) (68,832) (54,623)
Equity interest in subsidiaries 11,109  7,449  56,469  10,900  18,558 
Operating Income (loss) 480,975  461,190  306,815  848,833  942,165 
Non-operating income (expenes) Net 12,530  339  (4,485) (9,805) 12,869 
Income Before Income and Social Contribution Taxes 493,505  461,529  302,330  839,028  955,034 
    (Provision)/Credit for income tax (39,471) (90,251) (136,841) (258,271) (129,722)
    (Provision)/Credit for social contribution (30,523) (37,993) (49,096) (67,815) (68,516)

Net income (Loss) 423,511  333,285  116,393  512,942  756,796 

EBITDA 1,179,742  833,042  734,593  1,522,132  2,012,784 
EBITDA margin (%) 46.0% 44.7% 46.2% 48.0% 45.5%

* Amounts differ from previously disclosed financial statements due to the segregation of the effect of foreign exchange loss deferrals.

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$ - Limited Revision

  2Q04  1Q04  2Q03  1H03  1H04 
Gross revenue 2,673,941  1,912,141  1,856,982  3,502,414  4,586,082 
    Gross revenue deductions (358,105) (323,783) (305,900) (559,298) (681,888)
Net revenue 2,315,836  1,588,358  1,551,082  2,943,116  3,904,194 
    Domestic Market 1,466,591  1,209,362  1,184,588  2,195,811  2,675,953 
    Export Market 849,245  378,996  366,494  747,305  1,228,241 
Cost of goods sold (COGS) (1,258,589) (863,101) (855,692) (1,555,436) (2,121,690)
    COGS, excluding depreciation (1,060,939) (707,036) (708,615) (1,290,707) (1,767,975)
    Depreciation allocated to COGS (197,650) (156,065) (147,077) (264,729) (353,715)
Gross Profit 1,057,247  725,257  695,390  1,387,680  1,782,504 
Gross Margin (%) 45.7% 45.7% 44.8% 47.2% 45.7%
    Selling expenses (65,793) (57,834) (46,802) (92,887) (123,627)
    General and administrative expenses (57,139) (41,598) (56,210) (103,337) (98,737)
    Depreciation allocated to SG&A (7,450) (7,337) (6,529) (13,618) (14,787)
    Other operating income (expense). Net (24,428) (11,072) (24,051) 900  (35,500)
Operating income before financial and equity interest 902,437  607,416  561,798  1,178,738  1,509,853 
Net financial result (436,639) (374,435) (107,911) (123,887) (811,074)
    Financial expenses (233,351) (300,320) (178,508) (360,841) (533,671)
    Financial income 278,997  32,371  (845,354) (982,636) 311,368 
    Monetary and foreign exchange loss (456,743) (78,985) 949,376  1,287,088  (535,728)
    Defferral of foreign exchange loss (25,542) (27,501) (33,425) (67,498) (53,043)
Equity interest in subsidiaries 111,982  242,194  (125,252) (176,561) 354,176 
Operating Income (loss) 577,780  475,175  328,635  878,290  1,052,955 
Non-operating income (expenes. Net (729) (54) (6,758) (12,159) (783)
Income Before Income and Social Contribution Taxes 577,051  475,121  321,877  866,131  1,052,172 
    (Provision)/Credit for income tax (54,951) (89,868) (137,605) (257,792) (144,819)
    (Provision)/Credit for social contribution (36,457) (37,894) (49,288) (67,323) (74,351)

Net income (Loss) 485,643  347,359  134,984  541,016  833,002 

EBITDA 1,131,965  781,890  739,455  1,456,185  1,913,855 
EBITDA Margin (%) 48.9% 49.2% 47.7% 49.5% 49.0%

Additional Information

Deliberated Dividends and Interest on Equity 35,000        506,138  35,000 

Number of Shares - thousands ** 284,404  71,729,261  71,729,261  71,729,261  284,404 

Earnings (Loss) per share - R$ *** 1.71  4.84  1.88  7.54  2.93 

* Amounts differ from previously disclosed financial statements due to the segregation of the effect of foreign exchange loss deferrals.
** Excluding treasury stocks
*** Per 1,000 shares until the 1Q04.

BALANCE SHEET
Corporate Law – thoushands of R$ – Limited Revision

  Parent Company Consolidated
  06/30/2004  03/31/2004  06/30/2004  03/31/2004 
Current Assets 5,534,896  5,444,298  6,253,120  6,670,519 
    Cash and marketable securities 1,698,543  2,316,338  2,581,986  3,776,666 
    Trade accounts receivable 2,215,887  1,682,192  1,583,567  1,201,385 
    Inventory 1,045,181  832,916  1,441,477  1,066,916 
    Other 575,285  612,852  646,090  625,552 
Long-term assets 3,407,720  3,266,334  2,116,451  2,043,083 
Permanent asstes 16,185,554  15,753,321  13,855,350  13,652,179 
    Investiments 3,676,105  3,120,001  392,835  245,139 
    PP&E 12,238,437  12,333,522  13,108,212  13,034,186 
    Deffered 271,012  299,798  354,303  372,854 


Total Assets 25,128,170  24,463,953  22,224,921  22,365,781 


Current Liabilities 3,017,145  3,984,296  3,188,105  4,137,661 
    Loans and financing 1,787,630  2,116,801  1,925,518  2,295,650 
    Dividends Payable 382  717,603  382  717,603 
    Other 1,229,133  1,149,892  1,262,205  1,124,408 
Long-term liabilities 13,961,882  12,689,366  10,954,261  10,442,419 
    Loans and financing 8,892,284  7,718,318  6,853,813  6,379,313 
    Deffered income and social contribution taxes 2,358,847  2,390,460  2,397,789  2,426,940 
    Other 2,710,751  2,580,588  1,702,659  1,636,166 
Future periods results 35,103  34,967 
Shareholders' Equity 8,149,143  7,790,291  8,047,452  7,750,734 
    Capital 1,680,947  1,680,947  1,680,947  1,680,947 
    Capital reserve 17,319  17,319  17,319  17,319 
    Revaluation reserve 4,885,196  4,946,563  4,885,196  4,946,563 
    Investment reserve 736,594  736,594  736,594  736,594 
    Treasury shares (91,791) (91,791)
    Retained earnings 920,878  408,868  819,187  369,311 


Total liabilites and shareholders' equity 25,128,170  24,463,953  22,224,921  22,365,781 

SALES VOLUME
Consolidated – thousand of tons

  2Q04  1Q04  2Q03  1H03  1H04 

DOMESTIC MARKET 848  776  763  1,485  1,624 
    Hot rolled 291  263  282  527  554 
    Cold rolled 197  167  161  334  364 
    Galvanized 188  175  140  270  363 
    Tim mill products 158  157  162  324  314 
    Slabs 15  14  18  30  29 
EXPORT MARKET 506  362  361  730  867 
    Hot rolled 192  135  158  256  327 
    Cold rolled 34  16  18  46  50 
    Galvanized 127  127  21  74  254 
    Tim mill products 123  83  112  177  206 
    Slabs 30  52  177  30 
TOTAL 1,354  1,138  1,124  2,215  2,491 
    Hot rolled 483  398  440  783  881 
    Cold rolled 231  184  179  380  414 
    Galvanized 314  303  161  343  617 
    Tim mill products 281  240  274  501  520 
    Slabs 45  14  70  208  59 

SALES VOLUME
Parent Company – thousands of tons

  2Q04  1Q04  2Q03  1H03  1H04 

DOMESTIC MARKET 814  761  834  1,563  1,575 
    Hot rolled 273  262  305  553  536 
    Cold rolled 192  170  188  367  363 
    Galvanized 178  159  160  288  337 
    Tim mill products 155  156  163  326  311 
    Slabs 15  14  17  30  29 
EXPORT MARKET 562  297  352  704  859 
    Hot rolled 223  159  158  254  381 
    Cold rolled 19  30  20 
    Galvanized 53  20  21  72  73 
    Tim mill products 116  74  112  176  189 
    Slabs 152  43  52  172  195 
TOTAL 1,376  1,058  1,185  2,267  2,434 
    Hot rolled 496  421  463  807  917 
    Cold rolled 211  172  196  397  383 
    Galvanized 231  179  181  360  410 
    Tim mill products 271  230  275  502  500 
    Slabs 167  57  70  201  224 

NET SALES PER UNIT
Consolidated – In R$/ton

  2Q04  1Q04  2Q03  1H03  1H04 

TOTAL 1,791  1,534  1,334  1,342  1,674 
    Hot rolled 1,423  1,194  1,029  1,028  1,319 
    Cold rolled 1,733  1,423  1,328  1,302  1,596 
    Galvanized 2,152  1,745  1,642  1,689  1,952 
    Tim mill products 2,139  1,972  1,789  1,847  2,062 
    Slabs 1,341  590  774  803  1,164 

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

  2Q04  1Q04  2Q03  1H03  1H04 

TOTAL 1,603  1,409  1,238  1,223  1,519 
    Hot rolled 1,306  1,072  959  938  1,199 
    Cold rolled 1,639  1,376  1,132  1,142  1,521 
    Galvanized 2,030  1,762  1,614  1,572  1,913 
    Tim mill products 1,993  1,859  1,701  1,702  1,932 
    Slabs 1,215  1,081  583  704  1,181 

EXCHANGE RATE
In R$/US$

  1Q03  2Q03  3Q03  4Q03  1Q04  2Q04 
End of Period 3.3531 2.8720 2.9234 2.8892 2.9086 3.1075
% change (5.1) (14.4) 1.8 (1.2) 0.7 6.8
Acumulated (%) (5.1) (18.7) (17.3) (18.2) 0.7 7.6

 


 

 
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: July 29, 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.