OREANDA-NEWS. August 3, 2011. Companhia Siderurgica Nacional (CSN) (BM&FBOVESPA: CSNA3) (NYSE: SID) announces its consolidated results for the second quarter of 2011 (2Q11), which are presented in accordance with International Financial Reporting Standards (IFRs) issued by the International Accounting Standards Board (IASB), and with Brazilian accounting practices, which are fully convergent with international accounting norms, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of September 1, 2010. Comments on this release relate to the consolidated results of the Company and comparisons refer to the first quarter of 2011 (1Q11) and the second quarter of 2010 (2Q10), unless otherwise stated. The Real/U.S. Dollar exchange rate on June 30, 2011 was BRL 1.561.

Net revenue totaled BRL 8.1 billion in 1H11, 15% more than in 1H10 and a new Company record, and BRL 4.3 billion in 2Q11, 14% up quarter-on-quarter and also a new record;

Gross profit reached BRL 1.8 billion in 2Q11, 18% higher than in 1Q11;

Adjusted EBITDA amounted to BRL 1.8 billion in 2Q11, a 16% improvement over the BRL 1.5 billion recorded in 1Q11, and BRL 3.3 billion in 1H11, 7% up on the BRL 3.1 billion posted in the first six months of 2010;

The adjusted EBITDA margin stood at 41% in the second quarter, higher than in 1Q11;

Consolidated net income amounted to BRL 1.1 billion in 2Q11, 85% more than in the previous three months, and BRL 1.8 billion in 1H11, 32% higher than in the same period last year;

Net revenue from mining reached the record figure of BRL 2.7 billion in 1H11, 110% up on 1H10, due to an iron ore sales volume of 13.3 million tonnes, also a record;

Consolidated steel product sales volume in the domestic market, where margins are historically higher, accounted for 86% of total sales volume in 2Q11;

CSN is a highly liquid company, with a cash position of BRL 11.7 billion.