OREANDA-NEWS. The Board of Directors of COMPANHIA SIDERÚRGICA NACIONAL authorized, on this date, a new share buyback program ("Share Buyback Program"), which will be held in treasury for subsequent sale or cancellation.

The Share Buyback Program shall respect the following limits and conditions, pursuant to the provisions of CVM Instructions 10/80 and 358/2002:

I. The Company's objective: to maximize the creation of value to shareholders by means of an efficient capital structure management.

II. Number of shares to be acquired: up to 63,161,055 shares.

III. Effective period for performing authorized transactions: from August 19, 2014 to September 25, 2014, inclusively.

IV. Free float: 631,610,554 shares.

V. Place of Acquisitions: Stock Exchange.

VI. Maximum Share Price: share acquisition price cannot exceed its market price.

VII. Brokers: Itaú Corretora de Valores S.A.: Av. Brigadeiro Faria Lima, 3400 - 10º andar, in the city of São Paulo; BTG Pactual Corretora de Mercadorias Ltda.: Av. Brigadeiro Faria Lima, 3477 - 10º andar, in the city of São Paulo; Spinelli S.A. Corretora de Valores Mobiliários e Cambio: Av. Brigadeiro Faria Lima, 1355, 4º andar, Pinheiros, São Paulo/SP; and Itaú USA Securities Inc.: 767 5th Avenue - 50th Floor, in New York city.

VIII. The Board of Directors has entrusted the Company's Board of Executive Officers to take all necessary measures to implement the resolution, including the establishment of the most convenient date to start the share buyback.