STATEMENT OF MATERIAL FACT COMPANHIA SIDERÚRGICA NACIONAL Publicly-Held Company Corporate Taxpayer's ID (CNPJ/MF): 33.042.730/0001-04

Companhia Siderúrgica Nacional (BOVESPA: CSNA3; NYSE: SID) ("CSN" or "Company"), pursuant to Article 157, paragraph 4, of Law 6.404/76, as amended, and according to the Instruction of the Securities and Exchange Commission ("CVM") number 358/02, as amended, hereby informs its shareholders and the market that:

1- Exceptionally, the Company will not file the Financial Statements for the year ended on December 31, 2016 ("DFs 2016") with CVM within the period established by the CVM Instruction 480/09, due to the review of the accounting treatment determined upon for the transactions carried out by the Company on November 30, 2015, which resulted in the business combination of mining and related logistics assets, without changing the structure of said combination.

  1. - This review will impact the financial statements for the fiscal year ended on December 31, 2015, and will consequently impact the opening balances for the DFs 2016.

  2. - Due to the technical complexity of the matter and the fact that revision work is still ongoing, with the accompanying of the external auditors, it will not be possible to close the DFs 2016 within the period established by the applicable legislation, leading to a delay in the disclosure of the DFs 2016.

4- As a result, the Ordinary and Extraordinary Shareholders' Meeting to be held on April 28, 2017 will deliberate the following matters: (i) to establish the number of members of the Board of Directors and to elect its members; (ii) to establish the management overall annual compensation for the 2017 fiscal year; and (iii) to discuss the amendment and consolidation of the Company's bylaws. Accordingly, other matters attributed to the Ordinary Shareholders' Meeting, such as taking the management's accounts, examining, discussing and voting on the financial statements and deciding on the allocation of financial earnings for the fiscal year, will be subject to deliberation at an Extraordinary Shareholders' Meeting to be duly convened.

5- The Company is committed to disclosing the DFs 2016 reviewed by the external auditors as soon as possible. However, considering the duty to inform and act with diligence and transparency, the Company has decided to disclose to the market the main operating indicators for the year ended on December 31, 2016, not yet revised by the independent auditors, which will not be impacted by the potential adjustments that may occur as a result of the reviews that are in progress, as follows:

Highlights

3Q16

4Q16

2015

2016

Change

4Q16 x 3Q16 2016 x 2015

Steel Sales (Thousand t)

1,172

1,187

4,990

4,857

1% (3%)

- Domestic Market

62%

62%

59%

57%

- (2%)

- Overseas Subsidiaries

34%

34%

37%

37%

- -

- Exports

4%

4%

4%

6%

- 2%

Average Net Revenue per tonne (R$/t)

2,446

2,495

2,245

2,370

2% 6%

Iron Ore Sales (thousand t)¹

10,230

9,191

25,669

36,983

(10%) 44%

- Domestic Market

11%

14%

2%

11%

3% 9%

- Exports

89%

86%

98%

89%

(3%) (9%)

Average Net Revenue per tonne (USD/t)

39

45

38

36

15% (5%)

Consolidated Results (R$ million)

Net Revenue

4,469

4,519

15,262

17,149

1% 12%

Adjusted EBITDA²

1,239

1,249

3,251

4,075

1% 25%

Steel

552

545

1,791

1,887

(1%) 5%

Mining

599

511

1,171

1,759

(15%) 50%

Logistics

161

163

532

604

1% 14%

Railways

152

137

469

550

(10%) 17%

Port

9

26

63

54

189% (14%)

Cement

4

2

75

22

(50%) (71%)

Energy

17

17

43

65

- 51%

Eliminations

(95)

12

(361)

(262)

(113%) (27%)

Financial Result (R$ million)

Proporcional Financial Result4

(780)

(711)

(2,265)

(2,684)

(9%) 18%

Result with Exchange Rate Variation

(74)

14

416

89

(119%) (79%)

CAPEX

383

452

2,182

1,632

18% (25%)

Adjusted Net Debt³

25,842

25,831

26,499

25,831

- (2%)

Adjusted Cash Position³

5,663

5,762

8,862

5,762

2% (35%)

Net Debt / Adjusted EBITDA²

7.4X

6.3X

8.2X

6.3X

(1.1X) (1.9X)

1 Iron ore sales volumes include 100% of the stake in NAMISA until November 2015 and 100% of the stake in CSN Mineração (former

"Congonhas Minérios") as of December 2015. As of December 2015, iron ore volumes include sales to UPV.

2 Adjusted EBITDA is calculated based on net income/loss, plus depreciation and amortization, income tax, net financial result, results from investees, other operating income (expenses) and includes the proportional share of EBITDA of the jointly-owned investees MRS Logística and CBSI. Adjusted EBITDA includes the 60% stake in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and the 100% stake in CSN Mineração, 37.27% in MRS and 50% in CBSI as of December 2015.

³Adjusted net debt and adjusted cash include the 33.27% stake in MRS, 60% in Namisa and 50% in CBSI until November 2015. As of December 2015 these lines include the 100% stake in CSN Mineração, 37.27% in MRS and 50% in CBSI, and exclude Forfaiting and Debtor Risk operations.

4 The managerial financial result includes the 60% stake in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and the 100%

stake in CSN Mineração, 37.27% in MRS and 50% in CBSI as of December 2015.

As soon as we have a definition of the date of completion of the abovementioned work, with the review report from the external auditors, the Company will make a further announcement to the market.

São Paulo, March 27, 2017.

David Moise Salama Investor Relations Executive Officer

CSN - Companhia Siderúrgica Nacional published this content on 27 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 March 2017 01:24:14 UTC.

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