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     Webcast
     First Quarter 2004 Results
Presentation:
Paulo Penido Pinto Marques
CFO and Investor Relations Director
                          Disclaimer

"Declarations contained in this presentation regarding the business
 outlook of the Company, projections of operational and financial
    results and references to potential growth of the Company
 constitute mere forecasts and were based on the expectations of
  the Management in relation to its future performance. These
  expectations are highly dependent on market behavior, on the
   economic situation in Brazil, the industry and international
         markets, and are therefore subject to change."


                                                                      2
                The Steel Industry in 1Q04
· Brazilian production of crude steel reached 8 million tonnes,
  with a 6% expansion spurred on by the start-up of new lines of
  production.
· Domestic sales of flat steel products grew 7.6%, with a sales
  volume of 2.5 million tonnes.
· Domestic demand was led by orders from export and
  agribusiness sectors.
· Brazilian exports totaled 828 thousand tonnes -- a 32% increase
  stemming from Asian market demand and the resumption of
  U.S. purchases.


                                                                    3
     Usiminas ­ Consolidated Highlights

                                          1Q 2004          1Q 2003             %
                                          Chg.
          R$ million

                                              1,910            1,830
                                              4
Total Sales Volume (000 t)
                                              2,365            2,120
                                              12
Net Revenues
                                                936              875
                                                7
Gross Profit
                                                781              758