National Steel Co 6-K, filed Aug 13, 2020

National Steel Co (SID)

6-K 2020-08-13 For: 2020-06-30

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Added on April 11, 2026

About this 6-K

National Steel Co filed this 6-K on August 13, 2020.

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Company Information
Capital Breakdown	1
Parent Company Financial Statements
Balance Sheet – Assets	2
Balance Sheet – Liabilities	3
Statement of Income	4
Statement of Comprehensive Income	5
Statement of Cash Flows	6
Statement of Changes in Shareholders’ Equity
01/01/2020 to 06/30/2020	8
01/01/2019 to 06/30/2019	9
Statement of Value Added	10
Consolidated Financial Statements
Balance Sheet - Assets	11
Balance Sheet - Liabilities	12
Statement of Income	14
Statement of Comprehensive Income	16
Statement of Cash Flows	17
Statement of Changes in Shareholders’ Equity
01/01/2020 to 06/30/2020	19
01/01/2019 to 06/30/2019	20
Statement of Value Added	21
Comments on the Company’s Consolidated Performance	23
Notes to the quarterly financial information	39
Comments on the Performance of Business Projections	89
Reports and Statements
Unqualified Independent Auditors’ Review Report	93
Officers Statement on the Financial Statements	95
Officers Statement on Auditor’s Report	96

Number of Shares (Units)	Current Quarter 06/30/2020
Paid-in Capital
Common	1,387,524,047
Preferred	0
Total	1,387,524,047
Treasury Shares
Common	7,409,500
Preferred	0
Total	7,409,500

Parent Company Financial Statements / Balance Sheet - Assets
(R$ thousand)

Code	Description	Current Quarter 06/30/2020	Previous Year 12/31/2019
1	Total Assets	48,487,093	44,814,611
1.01	Current assets	11,130,547	9,719,866
1.01.01	Cash and cash equivalents	1,170,269	392,107
1.01.02	Financial investments	2,165,879	2,596,424
1.01.02.01	Financial investments measured a fair value through profit or loss	1,674,918	2,114,620
1.01.02.01.03	Financial investments measured a fair value through profit or loss – Usiminas’ shares	1,674,918	2,114,620
1.01.02.03	Financial investments at amortized cost	490,961	481,804
1.01.03	Trade receivables	2,162,189	1,691,643
1.01.04	Inventory	3,887,377	3,736,716
1.01.08	Other current assets	1,744,833	1,302,976
1.01.08.03	Others	1,744,833	1,302,976
1.01.08.03.01	Recoverable taxes	1,370,736	1,129,584
1.01.08.03.02	Prepaid expenses	95,742	82,664
1.01.08.03.03	Dividends receivable	229,379	33,447
1.01.08.03.04	Others	48,976	57,281
1.02	Non-current assets	37,356,546	35,094,745
1.02.01	Long-term assets	7,746,170	7,374,332
1.02.01.03	Financial investments at amortized cost	130,041	95,719
1.02.01.07	Deferred taxes assets	2,434,248	2,435,551
1.02.01.10	Other non-current assets	5,181,881	4,843,062
1.02.01.10.03	Recoverable taxes	1,612,901	1,907,420
1.02.01.10.04	Judicial deposits	221,004	224,300
1.02.01.10.05	Prepaid expenses	87,090	110,099
1.02.01.10.06	Receivable from related parties	1,716,025	1,558,194
1.02.01.10.07	Others	1,544,861	1,043,049
1.02.02	Investments	19,368,976	17,402,191
1.02.02.01	Equity interest	19,222,639	17,316,463
1.02.02.02	Investment Property	146,337	85,728
1.02.03	Property, plant and equipment	10,193,163	10,266,084
1.02.03.01	Property, plant and equipment in operation	10,154,155	10,221,911
1.02.03.02	Right of use in leases	39,008	44,173
1.02.04	Intangible assets	48,237	52,138

Parent Company Financial Statements / Balance Sheet – Liabilities
(R$ thousand)
Code	Description	Current Quarter 06/30/2020	Previous Year 12/31/2019
2	Total Liabilities	48,487,093	44,814,611
2.01	Current liabilities	9,025,316	9,224,591
2.01.01	Payroll and related taxes	216,186	170,792
2.01.02	Trade payables	3,302,560	2,506,244
2.01.03	Tax payables	253,411	78,911
2.01.04	Borrowings and financing	3,473,274	4,396,840
2.01.05	Other payables	1,749,594	2,019,788
2.01.05.02	Others	1,749,594	2,019,788
2.01.05.02.04	Dividends and interests on shareholder´s equity	13,082	13,252
2.01.05.02.05	Advances from clients	118,822	72,404
2.01.05.02.06	Trade payables – Drawee risk	600,820	1,121,312
2.01.05.02.07	Lease liabilities	14,046	17,269
2.01.05.02.08	Other payables	1,002,824	795,551
2.01.06	Provisions	30,291	52,016
2.01.06.01	Provision for tax, social security, labor and civil risks	30,291	52,016
2.02	Non-current liabilities	35,308,562	25,415,476
2.02.01	Borrowings and financing	27,600,858	19,702,620
2.02.02	Other payables	436,764	356,942
2.02.02.02	Others	436,764	356,942
2.02.02.02.03	Lease liabilities	26,288	28,671
2.02.02.02.04	Derivative financial instruments	116,962	-
2.02.02.02.05	Other payables	293,514	328,271
2.02.04	Provisions	7,270,940	5,355,914
2.02.04.01	Provision for tax, social security, labor and civil risks	407,087	370,703
2.02.04.02	Other provisions	6,863,853	4,985,211
2.02.04.02.03	Provision for environmental liabilities and decommissioning of assets	180,769	164,464
2.02.04.02.04	Pension and healthcare plan	912,184	912,184
2.02.04.02.05	Provision for losses on investments	5,770,900	3,908,563
2.03	Shareholders’ equity	4,153,215	10,174,544
2.03.01	Share Capital	4,540,000	4,540,000
2.03.02	Capital reserves	32,720	32,720
2.03.04	Profit reserves	4,431,200	4,431,200
2.03.04.01	Legal reserve	278,576	278,576
2.03.04.02	Earnings reserves	4,210,888	4,210,888
2.03.04.09	Treasury shares	(58,264)	(58,264)
2.03.05	Accumulated profit/(losses)	(1,015,673)	-
2.03.08	Other comprehensive income	(3,835,032)	1,170,624

Parent Company Financial Statements / Statement of Income
(R$ thousand)
Code	Description	Current Quarter 04/01/2020 to 06/30/2020	Year to date 01/01/2020 to 06/30/2020	Same quarter previous year 04/01/2019 to 06/30/2019	YTD previous year01/01/2019 to 06/30/2019
3.01	Revenues from sale of goods and rendering of services	2,850,011	5,881,320	2,982,815	6,004,032
3.02	Costs from sale of goods and rendering of services	(2,523,455)	(5,301,835)	(2,875,154)	(5,708,242)
3.03	Gross profit	326,556	579,485	107,661	295,790
3.04	Operating (expenses)/income	(635,456)	(1,898,368)	67,215	375,523
3.04.01	Selling expenses	(163,923)	(326,162)	(139,003)	(259,147)
3.04.02	General and administrative expenses	(60,932)	(111,124)	(62,819)	(118,936)
3.04.04	Other operating income	289,980	364,827	(215,464)	4,230
3.04.05	Other operating expenses	(953,305)	(1,487,943)	(488,674)	(773,269)
3.04.06	Equity in results of affiliated companies	252,724	(337,966)	973,175	1,522,645
3.05	Profit before financial income (expenses) and taxes	(308,900)	(1,318,883)	174,876	671,313
3.06	Financial income (expenses)	771,885	420,713	(182,079)	(640,843)
3.06.01	Financial income	91,596	144,972	49,455	150,825
3.06.02	Financial expenses	680,289	275,741	(231,534)	(791,668)
3.06.02.01	Net exchange differences over financial instruments	513,006	1,444,022	161,144	89,045
3.06.02.02	Financial expenses	167,283	(1,168,281)	(392,678)	(880,713)
3.07	Profit (loss) before taxes	462,985	(898,170)	(7,203)	30,470
3.08	Income tax and social contribution	(117,807)	(117,503)	1,752,286	1,707,041
3.09	Profit (loss) from continued operations	345,178	(1,015,673)	1,745,083	1,737,511
3.11	Profit (loss) for the year	345,178	(1,015,673)	1,745,083	1,737,511
3.99.01	Basic earnings per share	-	-	-	-
3.99.01.01	Common shares	0.25011	(0.73593)	1.26445	1.25896
3.99.02	Diluted earnings per share	-	-	-	-
3.99.02.01	Common shares	0.25011	(0.73593)	1.26445	1.25896

6.02	Net cash investment activities	(530,916)	(275,420)
6.02.01	Investments / AFAC / Acquisitions of Shares	(40,844)	(9,644)
6.02.02	Purchase of property, plant and equipment and intangible assets	(362,868)	(374,169)
6.02.08	Intercompany loans granted	(121,043)	(120,544)
6.02.09	Intercompany loans received	4,076	-
6.02.11	Financial Investments, net of redemption	(10,237)	228,937
6.03	Net cash used in financing activities	1,396,280	304,091
6.03.01	Borrowings and financing raised	80,744	2,374,928
6.03.02	Transactions cost - Borrowings and financing	(11,886)	(32,447)
6.03.03	Borrowings and financing – related parties	2,421,713	2,634,420
6.03.04	Amortization of leases	(12,775)	(7,808)
6.03.05	Amortization of borrowings and financing	(976,898)	(3,260,255)
6.03.06	Amortization of borrowings and financing - related parties	(104,448)	(506,415)
6.03.07	Dividends and interest on shareholder’s equity	(170)	(898,332)
6.05	Increase (decrease) in cash and cash equivalents	778,162	401,664
6.05.01	Cash and equivalents at the beginning of the year	392,107	539,853
6.05.02	Cash and equivalents at the end of the year	1,170,269	941,517

Consolidated Financial Statements / Balance Sheet - Assets
(R$ thousand)

Code	Description	Current Quarter 06/30/2020	Previous Year 12/31/2019
1	Total assets	54,955,076	50,869,276
1.01	Current assets	16,048,634	12,725,805
1.01.01	Cash and cash equivalents	4,213,552	1,088,955
1.01.02	Financial investments	2,170,674	2,633,173
1.01.02.01	Financial investments measured a fair value through profit or loss	1,674,918	2,114,620
1.01.02.01.03	Financial investments measured a fair value through profit or loss – Usiminas’ shares	1,674,918	2,114,620
1.01.02.03	Financial investments at amortized cost	495,756	518,553
1.01.03	Trade receivables	1,812,545	2,047,931
1.01.04	Inventory	5,957,710	5,282,750
1.01.08	Other current assets	1,894,153	1,672,996
1.01.08.03	Others	1,894,153	1,672,996
1.01.08.03.01	Recoverable taxes	1,558,014	1,282,415
1.01.08.03.02	Prepaid expenses	162,875	107,428
1.01.08.03.03	Dividends receivable	45,153	44,554
1.01.08.03.04	Derivative financial instruments	1,678	1,364
1.01.08.03.05	Others	126,433	237,235
1.02	Non-current assets	38,906,442	38,143,471
1.02.01	Long-term assets	8,018,723	7,626,577
1.02.01.03	Financial investments at amortized cost	130,041	95,719
1.02.01.07	Deferred taxes assets	2,495,441	2,473,304
1.02.01.10	Other non-current assets	5,393,241	5,057,554
1.02.01.10.03	Recoverable taxes	1,818,630	2,119,940
1.02.01.10.04	Judicial deposits	341,873	328,371
1.02.01.10.05	Prepaid expenses	117,804	126,213
1.02.01.10.06	Receivable from related parties	1,423,248	1,274,972
1.02.01.10.07	Others	1,691,686	1,208,058
1.02.02	Investments	3,644,899	3,584,169
1.02.02.01	Equity interest	3,483,419	3,482,974
1.02.02.02	Investment Property	161,480	101,195
1.02.03	Property, plant and equipment	19,904,144	19,700,944
1.02.03.01	Property, plant and equipment in operation	19,433,734	19,228,599
1.02.03.02	Right of use in leases	470,410	472,345
1.02.04	Intangible assets	7,338,676	7,231,781

Consolidated Financial Statements / Statements of Income
(R$ thousand)

Code	Description	Current Quarter 04/01/2020 to 06/30/2020	Year to date 01/01/2020 to 06/30/2020	Same quarter previous year 04/01/2019 to 06/30/2019	YTD previous year01/01/2019 to 06/30/2019
3.01	Revenues from sale of goods and rendering of services	6,220,683	11,555,336	6,900,742	12,906,208
3.02	Costs from sale of goods and rendering of services	(4,378,065)	(8,395,772)	(4,442,269)	(8,463,764)
3.03	Gross profit	1,842,618	3,159,564	2,458,473	4,442,444
3.04	Operating (expenses)/income	(1,289,349)	(2,510,662)	(1,325,395)	(2,128,647)
3.04.01	Selling expenses	(400,463)	(791,378)	(426,273)	(999,757)
3.04.02	General and administrative expenses	(126,446)	(245,501)	(125,701)	(245,882)
3.04.04	Other operating income	304,268	406,957	(209,786)	19,166
3.04.05	Other operating expenses	(1,095,062)	(1,863,986)	(592,701)	(957,073)
3.04.06	Equity in results of affiliated companies	28,354	(16,754)	29,066	54,899
3.05	Profit before financial income (expenses) and taxes	553,269	648,902	1,133,078	2,313,797
3.06	Financial income (expenses)	284,857	(916,281)	(357,676)	(992,775)
3.06.01	Financial income	95,956	161,087	85,467	196,781
3.06.02	Financial expenses	188,901	(1,077,368)	(443,143)	(1,189,556)

3.06.02.01	Net exchange differences over financial instruments	343,074	707,956	198,207	84,643
3.06.02.02	Financial expenses	(154,173)	(1,785,324)	(641,350)	(1,274,199)
3.07	Profit (loss) before taxes	838,126	(267,379)	775,402	1,321,022
3.08	Income tax and social contribution	(392,226)	(598,430)	1,119,060	660,203
3.09	Profit (loss) from continued operations	445,900	(865,809)	1,894,462	1,981,225
3.11	Consolidated Profit (loss) for the year	445,900	(865,809)	1,894,462	1,981,225
3.11.01	Profit attributable to the controlling interests	345,178	(1,015,673)	1,745,083	1,737,511
3.11.02	Profit attributable to the non-controlling interests	100,722	149,864	149,379	243,714
3.99.01	Basic earnings per share
3.99.01.01	Common shares	0.25011	(0.73593)	1.26445	1.25896
3.99.02	Diluted earnings per share
3.99.02.01	Common shares	0.25011	(0.73593)	1.26445	1.25896

6.02.03	Purchase of property, plant and equipment and intangible assets	(720,564)	(774,151)
6.02.09	Receipt/(payment) in derivative transactions	-	(372)
6.02.11	Intercompany loans granted	(101,631)	(87,575)
6.02.12	Intercompany loans received	12,553	16,796
6.02.13	Financial Investments, net of redemption	21,716	216,880
6.03	Net cash used in financing activities	2,021,105	(1,393,438)
6.03.01	Borrowings and financing raised	5,064,688	7,738,306
6.03.03	Transactions cost - Borrowings and financing	(19,172)	(46,054)
6.03.05	Amortization of borrowings and financing	(2,973,767)	(7,899,269)
6.03.06	Amortization of leases	(50,474)	(35,226)
6.03.07	Dividends and interest on shareholder’s equity	(170)	(1,151,195)
6.04	Exchange rate on translating cash and cash equivalents	(39,287)	3,929
6.05	Increase (decrease) in cash and cash equivalents	3,124,597	(93,374)
6.05.01	Cash and equivalents at the beginning of the year	1,088,955	2,248,004
6.05.02	Cash and equivalents at the end of the year	4,213,552	2,154,630

7.08.02.02	State	29,471	137,973
7.08.02.03	Municipal	17,933	11,186
7.08.03	Remuneration on third-party capital	2,243,599	1,196,199
7.08.03.01	Interest	1,785,324	1,274,199
7.08.03.02	Rental	6,845	6,433
7.08.03.03	Others	451,430	(84,433)
7.08.03.03.01	Others and exchange losses	451,430	(84,433)
7.08.04	Remuneration on Shareholders' capital	(865,809)	1,981,225
7.08.04.03	Retained earnings (accumulated losses)	(1,015,673)	1,737,511
7.08.04.04	Non-controlling interests in retained earnings	149,864	243,714

Results 2Q20 (R$ million)	Steel	Mining	Logistics (Port)	Logistics (Railway)	Energy	Cement	Corporate Expenses/ Eliminations	Consolidated

Net Revenue	3,440	2,688	75	382	38	172	(574)	6,221
Domestic Market	2,124	345	75	382	38	172	(778)	2,358
Foreign Market	1,316	2,343	-	-	-	-	204	3,863
COGS	(3,109)	(1,367)	(51)	(260)	(33)	(161)	604	(4,378)
Gross Profit	330	1,321	23	122	5	11	30	1,843
SG&A	(228)	(44)	(9)	(28)	(7)	(21)	(190)	(527)
Depreciation	222	141	8	105	4	37	(90)	428
Proportional EBITDA of joint ventures	-		-	-	-	-	182	182
Adjusted EBITDA	324	1,418	22	200	2	27	(68)	1,925

Results 1Q20 (R$ million)	Steel	Mining	Logistics (Port)	Logistics (Railway)	Energy	Cement	Corporate Expenses/ Eliminations	Consolidated

Net Revenue	3,542	1,646	75	282	42	146	(398)	5,335
Domestic Market	2,511	263	75	282	42	146	(581)	2,738
Foreign Market	1,031	1,382	-	-	-	-	184	2,597
COGS	(3,237)	(823)	(49)	(270)	(29)	(145)	537	(4,018)
Gross Profit	305	823	25	12	13	1	139	1,317
SG&A	(214)	(46)	(10)	(26)	(8)	(23)	(183)	(510)
Depreciation	207	145	8	124	4	36	(110)	415
Proportional EBITDA of joint ventures	-	-	-	-	-	-	109	109
Adjusted EBITDA	298	921	23	111	9	14	(45)	1,331

Results 2Q19 (R$ million)	Steel	Mining	Logistics (Port)	Logistics (Railway)	Energy	Cement	Corporate Expenses/ Eliminations	Consolidated

Net Revenue	3,660	3,091	64	340	78	146	(479)	6,901
Domestic Market	2,515	298	64	340	78	146	(687)	2,753
Foreign Market	1,146	2,793	-	-	-	-	209	4,147
COGS	(3,380)	(1,133)	(44)	(250)	(66)	(149)	580	(4,442)
Gross Profit	280	1,959	20	90	11	(3)	101	2,458
SG&A	(210)	(50)	(8)	(24)	(7)	(22)	(231)	(552)
Depreciation	155	112	14	98	4	32	(84)	332
Proportional EBITDA of joint ventures	-	-	-	-	-	-	142	142
Adjusted EBITDA	225	2,021	26	164	9	7	(71)	2,380

1Q20		2Q20
Number of shares (in thousands)	1,387,524	1,387,524
Market Cap
Closing price (R$/share)	6,98	10,68
Closing price (US$/ADR)	1,31	1,96
Market cap (R$ million)	9,685	14,819
Market cap (US$ million)	1,818	2,720
Total return including Dividends and Interest on Equity
CSNA3	(52.48%)	56.31%
SID	(63.81%)	56.97%
Ibovespa	(15.49%)	33.94%
Dow Jones	(24.08%)	23.25%
Volume
Daily average (thousand shares)	14,491	14,657
Daily average (R$ thousand)	158,635	132,694
Daily average (thousand ADRs)	4,447	2,109
Daily average (US$ thousand)	12,056	3,538
Source: Bloomberg

Webcast - 2Q20 Earnings Presentation		Investor Relations Team
Conference Call in Portuguese with Simultaneous Translation		CFO and IRO – Marcelo Cunha Ribeiro
into English		Leo Shinohara (leonardo.shinohara@csn.com.br)
		José Henrique Triques (jose.triques@csn.com.br)
July 29th, 2020		Guilherme Vinco (guilherme.vinco@csn.com.br)
10:00 a.m. (US EDT)
11:00 a.m. (Brasília time)
Phone.: +1 929 378-3440 / +1 516 300-1066
Code: CSN
Replay Phone: +55 11 3127-4999
Replay Code: 28149215
Webcast: click here

INCOME STATEMENT
CONSOLIDATED – Brazilian Corporate Law (in thousands of reais)

		2Q20	1Q20	2Q19
Net Sales Revenue		6,220,683	5,334,653	6,900,742

	Domestic Market	2,358,059	2,737,943	2.753.249
	Foreign Market	3,862,624	2,596,710	4.147.493

Costs of Goods Sold (COGS)		(4,378,065)	(4,017,707)	(4,442,269)

	COGS, excluding Depreciation and Depletion	(3,962,839)	(3,614,107)	(4.119.264)
	Depreciation/Depletion allocated to COGS	(415,226)	(403,600)	(323.005)

Gross Profit		1,842,618	1,316,946	2,458,473
	Gross Margin (%)	30%	25%	36%

	Selling Expenses	(396,847)	(387,639)	(424.137)
	General and Administrative Expenses	(117,706)	(110,750)	(119.197)
	General and Administrative Expenses	(12,356)	(11,581)	(8.640)
	Other Income (Expenses), net	(790,794)	(666,235)	(802.487)
	Equity in Results of Affiliated Companies	28,354	(45,108)	29.066

Operating Income Before the Financial Result		553,269	95,633	1,133,078

	Net Financial Result	284,857	(1,201,138)	(357.676)

Income before Income Tax and Social Contribution		838,126	(1,105,505)	775,402

	Income Tax and Social Contribution	(392,226)	(206,204)	1.119.060

Profit for the Period		445,900	(1,311,709)	1,894,462

Parent Company Financial Statements / Statement of Comprehensive Income
(R$ thousand)

Code	Description	Current Quarter 04/01/2020 to 06/30/2020	Year to date 01/01/2020 to 06/30/2020	Same quarter previous year 04/01/2019 to 06/30/2019	YTD previous year01/01/2019 to 06/30/2019
4.01	(Loss) profit for the year	345,178	(1,015,673)	1,745,083	1,737,511
4.02	Other comprehensive income	(361,973)	(5,005,656)	445,496	595,679
4.02.01	Actuarial gains over pension plan of subsidiaries, net of taxes	30	61	29	59
4.02.02	(Loss) /Gain over pension plan	-	-	93,894	93,894
4.02.04	Cumulative translation adjustments for the year	133,411	513,453	(6,132)	(27,936)
4.02.10	(Loss)/gain on the percentage change in investments	4,612	4,612	(1,995)	(1,995)
4.02.11	Losses in cash flow hedge	(1,274,889)	(6,664,932)	96,843	78,403
4.02.13	Cash flow hedge reclassified to income upon realization	774,863	1,139,681	262,442	446,659
4.02.14	Gain (Loss) on net investment hedge from investments in subsidiaries	-	1,469	415	6,595
4.03	Comprehensive income for the year	(16,795)	(6,021,329)	2,190,579	2,333,190

Parent Company Financial Statements / Statement of Changes in Equity - 01/01/2019 to 06/30/2019
(R$ thousand)

Code	Description	Paid-in capital	Capital reserve, granted options and treasury shares	Earnings reserve	Retained earnings (accumulated losses)	Other comprehensive income	Shareholders’ equity
5.01	Opening balances	4.540.000	32.720	3.064.827	-	1.065.188	8.702.735
5.03	Adjusted opening balances	4.540.000	32.720	3.064.827	-	1.065.188	8.702.735
5.05	Total comprehensive income	-	-	-	1.737.511	595.679	2.333.190
5.05.01	Profit (loss) for the period	-	-	-	1.737.511	-	1.737.511
5.05.02	Other comprehensive income	-	-	-	-	595.679	595.679
5.05.02.04	Translation adjustments for the year	-	-	-	-	(27.936)	(27.936)
5.05.02.08	Actuarial gains/(losses) on pension plan, net of taxes	-	-	-	-	93.953	93.953
5.05.02.10	(Loss) / gain on the percentage change in investments	-	-	-	-	(1.995)	(1.995)
5.05.02.11	(Loss) / gain on cash flow hedge accounting, net of taxes	-	-	-	-	525.062	525.062
5.05.02.13	(Loss) / gain on hedge of net investment in foreign operations	-	-	-	-	6.595	6.595
5.07	Closing balance	4.540.000	32.720	3.064.827	1.737.511	1.660.867	11.035.925

Parent Company Financial Statements / Statement of Value Added
(R$ thousand)

Code	Description	Year to date 01/01/2020 to 06/30/2020	YTD previous year01/01/2019 to 06/30/2019
7.01	Revenues	7,519,959	7,375,249
7.01.01	Sales of products and rendering of services	7,253,117	7,472,455
7.01.02	Other revenues	268,343	(119,356)
7.01.04	Allowance for (reversal of) doubtful debts	(1,501)	22,150
7.02	Raw materials acquired from third parties	(7,230,082)	(6,960,092)
7.02.01	Cost of sales and services	(5,568,151)	(5,981,998)
7.02.02	Materials, electric power, outsourcing and other	(1,623,144)	(959,472)
7.02.03	Impairment/recovery of assets	(38,787)	(18,622)
7.03	Gross value added	289,877	415,157
7.04	Retentions	(426,162)	(313,897)
7.04.01	Depreciation, amortization and depletion	(426,162)	(313,897)
7.05	Wealth created	(136,285)	101,260
7.06	Value added received	370,210	1,716,594
7.06.01	Equity in results of affiliates companies	(337,966)	1,522,645
7.06.02	Financial income	505,686	150,825
7.06.03	Others	202,490	43,124
7.06.03.01	Others and exchange gains	202,490	43,124
7.07	Wealth for distribution	233,925	1,817,854
7.08	Wealth distributed	233,925	1,817,854
7.08.01	Personnel	697,106	694,860
7.08.01.01	Salaries and wages	495,820	486,451
7.08.01.02	Benefits	129,535	136,909
7.08.01.03	Severance payment (FGTS)	71,751	71,500
7.08.02	Taxes, fees and contributions	263,049	(1,408,537)
7.08.02.01	Federal	247,626	(1,523,534)
7.08.02.02	State	15,423	114,997
7.08.03	Remuneration on third-party capital	289,443	794,020
7.08.03.01	Interest	1,168,282	880,713
7.08.03.02	Rental	1,983	(600)
7.08.03.03	Others	(880,822)	(86,093)
7.08.03.03.01	Others and exchange losses	(880,822)	(86,093)
7.08.04	Remuneration on Shareholders' capital	(1,015,673)	1,737,511
7.08.04.03	Retained earnings (accumulated losses)	(1,015,673)	1,737,511

BALANCE SHEET
Brazilian Corporate Law (in thousands of reais)

			06/30/2020	12/31/2019
	Current assets		16,048,634	12,725,805
		Cash and cash equivalents	4,213,552	1,088,955
		Financial Investments	2,170,674	2,633,173
		Accounts Receivable	1,812,545	2,047,931
		Inventory	5,957,710	5,282,750
		Other Current Assets	1,894,153	1,672,996
		Taxes to recover	1,558,014	1,282,415
		Prepaid expenses	162,875	203,733
		Dividends receivable	45,153	44,554
		Derivative financial instruments	1,678	1,364
		Others	126,433	140,930

	Non-current Assets		38,906,442	38,143,471
		Long-term Assets	8,018,723	7,626,577
		Financial Investments valued at amortized cost	130,041	95,719
		Deferred Taxex	2,495,441	2,473,304

CASH FLOW
CONSOLIDATED – Brazilian Corporate Law (in thousands of reais)

			2Q20	1Q20

	Net Cash generated by Operating Activities		1,500,310	466,933

		Net income (loss) for the period attributable to controlling shareholders	345,178	(1,360,851)
		Net income attributable to non-controlling shareholders	100,722	49,142
		Charges on loans and financing raised	512,024	470,990
		Charges on loans and financing granted	(9,014)	(11,481)
		Charges on lease liabilities	13,070	13,056
		Depreciation, depletion and amortization	452,314	437,507
		Equity in results of affiliated companies	(28,354)	45,108
		Deferred taxes	(103,181)	(11,351)
		Provisions for tax, social security, labor, civil and environmental risk	11,595	(8,685)
		Monetary and exchange rate variation, net	866,556	522,571
		Write-off of fixed and intangible assets	929	1,400
		Adjusted shares – VJR	(527,197)	962,561
		Accounts receivable – restitution	(508,326)	-
		Provisions for decommissioning and environmental liabilities	(6,228)	20,640
		Provisions (reversal) for consumption and services	(1,209)	37,158
		Other provisions	3,189	(1,579)

Working Capital Variation			789.276	(188,011)
		Accounts receivable – third parties	376,412	(89,849)
		Accounts receivable – related parties	65,145	(31,572)
		Inventories	(427,984)	(13,512)
		Borrowings – related parties	(31,516)	57,227
		Judicial deposits	(8,753)	(4,749)
		Trade payables	473,630	341,567
		Trade payables – Drawee Risk	(336,756)	(183,736)
		Payroll and related taxes	98,850	(14,420)
		Taxes/Refis	603,969	(61,612)
		Other Payments and Receipts	(4,328)	(20,572)
		Customer advances - Glencore	(223,172)	(130,568)
		Other	203,779	(36,215)

Other Payments and Receipts			(411.034)	(511,242)
		Interest paid	(411,034)	(511,242)

	Cash Flow from Investing Activities		(419,613)	(404,851)

		Investments/Future Advance for capital increase	(36,538)	-
		Acquisition of intangible assets	(366,866)	(353,698)
		Loans granted - related parties	(19,542)	(82,089)
		Loans received - related partie	9,531	3,022
		Financial application, net of redemption	(6,198)	27,914

	Cash Flow from Financing Activities		(136,022)	2,157,127

		Loans and financing raised	510,718	4,553,970
		Loan amortizations – principal	(610,101)	(2,363,666)
		Borrowing costs	(10,041)	(9,131)
		Lease amortizations	(26,564)	(23,910)
		Dividends paid	(34)	(136)
	Exchange Rate Variation on Cash and Cash Equivalents		(12,261)	(27,026)

	Increase (Decrease) in Cash and Cash Equivalents		932,414	2,192,183
	Cash and cash equivalents at the beginning of the period		3,281,138	1,088,955
	Cash and cash equivalents at the end of the period		4,213,552	3,281,138

	Number of shares held by CSN in units	Equity interests (%)
Companies	Number of shares held by CSN in units	06/30/2020	12/31/2019	Core business

Direct interest in subsidiaries: full consolidation
CSN Islands VII Corp.	20,001,000	100.00	100.00	Financial transactions
CSN Inova Ventures (1)	50,000	100.00	100.00	Financial transactions
CSN Islands XII Corp.	1,540	100.00	100.00	Financial transactions
CSN Steel S.L.U.	22,042,688	100.00	100.00	Equity interests and Financial transactions
TdBB S.A (*)	-	100.00	100.00	Equity interests
Sepetiba Tecon S.A.	254,015,052	99.99	99.99	Port services
Minérios Nacional S.A.	141,719,295	99.99	99.99	Mining and Equity interests
Companhia Florestal do Brasil	66,354,391	99.99	99.99	Reforestation
Estanho de Rondônia S.A.	195,454,162	99.99	99.99	Tin Mining
Companhia Metalúrgica Prada	555,142,354	99.99	99.99	Manufacture of containers and distribution of steel products
CSN Mineração S.A.	158,419,480	87.52	87.52	Mining and Equity interests
CSN Energia S.A.	43,149	99.99	99.99	Sale of electric power
FTL - Ferrovia Transnordestina Logística S.A.	486,592,830	92.38	92.38	Railroad logistics
Nordeste Logística S.A.	99,999	99.99	99.99	Port services
CSN Inova Ltd.	-	100.00	100.00	Advisory and implementation of new development projec
CSN Equipamentos S.A (2)	-	-	99.99	Rental of commercial and industrial machinery and equipment
CBSI - Companhia Brasileira de Serviços de Infraestrutura	3,752,291	99.99	100.00	Equity interests and product sales and iron ore

Indirect interest in subsidiaries: full consolidation
Lusosider Projectos Siderúrgicos S.A.	-	100.00	100.00	Equity interests and product sales
Lusosider Aços Planos, S. A.	-	99.99	99.99	Steel and Equity interests
CSN Resources S.A.	-	100.00	100.00	Financial transactions and Equity interests
Companhia Brasileira de Latas	-	99.99	99.99	Sale of cans and containers in general and Equity interests
Companhia de Embalagens Metálicas MMSA	-	99.67	99.67	Production and sale of cans and related activities
Companhia de Embalagens Metálicas - MTM	-	99.67	99.67	Production and sale of cans and related activities
CSN Steel Holdings 1, S.L.U.	-	100.00	100.00	Financial transactions, product sales and Equity interests
CSN Productos Siderúrgicos S.L.	-	100.00	100.00	Financial transactions, product sales and Equity interests
Stalhwerk Thüringen GmbH	-	100.00	100.00	Production and sale of long steel and related activities
CSN Steel Sections UK Limited (3)	-	-	100.00	Sale of long steel
CSN Steel Sections Polska Sp.Z.o.o	-	100.00	100.00	Financial transactions, product sales and Equity interests
CSN Mining Holding, S.L	-	87.52	87.52	Financial transactions, product sales and Equity interests
CSN Mining GmbH	-	87.52	87.52	Financial transactions, product sales and Equity interests
CSN Mining Asia Limited	-	87.52	87.52	Commercial representation
Lusosider Ibérica S.A.	-	100.00	100.00	Steel, commercial and industrial activities and equity interests
CSN Mining Portugal, Unipessoal Lda.	-	87.52	87.52	Commercial and representation of products
Companhia Siderúrgica Nacional, LLC	-	100.00	100.00	Import and distribution/resale of products
Direct interest in joint operations: proportionate consolidation
Itá Energética S.A.	253,606,846	48.75	48.75	Electric power generation
Consórcio da Usina Hidrelétrica de Igarapava	-	17.92	17.92	Electric power consortium

Direct interest in joint ventures: equity method
MRS Logística S.A. (4)	63,377,198	18.64	18.64	Railroad transportation
Aceros Del Orinoco S.A.	-	31.82	31.82	Dormant company
Transnordestina Logística S.A. (5)	24,670,093	47.26	47.26	Railroad logistics
Equimac S.A (2)	1,000	50.00	-	Rental of commercial and industrial machinery and equipment

Indirect interest in joint ventures: equity method
MRS Logística S.A. (4)	-	16.30	16.30	Railroad transportation

Direct interest in associates: equity method
Arvedi Metalfer do Brasil S.A.	46,994,971	20.00	20.00	Metallurgy and Equity interests

	Equity interests (%)
Exclusive funds	06/30/2020	12/31/2019	Core business
Direct interest: full consolidation
Diplic II- Fundo de investimento multimercado crédito privado	100.00	100.00	Investment fund
Caixa Vértice - Fundo de investimento multimercado crédito privado	100.00	100.00	Investment fund
VR1 - Fundo de investimento multimercado crédito privado	100.00	100.00	Investment fund

		Consolidated		Parent Company
	06/30/2020	12/31/2019	06/30/2020	12/31/2019
Current
Cash and cash equivalents
Cash and banks	2,776,638	496,769	347,534	99,835

Short-term investments
In Brazil:
Government securities	387	69,093	69	735
Private securities	1,381,428	462,831	822,666	291,537
	1,381,815	531,924	822,735	292,272
Abroad:
Private securities	55,099	60,262
Total short-term investments	1,436,914	592,186	822,735	292,272
Cash and cash equivalents	4,213,552	1,088,955	1,170,269	392,107

	Consolidated				Parent Company
	Current		Non-current		Current		Non-current
	06/30/2020	12/31/2019	06/30/2020	12/31/2019	06/30/2020	12/31/2019	06/30/2020	12/31/2019
Judicial deposits (note 15)	-	-	341,873	328,371	-	-	221,004	224,300
Credits with the PGFN (1)	-	-	46,774	46,774	-	-	46,774	46,774
Recoverable taxes (2)	1,558,014	1,282,415	1,818,630	2,119,940	1,370,736	1,129,584	1,612,901	1,907,420
Prepaid expenses	133,180	107,428	104,090	126,213	95,742	82,664	87,090	110,099
Prepaid expenses with sea freight (3)	29,695	96,305	-	-	-	-	-	-
Actuarial asset - related party (note 17 a)	-	-	13,714	13,714	-	-	-	-
Derivative financial instruments (note 12 I)	1,678	1,364	-	4,203	-	-	-	4,203
Securities held for trading (note 12 I)	3,490	4,034	-	-	3,375	3,875	-	-
Iron ore inventory (4)	-	-	144,499	144,499	-	-	-	-
Northeast Investment Fund – FINOR	-	-	199	199	-	-	199	199
Loans with related parties (nota 17 a e 12 I)	-	-	955,893	846,300	5,422	-	1,016,802	883,394
Other receivables from related parties (note 17 a)	1,829	1,830	467,355	428,672	11,419	14,770	699,223	674,800
Other receivables (note 12 I)	-	-	2,615	7,059	-	-	1,003	1,109
Eletrobrás compulsory loan (note 12 I)	-	-	843,063	845,284	-	-	842,349	844,438
Dividends receivables (note 17 a)	45,153	44,554	-	-	229,379	33,447	-	-
Employee debts	40,049	33,045			25,916	20,657
Receivables by indemnity (6)			508,326				508,326
Others	81,065	102,021	146,210	146,326	2,844	17,979	146,210	146,326
	1,894,153	1,672,996	5,393,241	5,057,554	1,744,833	1,302,976	5,181,881	4,843,062

					06/30/2020				12/31/2019	06/30/2019
Companies	Participation in					Participation in
	Assets	Liabilities	Shareholders’ equity	Fair Value (*)	Profit /(Loss) for the period	Assets	Liabilities	Shareholders’ equity	Fair Value (*)	Profit /(Loss) for the period



Investments under the equity method
Subsidiaries
CSN Islands VII Corp.	499,144	3,091,323	(2,592,179)		(744,971)	361,540	2,208,748	(1,847,208)		(48,671)
CSN Inova Ventures	9,014,916	9,513,873	(498,957)		(264,678)	3,997,823	4,232,102	(234,279)		(28,060)
CSN Islands XII Corp.	2,823,093	5,483,457	(2,660,364)		(843,232)	2,219,057	4,036,189	(1,817,132)		(116,136)
CSN Steel S.L.U.	4,608,377	37,024	4,571,353		550,073	3,642,029	135,672	3,506,357		(54,800)
Sepetiba Tecon S.A.	733,625	416,660	316,965		3,953	719,750	406,738	313,012		(4,097)
Minérios NacionalS.A.	165,360	59,545	105,815		16,648	141,442	52,275	89,167		9,955
Valor Justo - Minérios Nacional			2,123,507		-			2,123,507
Estanho de Rondônia S.A.	53,868	73,268	(19,400)		(9,457)	49,860	59,804	(9,944)		(4,738)
Companhia Metalúrgica Prada	756,993	614,755	142,238		(38,942)	735,887	589,658	146,229		(18,834)
CSN Mineração S.A.	15,109,215	6,045,995	9,063,220		1,068,875	13,888,599	5,698,541	8,190,058		1,710,442
CSN Energia S.A.	104,644	48,472	56,172		(5,388)	98,866	37,306	61,560		350
FTL - Ferrovia Transnordestina Logística S.A.	487,372	256,720	230,652		(22,551)	500,984	247,780	253,204		(25,231)
Companhia Florestal do Brasil	52,401	1,398	51,003		(916)	52,939	19,586.0	33,353		(19)
Nordeste Logística	77	59	18		(3)	82	60	22		(4)
CSN Equipamentos S. A.						1		1
CBSI - Companhia Brasileira de Serviços de Infraestrutura	86,836	76,114	10,722		(572)	82,332	70,942	11,390		1,389
	34,495,921	25,718,663	10,900,765		(291,161)	26,491,191	17,795,401	10,819,297		1,421,546
Joint-venture and Joint-operation
Itá Energética S.A.	265,411	15,857	249,554		6,032	259,777	16,255	243,522		3,039
MRS Logística S.A.	1,998,384	1,223,440	774,944		10,226	2,073,125	1,308,439	764,686		43,484
Transnordestina Logística S.A.	4,531,412	3,360,330	1,171,082	271,116	(17,973)	4,398,434	3,209,378	1,189,056	271,116	(9,095)
Equimac S.A	4,613		4,613
	6,799,820	4,599,627	2,200,193	271,116	(1,715)	6,731,336	4,534,072	2,197,264	271,116	37,428
Associates
Arvedi Metalfer do Brasil	39,086	31,611	7,475		(5,247)	44,435	31,712	12,723		(294)
	39,086	31,611	7,475		(5,247)	44,435	31,712	12,723		(294)
Classified at fair value through profit or loss (note 12l)
Panatlântica			51,638					47,300
			51,638					47,300
Other investments
Lucros nos estoques de controladas			(58,210)		(39,648)			(18,563)		63,794
Outros			78,762		(195)			78,763		171
			20,552		(39,843)			60,200		63,965
Total investments			13,451,739		(337,966)			13,407,900		1,522,645

Classification of investments in the balance sheet
Investimentos no ativo			19,222,639					17,316,463
Investimentos com passivo a descoberto			(5,770,900)					(3,908,563)
			13,451,739					13,407,900

		Consolidated
	06/30/2020	06/30/2019
	06/30/2020	06/30/2019
Equity in results of affiliated companies
MRS Logística S.A.	20,447	86,946
CBSI - Companhia Brasileira de Serviços de Infraestrutura		1,389
Transnordestina Logística S.A.	(17,973)	(9,095)
Arvedi Metalfer do Brasil S.A.	(5,247)	(294)
Others		12
	(2,773)	78,958
Eliminations
To cost of sales	(11,988)	(27,793)
To taxes	4,075	9,450
Others
Amortizated at fair value - Investment in MRS	(5,873)	(5,873)
Others	(195)	157
Equity in results	(16,754)	54,899

				06/30/2020			12/31/2019
	Joint-Venture			Joint-Operation	Joint-Venture		Joint-Operation
Equity interest (%)	MRS Logística	Transnordestina Logística	Equimac S.A.	Itá Energética	MRS Logística	Transnordestina Logística	Itá Energética
Equity interest (%)	34.94%	47.26%	50.00%	48.75%	34.94%	46.30%	48.75%
Balance sheet
Current Assets
Cash and cash equivalents	1,255,522	306	1	80,839	670,296	17,166	65,793
Advances to suppliers	22,482	3,173	-	474	20,100	3,240	363
Other current assets	499,839	57,425	-	30,461	1,326,281	59,405	15,955
Total current assets	1,777,843	60,904	1	111,774	2,016,677	79,811	82,111
Noncurrent Assets
Other non-current assets	855,294	245,698	-	22,762	789,562	258,391	24,361
Investments, PP&E and intangible assets	8,088,152	9,281,416	9,225	409,897	8,316,033	8,968,447	426,403
Total non-current assets	8,943,446	9,527,114	9,225	432,659	9,105,595	9,226,838	450,764
Total Assets	10,721,289	9,588,018	9,226	544,433	11,122,272	9,306,649	532,875

Current Liabilities
Borrowings and financing	660,658	124,138	-	-	653,784	103,877	-
Lease	261,459	-	-	-	256,034	-	-
Other current liabilities	697,761	148,506	-	19,010	1,561,684	171,821	16,793
Total current liabilities	1,619,878	272,644	-	19,010	2,471,502	275,698	16,793
Noncurrent Liabilities
Borrowings and financing	2,494,887	6,316,665	-	-	2,369,615	6,084,424	-
Lease	1,535,588	-	-	-	1,650,758	-	-
Other non-current liabilities	913,379	520,815	-	13,518	527,871	430,603	16,550
Total non-current liabilities	4,943,854	6,837,480	-	13,518	4,548,244	6,515,027	16,550
Shareholders’ equity	4,157,557	2,477,894	9,226	511,905	4,102,526	2,515,924	499,532
Total liabilities and shareholders’ equity	10,721,289	9,588,018	9,226	544,433	11,122,272	9,306,649	532,875

				01/01/2019 a 06/30/2019
	Joint-Venture		Joint-Operation	Joint-Venture			Joint-Operation
Equity interest (%)	MRS Logística	Transnordestina Logística	Itá Energética	MRS Logística	CBSI	Transnordestina Logística	Itá Energética
Equity interest (%)	34.94%	47.26%	48.75%	34.94%	50.00%	46.30%	48.75%
Statements of Income
Net revenue	1,603,235	-	82,080	1,642,617	93,509	-	81,090
Cost of sales and services	(1,223,492)	-	(31,402)	(1,190,458)	(81,997)	-	(41,628)
Gross profit	379,743	-	50,678	452,159	11,512	-	39,462
Operating (expenses) income	(139,966)	(26,018)	(32,429)	37,812	(6,423)	(9,500)	(30,356)
Finance income (costs), net	(152,989)	(12,012)	484	(131,605)	(569)	(10,025)	322
Income before income tax and social contribution	86,788	(38,030)	18,733	358,366	4,520	(19,525)	9,428
Current and deferred income tax and social contribution	(31,926)	-	(6,360)	(125,077)	(1,742)	-	(3,194)
Profit / (loss) for the period	54,862	(38,030)	12,373	233,289	2,778	(19,525)	6,234

			Consolidated			Parent Company
	Land	Buildings	Total	Land	Buildings	Total
Balance at December 31, 2019	68,877	32,318	101,195	65,698	20,030	85,728
Cost	68,877	53,816	122,693	65,698	41,528	107,226
Accumulated depreciation	-	(21,498)	(21,498)	-	(21,498)	(21,498)
Balance at December 31, 2019	68,877	32,318	101,195	65,698	20,030	85,728
Acquisitions	28,733	32,864	61,597	28,733	2,864	61,597
Depreciation		(1,312)	(1,312)		(988)	(988)
Balance at June 30, 2020	97,610	63,870	161,480	94,431	51,906	146,337
Cost	97,610	86,680	184,290	94,431	74,392	168,823
Accumulated depreciation		(22,810)	(22,810)		(22,486)	(22,486)
Balance at June 30, 2020	97,610	63,870	161,480	94,431	51,906	146,337

								Consolidated
	Land	Buildings and Infrastructure	Machinery, equipment and facilities	Furniture and fixtures	Construction in progress (ii)	Right of use (i)	Other (*)	Total
Balance at December 31, 2019	226,949	3,062,238	12,603,619	28,455	3,217,052	472,345	90,286	19,700,944
Cost	226,949	4,250,471	24,372,514	170,229	3,217,052	531,044	386,144	33,154,403
Accumulated depreciation		(1,188,233)	(11,768,895)	(141,774)		(58,699)	(295,858)	(13,453,459)
Balance at December 31, 2019	226,949	3,062,238	12,603,619	28,455	3,217,052	472,345	90,286	19,700,944
Effect of foreign exchange differences	26,602	55,344	157,481	1,713	4,837	4,091	17,759	267,827
Acquisitions		-	57,660	217	659,746	18,444	2,001	738,068
Capitalized interest (notes 22 and 25)					47,295			47,295
Write-offs (note 21)		(2)	(311)	(59)	(7)	(1,087)	(863)	(2,329)
Depreciation (note 20)		(76,705)	(731,839)	(2,732)	-	(30,927)	(11,731)	(853,934)
Transfers to other asset categories		22,352	433,626	252	(457,985)	-	1,755	-
Transfers to intangible assets					(485)			(485)
Right of use - Remesurement		-	-	-	-	7,544	-	7,544
Others			(676)	(6.0)	(59)		(45.0)	(786)
Balance at June 30, 2020	253,551	3,063,227	12,519,560	27,840	3,470,394	470,410	99,162	19,904,144
Cost	253,551	4,388,817	25,438,713	180,776	3,470,394	559,696	400,154	34,692,101
Accumulated depreciation		(1,325,590)	(12,919,153)	(152,936)		(89,286)	(300,992)	(14,787,957)
Balance at June 30, 2020	253,551	3,063,227	12,519,560	27,840	3,470,394	470,410	99,162	19,904,144

					Consolidated
	Land	Buildings and Infrastructure	Machinery, equipment and facilities	Others	Total
Balance at December 31, 2019	380,566	64,154	24,144	3,481	472,345
Cost	401,746	73,344	39,455	16,499	531,044
Accumulated depreciation	(21,180)	(9,190)	(15,311)	(13,018)	(58,699)
Balance at December 31, 2019	380,566	64,154	24,144	3,481	472,345
Effect of foreign exchange differences		1,109	2,710	272	4,091
Addition	7,239	5,176	4,731	1,298	18,444
Remesurement	877	(1,334)		8,001	7,544
Depreciation	(12,248)	(526)	(9,055)	(9,098)	(30,927)
Write-offs	(1,058)			(29)	(1,087)
Balance at June 30, 2020	375,376	68,579	22,530	3,925	470,410
Cost	408,804	78,295	46,896	26,042	560,037
Accumulated depreciation	(33,428)	(9,716)	(24,366)	(22,117)	(89,627)
Balance at June 30, 2020	375,376	68,579	22,530	3,925	470,410

						Consolidated
	Project description	Start date	Completion date		06/30/2020	12/31/2019
Logistics
	Current investments for maintenance of current operations.				76,244	81,944
					76,244	81,944
Mining
	Expansion of Casa de Pedra Mine capacity production.	2007	2024	⁽¹⁾	902,350	883,742
	Expansion of TECAR export capacity.	2009	2022	⁽²⁾	312,301	303,965
	Current investments for maintenance of current operations.				514,866	389,510
					1,729,517	1,577,217
Steel
	Supply of 16 torpedo’s cars for operation in the steel industry	2008	2020		61,090	75,582
	Current investments for maintenance of current operations.			⁽³⁾	902,247	811,049
					963,337	886,631
Cement
	Construction of cement plants.	2011	2023	⁽⁴⁾	577,919	577,712
	Current investments for maintenance of current operations.				123,377	93,548
					701,296	671,260
Construction in progress					3,470,394	3,217,052

	Consolidated							Parent Company
	Goodwill	Customer relationships	Software	Trademarks and patents	Rights and licenses (*)	Others	Total	Software	Rights and licenses	Total
Balance at December 31, 2019	3,606,156	246,139	53,859	153,103	3,170,960	1,564	7,231,781	48,052	4,086	52,138
Cost	3,846,563	585,407	171,152	153,103	3,189,789	1,564	7,947,578	131,795	4,088	135,883
Accumulated amortization	(131,077)	(339,268)	(117,293)	-	(18,829)	-	(606,467)	(83,743)	(2)	(83,745)
Adjustment for accumulated recoverable value	(109,330)	-	-	-	-	-	(109,330)	-	-	-
Balance at December 31, 2019	3,606,156	246,139	53,859	153,103	3,170,960	1,564	7,231,781	48,052	4,086	52,138
Effect of foreign exchange differences	-	84,120	505	54,860	-	560	140,045	-	-	-
Acquisitions and expenditures	-	-	940	-	-		940	-	-	-
Transfer of property, plant and equipment	-		485	-	-		485	-	-	-
Amortization (note 20)	-	(29,032)	(5,541)	-	(2)		(34,575)	(3,899)	(2)	(3,901)
Balance at June 30, 2020	3,606,156	301,227	50,248	207,963	3,170,958	2,124	7,338,676	44,153	4,084	48,237
Cost	3,846,563	794,666	178,237	207,963	3,189,789	2,124	8,219,342	131,795	4,088	135,883
Accumulated amortization	(131,077)	(493,439)	(127,989)	-	(18,831)	-	(771,336)	(87,642)	(4)	(87,646)
Adjustment for accumulated recoverable value	(109,330)	-	-	-	-	-	(109,330)	-	-	-
Balance at June 30, 2020	3,606,156	301,227	50,248	207,963	3,170,958	2,124	7,338,676	44,153	4,084	48,237

			Consolidated
			06/30/2020
Nature	New debts	Repayment	Interest payment
Prepayment		(473,633)	(134,511)
Bonds, Perpetual bonds, ACC and Facility	5,064,688	(2,165,667)	(520,398)
BNDES/FINAME, Debentures, NCE and CCB		(334,467)	(267,367)
	5,064,688	(2,973,767)	(922,276)

Financial assets at fair value through profit or loss
Investments	51,638		51,638	47,300		47,300
Derivative financial instruments					4,203	4,203
Total Assets	1,730,046	1,678	1,731,724	2,165,954	5,567	2,171,521

Liabilities
Non-current
Financial liabilities at fair value through profit or loss
Derivative financial instruments		116,962	116,962
Total Liabilities		116,962	116,962

Class of shares	06/30/2020				12/31/2019				06/30/2020
Class of shares	Quantity	Equity interest (%)	Share price	Closing Balance	Quantity	Quantity	Share price	Closing Balance	Fair value adjustment recognized in profit or loss (note 21 and 22)
USIM3	107,156,651	15.19%	8.09	866,897	107,156,651	15.19%	9.87	1,057,636	(190,739)
USIM5	111,144,456	20.29%	7.27	808,021	111,144,456	20.29%	9.51	1,056,984	(248,963)
				1,674,918				2,114,620	(439,702)
PATI3	2,065,529	11.31%	25.00	51,638	2,065,529	11.31%	22.90	47,300	4,338
				1,726,556				2,161,920	(435,364)

		06/30/2020
Foreign Exchange Exposure	(Amounts in US$’000)	(Amounts in €’000)
Cash and cash equivalents overseas	412,311	4,131
Trade receivables	239,810	685
Financial investments	23,748	-
Other assets	2,976	5,965
Total Assets	678,845	10,781
Borrowings and financing	(4,752,551)	-
Trade payables	(141,774)	(9,512)
Other liabilities	(6,420)	(940)
Total Liabilities	(4,900,745)	(10,452)
Foreign exchange exposure	(4,221,900)	329
Cash flow hedge accounting	4,274,426
Swap CDI x Dollar	(67,000)
Net foreign exchange exposure	(14,474)	329

							Consolidated
							06/30/2020
				Appreciation (R$)		Fair value (market)	Impact on financial income (expenses) in 2020
Counterparties	Maturity	Functional Currency	Notional amount	Asset position	Liability position	Amounts receivable / (payable)	Impact on financial income (expenses) in 2020
BCP	09/22/2020	Dollar	14,850	81,609	(79,507)	2,102	53
CGD	07/02/2020 to 07/13/2020	Dollar	11,392	62,603	(62,425)	178	178
*Total dollar-to-euro swap*			26,242	144,212	(141,932)	2,280	231

BCP	08/03/2020	GBP	3,956	26,680	(27,282)	(602)	(602)
*Total Swap GBP x Euro*			3,956	26,680	(27,282)	(602)	(602)

Bradesco	10/02/2023	Dollar	(67,000)	292,000	(408,962)	(116,962)	(121,165)
*Total Swap CDI x dollar*			(67,000)	292,000	(408,962)	(116,962)	(121,165)

				462,892	(578,176)	(115,284)	(121,536)