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Message from Management
In 2008 CSN began to reap the benefits of considerable hard work and dedication, as well as a management style focused on results and the creation of shareholder value 
2008, the year of fruition
The Company’s 2008 results were the fruit of a firmly-rooted growth strategy. Thanks to our decision to grow horizontally, investing in new areas beyond steelmaking, we posted a record profit of R$ 5.8 billion, virtually double the 2007 figure. The division of our business into different areas related to the steel production chain – mining, logistics, energy and cement – has proved to be a highly effective strategy for confronting adverse scenarios like the present.
In 2008 CSN began to reap the benefits of considerable hard work and dedication, as well as a management style focused on results and the creation of shareholder value. At the end of last year, the Company concluded the sale of 40% of Namisa, one of its mining assets, to a Japanese-Korean consortium. This long-term strategic partnership with some of the world’s leading iron ore consumers should lead to growth opportunities, even in the midst of the international crisis.
The maturity of important Company investments was yet another cause for celebration. These included the cement factory and the long steel plant, which are scheduled to begin operations in 2009 and 2010 respectively. By moving into the construction sector, CSN is preparing to grow with Brazil.
In 2008, around 85% of our sales went to the domestic market and we expect a similar ratio in 2009. This is a definite advantage, given that the local market is likely to be much more buoyant than the international one. Brazil is undergoing rapid growth and CSN is fully prepared to serve the millions of new consumers that have entered the market thanks to improved earnings.
The current moment is one of crisis and uncertainty, both with regard to the international economies and the possible impact on business in Brazil. However, the Company is now fully prepared to tackle major challenges and emerge from the crisis in an even stronger position.
Let us celebrate this successful trajectory, certain that the fruits of 2008 will continue to be harvested in the years ahead.
Benjamin Steinbruch
Chairman of the Board of Directors