Release of the 4Q15 and 2015 Results

Public Disclosure - Belo Horizonte February 18 th, 2016 Usinas Siderúrgicas de Minas Gerais S.A. - Usiminas (BM&FBOVESPA: USIM3, USIM5 e USIM6; OTC: USDMY and USNZY; LATIBEX: XUSIO and XUSI) today releases its fourth quarter (4Q15) and 2015 results. Operational and financial information of the Company, except where otherwise stated, are presented based on consolidated figures, in Brazilian Real, according to International Financial Reporting Standards (IFRS). All comparisons made in this release take into consideration the third quarter of 2015 (3Q15) and fiscal year 2014, except where stated otherwise. Release of the 4Q15 and 2015 Results The main operational and financial indicators in 2015 were: Steel sales volume of 4.9 million tons; Iron ore sales volume of 3.8 million tons; Consolidated Adjusted EBITDA of R$291.5 million and Adjusted EBITDA margin of 2.9%; Cash position on 12/31/15 of R$2.0 billion; Working capital on 12/31/15 of R$2.3 billion; Investments of R$784.1 million. Main Highlights R$ million - Consolidated 4Q15 3Q15 4Q14 Chg. 4Q15/3Q15 2015 2014 Chg. 2015/2014 Steel Sales Volume (000 t) 1,205 1,179 1,247 2% 4,915 5,541-11% Iron Ore Sales Volume (000 t) 670 775 1,161-14% 3,790 5,623-33% Net Revenue 2,404 2,424 2,585-1% 10,186 11,742-13% COGS (2,471) (2,534) (2,527) -2% (10,013) (10,705) -6% Gross Profit (Loss) (67) (110) 58-39% 173 1,037-83% Net Income (Loss) (1,627) (1,042) (117) 56% (3,685) 208 - EBITDA (Instruction CVM 527) (1,820) (97) 291 1784% (2,318) 1,821 - EBITDA Margin (Instruction CVM 527) -75.7% -4.0% 11.3% +2400 b.p -22.8% 15.5% -2300 b.p Adjusted EBITDA (250) (65) 302 282% 291 1,863-84% Adjusted EBITDA Margin -10.4% -2.7% 11.7% -1100 b.p 2.9% 15.9% -1000 b.p Investments (CAPEX) 169 156 343 8% 784 1,110-29% Cash and Cash Equivalents 2,024 2,397 2,852-16% 2,024 2,852-29% Market Data 12/30/15 Index BM&FBOVESPA: USIM5 R$1.55/share USIM3 R$4.02/share EUA/OTC: LATIBEX: USNZY US$0.37/ADR XUSI 0.35/share XUSIO 0.98/share Consolidated results Performance of the Business Units: - Mining - Steel - Steel processing - Capital goods Notes Capital markets Balance sheet, Income and Cash Flow Statements 4Q15 e 2015 Results 1

Economic Outlook The global economy has been growing at a moderate rhythm, supported by the performance of developed economies, which continued to recover, while emerging economies have slowed down. In the United States, according to the World Economic Outlook from the International Monetary Fund IMF as of January 2016, the estimated growth outlook for the American economy in 2015 is 2.5%, against 2.4% in 2014, allowing the Federal Reserve to increase interest rates by 25 basis points in December, 2015. The economic activity in the Eurozone has been growing at a moderate rate, estimated at 1.5% for 2015, against 0.9% in 2014, according to the IMF. Among the emerging markets, growth rate in China continued to decrease from 7.3% in 2014 to 6.9% in 2015. However, the slowdown was more intensive in the industrial sector and in the aggregated investment, affecting global demand and commodities prices. In Latin America, most countries had moderate recovery, nevertheless, Brazil, which faces a deep recession, caused the region s GDP to recede. The very weak economic activity in Brazil indicates that the recession got worse in the 4Q15, after a decrease of 1.7% in the 3Q15 when compared with the previous quarter. The IMF estimates a GDP decline of 3.8% in 2015. The recession faced by the country is already the longest since the 1990s and deterioration of public accounts added to growth expectations in the coming years led the country to lose its investment grade level by two of the main rating agencies at the end of 2015. The Brazilian industry faced an even more challenging scenario. The industrial production declined 8.3% in 2015. With high inventory levels and consumer and business economic confidence indicators at historic low levels, there are no signs of imminent economic recovery in the period. The industrial segments intensive in steel consumption also faced a strong downfall in production, 25.5% in the capital goods and 18.7% in the durable goods segments. Find below the main Brazilian Economic Indexes of 2014 and 2015: Indicators (%) 2014 2015 GDP (IBGE) 0.1-3,7* Industrial Production (IBGE) -3.2-8.3 Inflation - IPCA 6.4 10.7 Local Interest Rate - Selic (End of Period) 11.75 14.25 FX Rate R$/USD (End of Period) 2.66 3.90 Source: IBGE, FOCUS Data (31/12/15) - Central Bank *Estimated 4Q15 e 2015 Results 2

Economic and Financial Performance Comments on Consolidated Results Net Revenue Net revenue in the 4Q15 was R$2.4 billion, stable in relation to the 3Q15. In 2015, net revenue reached R$10.2 billion, against R$11.7 billion in 2014, in function of lower sales of steel and iron ore, due to market retraction faced by the Company's business units, with exception of the Capital Goods Unit, which had an increase in its net revenue by 9.4% in the period. Net Revenue Breakdown 4Q15 3Q15 4Q14 2015 2014 Domestic Market 79% 73% 84% 79% 85% Exports 21% 27% 16% 21% 15% Total 100% 100% 100% 100% 100% Cost of Goods Sold (COGS) In the 4Q15, COGS totaled R$2.5 billion, stable in relation to the 3Q15. For detailed information, see each Business Unit section in this document. Gross margin was a negative 2.8%, against a negative 4.5% in the 3Q15. In 2015, COGS totaled R$10.0 billion, against R$10.7 billion in 2014, a reduction of 6.5%. For detailed information, see each Business Unit section in this document. Gross margin was 1.7% in 2015, while in 2014 it was 8.8%, as per the chart below: Gross Margin 4Q15 3Q15 4Q14 2015 2014-2.8% -4.5% 2.2% 1.7% 8.8% Operating Expense and Income Sales expenses were R$63.8 million in the 4Q15, against R$82.7 million in the 3Q15, a decrease of 22.8%, mainly due to lower distribution costs in function of lower export volume and lower provision for losses on doubtful accounts. General and administrative expenses were R$108.7 million in the 4Q15, against R$101.2 million in the 3Q15, higher by 7.4%, mainly due to the increase in direct labor expenses, as a result of the provision for the collective labor agreement in the Ipatinga plant and the company s headquarter, in general expenses and in third party services. Other operating expenses and income were R$2.0 billion in the 4Q15, against R$147.5 million in the 3Q15, mainly in function of: - Impairment of assets accounted for in the Mining Unit in the amount of R$1.2 billion, in the Steel Business (mainly in Cubatão Coke plants) of R$357.2 million and in the Steel Transformation Unit of R$56.7 million, totaling R$1.6 billion in the 4Q15. The impairment accounted for in the 3Q15 was not significant; - Provision for expenses related to the business restructuring in the Steel Unit (labor force adjustments at the Cubatão plant in the amount of R$93.8 million, due to temporary shutdown of the primary areas in this plant) and in the Mining Unit (renegotiation of domestic freight contracts with MRS with take or pay conditions in the amount of R$163.0 million). The provision for the restructuring in the 4Q15 totaled R$256.8 million. There were not any provisions related to the business restructuring accounted for in the 3Q15; 4Q15 e 2015 Results 3

- Negative result of the asset sale and write-off of R$50.1 million in the 4Q15, against a negative R$11.1 million in the 3Q15; In this way, the net operational expenses was R$2.2 billion in the 4Q15, against R$331.3 million in the 3Q15. In the year of 2015, sales expenses were R$258.1 million, against R$290.9 million in 2014, mainly due to lower distribution costs, lower third party services expenses, partially compensated by higher provision for losses on doubtful accounts and general expenses. General and administrative expenses in 2015 were R$440.1 million, against R$501.5 million in 2014, a decrease of 12.2%, as a result of the decrease in own labor force expenses of 9.0%, in third party expenses of 7.9% and in general expenses of 22.1%. Other operating expenses and income were a negative R$3.2 billion, against a positive R$278.7 million in 2014, in function of: - Impairment of assets accounted for in the Mining Unit in the amount of R$2.1 billion, accounted for in the 2Q15 and 4Q15, in the Steel Business (mainly in Cubatão Coke plants) of R$357.2 million and in the Steel Transformation Unit of R$56.7 million, totaling R$2.6 billion in 2015. The impairment accounted for in the 2014 was not significant; - Provision for expenses related to the business restructuring in the Steel Unit (labor force adjustments at the Cubatão plant in the amount of R$93.8 million, due to temporary shutdown of the primary areas in this plant, accounted for in the 4Q15) and in the Mining Unit (renegotiation of domestic freight contracts with MRS with take or pay conditions in the amount of R$163.0 million accounted for in the 4Q15). The provision for the restructuring in 2015 totaled R$256.8 million. There were not any provisions related to the business restructuring accounted for in 2014; - Result of the result of surplus electric energy of R$65.4 million, against R$378.8 million in 2014; - Negative result of the asset sale and write-off of R$56.7 million in 2015, against a positive R$54.0 million in 2014; Therefore, the net operational expenses were R$3.9 billion in 2015, against R$513.8 million in the 2014. In this manner, the Company's operating margin is presented bellow: EBIT Margin 4Q15 3Q15 4Q14 2015 2014-92.6% -18.2% -1.7% -36.6% 4.5% 4Q15 e 2015 Results 4

Adjusted EBITDA Adjusted EBITDA is calculated from net income (loss), reversing profit (loss) from discontinued operations, income tax and social contribution, financial result, depreciation, amortization and depletion, equity in the results of Associate, Joint Subsidiary and Subsidiary Companies and not consider the impairment of assets. The adjusted EBITDA includes the proportional participation of 70% of Unigal and others joint subsidiary companies. EBITDA Breakdown Consolidated (R$ thousand) 4Q15 3Q15 2015 2014 Net Income (Loss) (1,626,643) (1,042,156) (3,684,977) 208,479 Income Tax / Social Contribution (569,249) (223,219) (1,189,922) (24,562) Financial Result 24,089 820,075 1,245,693 522,831 Depreciation, Amortization 352,200 348,727 1,311,699 1,114,597 EBITDA -Instruction CVM 527 Equity in the Results of Associate and Subsidiary Companies (1,819,603) (96,573) (2,317,507) 1,821,345 (53,880) 4,260 (95,582) (183,780) Joint Subsidiary Companies proportional EBITDA 49,401 28,640 147,028 225,506 Impairment of Assets 1,574,161 (1,674) 2,557,533 - Adjusted EBITDA (249,921) (65,347) 291,472 1,863,071 Adjusted EBITDA in the 4Q15 was a negative R$249.9 million, against a negative R$65.3 million in the 3Q15, mainly due to the decline of steel prices and decline of iron ore sales volumes. Adjusted EBITDA margin in the 4Q15 was a negative 10.4%, against a negative 2.7% in the 3Q15. Excluding the extraordinary provisions related to the business restructuring in the Steel Unit and in the Mining Unit of R$256.8 million and the result of the asset sale and write-off of R$50.1 million, accounted for in the 4Q15, the Adjusted EBITDA reached a positive R$57.0 million in the 4Q15 and an Adjusted EBITDA margin of 2.4%. In 2015, Adjusted EBITDA was R$291.5 million, against R$1.9 billion in 2014, due to the extraordinary events occurred in the period and to the lower performance of the Business Units, mainly in function of lower sales volume and prices of steel and iron ore. The Capital Goods Unit was the exception, reaching an EBITDA of R$86.8 million, a 73.7% growth comparing both periods. Excluding the extraordinary provisions related to the business restructuring in the Steel Business and in the Mining Unit of R$256.8 million and the result of the asset sale and writeoff of R$56.7 million and the result of surplus electric energy reached R$65.4 million, accounted for in 2015, the Adjusted EBITDA in 2015 reached R$539.6 million and an Adjusted EBITDA margin of 5.3%. Adjusted EBITDA margins are shown below: Adjusted EBITDA Margin 4Q15 3Q15 4Q14 2015 2014-10.4% -2.7% 11.7% 2.9% 15.9% Financial Result In the 4Q15 net financial expenses totaled R$24.1 million, against R$820.1 million in the 3Q15, a 97.1% decrease. This result can be mainly attributed to losses with foreign exchange variation of R$834.4 million in the 3Q15, against gains of R$67.3 million in the 4Q15, as a 4Q15 e 2015 Results 5

result of the foreign exchange depreciation of 28.1% in the 3Q15, against the foreign exchange appreciation of 1.7% in the 4Q15. In the year of 2015, net financial expenses were R$1.2 billion, against R$522.8 million in 2014, in function of the strong depreciation of the Real against the Dollar of 47.0% in that year, generating higher foreign exchange losses, which were R$1.1 billion in 2015, against R$193.1 million in 2014. Financial Result - Consolidated R$ thousand 4Q15 3Q15 4Q14 Change 4Q15/3Q15 2015 2014 Change 2015/2014 Net Currency Exchange Variation 67,315 (834,420) (135,818) - (1,072,090) (193,118) 455% Swap Transactions Market Cap. 13,578 168,093 26,912-92% 240,389 27,883 762% Income and Inflationary Variation over Financial Applications 66,355 66,115 46,856 0% 221,490 193,452 14% Other Financial Income 67,597 44,532 28,787 52% 207,048 143,836 44% Interest and Inflationary Variation over Financing and Taxes Payable in Installments (168,577) (182,703) (124,997) -8% (607,943) (476,405) 28% Other Financial Expenses (70,357) (81,692) (55,501) -14% (234,587) (218,479) 7% FINANCIAL RESULT (24,089) (820,075) (213,761) -97% (1,245,693) (522,831) 138% + Appreciation / - Depreciation of Exchange Rate (R$/US$) 1.7% -28.1% -8.4% - -47.0% -13.4% - Equity in the Results of Associate and Subsidiary Companies In the 4Q15, equity in the results of associate and subsidiary companies was R$53.9 million, against a negative R$4.3 million in the 3Q15, mainly due to greater contribution of Unigal, which, in the 3Q15, had been affected by the foreign exchange devaluation of 28.1%, impacting its foreign exchange debt, and of MRS Logística, which increased its sales volume in the 4Q15. In 2015, equity in the results of associate and subsidiary companies was R$95.6 million, against R$183.8 million in 2014, mainly due to the lower performance of Unigal and of MRS Logística, as a result of the economy slowdown in Brazil. Net Profit (Loss) The Company accounted for net loss of R$1.6 billion in the 4Q15, against R$1.0 billion in the 3Q15, mainly due to the Impairment of assets in the amount of R$1.6 billion, in addition to the lower operational performance of the Steel and Mining Units. In the fiscal year of 2015, the Company showed a net loss of R$3.7 billion, against a net profit of R$208.5 million in 2014, mainly due to the Impairment of assets in the amount of R$2.6 billion, to higher financial expenses of R$1.2 billion in 2015, in function of the foreign exchange devaluation of 47.0% in that year. It also contributed to this result the lower operational performance of the Steel, the Mining and the Steel Transformation Units. Working Capital In the 4Q15, working capital was at R$2.3 billion, R$86.8 million lower than 3Q15, which was at R$2.4 billion. In 2015, working capital was at R$2.3 billion, representing a 1.9% reduction when compared with 2014, which was at R$2.4 billion. In the quarter and in the annual comparisons, although a strong reduction in steel and raw materials inventories, had been achieved, in volume and in Reais amount, it was partially compensated by the reduction in the accounts payable to suppliers and by the increase in the accounts receivable from costumers. 4Q15 e 2015 Results 6

Investments (CAPEX) In the 4Q15, investments totaled R$169.2 million, 27.9% higher in comparison with the 3Q15, mainly with sustaining CAPEX and technology updating of the plants. Out of the total investments in the period, approximately 63% were applied to the Steel Unit, 27% to the Mining, 8% to the Steel Transformation and 2% to the Capital Goods Unit. CAPEX totaled R$784.1 million in 2015, 29.4% lower when compared with 2014, result of the Company's strategy of strict CAPEX control. The main investments were with sustaining CAPEX and with the Coke Plant II revamp in Ipatinga. In 2015, approximately 79% were applied to the Steel Unit, 15% to the Mining, 5% to the Steel Transformation and 1% to the Capital Goods Unit. Indebtedness Consolidated gross debt was R$7.9 billion on 12/31/15, against R$8.1 billion on 9/30/15, a 2.8% decrease due to debt amortization and appreciation of the Real against the Dollar of 1.7% in the period, which directly impacted the Dollar debt portion, which accounted for 47% of total debt on 12/31/15. In 2015, consolidated gross debt was R$7.9 billion, against R$6.7 billion in 2014, a 17.7% increase, mainly due to the strong currency devaluation of 47.0% in the period, which directly impacted the Dollar debt portion, which corresponded to 47% of total debt on 12/31/15. On 12/31/15, debt composition by maturity was 24% in the short term and 76% in the long term. Usiminas duly obtained the waivers from its lender for the breach of covenants on 12/31/15. The chart below shows the consolidated debt indicators: R$ thousand 30-Dec-15 30-set-15 Change 31-Dec-14 % Short Term Long Term TOTAL TOTAL Dec15/Sep15 TOTAL Local Currency 1,134,122 3,027,005 4,161,127 53% 4,176,626 0% 4,265,226-2% TJLP 139,792 273,726 413,518-455,556-9% 618,078-33% CDI 962,237 2,649,272 3,611,509-3,584,923 1% 3,573,921 1% Others 32,093 104,007 136,100-136,147 0% 73,227 86% Foreign Currency (*) 785,570 2,939,790 3,725,360 47% 3,934,164-5% 2,436,521 53% Gross Debt 1,919,692 5,966,795 7,886,487 100% 8,110,790-3% 6,701,747 18% Cash and Cash Equivalents - - 2,024,457-2,396,616-16% 2,851,903-29% Net Debt - - 5,862,030-5,714,174 3% 3,849,844 52% (*) 99% of total foreign currency is US dollars denominated Total Indebtedness by Index - Consolidated Change Dec15/Dec14 The graph below presents the cash position and debt profile in millions of Reais on 12/31/15: 2,024 304 1,920 1,825 2,158 Duration: R$: 28 meses US$: 24 meses 786 637 1,622 1,720 1,016 82 914 1,134 1,188 933 598 536 13 316 11 30 0 0 13 110 30 Cash 2016 2017 2018 2019 2020 2021 2022 2023 on Local Currency Foreign Currency 4Q15 e 2015 Results 7

Performance of the Business Units Intercompany transactions are on arm s-length basis (market prices and conditions) and sales between Business Units are carried out as sales between independent parties. Usiminas - Business Units Mining Steel Steel Processing Capital Goods Mineração Usiminas Ipatinga Mill Soluções Usiminas Usiminas Mecânica Cubatão Mill Unigal Income Statement per Business Units - Non Audited - Quarterly R$ million Mining Steel* Steel Processing Capital Goods Elimination and Adjustment Consolidated 4Q15 3Q15 4Q15 3Q15 4Q15 3Q15 4Q15 3Q15 4Q15 3Q15 4Q15 3Q15 Net Revenue 86 89 2,124 2,094 425 484 211 217 (441) (460) 2,404 2,424 Domestic Market 86 89 1,632 1,463 425 483 210 190 (441) (460) 1,911 1,765 Exports - - 492 631-1 1 27 - - 493 660 COGS (56) (65) (2,236) (2,267) (407) (475) (177) (186) 406 460 (2,471) (2,534) Gross Profit 30 24 (113) (173) 18 9 34 31 (36) (0) (67) (110) Operating Income (Expenses) (1,337) (90) (726) (208) (82) (20) (16) (15) 1 1 (2,159) (331) EBIT (1,307) (66) (838) (381) (64) (11) 18 16 (34) 1 (2,226) (441) Adjusted EBITDA (102) (24) (179) (82) (1) (4) 24 23 8 21 (250) (65) Adj.EBITDA Margin -119% -27% -8% -4% 0% -1% 12% 10% - - -10% -3% *Consolidates 70% of Unigal Income Statement per Business Units - Non Audited - Accumulated R$ million Mining Steel* Steel Processing Capital Goods Elimination and Adjustment Consolidated 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Net Revenue 402 743 9,174 10,929 1,925 2,341 869 794 (2,184) (3,065) 10,186 11,742 Domestic Market 402 617 7,088 9,327 1,919 2,333 840 786 (2,184) (3,065) 8,065 9,998 Export Market - 126 2,086 1,602 6 8 28 8 - (0) 2,120 1,744 COGS (354) (503) (9,136) (10,076) (1,873) (2,271) (742) (716) 2,092 2,861 (10,013) (10,705) Gross Profit 47 240 39 852 52 70 126 78 (92) (204) 173 1,037 Operating Income (Expenses) (2,464) (92) (1,219) (260) (154) (113) (64) (54) 5 5 (3,897) (514) EBIT (2,417) 148 (1,181) 592 (102) (43) 62 25 (87) (199) (3,725) 523 Adjusted EBITDA (89) 277 282 1,546 (17) (4) 87 50 28 (6) 291 1,863 Adj.EBITDA Margin -22% 37% 3% 14% -1% 0% 10% 6% - - 3% 16% *Consolidates 70% of Unigal 4Q15 e 2015 Results 8

I) M I N I N G International commodities prices had still been declining in the 4Q15. In the case of iron ore, the decrease was of 15.0%, with the price reaching US$38.5/t in December, the lowest amount in the last 10 years (PLATTS, 62% Fe, CFR China). In the annual comparison, the decline in prices was even greater, with average prices falling from US$90.0/t in 2014 to US$55.7/t in 2015, decreasing 37.8%. The slowdown in the Chinese GDP, the same level of steel production, the fall of steel prices in the international market and the possible increase of 50 million tons of iron ore capacity in 2016, brought a pessimistic scenario for iron ore in 2016, with international prices at very low levels in which cost savings and competitiveness improvement will be key factors for survival of mining companies. Operational and Sales Performance - Mining In the 4Q15, production volume was 660 thousand tons, against 738 thousand tons in the 3Q15. In the 4Q15, sales volume was 670 thousand tons, a 13.5% decrease when compared with the 3Q15, in function of lower sales volume both to the Steel Unit, due to the temporary shutdown of the primary areas at Cubatão Plant, and to third parties. In 2015, production volume was 3.9 million ton, 36.2% lower than in 2014, which was 6.1 million tons, in order to balance production to sales that totaled 3.8 million tons, lower by 32.6% comparing the years, as a result of logistic restrictions to exports and steel consumption downfall in Brazil. Production and sales volumes are shown in the chart below: Iron Ore Thousand tons 4Q15 3Q15 4Q14 Chg. 4Q15/3Q15 2015 2014 Chg. 2015/2014 Production 660 738 1,452-11% 3,868 6,067-36% Sales - Third Parties - Domestic Market 12 41 39-71% 279 833-67% Sales - Exports 0 0 0-0 680-100% Sales to Usiminas 658 734 1,122-10% 3,511 4,110-15% Total Sales 670 775 1,161-14% 3,790 5,623-33% Impairment of Assets Accounted for in 2015 The value in use of the Mining Unit was updated in order to reflect management s best estimates regarding the future prices of iron ore, based on market forecasts. This evaluation is sensitive to commodity market prices volatility and potential changes to long-term expectations that could lead to future adjustments to the amounts recorded. Take or pay negotiation in domestic freight agreements with MRS Usiminas concluded the negotiation referring to the exclusion of take or pay conditions in domestic freight contracts with MRS Logística. Due to the suspension of the previous agreed volumes, the Mining Unit will pay to MRS 10 annual installments of R$31.5 million, totaling R$315.5 million. For accounting purposes, it was considered the amount of R$ 163.0 million, equivalent to the net present value of that cash flow. Thus, Usiminas mitigated the impact of its temporary shutdown of the primary area of Cubatão and termination of Port Sudeste contract in the MRS agreement. 4Q15 e 2015 Results 9

Comments on the Business Unit Results - Mining Net sales accounted for in the 4Q15 were R$85.8 million, against R$88.6 million in the 3Q15, a 3.1% decrease due to lower sales volume of 10.6%. The PLATTS price reference adjusted for the period of sales price formation of the Mining Unit (62% Fe, CFR China) was US$53.0/t in the 4Q15, against US$57.2/t in the 3Q15. Production cash cost per ton was R$55.1/t in the 4Q15, a 7.4% increase in relation to the 3Q15, which was US$51.3/t, due to lower production volume by 10.6%, implying in lower fixed cost dilution, allied to higher costs with labor force adjustments. In the 4Q15, Cost of Goods Sold COGS was R$56.0 million, against R$65.1 million in the 3Q15, a 14.0% decrease, due to lower sales volume by 13.5%. COGS per ton was R$84.3/t, representing a 3.7% reduction when compared with 3Q15, due to reversion of provision for bonus / profit sharing in 2015, in function of the results obtained in that fiscal year. In the 4Q15, net operating expenses were R$1.3 billion, against R$89.9 million in the 3Q15, mainly due to: - Impairment of assets accounted for in the Mining Unit in the amount of R$1.2 billion, accounted for in the 4Q15. The impairment accounted for in the 3Q15 was not significant; - Provision for expenses related to the business restructuring in the Mining Unit (renegotiation of domestic freight contracts with MRS with take or pay conditions) in the amount of R$163.0 million in the 4Q15. There were not any provisions related to the business restructuring accounted for in the 3Q15; Thus, Adjusted EBITDA was a negative R$102.4 million in the 4Q15, against a negative R$23.6 million in the 3Q15, corresponding to an Adjusted EBITDA margin of negative 119.3% in the 4Q15, against a negative 26.6% in the 3Q15. In the year of 2015, net revenue was R$401.5 million, against R$743.0 million in 2014, a 46.0% reduction, in function of lower sales volume and a significant fall in the iron ore price in the international market. The PLATTS reference price adjusted for the period of sales price formation of Mining Unit (62% Fe, CFR China) was US$103.6/t in 2014 and went to US$58.5/t in 2015, a 43.5% decline. Such effects were partially compensated by the foreign exchange depreciation in 2015. Production cash cost per ton was R$52.2/t in 2015, an 8.3% increase when compared with 2014, which was R$48.3/t, due to lower production volume by 36.2%, implying in lower fixed costs dilution, allied to higher costs with labor force adjustments. In 2015, Cost of Goods Solds COGS was R$354.1 million, against R$502.9 million in 2014, a 29.6% decrease, mainly due to lower sales volume. COGS per ton in 2015 was R$91.5/t, a 2.6% increase in relation to 2014, which was R$89.2/t, mainly due to higher costs with labor force adjustments. In the year of 2015, operating expenses were R$2.5 billion, against R$92.3 million in 2014, mainly due to: - Impairment of assets accounted for in the Mining Unit in the amount of R$2.1 billion in 2015. There was no impairment of assets accounted for in 2014; - Provision for expenses related to the business restructuring in the Mining Unit (renegotiation of domestic freight contracts with MRS with take or pay conditions) in the amount of R$163.0 million in 2015. There were not any provisions related to the business restructuring accounted for in 2014; - Lower income with the result of surplus electric energy, which totaled R$23.6 million in 2015, against R$56.0 million in 2014. Thus, in 2015, Adjusted EBITDA was a negative R$88.8 million, against a positive R$277.1 million in 2014 and Adjusted EBITDA margin was a negative 22.1% in 2015, against a positive 37.3% in 2014. 4Q15 e 2015 Results 10

Investments (CAPEX) Investments in the 4Q15 were R$16.6 million, against R$22.9 million in the 3Q15, mainly as a result of the control and reduction in sustaining CAPEX. In 2015, investments totaled R$112.3 million, against R$94.3 million in 2014, mainly related to sustaining CAPEX. Stake in MRS Logística - MRS Mineração Usiminas holds a stake in the MRS Logística through its subsidiary UPL Usiminas Participações e Logística S.A. MRS Logística is a concession that controls, operates and monitors the Brazilian Southeastern Federal Railroad Network (Malha Sudeste da Rede Ferroviária Federal). The company operates in the railway transportation segment, connecting the states of Rio de Janeiro, Minas Gerais and São Paulo, and its core business is transporting, with integrated logistics, cargo in general, such as iron ore, finished steel products, cement, bauxite, agricultural products, pet coke and containers. MRS transported 44.4 million tons in the 4Q15, in function of the growth of 4.5% in the heavy haul segment transport due to the increase in iron ore volumes. Accumulated volume in 2015 was 1.8% higher than in 2014, reaching 167.1 million tons hauled. This result is also explained by better performance in general cargo, with a highlight for agricultural products, bauxite and containers, which grew 14.5%, 20.5% and 26.7% in 2015, respectively. II) S T E E L In 2015, the global steel industry faced an extremely challenging business environment, marked by a decline in the global steel demand and large excess production capacity. The World Steel Association (WSA) estimated a decrease of 1.7% in global apparent consumption for 2015. According to the WSA, the greatest impact comes from China, where the slowdown in civil construction and investments reduced steel consumption by an estimated 3.5%. The impact could be even higher considering weak demand in major consumer market during the last quarter of the year. The slowdown in China and consequent impact on commodities prices contributed to increase risk aversion in global markets, generating significant impacts on investment levels and global steel consumption. Among emerging markets, the behavior of the steel consumption was different. In some, like Brazil and Russia, there was strong retraction due to domestic issues. The Middle East, Africa and Ukraine experienced retraction due to geopolitical questions. On the other hand, India and Mexico and other Pacific Rim countries maintained consumer growth. According to the WSA, steel demand in emerging and developing countries, excluding China, grew 1.7% in 2015. In relation to global crude steel production, the WSA accounted for a 2.9% decline in 2015, to a volume of 1.6 billion tons, mainly due to China, which reduced production by 2.3% to a volume of 823 million tons. The use of global installed capacity in the month of December receded to a level of 64.6%, lower than the 68.6% in the 3Q15. The period was marked by the strong deterioration in the international steel prices, which reached historical lows and numbers below operational and marginal costs in most of the steel market in the world. The increase in the Chinese exports contributed to this, which reached a peak in September, with annualized volume of 137 million tons, equivalent to more than one third of global exports. In 2014, Chinese exports totaled around 93 million tons. 4Q15 e 2015 Results 11

In Brazil, according to the Brazil Steel Institute - IABr, consumption of steel products fell to 21.3 million tons, 16.7% lower than that in 2014. The consumption of flat steel, including slabs, fell 17.7%. The lack of visibility of the economic outlook and less optimistic expectations as to a short term economic recovery led customers to reduce purchases, adjust inventories and put off investments. Usiminas estimates that all segments of the flat steel market have been heavily impacted by the slowdown in industrial activity in the period. The main negative influences were the decreases of 15.5% of the Distribution, and 27.7% in the Automotive segment. In the Industrial segment, the decrease was 13.3%, widespread in almost all sectors. The Civil Construction and the White Goods fell 23.9% and 18.4%, respectively. The exception was the growth of consumption in Large-Diameter Tubes sector, with volumes concentrated in the first half of the year. Below are listed the main flat steel consuming segments and their behavior in the Brazilian market during the 4Q15: Automotive: The economic scenario strongly affected the results of the automotive industry in the country. According to data released by the National Association of Vehicle Manufacturers - ANFAVEA, the sales decline and the search for better balance of accumulated inventories over the year, caused vehicle production to record a 15.2% decline compared with the 3Q15. Heavy vehicles have had even greater declines: 22.1% in relation to the 3Q15. At the closing of the year, sales and production declined 26.6% and 22.8%, respectively. Industrial: Tendências Consulting estimates that investments, measured by Gross Fixed Capital Formation, declined 20.1% in the 4Q15, compared with the 4Q14. This is the seventh consecutive fall in the comparison and the highest of all. According to the National Confederation of Industries (CNI), sales of machinery and equipment industry accounted for a fall of 22.8%. Thus, in the year of 2015 was the third consecutive year of retraction. White Goods: Data from the Industrial Research of Brazilian Geography and Statistics Institute IBGE, Industrial Survey registered a fall of 10.5% in the white goods production in the 4Q15 when compared with the 3Q15. In the year the decrease was 22.1%. The industry continues to be affected by the unemployment rate, by slower growth rate of family income and by lower consumer confidence index. The electro-electronics segment decreased 12.9% when compared with the same period of the previous year. Civil Construction: The civil construction market continued its slowdown in the 4Q15. According to Industrial Research of Brazilian Geography and Statistics Institute IBGE, the production of typical inputs to civil construction decreased 6.7% in the 4Q15 and 12.9% in 2015, compared with 2014. The scenario reflected the poor investment environment, the developments of Petrobras investigation and tumultuous political situation. Investments, both in infrastructure, and in real estate were strongly reduced, causing the decline in demand for construction materials. Distribution: According to the Steel Distributors National Association INDA, flat steel sales in the distribution network receded 4.5% in the 4Q15 compared with the 3Q15. Nevertheless, steel purchases in the segment increased 2.1%. Over the 4Q15, inventories remained nearly stable at around 900 thousand tons, but the fall in sales over the quarter caused the inventory turnover to increase to 4.9 months, considering December sales. In the year, INDA distributor sales declined 19.9%. Production - Ipatinga and Cubatão Plants Crude steel production at the Ipatinga and Cubatão plants was 1.2 million tons in the 4Q15, a 6.6% higher than in the 3Q15. In 2015, production totaled 5.0 million tons, against 6.1 million in 2014, a 17.3% decrease, in order to adjust it to the steel demand, which showed a strong decline in the domestic market in 2015. 4Q15 e 2015 Results 12

Production (Crude Steel) Thousand tons 4Q15 3Q15 4Q14 Chg. 4Q15/3Q15 2015 2014 Var. 2015/2014 Ipatinga Mill 752 676 823 11% 2,913 3,450-16% Cubatão Mill 436 438 574 0% 2,094 2,605-20% Total 1,188 1,114 1,397 7% 5,007 6,055-17% Sales In the 4Q15, total sales reached 1.2 million tons of steel, a 2.2% increase when compared with the 3Q15. Domestic market sales totaled 882.1 thousand tons, 17.4% higher than in the 3Q15, mainly in function of the sales increase to the distribution and civil construction segments. Exports volume in the 4Q15 decreased 24.4% in relation to the 3Q15. Sales mix recorded 73% destined to the domestic market and 27% to exports. In the year of 2015, total sales volume was 4.9 million tons, against 5.5 million tons in 2014, representing an 11.3% decrease. The more representative domestic market accounted sales of 3.6 million tons in 2015, a 21.5% decrease compared with the previous year, in function of weak demand in the Brazilian market. Exports reached 1.3 million tons, a 36.8% increase, partially compensating the decline in the domestic market sales. Sales mix recorded 73% to the domestic market and 27% to exports. 5,541 17% 4,915 1,247 1,256 1,275 12% 19% 33% 1,179 1,205 36% 27% 27% 81% 88% 67% 64% 73% 83% 73% 4Q14 1Q15 2Q15 3Q15 4Q15 2014 2015 Domestic Market Exports The main export destinations are shown in the charts below: 4Q15 2015 China USA 5% 5% 5% 8% 18% Argentina Germany Turkey 4% 2%1% 16% 25% 6% 16% Italy 4% 11% 13% 13% Spain United Kingdon Vietnam 7% 7% 15% 18% Others 4Q15 e 2015 Results 13

Sales Volume Breakdown Thousand tons 4Q15 2Q15 Change 4Q15/3Q15 Total Sales 1,205 100% 1,179 100% 1,247 100% 2% 4,915 100% 5,541 100% Heavy Plates 162 13% 196 17% 280 22% -17% 890 18% 1,217 22% Hot Rolled 362 30% 409 35% 400 32% -12% 1,580 32% 1,863 34% Cold Rolled 313 26% 252 21% 295 24% 24% 1,125 23% 1,309 24% Galvanized 248 21% 192 16% 203 16% 29% 850 17% 878 16% Processed Products - 0% 2 0% 7 1% - 11 0% 56 1% Slabs 118 10% 127 11% 62 5% -7% 455 9% 218 4% Domestic Market 882 73% 751 64% 1,005 81% 17% 3,590 73% 4,572 83% Heavy Plates 138 11% 159 13% 232 19% -13% 775 16% 968 17% Hot Coils 276 23% 192 16% 282 23% 44% 1,025 21% 1,521 27% Cold Coils 248 21% 220 19% 268 21% 13% 978 20% 1,163 21% Galvanized 194 16% 165 14% 183 15% 18% 717 15% 785 14% Processed Products - 0% 2 0% 7 1% - 11 0% 51 1% Slabs 25 2% 15 1% 33 3% 72% 81 2% 84 2% Exports 323 27% 427 36% 242 19% -24% 1,325 27% 968 17% Heavy Plates 24 2% 37 3% 48 4% -36% 115 2% 249 4% Hot Rolled 86 7% 217 18% 118 9% -60% 555 11% 342 6% Cold Rolled 65 5% 33 3% 27 2% 99% 147 3% 146 3% Galvanized 54 4% 27 2% 20 2% 97% 133 3% 93 2% Processed Products - 0% - 0% 0 0% - - 0% 5 0% Slabs 94 8% 112 10% 29 2% -16% 374 8% 134 2% 3Q14 2015 2014 Change 2015/2014-11% -27% -15% -14% -3% -80% 109% -21% -20% -33% -16% -9% -78% -4% 37% -54% 62% 1% 43% - 179% Comments on the Business Unit Results - Steel In the 4Q15, net revenue of the Steel Unit totaled R$2.1 billion, stable in relation to the 3Q15. Although sales volume to the domestic market was higher by 17.4%, the average price in the domestic market was 7.0% lower compared with the previous quarter. That ocurred mainly in function of product mix with increased volume to the distribution and civil construction segments, which turned to be more representative than the industrial segments. In the 4Q15, production cash cost per ton was 6.0% lower than in the 3Q15, totaling R$1.401/t in the 4Q15, in function of: - 16.9% decrease in direct labor cost, due to labor force adjustments and reversion of provision for bonus / profit sharing in 2015, as a result of the results obtained in that fiscal year; - 9.6% decrease in energy and fuel consumption due to discount on electric energy tariffs and better efficiency of fuel consumption; That was partially compensated by the depreciation of the Real against the Dollar of 8.7%, on average, which impacts 40% of steel costs and by higher non-absorbed costs with idle production; In the 4Q15, Cost of Goods Sold COGS per ton was R$1,856/t, 3.5% lower than in the 3Q15 which was R$1,923/t, mainly due to lower depreciation by 13.0% in the period and to inventories reduction in 108 thousand tons. In the 4Q15, sales expenses were R$35.1 million, against R$59.9 million in the 3Q15, a 41.4% decrease, mainly due to a decline of 28.1% in exports and lower provision for losses on doubtful accounts. General and administrative expenses totaled R$81.9 million, against R$75.9 million in the 3Q15, a 7.9% increase, mainly due to direct labor expenses, in function of the provision for the collective labor agreement in the Ipatinga plant and the company s headquarter, and to third party services. Other operating expenses and income totaled R$608.7 million in the 4Q15, against R$72.2 million in the 3Q15, mainly due to: 4Q15 e 2015 Results 14

- Impairment of assets accounted for in the Steel Unit in the amount of R$357.2 million, mainly due to the write-off of the coke plants in Cubatão. The impairment accounted for in the 3Q15 was not significant; - Provision for expenses related to the business restructuring in the Steel Unit (labor force adjustments at the Cubatão plant in the amount of R$93.8 million, due to temporary shutdown of the primary areas in this plant). There were not any provisions related to the business restructuring accounted for in the 3Q15; - Result of asset sale and write-off in the amount of R$51.8 million, referring to projects underway that were discontinued. There were no entries of this nature in the 3Q15. Additionally there were negative result of the result of surplus electric energy in R$2.1 million in the 4Q15, against a negative R$6.0 million in the 3Q15. In this manner, net operating expenses were R$725.6 million in the 4Q15, against R$208.0 million in the 3Q15. Thus, in the 4Q15, Adjusted EBITDA was a negative R$178.7 million, against a negative R$81.8 million in the 3Q15, and Adjusted EBITDA margin was a negative 8.4%, against a negative 3.9% in the 3Q15. In the year of 2015, net revenue was R$9.2 billion, 16.1% lower than in 2014, which was R$10.9 million, due to lower steel sales volume in the domestic market by 21.5% and lower average price by 2.2%, partially compensated by higher exports in 36.8%. Additionally, there were higher sales of lower value added products in both markets. The year of 2015 was marked by the worsening of the Brazilian economy and of the industrial sectors intensive in steel consumption. In the year of 2015, production cash cost per ton was R$1,475/t, 1.5% higher in relation to 2014 in function of: - 11.4% increase in direct and third party labor cost due to labor force adjustments and lower fixed cost dilution as a result of production volume downfall, partially compensated by the reversion of the provision for bonus / profit sharing in 2015, due to the results obtained in that fiscal year; - 6.8% increase in coal and coke, due to the foreign exchange devaluation of 41.8%; - 29.5% increase in energy and fuels, due to the increase in the electric energy tariffs and higher consumption of purchased energy; That was partially compensated by a 27.4% decrease in iron ore, due to the reduction of the commodity price in the international market, even though the effect of the foreign exchange devaluation. COGS per ton totaled R$1,859/t in 2015, an increase of 2.2% in relation to that in 2014 which was R$1,819/t, mainly due to the increase in depreciation in function of lower production volume of 17.3%. In 2015, sales expenses totaled R$165.2 million, against R$146.4 million in 2014, a 12.8% increase due to higher distribution cost derived from higher exports and higher provision for losses on doubtful accounts, partially compensated by lower direct labor and third party expenses. General and administrative expenses were R$322.8 million, a 10.2% reduction in relation to 2014, due to lower direct labor and third party expenses and lower general expenses. In other operating expenses and income, an expense of R$731.3 million was accounted for in 2015, against an income of R$246.1 million in 2014, mainly due to: - Impairment of assets accounted for in the Steel Unit in the amount of R$357.2 million, mainly due to the write-off of the coke plants in Cubatão. There was no impairment of assets accounted for in 2014; - Provision for expenses related to the business restructuring in the Steel Unit (labor force adjustments at the Cubatão plant in the amount of R$93.8 million, due to temporary shutdown 4Q15 e 2015 Results 15

of the primary areas in this plant, accounted for in the 4Q15). There were not any provisions related to the business restructuring accounted for in the 2014; - Lower result of surplus electric energy, which totaled R$41.8 million in 2015, against R$322.9 million in 2014; - Result of asset sale and write-off of a negative R$45.3 million in 2015, against a positive R$30.1 million in the 2014. Additionally there were higher result in the Reintegra Program, which was R$22.1 million in 2015, against R$11.9 million in 2014. Thus, in 2015, net operating expenses totaled R$1.2 billion, against R$259.9 million in 2014. In the year of 2015, Adjusted EBITDA totaled R$282.3 million, against R$1.5 billion in 2014. Adjusted EBITDA margin in 2015 was 3.1%, against 14.1% in 2014. Investments (CAPEX) Investments in the 4Q15 totaled R$107.6 million, against R$124.3 million in the 3Q15, a 13.4% decrease, mainly spent with sustaining CAPEX. In the year of 2015, investments totaled R$621.5 million, against R$963.9 million in 2014, a 35.5% decrease, mainly in function of CAPEX adjustment to the company s cash generation. III) S T E E L P R O C E S S I N G Soluções Usiminas - SU Soluções Usiminas operates in the distribution, services and small-diameter tubes markets nationwide, offering its customers high-value added products. It serves several economic segments, such as automotive, autoparts, civil construction, distribution, electro-electronics, machinery and equipment and household appliances, among others. Sales of the Distribution, Services/Just-in-time and Tubes Business Units were responsible for 54%, 40% and 6%, respectively, out of the volume sold both in the 4Q15 and in 2015. Comments on the Business Unit Results - Steel Processing Net revenue in the 4Q15 totaled R$425.0 million, 12.2% lower than in the 3Q15, due to lower sales and services volume, partially compensated by better average price of 0.7%. In the 4Q15, Cost of Goods Sold was R$407.3 million, 14.3% lower when compared with that in the 3Q15, which was R$475.4 million, in the line with the lower sales and services volume. Operating expenses were R$82.2 million in the 4Q15, against R$19.5 million in the 3Q15, a 321.3% increase, mainly in function of the impairment of assets in the amount of R$56.7 million. In this manner, Adjusted EBITDA was a negative R$1.0 million in the 4Q15, against a negative R$3.5 million in the 3Q15. Adjusted EBITDA margin was a negative 0.2% in the 4Q15, against a negative 0.7% in the 3Q15. In the year of 2015, net revenue was R$1.9 billion, against R$2.3 billion, a 17.8% decrease due to lower sales and services volume, partially compensated by higher average price of 2.5% in the period. In 2015, COGS totaled R$1.9 billion, against R$2.3 billion in 2014, a 17.5% decrease in the comparing the periods in function of lower sales volume by 20.0%. 4Q15 e 2015 Results 16

Operating expenses in 2015 totaled R$154.1 million, against R$112.8 million in 2014, a 36.6% increase, mainly in function of the impairment of assets in the amount of R$56.7 million in 2015, partially compensated by lower sales expenses and lower general and administrative expenses. Thus, in 2015 Adjusted EBITDA was a negative R$17.0 million, against a negative R$3.7 million in 2014. Adjusted EBITDA margin was a negative 0.9% in 2015, against a negative 0.2% in 2014. IV) C A P I T A L G O O D S Usiminas Mecânica S.A. Usiminas Mecânica is a capital goods company in Brazil, which operates in the following business areas: steel structures, shipbuilding and offshore, oil and gas, industrial equipment and assembly and foundry and railcars. Main Contracts The main contracts signed in the 4Q15 were with the following companies Andritz, Vale and Anglo American. The order portfolio totaled approximately R$400 million in the 4Q15, a lower level to that in the 3Q15, which was approximately R$500 million, as a result of the lack of projects in the oil and gas and infrastructure sectors in the country. Comments on the Business Unit Results - Capital Goods Net revenue in the 4Q15 was R$210.7 million, 3.1% lower compared with that of the 3Q15, which was R$217.4 million, mainly due to market retraction, which led to a reduction in its order portfolio in the equipment, structure, foundry and railcar projects. Gross profit in the 4Q15 was R$34.0 million, 9.0% higher than in the 3Q15, which was R$31.1 million in function of better margins obtained in the assembly segment. Adjusted EBITDA in the 4Q15 was R$24.3 million, against R$22.6 million in the 3Q15, and Adjusted EBITDA margin was 11.5% in the 4Q15, against 10.4% in the previous quarter, showing better performance of its business units. Net revenue accounted for in 2015 was R$868.6 million, against R$794.3 million, higher by 9.4% increase, mainly due to the increase in projects related to the industrial assembly segment. In 2015, gross profit was R$126.4 million, 61.2% higher than in 2014, which was R$78.4 million, in function of higher margin achieved in projects in the industrial assembly segment, as well as a result of the adjustments in production costs and in fixed expenses structure. Thus, Adjusted EBITDA in 2015 totaled R$86.9 million, 73.7% higher to that in 2014, which was R$50.0 million. Adjusted EBITDA margin in 2015 was 10.0%, 370 basis points higher when compared with that in 2014, which was 6.3%. 4Q15 e 2015 Results 17

Notes Temporary shutdown of the primary areas of the Cubatão Plant: According to the Material Fact published on 10/29/15, the primary steel making areas were temporary shutdown in Cubatão Plant in order to adjust the Company s industrial configuration and production capacity. The objective is to strengthen the competitive capacity of the Company in the face of gradual deterioration of the steel market. The process involves the temporary shutdown of the sintering plant, coke plant, blast furnaces (one of which had already been shut down since May 2015), steel shop and activities related to these areas. This process was concluded on 01/31/16. The rolling mills (hot coil and cold coil) and the port will keep operating in Cubatão plant. Operational Context There is one explanatory note in the Financial Statements as of 12/31/15, Note number 1, relating to the Company s Operational Context. Those Financial Statements are registered at CVM and BM&FBOVESPA and on the Company s website (www.usiminas.com/ri). Capital Markets Usiminas Performance Summary - BM&FBOVESPA (USIM5) 4Q15 3Q15 Change 4Q15/3Q15 4Q14 Change 4Q15/4Q14 Number of Deals 632,176 555,502 14% 738,942-14% Daily Average 9,578 8,680 10% 11,918-20% Traded - thousand shares 651,550 528,426 23% 423,604 54% Daily Average 9,872 8,257 20% 6,832 44% Financial Volume - R$ million 1,692 2,003-16% 2,368-29% Daily Average 26 31-16% 38-32% Maximum 3.73 4.65-20% 6.85-46% Minimum 1.45 2.68-46% 4.32-66% Closing 1.55 3.35-54% 5.05-69% Market Capitalization - R$ million 1,571 3,396-54% 5,120-69% Performance on the BM&FBOVESPA Usiminas Common shares (USIM3) closed the 4Q15 quoted at R$4.02 and its Preferred shares (USIM5) at R$1,55. In the quarter, USIM3 depreciated 51.3% and USIM5, 53.7%. In the same period, the IBOVESPA index depreciated 3.8%. Foreign Stock Markets OTC New York Usiminas has American Depositary Receipts (ADRs) traded on the over-the-counter market: USDMY is backed by common shares and USNZY, by Class A preferred shares. On 12/30/15, USNZY ADRs, that have higher liquidity, were quoted at US$0.37 and depreciated 56.5% in the quarter. Latibex Madrid Usiminas shares are traded on the LATIBEX the Madrid Stock Exchange: XUSI as preferred shares and XUSIO as common shares. On 12/30/15, XUSI closed quoted at 0.35, depreciating 55.1% in the quarter. XUSIO shares closed quoted at 0.98, a depreciation of 47.9% in the period. 4Q15 e 2015 Results 18

For further information: GERÊNCIA GERAL DE RELAÇÕES COM INVESTIDORES Cristina Morgan C. Drumond cristina.drumond@usiminas.com 31 3499-8772 Leonardo Karam Rosa leonardo.rosa@usiminas.com 31 3499-8550 Diogo Dias Gonçalves diogo.goncalves@usiminas.com 31 3499-8710 Renata Costa Couto r.couto@usiminas.com 31 3499-8619 Press: please contact us through e-mail imprensa@usiminas.com Visit the Investor Relations site: www.usiminas.com/ri or access by your mobile phone: m.usiminas.com/ri 4Q15 Conference Call - Date 02/18/2016 In Portuguese - Simultaneous Translation into English Brasília time: at 12:00 a.m. New York time: at 09:00 a.m. Dial-in Numbers: Dial-in Numbers: Brazil: (55 11) 3193-1001 / 2820-4001 USA: (1 786) 924-6977 Audio replay available at (55 11) 3193-1012 Pincode for replay: 1494981# - Portuguese Pincode for replay: 3357910# - English Audio of the conference call will be transmitted live via Internet See the slide presentation on our website: www.usiminas.com/ri Statements contained in this release, relative to the business outlook of the Company, forecasts of operating and financial income and references to growth prospects are mere forecasts and were based on the expectations of Management in relation to future performance. These expectations are highly dependent on market conduct, the economic situation in Brazil, its industry and international markets and, therefore, are subject to change. 4Q15 e 2015 Results 19