2Q18 Presentation Classification of Information Grupo de Acesso:

2Q18 Presentation Classification of Information Grupo de Acesso: Public

2 Agenda Usiminas Profile Market Outlook Usiminas and its business units Financial Results

3 Company Profile Complete solution for products and services Steel company with the largest number of patents rights in Latin America Largest Research Center in the steel sector in Latin America First Brazilian steel company to have its quality system certified by ISO 9001 in 1992 First Brazilian steel company and second in the world to achieve the ISO 14001 environmental management certificate in 1996 Founded of the most enduring environmental education project of the private sector since 1984

4 Timeline Operation Start Up Cosipa privatization Listing on LATIBEX stock exchange section Creation of Soluções Usiminas One CNPJ: Usiminas incorporates Cosipa Selling of Ternium stake Joint Mining Agreements with MBL e Ferrous Automotiva Usiminas Divestment Temporary shutdown of the primary areas in Cubatão R$ 1 billion Mineração Usiminas capital reduction 1962 1991 1993 1994 2005 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Usiminas privatization Listing on BOVESPA Launch of ADR I program on the OTC Market (New York) Acquisition of iron ore mines Acquisition of Zamprogna Creation of Mineração Usiminas Acquisition of Codeme and Metform stake Entrance of Ternium / Tenaris into Usiminas Control Group (New shareholders agreement) Friables Project conclusion on Mining R$ 1 billion capital increase Debt Renegotiation BF #1 Relight in Ipatinga (Shutted down in Jun. 2015)

5 Shareholding Composition Controllers Agreement Voting Capital Total Capital 1,253,079,108 Control Group: 68,57% of Voting Capital Preferred ON 56.28% 705,260,684 PN 43.72% 547,818,424 Nippon Group 0.95% Nippon Group 0.57% Ternium/Tenaris Group 1.79% Others 23.19% Nippon Group 31.45% Ternium/Tenaris Group 7,29% Ternium/Tenaris Group 32,28% Usiminas Pension Fund 4.84% Others 97.64% Usiminas shares are traded on B3 (São Paulo), on the OTC Market (New York) and on a LATIBEX exchange section (Madrid).

6 Complete Solution for Products and Services Business Units Steel Processing Capital Goods Steel Soluções Usiminas Usiminas Mecânica Ipatinga Plant Mining Cubatão Plant Unigal Usiminas Mineração Usiminas UPSTREAM DOWNSTREAM

7 Strategically Located Mining Steel Steel Processing Capital Goods

8 Social and Environmental Initiatives Usiminas Cultural Institute Usiminas invested over R$260 million, encouraging around 2,000 social projects São Francisco Xavier School First educational institution in Brazil to obtain ISO 9001 Márcio Cunha Hospital Reference center in healthcare all over Brazil Xerimbabo Usiminas Project Promotes protection and environmental education free of charge for more than 2 million young people

Shares Quotation on B3 R$/share - Up to 06/30/2018 11.62 10.55 12.30 10.83 11.23 10.12 10.52 8.26 9.10 7.32 5.05 4.02 4.10 1.55 2012 2013 2014 2015 2016 2017 2Q18 USIM3 USIM5 Note: The prices are adjusted by removing the effects of events such as Bonus and Unfolding 9

10 Agenda Usiminas Profile Market Outlook Usiminas and its business units Financial Results

World Crude Steel Market in 2017 Million Tons China 831.7 Japan 104.7 India 101.4 USA 81.6 Russia 71.3 South Korea 71.1 Germany 43.3 Nominal Excess of Capacity 661 Turkey Brazil Italy 37.5 34.4 24.1 Capacity 2,351 Production 1,690 Source: World Steel Association/OECD 11

World Crude Steel Production 2007 2017 1% 2% 9% 1% 6% 3% 3% 4% China 7% 36% Asia and Oceania 10% European Union North America 10% 49% South America Europe (others) 16% Africa Others 22% 22% +25% 1,348 million tons 1,690 million tons *Except China Source: World Steel Association 12

Brazilian Flat Steel Market Million Tons 22% 7% 11% 14% 13% 12% 15% 15% 8% 13% 14.3 13.1 11.9 15.2 14.5 14.3 13.7 14.9 15.014.7 14.3 14.2 13.2 13.4 12.3 13.7 10.2 10.6 9.3 10.4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Production Consumption Imports Source: Instituto Aço Brasil / Usiminas Excludes Slabs 13

14 Flat Steel Consumption Markets Auto Industry and Autoparts Household Appliances Agricultural and Road Machinery Civil Construction Oil and Gas Pipelines Hot Rolled, Cold Rolled and Galvanized Cold Rolled and Galvanized Heavy Plates and Hot Rolled Heavy Plates, Hot Rolled, Cold Rolled and Galvanized Heavy Plates and Hot Rolled Heavy Plates and Hot Rolled

15 Agenda Usiminas Profile Market Outlook Usiminas and its business units Financial Results

Vendas SALES de VOLUME- Aço Siderurgia STEEL - Trimestral Thousand tons- Quarterly 990 150 1,016 134 1,090 1,089 196 170-10% 977 143-9% 840 882 894 919 834 2Q17 3Q17 4Q17 1Q18 2Q18 Exports Domestic Market 16

EXPORTS MAIN MARKETS % 1Q18 2Q18 4% 3% 5% 2% 5% 4% 6% 37% Argentina Germany Spain Belgium United Kingdom Portugal Vietnam Mexico 2% 1% 4% 3% 1% 1% 4% 4% 10% 34% 6% Colombia 1% 27% Italy France Switzerland 11% 25% Others Europe: 49% Europe: 56% 17

18 COST OF GOODS SOLD - COGS Steel Business Unit 1Q18 2Q18 Other Raw Materials 6% 5% 0% 9% 3% 38% Coal and Coke Labor (direct and indirect) Energy and Fuels Iron Ore and Pellets -15% 3% 6% 9% 45% 7% Spare Parts 7% 8% Depreciation 9% 11% 13% Structural Expenses Inventories Variation 9% 12% 15% Others Note: New consolidation methodology from 1Q18.

EBITDA AND EBITDA MARGIN Steel Business Unit Quarterly - R$ Million 20% 17% 19% 18% 15% 16% 533 569 498 438 405 471 (62) 2Q17 3Q17 4Q17 1Q18 2Q18 Reported EBITDA Reported EBITDA Margin RS government tax provision EBITDA and EBITDA Margin excluding provision 19

20 Investments Steel Business Unit Heavy Plates Hot dip galvanized Electrogalvanized Slabs Hot Rolled Cold Rolled Capacity increase to generate finished products 7.2 million t 9.7 million t (2010) (2014)

21 Theoretical nominal capacity * of production and sale Thousand Tons Crude steel capacity of 9.5 million tons, being 5 million tons in Ipatinga and 4.5 million in Cubatão, which had the operation of its primary areas temporarily suspended and currently processes acquired plates. Galvanized Heavy Plates Hot Rolled Cold Rolled Electrogalvanized HDG Total Total production capacity of products for sale 1,900 4,200 2,200 350 1,020 9,670 Generation of products for sale with the equipment in operation ** 900 2,070 2,200 350 900 6,620 * According to the theoretical mix of sales in the implementation of the line; ** Excluding the temporarily suspended capacities of Heavy Plates and Hot Strip Laminator #1 in Cubatão.

22 Investments Steel Business Unit CLC Technology (Accelerated Cooling Process for Heavy Plates) Start up in 2010 Meets the requirements of Petrobras, focused on presalt, besides the shipbuilding sector Galvanizing Line Start up in 2011 Double the capacity to 1 million tons /year Higher expertise in ultraresistant steel production (dual phase)

23 Investments Steel Business Unit Hot Strip Mill Start up in 2012 Capacity to process 2.3 million tons / year Improving products portfolio (beams, ultra resistant wheels, higher grades API s) Pickling Line Start up in 2013 Capacity to process 1.7 million tons / year Better thickness tolerance, flatness and surface controls of materials for wheels, beams and compressors

24 Mainly Investment Concluded in 2015 Steel Business Unit Coke Plant Revamp - Ipatinga o Met coke with adequate specifications for pig iron production in the blast furnace process o Reduction of particle emissions, gases and volatile substances o Coke gas to be used in the operational facilities of Ipating Mill and electric energy production o Coke plant total capacity of 1,1 million tons/year o Started up on May 2015

25 Description Mining Business Unit o Located in Serra Azul/Minas Gerais state o 4 mining sites, acquired from J. Mendes in February, 2008 o Reserves of 2.6 billion tons of iron ore o It has 20% of voting shares of MRS Logistica, being part of the Control Group o Retroarea in Itaguaí Port Shareholder Composition Production Capacity 70% 30% Lump 2 million Sinter Feed 4 million Pellet Feed 6 million

26 Location Mining Business Unit Igarapé São Joaquim De Bicas Minerita MUSA Central MUSA Leste MMX MUSA Pau de Vinho MUSA Oeste Arcelor Mittal Ferrous (Santanense) Comisa Emicon Ferrous MBL Itatiaiuçu Mineração Usiminas

27 Investments Mining Business Unit Friables Project Increased capacity from 8 million to 12 million tons / year of iron ore Iron ore with better quality, higher concentration of iron content and lower impurity level Two iron ore processing plants

IRON ORE SALES - MINING Thousand tons- Quarterly 1,806-23% 1,500 1,386 1,084 904 175 716 681 629 33 53 179 167 136 596 676 605 555 569 2Q17 3Q17 4Q17 1Q18 2Q18 Sales to Usiminas Sales to 3rd parties - Domestic Market Exports Total 28

IRON ORE PRICE PLATTS (62% FE CFR CHINA) US$/ton 63 71 66 74 65 2Q17 3Q17 4Q17 1Q18 2Q18 Iron Ore Price - US$/t CFR China 29

EBITDA AND EBITDA MARGIN Mining Business Unit Quarterly - R$ Million 253% 226 22% 20% 19% 16% 27 41 49 33 * 2Q17 3Q17 4Q17 1Q18 2Q18 Reported EBITDA Reported EBITDA Margin *Extraordinary effect of R$ 201 million from Porto Sudeste s agreement 30

31 Description Soluções Usiminas - Steel Processing o o o 6 industrial units in different Brazilian states: MG, SP, RS, ES and PE Processing capacity of 2 million tons of steel/year Net Revenue of R$1.5 billion in 1H18 Suape Santa Luzia Betim Taubaté Guarulhos Porto Alegre

EBITDA AND EBITDA MARGIN Steel Transformation - Soluções USIMINAS Quarterly - R$ Million 5% 5% 4% 3% 3% 37 27 29 18 19 2Q17 3Q17 4Q17 1Q18 2Q18 Reported EBITDA Reported EBITDA Margin 32

33 Description Usiminas Mecânica - Capital Goods o o o Facilities in Ipatinga/Minas Gerais state, Congonhas/Minas Gerais state and in Cubatão/São Paulo state Market Segments: Steel Structures, Shipbuilding and Offshore, Oil and Gas, Industrial Assembly and Equipment, Foundry and Railcars Net Revenue of R$215 million in 1H18 Steel Structures Brasília 3rd Bridge

EBITDA AND EBITDA MARGIN Capital Goods USIMINAS Mecânica Quarterly - R$ Million 29% 33 (2) (2) -2% (25) -4% (20) -20% -35% * 2Q17 3Q17 4Q17 1Q18 2Q18 Reported EBITDA Reported EBITDA Margin *Extraordinary effect of R$ 22 million negative, related to Regularize Program adherence. 34

35 Agenda Usiminas Profile Market Data Usiminas and its business units Financial Results

EBITDA AND EBITDA MARGIN Consolidated Quarterly - R$ Million 29% 17% 15% 20% 18% 16% 581 750 641 453 450 519 (62) * ** 2Q17 3Q17 4Q17 1Q18 2Q18 Reported EBITDA Reported EBITDA Margin Provisão ICMS RS EBITDA and EBITDA Margin excluding provision *Extraordinary effect of R$ 201 million from Porto Sudeste s agreement **Extraordinary effect of R$ 40 million negative, related to Regularize Program adherence. 36

37 DEBT PROFILE (PRINCIPAL) Consolidated R$ millions Duration: R$: 48 months US$: 54 months 1,104 1,119 1,116 1,116 1,115 177 242 242 242 242 778 167 926 420 877 875 874 873 89 610 137 5 95 331 30 0 18 77 107 5 Cash 2018 2019 2020 2021 2022 2023 2024 2025 2026 Local Currency Foreign Currency

CASH POSTION AND INDEBTEDNESS (WITH INTEREST) Consolidated R$ millions 6,949 6,860 6,656 Duration : R$: 48 months US$: 54 months 5,680 5,843 4,998 4,722 4,342 4,117 4,739 1,951 2,138 2,314 1,563 1,104 2Q17 3Q17 4Q17 1Q18 2Q18 Net Debt Cash Gross Debt 38

CAPEX Consolidated R$ millions 107 9 4 4 34 5 2 25 52 5 3 1 43 90 65 67 4 6 4 3 1 1 56 57 2Q17 3Q17 4Q17 1Q18 2Q18 Steel Capital Goods Steel Transformation Mining Total 39

G&A EVOLUTION - CONSOLIDATED R$ million 3.8% 3.9% 3.5% 3.2% 3.5% 106 109 103 113 97 2Q17 3Q17 4Q17 1Q18 2Q18 G&A G&A/Net Revenues 40

41 WORKING CAPITAL Consolidated R$ billions +22 % 3.7 3.1 3.1 2.8 3.0 2Q17 3Q17 4Q17 1Q18 2Q18

WORKING CAPITAL: STEEL INVENTORIES Thousand tons 733 620 599 554 566 +43% 271 190 +7% 208 195 +40% 254 181 2Q17 3Q17 4Q17 1Q18 2Q18 Inventory turnover (days) 56 54 47 47 68 Slabs (In progress and finished) Products in progress Finished Products 42

GROSS PROFIT, EBIT AND NET INCOME Consolidated - R$ million 612 583 367 382 358 414 324 209 176 107 157 76 71 (45) (19) 2Q17 3Q17 4Q17 1Q18 2Q18 USD/BRL 3.308 3.168 3.308 3.324 3.856 END OF PERIOD Gross Profit EBIT Net Income 43

INCOME STATEMENT Per Business Unit R$ million - Quarterly Income Statement per Business Units - Non Audited - Quarterly R$ million Mining Steel* Steel Processing Capital Goods Adjustment Consolidated 2Q18 1Q18 2Q18 1Q18 2Q18 1Q18 2Q18 1Q18 2Q18 1Q18 2Q18 1Q18 Net Revenue 202.1 251.9 2,923.6 3,003.4 770.6 702.8 101.6 113.3 (793.8) (827.2) 3,204.1 3,244.2 Domestic Market 79.3 77.1 2,498.9 2,580.3 770.3 702.8 101.6 113.2 (793.8) (827.2) 2,656.3 2,646.2 Exports 122.8 174.8 424.7 423.0 0.3 0.1-0.1 - - 547.8 598.1 COGS (140.2) (178.6) (2,389.8) (2,460.1) (721.1) (656.0) (111.0) (73.8) 740.9 736.4 (2,621.3) (2,632.1) Gross Profit (Loss) 61.9 73.2 533.8 543.3 49.5 46.8 (9.5) 39.6 (52.9) (90.8) 582.8 612.1 Operating Income (Expenses) (58.4) (56.4) (285.5) (195.5) (20.0) (26.1) (15.2) (11.6) 5.4 1.1 (373.7) (288.5) Selling (19.1) (25.3) (39.0) (36.7) (11.2) (9.8) (3.2) (3.2) (1.1) (1.2) (73.7) (76.1) General and Administrative (7.0) (6.3) (85.1) (77.7) (14.7) (13.3) (9.5) (8.8) 3.4 3.3 (112.9) (102.8) Others, Net (32.4) (24.8) (161.4) (81.1) 5.9 (3.0) (2.5) 0.3 3.2 (1.1) (187.2) (109.6) EBIT 3.4 16.9 248.2 347.8 29.5 20.7 (24.7) 27.9 (47.4) (89.7) 209.1 323.6 Adjusted EBITDA 33.3 49.0 470.6 568.6 37.3 28.5 (19.9) 32.7 (2.4) (37.7) 518.8 641.2 Adj.EBITDA Margin 16.5% 19.5% 16.1% 18.9% 4.8% 4.1% -19.6% 28.9% 0.3% 4.6% 16.2% 19.8% *Consolidated 70% of Unigal Note: All intercompany transactions are made at arm s length basis 44

INCOME STATEMENT Per Business Unit R$ million Semi-annually Income Statement per Business Units - Non Audited - Semi-annually R$ million Mining Steel* Steel Processing Capital Goods Adjustment Consolidated 2H18 2H17 2H18 2H17 2H18 2H17 2H18 2H17 2H18 2H17 2H18 2H17 Net Revenue 454.0 197.5 5,926.9 4,676.3 1,473.4 1,156.7 214.9 163.1 (1,621.0) (1,273.3) 6,448.3 4,920.3 Domestic Market 156.3 197.5 5,079.2 4,078.5 1,473.1 1,156.3 214.8 162.4 (1,621.0) (1,273.3) 5,302.4 4,321.3 Exports 297.6-847.7 597.8 0.4-0.1 0.7 - - 1,145.8 599.0 COGS (318.9) (106.2) (4,849.8) (3,908.7) (1,377.1) (1,060.6) (184.8) (157.3) 1,477.3 1,175.4 (5,253.4) (4,057.4) Gross Profit (Loss) 135.1 91.3 1,077.1 767.6 96.3 96.1 30.1 5.8 (143.7) (97.8) 1,194.9 863.0 Operating Income (Expenses) (114.8) 108.5 (481.0) (350.6) (46.1) (47.9) (26.8) (23.7) 6.5 2.1 (662.2) (311.6) Selling (44.4) (6.1) (75.7) (79.0) (21.1) (24.3) (6.4) (6.1) (2.3) (2.3) (149.8) (117.8) General and Administrative (13.3) (10.6) (162.8) (143.6) (28.0) (26.1) (18.3) (15.7) 6.7 6.2 (215.7) (189.8) Others, Net 20.3 199.8 596.1 417.0 50.2 48.2 3.3 (17.9) (137.2) (95.8) 532.7 551.3 EBIT 20.3 199.8 596.1 417.0 50.2 48.2 3.3 (17.9) (137.2) (95.8) 532.7 551.3 Adjusted EBITDA 82.3 277.4 1,039.2 962.9 65.8 64.2 12.8 (5.7) (40.1) (16.1) 1,160.0 1,282.6 Adj.EBITDA Margin 18.1% 140.4% 17.5% 20.6% 4.5% 5.6% 6.0% -3.5% 2.5% 1.3% 18.0% 26.1% *Consolidated 70% of Unigal Note: All intercompany transactions are made at arm s length basis 45

ADR Nível I Leonardo Karam Rosa IR Manager leonardo.rosa@usiminas.com Tel: 55 31 3499-8550 Danielle Ap. Maia IR Analyst danielle.aparecida@usiminas.com Tel: 55 31 3499-8550 www.usiminas.com/ri Declarations relative to business perspectives of the Company, operating and financial results and projections, and references to the growth of the Company, constitute mere forecasts and were based on Management s expectations in relation to future performance. These expectations are highly dependent on market behavior, on Brazil s economic situation, on the industry and on international markets, and are therefore subject to change.

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