Companhia Siderúrgica Nacional S A : Material Fact – New Guidance

Material Fact

São Paulo, December 10, 2020 - Companhia Siderúrgica Nacional ('CSN' or 'Company') hereby announces to its shareholders and the market in general projections adjustments, as follow:

(i) Projection of reaching below 2.50x in the Net Debt/Adjusted EBITDA indicator at the end of the 2020 annual balance sheet.

(ii) Projection of reaching below 2.00x in the Net Debt/Adjusted EBITDA indicator at the close of the 2021 annual balance sheet.

(iii) Projection of reaching a Net Debt of R$20 billion at the close of the 2021 annual balance sheet.

(iv) Projected production volume and ore purchases at 33Mton in 2020.

(v) Projection of production volume and ore purchases between 38-40Mton in 2021.

(vi) Mining cash cost projection of US$17/ton in 2020 and US$16/ton in 2021.

(vii) Projection of reaching an EBITDA of around R$7.65 billion in Mining in 2020.

(viii) Mining CAPEX (Expansion) projection in the 2021 period, totaling R$1 billion.

(ix) Mining CAPEX (Expansion) projection for the period 2021-2025, totaling R$14 billion.

(x) Projected steel sales volume of 4,756kton in 2020 and 5,158kton in 2021.

(xi) Projection to reach EBITDA of approximately R$2.3 billion in the steel industry in 2020.

(xii) Projection of reaching EBITDA/ton in the steel industry of approximately US$165/ton in 2023.

(xiii) CAPEX projection for the steel industry in 2021, totaling R$1 billion.

(xiv) Projection of CAPEX for the Steel Industry in the 2021-25 period, totaling R$6.1 billion.

(xv) Projection to reach Consolidated EBITDA of R$11.2 billion in 2020, with an EBITDA margin of 35%.

(xvi) Consolidated CAPEX projection of R$1.6 billion in 2020 and R$2.8 billion in 2021.

These projections will be included, as applicable, in section 11 of the Company's Reference Form and will be available on the website of the CVM (http://www.cvm.gov.br/) and the Company (http://ri.csn.com.br/) within the legal term.

CSN points out that the information disclosed in this document represents an estimate and involves market factors beyond CSN's control. Therefore, it does not constitute a promise of performance by the Company and/or its Management and may be subject to change.

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