(Free Translation: For reference only Original in Portuguese)

USINAS SIDERRGICAS DE MINAS GERAIS S/A - USIMINAS

CNPJ/MF 60.894.730/0001-05
Minutes of the Extraordinary Meeting of the Fiscal Council (Conselho Fiscal) of Usinas
Siderrgicas de Minas Gerais S/A USIMINAS. On March 28th, 2016, the Fiscal Council considers
adopted the decision transcribed on these minutes and decided through electronic messages.

Members in Attendance: Masato Ninomiya President; Paulo Frank Coelho da Rocha, Lcio de
Lima Pires, Domenica Eisenstein Noronha and Julio Sergio de Souza Cardozo; Bruno Lage de
Arajo Paulino, Secretary.
Agenda
I Issue an opinion on capital increase through the issuance of PN shares by the
Board of Directors (Authorized Capital) The Fiscal Council, pursuant to the second
paragraph of article 166 of the Brazilian Corporate Law, analyzed the proposal of capital increase
exercised by the Companys Board of Directors, pursuant to the 1st, 2nd paragraphs of article 5th
of the Companys Bylaws, through private subscription, in the amount of up to R$64,882,316.80,
through the immediate issuance of up to 50,689,310 class A preferred shares, at the issuance
price of R$1.28 per share, which was fixed, pursuant to item III of article 170 of Law No
6,404/1976, based on the average of trading of the closing prices of the Companys class A
preferred shares, in trading sessions of BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e
Futuros (BM&FBOVESPA) held between the days 11.30.2015 and 03.01.2016 (average of the
prices of the class A preferred shares issued by the Company weighted by the volume of each
transactionVWAP), admitted the partial homologation of the capital increase in case that shares
that reach the amount of R$ 32,441,158.50 are subscribed.
In view of the above conditions, the Fiscal Council, by the majority of its members, issued the
Opinion attached with its conclusions on this matter, defeated the Fiscal Council Member
Domenica Eisenstein Noronha. It is registered herein that Fiscal Council Member Domenica
Eisenstein Noronha presented statement of vote which will be attached to these minutes and
filed in the Fiscal Council minutes book.
II Adjournment - There being no further business the Meeting was adjourned and these
minutes drawn-up, duly signed by the present members and by the Secretary. Belo Horizonte,
March, 28th, 2016.

Masato Ninomiya
President

Paulo Frank Coelho da Rocha

Domenica Eisenstein Noronha

Lcio de Lima Pires

Julio Sergio de Souza Cardozo

Bruno Lage de Arajo Paulino

Secretary

(Free Translation: For reference only Original in Portuguese)

FISCAL COUNCIL OPINION

Usinas Siderrgicas de Minas Gerais S.A. Usiminas Fiscal Council (Conselho Fiscal), in
compliance with legal and statutory provisions, analyzed the proposal approved by the Board of
Directors at the meeting held on March 11th, 2016, of capital increase, in the limit of the
authorized Capital, pursuant to the 1st, 2nd paragraphs of article 5th of the Companys Bylaws,
through private subscription, in the amount of up to R$64,882,316.80, through the immediate
issuance of up to 50,689,310 class A preferred shares, at the issuance price of R$1.28 per
share, which was fixed pursuant to item III of article 170 of Law No 6,404/1976, based on the
average of trading of the closing prices of the Companys class A preferred shares, in trading
sessions of BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros (BM&FBOVESPA)
held between the days 11.30.2015 and 03.01.2016 (average of the prices of the class A
preferred shares issued by the Company weighted by the volume of each transaction of the day
VWAP), admitted the partial homologation of the capital increase in case that shares that reach
the amount of R$ 32,441,158.50 are subscribed.
Based on the analysis made, this Fiscal Council issues the opinion, by the majority of its
members, defeated the Fiscal Council Member Domenica Eisenstein Noronha that the proposal of
capital increase complies with the legal requirements and the Companys interest.

Belo Horizonte, March 28th, 2016.

Masato Ninomiya
President

Paulo Frank Coelho da Rocha

Julio Sergio de Souza Cardozo

Lcio de Lima Pires