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EXTRACT OF THE MINUTES OF THE ORDINARY BOARD OF DIRECTORS’ MEETING OF COMPANHIA SIDERÚRGICA NACIONAL HELD ON DECEMBER 15, 2009, DRAWN UP IN THE SUMMARY FORMAT.

Companies Registry (NIRE): 33300011595
Corporate Taxpayers’ ID (CNPJ): 33.042.730/0001 -04

1. Date: December 15, 2009.

2. Time: 10:00 a.m.

3. Venue: Av. Brig. Faria Lima, 3400, 20º andar, in the city and state of São Paulo

4. Attendance: Benjamin Steinbruch (Chairman), Jacks Rabinovich, Antonio Francisco dos Santos, Fernando Perrone, Dionísio Dias Carneiro Netto, Gilberto Sayão da Silva and Yoshiaki Nakano – Board Members; Claudia Maria Sarti – Secretary.

6. Agenda and Resolutions: 6.1 - Election of Executive Officer - The Board of Directors approved, by unanimous vote and in compliance with the provisions of Article 17, item III of the Company's Bylaws, the election of Mr. JOSÉ- CEO; Enéas Garcia Diniz - Executive Officer; Juarez Saliba de Avelar - Executive Officer; Paulo Penido Pinto Marques - Executive Officer, also acting as Investor Relations Officer; Alberto Monteiro de Queiroz Netto - Executive Officer, José Taragano - Executive Officer, all of them with term of office expiring on April 30, 2011, effective until the investiture of their successors. 6.2 – Segregation of activities – The Board of Directors, in compliance with Article 17, item XXX of the Company’s Bylaws, by unanimous vote of attending members, (i) approved the segregation of assets related to the iron ore business and correlated logistics activities, upon the transfer, to a Company’s subsidiary, of assets, rights and obligations comprising said business, including the investments in operating companies related to such business; (ii) authorized the Company’s Executive Management to hire appraisal companies to provide the accounting valuation of said assets, rights and obligations; and (iii) authorized the Company’s Executive Management to take all measures, identify and obtain eventual previous authorizations necessary for the implementation of said segregation, including, but not limited to, authorizations from governmental bodies and third parties. The members of the Board of Directors expect that the implementation of acts described in items (ii) and (iii) occurs during the first quarter of 2010.

This is a free English translation of the original minutes filed at the Company’s Headquarters.

     Claudia Maria Sarti
Secretary of the Meeting

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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

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