Pursuant to Rule 13a-16 or 15d-16 of the
São Paulo, SP, Brazil
04538-132
under cover Form 20-F or Form 40-F. Form 20-F ___X___ Form 40-F _______
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___X____
CSN is a leading global steel producer with operations in Latin America, North America, and Europe. The Company is a fully integrated steel producer, the largest coated steel producer in Brazil, with current capacity of 5.6 million tons of crude steel, 5.1 million tons of rolled products and 2.9 million tons of coated steel capacity. Over 50% of CSN’s production consists of high value added steel products. CSN is also the sole tin-plate producer in Brazil and the fifth largest producer of tin plate in the world. |
CSN's process is based on the integrated steelworks concept that uses the Company's own sources of iron ore, limestone and dolomite. Besides its captive mines, CSN controls logistics assets - ports and railways – which enable an extremely cost efficient operation. This concept allows CSN to continuously capture important levels of synergies, thus assuring its position as one of the most cost competitive steel producers in the world. |
PROPOSAL FOR DIVIDEND PAYMENT SURPASSES R$1.4 BILLION
Amount includes prepaid dividends
Companhia Siderúrgica Nacional’s Management hereby presents the following proposal to the Company’s Shareholders:
1. Allocation of net income and realized reserves for the fiscal year ended December 31, 2006 in the total amount of R$1,473,262,132.19:
| a) | ratification of the prepayment of dividends, approved by the Board of Directors on June 23, 2006, in the
amount of R$415,000,000.00, equivalent to R$1.612192 per share, and on August 3, 2006, in the amount of R$333,000,000.00, equivalent to R$1.293639 per share, totaling R$748,000,000.00 in advanced dividend payments. |
| b) | payment
of interest on equity in the amount of R$174,428,363.00, equivalent to R$0.677619 per share (gross), and dividends in the amount of R$510,833,769.19, equivalent to R$1.984488 per share (gross); |
| c) | constitution of an investment
reserve in the amount of R$40,000,000.00, as per the budget to be approved by the Annual Shareholders’ Meeting which includes, among other investments, the expansion projects and new businesses. |
| d) | since the upper limit of the legal reserve
has already been reached, no resources will be allocated thereto. |
Managers present at the Meeting will be available to answers any queries Shareholders may have.
BENJAMIN STEINBRUCH
Chairman of the Board of Directors.
| IR Team | ||
| José Marcos Treiger | David Moise Salama | Claudio Pontes |
| IR Officer | IR Manager | IR Specialist |
| treiger@csn.com.br | david.salama@csn.com.br | claudio.pontes@csn.com.br |
| (55 11) 3049-7502 | (55 11) 3049-7588 | (55 11) 3049-7592 |
COMPANHIA SIDERÚRGICA NACIONAL |
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By: |
/S/ Benjamin Steinbruch
|
|
Benjamin Steinbruch
Chief Executive Officer and Acting Chief Financial Officer |
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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.