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.  

EXCERPT OF THE MINUTES OF THE EXTRAORDINARY BOARD OF DIRECTORS’ MEETING OF COMPANHIA SIDERÚRGICA NACIONAL HELD ON MARCH 31, 2015, DRAWN UP IN SUMMARY FORMAT.

Company Registry (NIRE): 35300396090

Corporate Taxpayer’s ID (CNPJ): 33.042.730/0001-04

1.         Date:               March 31, 2015

2.         Time:              5:00 p.m.

3.         Venue:            Av. Brig. Faria Lima, 3400, 20º andar, São Paulo – SP

4.         Attendance:    Benjamin Steinbruch (Chairman), Antonio Francisco dos Santos, Fernando Perrone, Antonio Bernardo Vieira Maia, Luis Felix Cardamone Neto and Yoshiaki Nakano – Board members; Claudia Maria Sarti – Secretary of the Board of Directors. The meeting was held via conference call.

5.         Agenda: 5.1 – Opening of the Company’s share buyback program.

6.         Matters Discussed: 6.1 – Opening of the Company’s share buyback program – The Board of Directors unanimously approved the opening of a new buyback program of shares issued by the Company to be held in treasury and future sale or cancellation, pursuant to article 3 of CVM Instruction 10/80, through trading in the stock exchange, intermediated by the following financial institutions: Itaú Corretora de Valores S.A.: Av. Brigadeiro Faria Lima, 3400 – 10º andar, in the city of São Paulo; BTG Pactual Corretora de Mercadorias Ltda.: Av. Brigadeiro Faria Lima, 3477 – 10º andar, in the city of São Paulo; Spinelli S.A. Corretora de Valores Mobiliários e Cambio: Av. Brigadeiro Faria Lima, 1355, 4º andar, Pinheiros, in the city of São Paulo; and Itaú USA Securities Inc.: 767, 5^thAvenue, 50^thFloor, in the city of New York. The program is limited to the repurchase of 32,770,055 shares issued by the Company. The transactions hereby authorized may be executed between April 1, 2015 and June 30, 2015, inclusively. The share acquisition price cannot be higher than their respective price on the stock exchange. The number of Company shares in the free float, pursuant to article 5 of CVM Instruction 10/80 totals 631,610,554. The Company’s objective with the transaction is to maximize the generation of value to shareholders through an efficient management of its capital structure. The Board of Directors granted the Executive Officers powers to take all the necessary measures to implement this resolution, including defining the initial date of the buyback approved herein.

I hereby confirm that the resolutions transcribed here are faithful in content to the minutes filed at the Company’s headquarters.

Claudia Maria Sarti

General Secretary to the Board of Directors