ct lma

2) 6.

xat zeklub

ct tar

65x.9) (16.0)
Sales Volume (thousand t) 1,138 1,038 1,197 5.

zlar kitap

* Acquisition of ERSA (tin mine and smelting), reinforcing the commitment
with cost optimization and leveraging the mining business.6)
Net Income 333 531 717 115.

lan rda

p.1 35.com.

Classes A-1, A-2, A-AB, A-3, A-J, X-2, B, C, and D are offered
publicly, while classes X-1, E, F, G, H, J , K, L, M, N, P, and Q are
privately placed pursuant to Rule 144A of the Securities Act of 1933.

ilmi mrkzlr, fnnr, alimnr (dimk fn belgelr), uqu yortlar h.

tar rda

zeklub rg

2
Financial Data (R$ MM)
Net Revenue 1,865 2,592 2,862 53.

tar rlar

2 15.1
Net Debt (R$ MM) 4,729 4,708 3,511 (25.csn.

zlar ilmi

Business Editors

CHICAGO----Bear Stearns Commercial
Mortgage Securities Trust 2005-PWR7, commercial mortgage pass-through
certificates are rated by Fitch Ratings as follows:

$78,000,000 class A-1 'AAA';

$188,000,000 class A-2 'AAA';

$106,000 ,000 class A-AB 'AAA';

$527,652,000 class A-3 'AAA';

$85,748,000 class A-J 'AAA';

$1,124,565,652 class X-1(a) 'AAA';

$1,092,297,000 class X-2(a) 'AAA';

$33,737,000 class B 'AA';

$8,434,000 class C 'AA-';

$15,463,000 class D 'A';

$11,246,000 class E 'A-';

$11,245,000 class F 'BBB+';

$9,840,000 class G 'BBB';

$12,652,000 class H 'BBB-';

$4,217,000 class J 'BB+';

$4,217,000 class K 'BB';

$5,623,000 class L 'BB-';

$4,217,000 class M 'B+';

$1,406,000 class N 'B';

$2,811,000 class P 'B-';

$14,057,652 class Q 'NR'.

b.

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4)

The full 1Q05 earnings release can be accessed on http: //www.

tatar rlar

6662.
* First deal closed for iron ore sale with delivery volume of 54.csn.

yuan rif

On March 31 , 2005, the US dollar/Real exchange
rate was R$ 2.
* GalvaSud operating at full capacity, with a 200% increase in output,
contributed to the 52% share of higher value added products in the
Company's sales mix.

rda xix

OPERATING AND FINANCIAL HIGHLIGHTS
* Net income increased by 115%, due to better prices and sales.fitchratings.

uqu yan

3
Domestic Market 776 756 897 15.6 18.

zeklub zl

7 million
tones.3)
EBITDA 833 1,415 1,407 68.

zeklub rda

4
Gross Income 841 1,429 1,383 64.br --
Investors section

CONFERENCE CALL IN ENGLISH
May 4, 2005 - Wednesday
11:00 am - US ET
12:00 pm - Brasilia
Phone: (1-973) 582-2734
Code: CSN or 5998712

CONFERENCE CALL IN PORTUGUESE
Portuguese Presentation
May 4, 2005 - Wednesday
09:00 am - US ET
10:00 am - Brasilia
Phone: (5511) 2101-1490
Code: CSN

Webcast
Live Webcast on http://www.

lan belge

9 (0.com.

Fitch Rates Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7

bast tar

CSN Announces Net Income Of R$ 717 Million In First Quarter 2005

RIO DE JANEIRO, Brazil, Companhia
Siderurgica Nacional (CSN) (NYSE: SID) (BOVESPA: CSNA3) releases its first
quarter 2005 results (1Q05), in accordance with Brazilian accounting
principles and denominated in Reais.7
Exports 362 282 300 (17.

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in the EBITDA margin.

Consolidated Highlights 1Q04 4Q04 1Q05 1Q05 x 1Q05 x
1Q04 4Q04
(%Chg) (%Chg)
Crude Steel Production
(thousand t) 1,355 1,389 1,167 (13.4 (3.

xix belge

The comments presented herein refer to
consolidated results and comparisons are related to the first quarter 2004
(1Q04) unless otherwise stated.
* Net debt decreased by R$1.
The certificates represent beneficial ownership interest in the trust ,
primary assets of which are 124 fixed-rate loans having an aggregate
principal balance of approximately $1,124,565,652, as of the cutoff
date.
For a detailed description of Fitch's rating analysis, please see
the Report titled 'Bear Stearns Commercial Mortgage Securities Trust
2005-PWR7' dated March 4, 2005 available on the Fitch Ratings web site
at www.com

bast yan

* EBITDA was up by 69%, with an increase of 4 p.1
Net Revenue/Steel Production
(R$/t) 1,534 1,953 2,133 39.

belge zlar

1 9.5 10.

(a) Notional amount and interest only .

lma zeklub

8) (25.

yuan bast

2 billion in comparison to December 2004, and
the net debt over EBITDA ratio reached 0.br