COMPANHIA SIDERÚRGICA NACIONAL (Exact Name of Registrant As Specified in Its Charter)
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SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) [ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 1-14732 COMPANHIA SIDERÚRGICA NACIONAL (Exact name of registrant as specified in its charter) National Steel Company Federative Republic of Brazil (Translation of registrant’s name into English) (Jurisdiction of incorporation or organization) Rua Lauro Müller 116 36° andar Botafogo 22299-900 Rio de Janeiro, RJ, Brazil (Address of principal executive offices) _______________ Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange On Which Registered Common Shares, with no par value New York Stock Exchange* * Traded only in the form of American Depositary Shares, which are registered under the Securities Act of 1933. _______________ Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the period covered by the annual report. 71,729,261,430 Common Shares, with no par value Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark which financial statement item the registrant has elected to follow. Item 17 Item 18 TABLE OF CONTENTS* INTRODUCTION ........................................................................................................................................................ 4 CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS............................. 4 PRESENTATION OF FINANCIAL AND OTHER INFORMATION........................................................................ 4 PART I .................................................................................................................................................................... 6 ITEM 3. KEY INFORMATION................................................................................................................................ 6 A. SELECTED FINANCIAL DATA ........................................................................................................................... 6 D. RISK FACTORS................................................................................................................................................. 8 1. Risk Factors Relating to the Steel Industry and CSN ............................................................................ 8 2. Risk Factors Relating to Brazil.............................................................................................................. 9 ITEM 4. INFORMATION ON THE COMPANY .................................................................................................. 11 A. HISTORY AND DEVELOPMENT OF THE COMPANY .......................................................................................... 11 1. General................................................................................................................................................. 11 2. History ................................................................................................................................................. 11 B. BUSINESS OVERVIEW .................................................................................................................................... 12 1. Business Strategy................................................................................................................................. 12 2. Major Products..................................................................................................................................... 13 3. Sales and Marketing............................................................................................................................. 17 4. Production............................................................................................................................................ 20 5. Raw Materials and Transportation....................................................................................................... 21 6. Investment Programs ........................................................................................................................... 23 7. Facilities............................................................................................................................................... 28 8. Competition ......................................................................................................................................... 30 9. Research and Development.................................................................................................................. 31 10. Insurance.............................................................................................................................................. 32 11. Government Regulation and Other Legal Matters............................................................................... 32 12. Employees and Labor Matters ............................................................................................................. 35 13. Overview of World Steel Industry....................................................................................................... 36 14. Brazilian Steel Industry ....................................................................................................................... 37 C. ORGANIZATIONAL STRUCTURE ..................................................................................................................... 39 D. PROPERTY, PLANTS AND EQUIPMENT............................................................................................................ 39 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS ........................................................... 41 A. OPERATING RESULTS .................................................................................................................................... 41 B. LIQUIDITY AND CAPITAL RESOURCES ........................................................................................................... 45 C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. ................................................................... 47 D. TREND INFORMATION.................................................................................................................................... 47 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES............................................................. 48 A. DIRECTORS AND SENIOR MANAGEMENT ....................................................................................................... 48 B. COMPENSATION............................................................................................................................................. 50 C. BOARD PRACTICES ........................................................................................................................................ 50 D. EMPLOYEES................................................................................................................................................... 50 E. SHARE OWNERSHIP ....................................................................................................................................... 50 * Omitted items of Form 20-F are either not required in a Form 20-F filed as an annual report under the Exchange Act, not applicable or reserved. ii ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS........................................... 50 A. MAJOR SHAREHOLDERS ................................................................................................................................50 B. RELATED PARTY TRANSACTIONS .................................................................................................................. 51 ITEM 8. FINANCIAL INFORMATION ................................................................................................................ 51 A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION .......................................................... 51 B. SIGNIFICANT CHANGES ................................................................................................................................. 52 ITEM 9. THE OFFER AND LISTING ................................................................................................................... 52 A.4. PRICE HISTORY.............................................................................................................................................. 52 C. MARKETS ...................................................................................................................................................... 52 ITEM 10. ADDITIONAL INFORMATION ............................................................................................................