USINAS SIDERRGICAS DE MINAS GERAIS S/A - USIMINAS

CNPJ/MF Corporate Taxpayers ID 60,894,730/0001-05

NIRE 313,000,1360-0
Publicly Traded Company

Minutes of Extraordinary Meeting of the Board of Directors of Usinas Siderrgicas de Minas Gerais
S/A - USIMINAS, held at the Companys headquarters, located at Rua Professor Jos Vieira de
Mendona, 3011, in Belo Horizonte, capital of the Minas Gerais state, on October 30, 2008, at
15:00 (Brazilia time).
Quorum Wilson Nlio Brumer, Chairman; other board members: Albano Chagas Vieira,

Bertoldo Machado Veiga, Francisco Caprino Neto, Hidemi Kawai, Humberto Eudes Vieira
Diniz, Rinaldo Campos Soares, Tooru Obata and Toshimi Sugiyama.
Secretary: Frederico Vasconcelos Pinheiro.
DeliberationsI Policy of Remuneration to Management The Board, approving recommendation of the
Human Resources Committee, establishes the remuneration policy to the Companys Management,
according to the following items:
II Repeal of previous decisions it was decided to repeal the Boards previous decisions about
the Companys Management remuneration, especially the decision of January 11, 1993, that
established a amount to be distributed, based on declared dividends, following the Chairman of the
Board of Directors criteria;
III Strategic Remuneration of the Executive Board The Board, based on the referred
recommendation of the Human Resources Committee, that used studies of a specialized consulting
firm, decides to establish temporary remuneration for the year of 2008, for the members of the
Executive Board. As of 2009, a remuneration policy will be established, based on the markets good
practices, which take into consideration the Companys added value and meritocracy fundamentals.
The amounts to be paid in 2008 consider a fixed installment and another installment as bonus.
The bonus installment will be paid as follows: 50% (fifty percent) in December 2008 and the
remaining 50% (fifty percent) after the approval of the 2008 Financial Statements by the Board of
Directors;
IV Remuneration of the Members of the Board of Directors For the Board of Directors, the
new remuneration policy is as follows: (i) a fixed annual remuneration equivalent to 10% (ten
percent) of the fixed annual installment established for the Companys CEO, to be paid monthly to
each Board Member; (ii) Considering the monthly amount presently paid to each Board Member, it
was decided to maintain this payment until the end of the current year; (iii) a remuneration
equivalent to 30% (thirty percent) of the fixed annual installment established to the CEO will be
paid to the Chairman of the Board, in monthly installments, as of April 2008.
The meeting was adjourned as there was nothing further to be resolved. The respective minutes
were drawn up in Book CA-02, with the signature of the Board Members present and the General
Secretary. Belo Horizonte, October 30, 2008.