USINAS SIDERÚRGICAS DE MINAS GERAIS S.A. - USIMINAS

CNPJ/MF 60.894.730/0001-05

NIRE 313.000.1360-0

Publicly Traded Company

NOTICE TO SHAREHOLDERS

In addition to the Notices to Shareholders disclosed on 03.18.2016 and on 05.02.2016,

we hereby inform the shareholders of Usinas Siderúrgicas de Minas Gerais S.A.

USIMINAS (“Usiminas” or “Company”), that, on 05.06.2016, ended the term for

exercising the right to subscription of unsubscribed shares on the capital increase

through the issuance of up to 50,689,310 new class “A” preferred shares approved by

the Board of Directors, in the limit of the authorized Capital, at a meeting held on

03.11.2016 (“Capital Increase”).

After the end of the period of subscription of unsubscribed shares, were subscribed

6,127,249 shares, corresponding to 12.09% (twelve point zero nine percent) of the total

shares issued due to the Capital Increase, at the issuance price of R$1.28 (one real and

twenty-eight centavos) per share, totaling the amount of R$50,294,935.04 (fifty million,

two hundred ninety-four thousand, nine hundred and thirty-five reais and four centavos),

higher, therefore, than the minimum limit of R$32,441,158.50 (thirty-two million, four

hundred and forty one thousand, one hundred and fifty-eight reais and fifty centavos)

set forth by the Board of Directors to allow the partial homologation of the Capital

Increase.

In view the fact that there is 11,396,392 non-subscribed shares on the Capital Increase,

the subscribers of the shares issued will have the right to review their decision in

relation to the subscription of shares, total or partially, for the 5 (five) working days term,

beginning on 05.16.2016 and ending on 05.20.2016 (including). (“Review Period”)

The right of review of the shares subscription may be exercised, upon execution of the

applicable documents, (i) at the branch of Banco Bradesco S.A. authorized to assist

2

shareholders, for those who have their shares kept by such institution; and (ii) through

their custodian agents, for the shareholders who have their shares kept by the

BM&FBOVESPA.

Once closed the Review Period, and provided that the total amount subscribed

continues to be higher than the minimum set forth by the Board of Directors, will be held

a meeting of such body to deliberate on the homologation of the Capital Increase. After

holding such a meeting, will be disclosed new Notice to Shareholders informing about

the completion of the Capital Increase, as well as the date on which the shareholders

who exercise the right to review their decision related to the subscription of shares will

receive the refund of the amounts paid as payment.

Belo Horizonte, May 13th, 2016.

Ronald Seckelmann

Vice President of Finances and Investors Relations