Votorantim 3Q Financial Results

Votorantim (R$ million) 462 Volume (kton) 5% Long Steel | Results 483 1,027 Net revenues 3Q14 10% 1,131 Breakdown 3Q15 Argentina Brazil 27% 51% 23% 3Q15 3Q14 3Q15 Adjusted EBITDA 92 65% 152 Colombia 13% - Highlights Brazil Revenues decreased as a result of lower prices, reflecting the weak demand especially in construction sector. Higher energy costs negatively impacted EBITDA in 3Q15. Argentina - Revenues improved due to higher prices. EBITDA increased as a result of lower scrap prices. Colombia - Revenues went up mainly due to higher prices and volumes, especially due to the strategy to focus on the construction sector. EBITDA increased impacted by lower payroll expenses and lower coal prices. 3Q14 3Q15 Margin 9% % 8

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