600019 2004012 2004 8 10 (1) (2) (3) (4) (5) 2004 8 11 1 1
600019 2004012 2 3 4 1 2 3 4 5 44.42% / 39.94% / 7.94% 92.30% 84.36% ( 44.42% 39.94% ) 6 110 13,612,420 4,940,200 7,420,790 1,251,430 2
600019 2004012 2,667 2,117,170 1,242,138 7 54% 50% 94.5% 90% 40% 8% 10% 8 9 10 11 57.22% 57.22% 3
600019 2004012 413,170 21,535.51 2004810 2004811 4
600019 2004012 (1) (2) / 92.30% 3 100% 54% 100% 57.22% 100% 5000 50% 100% 100% 100% 100% 100% 50% 100% (4) 2003 200416 2003 2004 16 5
600019 2004012 2004 / 2004 / 2004 2004630 1 2004 8 11 (1) (2) / 92.30% 3 100% 54% 100% 57.22% 100% 5000 50% 100% 100% 6
600019 2004012 100% 100% 100% 50% 100% (4) 44.42% / 39.94% / 7.94% 7.94% 92.30% 50 2 10,635,000,000 85% 87.58%83.81% 3 4 7
600019 2004012 1 10,635,000,000 85%1998 11 17 ( ) ( ) ( ) 370 458 87.58% 1995 12 ( ) 1998 11 ( ) ( ( ) 2001 5 ( ) 735 793,293.8 83.81% 1958 9 14 1995 12 1996 ( ) 1998 11 ( ) ( ) ( ) 2001 6 ( ) 333 336,871 1968 3 5 1998 11 ( ) ( ) ( ) 2000 1 1 1001 7,975 8
600019 2004012 1969 4 24 1985 1994 10 ( ) 1998 11 ( ) ( ( ) ( ) ( ) 505 15 2 2003 ( ) (20031231) 9,809,566 1,520,512 684,346 38,127 442,483 (20031231) 582,255 619,607 425,593 25,213 65,886 (20031231) 9,227,311 900,904 258,753 12,914 376,597-646,876 607,906 22,548 137,839-510,951 577,690 187,72 117,270 804,891 18,663-35,652-3,635 28,811 2004 6 30 9
600019 2004012 / 706.6 397.3 309.3 280.2 1,792,299 866,531 925,768-925,768 740,467 513,926 226,541-226,541 31,012 7,473 23,539-23,539 84.36% 1,248,166 509,266 738,900 84.36% 623,336 10,644-10,644-10,644 100% 1,732,006 1,361,558 370,448 100.00% 370,448 54% 513,002 188,820 324,182 54.00% 175,058 100% 294,825 43,252 251,573 100.00% 251,573 57.22% 64,204 25,611 38,593 57.22% 22,083 507,367 446,210 61,157 50% 100% 51,841 132,040 10,430 121,610-121,610 7,066,031 3,973,077 3,092,955-2,802,441 2004 2004 6 30 2004 6 30 2004 2004 2004 1,745,282 879,360 419,257 133,760 97,140 706,460 175,718 276,703 27,120 9,608 1,238,823 729,557 429,646 141,379 60,397 2,979,637 337,052 5,193,785 195,386 49,421 502,320 312,711 246,913 32,597 27,195 293,752 223,224 166,132 37,227 17,753 10
600019 2004012 67,831 37,040 52,188 10,243 2,451 507,361 61,157 983,635 47,493 38,025 127,851 117,402 10,972 2,164 1,174 * 8,169,317 2,873,221 - - - * () 1 (1) ( ) (2) 1780 8% 4% / 1 132 3 750 2500 1 267( ) 2 150 191 / 1 100 /120 72 2-217 1-72 1 1780 / 212/70 212 70 2005 181 129 12 2007 45 11
600019 2004012 1997 9 8% (www.bsteel.com) 4% 3,210,535 491,365 2,719,170 3,166,907 436,286 285,985 11,972 (3) ( (2004)072 ) * % 411,858.38 411,858.38 420,067.55 8,209.17 1.99 1,230,169.12 1,230,169.12 1,224,629.88-5,539.24-0.45 ** 100,342.13 100,342.13 144,743.91 44,401.78 44.25 1,745,282.37 1,745,282.37 1,792,299.06 47,016.69 2.69 865,922.00 865,922.00 866,531.47 609.47 0.07 879,360.37 879,360.37 925,767.59 46,407.22 5.28 *1 **2 12
600019 2004012 2 84.36% (1) 2001 7 556,081 2004 6 30 625,661 44.42% 29.59% 10.34% 7.94% 7.71% 44.42% / 39.94% / 7.94% 7.94% 92.30% 92.30% (2) 2004 300 300 2003 220 197 60 500 120 (3) * 13
600019 2004012 200416 2003 ( ) 1,238,823.28 1,157,145.38 ( ) 729,557.18 606,243.51 429,646.20 602,823.45 141,378.76 141,179.65 60,396.86 58,495.11 (4) ( (2004)167 ) % 369,656.05 369,656.05 380,433.49 10,777.44 2.92% 691,410.31 691,410.31 668,369.82-23,040.48-3.33% 109,315.39 109,315.39 144,836.80 35,521.41 32.49% 1,238,823.28 1,238,823.28 1,248,166.35 9,343.07 0.75% 509,266.10 509,266.10 509,266.31 0.21 0 729,557.18 729,557.18 738,900.04 9,342.86 1.28% 3 54% (1) 1996 3 ( ) 156,338 2003 12 2004 6 30 284,837.94 54% ( ) 12% 21.9% 7% 5.1% 54% (2) 14
600019 2004012 ISO9001:2000 ISO14001:1996 OSHMS 73.5 1998 12 11 2003 1 27 2003 12 9 24 2006 60 2003 21 29 (3) 200416 2003 ( ) 502,320.09 438,602.25 ( ) 312,711.41 301,516.44 246,913.18 290,177.99 32,597.12 18,646.12 27,194.96 9,183.06 (4) ( DZ040283139 ) % 185,076.80 185,062.80 192,479.63 7,416.83 4.01 306,119.74 304,607.83 299,500.90-5,106.93-1.68 7,266.48 8,792.39 17,614.92 8,822.53 100.34 501,668.30 501,668.30 513,001.59 11,333.29 2.26 189,021.79 189,021.79 188,819.72-202.07-0.11 312,646.51 312,646.51 324,181.87 11,535.36 3.69 4 (1) 15
600019 2004012 2003 89 38 GKNZFRockwell SKF ( ) (2) 94.5% 90% 40% 4% 10% 115 / 2.2 /( ) 7.1 / 35 / 30 / (2005 45 /) 50 / 5 / 1 / 26,000 / 18,000 / 400 / 94.5% 2003 20.7 90% 16
600019 2004012 15,000 2003 9,000 40% 1 4% 10% 5 (3) ( (2004)073 ( ) % 245,279.42 245,279.42 246,571.41 1,291.99 0.53 387,186.00 387,186.00 382,802.28-4,383.72-1.13 1,621.80 1,621.80 73,845.83 72,224.03 4,453.32 670,271.88 670,271.88 740,467.30 70,195.42 10.47 513,668.04 513,668.04 513,926.08 258.04 0.05 156,603.85 156,603.85 226,541.22 69,937.38 44.66 5 (1) 17
600019 2004012 (2) 60 80 2002 2003 2,500 / 1,070 / 30 / 1,200 / 1 2,482,214 2,185,689 296,525 2,040,873 441,341 768,003 211,764 (3) ( (2004)075 ) % 7,281.61 7,281.61 7,317.79 36.19 0.50 10,569.49 10,569.49 11,975.48 1,405.99 13.30 9,502.91 9,502.91 11,689.20 2,186.29 23.01 27,383.19 27,383.19 31,011.66 3,628.47 13.25 7,463.26 7,463.26 7,472.70 9.44 0.13 18
600019 2004012 19,919.93 19,919.93 23,538.96 3,619.03 18.17 () 1 100% (1) 1985 6 25 1993 7 2001 11 370 2004 6 30 224,887.8553 100% (2) ( )( ) 2003 2004 16 1310 659 4,524,735 2,709,133 1,654 1,048 187 111 (3) * 200416 2003 19
600019 2004012 ( ) 2,979,636.94 2,215,440.50 ( ) 337,051.99 367,010.44 5,193,784.74 6,801,334.66 195,385.79 212,996.14 49,420.71 46,007.37 (4) ( (2004)070 ) * % 1,375,112.29 1,375,112.29 1,377,950.70 2,838.41 0.21 35,218.56 35,218.56 43,842.76 8,624.20 24.49 0 0 0 0 0 1,694,403.66 1,694,403.66 1,732,005.54 37,601.88 2.22 1,361,558.03 1,361,558.03 1,361,558.03 0 0 332,845.63 332,845.63 370,447.51 37,601.88 11.30 2 (1) [1997]1543 [2000]729 [2004]190 1998 11 2002 4 14 2002 5 30 2002 9 22 1 25 ( 30 ) 1 3.5 2000 2003 2,324 2004 16 1,300 20
600019 2004012 2250 / 2 4500 / 1 4500 / 2 ( 4.5 1.6 3.15 /) 8 1 937,000 15,544 (2) [2004]01518 5,428.93 5,428.93 5,428.93 0 0 122,421.71 122,421.71 117,710.25-4,711.46-3.85% - - 8,900.42 8,900.42 0 127,850.64 127,850.64 132,039.60 4,188.96 3.28% 10,448.18 10,448.18 10,429.57-18.61-0.18% 117,402.46 117,402.46 121,610.03 4,207.57 3.58% 3 5000 ( 50%) 50% 100% 50% 21
600019 2004012 (1) A. 2002 5 2002 6 1.11 1.97 1.24 46% 54% 20 2003 1000 CVRD AGUA LIMPA 4.76 1.6 20 1890 5000 ( 50%) 15% 283.5 CVRD 2002 600 B. 1995 10 10 ( ) 1993 8 26 1996 4 1993 10 22
600019 2004012 1997 2 25 1995 9 C. 100 50%1994 330 2003 12 31 CAPESIZE 63 1992 1 (2) 200416 2003 ( ) 507,366.70 473,055.36 ( ) 61,156.66 109,649.89 983,635.01 1,546,189.42 47,492.64 55,609.96 38,024.86 28,966.84 (3) ( (2004)071 ) 23
600019 2004012 % 306,554.09 306,554.09 306,554.09 0 0 132,423.61 132,423.61 132,423.61 0 0 21.23 21.23 21.23 0 0 507,366.70 507,366.70 507,366.70 0 0 443,130.32 443,130.32 443,130.32 0 0 61,157 61,157 61,157 0 0 () 1 100% (1) 1990 12 1992 12 1993 6 ( ) 1994 2 1995 8 ( ) 1996 12 ( ) 1800 191,495 2004 6 30 211,004.7 100% 382,571.20 30,598.80 21,536 ( (2004)211 226 285 ) 10644 10644 (2) 24
600019 2004012 ( ) ( ) 50 2003 27.5 26 11.4 46 ISO9002 ISO14001 (3) 200416 2003 ( ) 293,751.50 271,793.39 ( ) 223,224.35 215,782.63 166,131.83 227,326.61 37,227.03 52,570.63 17,753.48 27,353.06 (4) ( DZ040278024 ) % 98,781.69 98,760.16 100,959.19 2,199.03 2.23 153,129.46 153,151.00 177,976.53 24,825.53 16.21 0 0 0.71 0.71-267,022.50 267,022.51 294,825.14 27,802.63 10.41 43,801.98 43,801.98 43,251.96-550.02-1.26 223,220.53 223,220.53 251,573.18 28,352.65 12.7 2 57.22% 25
600019 2004012 (1) 1979 20005 2001326 2001614 A 600845 B 900926 515 2004 6 30 26,224.407 57.22% (2) ( ) ISO9001: 2000 CMM3 2003 (3) 200416 2003 ( ) 67,831.20 59,116.60 ( ) 37,039.67 34,589.54 52,188.25 96,471.79 9,357.04 21,161.15 2,451.07 4,812.20 26
600019 2004012 (4) ( DZ040273050 ) % 45,184.93 45,997.49 46,194.79 197.3 0.43 11,216.26 10,939.57 10,603.34-336.23-3.07 533.89 533.89 897.00 363.11 68.01 63,346.88 64,159.44 64,204.10 44.66 0.07 24,820.28 25,632.84 25,610.84-22 -0.09 38,526.61 38,526.61 38,593.26 66.65 0.17 1 706.6 397.3 309.31 280.2 = (1) ( ) ( ) ( ) ( ) (2) (1) ( ) 27
600019 2004012 (a) ( ) ( ) 2003 2004 1-6 (b) (2) 10 20 2 I. (1) 2004 8 11 (2) (a) (b) (c) (3) (a) (b) (c) II. 28
600019 2004012 (1) (1) 54% (2) 100% (3) 100% (4) 100% 5000 ( 50%) 100% 100% 100% 100% 100% 100% 50% 100% (5) 57.22% (6) (2) 1780 8% 4% (3) 94.5% 90% 40% 4% 10% 29
600019 2004012 (4) (5) 92.30% 44.42% / 39.94% / 7.94% 7.94% 92.30% (6) 413,170 21,535.51 () ( ) ( ) ( ) 30
600019 2004012 1155 1636 17 8 (2003 ) 2003 952 92.1 (2003 ) () 1. 300 200 181 120 2 2 31
600019 2004012 2003 2003 912 1130 588 588 212 70 2005 181 129 12 2007 45 2006 60 2004 2004 0 1520* 0 28 * 75 2004 1520 2005 2006 ( ) 2. 32
600019 2004012 ( ) (1) 12 (2) Companhia Vale do Rio Doce ( CVRD ) 1600 ( 20 ) 5000 3000 (3) ( 20 ) 2000 33
600019 2004012 3. (1) (2) (3) (4) 4. (1) 34
600019 2004012 (2) (3) () 1. (1) 2004 6 30 6,226,500.01 13,240,208.67 112.64% 1,289,078.86 4,566,940.33 254.28% 4,900,672.20 8,117,283.53 65.64% 1,204,654.46 4,809,579.25 299.25% 1,294,299.11 1,912,497.86 47.76% 13,374.34 346,214.78 2488.65% 3,714,172.10 6,171,916.77 66.17% 6,226,500.01 13,240,208.67 112.64% 40.13% 50.77% - 112.64% 66.17% 40.13% 50.77% (2) 2004 1-6 2004 16 2004 2,854,692.42 6,807,071.39 138.45% 5,602,837.8 13,053,434.5 132.98% 1,979,242.09 5,341,138.82 169.86% 4,045,768.1 10,284,966.5 154.22% 35
600019 2004012 852,052.20 1,432,965.87 68.18% 1,514,350.1 2,704,131.5 78.57% 716,138.06 1,037,244.53 44.84% 1,192,550.9 1,938,287.0 62.53% 715,160.88 1,025,873.19 43.45% 1,195,980.2 1,936,492.7 61.92% 233,204.02 280,646.35 20.34% 370,738.5 527,898.3 42.39% 2,603.63 34,389.23 1220.82% 3,091.9 62,375.7 1917.39% 479,353.23 710,837.62 48.29% 822,149.8 1,346,218.7 63.74% 29.85% 21.05% - 27.03% 20.72% - 16.79% 10.44% - 14.67% 10.31% - * 12.91% 11.52% - - - - * 2004630 2004 138.45% 48.29%2004 132.98% 63.74% ( ) 2004 16 27.69%2004 25.38% 29.85%27.03% 11.52%( ) 2. P/E( ) P/B( ) 2004 2004 6 30 10.39 2.30 5.19 1.08 50.0% 53.1% 2004 8 6 6.83 50.0% 53.1% 3. (50 ) 0.657 0.763 16.2% 50 2004 36
600019 2004012 2004 16.2% 1. 2003 2004 1 6 / / 2003 3,503,860.50 78.8% 1,643,981.30 17.3% -1,859,879.2-53.1% 1,053,442.70 34.2% 781,819.40 10.4% -271,623.3-25.8% 367,230.00-437,169.70-69,939.7 19.1% 4,924,533.20-2,862,970.40 - -2,061,562.8-41.9% 2004 2,250,610.30 78.8% 980,634.10 14.4% -1,269,976.2-56.4% 1 6 678,799.60 34.3% 415,592.40 7.8% -263,207.3-38.8% 132,959.60-225,477.30-92,517.7 69.6% 3,062,369.50-1,621,703.80 - -1,440,665.7-47.0% 2003 4,924,533.20 2,862,970.40 41.9% 78.8% 17.3% 34.2% 10.4% 2004 16 3,062,369.50 1,621,703.80 47.0% 78.8% 14.4% 34.3% 7.8% 2. (1) 79.82% (2) 37
600019 2004012 40 200 2010 ( 14 ) 2006 44 26.8 40% 60% 50 20 2004 2005 80 38
600019 2004012 (3) (i) (ii) / / / / / / / 39
600019 2004012 () 1. 2. 3. 50 50% 50% 4. (1) (2) A. ( 40
600019 2004012 ) B. ( 6 ) 5. 6. (1) (2) (3) 7. () ( ) 1 2 3 41
600019 2004012 4 5 6 1 42
600019 2004012 2 11 3 4 5 6 13 7 8 / 2003 2004 6 30 6 9 2004 6 30 6 10 2003 2004 6 30 6 11 2004 12 31 12 / 2004 12 31 13 / 2004 12 31 2004 8 11 43