Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  

Companhia Siderúrgica Nacional

Corporate Taxpayers’ ID (CNPJ) 33.042.730/0001-04

Companies Registry (NIRE) 35300396090

NOTICE TO SHAREHOLDERS

PAYMENT OF DIVIDENDS

As a complement to the Notice to Shareholders released on April 27, 2012, related to the payment of dividends in the amount of R$1,200,000,000.00, equivalent to R$ 0.82306 per share of the capital stock outstanding on the date of the resolution, we inform Shareholders that the Company decided to anticipate the payment of dividends.

Shareholders domiciled in Brazil will have the amount referring to the payment of dividends available as of May 23, 2012, with no monetary restatement, at their banking domiciles as informed to the depositary institution, Itaú Corretora de Valores S.A.

Shareholders under fiduciary custody will have dividends credited in accordance with the procedures adopted by the Stock Exchanges.

Shareholders whose register does not include their Individual Taxpayer’s ID (CPF) / Corporate Taxpayers’ ID (CNPJ) or “Bank/Branch/Account” information will have dividends available within three (3) business days as of the due regularization of respective registers at the branches of Banco Itaú S.A., or through a letter addressed to the Shareholder Service Department of Itaú Corretora de Valores S.A., located at Rua Boa Vista, 176 – subsolo – São Paulo – SP – CEP: 01014-000.

São Paulo, May 21, 2012.

David Moise Salama

Investor Relations Executive Officer