Sao Paulo, April 04, 2016 -- Moody's América Latina has today downgraded Usinas Siderúrgicas de Minas Gerais S.A. ("Usiminas") corporate family ratings to Ca from Caa1 (global scale) and to Ca.br from Caa1.br (national scale). The outlook for the ratings is stable. This concludes the review process initiated on January 27 2016.

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