Current Assets:

Cash and Temporary Investments

228,410

1,026,165

Accounts Receivables

2,199,994

3,228,675

5,005,017

Inventories, net

2,946,678

4,064,163

6,958,892

Prepaid Expenses

89,262

74,879

125,851

Total Current Assets:

Restricted Investments

89,792

225,852

859,854

Investments in Associated Companies

1,684,726

1,455,740

1,787,727

Property, Plant and Equipment, net

10,000,000

10,000,000

10,000,000

Other Assets:

Deferred Charges and Other Items

148,436

264,105

391,944

Goodwill from Purchase of Shares

287,487

76,220

0

Total Assets:

Current Liabilities:

Current Portion of Long Term Debt and Short Term Loans

505,523

1,003,391

752,314

Notes, Accounts and Accured Expenses

983,425

1,228,311

5,123,613

Ore Shippers

422,623

544,341

1,203,600

Income Tax

0

770,468

1,194,760

Employee Profit Sharing

147,135

204,076

0

Total Current Liabilities:

Long Term Liabilities:

Long Term Debt

5,231,692

5,101,503

6,567,213

Deferred Credits

2,638,075

1,818,142

927,834

Other Liabilities

109,940

126,651

1,883,740

Reserve for Personnel Compensations

353,009

466,500

532,259

Total Liabilities

Shareholder´s Equity:

Capital Stock

Reserve for Repurchase of Shares

206,840

204,060

206,020

Retained Earnings

10,000,000

10,000,000

10,000,000

Accumulated Effect of Deferred Taxes

(3,114,946)

(3,214,936)

(3,345,141)

(Insufficiency) Excess in Restatement of Shareholder´s Equity

(1,847,319)

(2,383,687)

(4,807,074)

Total Majority Shareholder´s Equity

Total Minority Shareholder´s Equity

693,659

582,626

781,369

Total Shareholder´s Equity

Total Liabilities & Shareholder´s Equity