São Paulo, June 23, 2009 - Sul Americana de Metais S.A. announces that it is developing an integrated iron ore project in Brazil which will produce 25mtpa of 65% Fe pellet feed, with initial production expected in 2013. Sul Americana is an investment of Votorantim Novos Negócios, the venture capital and private equity division of Grupo Votorantim, one of the largest Latin American private industrial conglomerates. Sul Americana has sufficient JORC-compliant resources in its two principal properties in the State of Minas Gerais to support a mine life in excess of 20 years. In addition, it has potential resources that would significantly increase the mine life. The company has developed an integrated mine-pipeline-port project, the principal elements of which have been reviewed by independent experts. The estimated capital expenditure to develop the project is approximately USD2.6 billion, to be incurred between 2010 and 2012. Given the magnitude of the investment, Sul Americana is analyzing financing options and considering strategic alternatives to take the project into production. Sul Americana’s Chief Executive, Haroldo Fleischfresser, said “We have developed a cost-efficient process route tailored to the specific characteristics of our ore. This process, together with an efficient logistics system, contributes to an expected FOB cost for pellet feed of less than USD20 per tonne”. Note to Editors: Grupo Votorantim is one of the largest Latin American private industrial conglomerates, with net revenues of USD19.0 billion, and EBITDA of USD4.0 billion in 2008 and over 60 thousand employees. Founded as a textile company in 1918, the Group has diversified its activities into cement, pulp and paper, orange juice, zinc, nickel and steel. VNN is responsible for the venture capital and private equity investments of the Group. Contact information for the press: Item Comunicação Phone + 55 11 3841-2929 Christiane Mariotto – christiane.mariotto@item.com.br Celina Monteiro de Barros – celina.barros@item.com.br