The dividend is very safe. Granted, the value of the dividends has decreased over the past several years. I have held SID since 2003, and it has done great with dividend payouts and through stock splits. Since it is a foreign company and I hold the ADRs through Scottrade, I tend to experience some lag time (about 1 month) on actual dividend payment shown up in my account. As for a bottom, I believe that it reached the $8 range during the most recent economic downturn, but it tends to trend up to about $40 + before it splits. Now is a great time to get in.
In my opinion the dividend is safe as they are an excellent run company which is generally ver cosevative in its cash management. I belive that inless the world falls of a cliff, construction and infrastructure spending is halted they have enough internal demand with the Olympics and World Cup coming to Brazil that an integrated company such as CSN will prosper and even grow by buy weak companies in such environment. I have been invested in the company since 2006 and consider it a stock for the next 100 years as Buffet would say. Management is very involved and invested showing a great commitment generally not found in Latin American companies. On the other hand if China and Europe continue to slow down we might see very little need for iron, steel and cement happering any chance to grow at an above market rate. Good luck if you decide to join us as stockholder of a verry prommissing comoany in myopinion.