INTERIM MANAGEMENT REPORT FIRST HALF OF 2018

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1 INTERIM MANAGEMENT REPORT FIRST HALF OF 2018 F r e e t r a n s l a t ion f r o m t h e o r ig ina l in S p a n is h. I n t h e e v e n t o f d i s c r e p a n c y, t h e Sp a n i s h - la n g u a g e v e r s ion p r e v a i ls P a g e 0 / 16

2 DISCLAIMER T h is d o c u m e n t h a s b e e n d r a w n u p i n g o o d f a i t h u p o n t h e b a s is o f t h e d a t a a n d f a c t s a v a il a b l e o n t h e d a y o f i t s p u b li c a t io n a n d s h o u l d b e r e a d t o g e t h e r w i t h a ll t h e p u b l ic inf o r m a t io n p r o v id e d a n d / o r p u b l is h e d b y AC E RI N O X, S. A. T h is d o c u m e n t m a y c o n t a i n s t a t e m e n t s wi t h r e g a r d t o t h e f u t u r e i n t e n t ion s, f o r e c a s t s a n d e s t ima t e s o f A C ER I N O X, S. A. a n d i t s b u s i n e s s. T h e s e t y p e s o f s t a t e m e n t s a n d / o r c o n t e n t s m a y inc lu d e d e c lara t io n s o r e x p e c t a t i o n s wit h r e g a r d t o t h e c u r r e n t p l a n s, o b j e c t iv e s a n d f o r e c a s t s o f t h e c o m p a n y a n d its g r o u p, in c lu d i n g d e c lara t io n s c o n c e r n in g t r e n d s o r c ir c u m s t a n c e s w h ic h m ig h t a f f e c t i t s c u r r e n t f i n a n c ia l s i t u a t i o n a n d i t s r a t ios, r e s u lt s, s t r a t e g ie s, p r o d u c t io n le v e ls, e x p e n d itur e, c o s t s, e x c h a n g e r a t e s, i n v e s t m e n t s a n d / o r d i v i d e n d p o li c y. I t m a y a lso c o n t a in r e f e r e n c e s t o t h e s itu a t i o n a n d t r e n d s o f t h e m a r k e t o f r a w m a t e r ials, e s p e c i a l ly n i c k e l a n d c h r o m e. T h e s e s t a t e m e n t s a n d c o n t e n t s h a v e b e e n is s u e d i n g o o d f a i t h, u p o n t h e b a s i s o f t h e k n o wl e d g e a n d i n f o r m a t io n a v a il a b l e o n t h e d a t e o f t h i s a n n o u n c e m e n t a n d, d e s p i t e b e i n g r e a s o n a b l e, d o n o t c o n s t i t u t e a g u a r a n t e e o f f u t u r e c o m p li a n c e. T h e s e s t a t e m e n t s a n d c o n t e n t s a r e s u b j e c t t o r is k s, u n c e r t a in t i e s, c h a n g e s a n d s i t u a t i o n s b e y o n d t h e c o n t r o l o f A C ER I N O X, S. A., m e a n ing t h a t t h e y m a y n o t c o m p ly, i n f u l l o r in p a r t, wi t h w h a t is e x p e c t e d a n d / o r d e c l a r e d. Ex c e p t t o t h e e x t e n t r e q u i r e d b y t h e a p p li c a b le la w, AC E RI N O X, S. A. d o e s n o t a s s u m e a n y o b li g a t io n t o p u b li c l y u p d a t e it s f u t u r e d e c la r a t i o n s a n d s t a t e m e n t s, e v e n whe n n e w d a t a a r e p u b l is h e d o r f u r t h e r u n f o r e s e e n e v e n t s wh ic h m i g h t a f f e c t t h e m a r i s e. A CERI N O X, S. A. p r o v id e s infor m a t io n o n t h e a b o v e a n d o t h e r f a c t o r s w h ic h m a y a f f e c t its f u t u r e s t a t e m e n t s c o n c e r n i n g i t s b u s in e s s, e x p e c t a t i o n s a n d / o r f i n a n c ia l r e s u lt s i n t h e d o c u m e n t s i t s u b m i t s t o t h e S p a n is h Na t io n a l S e c u r i t i e s M a r k e t C o m m is s i o n. Al l int e r e s t e d p a r t i e s a r e i n v it e d t o v ie w t h e s e d o c u m e n t s. Ne ith e r t h i s d o c u m e n t n o r t h e i n f o r m a t io n c o n t a i n e d h e r e i n c o n s t i t u t e a n o f f e r t o s e l l, p u r c h a s e o r e x c h a n g e o r a n i n v ita t io n t o m a k e a n o f f e r t o b u y, p u r c h a s e o r e x c h a n g e, o r a r e c o m m e n d a t io n o r a d v i c e r e g a r d ing a n y a s s e t o r f i n a n c i a l ins t r u m e n t is s u e d b y t h e Ac e r i n o x G r o u p. An y p e r s o n w h o a c q u ire s a s s e t s s h o u ld d o s o u p o n t h e b a s i s o f h is o r h e r o wn ju d g e m e n t a f t e r r e c e iv ing t h e p r o f e s s io n a l a d v ic e d e e m e d a p p r o p r i a t e. No k i n d o f i n v e s t m e n t a c t i v i t y s h o u ld b e p e r f o r m e d u p o n t h e b a s i s o f t h e i n f o r m a t io n o r f o r e c a s t s c o n t a i n e d i n t h i s d o c u m e n t a t ion. Ne ith e r A C E RI NO X, S. A. n o r it s s u b s idiaries a s s u m e lia b i li t y o f a n y k i n d f o r t h e d a m a g e s wh ich m a y a r i s e f r o m a n y u s e o f t h is d o c u m e n t o r it s c o n t e n t s. P a g e 1 / 16

3 Presentation of the results for the First Half of 2018 via telephone conference and live broadcast Ac e r i n o x wi ll h o ld t h e p r e s e n t a t ion f o r t h e r e s u lt s o f t h e f i r s t h a lf o f , in E n g li s h, t o d a y, 2 7 J u ly, a t AM ( C ET), d ir e c t e d b y Ber n a r d o V e l a z q u e z, C E O, M i g u e l F e r r a n d i s, CF O, a n d a c c o m p a n ied b y t h e I n v e s t o r R e la t io n s t e a m. T o a c c e s s t h e p r e s e n t a t io n v ia t e lep h o n e c o n f e r e n c e, y o u c a n u s e o n e o f t h e f o llo w ing n u m b e r s, m in u t e s b e f o r e t h e s t a r t o f t h e e v e n t : F r o m Sp a i n : F r o m U K: F o ll o w e d b y t h e PI N c o d e : # T h e p r e s e n t a t io n c a n b e f o ll o w e d f r o m t h e Ac e r i n o x web s i t e ( w w w. a c e r i n o x. c o m ), in t h e Sh a r e h o l d e r s a n d I n v e s t o r s s e c t io n. T h e p r e s e n t a t ion a n d a l l t h e a u d io - v i s u a l m a t e r ial wi ll b e a v a ila b l e o n t h e Ac e r i n o x web s i t e. P a g e 2 / 16

4 Results for the First Half of 2018 I n t h e s e c o n d q u a r t e r Ac e r ino x h a s r e c o r d e d p r o f i t s a f t e r t a x es a n d m inor it y int e r e s t s o f 8 0 m i ll ion e u r o s, 5 2 % u p o n t h e s e c o n d q u a r t e r o f a n d 3 8 % u p o n t h e p r e v i o u s q u a r t e r. T h e E BIT D A, m il li o n e u r o s, is 2 0 % h ig h e r t h a n in t h e s e c o n d q u a r t e r o f t h e p r e v io u s y e a r a n d 2 8 % higher t h a n in t h e f irst q u a r t e r o f T h e p r o f it f o r t h e f ir s t h a l f o f t h e y e a r, m i ll io n e u r o s, is s t il l 8 % lo we r t h a n t h e f irst h a lf o f ; h o we v e r, it i s 6 6 % h igh e r t h a n i n t h e p r e v iou s s i x m o n t h s. T h e E BIT D A, a t m i ll io n e u r o s, is 1 5 % l o w e r t h a n t h e s a m e p e r iod las t y e a r a n d 5 6 % h ig h e r t h a n in t h e s e c o n d h a l f o f Net s a le s f o r t h e f irst h a lf o f t h e y e a r, t o t a ll ing 2, m i ll ion e u r o s, h a ve in c r e a s e d b y 6 % c o m p a r e d wit h t h e s a m e p e r io d t h e p r e v i o u s y e a r M e lt in g p r o d u c t ion, a t 1, 3 0 7, t o n n e s, h a s incr e a s e d b y 3 % c o m p a r e d t o t h e f ir s t h a l f o f N e t f in a n c ia l de b t, m il lio n e u r o s, h a s d e c r e a s e d b y 7 2 m i ll ion e u r o s w ith r e s p e c t t o De c e m b e r T h e o p e r a t ing c a s h f lo w f o r t h e G r o u p o v e r t h e f irst h a l f h a s i n c r e a s e d t o m il li o n e u r o s In J u l y, A c e r in o x d i s t r ibu t e d a c a s h d iv ide n d o f e u r o s p e r s h a r e Ex c e ll e n c e P la n V f o r i s p e r f o r m in g we ll a n d 5 7 % o f it s t a r g e t s h a v e a lre a d y b e e n m e t i n t h e f ir s t e ig h t e e n m o n t h s, wh ic h we v a lu e a t 2 9 m il li o n e u r o s De s p i t e t h e c o m p le x s itu a t io n in int e r n a t i o n a l m a r k e t s, t h e s t r e n g t h o f t h e Am e r ic a n m a r k e t p o i n t s t o w a r d s a t h ird q u a r t e r in l ine w it h t h e s e c o n d q u a r t e r Q u a r t e r l y e v o l u t i o n o f t h e E B I T D A M i l l i o n s o f e u r o s a n d % o f s a l e s P a g e 3 / 16

5 Stainless Steel Market T h e g l o b a l s t a inles s s t e e l m a r k e t h a s b e e n c h a r a c t e r ise d in t h e f i r s t h a l f o f t h e y e a r b y r e s i li e n t d e m a n d, t h e e n t r y t o t h e m a r k e t o f a n e w m a n u f a c t u r e r i n I n d o n e s ia w h i c h h a s a f f e c t e d p r i c e s in a lmo s t a ll m a r k e t s, a n d g e n e r a l u n c e r t a i n t y c a u s e d b y d i s a g r e e m e n t s o v e r t r a d e, wh ic h t o g e t h e r wi t h t h e m e a s u r e s a d o p t e d b y v a r i o u s c o u n t r i e s h a v e a f f e c t e d m o v e m e n t s o f s t a i n l e s s s t e e l. T h is h a s l e d t o a f a v o u r a b l e s i t u a t i o n i n t h e U n i t e d S t a t e s, u n l ike E u r o p e a n d As ia wher e p r ic e s h a v e s u f f e r e d d o wn ward p r e s s u r e, m a in ly s t a r t in g i n t h e s e c o n d q u a r t e r. G lo b a l p r o d u c t io n o f s t a i n l e s s s t e e l i n c r e a s e d b y 9. 5 % t o m i ll i o n t o n n e s i n t h e f irst t h r e e m o n t h s o f , a c c o r d i n g t o t h e la t e s t f ig u r e s f r o m t h e I SS F ( I n t e r n a t ion a l St a in le s s Ste e l F o r u m ). Pro d u c t i o n in C h i n a c o n t i n u e s t o i n c r e a s e s t r o n g ly, 6. 5 m il li o n t o n n e s, 6. 5 % h ig h e r t h a n t h e f ir s t q u a r t e r o f t h e p r e v io u s y e a r. Es p e c ia l ly n o t e wor t h y i s t h e 7 0 % in c r e a s e f o r O t h e r s, m a in l y d u e t o p r o d u c t i o n b y t h e Ch ine s e m a n u f a c t u r e r T s i n g s h a n in I n d o n e s ia. Un ite d St a t e s w a s t h e o n l y r e g i o n t o r e c o r d a f a l l i n t h e f i r s t q u a r t e r. Prod u c t io n t h e r e f e l l b y 0. 4 % wh ic h wa s a n in c r e a s e o f 9. 8 % o v e r t h e f o u r t h q u a r t e r o f Ac c o r d i n g t o o u r in t e r n a l d a t a, t h e s it u a t io n h a s r e v e r t e d a n d p r o d u c t i o n t o M a y g r e w b y 0. 6 % r e la t i v e t o t h e s a m e p e r io d i n t h e p r e v io u s y e a r. Europe T h e r e a l d e m a n d f o r s t a in l e s s s t e e l c o n t inu e s t o in c r e a s e i n l i n e w ith t h e e c o n o m y ( PMI, G D P, I PI), a s s h o wn b y t h e d iff e r e n t i n d ic a t o r s o f t h e c o n s u m p t i o n s e c t o r s. A c c o r d i n g t o E u r o f e r s lat e s t e s t im a t e s ( J u ly ), aut o p r o d u c t i o n w il l in c r e a s e b y 2. 5 % i n , wh ile c o n s t r u c t ion a n d white g o o d s wi ll r i s e b y 3. 2 % a n d 1. 7 %, r e s p e c t i v e l y. Ac c o r d i n g t o a v a il a b le i n f o r m a t ion, a p p a r e n t c o n s u m p t i o n o f f l a t p r o d u c t i n t h e Eur o p e a n Un ion g r e w b y 0. 7 % i n t h e J a n u a r y - J u n e p e r io d r e la t ive t o t h e s a m e p e r i o d o f P a g e 4 / 16

6 L o o k in g by m a r k e t s, it is w o r t h n o t i n g g r o wt h o f a p p a r e n t c o n s u m p t i o n o f f l a t p r o d u c t in Sp a in %, P o la n d %, G e r m a n y %, i n c o n t r a s t t o t h e f a ll s s e e n in t h e U n it e d Ki n g d o m %, I t a ly % a n d F r a n c e %. I n v e n t o r ie s h a v e r e m a ine d a t le v e ls s l ig h t ly a b o v e t h o s e o f r e c e n t y e a r s. I m p o r t s o f f la t p r o d u c t h a v e c o n t in u e d t o inc r e a s e i n t h e f i r s t s i x m o n t h s o f , b y %, r e a c h i n g a m a r k e t s h a r e o f 2 9 % in c o m p a r i s o n w it h t h e 2 6 % s e e n in t h e s a m e p e r i o d in T h is i n c r e a s e c a n b e e x p lained b y t h e m a r k e t a n t ic ip a t i n g s a f e g u a r d m e a s u r e s, wh ic h w il l c o n s t r a i n i m p o r t s, s o t h a t we c a n e x p e c t a r e t u r n t o n o r m a l ity in t h e s e c o n d h a l f o f t h e y e a r. L o o k in g a t ind iv idu a l c o u n t r i e s, T a iw a n is s t i ll t h e m a in s o u r c e o f c o l d r o l l e d p r o d u c t wi t h n e a r ly 2 3 % o f t h e t o t a l, w h i le Ch ina h a s c a p t u r e d m o r e t h a n h a l f o f i m p o r t s o f h o t r o ll e d p r o d u c t. T h is, t o g e t h e r wi t h l o w p r ice s i n A s ia, h a s n e g a t i v e ly a f f e c t e d p r ic e s in t h e E u r o p e a n m a r k e t. P r i c e o f s t a i n l e s s s t e e l c o i l 2 m m c o l d - r o l l e d A I S I Y e a r s : J u n e S o u r c e : P l a t t s North America M a c r o e c o n o m i c a n d s e c t o r a l in d i c a t o r s s h o w a f a v o u r a b le m a r k e t s i t u a t i o n, wi t h n o t e wor t h y s t r e n g t h i n t h e c o n s t r u c t i o n s e c t o r, wi t h g r o w t h o f 4. 3 % i n t h e J a n u a r y - M a y p e r i o d r e lat i v e t o t h e s a m e p e r iod in t h e p r e v io u s y e a r. Pr o d u c t ion o f h o u s e h o ld a p p lia n c e s h a s s e t t l e d a t h ig h le v e ls and is he lping sales of p r o d u c t f r o m o u r n e w bright a n n e a l ing l ine i n N AS. P a g e 5 / 16

7 I n f o r m a t io n a v a ila b l e u p t o Apr il s h o w s a n i n c r e a s e in a p p a r e n t c o n s u m p t i o n o f f lat p r o d u c t o f 2. 0 %, w h i le c o n s u m p t i o n o f lo n g p r o d u c t c o n t inu e s t o g r o w a t t h e s t r o n g r a t e o f %, d r iv e n b y t h e r e c e n t u p t u r n i n a c t i v i t y i n o il a n d g a s s e c t o r, a s w e ll a s t h e s t r e n g t h i n c o n s t r u c t io n a l r e a d y n o t e d. T h e d e m a n d s i t u a t i o n a n d t h e p o s iti v e o u t lo o k f o r t h e m a r k e t h a v e a l lo we d p o s it iv e m o v e m e n t s in p r ic e s. I m p o r t s i n t o t h e U n i t e d St a t e s u n t il Apr il f e l l 3. 1 % o v e r t h e s a m e p e r iod in O n 1 J u n e, t h e d e f i n i t i v e m e a s u r e s i n Se c t i o n 2 3 2, a f f e c t i n g im p o r t s f r o m a l l c o u n t r i e s e x c e p t So u t h Kor e a a n d Bra z i l ( wh ich a r e s u b j e c t t o q u o t a s a n d w il l r e d u c e t h e i r i m p o r t s b y 3 0 %), c a m e in t o f o r c e. T h is s i t u a t i o n i s b e n e f it ing Amer ic a n p r o d u c e r s a n d o u r Amer i c a n p lan t, N o r t h Am e r i c a n St a in le s s, h a s r e a c h e d r e c o r d lev e l s o f m o n t h l y p r o d u c t ion i n a ll it s wor k s h o p s. Asia O n b o t h t h e m a c r o e c o n o m ic l e v e l a n d i n t e r m s o f t h e s e c t o r, C h i n e s e i n d i c a t o r s a r e s u r p r is in g, w it h G D P g r o w t h o f 6. 8 % i n t h e f ir s t q u a r t e r a n d g r o w t h i n t h e I PI wi t h i n t h e s a m e r a n g e, a r o u n d 7 % y e a r - on- y e a r. Au t o p r o d u c t ion h a s g r o wn b y 4. 2 % a s o f J u n e, wh ile c o n s t r u c t ion a n d white g o o d s r o s e b y 9. 7 % a n d 0.6% t o M a y, r e s p e c t i v e l y. Ac c o r d i n g t o f i g u r e s f r o m t h e C S S C ( C h in e s e S t a inles s Ste e l Co u n c il ), p r o d u c t i o n in the f irst q u a r t e r g r e w b y 6. 4 %, w it h a n o t a b le i m p a c t f r o m s e m i - f i n ish e d p r o d u c t f r o m I n d o n e s ia ( s la b a n d b la c k c o i l) wh ic h is p u t t i n g a l o t o f p r e s s u r e o n C h i n e s e p r o d u c e r s. I n v e n t o r ie s i n t h e w a r e h o u s e s o f Wu x i a n d F o s h a n r e a c h e d i n t e r - a n n u a l high s i n M a r c h, a lt h o u g h d u r in g t h e s e c o n d q u a r t e r t h e y h a v e c o m e b a c k d o wn t o n o r m a l l e v e l s, i n l ine wi t h t h e in d i c a t o r s a lrea d y m e n t io n e d a n d t h e s t r e n g t h o f d o m e s t i c d e m a n d. South Africa T h e Sou t h Afr ic a n e c o n o m y c o n t inu e s t o g r o w, %, a l b e i t a t a s l o w e r r a t e t h a n f o r e c a s t. T h e r e h a s b e e n n o t a b le g r o wt h in d i s t r ibu t io n a n d t h e a u t o m o t i v e s e c t o r. T h e s t r e n g t h o f t h e Ra n d i s a f f e c t in g t h e c o m p e t i t ive n e s s o f So u t h Afr ica n i n d u s t r y, p u t t in g a b r a k e o n e x p o r t s. L o w p r ic e s i n a l l m a r k e t s a r e le a d i n g t o a n inc r e a s e in i m p o r t s t o So u t h Afr ic a, r e a c h in g lev e l s n o t s e e n s i n c e P a g e 6 / 16

8 Raw materials and alloy surcharges T h e p r i c e o f n i c k e l h a s b e e n r is ing o v e r t h e f irst h a l f o f t h e y e a r t h a n k s t o t h e p o s it iv e o u t loo k f o r c o n s u m p t i o n o f t h e m e t a l, a s well a s t o t h e c o n t i n u e d f a ll in i n v e n t o r i e s o n t h e L M E a n d in Sha n g h a i. O f f i c i a l p r i c e o f n i c k e l o n t h e L M E A v e r a g e d a i l y p r i c e f o r c a s h / t h r e e m o n t h s ( U S D / t ) J u n e Un c e r t a in t i e s s u r r o u n d i n g g lo b a l t r a d e h a v e a f f e c t e d t h e p r i c i n g o f n i c k e l, w h i c h in J u l y d r o p p e d t o U S$ 1 3, p e r t o n n e. L o w e r d e m a n d a n d h ig h in v e n t o r y le v e l s i n Ch in a p r o m p t e d a f a l l o f 1 5.1% i n t h e p r ic e o f f e r r o c h r o m e in t h e f irst q u a r t e r. H o wev e r, impr o v i n g g l o b a l d e m a n d a n d i n v e n t o r y r e - s t o c k ing i n China a l lo we d t h e p r i c e t o c o r r e c t u p w a r d s in t h e s e c o n d q u a r t e r. A v e r a g e q u a r t e r l y p r i c e o f f e r r o c h r o m e U S / L b. C r S o u r c e : M e t a l B u l l e t i n Al lo y s u r c h a r g e s, a f t e r f a l l ing in J a n u a r y, h a v e s h o w n a n u p w a r d t r e n d w it h t h e i n c r e a s e s in t h e p r i c e o f n ic k e l a n d f e r r o c h r o m e. P a g e 7 / 16

9 Production I n t h e f ir s t h a lf o f t h e y e a r, m e lti n g p r o d u c t i o n ( 1, 3 0 7, t o n n e s ) h a s i n c r e a s e d b y 2. 7 % wi t h r e s p e c t t o t h e s a m e p e r io d t h e p r e v iou s y e a r, h o t r o l li n g o f f lat p r o d u c t s ( 1, 1 3 8, t o n n e s ) h a s in c r e a s e d b y 0. 9 % a n d c o ld - r o ll in g p r o d u c t io n ( 9 3 2, t o n n e s ) h a s b e e n 6. 6 % h i g h e r. E v o l u t i o n o f A c e r i n o x s m e l t i n g p r o d u c t i o n T h o u s a n d s o f t El s e wh e r e, m e lt in g p r o d u c t io n in t h e s e c o n d q u a r t e r i s a t 5. 6 % a b o v e t h e s e c o n d q u a r t e r o f ; p r o d u c t io n o f h o t r o ll in g f l a t p r o d u c t 4. 7 % h i g h e r ; a n d p r o d u c t i o n o f c o l d r o ll ing 7. 9 % u p o n t h e s a m e p e r i o d las t y e a r. A c e r i n o x P r o d u c t i o n T h o u s a n d s o f t T h e s e m i - a n n u a l h o t - r o ll in g p r o d u c t io n o f lo n g p r o d u c t s, a t 1 3 4, t o n n e s, w a s % h ig h e r t h a n f o r t h e s a m e p e r i o d o f t h e p r e v i o u s y e a r. Prod u c t io n i n t h e s e c o n d q u a r t e r wa s % h i g h e r t h a n in t h e s e c o n d q u a r t e r o f P a g e 8 / 16

10 Results N e t s a le s in t h e f irst h a lf o f t h e y e a r ( 2, m i ll io n e u r o s ) h a v e u n d e r g o n e a r is e o f 5. 9 % wi t h r e s p e c t t o t h e s a m e p e r i o d of t h e p r e v iou s y e a r, d u e t o in c r e a s e s in s h i p m e n t s, %. C o n d e n s e d p r o f i t a n d l o s s a c c o u n t M i l l i o n s o f e u r o s Per s o n n e l a n d o p e r a t i n g e x p e n s e s h a v e r e m a i n e d u n d e r c o n t r o l, i n l i n e wit h t h e f ir s t s ix m o n t h s o f E BIT D A for t h e s e c o n d q u a r t e r, m il lio n e u r o s, is % h i g h e r t h a n t h e s a m e p e r iod of l a s t y e a r a n d % h i g h e r t h a n in t h e f irst q u a r t e r o f T h e c u m u l a t iv e E B I T D A t o J u n e ( m il li o n e u r o s ) is % lo wer t h a n t h a t of t h e s a m e p e r io d of p r e v io u s y e a r, a lt h o u g h it is % u p o n t h e p r e v i o u s s i x m o n t h s. Q u a r t e r l y e v o l u t i o n o f t h e E B I T D A M i l l i o n s o f e u r o s a n d % o f s a l e s P a g e 9 / 16

11 Net f in a n c ia l r e s u l t, m i ll io n e u r o s, is % l o wer t h a n in t h e f ir s t s i x m o n t h s o f a n d h a s b e e n c o n t i n u o u s l y d e c r e a s in g s in c e Pre- t a x p r o f it s f o r t h e s e c o n d q u a r t e r h a v e r is e n t o m i ll io n e u r o s, % a b o v e t h e p r e v iou s q u a r t e r, a n d % u p o n t h e s e c o n d q u a r t e r o f T h e p r e - t a x r e s u lt f o r t h e h a l f - y e a r s t a n d s a t m i ll ion e u r o s, c o m p a r e d wit h t h e f i g u r e o f m il li o n e u r o s f o r t h e s a m e p e r i o d o f At t h e e n d o f De c e m b e r, t h e U S t a x r e f o r m w a s p a s s e d, w h i c h w il l h a v e a v e r y b e n e f ic ia l e f f e c t o n N o r t h Amer ic a n St a in l e s s a n d t h e Co n s o l i d a t e d G r o u p. R e s u l t s a f t e r t a x e s a n d m i n o r i t y i n t e r e s t s M i l l i o n s o f e u r o s Pro f i t f o r t h e s e c o n d q u a r t e r a f t e r t a x e s a n d m in o r ity int e r e s t s a t 8 0 m il li o n e u r o s is % h ig h e r t h a n t h e p r e v io u s q u a r t e r a n d % h igh e r t h a n in t h e s e c o n d q u a r t e r of Pr o f it f o r t h e h a l f - y e a r wa s m il l ion e u r o s, 8. 4 % l o w e r t h a n t h e f i r s t s i x m o n t h s o f a n d % h igh e r t h a n t h e s e c o n d s ix m o n t h s o f O p e r a t i n g w o r k ing c a p i t a l a t m i ll ion e u r o s i n c r e a s e d b y 9 7 m il li o n e u r o s c o m p a r e d t o t h e l e v e l a t 3 1 De c e m b e r T h i s in c r e a s e a r o s e p r i n c i p a ll y in t h e f i r s t q u a r t e r o f t h e y e a r ( a n d r e f lec t s a n i n c r e a s e in n e t s a les ), g i v e n t h a t t h e r e w a s a f a ll of 9 m i ll io n e u r o s i n t h e s e c o n d q u a r t e r. O p e r a t i n g w o r k i n g c a p i t a l M i l l i o n s o f e u r o s Millions of Euros June 2018 March 2018 December 2017 Inventories 1, Trade receivables Trade payables Working Capital P a g e 10 / 16

12 T a x p a y m e n t s a m o u n t in g t o 4 9 m i l lio n e u r o s h a v e b e e n m a d e. I n v e n t o r ie s r e d u c t ion a n d g o o d m a n a g e m e n t o f w o r k ing c a p it a l h a v e a ll o w e d t h e G r o u p t o g e n e r a t e a n o p e r a t in g c a s h f l o w o f m il li o n e u r o s o v e r t h e h a l f y e a r. Pa y m e n t s f o r i n v e s t m e n t s i n p r o p e r t y, p l a n t a n d e q u i p m e n t a m o u n t i n g t o 6 3 m i ll i o n e u r o s h a v e b e e n m a d e. O p e r a t i n g c a s h f l o w r o s e t o 6 8 m i l lio n e u r o s. C o n d e n s e d c a s h f l o w s t a t e m e n t M i l l i o n s o f e u r o s Over a l l, n e t f in a n c i a l d e b t a t 3 0 J u n e wa s a t m il lio n e u r o s, a d e c r e a s e o f 7 2 m i ll ion eur o s r e la t i v e t o t h e l e v e l o n 3 1 De c e m b e r C o n d e n s e d b a l a n c e s h e e t M i l l i o n s o f e u r o s As o f 3 0 J u n e, Ac e r i n o x h a d 2, m il li o n e u r o s i n c r e d i t l ine s, 3 5 % o f w h ich we r e a v a il a b l e. P a g e 11 / 16

13 Shareholder remuneration T h e G e n e r a l Sha r e h o ld e r s M e e t ing h e ld o n 1 0 M a y a p p r o v e d t h e d i s t r i b u t i o n o f a d iv id e n d o f e u r o s / s h a r e i n c a s h, wh ic h wa s p a id o n 5 J u l y. Excellence Plans Wi t h in t h e f ir s t 1 8 m o n t h s o f it s imp lem e n t a t ion, 5 7 % o f t h e o b j e c t i v e s o f E x c e ll e n c e Pl a n V h a v e b e e n a c h ie v e d, p r o v id in g a c o n t r i b u t i o n v a lue d a t 2 9 m il li o n e u r o s. We a r e n o w wor k i n g o n E x c e ll e n c e P la n V I, t o c o n s o l id a t e t h e im p r o v e m e n t s a lre a d y a c h ie v e d a n d t o e x p lore n e w a r e a s f o r im p r o v e m e n t. We r e c a l l t h a t f o u r Ex c e ll e n c e Pl a n s h a v e a lr e a d y b e e n imp le m e n t e d, i n wh i c h t h e b e s t p r a c t i c e s we r e i d e n t i f ie d a n d a p p lie d t o e a c h o f t h e p lan t s b y m e a n s o f a n in t e r n a l b e n c h m a r k ing p r o je c t : - Ex c e ll e n c e P lan I : 9 7 m i ll ion e u r o s - Ex c e ll e n c e P lan I I : 5 3 m i l lio n e u r o s - Ex c e ll e n c e P lan I I I : 5 3 m i l lio n e u r o s - Ex c e ll e n c e P lan I V : 5 0 m i l lio n e u r o s Investments At t h e e n d o f M a r c h, t h e n e w A P - 5 a n n e a l ing a n d p i c k l ing li n e a t Ace r i n o x E u r o p a s t a r t e d u p in a t r ia l p h a s e, wit h t h e m o s t a d v a n c e d t e c h n o lo g ic a l s y s t e m s a v a il a b l e a n d a le v e l o f c o m p e t it iv e n e s s w h i c h wi ll g e n e r a t e n e w qua l ity s t a n d a r d s. W i t h t h e a b o v e, A c e r i n o x wi ll m a n u f a c t u r e a p r o d u c t wi t h h igh e r a d d e d v a lue, q u a l i t y a n d r e l ia b i lit y a n d r e d u c e its c o s t s a n d e n v ir o n m e n t a l imp a c t. T h is n e w e q u ipm e n t w il l a lso p r o v i d e f i n a l c u s t o m e r s w it h t h i n n e r g a u g e s, wi t h 1, m m wid t h s, t h u s e x p a n d in g t h e ir r a n g e o f p r o d u c t s. I m p l e m e n t a t i o n is g o in g v e r y s a t i s f a c t o r y. T h e in s t a ll a t i o n o f t h is e q u ipm e n t f o r m s p a r t o f t h e Ac e r i n o x Str a t e g i c Pl a n , wh ich p r ioriti s e s i n v e s t m e n t s o f f e r i n g r a p id r e t u r n s, o p e r a t i o n a l e x c e l l e n c e, o p t ima l u s e o f c a p a c ity a n d f in a n c ia l s t r e n g t h. Wi t h in t h is f r a m e wor k, t wo i n v e s t m e n t s f o r A c e r ino x E u r o p a a n d C o lum b u s w e r e a p p r o v e d a t t h e m e e t in g o f t h e Bo a r d o f D ire c t o r s h e ld on 2 5 Apr il. I n b o t h c a s e s i t i s a lad le f u r n a c e wh ic h wi ll i m p r o v e t h e m e lt ing p r o c e s s, a s w e l l a s t h e o p e r a t i n g c o s t s a n d q u a lit y, w h i le r e d u c i n g t h e e n v iro n m e n t a l imp a c t. P a g e 12 / 16

14 T h e i n v e s t m e n t t o t a ls 1 2 m il li o n e u r o s a t C o l u m b u s a n d 2 1 m il li o n e u r o s a t Ac e r i n o x Eur o p a, a s t h e la t t e r e n t a i ls m o r e c iv il w o r k. I n k e e p ing w ith t h e G r o u p s p o li c y, t h e p a y b a c k o f t h e s e i n v e s t m e n t s is l e s s t h a n 5 y e a r s. Financial Risk Management I n t h e f irst h a lf o f t h e y e a r, Ac e r i n o x h a s t a c k l e d t h e s a m e r i s k s a s t h o s e d e s c r i b e d i n t h e l a t e s t a p p r o v e d Ann u a l Ac c o u n t s. T h e p o li c i e s f o c u s e d o n t h e i r m a n a g e m e n t, a l s o d e s c r i b e d i n t h e r e p o r t, h a v e n o t c h a n g e d. T h e m a n a g e m e n t o f f i n a n c ial r i s k s s u c h a s t h e e x c h a n g e r a t e, p r i c e s a n d c r e d it, r e f le c t s wha t wa s a lr e a d y d e s c r ibe d i n t h e a p p r o v e d A n n u a l A c c o u n t s f o r t h e f i n a n c ia l y e a r. I n t e r m s o f t h e liq u i d i t y r i s k, A c e r ino x k e e p s 2, m il li o n e u r o s i n c r e d i t l in e s, 3 5 % o f wh ich a r e a v a i la b l e. T h e n e t d e b t u p t o 3 0 J u n e t o t a l s m i l lio n e u r o s. T h e c a s h b a l a n c e s s t a n d a t m il l ion e u r o s. T h e m o s t im p o r t a n t f in a n c i n g t r a n s a c t ion d u r i n g t h e f irst h a l f o f w a s t h e c o n c lu s io n o f t h e a g r e e m e n t f o r a n 8 - y e a r l o a n f o r a n a m o u n t o f m il l ion e u r o s wit h t h e I n s t itu t o d e Créd ito O f i c ia l ( I C O ). T h e loa n was d i s b u r s e d a t t h e e n d o f J u n e a n d m a t u r e s a t t h e e n d o f M a r c h T h e lo a n wa s g r a n t e d t o A c e r i n o x S. A. a n d t h e G r o u p h a s u n d e r t a k e n t o m a int a i n a r a t i o o f c o n s o l id a t e d n e t f i n a n c ia l d e b t t o c o n s o lid a t e d e q u ity Be lo w a m a x i m u m le v e l, t o b e t e s t e d a n n u a l ly, d u r in g t h e lif e o f t h e lo a n. Si m i lar ly, in J u n e t h e lo a n t h a t Ac e r i n o x S. A. s i g n e d wi t h t h e Eu r o p e a n I n v e s t m e n t Ban k in De c e m b e r f o r a n a m o u n t o f 7 0 m il li o n e u r o s wa s d i s b u r s e d. T h e A c e r i n o x G r o u p h a s a p p r o p r ia t e ly f u lfi ll e d a l l o f its f ina n c i a l o b l iga t i o n s. As we ll a s t h e a n n u a l c o v e n a n t f o r t h e n e w loa n a g r e e d w i t h t h e I CO a lrea d y m e n t ion e d, t h e G r o u p is b o u n d b y c o v e n a n t s f o r o t h e r loa n s u n d e r wh i c h i t m u s t m e e t c e r t a in f in a n c ia l r a t i o s o n a n a n n u a l b a s i s, a n d t h e s e c o v e n a n t s a r e d e s c r i b e d i n d e t a il in t h e G r o u p ' s Con s o li d a t e d An n u a l R e p o r t f o r t h e y e a r e n d in g 3 1 Dec e m b e r P a g e 13 / 16

15 Subsequent events On 18 J u ly t h e Eu r o p e a n C o m m is s i o n a n n o u n c e d p r o v is ion a l p r o t e c t i v e m e a s u r e s a f f e c t ing i m p o r t s o f a s e r i e s o f s t e e l p r o d u c t s. T h e s e m e a s u r e s a r e in t e n d e d t o e n s u r e t h e s u p p l y o f Euro p e a n c o n s u m e r s, a n d p r o t e c t a g a ins t t h e d ive r s ion o f e x p o r t s o f s t e e l f r o m o t h e r c o u n t r i e s t o t h e E u r o p e a n U n ion a s a c o n s e q u e n c e o f t h e t a r i f f s r e c e n t l y i m p o s e d b y t h e Un ite d S t a t e s ( Se c t i o n ). T h e s e s a f e g u a r d m e a s u r e s c a m e int o f o r c e o n T h u r s d a y 1 9 J u ly a n d w il l r e m a i n in f o r c e f o r d a y s, s u b j e c t t o p u b li c a t ion o f t h e d e f initi v e m e a s u r e s. Outlook T h e Am e r i c a n m a r k e t c o n t inu e s t o h a v e a p o s it i v e o u t l o o k f o r t h e t h ird q u a r t e r, d e s p it e t h e e x p e c t e d n e g a t i v e i m p a c t o n a ll o y s u r c h a r g e s d u e t o t h e f a ll in pric e s o f c h r o m e a n d n ic k e l. I n Eur o p e, impo r t s r e m a i n h ig h a n d a r e e x e r t i n g d o w n war d p r e s s u r e o n b a s e p r i c e s. We h o p e t h a t t h e p r o t e c t ive m e a s u r e s a n n o u n c e d b y t h e Eur o p e a n U n i o n w il l h a v e a p o s it ive e f f e c t in t h e s e c o n d h a l f o f t h e y e a r. I n v e n t o r ie s i n A s i a k e e p a t n o r m a l le v e l s. We h o p e t h a t t h is s it u a t ion wi l l a llo w p r ic e incr e a s e s i n t h e r e g ion a n d a lso l e a d t o im p r o v e p r i c e s in g l o b a l m a r k e t s. De s p i t e t h e u n c e r t a in t i e s g e n e r a t e d b y t r a d e w a r s, we a r e o p t im is t i c f o r f u t u r e m o v e m e n t s in d e m a n d. T h i s s itu a t ion, t o g e t h e r w it h g o o d le v e ls in t h e Euro p e a n m a r k e t, a ll o w s u s t o e x p e c t a g o o d t h ird q u a r t e r, in l in e wi t h t h e s e c o n d q u a r t e r ; and c u m u l a t iv e f ig u r e s f o r t h e y e a r wou ld b e a b o v e t h e s a m e p e r iod of las t y e a r. P a g e 14 / 16

16 Main economic-financial figures P a g e 15 / 16

17 Alternative Performance Measures (definitions of terms used) Sa v i n g r e l a t i n g t o t h e Ex c e l l e n c e Pl a n s : e s t i m a t e d s a v i n g o n e f f ic ien c y o n t h e b a s i s o f t h i s s t u d y d e f in e d in e a c h P lan O p e rat i n g Wo rk i n g Cap i t a l : I n v e n t o r i e s + T r a d e r e c e i v a b l e s T r a d e p a y a b le s Net Ca s h F l o w : Re s u lt s a f t e r t a x e s a n d m i n o r ity i n t e r e s t + d e p r e c i a t i o n a n d a m o r t iz a t ion Net Finan c i a l Debt: D e b t wi t h b a n k s + b o n d i s s u a n c e - c a s h Net Finan c i a l Debt / E BIT DA: N e t F in a n c ia l De b t / a n n u a li z e d E BIT D A E BIT: O p e r a t in g i n c o m e E BIT DA: O p e r a t ing in c o m e + d e p r e c ia t i o n a n d a m o r t iza t i o n + v a r i a t i o n o f c u r r e n t p r o v is io n s Debt Ra t i o : Ne t F ina n c ia l Deb t / Equ it y Net f i n a n c i a l resu l t : F ina n c i a l in c o m e f i n a n c i a l e x p e n s e s ± e x c h a n g e r a t e v a r ia t i o n s RO C E: O p e r a t ing i n c o m e / ( E q u ity + Ne t f in a n c ia l d e b t ) RO E: Re s u lt s a f t e r t a x e s a n d m in o r i t y in t e r e s t / E q u ity I C R (in t e re s t c o v e rag e ra t i o ) : E BIT / N e t f in a n c i a l r e s u l t P a g e 16 / 16

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