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1 Full year and fourth quarter 2011 February 6, 2012 Aperam 1

2 Disclaimer Forward-Looking Statements This document may contain forward-looking information and statements about Aperam and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words believe, expect, anticipate, target or similar expressions. Although Aperam s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Aperam s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of Aperam, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forwardlooking information and statements. These risks and uncertainties include those discussed or identified in Aperam s filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier). Aperam undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise Aperam 1 2

3 Introduction & overview Highlights: Health and Safety frequency rate of 0.7x in 2011 compared to 2.1x in 2010 Shipments of 1,749 thousand tonnes in full year 2011, flat compared to shipments of 1,741 thousand tonnes in full year 2010 EBITDA of USD 356 million in full year 2011, compared to USD 410 million in full year A charge of USD 36 million relating to the implementation of the Leadership Journey was recorded within the EBITDA of Q Basic earnings per share of USD (0.76) in 2011 Cash inflows from operations amounted to USD 189 million in 2011 Net debt of USD 878 million at December 31, 2011, representing a gearing of 25% Prospects: EBITDA in Q is expected to improve compared to Q due to stainless steel market rebound and the continuing progress of the Leadership Journey Net debt is expected to increase in Q compared to Q4 2011due to the stainless steel market rebound Despite a more difficult environment than anticipated, Aperam has been able to maintain a comparable performance in Q to Q and to reduce debt levels significantly Aperam 2 3

4 Full year and fourth quarter 2011 Health & Safety

5 Health & Safety Performance Frequency rate* Q 07 2Q 07 Health & safety results have improved significantly from an average frequency rate of 2.1x in 2010 to Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging 0.7x in 2011 as a result of the implementation of new measures at the end of 2010 * IISI-standard: Fr = lost time Injuries per worked hours; based on own personnel and contractors 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 4

6 Full year and fourth quarter 2011 Environment and markets

7 Environment and markets Markets China - CR 304 2B 2mm coil transaction price (USD/t)* Southern Europe - CR 304 2B 2mm coil base price ( /t)* 5,000 4,500 4,000 3,500 3,000 2,500 2,000 Nickel prices and current general economic uncertainty have put pressure on stainless steel market at the end Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging of 2011 but base prices have started to increase in 2012 *Source: SBB Dec 07 Mar 08 Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 1,250 1,200 1,150 1,100 1,050 1, Dec 07 Mar 08 Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 6 Sep 11 Dec 11

8 Full year and fourth quarter 2011 Performance and prospects

9 Performance and prospects Operations: full year 2011 Adjusted EBITDA* (USD million) FY 2010 versus FY 2011 Adjusted EBITDA* bridge (USD million) 1, (199) EBITDA Volume Net Pricing Squeeze / Stock Effect Leadership Journey FX & Others 2011 EBITDA Profit improvement Adj. EBITDA in Q1 due of to 224 market USD/t and in full internal year 2011 initiatives compared but Q2 to expected 235 USD/tto in be full more year challenging 2010 * Adjusted EBITDA is defined as operating income plus depreciation, impairment expenses and other items as defined in the Aperam Model 8

10 Performance and prospects Operations: Q & Q Shipments ( 000t) Q & Q EBITDA per division (USD million) Q Q Q Q Q EBITDA (USD million) 139* Europe (3) Brazil 26 Europe 3 Brazil Q Q Q Q Q Q Q Q Q Q Q Stainless & Electrical Services & Solutions Alloys & Specialties Profit improvement in EBITDA Q1 due to of market 124 USD/t and in internal Q initiatives compared but to Q2 145 expected USD/t in to Q3 be 2011 more challenging *A charge of USD 36 million (Europe USD 24m and Brazil USD 12m) relating to the implementation of the Leadership Journey was recorded within the EBITDA of Q

11 Performance and prospects Leadership Journey Cumulated gains and 2013 target (USD million) Key projects completed since beginning of 2011 In Brazil, VSS*, switch from LPG to natural gas and conversion of blast furnace number 2 from coke to biomass In Europe, suspension of traditional cold roll mill in Isbergues. Key projects progressing Investment in productivity including a new Hot Annealing and Pickling line in Gueugnon (France - Stainless & Electrical Steel) Investment in a new induction furnace and Electro Slag Remelting furnace at Imphy (France Alloys & Speciality) Service Center expansion in Campinas (Brazil Services & Solutions) Yield and Quality improvement, SG&A reduction through organisation simplification, Biomass development, new product growth Initiatives launched in Q YTD March 2011 YTD June 2011 YTD Sept 2011 YTD Dec 2011 Leadership Journey Industrial optimization and rationalization in Europe (from 20 tools to 17 tools) Systematic benchmarking in Brazil New sourcing initiatives Leadership Journey accelerated and increased in 2011 by an additional Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging USD 100 million by 2013 *VSS Voluntary Separation Scheme 10

12 Full year and fourth quarter 2011 Financial results

13 Financial results Fourth quarter P&L highlights EBITDA to net income (USD million) +53 (82) EBITDA (29) (53) (46) Depreciation & Impairment Operating Profit (26) Net interest & financing costs and income from other investments +2 Unrealized FX & derivative gains Pre-tax +7 Tax benefit & non-controlling interests Net income Profit improvement in Earnings Q1 due to per market share and of USD internal (0.57) initiatives the fourth but Q2 quarter expected of 2011 to be more challenging 12

14 Financial results Fourth quarter cash flow highlights Free cash flow (USD million) Free cash flow (USD million) (79) +253 (51) EBITDA Working Capital Net financial charges, taxes & others Cash-flow from operations CAPEX Free cash-flow before dividends Profit USD 176 improvement million of cash in Q1 generated due to market in Q4 and 2011 internal compared initiatives to USD but 72 Q2 million expected of cash to be generated more challenging Q

15 Financial results Fourth quarter balance sheet highlights Assets & liabilities (USD million) Equity & net debt (USD million) 807 1,520 3,654 3,999 4,167 3,580 3,443 4,156 3,443 1, ,107 1, Assets Non-current assets Working capital Liabilities Shareholder's equity Other net liabilities 31/12/ /3/ /6/ /9/ /12/2011 Net Debt Equity Profit improvement in Q1 Net due debt to of market USD 878 and million internal representing initiatives but a gearing Q2 expected of 25% to be more challenging 14

16 Full year and fourth quarter 2011 Q&A

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