DANIELI & C. OFFICINE MECCANICHE S.p.A. Buttrio (UD) via Nazionale n. 41

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1 DANIELI & C. OFFICINE MECCANICHE S.p.A. Buttrio (UD) via Nazionale n. 41 Fully paid-up share capital of euro 81,304,566 Registration Number with the Register of Companies of Udine, tax number and VAT registration number PRESS RELEASE DANIELI GROUP Danieli s Board of Directors met today, November 14, 2014, to examine and approve the interim report on operations for the quarter ended September 30, 2014, and acknowledge the result for the first three months of the tax year. INTERIM REPORT FOR THE PERIOD ENDED SEPTEMBER 30, 2014 drawn up according to IAS/IFRS international accounting principles (in millions of euro) to 30/09/2014 to 30/09/2013 Variation Revenues 657,5 580,7 13% Gross operating margin (EBITDA) 66,5 64,5 3% EBIT 43,1 41,1 5% Net profit for the period 53,9 21,7 148% Net profit attributable to the Group 53,9 21,6 150% to 30/09/2014 to 30/06/2014 Variation Net positive financial position 873,2 844,3 3% Number of employees % Group order book % (Steelmaking) % Summary of results for the first three months of the tax year Group revenue is higher than it was in the same period of the previous tax year, with increased sales in Plant Making, due to a higher volume of shipments made during the period, with no variations in the scope of consolidation and a slight drop in Steel Making sales, and selling prices holding steady without any irregular fluctuations in the cost of raw materials. Therefore, in the first quarter of fiscal 2014/2015, Group EBITDA shows reasonable profitability thanks to the results obtained in both operating segments - Plant Making and Steel Making. The outlook for the Steel Making segment points to steady sales and profits in the last quarter of 2014 as well. This quarter s result benefits significantly from a satisfactory financial component that is essentially tied to the alignment of cash expressed in US dollars to end-of-period exchange rates, positively affected by an increase in value of the dollar over the euro, whereas cash management proceeded according to the usual principle of making low-risk, easily realizable investments.

2 2 The Board of Directors has acknowledged the results for the period, pointing out that the performances of both the Plant Making and Steel Making segments, as well as maintaining a healthy order book, for the time being allow us to predict that year-end results will be in line with the forecasts made at the beginning of the year. Outlook In the third quarter of 2014 world steel production was almost 1,231 million tons, showing a 2% increase over the same period last year, thanks to increased production volumes in China, India and the Middle East, and market consolidation in the US, Japan, Russia and Europe. In 2014 the average utilization factor of existing plant production capacity has been about 77% but with substantial differences between Asia and western countries, where some plants, especially in Europe, have significantly reduced their operations and could be heading towards closure (with a 10-15% drop in existing capacity). World steel consumption is expected to grow by 2-3% per year in the next few years, albeit at half the pace of the last 5 years. Forecasts for 2015 are uncertain, as steel demand related to the market of construction and major infrastructure projects is still weak, and only in 2016 will demand become stronger in certain geographical areas, especially for quality products in the mechanical, shipbuilding and transportation industries. Summary of results by business segment (in millions of euro) Revenues 30/09/ /09/2013 Variation Plant Making % Steel Making % Total % Gross operating margin (EBITDA) 30/09/ /09/2013 Variation Plant Making % Steel Making % Total % Operating income (EBIT) 30/09/ /09/2013 Variation Plant Making % Steel Making % Total % Profit attributable to the Group 30/09/ /09/2013 Variation Plant Making % Steel Making % Total %

3 3 Strategies and Investments The Danieli Group continues to expand internationally, focusing in particular on competitiveness in terms of innovation, technology, quality, efficiency and customer service. Innovation and noble products are primarily developed in Europe whereas the design and manufacture of plants with consolidated technologies are performed in our workshops in Asia, which guarantee the same quality as those in Europe, but which mainly serve the Asian steelmaking market, where more than 65% of world steel production takes place. We continue to invest in the Steel Making segment, with the investment plan expected to be completed within the next three years, the aim being to rationalize plants, reduce energy consumption and broaden the dimensional and metallurgical range of our products, while improving quality and service for our customers. The goal is to increase our technological and qualitative competitiveness and reduce our processing costs by significantly enlarging the product range so that we can export more than 50-60% of what we produce. Based on these assumptions we believe that in 2014/2015 and 2015/2016 the Plant Making segment will be facing a market characterized by few opportunities for large orders and in any event with reduced margins; whereas in the Steel Making segment, today s market continues to be volatile, with demand and margins slightly lower than in 2013/2014. Order Book The Group s order book is well diversified according to geographical area and product line and, for the quarter ended September 30, 2014, amounts to 2,967 million euro (of which 197 million euro in the special steelmaking sector) compared to 3,079 million euro for the period ended June 30, 2014 (of which 217 million euro for special steels). Group Employees As of September 30, 2014, the Danieli Group employed 11,427 people - an increase of 3 over the number of 11,424 for the period ended June 30, Danieli Group Operations The Danieli Group essentially runs two main businesses: The first (Plant Making) is in the field of engineering and manufacture of plants including turnkey plants for the production of metals. Its principal operating companies in the Plant Making segment are in Europe (Italy, Sweden, Germany, France, Austria, The Netherlands, the United Kingdom, Russia, Spain and Turkey) and in Asia (China, Thailand, India, Vietnam), with service centers in the US, Brazil, Egypt and Ukraine. In the Plant Making sector Danieli is one of the top three manufacturers in the world for metalmaking plants and machines, leader in meltshops and plants for the production of long products (these plants produce steel in electric arc furnaces sometimes from direct reduced iron and in addition to being competitive in terms of Capex and Opex, are also environment-friendly, compared to integrated plants that use blast furnaces and coke), and second in the manufacture of plants for flat products. The second business (Steel Making) concerns the production of special steels through the companies of Acciaierie Bertoli Safau S.p.A. (ABS) and ABS Sisak d.o.o. (ABS Sisak). The steels produced in these facilities supply the automotive industry, heavy-duty vehicles, engineering, energy and petroleum industries. ABS is the number one steelmaker in Italy and among the leading ones in Europe in its field. In Friuli-Venezia Giulia the Danieli Group provides employment for about 6,000 people, either directly or through linked industries, and represents almost 40% of the yearly exports of the province of Udine and 20% of those of the region of Friuli. Attached are the Group s profit and loss account, assets and liabilities statement and consolidated financial position for the period ended September 30, 2014, compared to the data for the periods ended June 30, 2014, and September 30, 2013.

4 4 Consolidated Financial Statements of the Danieli Group (in millions of euro) to 30/09/2014 to 30/06/2014 CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (*) Assets Non-current assets 1, ,093.0 Current assets 3, ,029.1 Total Assets 5, ,122.1 Liabilities and shareholders equity Share capital Other reserves and profits carried forward, including profit for the year 1, ,466.1 Shareholders' equity 1, ,547.4 Minority interest in shareholders equity Non-current liabilities Current liabilities 2, ,116.8 Total liabilities and shareholders equity 5, ,122.1 (in millions of euro) to 30/09/2014 to 30/09/2013 CONSOLIDATED INCOME STATEMENT (*) Revenues Raw materials and consumables (359.2) (302.5) Personnel costs (101.6) (93.0) Other operating costs (130.2) (120.9) Depreciation, amortization and write-downs (23.4) (23.2) Operating income Net financial income (charges) 30.5 (9.9) Income from valuation of shareholdings in affiliates according to the net equity method (4.3) (0.7) Profit (loss) before taxes Income taxes (15.4) (8.8) After-tax profit Net loss (profit) attributable to non-controlling 0.0 (0.1) interests Group Profit (*) Please note that some items of the consolidated balance sheet and income statement are presented in abridged form compared to the schedules of the annual report.

5 5 CONSOLIDATED NET FINANCIAL POSITION (in millions of euro) 30/09/ /06/2014 Variation Non-current financial assets - Non-current financial receivables Total non-current financial assets Current financial assets - Securities and other financial receivables cash at banks 1, , Total current financial assets 1, , Non-current financial liabilities - Bank debts Total non-current financial liabilities Current financial liabilities - bank debts and other financial liabilities Total current financial liabilities Non-current net financial position (205.0) (202.1) (2.9) Current net financial position 1, , Net positive financial position Gross financial indebtedness (807.5) (796.9) (10.6)

6 6 The officer in charge of drawing up the corporate accounting documents, Mr. Alessandro Brussi, declares, pursuant to paragraph 2 of article 154 bis of the Financial Consolidation Act, that to the best of his knowledge, the accounting data in this press release correspond to the results in the accounting records, account books and book entries for the period ended September 30, CORPORATE CONTACTS: Investor relations: Mr. Alessandro Brussi (tel ) Department of Corporate Affairs: Daniela Boz (tel ) Danieli & C. Officine Meccaniche S.p.A. Via Nazionale Buttrio (Udine) Fully paid-up share capital of euro 81,304,566 Tax number, VAT registration number and registration number with the Register of Companies of Udine n Economic/administrative registration number UD84904 Telephone fax Financial statements and publications also available on the authorized data storage mechanism 1Info and on the web site: Investors' section

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