1

PRESENTACIÓN DE

RESULTADOS

ACERINOX

Ejercicio 2014

M r. B e r n a r d o Ve l á z q u e z , C E O

M a d r i d , 1 F e b r u a r y 2 0 1 7

2

D I S C L A I M E R

This document may contain forward-looking information and statements about ACERINOX, S.A., its subsidiaries and/or its management.

These forward-looking statements include financial projections and estimates and their underlying assumptions, and statements regarding the intent, belief or

current expectations or forecasts of ACERINOX, S.A. and/or its management, as well as statements regarding future performance, plans, objectives,

operations, business, strategy, capital expenditures, results of operations, markets and products. These forward-looking statements or forecasts may also

include assumptions regarding future economic and other conditions, such as future nickel or chrome prices and, in general, are subject to risks, uncertainties

and variables beyond ACERINOX’s control that can adversely affect them.

These forward-looking statements and information do not constitute historical facts and can generally be identified by the use of terms such as “expects”,

“anticipates”, “believes”, “plans”, “estimates” and similar expressions. ACERINOX, S.A. believes they all are reasonable but are not a guarantee of future

performance, prices, results of operations, benefits or dividend payout policies. ACERINOX, S.A. future financial condition, financial ratios, business, results of

operations and dividends could differ materially from those expressed or implied in or projected by such forward-looking statements, information and forecasts.

All forward-looking statements included herein are based on information available on the date hereof. Except as required by applicable law, ACERINOX, S.A.

does not undertake any obligation to publicly update or revise any forward-looking statements and information, even in the event of new information being

published or new events occurring.

Investors, holders of ACERINOX, S.A. securities and shareholders in ACERINOX, S.A. are cautioned not to place undue reliance on the forward-looking

statements and information, which speak only as of the date they were made. All subsequent oral or written forward-looking statements or information

attributable to ACERINOX, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety

by this cautionary statement.

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of

the information or opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever for any

loss arising from any use of this document, or its contents, or otherwise arising in connection with this document. Moreover, this document nor any part of it

constitutes a contract, nor may it be used for incorporation into or interpretation of any contract or other type or agreement.

The points contained in this disclaimer must be taken fully into account by all persons or entities obliged to take decisions or to draw up or to publish opinions

on securities issued by ACERINOX, S.A., in particular, by the analysts and investors reading this document. All the aforesaid persons are invited to consult the

public documentation and information that ACERINOX, S.A. reports to or files with the bodies responsible for supervising the main securities market and, in

particular, with the Spanish National Securities Market Commission (CNMV in its Spanish initials).

3

A C E R I N O X : G L O B A L P L AY E R

• S p a n i s h m u l t i n a t i o n a l c o m p a n y

• F u l l y d e d i c a t e d t o s t a i n l e s s s t e e l

• 4 . 2 b i l l i o n e u r o s t u r n o v e r ( 2 0 1 5 )

• A m o n g l a r g e s t p r o d u c e r s i n t h e w o r l d w i t h 3 . 5

m i l l i o n t o n s o f m e l t i n g c a p a c i t y

• 6 f a c t o r i e s i n 4 c o n t i n e n t s

• 6 , 5 0 6 p r o f e s s i o n a l s i n 5 c o n t i n e n t s

• P r e s e n c e i n 4 0 c o u n t r i e s w o r l d w i d e w i t h s a l e s

i n 8 0 c o u n t r i e s

4

A C E R I N O X : H I S TO RY

1 9 7 0 , i n c o r p o r a t i o n o f A C E R I N O X , S . A .

1 9 9 0 , i n c o r p o r a t i o n o f N O R T H A M E R I C A N S T A I N L E S S

2 0 0 2 , i n c o r p o r a t i o n o f C O L U M B U S S T A I N L E S S

2 0 0 9 , i n c o r p o r a t i o n o f B A H R U S T A I N L E S S A c e r i n o x , S . A . 6 7 %

N i s s h i n S t e e l H o l d i n g s C o . L t d . 3 0 %

M e t a l O n e C o r p 3 %

M A I N A C E R I N O X S H A R E H O L D E R S

A l b a P a r t i c i p a c i o n e s 1 8 . 9 6 %

N i s s h i n S t e e l H o l d i n g s C o r p . L t d . 1 5 . 4 9 %

F e y n m a n C a p i t a l S . L . ( O M E G A ) 7 . 3 1 %

B l a c k r o c k I n c . 4 . 2 9 %

M a r a t h o n A M 3 . 5 0 %

I n d u s t r i a l D e v e l o p m e n t C o r p . ( I . D . C . ) 3 . 0 5 %

S a n d e r s o n A s s e t M a n a g e m e n t L L P 2 . 8 7 %

1 0 0 % A c e r i n o x S . A .

A c e r i n o x , S . A . 7 6 %

I . D . C . 2 4 %

5

A C E R I N O X P R I N C I P L E S A N D VA L U E S

6

S TA I N L E S S S T E E L W O R L D W I D E P R O D U C T I O N

W o r l d P r o d u c t i o n o f

S t a i n l e s s S t e e l i n 2 0 1 5 :

41.5 mi l l ion Mt

S o u r c e : I S S F a n d A c e r i n o x

T h o u s a n d M t o n s

1950 1960 1970 1980 1990 2000 2010 2015

0

6.000

12.000

18.000

24.000

30.000

36.000

42.000

C o m p o u n d a n n u a l g r o w t h r a t e + 5 . 9 % ( 1 9 5 0 - 2 0 1 5 )

7

S TA I N L E S S S T E E L G R O W T H R AT E C O M PA R E D TO

A LT E R N AT I V E M AT E R I A L S

S o u r c e : I S S F

1.78

2.74

2.38

3.86

2.24

5.27

Lead

Copper

Zinc

Aluminium

Carbon Steel

Stainless steel

C A G R ( 1 9 8 0 – 2 0 1 5 )

2 . 3 4

C o m p o u n d a n n u a l g r o w t h i n % ( y e a r 1 9 8 0 - 2 0 1 5 )

8

I M P R O V E M E N T P L A N S

S i n c e 2 0 0 8 :

V A R I A B L E C O S T S : E X C E L L E N C E P L A N

F I X E D C O S T S : 1 1 0 M I L L I O N E U R

P e r s o n a l e x p e n s e s 5 4 m i l l i o n E U R

M a i n t e n a n c e 4 5 m i l l i o n E U R

O t h e r s 1 1 m i l l i o n E U R

2 0 0 9 - 2 0 1 0 E x c e l l e n c e P l a n I

2 0 1 1 - 2 0 1 2 E x c e l l e n c e P l a n I I

2 0 1 3 - 2 0 1 4 E x c e l l e n c e P l a n I I I

7 3 % 9 7 M i l l i o n E U R

5 9 % 5 2 M i l l i o n E U R

8 8 % 5 3 M i l l i o n E U R

T A R G E T A C H I E V E D :

U p t o J u n e 2 0 1 6

7 1 % U p t o J u n e 2 0 1 6

4 8 M i l l i o n E U R 2 0 1 5 - 2 0 1 6 E x c e l l e n c e P l a n I V

E X C E L L E N C E P L A N V: 2 0 1 7 - 2 0 1 8 5 B l o c k s : O p e r a t i o n s , W o r k i n g C a p i t a l , P e r s o n n e l , C o m m e r c i a l a n d S u p p l y C h a i n

R e c u r r e n t s a v i n g o f 5 0 m i l l i o n e u r o s i s e x p e c t e d

9

A C E R I N O X FA C TO R I E S

F L A T P R O D U C T L O N G P R O D U C T

1 9 7 0 | S p a i n ( A l g e c i r a s , C á d i z )

M e l t i n g S h o p

H o t R o l l i n g S h o p

C o l d R o l l i n g S h o p

1 9 9 0 | U S A ( K e n t u c k y )

M e l t i n g S h o p

H o t R o l l i n g S h o p

C o l d R o l l i n g S h o p

2 0 0 2 | S o u t h

A f r i c a ( M i d d e l b u r g )

M e l t i n g S h o p

H o t R o l l i n g S h o p

C o l d R o l l i n g S h o p

2 0 0 9 |

M a l a s i a

C o l d R o l l i n g S h o p

1 9 9 0 | S p a i n ( I g u a l a d a , B a r c e l o n a )

F i n i s h e d P r o d u c t

2 0 0 3 | U S A ( K e n t u c k y )

H o t R o l l i n g

F i n i s h e d P r o d u c t

I n t e g r a t e d w i t h t h e f l a t

p r o d u c t p l a n t

1 9 5 7 | S p a i n ( P o n f e r r a d a , L e ó n )

H o t R o l l i n g

F i n i s h e d P r o d u c t

1 0

A C E R I N O X E U R O PA

A c e r i n o x E u r o p a i s t h e l e a d i n g p r o d u c e r o f s t a i n l e s s s t e e l i n t h e S p a n i s h

m a r k e t . T h e i n t e g r a t e d f l a t p r o d u c t p l a n t , l o c a t e d i n t h e C a m p o d e

G i b r a l t a r , h a s a p r o d u c t i o n c a p a c i t y o f 1 . 1 m i l l i o n t o n s i n m e l t i n g s h o p

a n d 6 6 0 , 0 0 0 t o n s o f c o l d r o l l i n g

1 1

N O R T H A M E R I C A N S TA I N L E S S

N A S , l o c a t e d i n K e n t u c k y ( U S A ) i s a n i n t e g r a t e d f a c t o r y w i t h a p r o d u c t i o n c a p a c i t y o f

1 . 4 m i l l i o n t o n s i n m e l t i n g s h o p a n d 8 0 0 , 0 0 0 i n c o l d r o l l i n g

5 0 % o f N o r t h A m e r i c a n s t a i n l e s s s t e e l m e l t i n g p r o d u c t i o n i s m a d e b y N A S

1 2

C O L U M B U S S TA I N L E S S

C O L U M B U S S T A I N L E S S i s a n i n t e g r a t e d p l a n t l o c a t e d i n t h e

m i n i n g r e g i o n o f M p u m a l a n g a ( M i d d e l b u r g , S o u t h A f r i c a ) w i t h a

c a p a c i t y o f 1 m i l l i o n t o n s i n m e l t i n g s h o p a n d 4 8 0 , 0 0 0 i n c o l d

r o l l i n g

S i n c e i t s a c q u i s i t i o n i n 2 0 0 2 , C o l u m b u s h a s d o u b l e d i t s

p r o d u c t i o n c a p a c i t y

C o l u m b u s i s m a r k e t l e a d e r , w i t h m o r e t h a n 8 0 % s h a r e i n S o u t h

A f r i c a

1 3

B A H R U S TA I N L E S S

D e v e l o p m e n t o f a n e w i n t e g r a t e d 1 m i l l i o n t o n s / y e a r

s t a i n l e s s s t e e l m i l l . I t c u r r e n t l y h a s 4 0 0 , 0 0 0 t o n s o f

c o l d r o l l i n g c a p a c i t y

L o c a t e d n e x t t o t h e S t r a i t o f M a l a c c a , i n t h e l a r g e s t

p o r t c o m p l e x i n t h e w o r l d

4 0 % m a r k e t s h a r e i n M a l a y s i a

M a l a y s i a : s t a b l e a n d d e v e l o p e d c o u n t r y i n t h e A S E A N

a r e a , w i t h g o o d i n f r a s t r u c t u r e s a n d s t r a t e g i c l o c a t i o n

1 4

Services centres

Warehouses

Commercial offices 18

33 Commercial agents

Factories

31

26 in 26 countries

6

A t 1 2 / 3 1 / 2 0 1 5

W O R L D W I D E P R E S E N C E

1 5

N E T S A L E S G E O G R A P H I C A L D I S T R I B U T I O N

J a n - S e p t 2 0 1 6

S p a n i s h m u l t i n a t i o n a l

E u r o p e 3 6 . 4 %

A m e r i c a 4 6 . 1 %

A s i a 1 2 . 0 %

A f r i c a 5 . 2 % O c e a n i a 0 . 3 %

S a l e s i n 8 0 c o u n t r i e s

C o m m e r c i a l p r e s e n c e i n 4 0 c o u n t r i e s

1 6

O U R M A I N F I N A N C I A L F I G U R E S

M i l l i o n E U R

9M 2016 9M 2015 Variation FY 2015

NET SALES 2,914.64 3,316.08 -12.1% 4,221.43

EBITDA 223.03 245.13 -9.0% 286.23

EBIT 96.64 121.35 -20.4% 120.89

RESULT BEFORE TAXES 72.58 86.27 -15.9% 76.90

RESULT AFTER TAXES & MINORITIES 44.50 55.88 -20.4% 42.89

Net Financial Debt 678.07 788.10 -14.0% 710.75

Gearing (%) 34.06 39.35 35.13

No. of employees 6,541 6,491 0.8% 6,506

9 M 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 s h i g h e r t h a n t h e w h o l e o f t h e 2 0 1 5

1 7

S U S TA I N A B I L I T Y A N D A C C I D E N T R AT E

G l o b a l R e p o r t i n g I n c i a t i v e G - 4

A d v a n c e d L e v e l , U n i t e d N a t i o n s G l o b a l C o m p a c t

N A S , I S S F S a f e t y A w a r d 2 0 1 6

• Recordable accident incident rate = No. recordable accidents * 200,000 / No. worked hours

2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

1 8

S T R AT E G I C P L A N 2 0 1 6 - 2 0 2 0

M A I N G U I D E L I N E S

S T R A T E G I C P L A N

B e l i e f o n t h e p r o d u c t

O r g a n i c g r o w t h

P o s t p o n e i n v e s t m e n t s a t B a h r u S t a i n l e s s w a i t i n g f o r n e w

o p p o r t u n i t i e s

O p e r a t i v e E x c e l l e n c e

M a x i m u m c a p a c i t y u t i l i z a t i o n

Q u i c k - r e t u r n i n v e s t m e n t s

F i n a n c i a l S t r e n g t h

C a s h f l o w g e n e r a t o r

S t r a t e g i c p l a n

1 9

S T R AT E G I C P L A N 2 0 1 6 - 2 0 2 0

• 1 4 0 m i l l i o n e u r o s

• S t a r t u p : e n d o f 2 0 1 7

• P a y b a c k : < 5 a ñ o s

• G o a l s :

• h i g h e r a d d e d - v a l u e p r o d u c t s

• i n c r e a s e s a l e s t o d i r e c t c l i e n t

• i m p r o v e c a p a c i t y u t i l i z a t i o n

• c o s t s a v i n g s a n d r e d u c t i o n o f

e m i s s i o n s

• 1 1 6 m i l l i o n e u r o s

• S t a r t u p : f i r s t h a l f 2 0 1 7

• P a y b a c k : < 5 y e a r s

• G o a l s :

• e n t e r i n t o t h e B A m a r k e t i n t h e U n i t e d S t a t e s

• I n c r e a s e N A S c a p a c i t y u t i l i z a t i o n

• A p p l i c a t i o n s : h o u s e h o l d a p p l i a n c e s , c u t l e r y , t r u c k s ,

f i r e p l a c e s . . .

N A S : B r i g h t A n n e a l a n d Z M l i n e s i n v e s t m e n t s

A c e r i n o x E u r o p a : A P a n d Z M l i n e s i n v e s t m e n t

B A c o n s t r u c t i o n , N A S

A P a n d Z M c o n s t r u c t i o n , A c e r i n o x E u r o p a

2 0

C A PA C I T Y v s P R O D U C T I O N

U n c o n f i r m e d p r o j e c t s

I n c r e a s e s o f c a p a c i t y

M e l t i n g c a p a c i t y

M e l t i n g p r o d u c i o n

S o u r c e : A c e r i n o x

2 1

O F F I C I A L N I C K E L P R I C E I N T H E L . M . E . A N D

S TA I N L E S S S T E E L P R I C E S

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

45.000

50.000

55.000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

M o n t h l y a v e r a g e p r i c e ( U S D / M t )

F l o o r i n

n i c k e l p r i c e

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

N O R T H

E U R O P E

A S I A

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

A I S I 3 0 4 2 . 0 m m . U S D / M t , f i n a l p r i c e , a l l o y s u r c h a r g e i n c l u d e d

L o w s t a i n l e s s

s t e e l p r i c e s

S o u r c e : M e t a l B u l l e t i n a n d P l a t t s

U S A

2 2

A C E R I N O X

N o . 1 i n U S A

2 3

U S A M A R K E T

0

1

2

3

2 0 0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 1 0 1 1 1 2 1 3 1 4 1 5

I m p o r t s D o m e s t i c D e l i v e r i e s

A P P A R E N T C O N S U M P T I O N

Mi

ll

io

n

Mt

N e t i m p o r t e r m a r k e t

5 0 % o f N o r t h A m e r i c a n

s t a i n l e s s s t e e l m e l t i n g

p r o d u c t i o n i s m a d e b y N A S

B a c k t o p r e c r i s i s l e v e l i n

2 0 1 3

G r o w i n g m a r k e t

2 4

S T R E N G T H

F u l l y i n t e g r a t e d

m i l l

P r o x i m i t y t o r a w

m a t e r i a l s

F l e x i b i l i t y & s h o r t m a n u f a c t u r i n g

c y c l e

Q u i c k a c c e s s t o c u s t o m e r s

W i d e r a n g e o f p r o d u c t s

2 5 y e a r s o f e x p e r i e n c e

L e a d e r i n

c o m p e t i t i v e n e s s

2 5

F U L LY I N T E G R AT E D M I L L

N A S i s t h e o n l y S t a i n l e s s p r o d u c i n g m i l l i n N o r t h A m e r i c a t o h a v e

a l l t h e p r o d u c t i o n f a c i l i t i e s r e q u i r e d t o p r o d u c e s t a i n l e s s s i t u a t e d

i n o n e l o c a t i o n

2 6

O W N P O R T O N T H E O H I O R I V E R

P R O X I M I T Y T O R A W M A T E R I A L S

O H I O R I V E R

C H I C A G O F A R W A Y N E

P I T T S B U R G H

W E L L F O R D

L O U I S V I L L E

L I T T L E R O C K

H I G H U S E O F S C R A P v s P R I M A R Y N I C K E L A N D C H R O M E

S C R A P A R E A S

H O U S T O N

M I S S I S S I P P I

R I V E R

2 7

F L E X I B I L I T Y & S H O R T M A N U FA C T U R I N G C Y C L E

F l e x i b i l t y

a g i l i t y

a d a p t t o v o l a t i l i t y

a n d m a r k e t s

w o r k i n g c a p i t a l r e d u c t i o n

F a s t r e s p o n s e t o c u s t o m e r s

I m p o r t s r e d u c t i o n

2 8

N A S C A L I F O R N I A N A S G E O R G I A

N A S I L L I N O I S N A S P E N N S Y L V A N I A

N A S M E X I C O

N A S C A N A D A

N O R T H

A M E R I C A N

S T A I N L E S S

Q U I C K A C C E S S TO C U S TO M E R S

O n e d a y t r u c k t r a n s p o r t t o 8 0 % o f t h e U S m a r k e t

2 9

P R O D U C T R A N G E

L o n g P r o d u c t s

2 0 0 5 2 0 1 5

9 0 %

1 0 %

9 %

6 8 %

2 3 % 4 %

T A R G E T M A R K E T

o D i s t r i b u t i o n ( 7 5 % ) : T r a n s a c t i o n a l a n d C o n t r a c t o r i e n t e d

o D i r e c t O E M ( 2 5 % ) : A u t o m o t i v e e x h a u s t s y s t e m s , a p p l i a n c e , p i p e & t u b e , s i n k a n d

r e b a r f a b r i c a t o r s

S e r i e s 3 0 0 S e r i e s 3 0 0

S e r i e s 4 0 0 S e r i e s 4 0 0

S e r i e s

2 0 0

S e r i e s 3 0 0

S e r i e s 4 0 0

4 %

S e r i e s 3 0 0

S e r i e s

4 0 0

S e r i e s 2 0 0

9 6 % 7 1 %

9 %

2 0 %

F l a t P r o d u c t s

2 0 0 5 2 0 1 5

O N E S T O P S H O P O P T I O N

3 0

2 5 Y E A R S O F E X P E R I E N C E

3 1

E X PA N S I O N O F P R O D U C T L I N E , B A

M A I N A P P L I C A T I O N S

A p p l i a n c e ( w a s h e r s a n d d r y e r s )

T a n k T r a i l e r s

A u t o m o t i v e T r i m

K i t c h e n e q u i p m e n t

o D r i v e s g r e a t e r d i v e r s i t y i n t o p r o d u c t m i x

o E n t e r s N A S i n t o n e w m a r k e t w i t h o u t

s u p p l a n t i n g a n y e x i s t i n g s a l e s .

o U S c o n s u m p t i o n c u r r e n t l y s u p p o r t e d

b y 7 0 % f o r e i g n p r o d u c i n g m i l l s .

o 1 1 6 m i l l i o n e u r o s

o S t a r t u p : f i r s t h a l f 2 0 1 7

o P a y b a c k : < 5 y e a r s

3 2

T h a n k y o u v e r y m u c h f o r

y o u r a t t e n t i o n