Results on 31 March 2017

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(1)Acerinox | Results for the First Quarter of 2017.  . Results on 31 March 2017. Page 0 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.

(2) Acerinox | Results for the First Quarter of 2017. DISCLAIMER T his do cum ent ha s b een dr aw n u p i n go od fai th up on t he b as is of the dat a and fac ts ava il abl e on t he da y of i t s pub li cat io n and sho ul d be r ea d tog eth er w ith a ll the pu bl ic inf or m a tio n p r ov id ed and / or pu bl is hed b y AC E RI N O X, S . A. T his do cu m en t m a y con ta in sta tem ent s wi th r egar d to the fu tur e i nte nti on s, for e cas ts and e sti m at es o f A C E RI N OX , S . A. an d it s bu si ne ss . T hes e ty pe s of s tat em en ts an d/or con ten ts m ay inc lu de d ec lar a tio ns or ex pe cta ti ons wit h r eg ar d t o th e c ur r e nt pl an s, obj ect iv es and f or e ca sts of th e co m pa ny a nd its gr ou p, i nc lu din g de c lar a tio ns con cer n in g t r en ds or cir c um st an ce s whi ch m i gh t a ffe ct it s cur r e nt fi nan ci al si tua ti on and it s r at io s, r e sul ts , s tr ate gi es, pr od uct io n le v els , exp en dit ur e, cos ts , exc han ge r ate s, i nv est m en ts a nd/ o r div id end p ol ic y. I t m a y al so con tai n r ef er e nce s to t he sit uat io n a nd tr en ds of th e m ar ket of r a w m ater ia ls , esp ec ial ly n ic ke l a nd chr o m e. T hes e sta tem ent s an d co nten ts h ave b een is sue d i n good f ai th, u pon th e ba si s of th e kno wl edg e an d i nfor m at io n ava i lab le o n th e da te of th is ann oun cem ent an d, de sp ite bei ng r ea son abl e, do n ot con st itu te a guar ant ee o f fut ur e co m pl i a nc e. T hes e sta tem e nt s a nd con ten ts ar e s ub je ct t o r i s ks, un c er ta int ie s, cha nge s a nd s itu ati on s bey ond th e co ntr o l of AC E RI NO X, S. A. , m ea nin g tha t they m ay no t com pl y, in ful l or in par t, w it h wha t i s ex pec te d an d/or de c lar e d.. Ne ith er t hi s d oc um e nt nor the i nfor m at io n c ont ai ne d her ei n con st itu te an off er to s el l, pur c has e or e xch ang e or an in vi tat ion to m a ke an o ffer to buy , pur cha se or e xch ang e, or a r eco m m e nda tio n or a dvi ce r eg ar di ng any a sse t or f ina nc ia l i nstr um e nt is sue d b y the Ac er i no x Gr o up. A ny per s on who acq uir es a ss e ts s hou ld d o s o up on t he bas is o f his or her ow n ju dge m en t after r ece i vin g th e pr o fe ss ion al a dv ic e dee m ed ap pr opr iat e. No k ind of i nve stm en t act i vit y s hou ld be per f or m e d upon t he b as is o f the inf or m ati on or for e cas ts c ont ain ed in th is do cum e nt ati on. Ne ith er A C E RI NO X, S .A . nor it s s ub sid iar ie s as s um e l ia bi lit y o f an y k ind for th e dam a ges w hi ch m a y ar is e fr om an y u se of th is do cu m ent or it s con ten ts.. Page 1 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. Ex ce pt t o the ext ent r equ i r ed by the app li cab le la w, AC E RI NO X , S. A. d oe s no t as sum e any ob li gat io n t o p ub li cl y upda te it s fut ur e de cla r at i ons an d sta tem ent s, ev en whe n n ew data ar e pu bl is hed or fur th er un for ese en ev ent s wh ic h m i ght af fe ct the m ar is e. A CE RI N O X, S. A. p r ov id es infor m at io n on t he a bov e and ot her f ac tor s wh ic h m ay a ffe ct its fu tur e s tat em e nts c on cer n ing i ts bu si nes s, ex p ect ati on s a nd/ or f in anc ia l r es ult s in the do cum ent s it s ubm it s to the S pan is h Na tio na l Se cur it ies M ar k et Co m m i ss ion . A ll int er es ted p ar ti es ar e i nv it ed t o vie w the se do cum ent s..

(3) Acerinox | Results for the First Quarter of 2017. Presentation of the results for the first quarter of 2017 via webcast and telephone conference. Ac er i no x w il l m ak e a pr ese nta tio n o f t he r esu lt s for the fir st qua r ter of 201 7, in En gl ish , to da y, 27 Ap r i l, at noo n C ET , dir ec ted by M i gu el F er r and i s, Gr o up CF O, acc om p an ied by th e I nv est or R el ati on s t eam . T o ac ce ss t he p r es ent at io n vi a te le pho ne c onf er e nc e, y ou c an u se one of t he fol lo wi ng num b er s , 5- 10 m in ute s bef or e t he st ar t of the e ven t: Ca ll s fr om the U nit ed K i ngdo m : +44 ( 0) 203 14 746 07 Ca ll s fr om S pai n a nd ot her cou ntr ies : + 34 91 790 08 7 0 Yo u can f ol lo w the pr e se ntat io n via t he S har eho ld er s and I nv est or s s ec tio n of the Ac er i no x web si te ( w ww .a c er in ox. co m ) .. Page 2 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. Bo th the pr es ent at ion an d all t he aud io vi su al m a ter i a l wi ll be a va il abl e on th e Ac er i no x web si te..

(4) Acerinox | Results for the First Quarter of 2017. Results for the First Quarter of 2017. . . . . . . . . . Ac er i no x has o bta in ed a pr of it, a fter t ax a nd m i nor ity int er es ts , tot al li ng 98 m il li on Eur os , c om p ar ed w it h t he los se s o f 8 m il lio n Eur os i n th e f ir s t quar ter of 201 6 T his fi gur e ex ce eds th e am ou nt f or t he who le o f 2016 and i s th e be st qu ar ter ly r esu lt in th e las t t en ye ar s T he Gr o up ’s ne t sa le s, tota ll in g 1,2 52 m i ll io n E ur os , has inc r ea sed b y 31.4 % com p ar e d wit h t he sa m e p er io d t he pr e vio us y ear An E B IT D A of 1 91 m il li on Eur os ha s be en gen er at ed, a n a m ou nt 4 .7 t im es hig her than th at of the f ir s t q uar t er of 20 16 ( 41 m i ll io n Eur os) Ca sh ge ner a tio n ha s bee n posi ti ve i n the qu ar t er . T he ca sh f low g ene r at ed fr om the oper a ti ng ac ti vit ie s sta nds at 77 m i ll ion Eur o s T he G r ou p’ s ne t f in anc ia l debt ha s f al len to 601 m i ll ion E ur o s ( 6 20 m il li on Eu r os o n 31 De cem b er 201 6) M elt in g sho p pr odu ct ion , t ota ll ing 66 7,5 23 m i ll ion to nne s, has r i se n b y 1 6.1 % T he Boar d of Dir ec tor s wi ll p r op ose a di vi de nd of 0. 45 e ur o s per shar e to th e Gen er al Shar eho ld er s ’ M e eti ng, to be m ade ef fec ti ve in a s ing le ca sh pay m ent in Jul y T wo in dep end ent d ir ec tor s ha ve jo ine d t he B oar d of Dir ect or s T he po si ti ve tr end o f th e fi r st qu ar t er w il l co nti nue in the se co nd, a lt hou gh t her e wi ll be n o b ene fi t fr om the r e v alu ati on of the r a w m ate r i als. Results After Tax and Minority Interests Millions of Euros. Page 3 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. .

(5) Acerinox | Results for the First Quarter of 2017. Stainless Steel Market Rea l con sum pt ion ha s m ain ta ine d p os iti ve gr o w th r a tes i n a ll the m ar ket s. T he incr ea se s in r a w m ater ia l pr ic es wh ich oc cur r e d at the en d of 2 016 ha ve a c cel er at ed our sal es an d led to an im pr ov em e nt in our pr i ce s. T he Un it ed St at e s is th e m ar ke t wh ic h has h ad the m os t dyn am i c per fo r m an ce in ter m s of vo lum es a nd p r i c es, con so li dat ing th e pr i c e in cr ea se s t hat we ann o unc ed f or the f ir st q uar t er . T he inv e ntor ies ar e be lo w th e a ver age f or r e ce nt y ear s, p r o m pti ng us to a tte m pt fur the r pr ic e in cr ea se s f or t he se co nd qu ar ter , t o t ake ef fe ct fr om 1 A pr i l. T he Eu ro p e an m a rk et , a c cor d ing to o ur e st im a tes , has con ti nue d to gr o w in the f ir s t quar t er in p r ac ti ca ll y al l the m ar ket s, e xc ept f or F r ance a nd t he U nit ed Ki ngd om . Im por ts hav e i ncr eas ed b y 15 %, e sp ec ial l y ho t - r o lle d pr od uc ts, m o stl y fr om C hin a, a nd col d- r o ll ed pr od uc ts fr om I ndi a.. Prices of Stainless Steel Coil | 2.0mm cold-rolled AISI 304. Source: Platts. T he A sian m a r ket s , es pe cia ll y C hi na, h av e per f or m ed we ll in t he m a in s ta inl ess ste el con sum er app li ca tio ns . T he sig nif ic ant i ncr ea ses in pr odu ct ion h av e dr i ven i n ven tor i es up in the fir st q uar t er , pr eve nti ng a n im pr o vem ent in pr ic es, wh ic h r em ain w ell bel ow the r es t o f t he m ar ket s.. Page 4 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. 2016 – March 2017.

(6) Acerinox | Results for the First Quarter of 2017. Production T he Acer in ox Gr ou p’ s m e l tin g sh op pr odu ct ion in t h e fir st q uar t er of 2 017 ha s tot al led 667, 523 t onn es, a f igu r e 1 6.1 % h igh er tha n that f or t he sam e per i od th e pr e vio us ye ar , and ha s i m pr o ve d a t a ll th e fa ct or ie s.. Quarterly Melting Shop Production Thousands of Mt. Hot- r ol le d fl at pr odu ct io n , tot al li ng 5 92, 503 ton ne s, h as i ncr ea sed by 1 2. 6 % w ith r esp ect to t he Jan uar y- M a r ch per iod of 20 16.. Acerinox Production Thousands of Mt. In ter m s of lo ng pr o duc t, sig ns of i m pr o ve m en t h av e b egu n t o be vi si bl e in t he se ctor s m ost cl os el y li nk ed t o in ves tm e nt i n th e Un it ed St ate s, e sp ec ial ly the o i l and ga s sec tor , and t he Gr oup ’s p r odu cti on h as to ta lle d 58 , 489, a f ig ur e 8. 1 % hi ghe r than th at of t he fir st qu ar ter of 20 16 . Page 5 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. M ean wh il e, co ld- r ol led pr odu cti on, to ta ll ing 43 8,2 8 9 to nne s, ha s inc r ea sed by 4.8 % com p ar e d wit h t he fir st qu ar ter of th e pr ev iou s yea r ..

(7) Acerinox | Results for the First Quarter of 2017. Results T he r es ult s for t he qua r t er r efl ect t he im pr o vem en t in the m ar ke t co ndi ti on s and th e incr ea se in pr o duc ti on, a s w el l as the r e val ua tio n br ou ght ab out b y t he r is es in r aw m ater ia l pr ic es a t th e en d of 20 16. T he y a lso dem o nstr ate the Gr o up’ s d yn a m is m an d fle xi bi lit y w he n it com e s to c ap ita li zi ng o n op por tu ni tie s i n a c han gi n g m ar k et env ir on m en t, im pr ov in g m ar gi ns and v ol um e s. T he net sa le s, 1, 252 m il li on Eur os , h as i ncr e as ed by 31. 4 % wi th r es pe ct to the sa m e per i od th e pr e vio us year , as a r es ul t of th e in cr e as e in ac ti vi ty an d th e r is es in fin al pr ic es in al l t he m ar k ets : E ur op e ( + 29 %) , U nit ed St ate s ( + 42 %) and A si a ( +37 %) , acc or d ing to Pla tt s, for A I SI 30 4 s ta in les s ste el . Condensed Profit and Loss Account. An E BIT D A to ta ll ing 191 m il li on Eur os h as b een g ener a ted , a f igur e 4. 7 ti m es h igh er than tha t of the sa m e p er i od l ast ye ar an d 80 % hi gh er tha n th e f igur e fo r th e pr ev iou s quar t er . T he m ar g in ov e r sa les , 1 5.3 %, h ad n ot bee n r e cor d ed si nce th e se co nd quar t er o f 2 007 , de sp ite the fa ct t hat pr i ce s ar e m u ch lo wer tha n at t hat tim e, dem o nst r at ing th e le vel of com pet it iv ene ss a chi ev ed .. Page 6 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. Millions of Euros.

(8) Acerinox | Results for the First Quarter of 2017. Evolution of the quarterly EBITDA Millions of Euros. T he pr o fi t aft er ta x an d m ino r it y i nter es ts h as t ot all ed 9 8 m i ll ion Eur os ( - 8 m il li on Eur os in th e th ir d qu ar te r of 201 6) . T hi s r e su lt ex cee ds the fi gur e fo r th e who le of 2016 . T he Gr oup ’s net fin an ci al debt has fa lle n to 601 m i ll ion Eur os ( 620 m i ll ion Eu r os on 31 De cem b er 201 6) . As of 31 M ar ch , Ac er i no x has l ine s o f cr ed it am o unt ing to 1, 974 m i ll io n Eur os , 39 % of wh ich ar e a va ila bl e. Condensed Balance Sheet. T he op er at in g wo r k ing ca pit al s tan ds at 81 1 m i ll io n Eu r os ( 702 m i ll ion Eur os on 31 De cem b er 201 6) .. Page 7 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. Millions of Euros.

(9) Acerinox | Results for the First Quarter of 2017. Working capital Millions of Euros. T he gr eat er o per ati ng w or ki ng ca pit al ne eds ( 10 9 m i ll io n Eur o s) ar e du e to the incr ea se in m ar ke t act iv it y an d the r is es in raw m at er i al pr ic es . De spi te t he a bo ve, the ca sh f lo w fr o m th e op er at in g ac ti vit ie s to ta ls 7 7 m il li on Eur o s, enab li ng the Gr oup to m a i nta in it s r a te of in ve stm en t. Condensed Statement of Cash Flow. Page 8 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. Millions of Euros.

(10) Acerinox | Results for the First Quarter of 2017. Investments T he ne w Nor th A m er ica n St ain le ss br igh t ann ea lin g line an d co ld r ol l ing m i l l hav e been ins ta lle d a nd ar e un der g oi ng t es ts, w hi ch ha ve bee n sa ti sfa cto r y so far . T he wo r k on t he an nea li ng and p ic kl in g li ne an d the co ld r o ll ing m il l in Cam po de Gibr al tar con ti nue s a t a g ood pac e a nd in ac cor d an ce wi th t he dea dl ine . T h e star t - up i s env is age d a t t he end of th e y ear .. Board of Directors T he Bo ar d of Dir e ct or s , a t i ts m e eti ng he ld ye st er d ay, ap pr o ved th e app oi nt m ent s by co- o pta tio n of tw o n ew in d epen den t d ir e ct or s. M s Ro sa M ar ía Gar cía Pi ñeir o is a n Ind us tr i al Eng i neer an d ha s a m a ster ’s degr e e in Indu str ia l Or ga ni zat io n a n d M a nag em e nt f r om th e U niv er s it ie s o f Vi go and th e Na ti ona l Un iver si ty o f Ir e lan d. S he has co ndu ct ed her pr ofe ss ion al c ar eer in A l coa , o ccu py ing the po si tio n of Pr es id ent of A lc oa S pa in. She i s c ur r en tl y Glo ba l S ust ai nab i lit y V ic ePr e si den t a nd Pr es ide nt of the Al coa F ou nda ti on. M s Laur a Go nzá le z M o ler o is a gr a dua te in Ph ar m a cy fr o m the Com p lu ten se Un iver si ty of M a dr i d an d ha s a n Ex e cut iv e M B A fr om t he I E B usi ne ss S cho ol. S he h as con duc ted her pr of es si ona l car e er at in ter n at ion al ch em ica l- p h ar m a ceu ti cal c om p an ies , occ up yin g the po si ti on of C EO of M er c k in Sp ain , Pr es ide nt of M er ck in La ti n Am er ic a an d Pr e si den t of Ba yer i n Lat i n Am er i ca. Sh e ha s bee n an Ind epe nde nt D ir e ct or o f Vi sc of an S. A. and i s cu r r en tl y an I ndep end ent Dir ec tor of G r upo Ez ent is , S .A . a n d th e Ad ec co F ound at ion .. T he n ew ly ap po int ed Di r e ctor s r epl ac e t he Pr opr iet ar y Di r ec tor s Ó s car F an j ul M ar t ín and D ieg o Pr a do Pé r ez Se oane . Wi th t he se i nc or por at ion s, the Bo ar d wi ll b e m a de u p of s ix pr o pr ie tar y d ir e cto r s, s ev en ind epe nde nt dir ect or s a nd one e xe cut iv e d ir e ct or , r epr e sen tin g the C om p an y’ s c ur r e nt shar eho ld er s tr u ctur e. Page 9 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. M s La ur a G on zál ez M ol er o wa s al so a ppo in ted a s a m em ber of th e A ud it C om m itt ee i n the B oar d of D ir e ct or s m e eti ng hel d yes ter day ..

(11) Acerinox | Results for the First Quarter of 2017. General Shareholders' Meeting T he B oar d o f Di r ec tor s, at it s m ee tin g he ld ye st e r day , appr ov ed th e con ve nin g and agen da o f th e Ge ner al Sh ar eho ld er s ’ M e et ing t o be held on 1 Ju ne 2 017 . It wi ll t ak e pla ce a t Pa seo de la Ca st ell ana 33 ( the M ut ua M adr ile ña b ui ld ing) , M adr i d. T h e age nda and the pr o po sed agr e em en ts w il l b e d ul y p u bli sh ed on t he A cer ino x we bs ite ( ww w. ac er i nox .c om ) . T he abo ve a gr ee m en ts wi l l in clu de a pr opo sa l to di s tr ib ute a d iv id end o f 0.4 5 Eur os p er shar e, t o b e m ade eff ec ti v e in a si ngl e c as h pa ym en t in Ju ly . Af ter four ye ar s in wh ich the r e m un er at io n ha s be e n per f or m e d by m ea ns o f a scr ip d iv id end , th e Co m pan y ha s dec ide d t o r etur n t o a s ys t em o f c as h r e m un er at io n. T he i m pr o ve m en t i n t he r esu lt s an d c as h g ener ati o n in 20 16, the go od per f o r m an ce in 2017 and t he gr eat er s t abi li ty e xpe ct ed i n th e com ing year s h ave con v eye d the con fid en ce nec es sar y t o p r opo se thi s agr e em e nt.. Outlook T he m a r ke t c ont in ues to per fo r m wel l. T he Gr ou p’ s or der boo ks ar e ade qua t e and w il l enab le i t to i ncr e as e pr o duc tio n, l ead ing t o a fee l ing o f opt im i sm wit h a vi ew to t he sec ond qu ar ter , a lt hou gh it wi ll not en jo y t he con tr i but ion to the m ar gin r e sul tin g fr o m the r ev alu at ion of s toc ks a nd r a w m at er i al s.. Page 10 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. As we m en ti one d i n th e pr ev iou s p ub li cat ion of r esu lt s, i nv ent or i es r em a i n hi gh i n Ch ina , an d i t wi ll the r ef or e b e a dv isa bl e t o m o n itor the ir evo lu ti on in t h e co m i ng m ont hs..

(12) Acerinox | Results for the First Quarter of 2017. Page 11 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. Main economic-financial figures.

(13) Acerinox | Results for the First Quarter of 2017. Alternative Performance Measures (definitions of terms used) Savings related to the Excellence Plans: esti mated efficiency savings on the basis of the study defined for each Pl an Operating Working Capital: Inventories + Trade debtors - Trade payables Net Cash Flow : Result after taxes and minori ty interests + depreciation Net Financial Debt: Interest-bearing loans and borrowings + bond issue - cash EBIT: Operating income EBITDA: Operating income + depreciation + provisions Net financial expenses: Financial income - financial costs ± exchange rate differenc es. Page 12 / 12. WorldReginfo - bb28ad86-21d2-4e57-a30c-07c3948c1617. Debt Ratio: Net Financi al Debt/Equity.

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