Results as at 31 March 2019

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(1)Acerinox | Results for the First Quarter of 2019. Results as at 31 March 2019. Page 0. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. F ree t ran sl ati on from t he orig ina l in S pan is h. In th e eve nt of di scr epa nc y, the Sp ani sh - la ngu age ve rs ion prev ai ls.

(2) Acerinox | Results for the First Quarter of 2019. DISCLAIMER T his do cum ent ha s b een draw 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 orma tio n p rov id ed and / or pu bl is hed b y AC E RI N O X, S . A. T his d oc ume nt ma y con ta i n s tat eme nt s wi th reg ard t o t he fu ture i nte nt ion s, fo r eca st s and est ima te s o f A C ER IN O X, S . A. and i ts bu si ne ss. Thes e t yp es of s tat eme n ts and /or con ten ts m ay inc lu de d ec lara tio ns or ex pe cta ti ons wit h reg ard t o th e c urre nt pl an s, obj ect iv e s a nd f ore cas ts of the c omp any and its grou p , in clu di ng de c lara tio ns co ncer nin g trend s or cir cum st an ces w hic h m ig ht aff ec t i ts c urre nt f in anc ia l si tua ti on and i ts r at ios , resu lt s, stra teg ie s, prod uc tio n le ve ls , e xpe nd itur e, c ost s, e x cha nge r ate s, in v estm en t s and/ or di vi den d po li cy. I t may a lso con ta in ref eren c es to th e s itu ati on an d tre nds o f t he mark et of r aw ma ter ial s, e spe ci al ly ni ck el an d c hrom e. T hes e sta tem ent s an d co nten ts h ave b een is sue d i n g ood f ai th, u pon t he ba si s of th e kno wl edg e an d i nfor mat i o n ava il abl e o n th e da te o f th i s an nou nce men t an d, des p ite bei ng reas ona bl e, do not c on sti t ute a guar ant ee of fu ture comp li an ce. Th ese s tat em ent s a nd con ten ts ar e su bj ec t to r is ks, unc ert ain ti es, ch ang es and s it uat ion s be yo nd t h e con tro l of A C ER IN O X, S. A. , mea n ing t hat t hey m ay n ot c om ply , in f ul l or in p art, wi th w hat is exp ect ed and /or de cl ared .. Ne ith er t hi s d oc ume nt nor the i nfor mat io n c ont ai ne d her ei n con st itu te an off er to s el l, purc has e or e xc han ge o r a n i nv ita tio n t o m ak e a n o ff er to b uy, pur ch as e or e xc hang e, or a re co mmen dat io n or ad vi ce reg ard ing a ny a sse t or fi nan c ial ins trum ent is su ed by th e Ac eri no x Gro up. An y pe rs on w ho a cqu ire s as se ts s hou ld do so u pon t he b as i s of h is or her o wn ju dge men t a f ter r ece iv ing th e pr ofe ss io nal adv ic e d eeme d a ppro pri at e. No ki nd of i nve st men t a cti vi ty sh ou ld b e per form ed upo n th e b asi s o f th e i nfor mat io n or f orec ast s con tai ned i n t hi s d oc umen tat ion . Ne ith er A C E RI NO X, S. A . n or it s su bs idi ari es a ss ume lia bi li ty o f an y ki nd f or the dama ges wh ich ma y ari se from an y use of th is do cum ent or it s co nte nts .. Page 1. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. Ex ce pt t o the ext ent r equ i red 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 ure de cla rat i ons an d sta tem ent s, ev e n whe n n ew data are pu bl is hed or fur th er un for ese en ev ent s wh ic h mi ght af fe ct the m ar is e. A CE RI N O X, S. A. p rov id es infor mat io n on t he a bov e and ot her f ac tors wh ic h may a ffe ct its fut ure sta tem ent s c on c erni ng i ts bu sin es s, e xp ect ati ons and /or fin an cia l re s ul t s i n th e doc umen ts i t su bmi ts t o th e S pan is h Na tio na l S ecur it ie s M ark et C omm is sio n. Al l int eres ted p arti es are i nv it ed t o vie w the se do cum ent s..

(3) Acerinox | Results for the First Quarter of 2019. Telephone conference and live broadcast of the presentation of the results for the First Quarter of 2019. Ac eri no x w il l ho ld th e pre s enta ti on for the r esu lt s of t he fir st q uar ter o f 201 9, i n En gl ish , toda y, 13 M ay , at 10 .00 AM (C ET ) dir ec ted by Migu el Ferra nd is, Gr oup CFO , an d acc omp an ied by th e I nv est or R el ati on s t eam . T o a cc es s t he pre sen tat io n v ia te lep hon e con fer enc e, you c an us e o ne of th e fo llo w ing numb ers , 5- 10 min ute s bef ore t he st art of the e ven t: Ca ll s fr om the U nit ed K i ngdo m : +44 20 7 1 94 375 9 Ca ll s fr om S pai n a nd ot her cou ntr ies : + 34 91 114 01 0 1 F o ll ow ed by th e PI N cod e : 3 255 161 2 # Yo u c an f ol lo w th e pr es enta ti on v ia the S har eho lder s a nd I nv est ors se ct i on of th e Ac eri no x web si te ( w ww .a c erin ox. co m).. Page 2. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. Bo th the pr es ent at ion an d all t he aud io vi su al ma teri a l wi ll be a va il abl e on th e Ac eri no x web ..

(4) Acerinox | Results for the First Quarter of 2019. Results for the First Quarter of 2019. . . . . . . . E BIT D A t ota ll ed € 90 mi ll i on, a fi gur e 56 % hi gher t han t hat of the fo urth qua rter o f 2018 an d 2 4 % lo wer tha n t hat of the f irs t q uart er o f 2018 Pro fi ts af ter ta xe s a nd mi nori ty i nter est s to tal le d € 3 3 m il li on, 10 3 % more t han in t he fourt h q uar ter of 201 8 a nd 44 % le ss th an in th e f irs t quart er of 201 8 T he Gro up’ s re ven ue, to t all in g € 1, 202 m il lio n, i ncr eas ed by 6 % w it h r es pec t to t he prev iou s qu art er and fel l b y 4 % in com pari so n w ith t h e sam e per iod t he pr ev iou s yea r Melt in g pro duc ti on (6 27, 9 20 to nne s) i ncr eas ed b y 2 2 % wi th re sp ec t to t he pr evi ou s quart er and st ood 6 % lo we r tha n in the f irst qu art er of 2 018 Net f ina nc ial de bt as at 3 1 Mar ch 20 19 tot al led €5 7 3 mi ll io n (€ 552 m il lio n a s at 3 1 De cemb er 201 8), fo llo w ing the i nve st men t o f € 49 mi ll ion in tre as ury sh are s T he Gen era l S hare hol der s ’ M eet ing a ppro ve d a n 11 % in cre as e in the d iv id end (fro m €0.4 5/ shar e to €0 .50 /sh ar e) an d th e am ort isa ti on o f 2 % of A cer ino x’ s s har es , a lrea dy acq uire d T he Ex cel le nc e 360 º P la n was lau nc hed wi th t he a i m of a chi ev ing r ec urri ng annu al rise s in E B IT D A of €1 25 m il lio n f r om 202 3 o nw ard s It is ex pec ted to ma in tai n the po sit iv e t ren d o f re su lt s i n t he se con d q uar ter. Q u a r t e rl y e v o l u t i o n o f E B I T D A M i l l i o n s o f E UR ( % o f s a l e s ). Page 3. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. .

(5) Acerinox | Results for the First Quarter of 2019. Stainless Steel Market Ac ti vi ty in the f irst qu arte r impr ov ed in al l t he m ar ket s, fol lo wi ng a v ery w e ak f our th quart er. Pr ice s und erw ent a do wn ward tre nd in Ja nua ry and Febru ary , d ue to the fa ll s i n a ll oy surc har ges . P ri c e s o f s t a i n l e s s s t e e l s h e e t 2 . 0 m m c o l d - ro l l e d I A I S I 3 0 4 2018 – March 2019. In the Eu ro p ean m a r ket t he def in it iv e sa feg uard m e asur es a dop ted o n 1 Feb ru ary 20 19 larg el y corr ec ted t he err ors of t he pr el imi nar y m eas ures . A nn ual q uot as hav e bee n impo se d on th e cou ntr ie s acc oun ti ng for m ore th an 5 % o f im port s; 25 % t ari ff s wi ll b e impo se d o nce th is amo unt has be en e xc eed ed. A g lo bal quo ta, re vi sab le on a quart erl y bas is , i s bei ng ap pl ied to t he o ther c oun tri es. F or the t im e be ing , ac cor din g to o ur dat a for t he f i rst qu art er, Euro pe ’s i mp orts h av e fal len b y 27 % and i ts ma r ket s hare s tan ds at 2 2 %. The smo oth ru nni ng of t h e s ys tem wi ll boo st a ct iv it y at our f act orie s in Spa in and in S outh A fri ca, a c oun try tha t wi ll not be a ffe cte d b y t he quo ta s , o win g t o t he pref eren ti al trad e tr eat y in forc e b et wee n t he Eur ope an Un io n a nd a gr o up o f cou ntr ies i n s out her n Afr ica . As a re su lt of th e abo ve, t he fir st qu arter wit ne sse d i ncre ase s in v ol ume am ong th e loc al Eur ope an pr od ucer s, al th ough the pri ce le vel i s s til l l ow . As we und ers tan d it , th e inv ent ori es ha ve bee n corr ect ed and nor mal iz ed .. Page 4. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. Source: CRU.

(6) Acerinox | Results for the First Quarter of 2019. T he Am e ri can m a rk et is n ot immu ne to ma cro - eco no mic un cer tai nt ie s, but th e stre ngt h of it s e con omy and the ta riff s are ha vin g a po s iti ve effe ct a nd i t rem ain s t he marke t recor di ng the be st per form anc e. Inv ent orie s t ook a l itt le l o nger t o be n orma li ze d th a n in Eur ope , a pro ce ss wh i ch, a s w e under st and i t, too k p la ce i n l ate Mar ch. T he As ian m a rk ets are s u ffer ing fr om the c on cen tra tio n o f sur plu s pro duc ti on in Ch in a and Ind one si a, ca us ing s t ain le ss st eel pr ic es to fa ll to very l ow l eve ls .. Raw Materials T he corr ec tio ns e xp erie n ced b y ni ck el an d ferr o c hrom e sin ce J une las t ye ar led t o redu cti on s in a ll oy s urc har ges i n bot h Ja nuar y an d F ebrua ry. Si nc e the b eg inn i ng of th e year the pr ice of ni ck el ha s re cov ere d, r eac hi ng U SD 13, 000 /t, wh il e t hat of ferr o chr o me rose to 12 0 U S¢/ lb. i n t he sec ond qu art er.. T hes e r is es i n the p r ic e of n ic ke l and f erro chro me wi ll b e r ef le cte d in the a llo y surc har ges i n t he se con d quart er.. Page 5. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. O f f i c i a l p ri c e o f n i c k e l o n t h e L M E A v e ra g e d a i l y p ri c e f o r c a s h / t h re e m o n t h s ( US D / t ). 2 0 1 8 – 3 1 M a r c h 2 0 1 9.

(7) Acerinox | Results for the First Quarter of 2019. A v e ra g e q u a r t e rl y p ri c e o f f e r ro c h ro m e US ¢ / L b . Cr. Source: Metal Bulletin. Production T he Ace rin ox Grou p’ s me l tin g pro duc ti on i n th e f irst quart er of 201 9 (62 7,9 20 tonn es) incr ea sed b y 2 2 % wi th r es pec t t o t he pre vio us qu art er an d sto od 6 % lo wer th a n i n t he firs t q uar ter of 201 8.. Hot- r ol le d fla t pro du cti on, to ta ll ing 5 31, 074 ton nes , i ncr eas ed b y 16 % w i th r esp ect t o the f ourt h qu art er of 201 8 and f el l b y 8 % i n c omp ari son wi th t he Jan uary - Mar c h per iod of 2 018 . Mean wh il e, co ld r ol lin g produ ct ion , t ota ll in g 4 22 ,361 to nne s, in cre ase d by 1 2 % comp are d wi th th e prev io u s q uar ter an d sto od 8 % l o wer th an in t he s ame per i od of th e prev iou s ye ar. Page 6. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. Q u a r t e rl y m e l t i n g p ro d u c t i o n Thousands of tonnes.

(8) Acerinox | Results for the First Quarter of 2019. A c e ri n o x P ro d u c t i o n Thousands of tonnes. Long pr odu ct s m ai nta ine d the p os iti ve tre nd of th e pr ev iou s year . T hu s, h ot r ol lin g produ ct ion r es pe cti ve ly st ood 1 0 % an d 2 % h igh er than the f ig ure s for t he prev iou s quart er and th e f irs t q uart er of 20 18.. Results T he tur no ver o f €1 ,20 2 mi l lio n repr es ent ed a fal l o f 4 % w i th re spe ct t o th e s am e per iod of t he pre vi ou s year , a lt ho ugh a cha nge i n tren d wi t h re spe ct to th e four th qu arter w as obs erve d, w ith a 6 % inc re ase .. E BIT D A gen era ted i n the qu arter , €90 m il li on, wa s 5 6 % hi ghe r t ha n in th e pre vi ou s quart er b ut 2 4 % l ow er t ha n in the sa me p eri od o f th e pre vi ous ye ar, m ai nl y d ue to th e wea k pri ce s i n Eur ope an d A si a .. Page 7. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. Co 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 UR.

(9) Acerinox | Results for the First Quarter of 2019. Q u a r t e rl y e v o l u t i o n o f E B I T D A M i l l i o n s o f E UR ( % o f s a l e s ). Depr ec iat io n a nd amor ti sa tio n f ig ur e, tot al li ng €46 mil li on, ro se by 12 % as a res ult of the com men ce men t o f d ep reci at ion of th e n ew eq ui p ment at Acer in ox E uro pa. Pro fi ts af ter t axe s an d mino rit y in ter est s am oun t ed to €3 3 mi ll ion , a fi gu re wh ich , alt hou gh it sta nd s 44 % l ow er th an in the pre vi ous y ea r, repr es ent s a 10 3 % i mpr ovem ent on t hat of th e f our th quar t er of 20 18.. T he o pera ti ng wor kin g c ap ita l, €80 7 mi l lio n, in crea se d by €4 7 mi ll io n, ch ief ly d ue t o th e incr ea se in a ct iv it y d uri n g t he qua rter . Tr ade re c eiv ab les i ncr ea sed b y €5 1 m il li on, refl ect in g t he 6 % inc rea se in rev enu e wi th r es pec t to the pre vi ou s q uart er.. Page 8. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. Co 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 UR.

(10) Acerinox | Results for the First Quarter of 2019. March 2019. December 2018. 1,051. 1019. Trade debtors. 576. 525. Trade creditors. 820. 784. Working capital. 807. 760. Million EUR. Inventories. Ev en wit h th es e hi gher op erat ing wor ki ng c ap ita l re quir eme nts , th e op erat ing cas h fl ow sto od at €47 mi ll ion . Af ter pa yin g € 30 mi ll ion in i nv e stme nt s, a fr ee ca sh fl ow tota ll in g €17 mi ll ion w as obt ai ned . The gr oup c arri ed out a s hare bu yba ck pro gram me and, as a resu lt, i t p urc has ed tre asu ry s har es dur ing th e q uar t er to ta ll ing €4 9 m il li on.. Co n d e n s e d c a s h f l o w s t a t e m e n t. Jan - Mar. Jan - Dec. Jan - Mar. 2019. 2018. 2018. 90. 480. 118. 4 -47. -87 -74. -103 -106. - Inventories - Trade debtors - Trade creditors. -32 -51 36. -28 27 -73. -3 -141 38. Others Income tax Financial expenses Others. 51 -26 0 -21. -14 -81 -15 30. 3 -22 -4 0. EBITDA Changes in working capital Changes in operating working capital. OPERATING CASH FLOW. 47. 326. -12. Payments for investments on fixed assets. -30. -155. -34. FREE CASH FLOW. 17. 171. -46. Dividends and treasury shares. -49. -128. -1. CASH FLOW AFTER DIVIDENDS. -32. 43. -47. Conversion differences. 11. 14. -11. Variation in net financial debt. -21. 57. -57. T he n et f ina nc ia l de bt as of 31 Mar ch 2 019 st ood at €573 mi ll ion (€5 52 m il li on as a t 31 De cemb er 201 8). As at 31 M arc h, A cer ino x has cre dit l ine s a mou nti ng to € 1,8 74 m il li on, 22 % of wh ich are ava il abl e .. Page 9. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. M i l l i o n s o f E UR.

(11) Acerinox | Results for the First Quarter of 2019. Excellence 360º Plan Ac eri no x ha s la unc hed t he im ple men tat io n of t he Pl ann ing 360º pro jec t wi thi n th e frame wor k of the Ex cel le n ce 360º p lan . T he p roj ec t i s be ing co ndu cte d i n p art ner shi p wi th Mi nsa it, an In dra Gr oup co m pan y t hat col la bora te s in t he i mp le ment ati on o f th e sy st ems and c u l tura l c han ges r equ ired b y a comp reh ens iv e p roj ec t su ch as th is on e, bri ngi ng t oget her ser vi ce s su ch as bus ine ss con su lta nc y, dat a a na lyt ic s a nd so on. T he E xc el len ce 36 0º P lan see ks to pr omo te and o pti mis e t he Acer in ox Gr oup ’s bu si nes s by i ncr eas in g th e ef fi cie nc y of a ll the pro ce sse s, co mbin in g th e tra di tio na l te c hni que s of the E xce ll en ce Pl an s w it h the adv ant age s pr ov id ed by t he n ew di gi tal tra nsf ormat io n too ls. T his pl an wi ll ini ti al ly be exe cut ed b et wee n 20 19 a nd 20 23, and A cer ino x wi ll o bta in annu al E B IDT A ret urn s t ot all in g € 125 mi ll io n fr om 20 23 o nw ard s.. Shareholders’ General Meeting. T he ap pro ved di vi den d re pres ent s a n in cre as e of 1 1 % co mpar ed t o th e pr ev i ous fi sca l year , an d w il l b e d ist rib ut ed i n a f ir st p aym ent ch ar ged t o u nres tri ct ed re ser v es i n t he amou nt of € 0.3 0 per s hare (p a ya ble o n 5 Ju ne 20 19) an d a se con d pa ymen t ch arged t o the S hare I ssu an ce Pr emi um a cc oun t i n t he amo unt of €0. 20 per sh are ( pa ya ble on 5 Jul y 20 19) . More ov er, t h e Sh are hol der s’ M eet in g agree d to a ca pit al r edu cti on v ia amort is at ion o f tre as ury s hare s ac qu i red by e xe cut i on of t he shar e bu yba ck p rogram me, up t o 2 %, app rov ed by t he Bo ard of D ire cto rs in De ce mber . T hes e shar e s wi ll be amort is ed in Ma y, as ca n be re ad in th e Si gn ifi ca nt Ev ent pu bl is hed to da y i n t he CN M V. Reg ard ing the ne ws wi th in the Bo ard o f D ire ct ors , th e dec is ion s m ade dur ing the Meet in g inc lu ded t he a ppo in tmen t of Mr Ig na cio Mart ín a nd Mr Do nal d Jo hn sto n as In depe nde nt Dir ect ors , and M r P abl o Góme z G arz ón an d Mr Mi tsu o Ike da a s Pr opr iet ary D ire ct ors, wi th th e fir st re pres en tin g t he C orp orac i ó n F in an c iera Al ba an d rep la ci ng Mr Pe dro Ba ll est ero s, an d th e lat te r re pres en tin g N ipp on Ste el S ta in les s S te el C orpo r ati on an d repl ac ing Mr K ats uh is a M i yak us u. Dur ing th e M eet in g i t wa s als o a gre ed to el imi na te a po sit io n in the Boar d o f Dir ect ors , goi ng fro m 1 5 to 14 m em bers , to gra dua ll y mat ch i ts si ze t o the b oard s of c ompar ab le Eur ope an and Spa ni sh co mpan ie s.. P a g e 10. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. T he Sh areh ol der s’ Gen era l Mee tin g o f Ac eri no x S. A. hel d on 11 Apr il in Madr id appro ve d the pro pos ed re sol ut ion s li ste d in the a gen da, i nc l udi ng an in cre as e in the retur n t o shar eho ld er of €0 .50 per s hare, as op po sed to the € 0.45 th ey had bee n re ce iv i ng i n t he pas t fe w year s, c han ge s t o t he c ompo si ti on of t he B oard o f Dir ec tors a nd a re duc tio n of the num ber of mem ber s..

(12) Acerinox | Results for the First Quarter of 2019. T he cha nge s a bo ve r es ult ed i n Mr Bal le st eros , Mr Miy aku su an d Mr C ont he l eav ing th e Bo ard.. Outlook Inv ent orie s i n E uro pe an d t he U ni ted St ate s are at reas ona bl e le ve ls, ac cord i ng to t he inf orma tio n a vai la ble , an d impor ts are e xpe ct ed t o rema in c ontr ol led in bot h regi ons , des pit e wh ich , m ark et co n dit ion s r ema in ver y com pe tit iv e.. P a g e 11. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. In th i s co nt ext , t he c omp e tit iv ene ss of A cer ino x wi ll all ow to mai nta in the po si t ive tre nd of re su lt s in the se co nd qu arter ..

(13) Acerinox | Results for the First Quarter of 2019. P a g e 12. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. Main economic-financial figures.

(14) Acerinox | Results for the First Quarter of 2019. Alternative Performance Measures (definitions of terms used). Sa vin g r el atin g to th e Ex cell ence Pl an s: es ti mat e d s av ing o n e ff ic ien cy o n the ba si s of t hi s stu dy def in ed in ea ch P lan Op e rat in g Wo rk in g Cap it al: I nv ent ori es + Tr ade re cei va ble s – Tra de pa yab le s Net Ca sh F lo w: Re su lt s af ter t ax es and mi nor ity i nt er est + d epre ci at ion an d am o rtis at ion Net F in an cia l Deb t: D ebt wi th ban ks + bon d i ss uan c e - cas h Net F in an cia l Deb t / E BIT DA: N et F in an cia l De bt / a nnua li ze d E BIT D A E BIT : Op erat in g i nc ome E BIT DA: Ope rat ing i n co me + de pre cia ti on a nd a mort is a ti on + v ari at ion o f curr ent prov is io ns Deb t Ra tio : Ne t F ina nc ia l Deb t / Equ it y Net f in an cia l resu lt: F ina nci al in com e – fi nan ci al ex pen ses ± e xc han ge r ate v aria tio ns RO C E: Oper at ing i nco me / (E qu ity + Ne t f in anc ia l d e bt) RO E: Re su lt s a fte r t axe s and min ori ty in ter est / E qu ity. P a g e 13. / 13. WorldReginfo - a38855f9-dd06-4246-9b4a-9831ab81fd92. IC R (in te re st co ve rag e ra tio): E BIT /N et fin an ci al r e sul t.

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