(1)Acerinox | Results for First Quarter of 2016

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(1)Acerinox | Results for First Quarter of 2016. . Page 0 / 9. WorldReginfo - 1b234dca-7d9c-49f9-b9f1-abbc6f347b09. Results as of 31 March 2016.

(2) Acerinox | Results for First Quarter of 2016. Presentation of the Results for the First Quarter of 2016 via Webcast and Conference Call. Ac eri no x wi ll ho ld a pre se ntat io n o f t he re sul ts fo r t he F irs t Q uar ter of 20 16, i n Eng li sh , toda y, 28 Apr il , at no on C ET, dir ec ted b y the Chi e f Fina nc ial Off ic er of the Com pan y, Migu el F err and is , a cc omp ani ed by the In ve st or Rel a tio ns tea m.. T o ac ces s t he pre se nta ti on v ia c onf eren ce cal l, you can u se o ne o f the fol lo win g numb ers 5 - 1 0 m inu te s b ef ore t he st art of the e ven t:. Ca ll s fr om the U nit ed K i ngdo m: +44 (0)2 077 509 90 8 Ca ll s fr om S pai n a nd ot her cou ntr ies : + 34 91 790 08 8 2. Yo u c an fo llo w the pre se n tat ion thr oug h t h e Sh are h old ers and In ve sto rs se ct i on o f t he Ac eri no x web si te ( w ww .a c erin ox. co m).. Bo th , the pre sen tat io n a nd a ll t he aud io - vi sua l mater ia l , wi ll be a va il abl e on t he. Page 1 / 9. WorldReginfo - 1b234dca-7d9c-49f9-b9f1-abbc6f347b09. Ac eri no x web si te..

(3) Acerinox | Results for First Quarter of 2016. Results for the First Quarter 2016. . . . . . . . Ac eri no x ob ta ine d a pro fi t, a fter ta x a nd min ori ty i ntere st s, of E U R - 8 mi ll io n (31 mil li on i n the F irs t Qu arte r of 201 5), af fe cte d by t h e con tin ued drop in th e p rice of nic ke l T he Gr oup 's tur no ver o f E UR 953 mi ll ion de cre ase d by 1 6. 7 % a s c omp ared to th e same pe rio d o f t he pre vi o us year , d ue to th e l ow f in al pri ce s i n a ll mar ke ts An E BIT D A of E U R 41 m il lio n w as g ener ate d af ter mak ing a n i nve nto ry a dju stme nt of E UR 9 mi ll ion T he cas h f lo w from op erat i ng a ct iv it ies am oun ts to E UR 45 mi ll io n T he net f in anc ia l de bt o f the Gr oup i s EU R 69 3 mill io n (711 m il li on a s of 31 De cemb er 201 5) T he M arc h r esu lt s hav e been po s iti ve an d wi ll c o nti nue im pro vi ng in th e S eco nd Quar ter, pro v ide d t hat ra w mat eri al pri ce s sta bi li se. T he B oard o f D irec tor s w il l prop ose a d iv id end o f EU R 0. 45 per s har e us i ng the Sc rip D iv id end for mul a, at the Ann ual G ener al Me eti ng o f Sh areh ol der s T he Gro up is i n a dv anc e d s tag e o f it s d ebt re fin a nci ng to im pro ve fi nan ci al co s t s and ex ten d m atur it ie s. Re s u l t s A f t e r T a x a n d M i n o ri t y I n t e re s t s Millions of euros. Page 2 / 9. WorldReginfo - 1b234dca-7d9c-49f9-b9f1-abbc6f347b09. .

(4) Acerinox | Results for First Quarter of 2016. Stainless Steel Market T he F ir st Quar ter o f 20 16 has b een ch arac ter iz ed b y the s ame var iab le s th at h amper ed bus ine ss in 201 5: the co nt inu ous fa ll in r aw mat eri al pri ces , th e f lo o d o f As ian imp orts and the i nve nto rie s r edu ct ion in th e who le sa le se cto r. T he f al l i n n ic kel pr ice s, and the co ns equ ent r ed uct ion of the al lo y s urc h arge, ha s prec lud ed the rep le ni shm ent of sto ck s wh ic h tr ad iti ona ll y tak es pl ac e i n t he F irst Quar ter of the y ear. At th e c lo se of the F ir st Quar ter , re al dem and rema in ed stro ng in al l mar ket s. Inv ent ory le vel s a re a lre a dy a dju st ed, ev en b el ow norma l ra te s, a nd o ur or der b ook has sh ow n impr ove men t s . P ri c e s o f S t a i n l e s s S t e e l C o i l | 2 . 0 m m c o l d - r o l l e d A I S I 3 0 4. Source: Platts. In Eu ro p e , impo rts of c ol d rol led m ater ia l fro m Ch ina h av e de crea sed , bu t produ ct s orig ina ti ng in o ther cou ntr ies , no tab ly K orea and T a iw an, hav e ri sen in r ec ent mont hs. T hes e imp ort s h av e inc re ase d b y 16 %, re ac hin g a mark et sh are of 22 %, a c c ordi ng to our e st ima te s . Onc e inv ent ori es in th e Unit ed Stat es ha ve norm ali se d, cl ear si gn s o f i mp rove men t can be se en in mar ke t f un dame nta ls . Ba se pr ic es, wh ic h fel l sh arpl y in 2 015 , are re co ver ing , and t wo pr ic e in cre as es w ere con so lid ate d dur ing the Firs t Qu a rter , the las t o ne in M arc h . In a dd iti o n, Nor th Am eri can Sta in le ss ha s an noun ce d an add it ion al i ncr eas e for sh ipm ent s st art in g on the 1st of Ma y. Page 3 / 9. WorldReginfo - 1b234dca-7d9c-49f9-b9f1-abbc6f347b09. 2015 – March 2016.

(5) Acerinox | Results for First Quarter of 2016. T he D epar tme nt o f Co mm erce has beg un pr oce ed in gs i n th e ant i - d ump ing ca s e aga in st Ch ina , an d w e h ope it wi ll a nno un ce p rel im inar y m eas ures at the cl os e of t he T h ird Quar ter. T he de man d fo r st ai nle s s ste el is a ls o i ncr ea sin g i n Asi a af ter the Ch ine se N ew Ye ar hol ida y, an d i nv ent ori es re main l ow in t he Wu xi an d Fosh an war eho us es.. Production Melt in g s hop prod uc tio n o f the A cer ino x Grou p i n th e F ir st Q uar ter o f 20 16 of 575 , 051 M t, is 4.2 % l ow er th an th e sa me peri od of the pre v iou s y ear , bu t i s 5.4 % hi g her t han the F our th Qua rter of 20 1 5. Q u a r t e rl y M e l t i n g S h o p P r o d u c t i o n. Co ld r ol lin g pr odu ct ion , 418 , 064 M t , ha s in crea s ed b y 5 .8 % com par ed t o the F ir st Quar ter of t he pre vi ous y ear, an d by 7. 1 % w ith re s pec t to the F o urth Quar ter of 2015 , main ly d ue to in crea se d a cti vi ty in C ol umb us and Ba hru St ai nle ss . A c e ri n o x P ro d u c t i o n Thousands of Mt. Melting shop Hot rolling shop Cold rolling shop Long product (Hot rolling). Thousand Mt. 2016 Q1 575.1. Q2. Q3. 2015 Q4. Variation (%). Accumulated 575.1. Jan-Mar 600.5. -4.2%. 526.4. 526.4. 524.3. 0.4%. 418.1. 418.1. 395.1. 5.8%. 54.8. 54.8. 57.0. -3.9%. In lo ng pr odu ct s, mor e r ela ted t o in ve stm ent g oo ds , d ema nd i s st il l w ea k, whi ch i s affe ct ing ou r pr odu ct ion f i gure s.. Page 4 / 9. WorldReginfo - 1b234dca-7d9c-49f9-b9f1-abbc6f347b09. Thousands of Mt.

(6) Acerinox | Results for First Quarter of 2016. Results Net sal es o f E U R 95 3 mi ll i on sh ow s a de cl in e of 16 . 7 % wi th re spe ct t o the sa me per iod of t he pr ev io us yea r, d ue to t he fal l in p ri ces in a ll m ark et s: Eur ope ( - 18 %) , U nit ed St ate s ( - 37 %) a nd As ia ( - 29 %), a cc ord ing t o P lat t s, al l pu ll ed do wn b y the drop in nic ke l p ri ces . 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. An E BIT D A of E U R 41 mi l lio n wa s gen erat ed af ter mak ing a n inv ent ory a dju stme nt to net r eal is ab le va lue of E UR 9 m il li on. Thi s E BIT D A is si mi lar to t hat of the prev io us Quar ter, a lt hou gh it is 6 0 .0 % lo wer t han in Ja nua r y - Mar ch 20 15 . The re sul t after ta x and min ori ty in ter es t s is E UR - 8 mi ll ion . Re s u l t s A f t e r T a x a n d M i n o ri t y I n t e re s t s Millions of euros. Page 5 / 9. WorldReginfo - 1b234dca-7d9c-49f9-b9f1-abbc6f347b09. Millions of euros.

(7) Acerinox | Results for First Quarter of 2016. Wor ki ng ca pit al i s EU R 66 6 mi ll io n ( E UR 69 8 m il li on euro s as of 31 D ece mber 2015) . W o rk i n g C a p i t a l Millions of euros. Net fin an cia l d ebt o f th e Grou p i s E U R 69 3 mi ll ion (711 m il li on a s of 3 1 D ecem ber 2015) . As o f 31 Mar ch, Ac eri nox has cre dit lin es am oun ti ng to E U R 1 ,7 50 m i ll io n, of wh ic h 36 % is av ai lab le . Co n d e n s e d B a l a n c e S h e e t Millions of euros LIABILITIES Mar 16. 2015. Non-current assets. 2,229.18. 2,317.53. Current assets. 1,718.76 737.12 532.42 496.19 36.23 449.22. 3,947.94. - Inventories - Debtors Trade debtors Other debtors - Cash and other current assets. TOTAL ASSETS. Variation. Mar 16. -3.8%. Equity. 1,808.14. -4.9%. Non-current liabilities. 824.93 478.85 439.54 39.31 504.36. -10.6% 11.2% 12.9% -7.9% -10.9%. - Interest-bearing loans and borrowings. 4,125.67. -4.3%. - Other non-current liabilities. Current liabilities - Interest-bearing loans and borrowings - Trade creditors - Other current liabilities TOTAL EQUITY AND LIABILITIES. 2015. Variation. 1,913.69. 2,023.30. -5.4%. 921.27. 995.59. -7.5%. 670.84 250.43. 741.16 254.43. -9.5% -1.6%. 1,112.99. 1,106.77. 0.6%. 443.44 567.19 102.35. 449.54 566.28 90.96. -1.4% 0.2% 12.5%. 3,947.94. 4,125.67. -4.3%. At the tim e o f pri nt ing th i s do cum ent , Ac erin ox is n egot ia tin g i ts lon g - te rm d ebt, w ith the goa l of lo wer ing f ina nc ing co st s a nd ex ten di ng m atur iti es . T his r efi nan ci ng, a t an a dva nce d st age o f neg ot i ati on w ith t he ma in b ank s of th e Grou p, wi ll b e i mpl eme nte d b y t he end of Ma y .. Page 6 / 9. WorldReginfo - 1b234dca-7d9c-49f9-b9f1-abbc6f347b09. ASSETS.

(8) Acerinox | Results for First Quarter of 2016. T he c as h fl ow fro m op erat ing act iv it ie s am oun ted to E UR 45 m il li on, thu s e na bli ng t he year 's inv es tme nts to b e main ta ine d w ith t he g en erate d ca sh flo w a nd a ll ow ing t he debt to be re duc ed. Co n d e n s e d S t a t e m e n t o f C a s h F l o w. Page 7 / 9. WorldReginfo - 1b234dca-7d9c-49f9-b9f1-abbc6f347b09. Millions of euros.

(9) Acerinox | Results for First Quarter of 2016. Outlook The demand for stainles s steel remains strong and ISSF prospects ( International Stainless Steel Forum ) for 2016 show 2.9% growth, very uniform among the different reg ions: +2.8% Europe, +1.7% in America , +2.0% in China and +5.0% in rest of Asia. Raw materials, harshly discounted due to doubts about economic growth, have stabilised. Specifically, nickel seems to have hit rock bottom in February and is starting to recover slightly, as reflected in its prices and the lower inventory levels in the L ME. This situation, in combi nation with low stock levels in all markets, should enable an increase in apparent consumption and progressive recovery of market conditions, which will be moderated by the excess ca pacity installed in the sector. Base pric es have al ready improved in the United States, though they are still below those of one year ago. Prices could also be improving in Asia, in light of recent announcements about rising prices, which should also contribute to some increases in Europ e.. General Shareholders' Meeting T he Bo ard of D ire ctor s, i n i ts mee ti ng hel d yes ter day , a ppro ve d t he con ve n ing of th e Gen eral Sh are hol der s' M eet ing f or 9 Ju ne 20 16. It w il l ta ke pl ac e at Pa s eo de l a Ca ste ll ana , 3 3 (M utu a M adri leñ a bui ld ing ), Madr i d. T he age nda an d t he propo se d agree men ts w il l b e d ul y pub li she d o n th e Ac eri no x w eb sit e ( ww w. ac eri nox . com ) on 6 May. Am ong s uc h agre eme nt s wi ll b e the pr op osa l to d istr ib ute a E UR 0 .45 d iv i dend p er shar e vi a th e s crip di vi dend form ula , so tha t s hareh ol der s ca n ch oos e bet wee n paym ent i n cas h or n ew sh ares . Lik ew is e, t he Me et ing wi ll be in form ed o f al l th e m eas ures tha t ha ve b een a dopt ed t o impr ove g ood g ov erna nce o f the Comp an y, fulf il li ng th e maj ori ty of the reco mmen da tio ns fro m t he Un if ied C ode .. Page 8 / 9. WorldReginfo - 1b234dca-7d9c-49f9-b9f1-abbc6f347b09. According to the CEO of Acerinox, Bernardo Velázquez: “Within this context, Acerinox results that have already been positive in March, should continue this trend throughout the Second Quarter, which is why we will remain moderately optimistic, as we also lay our trust in lowered costs from the strides made in the Excellence Plans and improved financing conditions”..

(10) Acerinox | Results for First Quarter of 2016. Main economic-financial figures Year 2016. CONSOLIDATED GROUP. 2015. Q1. Q2. Q3. Q4. Accumulated. Jan-Mar. 575,051 526,397 418,064 54,754. 0 0 0 0. 0 0 0 0. 0 0 0 0. 575,051 526,397 418,064 54,754. 600,540 524,285 395,057 56,979. Net sales (million €). 953.35. 0.00. 0.00. 0.00. 953.35. 1,144.31. Gross operating result / EBITDA (million €). 40.99. 0.00. 0.00. 0.00. 40.99. 102.55. 4.3%. 0.0%. 0.0%. 0.0%. 4.3%. 9.0%. 0.55. 0.00. 0.00. 0.00. 0.55. 61.89. 0.1%. 0.0%. 0.0%. 0.0%. 0.1%. 5.4%. Melting shop Hot rolling shop Cold rolling shop Long product (hot rolling). % over sales EBIT (million €) % over sales Result before taxes and minorities (million €). -7.35. 0.00. 0.00. 0.00. -7.35. 48.20. Result after taxes and minorities (million €). -8.31. 0.00. 0.00. 0.00. -8.31. 31.01. Depreciation (million €). 40.20. 0.00. 0.00. 0.00. 40.20. 40.42. Net cash flow (million €). 31.89. 0.00. 0.00. 0.00. 31.89. 71.43. Number of empoyees. 6,502. 0. 0. 0. 6,502. 6,486. Net financial debt (million €). 693.41. 0.00. 0.00. 0.00. 693.41. 853.47. Debt to equity (%). 36.2%. 0.0%. 0.0%. 0.0%. 36.2%. 40.9%. Number of shares (million). 266.71. 0.00. 0.00. 0.00. 266.71. 261.70. ---. ---. ---. ---. ---. ---. Daily average shares traded (nº of shares, million). 2.84. 0.00. 0.00. 0.00. 2.84. 1.59. Result after taxes and minorities per share. -0.03. 0.00. 0.00. 0.00. -0.03. 0.12. Net cash flow per share. 0.12. 0.00. 0.00. 0.00. 0.12. 0.27. Return to shareholders (per share). Page 9 / 9. WorldReginfo - 1b234dca-7d9c-49f9-b9f1-abbc6f347b09. Production (Mt.).

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