Acerinox Sa · BME:ACX

Acerinox Sa — Shareholder Meeting (June 2012)

39 slides from Acerinox Sa's shareholder meeting presentation, Jun 7, 2012

  1. Slide 1: General Shareholders' Meeting Business Year 2011

    GENERAL SHAREHOLDERS´ MEETING BUSINESS YEAR 2011 ACERINOX Madrid, 7th June 2012

  2. Slide 2: Head Office of Acerinox, S.A.

    HEAD OFFICE OF ACERINOX, S.A.

  3. Slide 3: Geographical Distribution of Acerinox Net Sales

    GEOGRAPHICAL DISTRIBUTION OF ACERINOX NET SALES YEAR 2011 YEAR 2010 America 46.6% Europa 40.3% America 44.4% Europa 37.8% Oceania Oceania 0.5% Asia 8.8% 0.3% Africa Asia Africa 6.3% 5.9% 9.1%

  4. Slide 4: Acerinox Europa: Finished Product

    ACERINOX EUROPA: FINISHED PRODUCT

  5. Slide 5: Evolution of the Stainless Steel World Production

    EVOLUTION OF THE STAINLESS STEEL WORLD PRODUCTION Millons Tm Year 2007 Year 2008 Year 2009 Year 2010 Year 2011 8.3 21.4 2.5 -6.8% -5.1% +26.4% +3.3% 27.8 25.9 24.6 31.1 32.1  Europe & Africa  Asia  Americas

  6. Slide 6: Acerinox Europa: Melting Shop

    ACERINOX EUROPA: MELTING SHOP

  7. Slide 7: Acerinox Europa: Melting Shop

    ACERINOX EUROPA: MELTING SHOP

  8. Slide 8: Stainless Steel Worldwide Production

    STAINLESS STEEL WORLDWIDE PRODUCTION Thousand Mt 32.000 30.000 28.000 26.000 24.000 22.000 20.000 18.000 Annual growing rate 16.000 14.000 Years 1950 to 2011e: +5.8% 12.000 10.000 8.000 6.000 4.000 2.000 0 50 60 70 80 90 00 11 Source: VALE INCO e ISSF

  9. Slide 9: Growth of Stainless Steel and Alternative Metallic Materials

    GROWTH OF STAINLESS STEEL AND ALTERNATIVE METALIC MATERIALS Compound annual growth in % /year [1980 – 2010] Average: 2.47 Lead 1.93 Copper 2.56 Zinc 2.43 Aluminium 3.09 Steel 2.32 Stainless Steel 5.57

  10. Slide 10: Factory of Acerinox Europa

    FACTORY OF ACERINOX EUROPA 43 a SR ee =

  11. Slide 11: Quarterly Evolution of the Result After Taxes and Minorities

    QUARTERLY EVOLUTION OF THE RESULT AFTER TAXES AND MINORITIES Million euros 100 75 71 68 50 34 29 25 25 19 16 10 6 1 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -25 -29 -50 2009 2010 2011 2012

  12. Slide 12: Official Nickel Price in the L.M.E. 2010-2011

    OFFICIAL NICKEL PRICE IN THE L.M.E. [ 2010 - 2011 ] Average price: cash / three months (USD/Mt. Ni) 35,000 30,000 25,000 20,000 15,000 10,000 2010 2011 5,000 0 J F M A M J J A S O N D J F M A M J J A S O N D

  13. Slide 13: Raw Materials Price in the L.M.E. Year 2011

    RAW MATERIALS PRICE IN THE L.M.E. [ Year 2011 ] Daily values (USD/Mt, 3 months) 3,000 30,000 12,000 3,000 2,500 25,000 10,000 2,500 2,000 20,000 8,000 2,000 1,500 15,000 6,000 1,500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Nickel Copper Aluminium Zinc

  14. Slide 14: Quarterly Profit & Loss Account of the Consolidated Group

    QUARTERLY PROFIT & LOSS ACCOUNT OF THE CONSOLIDATED GROUP JANUARY - DECEMBER Million € Q1 11 Q2 11 Q3 11 Q4 11 2011 2010 Variation Net sales 1,413.35 1,147.13 1,061.29 1,050.48 4,672.24 4,500.47 3.8% Gross margin 388.81 329.84 261.07 240.24 1,219.96 1,236.28 -1.3% % over sales 27.5% 28.8% 24.6% 22.9

  15. Slide 15: Result After Taxes by Companies

    RESULT AFTER TAXES BY COMPANIES % over 1st Q. 11 2nd Q. 11 3rd Q. 11 4th Q. 11 2011 2010 Acerinox Group Thousand eruos 67.8 34.0 1.0 -29.0 73.7 -39.9% Acerinox Europa -25.9 --- NAS (million USD) 68.2 61.2 29.4 18.5 177.3 13.2% Columbus -0.3 -3.1 -8.2 -11.7 -23.3 -32.5%

  16. Slide 16: Factory of North American Stainless

    FACTORY OF NORTH AMERICAN STAINLESS

  17. Slide 17: Factory of Columbus Stainless

    FACTORY OF COLUMBUS STAINLESS

  18. Slide 18: Factory of Roldán

    FACTORY OF ROLDÁN

  19. Slide 19: Evolution of Stocks of Acerinox 2007-2011

    EVOLUTION OF STOCKS OF ACERINOX 2007 - 2011 2007 2008 2009 2010 2011 D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D 0% -5% -10% -15% -20% -25% -30% -35% -40%

  20. Slide 20: Production of Acerinox

    PRODUCTION OF ACERINOX YEAR 2011 Acerinox Variation Flat Products [Mt] Europa NAS Columbus Bahru TOTAL 2011/2010 MELTING SHOP 639,679 937,087 444,036 2,020,801 -1.9% HOT ROLLING SHOP 564,046 779,623 435,564 1,779,234 -0.2% COLD ROLLING SHOP 433,063 586,623 248,374 2,276 1,270,337 +1.6% Variation Lon

  21. Slide 21: Net Financial Debt

    NET FINANCIAL DEBT Million euros No. of times 2.8 1,084 2.6 887 10 11 10 11 NET FINANCIAL DEBT NET FINANCIAL DEBT / EBITDA

  22. Slide 22: Current Credit Lines and Situation of the Debt

    CURRENT CREDIT LINES AND SITUATION OF THE DEBT WITH FINANCIAL INSTITUTIONS YEAR 2011 USED LONG TERM DEBT CREDIT LINES 51% 80% 49% 20% AVAILABLE CREDIT LINES SHORT TERM DEBT (*) TOTAL EXISTING LINES: (*) Treasury has been deducted of the short term debt 2,142 mill. €

  23. Slide 23: Annual Return to Shareholders

    ANNUAL RETURN TO SHAREHOLDERS Euros/share 0.55 0.50 0.48 0.45 0.03 0.45 0.45 0.45 0.45 0.40 0.10 0.10 0.10 0.10 0.10 0.35 Attendance bonus AGM 0.30 0.25 Issue premium refund 0.20 0.35 0.35 0.35 0.35 0.35 0.15 Dividend 0.10 0.05 0.00 07 08 09 10 11

  24. Slide 24: Stock Market Evolution of Acerinox, S.A. & IBEX 35 (2011)

    STOCK MARKET EVOLUTION OF ACERINOX, S.A. & IBEX 35 Daily percentage data, year 2011 15% 10% 5% 0% -5% -10% -13.1% -15% IBEX 35 ACERINOX -20% -25% -24.5% -30% -35% -40% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

  25. Slide 25: Stock Market Evolution of Acerinox, S.A. & IBEX 35 (2012)

    STOCK MARKET EVOLUTION OF ACERINOX, S.A. & IBEX 35 Daily percentage data, year 2012 until 31 May 20% 15% 10% 5% 0% -5% -10% ACERINOX -15% IBEX 35 -20% -19.0% -25% -28.9% -30% -35% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

  26. Slide 26: Bahru Stainless: Laying Foundation of Phase II

    BAHRU STAINLESS: LAYING FOUNDATION OF PHASE II

  27. Slide 27: Commercial Network of Acerinox

    COMMERCIAL NETWORK OF ACERINOX Service Centers 22 Warehouses 31 Offices 21

  28. Slide 28: Award Given for the Spanish International Company

    AWARD GIVEN FOR THE SPANISH INTERNATIONAL COMPANY

  29. Slide 29: Bahru Stainless: First Coil Processed in the AP-1

    BAHRU STAINLESS FIRST COIL PROCESSED IN THE AP-1

  30. Slide 30: Factory of Bahru Stainless

    FACTORY OF BAHRU STAINLESS

  31. Slide 31: Malaysian Technicians in the Factory of Acerinox Europa

    MALAYSIAN TECHNICIANS IN THE FACTORY OF ACERINOX EUROPA

  32. Slide 32: Bahru Stainless Phase I and Phase II

    BAHRU STAINLESS  Development of a new integrated 1 million mt/year stainless steel mill in Malaysia in phases.  Current investment for phases 1 & 2: Equipments Production (000.000 USD) (Mt/year) Phase I ZM 1 + AP 1 + Finishing lines 370 240,000 Phase II ZM 2 + AP 2 + Finishing lines 310 400,000 68

  33. Slide 33: Excellence Plan

    EXCELLENCE PLAN Excellence Plan I Excellence plan II 2009 - 2010 2011 - 2012  10 chapters  15 chapters  Internal benchmarking  Internal benchmarking  Realistic targets (including part of  Realistic targets Excellence I)  Recurrent savings:  Recurrent savings: 133 million €/year 90 million €/

  34. Slide 34: Technical Assistance to Bahru Stainless Staff

    TECHNICAL ASSISTANCE TO BAHRU STAINLESS STAFF

  35. Slide 35: New Organization of Acerinox

    NEW ORGANIZATION OF ACERINOX ACERINOX, S.A. ACERINOX NAS COLUMBUS BAHRU ROLDÁN COMMERCIAL EUROPA NETWORK

  36. Slide 36: Factory of Acerinox Europa

    FACTORY OF ACERINOX EUROPA

  37. Slide 37: Recycle of Scrap

    RECYCLE OF SCRAP

  38. Slide 38: Acerinox Europa, NAS, Bahru Stainless, Columbus Stainless, Roldan, Inoxfil

    ACERINOX EUROPA · NAS · BAHRU STAINLESS · COLUMBUS STAINLESS · ROLDAN · INOXFIL

  39. Slide 39: Thank you very much.

    f SS —_— a, NG Thank you very much.

Acerinox — Shareholder Meeting (June 2012) on 6ix