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1 © Aperam 1

Exane BNP Paribas Basic Materials Conference April 7th, 2016

Timoteo Di Maulo – Chief Executive Officer

2

Disclaimer

Forward-Looking Statements

This document may contain forward-looking information and statements about Aperam and its subsidiaries. These

statements include financial projections and estimates and their underlying assumptions, statements regarding

plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe,” “expect,”

“anticipate,” “target” or similar expressions. Although Aperam’s management believes that the expectations

reflected in such forward-looking statements are reasonable, investors and holders of Aperam’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many

of which are difficult to predict and generally beyond the control of Aperam, that could cause actual results and

developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in

Aperam’s filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de

Surveillance du Secteur Financier). Aperam undertakes no obligation to publicly update its forward-looking statements or information, whether as a result of new information, future events, or otherwise.

Exane BNP Paribas Basic Materials Conference

Aperam’s fundamentals

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4

Solid and diversified sources of profitability

Aperam is number 1 in South America, number 2 in Europe in stainless steel and world number 4 in Nickel Alloys

Source: Aperam


Aperam EBITDA breakdown (FY 2015)

Stainless & Electrical Steel

Stainless & Electrical Steel -

Brazil 37%

Services & Solutions

8%

Alloys & Specialties

8%

Aperam sales breakdown by destination (FY 2015)

Europe 65%

Brazil & Latin America

18%

Asia & Africa 10%

USA 7%

Europe 46%

5

A restructured and efficient European footprint able to seize market opportunities


Aperam is well positioned in the core markets in Europe, with optimal loading of its most efficient assets

* Full time equivalent excluding Bioenergia ** Quarterly average

HAP 3

CR 4 CR 3 CR 2

CAP 1 BAL CAP2

Skin 3 Skin 1

HAP 3

CR 2

Skin

CR 1

CAP 2

LC2I

RD 79

CR 2 CR 4 CR 3 CR 5 CR 6

CAP10 BA 6

BA 8

Skin 3 Skin 1

BA 11

Skin 2

HA&P lines

CR mills

CA&P/ BA lines

Skins Skin 2

GENK ISBERGUES GUEUGNON

Long term suspension

Mothballing & Swing

Combination of RD7 and HAP9 and investment

Aperam downstream rationalization in EU from 29 tools to 17 tools

Core Markets

Capital goods, chemicals & energy

Auto, distribution & 1st transformation

Decoration trim, heat exchanges & white goods

On-going investments focused on performance improvement

0

100

200

300

400

500

600

7 500

8 000

8 500

9 000

9 500

10 000

10 500

Aperam productivity evolution, average

Q4 2010

av. 2011

av. 2012

av. 2013

av. 2014

Number of employees* (LHS) Shipments** in kt (RHS)

av. 2015

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Unique asset base in South America perfectly adapted to the domestic market


The sole stainless steel producer in South America with a complete range of products and flexible production equipments to support it customers’ needs and projects

Montevideo (Uruguay)

Ribeirão Pires

Buenos Aires (Argentina)

Range of products

Grain oriented electric steel (GO) has the magnetic properties optimized in the rolling direction, aiming its use in stationary machines such as transformers.

South American Footprint

A complete range of stainless steel grades (austenitics, ferritics, duplex, martensitics)

Stainless steel

Grain oriented electrical steel

Non-grain oriented electrical steel

Special carbon steel

Non-grain oriented electric steel (NGO) has similar magnetic properties in all directions, aiming its use in electric motors and generators with moving parts.

Completing product portfolio with alloyed, high, medium other special carbon steel.

Campinas

Timoteo

Caxias do Sul

Peru

Ecuador

Caracas (Venezuela)

Colombia

Rep offices, sales agencies

Melt shop, Hot/Cold rolling

Service Centers

Tubes mills and Cutting centers

Sumaré

7

Services & Solutions Division offers a key competitive advantage to sustain market share and capture growth opportunities

An industrial footprint in Europe and South America, perfectly complemented with global service centres and sales network


Sales subsidiaries and representative offices Steel Service Centers Sales agencies Finishing line Steel making

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A leading position in nickel alloys

Source: SRM, Aperam

Global nickel alloys producers (kt in 2014)

0

5

10

15

20

25

30

35

40

Spe

cial

Met

als

Alle

ghen

y

VD

M

Ape

ram

A&

S

Car

pent

er

Nip

pon

Yaki

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Hay

nes

Hita

chi

Sum

itom

o

Dai

do


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Aperam Alloys & Specialties geographical footprint

Imphy

Meltshop, wire mill, cold rolling, bars, R&D

Amilly

The magnetic parts company

Rescal

Wire drawing

ICS (JV)

Diversification into industrial clads

Imhua

Transformation workshop

World #4 in nickel alloys, the largest on Wire Rods

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0

100

200

300

400

500

600

2016 2017 2018 > 2019

A solid funding structure

A robust balance sheet and debt structure


[1] Assuming convertible bonds 2017 & 2019 reimbursement. BBF fully undrawn at end of 2015.

Convertible bonds BBF Others

Total Financial Debt breakdown as of December 31, 2015 [1]

Financial Debt maturity profile (USD million) as of December 31, 2015 [1]


Environment and markets

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11

Asian stainless steel overcapacity remains

Pace of new production capacities coming onstream is starting to come down


Source: CRU and Aperam estimates

-

5

10

15

20

Upstream operational capacity of the Chinese industry Downstream operational capacity of the Chinese industry

-

10

20

30

40

12

European restructuring is completed

European capacity is now adapted to the European stainless steel flat market

Source: CRU and Aperam estimates


3,5

4,0

4,5

2011 2012 2013 2014 2015E 2016F2015

Upstream operational capacity of the European industry, mt Downstream operational capacity of the European industry, mt

6,5

7,0

7,5

8,0

8,5

2011 2012 2013 2014 2015E 2016F2015

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South American stainless steel apparent demand impacted by slowdown in Brazil

Long term fundamentals remain encouraging in South America with an expected CAGR of 2-3% looking ahead

Sources: CRU and Aperam estimate


Brazilian Stainless steel apparent demand (in kt)

0

50

100

150

200

250

300

350

400

2011 2012 2013 2014 2015E

Stainless steel flat stainless steel consumption per capita (kg/year)

0

1

2

3

4

5

6

7

8

South America USA Western Europe

China

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Chinese marginal cost

FOB, CIF, clearance and transportation

costs

Imports duty

Anti-dumping Chinese landed cost in Brazil

Chinese marginal cost

FOB, CIF, clearance and

transportation costs

Anti-dumping Chinese landed cost in Europe

Both domestic markets of Aperam have tariff measures

Anti-dumping in both Europe and Brazil against unfair market behavior were announced for a period of 5 years

Source: SBB/Platts, Steelfirst, http://www.eurofer.be/News%26Media/Press%20releases/20150827%20antidumping%20SSCR%20China%20Taiwan.fhtml


Chinese marginal cost player to landed costs in Brazil (USD/t) Chinese marginal cost player to landed costs in Europe (USD/t)

• 14% of imports duties on all products categories of Aperam.

• Anti-dumping ranging from 133 up to 1077USD/t on Stainless and non-grain oriented electrical steel products

• Anti-dumping duty rates of up to 25.3% on SSCR imports from China, and up to 6.8% on imports from Taiwan.

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0

100

200

300

400

500

2013 2014 2015E

Chinese NPI production Ferronickel imports (Ni content)

The nickel price has reached a level below the cost of NPI production

Subsequent to the Indonesian ban, with tightening NPI supplies, Chinese imports of Ferro Nickel are rising


Breakdown of Chinese nickel imports, in kt

Nickel – LME Cash (USD/t)

* Nickel Pig Iron – Blast Furnace – Electric Arc Furnace - Rotary Kiln Electric Furnace Source: SBB, Heinz Pariser & Aperam estimates

NPI – BF*

NPI – RKEF*

NPI – EAF*

6 000

8 000

10 000

12 000

14 000

16 000

18 000

20 000

22 000

24 000

26 000

28 000

30 000

16

0%

10%

20%

30%

2012 2013 2014 2015E*

Chinese prices European prices

European stainless steel prices have shown the best resilience

Europe remains an open market with anti-dumping measures targeting unfair imports

Source: SBB, SPAS and Aperam estimates * Q4 2015 estimated based on Eurofer figures


Chinese versus European CR 304 2B 2mm coil transaction price (USD/t)

Colled rolled stainless steel products imports in Europe, in %

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000


Aperam performance

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18

0

1

2

3

4

5

6

7

2007 2008 2009 2010 2011 2012 2013 2014 2015

ISSF Aperam

Health & Safety remains the first priority

Continue journey of progress and avoid unacceptable accidents and fatalities

* LTI Frequency Rate = lost time Injuries per 1.000.000 worked hours; based on own personnel and contractors

# ISSF 2015 data not yet available

Aperam performance

Aperam LTI frequency rate* Aperam and industry LTI frequency rate*

0

1

2

3

4

2007 2008 2009 2010 2011 2012 2013 2014 2015

N.A

. #

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Aperam performance Year on Year evolution of profitability

Continuous solid improvement of the operating performance as well as the net result

-111 -100

95

172

2012 2013 2014 20152012 2013 2014 2015

Ebitda evolution (mUSD)

Net result evolution (mUSD)

4,1%

5,7%

10,0% 10,6%

Ebitda from operations Ebitda from sale of electricity surplus X Basic EPS (USD)

2,21

1,21

-1,28 -1,39

Total Ebitda as % of Sales

498 490

292 217

X Ebitda (mUSD)

217

292

547 501

234

428 437

9

87

4260 58 44

2013 2014 2015 2013 2014 2015 2013 2014 2015

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Aperam performance Fourth quarter operating performance

EBITDA of 266 USD/t in 2015 compared to 302 USD/t in 2014

[1] Difference with total Aperam’s quarterly Ebitda comes from the Others & Eliminations. [2] Gains from electricity surplus of USD 57 m in 2014 and USD 3 m in 2015.

Yearly EBITDA evolution per division (USD million) [1] , [2]

Yearly shipments evolution (‘000t)

Stainless & Electrical Services & Solutions Alloys & Specialties

1.6831.728

1.8131.886

2012 2013 2014 2015

Brazil 195

Europe

243

Brazil 223

Europe

204 Brazil 159

Europe

76

94 95

28 9 8

Q3 2015 Q4 2015 Q3 2015 Q4 2015 Q3 2015 Q4 2015

439

469

486

455

476

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

104129

108 105

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

155133

117

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Aperam performance Fourth quarter operating performance

EBITDA of 221 USD/t in Q4 2015 compared to 237 USD/t in Q3 2015

[1] Difference with total Aperam’s quarterly Ebitda comes from the Others & Eliminations.

Q4 2015 EBITDA per division (USD million) [1]

Shipments (‘000t)

Stainless & Electrical Services & Solutions Alloys & Specialties Gains from sale of electricity surplus in Brazil

EBITDA (USD million)

440 455 466 478510

575

250

300

350

400

450

500

550

600

Q1 2015 Q2 2015 Q3 2015 Q4 2015 End of 2016

End of 2017

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Aperam performance

Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging Continuous solid progress on the Leadership Journey reaching USD 478 million at the end of December 2015

Leadership Journey®

Cumulated gains (USD million) Key projects completed since beginning of 2011 • In Brazil, VSS*, switch from LPG to natural gas and conversion of blast

furnace number 2 from coke to biomass.

• In Europe, - Suspension of traditional cold roll mill in Isbergues - Completion of the new hot annealing and pickling line in Gueugnon - Industrial optimization and rationalization (from 29 to 17 tools)

• In Services & Solutions, Service Center expansion in Campinas

• Alloys & Speciality, completion of the Imphy meltshop enhancement

• Closure of Firminy (Precision)

• Yield and Quality improvement, Sourcing initiative, SG&A reduction through organisation simplification

• Debottlenecking the finishing line of the Imphy Wire Rod mill (A&S)

• Productivity increase of the downstream facilities in Genk, Gueugnon, Isbergues and Timoteo

• Upgrade of the Grain Oriented Electrical Steel operations in Timoteo

Key projects progressing

2,60

2,20

3,76

2,36

0,98

0,63

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

2010 2011 2012 2013 2014 2015

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Aperam performance Sustainable cash flow from operations across the cycles

Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging Healthy Balance Sheet at the end of 2015 with a Net Debt of USD 316 million, representing a gearing of 14% and a Net Debt / EBITDA ratio of 0.6

[1] Debt Gearing defined as Net Debt divided by Equity. Net Debt / EBITDA is equal to Net Debt at end of the years divided by last 12 month rolling EBITDA

Aperam net debt and gearing[1] evolution (USD million)

Aperam Net Debt / Ebitda evolution, x

1066 878 816690

536

316

29%

26% 26%23%

20%

14%

0%

5%

10%

15%

20%

25%

30%

0

200

400

600

800

1 000

1 200

2010 2011 2012 2013 2014 2015

Net debt Gearing


Aperam’s value strategy: A customer driven company focused on its self-help story

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Leverage Aperam’s unique position in Europe

The closest location to the scrap generating regions in Europe as well as the major stainless consumers

Aperam’s value strategy

Outokumpu

Acerinox

Aperam

Finishing line Steel making

Terni

European stainless steel industry footprint after restructuring Key strengths of the European operations of Aperam

Sourcing

Logistics

• The only integrated upstream operations in the heart of Europe, with the best access to scrap supply

• Best location to serve the biggest consumption areas of Europe

• Performant logistics between sites for a working capital management at the benchmark of the industry

Production

• Full range of products

• Flexibility and available capacity

• A strategy to be a cost benchmark on the key products of Aperam

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Optimise value creation in South America thanks to a perfectly adapted asset base and flexible sales management

The mitigation plan put in place by Aperam South America has enabled to fully offset the negative impacts in 2015 and further develop loyalty of domestic customers


Key pillars of the mitigation plan in Brazil

Portfolio management

Domestic penetration

• Preferred supplier plan with best in class deliveries,

• Performant logistics with integrated service centers

• Support stainless steel substitution in South America

Cost competitiveness

• Ensure full utilisation rate with the best margin thanks to a wide range of products and geographical sales optimisation

• Develop new grades with higher added value (stainless substitution, HGO)

• Benchmark and best practice with European operations

• Leadership Journey on-going to improve equipments productivity

• Continuous improvement to at least compensate the inflation

Aperam’s assets optimisation in South Amercia

Timoteo meltshop 900kt capacity

• Stainless steel

• Electrical steel • Non grain oriented • Grain oriented • High grain oriented *

• Special carbon

Product mix Geographical mix

• Brazilian asset running at optimal utilisation rate with the current demand • Projects on-going to debottleneck the cold rolling operations • Upgrade of the Grain Oriented products with the development of HGO • Continuous margin optimization between products mix and deliveries in South America

Brazilian penetration

Exports

27

Unlocking value of Aperam’s best performing assets

Leadership Journey program additional gains of about USD 100 million targetted over next 2 years to reach USD 575 million by end 2017, partially also from asset base upgrade projects


Upgrade program launched on best performing assets since 2014 Leadership Journey initiatives since 2011 by typology

Launched at the early stage of the program, the restructuring initiatives are focused on the closure or mothballing of non-competitive capacities and the reduction of fixed costs through, in particular, process simplification

Restructuring

Cost cutting projects

Performance projects

In parallel to the restructuring initiatives, major cost cutting investments have been launched with the goal to improve the industrial footprint and to reduce the number of tools.

Several performance projects have been launched In order to reinforce the existing continuous improvement program and accelerate cost reduction. In particular, specific action plans have been implemented for sourcing, IT and SG&A.

• Productivity improvement of the downstream facilities in Genk (CAP2), Gueugnon (CAP10) and Timoteo (Sendzimir Mill #1).

• Upgrade of the Wire Rod mill in A&S

• Upgrade of GO operations in Brazil with development of HGO

• Upgrade of CAP 2 in Genk

• Upgrade of LC2i in isbergues

Tranche 1 USD52m of Capex

2014 - 2015


2015 - 2016

• Efficiency and competitiveness improvement of the lines CR6 and BA8 in Gueugnon

• Upgrade of compact box annealing furnaces of the Wire Rod mill in A&S


2015 - 2017

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Strengthening product and service differentiation Aperam’s value strategy

Shipments of Top Line products developments in kT

Good progress on Top Line development and innovation plan to support European growth and mitigate the impact of the current Brazilian environment

0

50

100

150

200

250

2014 2015E 2016F

• Toplines are commercial projects focusing on development of Aperam’s most profitable product, segment, client or geographical areas.

Top Line mindset

Innovation focus

• Among the Top Line products, specific focus is allocated to develop the innovative products (new products or application development). This allows niche presence as well as much higher margins.

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Aperam’s value strategy Priority on maintaining a strong Balance Sheet consistent with Investment Grade Financial ratios with cash resources allocated to:

Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging A financial policy to maximize the long term growth of the company and the value accretion for its shareholders. The 2016 quarterly dividends will be paid on March 30, June 14, September 12 and December 12.

Invest in sustaining and upgrading the company’s assets base to continuously reinforce Leadership Journey and Top Line Strategy

Company sustainability

A base dividend of $1.25/sh (subject to AGM approval), anticipated to progressively increase over time (as the company continues to benefit from its strategic actions and capture growth opportunities). The company targets a NFD/EBITDA ratio of <1x (through the cycle). In the (unlikely) event that NFD/EBITDA exceeds 1x then the company will suspend the cash dividend.”

Dividend Policy

Compelling Growth and M&A opportunities with high hurdle rate 3 Value Accretive Growth & M&A

Remaining excess cash will be utilized in the most optimal way 4 Extra Cash Utilization

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• LITFR : 1 • Absenteeism: 2.2% • Performance review 87% Blue &

White collars • Among Brazilian top companies to

work for [2]

Sustainability is fully embedded in Aperam Strategy Aperam’s value strategy

[1] 2015 figures pertaining to environment are in final preparation and will be published with the sustainability report [2] For the fifth consecutive year, Aperam South America was selected as one of the best companies to work for by Guia Você S/A, in recognition of our work on employee health and wellbeing. [3] Per ton of crude steel

A clear program strenghthening Aperam strategic objectives and sustainability

Consider Safety as our first duty to our People.

Then Training & Career Development ensures motivation & efficiency.

Stainless Steel is greenest material being fully recyclable.

Aim to reduce our production costs & impacts to provide 100% recyclable

energy-efficient steel solutions.

Lead by example with strong sense

of ethics & integrity and through constant engagement

with all our Stakeholders in quest of mutually beneficial

solutions

• LITFR : 1 • Absenteeism: 2 • Performance reviews coverage:

100%

• Reduce by 35% CO2 intensity[2] by 2020 vs. 2007

• Reduce by 5% Energy intensity[2] by 2020 vs. 2012

• Become a zero-waste firm for landfill

• Maximize usage of charcoal from self cutivated forests in Brazil

• Majority BOD members being independent

• Executive remuneration linked to CSR indicators

• Full Compliance plan deployment • Become ‘Preferred Supplier’ • Strong audit and risk management

including whistleblowing policy

Priorities & targets Recent achievements[1]

People

Environment

Governance

Our vision

• 35% CO2 reduction[3] cuts realised

• 3.3% Energy intensity[3] reduction • 88.6% of our waste was recycled

or reused

• 4 independent members out of BOD of 7

• H&S KPI account for 10% of Annual Bonuses

• 100% employees trained. • Customer satisfaction: 7.8/10 • Aperam’s quality of corporate

governance disclosure recognized by Luxembourg Stock Exchange

32

Brazilian protections against unfair market behaviour

Tariff measures to support fair market environment in Brazil

Sources: SBB/Platts, Steelfirst


Type of products Import duties status Anti-dumping status

Stainless Steel Flat Products

Normal import duties are 14% AD duties starting October 4th, 2013 for 5 years from 236 USD/t to 1,077 USD/t. The case involves CR 304 and 430, in thicknesses between 0.35mm and 4.75mm from China, Finland, Germany, Korea, Taiwan and Vietnam.

Stainless Steel Welded Tubes

14% of Import duties Stainless Steel welded tubes. AD duties starting July 29th, 2013 for 5 years and up to 911USD/t. Countries involved are China and Taiwan.

Electrical steel – Non Grain Oriented

14% of Import duties on NGO.

AD duties imposed for NGO on July 17th 2013 with fixed USD/t values ranging from 133 USD/t to 567 USD/t for 5 years. The countries involved are China, Korea and Taiwan.

On August 15, 2014, Camex released NGO AD partially, giving 45Kt of imports in the next 12 months without AD penalties.

On November 4, 2015, Brazilian authorities decided to end up the existing quota of imports without AD and fixed the AD duties from 90 USD/t to 132,5 USD/t

Electrical steel – Grain Oriented

Normal import duties are also 14%

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Definitive European anti-dumping duties on China and Taiwan stainless steel imports from August 27, 2015

Recent anti-dumping measures should create a stable and fair European market environment for next 5 years

Source: http://www.eurofer.be/News%26Media/Press%20releases/20150827%20antidumping%20SSCR%20China%20Taiwan.fhtml


• On May 13, 2014, Eurofer filed an antidumping complaint to European Commission

• On June 26, 2014, European Commission started investigation on CR imports from China and Taiwan

• On March 25, European Commission implemented provisional duties from 24-25% for China and 10-12% for Taiwan.

Anti-dumping duties were applicable during this period with regularisation to be done once final decision would be taken.

• On August 27, 2015, the European Commission Implementing Regulation largely confirmed existing provisional measures and imposes definitive anti-dumping duty rates of up to 25.3% on SSCR imports from China, and up to 6.8% on imports from Taiwan.

“China and Taiwan have a structural overcapacity problem, and have been using the openness of the EU market to shed their excess production. This dumping has seriously undermined the profitability of the European stainless steel industry, and has ensured that European producers have not faced a level playing field for their products.”

Said EUROFER Director General Axel Eggert.

Anti-dumping development

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