Chief Executive

Officer's Report

Bernardo Velázquez Herreros

Annual Shareholders' Meeting | Fiscal Year 2023

Madrid, April 22, 2024

Our results

Revenue

Cash flow

€6,608M

€481M

EBITDA

Net financial debt

€703M

€341M

Increased efficiency

New

geostrategic situation

Focus on

higher-value-

added materials

Our results

Leadership

Diversification with

VDM Metals: record profit

in the US

more sophisticated

materials

Materials and solutions

for industry

Standard

High-performance

=

The industry's

stainless steels +

alloys

most extensive

catalog

ACERINOX 2020 RESULTS PRESENTATION

Cycle2020

2023

Apparent consumption of

stainless steel in 2023

EU 27

USA

-20%

-21.5%

Raw

Increase in

materials

stock

cycle

Increase in

Drop in

apparent

imports

consumption

Overstocking

Drop in sales

Acerinox Group

1.9 MMT

Melting shop production

Worldwide production of stainless steel

-6%

+5%

-10%

+13%

-7%

Price behavior

Section 232: 25% tariff

Regular, reliable, and close supply

Stable prices

NAS

Kentucky

VDM

New Jersey

Nevada

VDM

Germany

Acerinox Europa

Spain

Inefficient safeguard measures

Flood of imports

All-time low prices

New

geostrategic environment

Bringing trade closer

COVID-19

Invasion of Ukraine

China - US rivalry

Strategic autonomy

Economic security

New geostrategic

environment

  • Changes began before the pandemic
  • Origins in the USA: overdependence on other countries

Diversify and bring our supplier network closer to our customers

  • Problems in the Suez Canal
  • Water scarcity in the Panama Canal
  • Lack of safety in the Red Sea
  • Need to reduce Scope 3 CO2 emissions

Deglobalization

ACERINOX 2020 RESULTS PRESENTATION

Acerinox's

strategy

Added value:

our differentiator

More sophisticated materials

Stainless steels and high- performance alloys adapted

to every application

Broadest product range in

the industry

NAS

Kentucky

VDM

New Jersey

Nevada

VDM

Germany

Acerinox Europa

Spain

Columbus Stainless

South Africa

Acerinox's strategy

Beyond Excellence: A new driver of competitiveness

Goal of €100 million in EBITDA

Decarbonization

Efficiency

Customers at the

R&D&i

center

Higher-value-

Productivity

Supply chain

added products

€45M

Creating value in

all areas of the

company

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Acerinox SA published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 11:01:30 UTC.