Third quarter 2014 November 6, Aperam 1

© Aperam 11

Third quarter 2014

November 6, 2014

© Aperam 22

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.

© Aperam 33

Introduction & overview

“Aperam has continued to deliver solid results. Q3 performance highlights once again the strength of our strategy, which consists of Leadership Journey®_{, Top Line and cash focus.”}

Highlights:

• Health and Safety frequency rate of 0.3x in Q3 2014 compared to 1.4x in Q2 2014

• Shipments of 433 thousand tonnes in Q3 2014, a 7% decrease compared to shipments of 466 thousand tonnes in Q2 2014

• EBITDA of USD 137 million in Q3 2014, compared to EBITDA of USD 164 million in Q2 2014

• Basic earnings per share of USD 0.27 in Q3 2014

• Cash flow from operations amounted to USD 65 million in Q3 2014

• Net debt of USD 591 million on September 30, 2014, representing a gearing of 21% compared to a net debt of USD 663 million on June 30, 2014

Prospects:

• EBITDA in Q4 2014 is expected to decrease compared to EBITDA in Q3 2014.

4

Health & Safety

Performance

Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging Lost Time Injury Frequency rate*

Health & Safety frequency rate of 0.3x in Q3 2014 * WorldSteel-standard: Fr = lost time Injuries per 1.000.000 worked hours; based on own personnel and contractors

0 1.0 2.0 3.0 4.0 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 114Q 1 1 1Q 1 2 2Q 1 2 3Q 1 2 4Q 1 2 1Q 1 3 2Q 1 3 3Q 1 3 4Q 1 3 1Q 1 4 2Q 1 4 3Q 1 4

5

Third quarter 2014

Environment and

markets

6

Environment and markets

*Source: SBB/Platts

Stainless steel prices

Southern Europe - CR 304 2B 2mm coil transaction price (€/t)* China - CR 304 2B 2mm coil transaction price (USD/t)*

Price increase was initiated in 2014

but movement was halted under the pressure of imports and recent sharp nickel price decrease 1 500 2 000 2 500 3 000 3 500 Dec 07 Mar 0 8 Jun 08Sep 0 8 Dec 08 Mar 0 9 Jun 09Sep 0 9 Dec 09 Mar 1 0 Jun 10Sep 1 0 Dec 10 Mar 1 1 Jun 11Sep 1 1 Dec 11 Mar 1 2 Jun 12Sep 1 2 Dec 12 Mar 1 3 Jun 13Sep 1 3 Dec 13 Mar 1 4 Jun 14Sep 1 4 2 000 2 500 3 000 3 500 4 000 4 500 5 000 Dec 07 Mar 0 8 Jun 08_Sep 0 8 Dec 08 Mar 0 9 Jun 09_Sep 0 9 Dec 09 Mar 1 0 Jun 10_Sep 1 0 Dec 10 Mar 1 1 Jun 11_Sep 1 1 Dec 11 Mar 1 2 Jun 12_Sep 1 2 Dec 12 Mar 1 3 Jun 13_Sep 1 3 Dec 13 Mar 1 4 Jun 14_Sep 1 4

7

Third quarter 2014

Performance and

prospects

8

Performance and prospects

Third quarter operating performance

EBITDA of 316 USD/t in Q3 2014 compared to 352 USD/t in Q2 2014

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

Q3 2014 EBITDA per division (USD million) [1] Shipments (‘000t)

EBITDA (USD million)

Stainless & Electrical Services & Solutions Alloys & Specialties 436 441 475 466 433 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 62 84 129 164 137 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 30 Q2 2014 21 Q3 2014 20 Q2 2014 12 Q3 2014 124 Q2 2014 Europe 66 Brazil 58 109 Q3 2014 Europe 55 Brazil 54

9

Performance and prospects

Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging Cumulated gains (USD million)

Continuous solid progress of the Leadership Journey®

Leadership Journey

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 and Timoteo

• Upgrade of the Grain Oriented Electrical Steel operations in Timoteo

10

Third quarter 2014

11

Financial results

Third quarter P&L highlights

Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challengingBasic earnings per share of USD 0.27 in the third quarter of 2014 EBITDA to net income (USD million)

EBITDA Depreciation & impairment Pre-tax income Net income Operating income

Net interest &

financing Costs* Forex & derivatives losses Non-controlling Tax & interests 137 27 (55) 82 (53) (6) 21 (2)

* Including USD 17 million in the third quarter of 2014, related to an impairment loss of USD 14 million booked on the minority stake it holds in Gerdau and USD 3 million booked on the minority stake it holds in General Moly.

12

Financial results

Third quarter cash flow highlights

Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challengingUSD 65 million of cash from operations in Q3 2014 Free cash flow (USD million)

Free Cash-flow Cash-flow from operations Working Capital EBITDA Financial charges, tax & other CAPEX 137 65 41 (91) (19) ₍₂₄₎

13

Financial results

Third quarter balance sheet highlights

Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging Assets & liabilities (USD million)

Net debt of USD 591 million, representing a gearing of 21%

Non-current assets Shareholders’ equity

Working capital Other net liabilities

Equity & net debt (USD million)

Net Debt Equity

Assets Liabilities 30/09/13 31/12/13 31/03/13 30/06/14 30/09/2014 3 401 681 2 851 1 231 808 3 017 690 2 958 689 3 026 663 3 149 591 2 851

14

Financial results

Cash focus

Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challengingContinuous progress of the Net Debt reduction program with a target of USD 550 million by year end Cumulated net cash provided by operating activities

(USD million)

Quarterly net debt of Aperam evolution (USD million) 550 0 200 400 600 800 1,000 1,200 Q3 20 11 Q4 20 11 Q1 20 12 Q2 20 12 Q3 20 12 Q4 20 12 Q1 20 13 Q2 20 13 Q3 20 13 Q4 20 13 Q1 20 14 Q2 20 14 Q3 2014 550 650 750 850 950 1,050 1,150 Q2 20 11 Q3 20 11 Q4 20 11 Q1 20 12 Q2 20 12 Q3 20 12 Q4 20 12 Q1 20 13 Q2 20 13 Q3 20 13 Q4 20 13 Q1 20 14 Q2 20 14 Q3 20 14 Q4 20 14

15

Q&A