Slide 1: Lake Memphremagog House, Quebec, Canada
Lake Memphremagog House | Quebec, Canada | naturehumaine © Adrien Williams | Uginox Patina K41
Slide 2: Disclaimer
Disclaimer Forward Looking Statements This document may contain forward-looking information and statements about Aperam SA and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with
Slide 3: Content
CONTENT OPe rom Q3 2024 hig Services & Alloys & Speci cline oA ZARECYCO BioEnergia
Slide 4: Universal announced acquisition
STAINLESS (0 UNIVERSAL ANNOUNCED ACQUISITION operon STRATEGIC EXPANSION INTO THE US AEROSPACE MARKET Agreement to acquire Universal Stainless & Alloy Products, Inc. at $45.00/share in an all cash / fully debt funded transaction Establishing a strong US manufacturing footprint with strong position in
Slide 5: Q3 2024 Highlights
et Q3 2024 HIGHLIGHTS FOOTPRINT UPGRADE STARTS TO MAKE A POSITIVE IMPACT Europe: Seasonal trough quarter in a recurring soft market. Footprint investments ramp-ups & cement cost leadership position Brazil: Solid result benefiting from robust demand and full capacity availability after delayed hot ro
Slide 6: Q3 2024 Market Update
Q3 2024 MARKET UPDATE operon PERSISTING SOFT DEMAND IN EUROPE, SOLID DEVELOPMENT IN BRAZIL; IMPORTS AND DISTRIBUTOR INVENTORY IN THE EU INCREASING FROM LOW LEVEL CONSTRUCTION e@ CONSUMER @ AUTOMOTIVE & INCREASING DISTRIBUTOR INVENTORY GOODS TRANSPORT eae 16 > EU: Ongoing low activity > EU: Lowend-cu
Slide 7: 2024 Financial Highlights
3 2024 FINANCIAL HIGHLIGHTS operon NORMAL EBITDA/t DESPITE Low VOLUMES DEMONSTRATES COST IMPROVEMENT, SEASONALLY HIGHER NWC an 334 0224 333 Q3-24 KEY COMMENTS my 8 8 a4 8 voy > Steel shipments: seasonally lower volumes in Europe are not fully Sales 1493 1634 3% 14630 2% compensated by solid shipment
Slide 8: Q3 2024 Segments
Q3 2024 SEGMENTS operon BRAZIL NORMALIZED, EUROPE IS STABLE IN A WEAK MARKET, GROWTH SEGMENTS R&R, A&S AND S&S REFLECT Q3 SEASONALITY ry Recycling & Renewables adj. EBITDA (EURm) madj EBITDA (EURm) ck r s EBITDA/t 0323 0224 0324 > Shipments +4% qoq, +33% yoy supported by both BioEnergia and Aperam R
Slide 9: Leadership Journey Phase 5
PHASE 5 2024-2026 PHASE 4 2021-2023 PHASE 3 2018-2020 PHASE 2 2014-2017 PHASE 1 2011-2013 LEADERSHIP JOURNEY? PHASE 5 operon APERAM’S IMPROVEMENT PROGRAM CONTINUES AT HIGHER SPEED WITH A LESS CAPEX INTENSIVE PHASE 5 TARGET GAINS TIMELINE GAINS COMPOSITION Efficiency 175m 75m 150m EUR200m gains YTD €
Slide 10: Outlook
OUTLOOK GUIDANCE & OTHER FORWARD LOOKING ITEMS operon r Q4 2024 OUTLOOK OTHER ITEMS Q4 shipments are expected higher qoq FY 2024 base dividend stable at (seasonal stronger quarter in Europe, Brazil EUR2.00/share (~EUR144 million) lower after seasonal peak) . > FY 2024 group capex guidance ~EUR150m 0
Slide 11: Quarterly Financial Results
QUARTERLY FINANCIAL RESULTS Q3 REFLECTS SEASONAL DECREASE IN THE EU gperom AND FULL AVAILABILITY OF HOT ROLLING MILL IN BRAZIL SHIPMENT VOLUMES 617] p91 5859583] P50) 541 Py 516] 50% : Q3 04 Ql Q2 O38 M4 Ql Q2 QB 22 22 23 23 23 23 24 24 24 = Total Shipments (kt) 4 ADJ. EBITDA & MARGIN 120} 8.0% 127]
Slide 12: Quarterly Financial Results II
QUARTERLY FINANCIAL RESULTS II operon STAINLESS IMPROVE DUE TO BRAZIL, ALL OTHER SEGMENTS REFLECT Q3 SEASONALITY, NWC TEMPORARILY HIGHER DUE TO INCREASE FOR Q4 DEMAND AND IMPACTING NFD 4 4 4 ADJ. EBITDA BY SEGMENT CASH FLOW 235 103 99 a a: 7 mm eee | i he | 3 Q , NET FINANCIAL DEBT DEVELOPMENT 2928
Slide 13: Value Strategy
VALUE STRATEGY operon BODEGA IRIUS Barbastro, Huesca - Espagne / Marino Pascual & Asociados Arquitectura © Adriana Landaluce / Executed using Aperam Aperam 316L Uginox Top finish 13
Slide 14: Business Overview
BUSINESS OVERVIEW operon APERAM IS ACTIVE IN STAINLESS, ELECTRICAL & SPECIALTY STEEL & SCRAP #2 IN EUROPE AND THE ONLY PRODUCER IN SOUTH AMERICA Revenue by industry 2023 ~11,500 Employe 4 Building & Construction ™ Automotive € 5 _- Catering & Appliances i Energy & Chemicals 51 ~~ *” Wl General Indus
Slide 15: A Differentiated Value Chain
A DIFFERENTIATED VALUE CHAIN operon ADDING VALUE THROUGH COST, MARGIN AND CASH SYNERGIES ACROSS THE SEGMENTS e,r \e 6 @ > Aperam Recycling enables 100% > Europe and Brazil share common > S&E provides low cost upstream > S&€ provides S&S with material at scrap based products at S&E innovation portfol
Slide 16: Financial Policy
FINANCIAL POLICY operon FINANCIAL POLICY BALANCES GROWTH OPPORTUNITIES AND SHAREHOLDER RETURNS GROWTH BUSINESS > Specialty > Sustainability Drive base dividend Supply Chain an Solid balance sheet Strong Balance Sheet Maintenance CAPEX through the cycle <1x 2024: EURL00m NFD/EBITDA Dividend Progressi
Slide 17: Megatrends (Growth)
MEGATRENDS (GROWTH) operon PROFOUND AND LASTING CHANGE DRIVES UNPRECEDENTED GROWTH OF STAINLESS & ELECTRICAL STEEL CONSUMPTION We offer Sustainable & Safe Packaging Solutions Very long useful life 100% recyclable Corrosion resistant Abrasion resistant Acid resistant Fire proof Mechanically strong No
Slide 18: BioEnergia
> BioEnergia C Carbon B Border > > A Adjustment > M Mechanism > > ETS ~8t CO2/t > Price elta > > > > BioEnergia
Slide 19: Performance: The Leadership Journey phases
PERFORMANCE THE LEADERSHIP JOURNEY? - 5 DISTINCT PHASES IN RESPONSE TO A CHANGING MARKET PHASE 1 PHASE 2 PHASE 3 PHASE 4 PHASE 5 2011-13 (€250M) 2014-17 (€200M) 2018-20 (€200M) 2021-23 (€150M) 2024-26 (€200M) Restructuring Asset upgrade Transformation Footprint & Growth Efficiency Realized: €277m Re
Slide 20: EUR1.1bn EUR559m EUR310m
EUR1.1bn > - EUR559m EUR304m - > EUR310m EUR293m > EUR168m 20
Slide 21: Strategy 2025
STRATEGY 2025 operom THE LEADERSHIP JOURNEY® IS OUR MAIN LEVER TO TURN APERAM IN A MORE RESILIENT AND PROFITABLE COMPANY r OUR PLAN TRANSITIONS APERAM TO A r HIGHER NORMALIZED EARNINGS LEVEL" More Our industrial plan will Profitable create significant value Our plan ~€300m Future normal + Footprint
Slide 22: Segments
S&E Europe S&E S. America A&S S&S R&R
Slide 23: Products, Process, Environment
Products Process Environment Climate change Social Governance Ethics
Slide 24: Why to invest in Aperam
r r Our products will serve the future Our responsible - produced solution are best positioned to serve customers in an environmentally conscious economy 4 We have a plan How to grow Aperam into a more profitable, cash generative and resilient company WHY TO INVEST IN APERAM r Diverse, experienced w
Slide 25: ESG
Slide 26: ESG ratings
ESG Risk rating: medium Award by the ICDA. Reconfirmed as "AA" Rated "A-“ (Climate Change) 6 out of 152 Industry Responsibly source (Leadership level) and “B” (Water Security) Group (1st = lowest risk) chromium.
Slide 27: ESG status & targets
SCIENCE oa ESG STATUS & TARGETS wimetecen A BEST IN CLASS FOOTPRINT & RELS'C MT © CLEAR IMPROVEMENT TARGETS? CRITERIA 2030 TARGET 6.9GI/tcs? -11% vs 2015 8.0* Gj/tcs? +3% CO, intensity? 0.30 te/tcs? New objective 0.28" te/tcs? -48% Water consumption 6.1 m3 /tcs? -40% vs 2015 10.5* m3/tcs2 +3% Dust i
Slide 28: Product & Process
PRODUCT & PROCESS operon APERAM PRODUCES A SUPERIOR PRODUCT IN A SUSTAINABLE AND RESPONSIBLE WAY SUPERIOR Very long useful life Ml Corrosion resistant Wi Abrasion resistant PRODUCT 100% recyclable Acid resistant BB Aesthetic Non toxic Fire proof Mi Mechanically strong RENEWABLE Our blast furnace in
Slide 29: Products: we are part of the solution
e-Mobility solutions Clean air Cryogenic applications Sustainable water supply Solar power Renewable energy The hydrogen economy PRODUCTS operom WE ARE PART OF THE SOLUTION Aperam’s solutions enable e-vehicle components such as converters, inverters, onboard-charges, motors, EPS, cooling systems, ai
Slide 30: GHG: recycling content & renewable energy share
GHG operon RECYCLING CONTENT & RENEWABLE ENERGY SHARE PUTS APERAM IN A BEST-IN-CLASS POSITION r r SCRAP USAGE REDUCES CO, EMISSIONS SUBSTANTIALLY* Co,/t Integrated producers with @ blast furnaces ee or RKF for NPI (Asia) © —_EAF process route (mostly Europe) 8 ee é 0 ee? e Scrap Share W300 SERIES 40
Slide 31: Carbon neutrality by 2050
CARBON NEUTRALITY BY 20 v APERAM CO; EMISSION BY SCOPE 0.28 te/tcs* Ne as Electricity oa a i=) ma )=—(Other (incl coke & electrodes) Carbon contained in raw mat Natural gas Forest Sequestration DECARBONIZATION Aperam Is Part Of The Steel Industry - In A Very Different Way an 00 Worldsteel Aperam Ape
Slide 32: Aperam energy needs & CO2
APERAM ENERGY NEEDS & CO, op! rom 50% OF OUR ENERGY IS FROM RENEWABLE SOURCES ry ry Natural Gas : ~50% ~20% Electricity ~15% Raw Materials 4 ~15% Others > €fficiency increase > €fficiency increase > Higher recycling content > No replacement > Electrification (renewable > Asset replacement (~30- > Pr
Slide 33: Aperam CO2 reduction program
APERAM CO, SCOPE 1 - 2 operon co, REDUCTION PROGRAM COMPOSITION Energy Efficiency > > > Use of Al and Deep Learning for improving our heating models Thermal insulation High efficiency burners, oxy-combustion Green Energy Generation > Maximize the use of renewables: solar, wind > Heat recovery (high
Slide 34: Stainless steel global CO2 footprint
Stainless total STAINLESS STEEL GLOBAL CO, FOOTPRINT SCOPE 3 MAKES ALL THE DIFFERENCE IN STAINLESS STEEL 2020 Stainless Steel Industry - CO; Intensity Breakdown by Scope* Steam Coal Scope 1 mi Others Nat. gas Page lcco FeCr —> 025 05 075 10 125 15 175 20 225 25 275 3.0 tCO,/ steel operon *Worldsteel
Slide 35: Stainless steel global CO2 footprint
STAINLESS STEEL GLOBAL CO, FOOTPRINT operon THE SHARE OF RECYCLED MATERIAL DEFINES THE CO, FOOTPRINT - THIS IS ONE REASON FOR APERAM’S DIFFERENTIATED VALUE CHAIN Actual and modelled carbon footprint for 1 t 304 black coil in EU, Indonesia and China (kg CO,-eq) EU (actual) mm Scope 2 €u Indonesia 10,
Slide 36: BioEnergia
Aperam Recycling BioEnergia > > > >
Slide 37: Environment
ENVIRONMENT operom APERAM HAS A CONVINCING ENVIRONMENTAL TRACK RECORD AND CLEAR IMPROVEMENT TARGETS r r 4 Dust emissions (g/t crude steel) CO, emissions (t/t crude steel)* Water intake (m3/t crude steel) Do nN an nN oO ° NN nN 5 2023 DS 59) 2021 SS 2022 O7 2023 2030 (76) oO oO oO OnNOWOR SBEeea 2020
Slide 38: Health & Safety
r HEALTH & SAFETY operon OUR PRIME OBJECTIVE r LTIFR IS CLEARLY BELOW THE SS INDUSTRY’... 2? ll Fatality = 202200 Restricted work 20 Declared accident C= 0 a 0.2 0.1 2 3 4 ~«5 a @ ISSF mf Aperam 2012 0 2023 ROADMAPS WITH 3 STRATEGIC AXES > Prevent and control the risk of fatal and severe accidents -
Slide 39: UN SDGs
UN SDG'S operom APERAM SUPPORTS THE UNITED NATIONS’ SUSTAINABLE DEVELOPMENT GOALS, IN PARTICULAR: N/E ™ (TF ~ (TE >) ~) Ecce: | Ei & feo Health & Safety our priority list Lowering water Almost 50% of innovation are is Aperam’s primary with a special commit: consumption and ; Aperam’s energy comes to
Slide 40: Governance
GOVERNANCE operom OUR LEADERHIP TEAM IS DIVERSE & EXPERIENCED KEY FACTS & COMPENSATION LEADERSHIP TEAM Entrusted with day-to-day management of the Company Appointed by the Board of Directors Experience and industry know-how Average age: 52 / 6 nationalities CEO: responsible for Aperam’s sustainabili
Slide 41: Shareholder structure
9% 25% 6% 5% 4% 5% 3% 1% 1% 41% N America France UK Benelux Germany Scandinavia Spain Other Mittal Family Private & NA
Slide 42: Aperam Business Overview
gpefoml Aperam Business Overview
Slide 43: Business Overview
BUSINESS OVERVIEW operon APERAM IS ACTIVE IN STAINLESS, ELECTRICAL & SPECIALTY STEEL & SCRAP #2 IN EUROPE AND THE ONLY PRODUCER IN SOUTH AMERICA Revenue by industry 2023 ~11,500 Employe 4 Building & Construction ™ Automotive € 5 _- Catering & Appliances i Energy & Chemicals 51 ~~ *” Wl General Indus
Slide 44: Business Overview: Recycling & Renewables, Stainless & Electrical
F RECYCLING & RENEWABLES 1.4mt Scrap & Charcoal shipments 38% of group adj EBITDA Scrap is our key raw material, Charcoal our major energy > ELGis a global leader in the trading, processing and recycling of scrap for the stainless steel industry & market leader in the recycling of superalloys and ti
Slide 45: Value chain and segments
BUSINESS OVERVIEW operon APERAM’S VALUE CHAIN AND HOW IT SPLITS INTO SEGMENTS Raw. Mat. Slabs Hot rolling Cold rolling / Finishing Service ae =] a 2 Chatelet & S 1.0Mt A Chatelet 2.8Mt Steel service centers Transformation Chatelet BioEnergia (Forest & Timoteo Timoteo Charcoal) O.9Mt 0.88Mt Stainless
Slide 46: Main production sites
BUSINESS OVERVIEW gperom MAIN PRODUCTION SITES Chatelet, Belgium Location & facts Melt shop Hot rolling mill Capacity Slabs 1,000 kt HSM 2,800 kt State of the art pr Genk, Belgium ae Location & facts Melt shop Cold-rolling mill Finishing Capacity Slabs 1,000 kt 2 m wide capacity 316 and duplex grade
Slide 47: Balanced risk profile and customer structure
BUSINESS OVERVIEW operon A BALANCED RISK PROFILE AND CUSTOMER STRUCTURE SHIPMENT BY SEGMENT 2023* ADJ. EBITDA BY SEGMENT 2023* = S&E Europe = SRE S. America ™ S&€E Europe @ S8ES. America = ARS = ARS = S&S ™ S&S = R&R m RRR REVENUE BY REGION 2023 REVENUE BY CUSTOMER INDUSTRY 2023 Asia& : _, Building
Slide 48: Self-help and differentiated value chain
_ BUSINESS OVERVIEW operon SELF-HELP AND INVESTING INA DIFFERENTIATED VALUE CHAIN HAS TRANSFORMED THE GROUP SHIPMENT BY SEGMENT (KT) AD]. EBITDA BY SEGMENT (EUR) Luoy 1129 mm PBR mm RKR 19171936 1972 1595 5 5, 1.819 = = mmm ARS Mmm ARS mm S26 mmm SHE —— Group 201620172018 201920202021 2022-2023 mmm
Slide 49: Stainless & Electrical Europe
Stainless & Electrical Europe
Slide 50: S&E Europe Summary
S&E EUROPE SUMMARY operon ADDING PRODUCT DIFFERENTATION TO COST LEADERSHIP DIFFERENTIATORS r EARNINGS GROWTH & FUTURE “NORMAL” VS VALUE DRIVERS > European cost leader PREVIOUS “NORMAL” - Efficient footprint _ > Genk downstream ramp-up ~ Logistics advantages é > Footprint improvement & > Flexible pro
Slide 51: S&E Europe Track Record
S&E EUROPE TRACK RECORD operon FOOTPRINT UPGRADE HAS BEEN SUCCESSFULLY IMPLEMENTED BUT IS HIDDEN BY A SEVERE PRICE AND VOLUME SQUEEZE 2023 EBITDA SUFFERS FROM A SEVERE PRICE/COST SQUEEZE & HIGH INVENTORY VALUATION CHARGE hang wm S&E Europe S&ES. America ARS Sas O% 12% R&R 39% 33% LOW REAL DEMAND & H
Slide 52: S&E Europe Assets
S&E EUROPE ASSETS HIGHLY FLEXIBLE INTEGRATED MULTI-PLANT FOOTPRINT WITH SUPERIOR LOCATED IN THE EU INDUSTRIAL CORE Isbergues Pont-de-Roide Gueugnon INBOUND AND OUTBOUND LOGISTICS r FLEXIBLE, EFFICIENT AND RISK MINIMIZING FOOTPRINT Steel Plants Hot Rolling Cold Rolling Mill Mill Chatelet Customers Cu
Slide 53: S&E Europe Strategic Targets
S&E EUROPE STRATEGIC TARGETS operom FOOTPRINT IMPROVEMENT THROUGH LEADERSHIP JOURNEY® PHASE 4 STRENGTHENS OUR CORE STRATEGIC PILLARS We aim to be the European cost leader in every product we deliver Footprint changes will realize additional cost leadership potential 1 COST LEADER We continuously imp
Slide 54: S&E Europe Product Portfolio 2024
S&E EUROPE PRODUCT PORTFOLIO 2024 Ope PRODUCT FLOW OPTIMIZATION SECURES COST LEADERSHIP POSITIONS & ENABLES MIX IMPROVEMENT IN GENK AND GUEUGNON Cold rolling / Finishing ow & distribution | direct sale Sale emer 0.7Mt Stainless flat ope | Gueugnon 0.4Mt 0.4Mt Transformation* Footprint 2020: #22 tool
Slide 55: S&E Cost Position 2023
S&E COST POSITION 2023 OPC om TARGETING EUROPEAN COST LEADERSHIP POSITION IN ALL STANDARD & TOP LINE PRODUCTS Cost leading footprint 2 J Market | Standard products | Top line products Improved footprint post LJ4 in 2023 Top line products Austenitic HR Capital goods Austenitic CR thick Aust. 2000 wid
Slide 56: EU Trade Action
| Safeguard Anti-dumping duties (AD) Countervailing duties (AS) Aim Countries affected Measure *Effective quota from 1 July 2021 to 30 June 2022. Quotas are quarterly from 07/20. There is one global SS Hot Rolled quotas since July 2020 USA, Turkey, Malaysia, Vietnam **could be difference between dom
Slide 57: Imports & market share
HOT ROLLED IMPORTS & MARKET SHARE EU STAINLESS STEEL IMPORTS ANTI-DUMPING MEASURES AR COLD ROLLED IMPORTS & MARKET SHARE Hot rolled (kt) 40 10% 20 | | ie) 0% egeeeceseseees PERE NN ANANNNW YK see SSSERREERE mammm Indonesia mmm Other countries Market share % = 400 40% z = 35% = 300 30% 2 2 25% & 200
Slide 58: Stainless & Electrical South America
Stainless & Electrical South America
Slide 59: S&E South America
S&E SOUTH AMERICA operon A RESILIANT, PROFITABLE BUSINESS WITH SUBSTANTIAL DEVELOPMENT POTENTIAL DIFFERENTIATORS r ; ; EARNINGS GROWTH & FUTURE "NORMAL" VS VALUE DRIVERS > Engaged and performing PREVIOUS NORMAL > Competitiveness t eam a > Debottleneck and upgrade > Unique market position investments
Slide 60: S&E South America Track Record
S&E SOUTH AMERICA TRACK RECORD operon A FLEXIBLE, AGILE & HIGHLY PROFITABLE ASSET BRAZIL IS A CONSISTENT HIGH EARNINGS CONTRIBUTOR 12% S&E Europe how m SRES. America A&S S&S 12% R&R STABLE SHIPMENTS PAIRED WITH A BETTER MIX 2016 2017 2018 2019 2020 2021 2022 2023 mBrazil S&E shipments (kt) * Since 2
Slide 61: Aperam South America
APERAM SOUTH AMERICA operon A SKILLED WORKFORCE, A GROWTH M MARKET AND A COMPETITIVE FOOTPRINT ARE MAIN ASSETS People Engagement Diversity & Inclusion Market i Growth fe 1 < Z BioEnergia > Good Opportunities ae { : : Timéteo Minas Gerais Footprint State Flexibility & Integration Sustainability Compe
Slide 62: Product Portfolio
PRODUCT PORTFOLIO operon A DIVERSIFIED RANGE OF HIGH ADDED VALUE PRODUCTS Stainless Steels Electrical Steels (GO / NGO) Special Carbon Steels " . a ay ion / Architecture GO (Power & Distribution GO (Charging station for Transformers) electric vehicles) ai NGO for Electric Vehicle Capital Goods / Bio
Slide 63: 8% 4% 9% 10% 23% 21% 14% 69% 19% 24%
8% 4% 9% 10% 23% 21% 14% 69% 19% 24%
Slide 64: Stainless Steel Consumption
STAINLESS STEEL CONSUMPTION Brazil Stainless Steel Market (kt) 50% 60% 70% 80% 90% 2030e . 2029e . 2028e y 2027e ‘ 20266 . 2025e o 2024e A .° 2023 a .” 02? 202) 2 - 219 a.” 2018 07 2016 a.” 05 200 300 400 500 WM Historic consumption || Aperam Market & forecast (kt) share STAINLESS STEEL GROWTH Flat
Slide 65: Aperam South America: Our Strategy
APERAM SOUTH AMERICA: OUR STRATEGY operon COST EFFICIENCY, MIX IMPROVEMENT AND MARKET GROWTH DRIVE OUR EBITDA Competitiveness increase > Scrap increase: lower charge cost, energy efficiency, consumables optimization > Productivity through automation of new lines > Investments in renewable energy pro
Slide 66: Brazil Trade Protection
BRAZIL TRADE PROTECTION operon THREE PILLARS OF TRADE PROTECTION AGAINST UNFAIR MARKET BEHAVIOUR IMPORT DUTY General import duty: + 12.6% import duty on all stainless steel imports irrespective of origin Sources: SBB/Platts, Steelfirst LOGISTICS Brazil €U 28 Area (mn km?) 8.51 — -45% —> 4.66 Consump
Slide 67: Services & Solutions
Nejea\ansaamanhh [mmmmm [angen uma) i saiadiniauamerteneen nena gpefoml Services & Solutions
Slide 68: S&S Summary
TECHNOLOG DIFFERENTIATORS > Largest and most profitable integrated stainless distributor > Secure supply & largest product range due to upstream integration > Quasi 100% recycled / carbon free offering > Leading BtB platform in the industry > Leading digital presence in the stainless industry r adj.
Slide 69: Aperam Stainless & Electrical Steel
Apera m Stainle End ss & - user Electric s al Steel
Slide 70: Services & Solutions
SERVICES & SOLUTIONS operon APERAM’S DOWNSTREAM DISTRIBUTION ARM r r WE ARE WE DO > Aperam’s distribution arm, ~1,500 FTE > Cutting, slitting, polishing, just in time > 18 service centers, 15 agencies & rep offices > We provide market intelligence and leadership in 36 countries for the group > 6000+
Slide 71: S&S Footprint
S&S FOOTPRINT operom S&S'S WIDE NETWORK CONNECTS APERAM WITH ALL INDUSTRIAL CENTERS EFFICIENT DISTRIBUTION PHYSICALLY & ONLINE > Aperam has the biggest and most profitable integrated distribution network in the stainless steel industry > Strong assets in all major industrial clusters across Europe >
Slide 72: Market: distribution is the main route
MARKET OP rom DISTRIBUTION IS THE MAIN ROUTE TO 70% OF OUR MARKET MILLS ~_ > 2-4 month lead time Distribution 20-32 t full coils Prefer big accounts with several kt offtake pa Prefers agreed volumes » annual/quarterly contracts Market intelligence and development Reduced volatility for the mill Shor
Slide 73: Competitive Landscape
COMPETITIVE LANDSCAPE operon STAINLESS STEEL DISTRIBUTION IS STILL FRAGMENTED Aperam Other EU Damstahl Krupp. Standard skids Last km Complementary products Small lots Stock Imports Cutting, Slitting, Polishing - Customized sized Medium term circular / CO2 free steel will be a SSCs characteristic Hav
Slide 74: kt kt 80 mid-cycle
818 199 kt 647 80 mid-cycle 93 83 kt 70 43 45 38 37 80 270 €/t €/t 42% + 190 €/t VS. 14% 9% Σ
Slide 75: Earnings Growth
EARNINGS GROWTH operon WE PURSUE A PROFITABLE DEVELOPMENT STRATEGY BASED ON A STRONG BUSINESS MODEL 4 r 4 CONSIDERABLY HIGHER MARGINS S&S COST COMPETITIVENESS + RIGHT STRATEGY DOWNSTREAM + FLAT COST CURVE : > Further expand industry benchmark 6 * LEAN INVENTORY a cost to serve per ton & lower OWCR x
Slide 76: Alloys & Specialties
gpefoml Alloys & Specialties
Slide 77: A&S Summary
A&S SUMMARY operom DIFFERENTIATED ASSETS, PRODUCTS AND DEBOTTLENECKING MAKE IT OUR HIGHEST GROWTH SEGMENT DIFFERENTIATORS r EARNINGS GROWTH & FUTURE “NORMAL” VS VALUE DRIVERS > Technology competence : PREVIOUS “NORMAL" / ; A&S solves problems for > Debottlenecking of operations - customers S / in fl
Slide 78: A&S Track Record
A&S TRACK RECORD operon STABLE NICHE MARKET WITH HIGH MARGINS 2023 EBITDA OF APERAM'S HIGH VALUE-ADDED SEGMENT BURDENED BY INVENTORY VALUATION 12% S&E Europe Bow S&ES. America 5306 ARS Sas F129 R&R Stable Shipments but Continuously Improving Mix 2016 2017 2018 2019 2020 2021 2022 2023 ARS shipments
Slide 79: A&S Locations
A&S LOCATIONS operom A TRULY GLOBAL FOOTPRINT Downstream HH i Pithampur (In) @ Aperam sales office @ Other representation
Slide 80: A&S Sales Split
A&S SALES SPLIT SUPPLYING A HIGHLEY DIVERSIFIED RANGE OF INDUSTRIES Process reiiit 'p/) operon 80
Slide 81: A&S Competitive Position
A&S COMPETITIVE POSITION operon A&S GREW ORGANICALLY INTO A TOP 3 ALLOYS PRODUCER GLOBALLY Kt Top 10: Have a 76% Mi Long Products ALLOYS ARE AN ATTRACTIVE GROWTH MARKET 45 combined market share* Flat Products 400 CAGR 3.2%* ag 40 300 eee TT 35 200 wey TT x ai 0 25 SBaEESSSSSSSS8888 S888sssssseeeegs
Slide 82: Commodities vs. Specialties
COMMODITIES VS. SPECIALTIES operon A speciality provides a particular feature (e.g. size, physical properties, ...) and is perceived by the customer as bringing a specific value above its primary purpose (e.g. service, image, ...) COMMODITIES Global presence Strong technical SPECIALTIES Value sensit
Slide 83: Growth & Innovation
GROWTH & INNOVATION operon E-MOBILITY, NEW ENERGIES AND OLEDS ARE A&S’s GROWTH MARKETS r r Meet technical requirements of Contribute to the challenge of efficiency Respond to the high precision required electrification for cars, trains, flying yield in future power generation for the production of n
Slide 84: Aperam alloy grades: (e-)mobility solutions
IMPHY N42, 42%NI IMPHY DILVER, 29%NI, 17%CO- Signal sensor, Antenna INVAR, 36%NI Hydrogen tank IMPHY SUPRA 50, 48%Ni IMPHY AFK A, 27%Co In-wheel motor PERMIMPHY, 80%Ni Mag. concentrator IMPHY AFK, 18%Co IMPHY AFK 502, 49%Co Propulsion E-motor APERAM ALLOY GRADES (€-)MOBILITY SOLUTIONS IMPHY SUPRA 50
Slide 85: Recycling & Renewables
gpefoml Recycling & Renewables
Slide 86: Scrap recycling, renewable energy, dust & residues recycling
DUST & SCRAP RENEWABLE RESIDUES RECYCLING RECYCLING ENERGY Aperam BioEnergia Recycling
Slide 87: R&R Summary
___R&R SUMMARY operom CIRCULAR ECONOMY & STRATEGIC SUPPLY DIFFERENTIATORS r ; ; EARNINGS GROWTH & FUTURE "NORMAL" VS VALUE DRIVERS > Strong global Platform: PREVIOUS “NORMAL” * Top 3 in EU SS scrap > Natural growth of recycling + US: leading position * Global leader in superalloys wa volumes worldwi
Slide 88: BioEnergia
Aperam Recycling BioEnergia
Slide 89: Aperam Recycling, Recyco, BioEnergia, Botanickel
x 2021* 2030 Aperam Recycling (ELG) Recyco BioEnergia Botanickel
Slide 90: Aperam Recycling
operom APERAM RECYCLING
Slide 91: Global stainless production becomes future scrap volume
> ❑ +131% Global SS ❑ Prod. 2005 - 23 > > Becomes Future Scrap Volume Growth > > Aperam Recycling 50+ 18 > 5 > > > Stainless Superalloys
Slide 92: Aperam Recycling: Business Divisions
APERAM RECYCLING: BUSINESS DIVISIONS operon DELIVERING VALUE BY IDENTIFYING THE BEST USAGE OF COLLECTED RESOURCES AND PROCESSING FOR THE MOST SUITABLE APPLICATION r Activities Materials treated Resources Recovered vvvyvyY STAINLESS STEEL AMER | EMEA | APAC and stainless steel scraps Shipping of homo
Slide 93: Circular Economy
CIRCULAR ECONOMY operon APERAM IS AT THE HEART OF THE EUROPEAN CIRCULAR ECONOMY. SCRAP AND RECYCLED MATERIAL ARE OUR DOMINATING INPUT Automotive Construction Other > Aperam uses ~90% scrap in Transport its austenitic grades Customers 14 years 50 years 30 years . 90% 85% 90% > Scrap is sourced region
Slide 94: Manufacturing and scrap recycling value chain
SCRAP RECYCLING SCRAP SUPPLY MELTING, CASTING COLLECTION PROCESSING DISTRIBUTION Physical intake, inbound Sorting, sizing, shredding dilution of impurities & Just in-time logistics & ROLLING radiation and quality check blending, laboratory tests and radiation control STEEL MILLS INDUSTRY PARTICIPANT
Slide 95: ~4,000 suppliers world-wide
~4,000 suppliers world-wide Solid MATERIAL Industrial “new” QUALITY scrap Pure metals > Clippings > Cuttings COORDI- > Trimmings NATE > Bundles Ferroalloys PHYSICAL ASSUME CREATE SHAPE RISK SCALE Alloyed & SS scrap containing HIGH Turnings EFFICIENCY DELIVERY Reclaimed “old” scrap LOW COST incl. dem
Slide 96: Super alloy & titanium value chain
Ti Co Ni W Cr Nb Mo COMPETITORS PRIMARY RAW MATERIALS ~30% Super Alloy & Titanium Specialists MELTERS ENSURE FORGING, CASTING, FABRICATION ~70%[1] OPTIMAL PROPORTION OF METALS PROCESSING OF METALS FOR THE FABRICATION (e.g. INGOTS) OF SEMI-FINISHED PRODUCTS Metallurgical „Off-cut“ Scrap END PRODUCT M
Slide 97: Global scrap reserve continues to grow
GLOBAL SCRAP RESERVE CONTINUES TO GROW DESPITE RECYCLING OF 300m t OF STAINLESS BY 2025 Cumulative stainless usage to exceed Scrap Reserve/Material in 700 Mil t in 2025 Use. in Mill t 1995: 106 America Europe China 2005: 178 Scrap reserve ~20 Mill t contained Ni 2015: 272 2025e: 440 Recycled scrap u
Slide 98: Recyco
operon RECYCO
Slide 99: Production process and benefits
PRODUCTION PROCESS BENEFITS GROWTH > Recyco uses waste (sludge, > Environmentally friendly re- > Higher input flexibility and shot, powdered dust) to use of otherwise obsolete broader scope of treatable produce metallic rich ferro- steel plant products alloys > A sustainable alternative to > Higher
Slide 100: Recyco Growth
RECYCO GROWTH operom TURNING RECYCO INTO THE LEADING EUROPEAN NICKEL RECYCLING FACILITY (1) Internal low Ni, Cr, Mo Ferro alloy High volume ingots containing e Externally sourced material (3) Botanickel recycled nickel Recyco Key Strength 2030 Targets > €stablished Process, ready to scale > Improve
Slide 101: BioEnergia
operom BioEnergia
Slide 102: BioEnergia: large scale, sustainable forest operations
BIOENERGIA op OM LARGE SCALE, SUSTAINABLE FOREST OPERATIONS Subsidiary of Aperam South America Best pratices in 1,000 +45 patents charcoal employees production Directly employed 105k ha planting 40k ha 450k ton/year 06 charcoal Measurable positive impact on genetic material and natural habitat + 11k
Slide 103: BioEnergia Timeline
BIOENERGIA TIME LINE operon MORE THAN 40 YEARS OF HISTORY Acesita S.A. creation Beginning of eucalyptus FSC® Certification Aperam plantations 7 © ro) Privatization | OHSAS (H&S) 450 kton/year & ISO (quality) certifications charcoal production Start of eucalyptus R&D + genetic improvement BioEnergia
Slide 104: BioEnergia's operations locations
Slide 105: Forest operations and charcoal production
Forest R&D activities focused on High quality seedling production Yearly planting of ~6.500 ha with Forest care and maintenance to the development of new high (30 MM/year capacity), both for modern techniques and sustainable achieve highest productivity using productivity eucalyptus clones, internal
Slide 106: Wood density growth
> > > > > Wood Density Growth +24% +30% +18% +25% 2022 2030 2015-22 2023-30 1990 2020 2050e
Slide 107: > > > > >
> > > > >
Slide 108: > > > >
> > > >
Slide 109: Charcoal R&D & FSC Certification
Charcoal R&D & FSC Certification Electricity Scrap Sequestration Efficiency
Slide 110: HDI - Human Development Index
HDI - Human Development Index 0,632 0,628 0,622 0,624 0,598 0,682 0,633 0,632 0,571 0,542 0,638 0,541 0,653 0,597 0,618 0,646 0,582 0,620 0,576 0,581
Slide 111: Appendix
Slide 112: Key Prices & Exchange Rates
Slide 113: Aperam Track Record: solid performer in every phase of the cycle
Slide 114: High cash flow, low maintenance capex and high cash returns
Slide 115: No credit arrangement contains earnings related covenants
No credit arrangement contains earnings related covenants
Slide 116: Income statement summary
(EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Sales 4,556 4,089 3,856 4,125 4,249 3,854 4,481 4,677 4,240 3,624 5,102 8,156 6,592 1,657 1,634 1,493 Adj. EBITDA 286 168 220 368 451 455 559 504 340 293 1,060 1,129 304 55 86 99 - Adj. EBITDA margin % 6
Slide 117: Cash Flow
Cash Flow (EURm ) EURm 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 24 Q2 24 Q3 24 Operating Income / (loss) EURm 37 (80) (8) 221 294 287 399 361 207 199 1,042 890 89 (3) 19 49 Depreciation and impairment EURm 223 248 228 190 157 158 152 143 150 144 144 186 204 58 59 58 Change
Slide 118: Balance Sheet
Balance Sheet (EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 24 Q2 24 Q3 24 Non current assets 3,213 3,036 2,690 2,653 2,427 2,630 2,478 2,365 2,345 2,130 2,405 2,594 2,915 2,922 2,895 2,994 Goodw ill and intangible assets 699 651 586 573 511 536 509 490 479 429 439 451
Slide 119: Shipments and segment P&L
Shipm ent (000t) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 24 Q2 24 Q3 24 Steel Shipment S&E kt 1,675 1,611 1,650 1,736 1,836 1,880 1,882 1,914 1,722 1,639 1,796 1,600 1,550 416 419 391 Steel Shipment A&S kt 37 36 36 35 34 30 33 36 36 31 30 27 33 11 9 8 Steel Shipment S&S k
Slide 120: By weight
By weight Iron Molybdenum, Al, Cu Nickel Chromium Manganese Carbon
Slide 121: Upstream activities, reporting company, downstream activities
Upstream activities Reporting company Downstream activities
Slide 122: Aperam's CO2 footprint