Athens, Thursday May 28, 2015

SIDENOR HOLDINGS S.A. 

ANNOUNCEMENT

FIRST QUARTER 2015 FINANCIAL RESULTS

The first quarter of the current fiscal year was characterized by further decline of the steel market in Greece. The most important factors that contributed to this drop are summarized in the deceleration in the execution of the local infrastructure projects, the lack of liquidity in the market, the reduction of the scrap price internationally, as well as the uncertainty that prevails in Greece, due to the ongoing negotiations relatively to the funding program of the Greek economy.

Despite the above, Sidenor Group achieved to improve its results, mainly because of the enhanced performance of its subsidiary Corinth Pipeworks. Specifically, consolidated revenue rose by 14% to EUR 220.1 mil. during the first quarter of 2015 over EUR 193.3 mil. in the corresponding period of 2014. Consolidated EBITDA increased by 87.6% and shaped at EUR 7.8 mil. versus EUR 4.1 mil. during Q1 2014. Finally, losses after taxes and minority rights formed at EUR 10.4 mil (losses EUR 0.1080 per share) as opposed to losses of EUR 12.7 mil. (or losses EUR 0.1323 per share) in the corresponding period of the previous year.

For FY 2015, the outlook is positive, due to the extrovert orientation of Sidenor, which is being further enhanced by the weakening of the EUR/USD exchange rate, the investments in the production plants realized during the recent years and the scheduled merger by absorption of Sidenor Holdings by Viohalco. This merger represents the most appropriate technical solution for strengthening the capital structure of the steel producing companies and plants of Sidenor Holdings located in Greece and for securing ongoing support through better access to the international capital and money markets.

Publication: Thursday May 28, 2015, following the end of ATHEX's trading session

The Data and Information of the period 1.1.2015 – 31.03.2015 will be published together with the Interim Financial Statements for the same period and will be posted on the company's website, www.sidenor.gr, as well as on the ATHEX website www.helex.gr, on May 28, 2015, following the end of ATHEX's trading session.