Athens, Wednesday May, 21 2014

SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A. 

ANNOUNCEMENT

FIRST QUARTER 2014 RESULTS

The slight recovery and reversal of the downward trend of the Greek steel market, the relaunching of several domestic public works in Greece, in conjunction with the decrease of operating cost, as a result of the actions that took place during the previous years and the further enhancement of SIDENOR Group's activities internationally, resulted to the improvement of the results of the first quarter of the current fiscal year.

In particular, consolidated turnover increased by 4.9% standing in Q1 2014 at €193.3 mil. compared to €184.3 mil. in the respective period last year. At the same time, consolidated EBITDA stood in Q1 2014 at €4.1 mil. compared to losses of €2.0 mil. last year. Moreover, there was a reduction of losses at results after tax and minority rights level that stood in the first quarter of 2014 at losses of €12.7 mil. (or losses 0.1323 euro per share) compared to losses of €26.4 mil. (or losses of 0.2746 euro per share) last year.

Essential step for this improvement was the reduction of the cost of electricity since 1/1/2014, however it should be noted that additional reductions are expected in this field, to make the final price competitive. Additionally, in the direction of stimulating the housing market in Greece, there should be a removal of the barriers in buying and owning real estate property, which is currently significantly burdened.

SIDENOR Group, despite the ongoing negative conditions that prevail in the steel industry in Greece and globally, continues the execution of its investment plan aiming to improve the efficiency of the production facilities and to reduce its production costs. The above, combined with the expansion of the product portfolio, the enhancement of the exports and the penetration into new markets are the basis for a better outlook, both operationally and in terms of financial results.   

Publication: Wednesday May 21, 2014, following the end of ATHEX's trading session

The Data and Information of the period 1.1.2014 – 31.03.2014 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 March 21, 2014, following the end of ATHEX's trading session.