Tuesday, May 21 , 2013

ANNOUNCEMENT

SIDENOR GROUP PRESENTATION

AT THE ASSOCIATION OF GREEK INSTITUTIONAL INVESTORS

On Tuesday May 21, 2013, SIDENOR's annual corporate presentation took place at the Association of Greek Institutional Investors, during which the Group's annual 2012 results, as well as the most important developments along with the production activity, the Group's structure and its prospects were presented.

It was mentioned that 2012 was characterized by the continuing economic crisis and the shrinking of the Greek economy, where the sector of building and construction activity in the last two years marked significant losses. This fact, in conjunction with the significant increase of cost of debt, the high energy cost that has been further burdened with consumption tax, the slowing growth in Central Europe and the adverse weather conditions that prevailed in the Balkans during the last winter, have adversely affected the financial results of SIDENOR Group. These negative developments were partially offset by the positive results of the subsidiary CORINTH PIPEWORKS.

More specifically, consolidated turnover decreased in 2012 by 16.1% standing at €1,046.7 mil. compared to €1,247.4 mil. in 2011. Consolidated EBITDA decreased by 22.2% standing at €27.1 mil. compared to €34.8 mil. last year. Net consolidated results after taxes and minority rights stood in 2012 at losses of 66.6 mil. euro (or losses of 0.6925 euro per share) compared to losses of 48.9 mil. euro (or losses of 0.5080 euro per share) in 2011. Despite this unfavorable context and due to the improved inventories' and raw materials management, SIDENOR Group achieved to reduce its net debt in fiscal year 2012 by €20.3 mil. vs. 2011, with a corresponding improvement in operating cash of flows.

Finally, for the current year and within the conditions prevailing in the Greek market, it was mentioned that SIDENOR Group adjusts accordingly the production of its plants, while at the same time strengthens its sales network in new foreign markets. The enhancement and further development of high value added products remains a key strategic objective and at the same time the efforts to reduce operating costs, are being continued at all levels.