ANNOUNCEMENT

SIDENOR GROUP PRESENTATION

AT THE

ASSOCIATION OF GREEK INSTITUTIONAL INVESTORS

On Wednesday May 16, 2012 SIDENOR's annual corporate presentation took place at the Association of Greek Institutional Investors, during which the Group's annual 2011 results, as well as the most important developments along with the production activity, the Group's structure and its prospects were presented.

In 2011, SIDENOR Group achieved an increase in its turnover, both in terms of volume and value. More specifically, consolidated turnover increased by 25.6% standing in the fiscal year of 2011 at 1,247.4 mil. euro compared to 993.4 mil. euro in 2010, as a result of the Group's strategic decision to expand its product portfolio adding new value added products, as for example flat products and special steels, the penetration of the Group in new geographic markets and the significant increase of the turnover of the subsidiary CORINTH PIPEWORKS.

During 2011, consolidated EBITDA decreased by 30.4% at 34.8 mil. euro compared to  50 mil. euro in 2010. Consolidated results before taxes stood at losses of 59.4 mil. euro compared to losses of 30 mil. euro in 2010, while net consolidated results after taxes and minority rights stood at losses of 48.9 mil. euro (or losses of 0.5084 euro per share) compared to losses of 23 mil. euro (or losses of 0.2391 euro per share) in the fiscal year 2010. It is noted that the financial results have been negatively affected by the continuous significant drop in the construction activity in Greece.

For 2012, taking into consideration the continuous crisis in the Greek market, SIDENOR Group focuses on the European and international markets and aims at strengthening its market share in the existing markets where it already operates and at the geographic penetration into new developing markets. Moreover, Group's management focuses on the expansion of the product range, the continuing utilization of the high potentials of the Group's production facilities and the optimization of the operating cost as well as the strengthening of the sales and distribution network, as recently realized with the start of operation of the new subsidiary SIDERAL Shpk in Albania.          

Regarding CORINTH PIPEWORKS, the gradual normalization of the international business environment, in conjunction with the increased investments in energy and infrastructure projects, allows the Group to have positive expectations for the current year. Moreover, recently the signing of a MEMORANDUM OF UNDERSTANDING with the German Manufacturer of equipment SMS Meer was announced, for the supply of a new pipe mill that will have the capability of producing energy pipes which will meet very strict quality criteria and offer a unique product range and excellent customer service. With these products, CORINTH PIPEWORKS targets, among others, on Mediterranean Region, Gulf of Mexico, Latin America, West Africa and North Sea.