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1 © Aperam 1
BofAML Global Metals, Mining & Steel Conference May 10 & 11, 2016
Timoteo Di Maulo – Chief Executive Officer
2
Disclaimer
Forward-Looking Statements
This document may contain forward-looking information and statements about Aperam and its subsidiaries. These
statements include financial projections and estimates and their underlying assumptions, statements regarding
plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe,” “expect,”
“anticipate,” “target” or similar expressions. Although Aperam’s management believes that the expectations
reflected in such forward-looking statements are reasonable, investors and holders of Aperam’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many
of which are difficult to predict and generally beyond the control of Aperam, that could cause actual results and
developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in
Aperam’s filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de
Surveillance du Secteur Financier). Aperam undertakes no obligation to publicly update its forward-looking statements or information, whether as a result of new information, future events, or otherwise.
BofAML Global Metals, Mining & Steel Conference
Aperam’s fundamentals
4
Solid and diversified sources of profitability
Aperam is number 1 in South America, number 2 in Europe in stainless steel and world number 4 in Nickel Alloys
Source: Aperam
Aperam’s fundamentals
Aperam EBITDA breakdown (FY 2015)
Stainless & Electrical Steel
Stainless & Electrical Steel -
Brazil 37%
Services & Solutions
8%
Alloys & Specialties
8%
Aperam sales breakdown by destination (FY 2015)
Europe 65%
Brazil & Latin America
18%
Asia & Africa 10%
USA 7%
Europe 46%
5
0
100
200
300
400
500
600
7 500
8 000
8 500
9 000
9 500
10 000
10 500
A restructured and efficient European footprint able to seize market opportunities
Aperam’s fundamentals
Aperam is well positioned in the core markets in Europe, with optimal loading of its most efficient assets
* Full time equivalent excluding Bioenergia ** Quarterly average
HAP 3
CR 4 CR 3 CR 2
CAP 1 BAL CAP2
Skin 3 Skin 1
HAP 3
CR 2
Skin
CR 1
CAP 2
LC2I
RD 79
CR 2 CR 4 CR 3 CR 5 CR 6
CAP10 BA 6
BA 8
Skin 3 Skin 1
BA 11
Skin 2
HA&P lines
CR mills
CA&P/ BA lines
Skins Skin 2
GENK ISBERGUES GUEUGNON
Long term suspension
Mothballing & Swing
Combination of RD7 and HAP9 and investment
Aperam downstream rationalization in EU from 29 tools to 17 tools
Core Markets
Capital goods, chemicals & energy
Auto, distribution & 1st transformation
Decoration trim, heat exchanges & white goods
Recent and on-going investments focused on performance improvement
Aperam productivity evolution, average
Q4 2010
av. 2011
av. 2012
av. 2013
av. 2014
Number of employees* (LHS) Shipments** in kt (RHS)
av. 2015
6
Unique asset base in South America well adapted to the market Aperam’s fundamentals
The sole stainless steel producer in South America with a complete range of products incl Electrical and Special Carbon Steel and flexibility between production routes to adapt to market needs
Montevideo (Uruguay)
Ribeirão Pires
Buenos Aires (Argentina)
Range of products
Grain oriented electric steel (GO) has the magnetic properties optimized in the rolling direction, aiming its use in stationary machines such as transformers.
South American Footprint
A complete range of stainless steel grades (austenitics, ferritics, duplex, martensitics)
Stainless steel
Grain oriented electrical steel
Non-grain oriented electrical steel
Special carbon steel
Non-grain oriented electric steel (NGO) has similar magnetic properties in all directions, aiming its use in electric motors and generators with moving parts.
Completing product portfolio with alloyed, high, medium other special carbon steel.
Campinas
Timoteo
Caxias do Sul
Peru
Ecuador
Caracas (Venezuela)
Colombia
Rep offices, sales agencies
Melt shop, Hot/Cold rolling
Service Centers
Tubes mills and Cutting centers
Sumaré
7
Services & Solutions Division offers a key competitive advantage to sustain market share and capture growth opportunities
An industrial footprint in Europe and South America, perfectly complemented with global service centres and sales network
Aperam’s fundamentals
Sales subsidiaries and representative offices Steel Service Centers Sales agencies Finishing line Steel making
8
A leading position in nickel alloys
Source: SRM, Aperam
Global nickel alloys producers (kt in 2014)
0
5
10
15
20
25
30
35
40
Spe
cial
Met
als
Alle
ghen
y
VD
M
Ape
ram
A&
S
Car
pent
er
Nip
pon
Yaki
n
Hay
nes
Hita
chi
Sum
itom
o
Dai
do
Aperam’s fundamentals
���
�
Aperam Alloys & Specialties geographical footprint
Imphy
Meltshop, wire mill, cold rolling, bars, R&D
Amilly
The magnetic parts company
Rescal
Wire drawing
ICS (JV)
Diversification into industrial clads
Imhua
Transformation workshop
World #4 in nickel alloys, the largest on Wire Rods
9
A solid Balance Sheet
A robust balance sheet and debt structure, mainly represented with Convertible Bonds
Aperam’s fundamentals
[1] Assuming convertible bonds 2017 & 2019 reimbursement. BBF fully undrawn at end of Q1 2016.
Total Financial Debt breakdown as of March 31, 2016 [1]
Financial Debt maturity profile (USD million) as of March 31, 2016 [1]
Convertible bonds BBF Others0
100
200
300
400
500
600
2016 2017 2018 >2019
BofAML Global Metals, Mining & Steel Conference
Environment and markets
11
Asian stainless steel overcapacity remains
Pace of new production capacities coming onstream is starting to come down
Environment and markets
Source: CRU and Aperam estimates
-
5
10
15
20
Upstream operational capacity of the Chinese industry (in million tonnes)
Downstream operational capacity of the Chinese industry (in million tonnes)
-
10
20
30
40
12
European restructuring is completed
European capacity is now adapted to the European stainless steel flat market
Source: CRU and Aperam estimates
Environment and markets
3,5
4,0
4,5
2011 2012 2013 2014 2015E 2016F2015
Downstream operational capacity of the European industry (in million tonnes)
CR stainless steel European apparent consumption (in million tonnes)
2015 -
0,5
1,0
1,5
2,0
2,5
3,0
3,5
2012 2013 2014 2015 2016F 2017F
13
0
1
2
3
4
5
6
7
8
South America USA Western Europe
China
South American stainless steel apparent demand impacted by slowdown in Brazil
Demand during 2016 is already stabilising, while long term fundamentals remain encouraging in South America with an expected CAGR of 2-3%
Sources: CRU
Environment and markets
CR stainless steel Brazilian apparent consumption (in thousand tonnes)
Stainless steel flat stainless steel consumption per capita (kg/year)
0
50
100
150
200
250
300
350
2012 2013 2014 2015 2016F0
50
100
150
200
250
300
350
400
2012 2013 2014 2015 2016F
14
Chinese marginal cost
FOB, CIF, clearance and transportation
costs
Imports duty
Anti-dumping Chinese landed cost in Brazil
Chinese marginal cost
FOB, CIF, clearance and
transportation costs
Anti-dumping Chinese landed cost in Europe
Both domestic markets of Aperam have tariff measures
Anti-dumping in both Europe and Brazil against unfair market behavior were announced for a period of 5 years
Source: SBB/Platts, Steelfirst, http://www.eurofer.be/News%26Media/Press%20releases/20150827%20antidumping%20SSCR%20China%20Taiwan.fhtml
Environment and markets
Chinese marginal cost player to landed costs in Brazil (USD/t) Chinese marginal cost player to landed costs in Europe (USD/t)
• 14% of imports duties on all products categories of Aperam.
• Anti-dumping ranging from 133 up to 1077USD/t on Stainless and non-grain oriented electrical steel products
• Anti-dumping duty rates of up to 25.3% on SSCR imports from China, and up to 6.8% on imports from Taiwan.
15
The nickel price has reached a historical low point
With tightening NPI supplies, Chinese imports of Ferro Nickel are rising, impacting their cost competitiveness
Environment and markets
Breakdown of Chinese nickel imports (in kt)
Nickel – LME Cash (USD/t)
* Nickel Pig Iron – Blast Furnace – Electric Arc Furnace - Rotary Kiln Electric Furnace Source: SBB, Heinz Pariser & Aperam estimates
NPI – BF*
NPI – RKEF*
NPI – EAF* 6 000
8 000
10 000
12 000
14 000
16 000
18 000
20 000
22 000
24 000
26 000
28 000
30 000
0
100
200
300
400
500
2013 2014 2015
Chinese NPI production Ferronickel imports (Ni content)
16
European stainless steel prices have shown the best resilience
Source: SBB, SPAS, Eurofer and Aperam estimates
Environment and markets
Resilient Europe prices during past year, and a recent rebound in Chinese prices
0%
10%
20%
30%
2012 2013 2014 2015
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
Chinese prices European prices
Chinese versus European CR 304 2B 2mm coil transaction price (USD/t)
CR stainless steel products imports in Europe (in %)
0%
10%
20%
30%
2012 2013 2014 2015 2016YTD
BofAML Global Metals, Mining & Steel Conference
Aperam’s performance
18
Health & Safety performance
Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging
Lost Time Injury Frequency rate*
Health & Safety frequency rate of 1.1 in Q1 2016
* WorldSteel-standard: Fr = lost time Injuries per 1.000.000 worked hours; based on own personnel and contractors
0
1.0
2.0
3.0
4.0
Aperam’s performance
- 111 - 100
95
172
2012 2013 2014 2015 2012 2013 2014 2015
19
Solid evolution of profitability
Record first quarter results thanks to a sustainably solid performance of the operations as well as a strong balance sheet
Aperam’s performance
Ebitda evolution (USD million)
Ebitda from operations Ebitda from sale of electricity surplus X EPS (USD)
2,21
1,21
-1,28 -1,39
Total Ebitda as % of Sales X Ebitda (mUSD)
4,1%
5,7%
10,0% 10,6%
497 490
292 217
217
292
547 501
Net result evolution (USD million)
20
First quarter operating performance
[1] Difference with total Aperam’s quarterly Ebitda comes from the Others & Eliminations division.
Q1 2016 EBITDA per division (USD million) [1]
Stainless & Electrical Services & Solutions Alloys & Specialties
475 466
433 439
469
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
129
164 137
117 133
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
469
486
455
476 483
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Shipments (‘000t)
133155
108 105 112
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
EBITDA of 232 USD/t in Q1 2016 compared to 221 USD/t in Q4 2015
95 90
8
19
8 6
Q4 2015 Q1 2016 Q4 2015 Q1 2016 Q4 2015 Q1 2016
Gains from sale of electricity surplus in Brazil
EBITDA (USD million)
129
Aperam’s performance
21
Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging Continuous solid progress on the Leadership Journey reaching USD 487 million at the end of March 2016
Leadership Journey®
Cumulated gains (USD million) Key projects completed since beginning of 2011 • In Brazil, VSS*, switch from LPG to natural gas and conversion of blast
furnace number 2 from coke to biomass.
• In Europe, - Suspension of traditional cold roll mill in Isbergues - Completion of the new hot annealing and pickling line in Gueugnon - Industrial optimization and rationalization (from 29 to 17 tools)
• In Services & Solutions, Service Center expansion in Campinas
• Alloys & Speciality, completion of the Imphy meltshop enhancement
• Closure of Firminy (Precision)
• Yield and Quality improvement, Sourcing initiative, SG&A reduction through organisation simplification
• Debottlenecking the finishing line of the Imphy Wire Rod mill (A&S)
• Productivity increase of the downstream facilities in Genk, Gueugnon, Isbergues and Timoteo
• Upgrade of the Grain Oriented Electrical Steel operations in Timoteo
Key projects progressing
455 466 478 487 510
575
250
300
350
400
450
500
550
600
Q2 2015 Q3 2015 Q4 2015 Q1 2016 End of 2016
End of 2017
Aperam’s performance
*VSS – Voluntary Separation Scheme
2,60
2,20
3,76
2,36
0,98
0,63
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
2010 2011 2012 2013 2014 2015
22
Aperam’s performance Sustainable cash flow from operations across the cycles
Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging Sustainable cash flow generation and net debt to EBITDA ratio
Aperam net debt and gearing[1] evolution (USD million)
Aperam Net Debt / Ebitda evolution
[1] Debt Gearing defined as Net Debt divided by Equity. Net Debt / EBITDA is equal to Net Debt at end of the years divided by last 12 month rolling EBITDA
1066 878 816690
536
316
29%
26% 26%23%
20%
14%
0%
5%
10%
15%
20%
25%
30%
0
200
400
600
800
1 000
1 200
2010 2011 2012 2013 2014 2015
Net debt Gearing
23
Aperam’s performance Credit rating
Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging One of the fastest re-rating with 3 notches improvement during past one year, reaching now crossover rating with a stable outlook from both rating agencies.
Aperam rating evolution with S&P Aperam rating evolution with Moody’s
0
1
2
3
4
5
Dec
-10
Jun-
11
Dec
-11
Jun-
12
Dec
-12
Jun-
13
Dec
-13
Jun-
14
Dec
-14
Jun-
15
Dec
-15
Moody's
Baa3
Ba1
Ba2
Ba3
B1
B20
1
2
3
4
5
Dec
-10
Jun-
11
Dec
-11
Jun-
12
Dec
-12
Jun-
13
Dec
-13
Jun-
14
Dec
-14
Jun-
15
Dec
-15
S&P
BBB-
BB+
BB
BB-
B+
B
10%11% 10%
7%
4%
3%
0%
2%
4%
6%
8%
10%
12%
0
100
200
300
400
500
600
700
FY 2014 FY2015 FY 2014 FY2015 FY 2014 FY2015
Aperam Competitor 1 Competitor 2*
24
Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging Aperam has the most solid ratio in the industry
Solid financial ratios Aperam’s performance
Profitability ratio Debt ratio
Source: Company FY 2014 and FY 2015 earning release reports *EBITDA excluding non recurring items
20%14%
33%35%
93%
69%
0%
20%
40%
60%
80%
100%
120%
0,0
1,0
2,0
3,0
4,0
5,0
6,0
FY 2014 FY2015 FY 2014 FY2015 FY 2014 FY2015
Aperam Competitor 1 Competitor 2
Net debt / LTM EBITDA (x) Net debt / Equity (%)
N/A N/A
Ebitda (USDm)
Ebitda from sale of electricity surplus (USDm)
Ebitda margin (%)
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
Competitor 1 Competitor 2 Aperam
Market Capitalisation Net Debt
-6%
-3%
0%
3%
6%
9%
12%
15%
Aperam Competitor 1 Competitor 2
Enterprise value and return on capital employed
Solid returns on capital employed, but enterprise value remains low relative to peers
Source: Companies reports [1] Total of Net Financial debt and Market Capitalisation as of March 31st, 2016 [2] EBIT excluding non recurring items divided by capital employed (Equity + Net Financial Debt) as of December 31st, 2015
Aperam performance
ROCE ranking [2]
Enterprise Value ranking (USD million) [1]
25
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Aperam’s value strategy: A customer driven company focused on its self-help story
27
Leverage Aperam’s unique position in Europe
The closest location to the scrap generating regions in Europe as well as the major stainless consumers
Aperam’s value strategy
Outokumpu
Acerinox
Aperam
Finishing line Steel making
Terni
European stainless steel industry footprint after restructuring Key strengths of the European operations of Aperam
Sourcing
Logistics
• The only integrated upstream operations in the heart of Europe, with the best access to scrap supply
• Best location to serve the biggest consumption areas of Europe
• Performant logistics between sites for a working capital management at the benchmark of the industry
Production
• Full range of products
• Flexibility and available capacity
• A strategy to be a cost benchmark on the key products of Aperam
28
Optimise value creation in South America thanks to a perfectly adapted asset base and flexible sales management
The flexible business model of South America and its strategic pillars have enabled to fully offset the negative impacts during 2015 and further develop loyalty of domestic customers
Key pillars of the mitigation plan in Brazil
Portfolio management
Domestic penetration
• Preferred supplier plan with best in class deliveries,
• Performant logistics with integrated service centers
• Support stainless steel substitution in South America
Cost competitiveness
• Ensure full utilisation rate with the best margin thanks to a wide range of products and geographical sales optimisation
• Develop new grades with higher added value (stainless substitution, HGO)
• Benchmark and best practice with European operations
• Leadership Journey on-going to improve equipments productivity
• Continuous improvement to at least compensate the inflation
Aperam’s assets optimisation in South Amercia
Timoteo meltshop 900kt capacity
• Stainless steel
• Electrical steel • Non grain oriented • Grain oriented • High grain oriented *
• Special carbon
Product mix Geographical mix
• Brazilian asset running at optimal utilisation rate with the current demand • Projects on-going to debottleneck the cold rolling operations • Upgrade of the Grain Oriented products with the development of HGO • Continuous margin optimization between products mix and deliveries in South America
Brazilian penetration
Exports
Aperam’s value strategy
29
Unlocking value of Aperam’s best performing assets
Leadership Journey program additional gains of about USD 100 million targeted over next 2 years to reach USD 575 million by end of 2017, including from asset base upgrade projects
Upgrade program launched on best performing assets since 2014 Leadership Journey initiatives since 2011 by typology
Launched at the early stage of the program, the restructuring initiatives are focused on the closure or mothballing of non-competitive capacities and the reduction of fixed costs through, in particular, process simplification
Restructuring
Cost cutting projects
Performance projects
In parallel to the restructuring initiatives, major cost cutting investments have been launched with the goal to improve the industrial footprint and to reduce the number of tools.
Several performance projects have been launched In order to reinforce the existing continuous improvement program and accelerate cost reduction. In particular, specific action plans have been implemented for sourcing, IT and SG&A.
• Productivity improvement of the downstream facilities in Genk (CAP2), Gueugnon (CAP10) and Timoteo (Sendzimir Mill #1).
• Upgrade of the Wire Rod mill in A&S
• Upgrade of GO operations in Brazil with development of HGO
• Upgrade of CAP 2 in Genk
• Upgrade of LC2i in isbergues
Tranche 1 USD52m of Capex
2014 - 2015
Tranche 2 USD30m of Capex
2015 - 2016
• Efficiency and competitiveness improvement of the lines CR6 and BA8 in Gueugnon
• Upgrade of compact box annealing furnaces of the Wire Rod mill in A&S
Tranche 3 USD30m of Capex
2015 - 2017
Aperam’s value strategy
30
Strengthening product and service differentiation
Shipments of Top Line products developments in kT
Good progress on Top Line development and innovation plan to support European growth and mitigate the impact of the current Brazilian environment
0
50
100
150
200
250
2014 2015E 2016F
• Toplines are commercial projects focusing on development of Aperam’s most profitable product, segment, client or geographical areas.
Top Line mindset
Innovation focus
• Among the Top Line products, specific focus is allocated to develop the innovative products (new products or application development). This allows niche presence as well as much higher margins.
Aperam’s value strategy
2015
31
Priority on maintaining a strong Balance Sheet consistent with Investment Grade Financial ratios. Cash resources to be allocated to:
Profit improvement in Q1 due to market and internal initiatives but Q2 expected to be more challenging
Aperam’s value strategy
Invest in sustaining and upgrading the company’s assets base to continuously reinforce Leadership Journey and Top Line Strategy
Company sustainability
A base dividend of $1.25/sh, anticipated to progressively increase over time (as the company continues to improve its sustainable profitability benefiting from its strategic actions). The company targets a NFD/EBITDA ratio of <1x (through the cycle). In the (unlikely) event that NFD/EBITDA exceeds 1x then the company will suspend the cash dividend.”
Dividend Policy
Compelling Growth and M&A opportunities with high hurdle rate 3 Value Accretive Growth & M&A
Remaining excess cash will be utilized in the most optimal way 4 Extra Cash Utilization
A financial policy to maximize the long term growth and sustainability of the company as well as the value accretion for its shareholders while maintaining a strong Balance Sheet
32
Sustainability is fully embedded in Aperam Strategy
Consider Safety as our first duty to our People.
Then Training & Career Development ensures motivation & efficiency.
Aim to reduce our production costs & impacts to provide 100% recyclable
energy-efficient steel solutions.
Lead by example through
constant engagement with all our Stakeholders
in quest of mutually beneficial solutions.
• Become a “Zero-injury” Company • LITFR : 1 • Absenteeism: 2 • Performance reviews coverage: 100%
• LITFR: improvement to 1.0 compared to 1.1 in 2014, but one fatality is sadly to be reported
• Absenteeism: 2.3, up from 2.0 in 2014 • Performance review 96% of Exempts and
85% of White collars (non exempts) • In top-3 of best Brazilian companies to
work for in the steel sector [1]
• Cut by 35% CO2 intensity[2] by 2020 vs. 2007
• Reduce by 5% Energy intensity[2] by 2020 vs. 2012
• Be a zero-waste firm[3]
• Reduce dust emissions by 12% by 2020 vs. 2015[4]
• Reduce water intake by 5% by 2020 v 2015[4]
• Executive remuneration linked to CSR indicators
• Full Compliance plan with 100% employees trained
• Become our Customers’ Preferred Supplier
• Strong Compliance and Corporate Governance framework including whistleblowing policy
Priorities & targets Achievements People
Environment
Governance
Our vision
• Significant CO2 reduction[2] with -28% in 2015, down from -35% in 2014 due to a temporary lower usage of charcoal in our blast furnace
• Target achieved: -5% reduction in Energy intensity[2], improving from 3.3% in 2014
• 88.8% of our waste was recycled or reused, improving from 88.6% in 2014
• H&S metrics considered for Annual Bonuses
• New Compliance program preparing for 2016 European Data Privacy law update
• Customer satisfaction up by 4% in Europe compare significant d to previous surveys
• No significant case to report out of the 5 founded fraud alerts investigated in 2015
[1] For the sixth consecutive year, Aperam South America was selected as one of the best companies to work for by Guia Você S/A, in recognition of our work on employee health and wellbeing. [2] Per ton of crude steel [3] For landfill [4] New objective released in 2015 Sustainability report
A clear program strenghthening Aperam strategic objectives
Aperam’s value strategy
Q&A
34
Brazilian protections against unfair market behaviour
Tariff measures to support fair market environment in Brazil
Sources: SBB/Platts, Steelfirst
Environment and markets
Type of products Import duties status Anti-dumping status
Stainless Steel Flat Products
Normal import duties are 14% AD duties starting October 4th, 2013 for 5 years from 236 USD/t to 1,077 USD/t. The case involves CR 304 and 430, in thicknesses between 0.35mm and 4.75mm from China, Finland, Germany, Korea, Taiwan and Vietnam.
Stainless Steel Welded Tubes
14% of Import duties Stainless Steel welded tubes. AD duties starting July 29th, 2013 for 5 years and up to 911USD/t. Countries involved are China and Taiwan.
Electrical steel – Non Grain Oriented
14% of Import duties on NGO.
AD duties imposed for NGO on July 17th 2013 with fixed USD/t values ranging from 133 USD/t to 567 USD/t for 5 years. The countries involved are China, Korea and Taiwan.
On August 15, 2014, Camex released NGO AD partially, giving 45Kt of imports in the next 12 months without AD penalties.
On November 4, 2015, Brazilian authorities decided to end up the existing quota of imports without AD and fixed the AD duties from 90 USD/t to 132,5 USD/t
Electrical steel – Grain Oriented
Normal import duties are also 14%
35
Definitive European anti-dumping duties on China and Taiwan stainless steel imports from August 27, 2015
Recent anti-dumping measures should create a stable and fair European market environment for next 5 years
Source: http://www.eurofer.be/News%26Media/Press%20releases/20150827%20antidumping%20SSCR%20China%20Taiwan.fhtml
Environment and markets
• On May 13, 2014, Eurofer filed an antidumping complaint to European Commission
• On June 26, 2014, European Commission started investigation on CR imports from China and Taiwan
• On March 25, European Commission implemented provisional duties from 24-25% for China and 10-12% for Taiwan.
Anti-dumping duties were applicable during this period with regularisation to be done once final decision would be taken.
• On August 27, 2015, the European Commission Implementing Regulation largely confirmed existing provisional measures and imposes definitive anti-dumping duty rates of up to 25.3% on SSCR imports from China, and up to 6.8% on imports from Taiwan.
“China and Taiwan have a structural overcapacity problem, and have been using the openness of the EU market to shed their excess production. This dumping has seriously undermined the profitability of the European stainless steel industry, and has ensured that European producers have not faced a level playing field for their products.”
Said EUROFER Director General Axel Eggert.
Anti-dumping development
