Highlights
Aperam (referred to as “Aperam” or the “Company”)
(Amsterdam, Luxembourg, Paris: APAM and NYRS:
APEMY), announced today results for the three month period ending March 31, 2016
Timoteo Di Maulo, CEO of Aperam, commented:
“Despite market headwinds, we are pleased to have delivered the best first quarter net result since the spin-off. This makes us confident in the ability of Aperam to improve its performance continuously and capture any
opportunity.
Looking ahead, we remain cautious given the economic environment. However, the first quarter confirmed that Q4 2015 was a trough in terms of market conditions and we believe that we will further improve our profitability.”
■ Health and Safety frequency rate2 of 1.1 in Q1 2016 compared to 0.7 in Q4 2015 and 1.0 in 2015
■ Shipments of 483 thousand tonnes in Q1 2016, a 1% increase compared to shipments of 476 thousand tonnes in Q4 2015
■ EBITDA of USD 112 million in Q1 2016, compared to EBITDA of USD 105 million in Q4 2015
■ Net income of USD 49 million in Q1 2016, compared to a net income of USD 33 million in Q4 2015
■ Basic earnings per share of USD 0.63 in Q1 2016
■ Cash flow from operations amounted to USD 39 million in Q1 2016
■ Net debt 4 of USD 338 million on March 31, 2016, representing a gearing of 14% compared to a net debt of USD 316 million on December 31, 2015

Prospects
■ EBITDA in Q2 2016 is expected to slightly increase compared to EBITDA in Q1 2016
■ Net debt to decrease in Q2 2016

Financial Highlights (on the basis of IFRS)
(USDm) unless otherwise stated Q1 ‘16 Q4 ‘15 Q1 ‘15
Sales 1,076 1,081 1,258
EBITDA 112 105 133
Operating income 73 65 86
Net income 49 33 42
Steel shipments (000t) 483 476 469
EBITDA/tonne (USD) 232 221 284
Basic earnings per share (USD) 0.63 0.42 0.54
Diluted earnings per share (USD) 0.57 0.40 0.50

Health & Safety results analysis
Health and Safety performance based on Aperam personnel figures and contractors lost time injury frequency rate2
, was 1.1 in
the first quarter of 2016 compared to 0.7 in the fourth quarter of 2015.
Financial results analysis for the three months period ending March 31, 2016
Sales in the first quarter of 2016 were stable at USD 1,076 million compared to USD 1,081 million in the fourth quarter of 2015.
Shipments in the first quarter of 2016 increased by 1% at 483 thousand tonnes compared to 476 thousand tonnes in the fourth
quarter of 2015.
EBITDA was USD 112 million in the first quarter of 2016 compared to EBITDA of USD 105 million in the fourth quarter of 2015.
Despite the traditional seasonal effect in Brazil, EBITDA increased quarter on quarter mainly due to solid performance of
Stainless & Electrical Steel Europe and Services & Solutions segments. The Leadership Journey®5 has continued to progress
over the quarter and has contributed a total amount of USD 487 million to EBITDA since the beginning of 2011.
Depreciation and amortization expense in the first quarter of 2016 was USD 39 million.
Aperam had an operating income in the first quarter of 2016 of USD 73 million compared to an operating income of USD 65
million in the previous quarter.
Net interest expense and other financing costs in the first quarter of 2016 were USD 9 million, primarily related to financing costs
of USD 4 million and USD 6 million of non-cash interest expense related to the amortization of the option premium on convertible
bonds. Realized and unrealized foreign exchange and derivative losses were USD 3 million in the first quarter of 2016.
The Company recorded a net income of USD 49 million, inclusive of an income tax expense of USD 12 million, in the first quarter
of 2016.
Cash flows from operations in the first quarter were positive at USD 39 million, with a working capital increase of USD 40 million.
CAPEX in the first quarter was USD 33 million.
As of March 31, 2016, shareholders’ equity was USD 2,411 million and net financial debt was USD 338 million (gross financial
debt as of March 31, 2016 was USD 468 million and cash & cash equivalents were USD 130 million).

The Company had liquidity of USD 530 million as of March 31, 2016, consisting of cash and cash equivalents of USD 130 million
and undrawn credit lines6 of USD 400 million.
Operating segment results analysis
Stainless & Electrical Steel
The Stainless & Electrical Steel segment had sales of USD 876 million in the first quarter of 2016. This is similar to sales of USD
869 million in the fourth quarter of 2015. Shipments during the first quarter were 474 thousand tonnes, a 2% increase compared
to shipments in the fourth quarter of 2015 of 465 thousand tonnes. The volume increase was mainly due to seasonal recovery in
Europe. Overall, average selling prices for the Stainless & Electrical Steel segment were slightly lower for the quarter mainly due
to the raw material price effects.
The segment had EBITDA of USD 90 million in the first quarter of 2016 compared to USD 95 million in the fourth quarter of 2015.
The seasonal effect in South America was compensated by the traditional seasonal recovery in Europe as well as the contribution
of the Leadership Journey® and the Top Line strategy.
Depreciation and amortization expense was USD 34 million in the first quarter of 2016.
The Stainless & Electrical Steel segment had an operating income of USD 56 million during the first quarter of 2016 compared to
an operating income of USD 61 million in the fourth quarter of 2015.
Services & Solutions
The Services & Solutions segment had a 13% increase in sales during the quarter, from USD 442 million in the fourth quarter of
2015 to USD 500 million in the first quarter of 2016. In the first quarter of 2016, shipments were 210 thousand tonnes compared
to 174 thousand tonnes in the previous quarter. The Services & Solutions segment had lower average selling prices during the
quarter.
The segment had EBITDA in the first quarter of 2016 of USD 19 million compared to EBITDA of USD 8 million in the fourth
quarter of 2015. The increase in EBITDA was mainly driven by seasonal recovery and the contribution of Top Line strategy.
Depreciation and amortization expense was USD 3 million in the first quarter of 2016.
The Services & Solutions segment had an operating income of USD 16 million in the first quarter of 2016 compared to an
operating income of USD 3 million in the fourth quarter of 2015.
Alloys & Specialties
The Alloys & Specialties segment had sales in the first quarter of 2016 of USD 109 million, representing a decrease of 16%
compared to USD 130 million in the fourth quarter of 2015. Shipments were stable in the first quarter of 2016 at 8 thousand
tonnes compared to 8 thousand tonnes in the fourth quarter of 2015. Average selling prices decreased over the quarter.
The Alloys & Specialties segment achieved EBITDA of USD 6 million in the first quarter of 2016 compared to USD 8 million in the
fourth quarter of 2015. The EBITDA decrease is mainly due to raw material and product mix effects.
Depreciation and amortization expense in the first quarter of 2016 was USD 1 million.
The Alloys & Specialties segment had an operating income of USD 5 million in the first quarter of 2016 compared to an operating
income of USD 7 million in the fourth quarter of 2015.

Recent developments
■ On February 17, 2016, Moody's Investors Service upgraded Aperam’s corporate family rating to Ba1 from Ba2. The outlook is stable.
■ On March 6, 2016, Aperam announced the publication of its 2015 Annual Report.
■ On April 4, 2016, Aperam announced the publication of the convening notice for its Annual General Meeting of shareholders to be held on May 4, 2016.
■ On April 6, 2016, Aperam announced the publication of its “made for life” report for 2015, which constitutes Aperam's
sustainability performance report.
New developments
■ On May 4, 2016, Aperam announces that the Annual General Meeting of Shareholders of Aperam held in Luxembourg on
the same day approved all resolutions on the agenda by a large majority.