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Luxembourg, February 8, 2011 - Aperam (referred to as “Aperam” or the “Company”) (Amsterdam, Luxembourg, Paris: (APAM)
and NYRS: (APEMY)) today announced results1 for the three and twelve month periods ending December 31, 2010.
Highlights:
• Health and Safety frequency rate2 of 2.1x in 2010 (1.8x in 2009) and 1.0x in Q4 2010
• Shipments of 1,741 thousand tonnes in 2010 (1,447 thousand tonnes in 2009) and 366 thousand tonnes in Q4 2010
• EBITDA of USD 410 million in 2010 (USD 226 million in 2009) and of USD 22 million in Q4 2010
• Pro forma earnings per share of USD 1.64 in 2010 (loss per share of USD 1.54 in 2009)
• Pro forma cash flow from operations of USD 97 million in 2010 and USD 137 million in Q4 2010
• Pro forma net debt of USD 851 million at December 31, 2010 represented a gearing of 22% compared to USD 953 million at
September 30, 2010
• Aperam launched an initiative, known as the “Leadership Journey” to target management gains and profit enhancement of
USD 250 million over the next two years

Prospects:
• Volume and pricing are expected to improve in Q1 2011 compared to Q4 2010 resulting in a strong increase in EBITDA and
working capital requirements. Net debt is expected to increase.
• Approximately USD 40 to USD 50 million of non-recurring charges expected in Q1 2011 as part of the implementation of the
Leadership Journey

Commenting, Mr. Bernard Fontana, CEO of Aperam, said:
“Following the successful spin-off of Aperam from ArcelorMittal, we are pleased to report our first financial results as a stand-alone
company. Despite weakness at year end, we experienced improvement in the financial results of 2010 compared to 2009. Since
the beginning of 2011, the market has shown signs of improvement, but pricing levels are expected to remain moderate throughout
2011 due to overcapacity in the industry. In an effort to enhance competitiveness, the Company has initiated the Leadership
Journey, aimed at significantly increasing our level of profitability.”

Financial highlights (on the basis of IFRS):
(USDm) unless otherwise shown PF3 12M 10 12M 10 12M 09 PF3 Q4 10 Q4 10 Q3 10
Sales 5,604 5,604 4,235 1,434 1,434 1,372
EBITDA 410 410 226 22 22 66
Operating income / (loss) 91 93 (207) (77) (77) (6)
Net income / (loss) 128 104 (150) 10 2 (12)
Steel shipments (000t)4 1,741 1,741 1,447 366 366 460
EBITDA/tonne (USD) 235 235 156 60 60 143
Basic earnings per share (USD) 1.64 N/A N/A 0.13 N/A N/A

Health & Safety results analysis
Health and safety performance, based on own personnel figures and contractors lost time injury frequency rate, improved from 2.2
for the three months ended September 30, 2010 to 1.0 for the three months ended December 31, 2010.
Pro forma financial results analysis
Sales in the fourth quarter increased by 5% to USD 1,434 million compared to USD 1,372 million in the third quarter. Shipments in
the fourth quarter decreased by 94 thousand tonnes to 366 thousand tons compared to 460 thousand tonnes in the third quarter.
Lower steel shipments were offset by higher average steel selling prices resulting in particular from a rise in nickel prices.
EBITDA was USD 22 million in the fourth quarter compared to EBITDA in the third quarter of USD 66 million. This decline was
primarily due to the decline of volumes and a reduction in the average base price.
Depreciation expense remained flat in the fourth quarter at USD 75 million versus USD 72 million in the previous quarter.
Impairment charges in the fourth quarter of 2010 were USD 24 million. These charges primarily relate to the “Leadership Journey”
announced on December 16, 2010 and are provisions for the suspension of the traditional cold rolling lines in Isbergues. There
were no impairment charges in the previous quarter.
Aperam had an operating loss in the fourth quarter of USD 77 million compared to an operating loss of USD 6 million during the
previous quarter.
Net interest income (including interest expense and interest income) in the fourth quarter was USD 67 million. Included in net
interest income is a gain of USD 120 million (USD 106 million net of taxes) relating to the exchange of 217,837,295 Acos Villares
shares for 9,076,554 Gerdau shares. Gerdau shares are not considered as strategic by the Company. Net interest income
includes the impact of foreign exchange primarily on monetary assets held in different currencies, the mark-to-market of derivative
instruments and USD 27 million of financing costs.
Aperam recorded an income tax benefit of USD 20 million in the fourth quarter. The Company also recorded a net income of USD
10 million in the fourth quarter.
Cash flows from operations in the fourth quarter were USD 137 million. Working capital inflows during the fourth quarter
represented USD 161 million. CAPEX in the fourth quarter increased to USD 40 million.
Shareholder equity at December 31, 2010 was USD 3,917 million and net financial debt for the same period was USD 851 million.
Gross financial debt as of December 31, 2010 was USD 1,079 million including cash & cash equivalents of USD 228 million.
Operating segment results analysis
Stainless & Electrical Steel
The Stainless & Electrical Steel segment had sales of USD 1,113 million in the fourth quarter of 2010 compared to USD 1,058
million in the third quarter. Shipments during the fourth quarter were 343 thousand tonnes (157 thousand tonnes in South America
and 186 thousand tonnes in Europe). This is a decrease of 84 thousand tonnes compared to the previous quarter’s shipments of
427 thousand tonnes (164 thousand tonnes in South America and 263 million tonnes in Europe). The decrease in volumes is
primarily driven by the seasonal slowdown that traditionally takes place in the fourth quarter in both Europe and South America.
Lower shipments were partially offset by a higher average selling price, primarily as a result of higher nickel prices.
The segment had EBITDA of USD 26 million in the fourth quarter compared to USD 48 million in the third quarter. This decrease
reflects a decline in both shipments and base prices which is partially offset by profit of USD 18 million relating to increased sales
to the Services & Solutions segment. This profit has been eliminated at the group level. EBITDA from South America dropped
from USD 62 million in the third quarter to USD 17 million in the fourth quarter. EBITDA from Europe saw an improvement during
the quarter, increasing from a loss of USD 14 million in the third quarter to a profit of USD 9 million in the fourth quarter.
The Stainless & Electrical Steel segment had an operating loss of USD 62 million during the fourth quarter. Depreciation expense
in the fourth quarter was USD 64 million. Impairment charges for the fourth quarter were USD 24 million.

Services & Solutions
The Services & Solutions segment had relatively flat sales at USD 566 million in the fourth quarter of 2010 compared to USD 576
million in the third quarter. In the fourth quarter, shipments were 147 thousand tonnes compared to 159 thousand tonnes in the
previous quarter as the destocking that began in the third quarter continued in the fourth quarter. Overall, the average selling price
for the fourth quarter was stable compared to the third quarter.
The segment achieved EBITDA in the fourth quarter of USD 3 million compared to EBITDA of USD 12 million in the third quarter.
Depreciation expense in the fourth quarter was USD 8 million.
The Services & Solutions segment had an operating loss of USD 5 million in the fourth quarter of 2010 compared to operating
income of USD 5 million in the third quarter.
Alloys & Specialties
The Alloys & Specialties segment of Aperam had higher sales in the fourth quarter at USD 166 million compared to USD 126
million in the third quarter. Higher shipments in the fourth quarter of 10 thousand tonnes compared to 7 thousand tonnes in the
third quarter were primarily driven by continued strong demand across the product range. Average selling prices in the fourth
quarter remained relatively flat compared to the previous quarter.
The Alloys & Specialties segment achieved EBITDA of USD 10 million in the fourth quarter of 2010. This is an increase compared
to EBITDA of USD 7 million in the third quarter of 2010. The improvements in EBITDA resulting from increased volumes in the
quarter were partially offset by additional maintenance costs resulting from higher volume levels.
Depreciation expense in the fourth quarter was USD 3 million.
The Alloys & Specialties segment had operating income of USD 7 million in the fourth quarter of 2010.
Recent Developments
• On December 16, 2010, Aperam announced that it had launched an initiative to target management gains and profit
enhancement of USD 250 million over the next two years. The program, known as the "Leadership Journey", will focus on
cost reductions and increasing productivity. As part of this program, Aperam plans to convert its Blast Furnace # 2 to
charcoal in its Brazilian plant in Timoteo, to suspend temporarily its traditional cold rolling mill in its French plant in
Isbergues (capacity of 100,000t) and to invest USD 62 million in the productivity of its hot annealing and pickling line in
Gueugnon (France).
• On January 21, 2011, Aperam announced that at a general meeting held in Luxembourg on January 21, 2011, ArcelorMittal
as sole shareholder of Aperam appointed two new independent members to the Board of Directors of Aperam. The two
new independent members of the Board of Directors are Ms. Sylvie Ouziel and Mr. Romain Bausch. The general meeting
also clarified the dividend policy for Aperam in 2011. In addition, the general meeting confirmed that a share repurchase
authorization would become effective for Aperam upon effectiveness of the spin-off and would be structured similarly to
ArcelorMittal's share repurchase authorization. Finally, the general meeting clarified the scope of a share-based awards
program for Aperam's management.
• On January 21, 2011, Aperam announced that subject to legal and regulatory requirements being met, Aperam's dividend
payment of USD 0.75 per share will be applicable after the spin-off. Payment of the dividend in 2011 is expected to occur on
a quarterly basis, with the first dividend payment of USD 0.1875 to be paid on or about March 31, 2011. The Board of
Directors of Aperam will propose the annual gross dividend to be paid in relation to 2012 at the annual general meeting of
shareholders in 2012.
• On January 25, 2011, an extraordinary general meeting of shareholders of ArcelorMittal approved by an overwhelming
majority all resolutions on the agenda, including the primary one, the spin-off of ArcelorMittal’s stainless and specialty steels
business into Aperam. In total, 963,117,270 shares or 61.7% of ArcelorMittal’s share capital, were present or represented at
the meeting. On the same date, ArcelorMittal, as Aperam’s sole shareholder, approved the spin-off, accepted the transfer
of the stainless and specialty steels business from ArcelorMittal to Aperam and allocated 78,045,730 of the Company’s
ordinary shares to to ArcelorMittal’s shareholders.
• On January 26, 2011, as part of the spin-off, ArcelorMittal provided a USD 900 million one-year bridge loan to Aperam. The
intention is to replace the bridge loan with external financing.
• On January 31, 2011, Aperam’s ordinary shares commenced trading on the Luxembourg Stock Exchange, NYSE Euronext
Paris and NYSE Euronext Amsterdam under the symbol “APAM”. On the same date, Aperam’s New York registry shares
(NYRS) began trading in the over-the-counter (OTC) marketplace in the United States under the symbol APEMY, with each
NYRS representing one ordinary share.

• On February 1, 2011, Moody’s Investor Services assigned a provisional “Ba2” Corporate Family Rating and a provisional
Ba2 Probability of Default Rating to Aperam. The outlook of all ratings is stable.
• On February 3, 2010, Standard & Poor’s Ratings Services assigned its preliminary “BB” long-term corporate credit rating to
Aperam. The outlook is stable.
New Development
• On February 7, 2011, the Board of Directors of Aperam approved an investment of USD 28 million in a new induction
furnace and an Electro Slag Remelting furnace in its French plant in Imphy to increase revenue and improve competitiveness in the Alloys & Specialties segment as part of the Leadership Journey.

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