BUSINESS YEAR 2008 · Nucor (16-may-08) ACERINOX (19-may-08) 9. 0 1,000 2,000 3,000 4,000 5,000...

GENERAL SHAREHOLDERS’ MEETING

BUSINESS YEAR 2008

28th May 2009

OFFICIAL NICKEL PRICE IN THE L.M.E. (Year 2008)

Average price: cash / three months USD/Mt.

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1

EVOLUTION OF THE STAINLESS STEEL WORLD PRODUCTION

Europe and Africa Asia America

Statistical source : International Stainless Steel Forum (ISSF)

Million Mt.

24.6 24.3

9.12.7

12.5

YEAR 2004 YEAR 2005

9.8

2.911.9

+16.7%-1.0%

YEAR 2006

3.0

15.1

10.3

28.4

YEAR 2007

27.8-2.0%

2.6

16.0

9.1

YEAR 2008

2.3

15.0

8.6

25.9-6.9%

2

PRODUCTION OF ACERINOX GROUP

MELTING SHOPMELTING SHOP 806,194 806,194 709,326 528,336 709,326 528,336 2,043,856 2,043,856 --11.5%11.5%

HOT ROLLING HOT ROLLING 674,212 674,212 602,002 519,322 602,002 519,322 1,795,536 1,795,536 --12.0%12.0%

COLD ROLLING COLD ROLLING 538,298 464,341 302,838 538,298 464,341 302,838 1,305,477 1,305,477 --10.3%10.3%

ACERINOXACERINOX NAS NAS COLUMBUSCOLUMBUS TOTAL TOTAL FLAT PRODUCTSFLAT PRODUCTS

Metric tonnes Year 2008

ROLDANROLDAN NASNAS

HOT ROLLING HOT ROLLING 118,501 83,567 118,501 83,567 202,068 202,068 +2.7%+2.7%

TOTAL TOTAL VariationVariationover 2007over 2007LONG PRODUCTSLONG PRODUCTS

Variation Variation over 2007over 2007

3

Total Acerinox, S.A. NAS Columbus Roldan

PRODUCTION OF ACERINOX GROUP (Thousand Mt.)

MELTING SHOP HOT ROLLING COLD ROLLING Long Product

0

30

60

90

120

150

180

210

240

270

300

99 00 01 02 03 04 05 06 07 08

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

99 00 01 02 03 04 05 06 07 080

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

99 00 01 02 03 04 05 06 07 08

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

99 00 01 02 03 04 05 06 07 08

4

EVOLUTION OF ACERINOX GROUP NET SALES

Million €

5,051

2,479

1,9571,803

1,067

4070

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

99 00 01 02 03 04 05 06 07 08

Consolidated Group

Trading Companies

Acerinox, S.A.

N.A.S.

Columbus

Roldan + Inoxfil

5

GEOGRAPHICAL DISTRIBUTION OF ACERINOX GROUP NET SALES

YEAR 2008

Europe Europe

41.8%41.8%

AmericaAmerica36.0%36.0%

AsiaAsia

17.1%17.1%

AfricaAfrica

5.0%5.0%

OceaniaOceania

0.1%0.1%

YEAR 2007

Europe Europe

44.1%44.1%

AmericaAmerica36.4%36.4%

AsiaAsia

13.6%13.6%

AfricaAfrica

5.8%5.8%

OceaniaOceania

0.1%0.1%

6

EVOLUTION OF THE RESULT AFTER TAXES AND MINORITIES ACERINOX GROUP

Million €

IASSpanish GAAP

-10.5

503.0

312.3302.9

154.5

-50

0

50

100

150

200

250

300

350

400

450

500

550

2004 2005 2006 2007 2008

7

QUARTERLY EVOLUTION OF THE RESULT AFTER TAXES AND MINORITIES. ACERINOX GROUP

-29.2

66.7

87.9

-135.8-150

-125

-100

-75

-50

-25

0

25

50

75

100

125

150

Million € Year 2008

1º Q. 2º Q. 3º Q. 4º Q.

8

COMPARISON BETWEEN ACERINOX QUOTATION AND STEEL SECTOR

Source: Bloomberg (31-Dec-08) and Goldman Sachs

Last 12 months

Last 6 monthsLast 3 months

Since 52-week high

-88.9%

-88.2%

-81.2%

-79.8%

-75.1%

-69.6%

-69.2%

-67.5%

-61.4%

-61.0%

-59.7%

-50.6%

-45.1%

-32.4%

-21.2%

Evraz

Severstal

Steel Dynamics

AK Steel

NLMK

Voestalpine

US Steel

Arcelor Mittal

SSAB

Outokumpu

Commercial Metals

ThyssenKrupp

Salzgitter

ACERINOX

Nucor

-92.6%

-89.4%

-86.5%

-82.1%

-79.9%

-75.2%

-71.4%

-71.2%

-68.5%

-65.1%

-62.8%

-52.7%

-52.4%

-37.9%

-21.6%

Evraz

Severstal

AK Steel

NLMK

US Steel

Arcelor Mittal

Steel Dynamics

Voestalpine

Commercial Metals

SSAB

Outokumpu

Salzgitter

ThyssenKrupp

Nucor

ACERINOX

-77.3%

-73.7%

-64.0%

-52.1%

-50.2%

-45.1%

-36.7%

-34.6%

-30.9%

-29.7%

-25.1%

-23.7%

-11.3%

-8.7%

17.0%

Evraz

Severstal

AK Steel

US Steel

Arcelor Mittal

NLMK

SSAB

Steel Dynamics

Voestalpine

Commercial Metals

Outokumpu

Salzgitter

ThyssenKrupp

ACERINOX

Nucor

-93.2%

-90.2%

-87.2%

-84.2%

-82.1%

-80.6%

-76.4%

-75.6%

-72.7%

-69.9%

-69.8%

-61.3%

-59.3%

-43.3%

-37.4%

Evraz (16-may-08)

Severstal (16-may-08)

AK Steel (20-may-08)

Steel Dynamics (18-mar-08)

NLMK (30-jun-08)

US Steel (25-may-08)

ArcelorMittal (05-jun-08)

Outokumpu (19-may-08)

Voestalpine (19-may-08)

Commercial Metals (19-jun-08)

SSAB (19-may-08)

Salzgitter (14-may-08)

ThyssenKrupp (19-may-08)

Nucor (16-may-08)

ACERINOX (19-may-08)

9

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

2.891

MARKET CAPITALIZATION OF ACERINOX, S.A.

Figures in million €

10

55%45%

Year 2008

Availablecredit facilitiesUsed credit

facilities

Total exisiting lines:

2,253 mill. €

CURRENT CREDIT LINES IN ACERINOX GROUP

11

34%66%

Year 2008

Long term debt

Short termdebt (*)

DISCLOSURE OF THE SHORT AND LONG TERM DEBT WITH FINANCIAL INSTITUTIONS

(*) Treasury has been deducted of the short term debt

12

RETURN TO SHAREHOLDERS

DividendDividend

€ / share

Issue Premium Refund

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

0.50

0.55

04 05 06 07 08

0.34

0.26

0.08

0.34

0.26

0.08

0.45

0.35

0.10

0.48

0.35

0.10

0.45

0.35

0.10

0.03

Attendance bonus

AGM

13

ACERINOX GROUP INVESTMENTS

NAS: No.4 Annealing and Pickling line COLUMBUS: No.4 Sendzimir mill

14

MELTING SHOP MELTING SHOP 1,100,000 1,400,000 1,000,000 31,100,000 1,400,000 1,000,000 3,500,000 ,500,000

HOT ROLLING SHOP HOT ROLLING SHOP 900,000 900,000 1,200,000 1,000,000 3,100,000 1,200,000 1,000,000 3,100,000

COLD ROLLING SHOP COLD ROLLING SHOP 670,000 850,000 545,000 670,000 850,000 545,000 2,065,000 2,065,000

PRODUCTION CAPACITY OF ACERINOX GROUPYEARS 2008-09

ROLDANROLDANLONG PRODUCTSLONG PRODUCTS

Mt.

NASNAS

HOT ROLLING SHOP HOT ROLLING SHOP 200,000200,000 200,000 400,000 200,000 400,000

TOTAL TOTAL

ACERINOXACERINOX NAS NAS COLUMBUSCOLUMBUS TOTAL TOTAL FLAT PRODUCTSFLAT PRODUCTS

15

COMMERCIAL NETWORK: NEW SERVICE CENTRES

Pennsylvania Service Centre (USA)

Monterrey Service Centre (Mexico)

Oporto Service Centre (Portugal)

16

0

2,000

4,000

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

Thousand Mt.

Compound annual growth rate

YearsYears 19501950--2008: +5.72008: +5.7%%

WORLD PRODUCTION OF STAINLESS STEEL

50 60 70 80 90 00 08 Source: VALE INCO, & ISSF

17

YEAR 2007 Source: Vale Inco, IMF

COMPARISON BETWEEN GDP AND STAINLESS STEEL CONSUMPTION PER CAPITA

Russia

Brasil

Mexico

India

South Africa

Thailand

USAUK

Canada

France Germany

Japan Italy

Spain

South Korea

Taiwan

China

0

5

10

15

20

25

30

35

40

45

50

0 10 20 30 40 50

GD

P (

´000

US

D/c

apita

)

Stainless consumption kg/capita

18

PRODUCTION CAPACITY YEAR 2009 (Million Mt)

3.53.12.10.4

Melting Hot Rolling Cold Rolling Long Prod.

1.41.20.80.2

1.10.90.70.2

1.01.00.5

Melting Hot Rolling Cold Rolling Long Prod.

Melting Hot Rolling Cold Rolling Long Prod.

Melting Hot Rolling Cold Rolling

19

STRATEGIC LOCATION

INDONESIA

PHILIPPINES

THAILAND

MALAYSIA

VIETNAM

SINGAPORE

MALAYSIA

SINGAPORE

LAND LOCATION

20

LAND OF BAHRU STAINLESS FACTORY

21

BAHRU STAINLESS: PIER UNDER CONSTRUCTION

22

COMMERCIAL NETWORK OF ACERINOX GROUP

Flat Products FacilityFlat Products Facility (3)(3)

Long Products FacilityLong Products Facility (3)(3)

ServiceService Centre (23)Centre (23)

CommercialCommercial Office (27)Office (27)

WarehouseWarehouse (34)(34)

23

YICK HOE METALS

24

PRODUCTION CAPACITY OF THE GROUP AND WORLDCONSUMPTION PER AREAS ( Million Mt)

3.53.12.10.4

Melting Hot Rolling Cold Rolling Long Prod.

1.41.20.80.2

1.10.90.70.2

1.01.00.5

AMERICA CONSUMPTION

ASIA + OCEANIA CONSUMPTION

EUROPA + AFRICA CONSUMPTION

13.27.22.5

Melting Hot Rolling Cold Rolling Long Prod.

Melting Hot Rolling Cold Rolling Long Prod.

Melting Hot Rolling Cold Rolling

Melting Hot Rolling Cold Rolling

1.01.00.6

25

THE ACERINOX GROUP

26