Third quarter 2012 results

Aperam yesterday announced results for the three month and nine month periods ending September 30, 2012. Highlights are: Health and Safety frequency rate of 1.3x in Q3 2012 compared to 1.0x in Q2 2012; Shipments of 410 thousand tonnes in Q3 2012, a 5% decrease compared to shipments of 433 thousand tonnes in Q2 2012; Ebitda of USD 42 million in Q3 2012 compared to Ebitda of USD 65 million in Q2 2012; Basic earnings per share of USD (0.21) in Q3 2012; Cash outflow from operations amounted to USD 50 million in Q3 2012 ; Net debt of USD 987 million at September 30, 2012, representing a gearing of 31%. 

Prospects: Ebitda in Q4 2012 is expected to be comparable to Ebitda in Q3 2012 due to uncertain stainless steel market conditions; Net debt expected to decrease significantly in Q4 2012.

Philippe Darmayan, CEO of Aperam, commented: "As expected, seasonality and low market prices resulted in lower EBITDA in Q3 compared to Q2.  However, during the quarter, Aperam made good progress on the Leadership Journey with the completion of several key investment projects. For the end of the year, we look positively on the recent base price increases and higher import duties in Brazil, but need to remain cautious as a result of the volatile and uncertain market conditions. In the current environment, we continue to remain focused on delivering the Leadership Journey."

Aperam, Luxembourg