Aperam - First quarter 2024 results: 'Non-traditional activities prove
resilient in the industrial recession'

   Aperam S.A. / Key word(s): Quarter Results
   Aperam - First quarter 2024 results: 'Non-traditional activities
   prove resilient in the industrial recession'
   03-May-2024 / 06:59 CET/CEST
     ____________________________________________________________

   
   First quarter 2024 results1

   'Non-traditional activities prove resilient in the industrial
   recession'

   Luxembourg, May 3, 2024 (07:00 CET) - Aperam (referred to as
   'Aperam' or the 'Company') (Amsterdam, Luxembourg, Paris,
   Brussels: APAM, NYRS: APEMY), announced today results for the
   three months ended March 31, 2024.

   Highlights
     * Health and Safety: LTI frequency rate of 1.5x in Q1 2024
       compared to 2.1x in Q4 2023

     * Shipments of 585 thousand tonnes in Q1 2024, 8% increase
       compared to shipments of 541 thousand tonnes in Q4 2023

     * Adjusted EBITDA of EUR 55 million in Q1 2024, similar to
       Adjusted EBITDA of EUR 55 million in Q4 2023
     * Net loss of EUR (19) million in Q1 2024, compared to net
       income of EUR 70 million in Q4 2023
     * Basic earnings per share of EUR (0.26) in Q1 2024, compared
       to EUR 0.97 in Q4 2023
     * Free cash flow before dividend and share buy-back amounted to
       EUR (141) million in Q1 2024, compared to EUR 217 million in
       Q4 2023
     * Net financial debt of EUR 674 million as of March 31, 2024,
       compared to EUR 491 million as of December 31, 2023

   Strategic initiatives
     * Leadership Journey®2 Phase 5: Gains reached EUR 3 million in
       Q1 2024 the first quarter of the 2024 - 2026 starting the
       first quarter in a program with target gains of EUR 200
       million.

   Prospects(1)a
     * Q2 2024 EBITDA is expected at a higher level versus Q1 2024
     * We guide for lower Q2 2024 net financial debt

Timoteo Di Maulo, CEO of Aperam, commented:

   'The European manufacturing environment resembles 2020 but with a
   much longer duration. Q1 marked the 7th consecutive recessionary
   quarter in the stainless steel industry. We are glad to have
   differentiated our value chain early. Recycling, forestry, alloys
   and distribution support the group through the low stainless
   cycle. Our Leadership Journey 5 focus of mix improvement and cost
   reduction focus will restore Aperam's profitability and cash
   generating ability. Success is already visible in our ESG
   performance. At less than 280 kg CO2e per tonne of steel Aperam
   surpassed already in 2023 its ambitious target for 2030 and is a
   best in class producer globally.'

   Financial Highlights (on the basis of financial information
   prepared under IFRS)

(in millions of Euros, unless otherwise stated)

Q1 24

Q4 23

Q1 23

Sales

1,657

1,551

1,876

Operating income / (loss)

(3)

(10)

81

Net income / (loss) attributable to equity holders of the parent

(19)

70

132

Basic earnings per share (EUR)

(0.26)

0.97

1.83

Diluted earnings per share (EUR)

(0.26)

0.96

1.83





Free cash flow before dividend and share buy-back

(141)

217

85

Net Financial Debt (at the end of the period)

674

491

419





Adj. EBITDA

55

55

127

Exceptional items

-

(11)

-

EBITDA

55

44

127





Adj. EBITDA/tonne (EUR)

94

102

215

EBITDA/tonne (EUR)

94

81

215





Shipments (000t)

585

541

591


Health & Safety results

   Health and Safety performance based on Aperam personnel figures
   and contractors' lost time injury frequency rate was 1.5x in the
   first quarter of 2024 compared to 2.1x in the fourth quarter of
   2023.

   Financial results analysis for the three-month period ending
   March 31, 2024

   Sales for the first quarter of 2024 increased by 6.8% at EUR
   1,657 million compared to EUR 1,551 million for the fourth
   quarter of 2023. Shipments increased from 541 thousand tonnes in
   the fourth quarter of 2023 to 585 thousand tonnes in the first
   quarter of 2024, due to seasonal factors.

   Adjusted EBITDA remained stable during the quarter at EUR 55
   million compared to EUR 55 million in the fourth quarter of 2023
   (excluding an exceptional loss of EUR (11) million, related to a
   program to promote employee attrition). Higher volumes, a better
   mix and a favorable price/input cost development compensated for
   the valuation effects contained in the previous quarter.

   Depreciation and amortization expense was EUR (58) million for
   the first quarter of 2024.

   Aperam had an operating loss for the first quarter of 2024 of EUR
   (3) million compared to an operating loss of EUR (10) million for
   the previous quarter.

   Financing costs, net, including the FX and derivatives result for
   the first quarter of 2024 were EUR (16) million. Cash cost of
   financing was EUR (12) million during the quarter.

   Income tax benefit was EUR 1 million during the first quarter of
   2024.

   The net result recorded by the Company was a loss of EUR (19)
   million for the first quarter of 2024, compared to a profit of
   EUR 70 million for the fourth quarter of 2023.

   Cash flows from operations for the first quarter of 2024 were
   negative at EUR (61) million, including a working capital
   increase of EUR 81 million. CAPEX for the first quarter was EUR
   (77) million.

   Free cash flow before dividend and share buyback for the first
   quarter of 2024 amounted to EUR (141) million, compared to EUR
   217 million for the fourth quarter of 2023.

   During the first quarter of 2024, cash returns to shareholders
   amounted to EUR 36 million, consisting fully of dividend.

Operating segment results analysis


Stainless & Electrical Steel (1)


(in millions of Euros, unless otherwise stated)

Q1 24

Q4 23

Q1 23

Sales

1,022

1,015

1,233

Adjusted EBITDA

6

(34)

80

Exceptional items

-

(11)

-

EBITDA

6

(45)

80

Depreciation & amortization

(27)

(28)

(25)

Operating income / (loss)

(21)

(73)

55

Steel shipments (000t)

415

407

399

Average steel selling price (EUR/t)

2,358

2,390

2,982

(1) Amounts are shown prior to intra-group eliminations

   The Stainless & Electrical Steel segment had sales of EUR 1,022
   million for the first quarter of 2024. This represents a 0.7%
   increase compared to sales of EUR 1,015 million for the fourth
   quarter of 2023. Steel shipments during the first quarter were
   415 thousand tonnes, an increase of 2.0% compared to shipments of
   407 thousand tonnes during the previous quarter. Shipments in
   Brazil were seasonally softer but remained at a solid level. In
   Europe shipments improved seasonally from a very low base.
   Average steel selling prices for the Stainless & Electrical Steel
   segment decreased by 1.3% compared to the previous quarter.

   The segment generated an EBITDA of EUR 6 million for the first
   quarter of 2024 compared to a negative EBITDA of EUR (45) million
   (including an exceptional loss of EUR (11) million, related to a
   program to promote employee attrition) for the fourth quarter of
   2023. EBITDA increased due to a better mix, and a favorable price
   / input cost development that allowed Europe to break even and a
   less negative inventory valuation charge.

   Depreciation and amortization expense was EUR (27) million for
   the first quarter of 2024.

   The Stainless & Electrical Steel division had an operating loss
   of EUR (21) million for the first quarter of 2024 compared to an
   operating loss of EUR (73) million for the fourth quarter of
   2023.

Services & Solutions (1)


(in millions of Euros, unless otherwise stated)

Q1 24

Q4 23

Q1 23

Sales

616

535

671

EBITDA

15

17

13

Depreciation & amortization

(4)

(4)

(3)

Operating income

11

13

10

Steel shipments (000t)

201

160

180

Average steel selling price (EUR/t)

2,936

3,157

3,603

(1) Amounts are shown prior to intra-group eliminations

   The Services & Solutions segment had sales of EUR 616 million for
   the first quarter of 2024, representing an increase of 15.1%
   compared to sales of EUR 535 million for the fourth quarter of
   2023. For the first quarter of 2024, steel shipments were 201
   thousand tonnes compared to 160 thousand tonnes during the
   previous quarter. Average steel selling prices for the Services &
   Solutions' segment were 7.0% lower during the first quarter of
   2024 compared to the fourth quarter of 2023.

   The segment generated an EBITDA of EUR 15 million for the first
   quarter of 2024 compared to an EBITDA of EUR 17 million for the
   fourth quarter of 2023. EBITDA decreased slightly mainly due to a
   higher inventory valuation charge that was partly compensated by
   higher volumes.

   Depreciation and amortization expense was EUR (4) million for the
   first quarter of 2024.

   The Services & Solutions segment had an operating income of EUR
   11 million for the first quarter of 2024 compared to an operating
   income of EUR 13 million for the fourth quarter of
   2023.

Alloys & Specialties(1)


(in millions of Euros, unless otherwise stated)

Q1 24

Q4 23

Q1 23

Sales

282

242

211

EBITDA

24

19

11

Depreciation & amortization

(3)

(1)

(3)

Operating income

21

18

8

Steel shipments (000t)

11

9

9

Average steel selling price (EUR/t)

25,483

25,000

22,733

(1) Amounts are shown prior to intra-group eliminations

   The Alloys & Specialties segment had sales of EUR 282 million for
   the first quarter of 2024, representing an increase of 16.5%
   compared to EUR 242 million for the fourth quarter of 2023. Steel
   shipments increased by 16.5% during the first quarter of 2024 at
   11 thousand tonnes. Average steel selling prices for the Alloys &
   Specialties' segment were 1.9% higher during the first quarter of
   2024.

   The Alloys & Specialties segment achieved EBITDA of EUR 24
   million for the first quarter of 2024 compared to EUR 19 million
   for the fourth quarter of 2023. EBITDA increased despite a higher
   inventory valuation charge due to higher volumes, a better mix
   from project business and better pricing

   Depreciation and amortization expense for the first quarter of
   2024 was EUR (3) million.

   The Alloys & Specialties segment had an operating income of EUR
   21 million for the first quarter of 2024 compared to an operating
   income of EUR 18 million for the fourth quarter of 2023.

Recycling & Renewables (1)


(in millions of Euros, unless otherwise stated)

Q1 24

Q4 23

Q1 23

Sales

483

456

562

EBITDA

18

65

45

Depreciation & amortization

(24)

(20)

(15)

Operating income / (loss)

(6)

45

30

Shipments (000t)

343

337

375

Average selling price (EUR/t)

1,408

1,353

1,499

(1) Amounts are shown prior to intra-group eliminations

   The Recycling & Renewables segment had sales of EUR 483 million
   for the first quarter of 2024, representing an increase of 5.9%
   compared to EUR 456 million sales for the fourth quarter of 2023.
   Shipments increased by 1.8% during the first quarter of 2024 to
   343 thousand tonnes. Average selling prices for the Recycling &
   Renewables' segment were 4.1% higher during the first quarter of
   2024.

   EBITDA decreased during the quarter to EUR 18 million compared to
   EBITDA of EUR 65 million in the fourth quarter of 2023. EBITDA
   decreased mainly due to the absence of valuation effects recorded
   in the previous quarter.

   Depreciation and amortization expense for the first quarter of
   2024 was EUR (24) million.

   The Recycling & Renewables segment had an operating loss of EUR
   (6) million for the first quarter of 2024 compared to an
   operating income of EUR 45 million for the fourth quarter of
   2023.

Recent developments during the quarter

     * On February 15, 2024, Aperam and Metalshub announced a
       partnership for a Digital Source-to-Contract solution.
     * On March 26, 2024, Aperam announced the publication of its
       Annual Report 2023 (Link).
     * On March 29, 2024, Aperam announced the publication of the
       convening notice for its Annual General Meeting of
       shareholders to be held on April 30, 2024.
     * On April 2, 2024, Aperam BioEnergia kicked off Patch
       partnership by selling 15,000 metric tons of carbon removal.
     * On April 24, 2024, Aperam announced the publication of its
       sustainability performance report for 2023 called 'made for
       life' (Link).
     * On April 30, 2024, Aperam announced that the Annual General
       Meeting of Shareholders of Aperam approved all resolutions on
       the agenda by a large majority.

Investor conference call / webcast

   Pre-recorded management comments are available as from
   publication of this earnings release on our website at
   www.aperam.com, section Investors > Reports & Presentations >
   Quarterly results > Q1-2024 (Link to Q1 2024 management podcast).

   Aperam management will host a conference call / webcast for
   members of the investment community to discuss the financial
   performance of the quarter under report at the following time:

Date

New York

London

Luxembourg

Friday,

3 May 2024

08:00

13:00

14:00

   Link to the webcast:
   https://channel.royalcast.com/landingpage/aperam/20240503_1/

   The dial-in numbers for the call are: France : +33 (0) 1 7037
   7166   USA: +1 786 697 3501

UK: +44 (0) 33 0551 0200 Belgium: +32 (0) 2 789 8603

Germany: +49 (0) 30 3001 90612 Netherlands +31 (0) 20 708 5073


The conference password is: Aperam.



Contacts

   Company secretary / Delphine Féraud Valendru,
   aperam.corporate@aperam.com

   Investor Relations / Thorsten Zimmermann: +352 661 570 250;
   thorsten.zimmermann@aperam.com

About Aperam

   Aperam is a global player in stainless, electrical and specialty
   steel, with customers in over 40 countries. Since January 2022,
   the business is organized in four primary reportable segments:
   Stainless & Electrical Steel, Services & Solutions, Alloys &
   Specialties and Recycling & Renewables.

   Aperam has a flat Stainless and Electrical steel capacity of 2.5
   million tonnes in Brazil and Europe and is a leader in high value
   specialty products. In addition to its industrial network, spread
   over six production facilities in Brazil, Belgium and France,
   Aperam has a highly integrated distribution, processing and
   services network and a unique capability to produce low carbon
   footprint stainless and special steels from biomass, stainless
   steel scrap and high performance alloys scrap. With 5 of its main
   6 facilities certified ResponsibleSteelTM, Bioenergia and its
   unique capability to produce charcoal made from its own
   FSC®-certified forestry and, with ELG, a global leader in
   collecting, trading, processing and recycling of stainless steel
   scrap and high performance alloys, Aperam's places sustainability
   at the heart of its business, helping customers worldwide to
   excel in the circular economy.

   In 2023, Aperam had sales of EUR 6,592 million and shipments of
   2.20 million tonnes.

   For further information, please refer to our website at
   www.aperam.com.

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.

APERAM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION


(in million of EURO)

March 31,

2024

December 31,

2023

March 31,

2023

ASSETS




Cash & cash equivalents (C)

207

443

442

Inventories, trade receivables and trade payables

1,690

1,580

1,902

Prepaid expenses and other current assets

148

146

179

Total Current Assets & Working Capital

2,045

2,169

2,523





Goodwill and intangible assets

449

452

451

Property, plant and equipment (incl. Biological assets)

2,114

2,111

1,913

Investments in associates, joint ventures and other

8

8

3

Deferred tax assets

217

213

90

Other non-current assets

134

131

118

Total Assets (net of Trade Payables)

4,967

5,084

5,098





LIABILITIES AND SHAREHOLDERS' EQUITY




Short-term debt and current portion of long-term debt (B)

318

360

233

Accrued expenses and other current liabilities

370

361

412

Total Current Liabilities (excluding Trade Payables)

688

721

645





Long-term debt, net of current portion (A)

563

574

628

Deferred employee benefits

153

153

138

Deferred tax liabilities

104

115

132

Other long-term liabilities

69

71

74

Total Liabilities (excluding Trade Payables)

1,577

1,634

1,617





Equity attributable to the equity holders of the parent

3,382

3,442

3,474

Non-controlling interest

8

8

7

Total Equity

3,390

3,450

3,481

   Total Liabilities and Shareholders' Equity (excluding Trade
   Payables)

4,967

5,084

5,098





Net Financial Debt (D = A+B-C)

674

491

419



APERAM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS


(in million of EURO)

Three Months Ended

March 31, 2024

December 31, 2023

March 31, 2023

Sales

1,657

1,551

1,876

Adjusted EBITDA (E = C-D)

55

55

127

Adjusted EBITDA margin (%)

3.3%

3.5%

6.8%

Exceptional items (D)

-

(11)

-

EBITDA (C = A-B)

55

44

127

EBITDA margin (%)

3.3%

2.8%

6.8%

Depreciation & amortization (B)

(58)

(54)

(46)

Operating income / (loss) (A)

(3)

(10)

81

Operating margin (%)

(0.2)%

(0.6%)

4.3%

Results from associates and other investments

-

(1)

-

Financing income / (costs), (net)

(16)

(37)

86

Income / (loss) before taxes and non-controlling interests

(19)

(48)

167

Income tax benefit / (expense)

1

118

(35)

Effective tax rate (%)

3.8%

248.7%

20.5%

Net income / (loss) including non-controlling interests

(18)

70

132

Non-controlling interests

(1)

-

-

Net income / (loss) attributable to equity holders of the parent

(19)

70

132





Basic earnings per share (EUR)

(0.26)

0.97

1.83

Diluted earnings per share (EUR)

(0.26)

0.96

1.83





Weighted average common shares outstanding (in thousands)

72,249

72,249

72,184

Diluted weighted average common shares outstanding (in thousands)

72,628

72,776

72,525






APERAM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS


(in million of EURO)

Three Months Ended

March 31, 2024

December 31, 2023

March 31, 2023

Operating income / (loss)

(3)

(10)

81

Depreciation & amortization

58

54

46

Change in working capital

(81)

289

(23)

Income tax paid

(7)

(3)

(15)

Interest paid, (net)

(5)

3

(4)

Exceptional items

-

11

-

Other operating activities (net)

(23)

(26)

53

Net cash provided by (used in) operating activities (A)

(61)

318

138

Purchase of PPE and intangible assets (CAPEX)

(77)

(93)

(44)

   Purchase of biological assets and other investing activities
   (net)

(3)

(8)

(9)

Net cash used in investing activities (B)

(80)

(101)

(53)

(Payments) / Proceeds from payables to banks and long term debt

(54)

5

(60)

Dividends paid

(36)

(36)

(36)

Other financing activities (net)

(4)

(3)

(3)

Net cash used in financing activities

(94)

(34)

(99)

Effect of exchange rate changes on cash

(1)

(25)

(1)

Change in cash and cash equivalent

(236)

158

(15)





Free cash flow before dividend and share buy-back (C = A+B)

(141)

217

85




Appendix 1a - Health & Safety statistics

Health & Safety Statistics

Three Months Ended

March 31,

2024

December 31,

2023

September 30,

2023

Frequency Rate

1.5

2.1

1.4

   Lost time injury frequency rate equals lost time injuries per
   1,000,000 worked hours, based on own personnel and contractors.

Appendix 1b - Key operational and financial information


Quarter Ending

March 31, 2024

Stainless & Electrical Steel

Services & Solutions

Alloys & Specialties

Recycling & Renewables

Others & Eliminations

Total

Operational information








Shipment (000t)

415

201

11

343

(385)

585

Average selling price (EUR/t)

2,358

2,936

25,483

1,408


2,832








Financial information (EURm)







Sales

1,022

616

282

483

(746)

1,657

EBITDA

6

15

24

18

(8)

55

Depreciation & amortization

(27)

(4)

(3)

(24)

-

(58)

Operating income / (loss)

(21)

11

21

(6)

(8)

(3)



Quarter Ending

December 31, 2023

Stainless & Electrical Steel

Services & Solutions

Alloys & Specialties

Recycling & Renewables

Others & Eliminations

Total

Operational information







Shipment (000t)

407

160

9

337

(372)

541

Average selling price (EUR/t)

2,390

3,157

25,000

1,353


2,867








Financial information (EURm)







Sales

1,015

535

242

456

(697)

1,551

Adjusted EBITDA

(34)

17

19

65

(12)

55

Exceptional items

(11)

-

-

-

-

(11)

EBITDA

(45)

17

19

65

(12)

44

Depreciation & amortization

(28)

(4)

(1)

(20)

(1)

(54)

Operating income / (loss)

(73)

13

18

45

(13)

(10)

   Appendix 2 - Adjusted Net Income and Adjusted Basic Earnings per
   Share

(in million of EURO)

Three Months Ended

March 31, 2024

December 31, 2023

March 31, 2023

Net income / (loss)

(19)

70

132

Exceptional items

-

11

-

   (Recognition) / derecognition of deferred tax assets on tax
   losses carried forward and other tax benefits

(4)

(101)

-

Deferred tax effect on exceptional items

-

(3)

-

Adjusted Net income / (loss)

(23)

(23)

132





Basic earnings per share (EUR)

(0.26)

0.97

1.83

Adjusted Basic earnings per share (EUR)

(0.32)

(0.32)

1.83



Appendix 3 - Terms and definitions

   Unless indicated otherwise, or the context otherwise requires,
   references in this earnings release report to the following terms
   have the meanings set out next to them below:

   Adjusted EBITDA: operating income before depreciation and
   amortization expenses, impairment losses and exceptional items.

   Adjusted EBITDA/tonne: calculated as Adjusted EBITDA divided by
   total shipments.

   Adjusted Net Income: refers to reported net income less
   exceptional items, reversal of provisions for liabilities and
   charges, recognition of deferred tax assets on tax losses carried
   forward, reversal of current income tax on interest on PIS/Cofins
   in Brazil and deferred tax effect on exceptional items.

   Adjusted Basic Earnings per Share: refers to Adjusted Net Income
   divided by Weighted average common shares outstanding.

Average selling prices: calculated as sales divided by shipments.

   Average steel selling prices: calculated as steel sales divided
   by steel shipments.

   Cash and cash equivalents: represents cash and cash equivalents,
   restricted cash and short-term investments.

   CAPEX: relates to capital expenditures and is defined as purchase
   of property plant and equipment, intangible assets and biological
   assets.

   EBITDA: operating income before depreciation and amortization
   expenses and impairment losses.

EBITDA/tonne: calculated as EBITDA divided by total shipments.

   Exceptional items: consists of (i) inventory write-downs equal to
   or exceeding 10% of total related inventories values before
   write-down at the considered quarter end (ii) restructuring
   (charges)/gains equal to or exceeding EUR 10 million for the
   considered quarter, (iii) capital (loss)/gain on asset disposals
   equal to or exceeding EUR 10 million for the considered quarter
   or (iv) other non-recurring items equal to or exceeding EUR 10
   million for the considered quarter.

   Financing costs, (net): Net interest expense, other net financing
   costs and foreign exchange and derivative results.

   Free cash flow before dividend and share buy-back: net cash
   provided by operating activities less net cash used in investing
   activities.

Gross financial debt: long-term debt plus short-term debt.

Liquidity: Cash and cash equivalent and undrawn credit lines.

   LTI frequency rate: Lost time injury frequency rate equals lost
   time injuries per 1,000,000 worked hours, based on own personnel
   and contractors.

   Net financial debt: long-term debt, plus short-term debt less
   cash and cash equivalents.

   Net financial debt/EBITDA or Gearing: Refers to Net financial
   debt divided by last twelve months EBITDA calculation.

   Shipments: information at segment and group level eliminates
   inter-segment shipments (which are primarily between (i)
   Recycling & Renewables and Stainless & Electrical Steel (ii)
   Stainless & Electrical Steel and Services & Solutions) and
   intra-segment shipments, respectively.

   Working capital: trade accounts receivable plus inventories less
   trade accounts payable.

____________________________________________________________

   1 The financial information in this press release and Appendix 1
   has been prepared in accordance with the measurement and
   recognition criteria of International Financial Reporting
   Standards ('IFRS') as adopted in the European Union. While the
   interim financial information included in this announcement has
   been prepared in accordance with IFRS applicable to interim
   periods, this announcement does not contain sufficient
   information to constitute an interim financial report as defined
   in International Accounting Standard 34, 'Interim Financial
   Reporting'. Unless otherwise noted the numbers and information in
   the press release have not been audited. The financial
   information and certain other information presented in a number
   of tables in this press release have been rounded to the nearest
   whole number or the nearest decimal. Therefore, the sum of the
   numbers in a column may not conform exactly to the total figure
   given for that column. In addition, certain percentages presented
   in the tables in this press release reflect calculations based
   upon the underlying information prior to rounding and,accordingly, may not conform exactly to the percentages that
   would be derived if the relevant calculations were based upon the
   rounded numbers.

   2 The Leadership Journey® is an initiative launched on December
   16, 2010, and subsequently accelerated and increased, to target
   management gains and profit enhancement. The fourth phase of the
   Leadership Journey® targeted EUR 150 million gains for the period
   2021 - 2023 via a combination of cost, growth and mix improvement
   measures. Some additional investments, as announced in 2021 as
   part of the Strategy 2025 program, have been accelerated to
   achieve earnings growth already in 2022 contributing to the
   Leadership Journey Phase 4. We concluded Phase 4 of the
   Leadership Journey above target with EUR 186 million gains. We
   announced targeted gains of EUR 200 million for Phase 5 to be
   realized over the period 2024 - 2026. Gains will come from a
   combination of variable and fixed cost savings, as well as
   purchasing and mix improvements. Phase 5 includes a structural
   cost reduction plan of EUR 50 million. To the extent that this
   plan would affect employment we will consult with our social
   partners on the social impact.

   3 This press release also includes Alternative Performance
   Measures ('APM' hereafter). The Company believes that these APMs
   are relevant to enhance the understanding of its financial
   position and provides additional information to investors and
   management with respect to the Company's financial performance,
   capital structure and credit assessment. These non-GAAP financial
   measures should be read in conjunction with and not as an
   alternative for, Aperam's financial information prepared in
   accordance with IFRS. Such non-GAAP measures may not be
   comparable to similarly titled measures applied by other
   companies. The APM's used are defined under Appendix 3 'Terms &
   definitions'.

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   (1)a The outlook for the quarter depends on the future
   development of metal and product prices. Both are assumed as
   constant at their current level.

____________________________________________________________

   Dissemination of a Financial Wire News, transmitted by EQS Group.
   The issuer is solely responsible for the content of this
   announcement.
     ____________________________________________________________

1894731 03-May-2024 CET/CEST