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ANNOUNCEMENTS

Sidenor: Annual Ordinary General Shareholders Meeting

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SIDENORs Annual General Meeting was held today, Tuesday June, 14th 2014 at the ATHENS IMPERIAL HOTEL in Athens. The Company?s management presented before the shareholders the FY 2010 and the Q1 2011 financial results, the companys strategy, as well as the goals and the prospects. 

During 2010, despite the ongoing recession of the domestic economy and the subdued construction activity, SIDENOR Group increased the sales volumes, mainly due to its strategy of differentiation in value added products (i.e. special steels, flat products), which are directed to the West European markets and especially the German market, as well as its penetration in new geographic markets. 

As regards the first quarter of 2011, SIDENOR Group first quarter of 2011 (Q1 2011) turnover marked an increase of 31% and amounted to 271 mil. euro versus 207 mil. euro in the first quarter of 2010 (Q1 2010). SIDENOR Groups increase of activity is mainly attributed to the increased sales volumes versus Q1 2010, mainly due to the increased demand for plates and special steels in several markets, such as the Western European, along with the Groups successful penetration in new geographical markets and the increased turnover of CORINTH PIPEWORKS. 

Consolidated earnings before interest, financial and investment results, taxes and depreciation (EBITDA) marked a 19.4% increase and amounted to 12.7 mil. euro versus 10.6 mil. euro in Q1 2010. Consolidated results before taxes formed at losses of 9.1 mil. euro versus losses of 7.8 mil. euro in Q1 2010. Finally, net consolidated results after taxes and minority rights remained unchanged and formed at losses of 7.6 mil. euro (or losses of 0.0794 euro per share) versus losses of 7.5 mil. euro (or 0.0785 euro per share) in Q1 2010. 

The Groups management, after taking into consideration the volatile market conditions and the impact from the economic crisis, along with the effects of the significant decrease in the construction sector in Greece remains focused on the constant capitalization of the Groups capabilities and state-of-the-art production facilities and aims to enhance the market share at the high value added business segment, to constantly improve operating cost, as well as to expand into new geographical markets, that present significant prospects in terms of growth and demand.

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