Is the worst over?

2014/04/28 METAL EXPERT – STRESA 2

2014/04/28 METAL EXPERT – STRESA 3

2014/04/28 METAL EXPERT – STRESA  Social Security enrollment turned into positive  Better domestic than foreign deman 4

2014/04/28 METAL EXPERT – STRESA 5

2014/04/28 METAL EXPERT – STRESA  Markedly up in services an consumers 6

2014/04/28 METAL EXPERT – STRESA 7  Industry stabilized in the last quarter

2014/04/28 METAL EXPERT – STRESA  Credit stock keeps falling  New credit is not growing yet 8 Source: BofE and BBVA Research New credit Y-o-y growth Trend

2014/04/28 METAL EXPERT – STRESA  Consumption: Surprising performance  Inflation in line with wage devaluation 9

2014/04/28 METAL EXPERT – STRESA 10

2014/04/28 METAL EXPERT – STRESA  Positive since November  No signs of radical improvements ahead 11

2014/04/28 METAL EXPERT – STRESA  Public tendering has changed the trend 12

2014/04/28 METAL EXPERT – STRESA  Public tendering has changed the trend  Residential construction has not 13

2014/04/28 METAL EXPERT – STRESA  As a result, activity is near to stabilize 14

2014/04/28 METAL EXPERT – STRESA  European registrations are back to growth 15

2014/04/28 METAL EXPERT – STRESA  New models are pushing vehicle production  Components are lagging behind 16

2014/04/28 METAL EXPERT – STRESA  Confidence growth is wobbly 17

2014/04/28 METAL EXPERT – STRESA 18

2014/04/28 METAL EXPERT – STRESA FlatsLongsTotal 2013 (mill. t.) var 2012 (%) var 2007 (%)  Recovery starting from a very low level

2014/04/28 METAL EXPERT – STRESA  Share of non-EU countries in line with historical trend 20

2014/04/28 METAL EXPERT – STRESA Auto Steady growth Mech. Equipe Investment shoud pull Constr. Turning point Starting to grow Tubes, ware Constr. Influence SWIP +1,6%+3,8%  Generalized sector improvement

2014/04/28 METAL EXPERT – STRESA 22 AC % % %

2014/04/28 METAL EXPERT – STRESA  More supportive macro environment  Growth in real demand 23  Credit is still scarce  Starting levels are low  Quantities  Margins  Volatility will be high

2014/04/28 METAL EXPERT – STRESA 24

2014/04/28 METAL EXPERT – STRESA 25