1. © EUROMETAL 2012 FOR DETAILS CONTACT OFFICE@EUROMETAL.NET UPDATED: 13.05.2012 BUSINESS REPORT TO NAT.FED MEMBERS, DISMET, EASSC, STSG AND ASSOCIATE MEMBERS MAY 2012 NAT.FED

2. NAT.FED BUSINESS REPORT MAY 2012 TO MEMBER ASSOCIATIONS, DISMET, EASSC, STSG AND ASSOCIATE MEMBERS 2 PRELIMINARY REMARKS PRESENT NATFED BUSINESS REPORT INCLUDES THE LATEST AVAILABLE MARKET MONITORING DATA FROM NATIONAL ASSOCIATIONS AS WELL AS FROM DISMET. REPORTED PRODUCT GROUPS ARE LONG STEEL PRODUCTS, FLAT STEEL PRODUCTS AND ALL STEEL PRODUCTS. MORE CHARTS BROKEN DOWN BY THE USUAL PRODUCT LINES ARE AVAILABLE ON DEMAND TO BE ADDRESSED TO office@eurometal.net.office@eurometal.net CHARTS PRESENTED IN THIS REPORT ARE UPDATED EITHER TO FEBRUARY OR MARCH 2012. WE WILL NOT MISS TO COMPLETE THE CHART SYSTEM AS SOON AS NEW UPDATES OR MISSING UPDATES FROM NATIONAL FEDERATIONS WILL REACH US REGARDIN^G THEIR FEBRUARY AND MARCH 2012 DATA PLEASE NOTE THAT FOR THIS SET OF CHARTS THE YEARLY AVERAGE OF 2010 REPRESENTS INDEX = 100 MPORTANT NOTICE: DISMETSALES = SALES OF EU-27 STEEL DISTRIBUTION INSIDE EU-27 DISMET STOCKS = STOCKS OF EU-27 STEEL DISTRIBUTION INSIDE EU-27

3. NAT.FED BUSINESS REPORT MAY 2012 TO MEMBER ASSOCIATIONS, DISMET, EASSC, STSG AND ASSOCIATE MEMBERS IMPORTANT NOTE: STOCKS ARE REPORTED IN DAYS OF SALE BASED ON A THREE MONTHS MOVING AVERAGE SALES INDEX: MONTHLY AVERAGE VOLUMES 2010 = 100 STOCK INDEX: MONTHLY AVERAGE VOLUMES 2010 = 100 MARKET MONITORING MARCH 2012

4. NAT.FED BUSINESS REPORT MAY 2012 TO MEMBER ASSOCIATIONS, DISMET, EASSC, STSG AND ASSOCIATE MEMBERS 4 PRESENTLY, NINE NATIONAL ASSOCIATIONS ARE PARTICIPATING IN NAT.FED MARKET MONITORING SYSTEM SOURCE : EUROMETAL PARTICIPATING ASSOCIATIONS: ASSOFERMET - ITALY BDS – GERMANY FFDM – FRANCE MAFE - HUNGARY NASS – UK SOHM – CZ.REP & SLOVAKIA STAALFEDERATIE – NL STEEL DIST.ASS. - SWEDEN UAHE - SPAIN CONTACTED TO PARTICIPATE: PUDS - POLAND

5. NAT.FED BUSINESS REPORT MAY 2012 TO MEMBER ASSOCIATIONS, DISMET, EASSC, STSG AND ASSOCIATE MEMBERS AT A GLANCE: SALES INDICES REPORTED FOR MARCH 2012 NASS SALES AVERAGE AVERAGE JAN FEB MAR MARKET COVERED: UK 2010 2011 2012 2012 2012 LONG STEEL PRODUCTS 100 103 100 109 103 FLAT STEEL PRODUCTS 100 109 126 133 116 ALL STEEL PRODUCTS 100 108 117 125 112 SOURCE: EUROMETAL, STAALFEDERATIE SALES AVERAGE AVERAGE JAN FEB MAR MARKET COVERED: NETHERLD. 2010 2011 2012 2012 2012 LONG STEEL PRODUCTS 100 105 93 84 97 FLAT STEEL PRODUCTS 100 108 116 117 112 ALL STEEL PRODUCTS 100 103 99 94 101 SWEDEN DISTR. SALES AVERAGE AVERAGE JAN FEB MAR MARKET COVERED: SWEDEN 2010 2011 2012 2012 2012 LONG STEEL PRODUCTS 100 109 103 117 123 FLAT STEEL PRODUCTS 100 104 103 112 129 ALL STEEL PRODUCTS 100 108 101 109 121

6. NAT.FED BUSINESS REPORT MAY 2012 TO MEMBER ASSOCIATIONS, DISMET, EASSC, STSG AND ASSOCIATE MEMBERS AT A GLANCE: SALES INDICES REPORTED FOR FEBRUARY / MARCH 2012 SOURCE: EUROMETAL, BDS SALES AVERAGE AVERAGE JAN FEB MAR MARKET COVERED: GERMANY 2010 2011 2012 2012 2012 LONG STEEL PRODUCTS 100 109 111 96 126 FLAT STEEL PRODUCTS 100 108 115 108 114 ALL STEEL PRODUCTS 100 108 113 104 117 FFDM SALES AVERAGE AVERAGE JAN FEB MAR MARKET COVERED: FRANCE 2010 2011 2012 2012 2012 LONG STEEL PRODUCTS 100 104 124 109 119 FLAT STEEL PRODUCTS 100 107 127 121 119 ALL STEEL PRODUCTS 100 105 125 115 119 UAHE SALES AVERAGE AVERAGE JAN FEB MAR MARKET COVERED: SPAIN 2010 2011 2012 2012 2012 LONG STEEL PRODUCTS 100 90 68 79 ALL LARGOS STEEL PRODUCTS 100 92 70 78

7. NAT.FED BUSINESS REPORT MAY 2012 TO MEMBER ASSOCIATIONS, DISMET, EASSC, STSG AND ASSOCIATE MEMBERS AT A GLANCE: SALES INDICES REPORTED FOR MARCH 2012 DISMET SALES AVERAGE AVERAGE JAN FEB MAR MARKET COVERED: EU-27 2010 2011 2012 2012 2012 LONG STEEL PRODUCTS 100 108 101 94 110 FLAT STEEL PRODUCTS 100 108 108 109 108 ALL STEEL PRODUCTS 100 106 104 102 108 SOURCE: EUROMETAL, EASSC SALES AVERAGE AVERAGE JAN FEB MAR MARKET COVERED: EU-27 2010 2011 2012 2012 2012 STRIP MILL PRODUCTS 100 104 110 112 113 MAFE SALES AVERAGE AVERAGE JAN FEB MAR MARKET COVERED: HUNGARY 2010 2011 2012 2012 2012 LONG STEEL PRODUCTS 100 180 ------------ 173 ---------- FLAT STEEL PRODUCTS 100 150 ----------- 158 ----------- ALL STEEL PRODUCTS 100 146 ------------ 152 ---------- ASSOFERMET SALES AVERAGE AVERAGE JAN FEB MAR MARKET COVERED: ITALY 2010 2011 2012 2012 2012 STRIP MILL PRODUCTS 100 95 --- --- --- QUARTERLY DATA ONLY 2010 DATA UNDER REVISION NO 2012 DATA AVAILABLE

8. NAT.FED BUSINESS REPORT MAY 2012 TO MEMBER ASSOCIATIONS, DISMET, EASSC, STSG AND ASSOCIATE MEMBERS AT A GLANCE: 2011 SALES COMPARED TO 2010 SALES: DISTRIBUTION SALES: ALL STEEL PRODUCTS SOURCE: EUROMETAL, STAALF. NL SOHM C.R. FFDM FRANCE NASS UK BDS D DISMET EU-27 DISTR. SWED. +16% + 8 % + 8 % + 8 % + 6 % + 5 % + 3 % IN 2011, EU STEEL DISTRIBUTION SALES DID INCREASE BY +6 %. SALES IN GERMANY, SWEDEN AND IN UK WERE SLIGHTLY HIGHER THAN AVERAGE. SALES GROWTH IN FRANCE AND IN THE NETHERLANDS WAS BELOW THE EU AVERAGE. SALES IN CZECH REPUBLIC REGISTERED STRONG GROWTH

9. NAT.FED BUSINESS REPORT MAY 2012 TO MEMBER ASSOCIATIONS, DISMET, EASSC, STSG AND ASSOCIATE MEMBERS AT A GLANCE: 1.QUARTER 2012 / 1,QUARTER 2011: DISTRIBUTION SALES: ALL STEEL PRODUCTS SOURCE: EUROMETAL, STAALF. NL FFDM FRANCE NASS UK BDS D DISMET EU-27 DISTR. SWED. - 12 % - 6 % - 2 % 1 % DURING 1. QUARTER 2012, STEEL SALES IN EU DROPPED BY - 6 % IN A YEAR ON YEAR COMPARISON. AS A MATTER OF FACT 1.QUARTER 2011 SALES WERE AT A VERY HIGH LEVEL ONLY UK AND FRENCH STEEL DISTRIBUTORS NOTED ASLIGHT GROWTH. SALES BY GERMAN DISTRIBUTION LOWERED BY -2 %. SALES BY DUTCH AND SWEDISH DISTRIBUTION DID DIVE SIGNIFICANTLY

10. NAT.FED BUSINESS REPORT MAY 2012 TO MEMBER ASSOCIATIONS, DISMET, EASSC, STSG AND ASSOCIATE MEMBERS AT A GLANCE: 2011 SALES COMPARED TO 2010 SALES: SALES LONG STEEL PRODUCTS SOURCE: EUROMETAL, UAHE SPAIN STAALF. NL SOHM C.R. FFDM FRANCE NASS UK BDS D DISMET EU-27 DISTR. SWED. +31% + 9 % + 8 % + 5 % + 4 % + 9 % + 3 % - 10 % IN 2011, LONG PRODUCTS SALES BY EU STEEL DISTRIBUTION INCREASED BY +8 %. ALL NATIONAL MARKETS SAW POSITIVE GROWTH RATES, EXCEPT FOR SPAIN WHERE DISTRIBUTION SALES IN LONG PRODUCTS DIVED BY ANOTHER -10 % AFTER A TREMONDOUS LOSS OF VOLUMES ALREADY IN 2009.

11. NAT.FED BUSINESS REPORT MAY 2012 TO MEMBER ASSOCIATIONS, DISMET, EASSC, STSG AND ASSOCIATE MEMBERS AT A GLANCE: 1.QUARTER 2012 / 1,QUARTER 2011: SALES LONG STEEL PRODUCTS SOURCE: EUROMETAL, STAALF. NL UAHE SPAIN FFDM FRANCE BDS D DISTR. SWE DISMET EU-27 NASS UK - 19 % - 7 % - 5% 5 % 4 % 6 % - 18 % DURING 1.QUARTER 2012, LONG PRODUCTS SALES IN EU STEEL DISTRIBUTION SLUMPED BY -5% IN A Y-O-Y COMPARISON. SALES IN GERMANY, SWEDEN AND FRANCE WERE WELL ORIENTED, WHEREAS SALES OF LONG PRODUCTS IN THE UK DID DECELERATE BY -5 %. DUTCH AND SPANISH LONG PRODUCTS SALES WERE STRONGLY DIVING. SALES BY SPANISH DISTRIBUTION IN LONG PRODUCTS ARE AT A TOTALLY DEPRESSED LEVEL MIRRORING THE DRAMATIC SITUATION IN SPANISH CONSTRUCTION AND CIVIL ENGINEERING INDUSTRIES

12. EUROMETAL STEEL NET FORUM MILANO 10 MAY 2012 AT A GLANCE: 2011 SALES COMPARED TO 2010 SALES: SALES FLAT STEEL PRODUCTS SOURCE: EUROMETAL, EASSC EU-27 STAALF. NL SOHM C.R. ASSOFER ITALY FFDM FRANCE NASS UK BDS D DISMET EU-27 DISTR. SWED. + 9 % + 8 % + 8 % + 8 % + 7 % + 4 % + 4 % - 5 % IN 2011, FLAT SALES RECORDED A GOOD PROGRESS IN ALL MAIN NATIONAL MARKETS, EXCEPT FOR THE ITALIAN MARKET IN STRIP MILL PRODUCTS. ASSOFERMET REPORTS ONLY SMP.

13. EUROMETAL STEEL NET FORUM MILANO 10 MAY 2012 AT A GLANCE: 1.QUARTER 2012 / 1,QUARTER 2011: SALES FLAT STEEL PRODUCTS SOURCE: EUROMETAL, STAALF. NL FFDM FRANCE NASS UK BDS D EASSC EU-27 DISMET EU-27 DISTR. SWED. - - 6 % - 8 % - 6 % - 5 % 3 % - 5 % - - 2 % DURING THE 1.QUARTER OF 2012, SALES IN FLAT STEEL PRODUCTS BY EUROPEAN STEEL DISTRIBUTION WERE WELL BELOW THEIR LEVELS REACHED IN 1.QUARTER OF 2011. AS A MATTER OF FACT 1.QUARTER 2011 WAS BY FAR THE BEST QUARTER OF THE YEAR 2011 AND WAS A QUARTER OF EXCEPTIONALLY GOOD SALES

14. EUROMETAL STEEL NET FORUM MILANO 10 MAY 2012 AT A GLANCE: STOCKS IN DAYS OF SALES: RANKING 2011 – LONG STEEL PRODUCTS SOURCE: EUROMETAL, BDS - GERMANY NASS -UK FFDM - FRANCE DISMET EU-27 ST.DIST. SWEDEN SOHM – C.R. 89 DAYS 77 DAYS 68 DAYS 62 DAYS 60 DAYS UAHE - SPAIN 63 DAYS IN 2011, AVERAGE STOCK REACH OF LONG PRODUCTS WAS 62 DAYS OF SALES THE HIGH STOCK RESIDENCE IN GERMANY REPRESENTING 89 DAYS OF SALES MIGHT BE DUE TO THE FACT THAT GERMAN STEEL DISTRIBUTORS TEND TO STOCK COMPLETE PRODUCT LINES, INCLUDING SLOW MOVERS MAFE HUNGARY. 69 DAYS

15. EUROMETAL STEEL NET FORUM MILANO 10 MAY 2012 AT A GLANCE: STOCKS IN DAYS OF SALES: RANKING MARCH 2012 – LONG STEEL PRODUCTS SOURCE: EUROMETAL, BDS - GERMANY NASS -UK FFDM - FRANCE DISMET EU-27 ST.DIST. SWEDEN SOHM – C.R. 85 DAYS 71 DAYS 70 DAYS 60 DAYS 50 DAYS UAHE - SPAIN 61 DAYS AT END MARCH 2012, STOCK REACH OF LONG PRODUCTS DID NOT CHANGE SIGNIFICANTLY WHEN COMPARED TO 2011 MAFE - HUNGARY. 66 DAYS

16. EUROMETAL STEEL NET FORUM MILANO 10 MAY 2012 AT A GLANCE: STOCKS IN DAYS OF SALES: RANKING 2011 – FLAT STEEL PRODUCTS SOURCE: EUROMETAL, BDS - GERMANY ASSOFERMET ITALY FFDM - FRANCE DISMET EU-27 ST.DIST. SWEDEN SOHM – C.R. 89 DAYS 84 DAYS 69 DAYS 65 DAYS 64 DAYS EASSC EU-27 65 DAYS NASS -UK 57 DAYS IN 2011, AVERAGE STOCK REACH OF EU STEEL DISTRIBUTION FOR FLAT PRODUCTS, INCLUDING PLATES, WAS 65 DAYS OF SALES(DISMET). FOR STRIP MILL PRODUCTS ONLY, THE COMPARABLE STOCK REACH WAS 69 DAYS (EASSC) ASSOFERMET REPORTS ONLY SMP MAFE - HUNGARY 58 DAYS

17. EUROMETAL STEEL NET FORUM MILANO 10 MAY 2012 AT A GLANCE: STOCKS IN DAYS OF SALES: RANKING MARCH 2012 – FLAT STEEL PRODUCTS SOURCE: EUROMETAL, BDS - GERMANY ASSOFERMET ITALY FFDM - FRANCE DISMET EU-27 ST.DIST. SWEDEN MAFE - HUNGARY 82 DAYS 66 DAYS 59 DAYS 55 DAYS 51 DAYS EASSC EU-27 65 DAYS NASS -UK 41 DAYS ALSO AT END MARCH 2012, STEEL STOCK REACH REMAINED AT ALMOST SAME LEVELS THAN ON AVERAGE IN 2011. SMP STOCK DAYS OF SSC DECREASED MORE SIGNIFICANTLY SOHM –CZ.REP. & SLOVAKIA

18. MARCH 2011 - MARCH 2012 STEEL DISTRIBUTION MARKET MONITORING GERMANY NOTE: STOCKS ARE REPORTED IN DAYS OF SALE BASED ON A THREE MONTHS MOVING AVERAGE SALES INDEX: MONTHLY AVERAGE 2010 = 100 STOCK INDEX: MONTHLY AVERAGE 2010 = 100 © Eurometal

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22. MARCH 2011 - MARCH 2012 NOTE: STOCKS ARE REPORTED IN DAYS OF SALE BASED ON A THREE MONTHS MOVING AVERAGE SALES INDEX: MONTHLY AVERAGE 2010 = 100 STOCK INDEX: MONTHLY AVERAGE 2010 = 100 © Eurometal STEEL DISTRIBUTION MARKET MONITORING FRANCE

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26. MARCH 2011 - MARCH 2012 NOTE: STOCKS ARE REPORTED IN DAYS OF SALE BASED ON A THREE MONTHS MOVING AVERAGE SALES INDEX: MONTHLY AVERAGE 2010 = 100 STOCK INDEX: MONTHLY AVERAGE 2010 = 100 © Eurometal STEEL DISTRIBUTION MARKET MONITORING GREAT BRITAIN

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30. MARCH 2011 - MARCH 2012 NOTE: STOCKS ARE REPORTED IN DAYS OF SALE BASED ON A THREE MONTHS MOVING AVERAGE SALES INDEX: MONTHLY AVERAGE 2010 = 100 STOCK INDEX: MONTHLY AVERAGE 2010 = 100 © Eurometal STEEL DISTRIBUTION MARKET MONITORING NETHERLANDS

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34. MARCH 2011 - MARCH 2012 NOTE: STOCKS ARE REPORTED IN DAYS OF SALE BASED ON A THREE MONTHS MOVING AVERAGE SALES INDEX: MONTHLY AVERAGE 2010 = 100 STOCK INDEX: MONTHLY AVERAGE 2010 = 100 © Eurometal STEEL DISTRIBUTION MARKET MONITORING SWEDEN

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38. FEBRUARY 2011 - FEBRUARY 2012 NOTE: STOCKS ARE REPORTED IN DAYS OF SALE BASED ON A THREE MONTHS MOVING AVERAGE SALES INDEX: MONTHLY AVERAGE 2010 = 100 STOCK INDEX: MONTHLY AVERAGE 2010 = 100 © Eurometal

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41. MARCH 2011 - MARCH 2012 NOTE: STOCKS ARE REPORTED IN DAYS OF SALE BASED ON A THREE MONTHS MOVING AVERAGE SALES INDEX: MONTHLY AVERAGE 2010 = 100 STOCK INDEX: MONTHLY AVERAGE 2010 = 100 © Eurometal

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45. DECEMBER 2010 - DECEMBER 2011 NOTE: STOCKS ARE REPORTED IN DAYS OF SALE BASED ON A THREE MONTHS MOVING AVERAGE SALES INDEX: MONTHLY AVERAGE 2010 = 100 STOCK INDEX: MONTHLY AVERAGE 2010 = 100 © Eurometal

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47. NOTE: STOCKS ARE REPORTED IN DAYS OF SALE BASED ON A THREE MONTHS MOVING AVERAGE SALES INDEX: MONTHLY AVERAGE 2010 = 100 STOCK INDEX: MONTHLY AVERAGE 2010 = 100 © Eurometal MARCH 2011 - MARCH 2012

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51. MARCH 2011 - MARCH 2012 EASSC MARKET MONITORING NOTE: STOCKS ARE REPORTED IN DAYS OF SALE BASED ON A THREE MONTHS MOVING AVERAGE SALES INDEX: MONTHLY AVERAGE 2007 = 100 STOCK INDEX: MONTHLY AVERAGE 2007 = 100 © Eurometal

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53. NAT.FED BUSINESS REPORT MAY 2012 TO MEMBER ASSOCIATIONS, DISMET, EASSC, STSG AND ASSOCIATE MEMBERS 53 EUROMETAL presentations and papers may include forward-looking information and statements about the steel sector (production, distribution, consuming industries and their stake-holders). Forward-looking information and statements are not historical facts but have to include financial or other projections & estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. For EUROMETAL the expectations reflected in such information and statements are reasonable. Any third parties are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of EUROMETAL, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward- looking information and statements. Consequently EUROMETAL denies all responsibility regarding the said informations and statements undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise. For any further information regarding the EUROMETAL Governance Rules also see the Compliance Guidelines on the website at www.eurometal.net DISCLAIMER