Aperam S A : May 20, 2021 – Aperam BofA

BofA Global Metals, Mining & Steel Virtual Conference

20 May 2021

ESG leader with a sustainable dividend yield

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Disclaimer

Forward-Looking Statements

This document may contain forward-looking information and statements about Aperam SA 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, in particular, the length and severity of the COVID-19 (coronavirus) outbreak, including its impacts in the sector, macroeconomic conditions and in Aperam's principal local markets, 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). The information is valid only at the time of release and Aperam does not assume any obligation to update or revise its forward-looking statements on the basis of new information, future events, subject to applicable regulation.

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Market update

Normalizing market environment drives record results

Prices normalize*

Imports normalize

Demand normalizes²

-43%	+7pp
-13%

2014	2015	2016	2017	2018	2019	2020	21-Q1
	EU base price		hist avg

2015	2016	2017	2018	2019	2020	Q1-21
Import market share			hist normal

2015	2016	2017	2018	2019	2020	Q121
		Aperam shipments

Extremely challenging market was hiding EUR223m Leadership Journey© gains 2018-2020

*Source: CRU

²Q1-21 SAAR

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ESG

Aperam is at the heart of the circular economy

With the smallest CO2 footprint*...

...and ambitious CO2 reduction targets

CO2 t/t*			0.72
				t CO2 / t crude steel*
				0.61
									0.58
							0.55		0.490.50
		1.8			0.50
					0.48	0.48			0.49		0.47
	1.0
0.5														0.39
Aperam	Global	Global steel	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2030
	stainless

ELG acquisition adds growth

ELG recycles, processes and trades stainless steel and superalloys scrap

• Structural efficiency improvement of the circular economy offers high economic rewards
• Supports carbon neutrality
• Considerable synergies
• Expansion into new geographies and industries
• Attractive valuation

EV EUR357m, EBITDA EUR55m² and EUR24m synergies

Our products are infinitely recyclable and scrap is our dominating raw material

*scope 1+2 ² Ø through the cycle

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Q & A

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