business year 2008 · nucor (16-may-08) acerinox (19-may-08) 9. 0 1,000 2,000 3,000 4,000 5,000...
TRANSCRIPT
GENERAL SHAREHOLDERS’ MEETING
BUSINESS YEAR 2008
28th May 2009
OFFICIAL NICKEL PRICE IN THE L.M.E. (Year 2008)
Average price: cash / three months USD/Mt.
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1
EVOLUTION OF THE STAINLESS STEEL WORLD PRODUCTION
Europe and Africa Asia America
Statistical source : International Stainless Steel Forum (ISSF)
Million Mt.
24.6 24.3
9.12.7
12.5
YEAR 2004 YEAR 2005
9.8
2.911.9
+16.7%-1.0%
YEAR 2006
3.0
15.1
10.3
28.4
YEAR 2007
27.8-2.0%
2.6
16.0
9.1
YEAR 2008
2.3
15.0
8.6
25.9-6.9%
2
PRODUCTION OF ACERINOX GROUP
MELTING SHOPMELTING SHOP 806,194 806,194 709,326 528,336 709,326 528,336 2,043,856 2,043,856 --11.5%11.5%
HOT ROLLING HOT ROLLING 674,212 674,212 602,002 519,322 602,002 519,322 1,795,536 1,795,536 --12.0%12.0%
COLD ROLLING COLD ROLLING 538,298 464,341 302,838 538,298 464,341 302,838 1,305,477 1,305,477 --10.3%10.3%
ACERINOXACERINOX NAS NAS COLUMBUSCOLUMBUS TOTAL TOTAL FLAT PRODUCTSFLAT PRODUCTS
Metric tonnes Year 2008
ROLDANROLDAN NASNAS
HOT ROLLING HOT ROLLING 118,501 83,567 118,501 83,567 202,068 202,068 +2.7%+2.7%
TOTAL TOTAL VariationVariationover 2007over 2007LONG PRODUCTSLONG PRODUCTS
Variation Variation over 2007over 2007
3
Total Acerinox, S.A. NAS Columbus Roldan
PRODUCTION OF ACERINOX GROUP (Thousand Mt.)
MELTING SHOP HOT ROLLING COLD ROLLING Long Product
0
30
60
90
120
150
180
210
240
270
300
99 00 01 02 03 04 05 06 07 08
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
99 00 01 02 03 04 05 06 07 080
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
99 00 01 02 03 04 05 06 07 08
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
99 00 01 02 03 04 05 06 07 08
4
EVOLUTION OF ACERINOX GROUP NET SALES
Million €
5,051
2,479
1,9571,803
1,067
4070
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
99 00 01 02 03 04 05 06 07 08
Consolidated Group
Trading Companies
Acerinox, S.A.
N.A.S.
Columbus
Roldan + Inoxfil
5
GEOGRAPHICAL DISTRIBUTION OF ACERINOX GROUP NET SALES
YEAR 2008
Europe Europe
41.8%41.8%
AmericaAmerica36.0%36.0%
AsiaAsia
17.1%17.1%
AfricaAfrica
5.0%5.0%
OceaniaOceania
0.1%0.1%
YEAR 2007
Europe Europe
44.1%44.1%
AmericaAmerica36.4%36.4%
AsiaAsia
13.6%13.6%
AfricaAfrica
5.8%5.8%
OceaniaOceania
0.1%0.1%
6
EVOLUTION OF THE RESULT AFTER TAXES AND MINORITIES ACERINOX GROUP
Million €
IASSpanish GAAP
-10.5
503.0
312.3302.9
154.5
-50
0
50
100
150
200
250
300
350
400
450
500
550
2004 2005 2006 2007 2008
7
QUARTERLY EVOLUTION OF THE RESULT AFTER TAXES AND MINORITIES. ACERINOX GROUP
-29.2
66.7
87.9
-135.8-150
-125
-100
-75
-50
-25
0
25
50
75
100
125
150
Million € Year 2008
1º Q. 2º Q. 3º Q. 4º Q.
8
COMPARISON BETWEEN ACERINOX QUOTATION AND STEEL SECTOR
Source: Bloomberg (31-Dec-08) and Goldman Sachs
Last 12 months
Last 6 monthsLast 3 months
Since 52-week high
-88.9%
-88.2%
-81.2%
-79.8%
-75.1%
-69.6%
-69.2%
-67.5%
-61.4%
-61.0%
-59.7%
-50.6%
-45.1%
-32.4%
-21.2%
Evraz
Severstal
Steel Dynamics
AK Steel
NLMK
Voestalpine
US Steel
Arcelor Mittal
SSAB
Outokumpu
Commercial Metals
ThyssenKrupp
Salzgitter
ACERINOX
Nucor
-92.6%
-89.4%
-86.5%
-82.1%
-79.9%
-75.2%
-71.4%
-71.2%
-68.5%
-65.1%
-62.8%
-52.7%
-52.4%
-37.9%
-21.6%
Evraz
Severstal
AK Steel
NLMK
US Steel
Arcelor Mittal
Steel Dynamics
Voestalpine
Commercial Metals
SSAB
Outokumpu
Salzgitter
ThyssenKrupp
Nucor
ACERINOX
-77.3%
-73.7%
-64.0%
-52.1%
-50.2%
-45.1%
-36.7%
-34.6%
-30.9%
-29.7%
-25.1%
-23.7%
-11.3%
-8.7%
17.0%
Evraz
Severstal
AK Steel
US Steel
Arcelor Mittal
NLMK
SSAB
Steel Dynamics
Voestalpine
Commercial Metals
Outokumpu
Salzgitter
ThyssenKrupp
ACERINOX
Nucor
-93.2%
-90.2%
-87.2%
-84.2%
-82.1%
-80.6%
-76.4%
-75.6%
-72.7%
-69.9%
-69.8%
-61.3%
-59.3%
-43.3%
-37.4%
Evraz (16-may-08)
Severstal (16-may-08)
AK Steel (20-may-08)
Steel Dynamics (18-mar-08)
NLMK (30-jun-08)
US Steel (25-may-08)
ArcelorMittal (05-jun-08)
Outokumpu (19-may-08)
Voestalpine (19-may-08)
Commercial Metals (19-jun-08)
SSAB (19-may-08)
Salzgitter (14-may-08)
ThyssenKrupp (19-may-08)
Nucor (16-may-08)
ACERINOX (19-may-08)
9
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
2.891
MARKET CAPITALIZATION OF ACERINOX, S.A.
Figures in million €
10
55%45%
Year 2008
Availablecredit facilitiesUsed credit
facilities
Total exisiting lines:
2,253 mill. €
CURRENT CREDIT LINES IN ACERINOX GROUP
11
34%66%
Year 2008
Long term debt
Short termdebt (*)
DISCLOSURE OF THE SHORT AND LONG TERM DEBT WITH FINANCIAL INSTITUTIONS
(*) Treasury has been deducted of the short term debt
12
RETURN TO SHAREHOLDERS
DividendDividend
€ / share
Issue Premium Refund
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.55
04 05 06 07 08
0.34
0.26
0.08
0.34
0.26
0.08
0.45
0.35
0.10
0.48
0.35
0.10
0.45
0.35
0.10
0.03
Attendance bonus
AGM
13
ACERINOX GROUP INVESTMENTS
NAS: No.4 Annealing and Pickling line COLUMBUS: No.4 Sendzimir mill
14
MELTING SHOP MELTING SHOP 1,100,000 1,400,000 1,000,000 31,100,000 1,400,000 1,000,000 3,500,000 ,500,000
HOT ROLLING SHOP HOT ROLLING SHOP 900,000 900,000 1,200,000 1,000,000 3,100,000 1,200,000 1,000,000 3,100,000
COLD ROLLING SHOP COLD ROLLING SHOP 670,000 850,000 545,000 670,000 850,000 545,000 2,065,000 2,065,000
PRODUCTION CAPACITY OF ACERINOX GROUPYEARS 2008-09
ROLDANROLDANLONG PRODUCTSLONG PRODUCTS
Mt.
NASNAS
HOT ROLLING SHOP HOT ROLLING SHOP 200,000200,000 200,000 400,000 200,000 400,000
TOTAL TOTAL
ACERINOXACERINOX NAS NAS COLUMBUSCOLUMBUS TOTAL TOTAL FLAT PRODUCTSFLAT PRODUCTS
15
COMMERCIAL NETWORK: NEW SERVICE CENTRES
Pennsylvania Service Centre (USA)
Monterrey Service Centre (Mexico)
Oporto Service Centre (Portugal)
16
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
26,000
28,000
30,000
Thousand Mt.
Compound annual growth rate
YearsYears 19501950--2008: +5.72008: +5.7%%
WORLD PRODUCTION OF STAINLESS STEEL
50 60 70 80 90 00 08 Source: VALE INCO, & ISSF
17
YEAR 2007 Source: Vale Inco, IMF
COMPARISON BETWEEN GDP AND STAINLESS STEEL CONSUMPTION PER CAPITA
Russia
Brasil
Mexico
India
South Africa
Thailand
USAUK
Canada
France Germany
Japan Italy
Spain
South Korea
Taiwan
China
0
5
10
15
20
25
30
35
40
45
50
0 10 20 30 40 50
GD
P (
´000
US
D/c
apita
)
Stainless consumption kg/capita
18
PRODUCTION CAPACITY YEAR 2009 (Million Mt)
3.53.12.10.4
Melting Hot Rolling Cold Rolling Long Prod.
1.41.20.80.2
1.10.90.70.2
1.01.00.5
Melting Hot Rolling Cold Rolling Long Prod.
Melting Hot Rolling Cold Rolling Long Prod.
Melting Hot Rolling Cold Rolling
19
STRATEGIC LOCATION
INDONESIA
PHILIPPINES
THAILAND
MALAYSIA
VIETNAM
SINGAPORE
MALAYSIA
SINGAPORE
LAND LOCATION
20
LAND OF BAHRU STAINLESS FACTORY
21
BAHRU STAINLESS: PIER UNDER CONSTRUCTION
22
COMMERCIAL NETWORK OF ACERINOX GROUP
Flat Products FacilityFlat Products Facility (3)(3)
Long Products FacilityLong Products Facility (3)(3)
ServiceService Centre (23)Centre (23)
CommercialCommercial Office (27)Office (27)
WarehouseWarehouse (34)(34)
23
YICK HOE METALS
24
PRODUCTION CAPACITY OF THE GROUP AND WORLDCONSUMPTION PER AREAS ( Million Mt)
3.53.12.10.4
Melting Hot Rolling Cold Rolling Long Prod.
1.41.20.80.2
1.10.90.70.2
1.01.00.5
AMERICA CONSUMPTION
ASIA + OCEANIA CONSUMPTION
EUROPA + AFRICA CONSUMPTION
13.27.22.5
Melting Hot Rolling Cold Rolling Long Prod.
Melting Hot Rolling Cold Rolling Long Prod.
Melting Hot Rolling Cold Rolling
Melting Hot Rolling Cold Rolling
1.01.00.6
25
THE ACERINOX GROUP
26