2002 FIRST QUARTER RESULTS

The Stainless Steel Market is evolving favourably due to the world wide increase in demand, to low inventory levels, and Nickel price increases.
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The Stainless Steel Market is evolving favourably due to the world wide increase in demand, to low inventory levels, and Nickel price increases.

In this scenario, and eventhough prices have been lower than those of 1st Quarter of 2001, the sales of Acerinox Group, 621 million Euros, have been 26.4% higher.

The monthly improvement in all margins, leads to an increase in the Consolidated Result After Tax of 123%, reaching the amount of 44.8 million Euros.

Net Cash Flow, 70.3 million Euros, has increased 60%.

Earnings per Share, after Acerinox, S.A. Capital Increase subscribed on January by the South African partners, are 0.68 Euros.

The contribution of the Companies of the Group has been very favourable. The evolution of NAS has been very positive, in production as well as results, allowing us to be very optimistic for the time when the Melting Shop, which started operations on February 2nd,is at full capacity.

Columbus Stainless has also contributed favourably to the results of the Group. The Technical assistance Program is in place and results will take place shortly.

Every Group Company has its Order Book full for the next months.