ACERINOX Shareholders Meeting approves the reorganization of its industrial business in Spain through the incorporation of ACERINOX EUROPA

ACERINOX S.A. shareholders have approved, by wide majority, in the Shareholders Meeting summoned to this effect, the reorganization of ACERINOX Group through the incorporation of a new society, ACERINOX EUROPA, which will include the activity of stainless steel manufacturing from Campo de Gibraltar Factory and the service centres located in Spain.

After this reorganization, ACERINOX S.A., will have the management and coordination of the different Group activities, apart from holding ACERINOX EUROPA shares and those from the rest of Group companies located in the five continents, which has placed the Group as a world leader in the sector.

ACERINOX management and shareholders have chosen this restructuration mainly so as to create organizational and costs synergies, agility in the decisions taking and to favour the internal benchmarking, among other aims.

The structure also involves to place Campo de Gibraltar factory in the same organic basis as the North American subsidiary, North American Stainless, the South African Columbus and the Malaysian Bahru Stainless, the new Group project, which in brief will become the most advanced factory in the sector, located in the powerful ASEAN market.

The accounting value of the assets transferred to ACERINOX EUROPA, according to an assessment carried out by the independent experts (Deloitte), is higher than 934 MM euros. In its incorporation and organization great care has been taken to simplify the administrative duties and not to duplicate structures.

The operation will take the fiscal benefits of the neutrality regime and has been positively viewed by the workers representatives and the management teams of the Group.

The registered office will be located in Madrid, sharing the headquarters with the Group parent company, ACERINOX, S.A.