Appointment of Independent Director and changes in the Management of Acerinox

The Board of Acerinox, S.A. has appointed Mr. Donald Johnston as independent Director. He replaces Mr. Clemente Cebrián, who resigned last July after seven years of service, until the shareholder who nominated him, sold its stake.

Donald Johnston (1955), with both American and British nationalities, has a Degree in Economics from the University of Washington J. Hopkins. Throughout his long career he has been subsequently President of the M&A Group of Deutsche Bank, Director of Bankers Trust International and a member of its Global Executive Committee. He also worked as Managing Director at the offices of New York and London of Salomon Brothers. Mr. Johnston brings 30 years of investment banking experience in the United States and Europe.

Following the proposal of the Appointments and Remunerations Committee, the Board of Directors of Acerinox has approved the following changes in the Management of the company:

- Lucien Matthews (South Africa, 1955) has been appointed CEO of Columbus Stainless. He replaces Dave Martin, whose retirement is scheduled for the month of March 2015. Lucien Matthews has been working up to now as CEO of Bahru Stainless. Engineer by training over 24 years of experience in Columbus, he developed the functions of Head of Technical Department, Commercial Director and Factory Manager, among others.

- Oswald Wolfe (Madrid, 1960) has been appointed CEO of Bahru Stainless. Oswald Wolfe holds a Degree in Law and a Certificate in Business Administration from the Universidad Pontificia Comillas-ICADE, and up to now, he held the position of Commercial Director of Acerinox, S.A. and member of the Steering Committee. His experience in the Group since 1984 in various positions includes Sales Manager in Spain, Belgium and the United States.

- Daniel Azpitarte (Madrid, 1969) has been appointed Commercial Director of Acerinox, and will become a member of the Steering Committee. Daniel Azpitarte is a Mining Engineer from the Polytechnic University of Madrid and since 1996 has held various positions in the sales Department in Spain, Switzerland and Germany. Up to now, he held the position of Corporate Planning Director.