Luxembourg, February 10,
2016
Aperam (referred to as "Aperam"
or the "Company") (Amsterdam, Luxembourg, Paris: APAM and NYRS:
APEMY), announced today results for the three month and full year
periods ending December 31, 2015
Timoteo Di Maulo, CEO of Aperam, commented:
"In 2015, Aperam has continued to improve its
operating performance with the best yearly EBITDA over the last 5
years - excluding gains from electricity surplus. Aperam has also
continued to strengthen its balance sheet and reinstated a
dividend6. This
reinforces further our confidence on the contribution of the
Leadership Journey®7 and the Top
Line strategy.
Looking ahead, we continue to be cautious given
the global economic uncertainty.
However, we are confident in the resilience of Aperam and we remain
focused on implementing our self-help strategy."
Highlights
-
Health and Safety LTI frequency rate[2] of 1.0x in
2015 compared to 1.1x in 2014.
-
Shipments of 1,886 thousand tonnes in full year
2015, a 4% increase compared to shipments of 1,813 thousand tonnes
in full year 2014.
-
EBITDA[3] of USD 501
million in full year 2015, compared to EBITDA of USD 547 million in
full year 2014, including gains from electricity surplus of USD 3
million and USD 57 million in 2015 and 2014 respectively.
-
EBITDA of USD 105 million in Q4 2015, compared
to EBITDA of USD 108 million in Q3 2015.
-
Net income of USD 172 million in full year 2015,
compared to net income of USD 95 million in full year
2014.
-
Basic earnings per share of USD 2.21 in 2015
compared to USD 1.21 in 2014.
-
Cash flow from operations amounted to USD 392
million in 2015 compared to USD 240 million in 2014.
-
Net debt4 of USD 316
million on December 31, 2015, representing a gearing5
of 14% compared to a net debt of USD 536 million on December 31,
2014.
Prospects
Financial Highlights
(on the basis of IFRS)
(USDm) unless otherwise stated |
Q4 '15 |
Q3 '15 |
Q4 '14 |
12M '15 |
12M '14 |
Sales |
1,081 |
1,113 |
1,291 |
4,716 |
5,482 |
EBITDA |
105 |
108 |
117 |
501 |
547 |
Operating
income |
65 |
67 |
53 |
327 |
296 |
Net
income |
33 |
31 |
19 |
172 |
95 |
|
|
|
|
|
|
Steel
shipments (000t) |
476 |
455 |
439 |
1,886
|
1,813
|
EBITDA/tonne (USD) |
221 |
237 |
267 |
266 |
302 |
Basic
earnings per share (USD) |
0.42 |
0.40 |
0.24 |
2.21 |
1.21 |
Diluted
earnings per share (USD) |
0.40 |
0.39 |
0.21 |
2.09 |
1.17 |
Health & Safety results
analysis
Health and Safety performance
based on Aperam personnel figures and contractors' LTI (lost time
injury) frequency rate2, was 0.7x in the fourth quarter of 2015
compared to 1.2x in the third quarter of 2015.
Financial results analysis for
full year ending December 31, 2015
Sales in the year ended December
31, 2015 decreased by 14% at USD 4,716 million compared to USD
5,482 million in the year ended December 31, 2014 mainly due to low
nickel price and forex translation effects. Shipments in 2015
increased by 4% at 1,886 thousand tonnes compared to 1,813 thousand
tonnes in 2014.
EBITDA was USD 501 million in the
year ended December 31, 2015, including USD 3 million positive
result from the sale of electricity surplus, compared to EBITDA of
USD 547 million in the year ended December 31, 2014, including USD
57 million positive result from the sale of electricity surplus.
Despite headwinds coming from a challenging economic environment,
the company improved its EBITDA (excluding the impact of the sale
of electricity surplus) in the year primarily due to the continuous
contribution of the Leadership Journey®7 and the Top
Line strategy. The Leadership Journey®7 has continued
to progress over the year and has contributed a total amount of USD
478 million to EBITDA since the beginning of 2011.
Depreciation and amortization
expense in the year ended December 31, 2015 was USD 174
million.
Aperam had an operating income in
the year ended December 31, 2015 of USD 327 million compared to an
operating income of USD 296 million in the year ended December 31,
2014.
The Company recorded a loss from
other investments of USD 15 million in the year ended December 31,
2015, related to an impairment loss of USD 12 million booked on the
minority stake it holds in Gerdau, a Brazilian steelmaker, and USD
3 million booked on the minority stake it holds in General Moly, a
US molybdenum mining company.
Net interest expense and other
financing costs in the year ended December 31, 2015 were USD 77
million, primarily related to financing costs of USD 29 million and
USD 14 million of non-recurring expenses. Realized and unrealized
foreign exchange and derivative losses were USD 7 million in the
year ended December 31, 2015.
The Company recorded a net income
of USD 172 million, inclusive of an income tax expense of USD 55
million, in the year ended December 31, 2015.
Cash flows from operations in the
year ended December 31, 2015 were positive at USD 392 million, with
a working capital increase of USD 3 million. CAPEX in the year
ended December 31, 2015 were USD 132 million.
As of December 31, 2015,
shareholders' equity was USD 2,222 million and net financial
debt4 was USD 316
million (gross financial debt as of December 31, 2015 was USD 464
million and cash & cash equivalents were USD 148 million).
The Company had liquidity of USD
548 million as of December 31, 2015, consisting of cash and cash
equivalents of USD 148 million and undrawn credit lines8
of USD 400 million.
Financial results analysis for
the three month period ending December 31, 2015
Sales in the fourth quarter of
2015 decreased by 3% at USD 1,081 million compared to USD 1,113
million in the third quarter of 2015. Shipments in the fourth
quarter of 2015 increased by 5% at 476 thousand tonnes compared to
455 thousand tonnes in the third quarter of 2015.
EBITDA was USD 105 million in the
fourth quarter of 2015 compared to EBITDA of USD 108 million in the
third quarter of 2015. The traditional seasonal effect in Brazil
and the challenging market conditions have been almost entirely
offset by better activity in Europe and the contribution of the
Leadership Journey®7 and the Top
Line strategy.
Depreciation and amortization
expense in the fourth quarter of 2015 was USD 40 million.
Aperam had an operating income in
the fourth quarter of USD 65 million compared to an operating
income of USD 67 million in the previous quarter.
The Company recorded a loss from
other investments of USD 3 million in the fourth quarter of 2015,
related to an impairment loss of USD 2 million booked on the
minority stake it holds in Gerdau, a Brazilian steelmaker, and USD
1 million booked on the minority stake it holds in General Moly, a
US molybdenum mining company.
Net interest expense and other
financing costs in the fourth quarter of 2015 were USD 12 million,
primarily related to financing costs of USD 4 million. Realized and
unrealized foreign exchange and derivative losses were USD 5
million in the fourth quarter of 2015.
The Company recorded a net income
of USD 33 million, inclusive of an income tax expense of USD 12
million, in the fourth quarter of 2015.
Cash flows from operations in the
fourth quarter were positive at USD 169 million, with a working
capital decrease of USD 107 million. CAPEX in the fourth quarter
were USD 48 million.
Operating segment results
analysis
Stainless &
Electrical Steel
The Stainless & Electrical
Steel segment had sales of USD 857 million in the fourth quarter of
2015. This is similar to sales of USD 855 million in the third
quarter of 2015. Shipments during the fourth quarter were 464
thousand tonnes. This is an increase of 8% compared to shipments of
429 thousand tonnes in the previous quarter. The volume increase
was mainly due to the healthy apparent demand in Europe following
the summer seasonal effect and the good progress of the Top Line
strategy, especially in South America. Overall, average selling
prices for the Stainless & Electrical Steel segment were lower
for the quarter.
The segment had EBITDA of USD 438
million (of which USD 243 million from Europe and USD 195 million
from South America, including USD 3 million gains from electricity
surplus) in the year 2015 compared to USD 427 million (of which USD
204 million from Europe and USD 223 million from South America,
including USD 57 million gains from electricity surplus) in the
year 2014. The strong performance of both regions over 2015 is due
to the continuous contribution of the Leadership
Journey®7 and the Top
line strategy as well as the improving real demand in Europe, in
spite of the negative effects of a challenging environment,
especially in South America, and the decline of the nickel price.
The segment had EBITDA of USD 95
million in the fourth quarter of 2015 compared to USD 94 million in
the third quarter of 2015. EBITDA in South America decreased mainly
as a result of negative effect of the domestic seasonal effect on
the product mix. The increase of activity in Europe following the
summer seasonality enabled to compensate this impact.
Depreciation and amortization
expense was USD 34 million in the fourth quarter of
2015.
The Stainless & Electrical
Steel segment had an operating income of USD 61 million during the
fourth quarter of 2015 compared to an operating income of USD 60
million in the third quarter of 2015.
Services &
Solutions
The Services & Solutions
segment had a 9% decrease in sales during the quarter, from USD 510
million in the third quarter of 2015 to USD 464 million in the
fourth quarter of 2015. In the fourth quarter of 2015, shipments
were 180 thousand tonnes compared to 187 thousand tonnes in the
previous quarter. The Services & Solutions segment had lower
average selling prices during the
period.
The segment had EBITDA of USD 42
million in the year 2015 compared to USD 87 million in the year
2014, due to the negative impact of the nickel price evolution.
The segment had EBITDA of USD 8
million in the fourth quarter of 2015 compared to EBITDA of USD 2
million in the third quarter of 2015. Overall, the increase in
EBITDA was mainly driven by lower negative stock effect resulting
from the steep decline in nickel prices.
Depreciation and amortization
expense was USD 5 million in the fourth quarter of 2015.
The Services & Solutions
segment had an operating income of USD 3 million in the fourth
quarter of 2015 compared to an operating loss of USD 2 million in
the third quarter of 2015.
Alloys &
Specialties
The Alloys & Specialties
segment had sales in the fourth quarter of 2015 of USD 130 million,
representing an increase of 4% compared to USD 125 million in the
third quarter of 2015. Shipments were stable in the fourth quarter
of 2015 at 7 thousand tonnes compared to 7 thousand tonnes in the
third quarter of 2015. Average selling prices decreased over the
quarter.
The segment had EBITDA of USD 44
million in the year 2015 compared to USD 58 million in the year
2014, mainly due to forex translation effects.
The Alloys & Specialties
segment achieved EBITDA of USD 8 million in the fourth quarter of
2015 compared to USD 9 million in the third quarter of 2015. The
EBITDA decrease is mainly due to some raw material negative effect
and forex translation effects.
Depreciation and amortization expense in the fourth quarter of 2015
was USD 1 million.
The Alloys & Specialties
segment had an operating income of USD 7 million in the fourth
quarter of 2015 compared to an operating income of USD 7 million in
the third quarter of 2015.
Recent
developments
-
On December 22, 2015 Aperam announced its
financial calendar for 2016. The financial calendar is available on
the Company's website at the following link:
http://www.aperam.com/about-2/investors-shareholders/financial-calendars.
-
On December 1, 2015, Aperam cancelled USD 100
million of a USD 500 million secured borrowing base revolving
credit facility ("The Facility")8, leading to a
remaining USD 400 million facility8. Aperam had previously signed
on March 6, 2015 this new facility with a group of nine banks. The
Facility, which aimed to refinance the previous facility, was
structured as a three-year revolving credit facility and included a
one year extension option. It is being used for liquidity and
working capital purposes.
New
developments
-
On February 10, 2016 Aperam announced its
detailed dividend payment schedule for 2016. As announced on
November 5, 2015 the Company proposed to reinstate a base dividend
of USD 1.25/share, subject to shareholder approval at the 2016
Annual General Meeting, as the company continues to improve its
sustainable profitability benefiting from its strategic actions.
The dividend payments would occur in four equal quarterly
installments of USD 0.3125 (gross) per share in 2016: on 30 March
2016, 14 June 2016, 12 September 2016 and 12 December 2016, taking
into account that the first quarterly dividend payment to be paid
on March 30, 2016 shall be an interim dividend. The schedule is
available on Aperam's website at the following link:
http://www.aperam.com/about-2/investors-shareholders/financial-calendars/dividends.
Investor conference call
Aperam management will host a
conference call for members of the investment community to discuss
the fourth quarter 2015 financial performance at the following
time:
Date |
New York |
London |
Luxembourg |
Wednesday, February 10, 2016 |
12:30
pm |
5:30
pm |
6:30
pm |
The dial-in numbers for the call are: France
(+33(0)1 70 99 42 70); USA (+1718 354 1357); and international
(+44(0)20 3427 1910). The participant access code is:
4584670#.
A replay of the conference call will be available until February
16th, 2016: France (+33 (0)1 74 20 28 00); USA (+1 347 366 9565)
and international (+44 (0)20 3427 0598). The participant access
code is 4584670#.
Contacts
Corporate Communications / Laurent
Beauloye: +352 27 36 27 27
Investor Relations / Romain Grandsart: +352 27 36 27 36
About Aperam
Aperam is a global player in
stainless, electrical and specialty steel, with customers in over
40 countries. The business is organized in three primary operating
segments: Stainless & Electrical Steel, Services &
Solutions and Alloys & Specialties.
Aperam has 2.5 million tonnes of
flat Stainless and Electrical steel capacity in Brazil and Europe
and is a leader in high value specialty products. Aperam has a
highly integrated distribution, processing and services network and
a unique capability to produce stainless and specialty from low
cost biomass (charcoal). Its industrial network is concentrated in
six production facilities located in Brazil, Belgium and
France.
In 2015, Aperam had sales of USD
4.7 billion and shipments of 1.89 million tonnes.
For further information, please
refer to our website at www.aperam.com
Forward-looking
statements
This document may contain
forward-looking information and statements about Aperam 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,
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). Aperam undertakes no obligation to publicly update its
forward-looking statements or information, whether as a result of
new information, future events, or otherwise.
APERAM CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
(in million of U.S. dollars) |
December 31, 2015 |
September 30, 2015 |
December 31, 2014 |
Non current assets |
2,642 |
2,620 |
3,221 |
Intangible assets |
556 |
565 |
696 |
Property, plant and equipments |
1,652 |
1,653 |
2,026 |
Investments & Other |
434 |
402 |
499 |
|
|
|
|
Current assets & working
capital |
808 |
818 |
999 |
Inventories, trade receivables and trade payables |
520 |
640 |
638 |
Other assets |
140 |
110 |
164 |
Cash & cash equivalents |
148 |
68 |
197 |
|
|
|
|
Shareholders' equity |
2,222 |
2,225 |
2,676 |
Group share |
2,217 |
2,220 |
2,672 |
Non-controlling interest |
5 |
5 |
4 |
|
|
|
|
Non current liabilities |
883 |
853 |
1,162 |
Interest bearing liabilities |
450 |
445 |
693 |
Deferred employee benefits |
184 |
191 |
213 |
Provisions and other |
249 |
217 |
256 |
|
|
|
|
Current liabilities (excluding trade
payables) |
345 |
360 |
382 |
Interest bearing liabilities |
14 |
42 |
40 |
Other |
331 |
318 |
342 |
APERAM CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS
(in million of U.S.
dollars) |
Three Months
Ended |
|
Year Ended |
December 31, 2015 |
September 30, 2015 |
December 31, 2014 |
|
December 31, 2015 |
December 31, 2014 |
Sales |
1,081 |
1,113 |
1,291 |
|
4,716 |
5,482 |
EBITDA |
105 |
108 |
117 |
|
501 |
547 |
Depreciation & Impairment |
40 |
41 |
64 |
|
174 |
251 |
Operating income |
65 |
67 |
53 |
|
327 |
296 |
Loss from other investments and associates |
(3) |
(6) |
(9) |
|
(15) |
(54) |
Net interest expense and other net financing costs |
(12) |
(15) |
(21) |
|
(77) |
(116) |
Foreign exchange and derivative gains / (losses) |
(5) |
(7) |
2 |
|
(7) |
(3) |
Income before taxes and non-controlling
interests |
45 |
39 |
25 |
|
228 |
123 |
Income tax (expense) |
(12) |
(8) |
(6) |
|
(55) |
(28) |
Income before non-controlling
interests |
33 |
31 |
19 |
|
173 |
95 |
Non-controlling interests |
- |
- |
- |
|
1 |
- |
Net income |
33 |
31 |
19 |
|
172 |
95 |
APERAM CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
(in million of U.S.
dollars) |
Three Months
Ended |
|
Year Ended |
December 31, 2015 |
September 30, 2015 |
December 31, 2014 |
|
December 31, 2015 |
December 31, 2014 |
Net income |
33 |
31 |
19 |
|
172 |
95 |
Non-controlling interests |
- |
- |
- |
|
1 |
- |
Depreciation and impairment |
40 |
41 |
64 |
|
174 |
251 |
Change in working capital |
107 |
(43) |
(3) |
|
(3) |
(211) |
Other |
(11) |
36 |
28 |
|
48 |
105 |
Net cash provided by operating
activities |
169 |
65 |
108 |
|
392 |
240 |
Purchase of property, plant and equipment (CAPEX) |
(48) |
(26) |
(38) |
|
(132) |
(103) |
Other investing activities (net) |
3 |
1 |
(1) |
|
6 |
8 |
Net cash used in investing
activities |
(45) |
(25) |
(39) |
|
(126) |
(95) |
Payments to banks and long term debt |
(30) |
(36) |
(258) |
|
(279) |
(198) |
Purchase of treasury stock |
(14) |
- |
- |
|
(14) |
(3) |
Dividends paid |
- |
- |
- |
|
- |
(1) |
Other financing activities (net) |
- |
(2) |
(8) |
|
(3) |
(11) |
Net cash used in financing
activities |
(44) |
(38) |
(266) |
|
(296) |
(213) |
Effect of exchange rate changes on cash |
- |
(6) |
(5) |
|
(19) |
(26) |
Change in cash and cash
equivalents |
80 |
(4) |
(202) |
|
(49) |
(94) |
Appendix 1a - Health & Safety
statistics
Health & Safety
Statistics |
Three Months
Ended |
Year Ended |
December 31, 2015 |
September 30, 2015 |
December 31,
2014 |
December 31, 2015 |
December 31, 2014 |
Frequency
Rate |
0.7 |
1.2 |
1.8 |
1.0 |
1.1 |
Lost time injury frequency rate equals lost time
injuries per 1,000,000 worked hours, based on own personnel and
contractors.
Appendix 1b - Key operational and
financial information
Year Ended
December 31, 2015 |
Stainless & Electrical
Steela,b |
Services &
Solutions |
Alloys &
Specialties |
Others &
Eliminations |
Total |
Operational information |
|
|
|
|
|
Steel Shipment (000t) |
1,838 |
769 |
34 |
(755) |
1,886 |
Steel selling price (USD/t) |
1,988 |
2,612 |
15,874 |
|
2,413 |
|
|
|
|
|
|
Financial information |
|
|
|
|
|
Sales (USDm) |
3,764 |
2,123 |
566 |
(1,737) |
4,716 |
EBITDA (USDm) |
438 |
42 |
44 |
(23) |
501 |
Depreciation & Impairment (USDm) |
147 |
19 |
6 |
2 |
174 |
Operating income / (loss) (USDm) |
291 |
23 |
38 |
(25) |
327 |
Note a: Stainless & Electrical Steel Shipments of
1,838kt of which 654kt were from South America and 1,184kt
were from Europe |
Note b: Stainless & Electrical Steel EBITDA of USD
438m of which USD 195m (including gains from electricity surplus
USD 3m) were from South America and USD 243m were from Europe |
Year Ended
December 31, 2014 |
Stainless & Electrical
Steela,b |
Services &
Solutions |
Alloys &
Specialties |
Others &
Eliminations |
Total |
Operational information |
|
|
|
|
|
Steel Shipment (000t) |
1,736 |
721 |
35 |
(679) |
1,813 |
Steel selling price (USD/t) |
2,391 |
3,090 |
16,728 |
|
2,851 |
|
|
|
|
|
|
Financial information |
|
|
|
|
|
Sales (USDm) |
4,390 |
2,363 |
618 |
(1,889) |
5,482 |
EBITDA (USDm) |
427 |
87 |
58 |
(25) |
547 |
Depreciation & Impairment (USDm) |
218 |
23 |
7 |
3 |
251 |
Operating (loss) / income (USDm) |
209 |
64 |
51 |
(28) |
296 |
|
|
|
|
|
|
Note a: Stainless & Electrical Steel Shipments of
1,736kt of which 654kt were from South America and 1,082kt were
from Europe |
Note b: Stainless & Electrical Steel EBITDA of USD
427m of which USD 223m (including gains from electricity surplus
USD 57m) were from South America and USD 204m were from Europe |
Quarter Ended
December 31, 2015 |
Stainless & Electrical
Steel |
Services &
Solutions |
Alloys &
Specialties |
Others &
Eliminations |
Total |
Operational information |
|
|
|
|
|
Steel Shipment (000t) |
464 |
180 |
7 |
(175) |
476 |
Steel selling price (USD/t) |
1,790 |
2,419 |
16,228 |
|
2,185 |
|
|
|
|
|
|
Financial information |
|
|
|
|
|
Sales (USDm) |
857 |
464 |
130 |
(370) |
1,081 |
EBITDA (USDm) |
95 |
8 |
8 |
(6) |
105 |
Depreciation & Impairment (USDm) |
34 |
5 |
1 |
- |
40 |
Operating income / (loss) (USDm) |
61 |
3 |
7 |
(6) |
65 |
|
|
Quarter Ended
September 30, 2015 |
Stainless & Electrical
Steel |
Services &
Solutions |
Alloys &
Specialties |
Others &
Eliminations |
Total |
Operational information |
|
|
|
|
|
Steel Shipment (000t) |
429 |
187 |
7 |
(168) |
455 |
Steel selling price (USD/t) |
1,978 |
2,592 |
17,612 |
|
2,394 |
|
|
|
|
|
|
Financial information |
|
|
|
|
|
Sales (USDm) |
855 |
510 |
125 |
(377) |
1,113 |
EBITDA (USDm) |
94 |
2 |
9 |
3 |
108 |
Depreciation & Impairment (USDm) |
34 |
4 |
2 |
1 |
41 |
Operating (loss) / income (USDm) |
60 |
(2) |
7 |
2 |
67 |
|
|
|
|
|
|
|
|
[1] The
financial information in this press release and Appendix 1 has been
prepared in accordance with the measurement and recognition
criteria of International Financial Reporting Standards ("IFRS") as
adopted in the European Union. While the interim financial
information included in this announcement has been prepared in
accordance with IFRS applicable to interim periods, this
announcement does not contain sufficient information to constitute
an interim financial report as defined in International Accounting
Standard 34, "Interim Financial Reporting". Unless otherwise noted
the numbers and information in the press release have not been
audited. The financial information and certain other information
presented in a number of tables in this press release have been
rounded to the nearest whole number or the nearest decimal.
Therefore, the sum of the numbers in a column may not conform
exactly to the total figure given for that column. In addition,
certain percentages presented in the tables in this press release
reflect calculations based upon the underlying information prior to
rounding and, accordingly, may not conform exactly to the
percentages that would be derived if the relevant calculations were
based upon the rounded numbers.
[2] Lost time
injury frequency rate equals lost time injuries per 1,000,000
worked hours, based on own personnel and contractors.
[3] EBITDA is
defined as operating income plus depreciation and impairment
expenses.
4 Net debt
refers to long-term debt, plus short-term debt, less cash and cash
equivalents (including short-term investments) and restricted
cash.
5 Gearing
defined as Net Debt out of Equity
6 Subject to shareholder approval.
7 The Leadership Journey® is an initiative launched on December 16,
2010, and subsequently accelerated and increased, to target
management gains and profit
enhancement. Aperam targets a contribution to EBITDA of a total
amount of USD 475 million by end of 2015 and of USD 575 million by
end of 2017, since the beginning of 2011.
8 Subject to
eligible collateral available. The Borrowing base facility has been
reduced from USD 500 million to USD 400 million as from December 1,
2015.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aperam via Globenewswire
HUG#1985268
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