Athens, Wednesday March 28 2012

ANNOUNCEMENT

FISCAL YEAR 2011 RESULTS

In 2011, SIDENOR Group achieved an increase in its turnover, both in terms of volume and value. More specifically, consolidated turnover increased by 25.6% standing in the fiscal year of 2011 at 1,247.4 mil. euro compared to 993.4 mil. euro in 2010, as a result of the Group's strategic decision to expand its product portfolio adding new value added products, as for example flat products and special steels, the penetration of the Group in new geographic markets and the significant increase of the turnover of the subsidiary CORINTH PIPEWORKS.

During 2011, consolidated EBITDA decreased by  30.4% at 34.8 mil. euro compared to  50 mil. euro in 2010. Consolidated results before taxes stood at losses of 59.4 mil. euro compared to losses of 30 mil. euro in 2010, while net consolidated results after taxes and minority rights stood at losses of 48.9 mil. euro (or losses of 0.5084 euro per share) compared to losses of 23 mil. euro (or losses of 0.2391 euro per share) in the fiscal year 2010. It is noted that the financial results have been negatively affected by the continuous significant drop in the construction activity in Greece.

For 2012, taking into consideration the changing conditions in the European and international markets, the main pillars of the Group's growth strategy are to strengthen its market share in the existing markets where the Group already operates, the geographic penetration into new developing markets which absorb a great deal of the current global demand as well as the expansion of the product range. Moreover, Group's management focuses on the continuing utilization of the high potentials of the Group's production facilities and the optimization of the operating cost as well as the strengthening of the sales and distribution network, as recently realized with the start of operation of the new subsidiary SIDERAL Shpk in Albania.           

Publication: Wednesday March 28, 2012, following the end of ATHEX's trading session.

The Data and Information of the period 1.1.2011 – 31.12.2011 will be published on the March 29th, 2012 edition of the newspapers “ESTIA.” and “HRIMATISTIRIO” and together with the Annual Financial Report for the same period will be posted on the company's website, www.sidenor.gr, as well as on the ATHEX website www.athex.gr