Acerinox has announced the financial and operational results for first half of 2009. Some of the highlights are as follows:

1. The world economic crisis turns the first half of year 2009 into the worst year in the stainless steel history

2. During this period, Acerinox results after taxes and minorities is a loss of EUR 255 million

3. The whole of taken measures in the last twelve months have strengthen Acerinox leadership in the stainless steel sector

4. The process of inventories reduction in the markets has come to its end

5. The recent demand recovery and the improvement of the order book allow to increase production in the next months and to expect positive results for the third quarter

Acerinox said that the stainless steel market has suffered the worst semester of its history due to the world economic crisis and the industrial activity plunge. As a reference, the world steel production has dropped by 21.3%. In Europe it has been 43.2% lower and plunging by 51.8% in the United States.

The uncertainty in face of the length and the depth of the situation and the strong process of stainless steel inventories reduction in the factories and warehouses have led to an unparalleled demand correction aggravated by the reduction of inventories and the consumption of products which stainless steel content.

The apparent consumption of stainless steel in Europe and in the United States has fallen by more than 40% in this period according to our estimations, which reflect the crisis magnitude, but it also shows that from these minimum levels there will be an upward correction although the world economic recession would extend further than forecasted.