Against a backdrop of economic uncertainty, nickel and manganese prices started the year below average prices in 2011. These price levels nevertheless seem to have resulted in production adjustments at certain competitors.

The medium and long term outlook remains positive as regards emerging markets in particular, where demand for the Group's metals and alloys remains well below their full potential.

It is expected that the ERAMET group will continue an industrial capital expenditure program in 2012 that is on a par with 2011, assuming the global economy continues to perform as currently forecast. In addition, the study or development of major transformative projects and the establishment of programs to improve competitiveness will be continued.