ERAMET Alloys: in 2014 very significant cost reductions and productivity gains offset  difficult  trends  in  market  conditions.  Current  operating  income therefore increased to 23 M€, which was achieved in the 2nd half alone, compared with 4 M€ in 2013.

ERAMET Alloys’ turnover improved 4% in 2014 compared with 2013. The energy sector’s sales (mainly nuclear energy and high-power gas turbines), with high value- added, fell 17% in 2014 compared with 2013. On the other hand, the aerospace sector’s sales climbed 7%.

The cost reduction and productivity improvement plans begun since the end of 2012 represented a total of 35 M€ in 2014, in line with objectives.

ERAMET  Manganese: results  that  remain  sound  in  2014,  despite  the  rail accident in the 1st half of 2014 and the fall in manganese ore prices.

ERAMET Manganese’s turnover decreased 9% in 2014 to 1,429 M€. Current operating income remained firm at 137 M€, albeit lower than in 2013 (218 M€).

Global carbon steel production rose 1% in 2014.

CRU CIF China spot prices for high-grade manganese ore decreased 16% on average in   2014   compared   with   2013,   ending   the   year   around   4.56   USD/dmtuThis level reflects the slight surplus in inventory at Chinese ports and alloy producers, as well as the arrival of new South African producers on the market.

ERAMET Manganese’s ore production in Gabon was penalised by the major accident that affected the railway in the 1st half of 2014. Overall ore production totalled almost3.5 million tons for the year.

Refined manganese alloy production grew 7% in 2014 compared with 2013. The Group continues to focus its development on these alloys.Manganese  alloy  prices  recovered  on  average  outside  China,  leading  to  an improvement in margins for alloy producers.

A highlight of 2014 was the start-up of Moanda Metallurgical Complex in Gabon, comprised of a silicomanganese plant (65,000 tons/year) and a metal manganese plant (20,000 tons/year). The ERAMET Group has further bolstered its presence in Gabon.

Turnover (M€)                 Q4 2014     Q3 2014     Q2 2014    Q1 2014       2014       2013        Change

ERAMET Manganese               388            358            357            326          1 429      1 562           -9%

ERAMET Nickel                        183            217            215            166           781         704            11%

ERAMET Alloys                        253            211            250            224           938         904             4%

Holding company &

eliminations                            (1)               1               (2)             (2)             (4)          (8)                -

ERAMET Group

inc. joint ventures