Sidenor 2020 Corporate Report

4 Throughout its history, Sidenor has always been a Company that stands out - not only because of what it does, but because of how it does it. And one year again, we have further worked along these lines, maintaining the efforts, enthusiasm and commitment which make us a leading special steel production company recognised worldwide. In 2020, we performed major investments in the modernisation of our installations. This modernisation plan, which was initiated in 2017 and has now been achieved, aims at putting Sidenor at the forefront of the Iron and Steel Industry thanks to our commitment to technological innovation, the automation of our processes and the widespread deployment of digitisation in order to ensure the traceability of our products and the implementation of Industry 4.0 criteria. It must be highlighted that this major investment drive which, in the phase conducted in 2020, amounted to 91 million euros, was carried out at an extraordinarily complicated time, when the background of a severe economic crisis and the lack of visibility were rather calling for caution. We decided nevertheless to proceed with our project, as our commitment to the future of the Company and, therefore, to employment is above any circumstantial or short-term consideration. Innovation is a key factor for competitiveness, a tool which is integrated in our daily management and embedded in all our processes - whether they are industrial or not - as well as, naturally, the development of our new products. For this reason, innovation is a responsibility of all people who are part of Sidenor and crosses the Company transversally. We want innovation to be part of our culture and, thus, characterize our way to work. In addition, we continue to promote, as the pillars of our Driven by innovation towards becoming a reference activity, two concepts whose writing, like Sidenor’s, start with an “S”: the Safety of all people who work in our facilities and the Sustainability of all our processes, by continuously improving our management systems in order to move closer to the “ZERO” objective: zero accidents, zero waste. Ultimately, in 2020, we completed our investment effort started in the previous years, and we want to see the result thereof reflected in a better service to our customers and in an increasingly positive impact on society, fostering concepts such as innovation, sustainability and responsibility in all areas where we develop our activities. We have one ambition: to become a reference for our environment. José Antonio Jainaga Chairman of Sidenor Corporate Report 2020 | Chairman’s letter