Annual Report 2012 EUROPE BELGIUM BULGARIA ... - Duferco

Annual Report 2012 Europe
BELGIUM BULGARIA CZECH
REPUBLIC DENMARK FRANCE
GERMANY GREECE ITALY
LUXEMBOURG PORTUGAL
REPUBLIC OF MACEDONIA
ROMANIA RUSSIAN FEDERATION
SERBIA SPAIN SWITZERLAND
TURKEY UKRAINE UNITED KINGDOM
North and Central
America USA GUATEMALA
HONDURAS MEXICO South
America ARGENTINA BRAZIL
CHILE COLOMBIA ECUADOR PERÙ
VENEZUELA Middle East
KINGDOM OF BAHRAIN UNITED
ARAB EMIRATES YEMEN Asia
Pacific BANGLADESH INDIA
INDONESIA JAPAN KOREA CHINA
PHILIPPINES SINGAPORE TAIWAN
THAILAND VIETNAM Africa
REPUBLIC OF SOUTH
AFRICA EGYPT TUNISIA

Annual Report 2012

Contents
2 Message from THE Chairman
4 Duferco System Key Data
8 Strategy
16 Trading
22 Industry
JV Duferco - NUCOR
Duferco
38 Distribution
and Service Centres
42 ENERGY
46 Diversification IN BELGIUM
50 SHIPPING and Logistics
52 Duferco ENGINEERING
56 The Duferco System
Organisation
60 Duferco Worldwide Network

Annual Report 2012

Message from the Chairman
2 | Duferco Annual Report 2012

It is now clear that the world recovery of 2010-2011 was mostly driven
by Chinese aggressive reflationary policies, while developed economies
remained stagnant.
Steel intensity of the developed world is such that with zero growth,
steel consumption actually declines. Europe is showing clear signs of
deepening differences among individual countries, with two different speeds
of economic potential. South Europe is suffering a dramatic economic
contraction, and the budget constraints leave very little hope of an upturn,
given that governments and consumers must reduce expenditures, and the
banking system is still under stress, reducing as a consequence the level of
lending to the economy.
The year just ended was very difficult indeed with traumatic consequences
on several economic sectors and actors.
In such a “defensive” environment, we at Duferco are glad to have been
able to still show a profit, maintaining healthy financial conditions.
Our expectations for the current year are not very positive. We will
probably see an upturn in North America, given the improved liquidity, the
stabilization of the housing market, and the strong fundamentals for
re-industrialization (cheap energy, flexible labour and so on). Asia will grow,
but at a lower level than expected, mainly due to the looming inflationary
pressures in China. South America may be suffering from a change in
sentiment in raw materials. Europe, as said before, will see very little growth,
with export being the only possible economic driver.
The above picture leads to a continuation, if not a deterioration, of steel
oversupply. Defense will continue to be the main line of our policy.
Steel trading activities have been profitable although at a lower level than
2010 and 2011 and are expected to remain at a similar level for 2013.
An important strategic move that will add significantly to our business
and to our balance sheet is in course of finalization, with formal execution
expected to be signed by June 2013.
The industrial steel venture in Italy with Nucor continues to suffer since
its production is almost entirely directed to the construction industry.
The partners continue to support it financially, and have just approved
an investment that will allow a widening of the portfolio with the view to
diversify it to sectors other than construction.
Our energy trading and retail is showing solid profit, in spite of the difficult
market in Europe.
Our ships’ Joint Venture is obviously suffering from the considerable
oversupply. However, the relatively small sizes of the owned ships, the
continuous search for “niches” employment of these ships, and the
comfortable level of leverage make us confident to overcome the present
difficult times without problems.
As said before, we are fully aware that these are difficult times that need a
defensive and prudent approach. Eventually, this kind of crisis will create
opportunities that, at the right time, we intend to take advantage of.
Bruno Bolfo
Message from the Chairman | 3

Duferco System Key Data
F.Y. 2010 F.Y. 2011 F.Y. 2012
Total Sales Volume* 20,108 20,423 19,401
(Thousand Metric Tons)
Trading activities 11,302 13,254 13,563
Steel products 6,808 7,466 5,582
Raw materials 4,494 5,788 7,981
Production activities 5,763 4,800 2,879
Long products 923 997 1,810
Flat products 4,840 3,802 1,070
Distribution activities 3,043 2,369 2,958
Long and tubular products 717 939 1,319
Flat products 2,326 1,430 1,640
* Including Intercompany Transactions
4 | Duferco Annual Report 2012

Duferco Participations Holding S.A.,
Luxembourg and Subsidiaries
Consolidated Income Statement
For the years ended September 30,
(In Thousand USD) 2010 2011 2012
Revenue 5,187,445 7,238,883 7,629,494
EBITDA 127,929 171,583 94,466
Profit before tax 85,494 78,397 4,734
Income tax (17,520) (1,063) 15,612
Profit 67,974 77,334 20,346
Consolidated Balance Sheet
As of September 30,
(In Thousand USD) 2010 2011 2012
Current assets 2,027,523 2,877,650 3,315,380
Non-current assets 2,113,636 2,141,155 1,098,779
Total assets 4,141,159 5,018,805 4,414,159
Current Liabilities 1,677,889 2,204,873 2,818,560
Non-current Liabilities 819,605 1,127,716 385,479
Total Equity 1,643,665 1,686,216 1,210,120
Total Liabilities and Equity 4,141,159 5,018,805 4,414,159
Duferco System Key Data | 5

Sales (in Thousand Metric Tons)
6 | Duferco Annual Report 2012

Trading
❚ Steel Products
❚ Raw Materials
Production
❚ Long Products
❚ Flat Products
Distribution
❚ Long Products
❚ Flat Products
2010
3,043
5,763
11,302
2011
2,369
4,800
13,254
2012
2,879
2,958
13,563
Duferco System Key Data | 7

Strategy
8 | Duferco Annual Report 2012

In spite of the very difficult year for the
worldwide economy in 2012 (dramatic for
the European economy), Duferco Year-End
remained positive, achieving a net profit
of 20 Million USD (against 77 Million USD
achieved during 2011).
Such a result was attained thanks to the sustained performances
of trading and diversification activities (mainly energies), whereas,
even in 2012, our industrial production was non-profitable.
Strategy | 9

Strategy
Some countries
of the Eurozone
faced severe
recession and
the 2013
prospects are
certainly not
positive.
The global economic scenario remains
very uncertain. In particular, the market
experienced uncertainty factors caused
by the persisting economical and financial
difficulties in Europe. Some countries
of the Eurozone faced severe recession
and the 2013 prospects are certainly not
positive.
Because of the European crisis, the
International Monetary Fund marked down
growth forecasts for the current year, due
to the weakened global activity and also
the increased risks to the recent historical
level of GDP growth of major dynamic
economies. In spite of this scenario, global
steel production increased, achieving a
new record (more than 1.5 Billion Tons of
steel were produced in 2012).
Logically, production increased especially
in Asia and China, mainly due to the
ever-increasing fixed assets investment
level. For the near future, however,
such production increase could cause
a significant imbalance of global
overcapacity, especially in China, should
the economies of the developed countries
experience GDP stagnation, and the
developing ones reduce the growth of their
fixed assets investment.
We repeat that the definition of the global
steel market of the last three years can
be, in fact, summarised as a reality of “two
separate worlds”.
In Europe, North America and Japan, GDP
growth is slow, sometimes even stagnant
(the major part of European countries),
while on the other side of the world, there
is a very important GDP growth, especially
in Asia, Latin America and the Middle-
East.
These two separate worlds create a strong
global imbalance, with excess capacity
in the mature industrialized countries and
shortage in the emerging countries.
Value creation in the steel industry
continues to be significantly related to the
control of raw material sources (iron ore,
coking coal and other). The upstream
factors thus determine the economic
performances of industrial assets much
more than the downstream factors.
This represents a reversal of the traditional
fundamentals of the steel industry.
Historically, the market balance was
relatively clear, resulting in a pricing
picture that was predictable, although
not always positive for the steel industry.
Raw material prices were set for the year.
Raw material production was a known
factor, since new investments were scarce
due to the relatively poor outlook of the
mining industry. Similarly, steel demand
was relatively well known and growing only
moderately. All of this changed during the
past decade and is today influencing the
stability of the markets for steel-making
raw material. A huge margin shift from
steel mills to mining has occurred and
the cost curve of the different producers
steepened (large competitive advantage of
steel mills integrated upwards versus the
“orphans”).
The future is uncertain, with a large range
of factors affecting the future supply of
steelmaking raw material.
Apart from the need to develop new
mines, the infrastructures required to
supply raw materials, such as port and
railway connections to loading ports,
are a strong barrier to new projects.
Uncontrollable events, such as adverse
weather conditions, often have an impact
on the supply.
Demand is heavily influenced by China
steel output and Chinese domestic iron
ore production.
10 | Duferco Annual Report 2012

Value creation in the steel industry
continues to be significantly related
to the control of raw material sources
(iron ore, coking coal and other).
The uncertainties on the future supply/
demand of raw material come from
different directions:
❚ New project realisation could be
seriously limited, due to insufficient
infrastructures, financing problems
and difficulties in acquiring
environmental permissions;
❚ Existing export restrictions in major
exporting countries (i.e. India);
❚ China is the determining factor on
the demand side. A slow down of fix
asset investment level could cause a
reduction of steel production.
In parallel, China continues to develop
its own iron ore mines (which,
however, have high operating costs).
❚ Conversely, should China and
India continue to expand their steel
production, prices of raw material will
remain between moderate to high
although they will not reach the peak
price levels of the past. Should the
advanced economies come back
to a good rate of growth, we could
even experience a new boom in raw
material.
This situation, in the medium long
run, could lead to a progressive
reconfiguration of ownership in the
steel industry.
The winners will be those who have
most effective access to raw material
sources and energies, while all the
others will need to be creative, since
they will face challenging times.
As mentioned above, in an extremely
difficult business environment which has
been characterised by poor performance
of all our main competitors, whether
trading companies or steel producers,
we are reasonably happy to report a
Strategy | 11

Strategy
positive performance achieved during the
2012 financial year. In particular:
❚ Year on year, consolidated revenue
slightly increased by about 5%;
❚ The Group’s net financial indebtedness
was unchanged with respect to the
previous year, while liquidity remains
healthy with increased levels of cash
reserves (553 Million USD as of
September 30, 2012 versus 505 Million
USD as of September 30, 2011).
❚ Bank facility financial covenants are
in full compliance and well exceed
the test thresholds. Trade credit line
utilisation on aggregate averages
about 60%. Bank support for Duferco
remains strong with no formal reduction
in our credit line availability due to the
sovereign Eurozone debt crisis which
has indirectly spilled over into trade
finance.
From the strategic point of view, the
evolution in Duferco’s strategy and
business model is linked to the dramatic
environmental evolution and, within this
context, to the great transformation of
fundamentals and principles of the steel
business.
As we said in our previous Annual
Report,Duferco is adapting to the
new configuration of the market and
to new situations in the steel industry;
its traditional model of unconventional
“hybrid” (production, trading, distribution,
transformation, logistics) had to be
changed, specifically for the production
activity. Having missed in the 90’s, the
opportunity to invest in cheap mining
assets, operating blast furnaces became
too risky; our future was no longer under
our control.
We had no mines, no size, and no
tradition of “niche” products.
Our “updated strategy” can be outlined as
follows:
❚ Focus on trading activities;
❚ Industrial disinvestments on blast
furnace and focus and defend on
the production of electric arc furnace
products;
❚ The development and improvement
of diversification activities (energy in
particular).
12 | Duferco Annual Report 2012

Our “updated strategy” can be outlined
as follows: focus on trading activities;
concentration on electric arc furnace
production; growth and improvement of
diversification activities.
Focus on trading
activities:
The extraordinary economic growth of the
emerging countries and markets is, and
will continue to be, a new and important
development opportunity, especially for a
global player like Duferco and its traditional
trading and distribution activities.
Our refocusing on original core business
is a deliberate strategic decision aimed at
maintaining Duferco’s global role through
trading and its presence in those parts
of the world where steel production and
consumption is likely to expand greatly in
the future.
The development of the emerging
countries and markets allows, and will
continue to allow, Duferco to capitalise on
its intangible assets, consisting of its name
and reputation, financial credibility, and
extensive expertise in various areas of steel
business: trading, distribution, production,
finance, logistics, and shipping.
Furthermore, the trading activity continues
to be a vital scouting source for new
business opportunities encountered
during its normal activities: long-term
commercial deals, new industrial/
commercial alliances, investments
in exotic areas.
The Trading Group operating results,
across our entire portfolio of business,
remained positive. We were especially
pleased to record a substantial
improvement in results in our South
American distribution activities.
Our traditional trading business recorded a
gross margin growth and our downstream
distribution and processing business
showed a satisfactory improvement,
the latter being, in part, due to the
aforementioned improvement in the OECD
sector, and, in part, a reflection of our
most recent strategic initiatives in South
America.
The general pessimism surrounding
the business at the start of 2013 may
lead to a subdued next fiscal year,
but the new energy and focus applied by
us to this business will definitely maintain
the long-term growth of our activities.
When benchmarked against many
of our peers, we feel our
centralised management model and
strong presence in resource economies
has continued to serve us well in these
turbulent markets.
Strategy | 13

Strategy
Concentration
on electric furnace
production:
Duferco is a private company with
consequent “limited” financial resources.
Being the “orphan” of mining assets, as
said before, the blast furnace production
became unsustainable. The EAF
production, instead, is more flexible, more
suitable to our core experience of quick
market responses, more regional.
Over the years, the company gained good
expertise in the production of electric arc
furnaces, also drawing benefit from its
skills in the sourcing of scrap. The factors
of profitability are more regional and
manageable.
In 2012, merchant roll production
(in Denmark) and beam production of
Duferdofin-Nucor Joint-Venture (in Italy)
continued to suffer from the European
building market recession.
In Belgium, recently, important activities are
being carried on to boost the commercial
development of this business field, to
improve its operational reorganization
and technical engineering structures
(important steps and investments are being
implemented in the scrap yard and in the
continuous casting and billet structures, as
well as in the wire-rod heating furnace).
In Denmark, Italy and Belgium, the 2012
Financial Year was merely fair due to the
poor market situation of building
products, so management activity
focused on protecting market share,
constantly improving operating
performances and on reducing impact
of fixed costs, essential to face
low-peak demand phases and
consequently moderate productions.
The Fe/Vn production in South Africa
has undergone a year of stabilization
of the activity focused on rationalisation
of the industrial process.
Notwithstanding a low level of prices,
the economic results have been balanced;
we are now well positioned to benefit
from hoped-for improvements of the
market.
14 | Duferco Annual Report 2012

Growth and
improvement of
diversification
activities
Duferco’s knowledge and understanding of
the fundamentals of the steel business has
allowed it to enlarge its activities in related
markets.
Investments in diversification activities
have continued with success also in
2012. These activities are related to
our core steel business such as energy,
shipping, logistics, environment and real
estate, all of which have risk and volatility
profiles, different from those of our core
business.
Duferco’s strategy has entered the energy
sector with a vertical integration structure,
with activities ranging from trading
of natural gas and electricity
to production (renewable and
conventional) and retail.
In particular, Duferco is expanding in
the photovoltaic and small hydro power
sectors through the acquisition of plants
already in operation or under
construction/authorisation process,
benefiting by feed-in-tariffs.
These investments are growing rapidly.
Recently, Duferco has established a gross
and retail company for electricity, gas and
photovoltaic plants, based on its long
experience in the trading and sourcing of
energy for its industrial activities.
On the strength of its experience in
shipping and logistics, with more than 15
million tons moved and 1,500 chartering
in the last exercise, Duferco has entered
in the shipping sector as service provider
and also as an opportunistic asset player,
developing the experience of partnerships
with operators such as Sidernavi, Romeo
Group and M.U.R. Our belief in the
principle that the “law of gravity” always
prevails, has allowed us to emerge
without problems from the serious crisis
of ship asset values.
Finally, Duferco, especially in Belgium,
continues its activities in soil
remediation in order to achieve a
complete rehabilitation of polluted
ex-industrial areas of the group and
third parties.
Duferco implements such activities,
not only by providing the essential
financial support, but also by providing
management and management services
(i.e. Duferco Engineering) which are
critical for the implementation of these
projects.
Strategy | 15

Trading
16 | Duferco Annual Report 2012

It is not often that one can be satisfied
with a year-on-year drop in results
of circa 50%. It is therefore with some
trepidation when we say we should
nonetheless be pleased with the operating
results achieved in the last financial year.
If we assess our performance against the backdrop of the very
challenging macro economic conditions facing our sector as a whole,
it becomes clear that we achieved much in a very unpredictable
environment. When benchmarked against many of our peers, we feel
our centralised management model and strong presence in resource
economies has continued to serve us well in these turbulent markets.
Trading | 17

Trading
As mentioned in previous
communiqués we have, over
the past 6 years, developed a
substantially more balanced
business portfolio supported by a
geographically diverse operating
base.
We added to this strategy in
December 2012 with the acquisition
of another service centre in Perù to
further complement our processing
and distribution coverage in South
America.
Whilst our overall steel tonnages
remained flat year on year, this
does not reflect our long-standing
push in value-added products
sectors; this was perhaps best
evidenced in our automotive steels
business.
This initiative has started producing
dividends with successful trials
and annual contracts agreed with
a number of major global car
producers for 2013.
In the new financial year, we have
acquired a small service centre
catering to this market which will
assist us in providing a sustainable
service to our key automotive
accounts.
Another leg to our value-added
push has been to establish
stocking and distribution hubs in
Turkey and South Africa which will
focus on engineering and mining
related steel products.
It will take some time to produce
satisfactory results from these
endeavours, but we will start
building market share from 2013
onward.
We are particularly pleased with
our raw materials diversification
programme which saw a volume
gain of circa 50% year on year,
largely driven by coking coal.
Margins are thin whilst we build
our market share, but the risk is
well managed and we feel this is
an excellent platform to continue
raw materials growth in 2013 and
onward.
Our industrial assets performed
in line with the market and as
such had a negative impact on
our overall results. In addition to
the divestment of Duferco Danish
Steel A/S, we have taken further
steps in Duferco Steel Processing
(Pty) Ltd and Makstil AD to improve
the industrial results through new
commercial strategic initiatives
coupled with cost reduction
measures.
In the overall scheme of our
business, the industrial assets
do not present a major challenge
to our results going forward, but
nonetheless no loss should be
acceptable.
From a finance perspective,
liquidity remains healthy with
increased levels of cash reserves.
All our bank facility financial
covenants are in full compliance
and well exceed the test
thresholds. Trade credit line
utilisation on aggregate averages
about 60% and with our strong
balance sheet we feel well placed
to cope with the frankly marginal
18 | Duferco Annual Report 2012

We are particularly pleased with
our raw materials diversification
programme which saw a volume gain
of circa 50% year on year, largely
driven by coking coal.
trading conditions expected for
2013 and perhaps 2014.
Bank support for Duferco remains
strong with no formal reduction in
our credit line availability due to
the sovereign Eurozone debt
crisis which has indirectly
spilled over into the trade finance
arena.
Bank support was keenly
demonstrated by the extension
granted to our European USD 410
million medium-term committed
Revolving Credit Facility.
In addition, we successfully
launched a USD 110 million
Revolving Credit Facility in
Singapore.
Finally, we raised an additional
tranche of USD 50 million
acquisition financing as we add
to our cash war chest. Whilst we
continue to search for strategic
investments around the world,
we remain focused on investing
throughout the cycle.
Structured prepayment
arrangements are performing
in compliance with banking
agreements and credit insurance
coverage terms.
The importance of structured
finance deals to secure long-term
trade flows will again become an
intrinsic element in securing
long-term trade flows.
Our insured receivables portfolio
has grown in line with our
customer portfolio and our
increased downstream market
penetration. Despite increasing
our customer base we have
suffered no significant defaults or
delinquencies.
In closing, it is important to note
that we believe 2012 was, in
fact, the first year since the 2008
world economic crisis where
the operating performance of all
participants in the steel sector have
not been distorted by strong price
volatility during the year.
The cost-driven price push
underpinned by iron ore and
coal during 2010 and 2011 was
notably absent in 2012; as such,
this year’s steel sector's financial
results better reflect the true
operating realities of the underlying
businesses.
This being said and given
our results we can therefore
look forward with a degree
of confidence, but under no
circumstances should we
expect easier times ahead.
We are ultimately in a cyclical
business strongly influenced by
macroeconomic winds.
As such, good risk management
layered upon a sound commercial
platform is essential to succeed in
this environment.
As ever, our thanks is extended
to all Duferco colleagues who
worked harder and longer through
2012 to make these sets of results
possible.
Equally, we would like to thank
our financial institutions and many
customers and suppliers around
the world for their continued
faith in Duferco and valuable
contribution to our long-term
success.
Trading | 19

Breakdown of trading activities sales volume by product category
(Thousand Metric Tons)
PRODUCT CATEGORY F.Y. 2010 F.Y. 2011 F.Y. 2012
Slabs 2,520 2,551 424
Hot rolled coils 912 826 784
Plates 679 756 1,054
Cold rolled coils 559 544 468
Galvanized products 509 563 462
Others 29 17 9
Flat products 5,208 5,257 3,200
Billets & Blooms 557 1,005 899
Beams & Merchant Bars 370 346 438
Rebars 206 165 237
Wire rod 134 117 257
Pipes 83 124 151
Others 0 6 17
Long products 1,351 1,763 1,999
Tin plate 11 17 6
Special steels 204 401 345
Silicon steels 35 28 31
Special steels 250 446 382
Steel products 6,808 7,466 5,582
Coke & Hbi 374 267 1,130
Iron ore 3,227 3,740 2,561
Coal 451 957 2,952
Scrap 324 636 593
Pig Iron 81 118 22
Vanadium 3 4 4
Others 34 66 720
Raw Materials 4,494 5,788 7,981
GRAND TOTAL 11,302 13,254 13,563
20 | Duferco Annual Report 2012

Steel products, breakdown by origin and destination
AREA OF ORIGIN
2010 2011 2012
F.Y. F.Y. F.Y.
AFRICA 5,1% 3,9% 2,7%
ASIA & OCEANIA 26,3% 25,6% 34,3%
EASTERN EUROPE 54,9% 55,4% 43,6%
WESTERN EUROPE 10,8% 9,3% 14,4%
MIDDLE EAST 0,3% 1% 1,7%
NORTH AMERICA 0,9% 0,4% 0,3%
SOUTH + CENTRAL AMERICA 1,7% 4,4% 3%
GRAND TOTAL 100% 100% 100%
AREA OF DESTINATION
2010 2011 2012
F.Y. F.Y. F.Y.
AFRICA 6,4% 5,1% 10%
OCEANIA 0% 0% 0%
ASIA 13,7% 19,5% 19,5%
EASTERN EUROPE 3,6% 6,2% 6,4%
WESTERN EUROPE 39,9% 35,8% 19,9%
MIDDLE EAST 8,8% 12% 16,1%
NORTH AMERICA 4,7% 5,3% 6,2%
SOUTH + CENTRAL AMERICA 22,9% 16,1% 21,9%
GRAND TOTAL 100% 100% 100%
Raw materials, breakdown by origin and destination
AREA OF ORIGIN
2010 2011 2012
F.Y. F.Y. F.Y.
SOUTH + CENTRAL AMERICA 64,8% 55,4% 35,4%
NORTH AMERICA 8% 15% 22,4%
AFRICA 2,7% 6,2% 13,4%
EASTERN EUROPE 9,5% 12,9% 15,7%
OCEANIA 2% 2,8% 6,1%
ASIA 0,7% 1,6% 5%
WESTERN EUROPE 12,3% 5,7% 0,3%
MIDDLE EAST 0% 0,5% 1,6%
OTHER LOCATIONS 0% 0% 0%
GRAND TOTAL 100% 100% 100%
AREA OF DESTINATION
2010 2011 2012
F.Y. F.Y. F.Y.
AFRICA 2,5% 1,9% 2%
OCEANIA 0% 0% 0%
ASIA 14,2% 13,5% 55,4%
EASTERN EUROPE 14,9% 18,7% 11,4%
WESTERN EUROPE 65,6% 61,7% 27,2%
MIDDLE EAST 0% 1% 0,8%
NORTH AMERICA 2,8% 2% 2,4%
SOUTH + CENTRAL AMERICA 0% 1,2% 0,8%
OTHER DESTINATIONS 0% 0% 0%
GRAND TOTAL 100% 100% 100%
Trading | 21

Industry
22 | Duferco Annual Report 2012

24 JV Duferco Nucor
Duferdofin - Nucor
Italy
travi e profilati di pallanzeno
Italy
28 Duferco
DUFERCO BELGIUM LONG PRODUCTS DIVISION
Belgium
Makstil
Republic of Macedonia
Duferco Danish Steel
Denmark
acciai rivestiti valdarno
Italy
Duferco Steel Processing
Republic of South Africa
Tubac
Guatemala
Vanchem Vanadium Products
Republic of South Africa
JESCO
Saudi Arabia
Industry | 23

Duferdofin - Nucor
Italy
Production (mt)
(01/10/11 - 30/09/12)
240,000 313
Employees
as of 30/09/12
The Company
reduced its financial
debt of 14 million
euros, thanks to better
management of the
stock and reduction in
costs as
a consequence.
The real beam consumption during
2011/2012, which is the core business of
Duferdofin-Nucor, proved to be irregular
and diminishing in comparison with the
already insufficient volume of the previous
year. In particular, the second part of the
year showed an unsatisfactory tendency
with consumption quite similar to the first
semester of the “annus horribilis 2009”.
All HE and IPE sections of medium and
large dimension, which are made in the
Giammoro Mill and are linked to the
infrastructure and to the construction
of big production sites, showed an
extremely low trend in consumption in
most of the European countries. Only
some countries in the North of Europe,
Germany, for example, showed a less
negative trend. In the Italian market, the
volume was inferior to the 50% of the
pre-crisis period, and Spain and Greece
had a major downturn in comparison to
our national market. The market price
continued to fall during the second part
of the year, the imbalance between
demand and supply influenced by the
decreasing consumption in the Maghreb
and Golfo areas.
24 | Duferco Annual Report 2012

To face this situation, the Company had
to slow down production, both of the
beam rolling mill and of merchant bars,
and had to create a new productive
structure which permitted staff reduction.
In the meantime, a new project to
streamline the improvement in products
was introduced with the development of
the product selection and the creation of
new special profiles with regard to earth
moving machines.
The drop in quotation and a reduction
in the volume of sales of minor products
by 20% in comparison to the previous
year resulted in a downturn in economic
performance and a negative EBITDA.
The market tendency of the Mechanical
Division was better compared to the
beam market; the San Giovanni Plant
had a positive economic result at the end
of the year. The Company reduced its
financial debt of 14 million euros, thanks
to better management of the stock and
reduction in costs as a consequence.
Despite the negative situation, the
Company continued to carry out
investment projects as planned:
there was an increase in production
in the plant and rolling mill, a new
warehouse for the finished products was
created and railway links maintained
as well as investments with regard to
matters relating to ecology and safety.
Therefore, during the first months of the
year, the iron and steel market is still
very weak. In particular, the construction
sector is weak in Italy and in the south of
Europe, while in the north of Europe it is
on the upturn. Signs of recovery can be
seen in other European markets as well.
During this year, the Company has to
continue to focus on the process already
started of reduction in costs and an
increase in the flexibility in production,
concentrating on products of greater
profitability to improve its operating
margins.
Industry | 25

Production (mt)
(01/10/11 - 30/09/12)
81,300 30
Employees
as of 30/09/2012
Acofer and Disider
The financial crisis and the downturn
of consumer consumption which
characterised the second half of the
year affected the consumption of long
products (ca. 13%). The principal reasons
for this reduction are the weakness in
construction, the lack
of new infrastructural investment
projects, both public and private, and
the lack of financial resources.
Despite this, the selling in July
witnessed an increase in comparison
with the previous year, thanks to the
extension of the distribution activity
and the enlargement of selection in the
products.
The decrease of 2% registered in
30/09/2012 occurred in the last three
months of the year. Therefore, the average
selling prices remain stable. As far as
beams are concerned, the average selling
price registered a variation between +1%
and 4% compared to the initial value.
With regard to merchant bars, the average
selling price registered a variation between
+4% and 0% compared to the initial value.
The first months confirm the weakness
of the national market with significant
decreases in the volumes and in the
selling prices. Signs of recovery are
forecast, starting from mid-April 2013,
which should improve the operating
margin.
The decision of the Duferdofin-Nucor
distribution system to further expand
the selection of its products, by adding
tubulars to the portfolio indicates the
resolve to satisfy as many minor customer
requests as possible.
At present, Disider warehouse in Avezzano
and Acofer in Giammoro are already
operative.
During the next months, Acofer
Warehouse in Brescia as well will have this
product as part of its selection.
Duferdofin-Nucor distribution division
intends to develop its leader position in
the long products distribution market in
Italy till 20/12/2013, with adequate territory
coverage, a wide selection of products
and high-level services.
... the selling
in July witnessed
an increase in
comparison with
the previous year,
thanks to the
extension of
the distribution
activity and the
enlargement of
selection in the
products.
26 | Duferco Annual Report 2012

Travi e Profilati di Pallanzeno
Italy
Production (mt)
(01/10/11 - 30/09/12)
290,000
Finished products
561,000
Blooms
Employees
as of 30/09/2012
366
At present, the Company works in two plants:
the melt shop in San Zeno Naviglio (BS)
and the plant in Pallanzeno (VB) where the
semi- finished steel products supplied
by the melt shop are rolled.
During the year Travi e Profilati di
Pallanzeno absorbed the company San
Zeno Acciai-Duferco Srl with the purpose
of a major operating integration between
the two companies, considering that San
Zeno Acciai-Duferco Srl was the only
supplier of semi-finished steel products
of Travi e Profilati di Pallanzeno. This
incorporation allowed the organisation
cost reduction and overhead reductions
as well. At present, the Company works
in two plants: the melt shop in San Zeno
Naviglio (BS) and the plant in Pallanzeno
(VB) where the semi- finished steel
products supplied by the melt shop are
rolled.
The decrease in steel consumption in
Italy during 2012, almost -13% (-9% in
Europe), is mainly due to the weakness
in the construction industry and to a lack
of investments in projects, both private
and public. This situation is aggravated
by the scarcity of financial resources as
a consequence of the fiscal policy and of
the steps undertaken to reduce the public
debt.
In this context, the Company organised
production in 20 shifts per week and in 15
shifts in the rolling mill with some weekly
stops, after the usual closing time in
summer and in December, with the aim of
regulating production in keeping with the
market tendency.
The large profile selection, the productive
flexibility of the plants in the rolling mill,
the tendency to produce rolled products
with greater profit margins and a better
integration with the steel works, allowed
the Company to compensate for the
decrease in production in rolled products.
Steel production is reduced by nearly
16%. Production this year amounts
to 561,00 tons in comparison with the
previous 669,000 tons of the previous
year. The decrease of long products,
which is -12% (289,000 tons produced
at 30/09/2012 compared to 328,000
tons at 30/09/2011), is off-set by the
increase in production of more profitable
profiles (+38 % compared to 30/09/2011).
This compensated for the decrease
in production of the traditional beam
products.
The profitability of the Company is
influenced by the decrease in volume
activity related to the selling price with
a non- profitable margin. The operating
margin (EBITDA) is negative.
Action has already been initiated to reduce
production costs in the San Zeno Naviglio
plant and in the Pallanzeno rolling mill.
In San Zeno Naviglio, a new project is
brought to completion to optimize the
raw material cost. With this project, this
company has obtained great economic
benefits on the production cost.
Despite the difficult market situation, the
investments during the year amount to
7.9 million euro in the San Zeno Naviglio
plant and 2.0 million in the Pallanzeno
rolling mill. Investments in Pallanzeno
extended to the revamping of the fume
plant, automation of the furnace and
improvement in the rolling mill and water
treatment. Other investments included
extra maintenance required to improve
environmental conditions and for safety
measures. The last important investment
concerns the development of product
selections and this will be realised during
this year at a cost of 15 million euro.
The first months of the year confirm the
weakness of the national and European
market with a further drop in production
volumes and in the price of steel products.
Slow signs of recovery are expected in the
second half of the year; the principal trade
associations expect an increase in steel
consumption, although the steel demand
will still be weak with different growth
rates, depending on the country and on
the section.
The drive to reduce industrial costs, the
development and the focus on more
profitable products, with an accent
on better quality, should improve the
operating margin of the Company, despite
the unfavorable conditions prevailing at
this time.
Industry | 27

Duferco Belgium: Long Products Division
Belgium
Production (mt)
(01/10/11 - 30/09/12)
Slabs: 200,000
Billets: 260,000
Wire: 185,000
502
Employees
as of 30/09/12
In 2012, the steel
plant production was
focused on billets
which amounted
to more than 50%
of the total production
(last year, the
production of billets
represented around
20%).
The management focused on continuing
its efforts in investments and knowledge
in order to increase and consolidate its
share in the field of the high-added value
products: cold heading quality, high
carbon and alloyed steel required for wire
rods; boron and alloyed steel required
for billets for sales. These products have
been less affected by the general negative
economic trend.
During this year, the Long Products
Division has implemented different
actions to consolidate its reliability and its
competitiveness. The company has also
consolidated its partnership with Duferco
Danish Steel in order to strengthen the
Duferco Northern Europe industrial system
rooted in the field of special steel.
Major investments were made at the
end of 2011: the slab continuous casting
automated units have been revamped,
a new billet extraction system has been
installed, as has a new billet-cutting
system. A false ingots automatic system
has been installed in August, 2012. At the
hot rolling mill (FIBO), the turn mounting
system was improved. The purpose of
these investments is to enhance the
quality of the products and to increase the
reliability of the tools.
During the summer, the yearly
maintenance period was used to totally
revamp the heating furnace and to install a
new conveyor at the hot rolling mill.
In 2012, the steel plant production was
focused on billets which amounted to
more than 50% of the total production (last
year, the production of billets represented
around 20%).
In March, 2012, the Long Product Division
participated in the Wire Exhibition at
Dusseldorf: 500 visitors came to the
Duferco Belgium stand and the sales
representatives had the opportunity of
meeting over 200 customers.
To increase efficiency in the industrial
system, management activity has been
focused on cost analysis control and cost
reduction.
Continuous production flux was
introduced at the hot rolling mill in order to
achieve maximum production capacity.
In 2013, because of the European crisis,
the Long Products Division of Duferco
Belgium will need to manage a deep
restructuring in La Louvière.
28 | Duferco Annual Report 2012

Makstil
Republic of Macedonia
Production (mt)
(01/10/11 – 30/09/12)
272,983 945
Employees
as of 30/09/12
In 2012, Makstil - as in the case of all the
European steel industries - experienced
a very difficult year due to the general
economic situation in Europe. In order to
face the stagnation of the markets, the
Company implemented a new business
model that was put in place in a very
short time and that helped to minimise the
economic impact of the crisis.
A contributory factor to this was that,
compared to other European producers,
the Company has quite low fixed costs.
The difficult market conditions were
used by Makstil to strengthen its cost
effectiveness by adapting the organisation
(beginning from the end of FY 2012
through the first half of FY 2013, Makstil’s
workforce is being reduced by 20%) and
improving its operation practices. The
flexibility of the mill (producing plates from
scrap or, alternatively, from purchased
slabs) allowed Makstil to take advantage
of the opportunities available in the slab
market.
Furthermore, in order to focus on high
quality products and to achieve its best
possible performance, a new shot-blasting
and priming machine has been erected.
The next year is challenging, but with the
strategy implemented during FY 2012,
Makstil is confident of making the most of
the opportunities available in the market.
In order to face the
stagnation of the
markets, the Company
implemented a new
business model that
was put in place in a
very short time and
that helped to minimise
the economic impact
of the crisis.
Industry | 29

Duferco Danish Steel
Denmark
Production (mt)
(01/10/11 - 30/09/12)
151,000 105
Employees
as of 30/09/12
The production
hours were reduced
by almost 20%,
but thanks to
improvements in
efficiency and yield,
the y-o-y prime
production decreased
by only 10%.
During 2012, Duferco Danish Steel
concentrated its efforts on restructuring
and adjusting the mill to the demands of
the feeble European market.
The production hours were reduced by
almost 20%, but thanks to improvements
in efficiency and yield, the y-o-y prime
production decreased by only 10%.
The economic slowdown in the Eurozone
was reflected in a lower consumption
of Merchant Bars, especially in the
construction sector. In spite of this, DDS
succeeded in increasing its share in the
key markets of Scandinavia and Germany.
At the same time, steel tourism outside
these markets was reduced significantly.
The imbalance between demand and
supply in the European Merchant Bar
market resulted in a spread between
billets and finished products that was too
low to cover its cost in full.
Therefore, the Management focused
on a reduction of gas and electricity
costs and the rationalisation of its
workforce, as well as on optimising
processes.
In close cooperation with Duferco
La Louvière, Duferco Danish Steel
succeeded in developing quality steel
round bars for forging and peeling.
DDS continues to concentrate on offering
a high level of service, quality, flexibility
and diversification of special steel grades.
2013 will once again be a challenging
year in which Duferco Danish Steel seeks
to consolidate its position as one of
the leading Merchant Bar producers in
Northern Europe.
30 | Duferco Annual Report 2012

Acciai Rivestiti Valdarno
Italy
Production (mt)
(01/10/11 - 30/09/12)
17,000 28
Employees
as of 30/09/12
The Company
continued to use
its investments
to improve plant
efficiency, ecology
and safety.
The continuing negative business
climate that has adversely affected
the current economy has led to
a further worsening in the market
compared with the previous years.
Despite this, the Company also achieved
a positive result this year, confirming its
earning capacity.
Special new products were developed
successfully by the Company for the
niche market to counter-act the low
demand in the construction industry.
The new operating unit in Terni,
with a concentration of its activities
in the production materials used by the
San Giovanni Valdarno Plant,
improved its customer service,
developing its product selection and
accelerating delivery time. The positive
result of the Company is also due to a
careful purchasing policy and consequent
reduction in costs.
The year saw a reduction in profits in
comparison with the previous year,
because of the lower volumes of
shipment and a slight decrease in the
selling price. During the previous year,
closed the 30 September 2012, 17,000
tons products were shipped.
The Company continued to use
its investments to improve plant
efficiency, ecology and safety.
The forecast for the next year is quite
positive, despite the uncertain market
situation, thanks to its customer
service and its orientation to the
market.
Industry | 31

Duferco Steel Processing
Republic of South Africa
Production (mt)
(01/10/11 - 30/09/12)
292,000 267
Employees
as of 30/09/12
Whilst DSP’s HRC
supply continues
to be sourced locally,
zinc is no longer
produced in
South Africa and
during FY2012,
DSA assisted in
the negotiation of
a long-term supply
agreement for DSP
at very competitive
rates.
DSP endured another difficult year in 2012
that presented significant operational and
commercial challenges.
The first quarter was marred by a national
shortage of Liquid Petroleum Gas (LPG) in
South Africa which affected not only DSP
but the majority of the country’s industry,
sparking the Government to launch a
much-needed study into the national
supply of LPG for the future. A fire within
the plant was well contained, but added
to the loss of production time caused
by a separate incident that resulted in a
major failure in the electricity sub-station.
Whilst DSP’s HRC supply continues
to be sourced locally, zinc is no longer
produced in South Africa and during
FY2012, DSA assisted in the negotiation
of a long-term supply agreement for DSP
at very competitive rates. These added
operational difficulties were exacerbated
by extremely tough market conditions
internationally, which forced a major shift
in DSP’s commercial focus from export
to domestic in a bid to maximise both
margins and also throughput in the facility.
When analysed numerically, 2012 saw a
marked downturn on 2011 with a drop in
both turnover and deltas. The increasing
competitiveness of Asian pricing,
coupled with flat demand and global
oversupply, saw an overall year-on-year
decrease of 51% of export sales; however,
encouragingly this was countered by a
48% increase in domestic sales. DSP’s
cost of production remains highly
competitive regionally, but the increasing
utility costs in South Africa remain a
cause for real concern as we continue to
compete with Asian producers. Electricity
tariffs increased 16% during FY2012, with
a further 8% uplift per year tabled over
the next 5 years. Despite this, DSP’s full
production costs / MT for HDG and CRFIN
decreased year-on-year, due largely to the
weaker ZAR, reductions in yield loss and
effective re-negotiation of major supply
contracts.
Manpower issues have been prevalent
during the year as we have weathered
a draw on resources from external
companies outside of the steel sector.
Whilst difficult to manage, these
circumstances have not detracted from
DSP’s efficiency which is testament to
the outstanding levels of team-work and
dedication amongst the entire workforce.
Management is confident that DSP has
the human resource capital to meet the
challenges facing it in the future.
As we look to 2013, many of the same
issues faced this year will remain extant,
particularly when viewed against the
backdrop of continuing uncertainty at
the macro-economic level and when
coupled with increasing socio-economic
and political challenges domestically.
External issues aside, the focus for
DSP’s Management is to continue to
contain costs, improve overall efficiencies
and grow sales. Capital projects are
planned to reduce LPG consumption
and also further reduce yield loss, whilst
concurrently wider trials and studies will
be conducted into streamlining domestic
transport options and also expanding
DSP’s product range. This latter
development will be a key building block
in the evolution of DSP as we seek to
develop a wider sales portfolio and higher
margins.
32 | Duferco Annual Report 2012

TUBAC
Guatemala
Production (mt)
(01/10/11 - 30/09/12)
58,500 205
Employees
as of 30/09/12
It has been an uneventful year at Tubac;
however, there have been satisfactory
results despite the negative trends in the
world economies, largely in the second
part of the year.
Tubac has maintained its share of the
market in Central America, with a slight
increase in the total sales year over year,
although the net margin has come under
pressure.
The cause for the margin deterioration was
the historic inventory costs in a declining
market in addition to the aggressive
competition from various operators in the
area.
However, despite difficult market
conditions, the high-quality standard of
their products and the excellent service to
its customers has rewarded Tubac once
again.
No significant investment has been made
in 2012: the API qualification programme is
still in process and it should be completed
by the end of the first quarter of 2013.
Plans for 2013 include the erection of a
new building for a more rational storage
of finished products and a preliminary
study for the installation of a new mediumsized
pipe mill with a higher speed of
production, resulting in greater efficiency.
In the last few years, Tubac has introduced
some revamping and improvements to
the existing equipment, but no significant
investment has been made.
The political and economic situation in
Central America has somewhat stabilized
and we expect a moderate improvement
in 2013. Tubac had a reasonably-priced
inventory at the beginning of the year,
sizeable tonnage in transit and material in
production at competitive prices. Tubac
should perform rather well in the new
fiscal year, at least at a level comparable
to that of 2012.
Tubac has maintained
its share of the market
in Central America,
with a slight increase
in the total sales year
over year, although the
net margin has come
under pressure.
Industry | 33

Vanchem Vanadium Products
Republic of South Africa
Production (mt)
(01/10/11 - 30/09/12)
4,516 427
Employees
as of 30/09/12
For the 2012 financial
year, an improved
demand for steel
resulted in an
increased demand for
Vanadium.
Vanchem Vanadium Products (Pty) Ltd
(“Vanchem”) is one of the world’s top
five vanadium producers and its assets
comprise various vanadium oxide,
ferro-vanadium and vanadium chemical
production facilities. Vanchem also
owns and manages 50% of South Africa
Japan Vanadium (Pty) Ltd (“SAJV”),
a joint venture company between
Vanchem and Nippon Denko Company
Limited which produces ferro-vanadium
exclusively for the Japanese market. In
addition, Vanchem has a 35% interest
(non-economic) in Mapochs Mine (Pty)
Ltd which holds the vanadium-containing
iron ore reserves of Evraz Highveld Steel
and Vanadium Limited (“EvrazHighveld”).
Vanchem’s interest, together with a formal
supply agreement, secures the long-term
supply of the company’s vanadium raw
material. Vanchem, through Rakhoma
Mining Resources (Pty) Ltd (“Rakhoma”)
holds mineral rights for vanadiumcontaining
iron ore reserves in the
Steelpoort area. The process is underway
to obtain a mining licence, which will lead
to Vanchem securing its own supply of
ore. Good progress has been made in this
regard.
All Vanchem’s products are exclusively
marketed and distributed through the
extensive global network of Duferco
Trading, allowing the business full market
transparency and in-time marketing
intelligence, with strong and direct
relationships with end-consumers.
For the 2012 financial year, an improved
demand for steel resulted in an increased
demand for Vanadium. This, together
with an improved plant performance,
enabled the plant to increase operations
to approximately 84% of capacity, allowing
the business to increase its output by 7%
from FY2011.
Metal Bulletin (“MB”) prices started at
$27.5/kg V in October 2011 and continued
its decreasing trend from the prior financial
year to end the financial year at $24.6/kg
V in September, 2012. A low of $23.0/kg V
was recorded in January, 2012.
The unreliability of utility supplies from
the local municipality remains a major
concern. The power supply interruptions
decreased during the year compared
to the prior year; however, numerous
plant outages were recorded as a result
of water-supply interruptions. A further
concern relates to the maintenance of
the railway-line under the municipality’s
responsibility which impacts the primary
raw material delivery from Mapochs Mine.
A number of challenges are to be
overcome in FY2013. In the prior year,
the focus was on value-adding projects
to improve plant efficiencies and plant
maintenance. For the current year, the
emphasis will be to continue to enhance
plant utilisation and to improve the overall
plant yield, as well as to start the second
phase of the environmental projects which
are required in terms of legislation to
maintain operating licences.
34 | Duferco Annual Report 2012

Jesco (Jubail Energy Services Company)
Saudi Arabia
Production (mt)
(01/10/11 - 30/09/12)
210,000 800
Employees
as of 30/09/12
In 2012, the shipping
volume was
roughly 50%
within Saudi Arabia
and with 50%
exports, with
the largest portion
of the exports going
to North America
where Jesco has
supplied over
30 exploration
and production
companies.
Jesco (Jubail Energy Services Company)
is a newly-commissioned seamless pipe
mill located in Jubail, Saudi Arabia.
It is a turnkey installation erected by
Danieli, Italy, with a range in diameter
between 5.1/2 - 16 inches and a capacity
of 400,000 metric tons annually.
Jesco focuses on the production of
seamless Casing and Line Pipe to API
specifications.
The company commenced production
in 2011 and in 2012 reached an annual
production volume of 210,000 metric tons
with a total staff of 800 employees.
The factory is now approved by Aramco,
Saudi Arabia; Adco, Abu Dhabi; PDO
Shell, Oman, as well as many firms in
Egypt and other nearby markets.
In 2012, the shipping volume was roughly
50% within Saudi Arabia and with 50%
exports, with the largest portion of the
exports going to North America where
Jesco has supplied over 30 exploration
and production companies.
The plans for Jesco are to produce
300,000 tons in 2013, keeping a balance
of roughly 50% for the domestic market
and 50% for export.
Industry | 35

Production in Fiscal Year 2012
(Metric Tons)
Duferdofin
Nucor
Acciai Rivestiti
Valdarno
Duferco Steel
Processing
Billets 561,151
Beams 497,919
Slabs and Ingots
Plates
Hot Rolled Coils
Pickled & Oiled 295,835
Full Hard Coils 294,619
Cold Rolled Coils 58,203
Wire Rod
Drawn Wire Rod
Hot Dip Galvanized 233,988
Electrogalvanized
Prepainted 15,800
Welded Pipes
Pig Iron Pipes
Other steel 29,048
Vanadium products
36 | Duferco Annual Report 2012

Vanchem
Vanadium
Products
Tubac Makstil Duferco
Danish Steel
Duferco
Belgium *
TOTAL
257,256 818,407
151,194 649,114
258,085 197,283 455,368
273,109 273,109
295,835
294,619
58,203
185,487 185,487
48,070 48,070
233,988
15,800
57,990 57,990
29,048
4,516 4,516
* - Duferco La Louvière Long Products + Trebos
Industry | 37

Distribution and service centres
38 | Duferco Annual Report 2012

The success of our long-term strategy
to increase the portion of trading activity
handled through our Distribution network
is certified by tonnage output that last year
reached an almost record 3 million tons.
This bulk figure is, however,
the result of very different
scenarios we experienced
during last year. The European
Distribution network, although
still our major market, had an
overall stagnant performance,
whilst the boost came from
a recovery of sales in USA,
coupled with organic growth in
South America.
The above evidently reflects
the difference in the economic
cycles of the respective
areas and we are glad to
say that, under very difficult
circumstances, we succeeded
in riding the storm and paving
the way to keep expanding
our presence in key strategic
markets such as Turkey, where
Duferco Celik is intended
to complement our trading
activity, and South Africa,
where we have just started
operating a service centre with
Duferco Distribution Services
which will focus on the mining
sector.
New initiatives, on the way in
2013 in Peru, will complete
our network on the west
coast of South America,
while in Brazil, where Duferco
started operations 35 years
ago, Duferco do Brazil will
consolidate our distribution
activities in the country.
Distribution and Service Centres | 39

Distribution in Fiscal Year 2012
(Metric Tons)
DISTRIBUTION COMPANIES
Duferco
Commerciale
SpA
Duferco
UK
Ltd
Duferco
Espana
SL
Duferco
Deutschland
GmbH
Flat Products 193,928 87,804 111,618 163,911
Plates 21,667 14,729 35,510 148,149
Long Products 3,813 14,066 77 368,797
Pipes 6,579 10,651
Special Steels 19,701 9,231 16,354
Other 650 16,052 127
Total* 246,338 141,882 147,205 707,989
SERVICE CENTRES
Ardemagni
SpA
Ipac SA Agofer SA Tubac SA
Flat Products 2,234 27,379
Plates 65,404 32,869
Long Products 74,899 34,359
Pipes 51,592 8,062 63,957
Special Steels 27,180
Other 6,607 4,266
Total* 27,180 200,735 106,935 63,957
DUFERCO MOREL SA
Morel
Distribution Profils
SAS
Duferco
Morel Produits
Plats SA
Duferco
Thionville
SAS
T.P.S.
Luxtrade
SA
Flat Products 20,567 121,712 11,159
Plates 1,893 16,829
Long Products 63,710
Pipes
Special Steels 3,597 2,439
Other 3,027
Total* 67,307 22,460 144,007 11,159
*) Tonnages include intercompany and agency sales.
40 | Duferco Annual Report 2012

Duferco
Special
Steel (Europe) SA
Duferco
Çelik Ticaret
Limited Sirketi
Ipacer SA
Duferco
Steel Inc
Kreher
Steel LLC
TOTAL
125,148 23,836 162,242 127,605 996,092
55,430 10,061 54,374 339,921
52,882 145,945 585,580
1,743 101,542 14,095 134,610
34,803 37,804 9,360 127,253
783 5,183 22,794
34,803 273,008 34,680 478,646 141,700 2,206,250
TypSA
TOTAL
29,613
98,273
109,258
23,917 147,528
27,180
10,873
23,917 422,725
TOTAL F.Y. 2012
Duferco
France SNC
Morel
Distribution
Ouest SAS
TOTAL
TOTAL
2,769 734 156,941
18,722
76,228 804 140,742
Flat Products 1,182,646
Plates 456,916
Long Products 835,581
Pipes 282,138
6,036
4,023 7,050
83,020 1,538 329,492
Special Steels 160,469
Other 40,717
Total* 2,958,467
Distribution and Service Centres | 41

Energy
42 | Duferco Annual Report 2012

Activities in the energy sector have
been increasing during the last year.
In 2012, Duferco completed a number of projects in this area and
at the same time analysed and evaluated many opportunities, some
of which have been selected for further development. Some of them
are currently under implementation.
Energy | 43

Energy
Trading Operations
Sales of Electricity and Gas
Over the last year Duferco has
experienced sustained trading
activity in power and gas.
With the aim of expanding the
business, the team has also been
substantially increased, thanks
to Duferco’s acquisition of new
experienced resources in gas and
LNG trading.
Duferco Energia SpA’s electricity retail divisions have further expanded over
the past year, developing a commercial network of direct and indirect agents
throughout the national territory.
Customer base is represented essentially by medium and small-sized businesses
and households. As in the previous year, Duferco Energia SpA in 2012 continued
to supply energy and energy-management services to all the captive steel plants
belonging to the Duferco Group in Italy.
Such a structure is expected
to gradually increase its trading
volumes and its geographical reach,
expanding over several European
markets and beyond.
In doing so Duferco will play a
central role in the management of
the power assets described in this
section.
Photovoltaic Power
The Italian photovoltaic sector, supported
by the state incentive plan known as
“Quarto Conto Energia”, suffered a
setback in 2012 when the regulator
announced that, with the aim of reducing
the cost of green energy subsidies passed
on to consumers, it would replace the
existing scheme with a new and less
attractive incentive plan.
Naturally, Duferco, in line with other market
players, slowed down its pipeline, awaiting
the publication of the new incentives
decree (“Quinto Conto Energia”). Despite
such market uncertainties, however, the
Group was able to complete a number of
photovoltaic plants specifically designed
to profit from premium tariffs granted
only to solar systems that can also act as
the roofs of buildings. Such plants were
installed in areas not previously occupied
by Duferco’s Italian steel plants located
in Giammoro (Sicily) and San Giovanni
Valdarno (Central Italy).
Finally, two small plants were designed
and installed to serve also as roofs of
storage buildings used for agricultural
activities.
The total installed capacity at year-end is
over 13 MW for an aggregate of around
15 GWh/year production, eligible for
incentives. The corresponding overall
investment has been approximately 34
million Euro. With the newly-introduced
and much less attractive incentive
scheme, Duferco will evaluate how to
adapt its strategy to the current market.
44 | Duferco Annual Report 2012

Small Hydro-Power Plants
of producing over 5 GWh/year.
The plan is to continue expanding
in the next few years and increase
the portfolio of small run-of-the-river
hydro assets to reach a production
level of as much as 60 GWh/year,
with an overall investment as high
as 75 million Euro.
Over the last year, Duferco Energia SpA
has been able to add another facility
to its existing portfolio of small
run-of-the-river hydro-power plants
of less than 1 MW concession capacity
each.
Every plant is granted a predetermined
feed-in tariff on all electricity injected
into the grid over a period of 15 years
from the commencement of commercial
operation. Two plants in Calabria
(Southern Italy) account for a total
of 9 GWh/year electricity production,
while in Tuscany the two plants
produce a total of 7 GWh/year.
The recent addition is a greenfield
project in Emilia Romagna (Northern
Italy) which Duferco built within strict
deadlines in order to maximize incentive
benefits; the plant should be capable
Micro-merchant lines
The project of a new medium voltage
cross-border interconnection line between
Switzerland (Ticino) and Italy (Lombardia)
is still under development; the concerned
parties have obtained most of the
necessary permits.
In 2011, Dufenergy Italia signed an MoU
with Repower AG and Enel to develop
a new cross-border interconnection line
between Switzerland (Grigioni) and Italy
(Lombardia).
Pre-feasibility studies have been
conducted satisfactorily and the next step
has been the study and preliminary design
of the line.
In 2011, Dufenergy Italia also signed an
MoU with ERDF and Enel to explore
new medium-voltage cross-border
interconnection lines between Southern
France and Italy. After an initial screening
phase, the parties have elected to carry
forward the development of a project
between Liguria (Italy) and Provence
(France).
Energy | 45

Diversification in Belgium
From year to year, the diversification concept confirms its relevance and necessity in
Europe; in particular, in Wallonia where both decision-makers and citizens meet in
their will to implement economic reconversion.
The reorganisation process that followed the demerger between Duferco and NLMK
has led the group to incorporate a new company called Duferco Wallonie which has
become the vehicle for the Diversification Branch in Wallonia.
The company is organised with a Business Development Department and four Profit
Centres. While the Business Development is in charge of developing new ideas, the
Profit Centres are in charge of managing the company’s activities. The tipping point
is the investment decision which converts the project into a new business.
The four domains on which the Diversification team is focusing are Real Estate,
Energy, Environment and Logistics.
46 | Duferco Annual Report 2012

The four domains on which the
Diversification team is focusing are
Real Estate, Energy, Environment
and Logistics.
Real Estate
The main and most advanced Brownfield
Remediation project is the reconversion
of Duferco’s 80-hectare site located in
Tubize (Belgium). After having obtained
the approval of the remediation plan
in 2011, the team went ahead with the
demolition of the buildings still standing,
the removal of asbestos from the old
equipment and the first operations in soil
remediation.
The utilisation of the land is now defined
in a detailed Master Plan approved by
the local and regional authorities. It was
made in collaboration with the citizens
through a large public consultation that
took place between the end of 2010 and
mid-2012. The final result was presented
on site during the open days organised
in June, 2012.
The most memorable event of year 2012
was the felling of the blast furnace on
September 4th, 2012. It was executed
using remote-control with security
concerns in mind, without the use of
any explosives and without the need of
human intervention within the hazardous
area. In collaboration with DESPE, the
Italian company, well-known in the
demolition sector, it employed some
remote-controlled lifting jacks to weaken
the blast furnace structure and to ensure
it fell in the designated area.
The remediation work will take roughly
3 years during which the construction of
the main infrastructures will have to be
carried out.
The decision made by the public
authorities in late 2012 to contribute
towards the financing of these
infrastructures with a first instalment is
a positive sign of the necessary public
support required for the implementation
of the site reconversion.
Besides the above main project, the
remediation of the old refractory factory
in Saint-Ghislain (Belgium), bought from
a third party in July, 2011, is progressing
well. It is now in the process of acquiring
the necessary permits required for soil
remediation and it follows, in parallel,
an administrative procedure with
regard to confirming the destination of
the site. Duferco intends to remediate
the site and develop a residential
project, thereby enhancing its value
in its core competence in brownfield
redevelopment.
Considering the termination of steelmaking
in Carsid, brownfield remediation
acquired even greater importance for the
Group in 2012, due to its commitment
to participate in the local economic
reconversion. Duferco intends to realise
the remediation works and to introduce
new activities on this 108-hectare
disused site.
Diversification in Belgium | 47

Diversification in Belgium
Energy
Environment
The collaboration with Enel to build a CCGT
Power Plant in Charleroi through Marcinelle
Energie, a special purpose company, was
successfully effected.
The CCGT entered into commercial activity
on March 30th, 2012. It now participates in
reinforcing the safety of supplies and has
also stimulated competition in Belgium.
Duferco’s Physico-chemical treatment installation in operation in Tubize (Belgium)
The put option of Duferco was executed
by mutual agreement, after terminating the
development process. By allowing the plant
to become fully integrated in ENEL’s group,
it reinforces its ability to tackle the current
debate on the gas power plant situation.
It is of great importance to change the
rules so that the company can play a
remunerative role in ensuring the safety of
supplies with a similar kind of power plant.
Duferco intends to develop other
investments in the electricity production
market, from large gas power plants to
small renewable projects through peak
power units.
The Group partnered with third parties for
the development of some wind turbines
in La Louvière. This project is now in the
process of acquiring permits.
Besides the generation of electricity,
Duferco Wallonie offers Energy
Management services. It consists, in
particular, of taking charge of the supply of
electricity, the role of Access Responsible
Party (in charge of nominations and
imbalances) and the transportation to the
delivery point. The Energy team offers
equivalent services for natural gas and
green certificates.
The Energy Management team also takes
charge, in the name of industrial third
parties, of the negotiation and management
of major energy supply contracts, as
well as the contacts with authorities and
lobby groups regarding energy matters for
industrial companies.
In parallel with brownfield redevelopment
activities, the Group concentrates on
developing its own competences and
assets in soil remediation. These assets
will be used both for performing the
remediation works to be carried out on
the privately-owned brownfield sites as
well developing commercial offers to third
parties.
Duferco’s subsidiary, Deep Green SA,
develops and commercialises a patented
soil remediation technology under the
name Thermopile © . This process can be
applied in situ (without excavation, even
under existing buildings) or on site (after
excavation into concrete pools).
Major developments were already realised
in 2011 by applying the technology to the
treatment of free-phase layers. A new key
development achieved maturity in 2012,
based on a 3-year R&D. It brings a high
level of flexibility to in situ treatment, by
offering an autonomous single pipe with
an embedded self-controlled burner,
without any loss of Thermopile © benefits,
such as closed-loop functioning.
Deep Green also supports customers
by offering a complete brownfield
management service, from the first audit
and business case study to the general
works implementation.
With a team in project management and
depollution techniques, supported by an
important network of multidisciplinary
skills within the Duferco group, Deep
Green is able to offer a performance
from A to Z for the valorisation of disused
industrial sites. In order to focus on the
specific needs of the customer, Deep
Green proposes to identify the scope of
intervention with its client with a view to
adding significance to its value.
The scope will vary from the full turnkey
project management of a general
remediation project to a local in situ
soil cleaning (pump & treat, multiphase
extraction, bio-stimulation, ISCO etc), or
even the execution of depollution in an
urban environment with Thermopile © ,
the job of coordinating excavation
and disposal directly to an accredited
treatment centre, the treatment of heavy
metal contamination with our physicochemical
treatment installation, etc.
48 | Duferco Annual Report 2012

Logistics
Duferco’s logistics division has now
completed the first year of operation
of the “multimodal platform” of
Garocentre inaugurated on October
7th, 2011.
About 300,000 tons of steel products
have been shipped by barge between
October, 2011 and September, 2012.
The flow, mainly consisting of slabs
and coils, was transited via the Ports
of Ghent and Antwerp.
Duferco now intends to offer a
diversification of its logistics services
in the kind of goods handled at
the terminal. The team focuses on
commercial efforts to set up new
regular connections for container
flows to and from seaports. Special
transport and Intermodal transport
services for pallets are also promoted.
A new website has been developed
for commercial purposes:
www.garocentreterminal.be
Duferco also aims at developing new
projects for clients in the logistics
sector with a clear focus on intermodal
handling and transport. The purpose is
to capitalise on Duferco’s experience
in project development and logistics,
as well as on available brownfields
with intermodal facilities, so as to offer
integrated solutions to clients (place,
warehouse, equipment and intermodal
logistics services).
Diversification in Belgium | 49

Shipping
Duferco Shipping SA provides
seaborne transportation solutions to
all in the Duferco Group.
This is made through a team of professionals located in Switzerland, Singapore, China,
Ukraine and the USA. The majority of the world-wide business is handled in the Lugano
headquarters by an experienced group of fourteen people. The Singapore office
controls all inter-Asian business, while skilled port captains support and coordinate the
loading operations in the main Baltic, Black Sea and Chinese ports, from where larger
volume flows originate.
Notwithstanding weak world economies, Duferco Shipping SA still charters in excess
of 1000 vessels per year. From small-part cargoes up to large capesizes, the aim is to
deliver to our traders the most cost-effective solutions, enabling them to remain highly
competitive in the steel and raw material trading business.
We are able to consolidate opportunities, build up cargo combinations and enter shortto-medium
contracts of affreightment which greatly reduce the potential exposure to
a volatile market. The Baltic Capesize Timecharter Index averaged USD 7653 daily in
2012.
This is less than half the USD 15750 recorded daily in 2011 and the lowest average ever
registered since the year 2000.
A careful management of the freight business does not only grant the traders access to
the best opportunities, but also allows Duferco SA to consolidate the margins which are
crucial in the challenging environment in which we live today.
50 | Duferco Annual Report 2012

Logistics
DUFERCO LOGISTICS HANDLES
WORLDWIDE LOGISTICS FOR THE DUFERCO
GROUP.
Recovering supply chain efficiency through original logistic solutions is our imperative
target during this severe decline in economic activities across the world.
Supply chain management has emerged as the key to the financial success of the
company; hence, our efforts are concentrated on aligning our company business
strategy.
To benchmark our performance in terms of lead times, compliance and cost levels:
We constantly assess how we compare against competitors and top performers.
During tough economic times, market demand creates new requirements which involve
complex processes. Furthermore, globalisation and its long supply chain raise natural
questions of location and the number of facilities, besides logistic strategies.
Networks and logistic solutions, established years ago, may be costly or unresponsive
today. Our task is to work on ports, land infrastructure constraints, select the best
performers as logistic partners, optimise transportation costs and reduce the long lead
times, thereby increasing overall quality.
ISO 9001:2008 Quality Management System, already in force for ferroalloys, chemicals
and refractory, will be progressively extended to all ranges of steel products.
Shipping and Logistics | 51

Duferco Engineering
The drastic reductions of investment in the
steel sector and the limited incentives to
support solar projects have fundamentally
altered the framework within which
Duferco Engineering earlier operated to
implement the projects approved by the
shareholders of Duferco. Nevertheless,
the company was able to carry out
the successful implementation and
commissioning of photovoltaic systems
which were already approved and which
had obtained recognition rates from
GSE in the Conto Energia IV. In the Mini
Hydro sector, Duferco confirmed the
strategy of its plans for the construction
of new facilities and the acquisition of
new concessions. It has consolidated
its commitment to the management and
maintenance of photovoltaic systems, as
well as small hydro power plants
(O & M) by adding to the facilities already
in operation, which includes those that
have been started up in this fiscal year.
The curtailment in EPCM captive jobs
led to a reduction in human resources.
Attention was then concentrated on the
openings in the free market, focusing
mainly on the "power plants" in developing
countries and on the "efficiency and
energy-saving" to be applied to industry,
in public and private residential projects,
transport and agriculture. The title "ESCo"
(Energy Service Co. which has taken
upon itself the responsibility of the risks
inherent in the project, thereby freeing the
client from any onerous organisational
effort and investment), the decrees of the
"Conto Energia" (PV and renewable), the
"Conto Termico", the "Certificati Bianchi"
and tax reduction, combined together,
have promoted and supported efficiency
and energy-saving projects that are able
to ensure a fair return on investment even
if recovery is slow. The financial outlay
thus involved has been able to serve these
initiatives effectively.
Efficiency in energy-saving is an area that
offers a huge opportunity. In fact, based
on the "20-20-20" targets set by the
Kyoto Treaty (Year 2020: 20% of energy
from renewable sources and 20% energy
savings), we can count in every year,
from year 2020, a saving of around € 18
billion. It is up to us to mobilize the means
needed to introduce this extraordinary
initiative that, in addition to the direct
benefit of reducing dependence on fossil
fuels, compels one to stimulate innovation,
research and development in universities
and research centres and especially to
bring skilled labour to businesses and to
stimulate employment.
Duferco Engineering has accepted this
challenge and it is preparing, as ESCo, to
promote savings and energy efficiency in
its public and private sector projects.
In line with these initiatives, Duferco
Engineering is carrying out a research and
development programme entitled "Green
Energy Island - Stand-alone hybrid system
for generation and storage of renewable
energy" in order to establish in container
plants the production of energy from
renewable sources, systems for energy
storage and, above all, an intelligent
system (smart grid) which combines realtime
availability of renewable sources with
the demand for storage of energy.
Multi-fuel coogenerator, part of the
prototype under construction
52 | Duferco Annual Report 2012

Duferco Engineering has accepted
this challenge and it is preparing, as
ESCo, to promote savings and energy
efficiency in its public and private
sector projectS.
OFF-GRID ENERGY ISLAND by Duferco Engineering
Loads
PV modules
Smart grid
Hydro
power
Wind generator
waste
H 2
generators
Organic
digester
waste
Multi-fuel
Generators
Batteries
Electrical loads
H 2
H 2
H 2
storage
system
Thermal
loads
Biogas / Syngas
Dynamic energy
stabilizer
Jatropha oil (or any other
oil) storage systems
Absorption
chiller
Duferco Engineering | 53

Duferco Engineering
Business Area: Steel
Business Area: Energy
EPCM activities continue to
improve environmental and building
preservation
in the Sertubi plant (Trieste).
After the final acceptance certificate
and the plant opening ceremony
of the Q&T plant (which took place
on 28 th October, 2011), Duferco
Engineering provided assistance
to NLMK Clabecq to manage some
pending problems with subcontractors.
Photovoltaic Plants - This year, Duferco Engineering completed the Rutigliano
plant (3.118 kWp) in the Puglia region, the SIME/SIGMA and the Giammoro phase 2
plants, (both in Sicily) for a total of 1.461 kW. In August, 2012 the first two “Annessi
Agricoli” (200 kWp) installed in Sicily have been connected to the national electrical grid.
Using the solution provided by the innovative PV module, such facilities will earn the
benefit of an advantageous tariff from the “IV Conto Energia”. In December, 2012, the
S.G. Valdarno plant (163 kW) was completed, using thin film siliceous PV modules.
54 | Duferco Annual Report 2012

Business Area: R&D
Mini Hydro Power Plants - The
last fiscal year has seen the start-up
of a new run-of-the-river hydro power
plant named Debbia along the River
Secchia in Emilia Romagna (North Italy)
which is expected to produce over 5
GWh/y, starting from a water flow
of 21 m³/s. It exploits a head around
8 m and has been realised in the
outstanding time of seven months in spite
of very tough and restrictive environmental
constraints.
The plant is equipped with 2 differentsized
Kaplan turbines and with a satellite
control system, allowing it to be managed
by means of remote control.
The new tunnel, bypassing the old one
in the Cosoleto plant was completed,
including the interconnecting works.
Mini Hydro Power Plant Debbia
In addition to the prototype shown in the
overview, Duferco Engineering is installing
on the roof of its headquarters in Genoa
a small size photovoltaic system in order
to simulate different operating conditions
and establish a procedure to maintain high
efficiency in the FV plants managed by
Duferco Engineering as the O&M operator.
Business Area: O&M
(Operation & Maintenance)
Photovoltaic plants - Up to
September 2012, Duferco Engineering
managed photovoltaic plants with a total
power capacity of 11.5 MW. The PV plants
are monitored through a remote control
system in real time. An expert team, fully
dedicated to control any deviations of the
key parameters, is always in a state of
readiness to organise prompt intervention
in case of any problem.
Micro merchant line - Technical
and operational support is being granted
to two projects: the medium voltage
cross-border line between Ventimiglia
and Menton (in JV with ENEL and
ERDF) and the medium voltage crossborder
line between Premadio-Livigno
and Switzerland (in JV with ENEL and
Repower).
Power Plants - An EPC offer of a
2x50 MW GT open cycle power plant was
submitted to the Basra Governorate (Iraq).
For this purpose a local branch of Duferco
Engineering was established.
Mini Hydro Power plants -
Duferco Engineering is managing mini
hydro power plants with a total installed
capacity of 4.25 MW. The production units
are located both in northern and southern
Italy and include reconditioned old ENEL
plants, recent and new installations, high
and medium head. The average size of
the plants is around 1.0 MW. All the plants
are located on minor rivers with high flow
variations throughout the year. Thus,
production targets are achieved by means
of accurate and punctual supervision.
The production units are monitored daily
by remote control to ensure that they act
promptly in case of any technical problem
or in the event of a flood.
Duferco Engineering | 55

The Duferco System
Organisation
Headquarter
LUXEMBOURG
16, Rue Jean l'Aveugle
1148 Luxembourg
Corporate Offices
BELGIUM
Rue Anna Boch, 34
7100 La Louvière
ITALY
Via Armando Diaz, 248
25010 San Zeno Naviglio
(Brescia)
SWITZERLAND
Via Bagutti, 9
6900 Lugano
56 | Duferco Annual Report 2012

Chairman
Bruno Bolfo
Board of Directors
Bruno Bolfo
Benedict J. Sciortino
Antonio Gozzi
Paolo Foti
Bruno Beernaerts
Luc Gerondal
Matthew De Morgan
Robert P. Stein
Libert Froidmont
C.E.O.
Antonio Gozzi
in charge of European Industrial Activities,
Energy and Diversification Activities
Benedict J. Sciortino
in charge of North American Operations,
South Africa and Corporate, Financial and
Legal Matters
The Duferco System Organisation | 57

The Duferco System Organisation
Corporate Responsibilities
LUXEMBOURG
General Supervision
Benedict J.Sciortino
Paolo Foti
Director
Bruno Beernaerts
Corporate and Accounting Manager
Julien Guillaume
SWITZERLAND
LUGANO
General Supervision
Benedict J. Sciortino
Group Financial Control Administration/
Consolidation
Paolo Foti
Corporate Finance
Maurizio Cencioni
Legal Counsel
Robert P. Stein
Legal Matters and Taxes
Alessandra Simeta
Industrial Operations Supervision
Walter Ballandino
Energy Activities Supervision
Piersandro Lombardi
Shipping Coordinator
Maurizio Bergonzi
Logistics
Dario Lacqua
BELGIUM
La Louvière
General Supervision
Antonio Gozzi
Director
Massimo Croci
Director
Vincenzo Falcone
Diversification
Olivier Waleffe
Finance and Administration
Thierry Plas
ITALY
Brescia
General Supervision
Antonio Gozzi
Industrial Director
Domenico Campanella
Administration Director
Franco Monteferrario
Energy and Diversification Director
Massimo Croci
Banking
Stefano Vezzini
Strategic Purchases
Mauro Zanolo
Special Projects
Sandro Balliano
Institutional Relations
Agostino Conte
58 | Duferco Annual Report 2012

Industry Responsibilities
Duferco
JV Duferco - NUCOR
Trading
Responsibilities
Executive Committee
DUFERCO BELGIUM LONG PRODUCTS
Germano Mazzali
MAKSTIL
Aleksandar Panov
DUFERCO DANISH STEEL
Bram Hansen
ACCIAI RIVESTITI VALDARNO
Franco Vanni
DUFERCO STEEL PROCESSING
Christian De Morgan
TUBAC
Angelo Telò
VANCHEM VANADIUM PRODUCTS
Rick Reato
JESCO
John Blomberg
C.E.O.
Domenico Campanella
C.F.O.
Franco Monteferrario
Commercial Director Long Products
Domenico Campanella
Finance
Stefano Vezzini
Administration
Paolo Avanzi
Human Resources
Roberto Zingirian
Quality System
Massimo Rolandi
Corporate Affairs
Elena Ragnoli
Commercial Director Track Shoes
Daniela Bucciolini
Plant Director Giammoro and
San Giovanni Valdarno
Giuliano Bo
Plant Director San Zeno Naviglio
Claudio Cagni
Plant Director Pallanzeno
Massimo Lama
C.E.O.
Matthew De Morgan
C.O.O.
Stefano Arancio
Risk Management Director
Roger Hughes
Director - Shipping
Diego Bardocci
Director - Audit & Control
Alessandro Casale
Managing Director - Captive Business
Oleg Kocherga
Director - Distribution
Marko Melamed
Director - Finance
Thomas Patrick
Director - Administration
Giuseppe Venturato
Non-Executive Directors
Audit
Enrico Toschi
Hot Rolled, Cold Rolled and Coated Products
Federico Michelini
Consumables & Ferro Alloys
Andrea Perfetti
Long Products
Fred Hayrapet
Makstil
Stefano Gramigna
Pipes
John Blomberg
Raw Materials
Gavin Dove
Special Steels
Sasho Krstevski
Swaps Trading, Inventory Management
& Market Analysis
Dmitry Dvoretskiy
The Duferco System Organisation | 59

Duferco Worldwide Network
s Corporate Centre
n Energy Production Site
u Energy Distribution Centre
Gas Distribution Centre
n Steel Production, Processing Site
u Steel Trading, Distribution
and Service Centre
l Commercial, Representative Office
u Service Company
6 Shipping
H Diversification
u Vanadium
Real Estate Development
❂ Gas, Power, LNG Trading
60 | Duferco Annual Report 2012

Belgium
Bruxelles: Duferco Special Steels (Europe) SA
Flemalle: Morel Distribution Belgique SA
La Louvière: Duferco Belgium SA
La Louvière: Deep Green SA
La Louvière: Duferco Belgium SA Division Long Products
La Louvière: Duferco Wallonie SA
Tildonk: Duferco Trebos SA
Bulgaria
Sofia: Duferco Bulgaria
Czech Republic
Praha: Safef Praha SRO
Denmark
Frederiksvaerk: Duferco Danish Steel A/S
France
Aubervilliers: Duferco France SNC
Aubervilliers: Duferco Morel SA
Aubervilliers: Morel Distribution Ouest SAS
L’Horme: Morel Distribution Profils SAS
Montoir-de-Bretagne: Morel Distribution Ouest SAS
Ressons: Duferco France SNC
St. Jean D`Ardieres: Duferco Morel Produit Plats SAS
St. Jean D`Ardieres: Duferco Morel Quincaillerie SAS
St. Jean D`Ardieres: Morel Distribution Profils SAS
Yutz: Duferco Thionville SAS
Germany
Freising: Freising Sales Office
Ratingen: Duferco Deutschland GMBH
Greece
Thessaloniki: Duferco Greece/Cyprus
u
u
s
H
n
H
n
l
u
n
u
u
u
u
u
u
u
u
u
u
u
u
l
Duferco Worldwide Network | 61

Duferco Worldwide Network
s Corporate Centre
n Energy Production Site
u Energy Distribution Centre
Gas Distribution Centre
n Steel Production, Processing Site
u Steel Trading, Distribution
and Service Centre
l Commercial, Representative Office
u Service Company
6 Shipping
H Diversification
u Vanadium
Real Estate Development
❂ Gas, Power, LNG Trading
Italy
Avezzano (L'Aquila): Disider SRL
Chiavari (Genova): Virtual SRL
Cinisello Balsamo (Milano): Ardemagni SPA
Genova: Energia & Territorio SRL
Genova: Duferco Sviluppo SRL
Genova: Dufim Uno SRL
Genova: Duferco Egreen SRL
Genova: Duferco Solar SRL
Genova: Duferco Solar Puglia SRL
Genova: Duferco Commerciale SPA
Genova: Duferco Sertubi SPA - Divisione Lamiere
Genova: Dufenergy Italia SPA
Genova: Duferco Energia SPA
su
Genova: Duferco Engineering SPA
u
Genova: The Adviser SRL
n
Genova: Elca SRL
n
Genova: Idroelettrica Sud SRL
n
Giammoro (Messina): Duferdofin - Nucor SRL
n
Giammoro (Messina): Acofer (warehouse)
u
Giammoro (Messina): Duferco Solar Giammoro SRL
n
Napoli: Sider Navi SPA 6
Pallanzeno (Verbania): Travi e Profilati di Pallanzeno SRL
n
S.Giovanni Valdarno (Arezzo): ARV SPA
n
S.Giovanni Valdarno (Arezzo): Mechanical Division
n
S.Giovanni Valdarno (Arezzo): Disider SRL
u
S.Michele Mondovì (Cuneo): Dufenergy Piemonte SRL
n
S.Zeno Naviglio (Brescia): Duferco Italia Holding SPA
s
S.Zeno Naviglio (Brescia): Duferdofin - Nucor SRL
s
S.Zeno Naviglio (Brescia): Steel Production
n
S.Zeno Naviglio (Brescia): Acofer Prodotti Siderurgici SRL u
Torgiano (Perugia): Egi Power SPA
u
Torgiano (Perugia): Omega Power SPA
u
Torino: Duferco Italia Holding SPA
u
Trieste: Duferco Solar Trieste SRL
n
u
u
u
n
u
n
n
u
u
s
Luxembourg
Luxembourg: Duferco Participations Holding SA
Luxembourg: Duferco International Trading Holding SA
Luxembourg: TPS Luxtrade SA
Portugal
Lisboa: Sidertrade Comercio Internacional LDA
Republic of Macedonia
Skopje: Makstil AD
Skopje: Ironet Skopje
Romania
Galati: Ironet LTD Romania
Russian Federation
Moscow: Duferco Moscow
Saint Petersburg: Metalica LTD
Serbia
Belgrade: Ironet LTD
Spain
Barcelona: Duferco España SL
Switzerland
Lugano: Duferco SA
Lugano: DufEnergy Trading SA
Lugano: Duferco Shipping SA
Lugano: Duferco CEC SA
Turkey
Istanbul: Duferco Çelik Tikaret Limited Sirketi
Ukraine
Donetsk: Duferco Donetsk
Ilyichevsk: Duferco Ilyichevsk
Kiev: Duferco Kiev
Mariupol: Duferco Mariupol
s
s
u
l
n
l
l
l
u
l
u
u s
❂
u
s
u
l
l
l
l
United Kingdom
Bromsgrove: Duferco UK LTD
u
USA
New Jersey, Matawan: Duferco Steel Inc.
Florida: Duferco Miami
u
u
62 | Duferco Annual Report 2012

Guatemala
Guatemala City: Duferco Guatemala
San Miguel Petapa: Tubac SA
Honduras
Tegucigalpa: TYPSA
Mexico
Mexico City: Ironet LTD
Monterrey: Ironet LTD
Argentina
Buenos Aires: Ironet Limited Argentina
Brazil
Sao Paulo: Duferco do Brasil Distribuição LTDA
Chile
Santiago: Ipacer SA
Santiago: Ironet Limited Agencia en Chile
Colombia
Bogotà: Agofer SAS
Bogotà: Grandeco LTDA
l
n
n
l
l
l
u
u
l
u
l
Bangladesh
Chittagong: Duferco Asia Bangladesh
India
Mumbai: Duferco Asia Pte LTD
IndONESIA
Jakarta: Pt. Waringin Baja Mandiri
Japan
Tokyo: DS Corporation
KOREA
Seoul: Korea Steel Trade and Marketing Corp. LTD
PEOPLE'S REPUBLIC OF CHINA
Beijing: Barinvest SA
Shanghai: Ironet Shanghai
Philippines
Makati City: Ironet LTD Manila
Singapore
Singapore: Duferco Asia Pte LTD
l
l
l
l
l
l
l
l
u
Ecuador
Guayaquil: IPAC SA
u
Taiwan
Taipei: Unimetal Trading Co. LTD
l
PERÙ
Lima: Acetesa
Pucallpa: Galpesa
Pucallpa: Amazonia Trading SAC
Venezuela
Puerto Ordaz: Duferco Venezuela
Kingdom of Bahrain
Budaiya: Ironet Limited RPO
United Arab Emirates
Dubai: Ironet Dubai
Yemen
Aden: Duferco Yemen
u
u
u
l
l
l
l
Thailand
Bangkok: Dusiam LTD
Vietnam
Hochiminh City: DP Trading Co. LTD
Egypt
Cairo: NR Taraboulsi & Co.
Republic of South Africa
Pretoria: Ironet South Africa
Saldanha: Duferco Steel Processing (Pty) LTD
Wadeville: Duferco Distribution Services (Pty) LTD
Witbank: Vanchem Vanadium Products (Pty) LTD
Tunisia
Sfax: Duferco Tunisia-Morocco
l
l
l
u
n
u
u
l
Duferco Worldwide Network | 63

Duferco Worldwide Network
Trading
13,563
Thousand Mt
Location of Activities
over 50 countries
64 |
Duferco
Duferco Annual
Worldwide
Report 2012
Network

Total Sales Volume
19,401
Thousand Mt
Steel Production
2,105
Thousand Mt (as per
Worldsteel Association)
Effective Global
Staff
5,200
Employees throughout
the world
Duferco Worldwide Network | 65

Fred
Torgian
M
Europe
Bromsgrove
Tildonk
Bruxelles
La Louvière
Flemalle
Ratingen
Ressons
Aubervilliers
Yutz
Luxembourg
Montoir-de-Bretagne
Freising
St. Jean D’Ardieres
L’Horme
Lugano
Pallanzeno
Cinisello
Balsamo Brescia
Torino
Cuneo
Genova
S.Giovanni
Valdarno
Tr
Barcelona
Ave
Lisboa
66 | Duferco Annual Report 2012

s Corporate Centre
n Energy Production Site
u Energy Distribution Centre
Gas Distribution Centre
n Steel Production, Processing Site
u Steel Trading, Distribution and Service Centre
l Commercial, Representative Office
u Service Company
6 Shipping
H Diversification
u Vanadium
Real Estate Development
❂ Gas, Power, LNG Trading
Frederiksvaerk
Praha
Galati
Trieste
Belgrade
ni
rgiano
Sofia
Avezzano
Skopje
Napoli
Thessaloniki
Messina
Duferco Worldwide Network | 67

North, Central
and South America
New Jersey
Matawan
Monterrey
Miami
Mexico City
Guatemala City San Miguel Petapa
Tegucigalpa
Bogotà
Puerto Ordaz
Guayaquil
Lima
Pucallpa
Sao Paulo
Santiago
Buenos Aires
Duferco Worldwide Network
68 | Duferco Annual Report 2012

Middle East, Africa, Asia Pacific,
Russian Federation, Turkey, Ukraine
St. Petersburg
Moscow
La Louvière
Kiev
Luxembourg
Lugano
Ilyichevsk
Brescia
Donetsk
Mariupol
Sfax
Cairo
Istanbul
Beijing
Shanghai
Seoul
Tokyo
Budaiya
Dubai
Mumbai
Chittagong
Taipei
Aden
Bangkok Makati City
Hochiminh City
Singapore
Jakarta
Pretoria
Wadeville
Witbank
Saldanha
Duferco Worldwide Network | 69

Duferco Worldwide Network
EUROPE
Italy
DUFERCO ITALIA
HOLDING S.P.A.
Via Armando Diaz, 248
25010 San Zeno Naviglio (BS) - ITALY
Phone: + 39 030 21 691
Fax: + 39 030 266 75 98
E-mail: info@dufercoitalia.com
http://www.dufercoitalia.com
Mr. Antonio Gozzi (President)
Mr. Domenico Campanella (CEO)
Mr. Franco Monteferrario (CFO)
Mr. Stefano Vezzini (Finance)
Mr. Massimo Croci (Diversification Activities )
Mr. Mauro Zanolo (Strategic Purchases)
Mr. Sandro Balliano (Special Projects)
Mr. Agostino Conte (Institutional Relations)
DUFERDOFIN - NUCOR S.R.L.
Via Armando Diaz, 248
25010 San Zeno Naviglio (BS) - ITALY
Phone: + 39 030 21 691
Fax: + 39 030 266 75 98
Plant fax: + 39 030 216 92 54
E-mail: sede@duferdofin.it
http://www.duferdofin.it
Mr. Antonio Gozzi (President)
Mr. Domenico Campanella (CEO)
Mr. Franco Monteferrario (CFO)
Mr. Domenico Campanella (Commercial Director
Long Products)
Mr. Stefano Vezzini (Finance)
Mr. Paolo Avanzi (Administration)
Mr. Massimo Rolandi (Quality System)
Mr. Roberto Zingirian (Human Resources)
Ms. Elena Ragnoli (Corporate Affairs)
Mrs. Daniela Bucciolini (Commercial Director
Track Shoes)
Mr. Giuliano Bo (Plant Director Giammoro and
San Giovanni Valdarno)
TPP – TRAVI E PROFILATI
DI PALLANZENO S.R.L.
Via Sempione, 7
28884 Pallanzeno (VB) - ITALY
Phone: + 39 032 450 11
Fax: + 39 032 4 52 705
E-mail: sede@duferdofin.it
Mr. Antonio Gozzi (President)
Mr. Domenico Campanella (CEO)
Mr. Franco Monteferrario (CFO)
Mr. Massimo Lama (Plant Director Pallanzeno)
Mr. Claudio Cagni (Plant Director San Zeno
Naviglio)
ACOFER PRODOTTI SIDERURGICI S.R.L.
Via Armando Diaz, 248
25010 San Zeno Naviglio (BS) - ITALY
Phone: + 39 030 21 691
Fax: + 39 030 21 69 217
E-mail: sede@duferdofin.it
Mr. Antonio Gozzi (President)
Mr. Domenico Campanella (CEO)
Mr. Giuseppe Zolezzi (Commercial Director)
Mr. Claudio Serra (Operational)
WAREHOUSE
Zona Industriale
98040 Giammoro (ME) - ITALY
Phone: + 39 090 386 282
Fax: + 39 090 938 6301
E-mail: f.rizzo@duferdofin.it
DISIDER S.R.L.
Via G. Galilei, 17
67051 Avezzano (AQ) - ITALY
Phone: + 39 086 349 22 01
Fax: + 39 086 349 22 02
E-mail: info@disider.it
Mr. Donato Lombardi (President)
Mr. Domenico Campanella (CEO)
Mr. Luigi Del Pizzo (CFO)
Mr. Giuseppe Zolezzi (Commercial Director)
Mr. Claudio Serra (Operational)
WAREHOUSE
Via Peruzzi, 58
52027 San Giovanni Valdarno (AR) - ITALY
Phone: + 39 055 919 12 481
Fax: + 39 055 944 860
E-mail: t.romanelli@duferdofin.it
DUFERCO COMMERCIALE S.P.A.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 53 16 11
Fax: + 39 010 592 654
E-mail: duferco@duferco.it
Mr. Mario Giovannetti (CEO)
Mr. Mauro Parodi (Sales Manager Products in Coils)
Mr. Alfredo Vaccarezza (Administration Manager)
Mr. Sandro Balliano (Finance and Banking
Manager)
DUFERCO SERTUBI S.P.A.
Divisione Lamiere
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 893 08 35
Fax: + 39 010 893 08 50
Mobile:+39 348 442 10 55
E-mail: g.campora@duferco.it
Mr. Giovanni Campora (Sales Manager)
ARDEMAGNI S.P.A.
Viale Emilia, 32
20092 Cinisello Balsamo (MI) - ITALY
Phone: + 39 02 618 12 27
Fax: + 39 02 618 12 20
E-mail: info@ardemagnispa.com
Mr. Sasho Krstevski (President)
Mr. Damiano Grieco (General Manager)
Mr. Giovanni Lanza (Vice President)
Mr. Roberto Volpe (Sales)
Mr. Favio Dichiara (Audit & Control)
ARV ACCIAI RIVESTITI VALDARNO S.P.A.
Via Peruzzi, 58
52027 San Giovanni Valdarno (AR) - ITALY
Phone: + 39 055 91 24 824/825
Fax: + 39 055 94 48 60
E-mail: arv@a-r-v.com
http://www.a-r-v.com
Mr. Franco Vanni (CEO)
Mr. Francesco Vanni (Managing Director)
DUFERCO ENGINEERING S.P.A.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 89 30 843
Fax: + 39 010 89 30 847
E-mail: info@eng.duferco.com
http://www.eng.duferco.com
Mr. Ezio Palmisani (President and CEO)
Mr. Emilio Castelli (Renewable Energy and O&M)
Mr. Antonio Muzzini (Special Projects)
Mr. Gianfranco Santero (Energy efficiency and
saving)
Mr. Andrea Costa and Mr. Paolo Peri (Hydro
Power)
Mr. Francesco Marsano (Thermo Power)
Mr. Gianluca Palmisani (Steel and R&D)
Mr. Marco Spanu (Procurement)
70 | Duferco Annual Report 2012

DUFERCO SVILUPPO S.R.L.
Via Paolo Imperiale, 4/15
16126 Genova (GE) - ITALY
Phone: + 39 010 275 70
Fax: + 39 010 275 70 220
E- mail: info@dufercosviluppo.com
Mr. Antonio Gozzi (President and CEO)
Mrs. Margherita Gozzi (Managing Director)
DUFIM UNO S.R.L.
Via Paolo Imperiale, 4/15
16126 Genova (GE) - ITALY
Phone: + 39 010 275 70
Fax: + 39 010 275 70 220
E- mail: info@dufim.com
Mr. Gianfranco Molisani (Managing Director)
DUFERCO ENERGIA S.P.A.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 275 60 01
Fax: + 39 010 275 60 100
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Antonio Gozzi (President)
Mr. Massimo Croci (Managing Director)
Mr. Luca Masini (Commercial Director)
Mr. Agostino Calcagno (Purchases and Logistic
Director)
Mr. Simone Rabaioli (CFO)
DUFENERGY ITALIA S.P.A.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 275 60 01
Fax: + 39 010 275 60 100
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Antonio Gozzi (President)
Mr. Francesco Bernardi (Managing Director)
Mr. Simone Rabaioli (Administration Manager)
DUFENERGY PIEMONTE S.R.L.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 275 60 01
Fax: + 39 010 275 60 100
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
OPERATIONAL
Via Torre, 7
12080 San Michele Mondovi (CN) - ITALY
Mr. Antonio Gozzi (President)
Mr. Francesco Bernardi (Managing Director)
Mr. Simone Rabaioli (Administration Manager)
DUFERCO SOLAR S.R.L.
Via Paolo Imperiale, 4/14
16126 Genova (GE) ITALY
Phone: +39 010 275 60 01
Fax: +39 010 27 560 100
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Antonio Gozzi (President)
Mr. Massimo Croci (Managing Director)
Mr. Simone Rabaioli (Administration Manager)
DUFERCO SOLAR GIAMMORO S.R.L.
Zona Ind.le Giammoro
Diramazione Viaria B
98042 Pace del Mela (ME) - ITALY
Phone: + 39 010 275 60 01
Fax: + 39 010 275 60 100
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Antonio Gozzi (President)
Mr. Massimo Croci (Managing Director)
Mr. Simone Rabaioli (Administration Manager)
DUFERCO SOLAR TRIESTE S.R.L.
Via K.L. Von Bruck, 32
34144 Trieste – ITALY
Phone: + 39 010 275 60 01
Fax: + 39 010 275 60 100
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Antonio Gozzi (President)
Mr. Massimo Croci (Managing Director)
Mr. Simone Rabaioli (Administration Manager)
DUFERCO SOLAR PUGLIA S.R.L.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 275 60 01
Fax: + 39 010 275 60 100
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Antonio Gozzi (President)
Mr. Massimo Croci (Managing Director)
Mr. Simone Rabaioli (Administration Manager)
DUFERCO EGREEN S.R.L.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: +39 010 275 60 01
Fax: +39 010 27 560 100
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Cesare De Piccoli (President)
Mr. Massimo Croci (Managing Director)
Mr. Simone Rabaioli (Administration Manager)
ENERGIA & TERRITORIO S.R.L.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 275 60 01
Fax: + 39 010 275 60 100
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Antonio Gozzi (President)
Mr. Massimo Croci (Managing Director)
Mr. Simone Rabaioli (Administration Manager)
ELCA S.R.L.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 275 60 01
Fax: + 39 010 275 60 100
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Antonio Gozzi (President)
Mr. Massimo Croci (Managing Director)
Mr. Simone Rabaioli (Administration Manager)
IDROELETTRICA SUD S.R.L.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 275 60 01
Fax: + 39 010 275 60 100
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Antonio Gozzi (President)
Mr. Massimo Croci (Managing Director)
Mr. Simone Rabaioli (Administration Manager)
THE ADVISER S.R.L.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 275 60 01
Fax: + 39 010 275 60 100
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Antonio Gozzi (President)
Mr. Massimo Croci (Managing Director)
Mr. Simone Rabaioli (Administration Manager)
EGI POWER S.P.A.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 275 60 01
Fax: + 39 010 275 60 100
OPERATIONAL
Via J.F. Kennedy, 1
06089 Torgiano (PG) - ITALY
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Simone Rabaioli (President)
Mr. Stefano Baldassini (Administration Manager)
Duferco Worldwide Network | 71

Duferco Worldwide Network
OMEGA POWER S.P.A.
Via Paolo Imperiale, 4/14
16126 Genova (GE) - ITALY
Phone: + 39 010 275 60 01
Fax: + 39 010 275 60 100
OPERATIONAL
Via J.F. Kennedy, 1
06089 Torgiano (PG) - ITALY
E-mail: adm@dufercoenergia.com
http://www.dufercoenergia.it
Mr. Simone Rabaioli (President)
Mr. Stefano Baldassini (Administration Manager)
SIDER NAVI S.P.A.
Via Santa Brigida, 39
80133 Napoli (NA) – ITALY
Phone: + 39 081 195 744 15
Fax: + 39 081 552 52 19
E-mail: accounting@sidernavi.com
Mr. Maurizio Bergonzi (President)
VIRTUAL S.R.L.
Corso Colombo, 12B
16043 Chiavari (GE) - ITALY
Phone: + 39 018 536 80 05
E-mail: info@virtual.eu
http://www.virtual.eu
Mr. Marco Lanata (Managing Director)
BELGIUM
DUFERCO BELGIUM S.A.
Legal and Administration:
Rue Anna Boch, 34
7100 La Louvière - BELGIUM
Phone: + 32 64 27 27 33
Fax: + 32 64 27 20 64
E-mail: info@duferco.be
http://www.duferco.be
Mr. Antonio Gozzi (President and CEO)
Mr. Massimo Croci (Director)
Mr. Vincenzo Falcone (Director)
Mr. Thierry Plas (Finance Director)
DUFERCO BELGIUM S.A.
DIVISION LONG PRODUCTS
Rue des Rivaux, 2
7100 La Louvière - BELGIUM
Phone: + 32 64 27 27 33
Fax: + 32 64 27 20 64
E-mail: info@duferco.be
http://www.duferco.be
Mr. Germano Mazzali (General Manager)
DUFERCO WALLONIE S.A.
Rue Anna Boch, 34
7100 La Louvière - BELGIUM
Phone: + 32 64 23 20 80
Fax: + 32 64 23 20 90
E-mail: contact@ddiv.be
http://www.duferco.com
Mr. Olivier Waleffe (CEO)
DUFERCO TREBOS S.A.
Klein Terbankstraat, 1
3150 Tildonk - BELGIUM
Phone: + 32 16 61 81 81
Fax: + 32 16 60 62 41
E-mail: trebos@duferco.be
http://www.trebos.com
Mr. Germano Mazzali (Director)
Mr. Kris Van Praet (Operations Manager)
Mr. Giuseppe Ravasio (Commercial Manager)
DUFERCO SPECIAL STEELS
(EUROPE) S.A.
Av. de Vilvorde, 298
1130 Bruxelles - BELGIUM
Phone: + 32 2 247 39 80
Fax: + 32 2 247 39 90
E-mail: duferco.sse@be.duferco.com
http://www.dsse.duferco.com
Mr. Marko Melamed (President)
Mr. Fabrizio Cannavò (Managing Director)
MOREL DISTRIBUTION BELGIQUE S.A.
Rue Marechal Foch, 23
4400 Flemalle - BELGIUM
Phone: + 32 4 229 22 30
Fax: + 32 4 229 22 39
Mr. Stephan Caute (President)
Mr. Christian Personat (Director)
Mr. Andrea Lazzaroni (General Manager)
DEEP GREEN S.A.
Rue Anna Boch, 34
7100 La Louvière - BELGIUM
Phone: + 32 2 340 87 94
Fax: + 32 2 347 43 18
E-mail: owaleffe@deep-green.com
Mr. Olivier Waleffe (CEO)
BULGARIA
DUFERCO BULGARIA
Mr. Vladimir Budev
Partchevich str., 7
1000 Sofia - BULGARIA
Phone: + 359 2 980 81 13
+ 359 2 980 04 34, + 359 2 980 17 91
Fax: + 359 2 981 90 01
Mobile: + 359 888 544 274
E-mail: vab-sof@mbox.contact.bg
CZECH REPUBLIC
SAFEF PRAHA SRO.
Stodulky, Plzenska 521/239
15500 Prague 5 - CZECH REPUBLIC
Phone: + 33 3 82 54 43 43
Fax: + 33 3 82 53 99 69
E-mail: contact@duferco-thionville.fr
Mr. Stephan Caute (President)
DENMARK
DUFERCO DANISH STEEL A/S
Havnevej 47
3300 Frederiksvaerk - DENMARK
Phone: + 45 47 76 76 00
Fax: + 45 47 76 76 30
E-mail: contact@duferco.dk
http://www.dufercodanishsteel.dk
Mr. Bram Hansen (Managing Director)
Ms. Tina Holstener Schmidt (Financial Director)
72 | Duferco Annual Report 2012

FRANCE
DUFERCO FRANCE S.N.C.
173/179 boulevard Felix Faure
93300 Aubervilliers - FRANCE
Phone: + 33 1 53 56 92 00
Fax: + 33 1 53 56 16 17
E-mail: contact@duferco-morel.fr
Mr. Stephan Caute (President)
SERVICE CENTRE
ZI du Chevreuil
60490 Ressons sur Matz - FRANCE
Phone: + 33 3 44 92 92 00
Fax: + 33 3 44 92 92 08
E-mail: ressons@duferco-morel.fr
DUFERCO THIONVILLE S.A.S.
132, avenue des Nations- BP 10105
57970 Yutz - FRANCE
Phone: + 33 3 82 54 43 43
Fax: + 33 3 82 53 99 69
E-mail: contact@duferco-thionville.fr
Mr. Stephan Caute (President)
MOREL DISTRIBUTION PROFILS S.A.S.
400, route de Villié Morgon
69220 St. Jean D`Ardieres - FRANCE
Phone: + 33 4 74 66 07 10
Fax: + 33 4 74 69 66 38
E-mail: t.mathieu@morel-belleville.com
Mr. Stephan Caute (President)
Mr. Thierry Mathieu (General Manager)
SPECIAL STEEL DIVISION
5, avenue Berthelot
42152 L’Horme - FRANCE
Phone: + 33 477 22 96 32
Fax: + 33 477 29 08 26
E-mail: duferco-aciers@orange.fr
Mr. Stephan Caute (President)
Mr. Thierry Semard (General Manager)
DUFERCO MOREL S.A.
173/179 boulevard Felix Faure
93300 Aubervilliers - FRANCE
Phone: + 33 1 53 56 16 16
Fax: + 33 1 53 56 16 17
E-mail: contact@duferco-morel.fr
Mr. Stephan Caute (President)
Mr. Christian Personat (CFO)
DUFERCO MOREL PRODUITS PLATS S.A.S.
400, route de Villié Morgon
69220 St. Jean D`Ardieres - FRANCE
Phone: + 33 4 74 66 07 10
Fax: + 33 4 74 66 63 23
E-mail: t.mathieu@morel-belleville.com
s.truchet@morel-belleville.com
Mr. Stephan Caute (President)
Mr. Thierry Mathieu (General Manager)
DUFERCO MOREL QUINCAILLERIE S.A.S.
400, route de Villié Morgon
69220 St. Jean D`Ardieres - FRANCE
Phone: + 33 4 74 06 48 90
Fax: + 33 4 74 06 48 91
E-mail: dmq@morel-belleville.com
Mr. Stephan Caute (President)
Mr. Thierry Mathieu (General Manager)
MOREL DISTRIBUTION OUEST S.A.S.
173/179 boulevard Felix Faure
93300 Aubervilliers - FRANCE
Phone: + 33 1 53 56 92 00
Fax: + 33 1 53 56 16 17
E-mail: r.bohbot@morel-ouest.com
Mr. Stephan Caute (President)
Mr. Raphael Bohbot (General Manager)
MAIN SITE
Complexe Henri Gautier
71 rue Henri Gautier
44550 Montoir-de-Bretagne
Phone:+33 2 85 07 00 03, + 06 83 80 20 89
Fax: +33 9 72 29 88 88
E-mail: contact@morel-ouest.com
GERMANY
DUFERCO DEUTSCHLAND GMBH
HEAD OFFICE
Eutelis-Platz, 2
40878 Ratingen - GERMANY
Phone: + 49 2102 610 30
Fax: + 49 2102 610 35 11
E-mail: info@duferco.de
http://www.duferco.de
Mr. Marko Melamed (CEO)
Mr. Peter Birkhäuser (Managing Director, Commercial)
Mr. Luca Iacopini (Managing Director, Commercial)
Mr. Enrico Toschi (Managing Director - CFO)
FREISING SALES OFFICE
Dunaferr Sales
Erdinger Strasse, 84
85356 Freising - GERMANY
Phone: + 49 8161 991 80
Fax: + 49 8161 991 899
E-mail: info.freising@duferco.de
GREECE
DUFERCO GREECE/CYPRUS
Mr. Takis M. Chatzitheodorou
Mr. Mike P. Chatzitheodorou
Thessaloniki Egnatias 124 - GREECE
Phone: + 30 239 20 63 211
+30 231 30 46 871
Fax: + 30 239 20 63 211(same as phone)
Mobile: + 30 697 475 23 84
Mobile: + 30 697 667 60 76
E-mail: takis@gr.duferco.com
michael@gr.duferco.com
LUXEMBOURG
TPS LUXTRADE S.A.
Rue de la Cimenterie
L - 1337 - LUXEMBOURG
Phone: + 352 26 09 36 1
Fax: + 352 26 09 36 55
E-mail: tps@tps-luxtrade.com
Mr. Stephan Caute (President)
Mr. Andrea Lazzaroni (General Manager)
DUFERCO PARTICIPATIONS
HOLDING S.A.
16, Rue Jean l'Aveugle
L - 1148 - LUXEMBOURG
Phone: +352 26 68 74 91
Fax: +352 26 68 74 92
E-mail: info@duferco.lu
Mr. Bruno Beernaerts (Director)
Mr. Julien Guillaume (Corporate and Accounting
Manager)
DUFERCO INTERNATIONAL
TRADING HOLDING S.A.
16, Rue Jean l'Aveugle
L - 1148 - LUXEMBOURG
Phone: +352 44 98 46
Fax: +352 44 98 46 20
E-mail: info@duferco.lu
Mr. Bruno Beernaerts (Director)
Mr. Julien Guillaume (Corporate and Accounting
Manager)
Duferco Worldwide Network | 73

Duferco Worldwide Network
PORTUGAL
SIDERTRADE-COMERCIO
INTERNACIONAL LDA.
Mr. Carlos Deslandes Heitor
R. Garrett 19-2ºD
1200-203 Lisboa - PORTUGAL
Phone: + 351 213 954 979
+ 351 213 954 818, + 351 213 954 984
Fax: + 351 213 954 825
E-mail: carlos.heitor@sidertrade.pt
rosa.melo@sidertrade.pt
http://www.sidertrade.net
REPUBLIC OF MACEDONIA
IRONET SKOPJE
XVI Makedonska Brigada, 18
1000 Skopje - REPUBLIC OF MACEDONIA
Phone: + 389 2 3287 453, + 389 2 3287 454
Fax: + 389 2 3287 455
Mobile Mr. I. Cvetkovski: + 389 70 231 357
E-mail: ironetsk@t-home.mk
Mr. Mincho Jordanov
Mr. Ivan Cvetkovski
MAKSTIL A.D.
XVI Makedonska Brigada, 18
1000 Skopje - REPUBLIC OF MACEDONIA
Phone: + 389 2 3287 023, + 389 2 5512 023
(General Manager)
+ 389 2 3287 024, + 389 2 5512 024
(Commercial Manager)
+ 389 2 3287 005, + 389 2 5512 005
(Commercial Department)
Fax: + 389 2 3287 076 (General Manager)
+ 389 2 3287 000 (Commercial Manager)
+ 389 2 3175 982 (Commercial Department)
E-mail: aleksandar.panov@makstil.com.mk
(General Manager)
kocovski@makstil.com.mk (Commercial Manager)
info@makstil.com.mk (Commercial Department)
http://www.makstil.com
Mr. Mincho Jordanov (President)
Mr. Aleksandar Panov (General Manager)
Mrs. Snezana Siljanovska (Ass.Gen. Manager–
Economy Matters)
Mr. Ljupco Kocovski (Commercial Manager)
Mr. Mitko Kocovski (Planning and Analyses
Manager)
ROMANIA
IRONET LTD. ROMANIA
REPRESENTATIVE OFFICE
Mr. Valentin Radu
2 Lupeni Str.
800 042 Galati - ROMANIA
Phone /Fax: + 40 236 419 007
E-mail: ironetgl@clicknet.ro
RUSSIAN FEDERATION
DUFERCO MOSCOW
REPRESENTATIVE OFFICE
Krymskiy Val Street 3, Bldg.2,
3rd floor, Office 304
119049 - Moscow – RUSSIAN FEDERATION
Phone: + 7 495 627 73 15
Fax: + 7 495 627 73 16
E-mail: duferco@duferco.ru
Ms. Patrizia Fattor
METALICA LTD.
16/2 Dvinskaya str. - 198035
Saint Petersburg – RUSSIAN FEDERATION
Phone: + 7 812 320 27 18, + 7 812 320 24 29
Fax: + 7 812 329 69 71
E-mail: metalica@metalica.spb.ru
Mrs. Natalya Shevchuk (Financial Manager)
SERBIA
IRONET LTD.
Bircaninova 25
11000 Belgrade - SERBIA
Phone: + 381 11 3620 626
Fax: + 381 11 3615 117
Mobile Serbian: + 381 63 205 856
Mobile German: + 49 172 253 17 88
E-mail: ljilja.krnjajic@ironet.rs,
milojko.polomac@ironet.rs
Mr. Milojko Polomac (Director)
Mrs. Ljiljana Krnjajic (Export-Import Manager)
SPAIN
DUFERCO ESPAÑA S.L.
Avda. Diagonal, 640, planta 6
08017 Barcelona – ESPAÑA
Phone: + 34 93 228 78 09
Fax: + 34 93 445 39 38
E-mail: info@dufercospain.com
Mr. Marko Melamed (President)
Mrs. Koky Solano (General Manager)
SWITZERLAND
DUFERCO S.A.
Via Bagutti, 9
6900 Lugano - SWITZERLAND
Phone: + 41 91 822 56 00
Fax: + 41 91 822 57 00
E-mail: info@duferco.com
http://www.duferco.com
Mr. Matthew De Morgan (CEO)
DUFENERGY TRADING S.A.
Via Bagutti, 9
6900 Lugano - SWITZERLAND
Phone: + 41 91 822 56 93
Fax: + 41 91 822 59 79
E-mail: info@duferco.com
http://www.duferco.com
Mr. Benedict J. Sciortino (President and CEO)
Mr. Piersandro Lombardi (Director)
Mr. Maurizio Cencioni (CFO)
Mr. Rocco Zotta (Head of Gas Division)
Mr. Nicola Stricchiola (Head of Power Division)
Mr. Jean-Christian Heintz (Head of LNG Division)
DUFERCO SHIPPING S.A.
Via Bagutti, 9
6900 Lugano – SWITZERLAND
Phone: + 41 91 822 57 70
Fax: + 41 91 822 58 15
E-mail: shipping@duferco.com
http://www.duferco.com
Mr. Diego Bardocci (Managing Director)
DUFERCO CEC S.A.
Via Bagutti, 9
6900 Lugano – SWITZERLAND
Phone: + 41 91 822 56 00
Fax: + 41 91 822 57 00
E-mail: info@duferco.com
http://www.duferco.com
Mr. Matthew De Morgan (CEO)
Mr. Mario Raimondo (Director)
Mr. Gonzalo Astorquiza (Director)
Mr. Felipe Lira (Director)
Mr. Ken Kim (Director)
74 | Duferco Annual Report 2012

TURKEY
DUFERCO ÇELIK TICARET LIMITED
SIRKETI
Ataturk Mahallesi, Ata 2-3 Plaza, Kat.2, D.25,
Atasehir
34757 Istanbul - TURKEY
Phone: + 90 216 456 69 39
Fax: + 90 216 456 69 40
E-mail: birincib@ferrometal.com.tr
Mr. A. Barbaros Birinci (General Manager)
UKRAINE
DUFERCO KIEV
REPRESENTATIVE OFFICE
7, Pushkinskaya str., Apt. 1
01034 Kiev - UKRAINE
Phone: + 380 44 230 26 74, + 380 44 278 08 40
+ 380 44 278 74 62
Fax: + 380 44 279 63 40
E-mail: info@duferco.kiev.ua
golovina@duferco.kiev.ua
Mr. Dragan Stojanovski
Mrs. Zoya Golovina
DUFERCO DONETSK
REPRESENTATIVE OFFICE
Schorsa str., 48
83050 Donetsk - UKRAINE
Phone: + 380 62 381 41 15
Fax: + 380 62 381 41 23
E-mail: draganstojanovski@yahoo.com
Mr. Dragan Stojanovski
DUFERCO MARIUPOL
REPRESENTATIVE OFFICE
Mitropolitskaya str., 35
87515 Mariupol - UKRAINE
Phone: + 380 629 53 01 09, + 380 629 52 91 81
+ 380 629 52 91 82
Fax: + 380 629 52 91 80
E-mail: bsa@duferco.com.ua
Mr. Dragan Stojanovski
Mr. Sergey Boyko
DUFERCO ILYICHEVSK
REPRESENTATIVE OFFICE
Lenin str.1, Apt. 19
68001 Ilyichevsk- UKRAINE
Phone: + 380 4868 67 081
Fax: + 380 4868 62 540
E-mail: office@dufily.com
Mr. Dragan Stojanovski
Mr. Diego Bardocci
Mr. Boris Gayevsky
Mr. Vadim Grimov
UNITED KINGDOM
DUFERCO UK LTD.
Duferco House
Buntsford Park Road
Bromsgrove, Worcestershire
B60 3DX - UNITED KINGDOM
Phone: + 44 1527 57 05 09
Fax: + 44 1527 57 52 74
E-mail: duferco@uk.duferco.com
Mr. Jason Green (Managing Director)
Mr. Marko Melamed (Executive Director)
Mr. Enrico Toschi (Executive Director)
NORTH and
CENTRAL AMERICA
USA
DUFERCO STEEL INC.
Metro Park South
100 Matawan Road Suite 400
Matawan, NJ 07747-3916 - USA
Phone: + 1 732 566 31 30
Fax: + 1 732 583 94 06
E-mail: duferco@duferconj.com
Mr. Joe Deverter (President, CEO)
Mr. Mike Vignale (Senior Vice President)
Mr. Jack Palmer (Vice President - Raw Materials)
Mr. John O’Brien (Executive Vice President - CFO)
DUFERCO MIAMI
7855 NW 12th Street, Suite 210
Miami, FL 33126 - USA
Phone: + 1 305 814 45 55
Fax: + 1 732 242 10 15
Mobile: Mr. Ross Fox: + 1 305 753 4433
Mobile: Mr. Kenneth Kim + 1 786 309 6381
E-mail: info@dufercomiami.com
Mr. Ross Fox (General Manager Caribbean Basin)
Mr. Kenneth Kim (Director Latin American
Distribution)
GUATEMALA
DUFERCO GUATEMALA
10° Ave. 5-05 Condominio las Capuchinas
Casa No.12, Zona 14
01014 - GUATEMALA, C.A.
Phone: + 502 23 67 24 65
Fax: + 502 23 33 61 77
Mobile: + 502 55 11 86 02
E-mail: ecastro@duferco-ca.com
Mr. Ernesto Castro
TUBAC S.A.
Final Avenida Petapa Km. 11.5 Finca El Frutal
San Miguel Petapa - GUATEMALA, C.A.
Phone: + 502 6644 66 44/55
Fax: + 502 6644 66 66
+ 502 6644 6700
E-mail: angelot@tubac.com.gt
http://www.tubac.com.gt
Mr. Angelo Telò (General Manager)
HONDURAS
TUBOS Y PERFILES S.A. de C.V. (TYPSA)
Blvd. Jose Cecilio del Valle
Colonia Humaya
Tegucigalpa MDC – HONDURAS C.A.
Phone: + 504 2239 0168
Fax: + 504 2235 4183
Mobile: +504 3204 0547
E-mail: jestrada@tubosyperfiles.com
Mr. Jorge Enrique Estrada (General Manager)
Duferco Worldwide Network | 75

Duferco Worldwide Network
MEXICO
IRONET LTD.
Av. Fundidora, 501
Edificio Cintermex, Suite 52, 1st floor
64010 Monterrey, N.L. - MEXICO
Phone: + 52 81 83 69 66 30
Fax: + 52 81 83 69 66 39
E-mail: dufercomty@infosel.net.mx
Mr. Gustavo Ortiz (General Manager)
IRONET LTD.
German Centre
Av. Santa Fe 170, Oficina 6-4-16
Col. Lomas de Santa Fé
Mexico, DF C.P. 01210 - MEXICO
Phone: + 52 55 2591 0743 (Office)
Phone/Fax: + 52 55 2591 0744
Mobile: + 52 155 5418 1096 MEX
Mobile: + 1 210 274 3010 USA
E-mail: a.antonoff@duferconj.com
Mr. Alexis Antonoff Aglot (Sales Manager/Mexico
City Office Manager)
SOUTH AMERICA
ARGENTINA
IRONET LIMITED ARGENTINA
Laprida 3278 of 40
B1642FTN - San Isidro
Provincia de Buenos Aires - ARGENTINA
Phone: + 54 11 4735 66 60/61/62/63
Fax: + 54 11 4735 66 64
E-mail: info@profima.com.ar
Mr. Tomas Güiraldes (General Manager)
Mr. Martin Quiroga (Commercial Manager)
Mr. Alejandro Moyano (Consultant)
Mr. Alejandro Moyano Jr (Sales Manager)
BRAZIL
DBD - DUFERCO DO BRASIL
DISTRIBUIÇÃO LTDA
Rua Bandeira Paulista, 600 - 14° Andar Cj. 144
Itaim-Bibi - 045332-002
Sao Paulo - SP - BRAZIL
Phone: + 55 11 3079 79 06
E-mail: sueli@duferco.com.br
nfe@duferco.com.br
Mr. Antonio Carlos Calais Moreira (General
Manager)
Mr. Luiz Ricardo de Souza (Specialty Steels
Manager)
Ms. Bruna Casella (Administrative and Finance
Manager)
CHILE
IPACER S.A.
Av. Presidente Jorge Alessandri 12119,
San Bernardo - Santiago – CHILE
Phone: + 56 2 859 9000
Fax: + 56 2 859 6076
E-mail: recepcion@ipacer.cl
http://www.ipacer.cl
Mr. Gonzalo Astorquiza (President)
Mr. Sebastián Aldunate (General Manager)
Mr. Pablo Arroyo Soto (Financial Manager)
IRONET LIMITED AGENCIA EN CHILE
Calle Cruz del Sur 133, Of. 1001
Las Condes - Santiago - CHILE
Phone: + 56 2381 5540
Fax: + 56 2381 5547
Mobile: Mr. A. Gana + 56 9 9820 3309
Mobile: Mr. A. Moyano + 56 9 7768 3057
E-mail: agana@ironetchile.cl
amoyano@ironetchile.cl
kzuniga@ironetchile.cl
Mr. Alejandro Moyano (General Manager)
Mr. Antonio Gana (Advisor)
COLOMBIA
AGOFER S.A.S.
Calle 12A, No.38-40
Bogotà - COLOMBIA
Phone: + 57 1 743 44 44 - Ext 1113
Fax: + 57 1 201 82 39
E-mail: gerencia@agofer.com.co,
bogota@agofer.com.co
http://www.agofer.com
Mr. Juan Guillermo Gomez (General Manager)
Mr. Winston Franco (Financial Manager)
GRANDECO LTDA
Calle 94 N. 15-32 Of. 304
Bogotà - COLOMBIA
Phone: + 57 1 621 50 56, + 57 1 636 92 55
Fax: + 57 1 621 50 76
E-mail: granco@etb.net.co
Mr. Jorge Alberto Meneses (General Manager)
ECUADOR
IPAC S.A.
Km 10.5 Via a Daule
Camino Los Vergeles
Guayaquil - ECUADOR
Phone: + 593 4 370 21 20
Fax: + 593 4 370 21 20 - Ext 124
E-mail: rpakuts@ipac-acero.com
http://www.ipac-acero.com
Mr. Heinz Moeller Freile (President)
Mr. Felipe Lira (Vice President)
Mr. Robert Pakuts (General Manager)
Mr. Christian Echeverria (Financial Manager)
PERÙ
ACEROS Y TECHOS S.A.
- ACETESA
Av. Los Faisanes Nro. 356
Urbanización La Campiña
Chorrillos - Lima - PERU'
Phone: +51 1 252 00 00
E-mail: ldyer@tortuga.com.pe
http://www.tortuga.com.pe
Mr. Osterling Luis Dyer Ampudia (President)
Mr. Luis Williams Dyer Fernandez (General
Manager)
Mr. Marco Antonio Sebastiani Chavarri (Financial
Manager)
76 | Duferco Annual Report 2012

GALVANIZADORA PERUANA S.A.
- GALPESA
Carretera Federico Basadre Km 5.500
Pucallpa- Callería- Ucayali- PERU'
Phone: +51 61 57 50 33
E-mail: ldyer@tortuga.com.pe
http://www.tortuga.com.pe
Mr. Osterling Luis Dyer Ampudia (President)
Mr. Luis Williams Dyer Fernandez (General
Manager)
Mr. Marco Antonio Sebastiani Chavarri (Financial
Manager)
AMAZONIA TRADING S.A.C.
Carretera Federico Basadre Km 5.500
Pucallpa- Callería- Ucayali- PERU'
Phone: +51 61 57 50 33
E-mail: ldyer@tortuga.com.pe
http://www.tortuga.com.pe
Mr. Osterling Luis Dyer Ampudia (President)
Mr. Luis Williams Dyer Fernandez (General
Manager)
Mr. Marco Antonio Sebastiani Chavarri (Financial
Manager)
VENEZUELA
DUFERCO VENEZUELA
C. E. Ferrocasa
Torre “B” - Piso 4, Ofic. 4-A
Puerto Ordaz, Edo. Bolivar
CP 8050 – VENEZUELA
Fax: + 58 286 922 19 31
MIDDLE EAST
KINGDOM OF BAHRAIN
IRONET LIMITED R.P.O.
P.O. Box 31109
Budaiya – KINGDOM OF BAHRAIN
Phone/Fax: + 973 7722 1445
E-mail: jesco.sales@bh.duferco.com
http://www.jesco.com.sa
Mr. John Blomberg (Director)
Mr. Vito Tonarelli (Inside Sales Manager)
UNITED ARAB EMIRATES
IRONET DUBAI OFFICE
P.O. Box 16809 LOB 14 / 429
Jafza, Dubai – UNITED ARAB EMIRATES
Phone: + 971 4 881 9299
Fax: + 971 4 881 5866
E-mail: ironet@emirates.net.ae
Mr. Jai Shankar Jha (Managing Director)
YEMEN
DUFERCO YEMEN
Mr. Hamad Elneel Siddik Osman
Aden, Alsawlabna, Near Ba-Wazir Units
Phone: + 967 2 270 748
Fax: + 967 2 237 013
Mobile: + 967 73 32 20 928
Mobile: +967 77 10 66 295
E-mail: hamad.elneel@yemen.net .ye
hamad@y.net.ye
ASIA PACIFIC
BANGLADESH
DUFERCO ASIA BANGLADESH
House # 21, Lane # 2
Shamoli R/A.,North Agrabad
Chittagong -4100
Phone: + 88 01 71 50 98 294
E-mail: duferco@banglalionmail.com
Mr. Hemayet Uddin (Consultant)
INDIA
DUFERCO ASIA PTE LTD.
India Liaison Office
804, MMTC House
Bandra Kurla Complex
Mumbai - 400051 - INDIA
Phone: + 91 22 2657 32 81
Fax: + 91 22 2657 32 82
E-mail: sanjay.bhandari@dufercoasia.com
Mr. Sanjay Bhandari (Country Manager)
Mr. Amit Khare (Long Products)
INDONESIA
PT. WARINGIN BAJA MANDIRI
Sampoerna Strategic Square
South Tower 18th Floor
Jl. Jend. Sudirman Kav. 45-46
Jakarta 12930 - INDONESIA
Phone: +62 21 29930787
Fax: +62 21 5750801
Mobile: +62 812 952 2803
Email: waringinbaja@gmail.com
Mr. Arif Rahman
JAPAN
D.S. CORPORATION
5-5, 2-Chome,
Iidabashi, Chiyoda-Ku
102-0072 Tokyo - JAPAN
Phone: + 81 3 3239 4880/4881/4883
Fax: + 81 3 3239 4888
Mobile Mr. Michael Tomiyama: + 81 902 621 7922
Mobile Mr. Ken Onodera + 81 907 903 0085
E-mail: tomiyama@d-s-corp.com
onodera@d-s-corp.com
Mr. Michael Tomiyama (President)
Mr. Ken Onodera (Managing Director)
KOREA
KOREA STEEL TRADE
AND MARKETING CORP. LTD.
4F CS Bldg., 143-30, Samsung-dong
Kangnam-gu, Seoul - KOREA
Phone: + 82 2 565 43 46/47/48
Fax: + 82 2 565 4349, + 82 2 565 4946
E-mail: jyhuh@dufercokr.com
charles@dufercokr.com
shkwon@dufercokr.com
swkim@dufercokr.com
Mr. JunYul Huh (Representative)
Mr. Charles Han (Senior Trader)
Mr. SooHyung Kwon (Senior Trader)
Mr. SangWoo Kim (Senior Trader)
Duferco Worldwide Network | 77

Duferco Worldwide Network
PEOPLE’S REPUBLIC
OF CHINA
BARINVEST S.A.
BEIJING OFFICE
Rm 1506 TianYuanGang
No. C2 Dong San Huan North Road
Chao Yang Dist.
100027 Beijing - P.R. CHINA
Phone: + 86 10 6410 75 82, + 86 10 6410 76 82,
+ 86 10 64 10 77 82
Fax: + 86 10 6410 08 15
E-mail: liyanbj@163.com
Ms. Cheng Xiuping (Consumables)
IRONET SHANGHAI
REPRESENTATIVE OFFICE
No.2, Lane 163, Maoming Nan Lu
200020 Shanghai - P.R. CHINA
Phone: + 86 21 6467 5511
Fax: + 86 21 5465 7038
Mobile Mr. Yuan Wei Min: + 86 1370 162 0621
Mobile Mr. Liu Yan: + 86 1391 610 2503
Mobile Mr. Yang Fan: + 86 1801 628 6591
Mobile Mr. Wang Qing Qing: + 86 1391 600 5508
Mobile Mr. Wang Ying Peng: + 86 1338 602 6526
Mobile Mr. Chen Wen Long: + 86 1358 575 1833
E-mail: besteel@ironetsh.com
Mr. Yuan Wei Min (Chief Representative)
Ms. Li Xiao Fei (Lucy) (Officer)
Mr. Liu Yan (Plate and Pipe)
Mr. Yang Fan (Cold Rolled Flats)
Mr. Wang Qing Qing (Jefferson) (Hot Rolled Coil)
Mr. Wang Ying Peng (Henry) (Special Steels)
Mr. Chen Wen Long (Will) (Supercargo)
PHILIPPINES
IRONET LTD. MANILA
Unit 1006, Prince Plaza 1
106 Legaspi str., Legaspi Village
Makati City - PHILIPPINES
Phone: + 63 2 810 64 05, + 63 2 819 27 66
Fax: + 63 2 819 34 83
Mobile Mr. D. Gotauco: + 63 920 902 3502
E-mail: domingo.gotauco@dufercoasia.com
dgotauco@yahoo.com
Mr. Domingo C. Gotauco, Jr. (General Manager)
SINGAPORE
DUFERCO ASIA PTE LTD.
600, North Bridge Road
# 06-03, Parkview Square
188778 - SINGAPORE
Phone: + 65 629 629 93
Fax: + 65 629 690 18
E-mail: info@dufercoasia.com
Mr. Subhendu Bose (Managing Director)
Ms. Jane Lee (Administration)
Mr. Simon Pan (Shipping)
Mr. Jayachandran (Raw Materials)
TAIWAN
UNIMETAL TRADING CO. LTD.
7B-02, No. 5, Section .5, Sin Yi Road
Taipei - TAIWAN (110) R.O.C.
Phone: + 886 2 8789 4658
Fax: + 886 2 8789 4591
Mobile: + 886 930 926 455
E-mail: tonyshen@unimetal.com.tw
Mr. Tony Shen (President)
THAILAND
DUSIAM LTD.
120 Silom Road, Room 605 Kasemkij Bldg.
Bangkok 10500 - THAILAND
Phone: + 66 2 236 52 62, + 66 2 236 74 41,
+ 66 2 236 71 91
Fax: + 66 2 236 59 64, + 66 2 266 28 71
Mobile Mr. Zin: + 66 81 831 66 20
Mobile Mr. Supoj: + 66 89 811 25 15
E-mail: dusiam@loxinfo.co.th
supoj@dufercoasia.com
Mr. Tekittipong Zin
Mr. Supoj Waewsiangsang
VIETNAM
DP TRADING CO. LTD.
77, Lane 130, Cao Lo Street
District 8, Hochiminh City - VIETNAM
Phone: + 84 8 3850 17 98
Fax: + 84 8 3850 82 16
Mobile Mr. Ho Buu Lam: + 84 90 333 45 28
E-mail: dptrading@hcm.fpt.vn
dptrading@vn.dufercoasia.com
Mr. Ho Buu Lam
AFRICA
EGYPT
N.R. TARABOULSI & CO.
2 Baehler str.- Kasr el Nil
11111 Cairo - EGYPT
Phone: + 202 2 392 97 07 (10 lines)
Fax: + 202 2 392 40 19, + 202 2 395 14 49
Mobile Mr. Bichara Taraboulsi:
+ 2 012 2211 51 06
Mobile Mrs. Marina Nehma:
+ 2 012 2214 28 90
E-mail: marina@taraboulsi.com
btaraboulsi@link.net
Mr. Bichara Taraboulsi (General Manager)
78 | Duferco Annual Report 2012

REPUBLIC OF SOUTH AFRICA
DUFERCO DISTRIBUTION SERVICES
(SOUTH AFRICA)(PTY) LTD.
PHYSICAL ADDRESS
231 Wadeville Road
Wadeville Germiston
Gauteng - REPUBLIC OF SOUTH AFRICA
POSTAL ADDRESS
P.O. Box 15032 Wadeville 1422
Phone: + 27 11 824 1791
Fax: + 27 11 824 1993
Mobile: +27 82 786 6782
E-mail: russel.hockly@dufercosteel.co.za
http://www.dufercosteel.co.za
Mr. Russel Hockly (General Manager)
IRONET SOUTH AFRICA
Suite 3, Office Block 76
Tijgervallei Office Park, Silverlakes Drive
Pretoria - REPUBLIC OF SOUTH AFRICA
Phone: + 27 12 809 4237/8/9
Fax: + 27 12 809 4247
Mobile : + 27 72 959 3072
E-mail: info@duferco-africa.com
Mr. Jacques Blignaut (Managing Director)
Mrs. Marlen Nieuwoudt (Administration)
WEST AFRICA SALES:
Mr. Jacques Blignaut
Suite 3, Office Block 76
Tijgervallei Office Park - Silverlakes Drive
Pretoria - REPUBLIC OF SOUTH AFRICA
Phone: + 27 12 809 4237/8/9
Fax: + 27 12 809 4247
Mobile : + 27 72 959 3072
E-mail: info@duferco-africa.com
EAST AFRICA SALES:
Mr. Aldo Cavadini
Suite 3, Office Block 76
Tijgervallei Office Park - Silverlakes Drive
Pretoria - REPUBLIC OF SOUTH AFRICA
Phone: + 27 12 809 4237/8/9
Fax: + 27 12 809 4247
Mobile : + 27 79 050 5398
E-mail: info@duferco-africa.com
DUFERCO STEEL PROCESSING (PTY) LTD.
1 Potassium Street, Industrial Park
Saldanha 7395 - REPUBLIC OF SOUTH AFRICA
Phone: + 27 22 709 7000
Fax: + 27 22 709 7004
E-mail: sales@dsp.co.za
http://www.dsp.co.za
Mr. Christian De Morgan (General Manager)
Mr. Nico Van Wyk (Marketing Manager)
VANCHEM VANADIUM PRODUCTS (PTY)
LTD.
PHYSICAL ADDRESS
Van Eck Road, Ferrobank
Witbank 1035
Mpumalanga – REPUBLIC OF SOUTH AFRICA
POSTAL ADDRESS
PO Box 567
Witbank 1035
Mpumalanga – REPUBLIC OF SOUTH AFRICA
Phone: + 27 13 696 60 01, + 27 13 696 60 62
Fax: + 27 13 696 61 28
E-mail: fundiswag@vanchem.co.za
Dr. Martin van Wijngaarden (Non-Executive
Director)
Mr. Rick Reato (CEO and Director)
Mr. Jacques Nell (Financial Manager)
Ms. Mbavhi Ngobeni (Administrative and Legal)
TUNISIA
DUFERCO TUNISIA - MOROCCO
Rue Fadhel Ben Achour, 41
3002 Sfax - TUNISIA
Phone: + 216 74 41 61 30 / 31
+ 216 28 11 11 30 / 40 / 50
Fax: + 216 74 41 61 32
Mr. Mohamed Sellami (Area Manager)
Tunisian Mobile: + 216 22 86 58 13
Moroccan Mobile: + 212 667 80 70 79
mohamed.sellami@ma.duferco.com
Mrs Hela Sellami (Commercial Department
Tunisia)
Phone: + 216 71 71 89 55
Fax: + 216 71 71 89 53
Mobile: + 216 22 70 63 57
hela.sellami@ma.duferco.com
Mr. Bassem Hammami (Commercial Department
Morocco)
Moroccan Mobile: + 212 660 12 72 15
Tunisian Mobile: + 216 28 11 11 70
bassem.hammami@ma.duferco.com
Mr. Khalil Trigui (Administration Tunisia)
Mobile: + 216 28 11 11 55
khalil.trigui@ma.duferco.com
Mr. Bilel Maalej (Administration Morocco)
Moroccan Mobile: +212 655 15 33 96
Tunisian Mobile: + 216 28 11 11 44
bilel.maalej@ma.duferco.com
Duferco Worldwide Network | 79

Duferco Worldwide Network
EUROPE
NORTH and
CENTRAL AMERICA
BELGIUM
Bruxelles
Flemalle
La Louvière
Tildonk
BULGARIA
Sofia
CZECH REPUBLIC
Praha
DENMARK
Frederiksvaerk
FRANCE
Aubervilliers
L’Horme
Montoir-de-Bretagne
Ressons
St. Jean D’Ardieres
Yutz
GERMANY
Freising
Ratingen
GREECE
Thessaloniki
ITALY
Avezzano (L’AQUILA)
Chiavari (Genova)
Cinisello Balsamo (MILANO)
Genova
Giammoro (Messina)
Napoli
Pallanzeno (Verbania)
S. Giovanni Valdarno (Arezzo)
S.Michele Mondovi (Cuneo)
S. Zeno Naviglio (Brescia)
Torgiano (PERUGIA)
Torino
Trieste
LUXEMBOURG
PORTUGAL
Lisboa
REPUBLIC OF MACEDONIA
Skopje
ROMANIA
Galati
RUSSIAN FEDERATION
Moscow
Saint Petersburg
SERBIA
Belgrade
SPAIN
Barcelona
SWITZERLAND
Lugano
TURKEY
Istanbul
UKRAINE
Donetsk
Ilyichevsk
Kiev
Mariupol
UNITED KINGDOM
Bromsgrove
USA
New Jersey, Matawan
Florida, Miami
GUATEMALA
Guatemala City
San Miguel Petapa
HONDURAS
Tegucigalpa
MEXICO
Mexico City
Monterrey
80 | Duferco Annual Report 2012

SOUTH AMERICA MIDDLE EAST ASIA PACIFIC AFRICA
ARGENTINA
Buenos Aires
KINGDOM OF BAHRAIN
Budaiya
BANGLADESH
Chittagong
EGYPT
Cairo
BRAZIL
Sao Paulo
CHILE
Santiago
COLOMBIA
Bogotà
ECUADOR
Guayaquil
UNITED ARAB EMIRATES
Dubai
YEMEN
Aden
INDIA
Mumbai
INDONESIA
Jakarta
JAPAN
Tokyo
KOREA
Seoul
REPUBLIC
OF SOUTH AFRICA
Pretoria
Saldanha
Wadeville
Witbank
TUNISIA
Sfax
PERÙ
Lima
Pucallpa
VENEZUELA
Puerto Ordaz
PEOPLE`S REPUBLIC
OF CHINA
Beijing
Shanghai
PHILIPPINES
Makati City
SINGAPORE
TAIWAN
Taipei
THAILAND
Bangkok
VIETNAM
Hochiminh City
Duferco Worldwide Network | 81

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