at a glance SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

Contents 1 Message from the Chief Executive Officer 3 2 SIDENOR Group 5 3 Strategy - Targets and Outlook 9 4 Activities 11 5 Milestones in the History of the Group 15 6 SIDENOR Group Products 17 7 SIDENOR Group Facilities 25 8 Human Resources 39 9 Corporate Social Responsibility 41 10 Financial Data 47 11 Management of the Company 52 12 Notice of AGM 60

A N N U A L R E P O R T 2 0 0 7 at a glance SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

at a glance Activities SIDENOR Group constitutes VIOHALCO s steel production, processing and trading branch. It comprises of 31 subsidiary companies in Greece and abroad. With production facilities in Greece, Bulgaria, F.Y.R.O.M. and Russia, SIDENOR Group is the largest steel products producer in Greece and the Southeast Europe. Consolidated Financial Figures Profits Before Taxes (in Euro million) Turnover (in Euro million) 144 139 957 1,228 1,390 31 2005 2006 2007 2005 2006 2007 Shareholders Equity (in Euro million) Total Assets (in Euro million) 502 618 721 1,314 1,396 1,544 2005 2006 2007 2005 2006 2007

STOMANA INDUSTRY s new steel long products rolling mill commenced production in January 2008. This investment increases the annual long products production capacity of STOMANA INDUSTRY to 1,000,000 tons, while STOMANA's capacity in plate products is 400,000 tons.

A N N U A L R E P O R T 2 0 0 7 1.Message from the Chief Executive Officer In 2007, SIDENOR Group continued its steady growth of the last years, further establishing its leading position in the markets in which it is active, despite the unfavourable conditions prevailing in the international steel markets during the second half of 2007, during which both demand and prices of final products decreased. During 2007, the Group extended its presence in new markets, expanded its market share in the existing ones and increased the efficiency levels of its industrial facilities. At the same time, great emphasis was given to the implementation of the Group s investment program, totalling Euro 105 million, which actively proves the Group s focus on constantly upgrading the production facilities and expanding its sales and distribution network. Specifically, the investment in STOMANA INDUSTRY s new long products rolling mill in Bulgaria was completed in 2007 and commenced production in January 2008. This investment increases the annual production capacity of long products of STOMANA INDUSTRY to 1,000,000 tons, while STOMANA's capacity in plate products is 400,000 tons. Furthermore, the operation of a new method for continuous scrap supply (CONSTEEL) commenced at SOVEL, the new pipe production line began its operation at the ZAO TMK - CPW joint venture plant in Russia, while the first phase of DOJRAN STEEL's facilities modernisation was completed. Finally, in 2007 the new spiral welded pipe production line of the CORINTH PIPEWORKS plant was put into operation at Thisvi, adding another 75,000 tons to the unit s production capacity and work on the upgrade of the ERW unit at 26 began. Upon the completion of both investments, CORINTH PIPEWORKS will have established its position as one of the most competitive and technologically advanced pipe plants in the world. 3 On the commercial side, the Group proceeded with the creation of a distribution network in Romania with the incorporation of SIDEROM STEEL S.R.L. and in Albania with the acquisition of ANAMET ShpK, which was subsequently renamed SIDERAL ShpK. At the same time, in the pipes sector, CORINTH PIPEWORKS continued to strengthen its position in the demanding North American market, as one of the most reliable suppliers of innovative products. SIDENOR Group is continuing the implementation of its strategy, utilizing its major production competitive advantages and the strong market position of the SD brand. Furthermore, SIDENOR Group continues its strategic development in the Balkans, as well as in the greater Southeast Mediterranean region, aiming to further establish its position as one of the largest and fastest developing steel Groups of Southern Europe. Sarados Milios Chief Executive Officer SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

SIDENOR Group operates production facilities in Greece, Bulgaria, Russia and F.Y.R.O.M.

A N N U A L R E P O R T 2 0 0 7 2.SIDENOR Group SIDENOR Group constitutes the steel production, processing and trading arm of VIOHALCO Group of companies. With the establishment of VIOHALCO SANITAS in 1962, as its starting point and following a successful course of over 45 years, SIDENOR Group has developed into the largest long products steel producer in Greece and the Balkans and one of the largest in Southeast Europe. At the beginning of 2008, the Group had 31 subsidiary companies, in Greece or abroad, with the parent Company, SIDENOR S.A., and the subsidiary, CORINTH PIPEWORKS, listed on the Athens Stock Exchange. SIDENOR Group operates production facilities in Greece, Bulgaria, Russia and F.Y.R.O.M., while its main activity sectors are: Mini-mills Pipes, Tubes and Hollow Sections Downstream operations Sales and Distribution Today, SIDENOR Group s products cover a wide range of needs of the Greek and the international steel products markets, while the Group s leading position has been achieved by its dedication to high quality products, constant innovation, ongoing investment in technologically advanced equipment, along with the ever-expanding sales and distribution network and the provision of integrated customer support services, throughout Greece and abroad. 5 The Group s main competitive advantage is the consistent focus on the modernization and continuous improvement of its units production base, achieved through the implementation of investment programs, totalling Euro 535 million in the last decade. SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

The Group s main competitive advantage is the consistent focus on the modernization and continuous improvement of its units production base, achieved through the implementation of investment programs totalling Euro 535 million in the last decade.

A N N U A L R E P O R T 2 0 0 7 SIDENOR Group s Companies Company Country Direct & Indirect Participation (31 Dec 07) AEIFOROS S.A. Greece 90.00% ARGOS S.A. Greece 63.34% BEAT S.A. Greece 40.66% BET S.A. Greece 61.62% V.EPE.M S.A. Greece 50.00% VEMET S.A. Greece 100.00% DEPAL S.A. Greece 90.92% DIA.VI.PE.THIV. S.A. Greece 68.76% DIAPEM S.A. Greece 33.35% EL.K.E.ME. S.A. Greece 20.00% ERLIKON WIRE PROCESSING S.A. Greece 98.92% ETAL S.A. Greece 93.73% ETIL S.A. Greece 63.98% ATTICA METALLURGY S.A. Greece 50.00% PRAKSYS S.A. Greece 51.00% PROSAL S.A. Greece 70.00% SIDMA S.A. Greece 24.15% CORINTH PIPEWORKS S.A. Greece 78.55% SOVEL S.A. Greece 62.56% AEIFOROS BULGARIA S.A. Bulgaria 90.00% BOZETTI LTD Cyprus 100.00% DOJRAN STEEL LLCOP F.Y.R.O.M 75.00% DOMOPLEX LTD Cyprus 45.00% ELMONTE HOLDINGS LIMITED Cyprus 100.00% PROSAL TUBES S.A. Bulgaria 70.00% SIDERAL SH.P.K. (ex - ANAMET ShpK) Albania 100.00% SIDEROM STEEL SRL Romania 100.00% SIGMA S.A. Bulgaria 63.34% STOMANA INDUSTRY S.A. Bulgaria 85.97%* TEPRO STEEL EAD Greece 100.00% ZAO TMK - CPW Russia 38.49% 7 * SIDENOR acquired the remaining 14.03% share capital of subsidiary STOMANA INDUSTRY S.A. during the first quarter of 2008, resulting in the ownership of all of its shares. SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

The main pillar of SIDENOR Group s development program is the implementation of extensive investments, aiming at creating a substantial competitive advantage on the production level.

A N N U A L R E P O R T 2 0 0 7 3.Strategy - Targets and Outlook The main pillar of SIDENOR Group s development program is the implementation of extensive investments, aiming at creating a substantial competitive advantage on the production level. This advantage is broken down into a competitive production cost base, high standards of product quality, increased production capacity and a full range of products, constantly enriched by high-level added value solutions. Furthermore, SIDENOR implements investments to expand its commercial network and its subsidiary companies distribution networks, while simultaneously focusing on the continuous improvement of customer service. SIDENOR s strategy aims at: Reinforcing the Group s position in the Greek market, with the realisation of investment programs that will maintain costs at competitive levels and will lead to the development of new, innovative products with increased added-value and high profit margins. Reinforcing the Group s position in Southeast Europe, with the realisation of investments in the production facilities in Bulgaria and F.Y.R.O.M. that will contribute to the increase of productivity, the improvement of costs and will guarantee the high level of quality. These specific markets constitute a priority for SIDENOR, as they are characterised by large demand volumes and high growth rates, especially after the introduction of Bulgaria and Romania into the European Union. 9 Strengthening the competitive position of CORINTH PIPEWORKS in the global energy markets, through the increase of its market shares in the geographic regions of Western Europe, Middle East and North Africa, as well as through the further accession of its presence in the North American and Russian markets. Further expanding the Group s exporting character, both through the Group s sales and distribution network, as well as through the development of trade partnerships. Adopting and incorporating advanced forms of management and commercial support, which include managerial information systems, state-ofthe-art goal-setting systems and employee evaluations. Emphasising on continuous development and training of the Group s workforce. Protecting the environment. SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

The main activity sectors of SIDENOR GROUP are: Mini-mills Pipes, Tubes and Hollow Sections Downstream operations Sales and Distribution

A N N U A L R E P O R T 2 0 0 7 4.Activities SIDENOR Group s and its subsidiaries main sectors of activity include mini mills, pipes, tubes & hollow sections, as well as sales and distribution. SIDENOR Group is the largest producer of steel products in Greece and in Southeast Europe, with production units in Thessaloniki, Almyros, Kilkis, Halkida, Thiva and Thisvi in Greece, Pernik in Bulgaria, Nikolic in F.Y.R.O.M. and Polevskoy in Russia. 11 The Group s investments during the decade 1998 2007 amounted to Euro 535 million and have created substantial competitive advantages with regard to production procedures and commercial practices. At the same time, the production units and distribution network of SIDENOR and its subsidiaries, encompass all stages of production, processing, sales and distribution of an extensive range of steel products. A direct result of the above is the Group s complete and absolute control, not only over the quality of the end products, but also over the competitiveness of its production cost base. Activity Categories SIDENOR Group is vertically integrated and its activities are separated into the following six categories: 1. Meltshops Production plants: SIDENOR S.A., SOVEL S.A., STOMANA INDUSTRY S.A. Products: billets, slabs, blooms Total Annual Production Capacity: 3,600,000 tons* *Following the completion of the investments to be executed during 2008-2009. SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

SIDENOR was the first company to produce high ductility B500C class C Steel that fully complies with the new ELOT 1421 Standard, which went into effect in Greece towards the end of 2006. All SIDENOR reinforcing steel bars and coils fully comply with the new demanding European Standards (EN10080) and bear the SD mark, as a token for the high-quality standards of SIDENOR products.

A N N U A L R E P O R T 2 0 0 7 2. Long Products Rolling Mills Production plants: SIDENOR S.A., SOVEL S.A., STOMANA INDUSTRY S.A., DOJRAN STEEL S.A. Products: Concrete reinforcing SD bars, hot-rolled products, wire mesh and reinforcement steel cages, merchant bars, wire rods. Total Annual Production Capacity: approximately 3,200,000 tons*. 3. Line Pipe and Hollow Structural Sections Production Production plants: CORINTH PIPEWORKS S.A., ZAO TMK CPW, SOVEL S.A., VET S.A., PROSAL S.A. Products: Line pipes for oil, natural gas, water and construction, hollow structural sections for constructions. Total Annual Production Capacity: 970,000 tons. 13 4. Plate Mill Production plant: STOMANA INDUSTRY S.A. Products: plates. Total Annual Production Capacity: 400,000 tons. 5. Downstream Operations Production plants: ERLIKON S.A. (wire products), DEPAL S.A. (concrete reinforcing mesh), ETAL S.A. (concrete reinforcing steel fibres), AEIFOROS S.A. (recycling plant for steel by-products), TEPROSTEEL S.A. (cold finishing plant for production of special and bright steels). Total Annual Production Capacity: approximately 560,000 tons. 6. Promotion, Sales and Distribution of the Group s Products The promotion, sales and distribution of the Group s concrete reinforcing steel is handled directly by the Group s companies, as well as by their representatives in the European markets. The majority of the Group s steel for industrial uses is distributed by the subsidiary SIDMA, which operates the largest steel distribution network in the Balkans. *Following the completion of the investments to be executed during 2008-2009. SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

Product Applications SIDENOR Group s products are used in major infrastructure works in Greece and abroad. The following works are indicative: Concrete reinforcing SD bars ATTIKO METRO (Athens Metro) THESSALONIKI METRO MALIAKOS KLEIDI MOTORWAY PROJECT ELEFSINA-CORINTH-PATRAS-PYRGOS-TSAKONA MOTORWAY NAVARINO RESORT EGNATIA ODOS MOTORWAY VERTICAL SECTIONS OF EGNATIA ODOS MOTORWAY OSE (HELLENIC RAILWAYS ORGANIZATION) WORKS NORTHERN CRETE MOTORWAY AGRINIO HOSPITAL THESSALONIKI CITY HALL THESSALONIKI MUSIC HALL FOUNDATION OF THE HELLENIC WORLD PROJECT NEW ACROPOLIS MUSEUM Steel Pipes / Hollow Sections Within Greece SUBURBAN RAILROAD (extensions new stations) EGNATIA ODOS MOTORWAY (bracing) ATTIKO METRO (bracing for Agia Paraskevi extension) NEW IKEA (PIREOS AVE) (Building Construction - plumbing and fire prevention networks) PARNITHA CASINO (Temporary building supports) EXTENSION OF NATIONAL THEATRE Outside Greece PROJECT COUNTRY APPLICATION YEAR DUKE U.S.A. Natural Gas 2007 SONATRACH, MEDGAZ GZ4 Algeria Natural Gas 2006 WEST AFRICA GAS PIPELINE PROJECT (CHEVRON TEXACO) Ghana Natural Gas 2005 ENAGAS S.A. Spain Natural Gas 2006 ENERGY TRANSFER U.S.A. Oil 2007 ENRON, TRANSWESTERN U.S.A. Natural Gas 2004 PUBLIC GAS CORPORATION S.A. Greece Natural Gas 2005 DAVIDSON PIPE SUPPLY US NAVY U.S.A. Hollow sections 2005 GRTGAZ France Natural Gas 2007 NATIONAL IRANIAN GAS COMPANY Iran Natural Gas 2004 ENBRIDGE U.S.A. Natural Gas 2006 PANHANDLE U.S.A. Natural Gas 2006 MLP Chiley Natural Gas 2005 TRAFIGURA Ghana Oil 2004 THYSSENKRUPP Irak Oil 2006

A N N U A L R E P O R T 2 0 0 7 «Two rolling mills, with nine stands during operation. The hot steel passing through the roller guides and thesteamfromthecoolingwatercanbeeasilyseen-amagnificentsight...» SYNDESMOS, MARCH 1965 5.Milestones in the History of the Group Following over 45 years of successful corporate presence, SIDENOR prides a leading position in the market of long steel products in the Southeast Europe. The major events milestones in the Group s history, from its establishment up to the beginning of 2008, are the following: 1962 Incorporation of the Company under the corporate name VIOHALCO -SANITAS HELLENIC PIPES, SANITARY WARE AND HEATING ARTICLES MANUFACTURING COMPANY S.A. with the objective to produce steel pipes for water supply, radiators and boilers. 15 1979 Change of name to SIDENOR Steel Products Manufacturing Company S.A. 1996 Purchase of METALLOURGIKI HALIPS S.A. by SOVEL S.A., a subsidiary of SIDENOR. 1997 Listing of SIDENOR S.A. on the Athens Stock Exchange, after the merger with the listed ERLIKON S.A. 1998 Certification of SIDENOR Quality Management System with the ISO 9002:2004 certificate. 1999 SOVEL s Rolling mill in Almyros, Magnesia, commences production (Group capacity doubled). Development and market launch of the new SD concrete-reinforcing steel, with reinforced anti-seismic qualities. 2001 SOVEL s Meltshop commences production. Aqcuisition of 75% of the Bulgarian STOMANA INDUSTRY S.A. by SIDENOR, thus acquiring a production base for a dynamic presence in the Bulgarian and international market. SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

2003 Certification of SIDENOR Quality Management System (for the Thessaloniki and Almyros plants) according to ISO 9001:2000 Standard. SIDENOR s market launch of SD steel class C concrete reinforcing steel with high ductility. 2004 Acquisition of majority shareholding in CORINTH PIPEWORKS S.A. by SIDENOR. 2005 Certification of SIDENOR Environmental Management System (for the Thessaloniki and Almyros plants) according to ISO 14001:2004 Standard. SIDENOR became the first Greek steel producer to be certified for its Environmental Management System. 2006 DOJRAN Steel, a new subsidiary company in F.Y.R.O.M., started production of concrete reinforcement steel products. 2007 ZAO TMK CPW joint venture began operations. Development of distribution facilities in Albania and Romania with the acquisition of ANAMET ShpK and the incorporation of SIDEROM STEEL S.R.L., respectively. ANAMET ShpK was renamed SIDERAL ShpK. Completion of the first phase of the modernization of the facilities at DOJRAN STEEL and beggining of operations of the new method of scrap supply at SOVEL (CONSTEEL). Certification of SIDENOR for Occupational Health and Safety Management System according to the ELOT 1801:2002 and OHSAS 18001:1999 Standards. SIDENOR was selected by the World Economic Forum to participate in the 500 New Innovative Companies worldwide. 2008 Beginning of operations of the new Rolling mill in STOMANA during the first quarter (annual production capacity of long products increased by 800,000 tons). In February 2008, SIDENOR acquired 100% of the share capital of STOMANA.

A N N U A L R E P O R T 2 0 0 7 6.SIDENOR Group Products Products made by SIDENOR and its subsidiaries are renowned for their reliability and consistent high quality standards, giving the Group a strong competitive advantage at the commercial level in the markets in which it is active. Furthemore, the focus on developing innovative products that ensure added value to the end users is a fundamental value for the Group. SIDENOR Group s product range includes: 1. Integrated SD Reinforcing System The continuous demand for high-quality earthquake-resistant structures calls for the use of steel with high strength and high ductility. In satisfying this need, SIDENOR produces and offers to the market a family of high-quality, innovative Reinforcing Steel products, known as Integrated Reinforcing System SD, a portfolio of value-added products designed to provide a coherent and high-standard solution for the reinforcing of concrete structures. 17 1.1. Concrete Reinforcing SD Bars SD Bars & Coils: SIDENOR was the first company to produce high ductility B500C class C Steel that fully complies with the new ELOT 1421 Standard, which went into effect in Greece at the end of 2006. All SIDENOR reinforcing steel bars and coils fully comply with the new demanding European Standards (EN10080) and bear the SD mark, as a token for the high-quality standards of SIDENOR products. Special-cut Steel SD Bars: In order to provide improved customer services, SIDENOR offers a wide range of special-cut lengths of SD Steel class C, B500C (ELOT 1421-3) products, according to the specifications of each project. These added-value products offer significant savings in time, therefore speed of construction. 1.2. Columns and Beams SD Mesh The column and beam SD mesh is produced from straight SD class C B500C steel rods (ELOT 1421-3) of 8, 10 and 12 mm diameter, ensuring SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

A N N U A L R E P O R T 2 0 0 7 perfect geometric characteristics. The scrupulous design and precise geometrical characteristics of the SD mesh facilitate processing and installation in all projects. 1.3. SIDEFIT Special Mesh The SIDEFIT special mesh is manufactured according to the requirements of each project, using straight reinforcement bars, type SD class C - B500C (ELOT 1421-3). SIDEFIT mesh streamline the existing reinforcement installation practice, combining guaranteed industrial quality with significant saving of time and money. 1.4. Wire Mesh SIDENOR produces structural mesh made of Reinforcement Steel Class A (B500A per ELOT 1421-2). Types T131, T188, and T198 are always available (in stock), while all other types can be produced upon request. Wire mesh consists of welded transverse and longitudinal wires, made of wire-rods type SAE 1010 subjected to diameter reduction (cold-processed). The wire diameter is from 04.2 to 08.0 and the resulting loops have rectangular or square cross-sections. 19 1.5. SIDEFOR - 3D ELEMENTS OF TRANSVERSE REINFORCEMENT SIDEFOR products are pre-constructed three-dimensional transverse reinforcement elements (cages) for columns, beams and walls. They are manufactured by SIDENOR using a completely automated industrial procedure; they have perfect geometry and guarantee strict implementation of all current Greek Standards (EKOS 2000 & KTX). 1.6. INOMIX Steel Fibres ETAL, a subsidiary of SIDENOR, manufactures and distributes concrete reinforcing steel fibres in the Greek market. The INOMIX fibres, act on the granular level of the concrete reinforcement and add plasticity and threedimensional reinforcement. The ETAL steel fibres are produced in a large variety of dimensions and cover the whole range of the market needs, from gunited concrete to the construction of floor surfaces (industrial, harbour, military, etc.). 1.7. Lattice Girders Lattice girders consist of two bottom reinforcement bars joined with one top reinforcement bar by a retaining wire. In lattice girders, the main SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

Focus on developing innovative products, that ensure added value to the end-users, is a fundamental value for the Group.

A N N U A L R E P O R T 2 0 0 7 reinforcement of top and bottom bars is produced using wire-rod SAE 1010, which, following a cold-rolling process, acquires the required technical characteristics of reinforcement steel (class Β500Α-ELOT 1421-2) or BSt500M (DIN 488). Lattice girders are mainly used during pre-construction as reinforcement of superficial load-bearing members (slabs) where concreting is carried out in two phases, thus providing the advantage of avoiding use of wooden forms. Therefore, when the required main reinforcement is kept at low percentages (small openings) of the cross-section and the speed of construction is a main request, the welded space structures offer a proper solution. 21 2. Merchant Bars SIDENOR is the only manufacturer of merchant bars in Greece. These are manufactured in SIDENOR s plant in Thessaloniki and STOMANA INDUSTRY S.A. s plant in Pernik, Bulgaria, both certified with the CE-mark, according to the EN 10025 standard. 2.1 Square Cross-section Bars (Square) Used primarily for the construction of railings, but also in various metal constructions. 2.2 Rectangular Cross-section Bars (Flats) They are used in a variety of metal constructions, such as traditional railings, casing, metal framework, machinery parts and mechanical equipment. 2.3 Round Cross-section Bars (Round) Used primarily for the construction of railings, but also by screw manufacturers and mechanical equipment manufacturers. 2.4 Equal Angle Cross-section Bars (Angles) These are used in a wide range of metal constructions, such as fencing, support posts (linear) and shelters for vineyards, posts for sheds, bases for roofs, chassis, heavy ironworks and electrical poles. SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

2.5 Medium Flange I-beams (IPE) These are used in metal constructions such as metal building framework, roof support, attics and roof purlins. 2.6 U-shaped Beams (UPN) Small U-shaped beams are used primarily in producing traditional railings combined with the square bars, whereas the larger cross-section U-shaped beams are used in the framework of metal buildings, chassis, wagons, machinery parts, roof supports, etc. Also, cross-sections can be produced for special applications, such as forks for forklifts, mine shaft supports, rail track connectors, ploughs, etc. 22 3. Wire rod The steel grades of wire rods manufactured are: SAE 1006 according to ASTM A510M SAE 1008 according to ASTM A510M SAE 1010 according to ASTM A510M Electrode quality (USD 7) according to DIN 17145 RSt 37-2 according to DIN 17100 SIDENOR wire rod is used in a wide range of wire-drawing applications and meets all the needs of low carbon wire manufacturing. 4. Steel Pipes - Hollow Sections SIDENOR Group, via its subsidiary CORINTH PIPEWORKS, produces and distributes steel pipes for transporting liquid and gas fuels and hollow sections of medium and large diameters. The following products are manufactured: 4.1 Steel Pipes of Medium and Large Diameter Steel pipes for transporting liquid and gas fuel Steel pipes for transporting water Steel pipes for constructions 4.2 Small Diameter Steel Pipes for Networks Steel pipes for pipelines Steel pipes for thermo hydraulic networks and natural gas Steel Pipes for casing 4.3 Steel Pipes for Construction - Hollow Sections Steel pipes for scaffolding Steel pipes for construction Hollow sections with medium and large cross-sections 5. Hot-Rolled Flat Products Hot-rolled flat products (steel sheets or plates) are produced by STOMANA INDUSTRY S.A. in Pernik, Bulgaria. Production takes place according to the

A N N U A L R E P O R T 2 0 0 7 EN and ASTM international standards and products are intended mainly for industrial and shipyard use. 6. Other products 6.1 Wire Products (galvanized and black) These are produced at the ERLIKON SA plant in Kilkis and meet all market requirements for products of the highest specifications, for construction, fencing, industrial cable production, etc. 6.2 Welding Products The ERLIKON S.A. series of welding electrodes and wires meet the requirements of the vast majority of welding applications. 6.3 Special Steels Special Steels are produced by TEPROSTEEL S.A. at its plant in Pernik, Bulgaria according to European and other International Standards. TEPROSTEEL s products include hot rolled round bars and peeled round bars (bright steels) and meet the requirements of the automotive industry, of parts and lifting machinery industries etc. 6.4 Metallurgical By-product Processing AEIFOROS S.A. recycles by-products resulting from the Group s plants production, hence contributing decisively to environmental protection. The resulting material from recycling are: hard aggregates for the construction of skid-resistant road surface and pavement, scrap metal reused as secondary material, sand for sandblasting and metal slag mainly used as an additive substance in constructing decorative tiles and bricks, for the production of black-colour material, for cement production, as a catalyst in recycling lead from batteries, as steel-rich fertilizer and in the production of weights and counterweights. 23 SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.

SIDENOR Group s first plant began operations inthessaloniki in 1962, following the company s establishment.

A N N U A L R E P O R T 2 0 0 7 7. SIDENOR Group Facilities 1. SIDENOR S.A. (Thessaloniki, Greece) SIDENOR Group s first plant began operations in Thessaloniki in 1962, following the company s establishment. After continuous investments and upgrades of the technical equipment, the plant is in a position to produce steel long products, in a wide range of shapes, dimensions and steel grades. Plant Area: 441 square kilometres, of which 76 are covered. Meltshop Annual Production Capacity: 800,000 tons, following the completion of the investments under implementation in 2008. Long Products Rolling Mill Annual Production Capacity: 800,000 tons, following the completion of the investments under implementation in 2008. Products: billets, reinforcing SD steel, SD mesh, SIDEFOR prefabricated cages, steel profile products, wire rod products. The Quality Management System of SIDENOR S.A. is certified according to ELOT EN ISO 9001:2000. Furthermore, the Environmental Management System is certified according to ISO 14001:2004 and the Occupational Health and Safety Management System according to ELOT 1801:2002 and OHSAS 18001:1999. 25 2. SOVEL S.A. (Almyros Magnesia, Greece) SOVEL, a subsidiary of SIDENOR, acquired the assets of the company METALLOURGIKI HALYPS in Almyros, Magnesia in 1996. With the completion of a series of investments, the industrial complex includes a meltshop, a rolling mill, a reinforcing steel mesh production plant, a pipeworks plants and auxiliary units. The SOVEL plant s main competitive advantages are its geographic position in Central Greece, as well as the exclusive use of private port facilities, which contribute to the decrease of transport cost and optimises export and import lead times. The implementation of an investment amounting Euro 40 million also began at the SOVEL plant for the creation of a new Compact mill for long steel products, which will begin operations in early 2009 and will increase annual production capacity of long products by 300,000 tons. This specific investment involves the application of the most advanced production methods, as long products will be manufactured without the use of a reheating furnace, utilizing the endless casting/rolling method, which is a world-wide first. Its utilisation is possible following the start of operations of the new CONSTEEL electric furnace in August 2007. SIDENOR STEEL PRODUCTS MANUFACTURING COMPANY S.A.