Befesa S.A. — Investor Presentation 2020

Sep 1, 2020

Befesa Presentation Commerzbank Corporate Conference, 1 – 3 September 2020

BEFESA Disclaimer

This presentation contains forward-looking statements and information relating to Befesa and its affiliates that are based on the beliefs of its management, including assumptions, opinions and views of Befesa and its affiliates as well as information cited from third party sources. Such statements reflect the current views of Befesa and its affiliates or of such third parties with respect to future events and are subject to risks, uncertainties and assumptions.

Many factors could cause the actual results, performance or achievements of Befesa and its affiliates to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: changes in general economic, political, governmental and business conditions globally and in the countries in which Befesa and its affiliates do business; changes in interest rates; changes in inflation rates; changes in prices; changes to national and international laws and policies that support industrial waste recycling; legal challenges to regulations, subsidies and incentives that support industrial waste recycling; extensive governmental regulation in a number of different jurisdictions, including stringent environmental regulation; management of exposure to credit, interest rate, exchange rate and commodity price risks; acquisitions or investments in joint ventures with third parties; inability to obtain new sites and expand existing ones; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weather conditions, unexpected geological or other physical conditions, or criminal or terrorist acts at one or more of our plants; insufficient insurance coverage and increases in insurance cost; loss of senior management and key personnel; unauthorised use of Befesa's intellectual property and claims of infringement by Befesa of others' intellectual property; Befesa's ability to generate cash to service its indebtedness changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted.

Befesa and its affiliates do not assume any guarantee that the assumptions underlying forward-looking statements are free of errors nor do they accept any responsibility for the future accuracy of the opinions expressed herein or the actual occurrence of the forecasted developments. No representation (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein or otherwise resulting, directly or indirectly, from the use of this document.

This presentation is intended for information only and should not be treated as investment advice. It is not intended as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. This presentation may not, at any time, be reproduced, distributed or published (in whole or in part) without prior written consent of Befesa.

Second quarter and first half 2020 figures contained in this presentation have not been audited or reviewed by external auditors.

This presentation includes Alternative Performance Measures (APM), including EBITDA, EBITDA margin, EBIT, EBIT margin, net debt and capital expenditures which are not measures of liquidity or financial performance under International Financial Reporting Standards (IFRS). EBITDA is defined as operating profit for the period (i.e. EBIT) before the impact of amortisation, depreciation, impairment and provisions. EBITDA margin is defined as EBITDA divided by revenue. EBIT is defined as Operating profit for the year. The Company uses EBIT to monitor its financial return after both operating expenses and a charge representing the cost of usage of both its property, plant and equipment and definite-life intangible assets. EBIT margin is defined as EBIT as a percentage of revenue. These non-IFRS measures should not be considered in isolation or as an alternative to results from operating activities, cash flow from operating, investing or financing activities, or other financial measures of Befesa's results of operations or liquidity derived in accordance with IFRS. Befesa believes that the APM included in this report are useful measures of its performance and liquidity. Other companies, including those in the industry in which Befesa operates, may calculate similarly titled financial measures differently than Befesa does. Because all companies do not calculate these financial measures in the same manner, Befesa's presentation of such financial measures may not be comparable to other similarly titled measures of other companies. These APM are not audited.

• Q2 EBITDA at €22m, in line with market expectations, down €15m / 41% yoy; H1 EBITDA at €55m as expected, down €25m / 31% yoy; Main driver is COVID-19 pandemic pressuring metal prices
• Confirming FY EBITDA guidance range of €100m to €135m
• Resilient plant utilisations around 80% in both core businesses;
  • EAF dust throughput up +5% yoy (Turkey);
  • Salt slags & SPL -15% (lower automotive sector demand)
• Continued strong ~€185m available liquidity at Q2: €107m cash + €75m Revolving Credit Facility (RCF); Efficient long-term cap. structure; No covenant nor maturities to Jul'26; Term loan B (TLB) at 2% interest; Hedged until and incl. Jan´22 between 60%-70% of zinc volume output
• Construction of both China plants progressing on schedule; Total Befesa capex H1 at €31m, in line with FY €70m capex guidance (FY'19: €80m)
• €15m (€0.44 per share) ordinary dividend distributed in July; Post Q3 earnings release reviewing for potential additional dividend to balance dividend stability, cash flow and visibility on COVID-19 pandemic

Resilience During Severe 2008/09 Crisis -&- 2020 Crude Steel Production

240 EU Crude Steel Production Trend & Befesa's EAF Dust Throughput (2008-2010)

• Befesa operates highly regulated hazardous waste recycling services business model
• Stable experienced management team
• Resilient EAFD volume -14% yoy or ~half of EU steel trend -30% during 2008/2009 crisis; Respectable ~19% EBITDA margin

2020 Crude Steel Production(1)
	Jan		Feb		Mar		Apr		May		Jun		Jul		Jul YTD
	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy
EU-28	12.9	(7%)	13.3	(1%)		12.1 (20%)	9.6	(31%)		10.6 (26%)		10.1 (25%)	9.8	(24%)		78.4 (19%)
Turkey	3.0	17%	2.9	8%	3.1	4%	2.2	(26%)	2.3	(26%)	2.8	4%	3.1	7%	7.1	(2%)
South Korea	5.7	(8%)	5.4	3%	5.8	(8%)	5.1	(15%)	5.4	(14%)	5.1	(14%)	5.5	(8%)		15.5 (10%)
(3) Served market	21.7	(5%)	21.6	1%		21.0 (14%)		16.9 (26%)		18.2 (23%)		18.0 (18%)		18.5 (16%)		101.0 (15%)
China	79.9	1%	74.8	5%	79.0	(2%)	85.0	0%	92.3	4%	91.6	4%	93.4	9%	269.0	3%
World	151.3 (0%)		144.3	3%		147.6 (6%)		137.0 (13%) 148.8 (9%)				148.7 (7%)		152.7 (3%)		434.4 (5%)

▪ Europe: Q1 at -10% yoy; Q2 at -28% yoy; July YTD -19% yoy impacted by COVID-19 For 2020 to be down 30% (08/09 crisis) requires remaining August to December down severely by -47% yoy

• Signs of a moderate recovery in crude steel production … EU-28: April yoy -31%, May -26%, June -25%, July -24% Served market(3): April yoy -26%, May -23%, June -18%, July -16% World: April yoy -13%, May -9%, June -7%, July -3%
• Expecting Q3 improving over Q2

Signs of a moderate recovery in crude steel production … Expecting Q3 improving over Q2

(1) Source: worldsteel.org

(3) "Served market" is a subtotal of EU-28 + Turkey + South Korea as a proxy of the served market.

⁵ (2) Total EBITDA is the sum of Steel Dust & Aluminium Salt Slags segments proforma (PF) comparable to Befesa structure in ´19/´20; Thus, it excludes divested IES, EPC and Concessions businesses

BEFESA FY 2020 Guidance

	Lower-end: €100m EBITDA	Upper-end: €135m EBITDA
EU crude steel market -&- COVID-19	▪ After -10% in Q1; Q2 to Q4 each severely down -37% yoy; Annually down ~30% yoy (like 2009 crisis) EU-28 volume No recovery; Prolonged lockdowns ▪	▪ Q2 materially down yoy Lockdown easing by end Q2 ▪ Q3 & Q4 recovering and no 2nd pandemic wave ▪ causing further lockdowns in H2
Operational performance	Overall capacity utilisation at ~80% ▪	Limited impact on volume ▪ Overall capacity utilisation at ~90% ▪
Metal prices	Q2 to Q4 at ~ Q1 low €1,650-€1,700/t ▪ TC at \$300/t ▪ ▪ Combined price impact (LME & TC) -39% yoy	H2 recovering to €1,750/t to €1,850/t; ▪ TC at \$300/t ▪ ▪ Combined price impact (LME & TC) -30% yoy
FY 2020 EBITDA	FY 2020 EBITDA: €100m (-€60m / -38% yoy) ▪ ▪ Remaining quarters ~reduced €22m run-rate ▪ Q2+Q3+Q4 at €66m (-44% yoy vs. €117m '19)	FY 2020 EBITDA: €135m (-€25m / -16% yoy) ▪ ▪ Assuming Q2 lowest quarter in 2020 and run-rate recovery in H2 ▪ Q2+Q3+Q4 at €101m (-14% yoy)
Capex	▪ Reducing discretionary cost & non-vital capex ~€20m to protect core growth roadmap; Total capex of ~€70m: ~€50m growth (China); ~€20m regular maintenance; ▪
Pre-dividend cash flow & cash	▪ Approx. +/- €5m ▪ Cash position ~€120m	▪ Approx. +€25 to €35m ▪ Cash position ~€150m
Dividend	✓ Ordinary dividend of €15m or €0.44/share Review an additional dividend in November ▪ flow Q3 2020 YTD and the improved visibility about the impact from COVID-19 Conservatively balancing dividend stability and cash flow →	distributed in July (post Q3 earnings release) depending on earnings & cash

Even at lower-end €100m EBITDA (prolonged COVID-19 lockdowns), operational continuity assured incl. funding China … Considering an additional dividend in November on top of the €15m (€0.44/per share) ordinary dividend paid in July

Executing well defined growth roadmap even during COVID-19 …

… 2019: ✓ Completed Turkey, Korea washing, Alu furnace upgrades; On time & budget → Focus 2020: Building two EAF steel dust recycling plants in China

Hedging incl. Jan´22; Improved earnings & cash flows visibility for next 1.5 years

Zinc hedges & blended average prices

	Q2 2019	Q2 2020	H1 2019	H1 2020
Unhedged	22% or 7kt	~30% or 9kt	23% or 14kt	~35% or 25kt
	@ €2,308/t LME	@ €1,780/t LME	@ €2,408/t LME	@ €1,855/t LME
Hedged	78% or 23kt	~70% or 23kt	77% or 46kt	~65% or 46kt
	@ €2,315/t	@ €2,225/t	@ €2,320/t	@ €2,235/t
	hedge price	hedge price	hedge price	hedge price
Blended(1)	€2,277	€1,991	€2,326	€2,064

• Hedges in place until and including January 2022
• Continuous monitoring of the market to close further hedges
• Majority of hedges Euro based
• Befesa providing no collateral

China is the largest and growing EAF steel producer worldwide …

… Befesa growing and diversifying its portfolio to capture China addressable market

Source: worldsteel; Company data

(1) Assuming 15kg to 20kg EAF dust generated per tonne of EAF crude steel output (2) Europe defined as EU-28 (3) Rest of World incl. Turkey, Korea as well as servicing South East Asia and China

BEFESA China – Changzhou Plant, Jiangsu Province 3

BEFESA China – Xuchang Plant, Henan Province

3

Key facts of the plant:

• 2 nd EAF steel dust recycling plant in China
• Capacity to recycle 110kt EAF steel dust p.a.
• Total investment: ~€42m
• Location: Xuchang (Henan province)

Status update:

• →Construction/foundation works progressing well; Completion expected by mid-2021
• →Long-term financing in progress

Befesa is a vital player in the circular economy providing sustainable solutions

• Befesa recycles annually around 1.5 million tonnes of hazardous residues, avoiding landfilling and recovering and reintroducing around 1.2 million tonnes of valuable new materials
• Befesa's business model is vital part of the circular economy … Befesa's core business is sustainability
• Befesa is deploying its proven environmental services technologies in other parts of the world, like China, and will contribute to the environmental protection in these new regions

The Sustainability Report 2019 was published on 10 June 2020

Available ESG ratings for Befesa

BEFESA Investor Agenda

Financial calendar	Meet Befesa
✓ Thursday, 30 April 2020: Q1 2020 Statement & Analyst Call	12 May 2020 – MainFirst ✓ Frankfurt, 3rd MainFirst SMID CAP One-on-One Forum (virtual)
	13-14 May 2020 – Commerzbank ✓ New York & Boston, Northern European Conf. 2020 (virtual)
✓ Thursday, 18 June 2020: Annual General Meeting	18 May 2020 – Berenberg ✓ Tarrytown (New York), Berenberg USA Conf. 2020 (virtual)
	✓ 08-10 June 2020 – Stifel Boston, 3rd Stifel Cross Sector Insights Conference (virtual)
✓ Friday, 31 July 2020:	01-03 September 2020 – Commerzbank Frankfurt, Commerzbank Corporate Conference
H1 2020 Interim Report & Analyst Call	15-16 September 2020 – Berenberg Berenberg 'Virtual Circular Economy'
	17-18 September 2020 – Citi London, SMID/Growth Conference 2020
Thursday, 29 October 2020: Q3 2020 Statement & Analyst Call	21-23 September 2020 – Goldman Sachs & Berenberg Munich, 9th German Corporate Conference
	21-25 September 2020 – Baader Munich, Baader Investment Conference 2020
IR contact Rafael Pérez Director of Investor Relations & Strategy	11-12 November 2020 – Goldman Sachs London, Global Natural Resources Conference 2020
Phone: +49 (0) 2102 1001 340 email: irbefesa@befesa.com	30 November – 03 December 2020 – Berenberg Pennyhill, London, Berenberg European Conference 2020
Note: Befesa's financial reports and statements are published at 7:30 am CEST

Befesa cannot rule out changes of dates and recommends checking them in the Investor Relations / Financial Calendar section of Befesa's website www.befesa.com

BEFESA Q2 2020 Highlights

Operational performance driven by resilient plant utilisation around 80% in both core businesses; Managing impact from COVID-19	EAF dust throughput 156kt (+5% yoy) driven by Turkey ▪ Salt slags & SPL recycled 106kt (-15% yoy) due to ▪ COVID-19 pandemic lowering demand from automotive sector and production rates
COVID-19 depressed metal prices main driver of Q2 earnings decrease: - Zinc LME Q2 €1,780; -28% yoy, including TC at \$300/t vs \$245/t '19 combined -37%(1) yoy price impact - Alu Alloy FMB Q2 €1,282; -8% yoy	▪ EBITDA at €22m (-41% / €-15m yoy) mainly driven by: (-) Unfavourable metal prices: Zinc LME at €1,780/t (-28% yoy) Zinc TC settled at \$300/t (vs. \$245/t in 2019) Alu alloy FMB at €1,282/t (-8% yoy) (-) Zinc hedges: €2,225/t in Q2'20 (vs. €2,315/t in Q2'19) (-) Aluminium Salt Slags volumes (combined -19% yoy) Partially offset by: (+) EAF dust throughput up +5% yoy (Turkey expansion)
Continued strong liquidity of ~€185m; Cash at €107m + €75m RCF	▪ Continued high ~€185m unused liquidity; Solid cash at €107m and €75m RCF undrawn; Leverage at x3.1 ▪ Operating cash flow at €65m LTM Q2
China construction on schedule at both sites, Jiangsu & Henan	Jiangsu: Construction progressing on schedule; ➢ Completion expected begin'21 Henan: Construction works started mid-May; ➢ Completion expected by middle of 2021

(1) In 2020, the \$300 TC per tonne of WOX, divided by ~68% zinc content in WOX and divided by 85% zinc payable after 15% free-metal deduction, is equivalent to ~\$519 per tonne of zinc payable; Similarly, in 2019, the \$245 TC per tonne of WOX is equivalent to ~\$424 per tonne of zinc payable.

BEFESA Consolidated Key Financials

H1 EBITDA as expected at €55m (-31% yoy) impacted by lower metal prices; Partially offset by higher EAF dust throughput (Turkey expansion)

Highlights

• (+) EAF dust throughput +5% higher yoy (Turkey expansion) Offset by:
  • (-) Alu salt slags volumes down (combined -19% yoy) due to lower demand (COVID-19) & planned maintenance downtimes
  • (-) Lower market prices yoy: Zinc LME price -28% (Q2'20: €1,780/t; Q2'19: €2,459/t); Unfavourable zinc TC for 2020 at ~\$300/t (2019: \$245/t) Alu alloy FMB price -8% (Q2'20: €1,282/t; Q2'19: €1,390/t)
  • (-) Zinc hedging prices -€90/t (Q2'20: €2,225/t; Q2'19: €2,315/t) → Zinc blended prices -13% (Q2'20: €1,991/t; Q2'19: €2,277/t)
• Q2 EBITDA at €21.7m (€-15m / -41% yoy); EBITDA margin 18%; Main drivers:
  • (-) Lower metal prices (Zinc LME ~€-8; Alu alloy FMB ~€-1);
  • (-) Unfavourable zinc TC (~€-2.5);
  • (-) Lower zinc hedging prices (~ €-2);
  • (-) Lower salt slags & SPL volumes (~ €-2)
  • (-) Lower secondary aluminium volumes (~ €-1)

Partially offset by:

(+) Higher EAF dust throughput (~€2)

▪ Net income one-time affected by the UK salt slags plant impairment review mostly offset by positive effect from successful debt repricing; Net a minor €-0.7m impact

Q2 EBITDA at €19m (-32% yoy): Driven by depressed zinc prices (COVID-19); Partially offset by higher EAF dust throughput (Turkey expansion)

Highlights

• Q2 revenue down 19% yoy mainly driven by:
  • (-) Lower zinc LME spot and hedging prices;
  • (-) Unfavourable zinc TC at ~\$300/t (vs. \$245/t in ´19) Partially offset by:
  • (+) Higher EAF dust throughput (Turkey expansion)
• Q2 EBITDA down €9m / 32% yoy primarily driven by:
  • (-) Lower zinc blended prices, ~€-10 (LME €-8; Hedging €-2);
  • (-) Unfavourable zinc TC (~€-2.5); Partially offset by:
  • (+) Higher EAF dust throughput (~€+2)

• Throughput up +5% Q2 / +7% H1 yoy (Turkey expansion) Partially accelerated annual shutdowns into H1
• Resilient plant utilisation around 80% amid COVID-19

Prices

(€ per tonne)	Q2 2019	Q2 2020	% Var.	H1 2019	H1 2020	% Var.
blended(2) Befesa average zinc price	2,277	1,991	-13%	2,326	2,064	-11%
LME average price	2,459	1,780	-28%	2,420	1,855	-23%

Note: Including the unfavourable TC impact, the combined price effect amounted to -37% in Q2 and -32% in H1

Q2 EBITDA at €4m (€-6m yoy) driven by the lowest aluminium alloy prices in last 10 years and reduced demand due to COVID-19 (automotive sector)

Highlights

• 2 nd Aluminium: Q2 EBITDA down €3.5m yoy driven by depressed prices & lower demand COVID-19 / automotive
• Salt Slags & SPL: Q2 EBITDA down €2.7m yoy driven by: (-) 8% yoy decrease of aluminium alloy prices (~€-1); and (-) Salt slags & SPL volumes down 15% yoy mainly due to COVID-19 pandemic lowering demand (~€-2)

(1) Total revenue is after intersegment eliminations (€6.8m in Q2'20; €8.7m in Q2'19; €15.3m in H1'20; €18.7m in H1'19)

(2) EBITDA margins refer to the Salt Slags subsegment

(3) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works

Continued strong ~€185m liquidity (Cash €107m; €75 RCF undrawn); Long-term capital structure: No maturities to July ´26; 2% interest; No covenant; Managing cash & cost rigorously; Funding China expansion

Capital Structure

• TLB interest rate at E+200 bps for leverage >x2.25
• Long-term capital structure, cov-lite TLB, with remaining >6 years tenor to July ´26; Incl. loan baskets to accommodate China growth
• No covenant; unless ≥ 40% of RCF used; in which case leverage to stay ≤ x4.5 … YE´19 at x2.6; Significant headroom
• Moody's / S&P corporate ratings unchanged: Ba2 / BB

H1'20 EBITDA to total cash flow – main drivers

Total Cash Flow	€-19	€107m cash on hand →
Dividends	-	Note: €15 distributed in July
Capex & other investing activities	€-31	€11 Maintenance/productivity/compliance €20 Growth: mainly China expansion
Interest & other(2)	€-9
Taxes	€-10
WC change	€-24	Mainly AR w/ less fact. & conf.; Lower AP
EBITDA	€55	€-25m / -31% yoy

Operating cash flow(3)

(1) Gross debt at Q2'20 includes €13.8m under current financial indebtedness, primarily explained by the accrued bi-annual interests, leasing (under IFRS 16) and others

(2) "Other" includes cash bank inflows/outflows from bank borrowings and other liabilities, as well as the effect of foreign exchange rate changes on cash

(3) Total operating cash flow per audited consolidated statement of cash flows; after WC, taxes & interest; pre capex & dividend; 2020 figures are unaudited

BEFESA Befesa at a Glance

Befesa a market leader in Europe & Asia in providing regulated critical hazardous waste recycling services to the steel and aluminium industries

+90% EBITDA generated from two core segments; ~25-35% EBITDA margin operations with low capital intensity

Steel Dust Recycling Services(3)			Aluminium Salt Slags Recycling Services
#1	Position in Europe (c. 45–50% market share) and Asia(2)		#1	Position in Europe in Salt Slags subsegment (c. 45–50% market share)
31%	EBITDA margin (LTM Q2 2020)(3)		23%	EBITDA margin in Salt Slags subsegment (LTM Q2 2020) (4)
Relationships >15yrs			Relationships >15yrs

Source: Company information, International Consulting Firm based on World Steel Association's Steel Statistical Yearbooks, WBMS, industry research, expert Interviews.

(1) Excluding internal revenues; sales split is calculated on revenues including internal revenues. (2) Excluding China.

(3) Including stainless steel. (4) Including recycling of SPL (a hazardous waste generated in primary aluminium production).

BEFESA Main Milestones

Befesa has grown successfully through organic initiatives and acquisitions

(2) Free-float at 100% after Triton's exit on 06 June 2019

BEFESA Investment Highlights

Each Befesa plant usually collects waste from at least 10-15 client

Befesa is the market leader in steel dust and salt slags recycling services with a competitive advantage due to its close proximity to key clients

Established market leader Proximity to clients provides strong competitive advantage

Steel Dust Recycling Services

(1) Excluding China.

Befesa is the leading environmental services partner of the 2nd steel & alu industry providing sustainable solutions for highly regulated hazardous waste …

… Contributing to a circular economy by recycling and avoiding the landfilling of >1.5 Mt hazardous waste … Recovering >1.2 Mt of new valuable materials

(1) Incl. 22kt of Spent Pot Linings (SPL), a hazardous waste generated in the production process of primary aluminium; (2) Not incl. 2 China plants currently under construction; (3) Total revenue is after intersegment eliminations (€34.4m FY'19)

5 Highly Resilient Business

Positive operational cash flow generation although in a very challenging COVID-19 environment continues providing funds for growth

(1) Total revenue excludes internal revenues and are comparable figures after amendment IFRS 15 affecting the revenue recognition of non-operating sales in the 2nd Aluminium sub-segment; These non-operating sales have limited margin contribution; Reported revenues amounted to €611.7m in fiscal year 2016 and €724.8m in fiscal year 2017

(2) EBITDA and EBIT margins as a % of comparable revenue; EBITDA and EBIT in fiscal years 2016 and 2017 are adjusted from one-off extraordinary items; Reported EBITDA amounted in €128.8m in fiscal year 2016 and €153.0m in fiscal year 2017; Reported EBIT amounted to €84.3m in fiscal year 2016 and €122.4m in fiscal year 2017

(3) Operating cash flow per audited consolidated statement of cash flows; after WC, taxes & interest; pre capex & pre dividend; LTM 2020 figures are preliminary and unaudited

Executing well defined growth roadmap even during COVID-19 …

… 2019: ✓ Completed Turkey, Korea washing, Alu furnace upgrades; On time & budget → Focus 2020: Building two EAF steel dust recycling plants in China

Senior management team delivering results through long standing industry expertise, entrepreneurial spirit and focus on operational excellence as well as governance and compliance processes

CEO since 2000

Has run Befesa for >15 Years Became President of Abengoa's Environmental Services Division in 1994

Asier Zarraonandia Vice President Steel Dust Recycling Services

Javier Molina

CEO

>15 yrs with Befesa >25 yrs with Befesa

Has run the Steel Dust Recycling Services Business for >10 years

Wolf Lehmann CFO; including responsibilities for Operational Excellence and IT

CFO since 2014

20+ years in finance and operational leadership roles 50/50 General Electric / Private Equity

Federico Barredo Vice President Aluminium Salt Slags Recycling Services

Has run the Aluminium Salt Slags Recycling Service Business for >15 years

Key achievements / track record

Extensive experience in steel and aluminium recycling business

Strong performance results through focus on operational excellence

Building strong business foundation of ESG, compliance and health & safety processes

Successful international expansion

Track record of successful acquisitions and turnarounds (BUS, Agor, Alcasa, Hankook, Silvermet etc.)

Experience in developing greenfield projects (South Korea, Gravelines, Bernburg)