1. PRESENTATION OF 2000 RESULTS London & Edinburgh, March 6 th - 7 th 2001

3. 000 Tons ANNUAL PRODUCTIONS OF ACERINOX, S.A. Melting Shop Hot Rolling Cold Rolling Annual average increase rate: 11.1% Annual average increase rate: 9.8% Annual average increase rate: 7.6% 1,000

4. US$/Mt. NiSTOCK (000 Mt.) 1998 1999 2000 L.M.E. OFICIAL NIKEL PRICES 1981/2000 years average prices: 6,870 US$/Mt 0

5. USA GERMANY HONG KONG 1995 1996 1997 1998 1999 2000 SOURCE: Metal Bulletin Research, Stainless Steel Monthly STAINLESS STEEL SHEET PRICES AISI. 304, 2.0 mm (January 95 - December 00) US$/Mt, final price, alloy surcharge included

6. Year 2000Year 1999 GEOGRAPHICAL DISTRIBUTION OF ACERINOX, S.A. NET SALES

7. Average 2000: 5.3 Average 1995-99: 7.1 STAINLESS STEEL COLD ROLLED PRODUCTS COMSUMPTION GROWTH IN THE EUROPEAN MARKET (%). YEAR 2000

8. 1995 1996 1997 1998 1999 2000 SOURCE: Metal Bulletin Research, Stainless Steel Monthly 88 57 61 71 67 100 FINAL PRICE EVOLUTION IN GERMANY STAINLESS STEEL SHEET. AISI. 304 2.0 mm. 100 BASE: Average value of 1995 Annual average values Monthly average values

9. Average 2000: -2.2 COMSUMPTION GROWTH OF STAINLESS STEEL COLD ROLLED THIN COIL AND SHEET IN THE AMERICAN MARKET (%). YEAR 2000

10. FINAL PRICE EVOLUTION IN U.S.A. STAINLESS STEEL SHEET. AISI. 304 2.0 mm. 1995 1996 1997 1998 1999 2000 82 63 59 73 76 100 100 BASE: Average value of 1995 SOURCE: Metal Bulletin Research, Stainless Steel Monthly Annual average values Monthly average values

11. 1995 1996 1997 1998 1999 2000 60 48 46 61 66 100 100 BASE: Average value of 1995 SOURCE: Metal Bulletin Research, Stainless Steel Monthly Annual average values Monthly average values FINAL PRICE EVOLUTION IN HONG KONG STAINLESS STEEL SHEET. AISI. 304 2.0 mm.

12. US$/Mt. STAINLESS STEEL SHEET PRICES AISI 304 2.0 mm, IN S.E. ASIA. YEAR 2000

13. Million Euros Average annual increase rate: 15.8% Consolidated Group EVOLUTION OF ACERINOX GROUP NET SALES 2,000 1,750 1,500 1,250 1,000

14. Million Euros 54 24 15 113 110 90 84 111 120 133 INVESTMENTS MADE BY ACERINOX, S.A. The figures on the top of each bar show the total annual investment of Acerinox,S.A.

15. ANNUAL PRODUCTIONS OF ROLDAN, S.A. Annual average increase rate: 29.3% 0 Mt.

16. Annual average increase rate: 26.7% ANNUAL PRODUCTIONS OF INOXFIL, S.A. 0

17. Million Euros NET CASH FLOW AND NET RESULT OF ROLDAN, S.A. + INOXFIL, S.A. NET RESULT NET CASH FLOW INOXFIL, S.A. ROLDAN, S.A. INOXFIL, S.A. ROLDAN, S.A. Annual average increase rate: 41.4% Annual average increase rate: 27.4%

18. ST (000) EVOLUTION OF N.A.S. PRODUCTION

19. Million US$ RESULTS AT DECEMBER 31 st 2000

20. Date: January, 5 th 2001

21. Date: February, 22 nd 2001

23. INVESTMENT IN NAS

24. Figures in million RESULTS AT DECEMBER 31 st 2000

25. Million Euros EVOLUTION OF NET RESULTS AND NET CASH FLOW OF ACERINOX GROUP Annual average increase rate: 33.9% Annual average increase rate: 28.4%

26. R.O.E. (%) ACERINOX CONSOLIDATED GROUP: MOST SIGNIFICANT DATA R.O.C.E. (%)

27. NET INVESTMENTS. Thousand Euros GEARING (%) ACERINOX CONSOLIDATED GROUP: MOST SIGNIFICANT DATA

28. Acerinox STOCK EXCHANGE MARKET. DAILY EVOLUTION IN PERCENTAGE. YEAR 2000 IBEX 35 index Average of main European steel firms

29. P.E.R. ACERINOX CONSOLIDATED GROUP: MOST SIGNIFICANT DATA