As announced on November 5, 2015 Aperam declared its financial policy to maximize the long term growth and sustainability of the company as well as the value accretion for its shareholders while maintaining a strong balance sheet. Subject to shareholder approval at the 2016 annual general meeting of shareholders, Aperam restates a base dividend of $1.25 per share, as the company continues to improve its sustainable profitability benefiting from its strategic actions. The company targets a Net Financial Debt/EBITDA ratio of <1x (through the cycle). In the (unlikely) event that Net Financial Debt/EBITDA exceeds 1x, the Company will suspend the cash dividend. The dividend will be paid in four equal quarterly installments of $0.3125 (gross) per share.

The dividend payments would occur on a quarterly basis in 2016 on 30 March 2016, 14 June 2016, 9 September 2016 and 12 December 2016, taking into account that the first quarterly dividend payment to be paid on March 30, 2016 shall be an interim dividend.

Dividends are announced in US dollars. They are paid in US dollars for shares traded in the United States on the over-the-counter market in the form of New York registry shares and paid in Euros for shares listed on the European Stock Exchanges (Netherlands, France, Luxembourg). Dividends to be paid in Euros are converted from US dollars to Euros based on the European Central Bank exchange rate at the date mentioned in the table below.

A Luxembourg withholding tax of 15% is applied on the gross dividend amounts.

Table: Detailed dividend schedule 2016


1st Quarterly

Payment (interim) 

2nd Quarterly Payment  3rd Quarterly Payment  4th Quarterly Payment
Announcement date 07 March 2016 17 May 2016 16 August 2016 15 November 2016
Ex-Dividend 10 March 2016 20 May 2016 19 August 2016 18 November 2016
Record Date 11 March 2016 23 May 2016 22 August 2016 21 November 2016
Payment Date 30 March 2016 14 June 2016 9 September 2016 12 December 2016
FX Exchange rate

9 March 2016

1 € = 1.0973$
(gross dividend per share in €: 0.28479000)


19 May 2016

1 € = 1.1197$
(gross dividend per share in €: 0.27909260)

18 August 2016

1 € = 1.1321$
(gross dividend per share in €: 0.27603560)


17 November 2016

1 € = 1.0717$
(gross dividend per share in €: 0.29159280)


In order to benefit from exemption of Luxembourg dividend withholding tax at source, an “Informative Memorandum” describing the procedure to obtain an exemption at source of the Luxembourg dividend withholding tax is available here.