Aperam Announces Board of Directors Changes Effective January 2026

Aperam announced changes to its Board of Directors effective January 1, 2026. The Board decided to co-opt Mr. Timoteo Di Maulo, who will step down as CEO on December 31, 2025, as a Director. His appointment will be submitted for shareholder approval at the next General Meeting of Shareholders. This coincides with the resignation of Mr. Sandeep Jalan, who will step down from the Board on December 31, 2025 for personal reasons.

Mr. Lakshmi N. Mittal, Chairman of the Board, commented on the changes. He expressed delight in welcoming Timoteo Di Maulo to the Board, noting that his deep industrial knowledge from successfully leading Aperam for more than a decade would be a valuable asset. Mittal also thanked Sandeep Jalan for his dedicated service to the company, both as a Board member and previously as Chief Financial Officer.

Aperam is a global player in stainless, electrical and specialty steel and recycling, with customers in over 40 countries. The business is organized in four primary reportable segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables. Aperam is fully committed to being the leading value creator in the circular economy of infinite, world-changing materials.

The company has a flat Stainless and Electrical steel capacity of 2.5 million tonnes in Brazil and Europe and is a leader in Alloys & high value specialty products with presence in France, China, India and the United States. In addition to its industrial network, spread over sixteen production facilities in Brazil, Belgium, France, the United States, India and China, Aperam has a highly integrated distribution, processing and services network and a unique capability to produce low carbon footprint stainless and special steels from biomass, stainless steel scrap and high performance alloys scrap.

With Bioenergia and its unique capability to produce charcoal made from its own FSC®-certified forestry and with ELG, a global leader in collecting, trading, processing and recycling of stainless steel scrap and high performance alloys, Aperam places sustainability at the heart of its business, helping customers worldwide to excel in the circular economy. In 2024, Aperam had sales of EUR 6,255 million and shipments of 2.29 million tonnes. For further information, please refer to the company website at https://www.aperam.com.

The board changes signal a transition in leadership while retaining institutional knowledge. Timoteo Di Maulo's move from CEO to director suggests a strategic shift to leverage his decade-long experience at a governance level, potentially influencing long-term sustainability and circular economy initiatives. This continuity may reassure investors about stable strategic direction amid the leadership change.

Sandeep Jalan's departure for personal reasons marks the end of a significant tenure, but the company's established financial and operational framework likely mitigates disruption. The changes come as Aperam emphasizes its commitment to the circular economy, with its integrated model from production to recycling positioning it uniquely in the steel industry. The impact extends to stakeholders in over 40 countries, as the company's focus on low-carbon footprint materials and sustainability could drive industry standards and customer competitiveness in global markets.