How did AMG handle the decline in critical material prices?

AMG focused on 'enabling technologies' that provide value regardless of raw material costs, such as light-weighting for aerospace. According to slide 17, they also improved productivity and product mix optimization, which allowed them to increase gross margins to 18.7% even as the market prices for their core materials hit historical lows.

What was the primary driver of AMG's financial stability in 2016?

The primary driver was aggressive balance sheet management. Slide 17 notes an 80% reduction in net debt, and slide 21 illustrates a massive 67% reduction in working capital days. By freeing up cash tied up in operations, the company maintained liquidity during a challenging price environment for commodities.

Which industries are the main consumers of AMG's products?

As detailed on slide 33, AMG's primary end markets are Aerospace, Automotive, and Infrastructure. Their customer list includes major industrial players like Boeing (via PCC/ATI), GE, and steel manufacturers like Nucor and Gerdau, showing a heavy reliance on global transportation and construction trends.

What is the significance of the 'Working Capital Reduction' slide?

Slide 21 is a critical proof point of management's execution. In industrial metallurgy, working capital (inventory and receivables) often drains cash. Reducing this from 79 days to 26 days over six years demonstrates a fundamental shift in operational efficiency, making the company much more resilient to market shocks.

Does the deck mention environmental or sustainability goals?

Yes, slide 2 positions CO2 reduction as a 'global imperative.' AMG divides its contribution into 'Mitigating Technologies' (recycling Ferrovanadium) and 'Enabling Technologies' (fuel efficiency in aerospace). This framing aligns their industrial output with the broader ESG (Environmental, Social, and Governance) trends emerging in 2016.

AMG Advanced Metallurgical Group N.V. Pitch Deck Teardown

See all 40 slides of the AMG Advanced Metallurgical Group N.V. pitch deck, with a slide-by-slide teardown of what the deck does well and where it falls short.

AMG Advanced Metallurgical Group N.V. presented a comprehensive 40-slide investor deck in May 2016 that prioritized operational discipline over speculative growth. Facing a period of depressed metal prices, the company highlighted its ability to improve gross margins (from 16.8% to 18.7% YoY) and drastically reduce working capital days from 79 in Q3 2010 to just 26 in Q1 2016. The deck serves as a defensive yet optimistic roadmap, showcasing a diversified portfolio across aerospace, automotive, and infrastructure sectors. By emphasizing safety improvements and debt reduction (down 80% YoY), A…

Key takeaways

AMG achieved a 67% reduction in working capital days, dropping from 79 days in Q3 2010 to 26 days by Q1 2016 (Slide 21).
The company successfully increased its gross margin to 18.7% in Q1 2016, up from 16.8% in Q1 2015, despite falling metals prices (Slide 17).
Net debt was reduced by $69.6 million, representing an 80% decrease compared to the end of Q1 2015 (Slide 17).
Safety metrics showed significant improvement, with incident severity rates down 37% and lost time incidents down 35% year-over-year (Slide 13).
The 'Critical Materials Prices' chart reveals that most of AMG's portfolio, including Nb and Sb, were near 10-year price lows in March 2016 (Slide 9).
AMG Engineering reported a revenue increase of 11% in Q1 2016, reaching $60.8 million, driven by aerospace furnace sales (Slide 25).
The company maintains a diversified customer base including blue-chip names like GE, Safran, Rio Tinto, and Alcoa (Slide 33).
Total assets were reported at $736.9 million as of March 31, 2016, with a cash position of $111.6 million (Slide 37).

Introduction

The AMG Advanced Metallurgical Group N.V. Investor Presentation from May 4, 2016, is a detailed 40-slide document (of which we are analyzing the core 10 slides) that provides a snapshot of a mature industrial company navigating a cyclical downturn. Unlike a startup pitch deck that sells a future vision, this deck sells operational excellence and fiscal discipline. The narrative is built around the concept of 'Critical Materials' and the company's role in the 'CO2 Reduction' revolution.

Slide 1: Title Slide

The deck opens with a high-resolution image of a city skyline viewed through an airplane window, immediately signaling the company's focus on the aerospace and transportation sectors. The tagline, "LEADING THE CRITICAL MATERIALS REVOLUTION," positions AMG not just as a supplier, but as a pioneer in a shifting industrial landscape. The slide clearly identifies the entity as AMG Advanced Metallurgical Group N.V. and dates the presentation to May 4, 2016.

Slide 2: CO2 Reduction Strategy

This slide serves as the 'Why' for the company. It frames CO2 reduction as a "global imperative for the 21st century." AMG categorizes its business into two technological pillars: Mitigating Technologies , which focus on saving raw materials and energy during manufacturing (e.g., recycling of Ferrovanadium), and Enabling Technologies , which save emissions during the end-use phase (e.g., light-weighting in aerospace and automotive). This is a strategic move to align a heavy industrial business with environmental sustainability trends.

Slide 9: Critical Materials Prices: 10 Year Perspective

This is perhaps the most honest slide in the deck. It uses a 0-to-10 scale to show where current metal prices sit relative to their 10-year highs and lows. The data for March 2016 shows that almost every material AMG deals in—Chromium (Cr), Molybdenum (Mo), Nickel (Ni), Ferrovanadium (FeV), and Niobium (Nb)—was at or near a 10-year price floor. For example, Nb is at a 0.1 and FeV is at a 0.4. The slide concludes that "AMG has significant potential upside" based on these historical ranges, turning a market weakness into a potential investment opportunity.

Slide 13: Health and Safety Focus

For an industrial company, safety is a proxy for operational quality. AMG reports that the number of safety improvement items increased by 13%, while the incident severity rate dropped by 37% and days away from work dropped by 35% for the period ending March 2016. The table shows a reduction in Lost Time Incidents from 32 in 2015 to 29 in 2016. This slide is intended to build trust with institutional investors by showing that the company is managed with a "rigorous commitment to safety."

Slide 17: 2016 Financial Objectives

This slide outlines four key objectives and provides a progress update for each. The most striking figure is the 80% reduction in net debt ($69.6 million) compared to Q1 2015. Additionally, the company highlights a Gross Margin increase to 18.7% in Q1 2016 from 16.8% in Q1 2015, specifically noting that this was achieved "despite falling metals prices." This reinforces the theme of operational efficiency over market reliance.

Slide 21: Working Capital Reduction

This slide features a line graph showing a consistent downward trend in working capital days. Starting at 79 days in Q3 2010, the company managed to drive this down to 26 days by Q1 2016 . A large orange hexagon highlights this as a "53 DAYS, OR 67% REDUCTION." For investors, this is a clear indicator of improved cash flow management and reduced operational risk.

Slide 25: AMG Engineering Performance

Focusing on one of their specific business units, this slide shows that Q1 2016 revenue reached $60.8 million , an 11% increase over Q1 2015. EBITDA also saw an improvement, rising to $4.6 million. However, the slide also notes a Book to Bill ratio of 0.83x in Q1 2016, with an order intake of $50.5 million. This indicates that while current revenue is strong, new orders are lagging slightly behind current billings, a crucial detail for future forecasting.

Slide 29: 2016 Outlook

The outlook slide is cautious. It states that management's target is to "maintain 2015 levels of profitability in 2016." It mentions a change in dividend policy, reflecting a "commitment to return value to shareholders" due to the improved balance sheet. The summary at the bottom reiterates the strategy: reduce cost, optimize the product portfolio, and maintain a conservative balance sheet.

Slide 33: Critical Materials – Market Trends

This slide maps AMG’s four business units (Aluminum, Vanadium, Titanium Alloys, and Superalloys) to their major end markets and customers. It lists high-profile customers such as Constellium, Rio Tinto, Alcoa, Nucor, Gerdau, Safran, GE, PCC, and ATI . The market trends identified are almost entirely focused on "Fuel Efficiency," "Infrastructure Growth," and "Energy Saving," showing a unified demand driver across their diverse product lines.

Slide 37: Consolidated Balance Sheet

The final slide in the set is a formal balance sheet as of March 31, 2016. It shows Total Assets of $736.9 million and Total Liabilities of $564.8 million . Key figures include a cash balance of $111.6 million and inventory valued at $125.8 million. The equity position improved from $153.6 million in December 2015 to $172.1 million in March 2016, providing a solid financial foundation for the company’s claims of stability.

What Works Well

Operational Transparency: The inclusion of specific metrics like working capital days and incident severity rates shows a management team that is focused on the details of the business. · Honest Market Assessment: Slide 9 does not hide the fact that metal prices are at a decade-long low; instead, it uses that data to argue for future upside. · Clear Customer Validation: Listing major global corporations like GE and Rio Tinto on Slide 33 provides immediate credibility to their market position.

What is Missing

Competitive Landscape: The deck does not mention specific competitors in the metallurgical or engineering space, making it difficult to assess AMG's market share. · Unit Economics: While gross margins are mentioned, the deck lacks a breakdown of the cost of goods sold (COGS) or specific margin profiles for different materials. · Detailed Risk Factors: Beyond the price volatility of metals, the deck does not address geopolitical risks or supply chain vulnerabilities, which are critical in the materials sector.

Founder Takeaways

Use Efficiency as a Shield: If your market is volatile or down, focus your pitch on what you can control—working capital, margins, and debt. AMG’s slide 21 is a perfect example of this. · Align with Macro Trends: AMG successfully framed a traditional industrial business as a "CO2 Reduction" play. Founders should always look for the broader global trend their company supports. · Visualizing Data: The use of the 0-10 scale for metal prices (Slide 9) is an excellent way to make complex commodity data instantly understandable for a generalist investor.

Frequently asked questions

How did AMG handle the decline in critical material prices?: AMG focused on 'enabling technologies' that provide value regardless of raw material costs, such as light-weighting for aerospace. According to slide 17, they also improved productivity and product mix optimization, which allowed them to increase gross margins to 18.7% even as the market prices for their core materials hit historical lows.
What was the primary driver of AMG's financial stability in 2016?: The primary driver was aggressive balance sheet management. Slide 17 notes an 80% reduction in net debt, and slide 21 illustrates a massive 67% reduction in working capital days. By freeing up cash tied up in operations, the company maintained liquidity during a challenging price environment for commodities.
Which industries are the main consumers of AMG's products?: As detailed on slide 33, AMG's primary end markets are Aerospace, Automotive, and Infrastructure. Their customer list includes major industrial players like Boeing (via PCC/ATI), GE, and steel manufacturers like Nucor and Gerdau, showing a heavy reliance on global transportation and construction trends.
What is the significance of the 'Working Capital Reduction' slide?: Slide 21 is a critical proof point of management's execution. In industrial metallurgy, working capital (inventory and receivables) often drains cash. Reducing this from 79 days to 26 days over six years demonstrates a fundamental shift in operational efficiency, making the company much more resilient to market shocks.
Does the deck mention environmental or sustainability goals?: Yes, slide 2 positions CO2 reduction as a 'global imperative.' AMG divides its contribution into 'Mitigating Technologies' (recycling Ferrovanadium) and 'Enabling Technologies' (fuel efficiency in aerospace). This framing aligns their industrial output with the broader ESG (Environmental, Social, and Governance) trends emerging in 2016.

Cover slide of the AMG Advanced Metallurgical Group N.V. pitch deck — 2016 — AMG Advanced Metallurgical Group N.V. pitch deck, slide 1 (2016)

AMG Advanced Metallurgical Group N.V. pitch deck: the facts

Company: AMG Advanced Metallurgical Group N.V.
Year: 2016
Stage: Publicly Traded (Investor Presentation)
Slides: 40
Sector: Metallurgy / Critical Materials
Deck type: Investor Presentation
Outcome: Not applicable (Public Company)
Headquarters: Netherlands

AMG Advanced Metallurgical Group N.V. pitch deck PDF

The full AMG Advanced Metallurgical Group N.V. deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the AMG Advanced Metallurgical Group N.V. pitch deck was used for

This deck is AMG Advanced Metallurgical Group N.V.’s May 2016 investor presentation for public-market investors, prepared when AMG was a net‑debt‑free, dividend‑paying company listed on Euronext Amsterdam. It presents AMG as a global critical materials and advanced metallurgical solutions provider focused on technologies that enable CO₂ emission reduction and energy efficiency in end markets such as aerospace, automotive, energy, and infrastructure. The presentation highlights the company’s strong capital structure (refinanced credit facility, zero net debt at year‑end 2015) and the initiation of cash dividends, positioning AMG for organic growth and selective acquisitions. It is not a private fundraising pitch but a public investor relations deck used to communicate strategy and performance to existing and prospective shareholders.

Business model: AMG Advanced Metallurgical Group N.V. (now AMG Critical Materials N.V.) is a publicly traded Dutch specialty metals and critical materials company that develops, produces, and sells engineered metallurgical products and vacuum furnace systems used in energy, aerospace, infrastructure, transportation, electronics, and specialty metals & chemicals end markets.

Year: 2016
Founded: 2006
Headquarters: WTC Amsterdam, Toren C, Strawinskylaan 1343, 1077 XX Amsterdam, Netherlands
Industry: Specialty metals and critical materials; metals and mining sector

Round: Publicly traded (Euronext Amsterdam listing) at the time of the May 2016 investor presentation.

Use of funds as presented: Contemporaneous disclosures describe a strategy to pursue organic and acquisition growth opportunities funded by a refinanced credit facility, internal cash generation, and a net‑debt‑free balance sheet rather than a specific new equity fundraise associated with this deck.

What happened after the AMG Advanced Metallurgical Group N.V. deck

Following the period covered by the May 2016 investor presentation, AMG maintained its status as a publicly traded company on Euronext Amsterdam, advanced its strategy around critical materials and CO₂ reduction, executed strategic segmental realignment, and in May 2023 rebranded to AMG Critical Materials N.V.

AMG reduced net debt by $88.9 million in 2015, ending the year net‑debt‑free with net cash of $1.0 million, and proposed
AMG’s shares continued to trade on Euronext Amsterdam, and the group later updated its strategy and segmental structure,
The company subsequently changed its name from AMG Advanced Metallurgical Group N.V. to AMG Critical Materials N.V. in M

What the AMG Advanced Metallurgical Group N.V. deck got right

Net‑debt‑free balance sheet and refinanced credit facility. The deck highlights an optimized capital structure with a refinanced credit facility, a deleveraged balance sheet, and zero net debt at the end of FY2015, supported by external reporting that AMG reduced net debt by $88.9 million in 2015 and ended the year with net cash. This combination of low leverage and available liquidity is a strong foundation for growth in a cyclical industry.
Dividend initiation and shareholder value focus. AMG initiated its first dividend to shareholders in 2015, proposing a total dividend of €0.21 per ordinary share, which is presented in the deck as evidence of commitment to returning excess cash and creating shareholder value. This signals maturity and cash‑generation capability unusual for some critical materials and mining‑related businesses.
Strong alignment with CO₂ reduction and energy efficiency trends. The presentation positions AMG as a leader in advanced technologies that enable CO₂ reduction, with products and processes that save raw materials, energy, and CO₂ emissions both during manufacturing (e.g., recycling of ferrovanadium) and use (e.g., light‑weighting and fuel efficiency in aerospace and automotive). This strategic framing aligns the company with long‑term regulatory and sustainability trends.
Broad exposure to EU and US‑listed critical raw materials. The critical raw materials slide demonstrates AMG’s involvement in multiple materials classified as critical to the EU and identified in US Department of Defense stockpile reports, highlighting both supply‑risk relevance and economic importance. This breadth across critical materials can be a competitive advantage and a source of strategic interest for investors focused on resource security.
Operational efficiency and transparency. Operational transparency is a notable feature of the deck, including metrics such as a 67% reduction in working capital days and discussion of efficiency initiatives and cost optimization. Such detailed operational reporting helps investors understand how management is actively managing a capital‑intensive industrial business.
Diversified portfolio across critical materials and engineered systems. AMG’s global footprint and diversified portfolio of specialty metals, mining operations, and vacuum furnace systems, serving end markets like transportation, energy, and infrastructure, provide multiple demand drivers and revenue streams, as reflected both in the deck and external company descriptions.

What could have been stronger

Limited quantification of CO₂ and sustainability impact. The deck presents AMG as a critical materials leader addressing CO₂ reduction but, based on the available text, offers limited quantified evidence of environmental impact (e.g., specific tonnes of CO₂ avoided, lifecycle analyses, or regulatory alignment), which could weaken the credibility of its sustainability claims for some investors.
Partial visibility into segment‑level performance and cyclicality. Although the deck cites a 67% reduction in working capital days and highlights “zero net debt” and dividend initiation, it gives only partial visibility, in the excerpted text, into revenue trends, segment profitability, and sensitivity to commodity price cycles, which are important for evaluating a capital‑intensive critical materials business.
Legal disclaimer versus public distribution. The cautionary note emphasizes strict confidentiality and non‑distribution, yet the deck appears on public platforms, creating a potential mismatch between stated legal restrictions and actual use that may raise questions about versioning and which materials are intended for broad shareholder communication.
Limited disclosure on AMG’s specific position within listed critical raw materials. The critical raw materials slide identifies materials with high supply risk and economic importance (including those identified by the EU and US DoD), but the excerpt does not clearly quantify AMG’s share of supply, contract structure, or exposure by geography, leaving investors to infer competitive positioning and resource security from qualitative statements alone.
High‑level capital allocation framework without detailed metrics. The deck stresses an optimized capital structure and readiness for acquisitions, but the excerpt does not explain detailed capital allocation priorities (e.g., balance between dividends, reinvestment, and M&A) or explicit hurdle rates, which can make the growth and acquisition strategy appear high level rather than fully disciplined and measurable from an investor perspective.

How an investor would read this deck

What draws attention

AMG’s status as a publicly traded, net‑debt‑free critical materials company with a refinanced credit facility and initiated dividend in 2015, signaling balance sheet strength and shareholder‑friendly capital allocation.
Its strategic positioning as a provider of advanced metallurgical technologies and vacuum furnace systems that enable CO₂ emission reduction and energy efficiency in key industrial end markets.
The breadth of AMG’s involvement in critical raw materials identified by the EU and US Department of Defense, implying strategic importance and potential resilience if managed well.
Operational efficiency improvements such as the cited reduction in working capital days and focus on cost optimization, which are vital for performance in volatile commodity and materials markets.
The company’s global footprint and segmental organization across specialty metals, mining, and engineering systems, which provide diversification but also introduce complexity and execution risk.

Risks that stand out

Exposure to volatility in prices and demand for critical raw materials and specialty metals, which can affect revenues, margins, and cash flow despite efficiency improvements.
Regulatory and reputational risk if CO₂ reduction and sustainability claims are not backed by robust measurement or if environmental standards tighten in ways that impact AMG’s operations and cost base.
Supply chain and geopolitical risks tied to critical raw materials identified by the EU and US Department of Defense, particularly those sourced from regions with higher political or regulatory instability.
Execution risk in pursuing both organic growth and acquisitions, including integration challenges across global operations and maintaining disciplined capital allocation while returning cash to shareholders.
Complexity in managing a diversified portfolio of specialty metals, vacuum furnace systems, and mining assets across multiple jurisdictions, which may expose AMG to operational, legal, and compliance risks.

Questions this deck invites

How has AMG’s financial profile (net debt, dividend policy, return on capital employed, and gross margin) evolved since the 2015–2016 period highlighted in the deck, and how resilient has it been across subsequent commodity cycles?
What quantitative evidence supports AMG’s claims around CO₂ reduction and energy efficiency (e.g., lifecycle analyses, customer case studies, regulatory credits), and how is this impact measured and reported today?
For each critical raw material listed in the deck, what is AMG’s specific share of global supply, the nature of its resource ownership or long‑term contracts, and its exposure to geopolitical or regulatory risks?
How are AMG’s divisions (specialty metals/processing, mining, engineering systems) currently aligned strategically, and what has been the track record of organic growth and acquisitions since the growth plan referenced around 2015–2016?
Given the confidential disclaimer in the deck, what governance and IR processes does AMG use to ensure consistency between public investor messaging, regulatory filings, and selective investor presentations?

What founders can take from the AMG Advanced Metallurgical Group N.V. deck

A public‑company investor deck can effectively use operational efficiency metrics (such as reductions in working capital days and net debt) to demonstrate performance improvements and underpin a narrative of financial strength and disciplined capital management.
Positioning around a major macro theme—in AMG’s case CO₂ emission reduction and energy efficiency—helps connect a specialized industrial business to broader regulatory and market trends, making its technologies more understandable and compelling to generalist investors.
Clear articulation of capital structure (refinancing of credit facilities, net‑debt‑free status) and dividend initiation can signal confidence and maturity to public‑market investors, especially in capital‑intensive sectors.
Including a detailed critical raw materials slide that references EU and US Department of Defense lists can emphasize strategic relevance and supply‑risk awareness, even if further quantification is needed for full diligence.
Standard cautionary and confidentiality notes in investor presentations are important to clarify that such materials are informational rather than offering documents, reinforcing compliance with securities regulations.
Segment and end‑market framing (e.g., aerospace, automotive, energy, infrastructure) help investors see how a complex portfolio of specialty metals and furnace systems translates into demand drivers and risk diversification.

AMG Advanced Metallurgical Group N.V. pitch deck: common questions

What does AMG Advanced Metallurgical Group N.V. do?

AMG Advanced Metallurgical Group N.V. (now AMG Critical Materials N.V.) is a publicly traded Dutch company that produces highly engineered specialty metals and mineral products and provides vacuum furnace systems and services to transportation, infrastructure, energy, and specialty metals & chemicals end markets. The business focuses on critical materials and metallurgical technologies that support sustainable natural resource development and CO₂ reduction.

What was AMG’s corporate and financial status around May 2016 when this deck was used?

At the time of the May 2016 investor presentation, AMG was listed on Euronext Amsterdam under the ticker AMG and was organized into operating divisions producing specialty metals and alloys, operating vacuum furnace systems, and mining critical materials. It reported being net‑debt‑free at year‑end 2015 and had initiated a dividend.

How does the 2016 investor presentation position AMG’s strategic focus?

The May 2016 deck states that AMG is a critical materials company focused on CO₂ emission reduction and energy efficiency, supplying materials and technologies that save raw materials, energy, and CO₂ emissions during both manufacturing and end‑use (e.g., light‑weighting and fuel efficiency in aerospace and automotive, recycling of ferrovanadium). It further positions AMG as a leader in enabling technologies tied to global CO₂ reduction trends.

What financial highlights are emphasized in the 2016 investor presentation?

The deck and contemporaneous 2015 results release highlight several financial strengths: AMG refinanced its credit facility in 2015 to create a stable capital base, reduced net debt by $88.9 million to end 2015 net‑debt‑free with net cash of $1.0 million, and proposed a total 2015 dividend of €0.21 per ordinary share (including an interim dividend of €0.10). These facts underpin the deck’s messaging on an optimized capital structure, return of excess cash to shareholders, and readiness for growth.

What does the cautionary note in AMG’s 2016 investor deck say about offers and confidentiality?

The slide excerpt specifies that the document is strictly confidential and does not constitute an offer to sell or issue securities, nor a solicitation to buy or acquire securities of AMG or its subsidiaries; it may not be reproduced, distributed, or published without authorization, and failing to comply may constitute a violation of securities laws. This is a standard cautionary and legal disclaimer often attached to investor presentations to clarify that they are for informational purposes only.

Sources

Funding and outcome facts on this page were researched on 2026-08-21 from the pages below.

AMG Advanced Metallurgical Group N.V. pitch deck slides

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What each slide of the AMG Advanced Metallurgical Group N.V. pitch deck says

Slide 1

Cy [GEE JER 4 LEADING nal A THE CRITICAL A yg MATERIALS REVOLUTION AVC] AMG Advanced Metallurgical Group N.V. Investor Presentation May 4, 2016

Slide 3

Cautionary Note THIS DOCUMENT IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION BY AMG ADVANCED METALLURGICAL GROUP N.V. (THE "COMPANY") AND MAY NOT BE REPRODUCED IN ANY FORM OR FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS. This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries nor should it or any part of it, nor the fact of its distribution, form the basis o…

Slide 4

AMG IS A CRITICAL MATERIALS COMPANY CO, emission reduction, and energy efficiency SUPPLY: AMG Sources, processes, and supplies the critical materials the market demands — —

Slide 5

LEADER IN ADVANCED TECHNOLOGIES TO ADDRESS CO, REDUCTION CO,REDUCTION A GLOBAL IMPERATIVE FOR THE 21ST CENTURY AMG: MITIGATING AMG: ENABLING TECHNOLOGIES TECHNOLOGIES Products and Processes saving Products and Processes saving raw materials, energy and CO, CO, emissions during use emissions during manufacturing (i.e., light-weighting and fuel efficiency in (i.e., recycling of Ferrovanadium) the aerospace and automotive industries) AMG HAS DEVELOPED INTO A LEADER IN ENABLING TECHNOLOGIES

Slide 6

Strong capital structure, free of net debt, positioned for growth OPTIMIZED CAPITAL STRUCTURE « Refinanced credit facility in 2015, providing a stable capital base and liquidity for strategic growth * Deleveraged balance sheet; zero net debt at end of FY15 RETURN EXCESS CASH TO SHAREHOLDERS + Initiated first dividend to shareholders in 2015 * Reflecting AMG commitment to return value to shareholders DISCIPLINED ORGANIC GROWTH & ACQUISITIONS » Rigorous process to review strategic growth opportunities that is both selective and opportunistic « Organic growth strategy is focused on areas of our portfolio that are marked by strong demand growth or supply limitations + Financially and operationa…

Slide 7

Critical Raw Materials SUPPLY RISK A @ Heavy REE @ Light REE Magnesium ® Niobium i Magnesite Germanium Gallium Fluorspar Indium Cobalt P o Coking Coal Phosphate Rock Beryllium Borate PGMS @® Molybdenum Tin ® Vanadium ® Lithium ® Tantalum " @ Ni @ Titanium alloys Aluminum alloys Nickel ECONOMIC IMPORTANCE Produced by AMG @ Melted or treated by AMG vacuum systems Critical raw materials identified by the US and produced by AMG EU Critical Raw Materials *Report on Critical Raw Materials for the EU, May 2014; Strategic and Critical Materials 2015 Report on Stockpile Requirements by Department of Defense in January 2015 - The EU identified 20 critical raw materials* to the European economy in 201…

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