CONSTELLIUM SE

We are a global leader in the design and manufacture of a broad range of innovative rolled and extruded aluminum

products, serving a wide range of blue-chip customers primarily in the aerospace, packaging, automotive, commercial

transportation, general industrial and defense end-markets. Our business model is to add value by converting aluminum into

semi-fabricated and in some instances fully-fabricated alloyed aluminum products which meet stringent and performance

critical requirements from our customers. Our product portfolio generally commands higher margins as compared to less

differentiated, more commoditized aluminum products. Our business model aims to pass through aluminum price exposure by

pricing our products to include the cost of the metal purchased and hedging any remaining exposure to achieve aluminum price

neutrality.

As of December 31, 2024, we operated 25 manufacturing facilities,3 R&D centers, and 3 administrative centers. Our

portfolio of flexible, integrated and strategically located facilities is well invested, among the most technologically advanced in

the industry and highly valuable. We believe that we are a critical supplier to many of our customers given our world-class

technological and R&D capabilities, our intellectual property and more than 50 years of manufacturing experience. Many of our

products are technically advanced, requiring long and complex qualification processes as well as the need for close customer

collaborations including joint product development. We believe that our strategic footprint, differentiated capabilities,

technically advanced product portfolio, integrated approach and long-standing customer relationship are difficult to replicate

and support our competitive position.

Our Strategy

Our mission is to meet customers’ and society’s need for lightweight, strong and sustainable aluminum products while

generating attractive returns for our shareholders. We aim to achieve our mission by expanding our leading position as an

innovative, go-to-supplier of technologically advanced fabricated aluminum solutions. We are committed to building a safe and

sustainable company and becoming the most exciting company in our industry. To achieve these objectives, we have built a

business strategy centered around six core principles:

(i) Focus on High Value-added and Responsible Products

We are primarily focused on our strategic end-markets including aerospace, packaging and automotive, in which we have

leading positions and long-standing relationships with many of the main manufacturers. These are also markets where we

believe that we can differentiate ourselves through our high value-added and specialty products which make up the majority of

our product portfolio. Given the inherent characteristics of aluminum of being lightweight, strong, durable and infinitely

recyclable, we have made substantial investments to enhance our manufacturing and recycling capabilities as well as product

offerings which benefit our customers in many areas such as weight reduction, higher strength and better formability, and

contribute to their objective of reducing carbon emissions.

(ii) Increase Customer Connectivity

We regard our relationships with our customers as partnerships in which we work closely together to develop customized

solutions which are technically advanced. We aim to deepen our ties with our customers by consistently providing best-in-class

products and services and joint product development projects. In addition, supply chain integration allows us to better anticipate

customer demands and more efficiently manage our working capital needs. We also seek to strengthen customer connectivity

through customer technical support and closed-loop scrap recycling programs.

(iii) Optimize Margins and Asset Utilization Through Rigorous Product Portfolio Management

We are highly focused on maximizing the throughput of our facilities and optimizing our product mix to increase the

profitability per machine hour. We believe there are significant opportunities to do so through rigorous focus on the products

we choose to make, investments in asset integrity, and continuous improvements in our operations such as debottlenecking and

optimizing equipment uptime, speed and recovery. Finally, we complement these efforts by increasing recycling to strengthen

our margins, reduce our dependence on external slab and billet suppliers and expand our sustainable product offering.

(iv) Strictly Control Cost, Continuously Improve and Manage Resources Responsibly

We are committed to reducing our operating costs and improving our operations by implementing manufacturing

excellence, metal management and other cost improvement initiatives. These include standardizing manufacturing processes,

improving recovery thereby reducing internal scrap generation, minimizing energy and water usage, maximizing external scrap

input and efficiently managing other resources used by the Company, including capital.

(v) Manage Capital Through a Disciplined Approach and Increase Financial Flexibility

We have invested capital in a number of attractive growth opportunities to advance our production capabilities, product

offerings and sustainability profile. We are highly focused on being selective on growth projects and realizing attractive returns

on the capital we invest. In addition, we are highly focused on increasing our financial flexibility through earnings growth and

free cash flow conversion, which is critical to achieving our objectives of investing in our operations and our people,

maintaining a conservative capital structure and returning capital to our shareholders.

(vi) Commit to Our People and Communities

We believe our people are among the best in the industry, which is a competitive strength that allows us to be a leader in

our industry. We will continue to provide trainings to our employees, invest in their skills and competencies, and promote a safe

and inclusive environment where everyone is valued, contributes, and thrives. We also strive to be socially responsible

operators in our communities.

Our Operating Segments

Our business is organized into three operating segments:

(i) Aerospace & Transportation Operating Segment

Our Aerospace & Transportation ("A&T") operating segment offers a wide range of technically advanced aluminum

products including plate, sheet and extrusions to blue-chip customers in the global aerospace, space, commercial transportation,

general industrial and defense sectors. Many of the products are mission critical, which benefit from our world-class R&D and

manufacturing capabilities and unique solutions.

We are a global leader in the supply of advanced aluminum alloy plates, sheets and extrusions to the aerospace and space

industries. The aerospace and space industries require high levels of R&D investment and advanced technological capabilities,

and therefore tend to command higher margins compared to more commoditized products. We work in close collaboration with

our customers to develop highly engineered solutions to fulfill their specific requirements. For example, we have developed

Airware®, a lightweight specialty aluminum-lithium alloy, for our aerospace and space customers to address increasing demand

for lighter and more fuel-efficient aircraft and spacecraft. Additionally, aerospace and space products are generally subject to

long qualification periods. Our facilities have been qualified by external certification organizations including the National

Aerospace and Defense Contractors Accreditation Program ("NADCAP") and our products have been qualified by our

customers. We are also a leading supplier to the commercial transportation, general industrial and defense end-markets in North

America and Europe. Our product portfolio in these segments include both specialty aluminum plates and sheets as well as

standard products. Our A&T customers are diverse and range from Airbus, Boeing and Lockheed Martin in commercial and

military aerospace, to Ryerson, ThyssenKrupp, General Dynamics and KNDS in commercial transportation, general industrial

and defense, to multiple players in space. The majority of our contracts with our largest aerospace customers are multi-year

contracts, which provides visibility on volumes and profitability. Our contracts in commercial transportation and defense are

typically between one to three years. The contract length in general industrial tends to be one year or less.

(ii) Packaging & Automotive Rolled Products Operating Segment

Our Packaging & Automotive Rolled Products ("P&ARP") segment includes the production and development of

customized rolled aluminum sheet products. We supply the packaging market with canstock and closure stock for the beverage

and food industry, as well as foilstock for the flexible packaging market. In addition, we supply the automotive market with

technically advanced products such as Auto Body Sheet ("ABS"), heat exchanger materials and battery foil products.

We are a leading supplier of canstock in North America and Europe and a leading supplier of closure stock globally. We

are also a major supplier of ABS in both North America and Europe, and heat exchangers and battery foil in Europe. These

products are subject to the exacting requirements and qualification processes of our customers which we believe provide us

with a competitive advantage. We have a diverse customer base, consisting of many of the world’s largest beverage companies,

can makers, food and specialty packaging producers, automotive original equipment manufacturers ("OEMs") and general

industrial companies. Our packaging customers include AB InBev, Amcor Ltd., Ardagh Metal Packaging S.A., Ball

Corporation, Can-Pack S.A., Crown Holdings, Inc., and Molson Coors Beverage Company USA LL and our automotive

customers include BMW AG, Ford Motor Company, Mercedes-Benz Group AG, Stellantis, Toyota Motor Corporation and

Volkswagen Group. Our contracts in packaging and automotive are typically multi-year.

(iii) Automotive Structures & Industry Operating Segment

Our Automotive Structures & Industry ("AS&I") operating segment produces (i) technologically advanced structural

solutions for the automotive industry including crash management systems, body structures, side impact beams and battery

enclosure components, (ii) soft and hard alloy extrusions for automotive, transportation, general industrial applications, and (iii)

large profiles for rail and general industrial applications. We complement our products with a comprehensive offering of

downstream technology and services, which include pre-machining, surface treatment, R&D and technical support services.

We are a leading supplier of aluminum extruded products to automotive customers in North America and Europe. Due to

the unique combination of strength and weight, aluminum extruded structural solutions are increasingly favored by our

automotive customers given priorities on safety, lightweighting and sustainability. By leveraging our unique R&D partnership

with the Brunel University in the United Kingdom, we have developed proprietary alloys and manufacturing technology which

have enabled us to deliver high-quality and cost-effective products to our automotive customers. We believe that we are one of

the largest providers of aluminum automotive crash management systems globally, and our customers include some of the

largest North American and European car manufacturers, such as BMW AG, Ford Motor Company, Mercedes-Benz Group AG,

Stellantis, Toyota Motor Corporation and Volkswagen Group. Our automotive structures contracts are typically multi-year,

which usually represents the lifetime of a model. We also serve a broad range of customers across a number of industries

outside of automotive including rail, other transportation and general industrial markets in Europe. The non-automotive

businesses typically have contracts which are shorter-term in nature.

Our Industry

Aluminum Sector Value Chain

Aluminum has a number of unique physical characteristics. Aluminum is infinitely recyclable and recycling aluminum

requires only approximately 5% of the energy required to produce primary aluminum. Aluminum’s corrosion resistance and its

malleability also allow it to be easily cast, shaped, machined and used across a variety of applications. In addition, aluminum is

lightweight, with one-third the density of steel but offering the same stiffness, which result in products offering strength and

stability particularly when alloyed with other metals. All of these capabilities make aluminum a viable and adaptable solution

for a growing number of manufacturing and consumption needs.

The global aluminum industry consists of (i) mining companies that produce bauxite, the ore from which aluminum is

ultimately derived, (ii) primary aluminum producers that refine bauxite into alumina and smelt alumina into aluminum, (iii)

aluminum semi-fabricated products manufacturers, including aluminum casters, extruders and rollers, (iv) aluminum recyclers

and remelters, and (v) integrated companies that are present across multiple stages of the aluminum production chain.

Constellium’s Position in the Aluminum Sector Value Chain

Aluminum value chain

Our business is primarily focused on adding value through rolling and extruding aluminum into semi-fabricated and in

some instances fully-fabricated alloyed aluminum products, for a variety of end-markets. We recycle aluminum, both for our

own use and as a service to our customers. We do not participate in upstream activities such as mining, refining bauxite or

smelting alumina into aluminum. The aluminum rolled products industry is characterized by economies of scale as significant

capital investments are required to achieve and maintain technological capabilities and demanding customer qualification

standards. The aluminum extruded products industry also requires significant capital investments in order to achieve and

maintain technological capabilities and meet demanding customer qualification standards, but is comparatively more

fragmented and generally more regional. The supply of aluminum rolled and extruded products has historically been affected by

production capacity, alternative technology substitution and trade flows between regions. The demand for these products has

historically been affected by economic growth, substitution trends, cyclicality and seasonality, etc.

There are two main sources of metal input for our rolled or extruded products:

•Slabs or billets we cast from a combination of primary and recycled aluminum. The primary aluminum is typically in

the form of standard ingots. The recycled aluminum comes either from scrap from fabrication processes, or from

recycled end products in their end-of-life phase, such as used beverage cans.

•Slabs or billets purchased from smelters or metal trading companies.

The cost of primary aluminum is based on the London Metal Exchange ("LME") quoted price plus a regional premium.

Recycled aluminum is also tied to LME pricing (typically sold at a discount to LME price and regional premium). The rolled

and extruded aluminum product prices for our products are based generally on the cost of aluminum purchased plus a

conversion margin (i.e., the margin to convert the aluminum into a semi-finished product). As a result, the price of aluminum is

not a significant driver of our financial performance because we typically pass through the cost of aluminum either to our

customers and / or the financial market. Instead, the financial performance of producers of rolled and extruded aluminum

products, such as Constellium, is driven by the dynamics in the end-markets that they serve, their relative positioning in those

markets and the efficiency of their industrial operations.

Overview of Aluminum Rolled Products, Extrusions and Automotive Structures

Our aluminum rolling process consists of passing alloyed aluminum slabs through a hot-rolling mill and then transferring it

to a cold-rolling mill, which gradually reduces the thickness of the metal down to approximately 6 mm for plates and to

approximately 0.2-6 mm for sheet. Aluminum rolled products, including sheet, plate and foil, are semi-fabricated products

which are used by our customers for their manufacturing of finished goods ranging from packaging such as beverage cans to

transportation applications such as automotive body panels to fuselage sheet to aircraft wing parts. According to CRU

International Limited ("CRU"), the compound annual growth rate ("CAGR") for aluminum rolled products between 2024 and

2029 is expected to be 4.0%.

Aluminum extrusion is a technique used to transform alloyed aluminum billets into semi-fabricated products with a defined

cross-sectional profile for a wide range of uses. In the extrusion process, a heated aluminum billet is forced through a die and

the extruded products can be manufactured in many sizes and in almost any shape. Today, aluminum extrusions are used for a

wide range of purposes, including building, general industrial and transportation where virtually every type of vehicle contains

aluminum extrusions, including planes, boats, bicycles, trains and cars. In our automotive structures business, automotive

extruded profiles are further machined and processed into a system of fully-fabricated automotive structural components. Due

to the unique combination of strength and weight, aluminum extruded products are increasingly favored by our automotive

customers.

Our Key End-markets

Aerospace

Demand for aerospace plate and sheet is primarily driven by the build rate of commercial aircraft, which we believe will be

supported for the foreseeable future by (i) the increasing demand for air travel in an environment of economic growth, (ii) the

increased affordability and accessibility of air travel to people from diverse socio-economic backgrounds, (iii) the expansion of

airline networks and the opening of new routes to previously underserved destinations and (iv) the necessary replacement of

aging fleets by airline operators, particularly in the United States and Western Europe by more fuel-efficient aircraft. Over the

longer term the fundamentals driving aerospace demand growth remain intact. Between 2024 and 2043, Airbus predicts over

42,000 new aircraft across all categories of large commercial aircraft with 36% of sales of new airplanes to Europe and North

America, 46% of sales of new airplanes to Asia Pacific and the remaining 18% to the Middle East, Latin America and Africa.

According to CRU, demand for the aerospace aluminum rolled products markets in North America and Europe is expected to

grow by 8.2% per annum from 2024 to 2029.

Packaging

The packaging industry has historically been relatively resilient during periods of economic downturn and has had

relatively limited exposure to economic cycles and periods of financial instability. Aluminum is a preferred material for

beverage packaging as it allows drinks to chill faster, can be stacked for transportation and stored more densely than competing

formats (such as glass bottles), is highly formable for unique or differentiated branding, and offers significant environmental

advantage of convenient, cost- and energy-efficient recycling. As a result of these benefits, aluminum is increasingly the

beverage packaging container of choice and is displacing tinplate, glass and plastics as the preferred packaging material

including in the growing specialty product categories. According to CRU, demand for the aluminum canstock market in North

America and Europe is expected to grow by 3.1% and 4.8% per annum between 2024 and 2029, respectively.

Automotive

We believe that the main drivers of automotive sales include overall economic growth, credit availability, level of

financing rates, vehicle prices and consumer confidence. Within the automotive sector, the demand for aluminum rolled and

extruded products tends to increase faster than the underlying demand for light vehicles due to aluminum’s high strength-to-

weight ratio in comparison to steel and a need for increased energy efficiency. Regulations in the U.S. and EU relating to

reductions in carbon emissions are expected continue to result in the increased use of aluminum to "lightweight" traditional

vehicles to facilitate better fuel economy, improve emissions performance and enhance vehicle safety. In addition, increased

electric vehicle penetration should drive increased demand for aluminum rolled and extruded products due to the greater

importance of lightweighting to maximize range, better thermal conductivity for battery boxes and superior energy absorption,

as compared to steel. As a result, automotive OEMs are seeking additional applications where aluminum can be used in place of

steel and an increased number of cars are being manufactured with aluminum panels and crash management systems. Our

automotive rolled, extruded and structural products are predominantly used in premium models, light trucks and sport utility

vehicles manufactured by North American and European OEMs. According to industry research, light vehicle production is

expected to grow in North America and Europe by approximately 1.3% and 2.3% per annum from 2024 to 2029, respectively.

Comparatively, CRU estimates that the consumption of ABS in North America and Europe is expected to grow by 6.1% and

7.8% per annum between 2024 and 2029, respectively.

Our Business Operations

Our business model is to add value by converting aluminum into semi-fabricated and in some instances fully-fabricated

products. It is our policy not to speculate on metal price movements.

Managing Our Metal Price Exposure

For all contracts, we seek to minimize the impact of aluminum price fluctuations in order to protect our cash flows against

variations in the LME price, regional and other premiums for aluminum that we buy and sell, with the following methods:

•In cases where we are able to align the price and quantity of physical aluminum purchases with that of physical

aluminum sales to our customers, we enter into back-to-back arrangements with our customers.

•When we are unable to align the price and quantity of physical aluminum purchases with that of physical aluminum

sales to our customers, we enter into derivative financial instruments to pass through the exposure to financial

institutions.

•For a small portion of our volumes, the aluminum we process is owned by our customers and we bear no aluminum

price risk.

Sales and Marketing

Our sales force is based in the U.S., Europe (France, Germany, Czech Republic, United Kingdom and Switzerland) and

Asia (South Korea and China). We primarily serve our customers directly and in some cases through distributors.

Raw Materials and Supplies

A majority of our rolling slab and extrusion billet needs is produced internally at our cast-houses. The remaining external

rolling slab and extrusion billet needs are secured through long-term contracts with several upstream suppliers. All of our top 10

overall metal suppliers (covering rolling slabs, extrusion billets, primary, high purity, scrap and hardeners) have been long-

standing suppliers to our plants, and in many cases, for more than 10 years. In aggregate, the top 10 suppliers accounted for

approximately 50% of our total metal purchases (in terms of volumes) for the year ended December 31, 2024. We typically

enter into annual or multi-year contracts with these metal suppliers pursuant to which we purchase various types of metal,

including:

•Primary metal from smelters or metal traders in the form of ingots, rolling slabs or extrusion billets.

•Remelted metal in the form of rolling slabs or extrusion billets from external cast-houses, to supplement the

capacity of our own internal cast-houses.

•Production scrap from customers and scrap traders.

•End-of-life scrap (e.g., used beverage cans) from customers, collectors and scrap traders.

•Specific alloying elements and primary ingots from producers and metal traders.

Our operations use energy in the forms of natural gas and electricity, which represents the third largest component of our

cost of sales, after metal costs and labor costs. We purchase energy from the natural gas and electricity markets and typically

secure a large part of our needs pursuant to fixed-price commitments. To reduce the risks associated with our natural gas and

electricity requirements, we primarily use forward contracts with our energy suppliers, and to a lesser extent, forward contracts

or financial futures with the financial markets, to fix the commodity component of the energy costs. Furthermore, in our longer-

term sales contracts, we aim to include indexation clauses on energy prices. From time to time, we may experience fluctuations

in energy costs in the periods of higher volatility.

Our Customers

Our customer base includes some of the leading manufacturers in the aerospace, packaging and automotive end-markets.

We have a relatively diverse customer base with our 10 largest customers representing approximately 55% of our revenue for

the year ended December 31, 2024. We generally have long-term relationships with our large customers, many of which span

decades.

We see our relationships with our customers as partnerships. In each of our end markets, we closely collaborate with our

customers to complete a rigorous product qualification process, which requires substantial time and investment and creates high

switching costs. In addition, our product portfolio is predominantly focused on high value-added products, which tend to

require close collaborations with our customers to develop technically advanced and tailored solutions to meet their evolving

requirements. The significant effort and investment to adhere to rigorous qualification procedures, the close collaborations on

technical development and customized offerings, and the focus on product quality and service reliability enable us to foster

long-term and mutually beneficial relationships with our customers.

Competition

The worldwide aluminum rolled and extruded industry is highly competitive. We believe the most important competitive

factors in our industry are product quality, price, timeliness of delivery and customer service, geographic coverage and product

innovation. Aluminum competes with other materials such as steel, glass, plastics and composite materials for various

applications. The key competitors in our Aerospace & Transportation operating segment are Arconic Corporation, AMAG

Austria Metall AG, Commonwealth Rolled Products, Inc., Kaiser Aluminum Corporation, Novelis Inc. and Universal Alloy

Corporation. The key competitors in our Packaging & Automotive Rolled Products operating segment are Arconic Corporation,

Commonwealth Rolled Products, Inc., Kaiser Aluminum Corporation, Novelis Inc., Speira GmbH and Tri-Arrows Aluminum

Inc. The key competitors in our Automotive Structures & Industry operating segment are Benteler International AG, Gestamp

Automoción, S.A., Magna International Inc., Metra Aluminum Inc., Norsk Hydro ASA, Otto Fuchs KG, Sankyo Tateyama, Inc.

and UACJ Automotive Whitehall Industries, Inc.

Seasonality

Customer demand in the aluminum industry is seasonal due to a variety of factors, including holiday seasons, weather

conditions, economic and other factors beyond our control. Our volumes are impacted by the timing of the holiday seasons in

particular, with the lowest volumes typically delivered in August and December and highest volumes delivered in January to

June. Our business is also impacted by seasonal slowdowns and upturns in certain of our customers’ industries. Historically, the

can industry is strongest in the spring and summer seasons and the automotive and aerospace sectors encounter slowdowns in

both the third and fourth quarters of the calendar year.

Research and Development ("R&D")

We have three R&D centers located in Voreppe, France, Plymouth, Michigan and Brunel University, London, United

Kingdom. We engage in R&D to develop new products, improve our processes, and support the objectives of our customers.

We invested$49 million, $52 million and$46 million in R&D in the years ended December 31, 2024,2023 and 2022,

C-TEC, our world-class R&D center located in Voreppe, primarily serves our A&T and P&ARP operating segments and

specializes in product and process development, product testing and technical assistance to our plants and customers. Our

industry-leading R&D centers in Plymouth and in Brunel provide support to our North American and European automotive

customers in the AS&I and P&ARP operating segments by addressing specific market requirements related to our aluminum-

based automotive lightweighting solutions.

Intellectual Property

We actively review intellectual property arising from our operations and our research and development activities and,

when appropriate, apply for patents in the appropriate jurisdictions. We currently hold more than 250 active patent families and

regularly apply for new ones. While these patents and patent applications are important to the business on an aggregate basis,

we do not believe any single patent family or patent application is critical to thebusiness. In connection with our collaborations

with universities and other third parties, we occasionally obtain royalty-bearing licenses for the use of third-party technologies

in the ordinary course of business.

Insurance

We have implemented a corporate-wide insurance program consisting of both master policies with worldwide coverage and

local policies where required by applicable regulations. Our insurance coverage includes: (i) property damage and business

interruption; (ii) general liability including operation, professional, product and environment liability; (iii) aviation product

liability; (iv) marine cargo (transport); (v) business travel and personal accident; (vi)construction all risk; (vii) automobile

liability; (viii) trade credit; (ix) cyber risk; (x) workers’ compensation in the U.S.; and (xi) other specific coverages for

executive and special risks. We believe that our insurance coverage terms and conditions are customary for a business such as

Constellium and are sufficient to protect us against catastrophic losses. We also purchase and maintain insurance on behalf of

our directors and officers.

Governmental Regulations and Environmental, Health and Safety Matters

Our operations are subject to a number of international, national, state and local regulations relating to the protection of the

environment and to workplace health and safety. Our operations involve the use, handling, storage, transportation and disposal

of hazardous substances, and accordingly we are subject to extensive laws and regulations governing emissions to air,

discharges to water emissions, the generation, storage, transportation, treatment or disposal of hazardous materials or wastes

and employee health and safety matters. In addition, prior operations at certain of our properties have resulted in contamination

of soil and groundwater which we are required to investigate and remediate pursuant to applicable environmental, health and

safety ("EHS") laws and regulations. Environmental compliance at our key facilities is supervised by the relevant local agencies

in the jurisdictions where we operate. Violations of EHS laws and regulations, and remediation obligations arising under such

laws and regulations, may result in restrictions being imposed on our operating activities as well as fines, penalties, damages or

other costs. Accordingly, we have implemented EHS policies and procedures to protect the environment and ensure compliance

with these laws and regulations, and we incorporate EHS considerations into our planning for new projects. We perform regular

risk assessments and EHS reviews. We closely and systematically monitor and manage situations of noncompliance with EHS

laws and regulations and cooperate with authorities to address any noncompliance issues. We believe that we have made

adequate reserves with respect to our remediation and compliance obligations. Nevertheless, new regulations or other

unforeseen increases in the number of our non-compliant situations may impose costs on us that may have a material adverse

effect on our financial condition, results of operations or liquidity.

We accrue for costs associated with environmental investigations and remedial efforts when it becomes probable that we

are liable and the associated costs can be reasonably estimated. The aggregate close down and environmental remediation costs

provisions at December 31, 2024 were$92 million. All accrued amounts have been recorded without giving effect to any

possible future recoveries. With respect to ongoing environmental compliance costs, including maintenance and monitoring, we

expense the costs when incurred.

We have incurred, and in the future will continue to incur, operating expenses related to environmental compliance. As part

of our general capital expenditure plan, we expect to incur capital expenditures for other capital projects that, in addition to

improving operations, also reduce certain environmental impacts such as energy consumption, air emissions, water releases,

and waste streams optimization. Capital expenditures for existing facilities for environmental control were approximately $16

million in 2024.

Human Capital

As of December 31, 2024, we employed approximately 12,000 employees. In addition, we contracted with approximately

500 temporary workers. Approximately 90% of our employees were engaged in production and maintenance activities and

approximately 10% were employed in support functions. Approximately 25% of our employees were employed in the United

States, 35% in France, 20% in Germany, 6% in Switzerland, and 14% in Eastern Europe and other regions. Approximately 50%

of U.S. employees and a majority of non-U.S. employees are covered by collective bargaining agreements. These agreements

are negotiated on site, regionally or on a national level, and are of different durations. In the U.S., for the year ended December

31, 2024, there was no extension to any of our collective bargaining agreements and no new collective bargaining agreements

were negotiated or ratified.

We are committed to creating a great place to work where all employees can thrive and have equal access and opportunity

to develop. In living our company values, our people strategy reflects the importance of safety being our first and foremost

concern followed by trust, transparency, respect, empowerment, and collaboration. We actively recruit high-potential

candidates, engage our employees through ongoing communication, provide access to learning and leadership programs, and

value the broad-reaching abilities and skills our employees possess. As a global organization, we empower our teams to make

decisions and implement practices culturally and legally aligned with local practices and law. While we have a global

philosophy that influences many aspects of human rights and employment, it is not intended to replace or interfere with local

dialogue, regulations and negotiation practices. We continually evaluate and assess our human rights practices and potential risk

through a Human Rights Impact Assessment at least every five years.

Labor Practices and Policies

Safety. Safety is our utmost priority. Our industry requires material, equipment, and processes that may pose risks to the

health and safety of our employees, contractors, and visitors, so we have defined and implemented strict policies and processes

to protect everyone in our facilities. The goal is to achieve zero injuries and illnesses by integrating safety into all aspects of our

business. Constellium’s environmental, health and safety ("EHS") management system is described in our EHS FIRST policy

and manual, and our EHS directives and guidelines.

Health. Over the last several years we have implemented various wellness programs and policies across the organization to

bring awareness to health and wellness. We routinely assess the Company’s paid leave, vacation, and other policies and

practices to help provide employees with greater access to resources to help support a healthy lifestyle.

Labor Union Affiliations. Employees have the right to organize and bargain collectively with Constellium and engage in

other protected activities. We work in connection with the works councils and unions to negotiate outcomes that benefit

employees and the business in alignment with local legal frameworks. We encourage open dialogue and enter into these

discussions with trust, respect and collaboration in mind.

Recruiting, Training, Development & Retention

Recruiting. Constellium is committed to attracting, developing, and retaining top talent. We actively recruit individuals

with diverse backgrounds and experiences who share our passion for shaping a sustainable future through advanced aluminum

solutions. Our recruitment strategy emphasizes promoting a culture of inclusion, continuous learning, and career advancement

opportunities. In 2024, we expanded our recruiting initiatives, increasing our number of university partnerships while

optimizing and enhancing our digital recruitment tools and recruitment marketing efforts.

Training, Development and Retention. We have developed a global learning and development program, Constellium

University, which is designed to foster a unified learning culture across all levels of the organization from shop floor employees

to executive leadership. Initiatives included in Constellium University include: Constellium University learning platform, global

engineering development program, leadership development program, the executive leadership program and global mentorship

program. In 2024, our Constellium University approach has received the Gold Award from the Brandon Hall Group, an external

selection jury, recognizing the quality and the impact for employees and the business of our different global programs.

Available Information

Beginning in 2025, we have voluntarily elected to file with the SEC annual reports on Form 10-K, quarterly reports on

Form 10-Q, and current reports on Form 8-K, and all amendments to those reports, instead of filing the reporting forms

available to foreign private issuers. Prior to 2025, we filed or furnished periodic and current reports with the SEC on the

reporting forms available to foreign private issuers, namely Form 20-F and Form 6-K. Beginning in 2025, we also intend to

voluntarily file with the SEC a proxy statement for our Annual General Meeting prepared in accordance with applicable French

requirements and voluntarily include certain disclosures required pursuant to Schedule 14A of the Exchange Act. The SEC

maintains an Internet website that contains reports and other information about issuers, like us, that file electronically with the

SEC. The address of that site is www.sec.gov. We will also make available on our website, free of charge, our SEC filings as

soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Our website address is

www.constellium.com. The information contained on our website is not incorporated by reference in this document.