<SEC-DOCUMENT>0001193125-16-636709.txt : 20160808
<SEC-HEADER>0001193125-16-636709.hdr.sgml : 20160808
<ACCEPTANCE-DATETIME>20160629170304
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-636709
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Constellium N.V.
		CENTRAL INDEX KEY:			0001563411
		STANDARD INDUSTRIAL CLASSIFICATION:	SECONDARY SMELTING & REFINING OF NONFERROUS METALS [3341]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		TUPOLEVLAAN 41-61
		CITY:			SCHIPHOL-RIJK
		STATE:			P7
		ZIP:			1119NW
		BUSINESS PHONE:		31-20-654-97-80

	MAIL ADDRESS:	
		STREET 1:		TUPOLEVLAAN 41-61
		CITY:			SCHIPHOL-RIJK
		STATE:			P7
		ZIP:			1119NW

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Constellium Holdco B.V.
		DATE OF NAME CHANGE:	20121130
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>CORRESP</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Confidential Treatment Requested by Constellium N.V. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">June&nbsp;29, 2016 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA HAND DELIVERY AND
EDGAR </U></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Terence O&#146;Brien </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounting Branch Chief </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing and Construction
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549 </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Constellium N.V. </TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Form 20-F for the Fiscal Year Ended December&nbsp;31, 2015 </TD></TR></TABLE>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Filed April&nbsp;18, 2016 </TD></TR></TABLE>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Form 6-K filed May&nbsp;12, 2016 </TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">File No.&nbsp;1-35931 </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;O&#146;Brien: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Constellium N.V. (&#147;<U>Constellium</U>&#148; or the &#147;<U>Company</U>&#148;), and in response to the comments of the staff
(the &#147;<U>Staff</U>&#148;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) to the Company&#146;s Annual Report on Form 20-F filed with the Commission on April&nbsp;18, 2016
(the &#147;<U>20-F</U>&#148;) and comments of the Staff on filing on Form 6-K filed with the Commission on May&nbsp;12, 2016 (the &#147;<U>6-K</U>&#148;), each contained in your letter dated June&nbsp;8, 2016 (the &#147;<U>Comment Letter</U>&#148;),
we submit this letter containing the Company&#146;s responses to the Comment Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The responses set forth in this letter are numbered
to correspond to the numbered comments in the Comment Letter. For your convenience, we have set out the text in bold of the comments from the Comment Letter followed by our responses. Page numbers referenced in the responses refer to page numbers in
the 20-F. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For reasons of business confidentiality, in a separate letter dated the date hereof, the Company requested that certain
information in this letter in the Company&#146;s response to comment on Form 20-F, Note 13 be kept confidential and not be disclosed in response to any request made under the Freedom of Information Act, 5 U.S.C.A. &#167;552 or otherwise.
Accordingly, pursuant to Rule 12-b4 promulgated under the Securities Exchange Act of 1934, as amended (&#147;Rule 24b-2&#148;) (17 C.F.R. &#167; 240.24b-2) and Rule 83 of the Commission&#146;s Rules on Information and Requests (&#147;Rule 83&#148;)
(17 C.F.R. &#167; 200.83), a complete copy of this letter will be provided only in paper form and not electronically as correspondence under the SEC&#146;s EDGAR system. Omitted information has been replaced in this letter as filed via the EDGAR
system with a placeholder identified by the mark [***]. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form 6-K Filed May&nbsp;12, 2016 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit 99.1 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>During January 2016, you agreed to amend certain terms in a sales contract with one of your major customers, including an improvement in the contract terms for establishing the timing of the measurement of the
Mid-West Transaction Price component of the sales prices and eliminating the customer&#146;s early payment discount, among many other changes. These amended terms took effect from January&nbsp;1, 2016 and resulted in a new obligation for you to pay
the customer &#128;20&nbsp;million, which was recorded as a reduction to net sales in the period ended March&nbsp;31, 2016. Please further clarify in your disclosures how the amended terms of this sales contract led to you being obligated to pay
your customer &#128;20 million. </B></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Confidential Treatment
Requested by Constellium N.V. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><I><U>Response</U></I><U>: <I> </I></U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, we supplementally provide that this one-time payment was made in consideration for agreeing to amend
certain terms to an existing customer contract to which an entity acquired as part of the Wise acquisition was a party. We entered into the re-negotiation of these terms in order to align the terms of this contract with Constellium&#146;s normal
terms of business. The payment of &#128;20&nbsp;million is a non-refundable contract-modification fee and was recorded as a reduction of revenues. Such modification did not include any additional commitment from the customer to extend the contract
duration or purchase additional volumes. We therefore propose to add to note D to the adjusted EBITDA reconciliation in our upcoming Form 6-K for the six months ended June&nbsp;30, 2016 the following clarifying text: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;Wise one-time costs related to a one-time payment of &#128;20&nbsp;million, recorded as a reduction of revenues, in relation to the
re-negotiation of payment terms, pass through of Midwest premium amounts and other pricing mechanisms in a contract with one of Wise&#146;s customers. We entered into the re-negotiation of these terms in order to align the terms of this contract,
acquired during the acquisition of Wise, with Constellium&#146;s normal terms of business.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form 20-F for the Year Ended December&nbsp;31,
2015 </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Financial Statements </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to the Financial Statements </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 13
&#150; Intangible Assets (Including Goodwill), page F-35 </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>After identifying certain triggering events related to the Muscle Shoals cash-generating unit, you recorded a &#128;400&nbsp;million impairment charge related to the intangible assets (excluding goodwill) and
property, plant and equipment of this cash-generating unit during the year ended December&nbsp;31, 2015. Goodwill is allocated and monitored at the operating segments level which represent groups of cash-generating units and the Muscle Shoals
cash-generating unit appears to be part of the Packaging and Automotive Rolled Products operating segment. Based on your disclosures on page F-35, you determined that no goodwill impairment charge needed to be recorded for this operating segment as
of December&nbsp;31, 2015. Please help us better understand how you performed your goodwill impairment test related to the Packaging and Automotive Rolled Products operating segment and correspondingly how you made the determination that no goodwill
impairment charge needed to recorded. Please address the following as part of your response: </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B></B><B>Please identify the cash-generating units included in the Packaging and Automotive Rolled Products operating segment. Your disclosures on page F-11 indicate that cash-generating units generally correspond to
an industrial site; </B></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Confidential Treatment
Requested by Constellium N.V. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><I><U>Response</U></I><U>:<I> </I></U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Our Packaging and Automotive Rolled Products (&#147;P&amp;ARP&#148;) operating segment includes three cash generating units, which are the
following industrial sites: Singen (Germany), Neuf-Brisach (France) and Muscle Shoals (USA). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B></B><B>We note that the Muscle Shoals cash-generating unit originated as part of the Wise Entities acquisition in January 2015. Please tell us how you determined goodwill should be allocated related to this
acquisition pursuant to IAS 36.80, including what consideration was given to whether goodwill should be allocated to a particular cash-generating unit or groups of units; </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><I><U>Response</U></I><U>:<I> </I></U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We allocated the goodwill related to the Muscle Shoals acquisition in January 2015 to the P&amp;ARP operating segment as we viewed this
acquisition as a key part of our expansion strategy for this segment as a whole. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Our P&amp;ARP strategy, operations, internal organization
and strategic investment are made or organized on a global basis for the operating segment as a whole. Any investment in Muscle Shoals is made considering the segment wide P&amp;ARP strategy. Our internal reporting is in line with this structure,
the investments and results being allocated and monitored by our CODM at the P&amp;ARP operating segment level. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">All of our P&amp;ARP cash
generating units are expected to benefit from the synergies with Muscle Shoals: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#150; Increased product development resources, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#150; Increased technical expertise cross-sharing </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#150; Improved competitive position, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#150; Enhanced global reach, and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#150; Greater operation flexibility. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Muscle Shoals produces packaging rolled products, which primarily include beverage can stock (like the materials Singen and Neuf Brisach
presently produce). As publicly disclosed, we are investing to increase Muscle Shoals&#146; existing hot mill capacity and to build Body-in-White capacity. Accordingly, Muscle Shoals will also produce automotive rolled products in the future (like
the materials Singen and Neuf-Brisach presently produce). This will enable us to serve global beverage can customers as well as global automotive customers from all of our sites in Europe and in the United States. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Confidential Treatment
Requested by Constellium N.V. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B></B><B>It appears that you have determined your recoverable amount to be the fair value less costs of disposal amount for the Packaging and Automotive Rolled Products operating segment rather than the value-in-use
amount pursuant to IAS 36. Please clearly disclose this and correspondingly provide all of the disclosures required by IAS 36.134(e). </B></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><I><U>Response</U></I><U>: <I> </I></U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, we propose to include in future filings the following information regarding fiscal year 2015, to
supplement the disclosure on page F-35 (new text is underscored): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;For the P&amp;ARP operating segment, the recoverable value
(<U>determined on the basis of fair value less costs of disposal</U>) was estimated by applying a discounted cash flow model and market participant&#146;s assumptions <U>and has been classified as a level 3 measurement under the fair value hierarchy
provided by IFRS 13</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The <U>projected</U> future cash flows are based on the 2016-2025 medium and long term business plan approved by
management and reviewed by the Board of Directors. They include the significant capital expenditures for Body-in-White (up to 2020/2021) and the related returns. Considering the significant level of future capital expenditure needed to address the
Body-in-White market with the related Body-in -White cash inflows ramping-up from 2018/2019 and reaching a normative level in 2023/2024, cash flows were projected over a 10-year period. The terminal value assumes a normative cash flow and a long
term-growth rate ranging from 0% to 2%. The discount rates applied to cash flows projections range between 11% and 12%. It was concluded that the carrying value did not exceed the recoverable value as at December&nbsp;31, 2015. Accordingly, the
impairment test carried out at the P&amp;ARP operating segment level did not lead to a goodwill impairment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>The key assumptions used
in the determination of the fair value less costs of disposal for the P&amp;ARP operating segment are the discount rate, the perpetual growth rates used to extrapolate cash-flows beyond the forecast period and the forecasted shipments for
Body-in-White products and related revenues. They have been determined considering what market participants would assume in estimating fair value.</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Discount rates used represent the current market assessment of the risks specific to the P&amp;ARP operating segment taking into consideration the time value of money and the risks associated with the underlying
assets. </U> </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Confidential Treatment
Requested by Constellium N.V. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>The growth rates used to extrapolate cash-flows beyond the forecast period were developed internally and are consistent with external sources of information.</U> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Expected shipments and related revenues were determined based on estimates of future supply and demand for Body-in-White products. These estimates were developed internally based on our industry knowledge and our
analysis of available market data regarding expected future demand and industry capacity.</U> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Sensitivity analysis: the
calculation of the recoverable value of the P&amp;ARP operating segment is most sensitive to the following assumptions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Discount rate: an increase in the discount rate by 2% would result in the recoverable value equaling the carrying value; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Perpetual growth rate : a decrease in the perpetual growth rate by 5% would result in the recoverable value equaling the carrying value; or </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Body-in-White shipments: 40% lower shipments in the Body-in-White US business would result in the recoverable value equaling the carrying value. Considering the overall size and length of the Body-in-White project,
management determined forecasted shipments and related revenues to be a key assumption.&#148; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B></B><B>In arriving at the fair value less costs of disposal, please tell us how you determined it was appropriate to use expected future cash flows projected over a ten-year period as well as to reflect the
significant expected capital expenditures related to your investment in being able to produce Body-in-White sheet and the corresponding expected returns. In this regard, we note that your disclosures on page F-11 indicate that your value-in-use
calculations use cash flow projections based on financial budgets approved by management and cover usually a five-year period. </B></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><I><U>Response</U></I><U>: <I> </I></U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As disclosed on page F-11, it is our policy to use cash flow projections covering a 5-year period for value-in-use calculations. The expected
future cash flows used to determine the fair value less costs of disposal for our P&amp;ARP operating segment have been projected over a ten-year period for the reasons outlined below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The fair value less costs of disposal was estimated by applying a discounted cash flow model and incorporates assumptions that market
participants would use in estimating fair value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We believe market participants would consider acquiring the P&amp;ARP business as a
whole, given the businesses included (the unique combination of packaging and automotive rolled products, including can stock and Body-in-White) and the geographical global coverage. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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Requested by Constellium N.V. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Retaining a ten-year period is necessary to take into account the Body-in-White future business
(including related required capital expenditures and corresponding expected returns). This ten-year period is consistent with market participants&#146; views and assumptions, considering: </P>
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<TD ALIGN="left" VALIGN="top">the time required to complete the significant capital expenditures and the ramp up of the Body-in-White industrial capacity; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Body-in-White future expected returns based on market maturity and needs as evidenced by external market studies. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
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<TD ALIGN="left" VALIGN="top"><B></B><B>Please help us better understand how you determined that you should use the value-in-use method for purposes of arriving at the recoverable amount of the Muscle Shoals cash-generating unit versus using the
fair value less costs of disposal method for purposes of arriving at the recoverable amount of the Packaging and Automotive Rolled Products operating segment pursuant to IAS 36. Your disclosures on page 37 indicate that the Muscle Shoals factory is
currently focused on can stock but is expected to be capable of producing high-quality Body-in-White sheet after making significant investments. Please address what impact both the current and future expected use of the Muscle Shoals factory had on
your impairment tests of both the Muscle Shoals cash generating unit and the Packaging and Automotive Rolled Products operating segment. </B></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><I><U>Response</U></I><U>: <I> </I></U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In accordance with IAS 36, the net carrying value of a cash generating unit or a group of cash generating units is compared to its recoverable
value, which is the higher of the value in use and the fair value less cost of disposal. The impairment test was performed first at the Muscle Shoals cash-generating unit level for which there was an indicator of impairment and then at the level of
the group of cash-generating units that constitutes the P&amp;ARP operating segment where goodwill is tested. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><I><U>Muscle Shoals cash
generating unit </U></I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2015, Muscle Shoals had not started to produce Body-in-White products and the assets to be
tested were being used to produce can stock products only. Consequently, we have measured the cash-generating unit&#146;s value-in-use based on projections of discounted cash flows prepared for the existing can stock activity. In accordance with IAS
36.44, such cash flows do not take account of future restructurings not committed to nor future capital expenditures that would improve the performance of the assets to be tested. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Confidential Treatment
Requested by Constellium N.V. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In parallel, we have determined that a fair value less cost of disposal of the cash-generating
unit on a standalone basis does not exceed the value-in-use. [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">[TEXT FROM PAGE 7 OF THIS LETTER HAS BEEN OMITTED AND PROVIDED
SEPARATELY TO THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT UNDER RULE 24B-2 AND RULE 83.] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Accordingly, both the value in use and fair value less cost of disposal were considered. It was determined that a fair value less cost of
disposal exceeding the value-in-use on a standalone basis could not be demonstrated. Thus, the value-in-use was retained as part of the impairment tests. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><I><U>P&amp;ARP operating segment </U></I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The P&amp;ARP operating segment includes the activities of both our packaging rolled products (including can stock) and our automotive rolled
products (including Body-in-White) coming from the European and North American markets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The P&amp;ARP operating segment&#146;s carrying
value includes the goodwill resulting from the acquisition of Muscle Shoals, which we monitor at this level. As disclosed on page F-24, this goodwill is supported by the growing automotive markets (Body-in-White). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The fair value less cost of disposal was estimated by applying a discounted cash flow model and market participant assumptions, which reflects
the expected development of the Body-in-White activity (expected capital expenditures and returns / cash inflows) both in Europe and in North America. We believe that the Body-in-White future cash flows including the capital expenditures and related
benefits represent the cash flows that a market participant would identify and allocate to this activity. This approach reflects our view that market participants interested to acquire our complete P&amp;ARP operating segment (to participate in the
Body-in-White market and benefit from our global reach, both in terms of geographical coverage and products) exist. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As it was concluded
that the carrying value did not exceed the recoverable value (based on fair value less cost of disposal), (i)&nbsp;the impairment test did not lead to a goodwill impairment and (ii)&nbsp;the value-in-use was not considered. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Confidential Treatment
Requested by Constellium N.V. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Overall, the impairment test results (partial impairment of our Muscle Shoals cash generating
unit and no impairment of our P&amp;ARP operating segment) are consistent with the global economic and business trend changes we have noted between the acquisition period (late 2014) and the impairment test exercise (late 2015 / early 2016). [***]
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">[TEXT FROM PAGE 8 OF THIS LETTER HAS BEEN OMITTED AND PROVIDED SEPARATELY TO THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST
FOR CONFIDENTIAL TREATMENT UNDER RULE 24B-2 AND RULE 83.] </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note that you provide a sensitivity analysis related to the assumptions used in arriving at the recoverable value of the Packaging and Automotive Rolled Products operating segment as well as disclose the values
assigned to these assumptions. Please also provide the amount by which the recoverable amount exceeds the carrying amount related to this operating segment pursuant to IAS 36.134(f). </B></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><I><U>Response: </U></I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In
response to the Staff&#146;s comment, we propose to include in future filings the following information, to supplement the disclosure on page F-35 (new text is underscored): &#147;It was concluded that the carrying value <U>(&#128; 1,080
million</U>) did not exceed the recoverable value <U>(&#128;1,355 million)</U> as at December&nbsp;31, 2015.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to your request, the Company acknowledges that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in the filings; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hope that the foregoing has been responsive to the Staff&#146;s comments. If you have any questions or comments regarding the foregoing,
please do not hesitate to contact me at +33 1 73 01 40 87 or by email at didier.fontaine@constellium.com. In addition, you are welcome to contact Fr&eacute;d&eacute;ric Dunod, Constellium&#146;s Director of External Reporting and Investor Relations,
at +33 (0)1 73 01 41 32 or by email at frederic.dunod@constellium.com or Rina E. Teran, Constellium&#146;s US Chief Counsel, Chief Securities Counsel and Assistant Corporate Secretary, at (212)&nbsp;675 5087 or by email at
rina.teran@constellium.com. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Didier Fontaine</TD></TR>
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<TD VALIGN="bottom">Mr.&nbsp;Didier Fontaine</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
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