<SEC-DOCUMENT>0001193125-18-274309.txt : 20181018
<SEC-HEADER>0001193125-18-274309.hdr.sgml : 20181018
<ACCEPTANCE-DATETIME>20180914171857
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-274309
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180914

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>
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<TYPE>CORRESP
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 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P></TD>
<TD ALIGN="right">September 14, 2018&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Terence O&#146;Brien </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.W. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </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>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Constellium N.V. </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for Fiscal Year Ended December&nbsp;31, 2017
</B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Filed March&nbsp;12, 2018 </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;1-35931</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; 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">Set forth below
are responses of Constellium N.V., a company incorporated in the Netherlands (the &#147;Company&#148; and, together with its subsidiaries, &#147;Constellium&#148;), to the comments of the Staff of the Division of Corporation Finance (the
&#147;Staff&#148;) of the U.S. Securities and Exchange Commission (the &#147;Commission&#148;) that you provided in your letter, dated August&nbsp;31, 2018, with respect to the Company&#146;s annual report on Form
<FONT STYLE="white-space:nowrap">20-F</FONT> referenced above (the &#147;Form <FONT STYLE="white-space:nowrap">20-F&#148;).</FONT> For the Staff&#146;s convenience, the text of the Staff&#146;s comments is set forth below in bold, followed in each
case by the Company&#146;s response. All references to page numbers and captions correspond to the Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended December&nbsp;31, 2017 unless otherwise specified. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 17&#151;Investments Accounted for Under the Equity Method, page <FONT STYLE="white-space:nowrap">F-40</FONT></U> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that you account for your 51% interest in the joint venture with UACJ using the equity method.
Please tell us the factors you considered in determining that consolidation of this joint venture was not required. Please explain your basis for concluding consolidation is not required and how you considered the factors in paragraph 7 of IFRS 10.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In May 2014, Constellium signed an agreement with UACJ Corporation (&#147;UACJ&#148;) for the formation of
Constellium-UACJ ABS LLC (the &#147;Joint Venture&#148;). The Joint Venture operates a facility located in Bowling Green, Kentucky and supplies aluminium auto body sheet to the North American automotive industry. The Company and UACJ, indirectly
through their subsidiaries, hold 51% and 49%, respectively, of the membership interests in the Joint Venture. Constellium&#146;s investment in the Joint Venture has been accounted for using the equity method since the Joint Venture&#146;s formation
in 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to paragraph 7 of IFRS 10, an investor controls an investee if, and only if, the investor has all the following:
(i)&nbsp;power over the investee; (ii)&nbsp;exposure, or rights, to variable returns from its involvement with the investee; and (iii)&nbsp;the ability to use its power over the investee to affect the amount of the investor&#146;s return. </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <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">September 14, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to paragraph 10 of IFRS 10, an investor has power over an investee when the
investor has existing rights that give it the current ability to direct the &#147;relevant activities,&#148; <I>i.e.</I>, those activities that significantly affect the investee&#146;s returns. In the context of our joint venture agreement with
UACJ, Constellium has determined the relevant activities of the Joint Venture to be its key operating, investing and financing activities, such as: (a)&nbsp;determining the business plan, annual budget and business and operating strategy in the
following areas: purchase of raw materials, selection of technology for manufacturing, compensation policies for management and marketing and sales; (b)&nbsp;capital expenditures and other similar commitments; and (c)&nbsp;incurrence of debt and
dividend distributions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Joint Venture&#146;s Board of Managers consists of seven voting members and one <FONT
STYLE="white-space:nowrap">non-voting</FONT> observer. Four voting members are appointed by Constellium, and three voting members and one <FONT STYLE="white-space:nowrap">non-voting</FONT> observer are appointed by UACJ. For decisions relating to
relevant activities, the joint venture agreement requires the approval of not less than five of the seven members of the board of directors. This requirement effectively results in UACJ having a veto power over relevant activities, and Constellium
having no ability to direct a decision without UACJ&#146;s consent. As a result, Constellium currently does not have the right to direct the relevant activities of the Joint Venture, and, as such, does not have power over the Joint Venture as such
term is defined in IFRS 10. In the absence of such power, Constellium has concluded that it does not control the Joint Venture and that, as a result, consolidation would not be appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In future filings, we will clarify our disclosure so that a reader of Constellium&#146;s consolidated financial statements may better
understand the reasons that led Constellium to account for the Joint Venture under the equity method, as follows (new disclosure underlined): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Constellium-UACJ ABS LLC, a joint-venture in which Constellium holds a 51% interest, was created in 2014. This joint-venture operates a facility located
in Bowling Green, Kentucky and supplies aluminium sheet to the North American automotive industry. The joint venture started its operations during 2016. <U>We have determined that, under the terms of the joint venture agreement, we do not control
Constellium-UACJ ABS LLC because our existing rights associated with the decision-making process do not give us the ability to direct the relevant activities of the joint venture unilaterally and, as a result, Constellium does not have power over
the joint venture.&#148;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>On pages 37 and 40, you identify Airbus, Daimler AG, BMW, Volkswagen and the PSA Group as customers. Each of
these companies includes your products in its own products, and each sells its products in Syria and/or Sudan. Syria and Sudan are designated by the U.S. Department of State as state sponsors of terrorism, and are subject to U.S. sanctions and/or
export controls. You do not provide disclosure about these countries in your Form <FONT STYLE="white-space:nowrap">20-F.</FONT> Please describe to us the nature and extent of any past, current, and anticipated contacts with Syria and/or Sudan,
including with their governments, whether through subsidiaries, distributors, resellers, or other direct or indirect arrangements. </B></P></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: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">September 14, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Constellium has a general policy of not contracting with persons and or entities in
sanctioned countries, including in Sudan and Syria.&nbsp;Constellium does not directly sell its products to the governments of, or any entities located in, Syria or Sudan.&nbsp;After our review and to the best of its knowledge, Constellium also has
not had any past contacts and there are no current or anticipated contacts with Syria and/or Sudan, including contacts with their respective governments whether through subsidiaries, distributors, resellers or other direct or indirect
arrangements.&nbsp;In addition, Constellium has no employees, operations, points of sale, subsidiaries, affiliates, partners, joint venture interests, or investments in Syria or Sudan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Constellium is a global leader in the design and manufacture of a broad range of innovative specialty rolled and extruded aluminium products,
serving primarily the packaging, aerospace and automotive <FONT STYLE="white-space:nowrap">end-markets.&nbsp;Constellium</FONT> supplies aluminium wrought plates, sheet and extruded products to the aerospace and automotive original equipment
manufacturers (&#147;OEMs&#148;) referenced in the Staff&#146;s comment.&nbsp;However, these customers then transform and/or use Constellium&#146;s products in their own products for their own <FONT STYLE="white-space:nowrap">end-customers.</FONT>
Constellium products supplied to these customers are not specific to the markets or countries to which these customers supply their separate products.&nbsp;Constellium does not manufacture any products for these or other customers specifically for
sale in Syria and Sudan.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We appreciate
the opportunity to provide you with this additional information. If you have any questions, please do not hesitate to contact Rina E. Teran at (212) <FONT STYLE="white-space:nowrap">675-5087,</FONT> Jeremy Leach at + 33173014651, or the undersigned
at (212) <FONT STYLE="white-space:nowrap">675-5527.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>/s/ Peter
Matt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Peter Matt </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Chief Financial Officer </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jeremy Leach (Constellium N.V.) </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Rina E. Teran (Constellium N.V.) </P></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">3 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
