<SEC-DOCUMENT>0001193125-24-056368.txt : 20240402
<SEC-HEADER>0001193125-24-056368.hdr.sgml : 20240402
<ACCEPTANCE-DATETIME>20240301195049
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-056368
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSTELLIUM SE
		CENTRAL INDEX KEY:			0001563411
		STANDARD INDUSTRIAL CLASSIFICATION:	SECONDARY SMELTING & REFINING OF NONFERROUS METALS [3341]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		WASHINGTON PLAZA
		STREET 2:		40-44 RUE WASHINGTON
		CITY:			PARIS
		STATE:			I0
		ZIP:			75008
		BUSINESS PHONE:		33-1-73-01-46-51

	MAIL ADDRESS:	
		STREET 1:		WASHINGTON PLAZA
		STREET 2:		40-44 RUE WASHINGTON
		CITY:			PARIS
		STATE:			I0
		ZIP:			75008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Constellium SE
		DATE OF NAME CHANGE:	20190628

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Constellium N.V.
		DATE OF NAME CHANGE:	20130521

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Constellium Holdco B.V.
		DATE OF NAME CHANGE:	20121130
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g806778g0301213017831.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;1, 2024 </P> <P STYLE="margin-top:12pt; 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">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing
</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="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Ms.&nbsp;Eiko Yaoita Pyles and Mr.&nbsp;Andrew Blume </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Re: Constellium SE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form <FONT
STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended December&nbsp;31, 2022 Filed March&nbsp;14, 2023 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form <FONT
STYLE="white-space:nowrap">6-K</FONT> furnished July&nbsp;26, 2023 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-35931</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Pyles and Mr.&nbsp;Blume: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set forth below are
responses of Constellium SE, a company incorporated in France (together with its subsidiaries, &#147;Constellium&#148; or the &#147;Company&#148;), to the comments from the Staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the
U.S. Securities and Exchange Commission provided in your letter, dated November&nbsp;21, 2023, 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> and the Form <FONT STYLE="white-space:nowrap">6-K</FONT> referenced above (the <FONT STYLE="white-space:nowrap">&#147;6-K&#148;).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the Staff&#146;s convenience, the text of each of the Staff&#146;s comments is set forth below in bold, followed in each case by the Company&#146;s
response. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We appreciate the time and attention the Staff has dedicated to the matters discussed below, including its constructive dialogue with
representatives of the Company during various telephonic conversations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended
December&nbsp;31, 2022 Operating and Financial Review and Prospects </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Segment Adjusted EBITDA, page 46 </U></B></P>
<P STYLE="font-size:6pt;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%">&nbsp;</TD>
<TD WIDTH="5%" 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 your response to prior comment 1. We continue to believe that the adjustment for metal price lag to
arrive at Adjusted EBITDA, or any other <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure, is inconsistent with the guidance in Question 100.04 of the Staff&#146;s Compliance and Disclosure Interpretations on
<FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. Please remove this adjustment from all <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures in future filings. </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">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As discussed with the Staff, although we believe that our metal lag adjustment is providing
useful and valuable information to our shareholders and other users of our financial statements, we will remove it from all <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures in future filings, beginning with the reporting of our first
quarter 2024 results. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">6-K</FONT> furnished July&nbsp;26, 2023 Exhibit 99.1 </U></B></P>
<P STYLE="font-size:6pt;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="5%">&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"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Your response to prior comment 2 states that you consider the <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
measure Value-Added Revenue (&#147;VAR&#148;) as a measure of profitability, which is calculated by deducting certain costs from revenues. We also note from your response that the hedged cost of alloyed metal adjustment does not include all cost of
sales items related to the revenue presented in the measure. As a profitability measure, excluding cost of sales items related to the recognized revenue could be misleading considering the measure would exclude normal, recurring, cash operating
expenses necessary and directly related to the revenue recognized. Please provide the following information related to the adjustments included in this <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure: </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;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="5%">&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"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Provide revenue disaggregated for the amount related to contracts that allow you to pass-through aluminum and
alloyed metal prices to customers and those that are based on fixed pricing. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;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="5%">&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"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>For contracts that allow you to pass-through aluminum and alloyed metal prices, explain whether it is within
the contract terms that such costs are pass-throughs to the customers, whether the arrangements are considered cost-plus fixed fee or cost reimbursable plus fee types of contracts, and how the cost of the aluminum and alloyed metals are included on
invoices or billings to the customer. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;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="5%">&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"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Explain how the cost of aluminum and cost of alloying metals amounts are determined for the &#147;Hedged cost
of alloyed metal&#148; adjustment. For example, tell us whether it represents the actual cost within your cost of sales line item that is based on the weighted average cost of metal under IFRS or another calculation, such as the average <FONT
STYLE="white-space:nowrap">all-in</FONT> aluminum price based on the location where metal was purchased, multiplied by the metal sold in the period. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As discussed with the Staff, we have determined that, beginning with the reporting of our first quarter 2024 results, we will no longer report
Value Added Revenue (&#147;VAR&#148;) in future filings. </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">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions, please do not hesitate to contact Rina E. Teran at the Company at (443) <FONT
STYLE="white-space:nowrap">420-7861,</FONT> or the undersigned at (443) <FONT STYLE="white-space:nowrap">529-0380.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jack Guo</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Jack Guo</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV> <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 SE) </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Rina E. Teran (Constellium SE) </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>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g806778g0301213017831.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g806778g0301213017831.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  K (D# 2(  A$! Q$!_\0
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M6[C0]7U1-2%Q82W-I=^2$9'4'@@<8K$A\1>-+/PQH_BVZUN&>WN)XXI+$6X
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MK0K;2;RVU%Q(Z7R9,#]ROJ/:KFK^%->&K^&M7TX6#W.G(T=Q$5\N,AL9*@4
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MM%NX;GRA&P!8 J0.._Z5WU<O:^';R'XF7WB%FC^QSZ<MLJ@_-N# ]/3BNHH
M6L[6=&MM:L6MYU&[JCXY4UH45492A)2CNB*E.-2+A-73&01"&".(8PB@<5)2
F45):5A:*2B@!:*2B@!:*2B@!:*2B@!:*2B@!:*2B@!:2BB@#_]D!

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