presentation of the group - salzgitter ag · 2018-10-19 · presentation of the group english. szag...

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Presentation of the Group

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1 Salzgitter Group2 Market Situation3 Business Units4 Strategy5 Guidance

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Global Presence

3

Salzgitter Group

Strip SteelPlate / Section Steel Mannesmann Trading

Crude steel production 2017: 7.0 million tons; trading volume: 4.7 million tons;Among the top 3 producers of beverage filling and packaging machinery

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Technology

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Diversified product portfolioSalzgitter Group

Steel and Technology

Stainless tubes

Stockholding trading

International trading

Strip products

Steel Service Center

Heavy plates

Sections

Engineering services

Injection molding machinery Beverage filling plants

Line pipes

Precision tubes

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Group structure and key data FY 2017Salzgitter Group

Salzgitter AG Group

External Sales cons.: € 9.0 billion EBT: € 238 million

Employees: 23,139

External Sales:€ 2.2 billion EBT:

€ 182 million Employees:

6,092

Strip Steel

External Sales:€ 1.0 billion EBT: € -58 million Employees:

2,479

Plate / Section Steel


€ -6 million Employees:

4,638

Mannesmann



5,386

Technology



1,959

Trading

5All data about employees as per 12/31

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Salzgitter AG

Salzgitter Mannesmann / Salzgitter Klöckner-Werke

Strip Steel BU

Plate / Section Steel BU

MannesmannBU

TradingBU

TechnologyBU

Salzgitter Flachstahl

Ilsenburger Grobblech Mannesmannröhren-Werke Salzgitter Mannesmann

Handel KHS

Salzgitter Mannesmann Grobblech Europipe Salzgitter Mannesmann

StahlhandelSalzgitter Europlatinen

Peiner Träger

Mannesmann Grossrohr

Salzgitter Mannesmann International

KHS Corpoplast

Salzgitter Bauelemente

DEUMU Deutsche Erz- und Metall-Union

Mannesmann Line Pipe

Universal Eisen und Stahl

Mannesmann Precision Tubes

Salzgitter Mannesmann Stahlservice

Mannesmann Stainless Tubes

Hüttenwerke Krupp Mannesmann

BorusanMannesmann Boru

50%

30%

23%

Industrial Participations / Consolidation

Verkehrsbetriebe Peine-Salzgitter

Hansaport

Gesis Gesellschaft für Informationssysteme

Salzgitter Automotive Engineering

Telcat

Aurubis

Salzgitter Hydroforming

Salzgitter Mannesmann Forschung

51%

>20%

Klöckner DESMA Elastomertechnik

DESMA Schuhmaschinen

6

BU = Business UnitAs of April 2018

Group structureSalzgitter Group

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6%Tubes producers

13%Other

13%Food and beverage industry

4%Mechanical engineering

5%Re-rollers

5%Energy sector and utilities

15%Vehicle construction

23%Traders, Steel-Service-Centers

12%Construction industry

4%White goods,

electrical equipment

External sales 2017 by customer industriesSalzgitter Group

Broad customer base

7Only from entities within the group of consolidated companies of Salzgitter Group, excluding EUROPIPE Group

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Share of ex-Germany sales by consignee 52%

External sales 2017 by regionsSalzgitter Group

6%Other

7%Asia

12%Americas

4%Other Europe

23%Other EU

48%Germany

8Sales by consignee (only from entities within the group of consolidated companies of Salzgitter Group, excluding EUROPIPE-Group)

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Key data per 2017/12/31

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Salzgitter Group

FY 2017 FY 2016 Δ 2017 – 2016

Crude steel production kt 6,955.2 6,804.4 150.8

Consolidated Sales € million 8,990.2 7,905.7 1,084.5

Earnings before tax € million 238.0 53.2 184.8

Earnings after tax € million 193.6 56.8 136.8

Earnings per share (undiluted) € 3.52 1.00 2.5

ROCE % 8.6 2.7 5.9

Core workforce (12/31) 23,139 23,152 -13

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Salzgitter Group closes the financial year 2017 with the highest pre-tax profit since the financial market crisis

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1,911 2,007

756 881

2,0852,440

3,5662,990

Assets Equity / liabilities

Balance sheet per 2017/12/31Salzgitter Group

Property, plant and equipment and other

non-current assets

Inventories

Cash and securities

Other current assets

Equity

Pension provisions

Other non-currentliabilities

Current liabilities

€ million 8,318 8,318

Goodwill: 0 € Equity ratio: 35.9%

Assets to equity: 84%

Net position due to banks: € 381 m

€ 820 m € 409 m

€ 200 m € 230 m

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Sound financial basis

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Focus on expansion investments Outlook 2018 / 2019: € 70-100 million above depreciation

Salzgitter Group Investments and Depreciation / Amortization

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Salzgitter Group

Investments1 Scheduled depreciation Unscheduled depreciation

1 Property, plant and equipment and intangible assets, excluding financial assets | 2 restated because of first time adaption IFRS 11

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359 345270

339411

340 352 342287

342

185

43 15 49

2013 2014 2015 2016 20172

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History

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Salzgitter Group

Stock listing 1998First blast furnace in Ilsede, 1861

First broad-flanged beam mill in Peine, 1914

1989 privatization with the sale to Preussag AG

Demonstrations to save the smelting works in Salzgitter, c. 1950

Privatization and acquisitionof the Ilsenburg rolling mill, 1992

Cross-rolling process sketch ofMax Mannesmann, pre 1885

Bottle filling line Phönixc. 1936

llsenburg: est. 1595,plate since 1948Mülheim an der Ruhr: plate since 1882Peine: Sections since 1876

llsenburg: est. 1595,plate since 1948Mülheim an der Ruhr: plate since 1882Peine: Sections since 1876

1989 Name change toPreussag Stahl AG

1989 Name change toPreussag Stahl AG

1970 Mergerto form StahlwerkePeine-Salzgitter AG

1970 Mergerto form StahlwerkePeine-Salzgitter AG

1937 Construction Hüttenwerk Salzgitter

(Part of Reichswerke)

1937 Construction Hüttenwerk Salzgitter

(Part of Reichswerke)2007 Integration into SZAG2007 Integration into SZAG

1880 Acquisition of PeinerWalzwerk, est.1872

1880 Acquisition of PeinerWalzwerk, est.1872

1923Foundation of steel group

Klöckner-Werke AG

1923Foundation of steel group

Klöckner-Werke AG

1886 First processfor the rolling of

seamless steel tubes

1886 First processfor the rolling of

seamless steel tubes1858 FoundationIlseder Hütte AG1858 FoundationIlseder Hütte AG

1912 first attempts withstainless steel tubes

1897 Start of productionwelded steel tubes

1912 first attempts withstainless steel tubes

1897 Start of productionwelded steel tubes

2017 Relaunch ofthe brand presence2017 Relaunch of

the brand presence

1977 First acquisition of part. infilling technology (H & K)

1977 First acquisition of part. infilling technology (H & K)

2000 Liquidation ofMannesmann Group,

Integration Tubes into SZ

2000 Liquidation ofMannesmann Group,

Integration Tubes into SZ

1992 - 1995Insolvency, restructuring

and end of steel production

1992 - 1995Insolvency, restructuring

and end of steel production

Strip Steel BUStrip Steel BU Mannesmann BUMannesmann BU TechnologyTechnology

Plate / Section Steel BUPlate / Section Steel BU

1964Salzgitter Hüttenwerk AG(since 1961 part of state-owned

Salzgitter AG old)

1964Salzgitter Hüttenwerk AG(since 1961 part of state-owned

Salzgitter AG old)

1998 Salzgitter AG1998 Salzgitter AG

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Environment IMarket Situation

Industrial production in selected countries of the EU (Jan. 2007 = 100)

France Italy SpainGermany GB

14

60

70

80

90

100

110

120

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source: Eurostat, own research, last figure from July 2018

The trend of the previous years continues: Slightly improving EU industrial production, Germany remains strong

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Raw materialsMarket Situation

Raw materials markets marked by high volatility

Iron ore(62% Fe CFR China, US$/dmt)

Coking coal(FOB Australia, US$/t)

Steel scrap(grade 2/8, €/t)

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Jan 17 Jul 17 Jan 18 Jul 18300

400

500

600

700

800

900

Jan 17 Jul 17 Jan 18 Jul 18

Following a period of recent rises, steel prices are stabilizing at the moment; different trading policies result in regional price variations

Steel pricesMarket Situation

Spot prices Northern Europe

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Hot-rolled coil prices international

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(€/t) (€/t)

Northern Europe EXW Ruhr USA EXW Indiana China SchanghaiHRC EXW Ruhr Plate EXW Ruhr Medium sections

10/18

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EU trade defense actions relevant for Salzgitter AG

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Market Situation

Product/Type of investigations Against … Filed on… Status Results / Next stepsCold-rolled stripAnti-dumping investigation

China,Russia

March 31, 2015 August 4, 2016Final AD-duties adoptedChina: 20-22%Russia: 19-36%

Final duties exceed provisional tariffs. Noteworthy: retroactive application of duties

Hot-rolled stripAnti-dumping investigation1

(Threat of injury) andanti-subsidy investigation2

China December 23, 20151/ March, 31 20162

June 8, 2017Final dutiesChina: 18-36%

Positive: EU-Commission finds dumping (96-107%) and subsidies (5-39%)Negative: Lesser Duty Rule limits duties to injury margin (18-36%)

Heavy plateAnti-dumping investigation

China Dezember 23, 2015 March 1, 2017Final duties China: Ø 70%!

Risks of circumvention under review

Hot-rolled stripAnti-dumping investigation

Russia, Ukraine, Brazil, Serbiaand Iran

May 20, 2016 October 6, 2017Final measure: fixed Euro per ton duties; range between €/t 17.60 and €/t 96.50; Ø €/t 55.

Best final result among the possible alternatives (after veto of member states against a minimum import price).

Corrosion resistant (non-auto)Anti-dumping investigation

China October 24, 2016 February 8, 2018Final dutiesChina: 17-29%

Final duties after application of Lesser Duty Rule on the level of provisional tariffs. Risks of circumvention under review

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500

1,000

1,500

2,000

2,500

2014 2016 Q2 2018

Update international steel tradeMarket Situation

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Imports of finished steel products (1,000 t/month)

Reaction of the European Union

South Korea RestIndiaTurkeyRussiaUkraineChina

International measures affecting the European Union

+ 70%

USA: Protective tariffs against numerous states cover almost all product groups

March 26, 2018: Introduction of protective tariffs under the guise of national security (Section 232) in the U.S., since June 1, 2018 these also apply to imports from the EU

September 20, 2018 Turkey: Safeguard measures for broad steel and tubes portfolio introduced

June 1, 2018: WTO complaint filed against the Section 232 tariffs of the United States

June 22, 2018: Rebalancing measures against certain “iconic” US products adopted

July 19, 2018: Preliminary safeguard measures for a broad steel and tubes portfolio implemented

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1 Salzgitter Group2 Market Situation3 Business Units: Strip Steel4 Strategy5 Guidance

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Overview

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Strip Steel Business Unit

Capabilities Integrated steel works with three blast

furnaces Approx. 4.7 mt/year crude steel capacity Modern production plants High processing competence (SSC)Core competences and products High-quality steel grades for sophisticated

applications Custom made solutions, e.g., hot-rolled

and cold-rolled coil, galvanized and coated sheet, laser-welded tailored blanks, corrugated sheets, coffers, sandwich and acoustic elements

Customer focus through local presence

Key data FY 2017

Consolidated Sales €m 2,160

Earnings before taxes €m 182

Core workforce (12/31) 6,092

Established supplier of the demanding German automotive industry

External sales by customer industry 2017

only from entities within the group of consolidated companies of Salzgitter Group

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4%

Other

37%

Vehicle construction

5%

Construction industry

7%

White goods,electrical equipment

31%

Traders

2%

Tube producers

13%

Re-rollers

2%

Mechanical engineering

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Strip ProductsStrip Steel Business Unit

Salzgitter Flachstahl GmbH

Supplier of premium OEMs

Germany; shareholder: SZAG 100% Hot-rolled coil, cold-rolled coil, electrogalvanized, hot dip

galvanized and organic coated sheet Integrated steel works with 3 blast furnaces Around 4.7 mt yearly crude steel capacity Top modern production plants High-tech downstream facilities 3% market share in the EU28

2016 2017

Shipments kt 4,331 4,154

Sales €m 2,204 2,652

Employees 12/31 5,563 5,58721en

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ProcessingStrip Steel Business Unit

Salzgitter Europlatinen GmbH

Germany; shareholder: SZAG 100%Custom-made solutions: Laser welded Tailored Blanks for lighter car bodies

2016 2017

Sales €m 63 77

Employees 12/31 109 117

2016 2017

Sales €m 43 46

Employees 12/31 66 67

Germany; shareholder: SZAG 100%Corrugated sheets, coffers, sandwich a. acoustic elements for wall and roof constructions of commercial buildings

Salzgitter Bauelemente GmbH

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Steel Service CenterStrip Steel Business Unit

Salzgitter Mannesmann Stahlservice GmbH

Germany; shareholder: SZAG 100% Two locations Modern plants and processes 600,000 t/year processing capacity

Excellent position in the heart of Europe

2016 2017

Shipments kt 605 598

Sales €m 326 402

Employees 12/31 324 32123en

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1 Salzgitter Group2 Market Situation3 Business Units: Plate / Section Steel4 Strategy5 Guidance

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Overview

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Plate / Section Steel Business Unit

Capabilities Section steel:

− Top-modern mini mill with two electric arc furnaces

− Annual crude steel capacity 1 mt− Two rolling mills for medium and heavy

sections Plate:

− Two rolling mills for plate with 1.6 mt annual capacity

− Plate width up to 4,800 mmCore competences and products High-strength, wear resistant and

specialized steel grades Medium and heavy sections, heavy plate

incl. offshore and tube grades

Consolidated sales €m 1,024

Earnings before taxes €m -58


Key data FY 2017

Plate: Broad range of high quality plate products Section Steel: Efficient production

External sales by customer industry 20172%

Vehicle construction11%

Construction industry

31%

5%White goods,

electrical equipment

34%TradersTube producers


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15%Other

2%

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Heavy PlatePlate / Section Business Unit

Ilsenburger Grobblech GmbH

Germany; shareholder: SZAG 100% Broad diversified heavy plate steel grades Construction plate, fine grained construction plate, alloyed

and unalloyed boiler plate, offshore and tube grades High-strength and wear resistant grades 6% market share in the EU28 State of the art facilities, one of the most modern water

quenching plants

2016 2017


Sales €m 415 501


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Heavy PlatePlate / Section Steel Business Unit

Salzgitter Mannesmann Grobblech GmbH

Germany; shareholder: SZAG 100% Heavy plate mill specialized in plate for longitudinally

welded line pipe and similar applications, especially for EUROPIPE GmbH Pipe bending plant for seamless and welded steel tubes

in carbon, alloyed, and high-alloy steels Test Center with a wide range of mechanical and

technological tests

2016 2017


Sales €m 292 394


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SectionsPlate / Section Steel Business Unit

Peiner Träger GmbH

Germany; shareholder: SZAG 100% Medium and heavy steel beams, Peine sections Progressive and flexible mini mill Two top-modern electric arc furnaces Adjusted crude steel capacity 1.0 mt/year 13% market share in the EU28 (plus N, CH) Two of the most efficient section mills worldwide with

comprehensive range of products

2016 2017

Shipments kt 1,009 997

Sales €m 489 523


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Other CompaniesPlate / Section Steel Business Unit

Deutsche Erz- und Metall-Union-Gruppe

Germany; shareholder: SZAG 100%Specialist trader for ferrous scrap, non-ferrous scrap, new metals and ferro alloys, as well as rolled steel products

2016 2017

Sales €m 489 627

Employees 12/31 332 378

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1 Salzgitter Group2 Market Situation3 Business Units: Mannesmann4 Strategy5 Guidance

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Overview

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Mannesmann Business Unit

Capabilities Own crude steel supply via 30%

participation in Hüttenwerke Krupp Mannesmann GmbH

Plant for the production of semis for the seamless tubes business

Core competences and products Line Pipe: participation (50%) in the world

market leader EUROPIPE; international presence

Precision Tubes: European market leader Seamless Stainless Tubes: top player in

the world market Longitudinal and spiral welded large-

diameter pipes, medium line pipes, seamless and welded precision tubes, stainless tubes


Earnings before taxes €m -6


Key Data FY 2017


Global player in the high quality segment of the global tubes market

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only from entities within the group of consolidated companies of Salzgitter Group, excluding EUROPIPE Group

2%Construction industry

6%

14%Energy sector

and utilities

40%Other

3%Traders

Tube producers


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Line PipesMannesmann Business Unit

EUROPIPE Group

Germany; shareholder: SZAG 50%, Dillinger Hüttenwerke 50% Longitudinal and spiral welded large-diameter pipes for

transcontinental and underwater pipelines In-house coating activities World market leader (7% market share) 3 locations in D, USA Since January 1, 2014 reported at equity

2016 2017

Shipments kt 1.003 1.099

Sales €m 1.148 1.042

Employees 12/31 1.112 1.03132en

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Line PipesMannesmann Business Unit

Mannesmann Line Pipe GmbH

Germany; shareholder: SZAG 100%HFI-welded medium line pipes incl. plastic- and cement coatings

2016 2017

Sales €m 139 261

Employees 12/31 441 385

2016 2017

Sales €m 79 78

Employees 12/31 129 124

Germany; shareholder: SZAG 100%Spiral-welded large-diameter pipes made of hot-rolled coil

Mannesmann Großrohr GmbH

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Precision TubesMannesmann Business Unit

Mannesmann Precision Tubes Group

Germany; shareholder: SZAG 100% Seamless and welded cold drawn precision tubes for the

automotive and engineering industries as well as the energy sector State of the art push bench plant for the production of hollows Market leader in the EU28 (24% market share) 10 locations in D, F, NL and Mexico

2016 2017


Sales €m 430 477

Employees 12/31 2,314 2,31334en

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Seamless Stainless TubesMannesmann Business Unit

Salzgitter Mannesmann Stainless Tubes Group

Germany; shareholder: SZAG 100% Seamless hot- and cold finished stainless tubes

for the chemical- and engineering industries, as well as for the energy sector 7% market share in the world 4 locations in D, F, I, USA

2016 2017

Shipments kt 24 25

Sales €m 228 237


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Significant shareholdingsMannesmann Business Unit

Hüttenwerke Krupp Mannesmann GmbH

Germany; shareholder: ThyssenKrupp 50%, SZAG 30% + Vallourec 20% (Pool) Steel works with two blast furnaces Production of slabs and round steel bars Up to 1,000 different steel grades Yearly crude steel production of > 5 million tons

2016 2017

Sales €m 1,824 2,515

Employees 12/31 2,977 2,90736en

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1 Salzgitter Group2 Market Situation3 Business Units: Trading4 Strategy5 Guidance

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4%

Vehicle construction

Overview

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Trading Business Unit




Capabilities 103 sites in 43 countries Own distribution network for steel products

with warehousing sites in Europe Processing group specialized on heavy

plate products International tradingCore competences and products Global presence in all relevant regions with

own representation Distribution channel for Salzgitter Group

products Procurement channel for Salzgitter Group

works Value add services for customers

Key Data FY 2017


High customer and market orientation through a global sales organization

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13%

Other

27%

Construction industry4%

White goods,electrical equipment

31%

Traders

3%

Tube producers

4%

Re-rollers

9%

Energy sector and utilities

5%



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International10 Companies2 Rep. offices

Europa7 Companies

Europa4 Agencies

Salzgitter Mannesmann Handel Group

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Salzgitter Mannesmann Handel

Shipments 2017: 4.4 mt Sales 2017: € 3.1 billion

Trading AgenciesStockholding

Salzgitter Mannesmann International GmbH, Düsseldorf (SMID)

Salzgitter Mannesmann International (USA) Inc., Houston (SMIH)

Salzgitter Mannesmann International (Canada) Inc., Vancouver (SMIV)

77 locations in 33 countries with 1,593 employees

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Salzgitter Mannesmann Stahlhandel GmbH, Düsseldorf (SMSD)

Stahl-Center Baunatal GmbH, Baunatal (SCB)

20 Branches with warehouses and further processing (incl. 4 flame cutting plants), 4 Sales offices

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Universal Eisen und Stahl Group

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Universal

Shipments 2016: 0.2 mt Sales 2016: € 0.2 billion

North America Europe

5 Branches

Universal Eisen und Stahl GmbH, Neuss (UES) Universal Aciers Sarl, Couzon au Mont d'Or, France

UNIVERSAL STEEL HOLLAND B.V., SK Papendrecht, Netherlands

UNIVERSAL-Stal Sp. z o.o, Gliwice, Poland

UNIVERSAL OCEL spol. s.r.o., Prague, Czech Republic

UNIVERSAL STEEL AMERICA, Inc., Houston, USA

1 Branch in Chicago

17 locations in 11 countries with 366 employees

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1 Salzgitter Group2 Market Situation3 Business Units: Technology4 Strategy5 Guidance

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Overview

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Technology Business Unit

Capabilities 17 Production plants worldwide 60 Service sites > 90% of sales outside of GermanyCore competences and products KHS: among the top 3 global suppliers for

filling and packaging machines; technology and innovation leadership

DESMA Elastomertechnik: Global leader for rubber and silicon injection molding machines

DESMA Schuhmaschinen: World market leader for the production of machines for the production of shoes and shoe soles

Turn-key lines, single machines and service




Top 3 producer for filling and packing industry, world market leader for rubber and silicon injection molding as well as direct soling machines

Key data FY 2017


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3%White goods,

electrical equipement

88%


Food and beverageindustry



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Filling and packagingTechnology Business Unit

KHS Group

Germany; shareholder: SZAG 100% A global leader and solution provider of first choice in the packaging

industry Among the Top 3 producers Focus on beverage applications Supplier of single machines and turnkey solutions (one-stop-shop

supplier) Leadership in technology and innovation 11 production sites: 5 in Germany, 2 in the US, and 1 each in Mexico,

Brazil, China and India

2016 2017

Sales €m 1.180 1.138

Employees 12/31 4.565 4.64843en

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Special machineryTechnology Business Unit

Klöckner DESMA Elastomertechnik Group

World market leader for rubber and silicone injection molding machinery

2016 2017

Sales €m 88 100

Employees 12/31 505 530

2016 2017

Sales €m 39 47

Employees 12/31 199 208

World’s largest producer of machines for the fabrication of shoes and shoe soles

DESMA Schuhmaschinen GmbH

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1 Salzgitter Group2 Market Situation3 Industrial Participations4 Strategy5 Guidance

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Overview

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Industrial Participations

Comprises activities that are not directly allocated to a business unit

Core competences and participations Services:

− Research and development for the Group and external customers

− Information technology− Engineering services− Real estate- and facility development as

well as management− Freight traffic

Participations:− Aurubis− Hansaport

Consolidated sales €m 198



Key data FY 2017

Gratifying contribution from the service companies and the Aurubis investment

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Derivation of pre-tax result 2017

in € million

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EngineeringIndustrial Participations

Salzgitter Mannesmann Forschung GmbH

Germany; shareholder: SZAG 100%Research and development for the Group and external customers with a focus on: Processes for the manufacture, processing

and application of metallic materials and products made of them Development of new materials Development of application areas Material and component characterization including testing

techniques Application and engineering technology from component design

through forming and assembly to corrosion protection Automation and testing techniques, as well as the construction

of non-destructive testing facilities

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Raw Materials and Logistics

Glückauf Immobilien, RSE

Companies specialized in real estate- and facility development as well as management

Hansaport1

Germany's largest seaport terminal for handling dry bulk goods (coal and ores), annual capacity of approximately 15 million tons

Verkehrsbetriebe Peine-Salzgitter

Commercial transportation provider with an annual freight volume of approximately 43 million tons

1 SZAG share: 51%48en

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Data Processing and Communications

Telcat Multicom/Telcat Kommunikationstechnik

Systems for decentralized communication, Broad array of information solutions ranging from office communication and video technology to network services

Integration of business processes into one uniform IT-solution that reflects the entire workflow, Electronic data processing center capacities andthe internet-based eService platform as a unified hub for order processing are offered for group companies and external clients

GESIS Gesellschaft für Informationssysteme

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Aurubis-Participation

50


Aurubis Dividend (€/Share)

Since 2008 successful shareholding in the leading European copper producer

SZAG shareholding: 20.00% (per April 9, 2018)

Net dividend received since 2009: € 92.2 million (per FY16/17)

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0.65

1.00

1.20

1.35

1.101.00

1.351.25

1.45

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2008/2009

2009/2010

2010/2011

2011/2012

2012/2013

2013/2014

2014/2015

2015/2016

2016/2017

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Strategy – review

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Strategy

2012-2017

SZAG 2015 Other programs(since end of 2016 combined under FitStructure SZAG)

2012 – 2016€ 260 million p.a. € 240 million p.a.

€ 500 million € p.a. earnings improvement potential

Structural measures 2012-2017

Initial Emphasis inevitably on restructuring and cost reduction measures

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What we achieved since 2012 …

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Strategy

Effects allocated by business unit

-108

-87

238

-29€ 65 million measures

527

-94

Group EBT20121) (before

measures)

Market influence

2012 2017

Measures2012 2017

Other Group EBT20171)

Programs 2012-2017 Earnings effect (net)

+ € 131 million p.a.




+ € 84 million p.a..



1) thereof Aurubis participation: 2012 € 35 million, 2017 € 79 million

Reconciliation of earnings 2012 vs. 2017

€ million

… more than € 500 million effects from programs of measures lay the foundation for present and future earnings performance

Strip Steel BU

Plate/Section Steel BU

Mannesmann BU

Trading BU

Technology BU

Industr. Part./ Other

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What we intend in the coming years

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Strategy

Focus on innovation and growth – the dynamism started in 2012 will be maintained

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Restructuring – 2018-2021 additional € 140 million p.a. earnings improvement potential

FitStructure Focus on Mannesmann and Technology business units

Growth – around € 240 million p.a. additive earnings contribution

Strip Steel Growth in target segments by shifting steel grade portfolio towards hot-dip galvanized material

Plate / Section Steel Volume increase of higher quality grade such as wear-resistant and high-strength plate

Mannesmann Internationalization and extension of the value chain

Trading Expansion of the digitalization and pre-processing activities

Technology Participation in the market growth, expansion of the after-sales business

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Spring link MB C-Class

0

20,000

40,000

60,000

80,000

100,000

120,000

2012 2013 2014 2015 2016 2017

Shipments in t

Wishbone MQB Golf GTI 7

Innovation and growth – example Strip Steel BU

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Strategy

Bainitic steel “SZBS800” for automotive chassis applications

Continuous steel grade development and market penetration

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Goal: Profitability improvement of the company Optimization of the product portfolio Strengthening of the market position and volume

expansion for higher value grade segments such as high strength and wear resistant, water tempered steel

Restructuring and future orientation go hand in hand

Measures at the Ilsenburg site

“Salzgitter AG 2021” – example Plate / Section Steel BU

56* planned volumes

Strategy SZAG 2021 – focus on qualitative growth Investment into a modern and competitive heat treatment line Commissioning: 2020

FitStructure SZAG – cost cutting and efficiency improvement Capacity reduction to 700 kt p.a. with corresponding

workforce adjustment Temporary decrease of weekly working time to

32 hours without wage compensation

Volume development of higher value grades

36%

44%

52%

2016 2018* 2020*

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Strategy

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Structural tube

AirbagsPump case

Stabilizers

Suspension components

Seat belt- IHU/IHVfixings

Engine-components

Drive shaftsDrivetrain and steering components

Camshafts

Key component in the group’s “Salzgitter AG 2021” strategy

Innovation and growth – example Mannesmann BU

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Strategy

Strategy SZAG 2021 – focus on growth Expansion of the precision tubes plant in Mexico Construction of a production line for thick-walled tubes Upgrade of the existing finishing line

FitStructure SZAG – cost cutting and efficiency improvement Realignment of Mannesmann Precision Tubes Group as a

technology provider Program comprising 180 individual measures

Goal: Sustainable pre-tax margin of 5% as of 2021 Growth with profitable products Extension of the value chain Growth through internationalization

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and

Key data of the acquisition

Founding year 1980

Headquarters Issoudun, France

Sales (2017) > € 10 million

Employees 65

Products Cold-finished seamless stainless tubes in the premium segment

Customer groups

Aerospace, power plant, as well as oil and gas industry

Internationalization and expansion of the value chain through the acquisition of the French stainless steel tubes specialist SOTEP

Landing gear

SAM 146 engine

Business Class seats Commercial aircraft

Sukhoi Superjet 100

Airbus A320 ceo/neo

58

Innovation and growth – example Mannesmann BUStrategy

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Innovation and growth – example Trading BU

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Strategy

Third expansion stage of e-World:First steel auction platform with full price transparency – in six weeks from idea to reality!

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We are developing the future: Research project GrInHy Strategy

Green Industrial Hydrogen via reversible High-Temperature Electrolysis

March – April 2018End of 2017 Currently

Proof of concept of reversing operation

Continuous production and feeding of hydrogen

Optimization of the hydrogen conditioning

April 2018

Submitted application for succeeding project GrInHy2.0

High-temperature electrolysis (HTE): important component for CO2-reduced steel production (SALCOS)

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SALCOS – SAlzgitter Low CO2 Steelmaking

61Source: Fraunhofer-Gesellschaft/SZAG

Iron ore pellets

Directly reduced iron asenergy storage

Further utilization of renewable energy: additional use of H2

Use of H2 for reduction with

natural gas

Use of already established(direct reduction using natural gas) as well as innovative (hydrogen generation and use)technologies

Integration into existing andoptimized steel works

gradual reduction of CO2-emissions: between 10% and 80% CO2 savings!

Direct reduction plant

Utilization of hydrogen (H2) instead of carbon (C) for the reduction of iron

Having an eye on the future of CO2-reduced steel production

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Strategy

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Business Units – Forecast 2018Guidance

market environment remains sensitive

continuing robust demand and supporting effect of EU safeguard measures expected

Plate: market environment still characterized by high levels of imports, signs of the situation brightening a little as the year progresses

Section steel: volatile scrap prices and speculative buying patterns of customers

Still largely sound capacity utilization predicted for all three locations

Large-diameter pipe mills: still temporarily well booked in Germany, order situation in North America improved

Medium line pipes: Demand lower than year before, but at improved prices

Precision tubes positive development, stainless tubes with marginal improvement

other areas will not be able to fully compensate for the subdued activities in international trading

earnings are increasingly returning to normal levels compared to the previous year that was impacted by the temporary widening of margins

KHS Group: continuing fierce competitive pressure in the project business

positive impact of the measures to raise efficiency

KDS and KDE Group: positive prospects

significantly higher sales

EBT at the level of the outstanding year-earlier result

moderate sales growth

significant reduction in pre-tax loss moving toward virtual breakeven level

sales on previous year’s level

substantially improved, again positive pre-tax result

slight downturn in sales

gratifying pre-tax profit, nevertheless considerably below the previous year’s outstanding figure

Based on a high order backlog:

moderate increase in sales

tangible increase in pre-tax profit

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Strip Steel Plate / Section Steel Mannesmann Trading Technology

Business Unit

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Salzgitter Group – Guidance from September 19, 2018Guidance

We now anticipate:

a pre-tax profit of between € 300 million and € 350 million and

a marginally higher return on capital employed of between 9% and 11% compared with the previous year.

a marginal increase in sales to above € 9 billion,

Legal Note and other remarks

We make explicit reference to the fact that imponderables, including changes in the cost of raw materials, precious metal prices and exchange rates, along with global trade policy measures and their possible impact may still exert a considerable influence over the course of the financial year 2018.

To the extent that this presentation contains statements oriented towards or related to the future, such statements are based on our current state of knowledge and the estimates based on such knowledge made by the management of Salzgitter AG. However, as is the case with any forecasts or prognosis, such statements are also subject to uncertainties and risks. Notwithstanding prevailing statutory provisions and capital market law in particular, we are not obligated to update this data. In particular, we shall not assume liability of any kind for knowledge and statements, as well as any acts resulting on the basis of such knowledge or statements that emanate directly or indirectly from the analysis of the data, content and correlations of this document. The information and data made available do not represent an encouragement or invitation to buy, sell or conduct any other type of trade in securities. Salzgitter AG shall neither assume liability for direct nor indirect damages, including lost profits, arising as a result of the utilization of the information or data contained in this document.

For computational reasons, rounding-off differences of +/– one unit (€, % etc.) may occur in the tables. This document is also available in German language. In the event of any discrepancy, the German version shall prevail.

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BACKUP1 Financials2 Pensions3 Investor Relations

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H1 2018 H1 2017 Δ

Crude steel production kt 3,528.9 3,415.3 113.6

External sales1 € million 4,617.1 4,616.2 0.9

Earnings before tax € million 198.6 100.2 98.4

Earnings after tax € million 135.4 64.7 70.7

Earnings per share (undiluted) € 2.45 1.14 1.31

ROCE % 12.8 7.3 5.5

Core workforce2 23,273 23,296 -23

Key data per 2018/06/30

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Financials

Salzgitter Group off to a strong start to the year

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1 only from entities within the Group of Consolidated Companies of Salzgitter Group 2 per reporting date

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Income statement

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Income Statement (€ million) H1 2018 H1 2017

Sales 4,617.1 4,616.2

Increase/decrease in finished goods and work in process/other own work capitalized 29.7 37.9

4,646.8 4,654.1

Other operating income 147.2 145.2

Cost of materials 3,013.9 3,086.9

Personnel expenses 862.3 841.3

Amortization and depreciation of intangible assets and property, plant and equipment 169.4 169.7

Other operating expenses 544.7 617.3

Income from shareholdings 4.8 5.6

Result from investments accounted for using the equity method 30.8 51.9

Finance income 6.7 10.3

Finance expenses 47.4 51.7

Earnings before taxes (EBT) 198.6 100.2

Income tax 63.3 35.6

Consolidated result 135.4 64.7

Financials

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Consolidated balance sheet

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Financialsen

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Assets (€ million) 2018/06/30 2017/12/31 ΔNon-current assets 3,621.9 3,565.9 56.0

Intangible assets, property, plant and equipment 2,393.5 2,433.3 -39.8

Investment property 21.4 21.5 -0.1

Financial assets 94.9 84.1 10.8

Investments accounted for using the equity method 715.2 577.5 137.7

Trade receiveables 21.6 25.6 -4.0

Other receivables and other assets 18.2 26.0 -7.8

Income tax assets 2.5 4.5 -2.0

Deferred income tax assets 354.7 393.2 -38.6

Current assets 4,859.8 4,751.8 107.9

Inventories 2,152.3 2,084.5 67.8

Trade receivables 1,488.1 1,492.2 -4.1

Contract assets 157.9 0.0 157.9

Other receivables and other assets 444.0 394.2 49.8

Income tax assets 19.4 24.9 -5.5

Securities 69.6 76.6 -7.0

Cash and cash equivalents 528.6 679.4 -150.8

Balance sheet total 8,481.7 8,317.8 163.9

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Consolidated balance sheet

69

Financialsen

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Equity and liabilities (€ million) 2018/06/30 2017/12/31 ΔEquity 3,075.9 2,989.7 86.2Subscribed capital 161.6 161.6 0.0Capital reserve 257.0 257.0 0.0Retained earnings 2,973.6 2,854.6 119.0Other reserves 42.7 51.1 -8.4Unappropriated retained earnings 2.8 27.1 -24.3Treasury shares -369.7 -369.7 0.0Minority Interest 7.9 8.1 -0.2Non-current liabilities 3,281.3 3,321.5 -40.2Provisions for pensions and similar obligations 2,418.0 2,440.5 -22.5Deferred tax liabilities 41.9 41.9 0.0Income tax liabilities 88.1 97.6 -9.5Other provisions 306.9 303.5 3.4Financial liabilities 422.0 433.8 -11.8Other liabilities 4.2 4.1 0.1Current liabilities 2,124.5 2,006.5 118.0Other provisions 228.5 232.3 -3.8Financial liabilities 236.5 237.8 -1.3Trade payables 1,134.1 1,169.0 -34.9Liability contracts 94.5 0.0 94.5Income tax liabilities 27.6 28.2 -0.6Other liabilities 403.4 339.2 64.2Balance sheet total 8,481.7 8,317.8 163.9

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Cash flow statement

70

Financials

Operating cash flow characterized by good half-year result and significantly lower working capital increase

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(€ million) H1 2018 H1 2017 Δ

Cash and cash equivalents at the start of the period 679.4 818.1 -138.7

Cash flow from operating activities 170.1 -72.2 242.3

Cash flow from investment activities -276.4 -174.5 -101.9

Cash flow from financial activities -45.7 -34.2 -11.5

Changes in cash -152.0 -281.0 129.0

Cash and cash equivalents at the end of the period 528.6 531.2 -2.6

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BondsFinancials

Convertible Bond

Volume: € 167,900,000 Coupon: 0.0 % p.a. Issue date: June 5, 2015 Maturity date: June 5, 2022 Denomination: € 100,000 Conversion ratio: 2,125.4708 Shares per Bond1

Conversion price: € 47.04841

Underlying shares: 3,568,6651

Conversion right period: July 25, 2015 to May 26, 2022 Early redemption at the option of the Issuer: On or after June 5, 2018, and upon giving not less than 30 nor more than 40 calendar days notice,

only possible if the volume adjusted average XETRA-quotation on at least 20 of the 30 consecutive trading days directly prior to the notification date exceeds 130% of the then applicable conversion price

1 Most recently adjusted per 2018/05/2971en

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Strip Steel Business Unit

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Financials

Increase of sales and profit before taxes was caused by sales price development

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1 per reporting date

H1 2018 H1 2017 Δ Q2 2018 Q1 2018

External sales € million 1,242.7 1,102.2 140.5 633.3 609.4

Order bookings kt 2,383.0 2,305.3 77.6 1,144.7 1,238.3

Order backlog1 kt 906.4 927.6 -21.2 906.4 944.6

EBITDA € million 226.8 201.5 25.3 108.9 117.9

EBT € million 109.7 94.2 15.6 47.2 62.5

Core workforce1 6,175 6,123 52 6,175 6,183

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Plate / Section Steel Business Unit

73

Financials

PTG was main factor of earnings increase;pre-tax result of heavy plate companies on previous year’s level

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H1 2018 H1 2017 Δ Q2 2018 Q1 2018

External sales € million 554.5 537.6 16.9 267.9 286.6

Order bookings kt 1,165.0 1,100.4 64.6 535.7 629.2

Order backlog1 kt 370.5 315.8 54.7 370.5 380.8

EBITDA € million 44.8 32.4 12.4 24.2 20.6

EBT € million 22 5.7 16.4 12.7 9.3

Core workforce1 2,466 2,568 -102 2,466 2,467

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Mannesmann Business Unit

74

Financials

EUROPIPE, precision tubes group and Mannesmann Line Pipe drive turnaround

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1) Tubes, per reporting date

H1 2018 H1 2017 Δ Q2 2018 Q1 2018

External sales € million 563.4 569.3 -5.8 292.4 271.0

Order bookings kt 766.6 791.0 -24.5 383.7 382.8

Order backlog1 kt 555.4 455.0 100.3 555.4 539.7

EBITDA € million 47.6 33.5 14.1 28.7 19.0

EBT € million 12.3 -2.7 15.0 10.7 1.6

Core workforce1 4,623 4,709 -86 4,623 4,651

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Financials

Decreasing shipments in international trading due to trade policy framework conditions;nonetheless very presentable result

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H1 2018 H1 2017 Δ Q2 2018 Q1 2018

External sales € million 1,548.8 1,675.7 -126.9 789.0 759.8

Shipments kt 2,246.7 2,500.1 -253.4 1,123.9 1,122.7

EBITDA € million 34.0 41.3 -7.3 16.1 17.9

EBT € million 25.0 34.6 -9.6 11.3 13.8

Core workforce1 1,984 1,961 23 1,984 1,991

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Technology Business Unit

76

Financials

Stable earnings contribution of KHS,KDS and KDE with another profit increase

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H1 2018 H1 2017 Δ Q2 2018 Q1 2018

External sales € million 610.0 630.1 -20.1 282.3 327.7

Order bookings kt 613.8 632.8 -19.0 307.9 305.9

Order backlog1 kt 706.3 629.6 76.8 706.3 686.1

EBITDA € million 30.6 24.2 6.5 14.7 15.9

EBT € million 20.5 13.6 6.9 9.3 11.2

Core workforce1 5,419 5,341 78 5,419 5,425

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Industrial Participations / Consolidation

77

Financials

Earnings before taxes improved significantly, previous year impacted by valuation effect from the bond exchangeable into Aurubis shares

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H1 2018 H1 2017 Δ Q2 2018 Q1 2018

External sales € million 97.6 101.2 -3.7 44.652.9

EBITDA € million 22.8 -21.5 44.3 211.8

EBT € million 9.1 -45.1 54.2 11.5-2.4

Core workforce1 2,606 2,594 12 2,6062,616

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Mechanics of internal pension commitment fundingPensions

Internal funding over lifetime of employee

Provision is determined by development of individual salary, time in employment at SZAG, actuarial life expectancy and inflation Contribution as personnel expense and interest element (both non-cash) Monthly payout from operating cash flow

Pension provision (non-cash) Contribution by SZAG (non-cash) Pension payment (cash)

Joinscompany

5 years Retirement

... ...

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Funding of pension commitmentsPensions

(2017/12/31) (2017/12/31)

Pension obligations completely covered by internal funds!

Projected Benefit Obligation (PBO): € 2,515 m1

According to IAS 19:− Discount rate of 1.50%2

– in line with market average− Trend in salaries: 2.75% p.a.− Trend in pensions:

1.75% p.a.− Staff turnover: 1% p.a.− Valuation based on the actuarial

principles

Balance sheet: pension provisions € 2,441 m Assets held by external funds:

€ 74.3 m Non-current assets: € 3,556 m Net position due to banks:

€ 381 m

1 thereof € 74.3 million covered by assets held by external funds 1 adjusted in Q2/2018, previously 1.75%

0

1

2

3

4

5

PBO

Pens

ion

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Non

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asse

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€ bn

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0.20 0.200.25

0.30

0.45

-483

-15 453

238

-500

-400

-300

-200

-100

0

100

200

300

400

-0.50

-0.40

-0.30

-0.20

-0.10

0.00

0.10

0.20

0.30

0.40

0.50

2013 2014 2015 2016 2017

DividendInvestor Relations

Dividend increased by 50% compared to the previous year

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Financial year 2017Dividend per share: 0.45 €

1 restated

1 1

€ € million

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Shareholder structure and share turnoverInvestor Relations

Balanced shareholder structure

Shareholder structure Daily turnover in thousand shares

Salzgitter AG

State ofLower Saxony

Inst. Shareholders – Germany

Inst. shareholders – North America

Inst. shareholders– UK + Ireland

Inst. shareholders– other Europe

Inst. shareholders – other Regions

Other shareholders

High liquidity

83

0

200

400

600

1Q 12 4Q 12 3Q 13 2Q 14 1Q 15 4Q 15 3Q 16 2Q 17 1Q 18

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10.0%

26.5%

17.6%

17.2%

2.8%

5.8%

0.7%

19.6%

Free float: 63.5%Treasury shares: as of July 8, 2010; other information is based on the external shareholder identification as of January 2018

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Disclaimer

84

Legal NoteTo the extent that our Internet pages contain statements oriented towards or related to the future, such statements are based on our current state of knowledge and the estimates based on such knowledge made by the management of Salzgitter AG. However, as is the case with any forecasts or prognosis, such statements are also subject to uncertainties and risks. Notwithstanding prevailing statutory provisions and capital market law in particular, we are not obligated to update this data. In particular, we shall not assume liability of any kind for knowledge and statements, as well as any acts resulting on the basis of such knowledge or statements that emanate directly or indirectly from the analysis of the data, content and correlations of this document. The information and data made available do not represent an encouragement or invitation to buy, sell or conduct any other type of trade in securities. Salzgitter AG shall neither assume liability for direct nor indirect damages, including lost profits, arising as a result of the utilization of the information or data contained in this document.

CopyrightsThis data file and the data contained on these pages (including, among others, texts, images and graphics) are subject to copyright and other laws on the protection of intellectual property. To the extent that nothing contradicting or deviating is stated, all trademarks bear legal trademark protection. This applies in particular for Salzgitter company logos and product names. The brands and design elements used on our web pages are the intellectual property of Salzgitter AG. We therefore reserve all rights as such. The document serves to provide non-binding information regarding our company to the respective user, and may not be used within the framework of other depictions, in particular websites, without our express prior written consent.

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