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Salzgitter AG

euro adhoc: Salzgitter AG
Quarterly or Semiannual Financial Statements
Yield at Salzgitter Group on satisfactory level in the first half year of 2004 (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
In the first half of 2004 Salzgitter Group’s consolidated external
sales increased by 10% to EUR 2.77 billion (H1 2003: EUR 2.51
billion). Group pre-tax earnings moved up to EUR 81.7 million (H1
2003: EUR 16.6 million), after-tax earnings totaled to EUR 57.7
million (H1 2003: EUR 9.2 million). The return on capital employed
(ROCE) reached 13.2% (H1 2003: 4.2%).
External sales at the Steel Division were up by 7% to EUR 820 million
(H1 2003: EUR 764 million). Thanks to the satisfactory results
achieved in flat steel and heavy plate products, as well as a
gradually more favorable course of business in the beams area, the
Steel Division reported a pre-tax profit of EUR 29.5 million (H1
2003: EUR 7.4 million). The half-year result includes EUR 5.8 million
profit from the sale of shares of Steel Dynamics Inc.
Though shipments improved overall, external sales of the Tubes
Division of EUR 458 million remained below the figure of the previous
year (H1 2003: EUR 474 million) mainly due to changes in the product
mix and as well as to negative currency effects. Pre-tax profit came
in at EUR 25.7 million and thus returned to normal over the previous
year's period that had been impacted by crisis (H1 2003: EUR 1.6
million).
External sales of the Trading Division showed strong growth of 21% to
EUR 1.23 billion (H1 2003: EUR 1.02 billion), pre-tax profits jumped
to EUR 43.0 million (H1 2003: EUR 5.6 million).
External sales of EUR 152 million posted by the Services Division
exceeded the previous year's figure (EUR 129 million) by 18%. The
pre-tax results came in at EUR 9.8 million (H1 2003: EUR 6.7
million). The Processing Division generated external sales of EUR 104
million (first half of 2003: EUR 119 million) and recorded pre-tax
losses of EUR -18.8 million (first half of 2003: EUR -7.4 million).
Due to a special effect the result from consolidation and other
measures was negative with EUR -7.5 million (H1 2003: EUR 2.7
million).
The environment for the business activities of the Salzgitter Group
is likely to develop favorably in second half of 2004. Based on
current information and expectations concerning the development of
the procurement and sales markets, as well as the general conditions
and with consideration given to the effects generated by the profit
improvement program, the Salzgitter Group expects to achieve a
pre-tax profit for the financial year 2004, excluding special
effects, that will be close to the good performance of the year 2001.
In view of the exceptional situation of the procurement and sales
markets, the bandwidth of opportunities and risks impacting the
Group's performance is considerably wider than in previous years.
end of announcement        euro adhoc 12.08.2004

Further inquiry note:

Bernhard Kleinermann
Tel.: +49 (0) 5341-21-1852
E-Mail: kleinermann.b@salzgitter-ag.de
Tel.:49 (0) 5341-21-01
FAX: +49 (0) 5341-21-2727
Email: gersdorff.b@salzgitter-ag.de

Branche: Iron & Steel
ISIN: DE0006202005
WKN: 620200
Index: CDAX, HDAX, MDAX, Prime Standard
Börsen: Niedersächsische Börse zu Hannover / official dealing
Frankfurter Wertpapierbörse / official dealing
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade

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