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Salzgitter AG

SALZGITTER AG: Raising of the profit forecast following on the exceptional results in the first half of 2008

Salzgitter (euro adhoc) -

Short version of press release published on August 14, 2008
  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
finances/1st Half 2008
Against the backdrop of the huge cost
increases for raw materials and energy as well as slowing global 
economic growth, the Salzgitter Group achieved excellent results in 
the first half of the financial year 2008 owing to the persistently 
high, stable demand for rolled steel and tube products. Consolidated 
external sales soared EUR 1.51 billion to EUR 6.23 billion (+32 %; 
first half of 2007: EUR 4.72 billion). Companies which were not part 
of the group of consolidated companies in the year-earlier period 
contributed to the sales growth with EUR 687.7 million. Consolidated 
pre-tax profit of EUR 646.4 million fell only marginally short of the
previous year´s record result (first half of 2007: EUR 663.6 
million). While the producing steel and tubes companies came under 
pressure from surging costs, steel trading benefited from the rising 
spot market prices in particular which reflected a steady, pleasing 
demand for steel. In addition to the higher costs of raw materials 
and energy, a total of EUR 59.2 million in additional material costs 
was taken account of in the Interim Financial Statements for price 
hikes effective as from the start of the year that will only exert 
their full influence on the expenses structure of the producing 
companies in the second half of the year. The Group´s after-tax 
profit of EUR 436.9 million substantially exceeded the previous 
year´s figure (first half of 2007: EUR 398.7 million). Earnings per 
share came to EUR 7.64. Return on capital employed (ROCE) from 
industrial business reached a remarkable 36.8 % in the first six 
months of 2008; including income from the investment of funds of more
than EUR 2 billion, ROCE amounted to 25.9 % (ROCE in the first half 
of 2007: 31.4 %).
External sales by Division(EUR million):
H1 2008       (H1 2007)
Steel          1,611.0       (1,464.3)
Trading        2,656.4       (2,046.2)
Tubes          1,077.0         (884.2)
Services         284.9         (262.8)
Technology       523.4             (-)
Others            80.7          (65.6)
Group          6,233.4       (4,723.1)
Earnings before tax by Division (EUR million):
H1 2008       (H1 2007)
Steel            345.1         (377.3)
Trading          140.7         (121.4)
Tubes            152.1         (138.9)
Services          16.8          (14.3)
Technology        12.2             (-)
Others           -20.5          (11.8)
Group            646.4         (663.6)
In the financial year 2008, we shall strive to attain notable growth 
within the Group, 50 % of which will be due to the first-time 
full-year inclusion of the companies of the Klöckner Group in our new
Technology Division. Given our pleasing performance in the first 
half-year, we consider it justifiable to raise our pre-tax profit 
forecast for the Group to over one billion euros. Express reference 
is made to the fact that opportunities and risks arising from 
currently unforeseeable trends in sales prices, input materials and 
capacity level developments, as well as changes in the currency 
parity, may considerably affect performance in the course of the 
remaining financial year 2008.
More information can be found in the full press release and interim 
report published today (see www.salzgitter-ag.de).
end of announcement                               euro adhoc

Further inquiry note:

Bernhard Kleinermann
Tel.: +49 (0) 5341-21-3783
E-Mail: ir@salzgitter-ag.de

Branche: Iron & Steel
ISIN: DE0006202005
WKN: 620200
Index: Midcap Market Index, MDAX, CDAX, Classic All Share, HDAX,
Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade
Börse Hannover / regulated dealing

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