On December 15, 2011, the Executive Board and the Supervisory Board of Salzgitter AG submitted their Declaration of Conformity with the German Corporate Governance Code, pursuant to Section 161 of the German Stock Corporation Act (AktG) as set out below:

Salzgitter AG has and currently continues to conform with all of the recommendations of the Government Commission on the German Corporate Governance Code published by the Federal Ministry of Justice in the official section of the electronic version of the Official Gazette of the Federal Republic, with the exception of the recommendation included in 2010 in Section 5.4.1 of the Code that specific targets should be set for the composition of the Supervisory Board.

In its nominations submitted to the General Meeting for the election of shareholder representatives and other members, the Supervisory Board complies with all statutory requirements and all recommendations made in the Code regarding the personal qualifications for supervisory board members. It is the professional and personal competence of potential candidates – regardless of gender – that is of primary importance, in particular consideration of company-specific requirements, in order that the nominees, if elected, generally possess the knowledge, skills and professional experience necessary to carry out their duties. In assessing their competence, the Supervisory board also bears in mind the company’s international activities, potential conflicts of interest, the defined age limit for Supervisory Board members, as well as diversity. The Board does not at this time consider it necessary to set specific targets.

Salzgitter, December 15, 2011