Investor Relations

Capital market and the performance of the Salzgitter stock

The stock markets were in a very volatile condition during the first nine months of the year 2006. Whereas the trend at the start of the year was upbeat, fueled by positive economic data, concerns about the economic trend in the USA as from mid-May triggered a substantial consolidation which persisted until well into July, and more or less wiped out all gains on the indices. Subsequently, the markets regained their fundamentally positive sentiment. All in all, the DAX rose 11 % against year-end 2005, whereas the MDAX climbed by 17 %.

In the reporting period, the Salzgitter share was able to repeat its above-average performance of the last two years despite the not always favorable market environment. Buoyed by the robust constitution of the steel sector, the share price rose strongly well into May to reach new highs. The consolidation which followed was caused by market influences and only came to an end at the start of August. The capital market's very positive response to sale of the Vallourec participation on August 8, the release of the half-yearly figures, and the upward revision of the forecast for the current financial year combined to support an unbroken uptrend. On September 6, the share price of Salzgitter AG peaked at a new, all-time high of € 75.15. At the close of the third quarter, on September 29, the Salzgitter share stood at € 74.11. The overall performance in 2006 up until September 30, came to 62 %; taking into consideration the stock price reduction of € 1.00 on ex dividend date following the General Meeting of Shareholders on June 8, it amounts to 65 %.

The average daily turnover of the Salzgitter share on German stock exchanges climbed 26 % to around 540,000 units in the first nine months of 2006 in a year-on-year comparison. In terms of trading volumes over the last 12 months, Salzgitter AG ranks third in the current MDAX ranking list of the Deutsche Börse AG. With a free float market capitalization of € 2.95 billion on September 30, 2006, Salzgitter AG came seventh in the same set of statistics.

As part of its capital market communication activities, Salzgitter AG has given presentations at six investor conferences as well as at road shows in Germany, Great Britain, Austria, Switzerland and the USA since the start of the year 2006. In addition, investors and financial analysts visited the plants of the Group in Salzgitter and Mülheim. The results of the first half of 2006 were presented and intensively discussed after the release of the Interim Report in August at an extremely well attended analysts' conference in Frankfurt and on the occasion of a telephone conference.

Since the start of the financial year, a total of 140 company reports and recommendations on the Salzgitter share have been published by 36 banks and financial publications with the following current ratings (status as per September 30, 2006): 23 buy/outperform, 9 hold/neutral, 4 sell/underperform.

Information for investors

		9M 2006	9M 2005
Nominal capital as of 30/09	€ million	161.6	161.4
Number of shares as of 30/09	million	63.2	63.2
Number of shares outstanding as of 30/09	million	56.9	63.2
Market capitalization as of 30/09¹⁾²⁾	€ million	4,216.6	2,603.3
Price as of 30/09¹⁾	€	74.11	41.18
High 01/01/ - 30/09/¹⁾	€	75.15	42.20
Low 01/01/ - 30/09/¹⁾	€	45.21	14.17
Security identification number	620200
ISIN	DE0006202005

1) All data based on prices from XETRA trading
2) Calculated on the basis of the respective closing price at the end of the period multiplied by the number of shares outstanding as of 30/09

Performance of Salzgitter AG vs. European steel index, DAX and MDAX

Sources: Xetra closing prices DBAG, Datastream STEELEU

Financial calendar

December 31, 2006	End of financial year 2006
March 08, 2007	Key data for financial year 2006
March 28, 2007	Annual press conference
March 29, 2007	Analyst conference in Frankfurt/Main
March 30, 2007	Analyst conference in London
May 15, 2007	Interim report for the first quarter 2007
May 23, 2007	Ordinary Shareholders’ Meeting
August 09, 2007	Interim report for the first half 2007
August 09, 2007	Analyst conference in Frankfurt/Main
August 10, 2007	Analyst conference in London
November 14, 2007	Interim report for the first nine months 2007
December 31, 2007	End of financial year 2007

Legal disclaimer

Some of the statements made in this report possess the character of forecasts or may be interpreted as such. They are made upon the best of information and belief and by their nature are subject to the proviso that no unforeseeable deterioration occurs in the economy or in the specific market situation pertaining to the Division companies, but rather that the underlying bases of plans and outlooks prove to be accurate as expected in terms of their scope and timing. The company undertakes no obligation to update any forward-looking statements. The official financial report for the period under review in this document is the German-language hardcopy version of the Salzgitter AG Interim Report. In case of ambiguity between this document and any other version of the interim report, information provided in the German-language hardcopy version shall supersede information provided in any other form.

PDF download