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Annual Report 2009
Investments
As in previous years, investments of the Salzgitter Group focused on the Steel Division in the financial
year 2009. The most important projects are explained in the information on the individual divisions.
Additions to non-current assets from investments totaled € 717 million (2008: € 970 million, including shares in associated companies which came to € 258 million). At € 677 million, the volume of investment capitalized in property, plant and intangible assets was significantly above the level of depreciation and amortization (€ 543 million). The purchase of two non-consolidated companies and a holding and funds invested in the context of deferred compensation resulted in additions to financial assets totaling € 40 million. Investments/Depreciation and Amortization1)
1) Excluding financial
assets
2) Scheduled and unscheduled write-downs
Of the investments in property, plant and equipment and intangible assets during the financial year,
€ 541.0 million was attributable to the Steel Division, € 55.2 million to the Tubes Division and € 12.9
million to the Trading Division. The Services and Technology divisions invested € 39.0 million and
€ 27.3 million respectively.
Investments in Property, Plant and Equipment1) by Division
1) Including intangible
fixed assets
Depreciation and Amortization of Property, Plant and Equipment1,2) by Division
1) Including intangible
non-current assets
2) Including unscheduled write-downs Steel DivisionAs part of the ”Salzgitter Steel 2012” project, a new cold mixer for the blast furnace plant was taken into operation at the Salzgitter steel works, and the assembly of the Continuous Casting Line 4 to produce 350 mm thick slabs in the melt shop progressed apace. In accordance with planning, we expect to cast the first slab in the first quarter of 2010. The fifth line of the secondary metallurgy of the melt shop was successfully put into regular operation. The extension of the 5th stand of the degassing line contributes to achieving our aim of focusing more strongly on sophisticated steel grades. A new water management system, the fourth heating furnace and the third coiler of the hot rolling mill were completed, apart from some remaining work. Progress was also made with preparations of the rolling stands for the production of 2,000 mm wide strip: The first new main drive of the finishing line was successfully assembled in these facilities in December. The other six driver units will follow in the years 2010 and 2011. The commissioning of the first block commenced at the end of the year as part of the major ”Power Plant 2010” project which will improve the supply of SZFG’s own electricity through the more effective use of the reusable byproduct gases. As a result of the economic environment and the ongoing high level of investment activity, no new major projects have been planned for 2010. We will, however, continue to invest in activities relating to product development, to enhancing efficiency, to compliance with environmental regulations and to the preservation of our assets through maintenance. In the first quarter of 2009, the investments envisaged for the major ”PTG 2010” project were once more reviewed in the light of the difficult market environment of Peiner Träger GmbH (PTG). After comprehensive calculations of cost effectiveness, the decision was made to go ahead with the second line of the steelworks – consisting of an electric arc furnace, secondary metallurgy, dust removal, water management system – and the extension of the existing Continuous Casting Line 2, while opting to adjust the date of commissioning subject to the prevailing conditions. At the current point in time, the buildings and the infrastructure for the new plant facilities are being constructed. The Continuous Casting Line 2 was decommissioned in November and converted for slab casting. The first casting trials have been scheduled for spring 2010. The conversion work on the medium section mill (UMIT) proceeded virtually to schedule in 2009. Production therefore commenced on September 1, 2009. The construction of an oxygen pipeline between Salzgitter and Peine also progressed as planned. It will serve to ensure a cost-effective central supply for both locations in the future and is scheduled to become operational in March 2010. Ilsenburger Grobblech GmbH (ILG) completed the replacement and reinforcing of the main and secondary parallel of the rolling mill. Alongside other investment measures, this project is part of our plans to produce heavier plate in the future. Moreover, ILG commissioned new facilities for processing sheet metal edges and for manufacturing blanks. Tubes DivisionThe following projects were completed by the Tubes Division in 2009: The 2009 summer shutdown was used to carry out the ”Conversion of the Shifting Manipulator” at the plate rolling mill of Salzgitter Mannesmann Grobblech GmbH (MGB). The new shifting manipulators will enable us to raise the performance of the plant while operating in a more cost-effective way. The projects implemented by the Europipe Group were primarily aimed at renewing and modernizing facilities in order to reinforce the company’s position as a world market leader. At the Salzgitter Mannesmann Precision Group, the Three-Roll Piercing Elongating Mill of Salzgitter Mannesmann Rohr Sachsen GmbH (MRS), which had been commissioned in the previous year, was supplemented, in close cooperation with equipment and plant suppliers, by additional mechanical equipment for the production process. In the past financial year Salzgitter Mannesmann Stainless Tubes Group completed its strategic expansion investments at its various locations so that the production capacity in the segment of seamless stainless steel tubes was raised significantly. In this context, the replacement of the shot blast facilities, resulting in a capacity increase, as well as the commissioning of an induction heat treatment plant were completed at the Remscheid plant. The plant in Houston, USA, saw the completion of a new induction bright-annealing furnace as well as of additional reciprocating mills. In addition, a number of smaller replacement investments were made to modernize the production machinery. For instance, at the Costa Volpino plant in Italy, two technologically obsolete straighteners were replaced by a new, more powerful machine for the Instrumentation Tubes product segment. Technology DivisionDespite this circumstance, investments in new technologies were not neglected. Innovative technical solutions secure sustainable success with customers and competitive advantages against the competition. The division focused on building on the functions of machinery and facilities and making progress in reducing the consumption of energy and resources. The main part of investments were accounted for by the modernization of the production machinery to enable us to reduce production costs in the future. Special attention was given to the filling and packaging technology segment, which successfully completed the projects initiated in the years 2007 and 2008. The Trading and Services DivisionsThe Services Division invested mainly in the following:
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