Notes

Principles of accounting and consolidation, balance sheet reporting and valuation methods

1. The consolidated financial report of Salzgitter AG, Salzgitter, for the reporting period from January 1 to September 30, 2009, has been prepared as a condensed report with selected notes. The report has been drawn up, as before, in accordance with the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) in consideration of the requirements contained in IAS 34 for condensed interim reports.
2. In comparison with the annual financial statements as at December 31, 2008, no changes have been made in the accounting, valuation, calculation and consolidation methods applied to the interim financial statements for the period ended September 30, 2009.
3. For the first time, the following companies have been consolidated fully or on a pro-rata basis:
   • Salzgitter Hydroforming GmbH & Co. KG, Crimmitschau
   • Salzgitter Mannesmann Stahlhandel s.r.o., Prague; (Czech Republic)
   • Berg Spiral Pipe Corporation, Wilmington (USA)

Selected explanatory notes to the income statement

1. Sales by division are shown in the segment report.
2. Earnings per share are calculated pursuant to IAS 33. The undiluted earnings per share based on the weighted number of shares of Salzgitter AG came to € -4.33 in the period under review.

Dilution of the earnings per share occurs if the average number of shares is increased by the addition of potential shares issued on the basis of the option and conversion rights. There were no such options and conversion rights outstanding as of September 30, 2009. Diluted earnings per share therefore equaled undiluted earnings per share and amounted to € -4.33

Related Party Disclosures

In addition to business relationships with companies that are consolidated fully and proportionately in the consolidated financial statements, relationships also exist with associated companies and shareholdings that must be designated as related companies in accordance with IAS 24. All business transactions with related companies are conducted on terms that also customarily apply among third parties. Deliveries and services rendered for related companies primarily concern deliveries of sheet piling to ThyssenKrupp GfT Bautechnik GmbH for resale and crude steel products supplied for processing. The deliveries and services rendered essentially comprise deliveries of input material for the manufacture of large-diameter pipes and precision tubes. Their volumes are shown in the table below:

in T€	Sale of goods and services	Purchase of goods and services	Trade receivables	Trade payables
	1.1. - 30.09.2009	1.1. - 30.09.2009	9/30/2009	9/30/2009
Thyssen Krupp GfT Bautechnik GmbH, Essen	8,533	0	31,601	0
Hüttenwerke Krupp Mannesmann GmbH, Duisburg	896	162,068	8,239	29,448

Information pursuant to Section 37w para. 5 of the German Securities Trading Act (WpHG)

The interim financial statement and interim management report have not been subjected to an auditor’s review.

To the best of our knowledge, we hereby affirm that, pursuant to the generally accepted accounting principles for interim reporting, the consolidated financial statements give a true and fair view of the net assets, financial position and the results of operations of the Group, and that the Interim Management Report gives a true and fair reflection of the development of the Group’s business, including its performance and situation, as well as accurately describing the material risks and opportunities inherent in the development of the Group during the remaining financial year.

Salzgitter, November 2009
The Executive Board of Salzgitter AG

Financial calendar 2010

March 5, 2010	Key data for financial year 2009
March 26, 2010	Publication of consolidated financial statements for 2009 Annual press conference
March 29, 2010	Analyst conference in Frankfurt/Main
March 30, 2010	Analyst conference in London
May 12, 2010	Interim report for the first quarter 2010
June 8, 2010	Ordinary Shareholders’ Meeting
August 12, 2010	Interim report for the first half 2010 Analyst conference in Frankfurt/Main
August 13, 2010	Analyst conference in London
November 12, 2010	Interim report for the first nine months 2010
December 31, 2010	End of financial year 2010

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.