With regard to the individual opportunities and risks, we make reference to the Annual Report 2011. At the time of reporting there were no risks which could endanger the Salzgitter Group as a going concern.
In terms of risks arising in a tense market environment, including the price volatility of raw materials, especially for iron ore and coking coal whose deliveries are largely based on quarterly contracts, the effects on the result of the companies have been factored in to the extent they can be estimated.
A new one-year contract covering the period from April 2013 to March 2014 has been concluded with an ore supplier from which a significant volume is traditionally sourced. In terms of determining prices, a "corridor clause" has been agreed that – in the event of specified divergences of the spot market price from the agreed price corridor – automatically incurs an exactly defined price adjustment. Contracts with the market leader for coking coal are defined on a monthly basis. This affects around one third of the volume purchased by Salzgitter AG. From today's standpoint, we do not anticipate any fundamental change in the Group's risk position.