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 March 31, 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 March 31, 2008.
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 €-1.38 in the period under review.

   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 k€	Sale of goods and services	Purchase of goods and services	Trade receivables	Trade payables
   	01/01/-31/03/2009	01/01/-31/03/2009	01/01/-31/03/2009	1/03/2009
   Thyssen Krupp GfT Bautechnik GmbH, Essen	6,562	0	19,666	1
   Hüttenwerke Krupp Mannesmann GmbH, Duisburg	179	99,154	4,025	32,420

   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.

   Financial calendar 2009

   March 5, 2009	Key data for financial year 2008
   March 26, 2009	Publication of consolidated financial statements for 2008 Annual press conference
   March 30, 2009	Analyst conference in Frankfurt/Main
   March 31, 2009	Analyst conference in Frankfurt/Main
   May 14, 2009	Interim report for the first quarter 2009
   May 27, 2009	Ordinary Shareholders’ Meeting
   August 13, 2009	Interim report for the first half 2009 Analyst conference in Frankfurt/Main
   August 14, 2009	Analyst conference in London
   November 12, 2009	Interim report for the first nine months 2009
   December 31, 2009	End of financial year 2009

   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.