According to a survey commissioned in November 2016, the shareholder structure of SZAG has changed only slightly in comparison with year-end 2015. Apart from 10 % in treasury shares, shareholders registered in Germany, including the Federal State of Lower Saxony as a major investor, held at least 36.8% of the Salzgitter shares, which is around 2.4 % lower than in the previous year (2015: 39.2 %). The stake held by German institutional investors declined to 10.3% (2015: 12.7 %). The share of foreign investors rose to 30.9 % (2015: 25.5 %), while 27.2 % of our investors could not be identified. The latter are likely to be private domestic and foreign investors, as well as institutional investors with no reporting requirements, such as insurance companies and trust foundations. Salzgitter shares in free float remain unchanged at 63.5 %.