According to a survey commissioned in December 2017, the shareholder structure of SZAG has changed only slightly in comparison with year-end 2016. Apart from 10 % in treasury shares, shareholders registered in Germany, including the Federal State of Lower Saxony as a major investor, held at least 44.1% of the Salzgitter shares, which constitutes an increase of around 7.3 % lower than in the previous year (2015: 36.8 %). The stake held by German institutional investors rose to 17.6 % (2015: 10.3 %). The share of foreign investors decreased to 26.5 % (2015: 30.9 %), while 19.6 % 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 %.