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Salzgitter AG

euro adhoc: Salzgitter AG
Annual Reports
Key figures of the 2002 business year (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Profits in excess of EUR 70 million in spite of difficult markets
Salzgitter AG has concluded the 2002 business year with a result that
can be regarded as generally satisfactory considering the persisting
difficult situation of domestic and foreign markets.
The Group based in Lower Saxony, Germany, generated pre-tax profits
of EUR 72.5 million (EBT) on consolidated external sales of EUR 4.7
billion. After-tax profits (EAT) came in at EUR 65.9 million
(previous year: EUR 144.3 million). The 3% sales increase over the
2001 business year (EUR 4.6 billion Group sales) is due to the
extension of the scope of consolidation. Return on capital employed
(ROCE) was recorded at 7,3 %.
Progressing from a highly unsatisfactory situation in the first half
of 2002 with the lowest market prices for flat steel since 20 years,
the performance of the Steel Division ameliorated over the following
months. As the profits generated in the second half of the year could
not offset the losses incurred in the first six months of the
business year, the overall pre-tax result for 2002 came in at EUR -
23.5 million (previous year: EUR + 30.1 million). Total sales of EUR
1.9 billion, as well as the Steel Division's contribution of EUR 1.4
billion to the Group's external sales were on par with last year's
level.
Contributing pre-tax profits of EUR 76.8 million, the Tubes Division
delivered an excellent result once again (previous year: EUR 101.9
million). Changes in the scope of consolidation pushed consolidated
external sales to EUR 1.1 billion (previous year: EUR 1.0 billion).
In the year 2002 the Trading Division experienced relatively weak
demand and external sales dipped from EUR 1.9 billion last year to
EUR 1.7 billion. The Division generated pre-tax profits of EUR 8.2
million (previous year: EUR 18.5 million).
The Services Division advanced external sales by 7% over the previous
year to a total of EUR 232 million. Pre-tax profits amounted to EUR
8.3 million (previous year: EUR 12.8 million).
The Processing Division reported an increase of external sales to EUR
229 million (previous year: EUR 118 million). This sales growth is
attributable to the first-time addition of three further companies to
the consolidated group. The pre-tax result of EUR 8.0 million in 2002
is not comparable with the previous year's losses of EUR 2.3 million.
This is due to the fact the 2002 annual financial statements include
expenditures for structural measures as well as the launch costs of
two start-up companies in excess of EUR 20 million, that are offset,
however, by profits in a similar range resulting from reduced
interest in the US steel company Steel Dynamics Inc.
The year-end financial statements will be submitted to the
Supervisory Board for approval at the next meeting and the complete
statements will be issued on April 15, 2003.
For further information please contact: 
Investor Relations: Telephone 0049-(0)5341-21-3783, Fax:
0049-(0)5341-21-2570
end of announcement        euro adhoc 13.03.2003

Further inquiry note:

Dr. Wolfgang Simons Tel.: +49 (0) 5341-21-3873 E-Mail: simons.w@salzgitter-ag.de

Branche: Iron & Steel
ISIN: DE0006202005
WKN: 620200
Index: MDAX
Börsen: Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Berliner Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Hamburger Wertpapierbörse / free trade
Frankfurter Wertpapierbörse / official dealing
Niedersächsische Börse zu Hannover / official dealing

Original content of: Salzgitter AG, transmitted by news aktuell