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14.05.2004 – 08:02

Salzgitter AG

euro adhoc: Salzgitter AG
Quarterly or Semiannual Financial Statements
Salzgitter Group posts gratifying profit development in the first quarter of 2004 (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
In the first quarter of 2004 external Group sales amounted to EUR
1.30 billion (Q1/2003: EUR 1.27 billion). Pre-tax Group profit came
in at EUR 26.2 million (Q1/2003: EUR 6.2 million), while after-tax
profit rose to EUR 20.1 million (Q1/2003: EUR 2.9 million). ROCE was
recorded at 9.3% (March 31, 2003: 3.4%).
At EUR 401 million external sales at the Steel division fell somewhat
short of the previous year's figures of EUR 406 million. The pre-tax
result improved to EUR 11.5 million (Q1/2003: EUR 2.1 million). The
result includes profits of EUR 4.5 million from the sale of shares of
the US steel company Steel Dynamics Inc.
The Tubes division reported external sales of EUR 206 million, which
is 14% less than the performance of the first quarter of 2003 (EUR
240 million). The reasons were -among others- currency effects, as
the weak US dollar has a negative earnings impact on transactions
invoiced in dollars and converted to euros. The pre-tax result
increased to EUR 5.6 million (Q1/2003: EUR 0.2 million).
The external sales of the Trading division improved by 14% to EUR 569
million (Q1/2003: EUR 500 million), pre-tax profit more than trebled
to a total of EUR 11.2 million (Q1/2003: EUR 2.4 million). 
At the Services division external sales moved ahead to EUR 77 million
(Q1/2003: EUR 65 million), while pre-tax profit increased to EUR 4.8
million (Q1/2003: EUR 3.0 million).
In the new business year the Processing division has not experienced
any upswing in business activities. The division concluded the
quarter posting declining external sales of EUR 47 million (Q1/2003:
EUR 55 million) and pre-tax losses of EUR 10.7 million (Q1/2003: EUR
-3.5 million).
Based on the current information and expectations regarding the
developments of procurement and sales markets, as well as the general
conditions and with due consideration given to planned internal
measures, the Salzgitter Group anticipates a pre-tax result in the
upper double digit million range. The bandwidth of opportunities and
risks on the sales and procurement markets is considerably wider than
in previous years that were far less impacted by such events.
end of announcement        euro adhoc 14.05.2004

Further inquiry note:

Bernhard Kleinermann
Tel.: +49 (0) 5341-21-3783
Tel.:49 (0) 5341-21-01
FAX: +49 (0) 5341-21-2727

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

Original content of: Salzgitter AG, transmitted by news aktuell